nzf.htm

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 Dividend Advantage Municipal Fund 3
(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: October 31, 2014

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.


 
 

 
 
NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF
 
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.
 
NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.
 

 
 

 

Table of Contents

Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage
10
   
Common Share Information
12
   
Risk Considerations
14
   
Performance Overview and Holding Summaries
15
   
Shareholder Meeting Report
27
   
Report of Independent Registered Public Accounting Firm
31
   
Portfolios of Investments
32
   
Statement of Assets and Liabilities
101
   
Statement of Operations
103
   
Statement of Changes in Net Assets
104
   
Statement of Cash Flows
106
   
Financial Highlights
108
   
Notes to Financial Statements
117
   
Additional Fund Information
131
   
Glossary of Terms Used in this Report
132
   
Reinvest Automatically, Easily and Conveniently
134
   
Board Members & Officers
135

Nuveen Investments
 
3

 
 

 
 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.
 
More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.
 
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
December 22, 2014
 
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Portfolio Managers’ Comments
 
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
Nuveen Municipal Advantage Fund, Inc. (NMA)
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
Nuveen Dividend Advantage Municipal Fund (NAD)
Nuveen Dividend Advantage Municipal Fund 2 (NXZ)
Nuveen Dividend Advantage Municipal Fund 3 (NZF)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Thomas C. Spalding, CFA, and Paul L. Brennan, CFA, review U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these six national Funds. Tom has managed NXZ since its inception in 2001 and NPP, NMA, NMO and NAD since 2003. Paul assumed portfolio management responsibility for NZF in 2006.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2014?
 
During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the outlook for the labor market since the inception of the current asset purchase program as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions, saying that it would likely maintain the current target range for the fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below the Fed’s 2% longer-run goal. However, if economic data shows faster progress toward the Fed’s employment and inflation objectives than currently anticipated, the Fed indicated that the first increase in the fed funds rate since 2006 could occur sooner than expected.
 
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.
 

Nuveen Investments
 
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Portfolio Managers’ Comments (continued)
 
In the third quarter of 2014, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at a 3.9% annual rate, compared with -2.1% in the first quarter of 2014 and 4.6% in the second quarter. Third-quarter growth was attributed in part to expanded business investment in equipment and a major increase in military spending. The Consumer Price Index (CPI) rose 1.7% year-over-year as of October 2014, while the core CPI (which excludes food and energy) increased 1.8% during the same period, below the Fed’s unofficial longer term inflation objective of 2.0%. As of October 2014, the national unemployment rate was 5.8%, the lowest level since July 2008, down from the 7.2% reported in October 2013, marking the ninth consecutive month in which the economy saw the addition of more than 200,000 new jobs. The housing market continued to post gains, although price growth has shown signs of deceleration in recent months. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.9% for the twelve months ended September 2014 (most recent data available at the time this report was prepared), putting home prices at fall 2004 levels, although they continued to be down 15%-17% from their mid-2006 peaks.
 
During the first two months of this reporting period, the financial markets remained unsettled in the aftermath of widespread uncertainty about the future of the Fed’s quantitative easing program. Also contributing to investor concern was Congress’s failure to reach an agreement on the Fiscal 2014 federal budget, which triggered sequestration, or automatic spending cuts and a 16-day federal government shutdown in October 2013. This sequence of events sparked increased volatility in the financial markets, with the Treasury market trading off, the municipal market following suit and spreads widening as investor concern grew, prompting selling by bondholders across the fixed income markets.
 
As we turned the page to calendar year 2014, the market environment stabilized, as the Fed’s policies continued to be accommodative and some degree of political consensus was reached. The Treasury market rallied and municipal bonds rebounded, with flows into municipal bond funds increasing, while supply continued to drop. This supply/demand dynamic served as a key driver of municipal market performance for the period. The resultant rally in municipal bonds generally produced positive total returns for the reporting period as a whole. Overall, municipal credit fundamentals continued to improve, as state governments made good progress in dealing with budget issues. Due to strong growth in personal income tax and sales tax collections, year-over-year totals for state tax revenues had increased for 16 consecutive quarters as of the second quarter of 2014, while on the expense side, many states made headway in cutting and controlling costs, with the majority implementing some type of pension reform. The current level of municipal issuance reflects the more conservative approach to state budgeting. For the twelve months ended October 31, 2014, municipal bond issuance nationwide totaled $319.7 billion, down 4.6% from the issuance for the twelve-month reporting period ended October 31, 2013.
 
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2014?
 
During this reporting period, we saw the municipal market environment shift from the volatility of late 2013 to a rally driven by strong demand and tight supply and reinforced by an environment of improving fundamentals in 2014. For the reporting period as a whole, municipal bond prices generally rose, as interest rates declined and the yield curve flattened. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep the Funds fully invested.
 
During the first two months of this reporting period, we primarily focused on strategies that enabled us to take advantage of the higher coupons and attractive prices resulting from a pattern of outflows, predominately from high yield funds. This presented opportunities to add lower rated credits and bonds with longer maturities to the Funds in the secondary market. Among our purchases in NPP, NMA, NMO, NAD and NXZ were tobacco credits and zero coupon bonds, which provided long maturities, good call protection and additional income to support the Funds’ dividends.
 
Municipal supply nationally remained tight throughout this reporting period, although issuance improved during the second half of this twelve-month period compared with the first half. Much of this increase was attributable to refunding activity as bond issuers, prompted by low interest rates, sought to lower debt service costs by retiring older bonds from the proceeds of lower cost new bond issues. During the third quarter of 2014, for example, we saw current refunding activity increase by more than 64% nationwide
 
6
 
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and estimates are that these refundings accounted for 35% of issuance during the first nine months of 2014. These refunding bonds do not represent an actual net increase in issuance because they mostly replaced outstanding issues that were called soon thereafter. As a result, it remained challenging to source attractive bonds that would enhance the Funds’ holdings. Much of our investment activity focus during this reporting period was on reinvesting the cash generated by current calls into credit sensitive sectors and longer maturity bonds that could help us offset the decline in rates and maintain investment performance potential. These Funds were well positioned coming into the reporting period, so we could be selective in looking for opportunities to purchase bonds that added value.
 
In general, NPP, NMA, NMO, NAD and NXZ continued to find value in sectors that represent some of our larger exposures, including transportation (e.g., tollroads, highways, bridges) and health care. Among our additions in the transportation sector were tollroad revenue bonds issued for Route 460 in Virginia and a new issue from the Foothill/Eastern Transportation Corridor Agency (F/ETCA) in California, which we purchased at attractive prices in December 2013. In one of the largest fixed rate municipal transactions of 2013, F/ETCA refinanced $2.3 billion in outstanding debt originally issued in 1999. Traffic and revenues on the tollroads in F/ETCA’s 36-mile network, which links major population centers in Southern California, have increased and the bonds have performed well for the Funds since purchase. In October 2014, we also participated in the tender offer and new issuance of tollroad bonds for the San Joaquin Hills Transportation Corridor Agency in Orange County, California, the largest tollroad network in the western U.S. The agency took advantage of the decline in interest rates to restructure its debt by making a tender offer for existing bonds at terms favorable to shareholders and then issuing new bonds at lower interest rates, thereby reducing debt service costs, improving cash flow and increasing financial flexibility. In our view, the agency’s debt restructuring resulted in an improved credit outlook for these bonds and we added some of the new San Joaquin credits to our portfolios.
 
NZF also found value in the transportation sector, especially in tollroad issues, where we saw increased activity after several years of low issuance and deferred maintenance. We added new offerings, including the Foothill/Eastern and San Joaquin issues mentioned above as well as bonds issued to finance the Downtown Crossing bridge across the Ohio River from Indiana to Louisville, Kentucky and credits issued for the Dulles Tollroad in Virginia and suburban Washington, D.C. We also purchased health care bonds, including those issued for Catholic Health Initiatives, a national nonprofit health system that operates hospitals and long-term care facilities in 17 states, for facilities in Colorado and Tennessee. In addition, we added to our holdings in higher education, water and sewer, and utilities.
 
Also during this reporting period, S&P upgraded its credit rating on National Public Finance Guarantee Corp. (NPFG), the insurance subsidiary of MBIA, to AA- from A, citing NPFG’s strong operating performance and competitive position in the financial guarantee market. As a result, the ratings on the Funds’ holdings of bonds backed by insurance from NPFG, and not already rated at least AA-due to higher underlying borrower ratings were similarly upgraded to AA- as of mid-March 2014. This action produced an increase in the percentage of our portfolios held in the AA credit quality category (and a corresponding decrease in the A category), improving the overall credit rating of the Funds. S&P also upgraded its rating on Assured Guaranty Municipal (AGM) as well as AGM’s municipal-only insurer Municipal Assurance Corp. to AA from AA-.
 
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, the decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve helped to make refunding deals more attractive. The increase in this activity provided ample cash for purchases and drove much of our trading. In addition, NPP, NMA, NMO, NAD and NXZ continued to trim holdings of Puerto Rico paper.
 
As of October 31, 2014, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
Nuveen Investments
 
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How did the Funds perform during the twelve-month reporting period ended October 31, 2014?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended October 31, 2014. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
 
For the twelve months ended October 31, 2014, the total returns on common share NAV for all six of these Funds outperformed the return for the national S&P Municipal Bond Index. For the same period, all of these Funds underperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
 
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NMO and NPP, where greater sensitivity to changes in interest rates benefited their performance. The positioning of NXZ, which had the shortest duration among these Funds, was slightly less advantageous and it received less benefit from duration. Overall, duration and yield curve positioning was the major driver of performance and differences in positioning accounted for much of the differences in performance.
 
During this reporting period, lower rated bonds, bonds rated A or lower, generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk in their search for yield in the current low rate environment. While their longer average durations provided an advantage for lower rated bonds, these bonds also generally had stronger duration-adjusted results. Because these Funds typically tended to be overweighted in the lower quality categories relative to the market, credit exposure was positive for their performance.
 
Among the municipal market sectors, health care, industrial development revenue (IDR) and transportation (especially tollroads) bonds generally were the top performers, with water and sewer, education and housing credits also outperforming the general municipal market. The outperformance of the health care sector can be attributed in part to the recent scarcity of these bonds, with issuance in this sector declining 31% during the first nine months of 2014, while the performance of tollroad bonds was boosted by improved traffic and revenue from increased rates. Each of these Funds had strong exposures to the health care and transportation sectors, which benefited their performance. Bonds backed by prepaid gas contracts also performed well for NPP, NMA, NMO, NAD and NXZ. During this reporting period, lower rated tobacco credits backed by the 1998 master tobacco settlement agreement experienced some volatility, but finished the reporting period ahead of the national municipal market as a whole. The performance of these bonds was helped by their longer effective durations, lower credit quality and the broader demand for higher yields. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. All of these Funds were overweighted in tobacco bonds.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. As of October 31, 2014, all of these Funds had holdings of pre-refunded bonds. In addition, general obligation (GO) credits generally trailed the revenue sectors as well as the municipal market as a whole, although by a substantially smaller margin than the pre-refunded category. Some of the GOs’ underperformance can be attributed to their higher quality.
 
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We continued to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the City of Detroit’s bankruptcy case. In terms of Puerto Rico holdings, shareholders should note that all of the Funds in this report had limited exposure to Puerto Rico debt during this reporting period. These territorial bonds were originally added to our portfolios to keep assets fully invested and working for the Funds as well as to enhance diversity, duration and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico general obligation debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of October 2014, the Nuveen complex held $69.8 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.35% of assets under management as of October 31, 2014. As of October 31, 2014, these Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured (which we believe adds value), pre-refunded (and therefore backed by securities such as U.S. Treasuries) or unrelated to the government of Puerto Rico. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
 
The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy and on November 7, 2014 (subsequent to the close of this reporting period). The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services. All of these Funds had exposure to Detroit-related bonds, including Detroit water and sewer credits. In August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. (Not all of the Detroit water and sewer bonds were eligible for the tender offer.) Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue $1.8 billion in new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case. Some of the Funds in this report participated in the tender offer for existing Detroit water and sewer bonds and purchased the new water and sewer bonds. In general, Detroit water and sewer credits rallied following these positive developments.
 
Nuveen Investments
 
9
 
 
 

 
 
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 October 31, 2014, the Funds’ percentages of leverage are as shown in the accompanying table.
 
 
NPP
NMA
NMO
NAD
NXZ
NZF
 
Effective Leverage*
37.24%
34.89%
35.99%
34.66%
33.67%
34.56%
 
Regulatory Leverage*
35.32%
30.73%
33.44%
30.13%
29.59%
28.67%
 
 
*
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.
 
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THE FUNDS’ REGULATORY LEVERAGE
 
As of October 31, 2014, 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
       
     
Series
 
  Shares
Issued at
Liquidation Value
   
Series
 
  Shares
Issued at
Liquidation Value
   
Series
 
  Shares
Issued at
Liquidation Value
   
Total
 
NPP
   
   
   
2015
 
$
535,000,000
   
   
 
$
535,000,000
 
NMA
   
   
   
   
   
1
 
$
268,800,000
 
$
268,800,000
 
NMO
   
   
   
   
   
1
 
$
350,900,000
 
$
350,900,000
 
NAD
   
   
   
2016
 
$
265,000,000
   
   
 
$
265,000,000
 
NXZ
   
   
   
   
   
2
 
$
196,000,000
 
$
196,000,000
 
NZF
   
2017
 
$
150,000,000
   
2017
 
$
81,000,000
   
   
 
$
231,000,000
 
 
During the current reporting period, NAD refinanced all of its outstanding MuniFund Term Preferred (MTP) and VMTP shares with the issuance of new VMTP Shares, and NZF refinanced all of its outstanding MTP and VMTP shares with the issuance of new iMTP and VMTP Shares. During the current reporting period NMA and NZF also redeemed a portion of their VRDP Shares and VMTP Shares, respectively. Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on iMTP, MTP, VMTP and VRDP Shares and each Fund’s respective transactions.
 
Nuveen Investments
 
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Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
 
The following information regarding the Funds’ distributions is current as of October 31, 2014. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
 
During the current reporting period, each Fund’s monthly distributions to common shareholders were as shown in the accompanying table.
 
   
Per Common Share Amounts
Ex-Dividend Date
   
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
November 2013
 
$
0.0770
 
$
0.0670
 
$
0.0645
 
$
0.0730
 
$
0.0670
 
$
0.0580
 
December
   
0.0770
   
0.0670
   
0.0645
   
0.0730
   
0.0670
   
0.0580
 
January
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
February
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
March
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
April
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
May
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
June
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
July
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0715
   
0.0625
 
August
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0715
   
0.0625
 
September
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0715
   
0.0625
 
October 2014
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0715
   
0.0625
 
                                       
Ordinary Income Distribution*
 
$
0.0006
 
$
0.0009
 
$
0.0042
 
$
0.0183
 
$
0.0002
 
$
0.0002
 
                                       
Market Yield**
   
6.32
%
 
5.85
%
 
5.91
%
 
6.27
%
 
6.08
%
 
5.43
%
Taxable-Equivalent Yield**
   
8.78
%
 
8.13
%
 
8.21
%
 
8.71
%
 
8.44
%
 
7.54
%
 
*
Distribution paid in December 2013.
**
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 October 31, 2014, all the Funds in this report had positive UNII balances for both tax and financial reporting purposes.
 
12
 
Nuveen Investments

 
 

 
 
All monthly dividends paid by the Funds during the fiscal year ended October 31, 2014 were paid from net investment income. If a portion of a 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, the Funds’ shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 — Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.
 
COMMON SHARE REPURCHASES
 
During August 2014, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
As of October 31, 2014, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.
 
 
NPP
NMA
NMO
NAD
NXZ
NZF
 
Common Shares Cumulatively Repurchased and Retired
0
0
0
0
0
30,000
 
Common Shares Authorized for Repurchase
6,005,000
4,370,000
4,585,000
3,930,000
2,950,000
4,040,000
 

During the current reporting period, NZF repurchased and retired its common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.

   
NZF
 
Common Shares Repurchased and Retired
 
30,000
 
Weighted Average Price per Common Share Repurchased and Retired
$
13.72
 
Weighted Average Discount per Common Share Repurchased and Retired
 
14.14
%
 
TENDER OFFER
 
During the current fiscal period, the Board of Directors/Trustees of NMA and NZF each approved a tender offer to purchase up to 10% of each Fund’s outstanding common shares for cash at a price per common share equal to 98% of the Fund’s per common share NAV determined on the date the tender offer expires.
 
Each Fund’s tender offer commenced on August 18, 2014 and expired on September 19, 2014. Each Fund’s tender offer was oversubscribed, and therefore each Fund purchased 10% of its respective outstanding common shares allocating such purchases pro-rata based on the number of shares properly tendered. Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on each Fund’s tender offer.
 
OTHER COMMON SHARE INFORMATION
 
As of October 31, 2014, 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.
 
     
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
NAV
 
$
16.32
 
$
15.41
 
$
15.23
 
$
15.64
 
$
15.82
 
$
15.82
 
Share Price
 
$
14.61
 
$
13.74
 
$
13.60
 
$
14.16
 
$
14.12
 
$
13.80
 
Premium/(Discount) to NAV
   
(10.48
)%
 
(10.84
)%
 
(10.70
)%
 
(9.46
)%
 
(10.75
)%
 
(12.77
)%
12-Month Average Premium/(Discount) to NAV
   
(8.37
)%
 
(10.57
)%
 
(10.80
)%
 
(9.46
)%
 
(10.28
)%
 
(11.68
)%

Nuveen Investments
 
13

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that a Fund could lose more than its original principal investment.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.
 
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.
 
14
 
Nuveen Investments

 
 

 
 
NPP
 
 
Nuveen Performance Plus Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2014
 
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 October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NPP at Common Share NAV
16.91%
8.96%
6.32%
NPP at Common Share Price
14.24%
8.47%
6.13%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
15

 
 

 
 
NPP
Performance Overview and Holding Summaries as of October 31, 2014 (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
154.5%
Corporate Bonds
0.0%
Floating Rate Obligations
(2.9)%
VMTP, at Liquidation Value Shares
(54.6)%
Other Assets Less Liabilities
3.0%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
14.8%
AA
50.6%
A
18.3%
BBB
8.4%
BB or Lower
6.5%
N/R (not rated)
1.4%

Portfolio Composition
 
(% of total investments)
 
Transportation
18.9%
Tax Obligation/Limited
18.5%
Health Care
16.9%
Tax Obligation/General
14.8%
U.S. Guaranteed
8.9%
Utilities
7.7%
Consumer Staples
6.1%
Other
8.2%

States and Territories
 
(% of total municipal bonds)
 
Illinois
17.0%
California
13.0%
Texas
9.4%
Colorado
6.5%
Florida
5.4%
Ohio
4.1%
New York
3.6%
Virginia
3.3%
Pennsylvania
2.8%
South Carolina
2.7%
Nevada
2.7%
New Jersey
2.6%
Massachusetts
2.6%
Indiana
2.4%
Michigan
2.3%
Other
19.6%

16
 
Nuveen Investments

 
 

 
 
NMA
 
 
Nuveen Municipal Advantage Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2014
 
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 October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NMA at Common Share NAV
15.93%
8.83%
6.08%
NMA at Common Share Price
16.64%
7.67%
5.31%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Nuveen Investments
 
17

 
 

 
 
NMA
Performance Overview and Holding Summaries as of October 31, 2014 (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
144.8%
Corporate Bonds
0.0%
Floating Rate Obligations
(5.1)%
VRDP Shares, at Liquidation Value
(44.4)%
Other Assets Less Liabilities
4.7%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
10.0%
AA
53.8%
A
17.0%
BBB
10.3%
BB or Lower
7.9%
N/R (not rated)
1.0%

Portfolio Composition
 
(% of total investments)
 
Health Care
22.0%
Transportation
19.9%
Tax Obligation/General
17.7%
Tax Obligation/Limited
15.0%
Utilities
6.6%
Consumer Staples
5.7%
Other
13.1%

States and Territories
 
(% of total municipal bonds)
 
California
15.5%
Illinois
10.2%
Texas
9.6%
Colorado
9.1%
New York
5.9%
Ohio
5.2%
Louisiana
4.4%
Indiana
3.8%
Nevada
3.5%
Pennsylvania
3.0%
Michigan
3.0%
Florida
2.9%
Arizona
2.7%
Virginia
2.2%
Other
19.0%

18
 
Nuveen Investments

 
 

 
 
NMO
 
 
Nuveen Municipal Market Opportunity Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2014
 
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 October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NMO at Common Share NAV
17.25%
8.91%
5.93%
NMO at Common Share Price
18.70%
7.17%
5.78%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
19

 
 

 
 
NMO
Performance Overview and Holding Summaries as of October 31, 2014 (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
149.4%
Common Stocks
0.4%
Corporate Bonds
0.0%
Floating Rate Obligations
(3.2)%
VRDP Shares, at Liquidation Value
(50.2)%
Other Assets Less Liabilities
3.6%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
14.4%
AA
49.7%
A
19.9%
BBB
7.3%
BB or Lower
7.7%
N/R (not rated)
0.7%
N/A (not applicable)
0.3%

Portfolio Composition
 
(% of total investments)
 
Transportation
21.1%
Health Care
18.7%
Tax Obligation/General
15.0%
Tax Obligation/Limited
13.7%
U.S. Guaranteed
9.0%
Consumer Staples
6.1%
Utilities
5.2%
Other
11.2%

States and Territories
 
(% of total municipal bonds)
 
California
16.3%
Illinois
11.5%
Texas
10.4%
Colorado
5.7%
Ohio
5.6%
New York
4.4%
Florida
4.4%
Pennsylvania
4.2%
Nevada
3.8%
Virginia
3.5%
North Carolina
2.8%
New Jersey
2.7%
Michigan
2.6%
Indiana
2.4%
Other
19.7%

20
 
Nuveen Investments

 
 

 
 
NAD
 
 
Nuveen Dividend Advantage Municipal Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
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 October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NAD at Common Share NAV
15.19%
8.93%
6.22%
NAD at Common Share Price
17.10%
8.74%
5.70%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 

Nuveen Investments
 
21

 
 

 
 
NAD
Performance Overview and Holding Summaries as of October 31, 2014 (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
144.8%
Corporate Bonds
0.0%
Investment Companies
0.1%
Floating Rate Obligations
(5.9)%
VMTP Shares, at Liquidation Value
(43.1)%
Other Assets Less Liabilities
4.1%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
10.3%
AA
54.9%
A
18.8%
BBB
8.4%
BB or Lower
5.4%
N/R (not rated)
2.1%
N/A (not applicable)
0.1%

Portfolio Composition
 
(% of total investments)
 
Health Care
20.3%
Transportation
19.7%
Tax Obligation/Limited
17.8%
Tax Obligation/General
16.9%
Consumer Staples
6.5%
U.S. Guaranteed
6.2%
Other
12.6%

States and Territories
 
(% of total municipal bonds)
 
Illinois
16.0%
California
10.8%
Colorado
7.2%
Texas
7.2%
Florida
6.5%
New York
6.3%
Washington
5.4%
Wisconsin
3.9%
Nevada
3.8%
Ohio
3.7%
New Jersey
3.6%
Virginia
2.4%
Arizona
2.3%
Indiana
2.2%
Other
18.7%

22
 
Nuveen Investments

 
 

 
 
NXZ
 
 
Nuveen Dividend Advantage Municipal Fund 2
 
Performance Overview and Holding Summaries as of October 31, 2014
 
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 October 31, 2014
 
 
Average Annual
 
1-Year
5-Year
10-Year
NXZ at Common Share NAV
14.72%
8.47%
6.58%
NXZ at Common Share Price
15.56%
6.79%
5.70%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
23

 
 

 
 
NXZ
Performance Overview and Holding Summaries as of October 31, 2014 (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
139.8%
Corporate Bonds
0.0%
Floating Rate Obligations
(4.2)%
VRDP Shares, at Liquidation Value
(42.0)%
Other Assets Less Liabilities
6.4%
 
Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
13.1%
AA
50.8%
A
17.0%
BBB
8.4%
BB or Lower
8.0%
N/R (not rated)
2.7%
 
Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
22.4%
Health Care
18.5%
Transportation
13.7%
Tax Obligation/General
11.9%
U.S. Guaranteed
9.5%
Consumer Staples
6.5%
Utilities
5.8%
Other
11.7%

States and Territories
 
(% of total municipal bonds)
 
Texas
18.1%
California
16.8%
Illinois
12.7%
Colorado
6.6%
New York
6.5%
Florida
4.0%
Michigan
3.5%
South Carolina
2.5%
Pennsylvania
2.4%
Indiana
2.4%
Ohio
2.3%
Georgia
2.1%
Massachusetts
1.7%
Other
18.4%

24
 
Nuveen Investments

 
 

 


NZF
 
 
Nuveen Dividend Advantage Municipal Fund 3
 
Performance Overview and Holding Summaries as of October 31, 2014
 
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 October 31, 2014

 
Average Annual
 
1-Year
5-Year
10-Year
NZF at Common Share NAV
15.90%
8.57%
6.47%
NZF at Common Share Price
15.07%
7.22%
5.96%
S&P Municipal Bond Index
7.94%
5.45%
4.74%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
17.38%
9.24%
6.28%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
25

 
 

 
 
NZF
Performance Overview and Holding Summaries as of October 31, 2014 (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
143.8%
Corporate Bonds
0.0%
Investment Companies
0.6%
Floating Rate Obligations
(6.4)%
iMTP Shares, at Liquidation Value
(26.1)%
VMTP Shares, at Liquidation Value
(14.1)%
Other Assets Less Liabilities
2.2%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
17.6%
AA
43.5%
A
20.1%
BBB
8.4%
BB or Lower
4.0%
N/R (not rated)
6.0%
N/A (not applicable)
0.4%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
20.5%
Health Care
16.2%
Transportation
14.9%
Tax Obligation/General
11.8%
U.S. Guaranteed
8.7%
Utilities
8.3%
Water and Sewer
6.8%
Other
12.8%

States and Territories
 
(% of total municipal bonds)
 
Texas
13.2%
Illinois
11.6%
California
9.3%
Indiana
8.5%
New York
5.0%
Michigan
4.4%
Nevada
4.2%
Massachusetts
3.2%
South Carolina
3.1%
Colorado
3.1%
New Jersey
3.0%
Georgia
2.9%
Louisiana
2.9%
Washington
2.7%
Missouri
2.2%
Ohio
2.2%
Other
18.5%

26
 
Nuveen Investments

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2014 for NPP, NMA, NMO, NAD, NXZ and NZF; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement and to elect Board Members.

   
NPP
 
NMA
 
NMO
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
       
     
shares voting
         
shares voting
         
shares voting
       
     
together
   
Preferred
   
together
   
Preferred
   
together
   
Preferred
 
     
as a class
   
Shares
   
as a class
   
Shares
   
as a class
   
Shares
 
To approve a new investment management agreement
                                     
For
   
29,878,557
   
   
24,160,036
   
   
24,238,851
   
 
Against
   
899,344
   
   
735,554
   
   
1,242,461
   
 
Abstain
   
844,109
   
   
741,316
   
   
771,668
   
 
Broker Non-Votes
   
6,551,436
   
   
4,756,899
   
   
5,682,975
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
To approve a new sub-advisory agreement
                                     
For
   
29,785,578
   
   
23,987,869
   
   
24,174,913
   
 
Against
   
964,435
   
   
856,026
   
   
1,316,566
   
 
Abstain
   
871,999
   
   
793,013
   
   
761,499
   
 
Broker Non-Votes
   
6,551,434
   
   
4,756,897
   
   
5,682,977
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Approval of the Board Members was reached as follows:
                                     
William Adams IV
                                     
For
   
37,001,421
   
   
29,362,016
   
   
30,309,433
   
 
Withhold
   
1,172,025
   
   
1,031,789
   
   
1,626,522
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Robert P. Bremner
                                     
For
   
36,987,809
   
   
29,338,220
   
   
30,365,752
   
 
Withhold
   
1,185,637
   
   
1,055,585
   
   
1,570,203
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Jack B. Evans
                                     
For
   
36,972,395
   
   
29,385,392
   
   
30,384,294
   
 
Withhold
   
1,201,051
   
   
1,008,413
   
   
1,551,661
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
William C. Hunter
                                     
For
   
   
5,350
   
   
153
   
   
2,859
 
Withhold
   
   
   
   
974
   
   
550
 
Total
   
   
5,350
   
   
1,127
   
   
3,409
 

Nuveen Investments
 
27

 
 

 
 
Shareholder Meeting Report (continued)

   
NPP
 
NMA
 
NMO
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
       
     
shares voting
         
shares voting
         
shares voting
       
     
together
   
Preferred
   
together
   
Preferred
   
together
   
Preferred
 
     
as a class
   
Shares
   
as a class
   
Shares
   
as a class
   
Shares
 
Approval of the Board Members was reached as follows:
                                     
David J. Kundert
                                     
For
   
37,003,468
   
   
29,345,370
   
   
30,357,874
   
 
Withhold
   
1,169,978
   
   
1,048,435
   
   
1,578,081
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
John K. Nelson
                                     
For
   
37,013,020
   
   
29,384,695
   
   
30,370,051
   
 
Withhold
   
1,160,426
   
   
1,009,110
   
   
1,565,904
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
William J. Schneider
                                     
For
   
   
5,350
   
   
153
   
   
2,859
 
Withhold
   
   
   
   
974
   
   
550
 
Total
   
   
5,350
   
   
1,127
   
   
3,409
 
Thomas S. Schreier, Jr.
                                     
For
   
37,002,318
   
   
29,371,524
   
   
30,355,025
   
 
Withhold
   
1,171,128
   
   
1,022,281
   
   
1,580,930
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Judith M. Stockdale
                                     
For
   
36,974,480
   
   
29,313,818
   
   
30,371,729
   
 
Withhold
   
1,198,966
   
   
1,079,987
   
   
1,564,226
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Carole E. Stone
                                     
For
   
36,996,976
   
   
29,344,715
   
   
30,363,411
   
 
Withhold
   
1,176,470
   
   
1,049,090
   
   
1,572,544
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Virginia L. Stringer
                                     
For
   
37,000,050
   
   
29,348,291
   
   
30,343,226
   
 
Withhold
   
1,173,396
   
   
1,045,514
   
   
1,592,729
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 
Terence J. Toth
                                     
For
   
37,021,552
   
   
29,354,684
   
   
30,359,615
   
 
Withhold
   
1,151,894
   
   
1,039,121
   
   
1,576,340
   
 
Total
   
38,173,446
   
   
30,393,805
   
   
31,935,955
   
 

28
 
Nuveen Investments

 
 

 

 
     
NAD
   
NXZ
   
NZF
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
   
Preferred
 
     
shares voting
         
shares voting
         
shares voting
   
shares voting
 
     
together
   
Preferred
   
together
   
Preferred
   
together
   
together
 
     
as a class
   
Shares
   
as a class
   
Shares
   
as a class
   
as a class
 
To approve a new investment management agreement
                                     
For
   
19,027,034
   
   
15,004,248
   
   
21,624,211
   
 
Against
   
856,333
   
   
471,660
   
   
1,581,506
   
 
Abstain
   
484,943
   
   
525,614
   
   
549,565
   
 
Broker Non-Votes
   
5,656,883
   
   
3,656,559
   
   
4,676,258
   
 
Total
   
26,025,193
   
   
19,658,081
   
   
28,431,540
   
 
To approve a new sub-advisory agreement
                                     
For
   
19,023,953
   
   
14,964,311
   
   
21,600,235
   
 
Against
   
826,999
   
   
477,123
   
   
1,598,833
   
 
Abstain
   
517,358
   
   
560,088
   
   
556,214
   
 
Broker Non-Votes
   
5,656,883
   
   
3,656,559
   
   
4,676,258
   
 
Total
   
26,025,193
   
   
19,658,081
   
   
28,431,540
   
 
Approval of the Board Members was reached as follows:
                                     
William Adams IV
                                     
For
   
24,994,341
   
   
18,876,156
   
   
26,869,672
   
 
Withhold
   
1,030,852
   
   
781,925
   
   
1,561,868
   
 
Total
   
26,025,193
   
   
19,658,081
   
   
28,431,540
   
 
Robert P. Bremner
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Jack B. Evans
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
William C. Hunter
                                     
For
   
   
2,650
   
   
586
   
   
20,910
 
Withhold
   
   
   
   
1,274
   
   
 
Total
   
   
2,650
   
   
1,860
   
   
20,910
 

Nuveen Investments
 
29

 
 

 
 
Shareholder Meeting Report (continued)

     
NAD
   
NXZ
   
NZF
 
     
Common and
         
Common and
         
Common and
       
     
Preferred
         
Preferred
         
Preferred
   
Preferred
 
     
shares voting
         
shares voting
         
shares voting
   
shares voting
 
     
together
   
Preferred
   
together
   
Preferred
   
together
   
together
 
     
as a class
   
Shares
   
as a class
   
Shares
   
as a class
   
as a class
 
Approval of the Board Members was reached as follows:
                                     
David J. Kundert
                                     
For
   
24,972,749
   
   
18,868,191
   
   
26,896,173
   
 
Withhold
   
1,052,444
   
   
789,890
   
   
1,535,367
   
 
Total
   
26,025,193
   
   
19,658,081
   
   
28,431,540
   
 
John K. Nelson
                                     
For
   
24,969,529
   
   
18,867,073
   
   
26,898,576
   
 
Withhold
   
1,055,664
   
   
791,008
   
   
1,532,964
   
 
Total
   
26,025,193
   
   
19,658,081
   
   
28,431,540
   
 
William J. Schneider
                                     
For
   
   
2,650
   
   
586
   
   
20,910
 
Withhold
   
   
   
   
1,274
   
   
 
Total
   
   
2,650
   
   
1,860
   
   
20,910
 
Thomas S. Schreier, Jr.
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Judith M. Stockdale
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Carole E. Stone
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Virginia L. Stringer
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Terence J. Toth
                                     
For
   
24,990,065
   
   
18,871,668
   
   
26,884,129
   
 
Withhold
   
1,035,128
   
   
786,413
   
   
1,547,411
   
 
Total
   
26,025,193
   
   
19,658,081
   
   
28,431,540
   
 

30
 
Nuveen Investments

 
 

 
 
Report of Independent Registered Public Accounting Firm
 
To the Board of Directors/Trustees and Shareholders of
Nuveen Performance Plus Municipal Fund, Inc.
Nuveen Municipal Advantage Fund, Inc.
Nuveen Municipal Market Opportunity Fund, Inc.
Nuveen Dividend Advantage Municipal Fund
Nuveen Dividend Advantage Municipal Fund 2
Nuveen Dividend Advantage Municipal Fund 3:
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Performance Plus Municipal Fund, Inc., Nuveen Municipal Advantage Fund, Inc., Nuveen Municipal Market Opportunity Fund, Inc., Nuveen Dividend Advantage Municipal Fund, Nuveen Dividend Advantage Municipal Fund 2 and Nuveen Dividend Advantage Municipal Fund 3 (the “Funds”) as of October 31, 2014, and the related statements of operations, changes in net assets, cash flows, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and the financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those statements and those financial highlights.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2014, the results of their operations, the changes in their net assets, their cash flows and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
 
/s/ KPMG LLP
Chicago, Illinois
December 26, 2014

Nuveen Investments
 
31

 
 

 
 
NPP
   
 
Nuveen Performance Plus Municipal Fund, Inc.  
 
Portfolio of Investments
October 31, 2014
 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 154.5% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 154.5% (100.0% of Total Investments)
           
     
Alaska – 1.5% (1.0% of Total Investments)
           
$
2,000
 
Alaska Industrial Development and Export Authority, Revolving Fund Bonds, Refunding Series 2010A, 5.000%, 4/01/15
No Opt. Call
 
AA+
$
2,040,940
 
 
3,945
 
CivicVentures, Alaska, Revenue Bonds, Anchorage Convention Center Series 2006, 5.000%, 9/01/34 – NPFG Insured
9/15 at 100.00
 
AA–
 
4,064,573
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
           
 
7,500
 
5.000%, 6/01/32
1/15 at 100.00
 
B2
 
6,001,650
 
 
3,545
 
5.000%, 6/01/46
1/15 at 100.00
 
B2
 
2,669,066
 
 
16,990
 
Total Alaska
       
14,776,229
 
     
Arizona – 1.1% (0.7% of Total Investments)
           
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/35 – FGIC Insured
No Opt. Call
 
AA
 
2,560,075
 
 
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
8,323,200
 
 
10,280
 
Total Arizona
       
10,883,275
 
     
Arkansas – 0.5% (0.3% of Total Investments)
           
 
5,080
 
Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured
1/15 at 100.00
 
N/R
 
4,021,379
 
 
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005A, 5.000%, 2/01/35
2/15 at 100.00
 
Baa1
 
1,003,260
 
 
6,080
 
Total Arkansas
       
5,024,639
 
     
California – 20.0% (13.0% of Total Investments)
           
 
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+
 
3,776,325
 
 
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
 
2,621,993
 
 
15,870
 
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured
No Opt. Call
 
AA
 
14,092,401
 
 
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
 
A+
 
5,637,700
 
 
3,250
 
California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 – AGM Insured
5/18 at 100.00
 
AA
 
3,725,638
 
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
           
 
5,000
 
5.000%, 4/01/37
4/16 at 100.00
 
A+
 
5,154,100
 
 
7,000
 
5.250%, 4/01/39
4/16 at 100.00
 
A+
 
7,255,710
 
 
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
 
2,588,374
 
 
3,700
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
6/17 at 100.00
 
A3
 
3,964,550
 
 
1,300
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A1
 
1,461,720
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
 
Aa3
 
5,252,200
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
 
Aa3
 
17,242,240
 
 
10,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
 
Aa3
 
11,237,300
 
 
32
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
6,435
 
California State, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
No Opt. Call
 
Aa3
$
6,961,254
 
 
3,770
 
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–
 
4,256,896
 
 
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
7/18 at 100.00
 
A
 
3,345,930
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 – AGM Insured
8/18 at 100.00
 
Aa1
 
5,547,150
 
 
7,240
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured
8/17 at 56.01
 
AA
 
3,826,702
 
 
910
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 0.000%, 1/15/42
1/31 at 100.00
 
BBB–
 
582,764
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
2,520
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
2,367,364
 
 
7,750
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
6,367,400
 
 
1,500
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
1,121,280
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
 
7,951,800
 
 
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
 
1,229,175
 
 
5,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 – FGIC Insured
8/17 at 100.00
 
Aa1
 
5,512,250
 
 
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
1/19 at 100.00
 
AA
 
2,854,155
 
 
2,490
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
1,577,266
 
 
1,855
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
 
AA
 
1,204,433
 
 
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
No Opt. Call
 
A
 
4,493,115
 
 
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
1/15 at 100.00
 
N/R (4)
 
1,160,850
 
 
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
 
2,151,140
 
 
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–
 
1,283,076
 
 
8,985
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%,
8/01/17 – NPFG Insured
No Opt. Call
 
AA–
 
9,939,027
 
 
2,325
 
Palmdale Community Redevelopment Agency, California, Restructured Single Family Mortgage Revenue Bonds, Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
 
2,578,937
 
 
920
 
Palmdale, California, Certificates of Participation, Park Improvement and Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured
1/15 at 100.00
 
AA–
 
921,251
 
 
5,960
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
8/17 at 100.00
 
AA–
 
6,248,822
 
 
9,320
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured
No Opt. Call
 
AA
 
4,143,765
 
 
1,780
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
7/15 at 102.00
 
A3
 
1,841,944
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.910%, 2/01/33 (IF)
8/19 at 100.00
 
Aa2
 
3,070,502
 
 
7,210
 
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–
 
5,483,421
 

Nuveen Investments
 
33

 
 

 
 
NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
2,965
 
San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
 
Aa2
$
1,820,273
 
 
4,005
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured
No Opt. Call
 
AA+
 
2,798,133
 
 
2,315
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
6/15 at 100.00
 
B+
 
2,273,492
 
 
2,630
 
Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured
No Opt. Call
 
AA+
 
1,903,489
 
 
2,515
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
8/15 at 100.00
 
AA–
 
2,586,250
 
 
2,730
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA– (4)
 
2,829,372
 
 
209,045
 
Total California
       
196,242,929
 
     
Colorado – 10.1% (6.5% of Total Investments)
           
 
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 (Pre-refunded 12/15/15) – AGM Insured
12/15 at 100.00
 
AA (4)
 
5,522,908
 
 
6,350
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
9/16 at 100.00
 
A+
 
6,424,359
 
 
2,295
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41
2/21 at 100.00
 
A+
 
2,482,616
 
 
14,000
 
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–
 
15,249,920
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
 
2,153,140
 
 
3,225
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
3,601,003
 
 
2,000
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2012B, 3.000%, 12/01/14
No Opt. Call
 
AA+
 
2,004,900
 
 
13,620
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
 
AA–
 
11,508,764
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
16,450
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
7,866,226
 
 
33,120
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
14,890,752
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
           
 
9,310
 
0.000%, 9/01/28 – NPFG Insured
No Opt. Call
 
AA–
 
5,621,750
 
 
18,500
 
0.000%, 3/01/36 – NPFG Insured
No Opt. Call
 
AA–
 
7,204,270
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
 
AA (4)
 
759,485
 
     
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
           
 
5,000
 
6.500%, 1/15/30
7/20 at 100.00
 
Baa3
 
5,825,600
 
 
3,750
 
6.000%, 1/15/41
7/20 at 100.00
 
Baa3
 
4,210,238
 
 
40
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
Aa2
 
40,938
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
2,130
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
2,190,449
 
 
1,145
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
1,177,495
 
 
138,930
 
Total Colorado
       
98,734,813
 
     
Connecticut – 0.8% (0.5% of Total Investments)
           
 
7,640
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
 
8,120,785
 

34
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
District of Columbia – 0.7% (0.5% of Total Investments)
           
$
1,875
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
11/14 at 100.00
 
A1
$
1,874,794
 
 
5,000
 
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
 
A1
 
5,092,250
 
 
6,875
 
Total District of Columbia
       
6,967,044
 
     
Florida – 8.3% (5.4% of Total Investments)
           
     
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Venice Homes Apartments, Series 2001A:
           
 
1,545
 
5.700%, 1/01/32 – AGM Insured (Alternative Minimum Tax)
1/15 at 100.00
 
AA
 
1,552,246
 
 
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
1/15 at 100.00
 
AA
 
1,813,700
 
 
5,600
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14
No Opt. Call
 
AA+
 
5,611,144
 
 
2,795
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-2, 4.950%, 7/01/37 (Alternative Minimum Tax)
1/16 at 100.00
 
AA+
 
2,853,779
 
 
7,705
 
Jacksonville, Florida, Special Revenue Bonds, Series 2010B-1, 5.000%, 10/01/15 (ETM)
No Opt. Call
 
AA– (4)
 
8,046,794
 
 
10,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
4/15 at 100.00
 
AA
 
10,165,200
 
 
3,775
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
10/15 at 100.00
 
A
 
3,869,375
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
10/20 at 100.00
 
A
 
5,711,450
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/27
10/20 at 100.00
 
A
 
2,836,550
 
 
3,150
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/24 – NPFG Insured
7/15 at 100.00
 
AA
 
3,248,721
 
 
2,410
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
11/15 at 100.00
 
AA
 
2,470,443
 
 
5,500
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/31
No Opt. Call
 
AA
 
6,234,085
 
 
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
 
1,867,214
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
8/15 at 100.00
 
AA
 
2,483,760
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
5,512,343
 
     
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
           
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
AA–
 
2,161,520
 
 
4,700
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
 
AA–
 
5,079,572
 
 
6,000
 
Saint John’s County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 – BHAC Insured
10/16 at 100.00
 
AA+
 
6,402,900
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
 
3,675,177
 
 
76,935
 
Total Florida
       
81,595,973
 
     
Georgia – 2.4% (1.6% of Total Investments)
           
 
9,200
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.000%, 1/01/15
No Opt. Call
 
Aa3
 
9,275,532
 
 
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
 
AA–
 
5,926,550
 
 
2,000
 
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
 
2,235,920
 
 
3,000
 
East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 5.000%, 2/01/30 – SYNCORA GTY Insured
2/16 at 100.00
 
N/R
 
3,040,620
 

Nuveen Investments
 
35

 
 

 
 
NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia (continued)
           
$
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
$
2,841,775
 
 
21,700
 
Total Georgia
       
23,320,397
 
     
Illinois – 26.2% (17.0% 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
 
A+
 
1,473,851
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured
No Opt. Call
 
AA–
 
8,862,300
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
8,118,100
 
 
1,890
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
1/16 at 100.00
 
AA–
 
1,980,493
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
           
 
32,170
 
0.000%, 1/01/21 – FGIC Insured
No Opt. Call
 
AA–
 
26,067,992
 
 
32,670
 
0.000%, 1/01/22 – FGIC Insured
No Opt. Call
 
AA–
 
25,227,445
 
 
3,350
 
Chicago, Illinois, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 – AGM Insured
1/15 at 100.00
 
AA
 
3,375,159
 
 
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
5,893,870
 
     
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
           
 
8,000
 
0.000%, 11/01/18
No Opt. Call
 
AAA
 
7,643,120
 
 
15,285
 
0.000%, 11/01/19
No Opt. Call
 
AAA
 
14,191,205
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA
 
1,700,085
 
 
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
 
2,145,920
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.262%, 7/01/15 (IF)
No Opt. Call
 
AA+
 
6,095,057
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
4/19 at 100.00
 
A+
 
3,334,890
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
2,511,660
 
 
870
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
1,017,161
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5)
2/21 at 100.00
 
AA–
 
2,827,350
 
     
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A:
           
 
2,250
 
6.000%, 8/15/23
8/18 at 100.00
 
BBB+
 
2,502,540
 
 
3,055
 
5.500%, 8/15/30
8/18 at 100.00
 
BBB+
 
3,287,852
 
 
4,960
 
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+
 
5,131,269
 
 
505
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15
1/15 at 100.00
 
BBB+
 
506,742
 
 
2,515
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24
8/22 at 100.00
 
A–
 
2,764,664
 
 
2,235
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
 
2,500,719
 
 
28,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
No Opt. Call
 
AAA
 
10,825,640
 
 
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
No Opt. Call
 
Aaa
 
14,345,763
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
           
 
9,400
 
0.000%, 12/15/18 – NPFG Insured
No Opt. Call
 
AA–
 
8,717,560
 
 
16,570
 
0.000%, 12/15/20 – NPFG Insured
No Opt. Call
 
AA–
 
14,044,732
 
 
23,920
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
 
AA–
 
18,667,407
 
 
13,350
 
0.000%, 12/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
9,455,271
 
 
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
No Opt. Call
 
AAA
 
6,014,379
 

36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
5,180
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM)
No Opt. Call
 
AA– (4)
$
6,351,768
 
 
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
2/20 at 100.00
 
AA
 
2,877,139
 
 
17,865
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured
No Opt. Call
 
AA
 
22,383,771
 
 
4,810
 
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
 
Aa3
 
3,774,696
 
 
290,325
 
Total Illinois
       
256,617,570
 
     
Indiana – 3.7% (2.4% of Total Investments)
           
 
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)
 
3,255,840
 
 
2,525
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
2,754,826
 
 
3,075
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
3,242,834
 
 
805
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
893,011
 
 
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23
2/16 at 100.00
 
AA–
 
791,235
 
 
435
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
No Opt. Call
 
AA
 
452,474
 
 
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
1/15 at 100.00
 
AA– (4)
 
4,338,274
 
 
3,000
 
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
 
3,170,790
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
 
N/R (4)
 
2,048,580
 
 
3,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31
No Opt. Call
 
A+
 
3,353,250
 
 
9,560
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
No Opt. Call
 
AA
 
6,797,638
 
 
2,395
 
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/26 (Pre-refunded 7/15/15) – NPFG Insured
7/15 at 100.00
 
AA+ (4)
 
2,466,347
 
 
1,800
 
Sunman Dearborn High School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/25 (Pre-refunded 1/15/15) – NPFG Insured
1/15 at 100.00
 
AA+ (4)
 
1,818,018
 
 
1,580
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured
No Opt. Call
 
AA
 
1,032,198
 
 
38,245
 
Total Indiana
       
36,415,315
 
     
Iowa – 2.4% (1.6% of Total Investments)
           
 
1,500
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/21
7/16 at 100.00
 
BB+
 
1,560,330
 
     
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–
 
3,211,980
 
 
2,220
 
5.250%, 12/01/25
12/23 at 100.00
 
BB–
 
2,397,933
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
5,200
 
5.375%, 6/01/38
6/15 at 100.00
 
B+
 
4,338,256
 
 
4,465
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
3,776,720
 
 
5,400
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
4,572,720
 
 
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
4,029,030
 
 
26,285
 
Total Iowa
       
23,886,969
 

Nuveen Investments
 
37

 
 

 
 
NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kansas – 0.2% (0.2% of Total Investments)
           
$
3,055
 
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–
$
2,149,070
 
     
Louisiana – 0.0% (0.0% of Total Investments)
           
 
180
 
East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1997B-1, 5.750%, 10/01/26
1/15 at 100.00
 
Aaa
 
180,340
 
     
Maine – 0.1% (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–
 
1,178,268
 
     
Maryland – 0.7% (0.4% of Total Investments)
           
 
3,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
7/22 at 100.00
 
A2
 
3,836,630
 
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
1/18 at 100.00
 
BBB
 
2,722,023
 
 
6,050
 
Total Maryland
       
6,558,653
 
     
Massachusetts – 4.0% (2.6% of Total Investments)
           
 
6,250
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
1/20 at 100.00
 
A+
 
6,861,188
 
 
1,250
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
11/23 at 100.00
 
A–
 
1,397,688
 
     
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
           
 
4,000
 
5.125%, 8/01/28 – NPFG Insured
1/15 at 100.00
 
AA–
 
4,004,760
 
 
7,125
 
5.125%, 2/01/34 – NPFG Insured
1/15 at 100.00
 
AA–
 
7,132,054
 
 
4,500
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39
7/19 at 100.00
 
AA
 
5,073,975
 
 
8,730
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
10/15 at 100.00
 
AA
 
9,052,050
 
 
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–
 
528,415
 
 
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+
 
5,156,266
 
 
36,915
 
Total Massachusetts
       
39,206,396
 
     
Michigan – 3.6% (2.3% of Total Investments)
           
 
1,060
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
1,139,797
 
 
1,250
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
11/20 at 100.00
 
AA
 
1,348,800
 
     
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
           
 
5,565
 
5.000%, 7/01/30 – NPFG Insured
7/15 at 100.00
 
AA–
 
5,620,539
 
 
5,000
 
5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
5,000,800
 
 
3,305
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured
7/16 at 100.00
 
AA–
 
3,386,303
 
 
2,000
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.250%, 7/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
2,142,020
 
 
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
5/20 at 100.00
 
A2
 
2,186,400
 
 
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
 
440,061
 

38
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
 
AA–
$
2,907,938
 
 
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
 
BB–
 
1,447,850
 
 
2,500
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29
8/19 at 100.00
 
A1
 
2,937,975
 
 
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
 
1,471,655
 
 
4,930
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Series 2007, 5.000%, 12/01/27 – NPFG Insured (Alternative Minimum Tax)
12/17 at 100.00
 
AA–
 
5,355,360
 
 
36,940
 
Total Michigan
       
35,385,498
 
     
Minnesota – 2.0% (1.3% of Total Investments)
           
 
5,000
 
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.250%, 5/01/37
5/17 at 100.00
 
Baa1
 
5,190,700
 
 
13,490
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 (Pre-refunded 11/01/15) – AGM Insured
11/15 at 103.00
 
AA (4)
 
14,743,761
 
 
18,490
 
Total Minnesota
       
19,934,461
 
     
Mississippi – 1.2% (0.8% of Total Investments)
           
 
9,750
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/15 at 100.00
 
BBB
 
9,758,873
 
 
2,475
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
1/15 at 100.00
 
A
 
2,484,554
 
 
12,225
 
Total Mississippi
       
12,243,427
 
     
Missouri – 3.0% (1.9% of Total Investments)
           
 
2,585
 
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+
 
2,886,049
 
 
10,370
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
 
11,339,180
 
 
6,000
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 5.000%, 1/01/34 – NPFG Insured
1/16 at 100.00
 
AA–
 
6,216,660
 
 
3,000
 
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 – AMBAC Insured
1/17 at 100.00
 
AA+
 
3,226,620
 
 
5,130
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
12/16 at 100.00
 
AA–
 
5,458,833
 
 
27,085
 
Total Missouri
       
29,127,342
 
     
Nevada – 4.1% (2.7% of Total Investments)
           
 
3,540
 
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24
No Opt. Call
 
AA–
 
4,114,436
 
 
24,195
 
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+
 
27,204,130
 
 
5,130
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31
7/17 at 100.00
 
A
 
5,462,168
 
 
2,500
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.804%, 7/01/31 – BHAC Insured (IF) (5)
7/17 at 100.00
 
AA+
 
3,147,500
 
 
35,365
 
Total Nevada
       
39,928,234
 
     
New Hampshire – 0.6% (0.4% 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
 
5,650,600
 
     
New Jersey – 4.1% (2.6% of Total Investments)
           
 
940
 
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
 
1,032,853
 

Nuveen Investments
 
39

 
 

 

NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
3,500
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
1/15 at 100.00
 
AA–
$
3,567,130
 
 
1,500
 
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+
 
1,554,165
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured
No Opt. Call
 
AA
 
5,189,940
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
1,815
 
0.000%, 12/15/26 – AMBAC Insured
No Opt. Call
 
AA+
 
1,229,663
 
 
10,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
 
AA–
 
4,872,200
 
 
38,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
16,286,800
 
 
2,000
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/38
5/23 at 100.00
 
AA–
 
2,276,440
 
 
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B2
 
3,742,850
 
 
67,255
 
Total New Jersey
       
39,752,041
 
     
New York – 5.5% (3.6% of Total Investments)
           
 
970
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured
1/15 at 100.00
 
N/R
 
972,571
 
 
8,115
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
 
9,027,207
 
 
2,565
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
 
2,743,344
 
 
4,410
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
 
4,852,147
 
 
13,600
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
11/16 at 100.00
 
AA
 
14,031,664
 
 
4,400
 
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+
 
4,986,564
 
 
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
 
5,675,100
 
 
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 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
6,051,720
 
 
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+
 
2,330,760
 
 
2,650
 
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
 
BBB
 
3,079,380
 
 
49,710
 
Total New York
       
53,750,457
 
     
North Carolina – 3.1% (2.0% of Total Investments)
           
 
5,550
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39
1/18 at 100.00
 
AA–
 
5,882,223
 
 
12,390
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
 
AA+ (4)
 
12,514,520
 
 
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–
 
3,707,517
 
 
3,500
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42
6/19 at 100.00
 
AA
 
3,945,095
 
 
4,055
 
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+
 
4,341,364
 
 
28,795
 
Total North Carolina
       
30,390,719
 
     
North Dakota – 0.5% (0.3% 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+
 
4,687,855
 

40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 6.4% (4.1% of Total Investments)
           
$
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
 
A1
$
11,020,900
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
5,260
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
4,405,355
 
 
6,360
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
5,231,482
 
 
4,875
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
3,859,196
 
 
4,290
 
6.000%, 6/01/42
6/17 at 100.00
 
B
 
3,399,525
 
 
14,830
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
11,788,515
 
 
11,460
 
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–
 
9,672,355
 
 
2,305
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
 
2,756,158
 
 
6,280
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
1/15 at 100.00
 
A+
 
6,297,772
 
 
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+
 
4,029,511
 
 
69,345
 
Total Ohio
       
62,460,769
 
     
Pennsylvania – 4.4% (2.8% of Total Investments)
           
 
1,250
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34
8/19 at 100.00
 
Aa3
 
1,430,663
 
     
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998:
           
 
3,125
 
0.000%, 5/15/22 – AGM Insured
No Opt. Call
 
AA
 
2,560,656
 
 
3,125
 
0.000%, 5/15/23 – AGM Insured
No Opt. Call
 
AA
 
2,449,625
 
 
3,135
 
0.000%, 5/15/24 – AGM Insured
No Opt. Call
 
AA
 
2,352,128
 
 
3,155
 
0.000%, 5/15/26 – AGM Insured
No Opt. Call
 
AA
 
2,175,309
 
 
4,145
 
0.000%, 11/15/26 – AGM Insured
No Opt. Call
 
AA
 
2,803,802
 
 
2,800
 
0.000%, 5/15/28 – AGM Insured
No Opt. Call
 
AA
 
1,748,096
 
 
3,000
 
0.000%, 11/15/28 – AGM Insured
No Opt. Call
 
AA
 
1,840,650
 
 
630
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23
1/15 at 100.00
 
N/R
 
563,859
 
 
2,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
 
AA–
 
2,191,300
 
 
1,570
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
 
A–
 
1,683,056
 
 
5,750
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
6,736,125
 
 
11,890
 
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
 
AA (4)
 
14,180,846
 
 
45,575
 
Total Pennsylvania
       
42,716,115
 
     
Puerto Rico – 1.1% (0.7% of Total Investments)
           
 
625
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005SS, 5.000%, 7/01/25 – NPFG Insured
7/15 at 100.00
 
AA–
 
608,338
 
 
1,305
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
1,357,409
 
 
1,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured
No Opt. Call
 
B
 
915,670
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
25,000
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
 
BBB
 
3,000,000
 
 
64,335
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
BBB
 
4,944,788
 
 
92,265
 
Total Puerto Rico
       
10,826,205
 

Nuveen Investments
 
41

 
 

 

NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Rhode Island – 0.2% (0.1% of Total Investments)
           
$
1,830
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
1/15 at 100.00
 
BBB+
$
1,839,205
 
     
South Carolina – 4.2% (2.7% of Total Investments)
           
 
2,000
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/17 (Pre-refunded 12/01/14)
12/14 at 100.00
 
AA– (4)
 
2,008,560
 
 
5,500
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29 (Pre-refunded 12/01/14)
12/14 at 100.00
 
AA– (4)
 
5,523,540
 
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
           
 
26,955
 
0.000%, 1/01/31 – AMBAC Insured
No Opt. Call
 
A–
 
14,254,343
 
 
15,420
 
0.000%, 1/01/32 – AMBAC Insured
No Opt. Call
 
A–
 
7,786,637
 
 
2,250
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2006C, 5.000%, 1/01/21 – AGM Insured
No Opt. Call
 
AA
 
2,459,970
 
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
3,942,362
 
 
4,800
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
10/19 at 100.00
 
A1
 
5,447,472
 
 
60,380
 
Total South Carolina
       
41,422,884
 
     
Tennessee – 1.9% (1.2% of Total Investments)
           
 
2,260
 
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+
 
2,555,857
 
 
3,240
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 – AGM Insured
10/19 at 100.00
 
AA
 
3,669,397
 
 
325
 
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)
 
326,316
 
 
6,000
 
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
 
6,518,100
 
 
4,965
 
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+
 
5,224,918
 
 
16,790
 
Total Tennessee
       
18,294,588
 
     
Texas – 14.6% (9.4% of Total Investments)
           
 
5,000
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 5.000%, 5/01/35 – NPFG Insured
5/16 at 100.00
 
AA–
 
5,255,450
 
 
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
 
2,887,500
 
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005:
           
 
4,000
 
5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
4,032,600
 
 
13,000
 
5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
13,105,950
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB
 
1,163,420
 
 
3,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
2/15 at 100.00
 
AAA
 
3,042,360
 
 
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+
 
3,224,220
 
 
160
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
9/24 at 100.00
 
BB+
 
166,726
 
     
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B:
           
 
3,240
 
5.000%, 4/01/53
10/23 at 100.00
 
AA+
 
3,517,571
 
 
15,000
 
5.000%, 4/01/53 (UB)
10/23 at 100.00
 
AA+
 
16,285,050
 
 
9,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
 
9,743,400
 

42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
3,020
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Junior Lien Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/14 at 100.00
 
AA–
$
3,021,993
 
 
3,885
 
Houston Independent School District, Public Facility Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured
No Opt. Call
 
Aa1
 
3,576,570
 
 
1,495
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AGM Insured
No Opt. Call
 
AA
 
1,118,664
 
 
1,600
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
7/18 at 100.00
 
AA–
 
1,813,088
 
 
1,275
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
2/16 at 100.00
 
BBB
 
1,304,797
 
     
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008:
           
 
5,000
 
0.000%, 8/15/39
8/17 at 27.35
 
AAA
 
1,298,250
 
 
19,800
 
0.000%, 8/15/41
8/17 at 24.20
 
AAA
 
4,548,258
 
 
2,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
11/22 at 100.00
 
BBB
 
2,148,520
 
 
8,735
 
North Texas Thruway Authority, Dallas North Tollway System Revenue Bonds, Series 2005A, 5.000%, 1/01/35 (Pre-refunded 1/01/15) – AGM Insured
1/15 at 100.00
 
AA (4)
 
8,806,190
 
 
7,630
 
Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/15/32
No Opt. Call
 
Aaa
 
8,273,285
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
 
Aa3
 
3,270,353
 
 
5,750
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/47
11/17 at 100.00
 
AA
 
6,177,800
 
 
3,500
 
Texas A&M University, Permanent University Fund Bonds, Refunding Series 2006, 5.000%, 7/01/36
No Opt. Call
 
AAA
 
3,725,050
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
14,815
 
5.000%, 12/15/27
No Opt. Call
 
A3
 
16,473,391
 
 
3,250
 
5.000%, 12/15/30
No Opt. Call
 
A3
 
3,577,470
 
 
4,905
 
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–
 
5,296,615
 
 
4,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
No Opt. Call
 
A–
 
2,790,680
 
 
2,710
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
11/21 at 100.00
 
Baa2
 
3,048,642
 
 
155,160
 
Total Texas
       
142,693,863
 
     
Utah – 0.5% (0.3% 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+
 
3,295,860
 
 
760
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax)
1/15 at 100.00
 
AA–
 
761,877
 
 
335
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax)
1/15 at 100.00
 
AAA
 
335,643
 
 
70
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
12/14 at 100.00
 
AA–
 
70,364
 
 
50
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax)
1/15 at 100.00
 
AA
 
50,080
 
 
220
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax)
1/15 at 100.00
 
Aaa
 
220,616
 
 
4,435
 
Total Utah
       
4,734,440
 

Nuveen Investments
 
43

 
 

 


NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 5.0% (3.3% of Total Investments)
           
$
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
 
A–
$
1,021,023
 
 
18,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
10/28 at 100.00
 
BBB+
 
18,719,098
 
 
10,500
 
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
 
12,157,320
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
           
 
3,000
 
5.125%, 7/01/49
No Opt. Call
 
BBB–
 
3,232,440
 
 
7,150
 
5.000%, 7/01/52
No Opt. Call
 
BBB–
 
7,603,739
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
 
60
 
0.000%, 7/01/30
No Opt. Call
 
BBB–
 
28,912
 
 
5,755
 
0.000%, 7/01/35
No Opt. Call
 
BBB–
 
2,087,454
 
 
4,030
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
4,389,154
 
 
49,395
 
Total Virginia
       
49,239,140
 
     
Washington – 3.1% (2.0% of Total Investments)
           
 
12,235
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%,
6/01/26 – NPFG Insured
No Opt. Call
 
AA+
 
8,855,081
 
 
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
 
4,540,320
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
2,296,460
 
 
10,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – NPFG Insured (UB) (5)
10/16 at 100.00
 
AA
 
10,232,700
 
 
4,065
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
 
4,616,255
 
 
32,300
 
Total Washington
       
30,540,816
 
     
Wisconsin – 2.7% (1.7% of Total Investments)
           
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31
4/23 at 100.00
 
A
 
2,816,525
 
 
1,780
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
2/22 at 100.00
 
A–
 
1,910,082
 
 
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/23
8/16 at 100.00
 
A–
 
3,193,920
 
 
5,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37
5/19 at 100.00
 
AA–
 
6,001,250
 
 
11,825
 
Wisconsin State, Transportation Revenue Bonds, Refunding Series 2007-I, 5.000%, 7/01/18 (Pre-refunded 7/01/15) – NPFG Insured
7/15 at 100.00
 
AA+ (4)
 
12,208,959
 
 
24,105
 
Total Wisconsin
       
26,130,736
 
$
1,732,935
 
Total Municipal Bonds (cost $1,362,714,795)
       
1,513,608,060
 

44
 
Nuveen Investments
 
 
 

 
 
 
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)
           
$
218
 
Las Vegas Monorail Company, Senior Interest Bonds, (6), (7)
5.500%
7/15/19
N/R
$
39,272
 
 
59
 
Las Vegas Monorail Company, Senior Interest Bonds, (6), (7)
3.000%
7/15/55
N/R
 
7,867
 
$
277
 
Total Corporate Bonds (cost $22,103)
       
47,139
 
     
Total Long-Term Investments (cost $1,362,736,898)
       
1,513,655,199
 
     
Floating Rate Obligations – (2.9)%
       
(28,050,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (54.6)% (8)
       
(535,000,000
     
Other Assets Less Liabilities – 3.0%
       
28,941,937
 
     
Net Assets Applicable to Common Shares – 100%
     
$
979,547,136
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.3%
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

Nuveen Investments
 
45

 
 

 

NMA
   
 
 Nuveen Municipal Advantage Fund, Inc.  
 
 Portfolio of Investments
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS 144.8% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 144.8% (100.0% of Total Investments)
           
     
Alaska – 1.7% (1.2% of Total Investments)
           
     
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
           
$
1,125
 
5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
 
AA+ (4)
$
1,129,804
 
 
1,280
 
5.250%, 12/01/41 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
 
AA+ (4)
 
1,285,466
 
 
1,690
 
Alaska Railroad Corporation, Capital Grant Receipts Bonds, Section 5307 and 5309 Formula Funds, Series 2006, 5.000%, 8/01/17 – FGIC Insured
8/16 at 100.00
 
AA–
 
1,820,891
 
 
2,495
 
CivicVentures, Alaska, Revenue Bonds, Anchorage Convention Center Series 2006, 5.000%, 9/01/34 – NPFG Insured
9/15 at 100.00
 
AA–
 
2,570,623
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
           
 
730
 
4.625%, 6/01/23
1/15 at 100.00
 
Ba1
 
729,964
 
 
3,595
 
5.000%, 6/01/46
1/15 at 100.00
 
B2
 
2,706,711
 
 
10,915
 
Total Alaska
       
10,243,459
 
     
Arizona – 3.9% (2.7% of Total Investments)
           
 
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–
 
3,807,689
 
 
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
 
5,214,800
 
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/35 – FGIC Insured
No Opt. Call
 
AA
 
2,560,075
 
 
10,700
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
 
AA–
 
11,855,386
 
 
21,570
 
Total Arizona
       
23,437,950
 
     
California – 22.4% (15.5% of Total Investments)
           
 
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–
 
1,600,220
 
 
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+
 
3,776,325
 
 
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
 
2,621,993
 
     
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–
 
1,567,968
 
 
6,410
 
0.000%, 8/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
2,183,567
 
 
610
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26
6/15 at 100.00
 
BBB
 
610,177
 
 
3,840
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
7/23 at 100.00
 
AA–
 
4,420,570
 
 
2,000
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/28 – AMBAC Insured
2/17 at 100.00
 
Aa3
 
2,134,740
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
 
Aa3
 
17,242,240
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Aa3
 
4,896,170
 
 
2,455
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
2,971,728
 
 
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–
 
4,888,403
 

46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C:
           
$
3,800
 
0.000%, 2/01/33 – FGIC Insured
2/15 at 38.73
 
AA–
$
1,455,818
 
 
3,795
 
0.000%, 2/01/37 – FGIC Insured
No Opt. Call
 
AA–
 
1,346,959
 
 
5,395
 
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
 
6,674,262
 
 
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–
 
1,424,902
 
 
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)
 
2,135,650
 
 
2,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
2,327,480
 
 
2,315
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
No Opt. Call
 
AA–
 
1,047,121
 
 
3,000
 
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
 
2,100,540
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
1,385
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
1,301,111
 
 
4,885
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
4,013,516
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
747,520
 
 
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
 
2,601,000
 
 
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
 
1,229,175
 
 
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
 
5,407,000
 
 
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
8/35 at 100.00
 
AA
 
753,176
 
 
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
 
2,995,410
 
 
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
 
2,151,140
 
     
North Orange County Community College District, California, General Obligation Bonds, Series 2003B:
           
 
7,735
 
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
Aa1
 
5,650,031
 
 
4,180
 
0.000%, 8/01/26 – FGIC Insured
No Opt. Call
 
Aa1
 
2,929,260
 
 
5,000
 
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (ETM)
No Opt. Call
 
Aaa
 
5,515,100
 
 
6,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
4,398,900
 
 
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
2/18 at 100.00
 
AA+
 
2,187,260
 
 
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
 
13,205,410
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.910%, 2/01/33 (IF)
8/19 at 100.00
 
Aa2
 
3,070,502
 
 
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–
 
5,479,619
 
 
1,345
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
Aa1
 
626,259
 

Nuveen Investments
 
47

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
5,905
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/29 (Pre-refunded 9/01/15) – NPFG Insured
9/15 at 47.82
 
Aa1 (4)
$
2,819,224
 
 
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
 
1,173,546
 
 
162,935
 
Total California
       
135,680,992
 
     
Colorado – 13.1% (9.1% of Total Investments)
           
 
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–
 
1,618,960
 
 
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+
 
9,550,542
 
 
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+
 
3,830,881
 
 
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+
 
5,530,150
 
 
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
 
1,265,932
 
 
7,500
 
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–
 
8,169,600
 
 
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–
 
1,614,855
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
           
 
5,365
 
5.000%, 11/15/23 – FGIC Insured
11/16 at 100.00
 
AA–
 
5,838,354
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
 
AA–
 
3,587,628
 
 
4,340
 
5.000%, 11/15/25 – FGIC Insured
11/16 at 100.00
 
AA–
 
4,713,674
 
 
1,055
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
11/15 at 100.00
 
A+
 
1,105,988
 
 
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
 
4,321,203
 
 
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–
 
2,225,718
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
           
 
2,650
 
0.000%, 9/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
2,589,421
 
 
8,845
 
0.000%, 9/01/26 – NPFG Insured
No Opt. Call
 
AA–
 
5,877,945
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
7,500
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
 
4,278,525
 
 
10,000
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
 
5,176,600
 
 
10,000
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
4,781,900
 
 
3,110
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/34
7/20 at 100.00
 
Baa3
 
3,508,795
 
 
91,650
 
Total Colorado
       
79,586,671
 
     
Florida – 4.2% (2.9% of Total Investments)
           
 
3,000
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/24 – NPFG Insured
7/15 at 100.00
 
AA
 
3,094,020
 
 
2,225
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
11/15 at 100.00
 
AA
 
2,280,803
 
 
590
 
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2008, 5.000%, 5/01/28
5/18 at 100.00
 
AA–
 
650,286
 
 
14,730
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
 
AA
 
15,574,618
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
 
3,675,177
 
 
23,845
 
Total Florida
       
25,274,904
 

48
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia – 0.9% (0.6% of Total Investments)
           
$
2,900
 
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/26
12/14 at 100.00
 
BB–
$
2,900,783
 
 
1,250
 
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
 
1,397,450
 
 
2,400
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 7.625%, 12/01/30 (5), (6)
12/20 at 100.00
 
N/R
 
1,154,445
 
 
6,550
 
Total Georgia
       
5,452,678
 
     
Illinois – 14.8% (10.2% 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
 
A+
 
1,473,851
 
 
2,950
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Refunding Series 2004A, 5.000%, 12/01/20 – NPFG Insured
12/14 at 100.00
 
AA–
 
2,961,358
 
 
7,345
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured
No Opt. Call
 
AA–
 
3,833,943
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
           
 
1,385
 
0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
763,246
 
 
4,260
 
0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
AA–
 
1,844,623
 
 
1,100
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
1,236,323
 
 
5,320
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding Third Lien Series 2004A, 5.000%, 1/01/28 – NPFG Insured
1/15 at 100.00
 
AA–
 
5,358,570
 
 
17,310
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured
No Opt. Call
 
AA–
 
5,767,519
 
 
3,880
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
1/15 at 100.00
 
AA
 
3,886,247
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
7,858,493
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA
 
1,700,085
 
 
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
 
2,145,920
 
 
8,395
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.262%, 7/01/15 (IF)
No Opt. Call
 
AA+
 
9,755,578
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
8/19 at 100.00
 
BBB+
 
2,895,150
 
 
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23
8/18 at 100.00
 
BBB+
 
4,448,960
 
 
7,565
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/21
No Opt. Call
 
A–
 
8,523,259
 
 
3,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
7/16 at 100.00
 
AA
 
3,218,880
 
 
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
 
1,105,770
 
 
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
 
962,267
 
 
3,720
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/41 – NPFG Insured
No Opt. Call
 
AAA
 
1,060,498
 
 
6,075
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 6/15/24 – NPFG Insured
No Opt. Call
 
AA–
 
4,391,192
 
 
2,935
 
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
 
3,396,206
 
 
2,410
 
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
3/16 at 100.00
 
AA–
 
2,524,379
 
 
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
 
Aa3
 
8,438,385
 
 
110,050
 
Total Illinois
       
89,550,702
 

Nuveen Investments
 
49

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 5.5% (3.8% of Total Investments)
           
$
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–
$
3,421,220
 
 
4,465
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
4,955,614
 
 
1,260
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
1,374,685
 
 
2,460
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
2,594,267
 
 
6,730
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
 
Aa2
 
7,653,760
 
 
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+
 
3,665,976
 
 
2,435
 
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
 
2,573,625
 
 
10,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
No Opt. Call
 
AA
 
7,110,500
 
 
1,005
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.450%, 2/15/14 (5)
No Opt. Call
 
N/R
 
82,812
 
 
36,240
 
Total Indiana
       
33,432,459
 
     
Iowa – 2.1% (1.5% of Total Investments)
           
 
7,055
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
 
BB–
 
7,487,472
 
 
6,300
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
6/15 at 100.00
 
B+
 
5,255,964
 
 
250
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
223,835
 
 
13,605
 
Total Iowa
       
12,967,271
 
     
Kansas – 0.8% (0.5% of Total Investments)
           
 
3,310
 
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+
 
3,359,551
 
 
1,990
 
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–
 
1,399,885
 
 
5,300
 
Total Kansas
       
4,759,436
 
     
Kentucky – 1.6% (1.1% of Total Investments)
           
 
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+
 
6,960,859
 
 
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+
 
1,683,225
 
 
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
 
1,085,760
 
 
8,515
 
Total Kentucky
       
9,729,844
 
     
Louisiana – 6.3% (4.4% of Total Investments)
           
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
9,476,010
 
 
28
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 16.135%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
 
Aa1
 
33,226
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
6,975
 
5.000%, 5/01/41 – NPFG Insured
5/16 at 100.00
 
Aa1
 
7,356,602
 
 
20,690
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
21,583,601
 
 
36,693
 
Total Louisiana
       
38,449,439
 

50
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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–
$
1,178,268
 
     
Massachusetts – 2.9% (2.0% of Total Investments)
           
 
8,825
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32
1/20 at 100.00
 
A+
 
9,790,632
 
 
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–
 
658,527
 
 
1,750
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 – AMBAC Insured
1/15 at 100.00
 
BBB+
 
1,754,515
 
 
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
 
2,543,340
 
 
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+
 
2,578,133
 
 
15,775
 
Total Massachusetts
       
17,325,147
 
     
Michigan – 4.3% (3.0% of Total Investments)
           
 
3,695
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
3,695,591
 
 
3,000
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
3,490,020
 
 
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+
 
3,078,725
 
 
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+
 
2,801,075
 
 
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
 
4,131,240
 
 
1,500
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 1/01/15
No Opt. Call
 
AAA
 
1,512,315
 
 
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
 
2,891,450
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
 
AA–
 
2,907,938
 
 
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
 
BB–
 
1,447,850
 
 
27,805
 
Total Michigan
       
25,956,204
 
     
Missouri – 2.8% (1.9% of Total Investments)
           
 
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–
 
6,966,862
 
 
6,930
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
 
7,577,678
 
 
2,000
 
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 – AMBAC Insured
1/17 at 100.00
 
AA+
 
2,151,080
 
 
20,935
 
Total Missouri
       
16,695,620
 
     
Nevada – 5.1% (3.5% of Total Investments)
           
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
17,711,250
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, 19.077%, 7/01/31 – BHAC Insured (IF) (7)
7/17 at 100.00
 
AA+
 
4,721,250
 
 
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
 
AA+
 
3,876,105
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
4,874,650
 
 
27,145
 
Total Nevada
       
31,183,255
 

Nuveen Investments
 
 51

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Hampshire – 0.3% (0.2% 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
$
1,695,180
 
     
New Jersey – 2.6% (1.8% 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
 
1,204,731
 
 
2,500
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
1/15 at 100.00
 
AA–
 
2,547,950
 
 
15,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/30 – FGIC Insured
No Opt. Call
 
AA–
 
7,308,300
 
 
6,060
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B2
 
4,536,334
 
 
24,660
 
Total New Jersey
       
15,597,315
 
     
New York – 8.6% (5.9% of Total Investments)
           
 
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
 
2,224,820
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
2,955,100
 
 
470
 
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)
No Opt. Call
 
N/R
 
494,083
 
 
4,975
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
12/14 at 100.00
 
BB
 
4,975,299
 
 
3,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax)
1/15 at 100.00
 
BB
 
3,016,470
 
 
3,800
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005D, 5.000%, 6/15/38
6/15 at 100.00
 
AAA
 
3,896,520
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
12/14 at 100.00
 
AAA
 
10,054,900
 
 
5,000
 
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
 
5,447,450
 
 
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
 
5,675,100
 
 
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 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
5,043,100
 
     
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
12/15 at 100.00
 
BBB
 
6,411,675
 
 
1,760
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB
 
2,055,821
 
 
49,570
 
Total New York
       
52,250,338
 
     
North Carolina – 2.0% (1.3% of Total Investments)
           
 
3,000
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
1/16 at 100.00
 
A–
 
3,168,990
 
 
3,500
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42
6/19 at 100.00
 
AA
 
3,945,095
 
 
2,380
 
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+
 
2,548,076
 
 
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
 
2,154,505
 
 
10,780
 
Total North Carolina
       
11,816,666
 

52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
North Dakota – 0.7% (0.5% of Total Investments)
           
$
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.000%, 11/01/28
11/21 at 100.00
 
A+
$
1,786,395
 
 
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–
 
2,409,855
 
 
3,850
 
Total North Dakota
       
4,196,250
 
     
Ohio – 7.5% (5.2% of Total Investments)
           
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
 
A1
 
11,020,900
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
6,860
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
5,642,762
 
 
9,135
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
7,231,540
 
 
3,920
 
6.000%, 6/01/42
6/17 at 100.00
 
B
 
3,106,326
 
 
6,080
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
4,833,053
 
 
6,625
 
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–
 
5,591,566
 
 
7,050
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
7,994,982
 
 
49,670
 
Total Ohio
       
45,421,129
 
     
Oklahoma – 3.0% (2.1% 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
 
1,176,650
 
 
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
8/18 at 100.00
 
AA–
 
1,819,904
 
 
12,600
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
2/17 at 100.00
 
AA
 
13,291,740
 
 
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–
 
2,029,700
 
 
17,275
 
Total Oklahoma
       
18,317,994
 
     
Oregon – 0.5% (0.3% of Total Investments)
           
 
3,000
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/36
10/17 at 100.00
 
A
 
3,132,540
 
     
Pennsylvania – 4.3% (3.0% of Total Investments)
           
 
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
 
5,736,150
 
 
1,250
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
 
AA
 
1,331,263
 
 
7,070
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.750%, 8/01/30
8/15 at 100.00
 
AA
 
7,309,390
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
 
AA+
 
1,516,935
 
 
1,750
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
12/20 at 100.00
 
AA–
 
1,842,470
 
 
5,140
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/34
No Opt. Call
 
AA–
 
5,682,630
 
 
2,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
12/14 at 100.00
 
A+
 
2,633,072
 
 
24,310
 
Total Pennsylvania
       
26,051,910
 

Nuveen Investments
 
53

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Puerto Rico – 0.7% (0.5% 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
 
Caa1
$
205,804
 
 
3,975
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
AA–
 
4,123,705
 
 
4,190
 
Total Puerto Rico
       
4,329,509
 
     
Rhode Island – 0.1% (0.1% of Total Investments)
           
 
650
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.500%, 5/15/16 – NPFG Insured
1/15 at 100.00
 
AA–
 
652,789
 
     
South Carolina – 1.4% (0.9% of Total Investments)
           
 
1,220
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
974,512
 
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
3,942,361
 
 
2,900
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
10/19 at 100.00
 
A1
 
3,291,181
 
 
7,575
 
Total South Carolina
       
8,208,054
 
     
South Dakota – 0.5% (0.4% of Total Investments)
           
 
2,945
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/40
5/17 at 100.00
 
A+
 
3,073,932
 
     
Tennessee – 0.2% (0.1% of Total Investments)
           
 
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
 
1,086,350
 
     
Texas – 13.9% (9.6% of Total Investments)
           
 
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
 
5,990,568
 
 
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
 
6,612,120
 
 
925
 
Brownsville, Texas, Utility System Priority Revenue Bonds, Series 2005A, 5.000%, 9/01/26 – AMBAC Insured
9/15 at 100.00
 
A+
 
958,605
 
 
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
 
2,310,000
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB
 
1,163,420
 
 
20
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
No Opt. Call
 
AAA
 
20,074
 
 
4,250
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/26
8/16 at 60.73
 
Aaa
 
2,476,008
 
 
10,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51
10/23 at 100.00
 
AA+
 
11,181,500
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
 
5,413,000
 
 
2,550
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
2/16 at 100.00
 
BBB
 
2,609,594
 
 
6,080
 
Laredo Independent School District, Webb County, Texas, General Obligation Bonds, Series 2006, 5.000%, 8/01/29
8/16 at 100.00
 
AAA
 
6,474,349
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 – FGIC Insured
8/15 at 35.34
 
AA–
 
3,262,807
 
 
13,510
 
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
 
3,507,872
 
 
2,035
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
8/16 at 100.00
 
Aaa
 
2,176,534
 

54
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
1,485
 
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
$
1,608,522
 
     
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I:
           
 
2,555
 
0.000%, 1/01/42 – AGC Insured
1/25 at 100.00
 
AA
 
3,143,238
 
 
7,000
 
0.000%, 1/01/43
1/25 at 100.00
 
A2
 
8,657,600
 
 
8,235
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/29
No Opt. Call
 
A3
 
9,095,307
 
 
2,500
 
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–
 
2,699,600
 
 
3,600
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
No Opt. Call
 
A–
 
2,511,612
 
 
3,000
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/21 (Pre-refunded 8/15/15)
8/15 at 74.57
 
AAA
 
2,233,830
 
 
96,645
 
Total Texas
       
84,106,160
 
     
Utah – 0.5% (0.4% 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+
 
3,295,860
 
     
Virgin Islands – 0.3% (0.2% of Total Investments)
           
 
1,480
 
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
 
1,706,026
 
     
Virginia – 3.1% (2.2% of Total Investments)
           
 
1,200
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
No Opt. Call
 
A–
 
1,361,364
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
           
 
5,100
 
5.125%, 7/01/49
No Opt. Call
 
BBB–
 
5,495,148
 
 
5,250
 
5.000%, 7/01/52
No Opt. Call
 
BBB–
 
5,583,162
 
 
1,085
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/34
No Opt. Call
 
BBB–
 
422,401
 
 
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–
 
2,038,441
 
 
3,810
 
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–
 
4,149,547
 
 
19,300
 
Total Virginia
       
19,050,063
 
     
Washington – 1.2% (0.8% 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
2/15 at 100.00
 
AAA
 
1,273,973
 
 
2,485
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 – NPFG Insured
1/17 at 100.00
 
AA
 
2,662,774
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
2,296,460
 
 
1,410
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
No Opt. Call
 
AA+
 
1,111,277
 
 
7,155
 
Total Washington
       
7,344,484
 
     
West Virginia – 0.2% (0.1% of Total Investments)
           
 
1,250
 
Ohio County Commission, West Virginia, Special District Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36
3/16 at 100.00
 
BBB
 
1,281,363
 
     
Wisconsin – 0.6% (0.4% of Total Investments)
           
 
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)
 
3,619,530
 
$
953,383
 
Total Municipal Bonds (cost $803,376,296)
       
877,137,741
 

Nuveen Investments
 
55

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
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)
           
$
224
 
Las Vegas Monorail Company, Senior Interest Bonds, (6), (8)
5.500%
7/15/19
N/R
$
40,379
 
 
61
 
Las Vegas Monorail Company, Senior Interest Bonds, (6), (8)
3.000%
7/15/55
N/R
 
8,089
 
$
285
 
Total Corporate Bonds (cost $22,726)
       
48,468
 
     
Total Long-Term Investments (cost $803,399,022)
       
877,186,209
 
     
Floating Rate Obligations – (5.1)%
       
(30,708,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.4)% (9)
       
(268,800,000
     
Other Assets Less Liabilities – 4.7%
       
28,187,188
 
     
Net Assets Applicable to Common Shares – 100%
     
$
605,865,064
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.6%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

56
 
Nuveen Investments

 
 

 


NMO
   
 
 Nuveen Municipal Market Opportunity Fund, Inc.  
 
 Portfolio of Investments
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 149.8% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 149.4% (99.7% of Total Investments)
           
     
Alabama – 0.7% (0.4% of Total Investments)
           
     
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:
           
$
1,720
 
5.000%, 1/01/36 (Pre-refunded 1/01/16) – RAAI Insured
1/16 at 100.00
 
N/R (4)
$
1,814,170
 
 
2,215
 
5.000%, 1/01/41 (Pre-refunded 1/01/16) – RAAI Insured
1/16 at 100.00
 
N/R (4)
 
2,336,271
 
     
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:
           
 
215
 
5.000%, 1/01/36 – RAAI Insured
1/16 at 100.00
 
N/R
 
216,987
 
 
270
 
5.000%, 1/01/41 – RAAI Insured
1/16 at 100.00
 
N/R
 
272,311
 
 
4,420
 
Total Alabama
       
4,639,739
 
     
Alaska – 3.4% (2.2% of Total Investments)
           
     
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
           
 
1,125
 
5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
 
AA+ (4)
 
1,129,804
 
 
1,275
 
5.250%, 12/01/41 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
 
AA+ (4)
 
1,280,444
 
 
7,000
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
6/15 at 100.00
 
AA+
 
7,276,500
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
           
 
5,000
 
5.000%, 6/01/32
1/15 at 100.00
 
B2
 
4,001,100
 
 
13,025
 
5.000%, 6/01/46
1/15 at 100.00
 
B2
 
9,806,653
 
 
27,425
 
Total Alaska
       
23,494,501
 
     
Arizona – 0.8% (0.5% of Total Investments)
           
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/35 – FGIC Insured
No Opt. Call
 
AA
 
2,560,075
 
 
3,000
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
3,209,460
 
 
5,500
 
Total Arizona
       
5,769,535
 
     
California – 24.3% (16.2% of Total Investments)
           
 
3,450
 
Antelope Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured
No Opt. Call
 
A1
 
1,890,531
 
     
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1:
           
 
2,500
 
5.125%, 4/01/39 (Pre-refunded 4/01/19)
4/19 at 100.00
 
AA (4)
 
2,944,500
 
 
2,500
 
5.625%, 4/01/44 (Pre-refunded 4/01/19)
4/19 at 100.00
 
AA (4)
 
2,998,375
 
 
8,000
 
Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33
No Opt. Call
 
Aa1
 
4,275,200
 
 
7,845
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
12/18 at 100.00
 
B+
 
6,806,087
 
 
5,000
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29
12/18 at 100.00
 
AAA
 
5,736,000
 
 
1,350
 
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A, 0.000%, 10/01/39 – NPFG Insured
No Opt. Call
 
A2
 
441,113
 
 
1,630
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A1
 
1,832,772
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 (Pre-refunded 12/01/14) – AMBAC Insured
12/14 at 100.00
 
AA+ (4)
 
2,008,160
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
           
 
7,000
 
5.250%, 3/01/30
3/20 at 100.00
 
Aa3
 
8,162,560
 
 
4,250
 
5.250%, 11/01/40
11/20 at 100.00
 
Aa3
 
4,896,170
 

Nuveen Investments
 
 57

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
25,000
 
California State, Various Purpose General Obligation Bonds, Series 2005, 4.750%, 3/01/35 – NPFG Insured (UB)
3/16 at 100.00
 
AA–
$
26,042,750
 
 
2,500
 
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–
 
2,822,875
 
 
9,000
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.250%, 3/01/45
3/16 at 100.00
 
A+
 
9,290,430
 
 
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–
 
1,758,320
 
 
10,445
 
Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
No Opt. Call
 
AA
 
6,064,576
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
           
 
13,500
 
0.000%, 6/01/26 – AGM Insured
No Opt. Call
 
AA
 
9,452,430
 
 
3,485
 
5.000%, 6/01/45
6/15 at 100.00
 
A1
 
3,572,160
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
6,800
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
6,388,124
 
 
1,640
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
1,347,424
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
747,520
 
 
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
 
1,229,175
 
 
1,500
 
Lincoln Unified School District, Placer County, California, Community Facilities District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured
No Opt. Call
 
N/R
 
848,505
 
 
3,500
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Subordinate Series 2005B, 5.000%,
10/01/34 – FGIC Insured
10/15 at 100.00
 
AA–
 
3,609,585
 
 
490
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM)
1/15 at 100.00
 
N/R (4)
 
491,847
 
 
995
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM)
1/15 at 100.00
 
Aa3 (4)
 
999,318
 
 
2,500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA (4)
 
2,580,850
 
 
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
8/35 at 100.00
 
AA
 
753,176
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
No Opt. Call
 
A
 
2,995,410
 
 
14,100
 
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured
No Opt. Call
 
AA
 
6,228,534
 
 
2,500
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29
No Opt. Call
 
AA
 
1,453,650
 
 
1,000
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured
No Opt. Call
 
AA
 
612,610
 
 
5,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
11/20 at 100.00
 
Ba1
 
5,290,950
 
     
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A:
           
 
2,000
 
0.000%, 8/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
1,466,300
 
 
4,795
 
5.000%, 8/01/32 – NPFG Insured
8/17 at 100.00
 
AA–
 
5,027,366
 
 
2,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
 
Baa2
 
2,053,900
 
 
2,500
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
AA–
 
2,525,800
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
5/15 at 100.00
 
AA+ (4)
 
3,283,010
 
 
58
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
5,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 5.650%, 1/15/17 – NPFG Insured
1/15 at 101.00
 
AA–
$
5,108,350
 
 
925
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 – NPFG Insured
No Opt. Call
 
Aa1
 
455,664
 
 
4,075
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 (Pre-refunded 9/01/15) – NPFG Insured
9/15 at 50.47
 
Aa1 (4)
 
2,053,393
 
 
7,345
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Series 2006A, 5.000%, 8/01/27 (Pre-refunded 8/01/16) – AGM Insured
8/16 at 102.00
 
AA (4)
 
8,090,885
 
 
4,825
 
Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/25 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 61.27
 
AA (4)
 
2,951,983
 
 
194,560
 
Total California
       
169,588,338
 
     
Colorado – 8.5% (5.7% of Total Investments)
           
 
1,085
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
 
BBB–
 
1,097,857
 
 
11,200
 
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–
 
12,199,936
 
 
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+
 
3,365,993
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
6,200
 
0.000%, 9/01/22 – NPFG Insured
No Opt. Call
 
AA–
 
5,069,430
 
 
9,945
 
0.000%, 9/01/30 – NPFG Insured
No Opt. Call
 
AA–
 
5,403,616
 
 
16,060
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
7,220,576
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
           
 
3,800
 
0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
 
AA–
 
2,068,226
 
 
13,300
 
0.000%, 9/01/31 – NPFG Insured
9/20 at 53.77
 
AA–
 
5,596,108
 
 
6,250
 
0.000%, 9/01/32 – NPFG Insured
9/20 at 50.83
 
AA–
 
2,461,500
 
 
10,000
 
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
 
AA–
 
3,183,500
 
 
10,000
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30
7/20 at 100.00
 
Baa3
 
11,651,200
 
 
91,090
 
Total Colorado
       
59,317,942
 
     
District of Columbia – 1.5% (1.0% of Total Investments)
           
 
10,000
 
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
 
A1
 
10,184,500
 
     
Florida – 6.5% (4.4% of Total Investments)
           
 
1,275
 
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
1,333,931
 
 
2,080
 
Brevard County School Board, Florida, Certificates of Participation, Series 2007C, 5.000%, 7/01/21 – AMBAC Insured
7/17 at 100.00
 
Aa3
 
2,302,498
 
 
4,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/15 – AGM Insured
No Opt. Call
 
AA
 
4,113,120
 
 
2,015
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust 1191, 8.735%, 1/01/27 (Alternative Minimum Tax) (IF)
1/17 at 100.00
 
AA+
 
2,127,961
 
 
5,000
 
Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM)
No Opt. Call
 
AAA
 
5,162,350
 
 
3,235
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Sanibel Bridges & Causeway Project, Series 2005B, 5.000%, 10/01/30 (Pre-refunded 10/01/15) – CIFG Insured
10/15 at 100.00
 
AA (4)
 
3,377,599
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
10/20 at 100.00
 
A
 
2,855,725
 
 
3,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/26
10/20 at 100.00
 
A
 
3,425,100
 

Nuveen Investments
 
59

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
2,410
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
11/15 at 100.00
 
AA
$
2,470,443
 
 
2,425
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/22 – NPFG Insured
6/15 at 100.00
 
AA–
 
2,488,414
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
8/15 at 100.00
 
AA
 
2,483,760
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
5,512,343
 
 
4,000
 
Orlando, Florida, Tourist Development Tax Revenue Bonds, Senior Lien 6th Cent Contract Payments, Series 2008A, 5.250%, 11/01/23 – AGC Insured
11/17 at 100.00
 
AA
 
4,273,160
 
 
3,500
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/37
8/17 at 100.00
 
AA
 
3,713,255
 
 
42,925
 
Total Florida
       
45,639,659
 
     
Georgia – 1.6% (1.0% of Total Investments)
           
 
10,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45
2/41 at 100.00
 
AA–
 
11,028,100
 
     
Guam – 0.0% (0.0% of Total Investments)
           
 
165
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
 
190,128
 
     
Illinois – 17.1% (11.4% of Total Investments)
           
 
4,595
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 – FGIC Insured
No Opt. Call
 
AA–
 
2,198,799
 
 
1,470
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
 
A+
 
1,473,851
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
           
 
4,600
 
0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
 
3,734,326
 
 
1,000
 
5.500%, 12/01/26 – FGIC Insured
No Opt. Call
 
AA–
 
1,144,130
 
 
1,615
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
1/15 at 100.00
 
AA
 
1,617,471
 
 
2,405
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/26 – NPFG Insured
1/16 at 100.00
 
AA–
 
2,528,569
 
 
9,000
 
Chicago, Illinois, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 – AGM Insured
1/15 at 100.00
 
AA
 
9,067,590
 
 
5,050
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured
1/18 at 100.00
 
AA+
 
5,452,738
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
7,858,493
 
 
11,350
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42
12/15 at 100.00
 
AAA
 
11,812,853
 
 
3,040
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
2/18 at 100.00
 
A
 
3,273,046
 
 
1,750
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26
No Opt. Call
 
AA–
 
1,902,425
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
4/19 at 100.00
 
A+
 
3,334,890
 
 
5,390
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
 
6,138,671
 
 
1,970
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
 
A
 
2,133,668
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
BBB+
 
2,511,660
 
 
3,200
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/24 – AGM Insured
5/18 at 100.00
 
AA
 
3,488,320
 
 
5,550
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
 
5,973,021
 
 
2,795
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
 
3,127,298
 

60
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B:
           
$
10,230
 
0.000%, 1/01/22 – AGM Insured
1/15 at 70.63
 
A1
$
7,192,202
 
 
6,780
 
0.000%, 1/01/24 – AGM Insured
1/15 at 63.44
 
A1
 
4,278,248
 
 
2,330
 
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
 
AAA
 
2,451,556
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
6,500
 
0.000%, 6/15/25 – NPFG Insured
6/22 at 101.00
 
AAA
 
6,578,585
 
 
3,700
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
 
AAA
 
1,926,923
 
 
3,280
 
0.000%, 6/15/37 – NPFG Insured
No Opt. Call
 
AAA
 
1,164,597
 
 
11,715
 
0.000%, 12/15/38 – NPFG Insured
No Opt. Call
 
AAA
 
3,883,523
 
 
2,080
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34
2/20 at 100.00
 
AA
 
2,249,458
 
 
3,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
3/17 at 100.00
 
AA–
 
3,242,550
 
 
2,685
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series 2010A, 5.250%, 5/01/31 – AGM Insured
5/20 at 100.00
 
AA
 
2,975,571
 
 
2,000
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38
10/23 at 100.00
 
A
 
2,354,340
 
 
3,330
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured
No Opt. Call
 
AA–
 
2,694,037
 
 
134,510
 
Total Illinois
       
119,763,409
 
     
Indiana – 3.6% (2.4% of Total Investments)
           
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA
 
4,472,816
 
 
5,000
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 4.000%, 5/01/35
5/23 at 100.00
 
A
 
4,979,200
 
 
2,050
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
2,161,889
 
 
6,250
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
 
Aa2
 
7,107,875
 
 
1,600
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
1,712,144
 
 
2,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
2,667,250
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 (Pre-refunded 7/15/15) – AGM Insured
7/15 at 100.00
 
AA+ (4)
 
1,954,770
 
 
23,320
 
Total Indiana
       
25,055,944
 
     
Iowa – 1.9% (1.3% of Total Investments)
           
 
970
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/19
7/16 at 100.00
 
BB+
 
1,004,396
 
 
7,255
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
 
BB–
 
7,699,732
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
4,476,700
 
 
13,225
 
Total Iowa
       
13,180,828
 
     
Kansas – 1.4% (0.9% of Total Investments)
           
 
3,000
 
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
 
3,422,730
 
 
3,750
 
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+
 
3,806,138
 
 
600
 
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31
4/16 at 100.00
 
A1
 
609,984
 

Nuveen Investments
 
61

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kansas (continued)
           
$
2,660
 
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–
$
1,871,204
 
 
10,010
 
Total Kansas
       
9,710,056
 
     
Kentucky – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
 
AA
 
1,084,700
 
     
Maryland – 1.0% (0.7% of Total Investments)
           
 
4,410
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.900%, 9/01/42 (Alternative Minimum Tax)
3/17 at 100.00
 
Aa2
 
4,475,709
 
 
2,500
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
No Opt. Call
 
AAA
 
2,664,325
 
 
6,910
 
Total Maryland
       
7,140,034
 
     
Massachusetts – 1.0% (0.7% of Total Investments)
           
 
1,500
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
1/15 at 100.00
 
AA–
 
1,501,485
 
 
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+
 
2,578,133
 
 
120
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
8/15 at 100.00
 
AA+
 
124,034
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
           
 
385
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
 
AA (4)
 
399,772
 
 
2,495
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
2,590,733
 
 
6,780
 
Total Massachusetts
       
7,194,157
 
     
Michigan – 3.9% (2.6% of Total Investments)
           
 
3,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
11/20 at 100.00
 
AA
 
3,237,120
 
 
2,830
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
3,292,252
 
     
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
           
 
4,000
 
5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
 
4,131,240
 
 
5,000
 
4.625%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
 
5,002,800
 
 
1,300
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
7/22 at 100.00
 
BBB+
 
1,367,925
 
 
5,000
 
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–
 
5,559,400
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
 
BB–
 
2,895,701
 
 
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
 
1,471,655
 
 
25,330
 
Total Michigan
       
26,958,093
 
     
Minnesota – 0.5% (0.3% of Total Investments)
           
 
930
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29
1/15 at 100.00
 
A
 
934,055
 
 
2,100
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 (Pre-refunded 11/01/15) – AGM Insured
11/15 at 103.00
 
AA (4)
 
2,295,174
 
 
3,030
 
Total Minnesota
       
3,229,229
 

62
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Mississippi – 0.8% (0.6% of Total Investments)
           
$
5,900
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/15 at 100.00
 
BBB
$
5,905,369
 
     
Missouri – 3.0% (2.0% of Total Investments)
           
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
           
 
8,150
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
 
AA–
 
5,256,913
 
 
5,000
 
0.000%, 4/15/31 – AMBAC Insured
No Opt. Call
 
AA–
 
2,656,700
 
 
6,930
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
 
7,577,678
 
 
5,000
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
12/16 at 100.00
 
AA–
 
5,320,500
 
 
25,080
 
Total Missouri
       
20,811,791
 
     
Nebraska – 1.7% (1.2% of Total Investments)
           
 
11,690
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured
2/17 at 100.00
 
A1
 
12,141,468
 
     
Nevada – 5.6% (3.7% of Total Investments)
           
 
3,990
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
6/15 at 101.00
 
AA–
 
4,145,610
 
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
17,711,250
 
 
11,665
 
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+
 
13,115,776
 
 
3,760
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%,
6/01/37 – FGIC Insured
6/15 at 33.61
 
AA–
 
1,064,494
 
 
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2008, 18.804%, 7/01/31 – BHAC Insured (IF) (5)
7/17 at 100.00
 
AA+
 
3,147,500
 
 
36,915
 
Total Nevada
       
39,184,630
 
     
New Hampshire – 0.5% (0.3% of Total Investments)
           
 
3,000
 
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
 
3,390,360
 
     
New Jersey – 4.0% (2.7% 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
 
1,204,731
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
1/15 at 100.00
 
AA–
 
2,598,909
 
 
18,400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/37
1/17 at 35.47
 
A–
 
5,912,104
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
 
A2
 
7,389,200
 
 
5,065
 
New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B, 0.000%, 1/01/35 – AMBAC Insured
1/17 at 100.00
 
A+
 
5,280,111
 
 
3,000
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
 
Aa2
 
2,120,910
 
 
910
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
 
AA–
 
1,027,809
 
 
3,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
 
B2
 
2,251,350
 
 
54,025
 
Total New Jersey
       
27,785,124
 
     
New York – 6.6% (4.4% of Total Investments)
           
 
7,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45
No Opt. Call
 
BBB–
 
1,532,370
 
 
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
 
2,224,820
 
 
3,290
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
6/16 at 100.00
 
A–
 
3,469,437
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
 
AA–
 
2,955,100
 

Nuveen Investments
 
63

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
3,500
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30
2/21 at 100.00
 
Aa2
$
4,208,820
 
 
470
 
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)
No Opt. Call
 
N/R
 
494,083
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25
1/15 at 100.00
 
AA
 
5,024
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
           
 
20
 
5.000%, 8/01/17
1/15 at 100.00
 
AA
 
20,080
 
 
80
 
5.750%, 8/01/18
1/15 at 100.00
 
AA
 
80,370
 
 
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 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
6,051,720
 
 
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+
 
2,330,760
 
 
8,550
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 5.500%, 12/01/31
12/20 at 100.00
 
BBB
 
9,848,318
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
           
 
2,475
 
6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
 
AA–
 
2,566,031
 
 
10,000
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/14 at 100.00
 
AA–
 
10,062,000
 
 
47,890
 
Total New York
       
45,848,933
 
     
North Carolina – 4.1% (2.8% of Total Investments)
           
 
1,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
 
AA+ (4)
 
1,919,095
 
 
17,000
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41
10/15 at 100.00
 
AA+
 
17,573,070
 
 
3,000
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
1/16 at 100.00
 
A–
 
3,168,990
 
 
4,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB)
10/17 at 100.00
 
AA–
 
4,113,800
 
 
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
 
2,154,505
 
 
27,800
 
Total North Carolina
       
28,929,460
 
     
North Dakota – 0.3% (0.2% of Total Investments)
           
 
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.000%, 11/01/28
11/21 at 100.00
 
A+
 
1,786,395
 
     
Ohio – 8.3% (5.6% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
4,415
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
3,773,368
 
 
1,340
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
1,122,277
 
 
1,695
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
1,394,239
 
 
6,215
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
4,919,980
 
 
4,300
 
6.000%, 6/01/42
6/17 at 100.00
 
B
 
3,407,449
 
 
1,500
 
6.500%, 6/01/47
6/17 at 100.00
 
B
 
1,292,655
 
 
4,750
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
3,775,823
 
 
3,110
 
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–
 
2,624,871
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
 
A–
 
6,704,820
 
 
10,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 4.250%, 12/01/32 – AGM Insured
12/16 at 100.00
 
AA+
 
10,456,100
 
 
5,500
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
 
6,237,220
 

64
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
7,500
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39
1/19 at 100.00
 
Aa2
$
8,465,625
 
 
3,690
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
 
4,034,978
 
 
60,015
 
Total Ohio
       
58,209,405
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
           
 
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
8/18 at 100.00
 
AA–
 
1,819,904
 
     
Pennsylvania – 6.2% (4.2% of Total Investments)
           
 
3,000
 
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
 
3,441,690
 
 
3,365
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19
1/15 at 100.00
 
Ba1
 
3,367,894
 
 
6,975
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
12/20 at 100.00
 
AA–
 
7,343,559
 
 
3,115
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/36
12/22 at 100.00
 
AA–
 
3,468,085
 
 
10,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
11,715,000
 
 
11,890
 
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
 
AA (4)
 
14,180,846
 
 
38,345
 
Total Pennsylvania
       
43,517,074
 
     
Puerto Rico – 0.8% (0.5% of Total Investments)
           
 
1,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
1,001,430
 
 
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23
1/15 at 100.00
 
AA–
 
4,303,784
 
 
5,300
 
Total Puerto Rico
       
5,305,214
 
     
Rhode Island – 0.5% (0.3% of Total Investments)
           
 
3,310
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
1/15 at 100.00
 
BBB–
 
3,309,735
 
     
South Carolina – 0.6% (0.4% of Total Investments)
           
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
3,942,362
 
     
Tennessee – 0.3% (0.2% of Total Investments)
           
 
2,125
 
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+
 
2,403,184
 
     
Texas – 15.6% (10.4% of Total Investments)
           
 
5,080
 
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series 2005B, 5.000%, 7/01/35
7/15 at 100.00
 
AAA
 
5,231,587
 
 
1,210
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34
8/15 at 100.00
 
AAA
 
1,249,289
 
 
1,635
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34 (Pre-refunded 8/15/15)
8/15 at 100.00
 
N/R (4)
 
1,697,768
 
 
1,000
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2002, 0.000%, 8/15/32 – FGIC Insured
No Opt. Call
 
AA–
 
532,880
 
 
15,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
15,122,250
 

Nuveen Investments
 
65

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,005
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 5.750%, 1/01/31
1/21 at 100.00
 
BBB
$
2,321,770
 
 
2,500
 
Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23
No Opt. Call
 
Aaa
 
2,081,150
 
 
20
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
No Opt. Call
 
AAA
 
20,074
 
     
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006:
           
 
3,950
 
0.000%, 8/15/30
8/16 at 49.21
 
Aaa
 
1,848,521
 
 
4,000
 
0.000%, 8/15/31
8/16 at 46.64
 
Aaa
 
1,770,520
 
 
13,680
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
10/23 at 100.00
 
AA+
 
14,851,966
 
 
3,070
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
 
3,323,582
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30
No Opt. Call
 
AA
 
2,372,380
 
 
1,715
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
No Opt. Call
 
A2
 
779,605
 
 
2,400
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
7/18 at 100.00
 
AA–
 
2,719,632
 
 
9,350
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/32 – FGIC Insured
8/15 at 39.49
 
AA–
 
3,647,809
 
 
2,035
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
8/16 at 100.00
 
Aaa
 
2,176,534
 
 
1,490
 
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
 
1,613,938
 
 
1,845
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
No Opt. Call
 
Aaa
 
1,866,808
 
 
3,405
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34 (Pre-refunded 2/15/15)
2/15 at 100.00
 
N/R (4)
 
3,453,181
 
 
4,000
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43
1/25 at 100.00
 
A2
 
4,947,200
 
 
2,125
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/28 – AGC Insured
No Opt. Call
 
AA
 
1,286,178
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 17.044%, 2/15/36 (IF)
2/17 at 100.00
 
AA
 
4,099,672
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
 
Aa3
 
3,270,353
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
7,925
 
5.000%, 12/15/28
No Opt. Call
 
A3
 
8,782,485
 
 
1,600
 
5.000%, 12/15/32
No Opt. Call
 
A3
 
1,738,864
 
 
2,500
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31
No Opt. Call
 
AAA
 
2,925,275
 
 
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–
 
5,399,200
 
 
5,000
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 (Pre-refunded 8/15/15)
8/15 at 36.81
 
AAA
 
1,837,850
 
 
2,315
 
Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23
2/17 at 100.00
 
AAA
 
2,540,296
 
     
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
           
 
3,000
 
0.000%, 8/15/23 (Pre-refunded 8/15/15)
8/15 at 67.10
 
AAA
 
2,009,940
 
 
2,000
 
0.000%, 8/15/24 (Pre-refunded 8/15/15)
8/15 at 63.56
 
AAA
 
1,269,200
 
 
119,040
 
Total Texas
       
108,787,757
 
     
Utah – 0.9% (0.6% 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+
 
3,295,859
 

66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utah (continued)
           
$
2,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/25 – NPFG Insured
No Opt. Call
 
AA–
$
1,307,700
 
 
1,695
 
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Series 2006A., 4.500%, 8/01/23 – FGIC Insured
8/16 at 100.00
 
AA–
 
1,803,243
 
 
6,695
 
Total Utah
       
6,406,802
 
     
Virginia – 5.3% (3.5% of Total Investments)
           
 
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
 
A–
 
1,021,023
 
 
21,500
 
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
 
24,893,557
 
 
2,500
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
No Opt. Call
 
BBB–
 
2,693,700
 
 
19,450
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/44
No Opt. Call
 
BBB–
 
4,296,894
 
 
3,600
 
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–
 
3,920,832
 
 
47,950
 
Total Virginia
       
36,826,006
 
     
Washington – 2.8% (1.9% of Total Investments)
           
 
1,885
 
Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured
No Opt. Call
 
AA–
 
1,957,723
 
 
3,000
 
Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
 
Aa1 (4)
 
3,085,320
 
 
8,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 – AGM Insured
5/18 at 100.00
 
AA
 
8,677,117
 
 
9,000
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured
No Opt. Call
 
AA+
 
6,127,110
 
 
21,885
 
Total Washington
       
19,847,270
 
     
West Virginia – 0.5% (0.3% of Total Investments)
           
 
3,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.375%, 6/01/38
6/23 at 100.00
 
A
 
3,409,080
 
     
Wisconsin – 2.3% (1.5% of Total Investments)
           
 
1,830
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25
5/16 at 100.00
 
BBB
 
1,858,511
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:
           
 
1,000
 
5.000%, 2/15/27
2/22 at 100.00
 
A–
 
1,121,680
 
 
1,000
 
5.000%, 2/15/28
2/22 at 100.00
 
A–
 
1,118,220
 
 
10,070
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
5/19 at 100.00
 
AA–
 
11,902,536
 
 
13,900
 
Total Wisconsin
       
16,000,947
 
     
Wyoming – 0.6% (0.4% of Total Investments)
           
 
4,080
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
7/19 at 100.00
 
A1
 
4,583,064
 
$
1,154,775
 
Total Municipal Bonds (cost $954,224,164)
       
1,043,320,226
 
                   
 
Shares
 
Description (1)
       
Value
 
     
COMMON STOCKS – 0.4% (0.3% of Total Investments)
           
     
Airlines – 0.4% (0.3% of Total Investments)
           
 
68,589
 
American Airlines Group Inc., (6)
     
$
2,836,155
 
     
Total Common Stocks (cost $2,058,524)
       
2,836,155
 

Nuveen Investments
 
67

 
 

 


NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
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)
             
$
660
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
5.500%
7/15/19
 
N/R
$
118,853
 
 
178
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
3.000%
7/15/55
 
N/R
 
23,809
 
$
838
 
Total Corporate Bonds (cost $66,900)
         
142,662
 
     
Total Long-Term Investments (cost $956,349,588)
         
1,046,299,043
 
     
Floating Rate Obligations – (3.2)%
         
(22,550,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (50.2)% (9)
         
(350,900,000
)
     
Other Assets Less Liabilities – 3.6%
         
25,731,410
 
     
Net Assets Applicable to Common Shares – 100%
       
$
698,580,453
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7)
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.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.5%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

68
 
Nuveen Investments

 
 

 

NAD
   
 
 Nuveen Dividend Advantage Municipal Fund  
 
 Portfolio of Investments
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 144.9% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 144.8% (99.9% of Total Investments)
           
     
Alaska – 0.1% (0.1% of Total Investments)
           
$
750
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
 
AA+ (4)
$
753,203
 
     
Arizona – 3.3% (2.3% of Total Investments)
           
 
2,000
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
2,139,640
 
     
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A:
           
 
2,350
 
5.000%, 7/01/33
7/18 at 100.00
 
AA–
 
2,603,753
 
 
8,200
 
5.000%, 7/01/38
7/18 at 100.00
 
AA–
 
9,085,436
 
     
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
 
A–
 
608,500
 
 
5,000
 
5.000%, 12/01/37
No Opt. Call
 
A–
 
5,667,300
 
 
18,050
 
Total Arizona
       
20,104,629
 
     
California – 15.7% (10.8% of Total Investments)
           
 
1,535
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/37 – NPFG Insured
No Opt. Call
 
AA–
 
573,829
 
 
7,150
 
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured
No Opt. Call
 
AA
 
4,376,515
 
 
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
 
A+
 
5,637,700
 
 
3,335
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
11/16 at 100.00
 
AA–
 
3,570,151
 
 
4,300
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
2/17 at 100.00
 
Aa3
 
4,590,680
 
 
65
 
California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
1/15 at 100.00
 
Aa3
 
65,260
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
 
Aa3
 
5,252,200
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Aa3
 
4,896,170
 
 
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–
 
2,540,588
 
 
6,025
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
 
Aa2
 
7,293,142
 
 
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
8/17 at 100.00
 
AA
 
5,495,100
 
 
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
 
883,320
 
 
3,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
3,491,220
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
           
 
1,855
 
0.000%, 6/01/24 – AMBAC Insured
No Opt. Call
 
A1
 
1,394,923
 
 
3,500
 
0.000%, 6/01/26 – AGM Insured
No Opt. Call
 
AA
 
2,450,630
 
 
10,730
 
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
 
AA
 
10,995,138
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
5,030
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
4,725,333
 
 
12,805
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
10,520,588
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
747,520
 

Nuveen Investments
 
 69

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
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
$
1,229,175
 
 
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
 
2,995,410
 
 
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
 
2,151,140
 
 
2,000
 
Riverside Unified School District, Riverside County, California, General Obligation Bonds, Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
8/15 at 101.00
 
Aa2
 
2,076,500
 
 
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
 
6,365,307
 
 
575
 
Seaside Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2003, 5.375%, 8/01/18 – NPFG Insured
1/15 at 100.00
 
AA–
 
576,432
 
 
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–
 
1,625,641
 
 
103,175
 
Total California
       
96,519,612
 
     
Colorado – 10.4% (7.2% 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
 
N/R
 
1,145,273
 
 
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+
 
3,991,698
 
 
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+
 
2,488,025
 
 
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+
 
5,530,150
 
 
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–
 
4,357,120
 
 
8,765
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
6,100,440
 
 
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
 
12,941,500
 
 
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 – NPFG Insured
No Opt. Call
 
AA–
 
23,365,200
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
9/26 at 54.77
 
AA–
 
3,937,500
 
 
122,055
 
Total Colorado
       
63,856,906
 
     
Connecticut – 0.1% (0.1% of Total Investments)
           
 
3,936
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (5)
No Opt. Call
 
N/R
 
788,596
 
     
Florida – 9.4% (6.5% of Total Investments)
           
 
1,420
 
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A, 5.000%, 3/01/15 – NPFG Insured
No Opt. Call
 
AA–
 
1,443,047
 
 
5,000
 
Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15 (ETM)
No Opt. Call
 
AAA
 
5,162,350
 
 
15,000
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
6/15 at 101.00
 
AAA
 
15,421,950
 
 
2,500
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB+ (4)
 
2,816,375
 
 
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
 
1,867,214
 

70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007:
           
$
22,000
 
5.000%, 8/15/37 (UB)
8/17 at 100.00
 
AA
$
23,340,460
 
 
7,370
 
5.000%, 8/15/42 (UB)
8/17 at 100.00
 
AA
 
7,792,596
 
 
54,955
 
Total Florida
       
57,843,992
 
     
Georgia – 1.8% (1.2% of Total Investments)
           
 
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 – AMBAC Insured
7/17 at 100.00
 
Baa2
 
5,120,400
 
 
5,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.000%, 12/01/40 (5), (7)
12/20 at 100.00
 
N/R
 
2,405,094
 
 
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–
 
3,337,800
 
 
13,000
 
Total Georgia
       
10,863,294
 
     
Idaho – 0.0% (0.0% of Total Investments)
           
 
50
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax)
1/15 at 100.00
 
AAA
 
50,577
 
 
90
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax)
1/15 at 100.00
 
Aa2
 
91,451
 
 
75
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
1/15 at 100.00
 
Aaa
 
75,197
 
 
215
 
Total Idaho
       
217,225
 
     
Illinois – 23.2% (16.0% of Total Investments)
           
 
2,205
 
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–
 
1,078,179
 
 
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–
 
8,294,943
 
     
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
           
 
385
 
5.500%, 12/20/19 (Alternative Minimum Tax)
4/15 at 100.00
 
AA–
 
385,897
 
 
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
4/15 at 100.00
 
AA–
 
1,211,779
 
 
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
4/15 at 100.00
 
AA–
 
1,927,098
 
 
5,320
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding Third Lien Series 2004A, 5.000%, 1/01/28 – NPFG Insured
1/15 at 100.00
 
AA–
 
5,358,570
 
 
3,465
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
1/16 at 100.00
 
AA–
 
3,630,904
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/33 – FGIC Insured
No Opt. Call
 
AA–
 
1,216,680
 
 
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
No Opt. Call
 
AA–
 
25,396,508
 
 
3,935
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County School District 116 – Round Lake, Series 1999, 0.000%, 1/01/15 – NPFG Insured
No Opt. Call
 
A3
 
3,929,806
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA
 
1,700,085
 
 
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
 
2,145,920
 
 
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
 
1,205,859
 
 
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
7/17 at 100.00
 
AA+
 
1,350,232
 
 
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23
8/18 at 100.00
 
BBB+
 
4,448,960
 

Nuveen Investments
 
 71

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
5,945
 
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+
$
6,150,281
 
 
1,295
 
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – FGIC Insured
1/15 at 100.00
 
AA
 
1,297,072
 
 
2,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
7/16 at 100.00
 
AA
 
2,145,920
 
 
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
 
1,677,740
 
 
11,345
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/25 – AGM Insured
1/15 at 60.14
 
A1
 
6,784,764
 
 
3,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36
1/16 at 100.00
 
N/R
 
1,666,530
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
           
 
12,250
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
 
AA–
 
9,560,023
 
 
13,000
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
 
AA–
 
9,739,730
 
 
1,840
 
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA GTY Insured
11/15 at 54.13
 
AA
 
962,136
 
     
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
 
27,092,345
 
 
3,500
 
5.750%, 6/01/23 – AGM Insured
No Opt. Call
 
AA
 
4,385,290
 
 
1,300
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AAA
 
1,305,551
 
 
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
 
Aa3
 
3,868,867
 
 
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
 
2,307,715
 
 
148,820
 
Total Illinois
       
142,225,384
 
     
Indiana – 3.2% (2.2% of Total Investments)
           
 
4,625
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
 
Aa2
 
5,259,828
 
 
2,000
 
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
 
2,113,860
 
 
3,145
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 1847, 7.740%, 1/01/25 (Alternative Minimum Tax) (IF)
1/17 at 100.00
 
Aaa
 
3,302,659
 
 
8,675
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
9,255,358
 
 
18,445
 
Total Indiana
       
19,931,705
 
     
Iowa – 1.5% (1.1% 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–
 
1,442,000
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
2,420
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
2,046,957
 
 
7,000
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
5,927,600
 
 
10,755
 
Total Iowa
       
9,416,557
 
     
Kansas – 0.2% (0.1% of Total Investments)
           
 
1,990
 
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–
 
1,399,885
 

72
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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
7/31 at 100.00
 
Baa3
$
1,819,151
 
     
Louisiana – 2.8% (1.9% of Total Investments)
           
 
1,715
 
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37
6/36 at 101.00
 
Ba3
 
1,783,686
 
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
9,476,010
 
 
5,445
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
5,680,170
 
 
16,160
 
Total Louisiana
       
16,939,866
 
     
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–
 
1,178,268
 
     
Massachusetts – 3.0% (2.1% of Total Investments)
           
 
1,440
 
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds, Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) (5)
1/15 at 100.00
 
N/R
 
288,216
 
 
4,365
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
10/15 at 100.00
 
AA
 
4,526,025
 
  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–   658,527  
 
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
 
2,543,340
 
 
2,760
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
 
AA–
 
2,900,015
 
 
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+
 
2,578,133
 
 
160
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
8/15 at 100.00
 
AA+
 
165,379
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
           
 
515
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
 
AA (4)
 
534,761
 
 
3,325
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
3,452,580
 
 
1,100
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
No Opt. Call
 
AA–
 
883,927
 
 
18,865
 
Total Massachusetts
       
18,530,903
 
     
Michigan – 2.9% (2.0% 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
 
BBB+
 
951,623
 
 
6,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
6,000,960
 
 
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+
 
1,792,688
 
 
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
 
4,131,240
 
 
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
 
440,061
 
 
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
 
2,891,450
 

Nuveen Investments
 
 73

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
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
$
1,471,655
 
 
16,540
 
Total Michigan
       
17,679,677
 
     
Minnesota – 1.7% (1.2% of Total Investments)
           
 
6,375
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
11/18 at 100.00
 
A
 
7,547,873
 
 
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/25 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
3,024,420
 
 
9,375
 
Total Minnesota
       
10,572,293
 
     
Missouri – 2.2% (1.5% 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–
 
4,515,140
 
 
5,000
 
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
 
AA–
 
2,901,650
 
 
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
 
6,063,236
 
 
17,545
 
Total Missouri
       
13,480,026
 
     
Nevada – 5.5% (3.8% of Total Investments)
           
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
11,807,500
 
 
9,675
 
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+
 
10,878,280
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, Trust 2633, 19.077%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
 
AA+
 
4,721,250
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
 
BBB–
 
1,734,000
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
 
4,874,650
 
 
29,925
 
Total Nevada
       
34,015,680
 
     
New Jersey – 5.2% (3.6% 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
 
1,204,731
 
 
6,850
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 5.750%, 12/01/15 (ETM)
No Opt. Call
 
N/R (4)
 
7,265,042
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
No Opt. Call
 
A2
 
4,585,880
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
20,000
 
0.000%, 12/15/28 – AMBAC Insured
No Opt. Call
 
A2
 
11,058,600
 
 
20,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
 
A2
 
7,033,800
 
 
570
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
 
AA–
 
643,792
 
 
52,520
 
Total New Jersey
       
31,791,845
 
     
New Mexico – 0.6% (0.4% of Total Investments)
           
 
3,730
 
University of New Mexico, FHA-Insured Hospital Mortgage Revenue Bonds, University of Mexico Hospital Project, Series 2004, 5.000%, 7/01/32 – AGM Insured
1/15 at 100.00
 
AA
 
3,799,863
 
     
New York – 9.2% (6.3% of Total Investments)
           
 
7,500
 
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
2/15 at 100.00
 
AA
 
7,531,800
 
 
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
 
1,223,651
 
 
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
 
6,589,560
 

74
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
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
$
5,794,205
 
 
5,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
 
AAA
 
5,027,450
 
 
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
 
5,675,100
 
 
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 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
5,043,100
 
 
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+
 
2,330,760
 
     
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
12/15 at 100.00
 
BBB
 
5,285,800
 
 
1,670
 
6.000%, 12/01/36
12/20 at 100.00
 
BBB
 
1,950,694
 
 
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)
12/14 at 100.00
 
AA–
 
10,020,100
 
 
53,025
 
Total New York
       
56,472,220
 
     
North Carolina – 1.5% (1.1% 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–
 
1,666,350
 
 
3,830
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
 
AA+ (4)
 
3,868,492
 
 
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–
 
3,819,866
 
 
8,730
 
Total North Carolina
       
9,354,708
 
     
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+
 
4,687,855
 
     
Ohio – 5.4% (3.7% 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–
 
1,555,499
 
 
210
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
175,879
 
 
6,315
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
5,194,466
 
 
1,890
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
1,496,181
 
 
1,000
 
6.500%, 6/01/47
6/17 at 100.00
 
B
 
861,770
 
 
3,930
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
3,123,996
 
 
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–
 
5,178,001
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
 
A–
 
6,704,820
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
1/15 at 100.00
 
A+
 
3,660,330
 
 
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–
 
1,134,040
 
     
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+
 
1,725,195
 
 
1,845
 
5.000%, 2/15/48
2/23 at 100.00
 
A+
 
2,017,489
 
 
400
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
12/14 at 100.00
 
Aa1
 
401,776
 
 
35,695
 
Total Ohio
       
33,229,442
 
     
Oklahoma – 0.2% (0.1% 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
 
1,176,650
 

Nuveen Investments
 
75

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania – 2.9% (2.0% of Total Investments)
           
$
1,250
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
 
AA
$
1,331,263
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
10/16 at 100.00
 
AA+
 
1,516,935
 
 
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
 
A–
 
8,790,482
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
5,857,500
 
 
15,950
 
Total Pennsylvania
       
17,496,180
 
     
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
1/15 at 100.00
 
AA–
 
4,303,784
 
     
Rhode Island – 2.8% (1.9% of Total Investments)
           
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
7/15 at 100.00
 
AA–
 
3,014,130
 
 
1,428
 
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177, 9.744%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
 
AA+
 
1,541,412
 
 
12,500
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
1/15 at 100.00
 
BBB+
 
12,562,875
 
 
16,928
 
Total Rhode Island
       
17,118,417
 
     
South Carolina – 0.3% (0.2% of Total Investments)
           
 
1,145
 
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–
 
1,266,244
 
 
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
 
661,025
 
 
2,395
 
Total South Carolina
       
1,927,269
 
     
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+
 
2,430,929
 
     
Texas – 10.4% (7.2% 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)
1/15 at 100.00
 
C
 
204,800
 
 
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
 
2,310,000
 
 
1,215
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34
8/15 at 100.00
 
AAA
 
1,254,451
 
 
1,630
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34 (Pre-refunded 8/15/15)
8/15 at 100.00
 
N/R (4)
 
1,692,576
 
 
2,820
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
2,842,983
 
 
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+
 
3,224,220
 
 
15
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
No Opt. Call
 
AAA
 
15,056
 
 
730
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured
No Opt. Call
 
AA–
 
334,523
 
 
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–
 
1,840,658
 

76
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
245
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Senior Lien Series 1998A, 5.000%, 11/15/28 – NPFG Insured
1/15 at 100.00
 
AA–
$
245,169
 
 
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 – AGC Insured
No Opt. Call
 
AA
 
4,526,440
 
     
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
 
1,610,792
 
 
12,030
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
 
A2
 
5,829,978
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/33 – FGIC Insured
8/15 at 37.33
 
AA–
 
3,445,408
 
 
1,845
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
No Opt. Call
 
Aaa
 
1,866,808
 
 
3,405
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34 (Pre-refunded 2/15/15)
2/15 at 100.00
 
N/R (4)
 
3,453,181
 
 
2,225
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – BHAC Insured
1/18 at 100.00
 
AA+
 
2,512,270
 
 
1,000
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
5/15 at 100.00
 
AA+
 
1,020,890
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 17.044%, 2/15/36 (IF)
2/17 at 100.00
 
AA
 
4,099,672
 
 
8,230
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/29
No Opt. Call
 
A3
 
9,089,788
 
 
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–
 
5,399,200
 
 
7,000
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/35 (Pre-refunded 8/15/15)
8/15 at 34.92
 
AAA
 
2,441,040
 
     
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
           
 
3,000
 
0.000%, 8/15/20 (Pre-refunded 8/15/15)
8/15 at 78.46
 
AAA
 
2,350,350
 
 
3,000
 
0.000%, 8/15/22 (Pre-refunded 8/15/15)
8/15 at 70.77
 
AAA
 
2,119,980
 
 
83,025
 
Total Texas
       
63,730,233
 
     
Utah – 0.0% (0.0% of Total Investments)
           
 
35
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
12/14 at 100.00
 
AAA
 
35,113
 
     
Virginia – 3.5% (2.4% 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
 
1,551,825
 
 
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
 
A–
 
1,701,705
 
 
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
 
735,180
 
 
3,000
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Refunding Bonds, Novant Health Obligated Group-Prince William Hospital, Series 2013B, 5.000%, 11/01/46
11/22 at 100.00
 
AA–
 
3,280,980
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
           
 
2,500
 
5.125%, 7/01/49
No Opt. Call
 
BBB–
 
2,693,700
 
 
5,755
 
5.000%, 7/01/52
No Opt. Call
 
BBB–
 
6,120,212
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
 
2,900
 
0.000%, 7/01/34
No Opt. Call
 
BBB–
 
1,128,999
 
 
1,085
 
0.000%, 7/01/35
No Opt. Call
 
BBB–
 
393,551
 
 
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–
 
4,121,216
 
 
26,240
 
Total Virginia
       
21,727,368
 

Nuveen Investments
 
 77

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington – 7.8% (5.4% 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
$
4,540,320
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
7/19 at 100.00
 
A
 
2,296,460
 
 
4,800
 
Washington State, General Obligation Bonds, Series 2005A, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA+ (4)
 
4,955,856
 
 
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured
No Opt. Call
 
AA+
 
3,266,351
 
     
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
           
 
17,650
 
0.000%, 1/01/20
No Opt. Call
 
AA+
 
16,355,192
 
 
18,470
 
0.000%, 1/01/21
No Opt. Call
 
AA+
 
16,618,752
 
 
50,270
 
Total Washington
       
48,032,931
 
     
Wisconsin – 5.6% (3.9% of Total Investments)
           
 
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+
 
8,028,199
 
 
950
 
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
 
1,011,836
 
 
4,330
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29
2/20 at 100.00
 
AA–
 
4,959,236
 
 
1,965
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 6.100%, 5/01/34
1/15 at 100.00
 
BBB
 
1,972,899
 
 
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–
 
1,373,863
 
 
3,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA+ (4)
 
3,095,580
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
           
 
6,745
 
6.000%, 5/01/36
5/19 at 100.00
 
AA–
 
8,009,890
 
 
5,100
 
6.250%, 5/01/37
5/19 at 100.00
 
AA–
 
6,121,275
 
 
30,960
 
Total Wisconsin
       
34,572,778
 
$
999,299
 
Total Municipal Bonds (cost $820,095,569)
       
890,024,437
 

 
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)
             
$
262
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
5.500%
7/15/19
 
N/R
$
47,195
 
 
71
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
3.000%
7/15/55
 
N/R
 
9,454
 
$
333
 
Total Corporate Bonds (cost $26,564)
         
56,649
 
                     
 
Shares
 
Description (1), (9)
         
Value
 
     
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments)
           
 
8,812
 
BlackRock MuniHoldings Fund Inc.
       
$
144,252
 
 
32,524
 
Invesco Quality Municipal Income Trust
         
401,997
 
     
Total Investment Companies (cost $530,611)
         
546,249
 
     
Total Long-Term Investments (cost $820,652,744)
         
890,627,335
 
     
Floating Rate Obligations – (5.9)%
         
(36,210,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (43.1)% (10)
       
(265,000,000
)
     
Other Assets Less Liabilities – 4.1%
         
25,034,763
 
     
Net Assets Applicable to Common Shares – 100%
       
$
614,452,098
 

78
 
Nuveen Investments

 
 

 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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 directed the Fund’s custodian to cease 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)
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.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(10)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.8%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

Nuveen Investments
 
79

 
 

 

NXZ
   
 
 Nuveen Dividend Advantage Municipal Fund 2  
 
 Portfolio of Investments
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 139.8% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 139.8% (100.0% of Total Investments)
           
     
Alabama – 0.5% (0.3% of Total Investments)
           
$
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+
$
2,135,012
 
     
Alaska – 1.1% (0.8% of Total Investments)
           
 
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+
 
1,115,260
 
 
2,290
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%,
5/01/37 – NPFG Insured
5/17 at 100.00
 
AA
 
2,480,780
 
 
2,285
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
1/15 at 100.00
 
B2
 
1,720,399
 
 
5,575
 
Total Alaska
       
5,316,439
 
     
Arizona – 1.7% (1.2% of Total Investments)
           
 
4,500
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A+
 
4,814,190
 
 
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
 
3,195,965
 
 
7,405
 
Total Arizona
       
8,010,155
 
     
California – 23.5% (16.8% of Total Investments)
           
 
1,100
 
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
 
894,487
 
     
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
 
B2
 
3,056,730
 
 
9,000
 
5.600%, 6/01/36
12/18 at 100.00
 
B+
 
7,808,130
 
 
4,080
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 – BHAC Insured
4/16 at 100.00
 
AA+
 
4,287,917
 
 
4,345
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
2/17 at 100.00
 
Aa3
 
4,638,722
 
 
4,000
 
California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 (Pre-refunded 12/01/14) – AMBAC Insured
12/14 at 100.00
 
AA+ (4)
 
4,016,320
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
 
Aa3
 
4,896,170
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32
10/21 at 100.00
 
Aa3
 
3,572,370
 
 
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
 
3,305,320
 
 
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
 
2,612,359
 
 
20,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – FGIC Insured
6/15 at 100.00
 
A1
 
20,500,200
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
4,350
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
3,573,960
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
747,520
 
 
3,000
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Subordinate Series 2005B, 5.000%,
10/01/34 – FGIC Insured
10/15 at 100.00
 
AA–
 
3,093,930
 
 
5,255
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – FGIC Insured
7/16 at 100.00
 
Aa2 (4)
 
5,665,731
 

80
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
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
8/35 at 100.00
 
AA
$
753,176
 
 
3,285
 
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
 
3,533,247
 
 
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–
 
7,751,426
 
 
5,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
 
AA
 
5,178,700
 
 
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
 
1,337,088
 
 
2,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
 
Baa2
 
2,053,900
 
 
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
 
2,054,304
 
 
3,000
 
Riverside Unified School District, Riverside County, California, General Obligation Bonds, Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
8/15 at 101.00
 
Aa2
 
3,114,750
 
 
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
 
1,873,125
 
 
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
 
2,062,094
 
 
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
 
5,399,250
 
 
1,930
 
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 6/01/29 – NPFG Insured
6/15 at 100.00
 
AA
 
1,976,320
 
 
119,280
 
Total California
       
109,757,246
 
     
Colorado – 9.2% (6.6% of Total Investments)
           
 
4,445
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,026,895
 
 
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–
 
4,357,120
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
 
A–
 
2,153,140
 
 
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+
 
3,365,993
 
 
3,300
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
 
AA–
 
3,587,628
 
     
Denver, Colorado, Airport Revenue Bonds, Series 2006A:
           
 
5,365
 
5.000%, 11/15/23 – NPFG Insured (UB)
11/16 at 100.00
 
AA–
 
5,838,354
 
 
4,335
 
5.000%, 11/15/25 – NPFG Insured (UB)
11/16 at 100.00
 
AA–
 
4,708,244
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
No Opt. Call
 
BBB
 
2,899,500
 
 
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–
 
4,143,237
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
 
AA (4)
 
759,485
 
 
960
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
 
Aa3
 
1,069,594
 
 
5,000
 
Thornton, Colorado, Water Enterprise Revenue Bonds, Series 2004, 5.000%, 12/01/34 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AA (4)
 
5,020,450
 
 
51,545
 
Total Colorado
       
42,929,640
 
 
Nuveen Investments
 
81

 
 

 

NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Connecticut – 0.8% (0.6% of Total Investments)
           
$
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
$
3,879,695
 
     
District of Columbia – 1.2% (0.8% of Total Investments)
           
 
350
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
11/14 at 100.00
 
A1
 
349,962
 
 
5,000
 
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
 
A1
 
5,092,250
 
 
5,350
 
Total District of Columbia
       
5,442,212
 
     
Florida – 5.6% (4.0% of Total Investments)
           
 
4,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/15 – AGM Insured
No Opt. Call
 
AA
 
4,113,120
 
 
2,000
 
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A, 5.000%, 3/01/15 – NPFG Insured
No Opt. Call
 
AA–
 
2,032,460
 
 
2,600
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
11/15 at 100.00
 
AA
 
2,665,208
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
8/15 at 100.00
 
AA
 
2,483,760
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
No Opt. Call
 
AA–
 
5,512,343
 
     
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
           
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
AA–
 
2,161,520
 
 
1,500
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
 
AA–
 
1,621,140
 
 
5,000
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
10/17 at 100.00
 
BBB–
 
5,330,550
 
 
24,585
 
Total Florida
       
25,920,101
 
     
Georgia – 3.0% (2.1% of Total Investments)
           
 
2,000
 
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
 
2,235,920
 
 
2,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45 (6), (7)
12/20 at 100.00
 
N/R
 
962,038
 
     
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–
 
2,225,200
 
 
5,000
 
5.125%, 2/15/40
2/20 at 100.00
 
AA–
 
5,481,250
 
 
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
 
2,841,775
 
 
13,500
 
Total Georgia
       
13,746,183
 
     
Illinois – 17.7% (12.7% of Total Investments)
           
 
3,075
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 2006A, 5.000%, 4/01/36 – NPFG Insured
4/16 at 100.00
 
AA–
 
3,217,188
 
 
3,365
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
12/14 at 100.00
 
AA
 
3,370,283
 
 
5,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
1,933,150
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
1/16 at 100.00
 
AA
 
3,024,930
 
 
4,390
 
Chicago, Illinois, General Obligation Bonds, Refunding Project Series 2005B, 4.750%, 1/01/32 – AGM Insured
No Opt. Call
 
AA
 
4,460,196
 
 
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
 
2,253,586
 

82
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
$
7,858,493
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
 
Baa2
 
5,424,200
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26
No Opt. Call
 
AA–
 
1,087,100
 
 
10,270
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
5/17 at 100.00
 
AA–
 
10,790,278
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.250%, 8/15/20 – AGC Insured
8/15 at 100.00
 
AA
 
1,030,570
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
8/19 at 100.00
 
BBB+
 
2,895,150
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5)
2/21 at 100.00
 
AA–
 
2,827,350
 
 
6,920
 
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+
 
7,158,948
 
 
1,555
 
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
2/16 at 100.00
 
AA
 
1,582,928
 
 
2,925
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/22
No Opt. Call
 
A–
 
3,283,400
 
 
1,955
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
 
2,187,430
 
 
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
 
1,925,550
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
           
 
8,400
 
0.000%, 12/15/30 – NPFG Insured
No Opt. Call
 
AAA
 
4,284,252
 
 
10,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AAA
 
3,672,300
 
 
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.550%, 6/15/21 – NPFG Insured
6/17 at 101.00
 
AAA
 
2,749,900
 
 
3,256
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
3/16 at 100.00
 
N/R
 
3,267,787
 
 
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
 
2,324,076
 
 
93,461
 
Total Illinois
       
82,609,045
 
     
Indiana – 3.4% (2.4% of Total Investments)
           
 
2,640
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
2,784,091
 
 
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
 
252,680
 
 
435
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
No Opt. Call
 
AA
 
452,474
 
 
2,305
 
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
 
2,436,224
 
 
5,180
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
5,526,542
 
 
2,470
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
 
1,830,739
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 (Pre-refunded 7/15/15) – AGM Insured
7/15 at 100.00
 
AA+ (4)
 
1,954,770
 
 
6,100
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.800%, 2/15/24 (6)
2/15 at 100.00
 
N/R
 
502,640
 
 
21,250
 
Total Indiana
       
15,740,160
 

Nuveen Investments
 
 83

 
 

 


NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa – 1.5% (1.0% of Total Investments)
           
$
1,000
 
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–
$
1,080,150
 
 
6,340
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
5,676,456
 
 
7,340
 
Total Iowa
       
6,756,606
 
     
Kansas – 0.9% (0.6% of Total Investments)
           
 
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
 
2,281,820
 
 
2,660
 
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–
 
1,871,204
 
 
4,660
 
Total Kansas
       
4,153,024
 
     
Kentucky – 0.2% (0.2% of Total Investments)
           
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
 
AA
 
1,084,700
 
     
Louisiana – 2.3% (1.6% of Total Investments)
           
 
6,400
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – NPFG Insured
5/15 at 100.00
 
Aa1 (4)
 
6,555,456
 
 
3,960
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
4,131,032
 
 
10,360
 
Total Louisiana
       
10,686,488
 
     
Massachusetts – 2.3% (1.7% of Total Investments)
           
 
2,500
 
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 (Pre-refunded 1/13/15) – AMBAC Insured
1/15 at 100.00
 
A– (4)
 
2,508,875
 
 
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
 
1,691,325
 
 
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+
 
2,578,133
 
 
160
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
8/15 at 100.00
 
AA+
 
165,379
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
           
 
515
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
 
AA (4)
 
534,761
 
 
3,325
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
3,452,580
 
 
10,280
 
Total Massachusetts
       
10,931,053
 
     
Michigan – 4.9% (3.5% of Total Investments)
           
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Series 2013:
           
 
1,055
 
6.000%, 10/01/33
10/23 at 100.00
 
N/R
 
884,206
 
 
1,250
 
6.000%, 10/01/43
10/23 at 100.00
 
N/R
 
1,015,950
 
 
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
 
BBB+
 
951,623
 
 
1,075
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,058,585
 
 
4,375
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36 – MBIA-NPFG Insured
7/16 at 100.00
 
AA–
 
4,447,100
 
 
3,500
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
 
3,614,835
 
 
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
 
7,622,008
 

84
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
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–
$
1,086,570
 
 
1,950
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
12/15 at 100.00
 
AA–
 
2,011,737
 
 
21,970
 
Total Michigan
       
22,692,614
 
     
Minnesota – 1.3% (0.9% of Total Investments)
           
 
5,000
 
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
 
5,884,800
 
     
Missouri – 0.6% (0.5% of Total Investments)
           
     
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:
           
 
1,325
 
4.500%, 12/15/23 – NPFG Insured
12/16 at 100.00
 
AA–
 
1,416,690
 
 
1,475
 
4.500%, 12/15/26 – NPFG Insured
12/16 at 100.00
 
AA–
 
1,578,958
 
 
2,800
 
Total Missouri
       
2,995,648
 
     
Nevada – 1.6% (1.2% of Total Investments)
           
 
1,405
 
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
7/15 at 100.00
 
AA–
 
1,437,905
 
 
2,000
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Tender Option Bond Trust 2633, 19.077%, 7/01/31 – BHAC Insured (IF) (5)
7/17 at 100.00
 
AA+
 
2,518,000
 
 
1,455
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2005A, 5.000%, 6/01/24 – FGIC Insured
6/15 at 100.00
 
AA+
 
1,494,794
 
 
1,750
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.804%, 7/01/31 – BHAC Insured (IF) (5)
7/17 at 100.00
 
AA+
 
2,203,250
 
 
6,610
 
Total Nevada
       
7,653,949
 
     
New Jersey – 0.7% (0.5% of Total Investments)
           
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
1/15 at 100.00
 
AA–
 
2,598,909
 
 
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+
 
665,136
 
 
3,150
 
Total New Jersey
       
3,264,045
 
     
New York – 9.1% (6.5% of Total Investments)
           
 
12,020
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/46
No Opt. Call
 
BBB–
 
2,488,020
 
 
4,160
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
 
A
 
4,627,626
 
 
2,005
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
2,097,791
 
 
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
 
13,206,272
 
 
5,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
8/15 at 100.50
 
N/R
 
5,200,500
 
 
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
 
5,675,100
 
 
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 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
5,043,100
 
 
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+
 
2,330,760
 
 
1,670
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36
12/20 at 100.00
 
BBB
 
1,950,694
 
 
49,655
 
Total New York
       
42,619,863
 

Nuveen Investments
 
 85

 
 

 

NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
North Carolina – 2.1% (1.5% of Total Investments)
           
$
3,200
 
North Carolina Capital Facilities Financing Agency, General Revenue Bonds, Duke University, Series 2006A, 5.000%, 10/01/41
No Opt. Call
 
AA+
$
3,417,856
 
 
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–
 
3,707,517
 
 
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+
 
2,542,723
 
 
8,875
 
Total North Carolina
       
9,668,096
 
     
North Dakota – 0.7% (0.5% of Total Investments)
           
 
3,000
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/29
12/21 at 100.00
 
A–
 
3,244,860
 
     
Ohio – 3.3% (2.3% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
655
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
559,809
 
 
500
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
418,760
 
 
5,275
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
4,339,004
 
 
10,000
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
7,916,300
 
 
1,500
 
6.500%, 6/01/47
6/17 at 100.00
 
B
 
1,292,655
 
 
1,000
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
794,910
 
 
18,930
 
Total Ohio
       
15,321,438
 
     
Oklahoma – 1.1% (0.8% 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
 
1,176,650
 
 
3,500
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
6/20 at 100.00
 
A+
 
4,077,710
 
 
4,500
 
Total Oklahoma
       
5,254,360
 
     
Pennsylvania – 3.4% (2.4% of Total Investments)
           
 
3,475
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
 
AA
 
3,700,910
 
 
10,000
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.250%, 5/15/30 (Pre-refunded 5/15/20)
5/20 at 100.00
 
AA (4)
 
12,059,600
 
 
13,475
 
Total Pennsylvania
       
15,760,510
 
     
Puerto Rico – 0.5% (0.4% of Total Investments)
           
 
30,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
BBB
 
2,305,800
 
     
Rhode Island – 0.7% (0.5% of Total Investments)
           
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
7/15 at 100.00
 
AA–
 
3,014,130
 
     
South Carolina – 3.4% (2.5% of Total Investments)
           
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
           
 
21,570
 
0.000%, 1/01/30 – AMBAC Insured
No Opt. Call
 
A–
 
11,989,253
 
 
5,560
 
0.000%, 1/01/31 – AMBAC Insured
No Opt. Call
 
AA
 
2,940,239
 
 
1,000
 
South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Series 2005A, 5.250%, 1/01/17 – NPFG Insured
1/16 at 100.00
 
AA–
 
1,056,930
 
 
28,130
 
Total South Carolina
       
15,986,422
 

86
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas – 25.3% (18.1% of Total Investments)
           
$
4,000
 
Board of Regents, University of Texas System, Financing System Revenue Refunding Bonds, Series 2006B, 5.000%, 8/15/31
8/16 at 100.00
 
AAA
$
4,278,200
 
 
10,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
 
AA– (4)
 
10,081,500
 
 
1,250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
 
BBB
 
1,454,275
 
 
7,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51
10/23 at 100.00
 
AA+
 
7,827,050
 
 
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)
1/15 at 100.00
 
BB+
 
10,017,600
 
 
4,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
 
4,330,400
 
 
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–
 
521,453
 
 
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–
 
1,361,740
 
 
31,170
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Junior Lien Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/14 at 100.00
 
AA–
 
31,190,572
 
 
40,000
 
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–
 
9,851,200
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30
No Opt. Call
 
AA
 
2,372,380
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
           
 
5,000
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
 
A2
 
2,573,150
 
 
5,540
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
 
A2
 
2,684,795
 
 
4,285
 
Little Elm Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006, 5.000%, 8/15/37
8/16 at 100.00
 
AAA
 
4,576,680
 
 
10,000
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/28 – AGC Insured
No Opt. Call
 
AA
 
6,052,600
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 17.044%, 2/15/36 (IF)
2/17 at 100.00
 
AA
 
4,099,672
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
 
Aa3
 
3,270,353
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/29
No Opt. Call
 
A3
 
5,522,348
 
 
1,190
 
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–
 
1,285,010
 
 
1,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/28 – AMBAC Insured
1/15 at 44.57
 
A–
 
441,250
 
 
4,095
 
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
2/15 at 100.00
 
AAA
 
4,111,052
 
 
158,200
 
Total Texas
       
117,903,280
 
     
Virginia – 2.2% (1.6% of Total Investments)
           
 
600
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
No Opt. Call
 
A–
 
680,682
 
 
2,500
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
No Opt. Call
 
BBB–
 
2,693,700
 

Nuveen Investments
 
 87

 
 

 

NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia (continued)
           
$
1,385
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/33
No Opt. Call
 
BBB–
$
565,191
 
 
5,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
 
3,434,348
 
     
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–
 
2,062,058
 
 
820
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
 
933,988
 
 
12,190
 
Total Virginia
       
10,369,967
 
     
Washington – 1.6% (1.2% of Total Investments)
           
 
3,780
 
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
 
4,149,304
 
 
2,940
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
 
Baa3
 
3,510,772
 
 
6,720
 
Total Washington
       
7,660,076
 
     
West Virginia – 0.7% (0.5% 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
 
3,253,172
 
     
Wisconsin – 1.7% (1.2% of Total Investments)
           
 
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–
 
1,373,863
 
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
 
A2
 
2,740,825
 
 
3,690
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
8/16 at 100.00
 
A–
 
3,789,665
 
 
7,440
 
Total Wisconsin
       
7,904,353
 
$
767,866
 
Total Municipal Bonds (cost $593,597,390)
       
651,855,142
 

 
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)
             
$
273
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
5.500%
7/15/19
 
N/R
$
49,236
 
 
74
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
3.000%
7/15/55
 
N/R
 
9,864
 
$
347
 
Total Corporate Bonds (cost $27,713)
         
59,100
 
     
Total Long-Term Investments (cost $593,625,103)
         
651,914,242
 
     
Floating Rate Obligations – (4.2)%
         
(19,570,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.0)% (9)
         
(196,000,000
)
     
Other Assets Less Liabilities – 6.4%
         
29,943,206
 
     
Net Assets Applicable to Common Shares – 100%
       
$
466,287,448
 

88
 
Nuveen Investments

 
 

 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
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.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.1%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
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.

Nuveen Investments
 
 89

 
 

 


NZF
   
 
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 144.4% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 143.8% (99.6% of Total Investments)
           
     
Alabama – 0.7% (0.4% of Total Investments)
           
$
3,500
 
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+
$
3,685,360
 
     
Alaska – 0.1% (0.1% of Total Investments)
           
 
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
1/15 at 100.00
 
B2
 
752,910
 
     
Arizona – 2.3% (1.6% of Total Investments)
           
 
1,115
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44
1/24 at 100.00
 
AA–
 
1,240,973
 
 
3,390
 
Arizona State Transportation Board, Highway Revenue Bonds, Tender Option Bond Trust 3151, 13.372%, 7/01/16 (IF)
No Opt. Call
 
AAA
 
4,548,668
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/30 – FGIC Insured
7/15 at 100.00
 
AA
 
5,119,100
 
 
1,800
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
2,040,228
 
 
11,305
 
Total Arizona
       
12,948,969
 
     
California – 13.4% (9.3% of Total Investments)
           
 
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
 
3,949,338
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
 
AA–
 
3,104,479
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.545%, 5/15/40 (IF)
5/18 at 100.00
 
AA–
 
7,555,209
 
 
20
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
12/14 at 100.00
 
AA
 
20,056
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
           
 
1,560
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,798,274
 
 
1,560
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
1,815,434
 
 
8,895
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
 
AA
 
9,114,795
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
750
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
616,200
 
 
11,865
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
8,869,325
 
 
7,150
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
7/21 at 100.00
 
Aa2
 
8,877,869
 
 
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
 
2,992,853
 
 
12,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40
8/30 at 100.00
 
A+
 
11,122,200
 
 
3,850
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
10/25 at 100.00
 
AA
 
4,084,157
 
 
205
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
233,956
 
 
3,550
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
4,295,039
 

90
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
3,000
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 1005, 13.686%, 8/01/41 (IF) (5)
8/21 at 100.00
 
AA+
$
4,259,010
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
1,025
 
5.000%, 1/15/44 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
1,103,905
 
 
3,160
 
5.000%, 1/15/50 (WI/DD, Settling 11/06/14)
1/25 at 100.00
 
BBB–
 
3,327,638
 
 
72,995
 
Total California
       
77,139,737
 
     
Colorado – 4.5% (3.1% of Total Investments)
           
 
2,650
 
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
 
2,584,916
 
 
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
 
N/R
 
5,171,300
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
           
 
5,365
 
5.000%, 11/15/23 – FGIC Insured
11/16 at 100.00
 
AA–
 
5,838,354
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
 
AA–
 
3,587,628
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured
11/16 at 100.00
 
AA–
 
4,708,244
 
     
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
 
N/R
 
962,293
 
 
2,000
 
5.250%, 12/01/36 – RAAI Insured
12/17 at 100.00
 
N/R
 
2,004,460
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
 
Aa3
 
701,921
 
 
24,230
 
Total Colorado
       
25,559,116
 
     
Connecticut – 0.3% (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
 
1,617,885
 
     
District of Columbia – 2.1% (1.5% of Total Investments)
           
 
10,000
 
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+
 
10,580,200
 
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.861%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
1,567,330
 
 
11,335
 
Total District of Columbia
       
12,147,530
 
     
Florida – 2.6% (1.8% of Total Investments)
           
 
4,995
 
Broward County, Florida, Airport System Revenue Refunding Bonds, Series 2009O, 5.375%, 10/01/29
10/19 at 100.00
 
A+
 
5,750,244
 
 
2,490
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
2,763,502
 
 
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
 
96,619
 
 
5,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
 
AA
 
5,767,790
 
 
70
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
5/17 at 100.00
 
N/R
 
51,373
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
5/19 at 100.00
 
N/R
 
119,652
 
 
85
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
5/22 at 100.00
 
N/R
 
37,676
 
 
110
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)
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 (6)
5/18 at 100.00
 
N/R
 
10,277
 

Nuveen Investments
 
 91

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
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
$
204,262
 
 
475
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (6)
5/18 at 100.00
 
N/R
 
282,791
 
 
14,175
 
Total Florida
       
15,084,187
 
     
Georgia – 4.2% (2.9% of Total Investments)
           
 
15,230
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30
1/21 at 100.00
 
Aa3
 
17,756,048
 
 
1,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/26 (Pre-refunded 1/01/15) – AGM Insured
1/15 at 100.00
 
AA (4)
 
1,008,140
 
 
2,000
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Series 2004J, 5.000%, 1/01/29 (Pre-refunded 1/01/15) – AGM Insured
1/15 at 100.00
 
AA (4)
 
2,016,200
 
 
3,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45 (6), (7)
12/20 at 100.00
 
N/R
 
1,443,056
 
 
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
 
2,014,340
 
 
23,230
 
Total Georgia
       
24,237,784
 
     
Guam – 0.2% (0.1% of Total Investments)
           
 
810
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
915,616
 
     
Illinois – 16.6% (11.5% of Total Investments)
           
 
3,200
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
 
AA
 
3,596,576
 
 
3,635
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
1/16 at 100.00
 
AA–
 
3,809,044
 
 
4,855
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
 
AAA
 
5,143,824
 
 
2,220
 
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/16 – NPFG Insured
No Opt. Call
 
AA–
 
2,353,933
 
 
11,175
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
 
12,368,825
 
 
2,415
 
Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program – Kankakee County, Series 2005B, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – AMBAC Insured
12/14 at 100.00
 
Ba1 (4)
 
2,424,660
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
1,079,410
 
 
5,805
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
 
A
 
6,330,353
 
 
4,125
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
4,494,806
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
1,600
 
5.250%, 2/01/32
2/24 at 100.00
 
A–
 
1,755,216
 
 
1,000
 
5.250%, 2/01/33
2/24 at 100.00
 
A–
 
1,092,150
 
 
1,130
 
5.250%, 2/01/34
2/24 at 100.00
 
A–
 
1,231,395
 
 
1,000
 
5.000%, 2/01/39
2/24 at 100.00
 
A–
 
1,057,200
 
 
6,000
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
1/15 at 100.00
 
A–
 
6,023,580
 
 
560
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.858%, 1/01/21 (IF) (5)
No Opt. Call
 
AA–
 
826,498
 
 
7,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36
1/16 at 100.00
 
N/R
 
3,888,570
 
 
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
 
AAA
 
13,083,600
 
 
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
 
AAA
 
11,609,550
 
 
2,825
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 6/15/29 – FGIC Insured
No Opt. Call
 
AAA
 
3,365,818
 

92
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
10,000
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
AAA
$
10,040,600
 
 
126,545
 
Total Illinois
       
95,575,608
 
     
Indiana – 12.2% (8.5% of Total Investments)
           
 
4,230
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Tudor Park Foundation, Series 2005B, 5.000%, 6/01/24
6/15 at 100.00
 
Aa3
 
4,342,645
 
 
6,000
 
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 5.000%, 10/01/44
10/23 at 100.00
 
BBB+
 
6,413,580
 
 
5,370
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
5,759,647
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
810
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
889,874
 
 
6,185
 
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
6,618,507
 
 
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–
 
7,423,064
 
 
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+
 
14,466,010
 
 
10,925
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
 
N/R (4)
 
11,190,368
 
 
7,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2004A, 5.000%, 1/01/32 – FGIC Insured
1/15 at 100.00
 
AA–
 
7,042,980
 
 
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
 
951,454
 
     
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
 
2,587,125
 
 
2,500
 
5.800%, 9/01/47
9/17 at 100.00
 
N/R
 
2,589,675
 
 
66,050
 
Total Indiana
       
70,274,929
 
     
Iowa – 0.2% (0.2% of Total Investments)
           
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
525
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
444,071
 
 
1,000
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
846,800
 
 
1,525
 
Total Iowa
       
1,290,871
 
     
Kansas – 0.4% (0.2% of Total Investments)
           
     
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B:
           
 
1,000
 
5.125%, 5/15/37
5/15 at 102.00
 
N/R
 
1,004,760
 
 
1,000
 
5.125%, 5/15/42
5/15 at 102.00
 
N/R
 
1,003,340
 
 
2,000
 
Total Kansas
       
2,008,100
 
     
Kentucky – 2.5% (1.7% of Total Investments)
           
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/42 – AGC Insured
6/18 at 100.00
 
AA
 
1,080,850
 
     
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
7/31 at 100.00
 
Baa3
 
909,576
 
 
2,295
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
1,563,744
 
     
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
 
3,511,539
 
 
615
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
707,865
 
 
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
 
6,157,134
 

Nuveen Investments
 
 93

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky (continued)
           
$
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
$
224,034
 
 
13,940
 
Total Kentucky
       
14,154,742
 
     
Louisiana – 4.2% (2.9% 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+
 
2,230,220
 
 
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
 
3,362,610
 
 
3,700
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
 
Baa1
 
3,895,693
 
 
4,425
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
 
Baa1
 
5,270,352
 
 
5,855
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
6,513,336
 
 
2,560
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44
6/24 at 100.00
 
A
 
2,827,469
 
 
21,540
 
Total Louisiana
       
24,099,680
 
     
Maryland – 0.4% (0.3% 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
 
935,600
 
 
2,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (6)
12/16 at 100.00
 
N/R
 
914,000
 
 
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–
 
569,924
 
 
3,555
 
Total Maryland
       
2,419,524
 
     
Massachusetts – 4.6% (3.2% of Total Investments)
           
 
1,375
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
4/15 at 101.00
 
N/R
 
1,389,589
 
 
1,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30
7/15 at 100.00
 
BB+
 
1,006,710
 
 
1,600
 
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
 
1,769,280
 
 
400
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
 
A
 
438,708
 
 
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)
1/15 at 100.00
 
N/R
 
5,006,550
 
 
1,855
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
8/15 at 100.00
 
AA+
 
1,917,365
 
 
3,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
3,115,110
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
3,563,579
 
 
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+
 
8,052,072
 
 
24,870
 
Total Massachusetts
       
26,258,963
 
     
Michigan – 6.4% (4.4% of Total Investments)
           
 
15,000
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
 
AA
 
17,823,450
 
 
690
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
741,943
 
 
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)
 
2,239,480
 

94
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
           
$
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–
$
4,206,536
 
 
5,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
Aa2
 
5,481,550
 
 
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
 
Aa3
 
2,549,228
 
 
2,865
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
 
Aa2
 
2,990,143
 
 
655
 
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)
 
717,251
 
 
32,040
 
Total Michigan
       
36,749,581
 
     
Minnesota – 1.2% (0.8% of Total Investments)
           
 
2,080
 
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)
4/15 at 102.00
 
Aa1
 
2,125,074
 
 
3,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
 
AA+
 
3,465,090
 
 
1,375
 
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
 
1,387,045
 
 
6,455
 
Total Minnesota
       
6,977,209
 
     
Mississippi – 0.9% (0.6% of Total Investments)
           
 
2,080
 
Mississippi Business Finance Corporation, GNMA Collateralized Retirement Facility Mortgage Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 5.450%, 5/20/34
11/14 at 100.00
 
AA+
 
2,085,117
 
 
3,000
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
1/15 at 100.00
 
A
 
3,011,580
 
 
5,080
 
Total Mississippi
       
5,096,697
 
     
Missouri – 3.1% (2.2% of Total Investments)
           
 
1,495
 
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
 
BBB–
 
1,521,372
 
 
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
 
1,011,190
 
 
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
 
2,846,575
 
 
12,000
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project Series 2006A, 5.000%, 1/01/34 (Pre-refunded 1/01/16) – AMBAC Insured
1/16 at 100.00
 
AA+ (4)
 
12,662,880
 
 
16,995
 
Total Missouri
       
18,042,017
 
     
Nebraska – 0.8% (0.6% of Total Investments)
           
 
2,765
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated Lien Series 2014CC, 4.000%, 2/01/38 (WI/DD, Settling 11/06/14)
2/24 at 100.00
 
AA–
 
2,847,950
 
 
1,005
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 11673, 20.108%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
 
AA+
 
1,801,322
 
 
3,770
 
Total Nebraska
       
4,649,272
 
     
Nevada – 6.0% (4.2% of Total Investments)
           
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
 
11,807,500
 
 
6,025
 
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+
 
6,774,329
 
 
5,000
 
Henderson, Nevada, General Obligation Bonds, Sewer Series 2004, 5.000%, 6/01/34 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AA (4)
 
5,020,400
 
 
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
 
AA+
 
11,088,800
 
 
31,025
 
Total Nevada
       
34,691,029
 

Nuveen Investments
 
 95

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey – 4.4% (3.0% of Total Investments)
           
$
12,970
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
 
A2
$
5,365,041
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
No Opt. Call
 
AA
 
8,572,000
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
No Opt. Call
 
A2
 
5,385,050
 
 
7,670
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B2
 
5,741,532
 
 
45,640
 
Total New Jersey
       
25,063,623
 
     
New York – 7.2% (5.0% of Total Investments)
           
 
900
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
4/17 at 100.00
 
BB+
 
903,006
 
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
           
 
1,275
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
1,433,151
 
 
3,400
 
0.000%, 7/15/44
No Opt. Call
 
BBB–
 
807,160
 
 
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
 
5,177,750
 
 
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
2,421,153
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
3,189,210
 
 
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
 
1,331,424
 
 
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–
 
6,549,360
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA–
 
834,225
 
 
8,000
 
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
 
8,786,080
 
 
3,125
 
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+
 
3,665,656
 
 
10
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured
1/15 at 100.00
 
AA
 
10,045
 
 
2,920
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)
11/24 at 100.00
 
N/R
 
2,945,170
 
 
3,000
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
11/21 at 100.00
 
AA
 
3,413,820
 
 
40,355
 
Total New York
       
41,467,210
 
     
North Carolina – 0.9% (0.6% of Total Investments)
           
 
1,710
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 15.139%, 7/15/32 (IF) (5)
1/18 at 100.00
 
AA–
 
1,997,708
 
 
1,200
 
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–
 
1,273,116
 
 
1,750
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 4.875%, 1/15/32 (Pre-refunded 1/15/15)
1/15 at 100.00
 
AA+ (4)
 
1,767,150
 
 
4,660
 
Total North Carolina
       
5,037,974
 
     
Ohio – 3.1% (2.2% 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–
 
876,072
 

96
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
4,735
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
$
3,965,657
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
584,018
 
 
3,705
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
2,932,989
 
 
1,670
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
1,327,500
 
 
1,915
 
Chagrin Falls Exempt Village School District, Ohio, General Obligation Bonds, Refunding Series 2005, 5.250%, 12/01/19 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
Aa1 (4)
 
1,923,215
 
 
5,800
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
 
AA+
 
6,347,984
 
 
19,335
 
Total Ohio
       
17,957,435
 
     
Oklahoma – 2.6% (1.8% of Total Investments)
           
 
2,010
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2014A, 5.000%, 6/01/39
6/24 at 100.00
 
A+
 
2,309,209
 
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
           
 
4,535
 
5.000%, 2/15/37
2/17 at 100.00
 
AA
 
4,798,529
 
 
1,145
 
5.000%, 2/15/42
2/17 at 100.00
 
AA
 
1,207,861
 
 
6,305
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
12/16 at 100.00
 
AA+
 
6,752,466
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 3500, 8.521%, 6/15/30 (IF)
12/16 at 100.00
 
AA+
 
99,355
 
 
14,083
 
Total Oklahoma
       
15,167,420
 
     
Pennsylvania – 0.4% (0.3% of Total Investments)
           
 
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–
 
501,635
 
 
2,206
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23
1/15 at 100.00
 
N/R
 
1,973,505
 
 
2,706
 
Total Pennsylvania
       
2,475,140
 
     
Rhode Island – 1.5% (1.1% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
5
 
6.000%, 6/01/23
1/15 at 100.00
 
A2
 
5,030
 
 
8,730
 
6.250%, 6/01/42
1/15 at 100.00
 
BBB–
 
8,729,302
 
 
8,735
 
Total Rhode Island
       
8,734,332
 
     
South Carolina – 4.5% (3.1% of Total Investments)
           
 
10,600
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
 
AA
 
11,519,020
 
 
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–
 
7,698,191
 
 
5,700
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
6,504,042
 
 
23,230
 
Total South Carolina
       
25,721,253
 
     
South Dakota – 0.2% (0.1% of Total Investments)
           
 
760
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
11/24 at 100.00
 
A+
 
844,641
 
     
Tennessee – 1.5% (1.0% of Total Investments)
           
 
4,910
 
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+
 
5,552,768
 

Nuveen Investments
 
 97

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tennessee (continued)
           
$
1,595
 
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
$
1,668,657
 
 
3,680
 
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
 
935,346
 
 
415
 
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+
 
436,725
 
 
10,600
 
Total Tennessee
       
8,593,496
 
     
Texas – 19.0% (13.2% of Total Investments)
           
 
5,495
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36
2/17 at 100.00
 
AAA
 
5,630,342
 
 
2,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB
 
3,152,466
 
 
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–
 
4,999,050
 
 
1,140
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 18.033%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
1,530,758
 
 
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
 
B
 
249,030
 
 
10,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
11,293,000
 
 
4,965
 
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
 
5,322,679
 
 
6,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM)
No Opt. Call
 
AA+ (4)
 
8,182,020
 
 
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
 
14,977,450
 
 
8,000
 
Lower Colorado River Authority, Texas, Transmission Contract Refunding Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
5/20 at 100.00
 
A+
 
8,651,680
 
 
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
 
1,972,460
 
 
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
 
2,873,085
 
 
5,900
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
1/18 at 100.00
 
A3
 
6,555,254
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
4,370
 
0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
3,832,315
 
 
9,130
 
0.000%, 9/01/45
9/31 at 100.00
 
AA+
 
8,804,607
 
 
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–
 
4,009,460
 
 
7,700
 
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
 
8,170,470
 
 
435
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
 
472,754
 
 
1,665
 
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–
 
1,797,934
 
     
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
           
 
1,440
 
0.000%, 8/15/37
8/15 at 31.98
 
AAA
 
448,618
 
 
1,440
 
0.000%, 8/15/40
8/15 at 27.11
 
AAA
 
379,066
 
 
1,120
 
0.000%, 8/15/44
8/15 at 21.88
 
AAA
 
237,798
 
 
5
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/44 (Pre-refunded 8/15/15)
8/15 at 21.88
 
N/R (4)
 
1,092
 

98
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
     
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
           
$
5
 
0.000%, 8/15/37 (Pre-refunded 8/15/15)
8/15 at 31.98
 
N/R (4)
$
1,596
 
 
7,665
 
0.000%, 8/15/37 (Pre-refunded 8/15/15)
8/15 at 31.98
 
N/R (4)
 
2,447,509
 
 
5
 
0.000%, 8/15/40 (Pre-refunded 8/15/15)
8/15 at 27.11
 
N/R (4)
 
1,353
 
 
7,665
 
0.000%, 8/15/40 (Pre-refunded 8/15/15)
8/15 at 27.11
 
N/R (4)
 
2,074,762
 
 
5,985
 
0.000%, 8/15/44 (Pre-refunded 8/15/15)
8/15 at 21.88
 
N/R (4)
 
1,307,244
 
 
119,520
 
Total Texas
       
109,375,852
 
     
Utah – 1.1% (0.8% of Total Investments)
           
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E:
           
 
305
 
5.200%, 1/01/18 (Alternative Minimum Tax)
1/15 at 100.00
 
AA–
 
305,732
 
 
160
 
5.500%, 1/01/23 (Alternative Minimum Tax)
1/15 at 100.00
 
Aaa
 
161,616
 
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1:
           
 
485
 
4.950%, 7/01/18 (Alternative Minimum Tax)
1/15 at 100.00
 
AA–
 
486,120
 
 
215
 
5.300%, 7/01/23 (Alternative Minimum Tax)
1/15 at 100.00
 
Aaa
 
216,989
 
 
4,935
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A1
 
5,376,335
 
 
6,100
 
Total Utah
       
6,546,792
 
     
Vermont – 1.6% (1.1% of Total Investments)
           
 
9,000
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
AA– (4)
 
9,398,430
 
     
Virginia – 0.8% (0.5% of Total Investments)
           
 
1,000
 
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.375%, 12/01/28
12/15 at 100.00
 
N/R
 
774,520
 
 
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+
 
3,550,720
 
 
4,390
 
Total Virginia
       
4,325,240
 
     
Washington – 3.9% (2.7% of Total Investments)
           
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
 
AA+
 
2,821,600
 
 
5,205
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 – NPFG Insured
3/15 at 100.00
 
AA–
 
5,265,066
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41
2/21 at 100.00
 
A+
 
10,741,998
 
 
3,410
 
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
 
3,743,157
 
 
21,115
 
Total Washington
       
22,571,821
 
     
Wisconsin – 1.2% (0.8% of Total Investments)
           
 
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+
 
1,028,370
 
 
4,800
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
 
AA–
 
5,700,142
 
 
5,800
 
Total Wisconsin
       
6,728,512
 
$
855,499
 
Total Municipal Bonds (cost $763,615,868)
       
826,386,487
 

 
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)
             
$
45
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
5.500%
7/15/19
 
N/R
$
8,022
 
 
12
 
Las Vegas Monorail Company, Senior Interest Bonds, (7), (8)
3.000%
7/15/55
 
N/R
 
1,607
 
$
57
 
Total Corporate Bonds (cost $4,513)
         
9,629
 

Nuveen Investments
 
 99

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
October 31, 2014

Shares
 
Description (1), (9)
 
Value
 
   
INVESTMENT COMPANIES – 0.6% (0.4% of Total Investments)
     
6,266
 
BlackRock MuniHoldings Fund Inc.
$
102,574
 
131,278
 
Deutsche Municipal Income Trust
 
1,777,504
 
26,880
 
Dreyfus Strategic Municipal Fund
 
225,792
 
43,020
 
Invesco VK Investment Grade Municipal Trust
 
567,434
 
30,000
 
Invesco VK Municipal Opportunity Trust
 
382,500
 
43,420
 
PIMCO Municipal Income Fund II
 
512,356
 
   
Total Investment Companies (cost $3,325,133)
 
3,568,160
 
   
Total Long-Term Investments (cost $766,945,514)
 
829,964,276
 
   
Floating Rate Obligations – (6.4)%
 
(36,952,000
)
   
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (26.1)% (10)
 
(150,000,000
)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (14.1)% (10)
 
(81,000,000
)
   
Other Assets Less Liabilities – 2.2%
 
12,708,813
 
   
Net Assets Applicable to Common Shares – 100%
$
574,721,089
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
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.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(10)
Institutional MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 18.1% and 9.8%, respectively.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
   

 See accompanying notes to financial statements.

100
 
Nuveen Investments

 
 

 

   
Statement of Assets and Liabilities
October 31, 2014

     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Assets
                   
Long-term investments, at value (cost $1,362,736,898, $803,399,022 and $956,349,588, respectively)
 
$
1,513,655,199
 
$
877,186,209
 
$
1,046,299,043
 
Cash
   
2,027,873
   
10,382,852
   
5,709,669
 
Receivable for:
                   
Dividends and interest
   
17,995,769
   
12,509,094
   
13,180,547
 
Investments sold
   
20,627,593
   
11,195,570
   
12,329,340
 
Deferred offering costs
   
61,543
   
1,954,070
   
3,733,720
 
Other assets
   
168,367
   
341,247
   
428,054
 
Total assets
   
1,554,536,344
   
913,569,042
   
1,081,680,373
 
Liabilities
                   
Floating rate obligations
   
28,050,000
   
30,708,333
   
22,550,000
 
Payable for:
                   
Common share dividends
   
4,127,733
   
2,341,523
   
2,771,734
 
Interest
   
539,984
   
   
 
Investments purchased
   
6,000,000
   
5,000,000
   
6,000,000
 
Offering costs
   
60,527
   
   
 
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
535,000,000
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
268,800,000
   
350,900,000
 
Accrued expenses:
                   
Management fees
   
768,551
   
460,146
   
534,796
 
Directors/Trustees fees
   
172,975
   
125,619
   
129,953
 
Other
   
269,438
   
268,357
   
213,437
 
Total liabilities
   
574,989,208
   
307,703,978
   
383,099,920
 
Net assets applicable to common shares
 
$
979,547,136
 
$
605,865,064
 
$
698,580,453
 
Common shares outstanding
   
60,025,455
   
39,327,667
   
45,874,035
 
Net asset value (“NAV”) per common share outstanding
 
$
16.32
 
$
15.41
 
$
15.23
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
600,255
 
$
393,277
 
$
458,740
 
Paid-in surplus
   
837,885,713
   
545,988,600
   
638,099,403
 
Undistributed (Over-distribution of) net investment income
   
12,837,002
   
1,390,520
   
3,248,957
 
Accumulated net realized gain (loss)
   
(22,694,135
)
 
(15,694,520
)
 
(33,176,102
)
Net unrealized appreciation (depreciation)
   
150,918,301
   
73,787,187
   
89,949,455
 
Net assets applicable to common shares
 
$
979,547,136
 
$
605,865,064
 
$
698,580,453
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
101

 
 

 
 
Statement of Assets and Liabilities (continued)

     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Assets
                   
Long-term investments, at value (cost $820,652,744, $593,625,103 and $766,945,514 respectively)
 
$
890,627,335
 
$
651,914,242
 
$
829,964,276
 
Cash
   
8,460,979
   
16,801,816
   
998,388
 
Receivable for:
                   
Dividends and interest
   
12,205,810
   
9,618,631
   
12,231,422
 
Investments sold
   
13,204,678
   
8,909,164
   
11,863,483
 
Deferred offering costs
   
157,943
   
1,997,216
   
938,218
 
Other assets
   
105,688
   
228,345
   
104,032
 
Total assets
   
924,762,433
   
689,469,414
   
856,099,819
 
Liabilities
                   
Floating rate obligations
   
36,210,000
   
19,570,000
   
36,952,000
 
Payable for:
                   
Common share dividends
   
2,833,355
   
2,068,548
   
2,231,541
 
Interest
   
222,455
   
   
71,435
 
Investments purchased
   
5,323,719
   
5,000,000
   
10,329,539
 
Offering costs
   
   
   
23,803
 
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
   
   
   
150,000,000
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
265,000,000
   
   
81,000,000
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
196,000,000
   
 
Accrued expenses:
                   
Management fees
   
456,620
   
333,636
   
440,188
 
Directors/Trustees fees
   
107,749
   
74,966
   
109,811
 
Other
   
156,437
   
134,816
   
220,413
 
Total liabilities
   
310,310,335
   
223,181,966
   
281,378,730
 
Net assets applicable to common shares
 
$
614,452,098
 
$
466,287,448
 
$
574,721,089
 
Common shares outstanding
   
39,296,352
   
29,478,412
   
36,330,025
 
Net asset value (“NAV”) per common share outstanding
 
$
15.64
 
$
15.82
 
$
15.82
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
392,964
 
$
294,784
 
$
363,300
 
Paid-in surplus
   
548,062,849
   
420,367,584
   
510,119,514
 
Undistributed (Over-distribution of) net investment income
   
6,404,667
   
6,605,507
   
3,095,833
 
Accumulated net realized gain (loss)
   
(10,382,973
)
 
(19,269,566
)
 
(1,876,320
)
Net unrealized appreciation (depreciation)
   
69,974,591
   
58,289,139
   
63,018,762
 
Net assets applicable to common shares
 
$
614,452,098
 
$
466,287,448
 
$
574,721,089
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.

102
 
Nuveen Investments

 
 

 

   
Statement of Operations
Year Ended October 31, 2014

   
Performance
 
Municipal
 
Market
 
Dividend
 
Dividend
 
Dividend
 
   
Plus
 
Advantage
 
Opportunity
 
Advantage
 
Advantage 2
 
Advantage 3
 
   
(NPP
)
(NMA
)
(NMO
)
(NAD
)
(NXZ
)
(NZF
)
Investment Income
 
$
71,029,432
 
$
45,279,403
 
$
48,341,976
 
$
44,296,283
 
$
32,308,226
 
$
38,996,941
 
Expenses
                                     
Management fees
   
8,813,469
   
5,737,415
   
6,103,102
   
5,232,385
   
3,821,564
   
5,403,049
 
Shareholder servicing agent fees and expenses
   
108,595
   
59,743
   
62,829
   
29,415
   
2,982
   
37,473
 
Interest expense and amortization of offering costs
   
6,694,946
   
909,667
   
886,800
   
4,401,330
   
477,983
   
4,319,649
 
Liquidity fees
   
   
3,120,131
   
3,623,554
   
   
1,989,051
   
 
Remarketing fees
   
   
299,210
   
355,773
   
   
198,721
   
 
Custodian fees and expenses
   
211,648
   
139,553
   
152,441
   
130,749
   
98,626
   
128,729
 
Directors/Trustees fees and expenses
   
45,053
   
30,987
   
31,151
   
26,330
   
19,853
   
39,302
 
Professional fees
   
92,308
   
128,006
   
96,642
   
83,577
   
328,937
   
76,363
 
Shareholder reporting expenses
   
117,377
   
79,258
   
81,369
   
67,947
   
52,037
   
65,391
 
Stock exchange listing fees
   
19,660
   
14,330
   
15,020
   
15,349
   
3,230
   
19,427
 
Investor relations expenses
   
166,207
   
105,758
   
113,843
   
97,575
   
72,335
   
95,661
 
Other expenses
   
95,695
   
213,065
   
86,145
   
61,871
   
56,007
   
190,211
 
Total expenses
   
16,364,958
   
10,837,123
   
11,608,669
   
10,146,528
   
7,121,326
   
10,375,255
 
Net investment income (loss)
   
54,664,474
   
34,442,280
   
36,733,307
   
34,149,755
   
25,186,900
   
28,621,686
 
Realized and Unrealized Gain (Loss)
                                     
Net realized gain (loss) from investments
   
(10,740,119
)
 
(9,717,188
)
 
(4,903,345
)
 
(5,675,548
)
 
(4,244,713
)
 
2,902,509
 
Change in net unrealized appreciation (depreciation) of investments
   
102,403,992
   
67,271,943
   
73,626,256
   
55,026,460
   
40,639,109
   
55,454,652
 
Net realized and unrealized gain (loss)
   
91,663,873
   
57,554,755
   
68,722,911
   
49,350,912
   
36,394,396
   
58,357,161
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
146,328,347
 
$
91,997,035
 
$
105,456,218
 
$
83,500,667
 
$
61,581,296
 
$
86,978,847
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
103

 
 

 

 
Statement of Changes in Net Assets

   
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Operations
                                     
Net investment income (loss)
 
$
54,664,474
 
$
53,100,195
 
$
34,442,280
 
$
35,161,135
 
$
36,733,307
 
$
36,046,154
 
Net realized gain (loss) from investments
   
(10,740,119
)
 
(1,190,986
)
 
(9,717,188
)
 
1,902,428
   
(4,903,345
)
 
4,405,132
 
Change in net unrealized appreciation (depreciation) of investments
   
102,403,992
   
(108,633,727
)
 
67,271,943
   
(76,105,657
)
 
73,626,256
   
(73,715,669
)
Net increase (decrease) in net assets applicable to common shares from operations
   
146,328,347
   
(56,724,518
)
 
91,997,035
   
(39,042,094
)
 
105,456,218
   
(33,264,383
)
Distributions to Common Shareholders
                                     
From net investment income
   
(55,499,540
)
 
(55,642,228
)
 
(34,879,274
)
 
(36,369,357
)
 
(36,846,029
)
 
(36,125,808
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(55,499,540
)
 
(55,642,228
)
 
(34,879,274
)
 
(36,369,357
)
 
(36,846,029
)
 
(36,125,808
)
Capital Share Transactions
                                     
Common shares:
                                     
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
294,626
   
   
   
   
 
Cost of shares repurchased and retired
   
   
   
   
   
   
 
Cost of shares repurchased through tender offer
   
   
   
(64,644,200
)
 
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
294,626
   
(64,644,200
)
 
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
90,828,807
   
(112,072,120
)
 
(7,526,439
)
 
(75,411,451
)
 
68,610,189
   
(69,390,191
)
Net assets applicable to common shares at the beginning of period
   
888,718,329
   
1,000,790,449
   
613,391,503
   
688,802,954
   
629,970,264
   
699,360,455
 
Net assets applicable to common shares at the end of period
 
$
979,547,136
 
$
888,718,329
 
$
605,865,064
 
$
613,391,503
 
$
698,580,453
 
$
629,970,264
 
Undistributed (Over-distribution of)net investment income at the end of period
 
$
12,837,002
 
$
13,663,451
 
$
1,390,520
 
$
1,461,216
 
$
3,248,957
 
$
3,301,942
 
 
See accompanying notes to financial statements.

104
 
Nuveen Investments

 
 

 

   
Dividend Advantage (NAD)
 
Dividend Advantage 2 (NXZ)
 
Dividend Advantage 3 (NZF)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Operations
                                     
Net investment income (loss)
 
$
34,149,755
 
$
31,778,746
 
$
25,186,900
 
$
25,599,598
 
$
28,621,686
 
$
28,803,856
 
Net realized gain (loss) from investments
   
(5,675,548
)
 
2,993,365
   
(4,244,713
)
 
(982,380
)
 
2,902,509
   
(3,893,567
)
Change in net unrealized appreciation (depreciation) of investments
   
55,026,460
   
(64,050,459
)
 
40,639,109
   
(45,727,407
)
 
55,454,652
   
(61,986,667
)
Net increase (decrease) in net assets applicable to common shares from operations
   
83,500,667
   
(29,278,348
)
 
61,581,296
   
(21,110,189
)
 
86,978,847
   
(37,076,378
)
Distributions to Common Shareholders
                                     
From net investment income
   
(35,535,691
)
 
(34,749,765
)
 
(24,679,326
)
 
(23,936,470
)
 
(28,964,800
)
 
(30,409,101
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(35,535,691
)
 
(34,749,765
)
 
(24,679,326
)
 
(23,936,470
)
 
(28,964,800
)
 
(30,409,101
)
Capital Share Transactions
                                     
Common shares:
                                     
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Cost of shares repurchased and retired
   
   
   
   
   
(412,130
)
 
 
Cost of shares repurchased through tender offer
   
   
   
   
   
(61,388,654
)
 
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
   
   
   
(61,800,784
)
 
 
Net increase (decrease) in net assets applicable to common shares
   
47,964,976
   
(64,028,113
)
 
36,901,970
   
(45,046,659
)
 
(3,786,737
)
 
(67,485,479
)
Net assets applicable to common shares at the beginning of period
   
566,487,122
   
630,515,235
   
429,385,478
   
474,432,137
   
578,507,826
   
645,993,305
 
Net assets applicable to common shares at the end of period
 
$
614,452,098
 
$
566,487,122
 
$
466,287,448
 
$
429,385,478
 
$
574,721,089
 
$
578,507,826
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
6,404,667
 
$
6,977,549
 
$
6,605,507
 
$
6,039,433
 
$
3,095,833
 
$
2,175,375
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
105

 
 

 

   
Statement of Cash Flows
Year Ended October 31, 2014

     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
146,328,347
 
$
91,997,035
 
$
105,456,218
 
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
   
(151,324,015
)
 
(72,786,574
)
 
(100,830,981
)
Proceeds from sales and maturities of investments
   
181,183,234
   
184,751,950
   
119,203,038
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(13,483,896
)
 
(4,204,311
)
 
(5,659,941
)
Amortization of deferred offering costs
   
56,729
   
288,445
   
139,222
 
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
303,326
   
1,723,644
   
593,784
 
Receivable for investments sold
   
(11,196,867
)
 
8,818,811
   
6,716,145
 
Other assets
   
1,786
   
74,697
   
1,966
 
Increase (Decrease) in:
                   
Payable for interest
   
(18,615
)
 
   
 
Payable for investments purchased
   
991,536
   
263,253
   
(1,816,887
)
Accrued management fees
   
47,851
   
(16,772
)
 
33,192
 
Accrued Directors/Trustees fees
   
(2,671
)
 
(967
)
 
(2,903
)
Accrued other expenses
   
40,379
   
89,024
   
20,006
 
Net realized (gain) loss from investments
   
10,740,119
   
9,717,188
   
4,903,345
 
Change in net unrealized (appreciation) depreciation of investments
   
(102,403,992
)
 
(67,271,943
)
 
(73,626,256
)
Taxes paid on undistributed capital gains
   
(709
)
 
(88
)
 
(729
)
Net cash provided by (used in) operating activities
   
61,262,542
   
153,443,392
   
55,129,219
 
Cash Flows from Financing Activities:
                   
(Payments for) deferred offering costs
   
   
   
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
(495,039
)
 
(514,246
)
Floating rate obligations
   
(7,875,000
)
 
(14,780,000
)
 
(12,180,000
)
Payable for offering costs
   
(60
)
 
   
 
iMTP Shares, at liquidation value
   
   
   
 
MTP Shares, at liquidation value
   
   
   
 
VMTP Shares, at liquidation value
   
   
   
 
VRDP Shares, at liquidation value
   
   
(28,000,000
)
 
 
Cash distributions paid to common shareholders
   
(55,490,932
)
 
(35,141,301
)
 
(36,725,304
)
Cost of common shares repurchased and retired
   
   
   
 
Cost of common shares repurchased through tender offer
   
   
(64,644,200
)
 
 
Net cash provided by (used in) financing activities
   
(63,365,992
)
 
(143,060,540
)
 
(49,419,550
)
Net Increase (Decrease) in Cash
   
(2,103,450
)
 
10,382,852
   
5,709,669
 
Cash at the beginning of period
   
4,131,323
   
   
 
Cash at the end of period
 
$
2,027,873
 
$
10,382,852
 
$
5,709,669
 
                     
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
Supplemental Disclosure of Cash Flow Information
   
(NPP
)
 
(NMA
)
 
(NMO
)
Cash paid for interest (excluding amortization of offering costs)
 
$
6,656,833
 
$
621,011
 
$
739,719
 
 
See accompanying notes to financial statements.

106
 
Nuveen Investments

 
 

 

     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
83,500,667
 
$
61,581,296
 
$
86,978,847
 
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
   
(77,673,939
)
 
(75,002,943
)
 
(118,833,491
)
Proceeds from sales and maturities of investments
   
98,307,742
   
92,382,665
   
172,701,325
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
18,914,000
 
Amortization (Accretion) of premiums and discounts, net
   
(7,590,815
)
 
(2,216,320
)
 
2,493,725
 
Amortization of deferred offering costs
   
947,428
   
76,006
   
1,103,689
 
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
395,868
   
223,696
   
1,221,461
 
Receivable for investments sold
   
3,361,688
   
38,812
   
(7,905,731
)
Other assets
   
4,716
   
18,114
   
(5,941
)
Increase (Decrease) in:
                   
Payable for interest
   
(217,706
)
 
   
(247,023
)
Payable for investments purchased
   
(2,119,634
)
 
694,306
   
6,774,872
 
Accrued management fees
   
23,446
   
18,581
   
(7,797
)
Accrued Directors/Trustees fees
   
(3,182
)
 
(2,212
)
 
10,145
 
Accrued other expenses
   
18,917
   
10,275
   
144,890
 
Net realized (gain) loss from investments
   
5,675,548
   
4,244,713
   
(2,902,509
)
Change in net unrealized (appreciation) depreciation of investments
   
(55,026,460
)
 
(40,639,109
)
 
(55,454,652
)
Taxes paid on undistributed capital gains
   
(26,021
)
 
(17
)
 
(151
)
Net cash provided by (used in) operating activities
   
49,578,263
   
41,427,863
   
104,985,659
 
Cash Flows from Financing Activities:
                   
(Payments for) deferred offering costs
   
(130,000
)
 
   
(1,100,000
)
Increase (Decrease) in:
                   
Cash overdraft
   
   
(88,086
)
 
 
Floating rate obligations
   
(6,600,000
)
 
   
(7,460,000
)
Payable for offering costs
   
   
   
23,803
 
iMTP Shares, at liquidation value
   
   
   
150,000,000
 
MTP Shares, at liquidation value
   
(144,300,000
)
 
   
(70,000,000
)
VMTP Shares, at liquidation value
   
144,600,000
   
   
(88,200,000
)
VRDP Shares, at liquidation value
   
   
   
 
Cash distributions paid to common shareholders
   
(35,493,107
)
 
(24,537,961
)
 
(29,025,682
)
Cost of common shares repurchased and retired
   
   
   
(412,130
)
Cost of common shares repurchased through tender offer
   
   
   
(61,388,654
)
Net cash provided by (used in) financing activities
   
(41,923,107
)
 
(24,626,047
)
 
(107,562,663
)
Net Increase (Decrease) in Cash
   
7,655,156
   
16,801,816
   
(2,577,004
)
Cash at the beginning of period
   
805,823
   
   
3,575,392
 
Cash at the end of period
 
$
8,460,979
 
$
16,801,816
 
$
998,388
 
                     
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
Supplemental Disclosure of Cash Flow Information
   
(NAD
)
 
(NXZ
)
 
(NZF
)
Cash paid for interest (excluding amortization of offering costs)
 
$
3,593,701
 
$
400,012
 
$
3,365,053
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
107

 
 

 

 
Financial Highlights

Selected data for a common share outstanding throughout each period:

           
Investment Operations
   
Less Distributions
                   
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)  
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)  
Total
   
From Net
Investment
Income to
Common
Share-
holders
   
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Discounts
from
Common
Shares
Repurchased
through
Tender
Offer
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
Performance Plus (NPP)
Year Ended 10/31:
                                                                   
2014
 
$
14.81
 
$
0.91
 
$
1.52
 
$
 
$
 
$
2.43
 
$
(0.92
)
$
 
$
(0.92
)
$
 
$
16.32
 
$
14.61
 
2013
   
16.68
   
0.88
   
(1.82
)
 
   
   
(0.94
)
 
(0.93
)
 
   
(0.93
)
 
   
14.81
   
13.64
 
2012
   
14.89
   
0.92
   
1.83
   
   
   
2.75
   
(0.96
)
 
   
(0.96
)
 
   
16.68
   
16.44
 
2011
   
15.29
   
0.97
   
(0.32
)
 
(0.01
)
 
 
0.64
   
(0.95
)
 
(0.09
)
 
(1.04
)
 
   
14.89
   
14.36
 
2010
   
14.52
   
1.03
   
0.70
   
(0.03
)
 
 
1.70
   
(0.92
)
 
(0.01
)
 
(0.93
)
 
   
15.29
   
15.00
 
 
Municipal Advantage (NMA)
Year Ended 10/31:
                                                                   
2014
   
14.04
   
0.80
   
1.34
   
   
   
2.14
   
(0.80
)
 
   
(0.80
)
 
0.03
   
15.41
   
13.74
 
2013
   
15.76
   
0.80
   
(1.69
)
 
   
   
(0.89
)
 
(0.83
)
 
   
(0.83
)
 
   
14.04
   
12.52
 
2012
   
14.37
   
0.86
   
1.64
   
   
   
2.50
   
(0.97
)
 
(0.14
)
 
(1.11
)
 
   
15.76
   
15.67
 
2011
   
14.79
   
0.93
   
(0.27
)
 
   
   
0.66
   
(1.00
)
 
(0.08
)
 
(1.08
)
 
   
14.37
   
14.05
 
2010
   
14.08
   
1.01
   
0.76
   
(0.01
)
 
 
1.76
   
(0.98
)
 
(0.07
)
 
(1.05
)
 
   
14.79
   
14.92
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share 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.

108
 
Nuveen Investments

 
 

 

                 Ratios/Supplemental Data  
     Total Returns          
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                     
   
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000
)
 
Expenses
(d)
 
Net
Investment
Income (Loss
)
 
Portfolio
Turnover
Rate
(e)
                                     
                                     
   
16.91
%
 
14.24
%
$
979,547
   
1.76
%
 
5.87
%
 
10
%
   
(5.90
)
 
(11.75
)
 
888,718
   
1.85
   
5.52
   
19
 
   
18.89
   
21.59
   
1,000,790
   
1.67
   
5.72
   
10
 
   
4.78
   
3.22
   
892,603
   
1.62
   
6.84
   
10
 
   
12.07
   
18.65
   
916,152
   
1.13
   
6.93
   
14
 
                                     
                                     
   
15.93
   
16.64
   
605,865
   
1.71
   
5.45
   
8
 
   
(5.87
)
 
(15.21
)
 
613,392
   
1.69
   
5.31
   
17
 
   
17.99
   
20.05
   
688,803
   
1.75
   
5.67
   
18
 
   
5.05
   
1.90
   
626,616
   
2.01
   
6.76
   
14
 
   
12.90
   
19.58
   
642,364
   
1.66
   
7.04
   
16
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Performance Plus (NPP)
   
Year Ended 10/31:
   
2014
0.72
%
2013
0.84
 
2012
0.70
 
2011
0.56
 
2010
0.04
 
     
Municipal Advantage (NMA)
   
Year Ended 10/31:
   
2014
0.68
%
2013
0.71
 
2012
0.76
 
2011
0.96
 
2010
0.60
 
 
(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.
*
Rounds to less than $0.01 per share.
 
See accompanying notes to financial statements.

Nuveen Investments
 
109

 
 

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

           
Investment Operations
   
Less Distributions
             
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
 
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)
 
Total
   
From Net
Investment
Income to
Common
Share-
holders
   
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Ending
Common
Share
NAV
   
Ending
Market
Value
 
Market Opportunity (NMO)
Year Ended 10/31:
                                                             
2014
 
$
13.73
 
$
0.80
 
$
1.50
 
$
 
$
 
$
2.30
 
$
(0.80
)
$
 
$
(0.80
)
$
15.23
 
$
13.60
 
2013
   
15.25
   
0.79
   
(1.52
)
 
   
   
(0.73
)
 
(0.79
)
 
   
(0.79
)
 
13.73
   
12.19
 
2012
   
13.60
   
0.83
   
1.70
   
   
   
2.53
   
(0.88
)
 
   
(0.88
)
 
15.25
   
14.92
 
2011
   
14.17
   
0.88
   
(0.48
)
 
 
   
0.40
   
(0.97
)
 
   
(0.97
)
 
13.60
   
13.18
 
2010
   
13.59
   
0.99
   
0.56
   
(0.01
)
 
   
1.54
   
(0.96
)
 
   
(0.96
)
 
14.17
   
14.55
 
                                                                     
Dividend Advantage (NAD)
Year Ended 10/31:
                                                             
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
 
2010
   
13.89
   
1.00
   
0.72
   
(0.02
)
 
   
1.70
   
(0.91
)
 
   
(0.91
)
 
14.68
   
14.40
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share 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.

110
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
   
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
                                     
   
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000
)
 
Expenses
(d)
 
Net
Investment
Income (Loss
)
 
Portfolio
Turnover
Rate
(e)
                                     
                                     
   
17.25
%
 
18.70
%
$
698,580
   
1.76
%
 
5.56
%
 
10
%
   
(4.99
)
 
(13.41
)
 
629,970
   
1.77
   
5.35
   
20
 
   
19.09
   
20.34
   
699,360
   
1.85
   
5.64
   
13
 
   
3.40
   
(2.33
)
 
622,815
   
2.10
   
6.74
   
14
 
   
11.71
   
17.03
   
648,017
   
1.70
   
7.17
   
26
 
                                     
                                     
   
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
 
   
12.60
   
19.17
   
576,895
   
1.61
   
6.99
   
8
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares, VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Market Opportunity (NMO)
   
Year Ended 10/31:
   
2014
0.74
%
2013
0.77
 
2012
0.82
 
2011
0.97
 
2010
0.58
 
     
Dividend Advantage (NAD)
   
Year Ended 10/31:
   
2014
0.75
%
2013
1.03
 
2012
1.03
 
2011
0.94
 
2010
0.54
 
 
(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.
*
Rounds to less than $0.01 per share.
 
See accompanying notes to financial statements.

Nuveen Investments
 
111

 
 

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

         
Investment Operations
 
Less Distributions
   
Discount from
Common Shares
             
     
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
 
Distributions
from
Accumulated
Net Realized
Gains to
Auction Rate
Preferred
Share-
holders
(a)
 
Total
   
From Net
Investment
Income to
Common
Share-
holders
   
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
   
Total
   
Repurchased
and
Retired
   
Repurchased
through
Tender
Offer
   
Based
Ending
Common
Share
NAV
   
Ending
Market
Value
 
Dividend Advantage 2 (NXZ)
Year Ended 10/31:
2014
 
$
14.57
 
$
0.85
 
$
1.24
 
$
 
$
 
$
2.09
 
$
(0.84
)
$
 
$
(0.84
)
$
 
$
 
$
15.82
 
$
14.12
 
2013
   
16.09
   
0.87
   
(1.58
)
 
   
   
(0.71
)
 
(0.81
)
 
   
(0.81
)
 
   
   
14.57
   
12.99
 
2012
   
14.50
   
0.88
   
1.84
   
   
   
2.72
   
(0.95
)
 
(0.18
)
 
(1.13
)
 
   
   
16.09
   
15.63
 
2011
   
14.76
   
0.99
   
(0.29
)
 
   
   
0.70
   
(0.96
)
 
   
(0.96
)
 
   
   
14.50
   
13.90
 
2010
   
14.45
   
1.02
   
0.26
   
   
   
1.28
   
(0.97
)
 
   
(0.97
)
 
   
   
14.76
   
14.67
 
                                                                                 
Dividend Advantage 3 (NZF)
Year Ended 10/31:
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
 
2010
   
14.19
   
1.06
   
0.52
   
(0.02
)
 
 
1.56
   
(0.95
)
 
(0.06
)
 
(1.01
)
 
   
   
14.74
   
14.58
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share 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.

112
 
Nuveen Investments

 
 

 

       
Ratios/Supplemental Data
 
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
                                                 
   
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000
)
 
Expenses
(e)
 
Net
Investment
Income (Loss
)
 
Expenses
(e)
 
Net
Investment
Income (Loss
)
 
Portfolio
Turnover
Rate
(f)
                                                 
                                                 
   
14.72
%
 
15.56
%
$
466,287
   
1.60
%
 
5.66
%
 
N/A
   
N/A
   
12
%
   
(4.58
)
 
(12.04
)
 
429,385
   
1.53
   
5.58
   
N/A
   
N/A
   
22
 
   
19.46
   
21.15
   
474,432
   
1.64
   
5.70
   
N/A
   
N/A
   
15
 
   
5.24
   
1.70
   
427,085
   
1.78
   
7.08
   
1.75
%
 
7.11
%
 
40
 
   
9.12
   
10.89
   
434,764
   
1.79
   
6.85
   
1.68
   
6.95
   
5
 
                                                 
                                                 
   
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
 
   
11.41
   
17.04
   
595,413
   
1.17
   
7.21
   
1.02
   
7.36
   
7
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, iMTP Shares, MTP Shares, VMTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and September 30, 2011, the Adviser is no longer reimbursing Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), respectively, for any fees and expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to iMTP Shares, MTP Shares, VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Institutional MuniFund Term Preferred Shares, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:

Dividend Advantage 2 (NXZ)
   
Year Ended 10/31:
   
2014
0.60
%
2013
0.62
 
2012
0.65
 
2011
0.78
 
2010
0.78
 
     
Dividend Advantage 3 (NZF)
   
Year Ended 10/31:
   
2014
0.72
%
2013
0.75
 
2012
0.77
 
2011
0.48
 
2010
0.09
 
 
(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.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $0.01 per share.
 
See accompanying notes to financial statements.

Nuveen Investments
 
113

 
 

 
 
Financial Highlights (continued)

   
ARPS at
the End of Period
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
     
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
Performance Plus (NPP)
Year Ended 10/31:
                                     
2014
 
$
 
$
 
$
535,000
 
$
283,093
 
$
 
$
 
2013
   
   
   
535,000
   
266,116
   
   
 
2012
   
   
   
421,700
   
337,323
   
   
 
2011
   
   
   
421,700
   
311,668
   
   
 
2010
   
419,900
   
79,546
   
   
   
   
 
                                       
Municipal Advantage (NMA)
Year Ended 10/31:
                                     
2014
   
   
   
   
   
268,800
   
325,396
 
2013
   
   
   
   
   
296,800
   
306,668
 
2012
   
   
   
   
   
296,800
   
332,076
 
2011
   
   
   
   
   
296,800
   
311,124
 
2010
   
   
   
   
   
296,800
   
316,430
 

114
 
Nuveen Investments

 
 

 

   
ARPS
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
   
ARPS, MTP
and/or
VMTP Shares
at the End
of Period
 
     
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
Market Opportunity (NMO)
Year Ended 10/31:
2014
 
$
 
$
 
$
 
$
 
$
 
$
 
$
350,900
 
$
299,082
 
$
 
2013
   
   
   
   
   
   
   
350,900
   
279,530
   
 
2012
   
   
   
   
   
   
   
350,900
   
299,305
   
 
2011
   
   
   
   
   
   
   
350,900
   
277,491
   
 
2010
   
   
   
   
   
   
   
350,900
   
284,673
   
 
                                                         
Dividend Advantage (NAD)
Year Ended 10/31:
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
 
2010
   
120,075
   
79,553
   
144,300
   
31.82
   
   
   
   
   
3.18
 
                                                         
Dividend Advantage 2 (NXZ)
Year Ended 10/31:
2014
   
   
   
   
   
   
   
196,000
   
337,902
   
 
2013
   
   
   
   
   
   
   
196,000
   
319,074
   
 
2012
   
   
   
   
   
   
   
196,000
   
342,057
   
 
2011
   
   
   
   
   
   
   
196,000
   
317,900
   
 
2010
   
   
   
   
   
   
   
196,000
   
321,819
   
 
 
(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
   
2010
 
Dividend Advantage (NAD)
                               
Series 2015 (NAD PRC)
                               
Ending Market Value per Share
 
$
 
$
10.06
 
$
10.10
 
$
10.06
 
$
10.10
 
Average Market Value per Share
   
10.04
^^
 
10.08
   
10.09
   
10.05
   
10.10
^
 
^
For the period March 16, 2010 (first issuance date of shares) through October 31, 2010.
^^
For the period November 1, 2013 through December 20, 2013.
 
See accompanying notes to financial statements.

Nuveen Investments
 
115

 
 

 
 
Financial Highlights (continued)

   
ARPS
at the End of Period
 
iMTP Shares
at the End of Period
 
MTP Shares
at the End of Period (a)
 
VMTP Shares
at the End of Period
   
iMTP, MTP
and/or
VMTP Shares
at the End
of Period
 
     
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $25,000
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $5,000
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $10
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
Dividend Advantage 3 (NZF)
Year Ended 10/31:
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
 
2010
   
236,950
   
87,821
   
   
   
   
   
   
   
 
 
(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 3 (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 December 20, 2010 (first issuance date of shares) through October 31, 2011.
^^
For the period November 1, 2013 through April 11, 2014.

116
 
Nuveen Investments

 
 

 

 
Notes to Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):

 
Nuveen Performance Plus Municipal Fund, Inc. (NPP) (“Performance Plus (NPP)”)
 
Nuveen Municipal Advantage Fund, Inc. (NMA) (“Municipal Advantage (NMA)”)
 
Nuveen Municipal Market Opportunity Fund, Inc. (NMO) (“Market Opportunity (NMO)”)
 
Nuveen Dividend Advantage Municipal Fund (NAD) (“Dividend Advantage (NAD)”)
 
Nuveen Dividend Advantage Municipal Fund 2 (NXZ) (“Dividend Advantage 2 (NXZ)”)
 
Nuveen Dividend Advantage Municipal Fund 3 (NZF) (“Dividend Advantage 3 (NZF)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end registered investment companies. Performance Plus (NPP), Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage (NAD) are traded on the NYSE while Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) are traded on the NYSE MKT. Performance Plus (NPP), Municipal Advantage (NMA) and Market Opportunity (NMO) were organized as Minnesota corporations on April 28, 1989, November 6, 1989 and January 23, 1990, respectively. Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) were organized as Massachusetts business trusts on January 15, 1999, June 1, 1999 and March 21, 2001, respectively.
 
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.
 
Purchase and Sale Agreement
On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.
 
Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s Sub-Adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.
 
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.
 
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”).

Nuveen Investments
 
117

 
 

 
 
Notes to Financial Statements (continued)
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
 
As of October 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
6,000,000
 
$
5,000,000
 
$
6,000,000
 
$
5,000,000
 
$
5,000,000
 
$
10,217,672
 
 
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 Statements 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.
 
Tender Offer
During the current fiscal period, the Board of Directors/Trustees of Municipal Advantage (NMA) and Dividend Advantage 3 (NZF) each approved a tender offer to purchase up to 10% of each Fund’s outstanding common shares for cash at a price per common share equal to 98% of the Fund’s per common share net asset value (“NAV”) determined on the date the tender offer expires.
 
The tender offer for each Fund commenced on August 18, 2014 and expired on September 19, 2014. Each Fund’s tender offer was oversubscribed, and therefore each Fund purchased 10% of its respective outstanding common shares allocating such purchases pro-rata based on the number of shares properly tendered. The final results of each Fund’s tender offer are as shown in the accompanying table.

     
Municipal
   
Dividend
 
     
Advantage
   
Advantage 3
 
     
NMA
   
NZF
 
Number of Common Shares Outstanding before Tender Offer
   
43,697,408
   
40,400,028
 
Number of Common Shares Authorized for Tender Offer
   
4,369,741
   
4,040,003
 
Purchase Price (98% of Common Share NAV on Expiration Date)
 
$
14.7936
 
$
15.1952
 
Number of Common Shares Outstanding after Tender Offer
   
39,327,667
   
36,360,025
 
 
In conjunction with the tender offers Municipal Advantage (NMA) and Dividend Advantage 3 (NZF) each redeemed a portion of their Variable Rate Demand Preferred (“VRDP”) Shares and Variable Rate MuniFund Term Preferred (“VMTP”) Shares, respectively, in order to mitigate the tender offer’s impact to each Fund’s effective leverage ratio and asset coverage level. Please refer to Variable Rate Demand Preferred Shares and Variable Rate MuniFund Term Preferred Shares below for more information on each Fund’s VRDP Shares and VMTP Shares.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.

118
 
Nuveen Investments

 
 

 
 
Institutional MuniFund Term Preferred Shares
The following Fund has issued and outstanding Institutional MuniFund Term Preferred (“iMTP”) Shares, with a $5,000 liquidation value per share. iMTP Shares are issued via private placement and are not publicly available.
 
As of October 31, 2014, iMTP Shares outstanding, at liquidation value, for the following Fund was as follows:

     
 
         
Shares
 
     
 
         
Outstanding
 
     
 
         
at $5,000
 
     
 
   
Shares
   
Per Share
 
Fund
   
Series
   
Outstanding
  Liquidation Value  
Dividend Advantage 3 (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 or repurchased 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 one year following the date of issuance (“Non-Call Expiration Date”), at which point the Fund may begin to redeem at its option (“Optional Redemption Date”). The Fund may be obligated to redeem certain 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, Optional Redemption Date and Premium Expiration Date for the Fund’s iMTP Shares are as follows:

   
Term
Optional
Non-Call
 
Fund
Series
Redemption Date
Redemption Date
Expiration Date
 
Dividend Advantage 3 (NZF)
2017
October 1, 2017
April 1, 2015
March 31, 2015
 
 
The average liquidation value of iMTP Shares outstanding and annualized dividend rate for the Fund during the fiscal year ended October 31, 2014, were as follows:

     
Dividend
 
     
Advantage 3
 
     
(NZF
)*
Average liquidation value of iMTP Shares outstanding
 
$
150,000,000
 
Annualized dividend rate
   
0.81
%
 
*
For the period April 1, 2014 (first issuance of shares) through October 31, 2014.
 
iMTP Shares generally do not trade, and market quotations are generally not available. 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 par value so long as the fixed “spread” on the iMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of iMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of iMTP Shares is recorded as a liability and recognized as “Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
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.
 
Offering costs of $970,000 were incurred in connection with the Fund’s offering of iMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs 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.
 
MuniFund Term Preferred Shares
During the current fiscal period, Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) had issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 liquidation value per share. Each Fund’s MTP Shares were issued in one or more series and traded on the NYSE/NYSE MKT.
 
Dividend Advantage (NAD) redeemed all of its outstanding Series 2015 MTP Shares on December 20, 2013. Dividend Advantage 3 (NZF) redeemed all of its outstanding Series 2016 MTP Shares on April 11, 2014.
 
Dividend Advantage’s (NAD) MTP Shares were redeemed at their $10 liquidation value per share plus dividend amounts owed using proceeds from its issuance of VMTP Shares (as described below in Variable Rate MuniFund Term Preferred Shares). Dividend Advantage 3’s (NZF) MTP Shares were redeemed at their $10 liquidation value per share plus dividend amounts owed using proceeds from its issuance of iMTP Shares and VMTP Shares (as described above in Institutional MuniFund Term Preferred Shares and below in Variable Rate MuniFund Preferred Shares, respectively).

Nuveen Investments
 
119

 
 

 
 
Notes to Financial Statements (continued)
 
The average liquidation value of MTP Shares outstanding for each Fund during the fiscal year ended October 31, 2014, was as follows:

     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 3
 
     
(NAD
)*
 
(NZF
)**
Average liquidation value of MTP Shares outstanding
 
$
144,300,000
 
$
70,000,000
 
 
*
For the period November 1, 2013 through December 20, 2013.
**
For the period November 1, 2013 through April 11, 2014.
 
For financial reporting purposes, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (“MTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. Unpaid dividends on MTP Shares were recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MTP Shares were 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 MTP Shares were recorded as a deferred charge, which were 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.
 
In conjunction with Dividend Advantage’s (NAD) and Dividend Advantage 3’s (NZF) redemption of MTP Shares, the remaining deferred offering costs of $823,585 and $547,569, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
 
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding VMTP Shares, with a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
 
As of October 31, 2014, VMTP Shares outstanding, at liquidation value, for each Fund was as follows:

                 
Shares
 
                 
Outstanding at
 
           
Shares
 
 
$100,000 Per Share
 
Fund
   
Series
   
Outstanding
   
Liquidation Value
 
Performance Plus (NPP)
   
2015
   
5,350
 
$
535,000,000
 
Dividend Advantage (NAD)
   
2016
   
2,650
 
$
265,000,000
 
Dividend Advantage 3 (NZF)
   
2017
   
810
 
$
81,000,000
 
 
On January 6, 2014, Dividend Advantage (NAD) and on April 11, 2014, Dividend Advantage 3 (NZF) redeemed all 1,204 shares of its outstanding Series 2014 VMTP and 1,692 shares of its outstanding Series 2014 VMTP, respectively. Dividend Advantage (NAD) issued 2,650 shares of Series 2016 VMTP and Dividend Advantage 3 (NZF) issued 910 shares of Series 2017 VMTP, each through a privately negotiated offering. Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) completed their refinancing of their existing VMTP Shares with new VMTP Shares with a term redemption date of December 30, 2016 and April 1, 2017, respectively.
 
On October 6, 2014, Dividend Advantage 3 (NZF) redeemed 100 shares of its outstanding Series 2017 VMTP Shares as a result of the completion of its tender offer.
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of VMTP Shares are as follows:

           
Term
   
Optional
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Redemption Date
   
Expiration Date
 
Performance Plus (NPP)
   
2015
   
December 1, 2015
   
December 1, 2013
   
November 30, 2013
 
Dividend Advantage (NAD)
   
2016
   
December 30, 2016
   
January 1, 2015
   
December 31, 2014
 
Dividend Advantage 3 (NZF)
   
2017
   
April 1, 2017
   
April 1, 2015
   
March 31, 2015
 

120
 
Nuveen Investments

 
 

 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended October 31, 2014, were as follows:

     
Performance
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Advantage 3
 
     
(NPP
)
 
(NAD
)
 
(NZF
)
Average liquidation value of VMTP Shares outstanding
 
$
535,000,000
 
$
257,796,164
 
$
122,638,904
 
Annualized dividend rate
   
1.20
%
 
1.02
%
 
1.09
%
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Funds in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
In conjunction with Dividend Advantage’s (NAD) and Dividend Advantage 3’s (NZF) redemption of VMTP Shares, the remaining deferred offering costs of $72,549 and $157,581, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt. Dividend Advantage (NAD) and Dividend Advantage 3 (NFZ) each incurred offering costs of $130,000 in connection with the issuance of Series 2016 and Series 2017 VMTP Shares, respectively, which were recorded as a deferred charge and are being amortized over the life of the shares.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding VRDP Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
 
As of October 31, 2014, the details of each Fund’s VRDP Shares outstanding are as follows:

                 
Shares
       
                 
Outstanding at
       
           
Shares
 
 
$100,000 Per Share
       
Fund
   
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
Municipal Advantage (NMA)
   
1
   
2,688
 
$
268,800,000
   
March 1, 2040
 
Market Opportunity (NMO)
   
1
   
3,509
 
$
350,900,000
   
March 1, 2040
 
Dividend Advantage 2 (NXZ)
   
2
   
1,960
 
$
196,000,000
   
August 1, 2040
 
 
On October 10, 2014, Municipal Advantage (NMA) redeemed 280 shares of its outstanding Series 1 VRDP Shares as a result of the completion of its tender offer.
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. 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 weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.

Nuveen Investments
 
121

 
 

 
 
Notes to Financial Statements (continued)
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended October 31, 2014, were as follows:

     
Municipal
   
Market
   
Dividend
 
     
Advantage
   
Opportunity
   
Advantage 2
 
     
(NMA
)
 
(NMO
)
 
(NXZ
)
Average liquidation value of VRDP Shares outstanding
 
$
295,112,329
 
$
350,900,000
 
$
196,000,000
 
Annualized dividend rate
   
0.13
%
 
0.18
%
 
0.15
%
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are 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. 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.
 
In conjunction with Municipal Advantage’s (NMA) redemption of VRDP Shares, deferred offering costs of $204,033 was fully expensed during the current fiscal period, as the redemption was deemed an extinguishment of debt.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
 
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
 
Investment Valuation
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
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 NAV on the 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 or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly

122
 
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sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board or its appointee.
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The 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).
 
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:

Performance Plus (NPP)
   
Level 1
   
Level 2
   
Level 3
**
 
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,513,608,060
 
$
 
$
1,513,608,060
 
Corporate Bonds
   
   
   
47,139
   
47,139
 
Total
 
$
 
$
1,513,608,060
 
$
47,139
 
$
1,513,655,199
 
 
Municipal Advantage (NMA)
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
875,983,296
 
$
1,154,445
 
$
877,137,741
 
Corporate Bonds
   
   
   
48,468
   
48,468
 
Total
 
$
 
$
875,983,296
 
$
1,202,913
 
$
877,186,209
 
                           
Market Opportunity (NMO)
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,043,320,226
 
$
 
$
1,043,320,226
 
Common Stocks
   
2,836,155
   
   
   
2,836,155
 
Corporate Bonds
   
   
   
142,662
   
142,662
 
Total
 
$
2,836,155
 
$
1,043,320,226
 
$
142,662
 
$
1,046,299,043
 
                           
Dividend Advantage (NAD)
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
887,619,343
 
$
2,405,094
 
$
890,024,437
 
Corporate Bonds
   
   
   
56,649
   
56,649
 
Investment Companies
   
546,249
   
   
   
546,249
 
Total
 
$
546,249
 
$
887,619,343
 
$
2,461,743
 
$
890,627,335
 
                           
Dividend Advantage 2 (NXZ)
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
650,893,104
 
$
962,038
 
$
651,855,142
 
Corporate Bonds
   
   
   
59,100
   
59,100
 
Total
 
$
 
$
650,893,104
 
$
1,021,138
 
$
651,914,242
 

Nuveen Investments
 
123

 
 

 
 
Notes to Financial Statements (continued)

Dividend Advantage 3 (NZF)
   
Level 1
   
Level 2
   
Level 3
**
 
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
824,943,431
 
$
1,443,056
 
$
826,386,487
 
Corporate Bonds
   
   
   
9,629
   
9,629
 
Investment Companies
   
3,568,160
   
   
   
3,568,160
 
Total
 
$
3,568,160
 
$
824,943,431
 
$
1,452,685
 
$
829,964,276
 
 
*
Refer to the Fund’s Portfolio of Investments for industry/state classifications.
**
Refer to the Fund’s Portfolio of Investments for breakdown of these securities classified as Level 3.
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”).
 
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment

124
 
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(net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2014, were as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Average floating rate obligations outstanding
 
$
34,396,027
 
$
40,948,388
 
$
29,557,671
 
$
40,260,411
 
$
19,570,000
 
$
42,593,137
 
Average annual interest rate and fees
   
0.57
%
 
0.55
%
 
0.42
%
 
0.57
%
 
0.49
%
 
0.46
%
 
As of October 31, 2014, the total amount of floating rate obligations issued by each Fund’s self deposited inverse floaters and externally-deposited inverse floaters was as follows:
 
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Floating rate obligations: self-deposited inverse floaters
 
$
28,050,000
 
$
30,708,333
 
$
22,550,000
 
$
36,210,000
 
$
19,570,000
 
$
36,952,000
 
Floating rate obligations: externally-deposited inverse floaters
   
18,240,000
   
25,186,667
   
19,390,000
   
24,788,000
   
21,125,000
   
35,502,000
 
Total
 
$
46,290,000
 
$
55,895,000
 
$
41,940,000
 
$
60,998,000
 
$
40,695,000
 
$
72,454,000
 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of October 31, 2014, each Fund’s maximum exposure to the floating rate obligations issued by the externally-deposited Recourse Trusts was as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Maximum exposure to Recourse Trusts
 
$
7,500,000
 
$
11,250,000
 
$
7,500,000
 
$
11,250,000
 
$
11,250,000
 
$
5,095,000
 
 
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
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund will limit 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.
 
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 2014.
 
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,

Nuveen Investments
 
125

 
 

 
 
Notes to Financial Statements (continued)
 
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.
 
4. Fund Shares
 
Common Shares
Transactions in common shares for the fiscal years ended October 31, 2014 and October 31, 2013 are as follows:

       
Municipal
 
Market
   
Performance Plus (NPP)
 
Advantage (NMA)
 
Opportunity (NMO)
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Common Shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
   
17,159
   
   
   
   
 
Repurchased through tender offer
   
   
   
(4,369,741
)
 
   
   
 

   
Dividend
Advantage (NAD)
 
Dividend
Advantage 2 (NXZ)
 
Dividend
Advantage 3 (NZF)
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Common Shares:
                                     
Repurchased and retired
   
   
   
   
   
(30,000
)
 
 
Repurchased through tender offer
   
   
   
   
   
(4,040,003
)
 
 
Weighted average common share:
                                     
Price per share repurchased and retired
   
   
   
   
 
$
13.72
   
 
Discount per share repurchased and retired
   
   
   
   
   
14.14
%
 
 
 
Preferred Shares
Transactions in preferred shares for the Funds during the fiscal years ended October 31, 2014 and October 31, 2013, where applicable, are noted in the following tables.
 
Transactions in iMTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
     
October 31, 2014
Dividend Advantage 3 (NZF)
   
Series
   
Shares
   
Amount
 
iMTP Shares issued
   
2017
   
30,000
 
$
150,000,000
 

Transactions in MTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
     
October 31, 2014
           
NYSE MKT
             
Dividend Advantage (NAD)
   
Series
   
Ticker
   
Shares
   
Amount
 
MTP Shares redeemed
   
2015
   
NAD PRC
   
(14,430,000
)
$
(144,300,000
)
Dividend Advantage 3 (NZF)
                         
MTP Shares redeemed
   
2016
   
NZF PRC
   
(7,000,000
)
$
(70,000,000
)

126
 
Nuveen Investments

 
 

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

     
Year Ended
     
October 31, 2014
Dividend Advantage (NAD)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2016
   
2,650
 
$
265,000,000
 
VMTP Shares redeemed
   
2014
   
(1,204
)
 
(120,400,000
)
Net increase (decrease)
   
 
   
1,446
 
$
144,600,000
 
                     
Dividend Advantage 3 (NZF)
VMTP Shares issued
   
2017
   
910
 
$
91,000,000
 
VMTP Shares redeemed:
                   
     
2014
   
(1,692
)
 
(169,200,000
)
     
2017
   
(100
)
 
(10,000,000
)
Net increase (decrease)
         
(882
)
$
(88,200,000
)

     
Year Ended
     
October 31, 2013
     
Series
   
Shares
   
Amount
 
Performance Plus (NPP)
VMTP Shares issued
   
2015
   
5,350
 
$
535,000,000
 
VMTP Shares exchanged
   
2014
   
(4,217
)
 
(421,700,000
)
Net increase (decrease)
         
1,133
 
$
113,300,000
 
 
Transactions in VRDP Shares for the Funds, where applicable, were as follows:

     
Year Ended
     
October 31, 2014
     
Series
   
Shares
   
Amount
 
Municipal Advantage (NMA)
VRDP Shares redeemed
   
1
   
(280
)
$
(28,000,000
)
 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the fiscal year ended October 31, 2014, were as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Purchases
 
$
151,324,015
 
$
72,786,574
 
$
100,830,981
 
$
77,673,939
 
$
75,002,943
 
$
118,833,491
 
Sales and maturities
   
181,183,234
   
184,751,950
   
119,203,038
   
98,307,742
   
92,382,665
   
172,701,325
 
 
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 Investments
 
127

 
 

 
 
Notes to Financial Statements (continued)
 
As of October 31, 2014, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Cost of investments
 
$
1,335,816,353
 
$
775,040,957
 
$
932,476,326
 
$
783,936,581
 
$
574,718,400
 
$
728,908,466
 
Gross unrealized:
Appreciation
 
$
164,561,111
 
$
82,077,453
 
$
95,565,545
 
$
84,628,217
 
$
70,056,835
 
$
73,933,538
 
Depreciation
   
(14,768,369
)
 
(10,642,050
)
 
(4,292,841
)
 
(14,147,554
)
 
(12,438,718
)
 
(9,822,955
)
Net unrealized appreciation (depreciation) of investments
 
$
149,792,742
 
$
71,435,403
 
$
91,272,704
 
$
70,480,663
 
$
57,618,117
 
$
64,110,583
 
 
Permanent differences, primarily due to federal taxes paid, expired capital loss carryforward, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2014, the Funds’ tax year end, as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Paid-in-surplus
 
$
(52,711
)
$
(420,570
)
$
(1,580,137
)
$
(941,689
)
$
(77,875
)
$
(2,603,936
)
Undistributed (Over-distribution of) net investment income
   
8,617
   
366,297
   
59,737
   
813,053
   
58,500
   
1,263,572
 
Accumulated net realized gain (loss)
   
44,094
   
54,273
   
1,520,400
   
128,636
   
19,375
   
1,340,364
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2014, the Funds’ tax year end, were as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Undistributed net tax-exempt income1
 
$
14,463,446
 
$
2,437,336
 
$
4,556,064
 
$
8,285,337
 
$
5,289,409
 
$
4,225,957
 
Undistributed net ordinary income2
   
228,357
   
26,887
   
25,856
   
50,485
   
3,590
   
66,789
 
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, 2014, paid on November 3, 2014.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2014 and October 31, 2013, was designated for purposes of the dividends paid deduction as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
2014
   
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Distributions from net tax-exempt income3
 
$
61,923,805
 
$
35,526,436
 
$
37,142,733
 
$
38,142,098
 
$
24,843,540
 
$
32,196,995
 
Distributions from net ordinary income2
   
37,511
   
40,632
   
205,522
   
719,123
   
6,316
   
8,080
 
Distributions from net long-term capital gains
   
   
   
   
   
   
 
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
2013
   
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Distributions from net tax-exempt income
 
$
62,511,839
 
$
36,937,595
 
$
37,276,853
 
$
39,961,764
 
$
24,606,089
 
$
34,899,121
 
Distributions from net ordinary income2
   
   
340,840
   
   
208,271
   
   
68,680
 
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.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2014, as Exempt Interest Dividends.

128
 
Nuveen Investments

 
 

 

As of October 31, 2014, the Funds’ 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.

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Expiration:
                                     
October 31, 2015
 
$
 
$
 
$
1,902,879
 
$
 
$
 
$
 
October 31, 2016
   
   
   
1,398,166
   
   
   
 
October 31, 2019
   
310,323
   
   
3,031,141
   
   
   
 
Not subject to expiration
   
16,032,930
   
11,499,177
   
26,426,566
   
9,456,126
   
13,236,913
   
1,538,808
 
Total
 
$
16,343,253
 
$
11,499,177
 
$
32,758,752
 
$
9,456,126
 
$
13,236,913
 
$
1,538,808
 
 
During the Funds’ tax year ended October 31, 2014, $1,437,187 of Market Opportunity’s (NMO) capital loss carryforward expired.
 
During the Funds’ tax year ended October 31, 2014, Dividend Advantage 3 (NZF) utilized $2,788,749 of its capital loss carryforward.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:

  Performance Plus (NPP)
  Municipal Advantage (NMA)
  Market Opportunity (NMO)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For the next $3 billion
.3875
 
For managed assets over $5 billion
.3750
 

  Dividend Advantage (NAD)
  Dividend Advantage 2 (NXZ)
  Dividend Advantage 3 (NZF)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For managed assets over $2 billion
.3750
 

Nuveen Investments
 
129

 
 

 
 
Notes to Financial Statements (continued)
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
%
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2014, the complex-level fee rate for each of these Funds was 0.1643%.
 
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.

130
 
Nuveen Investments

 
 

 

Additional Fund Information (Unaudited)

Board of Directors/Trustees
William Adams IV*
 
Robert P. Bremner**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
William J. Schneider
 
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer
 
Terence J. Toth
 
* Interested Board Member.
** Retired from the Funds’ Board of Directors/Trustees effective December 31, 2014.
 

Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm***
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60601
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
 
***
During the fiscal period ended October 31, 2014, the Board of Directors/Trustees of the Funds, upon recommendation of the Audit Committee, engaged KPMGLLP (“KPMG”) as the independent registered public accounting firm to the Funds replacing Ernst & Young LLP (“Ernst & Young”), which resigned as the independent registered public accounting firm effective August 11, 2014, as a result of the pending acquisition of Nuveen Investments, Inc. by TIAA-CREF.
 
Ernst & Young’s report on the Funds for the two most recent fiscal periods ended October 31, 2013 and October 31, 2012, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the fiscal periods ended October 31, 2013 and October 31, 2012 for the Funds and for the period November 1, 2013 through August 11, 2014, there were no disagreements with Ernst & Young on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.
 

 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. 
 

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

 
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock (excluding common shares that may have been purchased through a tender offer), as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 
NPP
NMA
NMO
NAD
NXZ
NZF
 
Common shares repurchased
30,000
 
 
FINRA BrokerCheck
 
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Nuveen Investments
 
131

 
 

 
 
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.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
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.

132
 
Nuveen Investments

 
 

 

Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments
 
133

 
 

 
 
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.

134
 
Nuveen Investments

 
 

 
 
Board Members & Officers
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 
Name,
Year of Birth
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members:            
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chairman and
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
 
 
 
200
                   
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
 
 
200
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
 
200
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
200
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
 
 
 
200

Nuveen Investments
 
135

 
 

 
 
Board Members & Officers (continued)

 
Name,
Year of Birth
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members (continued):            
                   
JOHN K. NELSON
1962
333 West Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
 
200
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Board Member, Land Trust Alliance (since June 2013) and U.S. Endowment for Forestry and Communities (since November 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
200
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 
 
 
200
                   
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
200
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
200

136
 
Nuveen Investments

 
 

 

 
Name,
Year of Birth
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Interested Board Members:            
                   
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago.
 
 
 
200
                   
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class III
 
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
 
 
 
200

 
Name,
Year of Birth
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:            
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
 
201
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
94
                   
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
201

Nuveen Investments
 
137

 
 

 
 
Board Members & Officers (continued)

 
Name,
Year of Birth
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds (continued):            
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
 
 
 
201
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
 
1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014), and Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Senior Vice President (2010-2011), Formerly Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Certified Public Accountant.
 
 
 
201
                   
SCOTT S. GRACE
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
 
201
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 
 
 
201
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2002
 
Senior Vice President of Nuveen Investment Holdings, Inc.
 
 
 
201
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
 
201

138
 
Nuveen Investments

 
 

 

 
Name,
Year of Birth
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds (continued):            
                   
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
201
                   
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
 
2013
 
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
 
201
 
(1)
For Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), the Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For Performance Plus (NPP), Municipal Advantage (NMA) and Market Opportunity (NMO), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

Nuveen Investments
 
139

 
 

 
 
 
Nuveen Investments:
 
Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
EAN-B-1014D 4919-INV-Y12/15

 
 

 
  
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Dividend Advantage Municipal Fund 3

The following tables show the amount of fees billed to the Fund during the Fund’s last two fiscal years by KPMG LLP, the Fund’s current auditor (engaged on August 7, 2014), and Ernst & Young LLP, the Fund’s former auditor. The audit fees billed to the Fund for the fiscal year 2014 are the only fees that have been billed to the Fund by KPMG LLP. All other fees listed in the tables below were billed to the Fund by Ernst & Young LLP. For engagements with KPMG LLP and Ernst & Young LLP, the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP and Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2014
  $ 22,500     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2013
  $ 22,250     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP and Ernst & Young LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP and Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2013
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP and Ernst & Young LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP and Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP and Ernst & Young LLP about any non-audit services that KPMG LLP and Ernst & Young LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP and Ernst & Young LLP’s independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2014
 $                               0
 $                                     0
 $                                   0
 $                           0
October 31, 2013
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are John K. Nelson, Terence J. Toth, Jack B. Evans, Carole E. Stone and David J. Kundert.

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.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”.)  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
Paul Brennan
Nuveen Dividend Advantage Municipal Fund 3

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Paul Brennan
Registered Investment Company
17
$18.85 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
4
$370 million
*
Assets are as of October 31, 2014.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
 
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
 
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
 
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
 
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
 
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
 
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
 
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of October 31, 2014, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset Management’s municipal investment team
Paul Brennan
Nuveen Dividend Advantage Municipal Fund 3
$50,001-$100,000
Over $1,000,000

PORTFOLIO MANAGER BIO:

Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds.  Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994.  He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year.   He earned his B.S. in Accountancy and Finance from Wright State University.  He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS OR
   
UNIT)
PROGRAMS
PROGRAMS
NOVEMBER 1-30, 2013
          0
 
          0
404,000
         
DECEMBER 1-31, 2013
          0
 
          0
404,000
         
JANUARY 1-31, 2014
          0
 
          0
404,000
         
FEBRUARY 1-28, 2014
          0
 
          0
404,000
         
MARCH 1-31, 2014
          0
 
          0
404,000
         
APRIL 1-30, 2014
          0
 
          0
404,000
         
MAY 1-31, 2014
          0
 
          0
404,000
         
JUNE 1-30, 2014
          0
 
          0
404,000
         
JULY 1-31, 2014
          0
 
          0
404,000
         
AUGUST 1-31, 2014
          0
 
          0
404,000
         
SEPTEMBER 1-30, 2014
          0
 
          0
404,000
         
OCTOBER 1-31, 2014
30,000
$13.72
30,000
374,000
         
TOTAL
30,000
     

* The registrant's repurchase program, for the repurchase of 404,000 shares, was authorized November 15, 2012. The program was reauthorized for a maximum repurchase amount of 404,000 shares on November 20, 2013 and again for 404,000 shares on August 6, 2014. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.
 
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 because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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. 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 Dividend Advantage Municipal Fund 3

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

Date: January 8, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

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

Date: January 8, 2015