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 811-10345

Nuveen Enhanced Municipal Credit Opportunities 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, 2016

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.

 



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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
9
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
15
   
Shareholder Meeting Report
27
   
Portfolios of Investments
29
   
Statement of Assets and Liabilities
132
   
Statement of Operations
134
   
Statement of Changes in Net Assets
136
   
Statement of Cash Flows
138
   
Financial Highlights
140
   
Notes to Financial Statements
148
   
Additional Fund Information
166
   
Glossary of Terms Used in this Report
167
   
Reinvest Automatically, Easily and Conveniently
169

Nuveen
 
3


Chairman's Letter to Shareholders
 
 
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans' buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.'s recovery. China's policy makers have also continued to manage its slowdown but investors are still worried about where the world's second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.'s June 23, 2016 referendum vote to leave the European Union, known as "Brexit." Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December's first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
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.
Sincerely,
 
 
William J. Schneider
Chairman of the Board
June 24, 2016

4
 
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Portfolio Managers' Comments
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
Nuveen Select Quality Municipal Fund, Inc. (NQS)
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Nuveen Dividend Advantage Municipal Fund (NAD)
Nuveen Enhanced Municipal Credit Opportunities Fund (NZF)
Nuveen Premium Income Municipal Fund, Inc. (NPI)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Christopher L. Drahn, CFA, Thomas C. Spalding, CFA, Daniel J. Close, CFA, and Paul L. Brennan, CFA, review key investment strategies and the six-month performance of these six national Funds. Chris has managed NQM since 2011 and Tom has managed NQS and NAD since 2003. Dan assumed portfolio management responsibility for NPF in 2011, while Paul has managed NZF and NPI since 2006.
Effective May 31, 2016 (subsequent to the close of this reporting period), Tom Spalding retired from NAM and Christopher L. Drahn, CFA has taken over portfolio management responsibilities for NQS and NAD.
Effective April 11, 2016, Scott R. Romans, PhD, has assumed portfolio management responsibilities for NZF.
Effective April 11, 2016, a secondary benchmark (60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index) was added for NZF. The secondary benchmark was added to better reflect the Fund's mandate in conjunction with the Fund's reorganization.
Effective February 5, 2016, the investment policy changed for NQM, NQS, NPF, NAD and NPI. Under the new policy, each Fund may invest up to 35% of its assets in municipal securities rated BBB and below or judged by the portfolio manager to be of comparable quality.
 

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

Nuveen
 
5


Portfolio Managers' Comments (continued)
FUND REORGANIZATIONS
During August 2015, the Board of Directors/Trustees of the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds included in this report (the Target Funds) to create one, larger-national Fund (the Acquiring Fund).
The reorganizations are as follows:

Target Funds
Symbol
 
Acquiring Fund
Symbol
 
Nuveen Premium Income Municipal Fund 4, Inc.
NPT
 
Nuveen Dividend Advantage Municipal Fund 3,
NZF
 
Nuveen Dividend Advantage Municipal Fund 2
NXZ
 
renamed Nuveen Enhanced Municipal Credit Opportunities Fund
   
Nuveen Municipal Advantage Fund, Inc.
NMA
       
During March, 2016, the reorganizations were approved by shareholders and became effective before the opening of business on April 11, 2016.
During February 2016, the Board of Directors/Trustees of the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds included in this report (the Target Funds) to create one, larger-national Fund (the Acquiring Fund).
The approved reorganizations are as follows:

Target Funds
Symbol
 
Acquiring Fund
Symbol
 
Nuveen Premier Municipal Income Fund, Inc.
NPF
 
Nuveen Dividend Advantage Municipal
NAD
 
Nuveen Premium Income Municipal Fund, Inc.
NPI
 
Fund, to be renamed Nuveen Enhanced
   
Nuveen Select Quality Municipal Fund, Inc.
NQS
 
Quality Municipal Fund
   
Nuveen Investment Quality Municipal Fund, Inc.
NQM
       
See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2016?
Municipal bonds rallied in the six-month reporting period amid falling interest rates, improved credit fundamentals, robust demand and tight supply. Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.
We have also continued to be more cautious in selecting individual securities. 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.
Trading activity covered a range of sectors and remained consistent with our strategic emphasis on lower rated, longer maturity credits. During this reporting period, we were active buyers in the transportation, health care and utilities sectors, as well as took advantage of a Chicago local general obligation bond (GO) opportunity. In the transportation sector, tollroads and airports have continued to benefit from improving fundamentals in the economic recovery. Both air and road travel have increased, while airports and tollroads tend to be critical assets with few competitors. During this reporting period, we increased our Texas tollroad

6
 
Nuveen


exposures in NPI. In addition, NQM, NQS and NAD established a position in a newly issued New Jersey State Transportation Trust credit, NPF bought an airport credit, and NZF and NPI added an Illinois Toll Authority bond.
In the health care sector, NQM and NPF bought a Loma Linda University Medical Center credit that was offering an attractive yield. NQS and NAD purchased two hospital bonds, Wisconsin Health for Ascension Health Services and Orange County for Orlando Health. Ascension is the largest and possibly best-run hospital network in the country, with a strong balance sheet and AA rating. Orlando Health, which operates six hospitals in the Orlando, Florida area, carries an A rating, and appears to be improving its financial position after losing market share a few years ago. We also selectively added health care credits to NZF and NPI during this reporting period.
The utility sector presented several buying opportunities for the Funds during this reporting period. The sector has suffered recently on concerns about falling commodity prices and a shunning by investors, but we believe the higher yields, in select cases, compensate investors for the risk we're taking. NZF and NPI bought a bond issued for public utility provider South Carolina Santee Cooper and NPF added two utility credits during this reporting period. We bought a Springfield Electric Revenue issue in NQM, NPF and NAD, taking advantage of the recent price dislocation in Illinois' municipal bond market.
We also participated in a bond sale for the Chicago Board of Education, which manages the Chicago Public Schools system. The school system issued the bonds in January 2016 to help manage some of its short-term funding needs. Both NQM and NPF bought these bonds, which offered high yields and long maturities, and were available at attractive prices due to heightened investor concerns about these credits at the time of issue. While the Chicago Board of Education continues to face challenges, the stabilization of some of the concerns helped the bond perform well since we initiated the positions.
Cash for new purchases was generated mainly from maturing and called bonds, although some of the Funds sold positions for various reasons. NPF sold a few positions into the retail market, as well as collapsed a tender option bond trust and held the residual bonds in the portfolio. Additionally, near the end of the reporting period, a spike in short-term interest rates, particularly at the shortest end of the yield curve, provided NPF an opportunity to benefit from more active trading in the Fund's cash management strategy.
As of April 30, 2016, 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, NPI also invested in forward interest rates swap contracts to help reduce the duration of its portfolio. The interest rate swaps had a negative impact on performance during this reporting period.
How did the Funds perform during the six-month reporting period ended April 30, 2016?
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, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes and a Lipper classification average.
For the six months ended April 30, 2016, the total returns at common share NAV for all six Funds exceeded the return for the national S&P Municipal Bond Index. NQS, NPF, NAD, NZF and NPI outperformed, while NQM performed in line with the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
Duration and yield curve positioning were among the main positive contributors to performance for the six Funds during this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the benchmark, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. NQS, NPF and NAD which have higher weightings in zero coupon bonds, benefited from the strong performance of this segment of the market. "Zeros," which are typically issued with maturities of 25 years and longer, remained in favor with investors seeking higher yields.

Nuveen
 
7


Portfolio Managers' Comments (continued)
Credit ratings allocations also boosted performance of the Funds during this reporting period. The returns of lower quality bonds generally outpaced those of higher quality credits due to investor demand for higher yielding assets and a willingness to increase credit risk because of improving credit fundamentals. The Funds' overweight allocations to the lower quality categories and underweight allocations to AAA and AA rated credits were advantageous to performance.
Sector allocations and individual credit selection provided additional gains for the Funds. The tobacco sector, the best-performing sector during this reporting period, contributed positively to the performance of all the Funds. The health care and transportation sectors were also among the top performing segments in the municipal market in this reporting period. The Funds' exposures to these two sectors, which were generally overweight allocations relative to the benchmark, also boosted relative returns.
In addition, the use of regulatory leverage was an important positive factor affecting the performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. 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 has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. Subsequent to the close of the reporting period, Puerto Rico's effort to restructure its public utility debt was struck down by the U.S. Supreme Court. All Puerto Rico debt restructuring efforts are now concentrated in Congress.
In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NQM, NQS, NAD and NZF had limited exposure which was either insured or investment grade to Puerto Rico debt, 0.26%, 0.34%, 0.48% and .02%, respectively, while NPF and NPI did not hold any Puerto Rico bonds during this reporting period. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

8
 
Nuveen


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, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

 
NQM
 
NQS
 
NPF
 
NAD
 
NZF
 
NPI
 
Effective Leverage*
34.64%
 
35.86%
 
32.48%
 
32.95%
 
33.03%
 
35.14%
 
Regulatory Leverage*
28.97%
 
31.92%
 
29.04%
 
29.60%
 
28.96%
 
28.47%
 

*
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.

Nuveen
 
9


Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of April 30, 2016, the Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

   
iMTP Shares
 
VMTP Shares
 
VRDP Shares
       
           
Shares
         
Shares
         
Shares
       
           
Issued at
         
Issued at
         
Issued at
       
           
Liquidation
         
Liquidation
         
Liquidation
       
     
Series
   
Preference
   
Series
   
Preference
   
Series
   
Preference
   
Total
 
NQM
   
   
   
2017
   
43,500,000
   
1
   
236,800,000
   
280,300,000
 
NQS
   
   
   
   
   
1
   
267,500,000
   
267,500,000
 
NPF
   
   
   
   
   
1
   
127,700,000
   
127,700,000
 
NAD
   
   
   
2016
   
265,000,000
   
   
   
265,000,000
 
NZF
   
2017
   
150,000,000
   
2017
   
81,000,000
   
1
*
 
268,800,000
       
     
   
   
   
   
2
*
 
262,200,000
       
     
   
   
   
   
3
*
 
196,000,000
       
         
$
150,000,000
       
$
81,000,000
       
$
727,000,000
 
$
958,000,000
 
NPI
   
   
   
2018
   
407,000,000
   
   
   
407,000,000
 

*
VRDP Shares issued in connection with the reorganization.
Subsequent to the close of the reporting period, NZF refinanced all of its outstanding VMTP Shares with the issuance of new VMTP Shares. NZF also issued an additional $255,000,000 VMTP Shares at liquidation preference to be invested in accordance with its investment policies.
Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on iMTP, VMTP and VRDP Shares and each Fund's respective transactions.

10
 
Nuveen


Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of April 30, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

   
Per Common Share Amounts
 
Ex-Dividend Date
   
NQM
   
NQS
   
NPF
   
NAD
   
NZF
   
NPI
 
November 2015
 
$
0.0775
 
$
0.0635
 
$
0.0650
 
$
0.0710
 
$
0.0665
 
$
0.0685
 
December
   
0.0775
   
0.0635
   
0.0650
   
0.0710
   
0.0690
   
0.0685
 
January
   
0.0775
   
0.0635
   
0.0650
   
0.0710
   
0.0690
   
0.0685
 
February
   
0.0775
   
0.0635
   
0.0650
   
0.0710
   
0.0690
   
0.0685
 
March
   
0.0775
   
0.0635
   
0.0650
   
0.0710
   
0.0690
   
0.0685
 
April 2016*
   
0.0775
   
0.0635
   
0.0650
   
0.0710
   
0.0690
   
0.0685
 
Total Monthly Per Share Distributions
 
$
0.4650
 
$
0.3810
 
$
0.3900
 
$
0.4260
 
$
0.4115
 
$
0.4110
 
Ordinary Income Distribution**
 
$
0.0013
 
$
0.0029
 
$
0.0002
 
$
0.0005
 
$
0.0054
 
$
0.0072
 
Total Distributions from Net Investment Income
 
$
0.4663
 
$
0.3839
 
$
0.3902
 
$
0.4265
 
$
0.4169
 
$
0.4182
 
                                       
Yields
                                     
Market Yield***
   
5.72%
   
5.04%
   
5.33%
   
5.59%
   
5.40%
   
5.50%
 
Tax-Equivalent yield***
   
7.94%
   
7.00%
   
7.40%
   
7.76%
   
7.50%
   
7.64%
 

*
In connection with NZF's reorganization, the Fund declared a dividend of $.0131 per common share with an ex-dividend date of April 6, 2016, payable on May 2, 2016, a dividend of $.0559 per common share with an ex-dividend date of April 19, 2016, payable on May 2, 2016.
**
Distribution paid in December 2015.
***
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, 2016, 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 each Fund 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.

Nuveen
 
11


Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2015, 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, 2016, 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.

   
NQM
   
NQS
   
NPF
   
NAD
   
NZF
   
NPI
 
Common shares cumulatively repurchased and retired
   
0
     
0
     
202,500
     
0
     
47,500
     
0
 
Common shares authorized for repurchase
   
4,160,000
     
3,520,000
     
1,990,000
     
3,930,000
     
3,630,000
     
6,405,000
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2016, 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.

   
NQM
   
NQS
   
NPF
   
NAD
   
NZF
   
NPI
 
Common share NAV
 
$
16.53
   
$
16.20
   
$
15.69
   
$
16.04
   
$
16.54
   
$
15.96
 
Common share price
 
$
16.25
   
$
15.13
   
$
14.63
   
$
15.24
   
$
15.33
   
$
14.94
 
Premium/(Discount) to NAV
   
(1.69
)%
   
(6.60
)%
   
(6.76
)%
   
(4.99
)%
   
(7.32
)%
   
(6.39
)%
6-month average premium/(discount) to NAV
   
(4.10
)%
   
(10.64
)%
   
(10.09
)%
   
(7.75
)%
   
(10.37
)%
   
(9.62
)%

12
 
Nuveen


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.
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NQM.
Nuveen Select Quality Municipal Fund, Inc. (NQS)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NQS.
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NPF.
Nuveen Dividend Advantage Municipal Fund (NAD)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Funds' web page at www.nuveen.com/NAD.
Nuveen Enhanced Municipal Credit Opportunities Fund (NZF)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Funds' web page at www.nuveen.com/NZF.

Nuveen
 
13


Risk Considerations (continued)
Nuveen Premium Income Municipal Fund, Inc. (NPI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NPI.

14
 
Nuveen


NQM
 
 
Nuveen Investment Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NQM at Common Share NAV
6.23%
 
8.55%
 
10.14%
 
7.04%
 
NQM at Common Share Price
9.46%
 
10.17%
 
10.75%
 
7.50%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
6.57%
 
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
 
15


NQM
Performance Overview and Holding Summaries as of April 30, 2016 (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
146.6%
 
Corporate Bonds
0.0%
 
Other Assets Less Liabilities
1.4%
 
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Preference VRDP Shares, at Liquidation Preference
148.0%
 
Floating Rate Obligations
(7.2)%
 
VMTP Shares, at Liquidation Preference
(6.3)%
 
VRDP Shares, at Liquidation Preference
(34.5)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
15.3%
 
AA
34.2%
 
A
26.5%
 
BBB
13.7%
 
BB or Lower
6.5%
 
N/R (not rated)
3.8%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Health Care
19.4%
 
Transportation
15.8%
 
U.S. Guaranteed
11.8%
 
Education and Civic Organizations
10.4%
 
Tax Obligation/Limited
10.1%
 
Tax Obligation/General
8.7%
 
Utilities
7.8%
 
Water and Sewer
6.7%
 
Other
9.3%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
15.0%
 
Texas
10.5%
 
Illinois
10.4%
 
Florida
7.4%
 
Colorado
6.4%
 
District of Columbia
3.5%
 
Ohio
3.3%
 
New York
3.3%
 
Pennsylvania
3.2%
 
Arizona
2.6%
 
Tennessee
2.3%
 
Louisiana
2.2%
 
Minnesota
2.1%
 
Missouri
1.9%
 
South Carolina
1.7%
 
Wisconsin
1.7%
 
Massachusetts
1.7%
 
Nebraska
1.6%
 
Other
19.2%
 
Total
100%
 

16
 
Nuveen


NQS
 
 
Nuveen Select Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NQS at Common Share NAV
6.58%
 
8.76%
 
10.33%
 
6.91%
 
NQS at Common Share Price
14.00%
 
13.86%
 
8.89%
 
6.61%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
6.57%
 
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
 
17


NQS
Performance Overview and Holding Summaries as of April 30, 2016 (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
145.5%
 
Corporate Bonds
0.0%
 
Other Assets Less Liabilities
3.9%
 
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
149.4%
 
Floating Rate Obligations
(2.5)%
 
VRDP Shares, at Liquidation Preference
(46.9)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
16.8%
 
AA
44.3%
 
A
22.0%
 
BBB
8.3%
 
BB or Lower
7.5%
 
N/R (not rated)
1.1%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Transportation
19.3%
 
Health Care
18.2%
 
Tax Obligation/Limited
16.0%
 
Tax Obligation/General
14.0%
 
U.S. Guaranteed
9.9%
 
Consumer Staples
6.5%
 
Utilities
6.0%
 
Other
10.1%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
Texas
15.1%
 
Illinois
12.6%
 
California
6.9%
 
Florida
6.1%
 
Colorado
5.9%
 
Ohio
5.9%
 
New Jersey
4.4%
 
New York
3.9%
 
Nevada
3.8%
 
Michigan
3.6%
 
Pennsylvania
2.8%
 
South Carolina
2.5%
 
Indiana
2.1%
 
Missouri
1.9%
 
Arizona
1.7%
 
North Carolina
1.6%
 
Other
19.2%
 
Total
100%
 

18
 
Nuveen


NPF
 
 
Nuveen Premier Municipal Income Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NPF at Common Share NAV
7.42%
 
9.06%
 
8.89%
 
6.28%
 
NPF at Common Share Price
13.71%
 
12.99%
 
9.28%
 
7.12%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
6.57%
 
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
 
19


NPF
Performance Overview and Holding Summaries as of April 30, 2016 (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
142.6%
 
Short-Term Municipal Bonds
0.4%
 
Other Assets Less Liabilities
1.1%
 
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
144.1%
 
Floating Rate Obligations
(3.2)%
 
VRDP Shares, at Liquidation Preference
(40.9)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
15.7%
 
AA
44.6%
 
A
18.6%
 
BBB
10.2%
 
BB or Lower
8.3%
 
N/R (not rated)
2.6%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
21.6%
 
Transportation
19.0%
 
Utilities
13.2%
 
U.S. Guaranteed
9.4%
 
Health Care
9.0%
 
Tax Obligation/General
6.9%
 
Water and Sewer
6.6%
 
Other
14.3%
 
Total
100%
 

States and Territories
   
(% of total investments)
   
California
15.4%
 
Illinois
12.2%
 
Texas
6.8%
 
New York
5.3%
 
Colorado
5.1%
 
New Jersey
4.5%
 
North Carolina
4.0%
 
Nevada
3.3%
 
Arizona
3.1%
 
Ohio
2.7%
 
Louisiana
2.5%
 
Kentucky
2.5%
 
Georgia
2.3%
 
Michigan
2.3%
 
Indiana
2.3%
 
Massachusetts
1.9%
 
Utah
1.8%
 
South Carolina
1.7%
 
Maryland
1.6%
 
Other
18.7%
 
Total
100%
 

20
 
Nuveen


NAD
 
 
Nuveen Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NAD at Common Share NAV
6.72%
 
9.04%
 
10.25%
 
6.73%
 
NAD at Common Share Price
11.67%
 
12.87%
 
10.38%
 
7.07%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
6.57%
 
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
 
21


NAD
Performance Overview and Holding Summaries as of April 30, 2016 (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
143.2%
 
Corporate Bonds
0.0%
 
Investment Companies
0.1%
 
Other Assets Less Liabilities
2.2%
 
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
145.5%
 
Floating Rate Obligations
(3.4)%
 
VMTP Shares, at Liquidation Preference
(42.1)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
11.9%
 
AA
53.8%
 
A
21.1%
 
BBB
4.8%
 
BB or Lower
6.7%
 
N/R (not rated)
1.6%
 
N/A (not applicable)
0.1%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Transportation
20.9%
 
Tax Obligation/Limited
19.4%
 
Health Care
19.3%
 
Tax Obligation/General
14.3%
 
U.S. Guaranteed
8.3%
 
Consumer Staples
6.7%
 
Other
11.1%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
Illinois
14.1%
 
California
9.3%
 
Texas
8.9%
 
Colorado
8.2%
 
Nevada
5.4%
 
New York
5.2%
 
Florida
5.2%
 
Washington
4.9%
 
New Jersey
4.5%
 
Ohio
4.1%
 
Michigan
3.7%
 
Wisconsin
3.7%
 
Indiana
2.6%
 
Arizona
2.3%
 
Other
17.9%
 
Total
100%
 

22
 
Nuveen


NZF
 
 
Nuveen Enhanced Municipal Credit Opportunities Fund
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NZF at Common Share NAV
7.75%
 
10.10%
 
9.62%
 
6.86%
 
NZF at Common Share Price
13.80%
 
15.15%
 
9.25%
 
6.52%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
6.57%
 
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
 
23


NZF
Performance Overview and Holding Summaries as of April 30, 2016 (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
144.7%
 
Corporate Bonds
0.0%
 
Investment Companies
0.2%
 
Other Assets Less Liabilities
1.7%
 
Net Assets Plus Floating Rate Obligations, Borrowings, iMTP shares at Liquidation Preference, VMTP Shares, at Liquidation Preference & VRDP Shares, at Liquidation Preference
146.6%
 
Floating Rate Obligations
(4.2)%
 
Borrowings
(1.7)%
 
iMTP Share, at Liquidation Preference
(6.4)%
 
VMTP Shares, at Liquidation Preference
(3.4)%
 
VRDP Shares, at Liquidation Preference
(30.9)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
11.7%
 
AA
38.9%
 
A
20.8%
 
BBB
12.1%
 
BB or Lower
10.5%
 
N/R (not rated)
5.9%
 
N/A (not applicable)
0.1%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Health Care
19.3%
 
Tax Obligation/Limited
16.4%
 
Transportation
14.7%
 
Tax Obligation/General
12.4%
 
U.S. Guaranteed
8.7%
 
Utilities
6.7%
 
Consumer Staples
6.6%
 
Water and Sewer
4.4%
 
Other
10.8%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
Texas
13.6%
 
California
13.3%
 
Illinois
12.4%
 
Colorado
5.6%
 
New York
5.5%
 
Ohio
5.2%
 
Indiana
4.0%
 
Michigan
3.8%
 
Florida
3.5%
 
Nevada
2.4%
 
Pennsylvania
2.4%
 
New Jersey
2.1%
 
Arizona
1.9%
 
Georgia
1.9%
 
Massachusetts
1.7%
 
Washington
1.7%
 
Other
19.0%
 
Total
100%
 

24
 
Nuveen


NPI
 
 
Nuveen Premium Income Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NPI at Common Share NAV
6.98%
 
9.19%
 
10.08%
 
6.69%
 
NPI at Common Share Price
12.28%
 
14.59%
 
9.90%
 
7.32%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
6.57%
 
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
 
25


NPI
Performance Overview and Holding Summaries as of April 30, 2016 (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
147.1%
 
Corporate Bonds
0.0%
 
Other Assets Less Liabilities
0.9%
 
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
148.0%
 
Floating Rate Obligations
(8.2)%
 
VMTP Shares, at Liquidation Preference
(39.8)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)1
   
AAA/U.S. Guaranteed
11.0%
 
AA
40.3%
 
A
28.9%
 
BBB
14.4%
 
BB or Lower
4.6%
 
N/R (not rated)
0.8%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)1
   
Transportation
24.1%
 
Health Care
17.1%
 
Tax Obligation/Limited
14.5%
 
Tax Obligation/General
9.7%
 
Water and Sewer
8.2%
 
Education and Civic Organizations
7.3%
 
U.S. Guaranteed
6.2%
 
Utilities
5.8%
 
Other
7.1%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
Texas
13.9%
 
California
11.9%
 
Illinois
10.4%
 
Florida
9.1%
 
New York
5.8%
 
Ohio
4.5%
 
Massachusetts
3.0%
 
Washington
3.0%
 
Pennsylvania
2.7%
 
Louisiana
2.6%
 
South Carolina
2.5%
 
Nevada
2.5%
 
District of Columbia
2.4%
 
Indiana
2.1%
 
Colorado
1.8%
 
Alabama
1.7%
 
Kentucky
1.6%
 
Other
18.5%
 
Total
100%
 

1
Excluding investment in derivatives.

26
 
Nuveen


Shareholder Meeting Report
A special meeting of shareholders was held in the offices of Nuveen Investments on November 9, 2015 for NZF, NMA, NPT and NXZ; at this meeting the shareholders were asked to vote to approve an agreement and plan of reorganization, to approve the issuance of additional common shares, to approve a new investment management agreement and to approve a new sub-advisory agreement. The meeting for NZF, NMA, NPT and NXZ was subsequently adjourned to December 9, 2015 and additionally adjourned to January 11, 2016 and February 10, 2016.

   
NZF
 
NMA
 
           
Common and
         
Common and
       
           
Preferred
         
Preferred
       
           
shares voting
         
shares voting
       
     
Common
   
together
   
Preferred
   
together
   
Preferred
 
     
Shares
   
as a class
   
Shares
   
as a class
   
Shares
 
To approve an Agreement and Plan of Reorganization
                               
For
   
   
   
22,810
   
20,279,237
   
2,688
 
Against
   
   
   
   
4,412,081
   
 
Abstain
   
   
   
   
895,970
   
 
Total
   
   
   
22,810
   
25,587,288
   
2,688
 
To approve the issuance of additional common shares in connection with each Reorganization.
                               
For
   
18,720,392
   
18,743,202
   
   
   
 
Against
   
2,297,070
   
2,297,070
                   
Abstain
   
510,853
   
510,853
   
   
   
 
Total
   
21,528,315
   
21,551,125
   
   
   
 
To approve a New Investment Management Agreement
                               
For
   
   
18,737,714
   
   
   
 
Against
   
   
2,181,003
   
   
   
 
Abstain
   
   
632,408
   
   
   
 
Total
   
   
21,551,125
   
   
   
 
To approve a New Sub-Advisory Agreement
                               
For
   
   
18,738,511
   
   
   
 
Against
   
   
2,183,733
   
   
   
 
Abstain
   
   
628,881
   
   
   
 
Total
   
   
21,551,125
   
   
   
 

Nuveen
 
27


Shareholder Meeting Report (continued)

   
NPT
 
NXZ
 
     
Common and
         
Common and
       
     
Preferred
   
Preferred
   
Preferred
       
     
shares voting
   
shares voting
   
shares voting
       
     
together
   
together
   
together
   
Preferred
 
     
as a class
   
as a class
   
as a class
   
Shares
 
To approve an Agreement and Plan of Reorganization
                         
For
   
21,948,226
   
1,850
   
15,073,649
   
1,960
 
Against
   
2,302,279
   
772
   
2,298,953
   
 
Abstain
   
914,542
   
   
751,848
   
 
Total
   
25,165,047
   
2,622
   
18,124,450
   
1,960
 
To approve the issuance of additional common shares in connection with each Reorganization.
                         
For
   
   
   
   
 
Against
                         
Abstain
   
   
   
   
 
Total
   
   
   
   
 
To approve a New Investment Management Agreement
                         
For
   
   
   
   
 
Against
   
   
   
   
 
Abstain
   
   
   
   
 
Total
   
   
   
   
 
To approve a New Sub-Advisory Agreement
                         
For
   
   
   
   
 
Against
   
   
   
   
 
Abstain
   
   
   
   
 
Total
   
   
   
   
 

28
 
Nuveen


NQM
   
 
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 146.6% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 146.6% (100.0% of Total Investments)
           
     
Alabama – 0.8% (0.5% of Total Investments)
           
$
3,800
 
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+
$
3,891,580
 
 
500
 
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 3.000%, 2/01/29
2/26 at 100.00
 
A–
 
502,305
 
 
1,000
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
7/16 at 100.00
 
AA
 
1,006,000
 
 
5,300
 
Total Alabama
       
5,399,885
 
     
Alaska – 0.6% (0.4% of Total Investments)
           
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
           
 
4,000
 
5.000%, 6/01/32
7/16 at 100.00
 
B3
 
3,804,480
 
 
500
 
5.000%, 6/01/46
7/16 at 100.00
 
B3
 
471,310
 
 
4,500
 
Total Alaska
       
4,275,790
 
     
Arizona – 3.8% (2.6% of Total Investments)
           
 
980
 
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
 
1,089,495
 
 
2,500
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39
12/24 at 100.00
 
A2
 
2,891,400
 
     
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A:
           
 
1,490
 
5.000%, 7/01/30
7/22 at 100.00
 
A1
 
1,684,490
 
 
2,500
 
5.000%, 7/01/32
7/22 at 100.00
 
A1
 
2,811,175
 
 
2,000
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
7/17 at 100.00
 
A
 
2,076,060
 
 
2,500
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2216, 14.194%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
 
AA
 
2,923,800
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option BonD Trust 2016-XF0388, 8.873%, 7/01/38 (IF) (4)
7/18 at 100.00
 
AA–
 
5,813,300
 
 
3,450
 
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
 
BBB+
 
4,313,639
 
 
1,100
 
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured
6/24 at 100.00
 
AA
 
1,294,073
 
 
889
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
7/16 at 100.00
 
N/R
 
891,329
 
 
22,409
 
Total Arizona
       
25,788,761
 
     
California – 21.9% (15.0% of Total Investments)
           
 
1,500
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30
5/20 at 100.00
 
AA–
 
1,764,315
 
 
180
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
210,532
 
 
5,500
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, 2007A, 5.000%, 11/15/42 (UB)
No Opt. Call
 
AA–
 
5,622,760
 
 
1,390
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.980%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
1,970,144
 

Nuveen
 
29


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
810
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A+
$
969,368
 
 
1,530
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
3/20 at 100.00
 
A+
 
1,799,739
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
           
 
2,100
 
5.250%, 3/01/30
3/20 at 100.00
 
AA–
 
2,438,730
 
 
3,000
 
5.500%, 3/01/40
3/20 at 100.00
 
AA–
 
3,505,890
 
 
6,000
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/41 (WI/DD, Settling 5/11/16)
6/26 at 100.00
 
BB+
 
6,555,000
 
     
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010:
           
 
900
 
6.000%, 10/01/29
10/19 at 100.00
 
BBB+
 
1,025,703
 
 
1,030
 
6.250%, 10/01/39
10/19 at 100.00
 
BBB+
 
1,182,739
 
 
1,050
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (5)
 
1,189,115
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Children's Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
1,034,610
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
1,000
 
5.500%, 7/01/30 (6)
7/16 at 100.00
 
CCC
 
999,930
 
 
2,000
 
5.250%, 7/01/39 (6)
7/16 at 100.00
 
CCC
 
2,002,620
 
 
1,260
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36
12/21 at 100.00
 
A+
 
1,600,326
 
 
3,500
 
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
 
1,828,085
 
 
1,500
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
8/21 at 100.00
 
Aa2
 
1,787,925
 
 
2,000
 
Glendale Redevelopment Agency, California, Tax Allocation Bonds, Central Glendale Redevelopment Project, Series 2010, 5.500%, 12/01/24 (Pre-refunded 12/01/16)
12/16 at 100.00
 
A (5)
 
2,059,100
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,000
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
 
3,003,360
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B–
 
1,002,920
 
 
610
 
5.125%, 6/01/47
6/17 at 100.00
 
B–
 
599,356
 
 
9,740
 
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
No Opt. Call
 
Aaa
 
12,209,379
 
 
2,000
 
Los Rios Community College District, Sacramento County, California, General Obligation Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19)
8/19 at 100.00
 
AA– (5)
 
2,293,200
 
 
250
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
9/21 at 100.00
 
A–
 
312,125
 
 
500
 
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
AA–
 
560,070
 
 
6,215
 
Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31
8/24 at 100.00
 
AA
 
8,160,792
 
 
1,160
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7)
8/35 at 100.00
 
AA
 
910,809
 
 
2,700
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34
No Opt. Call
 
A
 
4,055,859
 
 
855
 
Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured
No Opt. Call
 
AA–
 
937,935
 
 
15,770
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
19,690,576
 

30
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,265
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
$
1,416,585
 
 
1,650
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
11/20 at 100.00
 
Ba1
 
1,793,039
 
 
13,145
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM)
No Opt. Call
 
Aaa
 
18,838,622
 
 
2,500
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
5/21 at 100.00
 
AA–
 
2,934,350
 
 
2,000
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41
No Opt. Call
 
AA–
 
804,020
 
 
5,000
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7)
8/36 at 100.00
 
AA
 
4,325,750
 
 
660
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)
8/19 at 100.00
 
A– (5)
 
780,562
 
 
2,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
1/25 at 100.00
 
BB+
 
2,202,340
 
 
5,360
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 1/15/44
1/25 at 100.00
 
BBB–
 
5,950,404
 
 
880
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31
2/21 at 100.00
 
A
 
1,086,043
 
 
5,000
 
Solano Community College District, Solano and Yolo Counties, California, General Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43
8/23 at 100.00
 
AA–
 
5,915,550
 
 
1,000
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.375%, 12/01/23
12/21 at 100.00
 
A+
 
1,250,040
 
 
90
 
Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax)
12/16 at 100.00
 
N/R
 
90,867
 
 
2,000
 
West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41
8/21 at 100.00
 
AA–
 
2,307,040
 
 
3,750
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured (7)
8/31 at 100.00
 
AA
 
3,127,163
 
 
4,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
4,692,240
 
 
131,350
 
Total California
       
150,797,627
 
     
Colorado – 9.4% (6.4% of Total Investments)
           
 
3,000
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured
12/25 at 100.00
 
AA
 
3,466,920
 
 
1,000
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23
7/18 at 100.00
 
N/R
 
1,020,010
 
 
2,945
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43
8/23 at 100.00
 
BB
 
3,527,521
 
 
1,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30
8/24 at 100.00
 
A
 
1,148,040
 
 
1,250
 
Colorado Educational and Cultural Facilities Authority, Revenue and Refunding Bonds, University Corporation for Atmospheric Research Project, Series 2012A, 4.500%, 9/01/22
No Opt. Call
 
A+
 
1,436,213
 
 
1,465
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39
8/19 at 100.00
 
N/R
 
1,607,310
 
 
3,020
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/40
1/23 at 100.00
 
A+
 
3,432,894
 
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:
           
 
2,670
 
5.000%, 6/01/28
No Opt. Call
 
A–
 
3,048,820
 
 
2,395
 
5.000%, 6/01/40
No Opt. Call
 
A–
 
2,665,635
 

Nuveen
 
31


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
220
 
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
 
BBB+
$
258,852
 
 
2,090
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured
9/18 at 102.00
 
AA
 
2,282,280
 
 
625
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20)
11/20 at 100.00
 
N/R (5)
 
756,756
 
 
750
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28
5/18 at 100.00
 
A–
 
811,305
 
 
375
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
6/16 at 100.00
 
BBB+
 
376,058
 
 
625
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 (Pre-refunded 6/01/16)
6/16 at 100.00
 
N/R (5)
 
627,500
 
 
1,000
 
Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax)
No Opt. Call
 
A–
 
1,103,470
 
 
2,000
 
Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37
5/21 at 100.00
 
Aa2
 
2,143,300
 
 
3,000
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%,
8/01/44 – AGM Insured
8/24 at 100.00
 
AA
 
3,452,310
 
 
2,000
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
11/22 at 100.00
 
A+
 
2,373,760
 
 
1,000
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax)
11/23 at 100.00
 
A
 
1,131,420
 
 
1,820
 
Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 8/01/46
8/26 at 100.00
 
AA
 
1,954,607
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A:
           
 
385
 
0.000%, 9/01/35
No Opt. Call
 
BBB+
 
192,219
 
 
150
 
0.000%, 9/01/37
No Opt. Call
 
BBB+
 
69,122
 
 
75
 
0.000%, 9/01/38
No Opt. Call
 
BBB+
 
33,257
 
 
20
 
0.000%, 9/01/39
No Opt. Call
 
BBB+
 
8,532
 
 
110
 
0.000%, 9/01/41
No Opt. Call
 
BBB+
 
43,298
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
1,045
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
687,391
 
 
2,175
 
0.000%, 9/01/30 – NPFG Insured
No Opt. Call
 
AA–
 
1,375,427
 
 
50
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
 
30,471
 
 
2,795
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
1,643,907
 
 
100
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
56,260
 
 
385
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%,
9/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
265,273
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
           
 
345
 
0.000%, 9/01/28 – NPFG Insured
9/20 at 63.98
 
AA–
 
190,857
 
 
14,500
 
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
 
AA–
 
5,139,090
 
 
500
 
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax)
5/21 at 100.00
 
Baa2
 
551,635
 
 
1,860
 
Metropolitan State University of Denver, Institutional Enterprise Revenue Bonds, Colorado, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40
12/25 at 100.00
 
Aa2
 
2,004,299
 
 
5,055
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
12/20 at 100.00
 
AA (5)
 
6,175,036
 
 
3,000
 
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured
12/19 at 100.00
 
AA (5)
 
3,551,880
 
 
700
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38
No Opt. Call
 
A
 
1,000,636
 
 
2,365
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
BBB+
 
2,741,508
 
 
69,865
 
Total Colorado
       
64,385,079
 

32
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Connecticut – 1.4% (0.9% of Total Investments)
           
$
3,430
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 5.000%, 7/01/24 – AGM Insured
7/22 at 100.00
 
AA
$
4,010,528
 
     
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 1164:
           
 
1,295
 
16.095%, 1/01/32 (IF) (4)
1/23 at 100.00
 
Aa3
 
2,149,389
 
 
190
 
15.950%, 1/01/38 (IF) (4)
1/23 at 100.00
 
Aa3
 
292,758
 
 
2,500
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
4/20 at 100.00
 
N/R
 
2,958,200
 
 
7,415
 
Total Connecticut
       
9,410,875
 
     
District of Columbia – 5.2% (3.5% of Total Investments)
           
 
23,745
 
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.000%, 10/01/23 – AGM Insured (UB)
No Opt. Call
 
AAA
 
29,100,210
 
 
3,000
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/16 – NPFG Insured
No Opt. Call
 
Aa1
 
3,015,030
 
 
3,600
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
 
AA+
 
3,652,740
 
 
30,345
 
Total District of Columbia
       
35,767,980
 
     
Florida – 10.8% (7.4% of Total Investments)
           
 
1,480
 
Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37
11/23 at 100.00
 
BBB
 
1,623,486
 
     
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:
           
 
450
 
5.000%, 9/01/45
9/23 at 100.00
 
BBB–
 
466,466
 
 
875
 
5.000%, 9/01/48
9/23 at 100.00
 
BBB–
 
905,170
 
 
1,000
 
Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19)
4/19 at 100.00
 
A (5)
 
1,176,650
 
 
4,315
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%,
10/01/41 – AGM Insured
10/21 at 100.00
 
AA
 
5,004,666
 
 
100
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43
No Opt. Call
 
N/R
 
109,677
 
 
4,165
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32
4/22 at 100.00
 
A–
 
4,688,374
 
 
1,150
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
4/21 at 100.00
 
A–
 
1,367,776
 
 
5,020
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax)
10/24 at 100.00
 
A+
 
5,635,101
 
 
2,145
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44
10/24 at 100.00
 
A–
 
2,489,852
 
 
13,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport Hub, Series 2007B, 4.500%, 10/01/31 – NPFG Insured
10/17 at 100.00
 
AA–
 
13,560,687
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35 (Alternative Minimum Tax)
10/24 at 100.00
 
A
 
5,731,250
 
 
3,010
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax)
10/25 at 100.00
 
A
 
3,452,922
 
 
1,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
10/20 at 100.00
 
AA
 
1,140,790
 
 
7,045
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
8,133,593
 
 
4,000
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
10/20 at 100.00
 
AA
 
4,547,200
 
 
3,000
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41
8/17 at 100.00
 
N/R
 
3,043,590
 

Nuveen
 
33


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
1,300
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, The Waterford Project, Series 2007, 5.875%, 11/15/37 (Pre-refunded 11/15/17)
11/17 at 100.00
 
A (5)
$
1,403,155
 
 
5,895
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (4)
8/17 at 100.00
 
AA–
 
6,117,359
 
 
1,500
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44
1/24 at 100.00
 
A–
 
1,710,390
 
 
65
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (7)
5/17 at 100.00
 
N/R
 
52,214
 
 
195
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7)
5/19 at 100.00
 
N/R
 
117,160
 
 
85
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7)
5/22 at 100.00
 
N/R
 
37,863
 
 
120
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
1
 
 
10
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
10,222
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
5/17 at 100.00
 
N/R
 
202,368
 
 
290
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
179,762
 
 
180
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
94,441
 
 
195
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
2
 
 
1,130
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
7/16 at 100.00
 
N/R
 
1,131,096
 
 
67,920
 
Total Florida
       
74,133,283
 
     
Georgia – 2.2% (1.5% of Total Investments)
           
 
1,820
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40
7/25 at 100.00
 
Aa3
 
2,183,308
 
 
865
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
 
A2
 
995,252
 
 
1,510
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured
11/19 at 100.00
 
AA
 
1,699,067
 
 
2,000
 
Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured
No Opt. Call
 
AA–
 
2,350,580
 
 
2,500
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30
2/20 at 100.00
 
A
 
2,763,500
 
 
3,285
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60
7/25 at 100.00
 
A+
 
3,727,490
 
 
265
 
Georgia Municipal Electric Authority, Project One Special Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20
No Opt. Call
 
A1
 
291,542
 
 
1,220
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27
10/21 at 100.00
 
Baa2
 
1,415,786
 
 
13,465
 
Total Georgia
       
15,426,525
 
     
Guam – 0.4% (0.3% of Total Investments)
           
 
765
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31
1/22 at 100.00
 
A
 
860,357
 
 
1,770
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
7/20 at 100.00
 
A–
 
1,978,842
 
 
2,535
 
Total Guam
       
2,839,199
 

34
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Hawaii – 0.5% (0.4% of Total Investments)
           
$
3,000
 
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
 
A1
$
3,558,240
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
1,155
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 4.750%, 9/01/26
9/22 at 100.00
 
Baa1
 
1,308,603
 
     
Illinois – 15.2% (10.4% of Total Investments)
           
 
6,250
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44
12/25 at 100.00
 
B+
 
5,939,688
 
 
2,404
 
Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24
3/17 at 100.00
 
Ba3
 
2,482,442
 
 
3,150
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AA
 
3,309,894
 
     
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:
           
 
700
 
4.500%, 11/01/36
11/24 at 100.00
 
A
 
728,098
 
 
4,000
 
4.450%, 11/01/36
11/25 at 102.00
 
A2
 
4,223,680
 
 
410
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 6.000%, 12/01/45
12/25 at 100.00
 
N/R
 
415,679
 
 
4,985
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
BBB
 
5,476,421
 
 
4,750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/39
9/24 at 100.00
 
BBB
 
5,306,748
 
 
1,125
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA+
 
1,284,739
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
 
Baa2
 
1,063,640
 
 
960
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
 
1,110,490
 
 
3,215
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45
11/25 at 100.00
 
A
 
3,683,426
 
 
2,125
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
 
AA–
 
2,342,579
 
 
385
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
6/16 at 100.00
 
Aa3
 
386,413
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
Baa2
 
1,194,240
 
     
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
           
 
415
 
5.500%, 7/01/28
7/23 at 100.00
 
A–
 
489,700
 
 
390
 
6.000%, 7/01/43
7/23 at 100.00
 
A–
 
470,707
 
 
2,910
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25
5/19 at 100.00
 
Baa2
 
3,276,515
 
 
90
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (5)
 
104,150
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Refunding Series 2006B, 5.250%, 11/01/35 (Pre-refunded 11/01/18) – NPFG Insured
11/18 at 100.00
 
Aaa
 
1,111,350
 
 
1,120
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19)
5/19 at 100.00
 
Aaa
 
1,313,054
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)
8/17 at 100.00
 
N/R (5)
 
1,059,820
 
     
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
           
 
2,000
 
6.875%, 8/15/38 (Pre-refunded 8/15/19)
8/19 at 100.00
 
N/R (5)
 
2,387,200
 
 
3,000
 
7.000%, 8/15/44 (Pre-refunded 8/15/19)
8/19 at 100.00
 
N/R (5)
 
3,592,950
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
 
AA
 
1,120,220
 

Nuveen
 
35


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
186
 
Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Capitol Appreciation Series 2010B, 0.000%, 5/15/50 (8)
6/16 at 100.00
 
N/R
$
2
 
 
390
 
Illinois Finance Authority, Revenue Bonds, The Clare at Water Tower Project, Refunding Series 2010A, 6.000%, 5/15/28 (8)
6/16 at 100.00
 
N/R
 
4
 
 
1,400
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26
8/20 at 100.00
 
AA–
 
1,587,278
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26
7/16 at 100.00
 
N/R
 
500,735
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
3,500
 
5.250%, 2/01/30
2/24 at 100.00
 
A–
 
3,855,005
 
 
4,000
 
5.250%, 2/01/31
2/24 at 100.00
 
A–
 
4,389,000
 
 
680
 
Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/36
5/24 at 100.00
 
A–
 
724,751
 
 
2,375
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
 
A–
 
2,611,146
 
     
Illinois State, General Obligation Bonds, Series 2012A:
           
 
3,600
 
4.000%, 1/01/26
1/22 at 100.00
 
A–
 
3,706,704
 
 
225
 
5.000%, 3/01/37
3/22 at 100.00
 
A–
 
235,647
 
     
Illinois State, General Obligation Bonds, Series 2013:
           
 
2,500
 
5.250%, 7/01/31
7/23 at 100.00
 
A–
 
2,727,225
 
 
455
 
5.500%, 7/01/38
7/23 at 100.00
 
A–
 
497,756
 
 
1,430
 
Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25
6/21 at 100.00
 
AAA
 
1,551,364
 
 
700
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
2015-XF0051, 16.708%, 1/01/21 (IF)
No Opt. Call
 
AA–
 
1,089,137
 
 
1,875
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
2015-XF0052, 16.787%, 1/01/21 (IF)
No Opt. Call
 
AA–
 
2,916,600
 
 
1,510
 
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
 
1,692,695
 
 
1,525
 
McCook, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30
12/18 at 100.00
 
BBB
 
1,655,708
 
 
1,890
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52
12/25 at 100.00
 
BBB
 
2,066,469
 
 
1,050
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50
6/20 at 100.00
 
AA
 
1,123,763
 
 
6,015
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
 
AA–
 
5,090,073
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/34 – NPFG Insured
No Opt. Call
 
AA–
 
2,253,250
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
1,550
 
5.250%, 6/01/21
No Opt. Call
 
A
 
1,826,102
 
 
4,000
 
6.250%, 6/01/24
6/16 at 100.00
 
A
 
4,020,440
 
 
800
 
6.000%, 6/01/28
6/21 at 100.00
 
A–
 
956,864
 
 
1,505
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured
3/25 at 100.00
 
AA
 
1,730,810
 
 
1,580
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32
10/23 at 100.00
 
A
 
1,881,101
 
 
99,625
 
Total Illinois
       
104,563,472
 
     
Indiana – 1.9% (1.3% of Total Investments)
           
 
1,555
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/28
2/22 at 100.00
 
BBB+
 
1,777,738
 
 
1,050
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
10/19 at 100.00
 
B–
 
1,030,964
 
 
1,500
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30
3/20 at 100.00
 
BBB–
 
1,591,485
 

36
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
     
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:
           
$
3,015
 
5.000%, 7/01/44 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
$
3,283,546
 
 
1,420
 
5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
 
1,539,933
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
500
 
5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
565,875
 
 
260
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
288,283
 
     
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E:
           
 
475
 
5.250%, 11/01/25 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
Aa3 (5)
 
517,755
 
 
530
 
5.250%, 11/01/29 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
Aa3 (5)
 
577,705
 
 
1,275
 
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
 
1,577,749
 
 
11,580
 
Total Indiana
       
12,751,033
 
     
Iowa – 1.9% (1.3% of Total Investments)
           
 
1,500
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42
8/22 at 100.00
 
BBB–
 
1,516,560
 
 
3,000
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25
12/19 at 100.00
 
A1
 
3,320,340
 
 
8,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
7/16 at 100.00
 
B+
 
7,999,440
 
 
12,500
 
Total Iowa
       
12,836,340
 
     
Kansas – 1.0% (0.6% of Total Investments)
           
 
1,240
 
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.000%, 9/01/26 (Pre-refunded 9/01/21)
9/21 at 100.00
 
Aa3 (5)
 
1,471,992
 
 
1,000
 
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/22
6/16 at 100.00
 
A2
 
1,003,900
 
 
1,540
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29
11/19 at 100.00
 
Aa2
 
1,768,829
 
 
1,000
 
Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29
9/17 at 100.00
 
A+
 
1,042,840
 
 
555
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32
4/20 at 100.00
 
BBB
 
605,744
 
 
90
 
Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
No Opt. Call
 
Aaa
 
94,550
 
 
530
 
Topeka, Kansas, Industrial Revenue Refunding Bonds, Sunwest Hotel Corporation, Series 1988, 9.500%, 10/01/16 (Pre-refunded 8/15/16) (Alternative Minimum Tax)
8/16 at 100.00
 
AA+ (5)
 
544,008
 
 
10
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
 
7,567
 
 
5,965
 
Total Kansas
       
6,539,430
 
     
Kentucky – 2.2% (1.5% of Total Investments)
           
 
2,000
 
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+
 
2,293,480
 
 
2,730
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45
7/25 at 100.00
 
BBB+
 
3,040,974
 
 
2,500
 
Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2008A, 6.000%, 5/01/38
5/18 at 100.00
 
Baa3
 
2,680,300
 

Nuveen
 
37


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky (continued)
           
     
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011:
           
$
5,000
 
6.250%, 3/01/31
3/21 at 100.00
 
A3
$
5,823,350
 
 
1,375
 
6.500%, 3/01/41
3/21 at 100.00
 
A3
 
1,604,006
 
 
13,605
 
Total Kentucky
       
15,442,110
 
     
Louisiana – 3.2% (2.2% of Total Investments)
           
 
1,000
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
 
BBB+
 
1,084,130
 
 
1,380
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
8/20 at 100.00
 
BBB+
 
1,648,272
 
 
8,655
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax)
7/23 at 100.00
 
N/R
 
9,751,156
 
 
1,810
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
A–
 
1,878,961
 
 
690
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R
 
725,300
 
 
6,235
 
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/25 at 100.00
 
A–
 
7,028,466
 
 
19,770
 
Total Louisiana
       
22,116,285
 
     
Maine – 0.8% (0.5% of Total Investments)
           
     
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:
           
 
2,000
 
6.750%, 7/01/36
7/21 at 100.00
 
BBB–
 
2,281,600
 
 
1,000
 
6.750%, 7/01/41
7/21 at 100.00
 
BBB–
 
1,139,290
 
 
1,720
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
AA
 
1,936,926
 
 
4,720
 
Total Maine
       
5,357,816
 
     
Maryland – 0.1% (0.1% of Total Investments)
           
 
515
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
7/20 at 100.00
 
BBB–
 
545,524
 
     
Massachusetts – 2.5% (1.7% of Total Investments)
           
     
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 1163:
           
 
505
 
16.022%, 10/01/48 (IF) (4)
10/23 at 100.00
 
A+
 
827,256
 
 
930
 
15.931%, 10/01/48 (IF) (4)
10/23 at 100.00
 
A+
 
1,522,736
 
 
1,825
 
Massachusetts Development Finance Agency, Education Facility Revenue Bonds, Academy of the Pacific Rim Project, Series 2006A, 5.125%, 6/01/31 – ACA Insured
6/16 at 100.00
 
N/R
 
1,826,223
 
 
650
 
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37
10/17 at 100.00
 
N/R
 
672,256
 
 
845
 
Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010, 7.625%, 10/15/37
10/20 at 100.00
 
N/R
 
945,031
 
 
750
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax)
11/17 at 100.00
 
BB+
 
754,095
 
 
1,220
 
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25
1/23 at 100.00
 
BBB–
 
1,383,944
 
 
2,500
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 4.000%, 7/01/41
7/26 at 100.00
 
A–
 
2,576,925
 
 
2,900
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
3,241,620
 
 
3,120
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (4)
2/17 at 100.00
 
AA+
 
3,212,477
 
 
15,245
 
Total Massachusetts
       
16,962,563
 

38
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan – 1.5% (1.0% of Total Investments)
           
$
2,500
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
11/20 at 100.00
 
AA
$
2,701,950
 
 
3,495
 
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–
 
3,977,275
 
 
365
 
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 (5)
 
374,497
 
 
1,165
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Michigan House of Representatives Facilities, Series 2008A, 5.250%, 10/15/23 – AGC Insured
10/18 at 100.00
 
AA
 
1,278,203
 
 
340
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 (Pre-refunded 6/01/16)
6/16 at 100.00
 
AA– (5)
 
341,476
 
 
1,200
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45
12/25 at 100.00
 
A
 
1,371,792
 
 
9,065
 
Total Michigan
       
10,045,193
 
     
Minnesota – 3.1% (2.1% of Total Investments)
           
 
1,000
 
Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008, 5.750%, 8/01/42
8/16 at 102.00
 
BB+
 
1,022,540
 
 
1,000
 
Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29
6/17 at 100.00
 
N/R
 
1,015,110
 
 
5,000
 
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
6,099,550
 
 
2,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40
11/20 at 100.00
 
BBB–
 
2,139,920
 
 
2,000
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19)
7/19 at 100.00
 
Aaa
 
2,305,720
 
     
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013:
           
 
500
 
5.000%, 5/01/33
5/23 at 100.00
 
N/R
 
526,230
 
 
1,000
 
5.125%, 5/01/48
5/23 at 100.00
 
N/R
 
1,047,090
 
 
1,520
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50
12/24 at 100.00
 
BBB–
 
1,609,118
 
 
495
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
 
Aaa
 
507,761
 
 
400
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26
No Opt. Call
 
N/R
 
426,320
 
 
750
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/29
11/25 at 100.00
 
BBB–
 
891,848
 
 
3,835
 
Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28
8/17 at 100.00
 
AAA
 
3,913,809
 
 
19,500
 
Total Minnesota
       
21,505,016
 
     
Mississippi – 0.4% (0.3% of Total Investments)
           
 
620
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
10/16 at 100.00
 
BBB
 
639,883
 
     
Mississippi Development Bank, Special Obligation Bonds, City of Jackson General Obligation Street Resurfacing Project, Series 2009:
           
 
1,325
 
5.500%, 1/01/23
1/19 at 100.00
 
AA–
 
1,465,132
 
 
850
 
5.800%, 1/01/24
1/19 at 100.00
 
AA–
 
944,656
 
 
2,795
 
Total Mississippi
       
3,049,671
 
     
Missouri – 2.8% (1.9% of Total Investments)
           
 
1,500
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38
8/18 at 100.00
 
A
 
1,650,780
 

Nuveen
 
39


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri (continued)
           
$
500
 
Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33
11/24 at 100.00
 
AA+
$
561,625
 
 
2,000
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
10/19 at 100.00
 
A–
 
2,233,800
 
 
645
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20
No Opt. Call
 
A
 
698,509
 
 
3,080
 
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+
 
3,447,598
 
 
1,045
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/44
11/23 at 100.00
 
A2
 
1,182,522
 
 
400
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 3.500%, 6/15/30
6/22 at 100.00
 
BBB+
 
408,788
 
 
3,775
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/26
4/21 at 100.00
 
A2
 
4,339,627
 
 
1,000
 
North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37
1/17 at 100.00
 
N/R
 
1,013,640
 
 
2,000
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38
12/21 at 100.00
 
AA
 
2,121,280
 
 
490
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (Alternative Minimum Tax)
7/22 at 100.00
 
A–
 
516,347
 
 
575
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42
No Opt. Call
 
BBB–
 
605,406
 
 
375
 
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–
 
434,419
 
 
17,385
 
Total Missouri
       
19,214,341
 
     
Montana – 0.1% (0.1% of Total Investments)
           
 
600
 
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2006, 4.650%, 8/01/23 – AMBAC Insured
8/16 at 100.00
 
A1
 
606,414
 
     
Nebraska – 2.4% (1.6% of Total Investments)
           
 
1,500
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A
 
1,681,140
 
 
11,215
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (4)
9/16 at 100.00
 
AA
 
11,339,374
 
     
University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008:
           
 
1,250
 
5.000%, 5/15/33
5/18 at 100.00
 
Aa1
 
1,345,325
 
 
2,100
 
5.000%, 5/15/38
5/18 at 100.00
 
Aa1
 
2,260,146
 
 
16,065
 
Total Nebraska
       
16,625,985
 
     
Nevada – 1.0% (0.7% of Total Investments)
           
 
4,025
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
4,674,595
 
 
1,600
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (5)
 
1,941,072
 
 
5,625
 
Total Nevada
       
6,615,667
 
     
New Jersey – 2.0% (1.4% of Total Investments)
           
 
905
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
2/23 at 100.00
 
BBB+
 
1,070,099
 
 
555
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31
6/20 at 100.00
 
Baa3
 
626,756
 
 
600
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (5)
 
719,514
 

40
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
680
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BB+
$
728,661
 
 
830
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
7/25 at 100.00
 
AA
 
948,972
 
 
665
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 18.578%, 6/01/30 (IF) (4)
6/19 at 100.00
 
AA
 
957,520
 
 
855
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A–
 
950,358
 
 
2,840
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45
6/25 at 100.00
 
A–
 
3,019,516
 
 
700
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
1/19 at 100.00
 
A+
 
768,299
 
 
4,250
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B–
 
4,013,530
 
 
12,880
 
Total New Jersey
       
13,803,225
 
     
New Mexico – 0.7% (0.4% of Total Investments)
           
     
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A:
           
 
880
 
5.125%, 6/01/17
7/16 at 100.00
 
A3
 
883,467
 
 
1,295
 
5.125%, 6/01/19
7/16 at 100.00
 
A3
 
1,300,089
 
 
2,000
 
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of New Mexico San Juan Project, Series 2010D, 5.900%, 6/01/40
6/20 at 100.00
 
BBB+
 
2,276,040
 
 
4,175
 
Total New Mexico
       
4,459,596
 
     
New York – 4.8% (3.3% of Total Investments)
           
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
1,945
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
2,227,492
 
 
3,065
 
6.250%, 7/15/40
1/20 at 100.00
 
BBB–
 
3,530,574
 
 
490
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
7/25 at 100.00
 
BBB+
 
576,309
 
 
1,500
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
1,765,095
 
 
4,055
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
4,154,266
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/39
9/24 at 100.00
 
A–
 
3,494,970
 
 
1,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
 
AA
 
1,144,180
 
 
5,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38
5/23 at 100.00
 
AA–
 
5,862,650
 
     
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
           
 
500
 
5.750%, 10/01/37 (9)
10/17 at 100.00
 
N/R
 
177,155
 
 
1,000
 
5.875%, 10/01/46 (10)
10/17 at 102.00
 
N/R
 
354,310
 
 
500
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 16.688%, 6/15/33 (IF)
6/19 at 100.00
 
AA+
 
739,940
 
 
5,000
 
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
 
5,434,200
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
           
 
590
 
5.500%, 12/01/31
12/20 at 100.00
 
Baa1
 
679,538
 
 
1,325
 
6.000%, 12/01/42
12/20 at 100.00
 
Baa1
 
1,558,293
 

Nuveen
 
41


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
1,170
 
Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30
12/20 at 100.00
 
BBB–
$
1,327,435
 
 
30,140
 
Total New York
       
33,026,407
 
     
North Carolina – 0.2% (0.2% of Total Investments)
           
 
1,500
 
North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.125%, 6/01/35
6/18 at 100.00
 
BBB
 
1,604,565
 
     
North Dakota – 0.4% (0.3% of Total Investments)
           
 
2,190
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
A+
 
2,689,605
 
     
Ohio – 4.8% (3.3% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
5,905
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
5,709,722
 
 
2,365
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
2,310,889
 
 
605
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
580,104
 
 
1,050
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
 
1,051,754
 
     
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
           
 
1,125
 
5.250%, 11/01/29
11/20 at 100.00
 
A
 
1,312,673
 
 
1,000
 
5.750%, 11/01/40
11/20 at 100.00
 
A
 
1,180,420
 
 
5,000
 
5.500%, 11/01/40
11/20 at 100.00
 
A
 
5,840,850
 
 
760
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
7/21 at 100.00
 
BBB–
 
835,004
 
 
1,400
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
 
B+
 
1,343,272
 
 
5,765
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
 
6,976,169
 
 
1,000
 
Miami County, Ohio, Hospital Facilities Revenue Bonds, Upper Valley Medical Center Inc., Refunding Series 2006, 5.250%, 5/15/26
5/16 at 100.00
 
A
 
1,003,540
 
 
1,000
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.125%, 8/01/31
8/21 at 100.00
 
A2
 
1,107,950
 
 
2,000
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/33
2/23 at 100.00
 
BB+
 
2,111,760
 
 
800
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
891,368
 
 
1,000
 
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Refunding Series 2016A, 4.000%, 1/15/46
1/26 at 100.00
 
A
 
1,044,600
 
 
30,775
 
Total Ohio
       
33,300,075
 
     
Oklahoma – 1.7% (1.2% of Total Investments)
           
 
750
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
756,825
 
 
4,985
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 5.000%, 6/01/45 – BAM Insured (Alternative Minimum Tax)
6/24 at 100.00
 
AA
 
5,492,922
 
 
5,280
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) (4)
12/16 at 100.00
 
AA+
 
5,427,682
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 8.185%, 12/15/36 (IF) (4)
12/16 at 100.00
 
AA+
 
92,475
 
 
11,103
 
Total Oklahoma
       
11,769,904
 
     
Oregon – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Portland, Oregon, Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/24 (Pre-refunded 6/15/16) – NPFG Insured
6/16 at 100.00
 
AA– (5)
 
1,005,840
 

42
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania – 4.8% (3.2% of Total Investments)
           
$
1,100
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
11/19 at 100.00
 
B+
$
1,035,650
 
 
2,000
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29
8/19 at 100.00
 
Aa3
 
2,258,600
 
 
1,000
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB–
 
1,005,660
 
 
100
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
 
BBB+
 
112,348
 
 
900
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (5)
 
1,023,741
 
 
1,000
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30 (Pre-refunded 10/01/18)
10/18 at 100.00
 
BBB (5)
 
1,125,130
 
 
400
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
7/20 at 100.00
 
Baa3
 
432,728
 
 
5,130
 
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
 
5,212,644
 
 
4,305
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45
6/25 at 100.00
 
A1
 
4,948,425
 
 
2,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38
12/24 at 100.00
 
A–
 
2,265,220
 
 
6,250
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45
12/25 at 100.00
 
A–
 
7,100,625
 
 
1,595
 
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 (5)
 
1,845,575
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
 
A+
 
1,716,484
 
 
2,350
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.500%, 8/01/20
No Opt. Call
 
A–
 
2,615,574
 
 
29,555
 
Total Pennsylvania
       
32,698,404
 
     
Puerto Rico – 0.4% (0.3% of Total Investments)
           
 
14,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
 
AA–
 
2,647,400
 
     
South Carolina – 2.5% (1.7% of Total Investments)
           
 
750
 
Educational Facilities Authority of Private Non-Profit Institutions of Higher Learning, South Carolina, Revenue Bonds, Wofford College, Series 2007A, 4.500%, 4/01/30
4/17 at 100.00
 
A–
 
763,080
 
 
1,640
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Furman University, Refunding Series 2015, 5.000%, 10/01/45
10/25 at 100.00
 
AA–
 
1,907,435
 
 
12,805
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/39
12/24 at 100.00
 
AA–
 
14,793,998
 
 
15,195
 
Total South Carolina
       
17,464,513
 
     
South Dakota – 0.8% (0.5% of Total Investments)
           
 
1,300
 
Deadwood, South Dakota, Sales Tax Revenue Bonds, Series 2009B, 6.250%, 12/01/28
12/19 at 100.00
 
N/R
 
1,414,244
 
 
1,460
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
11/24 at 100.00
 
A+
 
1,670,109
 
 
910
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A+
 
1,048,575
 
 
1,000
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured
8/18 at 100.00
 
AA (5)
 
1,104,560
 
 
4,670
 
Total South Dakota
       
5,237,488
 

Nuveen
 
43


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tennessee – 3.3% (2.3% of Total Investments)
           
$
2,425
 
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+
$
2,748,689
 
 
3,200
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
 
3,222,528
 
     
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:
           
 
3,000
 
5.000%, 11/01/23
11/21 at 100.00
 
BBB+
 
3,454,560
 
 
3,200
 
5.000%, 11/01/24
11/21 at 100.00
 
BBB+
 
3,677,376
 
 
3,400
 
5.000%, 11/01/25
11/21 at 100.00
 
BBB+
 
3,882,834
 
 
320
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46
7/26 at 100.00
 
A3
 
370,112
 
 
5,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39
10/19 at 100.00
 
AA+
 
5,629,300
 
 
20,545
 
Total Tennessee
       
22,985,399
 
     
Texas – 15.4% (10.5% of Total Investments)
           
 
5,000
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
2/17 at 100.00
 
AAA
 
5,120,600
 
     
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012:
           
 
1,000
 
5.000%, 7/01/28
7/22 at 100.00
 
A+
 
1,173,360
 
 
1,000
 
5.000%, 7/01/29
7/22 at 100.00
 
A+
 
1,168,300
 
 
1,100
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 – AGM Insured
1/23 at 100.00
 
AA
 
1,234,211
 
 
1,250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25
1/20 at 100.00
 
BBB+
 
1,439,675
 
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:
           
 
1,000
 
5.000%, 1/01/40
7/25 at 100.00
 
BBB+
 
1,153,220
 
 
1,720
 
5.000%, 1/01/45
7/25 at 100.00
 
BBB+
 
1,968,746
 
 
1,000
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/43
8/23 at 100.00
 
BBB
 
1,198,670
 
 
200
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
9/24 at 100.00
 
BB+
 
214,634
 
 
2,340
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
10/23 at 100.00
 
BBB+
 
2,603,905
 
 
215
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)
10/22 at 100.00
 
BB
 
228,143
 
 
1,615
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/28
6/23 at 100.00
 
Baa3
 
1,821,672
 
 
12,030
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured (ETM)
No Opt. Call
 
AA+ (5)
 
10,869,225
 
 
4,680
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured
No Opt. Call
 
AA+
 
4,205,448
 
 
1,000
 
Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/22 – AGC Insured
2/18 at 100.00
 
Aa1
 
1,076,060
 
 
410
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) (WI/DD, Settling 5/04/16)
10/18 at 103.00
 
BB–
 
427,528
 
 
1,960
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, 0.000%, 9/01/43 (7)
9/31 at 100.00
 
AA+
 
2,006,942
 
 
1,100
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
1/19 at 100.00
 
A1
 
1,239,733
 
 
560
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40
1/18 at 100.00
 
AA
 
603,898
 
 
540
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured
1/18 at 100.00
 
AA (5)
 
584,636
 

44
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,050
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A1
$
2,350,879
 
 
4,370
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
A2 (5)
 
4,731,224
 
 
1,770
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/34
1/25 at 100.00
 
A2
 
2,079,839
 
 
3,500
 
Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/34 (Pre-refunded 2/15/18)
2/18 at 100.00
 
Aaa
 
3,784,445
 
 
1,000
 
Round Rock Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, School Building Series 2009, 5.000%, 8/01/27
8/18 at 100.00
 
Aaa
 
1,088,800
 
 
1,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (8)
7/16 at 100.00
 
C
 
22,500
 
 
1,300
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured
9/19 at 100.00
 
AA
 
1,455,142
 
     
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
           
 
140
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
N/R (5)
 
166,401
 
 
1,770
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
AA– (5)
 
2,106,247
 
 
7,500
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
7,713,600
 
 
600
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Northwest Senior Housing-Edgemere Project, Series 2006A, 6.000%, 11/15/26
11/16 at 100.00
 
BBB
 
617,184
 
 
650
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
 
BBB+
 
822,686
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
1,000
 
5.000%, 12/15/27
No Opt. Call
 
A3
 
1,151,140
 
 
4,515
 
5.000%, 12/15/29
No Opt. Call
 
A3
 
5,144,120
 
 
1,620
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
 
Baa2
 
1,912,199
 
     
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:
           
 
1,000
 
7.000%, 6/30/34
6/20 at 100.00
 
Baa3
 
1,201,470
 
 
1,000
 
7.000%, 6/30/40
6/20 at 100.00
 
Baa3
 
1,200,580
 
     
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013:
           
 
1,335
 
7.000%, 12/31/38 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
1,684,343
 
 
380
 
6.750%, 6/30/43 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
471,242
 
 
1,000
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
 
BBB (5)
 
1,056,110
 
 
8,335
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 0.000%, 8/15/36
8/24 at 59.60
 
A–
 
3,749,166
 
     
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:
           
 
7,715
 
0.000%, 8/15/21 – AMBAC Insured
No Opt. Call
 
A–
 
7,054,210
 
 
9,980
 
0.000%, 8/15/23 – AMBAC Insured
No Opt. Call
 
A–
 
8,514,836
 
     
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:
           
 
2,285
 
0.000%, 8/15/21 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (5)
 
2,133,253
 
 
2,020
 
0.000%, 8/15/23 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (5)
 
1,799,820
 
 
1,125
 
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30
11/20 at 100.00
 
BBB–
 
1,302,030
 
 
108,680
 
Total Texas
       
105,652,072
 

Nuveen
 
45


NQM
Nuveen Investment Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virgin Islands – 0.1% (0.1% of Total Investments)
           
$
820
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
Baa3
$
921,869
 
     
Virginia – 1.5% (1.0% of Total Investments)
           
 
1,000
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26
9/16 at 100.00
 
CCC
 
958,610
 
 
515
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7)
7/28 at 100.00
 
BBB
 
402,117
 
 
1,000
 
Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 (Alternative Minimum Tax)
4/17 at 100.00
 
AA+
 
1,030,320
 
 
4,500
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2013A, 5.000%, 10/01/30 (Alternative Minimum Tax)
10/23 at 100.00
 
AA–
 
5,241,960
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
           
 
2,000
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
2,373,700
 
 
500
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
571,750
 
 
9,515
 
Total Virginia
       
10,578,457
 
     
Washington – 2.1% (1.4% of Total Investments)
           
 
11,345
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured
No Opt. Call
 
AA+
 
10,923,874
 
 
845
 
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24
7/19 at 100.00
 
Baa1
 
956,920
 
 
1,155
 
Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 (Pre-refunded 7/01/19)
7/19 at 100.00
 
N/R (5)
 
1,349,583
 
 
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)
12/17 at 100.00
 
N/R (5)
 
1,077,030
 
 
320
 
Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48
No Opt. Call
 
BBB–
 
332,384
 
 
14,665
 
Total Washington
       
14,639,791
 
     
West Virginia – 1.2% (0.8% of Total Investments)
           
 
1,965
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
9/19 at 100.00
 
A3
 
2,185,139
 
 
1,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38
10/18 at 100.00
 
N/R
 
1,055,950
 
 
4,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
4,682,920
 
 
6,965
 
Total West Virginia
       
7,924,009
 
     
Wisconsin – 2.5% (1.7% of Total Investments)
           
 
815
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
 
893,159
 
 
5,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
5,670,150
 
 
1,035
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.125%, 4/01/36
4/20 at 100.00
 
A–
 
1,099,822
 
 
2,750
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
 
A+
 
3,133,790
 

46
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
           
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
           
$
3,500
 
5.250%, 8/15/21 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (5)
$
3,548,790
 
 
1,780
 
5.250%, 8/15/26 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (5)
 
1,804,813
 
 
1,000
 
5.250%, 8/15/34 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (5)
 
1,013,940
 
 
15,880
 
Total Wisconsin
       
17,164,464
 
$
948,072
 
Total Municipal Bonds (cost $893,335,626)
       
1,007,441,790
 

 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
               
     
Transportation – 0.0% (0.0% of Total Investments)
               
$
170
 
Las Vegas Monorail Company, Senior Interest Bonds, (11), (12)
5.500%
 
7/15/19
 
N/R
$
5,104
 
 
45
 
Las Vegas Monorail Company, Senior Interest Bonds, (11), (12)
5.500%
 
7/15/55
 
N/R
 
1,357
 
$
215
 
Total Corporate Bonds (cost $19,307)
           
6,461
 
     
Total Long-Term Investments (cost $893,354,933)
           
1,007,448,251
 
     
Floating Rate Obligations – (7.2)%
           
(49,250,000
) 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference (6.3)% (13)
           
(43,500,000
) 
     
Variable Rate Demand Preferred Shares, at Liquidation Preference (34.5)% (14)
           
(236,800,000
) 
     
Other Assets Less Liabilities – 1.4%
           
9,437,323
 
     
Net Assets Applicable to Common Shares – 100%
         
$
687,335,574
 

(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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(6)
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective May 11, 2016.
(7)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(9)
On April 1, 2013, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.750% to 2.300%.
(10)
On April 1, 2013, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.875% to 2.350%.
(11)
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 is not accruing income for either senior interest corporate bond.
(12)
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.
(13)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 4.3%
(14)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 23.5%
(WI/DD)
Purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
 
Nuveen
 
47


NQS
   
 
Nuveen Select Quality Municipal Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 145.5% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 145.5% (100.0% of Total Investments)
           
     
Alaska – 0.2% (0.1% of Total Investments)
           
$
1,115
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23
7/16 at 100.00
 
Ba1
$
1,121,244
 
     
Arizona – 2.4% (1.7% of Total Investments)
           
 
2,300
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/33
7/18 at 100.00
 
AA–
 
2,487,059
 
 
1,000
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40
10/20 at 100.00
 
A3
 
1,123,440
 
 
8,000
 
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
 
BBB+
 
10,002,640
 
 
11,300
 
Total Arizona
       
13,613,139
 
     
California – 10.1% (6.9% of Total Investments)
           
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
 
5,866,250
 
     
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
           
 
3,685
 
0.000%, 8/01/31 – FGIC Insured
No Opt. Call
 
AA–
 
2,098,497
 
 
4,505
 
0.000%, 8/01/33 – FGIC Insured
No Opt. Call
 
AA–
 
2,350,844
 
 
2,820
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
7/16 at 100.00
 
B–
 
2,820,254
 
 
815
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A+
 
973,330
 
 
2,500
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/16
No Opt. Call
 
AA–
 
2,538,625
 
 
1,500
 
California State, General Obligation Bonds, Various Purpose Series 2006, 4.500%, 10/01/29
10/16 at 100.00
 
AA–
 
1,526,685
 
 
1,550
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
1,707,093
 
 
1,000
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured
No Opt. Call
 
AA–
 
595,870
 
 
2,500
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B–
 
2,502,800
 
 
4,500
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 (Pre-refunded 8/01/16) – AGC Insured
8/16 at 102.00
 
AA (4)
 
4,644,090
 
 
1,045
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured
No Opt. Call
 
AA–
 
600,018
 
 
1,160
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)
8/35 at 100.00
 
AA
 
910,809
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
 
AA
 
2,030,360
 
 
2,615
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
1,446,958
 
 
2,350
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
 
2,631,601
 
 
1,365
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/21 – NPFG Insured
No Opt. Call
 
AA–
 
1,232,691
 
 
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
(Pre-refunded 2/01/18)
2/18 at 100.00
 
AA+ (4)
 
2,152,640
 

48
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
6,195
 
Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2007B, 5.000%, 8/01/37 – AGM Insured (UB) (6)
8/17 at 100.00
 
AA
$
6,524,078
 
 
6,000
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM)
No Opt. Call
 
AA– (4)
 
3,862,620
 
 
5,000
 
Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
3,962,050
 
 
6,660
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/43
No Opt. Call
 
AA
 
1,824,241
 
 
2,460
 
Santee School District, County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured
No Opt. Call
 
AA
 
1,362,151
 
 
3,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2007B, 0.000%, 8/01/33 – AMBAC Insured
8/17 at 45.45
 
Aa2
 
1,302,480
 
 
72,225
 
Total California
       
57,467,035
 
     
Colorado – 8.6% (5.9% of Total Investments)
           
 
3,435
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
A+
 
3,866,470
 
 
1,150
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
9/18 at 102.00
 
AA
 
1,251,350
 
 
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
 
5,545,250
 
 
1,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
 
1,555,590
 
 
1,975
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.625%, 12/01/30 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
 
1,993,427
 
 
4,030
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2012B, 4.000%, 12/01/16
No Opt. Call
 
AA+
 
4,112,655
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
           
 
1,420
 
0.000%, 9/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
1,188,895
 
 
9,615
 
0.000%, 9/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
7,524,987
 
 
13,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
9/01/34 – NPFG Insured
9/20 at 45.40
 
AA–
 
5,039,840
 
 
5,000
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured
12/17 at 100.00
 
AA (4)
 
5,366,250
 
 
5,000
 
Metropolitan Wastewater Reclamation District, Colorado, Sewer Revenue Bonds, Series 2012A, 5.000%, 4/01/17
No Opt. Call
 
AAA
 
5,205,800
 
     
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
           
 
2,500
 
6.500%, 1/15/30
7/20 at 100.00
 
BBB+
 
2,960,425
 
 
3,115
 
6.000%, 1/15/34
7/20 at 100.00
 
BBB+
 
3,617,761
 
 
56,740
 
Total Colorado
       
49,228,700
 
     
Connecticut – 0.9% (0.6% of Total Investments)
           
 
5,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
 
5,038,000
 
     
District of Columbia – 2.2% (1.5% of Total Investments)
           
 
5,690
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
No Opt. Call
 
Baa1
 
7,001,090
 
 
5,000
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/19 – NPFG Insured
No Opt. Call
 
Aa1
 
5,773,100
 
 
10,690
 
Total District of Columbia
       
12,774,190
 
     
Florida – 8.9% (6.1% of Total Investments)
           
 
3,000
 
Broward County, Florida, Professional Sports Facilities Tax and Revenue Bonds, Broward County Civic Arena Project, Refunding Series 2006A, 5.000%, 9/01/28 – AMBAC Insured
No Opt. Call
 
AA
 
3,040,860
 

Nuveen
 
49


NQS
Nuveen Select Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
3,100
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16
No Opt. Call
 
A+
$
3,112,679
 
 
3,745
 
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16
No Opt. Call
 
AA–
 
3,760,317
 
 
3,175
 
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40
No Opt. Call
 
AA
 
3,644,932
 
 
2,500
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34
No Opt. Call
 
AA–
 
2,804,825
 
 
2,290
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40
10/24 at 100.00
 
A+
 
2,648,866
 
 
1,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37
10/24 at 100.00
 
A
 
1,179,640
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36
10/19 at 100.00
 
A
 
4,568,800
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/28
10/20 at 100.00
 
A
 
4,623,240
 
 
2,050
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42 – AGM Insured
7/22 at 100.00
 
AA
 
2,386,856
 
 
2,245
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45
10/26 at 100.00
 
A
 
2,339,290
 
 
9,250
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
 
AA–
 
9,666,158
 
 
3,200
 
Saint John's County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36
(Pre-refunded 10/01/16) – BHAC Insured
10/16 at 100.00
 
AA+ (4)
 
3,260,576
 
 
720
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Memorial Health System, Refunding Series 2006, 5.000%, 5/01/21 – NPFG Insured
5/16 at 100.00
 
AA
 
722,657
 
 
2,500
 
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Series 2007, 17.196%, 2/13/17 (IF)
No Opt. Call
 
AA–
 
2,877,200
 
 
46,775
 
Total Florida
       
50,636,896
 
     
Georgia – 1.6% (1.1% of Total Investments)
           
 
3,065
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/31
5/25 at 100.00
 
AA–
 
3,743,039
 
 
2,000
 
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 5.000%, 2/01/30 – SYNCORA GTY Insured
7/16 at 100.00
 
N/R
 
2,002,860
 
 
3,000
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
8/18 at 100.00
 
AA
 
3,322,170
 
 
8,065
 
Total Georgia
       
9,068,069
 
     
Hawaii – 0.6% (0.4% of Total Investments)
           
 
3,550
 
Honolulu Board of Water Supply, Hawaii, Water System Revenue Bonds, Series 2006A, 4.500%, 7/01/23 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
 
AA+ (4)
 
3,574,602
 
     
Illinois – 18.4% (12.6% of Total Investments)
           
 
1,470
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
B+
 
1,199,829
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
           
 
7,080
 
0.000%, 12/01/25 – FGIC Insured
No Opt. Call
 
AA–
 
4,591,946
 
 
3,635
 
0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
AA–
 
1,612,559
 
 
1,500
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
No Opt. Call
 
AA–
 
1,709,310
 
 
29,245
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/38 – FGIC Insured
No Opt. Call
 
AA–
 
9,109,525
 

50
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
3,880
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
7/16 at 100.00
 
AA
$
3,885,199
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA+
 
1,712,985
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
8/18 at 100.00
 
AA
 
2,140,800
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
2/18 at 100.00
 
A
 
1,061,840
 
 
2,875
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
 
Baa2
 
3,057,965
 
 
1,750
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26
No Opt. Call
 
AA–
 
1,796,690
 
 
1,925
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17)
11/17 at 100.00
 
A (4)
 
2,072,821
 
 
10,000
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
 
AA–
 
11,023,898
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B, 5.000%, 11/15/39
5/25 at 100.00
 
A+
 
2,300,240
 
 
3,975
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)
8/17 at 100.00
 
N/R (4)
 
4,212,785
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
 
5,310,950
 
 
495
 
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
 
555,331
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (6)
2/21 at 100.00
 
AA–
 
2,835,575
 
 
4,170
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
4,659,016
 
 
2,000
 
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36
8/16 at 100.00
 
Aa1
 
2,009,520
 
 
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
 
1,588,738
 
 
9,000
 
McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured
No Opt. Call
 
Aa2
 
7,618,950
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53
12/25 at 100.00
 
BBB+
 
5,692,500
 
 
2,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
6/20 at 100.00
 
BBB+
 
2,448,294
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
6,765
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
 
AA–
 
5,292,327
 
 
1,100
 
0.000%, 12/15/35 – NPFG Insured
No Opt. Call
 
AA–
 
469,513
 
 
3,805
 
0.000%, 6/15/41 – NPFG Insured
No Opt. Call
 
AA–
 
1,226,998
 
 
2,000
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38
10/23 at 100.00
 
A
 
2,381,920
 
 
12,775
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured (ETM)
No Opt. Call
 
A2 (4)
 
11,172,247
 
 
132,175
 
Total Illinois
       
104,750,271
 
     
Indiana – 3.0% (2.1% of Total Investments)
           
 
2,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 (Pre-refunded 8/01/16)
8/16 at 100.00
 
N/R (4)
 
2,024,420
 
 
4,080
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40
6/25 at 100.00
 
AA
 
4,760,136
 

Nuveen
 
51


NQS
Nuveen Select Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
230
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
$
255,019
 
 
2,750
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
3,146,193
 
 
2,225
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
Aa3 (4)
 
2,425,272
 
 
970
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
 
1,000,138
 
 
1,030
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
 
1,072,209
 
 
2,225
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
 
2,290,638
 
 
15,510
 
Total Indiana
       
16,974,025
 
     
Iowa – 1.9% (1.3% of Total Investments)
           
     
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
           
 
2,000
 
5.000%, 12/01/19
No Opt. Call
 
BB–
 
2,069,220
 
 
5,645
 
5.500%, 12/01/22
12/18 at 100.00
 
BB–
 
5,880,679
 
 
3,100
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
7/16 at 100.00
 
B+
 
3,099,783
 
 
10,745
 
Total Iowa
       
11,049,682
 
     
Kansas – 0.5% (0.3% of Total Investments)
           
 
2,755
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
 
2,775,277
 
     
Kentucky – 1.2% (0.9% of Total Investments)
           
 
5,510
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46
8/21 at 100.00
 
A+
 
6,003,972
 
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured
6/18 at 100.00
 
AA
 
1,083,450
 
 
6,510
 
Total Kentucky
       
7,087,422
 
     
Louisiana – 1.6% (1.1% of Total Investments)
           
 
3,950
 
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (4)
 
4,160,377
 
 
3,625
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.375%, 5/15/43
5/17 at 100.00
 
A–
 
3,756,914
 
 
1,375
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.375%, 5/15/43 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
 
1,443,558
 
 
8,950
 
Total Louisiana
       
9,360,849
 
     
Maine – 0.2% (0.2% of Total Investments)
           
     
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:
           
 
1,000
 
6.750%, 7/01/36
7/21 at 100.00
 
BBB–
 
1,140,800
 
 
210
 
6.750%, 7/01/41
7/21 at 100.00
 
BBB–
 
239,251
 
 
1,210
 
Total Maine
       
1,380,051
 
     
Maryland – 1.6% (1.1% of Total Investments)
           
 
2,100
 
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General Improvement, Series 2012, 5.000%, 4/01/17
No Opt. Call
 
AAA
 
2,186,247
 
 
2,000
 
Maryland State, General Obligation Bonds, Variable Rate Demand Obligations, Series 2006, 5.000%, 8/01/18 (Pre-refunded 8/01/16)
8/16 at 100.00
 
AAA
 
2,023,580
 

52
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Maryland (continued)
           
$
5,000
 
Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 6/01/16
No Opt. Call
 
AAA
$
5,020,850
 
 
9,100
 
Total Maryland
       
9,230,677
 
     
Massachusetts – 2.2% (1.5% of Total Investments)
           
 
4,410
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/32
1/20 at 100.00
 
A+
 
4,984,711
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
7/18 at 100.00
 
A–
 
530,130
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,570,940
 
 
3,650
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
5/23 at 100.00
 
AA+
 
4,269,405
 
 
10,860
 
Total Massachusetts
       
12,355,186
 
     
Michigan – 5.2% (3.6% of Total Investments)
           
 
2,435
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
 
AA+
 
2,623,323
 
 
2,020
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
 
A–
 
2,228,020
 
 
2,235
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2001C, 4.750%, 7/01/29 – BHAC Insured
7/18 at 100.00
 
AA+
 
2,372,318
 
 
2,690
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%,
7/01/32 – AGM Insured
7/24 at 100.00
 
AA
 
3,125,915
 
 
1,000
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%,
7/01/36 – NPFG Insured
7/24 at 100.00
 
AA–
 
1,135,420
 
 
2,500
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/31
6/22 at 100.00
 
AA
 
2,903,000
 
 
2,500
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
7/16 at 100.00
 
AAA
 
2,552,375
 
 
4,000
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/16
No Opt. Call
 
AAA
 
4,076,840
 
 
885
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%,
10/15/21 – NPFG Insured
10/16 at 79.00
 
Aa2
 
696,150
 
 
1,115
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/21 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 79.00
 
Aa2 (4)
 
878,587
 
 
5,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/28
10/25 at 100.00
 
Aa2
 
6,200,850
 
 
950
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/40
12/25 at 100.00
 
A
 
1,091,911
 
 
27,330
 
Total Michigan
       
29,884,709
 
     
Minnesota – 0.8% (0.5% of Total Investments)
           
 
3,655
 
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
4,458,771
 
     
Missouri – 2.8% (1.9% of Total Investments)
           
 
890
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
10/18 at 100.00
 
AA+
 
974,701
 
 
5,000
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
2004B-1, 0.000%, 4/15/28 – AMBAC Insured
No Opt. Call
 
AA–
 
3,485,550
 
 
5,545
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
 
6,258,752
 

Nuveen
 
53


NQS
Nuveen Select Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri (continued)
           
$
1,395
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
12/16 at 100.00
 
AA–
$
1,425,174
 
 
3,605
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 (Pre-refunded 12/15/16)
12/16 at 100.00
 
AA– (4)
 
3,705,688
 
 
16,435
 
Total Missouri
       
15,849,865
 
     
Nebraska – 1.9% (1.3% of Total Investments)
           
 
1,635
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 4.125%, 11/01/36
11/25 at 100.00
 
A–
 
1,719,055
 
 
2,860
 
Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
AA (4)
 
2,993,801
 
 
6,100
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured
2/17 at 100.00
 
A2
 
6,265,005
 
 
10,595
 
Total Nebraska
       
10,977,861
 
     
Nevada – 5.5% (3.8% of Total Investments)
           
 
4,500
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 7/01/16 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
4,533,255
 
 
5,210
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
 
AA
 
5,861,615
 
 
4,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/32
12/24 at 100.00
 
Aa1
 
4,882,600
 
 
2,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 4.000%, 6/01/16
No Opt. Call
 
Aa1
 
2,006,460
 
 
4,000
 
Nevada State, Unemployment Compensation Fund Special Revenue Bonds, Series 2013, 5.000%, 6/01/16
No Opt. Call
 
AAA
 
4,016,600
 
 
2,280
 
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured
10/16 at 100.00
 
AA–
 
2,292,244
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
4,999,800
 
 
2,500
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.812%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
 
AA+
 
2,930,300
 
 
29,490
 
Total Nevada
       
31,522,874
 
     
New Hampshire – 1.0% (0.7% of Total Investments)
           
 
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
 
Baa1
 
5,637,250
 
     
New Jersey – 6.4% (4.4% of Total Investments)
           
 
1,965
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
2,221,550
 
 
3,270
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
2005N-1, 5.500%, 9/01/27 – FGIC Insured
No Opt. Call
 
AA–
 
3,954,902
 
 
16,840
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/35
1/17 at 39.39
 
A–
 
6,461,676
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
           
 
10,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
 
5,113,100
 
 
20,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
9,754,400
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42
No Opt. Call
 
A–
 
2,107,920
 
 
3,710
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42
No Opt. Call
 
A–
 
3,903,514
 
 
815
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/33
6/25 at 100.00
 
A–
 
900,754
 
 
2,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
 
B–
 
1,903,060
 
 
60,600
 
Total New Jersey
       
36,320,876
 

54
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Mexico – 0.9% (0.6% of Total Investments)
           
$
5,115
 
Albuquerque, New Mexico, General Obligation Bonds, General Purpose Series 2013A, 4.000%, 7/01/16
No Opt. Call
 
AAA
$
5,146,662
 
     
New York – 5.7% (3.9% of Total Investments)
           
 
5,005
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46
7/17 at 100.00
 
AA–
 
5,243,989
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
 
2,288,060
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
           
 
2,000
 
5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
 
2,058,920
 
 
3,525
 
4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
3,611,292
 
 
2,925
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.500%, 4/01/24 (Pre-refunded 4/01/19)
4/19 at 100.00
 
A– (4)
 
3,316,277
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
3,035,250
 
 
240
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
N/R (4)
 
244,030
 
 
6,000
 
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
 
6,521,040
 
 
2,350
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
No Opt. Call
 
A+
 
2,807,569
 
 
3,000
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured
8/17 at 100.00
 
AA (4)
 
3,169,530
 
 
29,545
 
Total New York
       
32,295,957
 
     
North Carolina – 2.4% (1.6% of Total Investments)
           
 
3,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
1/18 at 100.00
 
AA–
 
3,131,970
 
 
5,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/27
10/22 at 100.00
 
AA–
 
5,922,100
 
 
2,375
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
11/16 at 100.00
 
AA+
 
2,424,234
 
 
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
 
AA
 
2,103,832
 
 
12,275
 
Total North Carolina
       
13,582,136
 
     
North Dakota – 0.4% (0.3% of Total Investments)
           
 
1,875
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32
12/21 at 100.00
 
A–
 
2,075,231
 
     
Ohio – 8.6% (5.9% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
3,335
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
3,241,186
 
 
875
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
846,064
 
 
2,700
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
2,638,224
 
 
2,755
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
2,641,632
 
 
7,995
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
7,789,688
 
 
18,300
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
 
18,320,677
 
 
1,730
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
 
2,093,456
 
 
3,750
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health System Inc., Tender Option Bond Trust 2015-XF2176, 14.275%, 1/15/46 – AMBAC Insured (IF)
1/17 at 100.00
 
A
 
4,005,600
 
 
3,060
 
Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16
No Opt. Call
 
AA+
 
3,084,021
 

Nuveen
 
55


NQS
Nuveen Select Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
3,685
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
$
4,182,364
 
 
48,185
 
Total Ohio
       
48,842,912
 
     
Oklahoma – 0.5% (0.4% of Total Investments)
           
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
 
N/R
 
1,209,550
 
 
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
 
1,846,336
 
 
2,675
 
Total Oklahoma
       
3,055,886
 
     
Pennsylvania – 4.0% (2.8% of Total Investments)
           
 
160
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured
12/18 at 100.00
 
AA (4)
 
177,277
 
 
255
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
 
AA
 
278,565
 
 
835
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured
12/18 at 100.00
 
AA (4)
 
925,163
 
 
4,750
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) (6)
10/16 at 100.00
 
AA+
 
4,779,165
 
 
8,550
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (5)
12/27 at 100.00
 
A–
 
10,336,266
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured (5)
6/26 at 100.00
 
AA
 
6,405,550
 
 
19,550
 
Total Pennsylvania
       
22,901,986
 
     
Puerto Rico – 0.5% (0.3% of Total Investments)
           
 
800
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured
7/17 at 100.00
 
Caa3
 
801,688
 
 
23,890
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
 
2,011,060
 
 
24,690
 
Total Puerto Rico
       
2,812,748
 
     
South Carolina – 3.7% (2.5% of Total Investments)
           
 
2,500
 
Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A, 5.000%, 2/01/41
2/21 at 100.00
 
Aa1
 
2,864,825
 
 
21,565
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 – AMBAC Insured
No Opt. Call
 
A–
 
13,500,551
 
 
4,000
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55
6/25 at 100.00
 
AA–
 
4,577,400
 
 
28,065
 
Total South Carolina
       
20,942,776
 
     
South Dakota – 0.2% (0.1% of Total Investments)
           
 
910
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A+
 
1,048,575
 
     
Tennessee – 1.0% (0.7% of Total Investments)
           
 
1,595
 
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+
 
1,807,901
 
 
3,125
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38
7/20 at 100.00
 
BBB+
 
3,556,313
 
 
215
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46
7/26 at 100.00
 
A3
 
248,669
 
 
4,935
 
Total Tennessee
       
5,612,883
 

56
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas – 21.9% (15.1% of Total Investments)
           
$
2,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (7)
7/16 at 100.00
 
C
$
47,475
 
 
1,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
 
Baa1
 
1,153,210
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB+
 
1,186,880
 
 
315
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45
7/25 at 100.00
 
BBB+
 
360,555
 
 
4,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
4,446,120
 
 
2,000
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/28 (Pre-refunded 8/15/16)
8/16 at 54.64
 
Aaa
 
1,091,180
 
 
9,120
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
10/23 at 100.00
 
AA+
 
10,312,440
 
 
1,895
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45
6/25 at 100.00
 
AA
 
2,010,633
 
 
3,070
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
 
3,171,740
 
 
6,500
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/47 – AGM Insured
11/31 at 46.45
 
AA
 
1,622,205
 
 
7,570
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/31 – NPFG Insured
No Opt. Call
 
AA–
 
4,281,516
 
 
3,000
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
 
AA–
 
3,137,670
 
 
3,500
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30
No Opt. Call
 
AA
 
4,149,600
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
           
 
3,250
 
0.000%, 9/01/25 – AMBAC Insured
No Opt. Call
 
AA
 
2,501,720
 
 
4,130
 
0.000%, 9/01/26 – AMBAC Insured
No Opt. Call
 
AA
 
3,081,806
 
 
8,000
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 4.000%, 8/15/37
8/25 at 100.00
 
AAA
 
8,766,880
 
 
9,000
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
 
A1
 
10,948,678
 
 
5,000
 
Midland Independent School District, Midland County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/32 (Pre-refunded 2/15/17)
2/17 at 100.00
 
AAA
 
5,176,100
 
 
2,000
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (UB) (6)
9/21 at 100.00
 
AA+
 
2,367,200
 
 
7,000
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43
1/25 at 100.00
 
A1
 
9,044,070
 
 
4,105
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A1
 
4,707,491
 
 
5,500
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/33
1/25 at 100.00
 
A2
 
6,490,660
 
 
4,375
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.873%, 11/15/47 (IF) (6)
11/17 at 100.00
 
AA
 
4,828,775
 
     
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
           
 
215
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
N/R (4)
 
255,545
 
 
2,675
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
AA– (4)
 
3,183,170
 

Nuveen
 
57


NQS
Nuveen Select Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
665
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
5/26 at 100.00
 
AA–
$
710,386
 
 
5,910
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/23
No Opt. Call
 
A3
 
6,953,115
 
 
3,335
 
Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 12.847%, 2/01/30 (IF)
8/19 at 100.00
 
AAA
 
4,552,175
 
 
4,430
 
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–
 
5,062,870
 
 
5,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/37
8/24 at 100.00
 
BBB+
 
5,713,500
 
 
3,000
 
Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17)
2/17 at 100.00
 
AAA
 
3,100,590
 
 
750
 
Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax)
10/16 at 100.00
 
CC
 
752,393
 
 
123,420
 
Total Texas
       
125,168,348
 
     
Virginia – 2.3% (1.6% of Total Investments)
           
 
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
 
BBB
 
1,553,895
 
 
900
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
No Opt. Call
 
A2
 
1,048,113
 
 
5,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
10/26 at 100.00
 
AA
 
6,459,950
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
           
 
2,470
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
2,931,520
 
 
1,260
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
1,440,810
 
 
11,130
 
Total Virginia
       
13,434,288
 
     
Washington – 2.3% (1.6% of Total Investments)
           
 
3,750
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (6)
6/19 at 100.00
 
AA
 
4,204,425
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
7/19 at 100.00
 
A (4)
 
2,316,560
 
 
2,500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)
12/17 at 100.00
 
N/R (4)
 
2,692,575
 
 
1,935
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured
8/17 at 100.00
 
BBB
 
2,038,832
 
 
2,000
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Refunding Series
2009R-2010C, 5.000%, 1/01/17
No Opt. Call
 
AA+
 
2,060,180
 
 
12,185
 
Total Washington
       
13,312,572
 
     
West Virginia – 0.6% (0.4% of Total Investments)
           
 
3,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
3,512,190
 
     
Wisconsin – 0.8% (0.6% of Total Investments)
           
 
4,225
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (WI/DD, Settling 5/11/16)
5/26 at 100.00
 
AA+
 
4,502,033
 
$
898,160
 
Total Municipal Bonds (cost $733,577,200)
       
830,384,704
 

58
 
Nuveen


 
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)
               
$
44
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
5.500%
 
7/15/19
 
N/R
$
1,322
 
 
12
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
5.500%
 
7/15/55
 
N/R
 
351
 
$
56
 
Total Corporate Bonds (cost $4,997)
           
1,673
 
     
Total Investments (cost $749,810,791)
           
830,386,377
 
     
Floating Rate Obligations – (2.5)%
           
(14,205,000
) 
     
Variable Rate Demand Preferred Shares, at Liquidation
Preference – (46.9)% (10)
           
(267,500,000
) 
     
Other Assets Less Liabilities – 3.9%
           
21,921,591
 
     
Net Assets Applicable to Common Shares – 100%
         
$
570,602,968
 
 
 
(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)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(8)
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.
(9)
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 is not accruing income for either senior interest corporate bond.
(10)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 32.2%
(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.
(WI/DD)
Investment, or portion of Investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
 
Nuveen
 
59


NPF
   
 
Nuveen Premier Municipal Income Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 142.6% (99.7% of Total Investments)
           
     
MUNICIPAL BONDS – 142.6% (99.7% of Total Investments)
           
     
Alabama – 0.7% (0.5% of Total Investments)
           
$
2,010
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39
11/16 at 100.00
 
AA+
$
2,057,094
 
     
Alaska – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
7/16 at 100.00
 
B3
 
942,620
 
     
Arizona – 4.4% (3.1% of Total Investments)
           
 
2,335
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/36
7/22 at 100.00
 
A1
 
2,597,641
 
 
7,000
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured
No Opt. Call
 
AA
 
9,535,959
 
 
1,200
 
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
 
BBB+
 
1,500,396
 
 
10,535
 
Total Arizona
       
13,633,996
 
     
California – 22.1% (15.4% of Total Investments)
           
 
3,000
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
AA–
 
3,094,530
 
     
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C:
           
 
2,945
 
0.000%, 9/01/27
No Opt. Call
 
AA
 
2,109,327
 
 
2,455
 
0.000%, 9/01/32 – AGM Insured
No Opt. Call
 
AA
 
1,409,538
 
 
1,000
 
Arcadia Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2007A, 0.000%, 8/01/33 – AGM Insured
2/17 at 44.77
 
Aa1
 
440,300
 
 
1,055
 
Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured
No Opt. Call
 
AA
 
530,317
 
 
1,640
 
Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured
No Opt. Call
 
Aa3
 
933,029
 
 
60
 
Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM)
No Opt. Call
 
Aa3 (4)
 
41,873
 
 
1,700
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
1,935,756
 
 
1,025
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.980%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
1,452,804
 
 
500
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44
12/24 at 100.00
 
BB+
 
546,935
 
 
3,070
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 (WI/DD, Settling 5/11/16)
6/26 at 100.00
 
BB+
 
3,350,537
 
 
500
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/39 (5)
7/16 at 100.00
 
CCC
 
500,655
 
 
1,600
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
AA–
 
1,616,832
 
 
5,045
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27
11/21 at 61.42
 
BBB–
 
2,531,278
 
 
4,000
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44
6/24 at 100.00
 
AAA
 
4,760,400
 

60
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
3,010
 
El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/25
8/22 at 100.00
 
Aa1
$
2,451,103
 
 
25,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM)
No Opt. Call
 
AAA
 
24,901,999
 
 
3,060
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
3,588,799
 
 
3,500
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
 
B–
 
3,438,925
 
 
2,000
 
Imperial Irrigation District, California, Electric System Revenue Bonds, Refunding Series 2015C, 5.000%, 11/01/38
5/26 at 100.00
 
AA–
 
2,418,520
 
 
2,665
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43
1/24 at 100.00
 
Aa2
 
3,147,818
 
 
4,615
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38
No Opt. Call
 
A
 
1,909,964
 
 
2,000
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43
8/22 at 29.31
 
N/R
 
458,540
 
 
1,145
 
Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured
No Opt. Call
 
AA
 
712,213
 
 
1,175
 
Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured
No Opt. Call
 
AA
 
583,611
 
 
77,765
 
Total California
       
68,865,603
 
     
Colorado – 7.3% (5.1% of Total Investments)
           
 
500
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44
1/24 at 100.00
 
A
 
550,630
 
 
375
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
6/16 at 100.00
 
BBB+
 
376,058
 
 
625
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 (Pre-refunded 6/01/16)
6/16 at 100.00
 
N/R (4)
 
627,500
 
     
Denver, Colorado, Airport System Revenue Bonds, Series 2006:
           
 
4,060
 
5.000%, 11/15/23 – FGIC Insured
11/16 at 100.00
 
AA–
 
4,161,500
 
 
6,800
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
 
AA–
 
6,968,572
 
 
8,940
 
5.000%, 11/15/25 – FGIC Insured
11/16 at 100.00
 
AA–
 
9,159,476
 
 
660
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
12/20 at 100.00
 
AA (4)
 
806,236
 
 
21,960
 
Total Colorado
       
22,649,972
 
     
Florida – 2.1% (1.5% of Total Investments)
           
 
105
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB+ (4)
 
111,447
 
 
1,500
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax)
6/20 at 100.00
 
Ba1
 
1,568,250
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007, 5.000%, 8/15/42
8/17 at 100.00
 
AA–
 
1,037,720
 
 
705
 
Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30
3/24 at 100.00
 
BBB+
 
793,033
 
 
2,150
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/30
(Pre-refunded 6/01/16) – AMBAC Insured
6/16 at 100.00
 
A (4)
 
2,158,729
 
 
700
 
Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29
9/22 at 100.00
 
A+
 
820,477
 
 
6,160
 
Total Florida
       
6,489,656
 

Nuveen
 
61


NPF
Nuveen Premier Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia – 3.4% (2.3% of Total Investments)
           
     
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A:
           
$
2,360
 
5.000%, 2/01/30 – SYNCORA GTY Insured
7/16 at 100.00
 
N/R
$
2,363,375
 
 
1,480
 
5.000%, 2/01/34 – SYNCORA GTY Insured
7/16 at 100.00
 
N/R
 
1,481,968
 
 
1,000
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20
No Opt. Call
 
A
 
1,112,170
 
 
3,265
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41
7/26 at 100.00
 
AA+
 
3,925,738
 
 
1,425
 
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
 
1,591,540
 
 
9,530
 
Total Georgia
       
10,474,791
 
     
Hawaii – 1.0% (0.7% of Total Investments)
           
 
2,750
 
Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax)
7/25 at 100.00
 
A+
 
3,133,625
 
     
Idaho – 0.3% (0.2% of Total Investments)
           
 
310
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32
9/22 at 100.00
 
Baa1
 
348,583
 
 
500
 
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/26
9/16 at 100.00
 
BB+
 
502,715
 
 
810
 
Total Idaho
       
851,298
 
     
Illinois – 17.4% (12.2% of Total Investments)
           
 
3,000
 
Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured
12/21 at 100.00
 
AA
 
3,329,940
 
 
3,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44
12/25 at 100.00
 
B+
 
2,851,050
 
 
4,100
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
4,482,981
 
 
6,410
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured
No Opt. Call
 
AA–
 
7,717,448
 
 
1,500
 
Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured
No Opt. Call
 
Baa2
 
1,793,145
 
 
195
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
6/16 at 100.00
 
Aa3
 
195,716
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46
10/25 at 100.00
 
AA+
 
3,451,020
 
 
1,830
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured
6/24 at 100.00
 
AA
 
2,083,913
 
 
4,685
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40
7/25 at 100.00
 
AA–
 
5,480,419
 
     
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
           
 
850
 
5.250%, 1/01/25 (6)
7/16 at 100.00
 
D
 
261,299
 
 
1,750
 
5.250%, 1/01/30 (6)
7/16 at 100.00
 
D
 
537,968
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:
           
 
10,575
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
 
AA–
 
8,272,928
 
 
10,775
 
0.000%, 12/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
8,021,233
 
 
2,395
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured
No Opt. Call
 
AA
 
2,032,565
 
 
2,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured
3/25 at 100.00
 
AA
 
2,300,080
 
 
1,220
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
 
1,429,547
 
 
57,285
 
Total Illinois
       
54,241,252
 

62
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 3.2% (2.3% of Total Investments)
           
$
6,180
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured
No Opt. Call
 
AA+
$
5,426,225
 
 
1,500
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
 
1,643,550
 
 
1,250
 
Portage, Indiana, Economic Development Revenue Bonds, Ameriplex Project, Series 2006, 5.000%, 7/15/23 (Pre-refunded 7/15/16)
7/16 at 100.00
 
A (4)
 
1,261,975
 
 
1,700
 
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36
3/18 at 100.00
 
Aaa
 
1,827,466
 
 
10,630
 
Total Indiana
       
10,159,216
 
     
Iowa – 1.9% (1.4% of Total Investments)
           
 
2,000
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.000%, 12/01/19
No Opt. Call
 
BB–
 
2,069,220
 
 
4,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
7/16 at 100.00
 
B+
 
3,999,720
 
 
6,000
 
Total Iowa
       
6,068,940
 
     
Kansas – 1.9% (1.3% of Total Investments)
           
 
5,000
 
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32
No Opt. Call
 
A+
 
5,827,200
 
 
10
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
 
7,567
 
 
5,010
 
Total Kansas
       
5,834,767
 
     
Kentucky – 3.6% (2.5% of Total Investments)
           
 
1,700
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
 
1,967,359
 
     
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A:
           
 
505
 
5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
 
AA– (4)
 
534,265
 
 
1,785
 
5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
 
AA– (4)
 
1,888,441
 
 
5,440
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
6,262,256
 
 
510
 
Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35
10/16 at 100.00
 
A+
 
515,370
 
 
9,940
 
Total Kentucky
       
11,167,691
 
     
Louisiana – 3.6% (2.5% of Total Investments)
           
 
2,930
 
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
 
3,278,113
 
 
2,665
 
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39
2/25 at 100.00
 
AA
 
3,119,596
 
 
1,085
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
A–
 
1,126,339
 
 
415
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
 
436,231
 
 
330
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
374,573
 
 
1,000
 
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%,
12/01/28 – AGM Insured
12/22 at 100.00
 
AA
 
1,165,070
 
 
1,200
 
New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44
12/24 at 100.00
 
A–
 
1,362,984
 

Nuveen
 
63


NPF
Nuveen Premier Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
$
485
 
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)
No Opt. Call
 
BBB
$
530,377
 
 
10,110
 
Total Louisiana
       
11,393,283
 
     
Maine – 1.6% (1.1% of Total Investments)
           
 
2,000
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33
7/23 at 100.00
 
BBB
 
2,222,900
 
     
Maine Turnpike Authority, Special Obligation Bonds, Series 2014:
           
 
1,290
 
5.000%, 7/01/33
No Opt. Call
 
A
 
1,518,653
 
 
1,020
 
5.000%, 7/01/34
No Opt. Call
 
A
 
1,198,327
 
 
4,310
 
Total Maine
       
4,939,880
 
     
Maryland – 2.3% (1.6% of Total Investments)
           
 
5,000
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44
1/25 at 100.00
 
AA–
 
5,824,800
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
 
AA– (4)
 
1,510,995
 
 
6,500
 
Total Maryland
       
7,335,795
 
     
Massachusetts – 2.7% (1.9% of Total Investments)
           
 
7,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37
1/20 at 100.00
 
A+
 
8,402,924
 
     
Michigan – 3.3% (2.3% of Total Investments)
           
 
1,500
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42
11/22 at 100.00
 
A+
 
1,662,465
 
 
2,000
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/31
10/22 at 100.00
 
AAA
 
2,403,960
 
 
815
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
 
AA
 
837,127
 
 
185
 
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)
 
189,814
 
 
5,000
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
 
B+
 
5,160,650
 
 
170
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 (Pre-refunded 6/01/16)
6/16 at 100.00
 
AA– (4)
 
170,738
 
 
9,670
 
Total Michigan
       
10,424,754
 
     
Minnesota – 1.4% (1.0% of Total Investments)
           
     
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:
           
 
700
 
5.000%, 10/01/34
10/24 at 100.00
 
A2
 
828,065
 
 
500
 
5.000%, 10/01/35
10/24 at 100.00
 
A2
 
588,575
 
 
1,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
 
AA+
 
1,096,320
 
 
1,500
 
Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46
1/24 at 100.00
 
Aa3
 
1,744,350
 
 
3,700
 
Total Minnesota
       
4,257,310
 
     
Nebraska – 0.8% (0.5% of Total Investments)
           
 
1,580
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 (ETM)
No Opt. Call
 
N/R (4)
 
1,618,347
 
 
515
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2220, 19.191%, 8/01/40 – BHAC Insured (IF)
2/17 at 100.00
 
AA+
 
835,196
 
 
2,095
 
Total Nebraska
       
2,453,543
 

64
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada – 4.7% (3.3% of Total Investments)
           
$
4,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
$
4,645,560
 
 
2,500
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2015C, 5.000%, 7/01/26
No Opt. Call
 
A+
 
3,153,100
 
 
3,835
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39
12/24 at 100.00
 
Aa1
 
4,562,039
 
 
2,050
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32
7/21 at 100.00
 
AA
 
2,355,081
 
 
12,385
 
Total Nevada
       
14,715,780
 
     
New Hampshire – 1.7% (1.2% of Total Investments)
           
 
3,500
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32
No Opt. Call
 
A–
 
3,626,770
 
 
1,110
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 13.457%, 6/01/39 (IF) (7)
6/19 at 100.00
 
AA+
 
1,543,333
 
 
4,610
 
Total New Hampshire
       
5,170,103
 
     
New Jersey – 6.4% (4.5% of Total Investments)
           
 
1,865
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
2,088,595
 
 
2,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/32
7/21 at 100.00
 
A–
 
2,358,280
 
 
1,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
 
A–
 
656,400
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
 
A–
 
10,877,749
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
 
A–
 
4,120,200
 
 
39,865
 
Total New Jersey
       
20,101,224
 
     
New York – 7.6% (5.3% of Total Investments)
           
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
660
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
755,858
 
 
1,600
 
0.000%, 7/15/44
No Opt. Call
 
BBB–
 
453,424
 
 
1,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
1,294,403
 
 
2,200
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
2,253,856
 
 
7,500
 
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+
 
7,530,750
 
 
2,000
 
New York Convention Center Development Corporation, New York, Hotel Unit Fee Secured Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/45
11/25 at 100.00
 
Aa3
 
2,347,960
 
 
4,100
 
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
 
4,456,044
 
 
1,560
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
11/21 at 100.00
 
A+
 
1,794,718
 
 
1,500
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
 
1,909,440
 
 
500
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Josephs Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19)
7/19 at 100.00
 
N/R (4)
 
566,500
 
 
395
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
 
464,548
 
 
23,115
 
Total New York
       
23,827,501
 

Nuveen
 
65


NPF
Nuveen Premier Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
North Carolina – 5.8% (4.0% of Total Investments)
           
     
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015:
           
$
2,965
 
5.000%, 12/31/37 (Alternative Minimum Tax)
6/25 at 100.00
 
BBB–
$
3,279,260
 
 
1,000
 
5.000%, 6/30/54 (Alternative Minimum Tax)
6/25 at 100.00
 
BBB–
 
1,085,670
 
 
10,300
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, 1993B, 6.000%, 1/01/22 – CAPMAC Insured (UB) (ETM) (7)
No Opt. Call
 
AA– (4)
 
13,051,542
 
 
500
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32
1/26 at 100.00
 
A
 
610,635
 
 
14,765
 
Total North Carolina
       
18,027,107
 
     
North Dakota – 0.3% (0.2% of Total Investments)
           
 
675
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22)
7/22 at 100.00
 
N/R (4)
 
826,038
 
     
Ohio – 3.9% (2.7% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
4,100
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
3,964,413
 
 
3,410
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
3,322,431
 
 
1,000
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA
 
1,146,110
 
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
           
 
625
 
16.139%, 1/01/38 (IF) (7)
1/23 at 100.00
 
AA
 
990,275
 
 
265
 
16.023%, 1/01/38 (IF) (7)
1/23 at 100.00
 
AA
 
418,692
 
 
1,315
 
16.139%, 1/01/38 (IF) (7)
1/23 at 100.00
 
AA
 
2,083,539
 
 
250
 
Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25
10/16 at 100.00
 
A+
 
254,163
 
 
10,965
 
Total Ohio
       
12,179,623
 
     
Oklahoma – 2.1% (1.5% of Total Investments)
           
 
450
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
454,095
 
 
3,000
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
 
AA
 
3,395,040
 
 
2,705
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36
12/16 at 100.00
 
AA+
 
2,780,659
 
 
6,155
 
Total Oklahoma
       
6,629,794
 
     
Oregon – 2.2% (1.5% of Total Investments)
           
 
2,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014C, 5.000%, 4/01/25
4/24 at 100.00
 
AAA
 
2,501,540
 
 
3,500
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2015D, 5.000%, 4/01/29
4/25 at 100.00
 
AAA
 
4,362,155
 
 
5,500
 
Total Oregon
       
6,863,695
 
     
Pennsylvania – 1.8% (1.3% of Total Investments)
           
 
4,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured (8)
6/26 at 100.00
 
AA
 
5,764,995
 
     
South Carolina – 2.3% (1.6% of Total Investments)
           
 
2,620
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
3,030,449
 
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
4,063,045
 
 
6,075
 
Total South Carolina
       
7,093,494
 

66
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tennessee – 2.2% (1.5% of Total Investments)
           
$
195
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured
7/23 at 100.00
 
AA– (4)
$
195,800
 
 
1,600
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
 
1,611,264
 
 
4,000
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26
No Opt. Call
 
A
 
4,959,520
 
 
5,795
 
Total Tennessee
       
6,766,584
 
     
Texas – 9.7% (6.8% of Total Investments)
           
 
4,280
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A, 5.000%, 1/01/34 – SYNCORA GTY Insured
1/17 at 100.00
 
BBB–
 
4,314,839
 
 
1,000
 
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/37 – BAM Insured
7/23 at 100.00
 
AA
 
1,145,970
 
 
1,075
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (9)
7/16 at 100.00
 
C
 
24,188
 
 
2,600
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/35
7/25 at 100.00
 
BBB+
 
3,018,678
 
 
3,750
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
10/23 at 100.00
 
BBB+
 
4,172,925
 
 
2,745
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)
10/22 at 100.00
 
BB
 
2,912,802
 
 
500
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014, 5.000%, 11/01/29
11/24 at 100.00
 
AA+
 
616,930
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
           
 
150
 
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
112,457
 
 
4,440
 
0.000%, 11/15/29 – NPFG Insured
No Opt. Call
 
AA–
 
2,708,000
 
 
600
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/33
11/24 at 100.00
 
A3
 
693,270
 
 
800
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Baa1
 
896,528
 
 
2,000
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 6.125%, 12/01/38
12/25 at 100.00
 
Ba2
 
2,274,980
 
 
1,735
 
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, 5.000%, 4/01/46 – AGM Insured
4/24 at 100.00
 
AA
 
1,927,602
 
 
950
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
A2 (4)
 
1,028,527
 
 
1,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (9)
7/16 at 100.00
 
C
 
22,500
 
 
125
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Tender Option Bond Trust 2016-XF0387, 16.987%, 2/15/36 (IF) (7)
2/17 at 100.00
 
AA
 
139,240
 
 
3,000
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
3,085,440
 
 
1,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/31
No Opt. Call
 
A3
 
1,126,410
 
 
31,750
 
Total Texas
       
30,221,286
 

Nuveen
 
67


NPF
Nuveen Premier Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utah – 2.6% (1.8% of Total Investments)
           
$
1,000
 
Central Utah Water Conservancy District, Water Revenue Bonds, Series 2012C, 5.000%, 10/01/42
10/22 at 100.00
 
AA+
$
1,171,400
 
 
2,000
 
Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/43
5/21 at 100.00
 
AA+
 
2,277,240
 
 
4,110
 
Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A+
 
4,675,289
 
 
7,110
 
Total Utah
       
8,123,929
 
     
Virginia – 1.5% (1.1% of Total Investments)
           
 
1,765
 
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–
 
1,931,404
 
 
2,520
 
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–
 
2,881,620
 
 
4,285
 
Total Virginia
       
4,813,024
 
     
Washington – 2.1% (1.5% of Total Investments)
           
 
2,000
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/40
7/24 at 100.00
 
Aa1
 
2,357,720
 
 
1,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (4)
 
1,200,160
 
 
1,590
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (4)
 
1,920,418
 
 
1,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa2
 
1,123,470
 
 
5,590
 
Total Washington
       
6,601,768
 
     
Wisconsin – 0.0% (0.0% of Total Investments)
           
 
160
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
 
BBB–
 
160,405
 
     
Wyoming – 0.4% (0.3% of Total Investments)
           
 
1,350
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
7/16 at 100.00
 
BBB
 
1,354,995
 
$
449,920
 
Total Long-Term Investments (cost $402,366,718)
       
445,019,355
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)
           
     
MUNICIPAL BONDS – 0.4% (0.3% of Total Investments)
           
     
Illinois – 0.3% (0.2% of Total Investments)
           
$
800
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Variable Rate Demand Obligations, Tender Option Bond Floater 2015-XM0114, 0.470%, 7/01/16 (Mandatory Put 6/22/16)
No Opt. Call
 
A-1
$
800,000
 
     
South Carolina – 0.1% (0.1% of Total Investments)
           
 
450
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Variable Rate Demand Obligations, Santee Cooper, Tender Option Bond Floater 3065, 0.580%, 1/01/38 (10)
1/19 at 100.00
 
A-1
 
450,000
 
$
1,250
 
Total Short-Term Investments (cost $1,250,000)
       
1,250,000
 
     
Total Investments (cost $403,616,718) – 143.0%
       
446,269,355
 
     
Floating Rate Obligations – (3.2)%
       
(9,975,000
) 
     
Variable Rate Demand Preferred Shares, at Liquidation Preference – (40.9)% (11)
       
(127,700,000
) 
     
Other Assets Less Liabilities – 1.1%
       
3,397,395
 
     
Net Assets Applicable to Common Shares – 100%
     
$
311,991,750
 

68
 
Nuveen

(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)
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective May 11, 2016.
(6)
On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(7)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(9)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(10)
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(11)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 28.6%
(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.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.
 
Nuveen
 
69


NAD
   
 
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 143.3% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 143.2% (99.9% of Total Investments)
           
     
Arizona – 3.3% (2.3% of Total Investments)
           
$
2,000
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
$
2,251,380
 
     
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series Series 2008A:
           
 
2,350
 
5.000%, 7/01/33
7/18 at 100.00
 
AA–
 
2,541,125
 
 
8,200
 
5.000%, 7/01/38
7/18 at 100.00
 
AA–
 
8,866,906
 
     
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:
           
 
500
 
5.500%, 12/01/29
No Opt. Call
 
BBB+
 
632,240
 
 
5,000
 
5.000%, 12/01/37
No Opt. Call
 
BBB+
 
6,251,650
 
 
18,050
 
Total Arizona
       
20,543,301
 
     
California – 13.2% (9.2% of Total Investments)
           
 
1,535
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured
No Opt. Call
 
AA–
 
697,673
 
     
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C:
           
 
7,150
 
0.000%, 9/01/28 – AGM Insured
No Opt. Call
 
AA
 
4,845,340
 
 
200
 
0.000%, 9/01/35 – AGM Insured
No Opt. Call
 
AA
 
102,142
 
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
 
5,866,250
 
 
3,335
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
11/16 at 100.00
 
AA–
 
3,409,437
 
 
4,300
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
2/17 at 100.00
 
AA–
 
4,419,239
 
 
65
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
7/16 at 100.00
 
AA–
 
65,260
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
AA–
 
5,021,162
 
 
2,250
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30
11/20 at 100.00
 
AA–
 
2,583,968
 
 
6,025
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
 
7,184,632
 
 
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured
8/17 at 100.00
 
AA (4)
 
5,277,200
 
 
2,000
 
Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/31 – NPFG Insured
8/17 at 49.41
 
Aa2
 
969,380
 
 
3,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
3,572,070
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
           
 
3,455
 
0.000%, 6/01/24 – AMBAC Insured
No Opt. Call
 
A+
 
2,878,222
 
 
3,500
 
0.000%, 6/01/26 – AGM Insured
No Opt. Call
 
AA
 
2,763,250
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
4,680
 
4.500%, 6/01/27
6/17 at 100.00
 
B+
 
4,756,518
 
 
12,805
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
 
12,819,342
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B–
 
982,550
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
No Opt. Call
 
Aa2
 
1,457,950
 

70
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
$
3,157,176
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
 
AA
 
2,030,360
 
 
7,660
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM)
No Opt. Call
 
Aaa
 
6,796,488
 
 
2,410
 
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured
No Opt. Call
 
AA–
 
1,835,456
 
 
86,320
 
Total California
       
83,491,065
 
     
Colorado – 11.8% (8.2% of Total Investments)
           
 
1,125
 
Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured
12/17 at 100.00
 
AA
 
1,141,245
 
 
3,475
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
A+
 
3,911,495
 
 
2,300
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41
2/21 at 100.00
 
A+
 
2,509,277
 
 
4,890
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,552,204
 
 
4,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
 
4,436,200
 
 
8,765
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
6,859,752
 
 
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
 
15,235,250
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
9/26 at 54.77
 
AA–
 
4,632,125
 
 
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%,
3/01/36 – NPFG Insured
No Opt. Call
 
AA–
 
29,939,400
 
 
122,055
 
Total Colorado
       
74,216,948
 
     
Connecticut – 0.4% (0.3% of Total Investments)
           
 
2,235
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
 
2,251,986
 
 
4,304
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (5)
No Opt. Call
 
N/R
 
271,022
 
 
6,539
 
Total Connecticut
       
2,523,008
 
     
District of Columbia – 0.1% (0.1% of Total Investments)
           
 
2,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
 
AA
 
919,060
 
     
Florida – 7.4% (5.2% of Total Investments)
           
 
2,735
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35
11/24 at 100.00
 
A2
 
3,186,001
 
 
2,500
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB+ (4)
 
2,653,500
 
 
2,005
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
2/24 at 100.00
 
AA
 
2,307,494
 
 
3,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
3,492,960
 
 
1,665
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26
10/19 at 100.00
 
A
 
1,857,024
 

Nuveen
 
71


NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
2,390
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45
10/26 at 100.00
 
A
$
2,490,380
 
     
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Series 2007:
           
 
22,000
 
5.000%, 8/15/37 (UB)
8/17 at 100.00
 
AA–
 
22,876,040
 
 
7,370
 
5.000%, 8/15/42 (UB) (6)
8/17 at 100.00
 
AA–
 
7,647,996
 
 
43,665
 
Total Florida
       
46,511,395
 
     
Georgia – 2.3% (1.6% of Total Investments)
           
 
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/32
5/25 at 100.00
 
AA–
 
6,083,350
 
 
5,000
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 (Pre-refunded 7/15/17) – AMBAC Insured
7/17 at 100.00
 
N/R (4)
 
5,268,850
 
 
3,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37
2/20 at 100.00
 
AA–
 
3,338,190
 
 
13,000
 
Total Georgia
       
14,690,390
 
     
Illinois – 20.2% (14.1% of Total Investments)
           
 
3,790
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
1,914,481
 
 
7,250
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
No Opt. Call
 
AA–
 
8,261,665
 
     
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
           
 
285
 
5.500%, 12/20/19 (Alternative Minimum Tax)
10/16 at 100.00
 
AA–
 
285,798
 
 
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
10/16 at 100.00
 
AA–
 
1,212,311
 
 
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
10/16 at 100.00
 
AA–
 
1,927,868
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/33 – FGIC Insured
No Opt. Call
 
AA–
 
1,265,460
 
 
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
25,306,645
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA+
 
1,712,985
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008A, Tender Option Bond Trust 2015-XF0104, 5.250%, 8/15/47 – AGC Insured (UB)
8/18 at 100.00
 
AA
 
2,140,800
 
 
1,120
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
2/18 at 100.00
 
A
 
1,189,261
 
 
1,800
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/19 – AGM Insured
5/18 at 100.00
 
AA
 
1,941,246
 
 
2,250
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B, 5.000%, 11/15/39
5/25 at 100.00
 
A+
 
2,587,770
 
 
4,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 6.000%, 8/15/23
8/18 at 100.00
 
BBB+
 
4,370,080
 
     
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:
           
 
560
 
5.000%, 8/15/35
8/25 at 100.00
 
Baa1
 
636,843
 
 
410
 
5.000%, 8/15/44
8/25 at 100.00
 
Baa1
 
459,971
 
 
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19 (Pre-refunded 7/01/17)
7/17 at 100.00
 
AA+ (4)
 
1,287,487
 
 
5,915
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
 
BBB+
 
6,024,013
 
 
2,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
 
AA (4)
 
2,015,620
 

72
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
2,000
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured
No Opt. Call
 
Aa3
$
1,751,700
 
 
3,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (7)
7/16 at 100.00
 
N/R
 
1,349,730
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:
           
 
12,250
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
 
AA–
 
9,950,552
 
 
13,000
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
 
AA–
 
10,170,030
 
     
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:
           
 
22,650
 
5.750%, 6/01/19 – AGM Insured
No Opt. Call
 
AA
 
25,934,023
 
 
3,500
 
5.750%, 6/01/23 – AGM Insured
No Opt. Call
 
AA
 
4,306,260
 
 
2,250
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/29
3/25 at 100.00
 
A
 
2,684,385
 
 
4,930
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
No Opt. Call
 
A2
 
4,088,449
 
 
2,475
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured
No Opt. Call
 
A2
 
2,374,465
 
 
129,045
 
Total Illinois
       
127,149,898
 
     
Indiana – 3.7% (2.6% of Total Investments)
           
 
3,400
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40
6/25 at 100.00
 
AA
 
3,966,780
 
 
4,670
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
 
AA
 
5,262,156
 
 
970
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
 
1,000,138
 
 
1,030
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
 
1,072,209
 
 
2,895
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 2015-XF0068, 7.496%, 1/01/25 (Alternative Minimum Tax) (IF)
1/17 at 100.00
 
Aaa
 
2,998,583
 
 
8,675
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
 
8,930,912
 
 
21,640
 
Total Indiana
       
23,230,778
 
     
Iowa – 1.7% (1.2% of Total Investments)
           
 
1,335
 
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–
 
1,441,440
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
2,420
 
5.500%, 6/01/42
7/16 at 100.00
 
B+
 
2,419,831
 
 
7,000
 
5.625%, 6/01/46
7/16 at 100.00
 
B+
 
6,999,510
 
 
10,755
 
Total Iowa
       
10,860,781
 
     
Kansas – 0.0% (0.0% of Total Investments)
           
 
10
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
 
7,567
 
     
Kentucky – 0.3% (0.2% of Total Investments)
           
 
2,670
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43 (8)
7/31 at 100.00
 
Baa3
 
2,150,632
 
     
Louisiana – 2.1% (1.5% of Total Investments)
           
 
3,950
 
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (4)
 
4,160,377
 

Nuveen
 
73


NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
$
6,525
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
A–
$
6,773,602
 
 
2,475
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
 
2,601,621
 
 
12,950
 
Total Louisiana
       
13,535,600
 
     
Maine – 0.2% (0.1% of Total Investments)
           
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
 
BBB–
 
1,196,255
 
     
Maryland – 0.5% (0.3% of Total Investments)
           
 
3,000
 
Washington Suburban Sanitary District, Montgomery and Prince George's Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 6/01/16
No Opt. Call
 
AAA
 
3,012,510
 
     
Massachusetts – 2.9% (2.0% of Total Investments)
           
 
2,840
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
 
AAA
 
3,101,905
 
 
1,160
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34 (Pre-refunded 7/01/18)
7/18 at 100.00
 
N/R (4)
 
1,272,648
 
 
4,365
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
7/16 at 100.00
 
AA
 
4,379,972
 
 
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 & 2, 5.125%, 7/01/33
7/18 at 100.00
 
A–
 
660,083
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,570,940
 
 
2,685
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax)
12/18 at 100.00
 
AA–
 
2,828,862
 
 
2,280
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
5/23 at 100.00
 
AA+
 
2,666,916
 
 
1,100
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
956,153
 
 
17,350
 
Total Massachusetts
       
18,437,479
 
     
Michigan – 5.3% (3.7% of Total Investments)
           
 
885
 
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
 
A–
 
985,846
 
 
1,600
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
 
AA+
 
1,740,800
 
 
4,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
 
4,027,480
 
 
405
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series
2014D-1, 5.000%, 7/01/37 – AGM Insured
7/24 at 100.00
 
AA
 
461,101
 
 
3,670
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/32
6/22 at 100.00
 
AA
 
4,247,988
 
 
2,695
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/16
No Opt. Call
 
AAA
 
2,746,771
 
 
2,500
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured
No Opt. Call
 
AA
 
2,821,925
 
 
10,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/34
10/25 at 100.00
 
Aa2
 
12,001,400
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
 
Aaa
 
1,349,916
 

74
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
3,000
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37
No Opt. Call
 
A
$
3,348,630
 
 
29,905
 
Total Michigan
       
33,731,857
 
     
Minnesota – 1.2% (0.8% of Total Investments)
           
 
6,375
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
11/18 at 100.00
 
A+ (4)
 
7,302,308
 
     
Missouri – 3.2% (2.2% of Total Investments)
           
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
2004B-1:
           
 
7,000
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
 
AA–
 
5,068,980
 
 
5,000
 
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
 
AA–
 
3,345,850
 
 
5,545
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
 
6,258,752
 
 
5,025
 
Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Senior Lien Series 2010C, 5.000%, 2/01/17
No Opt. Call
 
AAA
 
5,195,247
 
 
22,570
 
Total Missouri
       
19,868,829
 
     
Nebraska – 0.1% (0.1% of Total Investments)
           
 
470
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A–
 
536,590
 
     
Nevada – 7.8% (5.4% of Total Investments)
           
 
4,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38
No Opt. Call
 
AAA
 
4,498,080
 
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
11,613,900
 
 
9,725
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
 
A+
 
10,937,610
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Tender Option Bond Trust 2633, 18.088%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
 
AA+
 
4,395,450
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (4)
 
1,819,755
 
     
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
           
 
5,000
 
5.000%, 6/01/32
12/24 at 100.00
 
Aa1
 
6,103,250
 
 
4,000
 
5.000%, 6/01/39
12/24 at 100.00
 
Aa1
 
4,758,320
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
4,999,800
 
 
42,975
 
Total Nevada
       
49,126,165
 
     
New Jersey – 6.5% (4.5% of Total Investments)
           
 
1,100
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
1,227,149
 
 
3,500
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
2005N-1, 5.500%, 9/01/27 – FGIC Insured
No Opt. Call
 
AA–
 
4,233,075
 
 
1,500
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
3/21 at 100.00
 
A–
 
1,634,595
 
 
405
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
7/25 at 100.00
 
AA
 
463,053
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
           
 
21,120
 
0.000%, 12/15/28 – AMBAC Insured
No Opt. Call
 
A–
 
12,947,405
 
 
20,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
 
A–
 
8,240,400
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
No Opt. Call
 
A–
 
4,314,520
 

Nuveen
 
75


NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
875
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/33
6/25 at 100.00
 
A–
$
967,067
 
 
570
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
 
Aa3
 
659,074
 
 
6,080
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26
6/17 at 100.00
 
B+
 
6,128,397
 
 
59,150
 
Total New Jersey
       
40,814,735
 
     
New Mexico – 0.8% (0.6% of Total Investments)
           
 
5,000
 
State of New Mexico, State Severance Tax Revenue Bonds, Series 2013A, 5.000%, 7/01/16
No Opt. Call
 
Aa1
 
5,039,550
 
     
New York – 7.4% (5.2% of Total Investments)
           
 
1,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
 
1,258,433
 
 
6,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
 
6,167,580
 
 
4,755
 
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
 
5,531,919
 
 
2,500
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
No Opt. Call
 
AA+
 
2,814,150
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
5/23 at 100.00
 
AAA
 
5,897,250
 
 
5,000
 
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
 
5,434,200
 
 
2,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
No Opt. Call
 
A+
 
2,389,420
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
           
 
5,000
 
6.500%, 12/01/28
7/16 at 100.00
 
Baa1
 
5,043,600
 
 
1,670
 
6.000%, 12/01/36
12/20 at 100.00
 
Baa1
 
1,966,275
 
 
10,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
6/16 at 100.00
 
AA–
 
10,389,500
 
 
43,025
 
Total New York
       
46,892,327
 
     
North Carolina – 0.9% (0.6% of Total Investments)
           
 
1,500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.250%, 1/15/24 – AGC Insured
1/18 at 100.00
 
AA–
 
1,596,975
 
 
3,400
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
10/22 at 100.00
 
AA–
 
3,967,766
 
 
4,900
 
Total North Carolina
       
5,564,741
 
     
North Dakota – 0.8% (0.5% of Total Investments)
           
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
A+
 
4,801,988
 
     
Ohio – 5.8% (4.1% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
1,820
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
1,768,803
 
 
345
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
333,591
 
 
6,315
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
6,170,513
 
 
1,890
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
1,812,226
 
 
1,000
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
 
1,001,670
 
 
3,930
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
3,829,078
 
 
6,135
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
 
6,141,933
 

76
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
 
A
$
7,000,920
 
 
3,480
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
7/16 at 100.00
 
A+
 
3,533,244
 
 
1,000
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
1,114,210
 
     
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1:
           
 
1,500
 
5.250%, 2/15/39
2/23 at 100.00
 
A+
 
1,767,525
 
 
1,845
 
5.000%, 2/15/48
2/23 at 100.00
 
A+
 
2,094,020
 
 
270
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
6/16 at 100.00
 
Aa1
 
271,191
 
 
35,530
 
Total Ohio
       
36,838,924
 
     
Oklahoma – 0.7% (0.5% of Total Investments)
           
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
 
N/R
 
1,209,550
 
     
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A:
           
 
1,000
 
5.000%, 8/15/26
8/25 at 100.00
 
AA–
 
1,252,110
 
 
1,750
 
5.000%, 8/15/28
8/25 at 100.00
 
AA–
 
2,156,927
 
 
3,750
 
Total Oklahoma
       
4,618,587
 
     
Pennsylvania – 3.0% (2.1% of Total Investments)
           
 
160
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured
12/18 at 100.00
 
AA (4)
 
177,277
 
 
255
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
 
AA
 
278,565
 
 
835
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured
12/18 at 100.00
 
AA (4)
 
925,163
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) (6)
10/16 at 100.00
 
AA+
 
1,509,210
 
 
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (8)
12/27 at 100.00
 
A–
 
9,913,144
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured (8)
6/26 at 100.00
 
AA
 
6,405,550
 
 
15,950
 
Total Pennsylvania
       
19,208,909
 
     
Puerto Rico – 0.7% (0.5% of Total Investments)
           
 
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23
7/16 at 100.00
 
AA–
 
4,337,023
 
     
South Carolina – 1.4% (1.0% of Total Investments)
           
 
1,950
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Refunding Series 2010A, 5.000%, 11/01/37
11/20 at 100.00
 
AA
 
2,177,663
 
 
1,250
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured
No Opt. Call
 
AA
 
790,800
 
 
5,000
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55
6/25 at 100.00
 
AA–
 
5,721,750
 
 
8,200
 
Total South Carolina
       
8,690,213
 
     
South Dakota – 0.1% (0.1% of Total Investments)
           
 
365
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A+
 
420,582
 

Nuveen
 
77


NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tennessee – 0.4% (0.3% of Total Investments)
           
$
2,310
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
$
2,339,776
 
     
Texas – 12.7% (8.9% of Total Investments)
           
 
2,560
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (5)
7/16 at 100.00
 
C
 
57,600
 
 
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
 
Baa1
 
2,306,420
 
 
2,770
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
3,092,400
 
 
3,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
3,334,590
 
 
2,140
 
Grapevine-Colleyville Independent School District, Tarrant and Dallas Counties, Texas, General Obligation Bonds, Capital Appreciation, Refunding Series 1998, 0.000%, 8/15/25
No Opt. Call
 
AAA
 
1,810,889
 
 
1,545
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
6/25 at 100.00
 
AA
 
1,793,189
 
 
730
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
431,364
 
 
1,000
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/30
11/24 at 100.00
 
A2
 
1,183,870
 
 
2,305
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured
No Opt. Call
 
AA
 
2,123,781
 
 
1,100
 
Houston, Texas, General Obligations Bonds , Series 2007A, 5.000% 3/01/32
3/17 at 100.00
 
AA
 
1,137,488
 
 
210
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 – AGC Insured
5/19 at 100.00
 
AA
 
235,404
 
 
3,790
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 (Pre-refunded 5/15/19) – AGC Insured
5/19 at 100.00
 
AA (4)
 
4,278,379
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
           
 
3,130
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
 
A2
 
1,905,387
 
 
12,030
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
 
A2
 
6,975,355
 
 
2,275
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/40
8/25 at 100.00
 
AAA
 
2,716,941
 
 
65
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 5.000%, 8/15/23
8/17 at 100.00
 
AAA
 
68,739
 
 
1,500
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 5.000%, 8/15/23 (Pre-refunded 8/15/17)
8/17 at 100.00
 
N/R (4)
 
1,583,565
 
 
1,105
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40
1/18 at 100.00
 
AA+
 
1,193,345
 
 
1,120
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
 
1,212,579
 
 
4,105
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A1
 
4,707,491
 
 
7,855
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/33
1/25 at 100.00
 
A2
 
9,269,843
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 16.277%, 8/15/16 (IF)
No Opt. Call
 
AA
 
3,670,070
 
 
705
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
5/26 at 100.00
 
AA–
 
753,116
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,050
 
5.000%, 12/15/26
No Opt. Call
 
A3
 
2,373,388
 
 
8,230
 
5.000%, 12/15/29
No Opt. Call
 
A3
 
9,376,768
 

78
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
5,000
 
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–
$
5,714,300
 
 
2,100
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/33
8/24 at 100.00
 
BBB+
 
2,424,639
 
     
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:
           
 
5,165
 
0.000%, 8/15/34
No Opt. Call
 
AAA
 
2,284,686
 
 
6,135
 
0.000%, 8/15/37
No Opt. Call
 
AAA
 
2,272,281
 
 
89,015
 
Total Texas
       
80,287,867
 
     
Virginia – 1.9% (1.3% of Total Investments)
           
 
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
 
BBB
 
1,553,895
 
 
1,500
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
No Opt. Call
 
A2
 
1,746,855
 
 
3,000
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 5.000%, 11/01/46
11/22 at 100.00
 
AA–
 
3,362,580
 
 
6,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
 
5,280,840
 
 
12,000
 
Total Virginia
       
11,944,170
 
     
Washington – 7.1% (4.9% of Total Investments)
           
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/32
10/22 at 100.00
 
AA
 
4,688,200
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
7/19 at 100.00
 
A (4)
 
2,316,560
 
 
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%,
1/01/18 – AGM Insured
No Opt. Call
 
AA+
 
3,297,606
 
     
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
           
 
17,650
 
0.000%, 1/01/20
No Opt. Call
 
AA+
 
16,857,515
 
 
18,470
 
0.000%, 1/01/21
No Opt. Call
 
AA+
 
17,300,480
 
 
45,470
 
Total Washington
       
44,460,361
 
     
Wisconsin – 5.3% (3.7% of Total Investments)
           
 
4,450
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (WI/DD, Settling 5/11/16)
5/26 at 100.00
 
AA+
 
4,741,787
 
 
7,620
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2006A, 5.000%, 11/15/36
11/16 at 100.00
 
AA+
 
7,804,937
 
 
600
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured
No Opt. Call
 
A2
 
629,310
 
 
4,330
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Children's Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29
2/20 at 100.00
 
AA
 
4,938,062
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32
2/22 at 100.00
 
A–
 
1,419,363
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
           
 
6,745
 
6.000%, 5/01/36
5/19 at 100.00
 
AA–
 
7,760,730
 
 
5,100
 
6.250%, 5/01/37
5/19 at 100.00
 
AA–
 
5,899,119
 
 
30,095
 
Total Wisconsin
       
33,193,308
 
$
955,364
 
Total Municipal Bonds (cost $811,601,857)
       
902,495,477
 

Nuveen
 
79


NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
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)
               
$
266
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10)
5.500%
 
7/15/19
 
N/R
$
7,974
 
 
71
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10)
5.500%
 
7/15/55
 
N/R
 
2,121
 
$
337
 
Total Corporate Bonds (cost $30,169)
           
10,095
 

 
Shares
 
Description (1), (11)
       
Value
 
     
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments)
           
 
8,812
 
BlackRock MuniHoldings Fund Inc.
     
$
159,850
 
 
32,524
 
Invesco Quality Municipal Income Trust
       
440,375
 
     
Total Investment Companies (cost $530,611)
       
600,225
 
     
Total Long-Term Investments (cost $812,162,637)
       
903,105,797
 
     
Floating Rate Obligations – (3.4)%
       
(21,565,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (42.1)% (12)
       
(265,000,000
     
Other Assets Less Liabilities – 2.2%
       
13,859,879
 
     
Net Assets Applicable to Common Shares – 100%
     
$
630,400,676
 

(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)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
On January 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security's interest rate of accrual from 5.700% to 4.275%.
(8)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(9)
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 categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(10)
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 is not accruing income for either senior interest corporate bond.
(11)
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.
(12)
Variable Rate MuniFund Term Preferred Shares, at liquidation preference as a percentage of Total Investments is 29.3%
(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.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.
 
80
 
Nuveen

 
NZF
   
 
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 144.9% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 144.7% (99.9% of Total Investments)
           
     
Alabama – 2.0% (1.4% of Total Investments)
           
$
8,585
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45
9/25 at 100.00
 
N/R
$
8,869,163
 
 
11,895
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent's Hospital, Series 1995, 5.000%, 11/01/25 (ETM)
7/16 at 100.00
 
Aaa
 
11,942,580
 
 
2,030
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39
11/16 at 100.00
 
AA+
 
2,077,563
 
     
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2
           
 
3,500
 
5.000%, 11/15/36 (UB)
11/16 at 100.00
 
AA+
 
3,584,350
 
 
5,000
 
5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
5,117,150
 
 
1,500
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
7/16 at 100.00
 
AA
 
1,509,000
 
 
8,190
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46
No Opt. Call
 
A3
 
10,474,600
 
 
2,375
 
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2010A, 5.800%, 5/01/34
5/20 at 100.00
 
BBB
 
2,763,930
 
 
43,075
 
Total Alabama
       
46,338,336
 
     
Alaska – 0.8% (0.6% of Total Investments)
           
     
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015:
           
 
1,000
 
5.000%, 1/01/31 (Alternative Minimum Tax)
7/25 at 100.00
 
Baa2
 
1,132,280
 
 
2,950
 
5.000%, 1/01/33 (Alternative Minimum Tax)
7/25 at 100.00
 
Baa2
 
3,315,417
 
 
2,400
 
5.000%, 1/01/34 (Alternative Minimum Tax)
7/25 at 100.00
 
Baa2
 
2,685,240
 
 
1,000
 
Alaska Municipal Bond Bank, General Obligation Bonds, Qualified 501 Series 2013B-2, 5.000%, 6/01/30
6/18 at 100.00
 
AA+
 
1,079,470
 
 
1,690
 
Alaska Railroad Corporation, Capital Grant Receipts Bonds, Section 5307 and 5309 Formula Funds, Series 2006, 5.000%, 8/01/17 (Pre-refunded 8/01/16) – FGIC Insured
8/16 at 100.00
 
AA– (4)
 
1,709,503
 
 
2,290
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – NPFG Insured
5/17 at 100.00
 
AA
 
2,381,119
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
           
 
540
 
4.625%, 6/01/23
7/16 at 100.00
 
Ba1
 
543,024
 
 
7,010
 
5.000%, 6/01/46
7/16 at 100.00
 
B3
 
6,607,766
 
 
18,880
 
Total Alaska
       
19,453,819
 
     
Arizona – 2.8% (1.9% of Total Investments)
           
 
1,300
 
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
 
1,445,249
 
 
3,465
 
Arizona Board of Regents, Certificates of Participation, Arizona State University, Refunding Series 2006, 5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
 
AA–
 
3,626,919
 
 
2,820
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39
12/24 at 100.00
 
A2
 
3,261,499
 
 
10,450
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/30
7/22 at 100.00
 
A1
 
11,814,038
 
 
3,390
 
Arizona State Transportation Board, Highway Revenue Bonds, Tender Option Bond Trust 3151, 12.779%, 7/01/16 (IF)
No Opt. Call
 
AAA
 
4,311,877
 

Nuveen
 
81


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Arizona (continued)
           
$
3,185
 
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39
7/25 at 100.00
 
N/R
$
3,280,136
 
 
4,905
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
7/17 at 100.00
 
A
 
5,091,537
 
 
4,500
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
5,065,605
 
 
10,700
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
 
AA–
 
11,570,231
 
     
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:
           
 
400
 
5.000%, 7/01/27 (Alternative Minimum Tax)
7/22 at 100.00
 
AA+
 
461,184
 
 
950
 
5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
AA+
 
1,071,125
 
 
595
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48
2/24 at 100.00
 
N/R
 
595,280
 
 
650
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.100%, 6/01/45
6/19 at 100.00
 
BB+
 
679,074
 
 
3,710
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41
7/21 at 100.00
 
A
 
4,299,593
 
 
2,905
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2008A, 5.000%, 1/01/33
No Opt. Call
 
Aa1
 
3,092,169
 
 
4,880
 
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
 
BBB+
 
6,101,610
 
 
58,805
 
Total Arizona
       
65,767,126
 
     
California – 19.2% (13.2% of Total Investments)
           
 
1,500
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30
5/20 at 100.00
 
AA–
 
1,764,315
 
 
2,000
 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2000B, 0.000%, 8/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
1,747,560
 
 
3,500
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
10/17 at 100.00
 
BBB+
 
3,709,370
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
 
AA
 
3,255,489
 
 
8,000
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
AA–
 
8,252,080
 
 
535
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41
3/26 at 100.00
 
Ba3
 
577,682
 
 
1,900
 
Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38
11/25 at 100.00
 
N/R
 
2,083,673
 
     
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
           
 
4,070
 
0.000%, 8/01/32 – FGIC Insured
No Opt. Call
 
AA–
 
2,223,115
 
 
6,410
 
0.000%, 8/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
3,209,679
 
 
1,295
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36
6/17 at 100.00
 
BB
 
1,250,374
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
           
 
3,280
 
5.450%, 6/01/28
12/18 at 100.00
 
B3
 
3,325,198
 
 
13,500
 
5.600%, 6/01/36
12/18 at 100.00
 
B
 
13,685,895
 
 
12,025
 
5.650%, 6/01/41
12/18 at 100.00
 
B2
 
12,190,464
 
 
610
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26
7/16 at 100.00
 
BBB+
 
610,281
 
 
3,400
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
3,871,512
 

82
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A:
           
$
3,840
 
5.000%, 7/01/33
7/23 at 100.00
 
AA–
$
4,549,670
 
 
710
 
5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
830,430
 
 
5,800
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
5,929,456
 
 
7,040
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.980%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
9,978,285
 
 
825
 
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015, 5.375%, 7/01/45
7/25 at 100.00
 
BB
 
905,025
 
 
1,380
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
 
1,532,380
 
 
2,000
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College
Prep – Obligated Group, Series 2016, 5.000%, 6/01/51
6/26 at 100.00
 
N/R
 
2,046,060
 
 
2,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/38
3/23 at 100.00
 
A+
 
2,356,480
 
 
1,220
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A+
 
1,460,035
 
 
1,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
3/20 at 100.00
 
A+
 
1,764,450
 
 
4,500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31
10/21 at 100.00
 
A+
 
5,356,710
 
     
California State, General Obligation Bonds, Refunding Series 2007:
           
 
2,000
 
4.500%, 8/01/28 – AMBAC Insured
2/17 at 100.00
 
AA–
 
2,055,760
 
 
4,345
 
4.500%, 8/01/30
2/17 at 100.00
 
AA–
 
4,465,487
 
     
California State, General Obligation Bonds, Various Purpose Series 2007:
           
 
9,730
 
5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
Aaa
 
10,199,959
 
 
6,270
 
5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
AAA
 
6,572,841
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
           
 
1,000
 
5.500%, 3/01/40
3/20 at 100.00
 
AA–
 
1,168,630
 
 
8,500
 
5.250%, 11/01/40
11/20 at 100.00
 
AA–
 
10,042,325
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32
10/21 at 100.00
 
AA–
 
3,594,090
 
 
9,320
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54
12/24 at 100.00
 
BB+
 
10,256,287
 
 
17,040
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 (WI/DD, Settling 5/11/16)
6/26 at 100.00
 
BB+
 
18,597,115
 
 
1,030
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39
10/19 at 100.00
 
BBB+
 
1,182,739
 
 
1,050
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (4)
 
1,189,115
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/39 (5)
7/16 at 100.00
 
CCC
 
1,001,310
 
 
2,455
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
 
2,927,514
 
 
20
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
6/16 at 100.00
 
AA
 
20,061
 
 
9,955
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured
No Opt. Call
 
AA–
 
6,112,669
 
 
3,000
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/38
8/23 at 100.00
 
AA
 
3,575,880
 
 
4,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/22 – NPFG Insured
No Opt. Call
 
Aa1
 
3,582,680
 

Nuveen
 
83


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
3,795
 
Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured
No Opt. Call
 
AA–
$
1,774,921
 
 
4,565
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
5,451,295
 
 
1,320
 
Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 5.000%, 9/01/40
9/25 at 100.00
 
N/R
 
1,437,348
 
 
2,510
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
1,739,756
 
 
3,360
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
2,442,552
 
 
3,725
 
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
 
1,945,605
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
3,000
 
0.000%, 1/15/26 (6)
No Opt. Call
 
BBB–
 
2,444,010
 
 
1,560
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,836,838
 
 
3,560
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
4,238,856
 
 
4,505
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured
No Opt. Call
 
Aaa
 
3,009,160
 
 
2,315
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
No Opt. Call
 
AA–
 
1,293,066
 
 
1,000
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
8/21 at 100.00
 
Aa2
 
1,191,950
 
 
2,000
 
Glendale Redevelopment Agency, California, Tax Allocation Bonds, Central Glendale Redevelopment Project, Series 2010, 5.500%, 12/01/24 (Pre-refunded 12/01/16)
12/16 at 100.00
 
A (4)
 
2,059,100
 
 
3,170
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured
No Opt. Call
 
AA
 
2,502,715
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,150
 
4.500%, 6/01/27
6/17 at 100.00
 
B+
 
3,201,502
 
 
13,680
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
 
13,695,322
 
 
3,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B–
 
3,008,760
 
 
2,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B–
 
1,965,100
 
 
7,150
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21)
7/21 at 100.00
 
Aaa
 
9,002,994
 
 
3,190
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27
No Opt. Call
 
AAA
 
2,438,021
 
 
5,000
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured
No Opt. Call
 
Aa2
 
3,078,300
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
No Opt. Call
 
Aa2
 
1,457,950
 
 
14,000
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-2, 0.000%, 6/01/47
6/17 at 13.65
 
CCC
 
1,557,360
 
 
10,600
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 0.000%, 6/01/36
6/17 at 28.99
 
CCC
 
2,669,716
 
 
2,750
 
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 4.500%, 1/01/27 (Alternative Minimum Tax)
1/22 at 100.00
 
A
 
3,065,288
 
 
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2007A, 4.500%, 1/01/28 – NPFG Insured
7/17 at 100.00
 
Aa2
 
5,224,100
 
 
540
 
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
AA–
 
604,876
 

84
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
2,000
 
Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31
8/24 at 100.00
 
AA
$
2,626,160
 
 
1,000
 
Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General Obligation Bonds, Election 2006, Series 2011B, 0.000%, 8/01/31 – AGM Insured (6)
8/26 at 100.00
 
AA
 
1,235,420
 
     
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A:
           
 
1,030
 
0.000%, 8/01/28 (6)
2/28 at 100.00
 
AA
 
957,612
 
 
2,320
 
0.000%, 8/01/43 (6)
8/35 at 100.00
 
AA
 
1,821,618
 
 
5,420
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
No Opt. Call
 
A
 
7,778,134
 
     
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C:
           
 
2,700
 
7.000%, 11/01/34
No Opt. Call
 
A
 
4,055,859
 
 
2,200
 
6.500%, 11/01/39
No Opt. Call
 
A
 
3,157,176
 
 
5,385
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
 
AA
 
5,466,744
 
     
North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B:
           
 
7,735
 
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
Aa1
 
6,327,694
 
 
4,180
 
0.000%, 8/01/26 – FGIC Insured
No Opt. Call
 
Aa1
 
3,302,242
 
 
10,885
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
AA–
 
8,727,049
 
 
3,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Ba1
 
3,352,410
 
 
1,100
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
11/20 at 100.00
 
Ba1
 
1,195,359
 
 
6,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
4,844,040
 
 
12,210
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (6)
8/30 at 100.00
 
A+
 
13,341,012
 
 
5,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%,
8/01/38 – AGC Insured (6)
8/29 at 100.00
 
AA
 
5,845,400
 
 
1,750
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured
No Opt. Call
 
AA
 
1,493,468
 
 
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
(Pre-refunded 2/01/18)
2/18 at 100.00
 
AA+ (4)
 
2,152,640
 
 
9,315
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
13,035,597
 
 
2,500
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
5/21 at 100.00
 
AA–
 
2,934,350
 
 
3,850
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 0.000%, 10/01/28 – AGM Insured (6)
10/25 at 100.00
 
AA
 
4,426,691
 
 
2,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
 
Baa2
 
2,060,440
 
 
3,200
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured
No Opt. Call
 
AA
 
2,348,128
 
 
2,000
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
 
A–
 
2,330,180
 
 
205
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
239,471
 
 
2,755
 
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
No Opt. Call
 
A1
 
2,259,210
 

Nuveen
 
85


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
3,550
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB+
$
4,385,812
 
 
165
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
9/25 at 100.00
 
N/R
 
187,569
 
 
3,000
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 1005, 13.018%, 8/01/41 (IF) (7)
8/21 at 100.00
 
AA+
 
4,484,460
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 18.782%, 2/01/33 (IF)
8/19 at 100.00
 
AA
 
2,867,592
 
 
11,310
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2006A, 4.250%, 7/01/31 – AGM Insured (UB)
7/16 at 100.00
 
AA+
 
11,377,521
 
 
670
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)
8/19 at 100.00
 
A– (4)
 
792,389
 
 
4,150
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured
8/18 at 53.32
 
AA
 
2,161,445
 
 
2,700
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
1/25 at 100.00
 
BB+
 
2,973,159
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
6,630
 
5.000%, 1/15/44
1/25 at 100.00
 
BBB–
 
7,360,294
 
 
3,160
 
5.000%, 1/15/50
1/25 at 100.00
 
BBB–
 
3,480,677
 
 
7,205
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured
No Opt. Call
 
AA–
 
5,833,961
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
3/17 at 100.00
 
A2
 
5,205,600
 
 
4,000
 
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 2015-XF2185, 16.527%, 9/01/38 – BHAC Insured (IF)
9/17 at 100.00
 
AA+
 
4,933,720
 
 
5,760
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/45
No Opt. Call
 
AA
 
1,413,965
 
 
690
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
12/19 at 100.00
 
A+
 
778,513
 
 
3,000
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37
7/16 at 100.00
 
BB+
 
2,999,850
 
 
1,800
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
Aa2
 
1,337,544
 
     
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B:
           
 
4,005
 
0.000%, 8/01/36 – AGM Insured (6)
8/31 at 100.00
 
AA
 
3,339,810
 
 
3,900
 
5.625%, 5/01/41 – AGM Insured
8/21 at 100.00
 
AA
 
4,697,979
 
 
3,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
 
3,519,180
 
 
470,990
 
Total California
       
450,791,735
 
     
Colorado – 8.1% (5.6% of Total Investments)
           
 
1,250
 
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20)
12/20 at 100.00
 
Aa2 (4)
 
1,544,025
 
 
1,500
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured
12/25 at 100.00
 
AA
 
1,733,460
 
 
1,600
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%,
10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
 
BBB–
 
1,617,088
 
 
700
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23
7/18 at 100.00
 
N/R
 
714,007
 

86
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
625
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 6.000%, 12/01/38
12/23 at 100.00
 
BBB
$
747,644
 
 
500
 
Cherry Creek Corporate Center Metropolitan District (in the City of Glendale), Arapahoe County, Colorado, Senior Lien Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/37
12/25 at 100.00
 
N/R
 
509,565
 
 
1,240
 
Colorado City Metropolitan District, Oueblo county, Colorado, Water and Wastewater Enterprise Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34
No Opt. Call
 
BBB+
 
1,307,134
 
 
1,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29
12/19 at 100.00
 
BBB
 
1,074,090
 
 
2,315
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26
5/16 at 102.00
 
N/R
 
2,323,519
 
 
9,440
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
9/16 at 100.00
 
A+
 
9,546,483
 
 
3,335
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
7/19 at 100.00
 
A+
 
3,753,909
 
 
9,335
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
10,599,146
 
 
2,000
 
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+
 
2,267,460
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42
No Opt. Call
 
A
 
2,081,640
 
 
3,655
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, 5.000%, 6/01/45
No Opt. Call
 
A–
 
4,062,021
 
 
585
 
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
 
BBB+
 
688,311
 
 
1,150
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
9/18 at 102.00
 
AA
 
1,251,350
 
 
11,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
 
12,754,075
 
 
3,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
 
3,629,710
 
 
3,250
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29
9/17 at 100.00
 
BBB+
 
3,366,772
 
 
2,250
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38
11/23 at 100.00
 
AA
 
2,675,407
 
 
20
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A, 5.000%, 3/01/34
3/19 at 100.00
 
Aa2
 
22,065
 
     
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A:
           
 
1,175
 
5.000%, 3/01/34 (Pre-refunded 3/01/19)
3/19 at 100.00
 
N/R (4)
 
1,309,314
 
 
5
 
5.000%, 3/01/34 (Pre-refunded 3/01/19)
3/19 at 100.00
 
N/R (4)
 
5,585
 
 
1,945
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015, 5.000%, 8/01/36 – BAM Insured
8/25 at 100.00
 
AA
 
2,293,427
 
 
5,000
 
Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.600%, 12/01/34 – RAAI Insured
12/17 at 100.00
 
AA
 
5,114,950
 
 
1,000
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40
12/20 at 100.00
 
BBB+
 
1,077,500
 
 
500
 
Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30
12/20 at 103.00
 
N/R
 
527,060
 
 
2,200
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
11/22 at 100.00
 
A+
 
2,611,136
 
 
3,870
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
4,436,878
 

Nuveen
 
87


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
2,200
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
11/16 at 100.00
 
BBB–
$
2,219,382
 
     
Denver, Colorado, Airport System Revenue Bonds, Series 2006:
           
 
10,730
 
5.000%, 11/15/23 – FGIC Insured
11/16 at 100.00
 
AA–
 
10,998,250
 
 
9,900
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
 
AA–
 
10,145,421
 
 
8,675
 
5.000%, 11/15/25 – FGIC Insured
11/16 at 100.00
 
AA–
 
8,887,971
 
     
Denver, Colorado, Airport System Revenue Bonds, Series 2006A:
           
 
5,365
 
5.000%, 11/15/23 – FGIC Insured (UB)
11/16 at 100.00
 
AA–
 
5,499,125
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured (UB)
11/16 at 100.00
 
AA–
 
4,441,424
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
No Opt. Call
 
BBB+
 
3,936,200
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
           
 
2,830
 
0.000%, 9/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
2,820,520
 
 
8,845
 
0.000%, 9/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
6,681,425
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
7,550
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
4,966,314
 
 
11,100
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
 
6,764,451
 
 
10,000
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
5,881,600
 
 
8,135
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
9/01/28 – NPFG Insured
9/20 at 63.98
 
AA–
 
4,500,363
 
     
Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, Series 2015:
           
 
475
 
5.500%, 12/01/30
12/22 at 100.00
 
N/R
 
516,472
 
 
180
 
5.250%, 12/01/34
12/22 at 100.00
 
N/R
 
189,506
 
 
500
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45
12/20 at 103.00
 
N/R
 
509,730
 
 
1,000
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46
12/21 at 103.00
 
N/R
 
1,008,200
 
     
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014:
           
 
1,125
 
5.750%, 12/01/30
12/24 at 100.00
 
N/R
 
1,221,953
 
 
500
 
6.000%, 12/01/38
12/24 at 100.00
 
N/R
 
541,675
 
     
Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007:
           
 
950
 
5.125%, 12/01/27 – RAAI Insured
12/17 at 100.00
 
AA
 
973,921
 
 
2,000
 
5.250%, 12/01/36 – RAAI Insured
12/17 at 100.00
 
AA
 
2,047,460
 
 
1,000
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
A
 
1,085,560
 
 
1,870
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45
12/25 at 100.00
 
BBB
 
2,116,298
 
 
3,015
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
12/20 at 100.00
 
AA (4)
 
3,683,034
 
 
1,590
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
 
Aa3
 
1,827,594
 
     
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
           
 
4,355
 
6.000%, 1/15/34
7/20 at 100.00
 
BBB+
 
5,057,897
 
 
2,365
 
6.000%, 1/15/41
7/20 at 100.00
 
BBB+
 
2,741,508
 
 
2,083
 
Salida Hospital District, Colorado, Revenue Bonds, Series 2006, 5.250%, 10/01/36
10/16 at 100.00
 
N/R
 
2,090,186
 
 
1,465
 
SBC Metropolitan District, Colorado, General Obligation Bonds, Series 2012, 4.000%, 12/01/37
No Opt. Call
 
BBB+
 
1,484,455
 
 
650
 
Thompson Crossing Metropolitan District No. 6 in the Town of Johnstown, Larimer County, Colorado, General Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44
12/20 at 103.00
 
N/R
 
664,541
 
 
203,233
 
Total Colorado
       
191,147,167
 

88
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Connecticut – 0.2% (0.2% of Total Investments)
           
$
1,500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
A
$
1,656,675
 
 
3,650
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
 
3,677,740
 
 
5,150
 
Total Connecticut
       
5,334,415
 
     
District of Columbia – 1.0% (0.7% of Total Investments)
           
 
3,390
 
Metropolitan Washington Airports Authority, Virginia, 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+
 
3,704,897
 
     
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A:
           
 
5,000
 
4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
 
A1
 
5,065,400
 
 
14,000
 
4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
 
AA+
 
14,205,100
 
 
22,390
 
Total District of Columbia
       
22,975,397
 
     
Florida – 5.1% (3.5% of Total Investments)
           
 
1,250
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40
9/20 at 100.00
 
BBB–
 
1,339,850
 
     
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:
           
 
1,005
 
5.000%, 9/01/43
9/23 at 100.00
 
BBB–
 
1,043,049
 
 
865
 
5.000%, 9/01/45
9/23 at 100.00
 
BBB–
 
896,650
 
 
665
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36
5/26 at 100.00
 
N/R
 
666,576
 
 
2,115
 
Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19)
4/19 at 100.00
 
A (4)
 
2,488,615
 
 
3,430
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax)
11/16 at 100.00
 
B2
 
3,454,250
 
 
5,005
 
Broward County, Florida, Airport System Revenue Bonds, Refunding Series 2009O, 5.375%, 10/01/29
10/19 at 100.00
 
A+
 
5,689,083
 
 
1,480
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (Alternative Minimum Tax)
4/23 at 100.00
 
AA
 
1,667,694
 
 
4,390
 
Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A, 5.000%, 7/04/50
7/25 at 100.00
 
A
 
4,549,840
 
     
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:
           
 
125
 
5.250%, 11/01/37
11/28 at 100.00
 
N/R
 
123,886
 
 
160
 
5.600%, 11/01/46
11/28 at 100.00
 
N/R
 
159,534
 
 
690
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35
No Opt. Call
 
N/R
 
692,436
 
     
Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:
           
 
555
 
5.250%, 5/01/35
5/26 at 100.00
 
N/R
 
573,321
 
 
620
 
5.300%, 5/01/36
5/26 at 100.00
 
N/R
 
640,913
 
 
955
 
5.500%, 5/01/45
5/26 at 100.00
 
N/R
 
986,916
 
 
1,310
 
5.500%, 5/01/46
5/26 at 100.00
 
N/R
 
1,351,697
 
     
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A:
           
 
900
 
6.000%, 6/15/35
6/25 at 100.00
 
N/R
 
928,629
 
 
565
 
6.125%, 6/15/46
6/25 at 100.00
 
N/R
 
578,001
 
 
1,100
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
4/21 at 100.00
 
A–
 
1,308,307
 
 
385
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36
5/26 at 100.00
 
N/R
 
387,133
 

Nuveen
 
89


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
4,695
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44
10/24 at 100.00
 
A–
$
5,449,815
 
 
1,750
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Alternative Minimum Tax)
10/24 at 100.00
 
A+
 
1,976,765
 
 
2,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37
10/24 at 100.00
 
A
 
2,359,280
 
 
2,490
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
2,879,560
 
 
7,045
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
8,133,593
 
 
1,000
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41
8/17 at 100.00
 
N/R
 
1,014,530
 
 
2,140
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35
8/26 at 100.00
 
N/R
 
2,182,137
 
 
2,185
 
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
 
2,364,345
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
No Opt. Call
 
AA
 
5,331,368
 
 
2,335
 
Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%, 10/01/46
10/24 at 100.00
 
AA+
 
2,708,507
 
 
85
 
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
 
103,822
 
     
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
           
 
1,795
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
AA–
 
1,878,988
 
 
1,500
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
 
AA–
 
1,567,485
 
 
5,000
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
10/17 at 100.00
 
BBB–
 
5,203,000
 
     
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:
           
 
180
 
4.750%, 11/01/28
11/27 at 100.00
 
N/R
 
180,792
 
 
300
 
5.375%, 11/01/36
11/27 at 100.00
 
N/R
 
300,126
 
 
590
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Memorial Health System, Refunding Series 2008, 5.000%, 5/01/28
5/18 at 100.00
 
AA
 
631,619
 
 
25,640
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (7)
8/17 at 100.00
 
AA–
 
26,607,142
 
 
1,350
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34
1/24 at 100.00
 
A–
 
1,537,799
 
 
11,000
 
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%,
10/01/28 – AMBAC Insured
10/18 at 100.00
 
AA–
 
12,021,900
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
 
3,819,750
 
 
70
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (6)
5/17 at 100.00
 
N/R
 
56,230
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6)
5/19 at 100.00
 
N/R
 
120,164
 
 
85
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6)
5/22 at 100.00
 
N/R
 
37,863
 
 
110
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
1
 
 
10
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
10,222
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
5/17 at 100.00
 
N/R
 
202,368
 

90
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
295
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (8)
5/18 at 100.00
 
N/R
$
182,862
 
 
180
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
94,441
 
 
195
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8)
5/18 at 100.00
 
N/R
 
2
 
 
300
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1, 5.375%, 11/01/37
11/27 at 100.00
 
N/R
 
299,808
 
 
515
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-2, 5.625%, 11/01/35
No Opt. Call
 
N/R
 
516,210
 
 
111,195
 
Total Florida
       
119,298,874
 
     
Georgia – 2.8% (1.9% of Total Investments)
           
 
2,725
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40
7/25 at 100.00
 
Aa3
 
3,268,964
 
 
15,295
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30
1/21 at 100.00
 
Aa3
 
17,828,311
 
 
1,500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured
11/19 at 100.00
 
AA
 
1,687,815
 
     
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:
           
 
2,830
 
5.000%, 11/01/33
5/25 at 100.00
 
AA–
 
3,427,837
 
 
1,460
 
5.000%, 11/01/35
5/25 at 100.00
 
AA–
 
1,754,000
 
 
4,400
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
 
AA–
 
5,374,644
 
 
2,900
 
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/26
7/16 at 100.00
 
BB–
 
2,900,580
 
 
3,250
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
9/20 at 100.00
 
BBB–
 
3,754,660
 
 
2,000
 
Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue Bonds, Lenbrook Project, Series 2006A, 5.125%, 7/01/42
7/17 at 100.00
 
N/R
 
2,013,700
 
 
2,500
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30
2/20 at 100.00
 
A
 
2,763,500
 
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
           
 
2,000
 
5.250%, 2/15/37
2/20 at 100.00
 
AA–
 
2,225,460
 
 
5,000
 
5.125%, 2/15/40
2/20 at 100.00
 
AA–
 
5,498,800
 
 
4,960
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
 
A1 (4)
 
5,524,051
 
 
4,010
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60
7/25 at 100.00
 
A+
 
4,550,147
 
 
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
8/18 at 100.00
 
AA
 
2,768,475
 
 
57,330
 
Total Georgia
       
65,340,944
 
     
Guam – 0.2% (0.2% of Total Investments)
           
 
4,000
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30
7/20 at 100.00
 
A–
 
4,500,360
 
 
810
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
943,747
 
 
4,810
 
Total Guam
       
5,444,107
 
     
Hawaii – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40
7/20 at 100.00
 
A1
 
1,121,710
 

Nuveen
 
91


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Hawaii (continued)
           
$
3,000
 
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
 
A1
$
3,558,240
 
 
1,175
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33
7/23 at 100.00
 
BB+
 
1,332,873
 
 
5,175
 
Total Hawaii
       
6,012,823
 
     
Idaho – 0.0% (0.0% of Total Investments)
           
 
595
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32
9/22 at 100.00
 
Baa1
 
669,054
 
     
Illinois – 17.9% (12.4% of Total Investments)
           
 
1,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.500%, 12/01/39
No Opt. Call
 
B+
 
846,170
 
 
34,470
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44
12/25 at 100.00
 
B+
 
32,758,564
 
 
2,950
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Refunding Series 2004A, 5.000%, 12/01/20 – NPFG Insured
7/16 at 100.00
 
AA–
 
2,959,469
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
           
 
1,260
 
0.000%, 12/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
768,235
 
 
9,855
 
0.000%, 12/01/28 – FGIC Insured
No Opt. Call
 
AA–
 
5,321,700
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
           
 
2,520
 
0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
1,446,278
 
 
5,460
 
0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
AA–
 
2,427,734
 
 
4,300
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
4,701,663
 
 
3,270
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
6/16 at 100.00
 
AA
 
3,275,722
 
 
1,655
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Refunding Series 2013B, 5.000%, 1/01/26
1/23 at 100.00
 
A
 
1,970,476
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
           
 
5,530
 
0.000%, 1/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
2,203,539
 
 
17,310
 
0.000%, 1/01/37 – FGIC Insured
No Opt. Call
 
AA–
 
5,747,612
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%,
1/01/31 – AGM Insured
7/16 at 100.00
 
AA
 
3,003,210
 
 
1,100
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/40
1/25 at 100.00
 
BBB+
 
1,096,007
 
 
4,390
 
Chicago, Illinois, General Obligation Bonds, Refunding Project Series 2005B, 4.750%,
1/01/32 – AGM Insured
No Opt. Call
 
AA
 
4,403,126
 
     
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E:
           
 
10,115
 
5.500%, 1/01/35
1/25 at 100.00
 
BBB+
 
10,100,131
 
 
3,290
 
5.500%, 1/01/42
1/25 at 100.00
 
BBB+
 
3,280,755
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38
1/26 at 100.00
 
BBB+
 
2,880,900
 
 
3,965
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
7/16 at 100.00
 
AA
 
3,970,313
 
 
4,900
 
Chicago, Illinois, General Obligation Bonds, Series 2015A, 5.500%, 1/01/39
1/25 at 100.00
 
BBB+
 
4,887,015
 
 
5,630
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38
No Opt. Call
 
AA
 
6,042,735
 
 
1,250
 
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured
6/22 at 100.00
 
AA
 
1,380,113
 
 
3,360
 
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Series 2007B, 0.000%, 12/01/24
12/16 at 69.01
 
AAA
 
2,304,826
 
 
25,375
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
27,391,297
 

92
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
800
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 5.500%, 12/01/30
12/25 at 100.00
 
N/R
$
811,336
 
     
Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A:
           
 
1,650
 
6.875%, 10/01/31
10/21 at 100.00
 
BBB–
 
1,812,063
 
 
2,100
 
7.125%, 10/01/41
10/21 at 100.00
 
BBB–
 
2,319,471
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA+
 
1,712,985
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA+
 
1,112,370
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
8/18 at 100.00
 
AA
 
2,140,800
 
 
5,220
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27
4/21 at 100.00
 
A
 
6,137,206
 
 
8,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
 
Baa2
 
8,509,120
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26
No Opt. Call
 
AA–
 
1,026,680
 
 
5,015
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
 
Baa1
 
5,414,445
 
 
3,160
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
 
3,655,362
 
 
10,270
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 (Pre-refunded 5/15/17) – NPFG Insured
5/17 at 100.00
 
AA– (4)
 
10,731,020
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
Baa2
 
597,120
 
     
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:
           
 
415
 
5.500%, 7/01/28
7/23 at 100.00
 
A–
 
489,700
 
 
905
 
6.000%, 7/01/43
7/23 at 100.00
 
A–
 
1,092,281
 
 
2,910
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25
5/19 at 100.00
 
Baa2
 
3,276,514
 
 
90
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (4)
 
104,150
 
 
1,600
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/19 – AGM Insured
5/18 at 100.00
 
AA
 
1,725,552
 
 
1,665
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19)
5/19 at 100.00
 
Aaa
 
1,951,996
 
 
9,195
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)
8/17 at 100.00
 
N/R (4)
 
9,745,045
 
 
4,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 6.000%, 8/15/23
8/18 at 100.00
 
BBB+
 
4,370,080
 
 
1,050
 
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
 
1,177,974
 
     
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
           
 
7,000
 
6.875%, 8/15/38 (Pre-refunded 8/15/19)
8/19 at 100.00
 
N/R (4)
 
8,355,200
 
 
2,000
 
7.000%, 8/15/44 (Pre-refunded 8/15/19)
8/19 at 100.00
 
N/R (4)
 
2,395,300
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
 
AA
 
560,110
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (7)
2/21 at 100.00
 
AA–
 
2,835,575
 
 
4,125
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
4,608,739
 
 
8,395
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust
2015-XF0248, 8.984%, 7/01/46 (IF) (7)
7/17 at 100.00
 
AA+
 
9,251,542
 

Nuveen
 
93


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
3,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB) (7)
10/25 at 100.00
 
AA+
$
3,451,020
 
 
7,875
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
 
BBB+
 
8,020,136
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
1,600
 
5.250%, 2/01/32
2/24 at 100.00
 
A–
 
1,751,104
 
 
1,000
 
5.250%, 2/01/33
2/24 at 100.00
 
A–
 
1,093,040
 
 
1,130
 
5.250%, 2/01/34
2/24 at 100.00
 
A–
 
1,229,598
 
 
1,000
 
5.000%, 2/01/39
2/24 at 100.00
 
A–
 
1,056,490
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
7,565
 
5.000%, 8/01/21
No Opt. Call
 
A–
 
8,434,748
 
 
2,925
 
5.000%, 8/01/22
No Opt. Call
 
A–
 
3,288,987
 
 
2,615
 
5.000%, 8/01/25
8/22 at 100.00
 
A–
 
2,875,009
 
 
6,000
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
7/16 at 100.00
 
A–
 
6,022,020
 
 
910
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
995,513
 
 
3,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
 
AA (4)
 
3,023,430
 
 
7,250
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
 
8,256,880
 
 
2,755
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40
7/25 at 100.00
 
AA–
 
3,222,744
 
 
560
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
2015-XF0051, 16.708%, 1/01/21 (IF)
No Opt. Call
 
AA–
 
871,310
 
 
2,500
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
No Opt. Call
 
Aa3
 
2,027,550
 
 
9,795
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, 2002, 5.250%, 12/01/19 – AGM Insured (UB)
No Opt. Call
 
AAA
 
11,265,621
 
 
7,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9)
7/16 at 100.00
 
N/R
 
3,149,369
 
 
1,245
 
Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B, 6.250%, 2/01/21 – AGM Insured
2/20 at 100.00
 
A2
 
1,460,796
 
 
1,315
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/21 – FGIC Insured
No Opt. Call
 
A3
 
1,172,230
 
     
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:
           
 
1,000
 
6.000%, 2/01/24 – AGM Insured
2/20 at 100.00
 
A2
 
1,144,960
 
 
1,030
 
6.000%, 2/01/25 – AGM Insured
2/20 at 100.00
 
A2
 
1,179,309
 
 
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52
6/22 at 100.00
 
BBB+
 
2,651,200
 
 
5,400
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52
12/25 at 100.00
 
BBB+
 
5,904,198
 
     
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:
           
 
23,110
 
0.000%, 12/15/52
No Opt. Call
 
BBB+
 
3,770,859
 
 
1,230
 
5.000%, 6/15/53
12/25 at 100.00
 
BBB
 
1,344,796
 
 
12,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
 
BBB+
 
12,838,200
 
 
45,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured
No Opt. Call
 
AA
 
14,021,550
 
 
7,075
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 6/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
5,381,386
 
 
2,680
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured
No Opt. Call
 
AA–
 
3,301,385
 

94
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
145
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
$
189,925
 
 
1,730
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B, 5.550%, 6/15/21 – NPFG Insured
6/17 at 101.00
 
AA–
 
1,834,821
 
 
770
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B, 5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
 
AA– (4)
 
820,150
 
 
1,165
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured
No Opt. Call
 
A3
 
1,004,009
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
9,500
 
0.000%, 6/15/24 – NPFG Insured (6)
6/22 at 101.00
 
AA–
 
10,475,080
 
 
8,400
 
0.000%, 12/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
4,649,568
 
 
10,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
 
4,037,900
 
 
36,040
 
0.000%, 6/15/40 – NPFG Insured
No Opt. Call
 
AA–
 
12,225,489
 
 
3,720
 
0.000%, 6/15/41 – NPFG Insured
No Opt. Call
 
AA–
 
1,199,588
 
 
2,898
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
7/16 at 100.00
 
AA
 
2,901,941
 
     
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:
           
 
480
 
5.000%, 10/01/25
10/22 at 100.00
 
Baa1
 
550,934
 
 
400
 
5.000%, 10/01/26
10/22 at 100.00
 
Baa1
 
455,800
 
     
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
           
 
780
 
5.250%, 6/01/21
No Opt. Call
 
A
 
918,941
 
 
2,000
 
6.250%, 6/01/24
6/16 at 100.00
 
A
 
2,010,220
 
 
4,200
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
No Opt. Call
 
AA
 
4,818,912
 
 
1,890
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2003A, 5.500%, 7/01/22 – FGIC Insured
No Opt. Call
 
AA
 
2,337,854
 
 
3,815
 
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)
8/22 at 100.00
 
B+
 
3,339,842
 
 
1,580
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32
10/23 at 100.00
 
A
 
1,881,101
 
 
11,350
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured
No Opt. Call
 
A2
 
9,001,231
 
 
520,448
 
Total Illinois
       
421,946,070
 
     
Indiana – 5.8% (4.0% of Total Investments)
           
     
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:
           
 
1,950
 
0.000%, 2/01/24
No Opt. Call
 
AA+
 
1,666,704
 
 
2,705
 
0.000%, 2/01/25
No Opt. Call
 
AA+
 
2,240,470
 
 
4,400
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured
No Opt. Call
 
AA+
 
3,774,276
 
 
3,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 (Pre-refunded 8/01/16)
8/16 at 100.00
 
N/R (4)
 
3,036,630
 
 
680
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/29
2/22 at 100.00
 
BBB+
 
773,962
 
 
1,050
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
10/19 at 100.00
 
B–
 
1,030,963
 
 
80
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26
6/20 at 100.00
 
B+
 
74,363
 
 
1,230
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)
No Opt. Call
 
B+
 
1,076,803
 

Nuveen
 
95


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
11,000
 
Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated Group, Series 2016A, 4.000%, 11/01/51
11/25 at 100.00
 
AA
$
11,247,280
 
 
4,465
 
Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
5,000,577
 
 
1,815
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
2,033,689
 
 
1,500
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30
3/20 at 100.00
 
BBB–
 
1,591,485
 
 
1,875
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40
6/25 at 100.00
 
AA
 
1,984,856
 
 
9,300
 
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 5.000%, 10/01/44
10/23 at 100.00
 
BBB+
 
10,233,348
 
     
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:
           
 
5,380
 
5.000%, 7/01/44 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
 
5,859,197
 
 
5,100
 
5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
 
5,530,746
 
 
5,370
 
5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
 
5,893,414
 
 
6,730
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
 
AA
 
7,583,364
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
605
 
5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
684,709
 
 
3,165
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
3,509,289
 
 
7,000
 
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
7,584,780
 
 
6,700
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
7,665,269
 
 
13,000
 
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
 
A+
 
14,828,580
 
 
3,485
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36
11/16 at 100.00
 
AA+
 
3,569,372
 
 
2,295
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
 
2,366,306
 
 
2,445
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
 
2,545,196
 
 
5,180
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
 
5,332,810
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
           
 
2,470
 
0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
 
2,028,191
 
 
10,000
 
0.000%, 2/01/26 – AMBAC Insured
No Opt. Call
 
AA
 
7,951,500
 
 
1,000
 
Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016, 5.750%, 4/01/36 (WI/DD, Settling 5/02/16)
4/24 at 102.00
 
N/R
 
1,005,200
 
 
1,250
 
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
 
1,411,287
 
 
830
 
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
 
1,027,084
 
     
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:
           
 
2,500
 
5.750%, 9/01/42
9/17 at 100.00
 
N/R
 
2,577,450
 
 
2,500
 
5.800%, 9/01/47
9/17 at 100.00
 
N/R
 
2,577,425
 
 
132,055
 
Total Indiana
       
137,296,575
 
     
Iowa – 1.5% (1.0% of Total Investments)
           
 
1,000
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20
7/16 at 100.00
 
BB+
 
1,004,400
 

96
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa (continued)
           
     
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
           
$
3,000
 
5.000%, 12/01/19
No Opt. Call
 
BB–
$
3,103,830
 
 
7,055
 
5.500%, 12/01/22
12/18 at 100.00
 
BB–
 
7,349,546
 
 
1,255
 
5.250%, 12/01/25
12/23 at 100.00
 
BB–
 
1,355,061
 
 
1,630
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31
10/21 at 100.00
 
BBB
 
1,831,321
 
 
1,900
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012, 5.000%, 9/01/43
9/23 at 100.00
 
BB
 
1,920,577
 
 
2,000
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25
12/19 at 100.00
 
A1
 
2,213,560
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
6,425
 
5.375%, 6/01/38
7/16 at 100.00
 
B+
 
6,424,422
 
 
525
 
5.500%, 6/01/42
7/16 at 100.00
 
B+
 
524,963
 
 
3,020
 
5.625%, 6/01/46
7/16 at 100.00
 
B+
 
3,019,789
 
 
6,590
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
6,606,870
 
 
34,400
 
Total Iowa
       
35,354,339
 
     
Kansas – 0.8% (0.6% of Total Investments)
           
     
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:
           
 
2,000
 
5.000%, 9/01/26 (Pre-refunded 9/01/21)
9/21 at 100.00
 
Aa3 (4)
 
2,374,180
 
 
1,000
 
5.000%, 9/01/27 (Pre-refunded 9/01/21)
9/21 at 100.00
 
Aa3 (4)
 
1,187,090
 
 
2,000
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28
5/22 at 100.00
 
Aa2
 
2,354,640
 
 
1,485
 
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31
12/20 at 100.00
 
A3
 
1,651,840
 
     
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B:
           
 
1,000
 
5.125%, 5/15/37
5/16 at 101.00
 
N/R
 
1,006,770
 
 
1,000
 
5.125%, 5/15/42
5/16 at 101.00
 
N/R
 
1,006,260
 
 
2,755
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
 
2,775,277
 
 
555
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32
4/20 at 100.00
 
BBB
 
605,744
 
     
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
           
 
3,865
 
5.750%, 9/01/32
9/25 at 100.00
 
N/R
 
3,946,397
 
 
1,840
 
6.000%, 9/01/35
9/25 at 100.00
 
N/R
 
1,876,046
 
 
30
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
 
22,700
 
 
17,530
 
Total Kansas
       
18,806,944
 
     
Kentucky – 1.7% (1.2% of Total Investments)
           
 
1,000
 
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+
 
1,146,740
 
 
6,015
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40
6/20 at 100.00
 
BBB+
 
6,942,032
 
 
1,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24
8/19 at 100.00
 
A+
 
1,633,560
 
     
Kentucky Economic Development Finance Authority, Kentucky, Healthcare Revenue Bonds, Rosedale Green Project, Refunding Series 2015:
           
 
500
 
5.750%, 11/15/45
11/25 at 100.00
 
N/R
 
522,575
 
 
2,250
 
5.750%, 11/15/50
11/25 at 100.00
 
N/R
 
2,332,688
 

Nuveen
 
97


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky (continued)
           
     
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1:
           
$
1,000
 
6.000%, 12/01/33 – AGC Insured
6/18 at 100.00
 
AA
$
1,083,450
 
 
1,000
 
6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
 
AA
 
1,081,310
 
 
1,100
 
6.000%, 12/01/42 – AGC Insured
6/18 at 100.00
 
AA
 
1,189,441
 
     
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:
           
 
2,130
 
5.000%, 7/01/40
7/25 at 100.00
 
BBB+
 
2,393,971
 
 
2,940
 
5.000%, 1/01/45
7/25 at 100.00
 
BBB+
 
3,274,895
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
1,335
 
0.000%, 7/01/43 (6)
7/31 at 100.00
 
Baa3
 
1,075,316
 
 
2,295
 
0.000%, 7/01/46 (6)
7/31 at 100.00
 
Baa3
 
1,847,314
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
3,080
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
3,545,542
 
 
615
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
719,366
 
 
5,400
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
6/21 at 100.00
 
Aa3
 
6,237,540
 
 
5,000
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31
3/21 at 100.00
 
A3
 
5,823,350
 
 
215
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A, 4.000%, 10/01/29
10/22 at 100.00
 
A+
 
228,829
 
 
37,375
 
Total Kentucky
       
41,077,919
 
     
Louisiana – 2.2% (1.5% of Total Investments)
           
 
2,000
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41
7/21 at 100.00
 
BB
 
2,285,000
 
 
3,000
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
 
BBB+
 
3,252,390
 
 
7,445
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax)
7/23 at 100.00
 
N/R
 
8,387,909
 
 
1,460
 
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+
 
1,686,869
 
 
11,960
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
A–
 
12,415,676
 
 
4,540
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
 
4,772,266
 
 
4,425
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
A–
 
5,334,337
 
 
325
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43
12/23 at 100.00
 
N/R
 
390,559
 
 
2,235
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
2,536,881
 
 
5,100
 
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–
 
5,720,415
 
 
2,560
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44
6/24 at 100.00
 
A
 
2,917,350
 
 
2,145
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37
6/17 at 100.00
 
BBB
 
2,201,092
 
 
47,195
 
Total Louisiana
       
51,900,744
 
     
Maine – 0.3% (0.2% of Total Investments)
           
 
1,025
 
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
 
BBB
 
1,124,118
 

98
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Maine (continued)
           
     
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:
           
$
2,000
 
6.750%, 7/01/36
7/21 at 100.00
 
BBB–
$
2,281,600
 
 
1,050
 
6.750%, 7/01/41
7/21 at 100.00
 
BBB–
 
1,196,255
 
 
1,250
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
AA
 
1,407,650
 
 
5,325
 
Total Maine
       
6,009,623
 
     
Maryland – 0.2% (0.2% of Total Investments)
           
 
1,000
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007B, 5.250%, 4/01/37
4/17 at 100.00
 
N/R
 
1,007,160
 
 
65
 
Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16
6/16 at 100.00
 
Aa2
 
65,218
 
 
2,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (8)
12/16 at 100.00
 
N/R
 
1,194,340
 
 
555
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34
7/17 at 100.00
 
A–
 
564,829
 
 
2,000
 
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
 
2,284,020
 
 
355
 
Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46
1/26 at 100.00
 
N/R
 
365,991
 
 
5,975
 
Total Maryland
       
5,481,558
 
     
Massachusetts – 2.5% (1.7% of Total Investments)
           
 
5,680
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
 
AAA
 
6,203,810
 
 
2,320
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34 (Pre-refunded 7/01/18)
7/18 at 100.00
 
N/R (4)
 
2,545,295
 
 
8,825
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/32
1/20 at 100.00
 
A+
 
9,975,074
 
 
475
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44
No Opt. Call
 
BBB
 
536,631
 
 
1,525
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45
1/25 at 100.00
 
BBB+
 
1,634,617
 
 
2,375
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
10/16 at 101.00
 
N/R
 
2,401,291
 
 
1,500
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39
7/19 at 100.00
 
AA
 
1,672,665
 
 
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 & 2, 5.125%, 7/01/33
7/18 at 100.00
 
A–
 
660,083
 
 
5,800
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
6,483,240
 
 
400
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
448,776
 
 
5,000
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
7/16 at 100.00
 
N/R
 
5,019,600
 
 
4,560
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
5/23 at 100.00
 
AA+
 
5,333,832
 
 
6,930
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (7)
2/17 at 100.00
 
AA+
 
7,135,406
 
 
7,175
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
A+
 
8,296,309
 
 
53,185
 
Total Massachusetts
       
58,346,629
 

Nuveen
 
99


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan – 5.6% (3.8% of Total Investments)
           
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:
           
$
1,025
 
6.000%, 10/01/33
10/23 at 100.00
 
N/R
$
1,000,093
 
 
1,250
 
6.000%, 10/01/43
10/23 at 100.00
 
N/R
 
1,187,225
 
 
15,000
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
 
AA
 
19,059,000
 
 
1,930
 
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
 
A–
 
2,149,923
 
 
625
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
11/20 at 100.00
 
AA
 
675,488
 
 
5
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured
7/16 at 100.00
 
AA–
 
5,015
 
 
3,000
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
3,814,800
 
 
2,835
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
 
AA+
 
3,054,259
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
 
AA+
 
2,720,000
 
     
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B:
           
 
5,400
 
4.625%, 7/01/34 – FGIC Insured
7/16 at 100.00
 
AA–
 
5,433,588
 
 
4,375
 
5.000%, 7/01/36 – MBIA-NPFG Insured
7/16 at 100.00
 
AA–
 
4,405,056
 
 
2,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
 
A–
 
2,205,960
 
 
3,750
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
 
3,775,763
 
 
4,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
 
4,027,480
 
 
2,000
 
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A, 5.000%, 8/15/38 (Pre-refunded 8/15/17)
8/17 at 100.00
 
N/R (4)
 
2,110,340
 
 
2,000
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47
No Opt. Call
 
AA–
 
2,239,680
 
 
1,500
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 – AGM Insured
6/20 at 100.00
 
AA
 
1,689,075
 
 
6,880
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010, 5.500%, 5/15/36
5/20 at 100.00
 
A2
 
7,781,005
 
 
1,900
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 5.250%, 7/01/30
7/16 at 100.00
 
BB
 
1,900,152
 
 
3,580
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41
7/21 at 100.00
 
AA–
 
4,233,278
 
 
1,000
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%,
7/01/36 – NPFG Insured
7/24 at 100.00
 
AA–
 
1,135,420
 
 
4,980
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
AA–
 
5,606,135
 
 
20
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (4)
 
24,192
 
 
3,670
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/32
6/22 at 100.00
 
AA
 
4,247,988
 
 
2,860
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 3.650%, 10/01/32
4/22 at 100.00
 
AA
 
2,944,456
 
 
2,500
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured
No Opt. Call
 
AA
 
2,821,925
 
 
2,250
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa2
 
2,619,675
 

100
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
3,595
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%,
10/15/30 – NPFG Insured
10/16 at 50.02
 
Aa2
$
1,784,055
 
 
2,655
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 50.02
 
Aa2 (4)
 
1,324,580
 
     
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I:
           
 
12,500
 
5.000%, 4/15/32
10/25 at 100.00
 
Aa2
 
15,165,250
 
 
6,000
 
5.000%, 10/15/45
10/25 at 100.00
 
Aa2
 
6,949,860
 
 
3,220
 
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–
 
3,664,328
 
 
4,500
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
 
AA
 
4,622,175
 
 
365
 
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)
 
374,497
 
 
1,525
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
 
B+
 
1,573,998
 
 
2,000
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37
No Opt. Call
 
A
 
2,232,420
 
 
119,195
 
Total Michigan
       
130,558,134
 
     
Minnesota – 0.9% (0.6% of Total Investments)
           
 
2,020
 
Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax)
10/16 at 100.00
 
Aa1
 
2,044,482
 
 
1,000
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40
11/20 at 100.00
 
BBB–
 
1,069,960
 
 
5,265
 
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A, 5.000%, 7/01/33
7/25 at 100.00
 
A
 
6,226,442
 
 
4,230
 
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
 
4,768,225
 
 
770
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured
11/18 at 100.00
 
AA (4)
 
879,586
 
 
1,145
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2007B, 5.000%, 1/01/24 – NPFG Insured
1/17 at 100.00
 
AA–
 
1,177,403
 
 
4,250
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36
8/16 at 100.00
 
N/R
 
4,260,497
 
 
18,680
 
Total Minnesota
       
20,426,595
 
     
Mississippi – 0.4% (0.3% of Total Investments)
           
 
1,990
 
Mississippi Business Finance Corporation, GNMA Collateralized Retirement Facility Mortgage Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 5.450%, 5/20/34
5/16 at 100.00
 
AA+
 
1,998,497
 
 
620
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
10/16 at 100.00
 
BBB
 
639,883
 
 
5,215
 
Mississippi State, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18
No Opt. Call
 
AA+
 
5,848,153
 
 
1,000
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32
9/18 at 100.00
 
BBB
 
1,119,390
 
 
8,825
 
Total Mississippi
       
9,605,923
 
     
Missouri – 2.3% (1.6% of Total Investments)
           
 
1,400
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
10/22 at 100.00
 
AA+
 
1,593,970
 
 
3,495
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
6/17 at 100.00
 
B
 
3,304,243
 

Nuveen
 
101


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri (continued)
           
$
1,270
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33
3/23 at 103.00
 
N/R
$
1,284,923
 
 
1,000
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/32
12/17 at 100.00
 
N/R
 
1,012,900
 
 
1,000
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
10/19 at 100.00
 
A–
 
1,116,900
 
 
12,005
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
2004B-1, 0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
 
AA–
 
8,033,386
 
 
1,000
 
Liberty Public School District 53,Clay County, Missouri, Lease Participation Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31
4/22 at 100.00
 
AA–
 
1,158,270
 
     
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:
           
 
1,560
 
5.125%, 6/01/25
No Opt. Call
 
N/R
 
1,603,025
 
 
3,810
 
5.750%, 6/01/35
6/25 at 100.00
 
N/R
 
3,894,353
 
 
3,695
 
6.000%, 6/01/46
6/25 at 100.00
 
N/R
 
3,789,075
 
     
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A:
           
 
1,590
 
5.000%, 6/01/30
6/23 at 100.00
 
A1
 
1,808,164
 
 
2,700
 
5.000%, 6/01/33
6/23 at 100.00
 
A1
 
3,042,468
 
 
665
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
5/23 at 100.00
 
BBB+
 
749,063
 
 
505
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
10/23 at 100.00
 
A
 
587,431
 
     
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A:
           
 
50
 
5.000%, 11/15/44
11/23 at 100.00
 
A2
 
56,580
 
 
6,930
 
5.000%, 11/15/48
11/23 at 100.00
 
A2
 
7,822,030
 
 
2,000
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 5.000%, 11/15/45
11/24 at 100.00
 
AA–
 
2,268,840
 
 
2,500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37
11/21 at 100.00
 
AAA
 
2,907,075
 
 
2,000
 
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 (Pre-refunded 1/01/17) – AMBAC Insured
1/17 at 100.00
 
AA+ (4)
 
2,060,100
 
     
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:
           
 
370
 
4.500%, 12/15/23 – NPFG Insured
12/16 at 100.00
 
AA–
 
378,898
 
 
415
 
4.500%, 12/15/26 – NPFG Insured
12/16 at 100.00
 
AA–
 
425,089
 
     
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:
           
 
955
 
4.500%, 12/15/23 (Pre-refunded 12/15/16)
12/16 at 100.00
 
AA– (4)
 
978,684
 
 
1,060
 
4.500%, 12/15/26 (Pre-refunded 12/15/16)
12/16 at 100.00
 
AA– (4)
 
1,086,288
 
 
430
 
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–
 
498,134
 
     
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A:
           
 
450
 
5.000%, 12/01/35
12/25 at 100.00
 
N/R
 
475,610
 
 
130
 
5.125%, 12/01/45
12/25 at 100.00
 
N/R
 
136,577
 
 
980
 
Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37
3/23 at 103.00
 
N/R
 
991,515
 
 
53,965
 
Total Missouri
       
53,063,591
 
     
Nebraska – 0.5% (0.3% of Total Investments)
           
 
580
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A–
 
662,174
 
     
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:
           
 
1,930
 
5.000%, 5/15/27
5/24 at 100.00
 
BBB+
 
2,246,983
 
 
3,000
 
5.000%, 5/15/36
5/24 at 100.00
 
BBB+
 
3,352,080
 

102
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nebraska (continued)
           
     
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:
           
$
650
 
5.000%, 11/01/45
11/25 at 100.00
 
A–
$
742,092
 
 
2,110
 
5.000%, 11/01/48
11/25 at 100.00
 
A–
 
2,408,227
 
 
500
 
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–
 
553,700
 
 
1,005
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2220, 19.191%, 8/01/40 – BHAC Insured (IF)
2/17 at 100.00
 
AA+
 
1,629,849
 
 
9,775
 
Total Nebraska
       
11,595,105
 
     
Nevada – 3.5% (2.4% of Total Investments)
           
 
3,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38
No Opt. Call
 
AAA
 
3,373,560
 
 
1,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%,
7/01/25 – AGM Insured
No Opt. Call
 
AA
 
1,118,090
 
 
29,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
33,680,310
 
 
6,935
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
 
A+
 
7,799,725
 
 
5,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Tender Option Bond Trust 2633, 18.088%, 7/01/31 – BHAC Insured (IF) (7)
7/17 at 100.00
 
AA+
 
6,739,690
 
 
1,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (4)
 
2,062,389
 
 
4,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39
12/24 at 100.00
 
Aa1
 
4,758,320
 
 
3,395
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2009D, 5.000%, 6/01/27
6/19 at 100.00
 
Aa1
 
3,780,944
 
 
10,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
6/21 at 100.00
 
Aa1
 
11,499,400
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
4,999,800
 
 
1,750
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.812%, 7/01/31 – BHAC Insured (IF) (7)
7/17 at 100.00
 
AA+
 
2,051,210
 
 
71,530
 
Total Nevada
       
81,863,438
 
     
New Hampshire – 0.1% (0.1% of Total Investments)
           
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
 
Baa1
 
1,691,175
 
     
New Jersey – 3.0% (2.1% of Total Investments)
           
 
615
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
No Opt. Call
 
BBB–
 
702,853
 
 
1,100
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
1,227,149
 
 
5,050
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
7/16 at 100.00
 
AA–
 
5,102,217
 
 
3,050
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24
3/21 at 100.00
 
A–
 
3,318,400
 
     
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
           
 
835
 
5.750%, 6/01/31
6/20 at 100.00
 
Baa3
 
942,957
 
 
3,000
 
5.875%, 6/01/42
6/20 at 100.00
 
Baa3
 
3,359,520
 
 
1,120
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/33
7/23 at 100.00
 
A
 
1,303,568
 
 
600
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
7/21 at 100.00
 
BB+
 
658,464
 

Nuveen
 
103


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
405
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
7/25 at 100.00
 
AA
$
463,053
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:
           
 
3,000
 
0.000%, 12/15/31
No Opt. Call
 
A–
 
1,484,010
 
 
12,395
 
0.000%, 12/15/33
No Opt. Call
 
A–
 
5,450,949
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
           
 
15,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
 
AA–
 
8,374,500
 
 
15,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
 
7,669,650
 
 
20,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
9,754,400
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32
12/24 at 100.00
 
A–
 
5,528,850
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42
No Opt. Call
 
A–
 
5,269,800
 
 
3,645
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/44
6/23 at 100.00
 
A–
 
3,859,691
 
 
6,305
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45
6/25 at 100.00
 
A–
 
6,703,539
 
 
101,120
 
Total New Jersey
       
71,173,570
 
     
New Mexico – 0.3% (0.2% of Total Investments)
           
 
1,500
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 6.125%, 7/01/40
7/20 at 100.00
 
BBB–
 
1,626,075
 
 
4,180
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30
5/20 at 103.00
 
N/R
 
4,426,369
 
 
5,680
 
Total New Mexico
       
6,052,444
 
     
New York – 8.0% (5.5% of Total Investments)
           
 
1,755
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
4/17 at 100.00
 
B
 
1,538,872
 
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
3,220
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
3,687,673
 
 
3,065
 
6.250%, 7/15/40
1/20 at 100.00
 
BBB–
 
3,530,573
 
 
3,400
 
0.000%, 7/15/44
No Opt. Call
 
BBB–
 
963,526
 
 
12,020
 
0.000%, 7/15/46
No Opt. Call
 
BBB–
 
3,033,247
 
 
450
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
7/25 at 100.00
 
BBB+
 
529,263
 
 
2,500
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
6/16 at 100.00
 
AA–
 
2,520,875
 
 
3,170
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50
7/25 at 100.00
 
A–
 
3,606,826
 
 
4,675
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
3/21 at 100.00
 
AAA
 
5,353,576
 
     
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
           
 
2,100
 
5.750%, 2/15/47
2/21 at 100.00
 
A
 
2,471,133
 
 
6,160
 
5.250%, 2/15/47
2/21 at 100.00
 
A
 
7,047,225
 
 
7,310
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
7,488,949
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (4)
 
3,045,000
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/39
9/24 at 100.00
 
A–
 
3,494,970
 

104
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
1,200
 
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
$
1,371,900
 
 
6,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
 
A–
 
6,931,140
 
 
1,070
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
11/19 at 100.00
 
AA
 
1,224,273
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
3,035,250
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA–
 
873,840
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38
5/23 at 100.00
 
AA–
 
2,931,325
 
 
12,800
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
11/16 at 100.00
 
AA
 
13,025,408
 
     
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
           
 
245
 
7.500%, 8/01/16 (ETM)
No Opt. Call
 
N/R (4)
 
249,114
 
 
8,000
 
7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
 
8,223,440
 
 
4,375
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
5,140,100
 
 
3,750
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44
6/24 at 100.00
 
AA+
 
4,060,800
 
 
1,685
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
 
AAA
 
1,751,878
 
 
3,315
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
 
3,452,208
 
 
10,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
5/23 at 100.00
 
AAA
 
11,794,500
 
 
10
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%,
8/01/20 – NPFG Insured
7/16 at 100.00
 
AA
 
10,045
 
 
49,260
 
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
 
53,537,738
 
     
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011:
           
 
1,870
 
5.000%, 11/15/44
11/21 at 100.00
 
A+
 
2,151,360
 
 
2,000
 
5.750%, 11/15/51
No Opt. Call
 
A+
 
2,389,420
 
 
3,000
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
11/21 at 100.00
 
Aa1
 
3,542,580
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
           
 
6,065
 
6.500%, 12/01/28
7/16 at 100.00
 
Baa1
 
6,117,887
 
 
3,430
 
6.000%, 12/01/36
12/20 at 100.00
 
Baa1
 
4,038,516
 
 
795
 
6.000%, 12/01/42
12/20 at 100.00
 
Baa1
 
934,976
 
 
2,500
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50
5/25 at 100.00
 
AA–
 
2,945,475
 
 
182,945
 
Total New York
       
188,044,881
 
     
North Carolina – 1.0% (0.7% of Total Investments)
           
 
1,710
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 14.510%, 1/15/34 (IF) (7)
1/18 at 100.00
 
AA–
 
1,935,600
 
 
1,950
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
1/17 at 100.00
 
AA–
 
2,004,249
 
 
3,200
 
North Carolina Capital Facilities Financing Agency, General Revenue Bonds, Duke University, Series 2006A, 5.000%, 10/01/41
No Opt. Call
 
AA+
 
3,256,128
 
 
940
 
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, 5.000%, 6/30/54 (Alternative Minimum Tax)
6/25 at 100.00
 
BBB–
 
1,020,530
 

Nuveen
 
105


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
North Carolina (continued)
           
$
3,500
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42
6/19 at 100.00
 
AA
$
3,897,320
 
 
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
10/22 at 100.00
 
AA–
 
3,851,067
 
 
4,755
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
11/16 at 100.00
 
AA+
 
4,853,571
 
 
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
 
AA
 
2,103,832
 
 
21,255
 
Total North Carolina
       
22,922,297
 
     
North Dakota – 0.6% (0.4% of Total Investments)
           
 
1,000
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)
7/21 at 100.00
 
N/R (4)
 
1,193,050
 
     
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:
           
 
1,500
 
6.000%, 11/01/28
11/21 at 100.00
 
A+
 
1,820,910
 
 
2,190
 
6.250%, 11/01/31
11/21 at 100.00
 
A+
 
2,689,605
 
     
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:
           
 
3,000
 
5.000%, 12/01/29
12/21 at 100.00
 
A–
 
3,364,740
 
 
1,875
 
5.000%, 12/01/32
12/21 at 100.00
 
A–
 
2,075,231
 
 
2,350
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/25
7/16 at 100.00
 
BBB–
 
2,364,899
 
 
11,915
 
Total North Dakota
       
13,508,435
 
     
Ohio – 7.5% (5.2% of Total Investments)
           
 
800
 
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–
 
894,320
 
 
9,405
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
2/18 at 100.00
 
N/R (4)
 
10,163,983
 
 
595
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
 
A1
 
635,799
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
685
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
665,731
 
 
500
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
483,465
 
 
16,555
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
16,176,222
 
 
22,985
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
22,039,167
 
 
5,240
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
 
5,195,303
 
 
44,590
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
 
44,664,465
 
 
24,975
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
24,333,642
 
 
15,050
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
 
15,067,006
 
     
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
           
 
2,000
 
5.250%, 11/01/29
11/20 at 100.00
 
A
 
2,333,640
 
 
3,000
 
5.750%, 11/01/40
11/20 at 100.00
 
A
 
3,541,260
 
 
3,040
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
7/21 at 100.00
 
BBB–
 
3,340,018
 
 
5,800
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA+
 
6,520,708
 
 
3,055
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
 
B+
 
2,931,211
 
 
4,615
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
 
5,584,565
 
 
7,850
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
8,746,548
 

106
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
10
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, AK Steel Holding Corporation, Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax)
2/22 at 100.00
 
CCC+
$
7,836
 
 
2,000
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/33
2/23 at 100.00
 
A+
 
2,402,520
 
 
172,750
 
Total Ohio
       
175,727,409
 
     
Oklahoma – 1.9% (1.3% of Total Investments)
           
 
2,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
 
N/R
 
2,419,100
 
 
3,500
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
6/20 at 100.00
 
A+
 
3,997,280
 
 
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18)
8/18 at 100.00
 
AA– (4)
 
1,846,336
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
4,390
 
5.000%, 2/15/37
2/17 at 100.00
 
AA
 
4,519,286
 
 
13,295
 
5.000%, 2/15/42
2/17 at 100.00
 
AA
 
13,672,578
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
150
 
5.000%, 2/15/37 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (4)
 
155,245
 
 
450
 
5.000%, 2/15/42 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (4)
 
465,737
 
 
2,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
 
AA–
 
2,040,620
 
 
2,055
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.375%, 6/01/33 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
 
AA
 
2,369,497
 
 
11,920
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, 2006, 5.000%, 12/15/36 (UB) (7)
12/16 at 100.00
 
AA+
 
12,253,402
 
 
176
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 8.185%, 12/15/36 (IF) (7)
12/16 at 100.00
 
AA+
 
184,950
 
 
41,611
 
Total Oklahoma
       
43,924,031
 
     
Oregon – 0.2% (0.1% of Total Investments)
           
 
1,270
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40
5/22 at 100.00
 
BBB
 
1,407,173
 
 
3,000
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/36
10/17 at 100.00
 
A
 
3,148,380
 
 
4,270
 
Total Oregon
       
4,555,553
 
     
Pennsylvania – 3.4% (2.4% of Total Investments)
           
     
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:
           
 
25
 
6.750%, 11/01/24
11/19 at 100.00
 
B+
 
23,537
 
 
95
 
6.875%, 5/01/30
11/19 at 100.00
 
B+
 
91,094
 
 
5,000
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39
8/19 at 100.00
 
Aa3
 
5,641,500
 
 
10
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
 
B+
 
10,076
 
 
1,500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB–
 
1,508,490
 
 
100
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
 
BBB+
 
112,348
 
 
900
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (4)
 
1,023,741
 
 
2,080
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/38
1/25 at 100.00
 
BBB+
 
2,305,784
 

Nuveen
 
107


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
 
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
605
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured
12/18 at 100.00
 
AA (4)
$
670,328
 
 
960
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
 
AA
 
1,048,714
 
 
3,160
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured
12/18 at 100.00
 
AA (4)
 
3,501,217
 
     
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:
           
 
5,440
 
5.250%, 1/15/36
1/25 at 100.00
 
Baa2
 
6,086,381
 
 
3,535
 
5.250%, 1/15/45
1/25 at 100.00
 
Baa2
 
3,946,615
 
 
2,206
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23
7/16 at 100.00
 
N/R
 
969,283
 
 
98
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23
7/16 at 100.00
 
N/R
 
42,889
 
 
4,135
 
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
 
4,355,850
 
 
2,750
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
9/25 at 100.00
 
B+
 
2,665,300
 
 
1,085
 
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
 
1,225,182
 
 
600
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
7/20 at 100.00
 
Baa3
 
649,092
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) (7)
10/16 at 100.00
 
AA+
 
1,509,210
 
 
5,490
 
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
 
5,578,444
 
 
1,750
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34
12/20 at 100.00
 
AA–
 
2,034,130
 
 
5,140
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/34
No Opt. Call
 
AA–
 
5,895,786
 
 
5,660
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45
6/25 at 100.00
 
A1
 
6,505,944
 
     
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B:
           
 
10,000
 
5.250%, 5/15/30 (Pre-refunded 5/15/20)
5/20 at 100.00
 
N/R (4)
 
11,669,700
 
 
1,595
 
5.000%, 5/15/40 (Pre-refunded 5/15/20)
5/20 at 100.00
 
N/R (4)
 
1,845,574
 
     
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:
           
 
5,445
 
6.000%, 8/01/36
8/20 at 100.00
 
A+
 
6,471,764
 
 
1,425
 
6.500%, 8/01/41
8/20 at 100.00
 
A+
 
1,716,484
 
 
1,670
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.250%, 8/01/19
No Opt. Call
 
A–
 
1,809,395
 
 
73,959
 
Total Pennsylvania
       
80,913,852
 
     
Puerto Rico – 0.3% (0.2% of Total Investments)
           
 
215
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured
No Opt. Call
 
CC
 
220,768
 
 
30,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
 
2,525,400
 
 
3,975
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%,
7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
4,208,849
 
 
34,190
 
Total Puerto Rico
       
6,955,017
 
     
Rhode Island – 0.0% (0.0% of Total Investments)
           
 
330
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.500%, 5/15/16 – NPFG Insured
No Opt. Call
 
AA–
 
330,776
 

108
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina – 2.4% (1.7% of Total Investments)
           
$
5,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.250%, 1/01/21 – FGIC Insured
No Opt. Call
 
AA–
$
6,120,250
 
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
           
 
1,220
 
0.000%, 1/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
1,060,217
 
 
21,570
 
0.000%, 1/01/30 – AMBAC Insured
No Opt. Call
 
A–
 
13,503,683
 
 
5,560
 
0.000%, 1/01/31 – AMBAC Insured
No Opt. Call
 
AA
 
3,517,478
 
     
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:
           
 
5,000
 
5.000%, 12/01/50
6/25 at 100.00
 
AA–
 
5,704,800
 
 
5,000
 
5.000%, 12/01/55
6/25 at 100.00
 
AA–
 
5,721,750
 
 
6,930
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
 
AA–
 
7,932,910
 
 
9,155
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
10,766,188
 
 
2,900
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
10/19 at 100.00
 
A1
 
3,249,798
 
 
62,335
 
Total South Carolina
       
57,577,074
 
     
South Dakota – 0.3% (0.2% of Total Investments)
           
 
2,945
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/40 (Pre-refunded 5/01/17)
5/17 at 100.00
 
A+ (4)
 
3,072,430
 
 
4,455
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
11/24 at 100.00
 
A+
 
5,096,119
 
 
7,400
 
Total South Dakota
       
8,168,549
 
     
Tennessee – 0.7% (0.5% of Total Investments)
           
 
8,890
 
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+
 
10,076,637
 
 
2,395
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
 
BBB+
 
2,694,998
 
 
8,755
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41
1/17 at 30.07
 
A
 
2,554,972
 
 
1,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured
12/17 at 100.00
 
N/R
 
1,071,040
 
 
1,095
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
 
1,109,115
 
 
22,135
 
Total Tennessee
       
17,506,762
 
     
Texas – 19.7% (13.6% of Total Investments)
           
 
975
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45
3/23 at 103.00
 
N/R
 
998,429
 
 
870
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40
3/23 at 103.00
 
N/R
 
889,366
 
 
5,555
 
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
2/17 at 100.00
 
AAA
 
5,733,093
 
     
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015:
           
 
3,135
 
5.250%, 12/01/35
12/25 at 100.00
 
BB
 
3,460,225
 
 
3,340
 
5.000%, 12/01/40
12/25 at 100.00
 
BB
 
3,565,316
 
 
10,975
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2006F, 4.250%, 8/15/36
2/17 at 100.00
 
AAA
 
11,239,717
 
 
4,000
 
Board of Regents, University of Texas System, Financing System Revenue Refunding Bonds, Series 2006B, 5.000%, 8/15/31 (Pre-refunded 8/15/16)
8/16 at 100.00
 
AAA
 
4,053,480
 
 
6,000
 
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
 
A1
 
6,429,540
 

Nuveen
 
109


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
 
Baa1
$
2,306,420
 
 
1,075
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45
3/23 at 103.00
 
N/R
 
1,107,637
 
 
1,885
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40
3/23 at 103.00
 
N/R
 
1,939,665
 
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:
           
 
3,250
 
6.000%, 1/01/41
1/21 at 100.00
 
BBB+
 
3,857,360
 
 
2,700
 
6.250%, 1/01/46
1/21 at 100.00
 
BBB+
 
3,230,658
 
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:
           
 
2,000
 
5.000%, 1/01/40
7/25 at 100.00
 
BBB+
 
2,306,440
 
 
3,625
 
5.000%, 1/01/45
7/25 at 100.00
 
BBB+
 
4,149,247
 
     
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:
           
 
550
 
6.250%, 9/01/35 (WI/DD, Settling 5/24/16)
9/23 at 103.00
 
N/R
 
552,002
 
 
520
 
6.500%, 9/01/46 (WI/DD, Settling 5/24/16)
9/23 at 103.00
 
N/R
 
521,862
 
 
4,500
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
1/21 at 100.00
 
AA–
 
5,127,255
 
 
4,000
 
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+
 
4,479,640
 
 
2,600
 
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+
 
2,935,244
 
 
4,250
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/26 (Pre-refunded 8/15/16)
8/16 at 60.73
 
Aaa
 
2,576,988
 
 
2,335
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
10/23 at 100.00
 
BBB+
 
2,598,341
 
 
17,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51
10/23 at 100.00
 
AA+
 
19,748,730
 
 
1,140
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.948%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
1,736,391
 
 
10,000
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)
7/16 at 100.00
 
BB+
 
10,021,100
 
     
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:
           
 
3,480
 
5.000%, 12/01/45
6/25 at 100.00
 
AA
 
4,039,027
 
 
1,895
 
4.000%, 12/01/45
6/25 at 100.00
 
AA
 
2,010,633
 
 
9,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
 
9,298,260
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:
           
 
295
 
0.000%, 11/15/41 – AGM Insured
11/31 at 62.66
 
AA
 
100,256
 
 
590
 
0.000%, 11/15/42 – AGM Insured
11/31 at 59.73
 
AA
 
190,706
 
 
1,000
 
0.000%, 11/15/43 – AGM Insured
11/31 at 56.93
 
AA
 
305,950
 
 
2,000
 
0.000%, 11/15/44 – AGM Insured
11/31 at 54.25
 
AA
 
583,460
 
 
2,600
 
0.000%, 11/15/45 – AGM Insured
11/31 at 51.48
 
AA
 
719,264
 
 
4,180
 
0.000%, 11/15/53 – AGM Insured
11/31 at 33.96
 
AA
 
756,078
 
 
1,920
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37 – NPFG Insured
11/31 at 69.08
 
AA–
 
719,942
 
 
2,000
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/29
11/24 at 100.00
 
A2
 
2,378,280
 
 
4,565
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured
11/24 at 52.47
 
AA–
 
1,721,918
 
 
40,500
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured
11/30 at 54.04
 
AA
 
13,298,175
 

110
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,400
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
 
AA–
$
2,510,136
 
 
235
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
7/24 at 100.00
 
BB–
 
262,509
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30
No Opt. Call
 
AA
 
2,371,200
 
 
10,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
11,611,100
 
 
705
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27
9/16 at 100.00
 
A2
 
715,215
 
 
4,260
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27 (Pre-refunded 9/01/16)
9/16 at 100.00
 
N/R (4)
 
4,328,416
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
           
 
28,305
 
0.000%, 9/01/28 – AMBAC Insured
No Opt. Call
 
A2
 
18,759,139
 
 
5,000
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
 
A2
 
3,043,750
 
 
5,765
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
 
A2
 
3,342,720
 
 
3,855
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
A+
 
4,332,519
 
 
6,000
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM)
No Opt. Call
 
AA+ (4)
 
8,441,220
 
 
7,500
 
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)
 
11,163,675
 
 
14,200
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 (UB)
8/16 at 100.00
 
AAA
 
14,337,456
 
 
720
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35
8/25 at 100.00
 
BBB+
 
813,253
 
 
6,080
 
Laredo Independent School District, Webb County, Texas, General Obligation Bonds, Series 2006, 5.000%, 8/01/29 (Pre-refunded 8/01/16)
8/16 at 100.00
 
AAA
 
6,150,650
 
 
2,725
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/38
8/25 at 100.00
 
AAA
 
3,264,278
 
 
535
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39
8/17 at 27.35
 
AAA
 
143,771
 
 
12,975
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39 (Pre-refunded 8/15/17)
8/17 at 27.35
 
N/R (4)
 
3,500,396
 
     
Little Elm Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006:
           
 
1,685
 
5.000%, 8/15/37 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
 
1,707,259
 
 
2,600
 
5.000%, 8/15/37 (Pre-refunded 8/15/16)
8/16 at 100.00
 
AAA
 
2,634,528
 
 
8,000
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
5/20 at 100.00
 
A1
 
8,985,760
 
 
2,750
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40
5/25 at 100.00
 
A+
 
3,168,688
 
 
1,020
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34 (Pre-refunded 8/15/16)
8/16 at 100.00
 
Aaa
 
1,033,607
 
     
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007:
           
 
1,485
 
5.000%, 8/15/34 (Pre-refunded 8/15/16)
8/16 at 100.00
 
Aaa
 
1,504,854
 
 
1,015
 
5.000%, 8/15/34 (Pre-refunded 8/15/16)
8/16 at 100.00
 
Aaa
 
1,028,571
 
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
4/21 at 100.00
 
BBB
 
1,972,197
 
 
2,505
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
 
A1
 
3,047,383
 

Nuveen
 
111


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
1,955
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (WI/DD, Settling 5/04/16) (Alternative Minimum Tax)
10/18 at 103.00
 
BB–
$
2,038,576
 
 
15,600
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax)
1/26 at 102.00
 
N/R
 
15,879,084
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:
           
 
6,330
 
0.000%, 9/01/43 (6)
9/31 at 100.00
 
AA+
 
6,481,603
 
 
9,130
 
0.000%, 9/01/45 (6)
9/31 at 100.00
 
AA+
 
10,071,759
 
 
1,100
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
1/19 at 100.00
 
A1
 
1,239,733
 
     
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I:
           
 
2,555
 
6.200%, 1/01/42 – AGC Insured
1/25 at 100.00
 
AA
 
3,354,000
 
 
7,000
 
6.500%, 1/01/43
1/25 at 100.00
 
A1
 
9,044,070
 
 
555
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40
1/18 at 100.00
 
AA
 
598,506
 
 
545
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured
1/18 at 100.00
 
AA (4)
 
590,050
 
 
10,000
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 – AGC Insured
No Opt. Call
 
AA
 
6,947,300
 
     
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B:
           
 
2,870
 
5.000%, 1/01/40
1/23 at 100.00
 
A
 
3,291,230
 
 
4,880
 
5.000%, 1/01/45
1/25 at 100.00
 
A
 
5,604,143
 
 
8,400
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
A2 (4)
 
9,094,344
 
     
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:
           
 
7,855
 
5.000%, 1/01/33
1/25 at 100.00
 
A2
 
9,269,844
 
 
2,205
 
5.000%, 1/01/34
1/25 at 100.00
 
A2
 
2,590,985
 
 
1,000
 
5.000%, 1/01/35
1/25 at 100.00
 
A2
 
1,169,150
 
 
2,345
 
5.000%, 1/01/38
1/25 at 100.00
 
A2
 
2,708,452
 
 
1,570
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34
2/24 at 100.00
 
Baa2
 
1,720,280
 
 
3,500
 
Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
10/20 at 100.00
 
AA–
 
3,992,765
 
 
250
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Tender Option Bond Trust 2016-XF0387, 16.987%, 2/15/36 (IF) (7)
2/17 at 100.00
 
AA
 
278,480
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 16.277%, 8/15/16 (IF)
No Opt. Call
 
AA
 
3,670,070
 
     
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
           
 
425
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
N/R (4)
 
505,147
 
 
5,410
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
AA– (4)
 
6,437,738
 
 
12,900
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
13,267,392
 
 
1,980
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
 
BBB+
 
2,506,027
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,500
 
5.000%, 12/15/27
No Opt. Call
 
A3
 
2,877,850
 
 
4,835
 
5.000%, 12/15/28
No Opt. Call
 
A3
 
5,540,330
 
 
13,235
 
5.000%, 12/15/29
No Opt. Call
 
A3
 
15,079,165
 
 
435
 
5.000%, 12/15/32
No Opt. Call
 
A3
 
487,478
 
 
1,620
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
 
Baa2
 
1,912,199
 

112
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
     
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:
           
$
2,000
 
7.000%, 6/30/34
6/20 at 100.00
 
Baa3
$
2,402,940
 
 
500
 
7.000%, 6/30/40
6/20 at 100.00
 
Baa3
 
600,290
 
 
2,000
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
2,523,360
 
 
1,000
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
 
BBB (4)
 
1,056,110
 
 
3,395
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.980%, 4/01/28 (IF)
4/17 at 100.00
 
Aaa
 
4,930,728
 
 
5,355
 
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–
 
6,120,015
 
     
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:
           
 
4,000
 
5.000%, 8/15/32
8/24 at 100.00
 
BBB+
 
4,634,320
 
 
6,875
 
5.000%, 8/15/37
8/24 at 100.00
 
BBB+
 
7,856,062
 
 
4,590
 
5.000%, 8/15/42
8/24 at 100.00
 
BBB+
 
5,183,946
 
     
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:
           
 
1,020
 
0.000%, 8/15/21 – AMBAC Insured
No Opt. Call
 
A–
 
932,637
 
 
3,600
 
0.000%, 8/15/25 – AMBAC Insured
No Opt. Call
 
A–
 
2,827,152
 
 
300
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/21 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (4)
 
280,077
 
 
2,900
 
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
8/16 at 100.00
 
AAA
 
2,911,542
 
 
7,000
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)
7/16 at 100.00
 
Aaa
 
7,548,730
 
 
489,190
 
Total Texas
       
463,916,004
 
     
Utah – 0.2% (0.2% of Total Investments)
           
 
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
 
AA+
 
3,282,450
 
 
810
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40
7/20 at 100.00
 
BBB–
 
890,571
 
 
1,555
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40
7/20 at 100.00
 
BB–
 
1,611,493
 
 
5,365
 
Total Utah
       
5,784,514
 
     
Virgin Islands – 0.2% (0.1% of Total Investments)
           
 
3,960
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
Baa3
 
4,451,951
 
     
Virginia – 1.1% (0.7% of Total Investments)
           
 
540
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45
3/25 at 100.00
 
N/R
 
553,705
 
 
1,800
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
No Opt. Call
 
A2
 
2,096,226
 
 
6,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
 
5,280,840
 
 
2,855
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
6/17 at 100.00
 
B–
 
2,571,299
 
 
1,810
 
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–
 
1,980,647
 

Nuveen
 
113


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia (continued)
           
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
           
$
1,885
 
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
$
2,130,201
 
 
5,460
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
6,480,201
 
 
3,810
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
4,356,735
 
 
24,160
 
Total Virginia
       
25,449,854
 
     
Washington – 2.5% (1.7% of Total Investments)
           
 
1,260
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
8/16 at 100.00
 
AAA
 
1,337,062
 
 
6,000
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (7)
7/25 at 100.00
 
AA
 
7,135,860
 
 
2,485
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA (4)
 
2,559,500
 
 
3,020
 
King County Public Hospital District 1, Washington, Limited Tax General Obligation and Refunding Bonds, Series 2008A, 5.000%, 12/01/37 – AGC Insured
No Opt. Call
 
AA
 
3,247,889
 
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19)
1/19 at 100.00
 
AA+ (4)
 
2,794,575
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41
2/21 at 100.00
 
A+
 
10,909,900
 
 
6,065
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36
7/25 at 100.00
 
Baa1
 
6,221,841
 
 
7,190
 
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
 
8,095,293
 
 
2,940
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (4)
 
3,528,470
 
 
2,185
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa2
 
2,454,782
 
 
4,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
7/19 at 100.00
 
A (4)
 
4,633,120
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)
12/17 at 100.00
 
N/R (4)
 
2,154,060
 
 
1,595
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured
8/17 at 100.00
 
BBB
 
1,680,588
 
 
1,410
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
No Opt. Call
 
AA+
 
1,192,930
 
 
52,650
 
Total Washington
       
57,945,870
 
     
West Virginia – 0.5% (0.3% of Total Investments)
           
 
2,950
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company Amos Project, Series 2010, 5.375%, 12/01/38
12/20 at 100.00
 
Baa1
 
3,352,468
 
 
1,950
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
9/19 at 100.00
 
A3
 
2,168,458
 
 
5,160
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
6,040,967
 
 
10,060
 
Total West Virginia
       
11,561,893
 
     
Wisconsin – 2.2% (1.5% of Total Investments)
           
 
815
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
 
893,159
 
 
1,055
 
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
 
1,128,871
 

114
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
           
$
1,000
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax)
5/26 at 100.00
 
BB+
$
1,035,390
 
 
3,000
 
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
3,483,180
 
 
1,400
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
 
A–
 
1,498,826
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
9/17 at 100.00
 
BBB+
 
1,030,340
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32
2/22 at 100.00
 
A–
 
1,419,363
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012:
           
 
2,105
 
5.000%, 6/01/32
6/22 at 100.00
 
A3
 
2,368,188
 
 
2,500
 
5.000%, 6/01/39
6/22 at 100.00
 
A3
 
2,763,850
 
 
4,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39
8/24 at 100.00
 
A+
 
4,562,920
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A:
           
 
1,415
 
5.000%, 7/01/27
7/24 at 100.00
 
BBB+
 
1,639,829
 
 
1,310
 
5.000%, 7/01/29
7/24 at 100.00
 
BBB+
 
1,492,981
 
 
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44
7/24 at 100.00
 
BBB+
 
3,336,450
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A:
           
 
5,000
 
5.250%, 8/15/21 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
 
5,069,700
 
 
1,000
 
5.250%, 8/15/34 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
 
1,013,940
 
 
3,690
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
 
3,740,110
 
 
1,120
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.250%, 10/01/39
10/22 at 102.00
 
N/R
 
1,165,158
 
 
10,000
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc., Series 2015, 5.000%, 12/15/44
12/24 at 100.00
 
AA–
 
11,367,500
 
 
1,500
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
5/19 at 100.00
 
AA–
 
1,713,345
 
 
46,160
 
Total Wisconsin
       
50,723,100
 
$
3,512,026
 
Total Municipal Bonds (cost $3,036,322,800)
       
3,400,791,995
 

 
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)
               
$
601
 
Las Vegas Monorail Company, Senior Interest Bonds (10), (11)
5.500%
 
7/15/19
 
N/R
$
18,022
 
 
160
 
Las Vegas Monorail Company, Senior Interest Bonds (10), (11)
5.500%
 
7/15/55
 
N/R
 
4,793
 
$
761
 
Total Corporate Bonds (cost $68,179)
           
22,815
 

Nuveen
 
115


NZF
Nuveen Enhanced Municipal Credit Opportunities Fund
   
 
(formerly Nuveen Dividend Advantage Municipal Fund 3)
   
 
Portfolio of Investments (continued)
 
April 30, 2016 (Unaudited)

Shares
 
Description (1), (12)
   
Value
 
   
INVESTMENT COMPANIES – 0.2% (0.1% of Total Investments)
       
6,266
 
BlackRock MuniHoldings Fund Inc.
 
$
113,665
 
131,278
 
Deutsche Municipal Income Trust
   
1,870,712
 
26,880
 
Dreyfus Strategic Municipal Fund
   
245,414
 
43,020
 
Invesco VK Investment Grade Municipal Trust
   
620,779
 
30,000
 
Invesco VK Municipal Opportunity Trust
   
426,900
 
43,420
 
PIMCO Municipal Income Fund II
   
587,907
 
   
Total Investment Companies (cost $3,325,133)
   
3,865,377
 
   
Total Long-Term Investments (cost $3,039,716,112)
   
3,404,680,187
 
   
Floating Rate Obligations – (4.2)%
   
(99,796,000
) 
   
Borrowings – (1.7)% (13)
   
(40,000,000
) 
   
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (6.4)% (14)
   
(150,000,000
) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (3.4)% (15)
   
(81,000,000
) 
   
Variable Rate Demand Preferred Shares, at Liquidation Preference – (30.9)% (16)
   
(727,000,000
) 
   
Other Assets Less Liabilities – 1.7%
   
43,169,767
 
   
Net Assets Applicable to Common Shares – 100%
 
$
2,350,053,954
 

(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)
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective May 11, 2016.
(6)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(7)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(9)
On January 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security's interest rate of accrual from 5.700% to 4.275%.
(10)
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 is not accruing income for either senior interest corporate bond.
(11)
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 categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(12)
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.
(13)
Borrowings as a percentage of Total Investments is 1.2%.
(14)
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments are 4.4%.
(15)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 2.4%.
(16)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 21.4%.
(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.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
See accompanying notes to financial statements.
116
 
Nuveen


 

NPI
 
 
 
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 147.1% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 147.1% (100.0% of Total Investments)
           
     
Alabama – 2.4% (1.7% of Total Investments)
           
     
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2:
           
$
1,435
 
5.000%, 11/15/36 (UB)
11/16 at 100.00
 
AA+
$
1,469,584
 
 
6,000
 
5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
6,131,280
 
 
4,000
 
5.000%, 11/15/39 (UB)
11/16 at 100.00
 
AA+
 
4,093,720
 
 
11,790
 
Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
1/17 at 100.00
 
AA+
 
12,050,323
 
 
1,000
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46
No Opt. Call
 
A3
 
1,278,950
 
 
24,225
 
Total Alabama
       
25,023,857
 
     
Alaska – 1.0% (0.7% of Total Investments)
           
 
10,500
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
7/16 at 100.00
 
B3
 
9,986,760
 
     
Arizona – 2.0% (1.4% of Total Investments)
           
 
9,740
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
10,964,221
 
 
1,000
 
Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015, 4.000%, 12/01/38 – AGM Insured
No Opt. Call
 
AA
 
1,051,230
 
 
7,115
 
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
 
BBB+
 
8,896,098
 
 
17,855
 
Total Arizona
       
20,911,549
 
     
Arkansas – 0.2% (0.2% of Total Investments)
           
 
2,055
 
Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43
12/23 at 100.00
 
A1
 
2,295,517
 
     
California – 17.5% (11.9% of Total Investments)
           
 
9,200
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
 
BBB+
 
8,557,012
 
 
10,000
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
9/17 at 100.00
 
AA–
 
10,315,100
 
 
3,500
 
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
 
AA–
 
4,116,140
 
 
2,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2016B, 5.000%, 8/15/55
8/26 at 100.00
 
AA
 
2,359,480
 
 
4,250
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
10/19 at 100.00
 
AA
 
4,839,390
 
 
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–
 
619,899
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
2,140
 
8.926%, 2/15/20 (IF) (4)
No Opt. Call
 
AA
 
2,637,850
 
 
825
 
8.926%, 2/15/20 (IF) (4)
No Opt. Call
 
AA
 
1,016,928
 
 
790
 
8.919%, 2/15/20 (IF) (4)
No Opt. Call
 
AA
 
973,620
 
 
3,015
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
3,082,295
 
 
7,130
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.980%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
10,105,848
 

Nuveen
 
117


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35
3/20 at 100.00
 
A+
$
1,183,480
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
1,640
 
5.500%, 7/01/30 (5)
7/16 at 100.00
 
CCC
 
1,639,885
 
 
4,730
 
5.250%, 7/01/39 (5)
7/16 at 100.00
 
CCC
 
4,736,196
 
 
5,000
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
 
5,506,750
 
 
4,890
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured
No Opt. Call
 
AA+
 
3,839,726
 
 
5,000
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured
8/17 at 100.00
 
AA (6)
 
5,277,200
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
1,480
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,742,641
 
 
3,480
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
4,143,601
 
 
6,870
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
8,057,205
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
7,520
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
 
7,528,422
 
 
2,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B–
 
2,005,840
 
 
3,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B–
 
2,947,650
 
 
5,000
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
 
AA
 
4,189,500
 
 
15,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
 
AA+
 
17,148,600
 
 
3,635
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (13)
8/35 at 100.00
 
AA
 
2,854,129
 
 
11,165
 
Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)
No Opt. Call
 
Aaa
 
13,732,615
 
 
330
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
 
BBB–
 
385,044
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
9,990
 
5.000%, 1/15/44
1/25 at 100.00
 
BBB–
 
11,090,399
 
 
25,840
 
5.000%, 1/15/50
1/25 at 100.00
 
BBB–
 
28,462,240
 
     
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:
           
 
1,000
 
6.500%, 12/01/24
12/21 at 100.00
 
A+
 
1,256,690
 
 
1,000
 
6.625%, 12/01/25
12/21 at 100.00
 
A+
 
1,259,680
 
 
1,325
 
6.750%, 12/01/26
12/21 at 100.00
 
A+
 
1,677,861
 
 
164,275
 
Total California
       
179,288,916
 
     
Colorado – 2.7% (1.8% of Total Investments)
           
 
795
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
6/16 at 100.00
 
BBB+
 
797,242
 
 
1,330
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 (Pre-refunded 6/01/16)
6/16 at 100.00
 
N/R (6)
 
1,335,320
 
 
4,515
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
5,176,357
 
 
20,510
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
12,063,162
 

118
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
6,705
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45
12/25 at 100.00
 
BBB
$
7,588,116
 
 
250
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
BBB+
 
289,800
 
 
34,105
 
Total Colorado
       
27,249,997
 
     
Connecticut – 0.6% (0.4% of Total Investments)
           
 
1,930
 
Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16
No Opt. Call
 
AA
 
1,990,486
 
 
3,565
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39
4/22 at 100.00
 
AA
 
3,804,925
 
 
5,495
 
Total Connecticut
       
5,795,411
 
     
Delaware – 0.8% (0.5% of Total Investments)
           
 
7,255
 
Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55
6/25 at 100.00
 
AA–
 
8,302,259
 
     
District of Columbia – 3.5% (2.4% of Total Investments)
           
 
1,700
 
District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)
6/16 at 100.00
 
AA+
 
1,704,947
 
 
9,505
 
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured
No Opt. Call
 
Aa1
 
11,382,428
 
 
5,625
 
Metropolitan Washington Airports Authority, Virginia, 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+
 
6,147,506
 
 
16,400
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
 
AA+
 
16,640,260
 
 
33,230
 
Total District of Columbia
       
35,875,141
 
     
Florida – 13.3% (9.1% of Total Investments)
           
 
7,500
 
Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45 (Alternative Minimum Tax)
10/25 at 100.00
 
A+
 
8,570,850
 
 
2,000
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax)
10/21 at 100.00
 
AA+
 
2,370,040
 
 
8,160
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44
10/24 at 100.00
 
A–
 
9,471,883
 
 
8,000
 
JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39
4/20 at 100.00
 
AAA
 
9,056,880
 
 
7,815
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
2/24 at 100.00
 
AA
 
8,994,049
 
 
2,930
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 
No Opt. Call
 
A–
 
3,278,231
 
 
8,070
 
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45
4/25 at 100.00
 
A–
 
9,338,685
 
 
19,750
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 4.500%, 7/01/33 – AMBAC Insured
7/16 at 100.00
 
A
 
19,860,597
 
 
1,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A
 
1,156,610
 
 
7,890
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/41
10/20 at 100.00
 
A
 
8,819,442
 
 
4,865
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
5,626,129
 
 
6,210
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
7,230,427
 
 
5,325
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
6,147,819
 
 
115
 
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
 
140,464
 

Nuveen
 
119


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
4,635
 
Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B, 5.000%, 9/01/43
9/24 at 100.00
 
AA–
$
5,288,535
 
 
6,910
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (4)
8/17 at 100.00
 
AA–
 
7,170,645
 
 
14,610
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
 
A
 
16,641,813
 
 
6,510
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45
6/25 at 100.00
 
A–
 
7,345,493
 
 
122,295
 
Total Florida
       
136,508,592
 
     
Georgia – 1.1% (0.7% of Total Investments)
           
 
6,975
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60
7/25 at 100.00
 
A+
 
7,914,533
 
 
2,780
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
No Opt. Call
 
Aa1
 
3,050,550
 
 
9,755
 
Total Georgia
       
10,965,083
 
     
Guam – 0.1% (0.1% of Total Investments)
           
 
1,220
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
1,421,446
 
     
Hawaii – 1.8% (1.2% of Total Investments)
           
 
10,000
 
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
 
A1
 
11,860,800
 
 
5,455
 
Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax)
7/25 at 100.00
 
A+
 
6,215,973
 
 
15,455
 
Total Hawaii
       
18,076,773
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
2,185
 
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/30
9/16 at 100.00
 
BB+
 
2,194,985
 
     
Illinois – 15.3% (10.4% of Total Investments)
           
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
           
 
10,000
 
0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
8,385,700
 
 
10,130
 
0.000%, 12/01/24 – FGIC Insured
No Opt. Call
 
AA–
 
6,967,009
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
           
 
15,000
 
0.000%, 12/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
12,007,200
 
 
10,000
 
0.000%, 12/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
7,247,900
 
 
3,800
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
4,154,958
 
 
2,245
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax)
1/25 at 100.00
 
A
 
2,505,577
 
 
3,130
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AA
 
3,288,879
 
 
13,310
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
14,367,613
 
 
2,785
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
3,143,987
 
 
13,955
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%, 5/01/45 (UB) (4)
5/25 at 100.00
 
AA
 
16,083,835
 
 
6,000
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
 
BBB
 
6,689,400
 
 
7,530
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45
11/25 at 100.00
 
A
 
8,627,121
 

120
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
1,350
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
6/16 at 100.00
 
Aa3
$
1,354,955
 
 
4,045
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
Baa2
 
4,830,701
 
 
2,840
 
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
 
3,186,139
 
 
6,970
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
7,787,372
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
3,200
 
5.250%, 2/01/32
2/24 at 100.00
 
A–
 
3,502,208
 
 
2,000
 
5.250%, 2/01/33
2/24 at 100.00
 
A–
 
2,186,080
 
 
1,575
 
5.250%, 2/01/34
2/24 at 100.00
 
A–
 
1,713,821
 
 
2,000
 
5.000%, 2/01/39
2/24 at 100.00
 
A–
 
2,112,980
 
     
Illinois State, General Obligation Bonds, May Series 2014:
           
 
610
 
5.000%, 5/01/36
5/24 at 100.00
 
A–
 
650,144
 
 
1,950
 
5.000%, 5/01/39
5/24 at 100.00
 
A–
 
2,063,276
 
 
1,055
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
1,154,138
 
 
3,800
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40
1/26 at 100.00
 
AA–
 
4,454,702
 
 
1,115
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
2015-XF0051, 16.708%, 1/01/21 (IF)
No Opt. Call
 
AA–
 
1,734,840
 
 
1,000
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/30 (7)
7/16 at 100.00
 
D
 
307,410
 
 
10,050
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
 
BBB+
 
10,751,993
 
 
3,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
No Opt. Call
 
Aaa
 
3,998,940
 
     
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013:
           
 
7,625
 
6.250%, 10/01/38
10/23 at 100.00
 
A
 
9,081,070
 
 
1,525
 
6.000%, 10/01/42
10/23 at 100.00
 
A
 
1,786,934
 
 
153,595
 
Total Illinois
       
156,126,882
 
     
Indiana – 3.1% (2.1% of Total Investments)
           
 
2,865
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
3,210,204
 
 
2,500
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
 
AA
 
2,799,275
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
3,300
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
3,658,974
 
 
14,300
 
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
15,494,622
 
 
4,400
 
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42
7/26 at 100.00
 
A+
 
5,166,392
 
 
1,115
 
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
 
1,379,757
 
 
28,480
 
Total Indiana
       
31,709,224
 
     
Iowa – 1.2% (0.8% of Total Investments)
           
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
10,000
 
5.500%, 6/01/42
7/16 at 100.00
 
B+
 
9,999,300
 
 
2,000
 
5.625%, 6/01/46
7/16 at 100.00
 
B+
 
1,999,860
 
 
12,000
 
Total Iowa
       
11,999,160
 
     
Kentucky – 2.3% (1.6% of Total Investments)
           
 
3,800
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
 
4,397,626
 

Nuveen
 
121


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky (continued)
           
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
           
     
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
$
2,120
 
0.000%, 7/01/43 (13)
7/31 at 100.00
 
Baa3
$
1,707,618
 
 
3,655
 
0.000%, 7/01/46 (13)
7/31 at 100.00
 
Baa3
 
2,942,019
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
           
     
Downtown Crossing Project, Series 2013A:
           
 
2,920
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
3,361,358
 
 
585
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
684,275
 
 
9,195
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease
6/21 at 100.00
 
Aa3
 
10,593,468
 
     
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30
           
 
22,275
 
Total Kentucky
       
23,686,364
 
     
Louisiana – 3.8% (2.6% of Total Investments)
           
 
2,345
 
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
 
2,623,609
 
 
5,200
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44
2/24 at 100.00
 
AA–
 
5,914,636
 
 
485
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/45
11/25 at 100.00
 
A–
 
549,898
 
 
4,205
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
A–
 
4,365,211
 
 
1,595
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
 
A (6)
 
1,676,600
 
 
4,305
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
A–
 
5,189,678
 
 
5,140
 
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–
 
5,765,281
 
 
5,350
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44
6/24 at 100.00
 
A
 
6,096,807
 
 
5,655
 
Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40
12/25 at 100.00
 
A3
 
6,545,323
 
 
34,280
 
Total Louisiana
       
38,727,043
 
     
Maine – 0.2% (0.1% of Total Investments)
           
 
2,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
 
A+
 
2,274,300
 
     
Maryland – 1.0% (0.7% of Total Investments)
           
 
2,200
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
 
2,224,530
 
 
450
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25
7/21 at 100.00
 
BBB
 
535,824
 
 
1,500
 
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
 
1,713,015
 
 
2,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
BBB (6)
 
2,167,420
 
 
3,465
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
 
AA– (6)
 
3,490,398
 
 
9,615
 
Total Maryland
       
10,131,187
 
     
Massachusetts – 4.5% (3.0% of Total Investments)
           
 
825
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44
No Opt. Call
 
BBB
 
932,044
 
 
3,200
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45
1/25 at 100.00
 
BBB+
 
3,430,016
 

122
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
2,300
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43
11/23 at 100.00
 
A+
$
2,679,293
 
     
Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015:
           
 
1,145
 
5.000%, 9/01/40
9/25 at 100.00
 
BBB
 
1,295,384
 
 
1,280
 
5.000%, 9/01/45
9/25 at 100.00
 
BBB
 
1,439,373
 
 
2,025
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
 
2,263,545
 
 
700
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
785,358
 
 
13,000
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/36 (Pre-refunded 8/01/16)
8/16 at 100.00
 
AAA
 
13,130,390
 
 
370
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 (Pre-refunded 8/01/17)
8/17 at 100.00
 
Aa1 (6)
 
391,364
 
 
5,590
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25
8/17 at 100.00
 
AA+
 
5,909,077
 
 
5,535
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (4)
2/17 at 100.00
 
AA+
 
5,699,057
 
 
6,700
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
 
A+
 
7,747,076
 
 
42,670
 
Total Massachusetts
       
45,701,977
 
     
Michigan – 2.2% (1.5% of Total Investments)
           
 
2,650
 
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
 
A–
 
2,951,968
 
 
3,000
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
7/16 at 100.00
 
BB
 
3,008,340
 
 
3,665
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41
7/21 at 100.00
 
AA–
 
4,333,789
 
 
1,000
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa2
 
1,164,300
 
 
3,275
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
 
AA
 
3,363,916
 
 
725
 
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 (6)
 
743,865
 
 
5,200
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
 
AA
 
5,744,440
 
 
850
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 (Pre-refunded 6/01/16)
6/16 at 100.00
 
AA– (6)
 
853,689
 
 
20,365
 
Total Michigan
       
22,164,307
 
     
Minnesota – 0.3% (0.2% of Total Investments)
           
 
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35
1/20 at 100.00
 
AA–
 
3,380,610
 
     
Missouri – 0.4% (0.3% of Total Investments)
           
 
1,035
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
10/22 at 100.00
 
AA+
 
1,178,399
 
 
1,285
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20
No Opt. Call
 
A
 
1,391,604
 
 
1,260
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
10/23 at 100.00
 
A
 
1,465,670
 
 
3,580
 
Total Missouri
       
4,035,673
 

Nuveen
 
123


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nebraska – 1.1% (0.7% of Total Investments)
           
$
1,620
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 2016-XF2220, Formerly Tender Option Bond Trust 11673, 19.191%, 8/01/40 – BHAC Insured (IF)
2/17 at 100.00
 
AA+
$
2,627,219
 
 
7,990
 
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured
1/17 at 100.00
 
A2 (6)
 
8,176,167
 
 
9,610
 
Total Nebraska
       
10,803,386
 
     
Nevada – 3.6% (2.5% of Total Investments)
           
 
5,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38
No Opt. Call
 
AAA
 
5,622,600
 
 
21,600
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
25,086,021
 
 
2,700
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (6)
 
3,275,559
 
 
2,600
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
 
Aa1
 
3,006,276
 
 
31,900
 
Total Nevada
       
36,990,456
 
     
New Jersey – 2.0% (1.4% of Total Investments)
           
 
485
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
 
541,061
 
 
300
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (6)
 
359,757
 
 
800
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BB+
 
857,248
 
 
3,850
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A–
 
4,279,391
 
 
7,330
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31
6/21 at 100.00
 
A–
 
8,172,584
 
 
1,315
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 16.075%, 1/01/43 (IF) (4)
7/22 at 100.00
 
A+
 
2,119,359
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,255
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
1,277,013
 
 
1,000
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
1,007,960
 
 
2,000
 
4.750%, 6/01/34
6/17 at 100.00
 
B–
 
1,888,720
 
 
18,335
 
Total New Jersey
       
20,503,093
 
     
New Mexico – 0.7% (0.5% of Total Investments)
           
 
5,585
 
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured
No Opt. Call
 
AA
 
7,065,081
 
     
New York – 8.5% (5.8% of Total Investments)
           
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
2,000
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
2,290,480
 
 
5,000
 
0.000%, 7/15/44
No Opt. Call
 
BBB–
 
1,416,950
 
 
3,125
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44
7/23 at 100.00
 
A–
 
3,553,594
 
 
4,800
 
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–
 
5,595,696
 
     
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish
           
     
Obligated Group, Series 2015A:
           
 
1,680
 
4.125%, 5/01/42
5/25 at 100.00
 
A
 
1,791,266
 
 
3,195
 
5.000%, 5/01/43
5/25 at 100.00
 
A
 
3,678,308
 

124
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2012:
           
$
1,100
 
5.000%, 7/01/38
No Opt. Call
 
A1
$
1,258,378
 
 
1,500
 
5.000%, 7/01/42
No Opt. Call
 
A1
 
1,705,845
 
 
5,325
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
3/21 at 100.00
 
AAA
 
6,097,924
 
 
7,065
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
7,237,951
 
 
10,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (6)
 
10,150,000
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
           
 
1,155
 
4.000%, 9/01/39 – AGM Insured
9/24 at 100.00
 
AA
 
1,231,704
 
 
860
 
5.000%, 9/01/44
9/24 at 100.00
 
A–
 
994,960
 
 
10,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32
No Opt. Call
 
AA
 
6,171,100
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA–
 
873,840
 
 
3,400
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
12/20 at 100.00
 
AA+
 
3,994,592
 
 
5,900
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46
6/23 at 100.00
 
AA+
 
6,950,082
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24
No Opt. Call
 
AA
 
5,020
 
 
670
 
New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35
7/16 at 100.00
 
A–
 
670,275
 
 
5,070
 
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
 
5,510,279
 
 
6,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
 
7,637,760
 
 
1,310
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax)
12/23 at 100.00
 
AA–
 
1,481,859
 
 
4,320
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38
12/23 at 100.00
 
AA–
 
5,121,274
 
 
1,325
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
 
1,558,293
 
 
85,555
 
Total New York
       
86,977,430
 
     
North Carolina – 2.1% (1.4% of Total Investments)
           
 
2,850
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 14.510%, 1/15/34 (IF) (4)
1/18 at 100.00
 
AA–
 
3,226,001
 
 
1,050
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
1/17 at 100.00
 
AA–
 
1,079,211
 
 
12,250
 
Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43
4/23 at 100.00
 
A–
 
13,679,330
 
 
2,000
 
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)
6/16 at 100.00
 
N/R
 
2,003,980
 
 
1,565
 
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, 5.000%, 6/30/54 (Alternative Minimum Tax)
6/25 at 100.00
 
BBB–
 
1,699,074
 
 
19,715
 
Total North Carolina
       
21,687,596
 

Nuveen
 
125


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 6.7% (4.5% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
$
5,200
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
$
5,028,036
 
 
2,850
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
2,784,792
 
 
6,420
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
6,155,817
 
 
3,285
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
 
3,200,641
 
 
4,795
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
6/23 at 100.00
 
Baa2
 
5,262,513
 
 
16,820
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 2013A, 5.000%, 1/01/38 (UB) (4)
1/23 at 100.00
 
AA
 
19,277,570
 
 
975
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157, 16.139%, 1/01/38 (IF) (4)
1/23 at 100.00
 
AA
 
1,544,829
 
 
8,360
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2015, 5.000%, 8/15/45
8/25 at 100.00
 
A3
 
9,456,999
 
 
1,000
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30
12/20 at 100.00
 
A
 
1,158,630
 
 
4,350
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2015A, 5.000%, 12/01/44
6/25 at 100.00
 
A
 
4,977,923
 
 
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+
 
5,674,850
 
 
3,710
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (13)
2/31 at 100.00
 
A+
 
3,517,340
 
 
62,765
 
Total Ohio
       
68,039,940
 
     
Oklahoma – 1.9% (1.3% of Total Investments)
           
 
1,050
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
9/16 at 100.00
 
BBB–
 
1,059,555
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
6,620
 
5.000%, 2/15/37
2/17 at 100.00
 
AA
 
6,814,959
 
 
1,290
 
5.000%, 2/15/42
2/17 at 100.00
 
AA
 
1,326,636
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
220
 
5.000%, 2/15/37 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (6)
 
227,693
 
 
45
 
5.000%, 2/15/42 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (6)
 
46,574
 
 
10,035
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) (4)
12/16 at 100.00
 
AA+
 
10,315,679
 
 
143
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 2016-XF0390, 8.185%, 12/15/36 (IF) (4)
12/16 at 100.00
 
AA+
 
150,272
 
 
19,403
 
Total Oklahoma
       
19,941,368
 
     
Pennsylvania – 4.0% (2.7% of Total Investments)
           
 
4,530
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
5/21 at 100.00
 
AA–
 
5,299,556
 
 
980
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
 
BBB–
 
985,547
 
     
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:
           
 
5,400
 
0.000%, 12/01/33
No Opt. Call
 
A
 
2,951,046
 
 
11,000
 
0.000%, 12/01/38
No Opt. Call
 
A
 
4,907,760
 
 
5,375
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
6,179,100
 
 
1,665
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
(Pre-refunded 8/01/20)
8/20 at 100.00
 
N/R (6)
 
1,970,244
 
 
3,430
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
1/25 at 100.00
 
Baa2
 
3,829,389
 

126
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
235
 
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
$
247,551
 
 
5,250
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34
12/20 at 100.00
 
AA–
 
6,102,390
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 (Pre-refunded 6/01/16) – AMBAC Insured
6/16 at 100.00
 
A1 (6)
 
2,635,710
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46
12/25 at 100.00
 
A3
 
5,676,100
 
 
45,490
 
Total Pennsylvania
       
40,784,393
 
     
Rhode Island – 0.8% (0.6% of Total Investments)
           
 
7,230
 
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43
9/23 at 100.00
 
AA+
 
8,440,085
 
     
South Carolina – 3.7% (2.5% of Total Investments)
           
 
875
 
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
 
1,069,495
 
 
8,830
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
 
AA–
 
10,107,878
 
 
2,880
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
3,331,181
 
 
14,765
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55
12/25 at 100.00
 
AA–
 
17,340,308
 
 
5,000
 
South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (Alternative Minimum Tax)
7/25 at 100.00
 
A+
 
5,675,700
 
 
32,350
 
Total South Carolina
       
37,524,562
 
     
Tennessee – 2.2% (1.5% of Total Investments)
           
 
5,000
 
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+
 
5,667,400
 
 
2,265
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/42
9/22 at 100.00
 
AA
 
2,435,441
 
 
6,400
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
7/16 at 100.00
 
BBB+
 
6,445,056
 
 
6,100
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40
1/17 at 31.68
 
A
 
1,875,872
 
 
5,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39
10/19 at 100.00
 
AA+
 
5,629,300
 
 
410
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
 
415,285
 
 
25,175
 
Total Tennessee
       
22,468,354
 
     
Texas – 20.5% (13.9% of Total Investments)
           
 
3,040
 
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative Minimum Tax)
11/24 at 100.00
 
A1
 
3,417,203
 
 
13,705
 
Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (4)
11/25 at 100.00
 
AA–
 
16,014,704
 
 
5,000
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43
5/23 at 100.00
 
AA
 
5,852,000
 
 
8,765
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2006F, 4.250%, 8/15/36
2/17 at 100.00
 
AAA
 
8,976,412
 
 
2,150
 
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (8)
7/16 at 100.00
 
C
 
48,375
 
 
2,500
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
 
Baa1
 
2,883,026
 

Nuveen
 
127


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
765
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
 
BBB+
$
850,022
 
 
3,380
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB+
 
4,044,305
 
 
2,500
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
1/21 at 100.00
 
AA–
 
2,848,475
 
 
8,100
 
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+
 
9,084,960
 
 
3,500
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42
11/20 at 100.00
 
A+
 
3,973,620
 
 
9,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
10,003,770
 
 
4,105
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.948%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
6,252,531
 
 
1,935
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
6/25 at 100.00
 
AA
 
2,245,838
 
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:
           
 
510
 
0.000%, 11/15/41 – AGM Insured
11/31 at 62.66
 
AA
 
173,324
 
 
1,020
 
0.000%, 11/15/42 – AGM Insured
11/31 at 59.73
 
AA
 
329,695
 
 
1,255
 
0.000%, 11/15/43 – AGM Insured
11/31 at 56.93
 
AA
 
383,967
 
 
3,305
 
0.000%, 11/15/44 – AGM Insured
11/31 at 54.25
 
AA
 
964,168
 
 
4,460
 
0.000%, 11/15/45 – AGM Insured
11/31 at 51.48
 
AA
 
1,233,814
 
 
380
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
7/24 at 100.00
 
BB–
 
424,483
 
 
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
4,644,440
 
 
13,975
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2009A, Trust 2999, 4.750%, 8/01/43 (UB)
8/16 at 100.00
 
AAA
 
14,110,278
 
 
4,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Baa1
 
4,482,640
 
 
75
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2003, 5.250%,
5/15/24 – AMBAC Insured
No Opt. Call
 
A
 
75,279
 
 
5,420
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/39
No Opt. Call
 
A
 
6,165,955
 
 
800
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (WI/DD, Settling 5/04/16) (Alternative Minimum Tax)
10/18 at 103.00
 
BB–
 
834,200
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:
           
 
2,070
 
0.000%, 9/01/43 (13)
9/31 at 100.00
 
AA+
 
2,119,577
 
 
8,470
 
0.000%, 9/01/45 (13)
9/31 at 100.00
 
AA+
 
9,343,681
 
 
5,305
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
A2 (6)
 
5,743,511
 
 
11,000
 
Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 7.340%, 8/15/26 (IF)
2/17 at 100.00
 
AAA
 
11,495,990
 
 
2,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (8)
7/16 at 100.00
 
C
 
45,000
 
 
12,130
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
 
AA
 
12,475,462
 
 
1,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/31
No Opt. Call
 
A3
 
1,126,410
 

128
 
Nuveen


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
     
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:
           
$
5,725
 
5.000%, 12/31/50 (WI/DD, Settling 5/09/16) (Alternative Minimum Tax)
12/25 at 100.00
 
BBB–
$
6,260,459
 
 
4,710
 
5.000%, 12/31/55 (WI/DD, Settling 5/09/16) (Alternative Minimum Tax)
12/25 at 100.00
 
BBB–
 
5,110,962
 
 
2,195
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43 (Alternative Minimum Tax)
9/23 at 100.00
 
BBB–
 
2,722,041
 
 
2,985
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.980%, 4/01/28 (IF)
4/17 at 100.00
 
Aaa
 
4,335,265
 
 
4,710
 
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–
 
5,475,846
 
 
10,750
 
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+
 
12,141,050
 
 
21,170
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/24 – AMBAC Insured
No Opt. Call
 
A–
 
17,350,294
 
 
3,830
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/24 – AMBAC Insured (ETM)
No Opt. Call
 
A3 (6)
 
3,342,020
 
 
205,695
 
Total Texas
       
209,405,052
 
     
Utah – 0.8% (0.5% of Total Investments)
           
 
4,500
 
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
 
4,930,515
 
 
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
 
3,271,200
 
 
7,500
 
Total Utah
       
8,201,715
 
     
Virginia – 1.2% (0.8% of Total Investments)
           
 
5,000
 
Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39
10/20 at 100.00
 
AA–
 
5,713,150
 
 
2,770
 
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–
 
3,031,156
 
 
3,020
 
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–
 
3,453,370
 
 
10,790
 
Total Virginia
       
12,197,676
 
     
Washington – 4.5% (3.0% of Total Investments)
           
 
10,000
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 5/01/43
6/23 at 100.00
 
A+
 
11,026,600
 
 
4,195
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (6)
 
5,034,671
 
 
11,500
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2015A, 5.000%, 10/01/45 (UB)
4/25 at 100.00
 
AA
 
13,425,675
 
 
6,480
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – NPFG Insured
No Opt. Call
 
AA+
 
5,560,553
 
 
11,050
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
 
AA+
 
10,553,855
 
 
43,225
 
Total Washington
       
45,601,354
 
     
Wisconsin – 1.0% (0.7% of Total Investments)
           
 
1,415
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
2/19 at 100.00
 
A3
 
1,550,699
 
 
410
 
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
 
438,708
 
 
890
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
5/16 at 100.00
 
BBB–
 
892,252
 

Nuveen
 
129


NPI
Nuveen Premium Income Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
           
$
4,995
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
9/17 at 100.00
 
BBB+
$
5,146,548
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/34 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (6)
 
2,027,880
 
 
9,710
 
Total Wisconsin
       
10,056,087
 
     
Wyoming – 0.3% (0.2% of Total Investments)
           
 
3,400
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
7/16 at 100.00
 
BBB
 
3,412,580
 
$
1,425,198
 
Total Municipal Bonds (cost $1,365,594,036)
       
1,503,933,221
 

 
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)
               
$
287
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10)
5.500%
 
7/15/19
 
N/R
$
8,608
 
 
76
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10)
5.500%
 
7/15/55
 
N/R
 
2,289
 
$
363
 
Total Corporate Bonds (cost $32,564)
           
10,897
 
     
Total Long-Term Investments (cost $1,365,626,600)
           
1,503,944,118
 
     
Floating Rate Obligations – (8.2)%
           
(83,569,000
) 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation
Preference – (39.8)% (12)
           
(407,000,000
)
     
Other Assets Less Liabilities – 0.9%
           
9,129,768
 
     
Net Assets Applicable to Common Shares – 100%
         
$
1,022,504,886
 

130
 
Nuveen


Investments in Derivatives as of April 30, 2016
Interest Rate Swaps outstanding:

                                                     
Variation
       
           
Fund
               Fixed Rate                
Optional
   
Margin
   
Unrealized
 
     
Notional
   Pay/Receive    Floating Rate    Fixed Rate   Payment    
Effective
   Termination    
Early
 
Receivable/
   
Appreciation
 
Counterparty
   
Amount
  Floating Rate    
Index
  (Annualized
)
 Frequency    
Date (11
)
 
Date
   Termination    
(Payable
)
 
(Depreciation
)
LCH.Clearnet Ltd*
 
$
15,600,000
   
Receive
   
3-Month
   
2.560
%
 
Semi-Annually
   
1/13/17
   
1/13/31
   
12/15/25
 
$
(18,755
)
$
(1,056,070
)
                 
USD-LIBOR-ICE
                                           
 
* Citigroup Global Markets Inc. is the clearing broker for this transaction.

(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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective May 11, 2016.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(8)
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(9)
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.
(10)
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 is not accruing income for either senior interest corporate bond.
(11)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(12)
Variable Rate Munifund Term Preferred Shares at Liquidation Preference as a percentage of Total Investments is 27.1%
(13)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(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 Investment in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-LIBOR-ICE
United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange.

See accompanying notes to financial statements.
 
Nuveen
 
131


Statement of
 
 
Assets and Liabilities
April 30, 2016 (Unaudited)

     
Investment
   
Select
   
Premier
 
     
Quality
   
Quality
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
Assets
                   
Long-term investments, at value (cost $893,354,933, $749,810,791 and $402,366,718, respectively)
 
$
1,007,448,251
 
$
830,386,377
 
$
445,019,355
 
Short-term investments, at value (cost approximates value)
   
   
   
1,250,000
 
Cash
   
2,430
   
7,415,043
   
 
Cash collateral at brokers(1)
   
   
   
 
Receivable for:
                   
Dividends
   
   
   
 
Due from Adviser
   
   
   
 
Interest
   
13,804,068
   
10,761,060
   
5,898,505
 
Investments sold
   
5,001,781
   
10,140,000
   
5,843,522
 
Deferred offering costs
   
1,204,425
   
1,330,570
   
666,301
 
Other assets
   
310,409
   
323,788
   
166,903
 
Total assets
   
1,027,771,364
   
860,356,838
   
458,844,586
 
Liabilities
                   
Borrowings
   
   
   
 
Cash overdraft
   
   
   
4,159,795
 
Floating rate obligations
   
49,250,000
   
14,205,000
   
9,975,000
 
Payable for:
                   
Dividends
   
2,981,733
   
2,090,036
   
1,191,612
 
Interest
   
   
   
 
Investments purchased
   
6,708,214
   
4,883,334
   
3,203,975
 
Variation margin on swap contracts
   
   
   
 
Institutional MuniFund Term Preferred ('iMTP") Shares, at liquidation preference
   
   
   
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
   
43,500,000
   
   
 
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
   
236,800,000
   
267,500,000
   
127,700,000
 
Accrued expenses:
                   
Directors/Trustees fees
   
125,099
   
116,792
   
66,081
 
Management fees
   
504,289
   
422,244
   
229,595
 
Other
   
566,455
   
536,464
   
326,778
 
Total liabilities
   
340,435,790
   
289,753,870
   
146,852,836
 
Net assets applicable to common shares
 
$
687,335,574
 
$
570,602,968
 
$
311,991,750
 
Common shares outstanding
   
41,576,384
   
35,222,129
   
19,888,518
 
Net asset value ("NAV") per common share outstanding
 
$
16.53
 
$
16.20
 
$
15.69
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
415,764
 
$
352,221
 
$
198,885
 
Paid-in surplus
   
581,299,625
   
492,262,765
   
276,342,118
 
Undistributed (Over-distribution of) net investment income
   
2,003,899
   
1,110,724
   
1,303,092
 
Accumulated net realized gain (loss)
   
(10,477,032
)
 
(3,698,328
)
 
(8,504,982
)
Net unrealized appreciation (depreciation)
   
114,093,318
   
80,575,586
   
42,652,637
 
Net assets applicable to common shares
 
$
687,335,574
 
$
570,602,968
 
$
311,991,750
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 

(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
See accompanying notes to financial statements.
132
 
Nuveen



           
Enhanced
       
     
Dividend
   
Credit
   
Premium
 
     
Advantage
   
Opportunities
   
Income
 
     
(NAD
)
 
(NZF
)
 
(NPI
)
Assets
                   
Long-term investments, at value (cost $812,162,637, $3,039,716,112 and $1,365,626,600, respectively)
 
$
903,105,797
 
$
3,404,680,187
 
$
1,503,944,118
 
Short-term investments, at value (cost approximates value)
   
   
   
 
Cash
   
2,345,051
 
 
1,411,674
   
1,391,950
 
Cash collateral at brokers(1)
   
   
   
1,319,275
 
Receivable for:
                   
Dividends
   
758
   
3,361
   
 
Due from Adviser
   
   
96,104
   
 
Interest
   
11,975,139
   
49,756,266
   
20,101,914
 
Investments sold
   
7,921,740
   
20,122,952
   
4,093,059
 
Deferred offering costs
   
48,821
   
6,006,826
   
12,787
 
Other assets
   
135,974
   
1,094,264
   
223,401
 
Total assets
   
925,533,280
   
3,483,171,634
   
1,531,086,504
 
Liabilities
                   
Borrowings
   
   
40,000,000
   
 
Cash overdraft
   
   
   
 
Floating rate obligations
   
21,565,000
   
99,796,000
   
83,569,000
 
Payable for:
                   
Dividends
   
2,726,944
   
8,420,532
   
3,967,748
 
Interest
   
   
18,282
   
 
Investments purchased
   
4,694,261
   
23,790,119
   
12,135,966
 
Variation margin on swap contracts
   
   
   
18,755
 
Institutional MuniFund Term Preferred ('iMTP") Shares, at liquidation preference
   
   
150,000,000
   
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
   
265,000,000
   
81,000,000
   
407,000,000
 
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
   
   
727,000,000
   
 
Accrued expenses:
                   
Directors/Trustees fees
   
128,184
   
494,547
   
210,831
 
Management fees
   
446,696
   
1,729,024
   
742,906
 
Other
   
571,519
   
869,176
   
936,412
 
Total liabilities
   
295,132,604
   
1,133,117,680
   
508,581,618
 
Net assets applicable to common shares
 
$
630,400,676
 
$
2,350,053,954
 
$
1,022,504,886
 
Common shares outstanding
   
39,296,352
   
142,125,906
   
64,060,043
 
Net asset value ("NAV") per common share outstanding
 
$
16.04
 
$
16.54
 
$
15.96
 
Net assets applicable to common shares consist of:
                   
Common shares, $0.01 par value per share
 
$
392,964
 
$
1,421,259
 
$
640,600
 
Paid-in surplus
   
547,759,235
   
1,986,473,975
   
898,921,064
 
Undistributed (Over-distribution of) net investment income
   
2,954,579
   
844,245
   
2,724,880
 
Accumulated net realized gain (loss)
   
(11,649,262
)
 
(3,649,600
)
 
(17,043,106
)
Net unrealized appreciation (depreciation)
   
90,943,160
   
364,964,075
   
137,261,448
 
Net assets applicable to common shares
 
$
630,400,676
 
$
2,350,053,954
 
$
1,022,504,886
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
200,000,000
 
Preferred
   
Unlimited
   
Unlimited
   
1,000,000
 

(1)
Cash pledged to collaterize the net payment obligations for investments in derivatives.
See accompanying notes to financial statements.
 
Nuveen
 
133


Statement of
 
 
Operations
Six Months Ended April 30, 2016 (Unaudited)

     
Investment
   
Select
   
Premier
 
     
Quality
   
Quality
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
Investment Income
 
$
24,007,997
 
$
17,208,672
 
$
9,917,003
 
Expenses
                   
Management fees
   
3,048,225
   
2,535,330
   
1,390,805
 
Interest expense and amortization of offering costs
   
676,732
   
341,910
   
201,430
 
Liquidity fees
   
1,096,703
   
1,238,885
   
591,423
 
Remarketing fees
   
119,716
   
135,237
   
64,559
 
Custodian fees
   
58,101
   
44,656
   
27,578
 
Directors/Trustees fees
   
12,882
   
12,029
   
6,341
 
Professional fees
   
25,394
   
26,775
   
21,842
 
Shareholder reporting expenses
   
55,011
   
32,671
   
22,113
 
Shareholder servicing agent fees
   
16,453
   
14,128
   
8,629
 
Stock exchange listing fees
   
6,623
   
5,611
   
3,917
 
Investor relations expenses
   
48,517
   
41,450
   
22,533
 
Reorganization expenses
   
538,097
   
430,000
   
260,000
 
Other
   
35,070
   
34,889
   
27,985
 
Total expenses before expense reimbursement
   
5,737,524
   
4,893,571
   
2,649,155
 
Expense reimbursement
   
   
   
 
Net expenses
   
5,737,524
   
4,893,571
   
2,649,155
 
Net investment income (loss)
   
18,270,473
   
12,315,101
   
7,267,848
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from:
                   
Investments
   
(2,948,213
)
 
137,969
   
(612,201
)
Swaps
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                   
Investments
   
25,868,148
   
23,392,167
   
15,103,009
 
Swaps
   
   
   
 
Net realized and unrealized gain (loss)
   
22,919,935
   
23,530,136
   
14,490,808
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
41,190,408
 
$
35,845,237
 
$
21,758,656
 
See accompanying notes to financial statements.
 
134
 
Nuveen


           
Enhanced
       
     
Dividend
   
Credit
   
Premium
 
     
Advantage
   
Opportunities
   
Income
 
     
(NAD
)
 
(NZF
)
 
(NPI
)
Investment Income
 
$
19,648,521
 
$
22,485,867
 
$
32,947,134
 
Expenses
                   
Management fees
   
2,684,130
   
3,493,803
   
4,463,533
 
Interest expense and amortization of offering costs
   
1,493,240
   
1,930,688
   
2,357,827
 
Liquidity fees
   
   
385,248
   
 
Remarketing fees
   
   
40,389
   
 
Custodian fees
   
45,450
   
58,828
   
69,905
 
Directors/Trustees fees
   
14,304
   
16,288
   
20,495
 
Professional fees
   
5,651
   
13,460
   
17,773
 
Shareholder reporting expenses
   
36,697
   
81,478
   
59,798
 
Shareholder servicing agent fees
   
11,335
   
13,457
   
50,339
 
Stock exchange listing fees
   
6,260
   
4,234
   
10,204
 
Investor relations expenses
   
44,400
   
45,039
   
71,698
 
Reorganization expenses
   
470,000
   
   
760,000
 
Other
   
25,967
   
37,224
   
27,073
 
Total expenses before expense reimbursement
   
4,837,434
   
6,120,136
   
7,908,645
 
Expense reimbursement
   
   
(96,104
)
 
 
Net expenses
   
4,837,434
   
6,024,032
   
7,908,645
 
Net investment income (loss)
   
14,811,087
   
16,461,835
   
25,038,489
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from:
                   
Investments
   
(1,222,656
)
 
991,256
   
718,729
 
Swaps
   
   
   
(1,116
)
Change in net unrealized appreciation (depreciation) of:
                   
Investments
   
26,964,844
   
31,997,050
   
43,307,913
 
Swaps
   
   
   
(1,056,070
)
Net realized and unrealized gain (loss)
   
25,742,188
   
32,988,306
   
42,969,456
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
40,553,275
 
$
49,450,141
 
$
68,007,945
 
See accompanying notes to financial statements.
 
Nuveen
 
135


Statement of
   
 
Changes in Net Assets
(Unaudited)

   
Investment Quality (NQM)
 
Select Quality (NQS)
 
Premier Income (NPF)
 
     
Six Months
         
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/16
   
10/31/15
   
4/30/16
   
10/31/15
   
4/30/16
   
10/31/15
 
Operations
                                     
Net investment income (loss)
 
$
18,270,473
 
$
37,836,127
 
$
12,315,101
 
$
27,162,185
 
$
7,267,848
 
$
15,662,745
 
Net realized gain (loss) from:
                                     
Investments
   
(2,948,213
)
 
1,776,692
   
137,969
   
1,503,913
   
(612,201
)
 
1,108,606
 
Swaps
   
   
   
   
   
   
(62,989
)
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
25,868,148
   
(6,536,755
)
 
23,392,167
   
(4,551,516
)
 
15,103,009
   
(7,313,709
)
Swaps
   
   
   
   
   
   
10,657
 
Net increase (decrease) in net assets applicable to common shares from operations
   
41,190,408
   
33,076,064
   
35,845,237
   
24,114,582
   
21,758,656
   
9,405,310
 
Distributions to Common Shareholders
                                     
From net investment income
   
(19,387,071
)
 
(40,615,969
)
 
(13,521,777
)
 
(27,931,151
)
 
(7,760,502
)
 
(16,493,549
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(19,387,071
)
 
(40,615,969
)
 
(13,521,777
)
 
(27,931,151
)
 
(7,760,502
)
 
(16,493,549
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations
   
   
   
   
   
   
 
Cost of shares repurchased and retired
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
21,803,337
   
(7,539,905
)
 
22,323,460
   
(3,816,569
)
 
13,998,154
   
(7,088,239
)
Net assets applicable to common shares at the beginning of period
   
665,532,237
   
673,072,142
   
548,279,508
   
552,096,077
   
297,993,596
   
305,081,835
 
Net assets applicable to common shares at the end of period
 
$
687,335,574
 
$
665,532,237
 
$
570,602,968
 
$
548,279,508
 
$
311,991,750
 
$
297,993,596
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,003,899
 
$
3,120,497
 
$
1,110,724
 
$
2,317,400
 
$
1,303,092
 
$
1,795,746
 
See accompanying notes to financial statements.
 
136
 
Nuveen



        Enhanced      
   
Dividend Advantage (NAD)
 
Credit Opportunities (NZF)
 
Premium Income (NPI)
 
     
Six Months
         
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
   
Ended
  Year Ended  
     
4/30/16
   
10/31/15
   
4/30/16
   
10/31/15
   
4/30/16
   
10/31/15
 
Operations
                                     
Net investment income (loss)
 
$
14,811,087
 
$
32,950,875
 
$
16,461,835
 
$
30,013,629
 
$
25,038,489
 
$
52,214,301
 
Net realized gain (loss) from:
                                     
Investments
   
(1,222,656
)
$
(450,462
)
 
991,256
   
(3,220,085
)
 
718,729
   
3,357,569
 
Swaps
   
   
   
   
   
(1,116
)
 
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
26,964,844
   
(5,996,275
)
 
31,997,050
   
(1,290,726
)
 
43,307,913
   
(11,154,244
)
Swaps
   
   
   
   
   
(1,056,070
)
 
 
Net increase (decrease) in net assets applicable to common shares from operations
   
40,553,275
   
26,504,138
   
49,450,141
   
25,502,818
   
68,007,945
   
44,417,626
 
Distributions to Common Shareholders
                                     
From net investment income
   
(16,759,894
)
 
(34,348,941
)
 
(21,053,660
)
 
(28,195,874
)
 
(26,789,913
)
 
(53,259,525
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(16,759,894
)
 
(34,348,941
)
 
(21,053,660
)
 
(28,195,874
)
 
(26,789,913
)
 
(53,259,525
)
Capital Share Transactions
                                     
Common shares:
                                     
Issued in the Reorganizations
   
   
   
1,749,867,827
   
   
   
 
Cost of shares repurchased and retired
   
   
   
   
(238,387
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
   
1,749,867,827
   
(238,387
)
 
   
 
Net increase (decrease) in net assets applicable to common shares
   
23,793,381
   
(7,844,803
)
 
1,778,264,308
   
(2,931,443
)
 
41,218,032
   
(8,841,899
)
Net assets applicable to common shares at the beginning of period
   
606,607,295
   
614,452,098
   
571,789,646
   
574,721,089
   
981,286,854
   
990,128,753
 
Net assets applicable to common shares at the end of period
 
$
630,400,676
 
$
606,607,295
 
$
2,350,053,954
 
$
571,789,646
 
$
1,022,504,886
 
$
981,286,854
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,954,579
 
$
4,903,386
 
$
844,245
 
$
5,436,070
 
$
2,724,880
 
$
4,476,304
 
See accompanying notes to financial statements.

Nuveen
 
137


Statement of
   
 
Cash Flows
Six Months Ended April 30, 2016 (Unaudited)

     
Investment
   
Select
   
Premier
 
     
Quality
   
Quality
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
41,190,408
 
$
35,845,237
 
$
21,758,656
 
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
   
(43,850,552
)
 
(63,952,990
)
 
(29,794,963
)
Proceeds from sales and maturities of investments
   
40,824,790
   
60,313,140
   
29,669,932
 
Proceeds from (Purchases of) short-term investments, net
   
2,990,000
   
   
2,555,000
 
Proceeds from (Payments for) swap contracts, net
   
   
   
 
Taxes paid on undistributed capital gains
   
(333
)
 
(639
)
 
(183
)
Amortization (Accretion) of premiums and discounts, net
   
(750,648
)
 
(270,004
)
 
(1,202,974
)
Amortization of deferred offering costs
   
62,717
   
54,907
   
13,278
 
(Increase) Decrease in:
                   
Cash collateral at brokers
   
   
   
 
Receivable for interest
   
(156,522
)
 
(142,687
)
 
(42,796
)
Receivable due from adviser
   
   
   
 
Receivable for investments sold
   
3,192,174
   
120,000
   
1,772,866
 
Other assets
   
(535
)
 
1,751
   
1,754
 
Increase (Decrease) in:
                   
Payable for interest
   
(35,005
)
 
   
 
Payable for investments purchased
   
2,703,970
   
(428,923
)
 
3,203,975
 
Payable for variation margin on swap contracts
   
   
   
 
Accrued Directors/Trustees fees
   
(2,005
)
 
(2,069
)
 
(1,174
)
Accrued management fees
   
(45,119
)
 
(4,561
)
 
(4,487
)
Accrued other expenses
   
516,721
   
408,029
   
239,329
 
Net realized gain (loss) from:
                   
Investments
   
2,948,213
   
(137,969
)
 
612,201
 
Swaps
   
   
   
 
Change in net unrealized (appreciation) depreciation of:
                   
Investments
   
(25,868,148
)
 
(23,392,167
)
 
(15,103,009
)
Net cash provided by (used in) operating activities
   
23,720,126
   
8,411,055
   
13,677,405
 
Cash Flows from Financing Activities:
                   
Proceeds from borrowings
   
   
   
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
4,159,795
 
Floating rate obligations
   
(5,430,000
)
 
750,000
   
(12,285,000
)
Payable for offering costs
   
(18,517
)
 
(27,844
)
 
 
Cash distributions paid to common shareholders
   
(19,376,848
)
 
(13,512,106
)
 
(7,761,134
)
Net cash provided by (used in) financing activities
   
(24,825,365
)
 
(12,789,950
)
 
(15,886,339
)
Net Increase (Decrease) in Cash
   
(1,105,239
)
 
(4,378,895
)
 
(2,208,934
)
Cash at the beginning of period
   
1,107,669
   
11,793,938
   
2,208,934
 
Cash acquired in connection with the Reorganization
   
   
   
 
Cash at the end of period
 
$
2,430
 
$
7,415,043
 
$
 

           
Investment
   
Select
   
Quality
 
           
Quality
   
Quality
   
Income
 
Supplemental Disclosure of Cash Flow Information
         
(NQM
)
 
(NQS
)
 
(NQU
)
Cash paid for interest (excluding amortization of offering costs)
       
$
667,537
 
$
314,847
 
$
187,987
 
See accompanying notes to financial statements.
 
138
 
Nuveen


           
Enhanced
       
     
Dividend
   
Credit
   
Premium
 
     
Advantage
   
Opportunities
   
Income
 
     
(NAD
)
 
(NZF
)
 
(NPI
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
40,553,275
 
$
49,450,141
 
$
68,007,945
 
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
   
(52,138,454
)
 
(145,062,041
)
 
(117,898,611
)
Proceeds from sales and maturities of investments
   
50,861,192
   
123,773,348
   
85,253,389
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
6,340,000
 
Proceeds from (Payments for) swap contracts, net
   
   
   
(1,116
)
Taxes paid on undistributed capital gains
   
(217
)
 
(2,123
)
 
(5,881
)
Amortization (Accretion) of premiums and discounts, net
   
(2,235,575
)
 
3,701,808
   
(159,976
)
Amortization of deferred offering costs
   
36,414
   
197,596
   
10,846
 
(Increase) Decrease in:
                   
Cash collateral at brokers
   
   
   
(1,319,275
)
Receivable for interest
   
133,291
   
(6,601,122
)
 
247,180
 
Receivable due from adviser
   
   
(96,104
)
 
 
Receivable for investments sold
   
(2,336,990
)
 
(11,916,636
)
 
43,554,679
 
Other assets
   
(8,983
)
 
(233,283
)
 
(12,549
)
Increase (Decrease) in:
                   
Payable for interest
   
(217,591
)
 
(51,666
)
 
(327,272
)
Payable for investments purchased
   
3,906,471
   
18,070,337
   
(3,131,186
)
Payable for variation margin on swap contracts
   
   
   
18,755
 
Accrued Directors/Trustees fees
   
(616
)
 
372,108
   
(3,662
)
Accrued management fees
   
(5,353
)
 
1,289,730
   
(8,468
)
Accrued other expenses
   
468,234
   
(1,703,636
)
 
770,099
 
Net realized gain (loss) from:
                   
Investments
   
1,222,656
   
(991,256
)
 
(718,729
)
Swaps
   
   
   
1,116
 
Change in net unrealized (appreciation) depreciation of:
                   
Investments
   
(26,964,844
)
 
(31,997,050
)
 
(43,307,913
)
Net cash provided by (used in) operating activities
   
13,272,910
   
(1,799,849
)
 
37,309,371
 
Cash Flows from Financing Activities:
                   
Proceeds from borrowings
   
   
40,000,000
   
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
(1,486,627
)
Floating rate obligations
   
(4,085,000
)
 
(30,398,333
)
 
(7,580,000
)
Payable for offering costs
   
   
   
(73,881
)
Cash distributions paid to common shareholders
   
(16,756,106
)
 
(15,008,224
)
 
(26,776,913
)
Net cash provided by (used in) financing activities
   
(20,841,106
)
 
(5,406,557
)
 
(35,917,421
)
Net Increase (Decrease) in Cash
   
(7,568,196
)
 
(7,206,406
)
 
1,391,950
 
Cash at the beginning of period
   
9,913,247
   
2,472,440
   
 
Cash acquired in connection with the Reorganization
   
   
6,145,640
   
 
Cash at the end of period
 
$
2,345,051
 
$
1,411,674
 
$
1,391,950
 

           
Enhanced
       
     
Dividend
   
Credit
   
Premium
 
     
Advantage
   
Opportunities
   
Income
 
Supplemental Disclosure of Cash Flow Information(1)
   
(NAD
)
 
(NZF
)
 
(NPI
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,674,416
 
$
1,784,758
 
$
2,688,027
 

(1)
See Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for more information of the non-cash activities related to Enhanced Credit Opportunities (NZF) Reorganization.

See accompanying notes to financial statements.
 
Nuveen
 
139

 
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
   
Premium Per Share Sold through Shelf Offering
   
Shelf Offering Costs
   
Ending NAV
   
Ending Share Price
 
Investment Quality (NQM)
                                             
Year Ended 10/31:
                                             
2016(g)
 
$
16.01
   
$
0.44
   
$
0.55
   
$
   
$
   
$
0.99
   
$
(0.47
)
 
$
   
$
(0.47
)
 
$
   
$
   
$
16.53
   
$
16.25
 
2015
   
16.19
     
0.91
     
(0.11
)
   
     
     
0.80
     
(0.98
)
   
     
(0.98
)
   
     
     
16.01
     
15.29
 
2014
   
14.85
     
0.93
     
1.38
     
     
     
2.31
     
(0.97
)
   
     
(0.97
)
   
     
     
16.19
     
14.79
 
2013
   
16.60
     
0.92
     
(1.70
)
   
     
     
(0.78
)
   
(0.97
)
   
     
(0.97
)
   
     
     
14.85
     
13.69
 
2012
   
14.93
     
0.93
     
1.75
     
     
     
2.68
     
(1.01
)
   
     
(1.01
)
   
     
     
16.60
     
16.64
 
2011
   
15.13
     
1.00
     
(0.22
)
   
(0.01
)
   
     
0.77
     
(0.97
)
   
     
(0.97
)
   
     
     
14.93
     
14.57
 
                                                                                                         
Select Quality (NQS)
                                                                                         
Year Ended 10/31:
                                                                                         
2016(g)
   
15.57
     
0.35
     
0.66
     
     
     
1.01
     
(0.38
)
   
     
(0.38
)
   
     
     
16.20
     
15.13
 
2015
   
15.67
     
0.77
     
(0.08
)
   
     
     
0.69
     
(0.79
)
   
     
(0.79
)
   
     
     
15.57
     
13.63
 
2014
   
14.20
     
0.82
     
1.45
     
     
     
2.27
     
(0.80
)
   
     
(0.80
)
   
     
     
15.67
     
13.98
 
2013
   
15.94
     
0.77
     
(1.66
)
   
     
     
(0.89
)
   
(0.82
)
   
(0.04
)
   
(0.86
)
   
0.01
     
*
   
14.20
     
12.61
 
2012
   
14.31
     
0.87
     
1.83
     
     
     
2.70
     
(1.00
)
   
(0.08
)
   
(1.08
)
   
0.01
     
*
   
15.94
     
16.40
 
2011
   
14.82
     
1.03
     
(0.40
)
   
(0.02
)
   
*
   
0.61
     
(1.04
)
   
(0.08
)
   
(1.12
)
   
     
     
14.31
     
14.62
 
 
(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.
 
140
 
Nuveen


   
Common Share Supplemental Data/ Ratios Applicable to Common Shares
 
Common Share
Total Returns
       
Ratios to Average Net Assets(c)
     
   
Based
                 
Based
   
on
   
Ending
       
Net
   
Portfolio
 
on
   
Share
   
Net
       
Investment
   
Turnover
 
NAV
(b)   
Price
(b)   
Assets (000
)   
Expenses
(e)   
Income (Loss
)   
Rate
(f) 
                     
                     
 
6.23
%
   
9.46
%
 
$
687,336
     
1.64
%**
   
5.47
%**
   
4
%
 
5.05
     
10.22
     
665,532
     
1.54
     
5.65
     
10
 
 
16.03
     
15.51
     
673,072
     
1.67
(d)
   
6.12
(d)
   
9
 
 
(4.91
)
   
(12.30
)
   
534,352
     
1.64
     
5.81
     
14
 
 
18.37
     
21.61
     
596,684
     
1.66
     
5.84
     
7
 
 
5.58
     
4.45
     
535,519
     
1.50
     
7.03
     
12
 
                                             
                                             
 
6.58
%
   
14.00
%
   
570,603
     
1.69
**
   
4.45
**
   
7
 
 
4.53
     
3.26
     
548,280
     
1.59
     
4.94
     
22
 
 
16.36
     
17.62
     
552,096
     
1.67
     
5.50
     
14
 
 
(5.79
)
   
(18.37
)
   
500,260
     
1.76
     
5.01
     
26
 
 
19.50
     
20.32
     
557,646
     
1.79
     
5.71
     
24
 
 
4.82
     
3.35
     
491,453
     
1.53
     
7.61
     
13
 

(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)
During the fiscal year ended October 31, 2014, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows:

 
 
Ratio to Average Net Assets
 
           
Net Investment
 
Investment Quality (NQM)
   
Expenses
   
Income (Loss
)
Year Ended 10/31:
             
2014
   
1.68
%
 
6.11
%

(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:
 
Investment Quality (NQM)
   
Year Ended 10/31:
   
2016(g)
   
0.57
%**
2015
   
0.54
 
2014
   
0.56
 
2013
   
0.64
 
2012
   
0.65
 
2011
   
0.40
 

Select Quality (NQS)
   
Year Ended 10/31:
   
2016(g)
   
0.62
%**
2015
   
0.59
 
2014
   
0.63
 
2013
   
0.72
 
2012
   
0.76
 
2011
   
0.42
 

(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, 2016.
*
Rounds to less than $0.01 per share.
**
Annualized.

See accompanying notes to financial statements.
 
Nuveen
 
141

 
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 Investment Income to ARPS Shareholders
(a)  
Distributions from Realized Gains to ARPS Shareholders
(a)  
Total
   
From Net Investment Income
   
From Accumu-lated Net Realized Gains
   
Total
   
Ending NAV
   
Ending Share Price
 
Premier Income (NPF)  
                                     
Year Ended 10/31:   
                                     
2016(f)
 
$
14.98
   
$
0.37
   
$
0.73
   
$
   
$
   
$
1.10
   
$
(0.39
)
 
$
   
$
(0.39
)
 
$
15.69
   
$
14.63
 
2015
   
15.34
     
0.79
   
$
(0.32
)
   
     
     
0.47
     
(0.83
)
   
     
(0.83
)
   
14.98
     
13.23
 
2014
   
13.98
     
0.85
     
1.37
     
     
     
2.22
     
(0.86
)
   
     
(0.86
)
   
15.34
     
13.74
 
2013
   
15.65
     
0.82
     
(1.65
)
   
     
     
(0.83
)
   
(0.84
)
   
     
(0.84
)
   
13.98
     
12.54
 
2012
   
14.45
     
0.83
     
1.29
     
     
     
2.12
     
(0.92
)
   
     
(0.92
)
   
15.65
     
15.46
 
2011
   
14.70
     
0.94
     
(0.29
)
   
(0.01
)
   
     
0.64
     
(0.89
)
   
     
(0.89
)
   
14.45
     
13.91
 
                                                                                         
Dividend Advantage (NAD)       
                                                                         
Year Ended 10/31:       
                                                                         
2016(f)
   
15.44
     
0.38
     
0.65
     
     
     
1.03
     
(0.43
)
   
     
(0.43
)
   
16.04
     
15.24
 
2015
   
15.64
     
0.84
     
(0.17
)
   
     
     
0.67
     
(0.87
)
   
     
(0.87
)
   
15.44
     
14.05
 
2014
   
14.42
     
0.87
     
1.25
     
     
     
2.12
     
(0.90
)
   
     
(0.90
)
   
15.64
     
14.16
 
2013
   
16.05
     
0.81
     
(1.56
)
   
     
     
(0.75
)
   
(0.88
)
   
     
(0.88
)
   
14.42
     
12.92
 
2012
   
14.39
     
0.86
     
1.76
     
     
     
2.62
     
(0.92
)
   
(0.04
)
   
(0.96
)
   
16.05
     
15.76
 
2011
   
14.68
     
0.92
     
(0.29
)
   
(0.01
)
   
     
0.62
     
(0.91
)
   
     
(0.91
)
   
14.39
     
13.70
 

(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.
 
142
 
Nuveen


       
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) 
                     
 
7.42
%
   
13.71
%
 
$
311,992
     
1.67
%*
   
4.81
%*
   
7
%
 
3.14
     
2.36
     
297,994
     
1.56
     
5.21
     
12
 
 
16.33
     
16.88
     
305,082
     
1.66
     
5.84
     
11
 
 
(5.48
)
   
(13.84
)
   
278,069
     
1.74
     
5.49
     
14
 
 
14.98
     
18.11
     
311,279
     
1.80
     
5.42
     
18
 
 
4.65
     
3.59
     
287,473
     
1.55
     
6.74
     
10
 
                                             
                                             
 
6.72
     
11.67
     
630,401
     
1.50
*
   
4.84
*
   
6
 
 
4.43
     
5.57
     
606,607
     
1.41
     
5.41
     
15
 
 
15.19
     
17.10
     
614,452
     
1.73
     
5.82
     
9
 
 
(4.87
)
   
(12.81
)
   
566,487
     
1.99
     
5.21
     
11
 
 
18.67
     
22.59
     
630,515
     
2.04
     
5.55
     
12
 
 
4.76
     
1.93
     
565,364
     
2.02
     
6.77
     
15
 
 
(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 Income (NPF)
   
Year Ended 10/31:
   
2016(f)
   
0.57
%*
2015
   
0.54
 
2014
   
0.58
 
2013
   
0.71
 
2012
   
0.74
 
2011
   
0.44
 

Premier Income (NAD)
   
Year Ended 10/31:
   
2016(f)
   
0.49
%*
2015
   
0.47
 
2014
   
0.75
 
2013
   
1.03
 
2012
   
1.03
 
2011
   
0.94
 

(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, 2016.
*
Annualized.

See accompanying notes to financial statements.
 
Nuveen
 
143

 
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
Repur-
chased
and
Retired
   
Discount
per
Share
Repur-
chased
Through
Tender
Offer
   
Ending
NAV
   
Ending
Share
Price
 
Enhanced Credit Opportunities (NZF)  
                                         
Year Ended 10/31:   
                                             
2016(g)
 
$
15.75
   
$
0.35
   
$
0.86
   
$
   
$
   
$
1.21
   
$
(0.42
)
 
$
   
$
(0.42
)
 
$
   
$
   
$
16.54
   
$
15.33
 
2015
   
15.82
     
0.83
     
(0.13
)
   
     
     
0.70
     
(0.78
)
   
     
(0.78
)
   
0.01
     
     
15.75
     
13.86
 
2014
   
14.32
     
0.72
     
1.47
     
     
     
2.19
     
(0.72
)
   
     
(0.72
)
   
*
   
0.03
     
15.82
     
13.80
 
2013
   
15.99
     
0.71
     
(1.63
)
   
     
     
(0.92
)
   
(0.75
)
   
     
(0.75
)
   
     
     
14.32
     
12.66
 
2012
   
14.53
     
0.78
     
1.67
     
     
     
2.45
     
(0.95
)
   
(0.04
)
   
(0.99
)
   
     
     
15.99
     
15.73
 
2011
   
14.74
     
0.98
     
(0.18
)
   
(0.01
)
   
*
   
0.79
     
(0.98
)
   
(0.02
)
   
(1.00
)
   
     
     
14.53
     
14.17
 
                                                                                                         
Premium Income (NPI)
                                                                                         
Year Ended 10/31:       
                                                                                         
2016(g)
   
15.32
     
0.39
     
0.67
     
     
     
1.06
     
(0.42
)
   
     
(0.42
)
   
     
     
15.96
     
14.94
 
2015
   
15.46
     
0.82
     
(0.13
)
   
     
     
0.69
     
(0.83
)
   
     
(0.83
)
   
     
     
15.32
     
13.70
 
2014
   
13.94
     
0.82
     
1.56
     
     
     
2.38
     
(0.86
)
   
     
(0.86
)
   
     
     
15.46
     
13.68
 
2013
   
15.43
     
0.82
     
(1.44
)
   
     
     
(0.62
)
   
(0.87
)
   
     
(0.87
)
   
     
     
13.94
     
12.55
 
2012
   
14.09
     
0.84
     
1.42
     
     
     
2.26
     
(0.92
)
   
     
(0.92
)
   
     
     
15.43
     
15.56
 
2011
   
14.47
     
0.90
     
(0.35
)
   
(0.01
)
   
     
0.54
     
(0.92
)
   
     
(0.92
)
   
     
     
14.09
     
13.56
 

(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.


144
 
Nuveen


       
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
on
NAV
(b) 
 
Based
on
Share
Price
(b)
 
Ending
Net
Assets
(000
 
)
 
Expenses
(e)
 
Net
Investment
Income (Loss
)
 
Expenses
(e)
 
Net
Investment
Income (Loss
 
)
 
Portfolio
Turnover
Rate
 
(f)
                             
 
7.75
%
   
13.80
%
 
$
2,350,054
     
1.63
%**
   
4.36
%**
   
1.60
%**(h)
   
4.39
%**(h)
   
10
%
 
4.57
     
6.21
     
571,790
     
1.48
     
5.24
     
N/A
 
   
N/A
 
   
26
 
 
15.90
     
15.07
     
574,721
     
1.73
     
4.78
     
N/A
 
   
N/A
 
   
14
 
 
(5.93
)
   
(15.08
)
   
578,508
     
1.71
     
4.66
     
N/A
 
   
N/A
 
   
14
 
 
17.33
     
18.48
     
645,993
     
1.76
     
5.06
     
N/A
 
   
N/A
 
   
22
 
 
5.83
     
4.59
     
587,047
     
1.53
     
6.93
     
1.46
   
7.00
     
30
 
                                                             
                                                             
 
6.98
     
12.28
     
1,022,505
     
1.52
**
   
5.05
**
   
N/A
 
   
N/A
 
   
6
 
 
4.57
     
6.40
     
981,287
     
1.48
     
5.30
     
N/A
 
   
N/A
 
   
18
 
 
17.61
     
16.32
     
990,129
     
1.58
     
5.63
     
N/A
 
   
N/A
 
   
17
 
 
(4.19
)
   
(14.16
)
   
892,964
     
1.71
     
5.55
     
N/A
 
   
N/A
 
   
18
 
 
16.41
     
22.06
     
987,664
     
1.71
     
5.65
     
N/A
 
   
N/A
 
   
8
 
 
4.18
     
1.37
     
900,461
     
1.66
     
6.60
     
N/A
 
   
N/A
 
   
9
 

(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 September 30, 2011, the Adviser is no longer contractually reimbursing Enhanced Credit Opportunities (NZF), 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:
 
Enhanced Credit Opportunities (NZF)
   
Year Ended 10/31:
   
2016(g)
   
0.63
%**
2015
   
0.46
 
2014
   
0.72
 
2013
   
0.75
 
2012
   
0.77
 
2011
   
0.48
 

Premium Income (NPI)
   
Year Ended 10/31:
   
2016(g)
   
0.48
%**
2015
   
0.52
 
2014
   
0.57
 
2013
   
0.72
 
2012
   
0.71
 
2011
   
0.58
 

(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, 2016.
(h)
During the six months ended April 30, 2016, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its Reorganization as described in Note 7 – Management Fees and Other Transactions with Affiliates.
*
Rounds to less than $0.01 per share.
**
Annualized.
N/A
Fund does not have or no longer has a contractual reimbursement agreement with the Adviser.

See accompanying notes to financial statements.
 
Nuveen
 
145


Financial Highlights (Unaudited) (continued)

                                   
iMTP, MTP,
VMTP and/or
VRDP Shares
at the End
of the Period
 
                                     
                                     
   
iMTP Shares
at the End of Period
   
MTP Shares
at the End of Period (a)
   
VMTP Shares
at the End of Period
   
VRDP Shares
at the End of Period
     
                     
               
Asset
       
Asset
       
Asset
   
Asset
 
   
Aggregate
   
Aggregate
   
Aggregate
   
Coverage
   
Aggregate
   
Coverage
   
Aggregate
   
Coverage
   
Coverage
 
   
Amount
   
Coverage
   
Amount
   
Per
   
Amount
   
Per
   
Amount
   
Per
   
Per $1
 
   
Outstanding
   
Per $5,000
   
Outstanding
   
 
$10
   
Outstanding
   
 
$100,000
   
Outstanding
   
 
$100,000
   
Liquidation
 
     
(000
)
 
Share
     
(000
)
 
Share
     
(000
)
 
Share
     
(000
)
 
Share
   
Preference
 
Investment Quality (NQM)   
                                                         
Year Ended 10/31:   
                                                         
2016(b)
 
$
   
$
   
$
   
$
   
$
43,500
   
$
345,214
   
$
236,800
   
$
345,214
   
$
3.45
 
2015
   
     
     
     
     
43,500
     
337,436
     
236,800
     
337,436
     
3.37
 
2014
   
     
     
     
     
43,500
     
340,126
     
236,800
     
340,126
     
3.40
 
2013
   
     
     
     
     
     
     
236,800
     
325,655
     
 
2012
   
     
     
     
     
     
     
211,800
     
381,720
     
 
2011
   
     
     
     
     
     
     
211,800
     
352,842
     
 
                                                                         
Select Quality (NQS)   
                                                                 
Year Ended 10/31:   
                                                                 
2016(b)
   
     
     
     
     
     
     
267,500
     
313,310
     
 
2015
   
     
     
     
     
     
     
267,500
     
304,964
     
 
2014
   
     
     
     
     
     
     
267,500
     
306,391
     
 
2013
   
     
     
     
     
     
     
267,500
     
287,013
     
 
2012
   
     
     
     
     
     
     
252,500
     
320,850
     
 
2011
   
     
     
     
     
     
     
252,500
     
294,635
     
 
                                                                         
Premier Income (NPF)   
                                                                 
Year Ended 10/31:   
                                                                 
2016(b)
   
     
     
     
     
     
     
127,700
     
344,316
     
 
2015
   
     
     
     
     
     
     
127,700
     
333,354
     
 
2014
   
     
     
     
     
     
     
127,700
     
338,905
     
 
2013
   
     
     
     
     
     
     
127,700
     
317,752
     
 
2012
   
     
     
     
     
     
     
127,700
     
343,758
     
 
2011
   
     
     
     
     
     
     
127,700
     
325,116
     
 
                                                                         
Dividend Advantage (NAD)   
                                                                 
Year Ended 10/31:   
                                                                 
2016(b)
   
     
     
     
     
265,000
     
337,887
     
     
     
 
2015
   
     
     
     
     
265,000
     
328,908
     
     
     
 
2014
   
     
     
     
     
265,000
     
331,869
     
     
     
 
2013
   
     
     
144,300
     
31.40
     
120,400
     
314,011
     
     
     
3.14
 
2012
   
     
     
144,300
     
33.82
     
120,400
     
338,200
     
     
     
3.38
 
2011
   
     
     
144,300
     
31.36
     
120,400
     
313,587
     
     
     
3.14
 
                                                                         
Enhanced Credit Opportunities (NZF)       
                                                         
2016(b)
   
150,000
     
17,265
     
     
     
81,000
     
345,308
     
727,000
     
345,308
     
3.45
 
2015
   
150,000
     
17,376
     
     
     
81,000
     
347,528
     
     
     
3.48
 
2014
   
150,000
     
17,440
     
     
     
81,000
     
348,797
     
     
     
3.49
 
2013
   
     
     
70,000
     
34.19
     
169,200
     
341,851
     
     
     
3.42
 
2012
   
     
     
70,000
     
37.01
     
169,200
     
370,064
     
     
     
3.70
 
2011
   
     
     
70,000
     
34.54
     
169,200
     
345,421
     
     
     
3.45
 
                                                                         
Premium Income (NPI)   
                                                                 
Year Ended 10/31:   
                                                                 
2016(b)
   
     
     
     
     
407,000
     
351,230
     
     
     
 
2015
   
     
     
     
     
407,000
     
341,102
     
     
     
 
2014
   
     
     
     
     
407,000
     
343,275
     
     
     
 
2013
   
     
     
     
     
407,000
     
319,402
     
     
     
 
2012
   
     
     
     
     
402,400
     
345,443
     
     
     
 
2011
   
     
     
     
     
402,400
     
323,773
     
     
     
 

146
 
Nuveen

 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2014
   
2013
   
2012
   
2011
 
Dividend Advantage (NAD)
                         
Series 2015 (NAD PRC)
                         
Ending Market Value per Share
 
$
 
$
10.06
 
$
10.10
 
$
10.06
 
Average Market Value per Share
   
10.04
 
10.08
   
10.09
   
10.05
 
                           
Enhanced Credit Opportunities (NZF)
                         
Series 2016 (NZF PRC)
                         
Ending Market Value per Share
 
$
 
$
10.10
 
$
10.14
 
$
10.14
 
Average Market Value per Share
   
10.05
^^
 
10.10
   
10.12
   
10.05
^^^

^
For the period November 1, 2013 through December 20, 2013.
^^
For the period November 1, 2013 through April 11, 2014.
^^^
For the period December 20, 2010 (first issuance date of shares) through October 31, 2011.
(b) For the six months ended April 30, 2016

See accompanying notes to financial statements.

Nuveen
 
147



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") symbols are as follows (each a "Fund" and collectively, the "Funds"):

 
Nuveen Investment Quality Municipal Fund, Inc. (NQM) ("Investment Quality (NQM)")
 
Nuveen Select Quality Municipal Fund, Inc. (NQS) ("Select Quality (NQS)")
 
Nuveen Premier Municipal Income Fund, Inc. (NPF) ("Premier Income (NPF)")
 
Nuveen Dividend Advantage Municipal Fund, Inc. (NAD) ("Dividend Advantage (NAD)")
 
Nuveen Enhanced Municipal Credit Opportunities Fund (NZF) ("Enhanced Credit Opportunities (NZF)") • Nuveen Premium Income Municipal Income Fund, Inc. (NPI) ("Premium Income (NPI)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Common shares of Enhanced Credit Opportunities (NZF) were formerly traded on the NYSE MKT. Investment Quality (NQM), Select Quality (NQS), Premier Income (NPF) and Premium Income (NPI) were incorporated under the state laws of Minnesota on January 23, 1990, January 23, 1991, July 25, 1991, and April 15, 1988, respectively. Dividend Advantage (NAD) and Enhanced Credit Opportunities (NZF) were organized as Massachusetts business trusts on January 15, 1999 and March 21, 2001, respectively
The end of the reporting period for the Funds is April 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2016 (the "current fiscal period").
Effective April 11, 2016, in conjunction with its reorganization, Enhanced Credit Opportunities changed its name from Nuveen Dividend Advantage Municipal Fund 3.
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 by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Fund Reorganizations
Effective prior to the opening of business on April 11, 2016, certain funds were reorganized into one, larger-national Fund included in this report (the "Reorganizations") as follows:

 
Target Funds
 
Acquiring Fund
 
Nuveen Premium Income Municipal Fund 4, Inc. (NPT)
 
Enhanced Credit Opportunities (NZF)
 
("Premium Income 4 (NPT)")
   
 
Nuveen Dividend Advantage Municipal Fund 2 (NXZ)
   
 
("Dividend Advantage 2 (NXZ)")
   
 
Nuveen Municipal Advantage Fund, Inc. (NMA)
   
 
("Municipal Advantage (NMA)")
   

148
 
Nuveen

 
During February, 2016, the Nuveen funds' Board of Directors/Trustees approved a series of reorganizations for certain funds, which are included in this report, in order to enhance the funds' trading appeal and lower operating expenses by creating a single, larger Fund with distinct mandates.
The approved reorganizations are as follows:
 
 
Target Funds
 
Acquiring Fund
 
Premier Income (NPF)
 
Nuveen Dividend Advantage Municipal Fund (NAD)
 
Premium Income (NPI)
 
to be renamed Nuveen Enhanced Quality
 
Select Quality (NQS)
 
Municipal Fund
 
Investment Quality (NQM)
   
The reorganizations are subject to customary conditions, including shareholder approval at annual shareholder meetings later this year.
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of a reorganization, the Target Funds transfer their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Target Funds. The Target Funds are then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds become shareholders of the Acquiring Fund. Holders of common shares of the Target Funds receive newly issued common shares of the Acquiring Fund, the aggregate net asset value ("NAV") of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Holders of preferred shares of the Target Funds receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Target Funds held immediately prior to the reorganizations. Details of the Enhanced Credit Opportunities' (NZF) Reorganizations are further described in Note 9 – Fund Reorganizations.
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 earmarked securities in their 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:

                   
Enhanced
     
   
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
   
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
   
(NQM
)   
(NQS
)   
(NPF
)   
(NAD
)   
(NZF
)   
(NPI
) 
Outstanding when-issued/delayed delivery purchase commitments
 
$
6,656,849
   
$
4,456,910
   
$
3,203,975
   
$
4,694,261
   
$
21,722,459
   
$
12,135,966
 
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.

Nuveen
 
149

 
Notes to Financial Statements (Unaudited) (continued)
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 certain securities and derivatives with a specific counterparty, when applicable, as well as 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).

Prices of fixed income securities are provided by an independent pricing service ("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 an independent pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on valuation date and 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

150
 
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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:

Investment Quality (NQM)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
1,007,441,790
 
$
 
$
1,007,441,790
 
Corporate Bonds**
   
   
   
6,461
***
 
6,461
 
Total
 
$
 
$
1,007,441,790
 
$
6,461
 
$
1,007,448,251
 
Select Quality (NQS)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
830,384,704
 
$
 
$
830,384,704
 
Corporate Bonds**
   
   
   
1,673
***
 
1,673
 
Total
 
$
 
$
830,384,704
 
$
1,673
 
$
830,386,377
 
Premier Income (NPF)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
445,019,355
 
$
 
$
445,019,355
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
1,250,000
   
   
1,250,000
 
Total
 
$
 
$
446,269,355
 
$
 
$
446,269,355
 
Dividend Advantage (NAD)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
902,495,477
 
$
 
$
902,495,477
 
Corporate Bonds**
   
   
   
10,095
***
 
10,095
 
Investment Companies
   
600,225
   
   
   
600,225
 
Total
 
$
600,225
 
$
902,495,477
 
$
10,095
 
$
903,105,797
 
Enhanced Credit Opportunities (NZF)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
3,400,791,995
 
$
 
$
3,400,791,995
 
Corporate Bonds**
   
   
   
22,815
***
 
22,815
 
Investment Companies
   
3,865,377
   
   
   
3,865,377
 
Total
 
$
3,865,377
 
$
3,400,791,995
 
$
22,815
 
$
3,404,680,187
 
Premium Income (NPI)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
1,503,933,221
 
$
 
$
1,503,933,221
 
Corporate Bonds**
   
   
   
10,897
***
 
10,897
 
Investments in Derivatives:
                         
Interest Rate Swaps****
   
   
(1,056,070
)
 
   
(1,056,070
)
Total
 
$
 
$
1,502,877,151
 
$
10,897
 
$
1,502,888,048
 

*
Refer to the Fund's Portfolio of Investments for state classifications.
**
Refer to the Fund's Portfolio of Investments for industry classifications.
***
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.
****
Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.

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.

Nuveen
 
151

 
Notes to Financial Statements (Unaudited) (continued)
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 tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB 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 TOB 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 TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB 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 (and possible gain) 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 (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB 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 TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB 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 TOB 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 TOB 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 as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

152
 
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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, or any related borrowings from a Liquidity Provider, 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 or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
 Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
Floating Rate Obligations Outstanding
   
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
49,250,000
 
$
14,205,000
 
$
9,975,000
 
$
21,565,000
 
$
99,796,000
 
$
83,569,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
34,767,000
   
37,290,000
   
12,400,000
   
23,195,000
   
101,469,000
   
63,482,000
 
Total
 
$
84,017,000
 
$
51,495,000
 
$
22,375,000
 
$
44,760,000
 
$
201,265,000
 
$
147,051,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
Self-Deposited Inverse Floaters
   
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Average floating rate obligations outstanding
 
$
52,270,604
 
$
13,467,363
 
$
21,981,841
 
$
25,650,000
 
$
130,194,333
 
$
83,569,000
 
Average annual interest rate and fees
   
0.65
%
 
0.72
%
 
0.55
%
 
0.62
%
 
0.65
%
 
0.69
%

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB 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 TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, 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 or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

Nuveen
 
153

 
Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
Floating Rate Obligations — Recourse Trusts
   
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Maximum exposure to Recourse Trusts: self deposited Inverse Floaters
 
$
2,375,000
 
$
13,205,000
 
$
7,725,000
 
$
4,065,000
 
$
39,436,000
 
$
48,359,000
 
Maximum exposure to Recourse Trusts: externally deposited Inverse Floaters
   
16,632,000
   
23,125,000
   
9,200,000
   
11,250,000
   
47,204,000
   
16,432,000
 
Total
 
$
19,007,000
 
$
36,330,000
 
$
16,925,000
 
$
15,315,000
 
$
86,640,000
 
$
64,791,000
 
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 may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain 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.
Interest Rate 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 begin at a specified date in the future (the "effective date").
The amount of the payment obligation for an interest rate swap is based on the notional amount and the termination date of the contract. Interest rate 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), the 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 an over-the-counter ("OTC") swap that is not cleared through a clearing house ("OTC Uncleared"), 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 OTC swap cleared through a clearing house ("OTC Cleared"), the 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 deposited by the Fund 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 OTC Cleared swaps obligate the 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 the 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 for OTC Cleared swaps is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)" as described in the preceding paragraph.

154
 
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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 contracts 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" on the Statement of Operations. 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.
During the current fiscal period, Premium Income (NPI) invested in interest rate swap contracts to reduce the duration of its portfolio.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

     
Premium
 
     
Income
 
     
(NPI
)
Average notional amount of interest rate swap contracts outstanding*
 
$
10,400,000
 

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all swap contracts held by the Fund 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
 
     
Asset Derivatives
 
(Liability) Derivatives
 
Underlying
 
Derivative
                   
Risk Exposure
 
Instrument
Location
   
Value
 
Location
   
Value
 
Premium Income (NPI)
                       
   
Swaps
         
Payable for variation margin on
       
Interest rate
 
(OTC Cleared)
 
$
 
swap contracts**
 
$
(1,056,070)
 

**
Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund's Portfolio of Investments and not the asset and/or liability amount as described in the table above.
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
 
Premium Income (NPI)
   
Interest rate
   
Swaps
 
$
(1,116
)
$
(1,056,070
)

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.

Nuveen
 
155


Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Shares
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:

   
Enhanced
 
   
Credit Opportunities (NZF)
 
     
Six Months
   
Year
 
     
Ended
   
Ended
 
     
4/30/16
   
10/31/15
 
Common shares:
             
Issued in the Reorganizations
   
105,813,381
   
 
Repurchased and retired
   
   
(17,500
)
               
Weighted average common share:
             
Price per share repurchased and retired
   
 
$
13.60
 
Discount per share repurchased and retired
   
   
12.55
%
Preferred Shares
Institutional MuniFund Term Preferred Shares
The following Fund has issued and has outstanding Institutional MuniFund Term Preferred ("iMTP") Shares, with a $5,000 liquidation preference per share. iMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of iMTP Shares outstanding were as follows:

           
Shares
   
Liquidation
 
Fund
   
Series
   
Outstanding
   
Preference
 
Enhanced Credit Opportunities (NZF)
   
2017
   
30,000
 
$
150,000,000
 
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for approximately one year following the date of issuance, at which point the Fund may redeem at its option ("Optional Redemption Date") and any date thereafter. The Fund may be obligated to redeem certain amount of the iMTP 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 and Optional Redemption Date for the Fund's iMTP Shares are as follows:

           
Term
   
Optional
 
Fund
   
Series
   
Redemption Date
   
Redemption Date
 
Enhanced Credit Opportunities (NZF)
   
2017
   
October 1, 2017
   
April 1, 2015
 
The average liquidation preference of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period, were as follows:

     
Enhanced
 
     
Credit
 
     
Opportunities
 
     
(NZF
)
Average liquidation preference of iMTP Shares outstanding
 
$
150,000,000
 
Annualized dividend rate
   
0.84
%
iMTP Shares are subject to restrictions on transfer and may only be sold or transferred to "qualified institutional buyers". iMTP 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 iMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the iMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund's Adviser has determined that the fair value of iMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of iMTP Shares is recorded as a liability and recognized as "Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.

156
 
Nuveen


Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Cost incurred by the Fund in connection with its offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and 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 MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference 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 preference, for each Fund were as follows:

           
Shares
   
Liquidation
 
Fund
   
Series
   
Outstanding
   
Preference
 
Investment Quality (NQM)
   
2017
   
435
 
$
43,500,000
 
Dividend Advantage (NAD)
   
2016
   
2,650
 
$
265,000,000
 
Enhanced Credit Opportunities (NZF)
   
2017
   
810
 
$
81,000,000
 
Premium Income (NPI)
   
2018
   
4,070
 
$
407,000,000
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount 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 Term Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:

           
Term
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Expiration Date
 
Investment Quality (NQM)
   
2017
   
May 1, 2017
   
April 30, 2014
 
Dividend Advantage (NAD)
   
2016
   
December 30, 2016
   
December 31, 2014
 
Enhanced Credit Opportunities (NZF)
   
2017
   
April 1, 2017
   
March 31, 2015
 
Premium Income (NPI)
   
2018
   
December 1, 2018
   
May 31, 2016
 
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

                 
Enhanced
       
     
Investment
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Advantage
   
Opportunities
   
Income
 
     
(NQM
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Average liquidation preference of VMTP Shares outstanding
 
$
43,500,000
 
$
265,000,000
 
$
81,000,000
 
$
407,000,000
 
Annualized dividend rate
   
1.04
%
 
1.04
%
 
1.09
%
 
1.02
%
VMTP Shares are subject to restrictions on transfer, 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 preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" 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 approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Nuveen
 
157


Notes to Financial Statements (Unaudited) (continued)
Costs incurred in connection with each Fund's offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds' VRDP Shares outstanding were as follows:

           
Shares
   
Liquidation
       
Fund
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Investment Quality (NQM)
   
1
   
2,368
 
$
236,800,000
   
May 1, 2041
 
Select Quality (NQS)
   
1
   
2,675
 
$
267,500,000
   
May 1, 2041
 
Premier Income (NPF)
   
1
   
1,277
 
$
127,700,000
   
May 1, 2041
 
Enhanced Credit Opportunities (NZF)
   
1
*
 
2,688
 
$
268,800,000
   
March 1, 2040
 
     
2
*
 
2,622
   
262,200,000
   
March 1, 2040
 
     
3
*
 
1,960
   
196,000,000
   
August 1, 2040
 

*
VRDP Shares issued in connection with the Reorganization.
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 VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund 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.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

                       
Enhanced
 
     
Investment
   
Select
   
Premier
   
Credit
 
     
Quality
   
Quality
   
Income
   
Opportunities
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NZF
)*
Average liquidation preference of VRDP Shares outstanding
 
$
236,800,000
 
$
267,500,000
 
$
127,700,000
 
$
727,000,000
 
Annualized dividend rate
   
0.20
%
 
0.20
%
 
0.20
%
 
0.55
%

*
For the period April 11, 2016 (first issuance of shares in connection with the Reorganization) through April 30, 2016.
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" 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 a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.

158
 
Nuveen


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 VMTP Shares for the Funds, where applicable, were as follows:

   
Year Ended
 
   
October 31, 2015
 
Premium Income (NPI)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2018
   
4,070
 
$
407,000,000
 
VMTP Shares exchanged
   
2015
   
(4,070
)
 
(407,000,000
)
Net increase (decrease)
   
 
 
 
 
 —
 
Transactions in VRDP Shares for the Funds, where applicable, were as follows:

   
Six Months Ended
 
   
April 30, 2016
 
Enhanced Credit Opportunities (NZF)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued in connection with the Reorganization
   
1
   
2,688
 
$
268,800,000
 
     
2
   
2,622
   
262,200,000
 
     
3
   
1,960
   
196,000,000
 
Total
         
7,270
 
$
727,000,000
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Purchases
 
$
43,850,552
 
$
63,952,990
 
$
29,794,963
 
$
52,138,454
 
$
145,062,041
 
$
117,898,611
 
Sales and maturities
   
40,824,790
   
60,313,140
   
29,669,932
   
50,861,192
   
123,773,348
   
85,253,389
 
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, 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.

Nuveen
 
159


Notes to Financial Statements (Unaudited) (continued)
As of April 30, 2016, 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:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Cost of investments
 
$
844,094,902
 
$
733,655,585
 
$
397,883,284
 
$
789,225,989
 
$
2,937,298,243
 
$
1,282,689,647
 
Gross unrealized:
                                     
Appreciation
 
$
118,531,800
 
$
85,791,044
 
$
48,038,391
 
$
100,017,592
 
$
375,288,369
 
$
145,066,224
 
Depreciation
   
(4,325,703
)
 
(3,265,266
)
 
(9,627,336
)
 
(7,702,688
)
 
(7,693,705
)
 
(7,384,417
)
Net unrealized appreciation (depreciation) of investments
 
$
114,206,097
 
$
82,525,778
 
$
38,411,055
 
$
92,314,904
 
$
367,594,664
 
$
137,681,807
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, nondeductible reorganization expenses, paydowns, taxable market discount, tender option bond adjustments and treatment of notional principal contracts resulted in reclassifications among the Funds' components of common share net assets as of October 31, 2015, the Funds' last tax year end, as follows:
 
                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Paid-in-surplus
 
$
(105,331
)
$
(53,877
)
$
(288,903
)
$
(303,397
)
$
(975,908
)
$
(2,172,059
)
Undistributed (Over-distribution of) net investment income
   
23,425
   
(36,665
)
 
(218,340
)
 
(103,215
)
 
522,482
   
(191,924
)
Accumulated net realized gain (loss)
   
81,906
   
90,542
   
507,243
   
406,612
   
453,426
   
2,363,983
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2015, the Funds' last tax year end, were as follows:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Undistributed net tax-exempt income1
 
$
5,019,049
 
$
2,884,707
 
$
1,593,608
 
$
6,539,866
 
$
6,678,401
 
$
7,273,930
 
Undistributed net ordinary income2
   
53,321
   
102,900
   
3,902
   
20,848
   
209,987
   
498,778
 
Undistributed net long-term capital gains
   
   
   
   
   
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2015, and paid on November 2, 2015.
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, 2015, was designated for purposes of the dividends paid deduction as follows:

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Distributions from net tax-exempt income
 
$
40,931,352
 
$
28,354,502
 
$
16,795,766
 
$
37,045,191
 
$
30,017,807
 
$
57,176,462
 
Distributions from net ordinary income2
   
78,262
   
35,635
   
5,672
   
46,663
   
61,761
   
599,982
 
Distributions from net long-term capital gains
   
   
   
   
   
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

160
 
Nuveen

 
As of October 31, 2015, the Funds' last tax year end, the 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.

                             
Enhanced
       
     
Investment
   
Select
   
Premier
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Quality
   
Income
   
Advantage
   
Opportunities
   
Income
 
     
(NQM3
)
 
(NQS
)
 
(NPF
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Expiration:
                                     
October 31, 2016
 
$
1,349,646
 
$
 
$
 
$
 
$
 
$
3,777,643
 
October 31, 2017
   
246,669
   
   
2,039,767
   
   
   
11,817,772
 
October 31, 2019
   
   
   
76,136
   
   
   
 
Not subject to expiration
   
4,782,591
   
4,080,913
   
   
10,298,778
   
4,601,681
   
 
Total
 
$
6,378,906
 
$
4,080,913
 
$
2,115,903
 
$
10,298,778
 
$
4,601,681
 
$
15,595,415
 

3
A portion of Investment Quality's (NQM) capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations.
During the Funds' last tax year ended October 31, 2015, the following Funds utilized capital loss carryforwards as follows:

     
Investment
   
Select
   
Premier
   
Premium
 
     
Quality
   
Quality
   
Income
   
Income
 
     
(NQM
)
 
(NQS
)
 
(NPF
)
 
(NPI
)
Utilized capital loss carryforwards
 
$
1,833,824
 
$
1,582,136
 
$
1,487,296
 
$
3,492,913
 

7. Management Fees and Other Transactions with Affiliates
Management Fees
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.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

     
Investment Quality (NQM
)
     
Select Quality (NQS
)
     
Premier Income (NPF
)
     
Premium Income (NPI
)
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 (NAD
)
     
Enhanced Credit Opportunities (NZF
)**
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
%

**
Effective for the period November 1, 2015 through April 10, 2016.

Nuveen
 
161

 
Notes to Financial Statements (Unaudited) (continued)
Effective April 11, 2016, in conjunction with the Reorganizations, the annual Fund-level fee, payable monthly, for the following Fund was calculated according to the following schedule:

     
Enhanced Credit Opportunities (NZF
)
Averaged Daily Managed Assets*
   
Fund-Level Fee
 
For the first $125 million
   
0.5000
%
For the next $125 million
   
0.4875
 
For the next $250 million
   
0.4750
 
For the next $500 million
   
0.4625
 
For the next $1 billion
   
0.4500
 
For the next $3 billion
   
0.4250
 
For managed assets over $5 billion
   
0.4125
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Funds' daily managed assets:

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 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 a determined amount (originally $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, 2016, the complex-level fee rate for each Fund was 0.1629%.
The Adviser has agreed to implement a fee waiver which would begin on the effective date of the New Investment Management Agreement (the "Agreement") and will be phased out over the first year following the effective date of the Agreement. The waiver would be applied according to the following schedule and annual rates: (i) 0.05% of managed assets for the first 90 day period following the effective date of the Agreement; (ii) 0.0375% of managed assets for the 91st through 180th day period following the effective date of the Agreement; (iii) 0.025% of managed assets for the 181st through 270th day period following the effective date of the Agreement; and (iv) 0.0125% of managed assets for the 271st through 365th day period following the effective date of the Agreement. The fee waiver agreement may not be discontinued prior to the expiration of the one-year period unless authorized by the Board of the Acquiring Fund or the Acquiring Fund's Agreement terminates. The purpose of the fee waiver is to phase in the new management fee over a period of one year. The fee waiver is not expected to be continued.
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.
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled

162
 
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inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:

                 
Enhanced
       
     
Select
   
Dividend
   
Credit
   
Premium
 
     
Quality
   
Advantage
   
Opportunities
   
Income
 
Inter-Fund Trades
   
(NQS
)
 
(NAD
)
 
(NZF
)
 
(NPI
)
Purchases
 
$
5,858,233
 
$
3,031,488
 
$
2,268,223
 
$
6,312,181
 
Sales
   
627,285
   
   
   
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2015 (the only date utilized during the current fiscal period), the following Funds borrowed the following amounts from the Unsecured Credit Line, each at an annualized interest rate of 1.68% on their respective outstanding balance.

           
Enhanced
       
     
Premier
   
Credit
   
Premium
 
     
Income
   
Opportunities
   
Income
 
     
(NPF
)
 
(NZF
)
 
(NPI
)
Outstanding balance at December 31, 2015
 
$
881,659
 
$
8,771,021
 
$
1,579,811
 
The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current reporting period, Enhanced Credit Opportunities (NZF) utilized this facility. The Fund's average daily balance outstanding and average interest rate during the utilization period were as follows:

     
Enhanced
 
     
Credit
 
     
Opportunities
 
     
(NZF
)
Average daily balance outstanding
 
$
30,000,000
 
Average interest rate
   
1.69
%
Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities. None of the other Funds utilized this facility during the current fiscal period.
9. Fund Reorganizations
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Target Funds' shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of each of the Reorganizations, the Target Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Target Funds' shareholders for federal income tax purposes.

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163
 

 
Notes to Financial Statements (Unaudited) (continued)
Investments
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Target Funds as of the date of the Reorganizations, were as follows:

     
Premium
   
Dividend
   
Municipal
 
     
Income 4
   
Advantage 2
   
Advantage
 
     
(NPT
)
 
(NXZ
)
 
(NMA
)
Cost of investments
 
$
842,272,817
 
$
611,132,710
 
$
801,967,506
 
Fair value of investments
   
944,017,006
   
686,626,155
   
895,968,861
 
Net unrealized appreciation (depreciation) of investments
   
101,744,189
   
75,493,445
   
94,001,355
 
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Common Shares
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Reorganizations were as follows:

     
Premium
   
Dividend
   
Municipal
 
     
Income 4
   
Advantage 2
   
Advantage
 
Target Funds - Prior to Reorganizations
   
(NPT
)
 
(NXZ
)
 
(NMA
)
Common shares outstanding
   
43,338,451
   
29,453,512
   
39,289,967
 
Net assets applicable to common shares
 
$
641,814,118
 
$
483,046,431
 
$
625,007,278
 
NAV per common share outstanding
   
14.81
   
16.40
   
15.91
 

     
Enhanced
 
     
Credit
 
     
Opportunities
 
Acquiring Fund - Prior to Reorganizations
   
(NZF
)
Common shares outstanding
   
36,312,525
 
Net assets applicable to common shares
 
$
600,512,656
 
NAV per common share outstanding
   
16.54
 

     
Enhanced
 
     
Credit
 
     
Opportunities
 
Acquiring Fund - Post Reorganizations
   
(NZF
)
Common shares outstanding
   
142,125,906
 
Net assets applicable to common shares
 
$
2,350,380,483
 
NAV per common share outstanding
   
16.54
 
Preferred Shares
In connection with each Reorganization, holders of VRDP Shares of the Target Funds received on a one-for-one basis newly issued VRDP Shares of the Acquiring Fund, in exchange for VRDP Shares of the Target Funds held immediately prior to the Reorganizations.
Prior to the closing of the Reorganizations, details of the Target Funds' outstanding VRDP Shares were as follows:

           
Shares
   
Liquidation
       
Target Funds
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Premium Income 4 (NPT)
   
1
   
2,622
 
$
262,200,000
   
March 1, 2040
 
Dividend Advantage 2 (NXZ)
   
2
   
1,960
 
$
196,000,000
   
August 1, 2040
 
Municipal Advantage (NMA)
   
1
   
2,688
 
$
268,800,000
   
March 1, 2040
 
Details of the Acquiring Fund's VRDP Shares issued in connection with the Reorganizations were as follows:

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Shares
   
Liquidation
       
Acquiring Fund
   
Series
   
Outstanding
   
Preference
   
Maturity
 
Enhanced Credit Opportunities (NZF)
   
1
   
2,688
 
$
268,800,000
   
March 1, 2040
 
     
2
   
2,622
 
$
262,200,000
   
March 1, 2040
 
     
3
   
1,960
 
$
196,000,000
   
August 1, 2040
 
Pro Forma Results of Operations
The beginning of the Target Funds' current fiscal period was November 1, 2015. Assuming the Reorganizations had been completed on November 1, 2015, the beginning of the Acquiring Fund's current fiscal period, the pro forma results of operations for the current fiscal period, are as follows:

     
Enhanced
 
     
Credit
 
     
Opportunities
 
Acquiring Fund - Pro Forma Results from Operations
   
(NZF
)
Net investment income (loss)
 
$
61,903,800
 
Net realized and unrealized gains (losses)
   
104,450,376
 
Change in net assets resulting from operations
   
166,354,176
 
 
Because the combined investment portfolios for the Reorganizations have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations for the Acquiring Fund since the Reorganizations were consummated.
Cost and Expenses
In connection with the Reorganizations, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of "Accrued other expenses" on the Statement of Assets and Liabilities and "Reorganization expenses" on the Statement of Operations.
10. Subsequent Events
Variable Rate MuniFund Term Preferred Shares
During June 2016, Enhanced Credit Opportunities (NZF) refinanced all of its outstanding Series 2017, VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with the refinancing, the Fund also issued an additional $255,000,000 Series 2019, VMTP Shares at liquidation preference, which will be invested in accordance with the Fund's investment policies.
Management Fees
Effective August 1, 2016, the annual fund-level fee for each Fund, payable monthly, will be calculated according to the following schedule:

     
Investment Quality (NQM
)
     
Select Quality (NQS
)
     
Premier Income (NPF
)
     
Dividend Advantage (NAD
)
     
Premium Income (NPI
)
Averaged 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
   
0.3750
 
For managed assets over $5 billion
   
0.3625
 

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165



Additional Fund Information 


Board of Directors/Trustees  
               
William Adams IV*
 
Margo L. Cook**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
Albin F. Moschner*** John K. Nelson
William J. Schneider
 
Thomas S. Schreier, Jr.****
 
Judith M. Stockdale
 
Carole E. Stone
 
Terence J. Toth
 
Margaret L. Wolff

*
Interested Board Member.
**
Interested Board Member effective July 1, 2016.
***
Effective July 1, 2016.
****
Interested Board Member and retired from the Funds' Board of Directors/Trustees effective May 31, 2016.
   

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
 
One Lincoln Street
     
Chicago, IL 60601
 
& Trust Company
   
Boston, MA 02111
         
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 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 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.

     
NQM
   
NQS
   
NPF
   
NAD
   
NZF
   
NPI
 
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.

166
 
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Glossary of Terms Used in this Report 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
   
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


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167

 
Glossary of Terms Used in this Report (continued)
 
 
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.

168
 
Nuveen

 
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.

Nuveen
 
169
 

 
Notes


170
 
Nuveen
 

 
Notes


Nuveen
 
171
 

 
 
Nuveen:
Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen 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 helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $229 billion in assets as of March 31, 2016.
 

Find out how we can help you.
To learn more about how the products and services of Nuveen 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, 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-B-0416D 16847-INV-B-06/17
 

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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



 
SIGNATURES

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

(Registrant) Nuveen Enhanced Municipal Credit Opportunities Fund

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

Date: July 7, 2016
 
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 7, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 7, 2016