Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage and Other Information
|
9
|
Common Share Dividend and Share Price Information
|
13
|
Performance Overviews
|
14
|
Shareholder Meeting Report
|
20
|
Report of Independent Registered Public Accounting Firm
|
24
|
Portfolios of Investments
|
25
|
Statement of Assets and Liabilities
|
90
|
Statement of Operations
|
92
|
Statement of Changes in Net Assets
|
93
|
Statement of Cash Flows
|
95
|
Financial Highlights
|
97
|
Notes to Financial Statements
|
107
|
Annual Investment Management Agreement Approval Process
|
121
|
Board Members and Officers
|
130
|
Reinvest Automatically, Easily and Conveniently
|
135
|
Glossary of Terms Used in this Report
|
137
|
Other Useful Information
|
139
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Fund
|
1-Year
|
5-Year
|
10-Year
|
NPP
|
4.78%
|
4.81%
|
5.66%
|
NMA
|
5.05%
|
4.61%
|
5.81%
|
NMO
|
3.40%
|
3.75%
|
5.10%
|
NAD
|
4.76%
|
4.63%
|
6.05%
|
NXZ
|
5.24%
|
4.45%
|
6.22%
|
NZF
|
5.83%
|
5.10%
|
6.52%
|
Standard & Poor’s (S&P) National Municipal Bond Index*
|
3.75%
|
4.48%
|
4.95%
|
Lipper General and Insured Leveraged Municipal Debt
|
|||
Funds Classification Average*
|
4.80%
|
4.20%
|
5.59%
|
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.
|
|
For additional information, see the individual Performance Overview for your Fund in this report.
|
|
*
|
Refer to Glossary of Terms Used in this Report for definitions.
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
MTP Shares
|
||||
Issued at
|
Annual
|
|||
Fund
|
Series
|
Liquidation Value
|
Interest Rate
|
NYSE Ticker
|
NAD
|
2015
|
$144,300,000
|
2.70%
|
NAD PrC
|
NZF
|
2016
|
$70,000,000
|
2.80%
|
NZF PrC
|
VMTP
|
VMTP Shares Issued
|
|||
Fund
|
Series
|
at Liquidation Value
|
||
NPP
|
2014
|
$421,700,000
|
||
NAD
|
2014
|
$120,400,000
|
||
NZF
|
2014
|
$169,200,000
|
VRDP Shares Issued
|
||||
Fund
|
at Liquidation Value
|
|||
NMA
|
$296,800,000
|
|||
NMO
|
$350,900,000
|
|||
NXZ
|
$196,000,000
|
Nuveen Investments
|
11
|
12
|
Nuveen Investments
|
Short-Term Capital Gains
|
||
Long-Term Capital Gains
|
and/or Ordinary Income
|
|
Fund
|
(per share)
|
(per share)
|
NPP
|
$0.0905
|
$0.0081
|
NMA
|
$0.0783
|
$0.0090
|
NZF
|
$0.0156
|
—
|
10/31/11
|
12-Month
|
|
Fund
|
(-)Discount
|
Average (-)Discount
|
NPP
|
(-)3.56%
|
(-)3.33%
|
NMA
|
(-)2.23%
|
(-)1.45%
|
NMO
|
(-)3.09%
|
(-)0.95%
|
NAD
|
(-)4.79%
|
(-)4.00%
|
NXZ
|
(-)4.14%
|
(-)3.49%
|
NZF
|
(-)2.48%
|
(-)3.49%
|
Nuveen Investments
|
13
|
NPP
|
Nuveen Performance
|
|
Performance
|
Plus Municipal
|
|
OVERVIEW
|
Fund, Inc.
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
14.36
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.89
|
|||||
Premium/Discount to NAV
|
-3.56
|
%
|
|||||
Market Yield
|
6.69
|
%
|
|||||
Taxable Equivalent Yield1
|
9.29
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
892,603
|
Leverage
|
|||||||
Structural Leverage
|
32.09
|
%
|
|||||
Effective Leverage
|
35.50
|
%
|
Average Annual Total Return
|
|||||||
(Inception 6/22/89)
|
|
On Share Price
|
On NAV | |||||
1-Year
|
3.22
|
%
|
4.78
|
%
|
|||
5-Year
|
5.33
|
%
|
4.81
|
%
|
|||
10-Year
|
6.34
|
%
|
5.66
|
%
|
States4
|
|||||||
(as a % of total investments)
|
|||||||
Illinois
|
18.3
|
%
|
|||||
California
|
14.6
|
%
|
|||||
Colorado
|
6.0
|
%
|
|||||
Florida
|
4.8
|
%
|
|||||
Texas
|
4.7
|
%
|
|||||
Ohio
|
4.5
|
%
|
|||||
New Jersey
|
4.5
|
%
|
|||||
New York
|
3.6
|
%
|
|||||
Nevada
|
3.5
|
%
|
|||||
Massachusetts
|
3.0
|
%
|
|||||
Washington
|
2.4
|
%
|
|||||
Pennsylvania
|
2.3
|
%
|
|||||
Puerto Rico
|
2.2
|
%
|
|||||
Michigan
|
2.2
|
%
|
|||||
Louisiana
|
2.1
|
%
|
|||||
Indiana
|
1.8
|
%
|
|||||
Virginia
|
1.6
|
%
|
|||||
Minnesota
|
1.5
|
%
|
|||||
Arizona
|
1.5
|
%
|
|||||
Other
|
14.9
|
%
|
Portfolio Composition4
|
|||||||
(as a % of total investments)
|
|||||||
Tax Obligation/Limited
|
18.4
|
%
|
|||||
Transportation
|
16.6
|
%
|
|||||
Health Care
|
15.1
|
%
|
|||||
Tax Obligation/General
|
15.0
|
%
|
|||||
U.S. Guaranteed
|
10.5
|
%
|
|||||
Utilities
|
7.5
|
%
|
|||||
Consumer Staples
|
7.3
|
%
|
|||||
Other
|
9.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
The Fund paid shareholders capital gains and net ordinary income distributions in December 2010 of $0.0986 per share.
|
3
|
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
14
|
Nuveen Investments
|
NMA
|
Nuveen Municipal
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Fund, Inc.
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
14.05
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.37
|
|||||
Premium/Discount to NAV
|
-2.23
|
%
|
|||||
Market Yield
|
7.05
|
%
|
|||||
Taxable Equivalent Yield1
|
9.79
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
626,616
|
Leverage
|
|||||||
Structural Leverage
|
32.14
|
%
|
|||||
Effective Leverage
|
37.03
|
%
|
Average Annual Total Return
|
|||||||
(Inception 12/19/89)
|
|
On Share Price
|
On NAV | |||||
1-Year
|
1.90
|
%
|
5.05
|
%
|
|||
5-Year
|
4.32
|
%
|
4.61
|
%
|
|||
10-Year
|
6.30
|
%
|
5.81
|
%
|
States4
|
|||||||
(as a % of total investments)
|
|||||||
California
|
13.9
|
%
|
|||||
Texas
|
10.0
|
%
|
|||||
Louisiana
|
9.7
|
%
|
|||||
Illinois
|
8.7
|
%
|
|||||
Colorado
|
6.6
|
%
|
|||||
Ohio
|
4.9
|
%
|
|||||
Puerto Rico
|
4.9
|
%
|
|||||
New York
|
3.7
|
%
|
|||||
Pennsylvania
|
3.2
|
%
|
|||||
Nevada
|
2.9
|
%
|
|||||
Washington
|
2.6
|
%
|
|||||
Tennessee
|
2.6
|
%
|
|||||
New Jersey
|
2.4
|
%
|
|||||
Arizona
|
2.1
|
%
|
|||||
South Carolina
|
2.1
|
%
|
|||||
Indiana
|
1.9
|
%
|
|||||
Florida
|
1.9
|
%
|
|||||
Oklahoma
|
1.8
|
%
|
|||||
Other
|
14.1
|
%
|
Portfolio Composition4
|
|||||||
(as a % of total investments)
|
|||||||
Health Care
|
21.4
|
%
|
|||||
Tax Obligation/Limited
|
14.8
|
%
|
|||||
Tax Obligation/General
|
13.5
|
%
|
|||||
Transportation
|
12.6
|
%
|
|||||
Utilities
|
11.6
|
%
|
|||||
U.S. Guaranteed
|
10.3
|
%
|
|||||
Consumer Staples
|
6.7
|
%
|
|||||
Other
|
9.1
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
The Fund paid shareholders capital gains and net ordinary distributions in June 2011 of $0.0873 per share.
|
3
|
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
Nuveen Investments
|
15
|
NMO
|
Nuveen Municipal
|
|
Performance
|
Market Opportunity
|
|
OVERVIEW
|
Fund, Inc.
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
13.18
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
13.60
|
|||||
Premium/Discount to NAV
|
-3.09
|
%
|
|||||
Market Yield
|
7.06
|
%
|
|||||
Taxable Equivalent Yield1
|
9.81
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
622,815
|
Leverage
|
|||||||
Structural Leverage
|
36.04
|
%
|
|||||
Effective Leverage
|
40.08
|
%
|
Average Annual Total Return
|
|||||||
(Inception 3/21/90)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
-2.33
|
%
|
3.40
|
%
|
|||
5-Year
|
3.90
|
%
|
3.75
|
%
|
|||
10-Year
|
5.47
|
%
|
5.10
|
%
|
States3
|
|||||||
(as a % of total investments)
|
|||||||
California
|
15.1
|
%
|
|||||
Illinois
|
10.6
|
%
|
|||||
Texas
|
7.6
|
%
|
|||||
Colorado
|
6.5
|
%
|
|||||
Washington
|
5.5
|
%
|
|||||
Ohio
|
5.2
|
%
|
|||||
Puerto Rico
|
4.8
|
%
|
|||||
New York
|
4.5
|
%
|
|||||
Nevada
|
4.2
|
%
|
|||||
North Carolina
|
3.7
|
%
|
|||||
Pennsylvania
|
3.4
|
%
|
|||||
South Carolina
|
3.1
|
%
|
|||||
Louisiana
|
2.4
|
%
|
|||||
Alaska
|
2.1
|
%
|
|||||
Michigan
|
2.1
|
%
|
|||||
Florida
|
1.9
|
%
|
|||||
New Jersey
|
1.8
|
%
|
|||||
Virginia
|
1.8
|
%
|
|||||
Other
|
13.7
|
%
|
Portfolio Composition3
|
|||||||
(as a % of total investments)
|
|||||||
Transportation
|
19.2
|
%
|
|||||
Tax Obligation/General
|
18.1
|
%
|
|||||
Health Care
|
17.8
|
%
|
|||||
Tax Obligation/Limited
|
13.6
|
%
|
|||||
Utilities
|
7.0
|
%
|
|||||
Consumer Staples
|
6.8
|
%
|
|||||
U.S. Guaranteed
|
6.6
|
%
|
|||||
Other
|
10.9
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
16
|
Nuveen Investments
|
NAD
|
Nuveen Dividend
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Municipal Fund
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
13.70
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.39
|
|||||
Premium/Discount to NAV
|
-4.79
|
%
|
|||||
Market Yield
|
6.66
|
%
|
|||||
Taxable Equivalent Yield1
|
9.25
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
565,364
|
Leverage
|
|||||||
Structural Leverage
|
31.89
|
%
|
|||||
Effective Leverage
|
37.82
|
%
|
Average Annual Total Return
|
|||||||
(Inception 5/26/99)
|
|||||||
|
On Share Price
|
On NAV | |||||
1-Year
|
1.93
|
%
|
4.76
|
%
|
|||
5-Year
|
4.22
|
%
|
4.63
|
%
|
|||
10-Year
|
5.53
|
%
|
6.05
|
%
|
States3
|
|||||||
(as a % of total municipal bonds)
|
|||||||
Illinois
|
18.1
|
%
|
|||||
Florida
|
7.2
|
%
|
|||||
Texas
|
6.6
|
%
|
|||||
California
|
6.4
|
%
|
|||||
New York
|
6.2
|
%
|
|||||
Washington
|
6.0
|
%
|
|||||
Louisiana
|
5.3
|
%
|
|||||
Wisconsin
|
4.6
|
%
|
|||||
Nevada
|
4.4
|
%
|
|||||
New Jersey
|
4.3
|
%
|
|||||
Colorado
|
4.2
|
%
|
|||||
Puerto Rico
|
3.8
|
%
|
|||||
Rhode Island
|
2.6
|
%
|
|||||
Indiana
|
2.6
|
%
|
|||||
Ohio
|
2.4
|
%
|
|||||
Pennsylvania
|
1.9
|
%
|
|||||
Other
|
13.4
|
%
|
Portfolio Composition3
|
|||||||
(as a % of total investments)
|
|||||||
Health Care
|
20.8
|
%
|
|||||
Tax Obligation/General
|
19.2
|
%
|
|||||
Tax Obligation/Limited
|
18.5
|
%
|
|||||
Transportation
|
14.4
|
%
|
|||||
Consumer Staples
|
5.9
|
%
|
|||||
Education and Civic Organizations
|
4.9
|
%
|
|||||
Utilities
|
4.1
|
%
|
|||||
Other
|
12.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
Nuveen Investments
|
17
|
NXZ
|
Nuveen Dividend
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Municipal Fund 2
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
13.90
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.50
|
|||||
Premium/Discount to NAV
|
-4.14
|
%
|
|||||
Market Yield
|
6.91
|
%
|
|||||
Taxable Equivalent Yield1
|
9.60
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
427,085
|
Leverage
|
|||||||
Structural Leverage
|
31.46
|
%
|
|||||
Effective Leverage
|
35.53
|
%
|
Average Annual Total Return
|
|||||||
(Inception 3/27/01)
|
|||||||
|
On Share Price
|
On NAV
|
|||||
1-Year
|
1.70
|
%
|
5.24
|
%
|
|||
5-Year
|
3.07
|
%
|
4.45
|
%
|
|||
10-Year
|
5.96
|
%
|
6.22
|
%
|
States3
|
|||||||
(as a % of total investments)
|
|||||||
Texas
|
18.7
|
%
|
|||||
California
|
15.9
|
%
|
|||||
Illinois
|
11.7
|
%
|
|||||
Florida
|
5.4
|
%
|
|||||
New York
|
4.4
|
%
|
|||||
Michigan
|
4.4
|
%
|
|||||
Colorado
|
4.2
|
%
|
|||||
Louisiana
|
3.8
|
%
|
|||||
Nevada
|
3.3
|
%
|
|||||
Indiana
|
3.2
|
%
|
|||||
Puerto Rico
|
2.4
|
%
|
|||||
Alaska
|
2.2
|
%
|
|||||
Georgia
|
1.9
|
%
|
|||||
New Jersey
|
1.9
|
%
|
|||||
Arizona
|
1.8
|
%
|
|||||
Other
|
14.8
|
%
|
Portfolio Composition3
|
|||||||
(as a % of total investments)
|
|||||||
Tax Obligation/Limited
|
23.6
|
%
|
|||||
Health Care
|
16.8
|
%
|
|||||
Transportation
|
13.6
|
%
|
|||||
Tax Obligation/General
|
12.1
|
%
|
|||||
Consumer Staples
|
7.3
|
%
|
|||||
Education and Civic Organizations
|
6.5
|
%
|
|||||
Utilities
|
6.5
|
%
|
|||||
Other
|
13.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
3
|
Holdings are subject to change.
|
18
|
Nuveen Investments
|
NZF
|
Nuveen Dividend
|
|
Performance
|
Advantage
|
|
OVERVIEW
|
Municipal Fund 3
|
as of October 31, 2011
|
Fund Snapshot
|
|||||||
Common Share Price
|
$
|
14.17
|
|||||
Common Share Net Asset Value (NAV)
|
$
|
14.53
|
|||||
Premium/Discount to NAV
|
-2.48
|
%
|
|||||
Market Yield
|
6.94
|
%
|
|||||
Taxable Equivalent Yield1
|
9.64
|
%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
587,047
|
Leverage
|
|||||||
Structural Leverage
|
28.95
|
%
|
|||||
Effective Leverage
|
36.33
|
%
|
Average Annual Total Return
|
|||||||
(Inception 9/25/01)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
4.59
|
%
|
5.83
|
%
|
|||
5-Year
|
4.44
|
%
|
5.10
|
%
|
|||
10-Year
|
6.11
|
%
|
6.52
|
%
|
States4
|
|||||||
(as a % of total municipal bonds)
|
|||||||
Texas
|
13.3
|
%
|
|||||
California
|
11.0
|
%
|
|||||
Illinois
|
9.7
|
%
|
|||||
Washington
|
7.0
|
%
|
|||||
Michigan
|
5.7
|
%
|
|||||
Louisiana
|
5.3
|
%
|
|||||
New York
|
4.9
|
%
|
|||||
Indiana
|
4.6
|
%
|
|||||
Nevada
|
4.4
|
%
|
|||||
Colorado
|
3.9
|
%
|
|||||
New Jersey
|
3.4
|
%
|
|||||
Georgia
|
3.4
|
%
|
|||||
Massachusetts
|
2.5
|
%
|
|||||
Florida
|
2.3
|
%
|
|||||
Missouri
|
2.3
|
%
|
|||||
Maryland
|
1.7
|
%
|
|||||
Other
|
14.6
|
%
|
Portfolio Composition4
|
|||||||
(as a % of total investments)
|
|||||||
Transportation
|
20.7
|
%
|
|||||
Health Care
|
18.1
|
%
|
|||||
Tax Obligation/General
|
12.4
|
%
|
|||||
Tax Obligation/Limited
|
11.2
|
%
|
|||||
U.S. Guaranteed
|
7.8
|
%
|
|||||
Water and Sewer
|
7.8
|
%
|
|||||
Education and Civic Organizations
|
6.0
|
%
|
|||||
Consumer Staples
|
4.8
|
%
|
|||||
Other
|
11.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
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%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0156 per share.
|
3
|
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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
4
|
Holdings are subject to change.
|
Nuveen Investments
|
19
|
NPP
|
Shareholder Meeting Report
|
|
NMA
|
||
NMO
|
The annual meeting of shareholders was held on July 25, 2011 in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL360606; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies.3 The meeting was subsequently adjourned to August 31, 2011 and additionally adjourned to October 19, 2011 for NAD and NZF.
|
NPP | NMA |
NMO
|
||||||||||
Common and
|
Common and
|
Common and
|
||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
|||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
|||||||
together
|
together
|
together
|
together
|
together
|
together
|
|||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
|||||||
Approval of the Board Members was reached as follows:
|
||||||||||||
John P. Amboian
|
||||||||||||
For
|
34,875,950
|
—
|
23,863,354
|
—
|
29,803,657
|
—
|
||||||
Withhold
|
951,113
|
—
|
740,942
|
—
|
1,054,465
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Robert P. Bremner
|
||||||||||||
For
|
34,897,378
|
—
|
23,839,715
|
—
|
29,787,708
|
—
|
||||||
Withhold
|
929,685
|
—
|
764,581
|
—
|
1,070,414
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Jack B. Evans
|
||||||||||||
For
|
34,886,782
|
—
|
23,816,397
|
—
|
29,795,694
|
—
|
||||||
Withhold
|
940,281
|
—
|
787,899
|
—
|
1,062,428
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
William C. Hunter
|
||||||||||||
For
|
—
|
4,217
|
—
|
2,268
|
—
|
2,759
|
||||||
Withhold
|
—
|
—
|
—
|
200
|
—
|
500
|
||||||
Total
|
—
|
4,217
|
—
|
2,468
|
—
|
3,259
|
||||||
David J. Kundert
|
||||||||||||
For
|
34,848,754
|
—
|
23,821,753
|
—
|
29,778,726
|
—
|
||||||
Withhold
|
978,309
|
—
|
782,543
|
—
|
1,079,396
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
William J. Schneider
|
||||||||||||
For
|
—
|
4,217
|
—
|
2,268
|
—
|
2,759
|
||||||
Withhold
|
—
|
—
|
—
|
200
|
—
|
500
|
||||||
Total
|
—
|
4,217
|
—
|
2,468
|
—
|
3,259
|
||||||
Judith M. Stockdale
|
||||||||||||
For
|
34,803,303
|
—
|
23,785,129
|
—
|
29,757,569
|
—
|
||||||
Withhold
|
1,023,760
|
—
|
819,167
|
—
|
1,100,553
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Carole E. Stone
|
||||||||||||
For
|
34,818,467
|
—
|
23,795,016
|
—
|
29,752,357
|
—
|
||||||
Withhold
|
1,008,596
|
—
|
809,280
|
—
|
1,105,765
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Virginia L. Stringer
|
||||||||||||
For
|
34,809,949
|
—
|
23,804,316
|
—
|
29,765,031
|
—
|
||||||
Withhold
|
1,017,114
|
—
|
799,980
|
—
|
1,093,091
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
||||||
Terence J. Toth
|
||||||||||||
For
|
34,860,178
|
—
|
23,813,751
|
—
|
29,798,668
|
—
|
||||||
Withhold
|
966,885
|
—
|
790,545
|
—
|
1,059,454
|
—
|
||||||
Total
|
35,827,063
|
—
|
24,604,296
|
—
|
30,858,122
|
—
|
20
|
Nuveen Investments
|
NPP | NMA |
NMO
|
||||||||||
Common and
|
Common and
|
Common and
|
||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
|||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
|||||||
together
|
together
|
together
|
together
|
together
|
together
|
|||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
|||||||
To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans
|
||||||||||||
For
|
27,101,041
|
4,217
|
17,986,543
|
2,468
|
22,828,900
|
3,259
|
||||||
Against
|
1,350,007
|
—
|
1,056,435
|
—
|
1,426,961
|
—
|
||||||
Abstain
|
853,354
|
—
|
551,228
|
—
|
707,764
|
—
|
||||||
Broker Non-Votes
|
6,522,661
|
—
|
5,010,090
|
—
|
5,894,497
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
24,604,296
|
2,468
|
30,858,122
|
3,259
|
||||||
To approve the new fundamental investment policy relating to the Fund’s ability to make loans
|
||||||||||||
For
|
27,037,448
|
4,217
|
17,934,224
|
2,468
|
22,626,474
|
3,259
|
||||||
Against
|
1,409,990
|
—
|
1,112,165
|
—
|
1,501,503
|
—
|
||||||
Abstain
|
856,363
|
—
|
547,817
|
—
|
835,648
|
—
|
||||||
Broker Non-Votes
|
6,523,262
|
—
|
5,010,090
|
—
|
5,894,497
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
24,604,296
|
2,468
|
30,858,122
|
3,259
|
||||||
To approve the elimination of the Fund’s fundamental policy relating to investments in municipal securities and below investment grade securities.
|
||||||||||||
For
|
26,985,248
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,491,541
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
827,012
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,262
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the new fundamental policy relating to investments in municipal securities for the Fund.
|
||||||||||||
For
|
27,191,240
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,288,668
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
823,892
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,263
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the elimination of the fundamental policy relating to investing in other investment companies.
|
||||||||||||
For
|
27,116,616
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,388,228
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
798,956
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,263
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the elimination of the fundamental policy relating to derivatives and short sales.
|
||||||||||||
For
|
26,982,716
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,470,989
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
847,335
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,526,023
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the elimination of the fundamental policy relating to commodities.
|
||||||||||||
For
|
27,040,144
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,419,923
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
843,733
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,263
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
||||||
To approve the new fundamental policy relating to commodities.
|
||||||||||||
For
|
27,051,898
|
4,217
|
—
|
—
|
—
|
—
|
||||||
Against
|
1,405,466
|
—
|
—
|
—
|
—
|
—
|
||||||
Abstain
|
846,435
|
—
|
—
|
—
|
—
|
—
|
||||||
Broker Non-Votes
|
6,523,264
|
—
|
—
|
—
|
—
|
—
|
||||||
Total
|
35,827,063
|
4,217
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
21
|
NAD
|
Shareholder Meeting Report (continued)
|
|
NXZ
|
||
NZF
|
NAD | NXZ | NZF | |||||||||||
Common and
|
Common and
|
Common and
|
|||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||
together
|
together
|
together
|
together
|
together
|
together
|
||||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
John P. Amboian
|
|||||||||||||
For
|
32,678,056
|
—
|
19,233,897
|
—
|
30,134,574
|
—
|
|||||||
Withhold
|
2,823,882
|
—
|
485,309
|
—
|
2,295,695
|
—
|
|||||||
Total
|
35,501,938
|
—
|
19,719,206
|
—
|
32,430,269
|
—
|
|||||||
Robert P. Bremner
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Jack B. Evans
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
6,063,605
|
—
|
980
|
—
|
2,696,551
|
|||||||
Withhold
|
—
|
1,814,505
|
—
|
890
|
—
|
1,148,402
|
|||||||
Total
|
—
|
7,878,110
|
—
|
1,870
|
—
|
3,844,953
|
|||||||
David J. Kundert
|
|||||||||||||
For
|
32,651,010
|
—
|
19,231,909
|
—
|
30,060,207
|
—
|
|||||||
Withhold
|
2,850,928
|
—
|
487,297
|
—
|
2,370,062
|
—
|
|||||||
Total
|
35,501,938
|
—
|
19,719,206
|
—
|
32,430,269
|
—
|
|||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
6,057,605
|
—
|
980
|
—
|
2,675,551
|
|||||||
Withhold
|
—
|
1,820,505
|
—
|
890
|
—
|
1,169,402
|
|||||||
Total
|
—
|
7,878,110
|
—
|
1,870
|
—
|
3,844,953
|
|||||||
Judith M. Stockdale
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Carole E. Stone
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Virginia L. Stringer
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Withhold
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Total
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||
Terence J. Toth
|
|||||||||||||
For
|
32,673,584
|
—
|
19,235,559
|
—
|
30,098,334
|
—
|
|||||||
Withhold
|
2,828,354
|
—
|
483,647
|
—
|
2,331,935
|
—
|
|||||||
Total
|
35,501,938
|
—
|
19,719,206
|
—
|
32,430,269
|
—
|
22
|
Nuveen Investments
|
NAD | NXZ | NZF | |||||||||||
Common and
|
Common and
|
Common and
|
|||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||
together
|
together
|
together
|
together
|
together
|
together
|
||||||||
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
as a class
|
||||||||
To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans
|
|||||||||||||
For
|
27,540,704
|
6,014,727
|
14,235,647
|
1,870
|
24,332,520
|
3,078,116
|
|||||||
Against
|
1,672,565
|
386,013
|
907,917
|
—
|
1,824,471
|
194,744
|
|||||||
Abstain
|
873,794
|
161,847
|
424,813
|
—
|
795,844
|
128,287
|
|||||||
Broker Non-Votes
|
5,877,009
|
1,739,090
|
4,150,829
|
—
|
5,793,428
|
721,043
|
|||||||
Total
|
35,964,072
|
8,301,677
|
19,719,206
|
1,870
|
32,746,263
|
4,122,190
|
|||||||
To approve the new fundamental investment policy relating to the Fund’s ability to make loans
|
|||||||||||||
For
|
27,473,416
|
6,010,227
|
14,210,274
|
1,870
|
24,285,290
|
3,060,616
|
|||||||
Against
|
1,737,153
|
390,505
|
922,397
|
—
|
1,847,956
|
212,244
|
|||||||
Abstain
|
876,494
|
161,855
|
435,704
|
—
|
819,589
|
128,287
|
|||||||
Broker Non-Votes
|
5,877,009
|
1,739,090
|
4,150,831
|
—
|
5,793,428
|
721,043
|
|||||||
Total
|
35,964,072
|
8,301,677
|
19,719,206
|
1,870
|
32,746,263
|
4,122,190
|
Nuveen Investments
|
23
|
24
|
Nuveen Investments
|
Nuveen Performance Plus Municipal Fund, Inc.
|
||
NPP
|
Portfolio of Investments
|
|
October 31, 2011
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Alabama – 0.2% (0.2% of Total Investments)
|
|||||||||
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A:
|
|||||||||
$
|
1,435
|
5.625%, 2/01/22 – FGIC Insured
|
1/12 at 100.00
|
Caa3
|
$
|
1,036,084
|
|||
1,505
|
5.375%, 2/01/27 – FGIC Insured
|
1/12 at 100.00
|
Caa3
|
1,087,062
|
|||||
2,940
|
Total Alabama
|
2,123,146
|
|||||||
Alaska – 0.8% (0.5% of Total Investments)
|
|||||||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
|
|||||||||
7,500
|
5.000%, 6/01/32
|
6/14 at 100.00
|
B2
|
5,364,525
|
|||||
2,465
|
5.000%, 6/01/46
|
6/14 at 100.00
|
B2
|
1,562,588
|
|||||
9,965
|
Total Alaska
|
6,927,113
|
|||||||
Arizona – 2.2% (1.5% of Total Investments)
|
|||||||||
1,000
|
Arizona State Transportation Board, Highway Revenue Bonds, Series 2002B, 5.250%, 7/01/22 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
AAA
|
1,033,590
|
|||||
7,780
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
No Opt. Call
|
A+
|
7,969,132
|
|||||
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B:
|
|||||||||
5,365
|
5.750%, 7/01/15 – FGIC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA–
|
5,501,217
|
|||||
5,055
|
5.750%, 7/01/16 – FGIC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA–
|
5,172,428
|
|||||
19,200
|
Total Arizona
|
19,676,367
|
|||||||
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
|
5/13 at 100.00
|
N/R
|
3,528,619
|
|||||
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
|
1,004,830
|
|||||
6,080
|
Total Arkansas
|
4,533,449
|
|||||||
California – 21.6% (14.6% of Total Investments)
|
|||||||||
3,500
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue
Bonds, Series 2004A, 0.000%, 10/01/25 – AMBAC Insured |
10/17 at 100.00
|
A–
|
3,119,410
|
|||||
15,870
|
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured
|
No Opt. Call
|
AA–
|
10,102,366
|
|||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:
|
|||||||||
4,000
|
6.000%, 5/01/15 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
4,155,960
|
|||||
3,175
|
5.375%, 5/01/22 (Pre-refunded 5/01/12)
|
5/12 at 101.00
|
Aaa
|
3,288,887
|
|||||
3,365
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
|
3/13 at 100.00
|
A
|
3,297,734
|
|||||
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+
|
4,897,600
|
|||||
7,000
|
5.250%, 4/01/39
|
4/16 at 100.00
|
A+
|
7,020,160
|
|||||
2,330
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,277,016
|
|||||
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
|
3,837,492
|
|||||
5,000
|
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
|
3/16 at 100.00
|
A1
|
5,062,750
|
|||||
10,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
10,003,400
|
|||||
16,000
|
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
16,034,080
|
|||||
6,435
|
California, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
|
No Opt. Call
|
A1
|
7,503,854
|
|||||
5,000
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
|
8/18 at 100.00
|
AA+
|
4,605,000
|
Nuveen Investments
|
25
|
Nuveen Performance Plus Municipal Fund, Inc. (continued)
|
||
NPP |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
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
|
Aa2
|
$
|
2,652,736
|
|||
10,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
10,974,000
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
2,600
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BBB–
|
2,103,920
|
|||||
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB+
|
976,800
|
|||||
10,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB+
|
6,379,100
|
|||||
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
|
5,252,950
|
|||||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2003A:
|
|||||||||
3,390
|
5.000%, 7/01/38 – FGIC Insured
|
7/12 at 100.00
|
AA
|
3,396,272
|
|||||
5,500
|
5.125%, 7/01/40 – FGIC Insured
|
7/12 at 100.00
|
AA
|
5,554,285
|
|||||
2,495
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
|
No Opt. Call
|
AA
|
2,730,378
|
|||||
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
|
3,722,367
|
|||||
1,000
|
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
|
12/11 at 100.00
|
N/R (4)
|
1,155,130
|
|||||
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+
|
2,076,060
|
|||||
13,450
|
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
|
Baa1
|
15,108,385
|
|||||
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
|
2,978,790
|
|||||
2,525
|
Palmdale, California, Certificates of Participation, Park Improvement and Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured
|
9/12 at 102.00
|
A1
|
2,370,874
|
|||||
4,795
|
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
|
No Opt. Call
|
A+
|
4,836,333
|
|||||
2,100
|
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
|
Baa1
|
2,102,961
|
|||||
1,830
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.608%, 2/01/33 (IF)
|
8/19 at 100.00
|
Aa2
|
2,496,413
|
|||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
7,210
|
0.000%, 1/15/23 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,998,495
|
|||||
12,500
|
0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,245,375
|
|||||
3,000
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa1
|
421,830
|
|||||
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
|
Aa1
|
1,828,803
|
|||||
3,020
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
|
6/15 at 100.00
|
BBB
|
2,598,770
|
|||||
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+
|
1,248,671
|
|||||
3,000
|
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
|
5/13 at 101.00
|
AA+
|
3,148,050
|
|||||
5,245
|
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
|
8/15 at 100.00
|
A+
|
5,358,712
|
|||||
10,415
|
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Refunding Bonds, Series 1997A, 7.200%, 2/01/16 – NPFG Insured
|
2/12 at 103.00
|
AA–
|
10,897,839
|
|||||
222,450
|
Total California
|
192,820,008
|
26
|
Nuveen Investments
|
Principal
|
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Colorado – 8.9% (6.0% of Total Investments)
|
|||||||||
$
|
5,240
|
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 – AGM Insured
|
12/15 at 100.00
|
AA+
|
$
|
5,736,804
|
|||
3,000
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 – SYNCORA GTY Insured
|
8/14 at 100.00
|
A
|
2,954,670
|
|||||
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
|
BBB+
|
1,810,400
|
|||||
10,000
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
No Opt. Call
|
AA
|
9,887,500
|
|||||
20,000
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
21,715,000
|
|||||
13,055
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
|
No Opt. Call
|
Baa1
|
7,172,025
|
|||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
16,200
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,906,630
|
|||||
33,120
|
0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
Baa1
|
7,412,918
|
|||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
|
|||||||||
5,000
|
0.000%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
Baa1
|
1,647,500
|
|||||
18,500
|
0.000%, 3/01/36 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,418,615
|
|||||
755
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
854,607
|
|||||
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
|
5,356,000
|
|||||
3,750
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
3,820,838
|
|||||
3,315
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
3,546,719
|
|||||
138,935
|
Total Colorado
|
79,240,226
|
|||||||
District of Columbia – 1.5% (1.0% of Total Investments)
|
|||||||||
4,395
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
|
11/11 at 101.00
|
A1
|
4,397,154
|
|||||
4,245
|
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
|
4/15 at 100.00
|
AA–
|
4,302,647
|
|||||
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
|
4,740,250
|
|||||
13,640
|
Total District of Columbia
|
13,440,051
|
|||||||
Florida – 7.1% (4.8% of Total Investments)
|
|||||||||
1,700
|
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured
|
5/12 at 102.00
|
N/R
|
1,529,269
|
|||||
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)
|
1/12 at 100.00
|
AA+
|
1,545,572
|
|||||
1,805
|
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA+
|
1,805,632
|
|||||
5,300
|
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14
|
No Opt. Call
|
AA+
|
5,954,709
|
|||||
3,820
|
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+
|
3,841,889
|
|||||
7,000
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.250%, 10/01/17 – NPFG Insured (Alternative Minimum Tax)
|
10/13 at 100.00
|
A+
|
7,392,350
|
|||||
1,120
|
Jacksonville, Florida, Capital Improvement Revenue Bonds, Series 1998 Refunding, Stadium Project, 4.750%, 10/01/25 – AMBAC Insured
|
4/12 at 100.00
|
N/R
|
1,119,955
|
|||||
10,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured (UB)
|
4/15 at 100.00
|
Aa2
|
10,221,500
|
|||||
10,750
|
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
|
12/11 at 100.00
|
BB+
|
10,783,540
|
Nuveen Investments
|
27
|
Nuveen Performance Plus Municipal Fund, Inc. (continued)
|
||
NPP |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Florida (continued)
|
|||||||||
$
|
3,500
|
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
|
A2
|
$
|
3,326,785
|
|||
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
|
A2
|
5,149,650
|
|||||
2,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/27
|
10/20 at 100.00
|
A2
|
2,591,825
|
|||||
1,665
|
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26
|
10/19 at 100.00
|
A
|
1,676,772
|
|||||
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
|
Baa1
|
1,893,520
|
|||||
4,700
|
5.000%, 7/01/40 – NPFG Insured
|
7/17 at 100.00
|
Baa1
|
4,311,968
|
|||||
62,405
|
Total Florida
|
63,144,936
|
|||||||
Georgia – 1.4% (1.0% of Total Investments)
|
|||||||||
5,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
|
No Opt. Call
|
A1
|
5,793,050
|
|||||
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
|
N/R
|
2,065,520
|
|||||
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+
|
2,741,600
|
|||||
2,000
|
George L. Smith II World Congress Center Authority, Atlanta, Georgia, Revenue Refunding Bonds, Domed Stadium Project, Series 200, 5.500%, 7/01/20 – NPFG Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
Baa1
|
2,003,240
|
|||||
11,500
|
Total Georgia
|
12,603,410
|
|||||||
Idaho – 0.0% (0.0% of Total Investments)
|
|||||||||
200
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax)
|
1/12 at 100.00
|
A1
|
203,900
|
|||||
275
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000G-2, 5.950%, 7/01/25 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aa2
|
288,222
|
|||||
475
|
Total Idaho
|
492,122
|
|||||||
Illinois – 27.1% (18.3% of Total Investments)
|
|||||||||
1,470
|
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 (WI/DD, Settling 11/01/11)
|
12/12 at 100.00
|
AA–
|
1,470,515
|
|||||
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–
|
7,300,900
|
|||||
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–
|
6,906,800
|
|||||
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
|
|||||||||
32,170
|
0.000%, 1/01/21 – FGIC Insured
|
No Opt. Call
|
Aa3
|
21,307,800
|
|||||
32,670
|
0.000%, 1/01/22 – FGIC Insured
|
No Opt. Call
|
Aa3
|
20,381,833
|
|||||
9,240
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured
|
1/12 at 100.00
|
A
|
9,246,745
|
|||||
1,665
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 – FGIC Insured
|
1/16 at 100.00
|
A1
|
1,675,140
|
|||||
5,325
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
5,504,879
|
|||||
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
|
|||||||||
8,000
|
0.000%, 11/01/18
|
No Opt. Call
|
AAA
|
6,490,320
|
|||||
15,285
|
0.000%, 11/01/19
|
No Opt. Call
|
AAA
|
11,787,028
|
|||||
5,000
|
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33
|
7/13 at 100.00
|
Aa1
|
5,063,050
|
|||||
1,500
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
1,555,455
|
|||||
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–
|
2,017,680
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
$
|
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.132%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
$
|
5,567,148
|
|||
3,000
|
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
|
No Opt. Call
|
A+
|
3,044,520
|
|||||
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
2,634,500
|
|||||
1,000
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
|
7/14 at 100.00
|
Aa1
|
1,026,630
|
|||||
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
|
2,294,933
|
|||||
3,000
|
5.500%, 8/15/30
|
8/18 at 100.00
|
BBB
|
2,762,280
|
|||||
4,990
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
|
5/17 at 100.00
|
Baa3
|
4,559,912
|
|||||
4,590
|
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37
|
8/13 at 100.00
|
Aa2
|
4,607,901
|
|||||
1,195
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 5.750%, 7/01/29
|
7/12 at 100.00
|
AA+
|
1,207,798
|
|||||
3,610
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33
|
7/13 at 100.00
|
AA+
|
3,680,359
|
|||||
1,900
|
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15 (Mandatory put 8/15/12)
|
2/12 at 100.00
|
BBB+
|
1,902,489
|
|||||
7,250
|
Kane, Kendall, LaSalle, and Will Counties, Illinois, Community College District 516, General Obligation Bonds, Series 2005E, 0.000%, 12/15/24 – FGIC Insured
|
12/13 at 57.71
|
AA+
|
3,714,465
|
|||||
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
5,007,750
|
|||||
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
|
14,558,870
|
|||||
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–
|
7,140,334
|
|||||
16,570
|
0.000%, 12/15/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
11,140,342
|
|||||
23,680
|
0.000%, 12/15/22 – NPFG Insured
|
No Opt. Call
|
AA–
|
13,925,261
|
|||||
13,190
|
0.000%, 12/15/24 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,723,207
|
|||||
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
|
5,697,771
|
|||||
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)
|
6,335,762
|
|||||
3,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.750%, 6/15/23 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
3,107,880
|
|||||
2,685
|
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
|
2/20 at 100.00
|
AA+
|
2,745,815
|
|||||
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+
|
21,363,860
|
|||||
2,250
|
Valley View Public Schools, Community Unit School District 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 – NPFG Insured
|
No Opt. Call
|
AA
|
1,062,473
|
|||||
10,000
|
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
|
Aa2
|
5,846,400
|
|||||
299,425
|
Total Illinois
|
242,366,805
|
|||||||
Indiana – 2.6% (1.8% of Total Investments)
|
|||||||||
3,000
|
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
|
8/16 at 100.00
|
Baa3
|
2,713,320
|
|||||
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
|
A+
|
777,690
|
|||||
1,305
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A
|
1,309,711
|
Nuveen Investments
|
29
|
Nuveen Performance Plus Municipal Fund, Inc. (continued)
|
||
NPP |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Indiana (continued)
|
|||||||||
$
|
1,570
|
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+
|
$
|
1,726,984
|
|||
4,320
|
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
|
1/12 at 100.00
|
BBB (4)
|
4,336,070
|
|||||
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
|
BBB+
|
2,953,410
|
|||||
2,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 – AMBAC Insured
|
5/15 at 100.00
|
A
|
1,955,380
|
|||||
3,105
|
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.250%, 8/01/20 (Pre-refunded 8/01/13) – FGIC Insured
|
8/13 at 100.00
|
Aaa
|
3,367,217
|
|||||
2,395
|
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/26 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
2,447,474
|
|||||
1,800
|
Sunman Dearborn High School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/25 – NPFG Insured
|
1/15 at 100.00
|
AA+
|
1,885,788
|
|||||
23,245
|
Total Indiana
|
23,473,044
|
|||||||
Iowa – 1.8% (1.2% 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+
|
1,358,385
|
|||||
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|||||||||
5,000
|
5.375%, 6/01/38
|
6/15 at 100.00
|
BBB
|
3,666,000
|
|||||
4,465
|
5.500%, 6/01/42
|
6/15 at 100.00
|
BBB
|
3,235,071
|
|||||
5,400
|
5.625%, 6/01/46
|
6/15 at 100.00
|
BBB
|
3,874,284
|
|||||
4,500
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
3,785,535
|
|||||
20,865
|
Total Iowa
|
15,919,275
|
|||||||
Kansas – 0.7% (0.5% of Total Investments)
|
|||||||||
3,790
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/23 (UB)
|
3/14 at 100.00
|
AAA
|
4,092,518
|
|||||
3,730
|
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
|
BBB
|
2,240,089
|
|||||
7,520
|
Total Kansas
|
6,332,607
|
|||||||
Louisiana – 3.1% (2.1% of Total Investments)
|
|||||||||
385
|
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
|
4/12 at 100.00
|
Aaa
|
385,412
|
|||||
4,000
|
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/25 – NPFG Insured
|
11/14 at 100.00
|
A+
|
4,347,680
|
|||||
4,750
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
|
7/14 at 100.00
|
Baa1
|
4,864,048
|
|||||
1,000
|
Louisiana State University and Agricultural and Mechanical College Board of Supervisors, Auxiliary Revenue Bonds, University Health Sciences Center Projects, Series 2000, 6.375%, 5/01/31 – NPFG Insured
|
5/12 at 100.00
|
Baa1
|
1,008,450
|
|||||
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
|
|||||||||
7,530
|
5.500%, 5/15/30
|
11/11 at 101.00
|
A1
|
7,539,714
|
|||||
9,655
|
5.875%, 5/15/39
|
11/11 at 101.00
|
A–
|
9,661,372
|
|||||
27,320
|
Total Louisiana
|
27,806,676
|
|||||||
Maine – 0.8% (0.5% of Total Investments)
|
|||||||||
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
1,083,705
|
|||||
5,680
|
Portland, Maine, Airport Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
|
7/13 at 100.00
|
AA+
|
5,837,336
|
|||||
6,730
|
Total Maine
|
6,921,041
|
30
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Maryland – 1.4% (0.9% of Total Investments)
|
|||||||||
$
|
2,550
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
|
No Opt. Call
|
BBB–
|
$
|
2,620,380
|
|||
7,720
|
Maryland Transportation Authority, Airport Parking Revenue Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/20 – AMBAC Insured (Alternative Minimum Tax)
|
3/12 at 101.00
|
A2
|
7,837,730
|
|||||
1,555
|
Takoma Park, Maryland, Hospital Facilities Revenue Refunding and Improvement Bonds, Washington Adventist Hospital, Series 1995, 6.500%, 9/01/12 – AGM Insured (ETM)
|
No Opt. Call
|
AA– (4)
|
1,631,102
|
|||||
11,825
|
Total Maryland
|
12,089,212
|
|||||||
Massachusetts – 4.4% (3.0% 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
|
6,498,063
|
|||||
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
|
|||||||||
4,000
|
5.125%, 8/01/28 – NPFG Insured
|
2/12 at 100.00
|
Baa1
|
3,995,200
|
|||||
5,625
|
5.125%, 2/01/34 – NPFG Insured
|
2/12 at 100.00
|
Baa1
|
5,625,056
|
|||||
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+
|
9,198,626
|
|||||
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–
|
495,655
|
|||||
1,645
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Southcoast Health System Obligated Group, Series 1998A, 4.750%, 7/01/27 – NPFG Insured
|
1/12 at 100.00
|
A2
|
1,556,943
|
|||||
5,745
|
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
|
12/11 at 100.00
|
A–
|
5,763,269
|
|||||
890
|
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.250%, 11/01/30 (Pre-refunded 11/01/12)
|
11/12 at 100.00
|
AA+ (4)
|
932,862
|
|||||
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:
|
|||||||||
1,255
|
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
Aa1 (4)
|
1,323,724
|
|||||
3,745
|
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
Aa1 (4)
|
3,950,076
|
|||||
38,385
|
Total Massachusetts
|
39,339,474
|
|||||||
Michigan – 3.2% (2.2% of Total Investments)
|
|||||||||
5,000
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
4,955,150
|
|||||
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
|
Aa3
|
2,049,020
|
|||||
6,250
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
|
10/16 at 50.02
|
Aa3
|
2,180,563
|
|||||
5,000
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
5,083,150
|
|||||
7,115
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2003A, 5.500%, 3/01/16 (Pre-refunded 3/01/13)
|
3/13 at 100.00
|
A1 (4)
|
7,597,184
|
|||||
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
|
B2
|
2,735,789
|
|||||
2,500
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William Beaumont Hospital Obligated Group, Series 2009W, 6.375%, 8/01/29
|
8/19 at 100.00
|
A1
|
2,700,875
|
|||||
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,366,534
|
|||||
32,065
|
Total Michigan
|
28,668,265
|
|||||||
Minnesota – 2.2% (1.5% of Total Investments)
|
|||||||||
16,430
|
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured
|
11/15 at 103.00
|
AA+
|
19,711,564
|
Nuveen Investments
|
31
|
Nuveen Performance Plus Municipal Fund, Inc. (continued)
|
||
NPP |
Portfolio of Investments
|
Principal
|
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Mississippi – 1.4% (0.9% 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
|
4/12 at 100.00
|
BBB
|
$
|
9,798,750
|
|||
2,475
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
|
9/14 at 100.00
|
AA
|
2,550,240
|
|||||
12,225
|
Total Mississippi
|
12,348,990
|
|||||||
Missouri – 1.2% (0.8% of Total Investments)
|
|||||||||
2,000
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 – AGM Insured
|
10/13 at 100.00
|
AA+
|
2,025,980
|
|||||
6,350
|
Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B,
5.250%, 9/01/17 – FGIC Insured
|
9/12 at 100.00
|
A+
|
6,548,374
|
|||||
1,845
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.250%, 5/15/18
|
5/13 at 100.00
|
AA
|
1,939,925
|
|||||
10,195
|
Total Missouri
|
10,514,279
|
|||||||
Montana – 0.5% (0.4% of Total Investments)
|
|||||||||
225
|
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA+
|
229,032
|
|||||
4,795
|
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1998B, 5.500%, 12/01/31 (Alternative Minimum Tax)
|
12/11 at 100.00
|
A2
|
4,507,444
|
|||||
5,020
|
Total Montana
|
4,736,476
|
|||||||
Nevada – 5.2% (3.5% of Total Investments)
|
|||||||||
10,900
|
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) – NPFG Insured
|
6/12 at 100.00
|
AA (4)
|
11,257,629
|
|||||
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
|
Aa3
|
24,897,139
|
|||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
|
|||||||||
3,500
|
0.000%, 1/01/21 – AMBAC Insured
|
No Opt. Call
|
N/R
|
472,500
|
|||||
2,780
|
0.000%, 1/01/28 – AMBAC Insured
|
No Opt. Call
|
N/R
|
247,142
|
|||||
6,980
|
5.375%, 1/01/40 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
1,605,400
|
|||||
5,000
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A: 5.250%, 7/01/31
|
7/17 at 100.00
|
A
|
5,022,700
|
|||||
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.534%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
2,838,000
|
|||||
55,855
|
Total Nevada
|
46,340,510
|
|||||||
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
|
BBB+
|
4,914,400
|
|||||
New Jersey – 6.7% (4.5% of Total Investments)
|
|||||||||
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
|
BBB–
|
1,438,755
|
|||||
2,110
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
Aaa
|
2,117,364
|
|||||
4,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured
|
No Opt. Call
|
AA+
|
5,286,420
|
|||||
9,250
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/23 (Pre-refunded 6/15/13)
|
6/13 at 100.00
|
Aaa
|
10,016,270
|
|||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
10,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A+
|
3,288,100
|
|||||
38,000
|
0.000%, 12/15/33 – AGM Insured
|
No Opt. Call
|
AA–
|
10,550,700
|
|||||
10,000
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/20 – AGM Insured (UB)
|
7/13 at 100.00
|
AA–
|
10,559,300
|
|||||
7,655
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
7,900,955
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New Jersey (continued)
|
|||||||||
$
|
4,450
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
$
|
4,897,626
|
|||
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
|
BB+
|
3,360,350
|
|||||
92,465
|
Total New Jersey
|
59,415,840
|
|||||||
New York – 5.3% (3.6% of Total Investments)
|
|||||||||
5,500
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25
|
2/14 at 100.00
|
AAA
|
5,636,290
|
|||||
1,560
|
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
|
1/12 at 100.00
|
N/R
|
1,562,434
|
|||||
1,500
|
Dormitory Authority of the State of New York, Revenue Bonds, St. Barnabas Hospital, Series1997, 5.450%, 8/01/35 – AMBAC Insured
|
2/12 at 100.00
|
N/R
|
1,501,095
|
|||||
3,000
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
No Opt. Call
|
A
|
3,051,600
|
|||||
13,220
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.500%, 11/15/26 – AGM Insured
|
11/12 at 100.00
|
AA+
|
13,728,045
|
|||||
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–
|
13,712,608
|
|||||
2,000
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004B, 5.000%, 8/01/24
|
8/13 at 100.00
|
AAA
|
2,122,380
|
|||||
3,000
|
New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1998A, 5.950%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
3,001,290
|
|||||
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–
|
2,778,923
|
|||||
46,030
|
Total New York
|
47,094,665
|
|||||||
North Carolina – 1.6% (1.1% of Total Investments)
|
|||||||||
5,500
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.000%, 1/15/39
|
1/18 at 100.00
|
AA–
|
5,559,510
|
|||||
4,900
|
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)
|
5,551,651
|
|||||
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
|
3,565,065
|
|||||
13,900
|
Total North Carolina
|
14,676,226
|
|||||||
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
|
AA–
|
4,311,987
|
|||||
Ohio – 6.7% (4.5% 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
|
10,447,900
|
|||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
5,650
|
5.125%, 6/01/24
|
6/17 at 100.00
|
BB–
|
4,353,382
|
|||||
5,640
|
5.875%, 6/01/30
|
6/17 at 100.00
|
BB–
|
4,264,291
|
|||||
4,875
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
3,538,080
|
|||||
4,290
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BB–
|
3,126,809
|
|||||
14,830
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB–
|
10,534,935
|
|||||
10,300
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
7,195,065
|
|||||
6,720
|
Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 – AGM Insured
|
1/12 at 100.00
|
AA+
|
6,720,403
|
|||||
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–
|
2,524,206
|
Nuveen Investments
|
33
|
Nuveen Performance Plus Municipal Fund, Inc. (continued)
|
||
NPP |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Ohio (continued)
|
|||||||||
$
|
3,650
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
|
5/14 at 100.00
|
AA
|
$
|
3,692,267
|
|||
3,425
|
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2004, 5.000%, 2/15/19 – AMBAC Insured
|
2/14 at 100.00
|
A1
|
3,605,292
|
|||||
71,685
|
Total Ohio
|
60,002,630
|
|||||||
Pennsylvania – 3.5% (2.3% of Total Investments)
|
|||||||||
1,250
|
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
|
No Opt. Call
|
Aa3
|
1,299,213
|
|||||
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–
|
2,131,406
|
|||||
3,125
|
0.000%, 5/15/23 – AGM Insured
|
No Opt. Call
|
AA–
|
2,016,906
|
|||||
3,135
|
0.000%, 5/15/24 – AGM Insured
|
No Opt. Call
|
AA–
|
1,906,299
|
|||||
3,155
|
0.000%, 5/15/26 – AGM Insured
|
No Opt. Call
|
AA–
|
1,710,609
|
|||||
4,145
|
0.000%, 11/15/26 – AGM Insured
|
No Opt. Call
|
AA–
|
2,200,539
|
|||||
2,800
|
0.000%, 5/15/28 – AGM Insured
|
No Opt. Call
|
AA–
|
1,346,716
|
|||||
3,000
|
0.000%, 11/15/28 – AGM Insured
|
No Opt. Call
|
AA–
|
1,411,320
|
|||||
1,000
|
Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.500%, 1/01/13 (Alternative Minimum Tax)
|
1/12 at 100.00
|
CC
|
563,300
|
|||||
100
|
Pennsylvania Economic Development Financing Authority, Subordinate Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994C, 6.875%, 1/01/12 (Alternative Minimum Tax) (5)
|
No Opt. Call
|
N/R
|
23,980
|
|||||
5,000
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
4,246,550
|
|||||
11,890
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
12,092,249
|
|||||
41,725
|
Total Pennsylvania
|
30,949,087
|
|||||||
Puerto Rico – 3.3% (2.2% of Total Investments)
|
|||||||||
13,125
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
|
8/29 at 100.00
|
A+
|
9,400,650
|
|||||
8,625
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
8,754,203
|
|||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
25,000
|
0.000%, 8/01/47 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
2,610,250
|
|||||
64,335
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
4,165,048
|
|||||
3,750
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 3101, 18.382%, 8/01/57 (IF)
|
8/17 at 100.00
|
Aa2
|
4,174,800
|
|||||
114,835
|
Total Puerto Rico
|
29,104,951
|
|||||||
Rhode Island – 0.7% (0.5% of Total Investments)
|
|||||||||
2,000
|
Kent County Water Authority, Rhode Island, General Revenue Bonds, Series 2002A, 5.000%, 7/15/23 – NPFG Insured
|
7/12 at 100.00
|
A+
|
2,045,260
|
|||||
Rhode Island Health and Educational Building Corporation, Revenue Refunding Bonds, Salve Regina University, Series 2002:
|
|||||||||
1,260
|
5.250%, 3/15/17 – RAAI Insured
|
3/12 at 101.00
|
N/R
|
1,276,178
|
|||||
1,080
|
5.250%, 3/15/18 – RAAI Insured
|
3/12 at 101.00
|
N/R
|
1,092,949
|
|||||
1,735
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
|
6/12 at 100.00
|
BBB
|
1,735,763
|
|||||
6,075
|
Total Rhode Island
|
6,150,150
|
34
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
South Carolina – 1.9% (1.3% of Total Investments)
|
|||||||||
$
|
2,725
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/25 – NPFG Insured
|
8/14 at 100.00
|
Baa1
|
$
|
2,876,074
|
|||
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–
|
9,256,617
|
|||||
14,700
|
0.000%, 1/01/32 – AMBAC Insured
|
No Opt. Call
|
A–
|
4,765,005
|
|||||
44,380
|
Total South Carolina
|
16,897,696
|
|||||||
Tennessee – 1.1% (0.7% of Total Investments)
|
|||||||||
2,860
|
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
|
Baa1 (4)
|
2,870,039
|
|||||
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
|
6,569,100
|
|||||
8,860
|
Total Tennessee
|
9,439,139
|
|||||||
Texas – 6.9% (4.7% 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
|
A1
|
5,089,600
|
|||||
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
|
Baa2
|
2,575,150
|
|||||
1,000
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
|
1/21 at 100.00
|
BBB–
|
1,009,510
|
|||||
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005:
|
|||||||||
4,000
|
5.000%, 1/01/35 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
3,579,680
|
|||||
13,000
|
5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
11,241,880
|
|||||
3,000
|
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30
|
No Opt. Call
|
AAA
|
3,168,600
|
|||||
3,500
|
Fort Bend County, Texas, General Obligation Bonds, Toll Road Series 2006, 5.000%, 3/01/32 – NPFG Insured
|
9/13 at 100.00
|
AA+
|
3,568,215
|
|||||
1,805
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
|
11/11 at 100.00
|
Baa1
|
1,509,955
|
|||||
4,000
|
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003, 5.000%, 2/15/27 (Pre-refunded 2/15/13) – AMBAC Insured (UB)
|
2/13 at 100.00
|
AA+ (4)
|
4,239,760
|
|||||
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
|
AA
|
3,037,176
|
|||||
1,600
|
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
|
7/18 at 100.00
|
AA–
|
1,701,104
|
|||||
33,855
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/40
|
8/14 at 23.67
|
AAA
|
6,972,776
|
|||||
19,300
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/41
|
8/17 at 24.20
|
AAA
|
3,500,248
|
|||||
3,480
|
Pearland, Texas, General Obligation Bonds, Series 2002, 5.000%, 3/01/27 (Pre-refunded 3/01/12) – FGIC Insured
|
3/12 at 100.00
|
AA– (4)
|
3,535,750
|
|||||
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
|
A1
|
2,957,453
|
|||||
4,000
|
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.000%, 3/01/22 – AGM Insured
|
3/13 at 100.00
|
AAA
|
4,181,600
|
|||||
106,815
|
Total Texas
|
61,868,457
|
Nuveen Investments
|
35
|
Nuveen Performance Plus Municipal Fund, Inc. (continued)
|
||
NPP |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utah – 1.1% (0.7% 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+
|
$
|
3,045,210
|
|||
1,335
|
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA–
|
1,354,398
|
|||||
335
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000D-1, 6.050%, 7/01/14 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA–
|
341,251
|
|||||
465
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA
|
465,405
|
|||||
425
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA–
|
432,807
|
|||||
615
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA
|
615,344
|
|||||
445
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aaa
|
457,887
|
|||||
3,000
|
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2002C, 5.250%, 10/01/28 (Pre-refunded 10/01/12) – AMBAC Insured
|
10/12 at 100.00
|
N/R (4)
|
3,135,390
|
|||||
9,620
|
Total Utah
|
9,847,692
|
|||||||
Virgin Islands – 0.7% (0.5% of Total Investments)
|
|||||||||
4,700
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/33 – RAAI Insured
|
10/14 at 100.00
|
BBB+
|
4,451,276
|
|||||
2,500
|
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
|
1/14 at 100.00
|
Ba2
|
2,299,350
|
|||||
7,200
|
Total Virgin Islands
|
6,750,626
|
|||||||
Virginia – 2.3% (1.6% of Total Investments)
|
|||||||||
18,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
|
10/28 at 100.00
|
BBB+
|
12,054,240
|
|||||
10,500
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
|
10/26 at 100.00
|
AA–
|
8,622,075
|
|||||
28,500
|
Total Virginia
|
20,676,315
|
|||||||
Washington – 3.6% (2.4% 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+
|
6,183,202
|
|||||
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, Series 2004:
|
|||||||||
465
|
5.000%, 9/01/22 – FGIC Insured
|
9/14 at 100.00
|
A1
|
486,003
|
|||||
3,100
|
5.000%, 9/01/28 – FGIC Insured
|
9/14 at 100.00
|
A1
|
3,169,997
|
|||||
5,000
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB)
|
7/13 at 100.00
|
Aa1
|
5,391,300
|
|||||
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
|
2,082,619
|
|||||
10,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured (UB)
|
10/16 at 100.00
|
AA
|
9,717,400
|
|||||
5,000
|
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Kline Galland Center, Series 1999, 6.000%, 7/01/29 – RAAI Insured
|
1/12 at 100.00
|
N/R
|
5,001,047
|
|||||
37,800
|
Total Washington
|
32,031,568
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Wisconsin – 1.7% (1.2% of Total Investments)
|
|||||||||
$
|
11,620
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1999, 6.250%, 2/15/29 – RAAI Insured
|
2/12 at 100.00
|
BBB+
|
$
|
11,624,762
|
|||
4,015
|
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2005C, 4.875%, 3/01/36 (Alternative Minimum Tax) (UB)
|
9/14 at 100.00
|
AA
|
3,946,745
|
|||||
15,635
|
Total Wisconsin
|
15,571,507
|
|||||||
$
|
1,709,130
|
Total Investments (cost $1,278,507,478) – 148.0%
|
1,321,271,982
|
||||||
Floating Rate Obligations – (4.5)%
|
(40,020,000
|
) | |||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (47.2)% (6)
|
(421,700,000
|
) | |||||||
Other Assets Less Liabilities – 3.7%
|
33,050,560
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
892,602,542
|
(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. Bonds backed by U.S. Government or agency securities are given 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 bond, 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)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.9%.
|
|
N/R | Not rated. | |
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
37
|
Nuveen Municipal Advantage Fund, Inc.
|
||
NMA
|
Portfolio of Investments
|
|
October 31, 2011
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Alabama – 0.8% (0.5% of Total Investments)
|
|||||||||
$
|
5,155
|
Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)
|
5/12 at 100.00
|
BBB
|
$
|
5,151,701
|
|||
Alaska – 0.8% (0.6% of Total Investments)
|
|||||||||
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
|
|||||||||
1,125
|
5.250%, 12/01/34 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
1,149,649
|
|||||
1,280
|
5.250%, 12/01/41 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
1,303,949
|
|||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
|
|||||||||
795
|
4.625%, 6/01/23
|
6/14 at 100.00
|
Ba1
|
734,024
|
|||||
3,250
|
5.000%, 6/01/46
|
6/14 at 100.00
|
B2
|
2,060,208
|
|||||
6,450
|
Total Alaska
|
5,247,830
|
|||||||
Arizona – 3.1% (2.1% 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
|
No Opt. Call
|
AA–
|
3,661,431
|
|||||
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
|
4,948,851
|
|||||
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–
|
11,051,174
|
|||||
19,070
|
Total Arizona
|
19,661,456
|
|||||||
California – 20.8% (13.9% of Total Investments)
|
|||||||||
3,500
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 – AMBAC Insured
|
10/17 at 100.00
|
A–
|
3,119,410
|
|||||
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
|
|||||||||
4,070
|
0.000%, 8/01/32 – FGIC Insured
|
No Opt. Call
|
A
|
1,058,078
|
|||||
6,410
|
0.000%, 8/01/34 – FGIC Insured
|
No Opt. Call
|
A
|
1,461,865
|
|||||
3,000
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
|
3/13 at 100.00
|
A
|
2,940,030
|
|||||
7,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.125%, 6/01/29
|
6/14 at 100.00
|
A2
|
7,524,825
|
|||||
11,200
|
California State, General Obligation Bonds, Series 2003, 5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
11,499,488
|
|||||
4,250
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
4,349,450
|
|||||
16,000
|
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
16,034,080
|
|||||
2,750
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
3,128,648
|
|||||
9,955
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 0.000%, 9/01/31 – FGIC Insured
|
No Opt. Call
|
BBB
|
2,524,389
|
|||||
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
|
Aa3
|
999,400
|
|||||
3,795
|
0.000%, 2/01/37 – FGIC Insured
|
No Opt. Call
|
Aa3
|
768,260
|
|||||
6,775
|
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
|
8,846,118
|
|||||
8,145
|
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/25 – FGIC Insured
|
8/13 at 55.54
|
Aa1
|
3,885,002
|
|||||
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
|
A+
|
910,503
|
|||||
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
|
No Opt. Call
|
Aa3
|
1,307,712
|
|||||
2,315
|
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
|
No Opt. Call
|
A1
|
619,494
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
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+
|
$
|
1,387,320
|
|||
1,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
|
6/17 at 100.00
|
BB+
|
651,200
|
|||||
5,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2003A, 5.125%, 7/01/40 – FGIC Insured
|
7/12 at 100.00
|
AA
|
5,049,350
|
|||||
1,275
|
Madera Unified School District, Madera County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/23 – AGM Insured
|
8/12 at 100.00
|
AA+
|
1,310,330
|
|||||
2,200
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
2,481,578
|
|||||
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+
|
2,076,060
|
|||||
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
|
3,739,176
|
|||||
4,180
|
0.000%, 8/01/26 – FGIC Insured
|
No Opt. Call
|
Aa1
|
1,889,820
|
|||||
2,590
|
Palmdale Community Redevelopment Agency, California, Residential Mortgage Revenue Refunding Bonds, Series 1991B, 7.375%, 2/01/12 (ETM)
|
No Opt. Call
|
AA+ (4)
|
2,631,725
|
|||||
5,000
|
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
6,382,400
|
|||||
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
|
11,953,287
|
|||||
3,205
|
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 – AGM Insured
|
5/15 at 100.00
|
AA+
|
3,473,387
|
|||||
1,830
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.608%, 2/01/33 (IF)
|
8/19 at 100.00
|
Aa2
|
2,496,413
|
|||||
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
|
5,252,692
|
|||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
7,205
|
0.000%, 1/15/23 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,996,415
|
|||||
23,000
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,234,030
|
|||||
7,250
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/29 – NPFG Insured
|
9/15 at 47.82
|
Aa1
|
2,501,033
|
|||||
192,780
|
Total California
|
130,482,968
|
|||||||
Colorado – 9.9% (6.6% 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
|
1,407,360
|
|||||
9,440
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
|
9/16 at 100.00
|
AA
|
8,622,779
|
|||||
3,335
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
|
7/19 at 100.00
|
AA
|
3,499,382
|
|||||
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
|
BBB+
|
1,357,800
|
|||||
7,500
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
No Opt. Call
|
AA
|
7,415,625
|
|||||
1,150
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA+
|
1,172,057
|
|||||
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
|
|||||||||
5,365
|
5.000%, 11/15/23 – FGIC Insured (UB)
|
11/16 at 100.00
|
A+
|
5,799,350
|
|||||
3,300
|
5.000%, 11/15/24 – FGIC Insured
|
11/16 at 100.00
|
A+
|
3,541,626
|
|||||
4,340
|
5.000%, 11/15/25 – FGIC Insured (UB)
|
11/16 at 100.00
|
A+
|
4,629,001
|
|||||
2,000
|
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–
|
1,657,020
|
Nuveen Investments
|
39
|
Nuveen Municipal Advantage Fund, Inc. (continued) | ||
NMA
|
Portfolio of Investments
|
|
October 31, 2011 |
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Colorado (continued)
|
|||||||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
|
|||||||||
$
|
2,650
|
0.000%, 9/01/16 – NPFG Insured
|
No Opt. Call
|
Baa1
|
$
|
2,087,087
|
|||
8,645
|
0.000%, 9/01/26 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,297,203
|
|||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
7,500
|
0.000%, 9/01/29 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,274,000
|
|||||
10,000
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,596,800
|
|||||
10,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,411,500
|
|||||
Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE:
|
|||||||||
1,030
|
5.375%, 6/01/17 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
AA (4)
|
1,060,962
|
|||||
4,890
|
5.375%, 6/01/18 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
AA (4)
|
5,036,993
|
|||||
Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE:
|
|||||||||
970
|
5.375%, 6/01/17
|
6/12 at 100.00
|
AA
|
995,986
|
|||||
110
|
5.375%, 6/01/18
|
6/12 at 100.00
|
AA
|
112,692
|
|||||
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
|
3,188,030
|
|||||
88,435
|
Total Colorado
|
62,163,253
|
|||||||
District of Columbia – 0.2% (0.1% of Total Investments)
|
|||||||||
1,100
|
District of Columbia Housing Finance Agency, GNMA/FNMA Single Family Mortgage Revenue Bonds, Series 1997B, 5.900%, 12/01/28 (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA+
|
1,150,369
|
|||||
Florida – 2.8% (1.9% of Total Investments)
|
|||||||||
2,770
|
Florida Housing Finance Corporation, Housing Revenue Bonds, Stratford Point Apartments, Series 2000O-1, 5.850%, 12/01/31 – AGM Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA+
|
2,771,911
|
|||||
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
|
14,717,332
|
|||||
17,500
|
Total Florida
|
17,489,243
|
|||||||
Georgia – 1.7% (1.2% of Total Investments)
|
|||||||||
4,000
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA+
|
4,226,960
|
|||||
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
|
BBB–
|
2,771,124
|
|||||
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
|
N/R
|
1,290,950
|
|||||
2,500
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 7.625%, 12/01/30
|
12/20 at 100.00
|
N/R
|
2,553,875
|
|||||
10,650
|
Total Georgia
|
10,842,909
|
|||||||
Hawaii – 0.0% (0.0% of Total Investments)
|
|||||||||
175
|
Hawaii Housing Finance and Development Corporation, Single Family Mortgage Purchase Revenue Bonds, Series 1997A, 5.750%, 7/01/30 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aaa
|
176,264
|
|||||
Illinois – 13.1% (8.7% of Total Investments)
|
|||||||||
1,470
|
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 (WI/DD, Settling 11/01/11)
|
12/21 at 100.00
|
AA–
|
1,470,515
|
|||||
4,345
|
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–
|
1,675,910
|
|||||
4,260
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,346,756
|
|||||
1,100
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 (WI/DD, Settling 11/04/11)
|
12/21 at 100.00
|
AA
|
1,135,156
|
|||||
5,000
|
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001A, 5.375%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A2
|
5,000,300
|
|||||
7,100
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
7,339,838
|
|||||
1,500
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
1,555,455
|
|||||
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–
|
2,017,680
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
$
|
8,395
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.132%, 7/01/15 (IF)
|
7/17 at 100.00
|
Aa1
|
$
|
8,910,621
|
|||
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
|
2,615,250
|
|||||
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
|
4,079,880
|
|||||
6,000
|
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.750%, 5/15/22 (Pre-refunded 5/15/12)
|
5/12 at 100.00
|
Aaa
|
6,176,640
|
|||||
5,025
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
|
1/13 at 100.00
|
Baa1
|
5,026,809
|
|||||
10,740
|
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/23 – AGM Insured
|
1/15 at 66.94
|
Aa3
|
6,155,524
|
|||||
1,090
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured
|
No Opt. Call
|
A2
|
706,603
|
|||||
3,175
|
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
|
542,417
|
|||||
6,000
|
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–
|
3,149,460
|
|||||
4,000
|
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
|
Aa3
|
4,774,080
|
|||||
1,940
|
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2003A, 5.000%, 4/01/23 – AMBAC Insured
|
4/13 at 100.00
|
Aa2
|
1,979,692
|
|||||
7,500
|
Valley View Public Schools, Community Unit School District 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 – NPFG Insured
|
No Opt. Call
|
Aa2
|
3,541,575
|
|||||
23,125
|
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
|
Aa2
|
12,672,963
|
|||||
110,265
|
Total Illinois
|
81,873,124
|
|||||||
Indiana – 2.8% (1.9% of Total Investments)
|
|||||||||
2,600
|
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
|
A
|
1,443,962
|
|||||
1,310
|
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
|
2/12 at 100.00
|
N/R
|
1,293,258
|
|||||
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
|
Aa3
|
4,113,058
|
|||||
6,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
|
12/19 at 100.00
|
AA
|
6,213,420
|
|||||
2,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A
|
2,007,220
|
|||||
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
|
BBB+
|
2,397,184
|
|||||
1,005
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.450%, 2/15/12 (5)
|
1/12 at 100.00
|
N/R
|
172,337
|
|||||
19,380
|
Total Indiana
|
17,640,439
|
|||||||
Iowa – 0.8% (0.5% of Total Investments)
|
|||||||||
6,300
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
|
6/15 at 100.00
|
BBB
|
4,619,160
|
|||||
250
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
210,308
|
|||||
6,550
|
Total Iowa
|
4,829,468
|
Nuveen Investments
|
41
|
Nuveen Municipal Advantage Fund, Inc. (continued)
|
||
NMA | Portfolio of Investments | |
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Kansas – 1.2% (0.8% of Total Investments)
|
|||||||||
$
|
3,715
|
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
|
Baa3
|
$
|
3,508,037
|
|||
1,750
|
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
|
6/14 at 100.00
|
BBB+
|
1,783,933
|
|||||
3,730
|
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
|
12/13 at 100.00
|
BBB
|
2,240,089
|
|||||
9,195
|
Total Kansas
|
7,532,059
|
|||||||
Kentucky – 1.4% (1.0% 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
|
Baa2
|
6,297,585
|
|||||
1,500
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System, Series 2009A, 5.375%, 8/15/24
|
8/19 at 100.00
|
Aa3
|
1,641,525
|
|||||
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+
|
1,064,970
|
|||||
8,515
|
Total Kentucky
|
9,004,080
|
|||||||
Louisiana – 14.6% (9.7% of Total Investments)
|
|||||||||
13,500
|
DeSoto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 – AMBAC Insured
|
3/12 at 100.00
|
BBB
|
13,505,940
|
|||||
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
|
|||||||||
405
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
454,726
|
|||||
3,735
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
4,193,583
|
|||||
6,650
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
|
7/14 at 100.00
|
Baa1
|
6,809,667
|
|||||
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
|
8,637,030
|
|||||
6,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2002A, 5.000%, 6/01/32 – AMBAC Insured
|
6/12 at 100.00
|
Aa1
|
6,106,140
|
|||||
28
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 15.865%, 5/01/34 (IF)
|
5/16 at 100.00
|
Aa1
|
26,964
|
|||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
20,690
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
20,440,065
|
|||||
10,000
|
5.000%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
10,302,200
|
|||||
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
|
|||||||||
6,210
|
5.500%, 5/15/30
|
11/11 at 101.00
|
A1
|
6,218,011
|
|||||
14,440
|
5.875%, 5/15/39
|
11/11 at 101.00
|
A–
|
14,449,530
|
|||||
90,658
|
Total Louisiana
|
91,143,856
|
|||||||
Maine – 0.2% (0.1% of Total Investments)
|
|||||||||
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
1,083,705
|
|||||
Massachusetts – 2.2% (1.5% 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
|
9,212,153
|
|||||
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–
|
623,081
|
|||||
1,750
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 – AMBAC Insured
|
1/12 at 100.00
|
A–
|
1,695,068
|
|||||
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
|
2,307,567
|
|||||
13,495
|
Total Massachusetts
|
13,837,869
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Michigan – 1.1% (0.7% of Total Investments)
|
|||||||||
$
|
6,250
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
|
10/16 at 50.02
|
Aa3
|
$
|
2,180,563
|
|||
2,000
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2003, 5.500%, 11/01/11
|
No Opt. Call
|
A
|
2,000,000
|
|||||
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
|
B2
|
2,735,789
|
|||||
11,300
|
Total Michigan
|
6,916,352
|
|||||||
Missouri – 1.7% (1.2% of Total Investments)
|
|||||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass
Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension
Project, Series 2002B:
|
|||||||||
4,400
|
5.000%, 10/01/23 – AGM Insured
|
10/13 at 100.00
|
AA+
|
4,657,620
|
|||||
1,500
|
5.000%, 10/01/32 – AGM Insured
|
10/13 at 100.00
|
AA+
|
1,519,485
|
|||||
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–
|
4,685,672
|
|||||
17,905
|
Total Missouri
|
10,862,777
|
|||||||
Nevada – 4.3% (2.9% 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
|
Aa3
|
16,104,300
|
|||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
|
|||||||||
3,025
|
0.000%, 1/01/16 – AMBAC Insured
|
No Opt. Call
|
N/R
|
550,248
|
|||||
7,910
|
5.375%, 1/01/40 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
1,819,300
|
|||||
3,750
|
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 18.807%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
4,386,150
|
|||||
4,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding, 5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured
|
12/12 at 100.00
|
AA+ (4)
|
4,213,560
|
|||||
33,685
|
Total Nevada
|
27,073,558
|
|||||||
New Hampshire – 0.2% (0.1% of Total Investments)
|
|||||||||
1,500
|
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
|
10/19 at 100.00
|
BBB+
|
1,474,320
|
|||||
New Jersey – 3.5% (2.4% of Total Investments)
|
|||||||||
15,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A+
|
4,932,150
|
|||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
|
|||||||||
8,350
|
5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
8,618,286
|
|||||
5,050
|
6.125%, 6/01/42 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
5,223,266
|
|||||
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
|
BB+
|
3,360,350
|
|||||
33,400
|
Total New Jersey
|
22,134,052
|
|||||||
New York – 5.6% (3.7% of Total Investments)
|
|||||||||
2,000
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
No Opt. Call
|
A
|
2,034,400
|
|||||
7,000
|
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
|
7/12 at 100.00
|
AA–
|
7,151,270
|
|||||
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)
|
12/11 at 100.00
|
BB–
|
4,029,999
|
|||||
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)
|
12/12 at 101.00
|
BB–
|
3,014,250
|
|||||
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
|
10,501,900
|
Nuveen Investments
|
43
|
Nuveen Municipal Advantage Fund, Inc. (continued)
|
||
NMA |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New York (continued)
|
|||||||||
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–
|
$
|
6,403,791
|
|||
1,660
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
1,723,429
|
|||||
34,700
|
Total New York
|
34,859,039
|
|||||||
North Carolina – 2.7% (1.8% 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–
|
3,351,510
|
|||||
885
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA
|
885,283
|
|||||
3,395
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 7A, 6.250%, 1/01/29 (alternative Minimum Tax)
|
1/12 at 100.00
|
AA
|
3,398,395
|
|||||
3,325
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 9A, 5.875%, 7/01/31 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA
|
3,327,427
|
|||||
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
|
3,565,065
|
|||||
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+
|
2,047,003
|
|||||
16,005
|
Total North Carolina
|
16,574,683
|
|||||||
North Dakota – 0.6% (0.4% 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
|
AA–
|
1,662,375
|
|||||
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+
|
2,321,424
|
|||||
3,850
|
Total North Dakota
|
3,983,799
|
|||||||
Ohio – 7.3% (4.9% of Total Investments)
|
|||||||||
3,785
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/18
|
11/11 at 100.00
|
Baa1
|
3,788,369
|
|||||
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
|
10,447,900
|
|||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
1,760
|
5.125%, 6/01/24
|
6/17 at 100.00
|
BB–
|
1,356,098
|
|||||
2,700
|
5.875%, 6/01/30
|
6/17 at 100.00
|
BB–
|
2,041,416
|
|||||
9,135
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
6,629,818
|
|||||
3,920
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BB–
|
2,857,131
|
|||||
6,080
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB–
|
4,319,110
|
|||||
5,275
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
3,684,851
|
|||||
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–
|
7,780,310
|
|||||
2,650
|
Ohio, General Obligation Bonds, Higher Education, Series 2003A, 5.000%, 5/01/22
|
5/13 at 100.00
|
AA+
|
2,783,216
|
|||||
52,355
|
Total Ohio
|
45,688,219
|
|||||||
Oklahoma – 2.7% (1.8% 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
|
998,130
|
|||||
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–
|
1,737,260
|
|||||
12,000
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
|
2/17 at 100.00
|
A
|
12,107,280
|
44
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Oklahoma (continued)
|
|||||||||
$
|
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
|
A
|
$
|
2,001,900
|
|||
16,675
|
Total Oklahoma
|
16,844,570
|
|||||||
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
|
3,042,030
|
|||||
Pennsylvania – 4.9% (3.2% of Total Investments)
|
|||||||||
5,000
|
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39
|
No Opt. Call
|
Aa3
|
5,213,900
|
|||||
1,250
|
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
|
12/18 at 100.00
|
AA+
|
1,291,713
|
|||||
7,100
|
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
|
8,089,882
|
|||||
1,000
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.375%, 7/15/29
|
7/13 at 100.00
|
BBB+
|
1,013,070
|
|||||
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+
|
1,453,515
|
|||||
2,600
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
|
12/14 at 100.00
|
Aa3
|
2,788,006
|
|||||
10,000
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.250%, 5/15/30
|
5/20 at 100.00
|
AA
|
10,559,300
|
|||||
28,450
|
Total Pennsylvania
|
30,409,386
|
|||||||
Puerto Rico – 7.3% (4.9% of Total Investments)
|
|||||||||
5,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 – SYNCORA GTY Insured
|
7/15 at 100.00
|
A3
|
5,065,600
|
|||||
10,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010, 5.750%, 7/01/36
|
7/20 at 100.00
|
A3
|
10,503,600
|
|||||
10,070
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
Baa1
|
9,832,348
|
|||||
10,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
10,808,400
|
|||||
9,310
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
9,449,464
|
|||||
44,380
|
Total Puerto Rico
|
45,659,412
|
|||||||
Rhode Island – 1.3% (0.9% of Total Investments)
|
|||||||||
1,235
|
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.500%, 5/15/16 – NPFG Insured
|
1/12 at 100.00
|
A3
|
1,237,902
|
|||||
7,000
|
Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 50A, 4.650%, 10/01/34
|
10/14 at 100.00 |
AA+
|
6,950,930
|
|||||
8,235
|
Total Rhode Island
|
8,188,832
|
|||||||
South Carolina – 3.1% (2.1% of Total Investments)
|
|||||||||
10,000
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 6.000%, 12/01/20 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
AA (4)
|
10,715,800
|
|||||
2,500
|
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13)
|
11/13 at 100.00
|
AA– (4)
|
2,760,225
|
|||||
3,000
|
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 – FGIC Insured
|
6/14 at 100.00
|
A+
|
3,036,450
|
|||||
1,220
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/23 – FGIC Insured
|
No Opt. Call
|
A–
|
715,603
|
|||||
2,125
|
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/21 – AMBAC Insured
|
7/13 at 100.00
|
AA–
|
2,253,626
|
|||||
18,845
|
Total South Carolina
|
19,481,704
|
Nuveen Investments
|
45
|
Nuveen Municipal Advantage Fund, Inc. (continued)
|
||
NMA |
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
South Dakota – 0.5% (0.3% 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
|
AA–
|
$
|
2,965,409
|
|||
Tennessee – 3.8% (2.6% of Total Investments)
|
|||||||||
6,000
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31
|
4/12 at 101.00
|
A1
|
6,162,600
|
|||||
20,415
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/18 – AGM Insured
|
1/13 at 75.87
|
AA–
|
14,866,611
|
|||||
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
|
1,094,850
|
|||||
1,750
|
Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2001A, 5.125%, 5/15/26
|
11/11 at 100.00
|
AA+
|
1,754,480
|
|||||
1,500
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (5), (6)
|
11/17 at 100.00
|
N/R
|
111,150
|
|||||
30,665
|
Total Tennessee
|
23,989,691
|
|||||||
Texas – 14.9% (10.0% of Total Investments)
|
|||||||||
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
|
A3
|
6,152,820
|
|||||
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
|
Baa2
|
2,060,120
|
|||||
1,000
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
|
1/21 at 100.00
|
BBB–
|
1,009,510
|
|||||
2,100
|
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
|
8/14 at 100.00
|
AAA
|
2,164,008
|
|||||
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
|
2,125,638
|
|||||
8,400
|
Gulf Coast Waste Disposal Authority, Texas, Waste Disposal Revenue Bonds, Valero Energy Corporation, Series 1999, 5.700%, 4/01/32 (Alternative Minimum Tax)
|
4/12 at 100.00
|
BBB
|
8,235,780
|
|||||
7,500
|
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured
|
11/13 at 100.00
|
AA
|
7,647,525
|
|||||
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003:
|
|||||||||
3,460
|
5.000%, 2/15/28 (Pre-refunded 2/15/13) – AMBAC Insured
|
2/13 at 100.00
|
AA+ (4)
|
3,667,392
|
|||||
1,540
|
5.000%, 2/15/28 (Pre-refunded 2/15/13) – AMBAC Insured (UB)
|
2/13 at 100.00
|
AA+ (4)
|
1,632,308
|
|||||
2,000
|
Houston, Texas, Water Conveyance System Contract, Certificates of Participation, Series 1993A-J, 6.800%, 12/15/11 – AMBAC Insured
|
No Opt. Call
|
N/R
|
2,011,560
|
|||||
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
|
6,618,566
|
|||||
9,150
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2004, 0.000%, 8/15/31
|
8/12 at 33.31
|
AAA
|
2,938,706
|
|||||
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
|
AAA
|
2,730,796
|
|||||
1,500
|
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12
|
No Opt. Call
|
A1
|
1,537,710
|
|||||
3,520
|
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
|
8/16 at 100.00
|
Aaa
|
3,726,061
|
46
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas (continued)
|
|||||||||
$
|
16,305
|
Matagorda County Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series 1999B, 5.950%, 5/01/30 (Alternative Minimum Tax)
|
5/12 at 100.00
|
BBB–
|
$
|
16,305,489
|
|||
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–
|
2,356,809
|
|||||
7,000
|
0.000%, 1/01/43
|
1/25 at 100.00
|
A2
|
6,458,200
|
|||||
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A:
|
|||||||||
3,500
|
5.000%, 8/01/27
|
2/12 at 100.00
|
AAA
|
3,510,290
|
|||||
3,755
|
5.000%, 8/01/31
|
2/12 at 100.00
|
AAA
|
3,766,040
|
|||||
4,700
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21
|
10/12 at 100.00
|
Baa2
|
4,784,083
|
|||||
3,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/21
|
8/15 at 74.57
|
AAA
|
2,000,670
|
|||||
108,660
|
Total Texas
|
93,440,081
|
|||||||
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+
|
3,045,210
|
|||||
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
|
BBB
|
1,589,017
|
|||||
Virginia – 0.3% (0.2% of Total Investments)
|
|||||||||
2,855
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 0.000%, 6/01/46
|
6/17 at 100.00
|
BB–
|
1,719,053
|
|||||
Washington – 3.8% (2.6% 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
|
2/12 at 100.00
|
AAA
|
1,260,958
|
|||||
5,665
|
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002B, 5.250%, 7/01/37 (Mandatory put 7/01/12) – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA+
|
5,675,027
|
|||||
2,485
|
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,565,266
|
|||||
1,830
|
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 – AMBAC Insured
|
6/13 at 100.00
|
A1
|
1,908,928
|
|||||
5,000
|
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B, 6.000%, 9/01/20 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
5,078,599
|
|||||
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
|
2,082,619
|
|||||
3,075
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32
|
6/13 at 100.00
|
Baa1
|
3,113,590
|
|||||
1,595
|
Washington State, General Obligation Bonds, Series 2002A-R-03, 5.000%, 1/01/17 – NPFG Insured
|
1/12 at 100.00
|
AA+
|
1,606,866
|
|||||
1,270
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
|
No Opt. Call
|
AA+
|
766,190
|
|||||
24,180
|
Total Washington
|
24,058,043
|
Nuveen Investments
|
47
|
Nuveen Municipal Advantage Fund, Inc. (continued)
|
||
NMA
|
Portfolio of Investments
|
|
October 31, 2011
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Wisconsin – 2.1% (1.4% of Total Investments)
|
|||||||||
$
|
535
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/12 (ETM)
|
No Opt. Call
|
Aaa
|
$
|
551,691
|
|||
2,945
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
3,044,216
|
|||||
565
|
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
|
11/14 at 100.00
|
Aa2
|
582,034
|
|||||
5,000
|
Madison, Wisconsin, Industrial Development Revenue Refunding Bonds, Madison Gas and Electric Company Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax)
|
4/12 at 100.00
|
AA–
|
5,020,349
|
|||||
3,000
|
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,655,559
|
|||||
12,045
|
Total Wisconsin
|
12,853,849
|
|||||||
$
|
1,110,538
|
Total Investments (cost $929,006,567) – 149.4%
|
936,163,679
|
||||||
Floating Rate Obligations – (7.4)%
|
(46,513,333
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.4)% (7)
|
(296,800,000
|
) | |||||||
Other Assets Less Liabilities – 5.4%
|
33,765,604
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
626,615,950
|
(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. Bonds backed by U.S. Government or agency securities are given 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 bond, 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)
|
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
(7)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.7%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
48
|
Nuveen Investments
|
Nuveen Municipal Market Opportunity Fund, Inc.
|
||
NMO
|
Portfolio of Investments
|
|
October 31, 2011
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Alabama – 0.6% (0.4% of Total Investments)
|
|||||||||
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:
|
|||||||||
$
|
1,935
|
5.000%, 1/01/36 – RAAI Insured
|
1/16 at 100.00
|
N/R
|
$
|
1,807,580
|
|||
2,485
|
5.000%, 1/01/41 – RAAI Insured
|
1/16 at 100.00
|
N/R
|
2,263,437
|
|||||
4,420
|
Total Alabama
|
4,071,017
|
|||||||
Alaska – 3.4% (2.1% of Total Investments)
|
|||||||||
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
|
|||||||||
1,125
|
5.250%, 12/01/34 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
1,149,649
|
|||||
1,275
|
5.250%, 12/01/41 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
1,298,855
|
|||||
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+
|
7,157,710
|
|||||
3,000
|
Alaska State, International Airport System Revenue Bonds, Series 2006A, 5.000%, 10/01/12 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
Aa3
|
3,121,890
|
|||||
13,025
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
|
6/14 at 100.00
|
B2
|
8,256,678
|
|||||
25,425
|
Total Alaska
|
20,984,782
|
|||||||
California – 23.8% (15.1% of Total Investments)
|
|||||||||
1,350
|
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
|
Aa2
|
478,049
|
|||||
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1:
|
|||||||||
2,500
|
5.125%, 4/01/39
|
4/19 at 100.00
|
AA
|
2,611,775
|
|||||
2,500
|
5.625%, 4/01/44
|
4/19 at 100.00
|
AA
|
2,711,650
|
|||||
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
|
2,393,840
|
|||||
7,800
|
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
|
B1
|
5,643,690
|
|||||
5,000
|
California Department of Water Resources Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29
|
No Opt. Call
|
AAA
|
5,429,200
|
|||||
2,730
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2003Y, 5.000%, 12/01/25 – FGIC Insured
|
6/13 at 100.00
|
AAA
|
2,876,929
|
|||||
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
|
229,757
|
|||||
4,295
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist
|
3/13 at 100.00
|
A
|
4,209,143
|
|||||
Health System/West, Series 2003A, 5.000%, 3/01/33 California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
7,000
|
5.250%, 3/01/30
|
3/20 at 100.00
|
A1
|
7,304,150
|
|||||
4,250
|
5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
4,349,450
|
|||||
25,000
|
California State, Various Purpose General Obligation Bonds, Series 2005, 4.750%, 3/01/35 – NPFG Insured (UB)
|
3/16 at 100.00
|
A1
|
24,126,500
|
|||||
9,000
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.250%, 3/01/45
|
3/16 at 100.00
|
A+
|
9,028,710
|
|||||
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–
|
1,572,196
|
|||||
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
|
3,782,552
|
|||||
8,365
|
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/26 – FGIC Insured
|
8/13 at 52.66
|
Aa1
|
3,733,300
|
|||||
5,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured
|
6/13 at 100.00
|
Aaa
|
5,349,250
|
Nuveen Investments
|
49
|
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
|
||
NMO
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
|||||||||
$
|
3,500
|
0.000%, 6/01/26 – AGM Insured
|
No Opt. Call
|
AA+
|
$
|
1,618,540
|
|||
3,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
2,810,370
|
|||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
|
6/17 at 100.00
|
BB+
|
651,200
|
|||||
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
|
532,515
|
|||||
490
|
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM)
|
4/12 at 100.00
|
AA– (4)
|
491,509
|
|||||
995
|
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM)
|
2/12 at 100.00
|
AA– (4)
|
998,781
|
|||||
2,500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 – AGM Insured
|
No Opt. Call
|
AA+
|
2,768,500
|
|||||
5,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2003A, 5.125%, 7/01/40 – FGIC Insured
|
7/12 at 100.00
|
AA
|
5,049,350
|
|||||
2,000
|
Metropolitan Water District of Southern California, General Obligation Bonds, Series 2003A, 5.000%, 3/01/12
|
No Opt. Call
|
AAA
|
2,032,140
|
|||||
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
|
2,481,578
|
|||||
14,000
|
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured
|
No Opt. Call
|
AA+
|
3,463,460
|
|||||
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
|
Aa2
|
345,910
|
|||||
5,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
|
11/20 at 100.00
|
Baa3
|
4,933,150
|
|||||
4,795
|
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
|
No Opt. Call
|
A+
|
4,836,333
|
|||||
3,205
|
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 – AGM Insured
|
5/15 at 50.47
|
AA+
|
3,473,387
|
|||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
5,000
|
5.650%, 1/15/17 – NPFG Insured
|
1/14 at 102.00
|
Baa1
|
4,638,150
|
|||||
26,000
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,655,860
|
|||||
5,000
|
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 – NPFG Insured
|
9/15 at 50.47
|
Aa1
|
1,858,950
|
|||||
7,345
|
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Series 2006A, 5.000%, 8/01/27 – AGM Insured
|
8/16 at 102.00
|
AA+
|
7,755,292
|
|||||
4,825
|
Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/25 – NPFG Insured
|
8/15 at 61.27
|
Aa1
|
2,301,429
|
|||||
3,000
|
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
|
5/13 at 101.00
|
AA+
|
3,148,050
|
|||||
2,550
|
Vista Unified School District, San Diego County, California, General Obligation Bonds, Series 2004B, 5.000%, 8/01/28 – FGIC Insured
|
8/13 at 100.00
|
Aa2
|
2,648,507
|
|||||
210,040
|
Total California
|
148,323,102
|
|||||||
Colorado – 10.2% (6.5% 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
|
954,366
|
|||||
6,385
|
Broomfield, Colorado, Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 2002A, 5.500%, 12/01/22 – AMBAC Insured
|
12/12 at 100.00
|
Aa3
|
6,645,380
|
|||||
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
|
3,023,053
|
|||||
7,200
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
No Opt. Call
|
AA
|
7,119,000
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Colorado (continued)
|
|||||||||
$
|
5,625
|
Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2006A, 5.000%, 11/15/11 – FGIC Insured (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
$
|
5,635,181
|
|||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
6,200
|
0.000%, 9/01/22 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,170,308
|
|||||
9,850
|
0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,762,827
|
|||||
15,960
|
0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,572,167
|
|||||
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
|
Baa1
|
1,337,486
|
|||||
13,300
|
0.000%, 9/01/31 – NPFG Insured
|
9/20 at 53.77
|
Baa1
|
3,362,373
|
|||||
6,250
|
0.000%, 9/01/32 – NPFG Insured
|
9/20 at 50.83
|
Baa1
|
1,471,250
|
|||||
10,000
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
Baa1
|
1,805,400
|
|||||
Lower Colorado River Authority, Texas, Contract Revenue bonds, Transmission Services Corporation, Series 2003B:
|
|||||||||
2,195
|
5.000%, 5/15/31 (Pre-refunded 5/15/12) – AGM Insured
|
5/12 at 100.00
|
AA+ (4)
|
2,249,897
|
|||||
9,655
|
5.000%, 5/15/31 – AGM Insured
|
5/12 at 100.00
|
AA+
|
9,695,261
|
|||||
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
|
10,712,000
|
|||||
110,755
|
Total Colorado
|
63,515,949
|
|||||||
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
|
9,480,500
|
|||||
Florida – 3.0% (1.9% of Total Investments)
|
|||||||||
4,715
|
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust 1191, 8.574%, 1/01/27 (Alternative Minimum Tax) (IF)
|
1/17 at 100.00
|
AA+
|
4,490,943
|
|||||
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
|
A2
|
2,574,825
|
|||||
3,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/26
|
10/20 at 100.00
|
A2
|
3,134,850
|
|||||
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+
|
4,131,800
|
|||||
1,000
|
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/12 – AMBAC Insured
|
No Opt. Call
|
A
|
1,030,320
|
|||||
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
|
3,507,595
|
|||||
18,715
|
Total Florida
|
18,870,333
|
|||||||
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
|
A+
|
9,776,100
|
|||||
Illinois – 16.8% (10.6% of Total Investments)
|
|||||||||
4,595
|
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 – FGIC Insured
|
No Opt. Call
|
Aa3
|
1,303,785
|
|||||
1,470
|
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 (WI/DD, Settling 11/01/11)
|
12/21 at 100.00
|
AA–
|
1,470,515
|
|||||
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–
|
3,177,128
|
|||||
1,000
|
5.500%, 12/01/26 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,076,270
|
|||||
4,000
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured
|
7/13 at 100.00
|
AA+
|
4,033,120
|
|||||
5,000
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured
|
1/18 at 100.00
|
AA+
|
5,096,600
|
|||||
1,450
|
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 - AMBAC Insured
|
No Opt. Call
|
AA+
|
1,513,119
|
|||||
5,250
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%, 1/01/28 – NPFG Insured
|
1/12 at 100.00
|
A
|
5,252,153
|
|||||
2,000
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
|
1/14 at 100.00
|
AA+
|
2,003,700
|
Nuveen Investments
|
51
|
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
|
||
NMO
|
Portfolio of 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
|
$
|
7,339,838
|
|||
1,780
|
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33
|
7/13 at 100.00
|
Aa1
|
1,802,446
|
|||||
10,000
|
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)
|
12/15 at 100.00
|
AAA
|
10,463,100
|
|||||
3,000
|
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
|
No Opt. Call
|
A+
|
3,044,520
|
|||||
5,450
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
5,639,170
|
|||||
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
|
5,110,218
|
|||||
2,160
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/17 – AMBAC Insured
|
2/12 at 100.00
|
BBB
|
2,162,009
|
|||||
5,025
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
|
1/13 at 100.00
|
Baa1
|
5,026,809
|
|||||
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
|
Aa3
|
6,218,408
|
|||||
6,780
|
0.000%, 1/01/24 – AGM Insured
|
1/15 at 63.44
|
Aa3
|
3,666,827
|
|||||
1,975
|
Lake County Community High School District 127, Grayslake, Illinois, General Obligation Bonds, Series 2002A, 9.000%, 2/01/13 – FGIC Insured
|
No Opt. Call
|
AAA
|
2,165,252
|
|||||
2,330
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
|
No Opt. Call
|
AAA
|
2,277,249
|
|||||
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
|
5,368,675
|
|||||
3,270
|
5.000%, 12/15/28 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
3,292,334
|
|||||
3,700
|
0.000%, 6/15/30 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,277,018
|
|||||
3,280
|
0.000%, 6/15/37 – NPFG Insured
|
No Opt. Call
|
AAA
|
714,909
|
|||||
11,715
|
0.000%, 12/15/38 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,335,620
|
|||||
6,500
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.750%, 6/15/23 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
6,733,740
|
|||||
2,080
|
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34
|
2/20 at 100.00
|
AA+
|
2,173,974
|
|||||
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+
|
2,815,303
|
|||||
130,475
|
Total Illinois
|
104,553,809
|
|||||||
Indiana – 2.2% (1.4% of Total Investments)
|
|||||||||
3,400
|
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%, 2/01/26 – NPFG Insured
|
2/12 at 100.00
|
Baa1
|
3,408,976
|
|||||
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
|
Aa3
|
4,113,058
|
|||||
6,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
|
12/19 at 100.00
|
AA
|
6,213,420
|
|||||
13,430
|
Total Indiana
|
13,735,454
|
|||||||
Iowa – 0.8% (0.5% 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+
|
876,608
|
|||||
5,000
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
4,206,150
|
|||||
5,970
|
Total Iowa
|
5,082,758
|
|||||||
Kansas – 1.2% (0.7% of Total Investments)
|
|||||||||
2,500
|
Kansas Development Finance Authority, Water Pollution Control Revolving Fund Leveraged Bonds, Series 2002-II, 5.500%, 11/01/21 (Pre-refunded 11/01/12)
|
11/12 at 100.00
|
AAA
|
2,630,175
|
|||||
4,215
|
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
|
Baa3
|
3,980,182
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Kansas (continued)
|
|||||||||
$
|
600
|
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31
|
4/16 at 100.00
|
A1
|
$
|
600,000
|
|||
7,315
|
Total Kansas
|
7,210,357
|
|||||||
Kentucky – 0.2% (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+
|
1,058,620
|
|||||
Louisiana – 3.7% (2.4% of Total Investments)
|
|||||||||
7,415
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Baton Rouge Community College Facilities Corporation, Series 2002, 5.000%, 12/01/32 – NPFG Insured
|
12/12 at 100.00
|
Baa1
|
6,968,543
|
|||||
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004:
|
|||||||||
1,765
|
5.250%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
Baa1
|
1,842,448
|
|||||
3,350
|
5.250%, 7/01/33 – NPFG Insured
|
7/14 at 100.00
|
Baa1
|
3,430,434
|
|||||
3,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2002A, 5.000%, 6/01/32 – AMBAC Insured
|
6/12 at 100.00
|
Aa1
|
3,053,070
|
|||||
7,850
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
11/11 at 101.00
|
A–
|
7,855,181
|
|||||
23,380
|
Total Louisiana
|
23,149,676
|
|||||||
Maryland – 1.2% (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
|
4,276,686
|
|||||
2,500
|
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
|
No Opt. Call
|
AAA
|
2,940,650
|
|||||
6,910
|
Total Maryland
|
7,217,336
|
|||||||
Michigan – 3.3% (2.1% of Total Investments)
|
|||||||||
5,000
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D, 4.625%, 7/01/32 – AGM Insured
|
7/16 at 100.00
|
AA+
|
4,747,450
|
|||||
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
|
A1
|
5,120,950
|
|||||
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
|
B2
|
2,735,789
|
|||||
2,500
|
Okemos Public School District, Ingham County, Michigan, General Obligation Refunding Bonds, Series 1993, 0.000%, 5/01/12 – NPFG Insured
|
No Opt. Call
|
Aa3
|
2,485,825
|
|||||
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,366,534
|
|||||
3,795
|
Utica Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19
|
11/13 at 100.00
|
AA
|
4,060,271
|
|||||
20,495
|
Total Michigan
|
20,516,819
|
|||||||
Minnesota – 0.8% (0.5% 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
|
11/11 at 100.00
|
A
|
930,846
|
|||||
1,285
|
Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA+
|
1,317,343
|
|||||
2,555
|
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured
|
11/15 at 103.00
|
AA+
|
3,065,310
|
|||||
4,770
|
Total Minnesota
|
5,313,499
|
|||||||
Mississippi – 0.9% (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
|
4/12 at 100.00
|
BBB
|
5,929,500
|
Nuveen Investments
|
53
|
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
|
||
NMO
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Missouri – 0.8% (0.5% of Total Investments)
|
|||||||||
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
|
|||||||||
$
|
8,000
|
0.000%, 4/15/27 – AMBAC Insured
|
No Opt. Call
|
AA–
|
$
|
3,572,320
|
|||
5,000
|
0.000%, 4/15/31 – AMBAC Insured
|
No Opt. Call
|
AA–
|
1,722,200
|
|||||
13,000
|
Total Missouri
|
5,294,520
|
|||||||
Nebraska – 1.9% (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
|
Aa3
|
11,951,622
|
|||||
Nevada – 6.7% (4.2% 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
|
Aa3
|
16,104,300
|
|||||
11,615
|
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
|
Aa3
|
11,952,067
|
|||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
|
|||||||||
6,125
|
0.000%, 1/01/17 – AMBAC Insured
|
No Opt. Call
|
N/R
|
1,050,438
|
|||||
8,500
|
0.000%, 1/01/26 – AMBAC Insured
|
No Opt. Call
|
N/R
|
850,000
|
|||||
7,860
|
0.000%, 1/01/27 – AMBAC Insured
|
No Opt. Call
|
N/R
|
741,198
|
|||||
19,300
|
5.375%, 1/01/40 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
4,439,000
|
|||||
3,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding, 5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured
|
12/12 at 100.00
|
AA+ (4)
|
3,160,170
|
|||||
2,135
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured
|
6/15 at 33.61
|
A3
|
378,493
|
|||||
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 18.534%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
2,838,000
|
|||||
76,035
|
Total Nevada
|
41,513,666
|
|||||||
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
|
BBB+
|
2,948,640
|
|||||
New Jersey – 2.9% (1.8% of Total Investments)
|
|||||||||
18,400
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 0.000%, 7/01/37
|
1/17 at 35.47
|
BBB
|
3,453,864
|
|||||
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+
|
4,398,953
|
|||||
3,000
|
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
Aa2
|
1,464,630
|
|||||
3,525
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
3,645,943
|
|||||
2,100
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.375%, 6/01/32 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
2,269,533
|
|||||
4,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
|
6/17 at 100.00
|
BB–
|
2,663,320
|
|||||
36,090
|
Total New Jersey
|
17,896,243
|
|||||||
New Mexico – 0.2% (0.1% of Total Investments)
|
|||||||||
1,275
|
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.250%, 6/01/12
|
No Opt. Call
|
AA
|
1,306,607
|
|||||
New York – 7.1% (4.5% 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–
|
852,600
|
|||||
2,500
|
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.250%, 8/15/26 – AGM Insured
|
8/14 at 100.00
|
AA+
|
2,657,925
|
|||||
2,000
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
No Opt. Call
|
A
|
2,034,400
|
|||||
3,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
|
6/16 at 100.00
|
A–
|
3,060,750
|
54
|
Nuveen Investments
|
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 Rochester Project, Series 2010, 5.750%, 8/15/30
|
2/21 at 100.00
|
Aa2
|
$
|
3,960,915
|
|||
5
|
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25
|
2/12 at 100.00
|
AA
|
5,021
|
|||||
4,865
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16
|
8/12 at 100.00
|
AA
|
5,039,459
|
|||||
135
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
Aa2 (4)
|
140,571
|
|||||
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
|
|||||||||
725
|
5.000%, 8/01/17
|
8/12 at 100.00
|
AA
|
746,946
|
|||||
5,410
|
5.750%, 8/01/18
|
8/12 at 100.00
|
AA
|
5,611,090
|
|||||
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
|
|||||||||
275
|
5.000%, 8/01/17 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
Aa2 (4)
|
284,807
|
|||||
1,120
|
5.750%, 8/01/18 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
AA (4)
|
1,166,222
|
|||||
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–
|
8,604,207
|
|||||
10,000
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
Baa1
|
9,932,400
|
|||||
49,085
|
Total New York
|
44,097,313
|
|||||||
North Carolina – 5.9% (3.7% 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)
|
2,152,681
|
|||||
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+
|
17,631,890
|
|||||
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–
|
3,351,510
|
|||||
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
|
3,874,480
|
|||||
7,500
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/19 – NPFG Insured
|
1/13 at 100.00
|
A
|
7,830,600
|
|||||
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+
|
2,047,003
|
|||||
35,300
|
Total North Carolina
|
36,888,164
|
|||||||
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
|
AA–
|
1,662,375
|
|||||
Ohio – 8.2% (5.2% of Total Investments)
|
|||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
110
|
5.125%, 6/01/24
|
6/17 at 100.00
|
BB–
|
84,756
|
|||||
4,415
|
5.375%, 6/01/24
|
6/17 at 100.00
|
BB–
|
3,488,071
|
|||||
1,250
|
5.875%, 6/01/30
|
6/17 at 100.00
|
BB–
|
945,100
|
|||||
6,215
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
4,510,598
|
|||||
4,300
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BB–
|
3,134,098
|
|||||
4,750
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB–
|
3,374,305
|
|||||
6,000
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
|
11/20 at 100.00
|
BBB+
|
5,826,660
|
|||||
10,000
|
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 4.250%, 12/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
AA+
|
9,896,600
|
|||||
5,705
|
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Medical Center, Series1999, 6.300%, 4/01/12
|
No Opt. Call
|
A
|
5,822,979
|
|||||
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–
|
6,069,745
|
|||||
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
|
7,816,950
|
|||||
55,745
|
Total Ohio
|
50,969,862
|
Nuveen Investments
|
55
|
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
|
||
NMO
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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–
|
$
|
1,737,260
|
|||
Oregon – 0.8% (0.5% of Total Investments)
|
|||||||||
5,000
|
Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22 – NPFG Insured
|
1/13 at 100.00
|
A1
|
5,093,750
|
|||||
Pennsylvania – 5.4% (3.4% of Total Investments)
|
|||||||||
3,000
|
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39
|
No Opt. Call
|
Aa3
|
3,128,340
|
|||||
5,000
|
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19
|
1/12 at 100.00
|
Ba1
|
4,994,050
|
|||||
5,975
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A-2, 0.000%, 12/01/34
|
12/20 at 100.00
|
AA
|
4,898,066
|
|||||
10,000
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
8,493,100
|
|||||
11,890
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
12,092,249
|
|||||
35,865
|
Total Pennsylvania
|
33,605,805
|
|||||||
Puerto Rico – 7.6% (4.8% of Total Investments)
|
|||||||||
3,330
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
Baa2
|
3,454,475
|
|||||
8,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
|
7/20 at 100.00
|
A3
|
8,402,880
|
|||||
4,300
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 (UB)
|
12/13 at 100.00
|
AA+
|
4,351,858
|
|||||
8,200
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 (Pre-refunded 12/01/13) (UB)
|
12/13 at 100.00
|
Aaa
|
8,864,856
|
|||||
10,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
10,808,400
|
|||||
4,310
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
4,374,564
|
|||||
7,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/40 – NPFG Insured
|
No Opt. Call
|
Aa2
|
1,175,230
|
|||||
6,255
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
|
5/12 at 100.00
|
BBB
|
5,886,330
|
|||||
51,395
|
Total Puerto Rico
|
47,318,593
|
|||||||
Rhode Island – 1.5% (0.9% of Total Investments)
|
|||||||||
5,815
|
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – AGM Insured
|
No Opt. Call
|
AA+
|
6,100,575
|
|||||
3,310
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
6/12 at 100.00
|
BBB
|
3,037,091
|
|||||
9,125
|
Total Rhode Island
|
9,137,666
|
|||||||
South Carolina – 4.8% (3.1% of Total Investments)
|
|||||||||
24,730
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
Aaa
|
26,366,631
|
|||||
3,560
|
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/20 – AMBAC Insured
|
7/13 at 100.00
|
AA–
|
3,766,373
|
|||||
28,290
|
Total South Carolina
|
30,133,004
|
|||||||
Tennessee – 0.8% (0.5% of Total Investments)
|
|||||||||
5,000
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children’s Hospital, Series 2003A, 5.000%, 7/01/23 – RAAI Insured
|
7/13 at 100.00
|
BBB+
|
4,966,950
|
56
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas – 12.0% (7.6% of Total Investments)
|
|||||||||
$
|
2,500
|
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (5)
|
12/12 at 100.00
|
CCC+
|
$
|
1,329,750
|
|||
2,845
|
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
|
3,061,618
|
|||||
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–
|
346,420
|
|||||
1,500
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 5.750%, 1/01/31
|
1/21 at 100.00
|
BBB–
|
1,515,825
|
|||||
15,000
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
12,971,400
|
|||||
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
|
1,725,900
|
|||||
6,000
|
Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax) (5)
|
5/12 at 100.00
|
CCC+
|
3,311,040
|
|||||
2,200
|
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
|
8/14 at 100.00
|
AAA
|
2,267,056
|
|||||
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
|
1,562,146
|
|||||
4,000
|
0.000%, 8/15/31
|
8/16 at 46.64
|
Aaa
|
1,491,840
|
|||||
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
|
476,290
|
|||||
1,250
|
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001A, 5.000%, 12/01/20 – AGM Insured
|
6/12 at 100.00
|
AA+
|
1,255,025
|
|||||
2,400
|
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
|
7/18 at 100.00
|
AA–
|
2,551,656
|
|||||
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 39.50
|
AAA
|
3,059,788
|
|||||
6,000
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/33
|
8/14 at 35.28
|
AAA
|
1,853,760
|
|||||
3,525
|
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
|
8/16 at 100.00
|
Aaa
|
3,731,354
|
|||||
5,250
|
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
|
2/15 at 100.00
|
Aaa
|
5,433,698
|
|||||
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
|
3,690,400
|
|||||
3,755
|
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A, 5.000%, 8/01/31
|
2/12 at 100.00
|
AAA
|
3,766,040
|
|||||
3,500
|
San Antonio, Texas, Electric and Gas Revenue Bonds, Series 2008A, 5.500%, 2/01/12
|
No Opt. Call
|
Aa1
|
3,546,375
|
|||||
3,295
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1762, 17.044%, 2/15/36 (IF)
|
2/17 at 100.00
|
AA–
|
3,394,509
|
|||||
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
|
A1
|
2,957,453
|
|||||
5,000
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.750%, 8/15/38 – AMBAC Insured
|
8/12 at 100.00
|
BBB+
|
5,019,600
|
|||||
5,000
|
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34
|
8/15 at 36.81
|
AAA
|
1,539,450
|
|||||
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
|
|||||||||
3,000
|
0.000%, 8/15/23
|
8/15 at 67.10
|
AAA
|
1,774,380
|
|||||
2,000
|
0.000%, 8/15/24
|
8/15 at 63.56
|
AAA
|
1,113,200
|
|||||
103,425
|
Total Texas
|
74,745,973
|
Nuveen Investments
|
57
|
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
|
||
NMO
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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+
|
$
|
3,045,210
|
|||
Virginia – 2.8% (1.8% of Total Investments)
|
|||||||||
21,500
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
|
10/26 at 100.00
|
AA+
|
17,654,725
|
|||||
Washington – 8.8% (5.5% of Total Investments)
|
|||||||||
2,755
|
Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured
|
No Opt. Call
|
A1
|
3,044,165
|
|||||
1,235
|
Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Series 2006A, 5.000%, 7/01/12
|
No Opt. Call
|
Aa1
|
1,274,174
|
|||||
1,830
|
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds,
Series 2003, 5.000%, 12/01/20 – AMBAC Insured |
6/13 at 100.00
|
A1
|
1,908,928
|
|||||
King County, Washington, Sewer Revenue Bonds, Series 2001: | |||||||||
820
|
5.000%, 1/01/23 (Pre-refunded 1/01/12) – FGIC Insured
|
1/12 at 100.00
|
Aa2 (4)
|
826,585
|
|||||
1,680
|
5.000%, 1/01/23 (Pre-refunded 1/01/12) – FGIC Insured
|
1/12 at 100.00
|
AA+ (4)
|
1,693,490
|
|||||
3,050
|
Port of Seattle, Washington, Revenue Bonds, Series 2001A, 5.000%, 4/01/31 – FGIC Insured
|
4/12 at 100.00
|
Aa2
|
3,052,013
|
|||||
2,150
|
Seattle, Washington, General Obligation Refunding and Improvement Bonds, Series 2002, 4.500%, 12/01/20
|
12/12 at 100.00
|
AAA
|
2,197,601
|
|||||
5,000
|
Seattle, Washington, General Obligation Refunding Bonds, Series 2002, 5.200%, 7/01/32
|
No Opt. Call
|
AAA
|
5,099,500
|
|||||
3,000
|
Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005, 5.000%, 6/01/24 – NPFG Insured
|
6/15 at 100.00
|
Aa1
|
3,204,450
|
|||||
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+
|
8,273,760
|
|||||
10,340
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
10,516,089
|
|||||
9,000
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002C, 5.000%, 1/01/21 (Pre-refunded 1/01/12) – AGM Insured
|
1/12 at 100.00
|
AA+ (4)
|
9,072,269
|
|||||
9,000
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured
|
No Opt. Call
|
AA+
|
4,412,249
|
|||||
57,860
|
Total Washington
|
54,575,273
|
|||||||
Wisconsin – 2.5% (1.6% of Total Investments)
|
|||||||||
1,675
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
1,731,430
|
|||||
1,755
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25
|
5/16 at 100.00
|
BBB
|
1,630,570
|
|||||
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, United Lutheran Program for the Aging Inc., Series 1998, 5.700%, 3/01/28
|
3/12 at 100.00
|
N/R
|
1,147,787
|
|||||
9,920
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
|
5/19 at 100.00
|
AA–
|
11,038,677
|
|||||
14,600
|
Total Wisconsin
|
15,548,464
|
58
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Wyoming – 0.7% (0.5% 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
|
$
|
4,432,185
|
|||
$
|
1,232,535
|
Total Investments (cost $999,529,521) – 158.2%
|
985,313,481
|
||||||
Floating Rate Obligations – (7.0)%
|
(43,530,000
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value- (56.3)% (6)
|
(350,900,000
|
) | |||||||
Other Assets Less Liabilities – 5.1%
|
31,931,154
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
622,814,635
|
(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. Bonds backed by U.S. Government or agency securities are given 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 bond, 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)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.6%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
59
|
Nuveen Dividend Advantage Municipal Fund
|
||
NAD
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Municipal Bonds – 152.2% (99.9% of Total Investments)
|
|||||||||
Alabama – 0.3% (0.2% of Total Investments)
|
|||||||||
$
|
1,600
|
Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 5.750%, 12/01/20
|
12/11 at 101.00
|
A1
|
$
|
1,609,392
|
|||
Alaska – 0.1% (0.1% of Total Investments)
|
|||||||||
750
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.250%, 12/01/34 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
766,433
|
|||||
Arizona – 2.8% (1.9% of Total Investments)
|
|||||||||
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–
|
2,440,875
|
|||||
8,200
|
5.000%, 7/01/38
|
7/18 at 100.00
|
AA–
|
8,469,124
|
|||||
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
|
497,890
|
|||||
5,000
|
5.000%, 12/01/37
|
No Opt. Call
|
A
|
4,534,850
|
|||||
16,050
|
Total Arizona
|
15,942,739
|
|||||||
California – 9.7% (6.4% 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
|
A
|
291,773
|
|||||
6,000
|
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured
|
No Opt. Call
|
AA–
|
1,980,240
|
|||||
3,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
|
11/16 at 100.00
|
AA–
|
2,955,720
|
|||||
5,000
|
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
|
3/16 at 100.00
|
A1
|
5,062,750
|
|||||
4,250
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
4,349,450
|
|||||
6,750
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
7,679,408
|
|||||
65
|
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
|
4/12 at 100.00
|
A1
|
65,211
|
|||||
5,000
|
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
|
No Opt. Call
|
AA+
|
5,175,000
|
|||||
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
|
576,680
|
|||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
|||||||||
3,500
|
0.000%, 6/01/26 – AGM Insured
|
No Opt. Call
|
AA+
|
1,618,540
|
|||||
9,925
|
5.000%, 6/01/45 – AGC Insured
|
6/15 at 100.00
|
AA+
|
9,444,829
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
5,860
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB+
|
4,140,559
|
|||||
1,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB+
|
651,200
|
|||||
2,200
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
2,481,578
|
|||||
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+
|
2,076,060
|
|||||
765
|
Palmdale Civic Authority, California, Revenue Refinancing Bonds, Civic Center Project, Series 1997A, 5.375%, 7/01/12 – NPFG Insured
|
1/12 at 100.00
|
Baa1
|
766,744
|
|||||
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
|
2,034,920
|
|||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
2,000
|
0.000%, 1/15/29 – NPFG Insured
|
No Opt. Call
|
Baa1
|
474,800
|
|||||
17,000
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,390,370
|
60
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
575
|
Seaside Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2003, 5.375%, 8/01/18 – NPFG Insured
|
8/13 at 100.00
|
A
|
$
|
590,450
|
|||
80,425
|
Total California
|
54,806,282
|
|||||||
Colorado – 6.5% (4.2% 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
|
819,968
|
|||||
3,330
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
|
7/19 at 100.00
|
AA
|
3,494,136
|
|||||
Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car Projects, Series 1999A:
|
|||||||||
2,170
|
6.000%, 1/01/12 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
A–
|
2,179,808
|
|||||
675
|
6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A–
|
677,626
|
|||||
4,500
|
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.500%, 11/15/11 – FGIC Insured (Alternative Minimum Tax)
|
No Opt. Call
|
A+
|
4,509,000
|
|||||
8,515
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
Baa1
|
3,487,574
|
|||||
25,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
Baa1
|
6,492,000
|
|||||
60,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 – NPFG Insured
|
No Opt. Call
|
Baa1
|
11,087,400
|
|||||
12,500
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006B, 0.000%, 9/01/38 – NPFG Insured
|
9/26 at 54.77
|
Baa1
|
1,829,125
|
|||||
2,000
|
Metropolitan Football Stadium District, Colorado, Sales Tax Revenue Bonds, Series 1999A, 0.000%, 1/01/12 – NPFG Insured
|
No Opt. Call
|
Baa1
|
1,994,960
|
|||||
119,815
|
Total Colorado
|
36,571,597
|
|||||||
Connecticut – 0.3% (0.2% of Total Investments)
|
|||||||||
4,335
|
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34
|
11/17 at 100.00
|
N/R
|
1,594,933
|
|||||
Florida – 10.9% (7.2% of Total Investments)
|
|||||||||
1,185
|
Florida Housing Finance Agency, Housing Revenue Bonds, Mar Lago Village Apartments, Series 1997F, 5.800%, 12/01/17 – AMBAC Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
N/R
|
1,185,818
|
|||||
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
|
15,033,300
|
|||||
2,500
|
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34
|
10/17 at 100.00
|
A3
|
2,402,650
|
|||||
13,625
|
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
|
12/11 at 100.00
|
BB+
|
13,667,510
|
|||||
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
|
22,047,740
|
|||||
7,370
|
5.000%, 8/15/42 (UB)
|
8/17 at 100.00
|
AA
|
7,363,662
|
|||||
61,680
|
Total Florida
|
61,700,680
|
|||||||
Georgia – 1.7% (1.1% of Total Investments)
|
|||||||||
5,000
|
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
|
7/17 at 100.00
|
Baa2
|
4,670,100
|
|||||
5,000
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.000%, 12/01/40
|
12/20 at 100.00
|
N/R
|
5,122,400
|
|||||
10,000
|
Total Georgia
|
9,792,500
|
|||||||
Idaho – 0.1% (0.0% of Total Investments)
|
|||||||||
100
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aa2
|
104,152
|
|||||
125
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aa2
|
127,544
|
Nuveen Investments
|
61
|
Nuveen Dividend Advantage Municipal Fund (continued)
|
||
NAD
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Idaho (continued)
|
|||||||||
$
|
165
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aaa
|
$
|
167,378
|
|||
390
|
Total Idaho
|
399,074
|
|||||||
Illinois – 27.5% (18.0% of Total Investments)
|
|||||||||
1,070
|
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12
|
12/11 at 100.00
|
BBB+
|
1,072,761
|
|||||
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–
|
792,852
|
|||||
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–
|
7,802,958
|
|||||
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
|
|||||||||
595
|
5.500%, 12/20/19 (Alternative Minimum Tax)
|
4/12 at 100.00
|
AA–
|
595,666
|
|||||
1,210
|
5.600%, 12/20/29 (Alternative Minimum Tax)
|
4/12 at 100.00
|
AA–
|
1,210,545
|
|||||
1,925
|
5.650%, 12/20/40 (Alternative Minimum Tax)
|
4/12 at 100.00
|
AA–
|
1,925,635
|
|||||
22,750
|
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
|
No Opt. Call
|
Aa3
|
24,701,268
|
|||||
1,655
|
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 - AMBAC Insured
|
No Opt. Call
|
AA+
|
1,727,042
|
|||||
3,340
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 – FGIC Insured
|
1/16 at 100.00
|
A1
|
3,360,341
|
|||||
190
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 – AGM Insured
|
11/13 at 100.00
|
Aa3
|
203,900
|
|||||
810
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
Aa3 (4)
|
886,270
|
|||||
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
|
Baa1
|
3,542,602
|
|||||
5,000
|
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33
|
7/13 at 100.00
|
Aa1
|
5,063,050
|
|||||
1,500
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
1,555,455
|
|||||
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–
|
2,017,680
|
|||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
|
2/18 at 100.00
|
A+
|
1,002,260
|
|||||
5,640
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
|
7/14 at 100.00
|
Aa1
|
5,790,193
|
|||||
1,225
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
|
7/17 at 100.00
|
Aa1
|
1,385,144
|
|||||
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
|
4,079,880
|
|||||
5,980
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
|
5/17 at 100.00
|
Baa3
|
5,464,584
|
|||||
9,780
|
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project, Series 1985A, 5.500%, 8/01/20
|
2/12 at 103.00
|
Aa1
|
10,088,266
|
|||||
1,500
|
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – FGIC Insured
|
1/15 at 100.00
|
AA
|
1,464,255
|
|||||
2,000
|
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured
|
No Opt. Call
|
Aa3
|
1,273,360
|
|||||
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
|
Aa3
|
5,759,970
|
|||||
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
|
2,017,470
|
62
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
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–
|
$
|
7,203,735
|
|||
13,000
|
0.000%, 12/15/23 – NPFG Insured
|
No Opt. Call
|
AA–
|
7,134,010
|
|||||
3,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.750%, 6/15/23 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
3,107,880
|
|||||
1,840
|
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA GTY Insured
|
11/15 at 54.14
|
Aa2
|
789,967
|
|||||
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+
|
27,519,071
|
|||||
3,500
|
5.750%, 6/01/23 – AGM Insured
|
No Opt. Call
|
AA+
|
4,185,475
|
|||||
1,300
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
1,400,815
|
|||||
10,000
|
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
|
Aa2
|
5,846,400
|
|||||
4,500
|
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured
|
No Opt. Call
|
Aa3
|
3,426,885
|
|||||
172,945
|
Total Illinois
|
155,397,645
|
|||||||
Indiana – 3.9% (2.6% of Total Investments)
|
|||||||||
1,360
|
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
|
2/12 at 100.00
|
N/R
|
1,342,619
|
|||||
4,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
|
12/19 at 100.00
|
AA
|
4,142,280
|
|||||
2,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A
|
2,007,220
|
|||||
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
|
BBB+
|
1,968,940
|
|||||
5,700
|
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 1847, 7.822%, 1/01/25 (Alternative Minimum Tax) (IF)
|
1/17 at 100.00
|
Aaa
|
5,761,047
|
|||||
6,675
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
6,822,317
|
|||||
21,735
|
Total Indiana
|
22,044,423
|
|||||||
Iowa – 0.9% (0.6% of Total Investments)
|
|||||||||
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
BBB
|
5,022,220
|
|||||
Kansas – 1.5% (1.0% of Total Investments)
|
|||||||||
3,825
|
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 1999, 4.000%, 10/01/18 – FGIC Insured
|
4/12 at 100.00
|
Aa2
|
3,831,005
|
|||||
2,485
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005, 5.000%, 12/01/20
|
12/15 at 100.00
|
N/R
|
2,571,056
|
|||||
3,730
|
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
|
BBB
|
2,240,089
|
|||||
10,040
|
Total Kansas
|
8,642,150
|
|||||||
Kentucky – 1.1% (0.7% of Total Investments)
|
|||||||||
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997:
|
|||||||||
1,850
|
5.850%, 10/01/17
|
4/12 at 100.00
|
BB
|
1,791,152
|
|||||
4,990
|
5.875%, 10/01/22
|
4/12 at 100.00
|
BB
|
4,611,558
|
|||||
6,840
|
Total Kentucky
|
6,402,710
|
Nuveen Investments
|
63
|
Nuveen Dividend Advantage Municipal Fund (continued)
|
||
NAD
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Louisiana – 8.1% (5.3% of Total Investments)
|
|||||||||
$
|
1,750
|
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37
|
6/12 at 105.00
|
Aaa
|
$
|
1,851,413
|
|||
5,350
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
|
7/14 at 100.00
|
Baa1
|
5,478,454
|
|||||
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
|
8,637,030
|
|||||
5,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2002A, 5.000%, 6/01/32 – AMBAC Insured
|
6/12 at 100.00
|
Aa1
|
5,088,450
|
|||||
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
|
5,379,224
|
|||||
13,570
|
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%, 12/01/28 – AMBAC Insured
|
12/11 at 100.00
|
AA–
|
5,156,464
|
|||||
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
|
|||||||||
7,340
|
5.500%, 5/15/30
|
11/11 at 101.00
|
A1
|
7,349,469
|
|||||
6,750
|
5.875%, 5/15/39
|
11/11 at 101.00
|
A–
|
6,754,455
|
|||||
54,205
|
Total Louisiana
|
45,694,959
|
|||||||
Maine – 0.2% (0.1% of Total Investments)
|
|||||||||
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
1,083,705
|
|||||
Massachusetts – 2.2% (1.4% 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)
|
9/12 at 102.00
|
N/R
|
498,398
|
|||||
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+
|
4,599,313
|
|||||
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–
|
623,081
|
|||||
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
|
2,307,567
|
|||||
2,900
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
2,978,822
|
|||||
820
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
724,503
|
|||||
1,000
|
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
|
No Opt. Call
|
A+
|
576,750
|
|||||
13,445
|
Total Massachusetts
|
12,308,434
|
|||||||
Michigan – 2.2% (1.4% of Total Investments)
|
|||||||||
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
|
A
|
5,946,180
|
|||||
3,215
|
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
|
7/16 at 100.00
|
A2
|
3,462,330
|
|||||
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,366,534
|
|||||
1,500
|
Michigan State Hospital Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2003, 5.500%, 11/01/11
|
No Opt. Call
|
A
|
1,500,000
|
|||||
11,865
|
Total Michigan
|
12,275,044
|
|||||||
Minnesota – 1.3% (0.9% 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
|
7,084,920
|
|||||
430
|
Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1998H-1, 5.650%,7/01/31 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA+
|
444,874
|
|||||
6,805
|
Total Minnesota
|
7,529,794
|
64
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Missouri – 0.9% (0.6% 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–
|
$
|
3,125,780
|
|||
5,000
|
0.000%, 4/15/29 – AMBAC Insured
|
No Opt. Call
|
AA–
|
1,951,550
|
|||||
12,000
|
Total Missouri
|
5,077,330
|
|||||||
Montana – 0.2% (0.2% of Total Investments)
|
|||||||||
310
|
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA+
|
315,555
|
|||||
1,000
|
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax)
|
12/11 at 100.00
|
A2
|
977,330
|
|||||
1,310
|
Total Montana
|
1,292,885
|
|||||||
Nevada – 6.7% (4.4% 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
|
Aa3
|
10,736,200
|
|||||
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
|
Aa3
|
9,955,769
|
|||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
|
|||||||||
8,000
|
0.000%, 1/01/19 – AMBAC Insured
|
No Opt. Call
|
N/R
|
1,218,400
|
|||||
4,000
|
5.625%, 1/01/32 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
920,000
|
|||||
3,000
|
5.375%, 1/01/40 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
690,000
|
|||||
3,750
|
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633, 18.807%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
4,386,150
|
|||||
1,500
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
A
|
1,719,735
|
|||||
3,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding, 5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured
|
12/12 at 100.00
|
AA+ (4)
|
3,160,170
|
|||||
5,040
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 2003A Refunding, 5.000%, 6/01/32 – FGIC Insured
|
12/12 at 100.00
|
AA+
|
5,083,949
|
|||||
47,965
|
Total Nevada
|
37,870,373
|
|||||||
New Jersey – 6.6% (4.3% of Total Investments)
|
|||||||||
6,850
|
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 5.750%, 12/01/15
|
No Opt. Call
|
Baa1
|
7,660,355
|
|||||
1,830
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
Aaa
|
1,836,387
|
|||||
4,130
|
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/13 – AMBAC Insured
|
No Opt. Call
|
Aa3
|
4,425,502
|
|||||
4,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
|
No Opt. Call
|
A+
|
4,688,040
|
|||||
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
|
No Opt. Call
|
A+
|
7,723,200
|
|||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
|
|||||||||
5,955
|
5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
6,146,334
|
|||||
3,165
|
6.125%, 6/01/42 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
3,273,591
|
|||||
1,365
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
1,502,305
|
|||||
47,295
|
Total New Jersey
|
37,255,714
|
|||||||
New Mexico – 0.7% (0.4% of Total Investments)
|
|||||||||
3,730
|
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 5.000%, 7/01/32 – AGM Insured
|
7/14 at 100.00
|
AA+
|
3,790,687
|
Nuveen Investments
|
65
|
Nuveen Dividend Advantage Municipal Fund (continued)
|
||
NAD
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New York – 9.4% (6.2% of Total Investments)
|
|||||||||
$
|
1,905
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 – RAAI Insured
|
1/12 at 100.00
|
A3
|
$
|
1,907,438
|
|||
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
|
2/12 at 100.00
|
AA–
|
7,511,400
|
|||||
1,000
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
No Opt. Call
|
A
|
1,017,200
|
|||||
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
|
B–
|
5,571,660
|
|||||
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+
|
5,421,651
|
|||||
5,000
|
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
|
5,250,950
|
|||||
8,800
|
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 – AMBAC Insured (UB)
|
10/14 at 100.00
|
AAA
|
9,424,008
|
|||||
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–
|
5,279,300
|
|||||
1,670
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
1,733,811
|
|||||
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)
|
12/11 at 100.00
|
Baa1
|
10,009,900
|
|||||
51,630
|
Total New York
|
53,127,318
|
|||||||
North Carolina – 1.1% (0.7% of Total Investments)
|
|||||||||
1,500
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.250%, 1/15/24 – AGC Insured
|
1/18 at 100.00
|
AA–
|
1,628,205
|
|||||
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)
|
4,339,352
|
|||||
5,330
|
Total North Carolina
|
5,967,557
|
|||||||
North Dakota – 1.4% (0.9% of Total Investments)
|
|||||||||
3,545
|
Bismarck, North Dakota, Health Care Revenue Bonds, St. Alexius Medical Center, Series 1998A, 5.250%, 7/01/15 – AGM Insured
|
1/12 at 100.00
|
AA+
|
3,555,954
|
|||||
3,910
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
|
11/21 at 100.00
|
AA–
|
4,311,987
|
|||||
7,455
|
Total North Dakota
|
7,867,941
|
|||||||
Ohio – 3.6% (2.4% of Total Investments)
|
|||||||||
2,300
|
Amherst Exempted Village School District, Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 2001, 5.125%, 12/01/21 (Pre-refunded 12/01/11) – FGIC Insured
|
12/11 at 100.00
|
Aa2 (4)
|
2,309,476
|
|||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
160
|
5.125%, 6/01/24
|
6/17 at 100.00
|
BB–
|
123,282
|
|||||
1,655
|
5.375%, 6/01/24
|
6/17 at 100.00
|
BB–
|
1,307,533
|
|||||
1,800
|
5.875%, 6/01/30
|
6/17 at 100.00
|
BB–
|
1,360,944
|
|||||
1,740
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
1,262,822
|
|||||
3,930
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB–
|
2,791,793
|
|||||
6,000
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
|
11/20 at 100.00
|
BBB+
|
5,826,660
|
|||||
3,650
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
|
5/14 at 100.00
|
AA
|
3,692,267
|
|||||
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–
|
1,103,590
|
|||||
740
|
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
|
12/11 at 100.00
|
Aa1
|
743,078
|
|||||
22,975
|
Total Ohio
|
20,521,445
|
66
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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
|
$
|
998,130
|
|||
Pennsylvania – 3.0% (1.9% of Total Investments)
|
|||||||||
1,250
|
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
|
12/18 at 100.00
|
AA+
|
1,291,713
|
|||||
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+
|
1,453,515
|
|||||
8,200
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
|
12/27 at 100.00
|
A–
|
6,414,450
|
|||||
5,000
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
4,246,550
|
|||||
3,205
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625 %, 8/01/16 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
AA– (4)
|
3,334,290
|
|||||
19,155
|
Total Pennsylvania
|
16,740,518
|
|||||||
Puerto Rico – 5.8% (3.8% of Total Investments)
|
|||||||||
2,500
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
Baa2
|
2,593,450
|
|||||
4,300
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 (UB)
|
12/13 at 100.00
|
AA+
|
4,351,858
|
|||||
8,200
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 (Pre-refunded 12/01/13) (UB)
|
12/13 at 100.00
|
Aaa
|
8,864,856
|
|||||
12,845
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/42 – FGIC Insured
|
No Opt. Call
|
BBB+
|
1,553,217
|
|||||
10,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
10,808,400
|
|||||
4,310
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
4,374,564
|
|||||
42,155
|
Total Puerto Rico
|
32,546,345
|
|||||||
Rhode Island – 4.0% (2.6% of Total Investments)
|
|||||||||
2,015
|
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 – RAAI Insured
|
11/11 at 100.00
|
Caa1
|
1,497,931
|
|||||
5,815
|
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – AGM Insured
|
No Opt. Call
|
AA+
|
6,100,575
|
|||||
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177:
|
|||||||||
1,500
|
9.569%, 4/01/23 (Alternative Minimum Tax) (IF)
|
4/17 at 100.00
|
AA+
|
1,531,530
|
|||||
1,000
|
9.669%, 4/01/23 (Alternative Minimum Tax) (IF)
|
4/17 at 100.00
|
AA+
|
1,016,280
|
|||||
12,500
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
|
6/12 at 100.00
|
BBB
|
12,505,500
|
|||||
22,830
|
Total Rhode Island
|
22,651,816
|
|||||||
South Carolina – 0.6% (0.4% of Total Investments)
|
|||||||||
2,045
|
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/27 – AGM Insured
|
11/14 at 100.00
|
AA+
|
2,104,060
|
|||||
1,500
|
Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 2001, 5.000%, 5/01/31 – AMBAC Insured
|
5/12 at 100.00
|
AA–
|
1,502,385
|
|||||
3,545
|
Total South Carolina
|
3,606,445
|
|||||||
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+
|
2,179,924
|
|||||
1,500
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (5), (6)
|
11/17 at 100.00
|
N/R
|
111,150
|
|||||
3,810
|
Total Tennessee
|
2,291,074
|
Nuveen Investments
|
67
|
Nuveen Dividend Advantage Municipal Fund (continued)
|
||
NAD
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas – 10.1% (6.6% 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)
|
4/13 at 101.00
|
Ca
|
$
|
666,496
|
|||
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
|
Baa2
|
2,060,120
|
|||||
2,845
|
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
|
3,061,618
|
|||||
2,820
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
2,438,623
|
|||||
820
|
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured
|
12/11 at 100.00
|
AA+ (4)
|
823,296
|
|||||
2,100
|
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
|
8/14 at 100.00
|
AAA
|
2,164,008
|
|||||
2,305
|
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/20 – NPFG Insured
|
No Opt. Call
|
Baa1
|
1,263,832
|
|||||
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
|
993,869
|
|||||
12,030
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A2
|
3,559,677
|
|||||
30,095
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2004, 0.000%, 8/15/34
|
8/12 at 27.94
|
AAA
|
8,099,166
|
|||||
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
|
AAA
|
2,887,605
|
|||||
33,160
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/38
|
8/14 at 26.50
|
AAA
|
7,656,644
|
|||||
1,500
|
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12
|
No Opt. Call
|
A1
|
1,537,710
|
|||||
5,250
|
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
|
2/15 at 100.00
|
Aaa
|
5,433,698
|
|||||
3,755
|
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A, 5.000%, 8/01/31
|
2/12 at 100.00
|
AAA
|
3,766,040
|
|||||
1,000
|
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
|
5/15 at 100.00
|
Aa1
|
1,019,380
|
|||||
3,295
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1761, 17.044%, 2/15/36 (IF)
|
2/17 at 100.00
|
AA–
|
3,394,509
|
|||||
7,000
|
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/35
|
8/15 at 34.92
|
AAA
|
2,043,790
|
|||||
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
|
|||||||||
3,000
|
0.000%, 8/15/20
|
8/15 at 78.46
|
AAA
|
2,120,670
|
|||||
3,000
|
0.000%, 8/15/22
|
8/15 at 70.77
|
AAA
|
1,917,660
|
|||||
131,010
|
Total Texas
|
56,908,411
|
|||||||
Utah – 0.0% (0.0% of Total Investments)
|
|||||||||
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1999C-2, Class II:
|
|||||||||
50
|
5.700%, 7/01/19 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aaa
|
51,408
|
|||||
15
|
5.750%, 7/01/21 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aa2
|
15,028
|
|||||
245
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA–
|
245,365
|
|||||
310
|
Total Utah
|
311,801
|
68
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Virginia – 0.2% (0.2% 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
|
N/R
|
$
|
1,410,420
|
|||
Washington – 9.1% (6.0% of Total Investments)
|
|||||||||
4,000
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured
|
7/13 at 100.00
|
Aa1
|
4,295,000
|
|||||
1,825
|
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 – AMBAC Insured
|
6/13 at 100.00
|
A1
|
1,903,712
|
|||||
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B:
|
|||||||||
1,755
|
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
1,759,388
|
|||||
2,590
|
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
2,595,905
|
|||||
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18,
Series 1999C:
|
|||||||||
875
|
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
877,188
|
|||||
1,260
|
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
|
3/12 at 100.00
|
Baa1
|
1,262,873
|
|||||
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
|
2,082,620
|
|||||
5,935
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
6,036,073
|
|||||
3,350
|
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured
|
No Opt. Call
|
AA+
|
2,906,695
|
|||||
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
|
|||||||||
17,650
|
0.000%, 1/01/20
|
No Opt. Call
|
AA+
|
13,912,436
|
|||||
18,470
|
0.000%, 1/01/21
|
No Opt. Call
|
AA+
|
13,887,593
|
|||||
59,710
|
Total Washington
|
51,519,483
|
|||||||
Wisconsin – 6.9% (4.6% of Total Investments)
|
|||||||||
1,690
|
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 (Pre-refunded 11/01/14) – AGM Insured
|
11/14 at 100.00
|
Aa2 (4)
|
1,907,941
|
|||||
560
|
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
|
11/14 at 100.00
|
Aa2
|
576,882
|
|||||
7,410
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2006A, 5.000%, 11/15/36
|
11/16 at 100.00
|
AA+
|
7,540,118
|
|||||
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–
|
4,606,470
|
|||||
4,380
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Kenosha Hospital and Medical Center Inc., Series 1999, 5.625%, 5/15/29
|
11/11 at 100.00
|
A
|
4,381,401
|
|||||
12,725
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Health System Corporation, Series 1999, 5.500%, 8/15/25 – AMBAC Insured
|
2/12 at 100.00
|
A2
|
12,730,471
|
|||||
2,200
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
|
8/13 at 100.00
|
BBB+
|
1,963,763
|
|||||
5,000
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
|
5/19 at 100.00
|
AA–
|
5,602,899
|
|||||
38,295
|
Total Wisconsin
|
39,309,945
|
|||||||
$
|
1,123,985
|
Total Municipal Bonds (cost $857,941,560)
|
860,650,352
|
Nuveen Investments
|
69
|
Nuveen Dividend Advantage Municipal Fund (continued)
|
||
NAD
|
Portfolio of Investments
|
Shares
|
Description (1)
|
Value
|
|||||||
Investment Companies – 0.1% (0.1% of Total Investments)
|
|||||||||
8,812
|
BlackRock MuniHoldings Fund Inc.
|
$
|
140,111
|
||||||
32,332
|
Invesco Quality Municipal Income Trust
|
419,669
|
|||||||
Total Investment Companies (cost $528,388)
|
559,780
|
||||||||
Total Investments (cost $858,469,948) – 152.3%
|
861,210,132
|
||||||||
Floating Rate Obligations – (9.1%)
|
(51,605,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (25.5)% (7)
|
(144,300,000
|
) | |||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (21.3)% (7)
|
(120,400,000
|
) | |||||||
Other Assets Less Liabilities – 3.6%
|
20,459,043
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
565,364,175
|
(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. Bonds backed by U.S. Government or agency securities are given 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 bond, 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)
|
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
(7)
|
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.8% and 14.0%, respectively.
|
|
N/R
|
Not rated.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
70
|
Nuveen Investments
|
Nuveen Dividend Advantage Municipal Fund 2
|
||
NXZ
|
Portfolio of Investments
|
|
October 31, 2011
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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+
|
$
|
2,064,733
|
|||
Alaska – 3.1% (2.2% of Total Investments)
|
|||||||||
5,140
|
Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2003B, 5.250%, 12/01/22 – NPFG Insured
|
12/13 at 100.00
|
A+
|
5,489,469
|
|||||
3,860
|
Anchorage, Alaska, General Obligation Refunding Bonds, Series 2002B, 5.500%, 7/01/21 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AA (4)
|
3,995,563
|
|||||
2,290
|
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – NPFG Insured
|
No Opt. Call
|
AA
|
2,362,685
|
|||||
2,200
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
|
6/14 at 100.00
|
B2
|
1,394,602
|
|||||
13,490
|
Total Alaska
|
13,242,319
|
|||||||
Arizona – 2.6% (1.8% of Total Investments)
|
|||||||||
4,500
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
No Opt. Call
|
A+
|
4,609,395
|
|||||
3,120
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA–
|
3,127,176
|
|||||
3,000
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/26 (Pre-refunded 1/01/13)
|
1/13 at 100.00
|
Aa1 (4)
|
3,162,450
|
|||||
10,620
|
Total Arizona
|
10,899,021
|
|||||||
Arkansas – 0.1% (0.1% of Total Investments)
|
|||||||||
405
|
Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, GNMA Mortgage-Backed Securities Program, Series 2002C, 5.400%, 1/01/34 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA+
|
405,235
|
|||||
California – 22.4% (15.9% of Total Investments)
|
|||||||||
9,000
|
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
|
B1
|
6,511,950
|
|||||
6,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2001Q, 5.250%, 12/01/32
|
12/11 at 101.00
|
AAA
|
6,079,320
|
|||||
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+
|
4,141,975
|
|||||
4,250
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
A1
|
4,349,450
|
|||||
3,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32
|
10/21 at 100.00
|
A1
|
3,128,250
|
|||||
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
|
2,366,680
|
|||||
4,380
|
Glendale, California, Electric Revenue Bonds, Series 2003, 5.000%, 2/01/32 – NPFG Insured
|
2/13 at 100.00
|
AA–
|
4,499,443
|
|||||
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
|
A2
|
18,735,800
|
|||||
5,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
5,487,000
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
2,050
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB+
|
1,448,489
|
|||||
1,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB+
|
651,200
|
|||||
6,000
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/12 at 102.00
|
B–
|
5,530,140
|
|||||
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+
|
3,409,929
|
|||||
10,885
|
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
Aa3
|
4,882,249
|
Nuveen Investments
|
71
|
Nuveen Dividend Advantage Municipal Fund 2 (continued)
|
||
NXZ
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
5,000
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA
|
$
|
3,604,350
|
|||
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
|
1,730,720
|
|||||
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–
|
1,315,552
|
|||||
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
|
3,052,380
|
|||||
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
|
AA
|
1,310,884
|
|||||
3,000
|
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
|
Aa2
|
1,021,080
|
|||||
12,500
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,245,375
|
|||||
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
|
A
|
5,159,150
|
|||||
1,930
|
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 6/01/29 – NPFG Insured
|
No Opt. Call
|
AA
|
2,035,899
|
|||||
3,000
|
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
|
5/13 at 101.00
|
AA+
|
3,148,050
|
|||||
25
|
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16
|
3/12 at 100.00
|
Baa1
|
24,636
|
|||||
124,340
|
Total California
|
95,869,951
|
|||||||
Colorado – 6.0% (4.2% of Total Investments)
|
|||||||||
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
|
BBB+
|
1,810,400
|
|||||
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
|
3,023,053
|
|||||
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006A:
|
|||||||||
5,365
|
5.000%, 11/15/23 – FGIC Insured (UB)
|
11/16 at 100.00
|
A+
|
5,799,350
|
|||||
3,300
|
5.000%, 11/15/24 – FGIC Insured
|
11/16 at 100.00
|
A+
|
3,541,626
|
|||||
4,335
|
5.000%, 11/15/25 – FGIC Insured (UB)
|
11/16 at 100.00
|
A+
|
4,623,668
|
|||||
10,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
|
No Opt. Call
|
Baa2
|
1,210,300
|
|||||
8,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured
|
9/20 at 63.99
|
Baa1
|
2,593,440
|
|||||
755
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
854,607
|
|||||
1,000
|
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25
|
6/14 at 101.00
|
N/R
|
1,009,510
|
|||||
960
|
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
|
6/20 at 100.00
|
Aa3
|
1,019,578
|
|||||
38,965
|
Total Colorado
|
25,485,532
|
|||||||
District of Columbia – 2.3% (1.6% of Total Investments)
|
|||||||||
825
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
|
11/11 at 101.00
|
A1
|
825,404
|
|||||
4,250
|
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
|
4/15 at 100.00
|
AA–
|
4,307,715
|
|||||
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
|
4,740,250
|
|||||
10,075
|
Total District of Columbia
|
9,873,369
|
|||||||
Florida – 7.7% (5.4% of Total Investments)
|
|||||||||
15,000
|
Jacksonville, Florida, Transportation Revenue Bonds, Series 2001, 5.250%, 10/01/29 – NPFG Insured
|
4/12 at 100.00
|
Aa2
|
15,013,200
|
72
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Florida (continued)
|
|||||||||
$
|
3,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
$
|
3,003,300
|
|||
5,000
|
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21
|
No Opt. Call
|
Aa1
|
5,268,600
|
|||||
1,500
|
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2003B, 5.000%, 10/01/22
|
No Opt. Call
|
Aa1
|
1,578,840
|
|||||
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
|
Baa1
|
1,893,520
|
|||||
1,500
|
5.000%, 7/01/40 – NPFG Insured
|
7/17 at 100.00
|
Baa1
|
1,376,160
|
|||||
5,000
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
4,594,150
|
|||||
33,000
|
Total Florida
|
32,727,770
|
|||||||
Georgia – 2.7% (1.9% 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
|
N/R
|
2,065,520
|
|||||
2,000
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
|
12/20 at 100.00
|
N/R
|
2,048,440
|
|||||
5,000
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.125%, 2/15/40
|
No Opt. Call
|
A+
|
4,825,950
|
|||||
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+
|
2,741,600
|
|||||
11,500
|
Total Georgia
|
11,681,510
|
|||||||
Illinois – 16.5% (11.7% of Total Investments)
|
|||||||||
3,485
|
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA+
|
3,488,729
|
|||||
475
|
Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 2001A, 6.250%, 10/01/32 (Alternative Minimum Tax)
|
4/12 at 104.50
|
Aaa
|
490,974
|
|||||
5,000
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 – FGIC Insured
|
No Opt. Call
|
Aa3
|
1,309,900
|
|||||
3,985
|
Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.250%, 1/01/33 – NPFG Insured
|
1/12 at 100.00
|
Aa3
|
3,987,829
|
|||||
7,100
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
7,339,838
|
|||||
3,180
|
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
N/R (4)
|
3,375,793
|
|||||
910
|
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001, 5.500%, 9/01/32 – AMBAC Insured
|
3/12 at 100.00
|
BBB+
|
909,927
|
|||||
5,000
|
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
|
1/18 at 100.00
|
Baa1
|
4,992,900
|
|||||
9,815
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
|
5/17 at 100.00
|
Baa1
|
9,278,708
|
|||||
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+
|
1,039,130
|
|||||
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
|
2,615,250
|
|||||
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
2,634,500
|
|||||
6,965
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
|
5/17 at 100.00
|
Baa3
|
6,364,687
|
|||||
5,025
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
|
1/13 at 100.00
|
Baa1
|
5,026,809
|
|||||
2,215
|
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
|
2/16 at 100.00
|
AA
|
2,238,014
|
|||||
1,535
|
Illinois, Sales Tax Revenue Bonds, Series 2001, 5.500%, 6/15/16
|
No Opt. Call
|
AAA
|
1,539,712
|
Nuveen Investments
|
73
|
Nuveen Dividend Advantage Municipal Fund 2 (continued)
|
||
NXZ
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
$
|
2,500
|
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
|
No Opt. Call
|
Aa3
|
$
|
1,388,075
|
|||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
|||||||||
7,500
|
0.000%, 12/15/30 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,515,650
|
|||||
10,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,239,900
|
|||||
2,500
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 0.000%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
2,615,150
|
|||||
3,625
|
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
|
3/16 at 100.00
|
N/R
|
3,061,458
|
|||||
3,360
|
Northfield Township High School District 225, Cook County, Illinois, Glenbrook, General Obligation School Bonds, Series 2007B, 0.000%, 12/01/24
|
12/16 at 69.01
|
AAA
|
1,866,480
|
|||||
90,175
|
Total Illinois
|
70,319,413
|
|||||||
Indiana – 4.6% (3.2% of Total Investments)
|
|||||||||
1,305
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A
|
1,309,711
|
|||||
2,295
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.500%, 9/15/31
|
3/12 at 100.00
|
BBB
|
1,994,699
|
|||||
1,570
|
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+
|
1,726,984
|
|||||
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
|
BBB+
|
2,269,203
|
|||||
5,180
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
5,294,323
|
|||||
4,000
|
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
4,291,320
|
|||||
1,500
|
Marion High School Building Corporation, Grant County, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/25 – NPFG Insured
|
7/13 at 100.00
|
AA+
|
1,580,355
|
|||||
6,100
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.800%, 2/15/24 (5)
|
2/12 at 100.00
|
N/R
|
1,046,028
|
|||||
24,255
|
Total Indiana
|
19,512,623
|
|||||||
Iowa – 1.5% (1.1% of Total Investments)
|
|||||||||
1,000
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2002, 5.500%, 10/01/28 (Pre-refunded 10/01/12) – ACA Insured
|
10/12 at 100.00
|
N/R (4)
|
1,047,420
|
|||||
6,340
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
BBB
|
5,333,398
|
|||||
7,340
|
Total Iowa
|
6,380,818
|
|||||||
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+
|
1,058,620
|
|||||
Louisiana – 5.3% (3.8% of Total Investments)
|
|||||||||
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
|
3,912,163
|
|||||
18,825
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
11/11 at 101.00
|
A–
|
18,837,425
|
|||||
22,785
|
Total Louisiana
|
22,749,588
|
|||||||
Maryland – 0.2% (0.1% of Total Investments)
|
|||||||||
1,000
|
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.500%, 11/01/36
|
11/16 at 100.00
|
BBB+
|
863,190
|
|||||
Massachusetts – 0.4% (0.3% of Total Investments)
|
|||||||||
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
|
1,532,955
|
74
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Michigan – 6.1% (4.4% of Total Investments)
|
|||||||||
$
|
3,135
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 1998B Remarketed, 5.250%, 7/01/22 – NPFG Insured
|
7/17 at 100.00
|
A+
|
$
|
3,273,567
|
|||
5,865
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
|
7/13 at 100.00
|
AA+
|
5,885,528
|
|||||
2,910
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36 – MBIA-NPFG Insured
|
7/16 at 100.00
|
A
|
2,887,389
|
|||||
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
|
6,938,067
|
|||||
3,300
|
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, Series 2005, 5.000%, 6/01/19 – AGM Insured
|
6/15 at 100.00
|
AA+
|
3,406,029
|
|||||
4,000
|
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A, 8.000%, 10/01/31
|
4/12 at 100.00
|
B1
|
3,842,320
|
|||||
26,090
|
Total Michigan
|
26,232,900
|
|||||||
Minnesota – 1.3% (0.9% of Total Investments)
|
|||||||||
5,000
|
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
|
11/18 at 100.00
|
AA+
|
5,615,100
|
|||||
Montana – 0.3% (0.3% of Total Investments)
|
|||||||||
1,480
|
Montana Board of Housing, Single Family Program Bonds, Series 2001A-2, 5.700%, 6/01/32 (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA+
|
1,480,844
|
|||||
Nevada – 4.6% (3.3% of Total Investments)
|
|||||||||
12,275
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
2,823,250
|
|||||
3,500
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5)
|
1/12 at 100.00
|
N/R
|
5,215
|
|||||
2,000
|
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633, 18.807%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
2,339,280
|
|||||
1,455
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2005A, 5.000%, 6/01/24 – FGIC Insured
|
No Opt. Call
|
AA+
|
1,557,330
|
|||||
5,040
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 2003A Refunding, 5.000%, 6/01/32 – FGIC Insured
|
12/12 at 100.00
|
AA+
|
5,083,949
|
|||||
5,625
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 2003A Refunding, 5.250%, 6/01/21 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
AA+ (4)
|
5,925,319
|
|||||
1,750
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.534%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
1,986,600
|
|||||
31,645
|
Total Nevada
|
19,720,943
|
|||||||
New Hampshire – 2.1% (1.5% of Total Investments)
|
|||||||||
8,000
|
New Hampshire Business Finance Authority, Pollution Control Remarketed Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1992A, 5.850%, 12/01/22
|
4/12 at 100.50
|
BBB+
|
8,050,480
|
|||||
995
|
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2001A, 5.700%, 1/01/31 (Alternative Minimum Tax)
|
11/11 at 100.00
|
Aa3
|
995,537
|
|||||
8,995
|
Total New Hampshire
|
9,046,017
|
|||||||
New Jersey – 2.6% (1.9% of Total Investments)
|
|||||||||
3,995
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
11/11 at 100.00
|
B
|
3,994,481
|
|||||
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
|
BBB–
|
613,404
|
|||||
265
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
273,514
|
Nuveen Investments
|
75
|
Nuveen Dividend Advantage Municipal Fund 2 (continued)
|
||
NXZ
|
Portfolio of Investments
|
|
Principal
|
Optional Call
|
|||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New Jersey (continued)
|
|||||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
|
|||||||||
$
|
2,200
|
6.375%, 6/01/32 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
$
|
2,377,606
|
|||
425
|
6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
467,751
|
|||||
3,085
|
6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
3,370,980
|
|||||
10,570
|
Total New Jersey
|
11,097,736
|
|||||||
New York – 6.2% (4.4% 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–
|
1,375,328
|
|||||
4,250
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York University, Series 2001-2, 5.000%, 7/01/31 – AMBAC Insured
|
1/12 at 100.00
|
AA+
|
4,262,240
|
|||||
1,600
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
No Opt. Call
|
A
|
1,627,520
|
|||||
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–
|
12,905,984
|
|||||
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)
|
8/12 at 101.00
|
B–
|
4,645,800
|
|||||
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–
|
1,733,811
|
|||||
37,340
|
Total New York
|
26,550,683
|
|||||||
North Carolina – 0.7% (0.5% of Total Investments)
|
|||||||||
2,950
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/33 – SYNCORA GTY Insured
|
4/13 at 100.00
|
N/R
|
2,944,100
|
|||||
Ohio – 1.9% (1.3% of Total Investments)
|
|||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
10,000
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
7,257,600
|
|||||
1,000
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB–
|
710,380
|
|||||
11,000
|
Total Ohio
|
7,967,980
|
|||||||
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
|
998,130
|
|||||
3,500
|
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
|
6/20 at 100.00
|
A
|
3,748,080
|
|||||
4,500
|
Total Oklahoma
|
4,746,210
|
|||||||
Puerto Rico – 3.4% (2.4% of Total Investments)
|
|||||||||
2,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
2,702,100
|
|||||
9,310
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
9,449,464
|
|||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
30,000
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
1,942,200
|
|||||
6,150
|
0.000%, 8/01/56
|
No Opt. Call
|
Aa2
|
350,550
|
|||||
47,960
|
Total Puerto Rico
|
14,444,314
|
|||||||
South Carolina – 2.4% (1.7% of Total Investments)
|
|||||||||
2,500
|
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 – AGM Insured
|
11/14 at 100.00
|
AA+
|
2,606,550
|
|||||
21,570
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 – AMBAC Insured
|
No Opt. Call
|
A–
|
7,859,892
|
|||||
24,070
|
Total South Carolina
|
10,466,442
|
76
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas – 26.4% (18.7% of Total Investments)
|
|||||||||
$
|
4,000
|
Board of Regents, University of Texas System, Financing System Revenue Refunding Bonds, Series 2006B, 5.000%, 8/15/31
|
No Opt. Call
|
AAA
|
$
|
4,352,520
|
|||
1,250
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
|
1/21 at 100.00
|
BBB–
|
1,261,888
|
|||||
10,000
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
8,647,600
|
|||||
Dallas-Fort Worth International Airport Public Facility Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001:
|
|||||||||
15,000
|
5.250%, 1/15/26 – AGM Insured
|
1/12 at 100.00
|
AA+
|
15,010,200
|
|||||
1,750
|
5.200%, 1/15/31 – AGM Insured
|
1/12 at 100.00
|
AA+
|
1,750,385
|
|||||
6,000
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.125%, 9/01/34
|
9/14 at 100.00
|
N/R
|
6,001,920
|
|||||
3,500
|
Fort Bend County, Texas, General Obligation Bonds, Toll Road Series 2006, 5.000%, 3/01/32 – NPFG Insured
|
9/13 at 100.00
|
AA+
|
3,568,215
|
|||||
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)
|
4/12 at 100.00
|
Ba2
|
10,047,700
|
|||||
31,170
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
|
11/11 at 100.00
|
Baa1
|
26,074,952
|
|||||
1,845
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37 – NPFG Insured
|
11/31 at 69.08
|
Baa1
|
273,983
|
|||||
4,465
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004-A3, 0.000%, 11/15/35 – NPFG Insured
|
11/24 at 52.47
|
Baa1
|
767,667
|
|||||
40,000
|
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/40 – NPFG Insured
|
11/30 at 54.04
|
Baa1
|
5,737,600
|
|||||
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
|
1,587,650
|
|||||
5,540
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A2
|
1,639,286
|
|||||
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
|
4,503,192
|
|||||
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–
|
4,130,300
|
|||||
3,295
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1760-3, 17.044%, 2/15/36 (IF)
|
2/17 at 100.00
|
AA–
|
3,394,509
|
|||||
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
|
A1
|
2,957,453
|
|||||
1,000
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/28 – AMBAC Insured
|
8/12 at 39.43
|
BBB+
|
360,810
|
|||||
10,500
|
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
|
2/12 at 100.00
|
Aaa
|
10,532,760
|
|||||
171,490
|
Total Texas
|
112,600,590
|
|||||||
Washington – 2.4% (1.7% of Total Investments)
|
|||||||||
2,500
|
King County School District 001 Seattle, Washington, General Obligation Bonds, Series 2007A, 5.000%, 6/01/12
|
No Opt. Call
|
Aaa
|
2,569,525
|
|||||
3,780
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
3,833,714
|
|||||
2,940
|
Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
|
12/20 at 100.00
|
Baa2
|
2,785,238
|
|||||
845
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
859,390
|
|||||
10,065
|
Total Washington
|
10,047,867
|
Nuveen Investments
|
77
|
Nuveen Dividend Advantage Municipal Fund 2 (continued)
|
||
NXZ
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
West Virginia – 2.3% (1.7% of Total Investments)
|
|||||||||
$
|
2,950
|
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company Project, Series 2010, 5.375%, 12/01/38
|
12/20 at 100.00
|
BBB
|
$
|
3,022,275
|
|||
6,720
|
West Virginia University, University Revenue Improvement Bonds, West Virginia University Projects, Series 2004C, 5.000%, 10/01/34 – FGIC Insured
|
10/14 at 100.00
|
Aa3
|
6,957,552
|
|||||
9,670
|
Total West Virginia
|
9,979,827
|
|||||||
Wisconsin – 1.0% (0.7% of Total Investments)
|
|||||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2002A, 7.375%, 5/01/26 (Pre-refunded 5/01/12)
|
5/12 at 100.00
|
N/R (4)
|
1,035,109
|
|||||
3,640
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
|
8/16 at 100.00
|
BBB+
|
3,296,965
|
|||||
4,640
|
Total Wisconsin
|
4,332,074
|
|||||||
$
|
799,945
|
Total Investments (cost $601,166,992) – 140.9%
|
601,940,274
|
||||||
Floating Rate Obligations – (4.3)%
|
(18,260,000
|
) | |||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.9)% (6)
|
(196,000,000
|
) | |||||||
Other Assets Less Liabilities – 9.3%
|
39,404,596
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
427,084,870
|
(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. Bonds backed by U.S. Government or agency securities are given 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 bond, 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)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 32.6%.
|
|
N/R
|
Not rated.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
78
|
Nuveen Investments
|
Nuveen Dividend Advantage Municipal Fund 3
|
||
NZF
|
Portfolio of Investments
|
|
October 31, 2011
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Municipal Bonds – 138.4% (96.6% of Total Investments)
|
|||||||||
Alabama – 0.6% (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+
|
$
|
3,566,185
|
|||
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
|
6/14 at 100.00
|
B2
|
633,910
|
|||||
Arizona – 1.0% (0.7% of Total Investments)
|
|||||||||
3,390
|
Arizona State Transportation Board, Highway Revenue Bonds, Series 2006, Trust 3151, 13.416%, 7/01/16 (IF)
|
No Opt. Call
|
AAA
|
4,026,710
|
|||||
2,200
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A
|
1,995,334
|
|||||
5,590
|
Total Arizona
|
6,022,044
|
|||||||
California – 15.6% (10.9% of Total Investments)
|
|||||||||
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A:
|
|||||||||
2,220
|
5.000%, 3/01/28
|
3/13 at 100.00
|
A
|
2,220,000
|
|||||
140
|
5.000%, 3/01/33
|
3/13 at 100.00
|
A
|
137,201
|
|||||
1,670
|
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2, RMKT, 5.250%, 11/15/40
|
No Opt. Call
|
Aa3
|
1,709,880
|
|||||
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
|
3,572,210
|
|||||
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–
|
2,857,196
|
|||||
5,355
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.584%, 5/15/14 (IF)
|
No Opt. Call
|
AA–
|
6,389,640
|
|||||
20
|
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
|
12/11 at 100.00
|
AA
|
20,020
|
|||||
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B:
|
|||||||||
2,180
|
0.000%, 8/01/31 – FGIC Insured
|
8/12 at 32.87
|
A+
|
578,092
|
|||||
3,300
|
0.000%, 8/01/32 – FGIC Insured
|
8/12 at 30.97
|
A+
|
818,202
|
|||||
11,865
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
|
6/17 at 100.00
|
BB+
|
7,726,488
|
|||||
7,150
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
|
7/21 at 100.00
|
Aa2
|
8,079,000
|
|||||
10,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
|
1/21 at 100.00
|
AA
|
10,529,000
|
|||||
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2001:
|
|||||||||
10,510
|
5.750%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A–
|
10,552,776
|
|||||
5,000
|
5.375%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A–
|
5,006,350
|
|||||
1,500
|
5.250%, 1/01/23 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A–
|
1,500,840
|
|||||
10,000
|
5.500%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A–
|
9,650,900
|
|||||
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+
|
7,770,360
|
|||||
3,850
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,036,187
|
|||||
3,550
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
3,622,562
|
|||||
3,000
|
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 1005, 13.606%, 8/01/41 (IF)
|
8/21 at 100.00
|
AA+
|
3,589,140
|
Nuveen Investments
|
79
|
Nuveen Dividend Advantage Municipal Fund 3 (continued)
|
||
NZF
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
10,000
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa1
|
$
|
1,406,100
|
|||
3,000
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
Aaa
|
1,096,950
|
|||||
112,610
|
Total California
|
91,869,094
|
|||||||
Colorado – 5.5% (3.8% of Total Investments)
|
|||||||||
2,250
|
Canterberry Crossing Metropolitan District II, Parker, Colorado, Limited Tax General Obligation Bonds, Series 2002, 7.375%, 12/01/32 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
N/R (4)
|
2,395,215
|
|||||
1,535
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Education Center, Series 2002A, 7.625%, 3/15/32 (Pre-refunded 3/15/13)
|
3/13 at 100.00
|
N/R (4)
|
1,668,345
|
|||||
3,090
|
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
|
2,631,629
|
|||||
3,380
|
Colorado Housing Finance Authority, Multifamily Project Bonds, Class I, Series 2001A-1, 5.500%, 4/01/31 (Alternative Minimum Tax)
|
4/12 at 100.00
|
AAA
|
3,381,251
|
|||||
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
|
4,120,150
|
|||||
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
|
|||||||||
5,365
|
5.000%, 11/15/23 – FGIC Insured
|
11/16 at 100.00
|
A+
|
5,799,350
|
|||||
3,300
|
5.000%, 11/15/24 – FGIC Insured
|
11/16 at 100.00
|
A+
|
3,541,626
|
|||||
4,335
|
5.000%, 11/15/25 – FGIC Insured
|
11/16 at 100.00
|
A+
|
4,623,668
|
|||||
|
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
|
841,615
|
|||||
2,000
|
5.250%, 12/01/36 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
1,664,660
|
|||||
1,000
|
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25
|
6/14 at 101.00
|
N/R
|
1,009,510
|
|||||
630
|
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
|
6/20 at 100.00
|
Aa3
|
669,098
|
|||||
32,835
|
Total Colorado
|
32,346,117
|
|||||||
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
|
1,491,855
|
|||||
Delaware – 0.1% (0.1% of Total Investments)
|
|||||||||
520
|
Delaware State Housing Authority, Multifamily Mortgage Revenue Bonds, Series 2001A, 5.400%, 7/01/24
|
7/12 at 100.00
|
Aa3
|
536,853
|
|||||
District of Columbia – 0.8% (0.6% of Total Investments)
|
|||||||||
1,335
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
1,367,360
|
|||||
3,335
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.592%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
3,415,840
|
|||||
4,670
|
Total District of Columbia
|
4,783,200
|
|||||||
Florida – 3.3% (2.3% of Total Investments)
|
|||||||||
4,980
|
Broward County, Florida, Airport System Revenue Refunding Bonds, Series 2009O, 5.375%, 10/01/29
|
10/19 at 100.00
|
A+
|
5,241,898
|
|||||
Orange County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Oak Glen Apartments, Series 2001G:
|
|||||||||
1,105
|
5.400%, 12/01/32 – AGM Insured
|
12/11 at 100.00
|
AA+
|
1,105,343
|
|||||
2,195
|
5.450%, 12/01/41 – AGM Insured
|
12/11 at 100.00
|
AA+
|
2,195,329
|
|||||
5,000
|
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2003B, 5.000%, 7/01/30 – AMBAC Insured
|
7/13 at 100.00
|
A
|
5,059,050
|
80
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Florida (continued)
|
|||||||||
$
|
5,455
|
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
|
$
|
5,450,309
|
|||
1,000
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.650%, 5/01/40 (5)
|
5/18 at 100.00
|
N/R
|
623,180
|
|||||
19,735
|
Total Florida
|
19,675,109
|
|||||||
Georgia – 4.9% (3.4% of Total Investments)
|
|||||||||
15,000
|
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30
|
1/21 at 100.00
|
A1
|
15,842,250
|
|||||
2,700
|
Atlanta, Georgia, Tax Allocation Bonds, Atlantic Station Project, Series 2001, 7.900%, 12/01/24 (Pre-refunded 12/01/11)
|
12/11 at 101.00
|
AAA
|
2,744,280
|
|||||
3,000
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
|
12/20 at 100.00
|
N/R
|
3,072,660
|
|||||
2,000
|
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42
|
7/17 at 100.00
|
N/R
|
1,363,700
|
|||||
5,000
|
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 1/01/35 – FGIC Insured
|
1/14 at 100.00
|
AA–
|
5,127,050
|
|||||
500
|
Gainesville Redevelopment Authority, Georgia, Educational Facilities Revenue Bonds, Riverside Military Academy Project, Series 2007, 5.125%, 3/01/37
|
3/17 at 100.00
|
N/R
|
367,470
|
|||||
28,200
|
Total Georgia
|
28,517,410
|
|||||||
Illinois – 12.4% (8.6% of Total Investments)
|
|||||||||
2,200
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 (WI/DD, Settling 11/04/11)
|
12/21 at 100.00
|
AA
|
2,270,312
|
|||||
8,375
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.500%, 1/01/19 – AGM Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA+
|
8,399,706
|
|||||
4,950
|
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001A, 5.375%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A2
|
4,950,297
|
|||||
2,220
|
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/16 – NPFG Insured
|
No Opt. Call
|
Aa3
|
2,462,868
|
|||||
1,165
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 – FGIC Insured
|
1/16 at 100.00
|
A1
|
1,172,095
|
|||||
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
9,174,798
|
|||||
2,415
|
Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program – Kankakee County, Series 2005B, 5.000%, 12/01/24 – AMBAC Insured
|
12/14 at 100.00
|
A2
|
2,471,028
|
|||||
3,465
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
3,190,052
|
|||||
9,000
|
Illinois Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2001, 5.875%, 12/01/31
|
12/11 at 101.00
|
BBB–
|
9,009,900
|
|||||
5,000
|
Lake County School District 38, Big Hallow, Illinois, General Obligation Bonds, Series 2005, 0.000%, 2/01/22 – AMBAC Insured
|
No Opt. Call
|
N/R
|
2,727,200
|
|||||
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
|
4,707,430
|
|||||
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
|
12,276,120
|
|||||
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
|
6,719,400
|
|||||
2,790
|
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
|
3,107,669
|
|||||
114,455
|
Total Illinois
|
72,638,875
|
|||||||
Indiana – 6.5% (4.5% of Total Investments)
|
|||||||||
Clark-Pleasant Community School Building Corporation, Indiana, First Mortgage Bonds, Series 2001:
|
|||||||||
1,255
|
5.000%, 7/15/21 (Pre-refunded 1/15/12) – AMBAC Insured
|
1/12 at 100.00
|
AA+ (4)
|
1,267,425
|
|||||
1,000
|
5.000%, 1/15/26 (Pre-refunded 1/15/12) – AMBAC Insured
|
1/12 at 100.00
|
AA+ (4)
|
1,009,900
|
Nuveen Investments
|
81
|
Nuveen Dividend Advantage Municipal Fund 3 (continued)
|
||
NZF
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Indiana (continued)
|
|||||||||
Evansville Vanderburgh Public Library Lease Corporation, Indiana, First Mortgage Bonds, Series 2001:
|
|||||||||
$
|
2,000
|
5.750%, 7/15/18 (Pre-refunded 1/15/12) – NPFG Insured
|
1/12 at 100.00
|
A+ (4)
|
$
|
2,022,880
|
|||
2,750
|
5.125%, 1/15/24 (Pre-refunded 1/15/12) – NPFG Insured
|
1/12 at 100.00
|
A+ (4)
|
2,777,940
|
|||||
1,250
|
Hamilton Southeastern Cumberland Campus School Building Corporation, Indiana, First Mortgage Bonds, Series 2001, 5.125%, 1/15/23 (Pre-refunded 1/15/12) – AMBAC Insured
|
1/12 at 100.00
|
A (4)
|
1,262,700
|
|||||
6,885
|
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%, 2/01/26 – NPFG Insured
|
2/12 at 100.00
|
Baa1
|
6,903,176
|
|||||
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
|
4,420,646
|
|||||
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–
|
6,812,426
|
|||||
2,600
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 – AMBAC Insured
|
5/15 at 100.00
|
A
|
2,541,994
|
|||||
3,500
|
University of Southern Indiana, Student Fee Revenue Bonds, Series 2001H, 5.000%, 10/01/21 – AMBAC Insured
|
4/12 at 100.00
|
A1
|
3,505,250
|
|||||
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
|
2,269,825
|
|||||
2,500
|
5.800%, 9/01/47
|
9/17 at 100.00
|
N/R
|
2,277,575
|
|||||
1,090
|
Wayne County Jail Holding Corporation, Indiana, First Mortgage Bonds, Series 2001, 5.500%, 7/15/22 (Pre-refunded 1/15/13) – AMBAC Insured
|
1/13 at 101.00
|
A1 (4)
|
1,168,349
|
|||||
38,260
|
Total Indiana
|
38,240,086
|
|||||||
Iowa – 0.5% (0.3% of Total Investments)
|
|||||||||
2,000
|
Iowa Finance Authority, Healthcare Revenue Bonds, Great River Medical Center, Series 2001, 5.250%, 5/15/31 – AGM Insured
|
11/11 at 100.00
|
Aa3
|
2,000,080
|
|||||
1,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
BBB
|
717,460
|
|||||
3,000
|
Total Iowa
|
2,717,540
|
|||||||
Kansas – 0.3% (0.2% of Total Investments)
|
|||||||||
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B:
|
|||||||||
1,000
|
5.125%, 5/15/37
|
5/14 at 103.00
|
N/R
|
818,730
|
|||||
1,000
|
5.125%, 5/15/42
|
5/14 at 103.00
|
N/R
|
805,810
|
|||||
2,000
|
Total Kansas
|
1,624,540
|
|||||||
Kentucky – 1.2% (0.8% 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+
|
1,060,350
|
|||||
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
|
5,744,682
|
|||||
6,400
|
Total Kentucky
|
6,805,032
|
|||||||
Louisiana – 7.6% (5.3% 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
|
Baa2
|
2,005,500
|
|||||
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–
|
3,136,680
|
|||||
10,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A+
|
10,003,400
|
|||||
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
|
3,550,779
|
|||||
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
|
4,785,107
|
|||||
20,890
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
11/11 at 101.00
|
A–
|
20,903,787
|
|||||
44,015
|
Total Louisiana
|
44,385,253
|
82
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Maine – 0.2% (0.1% of Total Investments)
|
|||||||||
$
|
1,075
|
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2001B, 5.500%, 11/15/32 (Alternative Minimum Tax)
|
11/11 at 100.00
|
AA+
|
$
|
1,075,409
|
|||
Maryland – 2.4% (1.7% 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
|
714,240
|
|||||
1,135
|
Maryland Community Development Administration, Insured Multifamily Housing Mortgage Loan Revenue Bonds, Series 2001B, 5.250%, 7/01/21 (Pre-refunded 11/21/11) (Alternative Minimum Tax)
|
11/11 at 100.00
|
Aa2 (4)
|
1,137,894
|
|||||
2,000
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31
|
12/16 at 100.00
|
N/R
|
1,242,520
|
|||||
10,600
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
|
3/12 at 100.00
|
N/R
|
10,674,200
|
|||||
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–
|
513,930
|
|||||
15,290
|
Total Maryland
|
14,282,784
|
|||||||
Massachusetts – 3.6% (2.5% of Total Investments)
|
|||||||||
1,375
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
|
10/12 at 102.00
|
N/R
|
1,175,941
|
|||||
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–
|
844,850
|
|||||
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
|
1,605,264
|
|||||
1,505
|
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 15.393%, 6/01/16 (IF)
|
No Opt. Call
|
AA
|
1,589,491
|
|||||
400
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
|
7/21 at 100.00
|
A
|
413,216
|
|||||
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)
|
1/12 at 100.00
|
N/R
|
4,617,700
|
|||||
3,465
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB), (6)
|
2/17 at 100.00
|
AA+
|
3,480,558
|
|||||
7,165
|
Metropolitan Boston, Massachusetts, Transit Parking Corporation, Systemwide Parking Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
7,316,038
|
|||||
21,510
|
Total Massachusetts
|
21,043,058
|
|||||||
Michigan – 8.1% (5.6% 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
|
Aa2
|
16,602,150
|
|||||
2,000
|
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A, 5.000%, 8/15/38
|
8/17 at 100.00
|
N/R
|
1,420,560
|
|||||
2,750
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds Series 2011A, 5.500%, 7/01/41
|
7/21 at 100.00
|
AA–
|
3,032,618
|
|||||
5,000
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
No Opt. Call
|
AA
|
4,988,550
|
|||||
2,250
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41
|
No Opt. Call
|
Aa3
|
2,413,080
|
|||||
2,395
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sisters of Mercy Health Corporation, Series 1993P, 5.375%, 8/15/14 – NPFG Insured (ETM)
|
No Opt. Call
|
BBB (4)
|
2,563,369
|
|||||
2,865
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
AA
|
2,913,075
|
|||||
635
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
748,595
|
|||||
12,640
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured
|
11/11 at 100.00
|
A1
|
12,639,494
|
|||||
45,535
|
Total Michigan
|
47,321,491
|
Nuveen Investments
|
83
|
Nuveen Dividend Advantage Municipal Fund 3 (continued)
|
||
NZF
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Minnesota – 1.2% (0.9% of Total Investments)
|
|||||||||
$
|
2,185
|
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)
|
4/12 at 105.00
|
Aaa
|
$
|
2,265,233
|
|||
3,000
|
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
|
No Opt. Call
|
AA+
|
3,625,770
|
|||||
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
|
1,245,503
|
|||||
6,560
|
Total Minnesota
|
7,136,506
|
|||||||
Mississippi – 0.9% (0.6% of Total Investments)
|
|||||||||
2,155
|
Mississippi Business Finance Corporation, GNMA Collateralized Retirement Facility Mortgage Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 5.450%, 5/20/34
|
11/11 at 101.00
|
AA+
|
2,163,469
|
|||||
3,000
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
|
9/14 at 100.00
|
AA
|
3,091,200
|
|||||
5,155
|
Total Mississippi
|
5,254,669
|
|||||||
Missouri – 3.3% (2.3% 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
|
N/R
|
1,333,017
|
|||||
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
|
813,320
|
|||||
1,825
|
Fenton, Missouri, Tax Increment Refunding and Improvement Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12)
|
10/12 at 100.00
|
N/R (4)
|
1,922,838
|
|||||
Missouri Development Finance Board, Cultural Facilities Revenue Bonds, Nelson Gallery Foundation, Series 2001A:
|
|||||||||
3,335
|
5.250%, 12/01/19 (Pre-refunded 12/01/11) – NPFG Insured
|
12/11 at 100.00
|
AA– (4)
|
3,348,974
|
|||||
3,510
|
5.250%, 12/01/20 (Pre-refunded 12/01/11) – NPFG Insured
|
12/11 at 100.00
|
AA– (4)
|
3,524,707
|
|||||
3,695
|
5.250%, 12/01/21 (Pre-refunded 12/01/11) – NPFG Insured
|
12/11 at 100.00
|
AA– (4)
|
3,710,482
|
|||||
2,040
|
5.250%, 12/01/22 (Pre-refunded 12/01/11) – NPFG Insured
|
12/11 at 100.00
|
AA– (4)
|
2,048,548
|
|||||
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
|
2,760,500
|
|||||
19,400
|
Total Missouri
|
19,462,386
|
|||||||
Montana – 0.9% (0.6% of Total Investments)
|
|||||||||
5,000
|
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
|
7/12 at 100.00
|
B+
|
5,037,950
|
|||||
Nebraska – 1.1% (0.7% of Total Investments)
|
|||||||||
4,330
|
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2010A, 6.050%, 9/01/41
|
2/17 at 100.00
|
AA+
|
4,689,693
|
|||||
1,005
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 19.838%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
1,578,041
|
|||||
5,335
|
Total Nebraska
|
6,267,734
|
|||||||
Nevada – 6.3% (4.4% 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
|
Aa3
|
10,736,200
|
|||||
6,000
|
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
|
Aa3
|
6,174,120
|
|||||
2,000
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5)
|
1/12 at 100.00
|
N/R
|
460,000
|
|||||
4,000
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5)
|
1/12 at 100.00
|
N/R
|
5,960
|
|||||
5,000
|
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 – FGIC Insured
|
12/14 at 100.00
|
AA+
|
5,099,150
|
|||||
10,000
|
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
|
6/21 at 100.00
|
AA+
|
10,248,300
|
|||||
4,290
|
University of Nevada, Revenue Bonds, Community College System, Series 2001A, 5.250%, 7/01/26 (Pre-refunded 1/01/12) – FGIC Insured
|
1/12 at 100.00
|
Aa2 (4)
|
4,326,251
|
|||||
41,290
|
Total Nevada
|
37,049,981
|
84
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New Hampshire – 0.3% (0.2% of Total Investments)
|
|||||||||
$
|
2,000
|
New Hampshire Health and Education Authority, Hospital Revenue Bonds, Concord Hospital, Series 2001, 5.500%, 10/01/21 – AGM Insured
|
10/12 at 100.50
|
Aa3
|
$
|
2,022,980
|
|||
New Jersey – 4.9% (3.4% of Total Investments)
|
|||||||||
10,000
|
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 2002A, 5.250%, 11/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
11/12 at 101.00
|
A2
|
10,127,600
|
|||||
620
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
|
7/13 at 100.00
|
Ba2
|
484,834
|
|||||
4,125
|
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/13 – AMBAC Insured
|
No Opt. Call
|
Aa3
|
4,420,144
|
|||||
12,970
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
|
No Opt. Call
|
A+
|
3,451,187
|
|||||
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
|
No Opt. Call
|
AA–
|
5,553,000
|
|||||
7,045
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
BB+
|
4,734,733
|
|||||
54,760
|
Total New Jersey
|
28,771,498
|
|||||||
New York – 7.0% (4.9% 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
|
N/R
|
763,830
|
|||||
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–
|
1,325,477
|
|||||
3,400
|
0.000%, 7/15/44
|
No Opt. Call
|
BBB–
|
447,848
|
|||||
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
|
4,978,875
|
|||||
1,780
|
East Rochester Housing Authority, New York, GNMA Secured Revenue Bonds, Gates Senior Housing Inc., Series 2001, 5.300%, 4/20/31
|
4/12 at 101.00
|
N/R
|
1,782,528
|
|||||
2,100
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
No Opt. Call
|
A
|
2,227,722
|
|||||
5,010
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
4,561,705
|
|||||
2,800
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA+
|
2,941,512
|
|||||
750
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
|
11/21 at 100.00
|
A
|
775,418
|
|||||
4,155
|
Monroe County Airport Authority, New York, Revenue Refunding Bonds, Greater Rochester International Airport, Series 1999, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
Baa1
|
4,315,258
|
|||||
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
|
B–
|
7,428,880
|
|||||
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+
|
3,441,781
|
|||||
910
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured
|
8/12 at 100.00
|
AA
|
942,978
|
|||||
1,590
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 (Pre-refunded 8/01/12) – NPFG Insured
|
8/12 at 100.00
|
AA (4)
|
1,654,141
|
|||||
3,000
|
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
|
11/21 at 100.00
|
Aa2
|
3,234,420
|
|||||
43,470
|
Total New York
|
40,822,373
|
|||||||
North Carolina – 1.1% (0.8% of Total Investments)
|
|||||||||
1,710
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.799%, 7/15/32 (IF), (6)
|
1/18 at 100.00
|
AA–
|
1,742,781
|
|||||
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–
|
1,226,652
|
|||||
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)
|
1,975,820
|
Nuveen Investments
|
85
|
Nuveen Dividend Advantage Municipal Fund 3 (continued)
|
||
NZF
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
North Carolina (continued)
|
|||||||||
$
|
515
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%,1/01/13 (ETM)
|
No Opt. Call
|
N/R (4)
|
$
|
545,946
|
|||
1,085
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13
|
No Opt. Call
|
A
|
1,144,935
|
|||||
6,260
|
Total North Carolina
|
6,636,134
|
|||||||
Ohio – 2.0% (1.4% of Total Investments)
|
|||||||||
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
|
BB–
|
3,648,365
|
|||||
710
|
5.875%, 6/01/30
|
6/17 at 100.00
|
BB–
|
536,817
|
|||||
685
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
497,146
|
|||||
1,570
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,115,297
|
|||||
5,800
|
Franklin County, Ohio, Hospital Revenue Bonds, Ohio Health Corporation, Series 2011A, 5.000%, 11/15/41
|
11/21 at 100.00
|
AA
|
5,833,988
|
|||||
13,500
|
Total Ohio
|
11,631,613
|
|||||||
Oklahoma – 2.0% (1.4% of Total Investments)
|
|||||||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
|
|||||||||
4,370
|
5.000%, 2/15/37
|
2/17 at 100.00
|
A
|
4,421,260
|
|||||
955
|
5.000%, 2/15/42
|
2/17 at 100.00
|
A
|
963,538
|
|||||
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+
|
6,399,890
|
|||||
88
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.415%, 6/15/30 (IF)
|
12/16 at 100.00
|
AA+
|
90,408
|
|||||
11,718
|
Total Oklahoma
|
11,875,096
|
|||||||
Oregon – 0.8% (0.6% of Total Investments)
|
|||||||||
4,700
|
Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, PeaceHealth Project, Series 2001, 5.250%, 11/15/21 – AMBAC Insured
|
11/11 at 101.00
|
A+
|
4,753,392
|
|||||
Pennsylvania – 1.7% (1.2% 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
|
417,070
|
|||||
3,500
|
Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.600%, 1/01/19 (Alternative Minimum Tax)
|
1/12 at 100.00
|
CC
|
1,981,140
|
|||||
1,400
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, Series 2010A, 5.000%, 11/01/40
|
11/20 at 100.00
|
A–
|
1,419,754
|
|||||
5,705
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B, 5.625%, 8/01/16 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
Aa2 (4)
|
5,935,140
|
|||||
11,105
|
Total Pennsylvania
|
9,753,104
|
|||||||
Puerto Rico – 0.4% (0.3% of Total Investments)
|
|||||||||
2,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57
|
8/17 at 100.00
|
Aa2
|
2,570,800
|
|||||
Tennessee – 0.3% (0.2% of Total Investments)
|
|||||||||
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
|
627,477
|
|||||
275
|
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+
|
259,515
|
|||||
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
|
|||||||||
800
|
5.500%, 11/01/37 (5), (7)
|
11/17 at 100.00
|
N/R
|
59,280
|
|||||
2,800
|
5.500%, 11/01/46 (5), (7)
|
11/17 at 100.00
|
N/R
|
207,480
|
|||||
660
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2001-3A, 5.200%, 7/01/22 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA+
|
660,403
|
|||||
8,215
|
Total Tennessee
|
1,814,155
|
86
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas – 18.0% (12.6% of Total Investments)
|
|||||||||
$
|
5,445
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
|
2/17 at 100.00
|
AAA
|
$
|
5,515,513
|
|||
2,700
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB–
|
2,753,460
|
|||||
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–
|
4,720,635
|
|||||
3,135
|
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
|
11/11 at 100.00
|
A+
|
3,135,596
|
|||||
5,000
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.000%, 9/01/25
|
9/14 at 100.00
|
N/R
|
5,036,200
|
|||||
10,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
|
11/21 at 100.00
|
AA
|
10,653,900
|
|||||
4,965
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27
|
No Opt. Call
|
A2
|
5,102,034
|
|||||
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)
|
7,667,820
|
|||||
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2001A:
|
|||||||||
2,525
|
5.500%, 7/01/13 – FGIC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A
|
2,543,988
|
|||||
2,905
|
5.500%, 7/01/14 – FGIC Insured (Alternative Minimum Tax)
|
1/12 at 100.00
|
A
|
2,926,846
|
|||||
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
|
14,516,944
|
|||||
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
|
8,158,560
|
|||||
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
|
N/R
|
1,823,710
|
|||||
2,500
|
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
|
A3
|
2,610,000
|
|||||
3,150
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
3,247,682
|
|||||
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:
|
|||||||||
4,370
|
0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
2,420,062
|
|||||
9,130
|
0.000%, 9/01/45
|
9/31 at 100.00
|
AA
|
5,593,312
|
|||||
3,500
|
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
|
No Opt. Call
|
AA–
|
3,638,985
|
|||||
7,700
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
|
2/17 at 100.00
|
AA–
|
7,758,135
|
|||||
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
|
|||||||||
9,110
|
0.000%, 8/15/37
|
8/15 at 31.98
|
AAA
|
2,427,268
|
|||||
9,110
|
0.000%, 8/15/40
|
8/15 at 27.11
|
AAA
|
2,053,303
|
|||||
7,110
|
0.000%, 8/15/44
|
8/15 at 21.88
|
AAA
|
1,290,323
|
|||||
126,805
|
Total Texas
|
105,594,276
|
|||||||
Utah – 0.4% (0.3% of Total Investments)
|
|||||||||
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E:
|
|||||||||
630
|
5.200%, 1/01/18 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA–
|
632,293
|
|||||
240
|
5.500%, 1/01/23 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aaa
|
247,999
|
|||||
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1:
|
|||||||||
965
|
4.950%, 7/01/18 (Alternative Minimum Tax)
|
1/12 at 100.00
|
AA–
|
980,623
|
|||||
355
|
5.300%, 7/01/23 (Alternative Minimum Tax)
|
1/12 at 100.00
|
Aaa
|
365,100
|
|||||
2,190
|
Total Utah
|
2,226,015
|
|||||||
Virginia – 0.1% (0.1% 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
|
870,920
|
Nuveen Investments
|
87
|
Nuveen Dividend Advantage Municipal Fund 3 (continued)
|
||
NZF
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Washington – 9.1% (6.4% of Total Investments)
|
|||||||||
Bellingham Housing Authority, Washington, Housing Revenue Bonds, Varsity Village Project, Series 2001A:
|
|||||||||
$
|
1,000
|
5.500%, 12/01/27 – NFPG Insured
|
12/11 at 100.00
|
Aaa
|
$
|
1,001,350
|
|||
2,000
|
5.600%, 12/01/36 – NFPG Insured
|
12/11 at 100.00
|
Aaa
|
2,002,280
|
|||||
2,500
|
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 Port of Seattle, Washington, Revenue Bonds, Series 2001B:
|
1/19 at 100.00
|
AA+
|
2,692,100
|
|||||
2,535
|
5.625%, 4/01/18 – FGIC Insured (Alternative Minimum Tax)
|
4/12 at 100.00
|
Aa2
|
2,543,949
|
|||||
16,000
|
5.100%, 4/01/24 – FGIC Insured (Alternative Minimum Tax) (UB)
|
1/12 at 100.00
|
Aa2
|
16,011,200
|
|||||
5,205
|
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
|
3/15 at 100.00
|
Aa3
|
5,339,185
|
|||||
4,530
|
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2001, 5.250%, 12/01/21 (Pre-refunded 12/01/11) – AMBAC Insured
|
12/11 at 100.00
|
AA (4)
|
4,549,162
|
|||||
10,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41 (WI/DD, Settling 11/10/11)
|
2/21 at 100.00
|
AA
|
9,945,901
|
|||||
3,410
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
3,458,457
|
|||||
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2001:
|
|||||||||
3,005
|
5.375%, 12/01/17 – AMBAC Insured
|
12/11 at 101.00
|
BBB
|
3,037,393
|
|||||
2,915
|
5.375%, 12/01/18 – AMBAC Insured
|
12/11 at 101.00
|
BBB
|
2,942,692
|
|||||
53,100
|
Total Washington
|
53,523,669
|
|||||||
Wisconsin – 1.6% (1.2% of Total Investments)
|
|||||||||
Appleton, Wisconsin, Waterworks Revenue Refunding Bonds, Series 2001:
|
|||||||||
3,705
|
5.375%, 1/01/20 (Pre-refunded 1/01/12) – FGIC Insured
|
1/12 at 100.00
|
N/R (4)
|
3,736,936
|
|||||
1,850
|
5.000%, 1/01/21 (Pre-refunded 1/01/12) – FGIC Insured
|
1/12 at 100.00
|
N/R (4)
|
1,864,799
|
|||||
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+
|
927,829
|
|||||
350
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30
|
10/12 at 100.00
|
AA–
|
352,628
|
|||||
2,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2001B, 6.000%, 2/15/25
|
2/12 at 100.00
|
BBB+
|
2,505,224
|
|||||
330
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
|
8/13 at 100.00
|
BBB+
|
294,564
|
|||||
9,735
|
Total Wisconsin
|
9,681,980
|
|||||||
$
|
935,498
|
Total Municipal Bonds (cost $809,450,354)
|
812,333,076
|
||||||
Shares
|
Description (1)
|
Value
|
|||||||
Investment Companies – 0.6% (0.4% of Total Investments)
|
|||||||||
6,266
|
BlackRock MuniHoldings Fund Inc.
|
$
|
99,629
|
||||||
26,880
|
Dreyfus Strategic Municipals Inc.
|
231,168
|
|||||||
131,278
|
DWS Municipal Income Trust
|
1,659,354
|
|||||||
43,020
|
Invesco Van Kampen Investment Grade Municipal Trust
|
615,186
|
|||||||
30,000
|
Invesco Van Kampen Municipal Opportunity Trust
|
409,500
|
|||||||
43,420
|
PIMCO Municipal Income Fund II
|
479,791
|
|||||||
Total Investment Companies (cost $3,325,133)
|
3,494,628
|
88
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Short-Term Investments – 4.3% (3.0% of Total Investments)
|
|||||||||
Illinois – 1.5% (1.1% of Total Investments)
|
|||||||||
$
|
9,000
|
Chicago, Illinois, General Obligation Bonds, Tender Option Bonds Trust 3190, Variable Rate Demand Series, 0.140%, 1/01/17 (8)
|
No Opt. Call
|
N/R
|
$
|
9,000,000
|
|||
South Carolina – 0.8% (0.6% of Total Investments)
|
|||||||||
5,990
|
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Series 2003, 0.200%, 4/01/28 (8)
|
2/12 at 100.00
|
N/R
|
4,730,000
|
|||||
Texas – 1.0% (0.7% of Total Investments)
|
|||||||||
4,730
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Tender Option Bond Trust 3181, Variable Rate Demand Series, 0.240%, 1/01/12 - AGM Insured (8)
|
No Opt. Call
|
AA+
|
5,990,000
|
|||||
Washington – 1.0% (0.6% of Total Investments)
|
|||||||||
5,480
|
Bellingham, Washington, Water and Sewer Revenue Bonds, Tender Option Bond Trust 11981X, Variable Rate Demand Series, 0.150%, 8/01/19 (8)
|
No Opt. Call
|
Aa2
|
5,480,000
|
|||||
$
|
25,200
|
Total Short-Term Investments (cost $25,200,000)
|
25,200,000
|
||||||
Total Investments (cost $837,975,487) – 143.3%
|
841,027,704
|
||||||||
Floating Rate Obligations – (9.5)%
|
(55,612,000
|
) | |||||||
MuniFund Rate Term Preferred Shares, at Liquidation Value – (11.9)% (9)
|
(70,000,000
|
) | |||||||
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value - (28.8)% (9)
|
(169,200,000
|
) | |||||||
Other Assets Less Liabilities – 6.9%
|
40,831,697
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
587,047,401
|
(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. Bonds backed by U.S. Government or agency securities are given 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 bond, 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 of investments in inverse floating rate transactions.
|
|
(7) | For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. | |
(8)
|
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
|
(9)
|
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 8.3% and 20.1%, respectively.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(ETM) | Escrowed to maturity. | |
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
89
|
|
Statement of
|
|
|
Assets & Liabilities
|
October 31, 2011
|
Performance
|
Municipal
|
Market
|
||||||||
Plus
|
Advantage
|
Opportunity
|
||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
|||||
Assets
|
||||||||||
Investments, at value (cost $1,278,507,478, $929,006,567 and $999,529,521, respectively)
|
$
|
1,321,271,982
|
$
|
936,163,679
|
$
|
985,313,481
|
||||
Cash
|
10,167,184
|
—
|
6,384,223
|
|||||||
Receivables:
|
||||||||||
Dividends and interest
|
17,867,972
|
15,315,508
|
15,435,671
|
|||||||
Investments sold
|
13,977,567
|
27,967,649
|
14,691,256
|
|||||||
Deferred offering costs
|
1,376,188
|
2,018,348
|
3,990,364
|
|||||||
Other assets
|
320,400
|
436,152
|
424,530
|
|||||||
Total assets
|
1,364,981,293
|
981,901,336
|
1,026,239,525
|
|||||||
Liabilities
|
||||||||||
Cash overdraft
|
—
|
5,295,713
|
—
|
|||||||
Floating rate obligations
|
40,020,000
|
46,513,333
|
43,530,000
|
|||||||
Payables:
|
||||||||||
Common share dividends
|
4,231,787
|
3,072,666
|
3,111,812
|
|||||||
Investments purchased
|
4,635,093
|
2,557,027
|
4,635,093
|
|||||||
Interest
|
498,992
|
—
|
—
|
|||||||
Offering costs
|
172,081
|
243,294
|
393,751
|
|||||||
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
—
|
—
|
—
|
|||||||
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
|
421,700,000
|
—
|
—
|
|||||||
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
—
|
296,800,000
|
350,900,000
|
|||||||
Accrued expenses:
|
||||||||||
Management fees
|
693,016
|
494,449
|
510,125
|
|||||||
Other
|
427,782
|
308,904
|
344,109
|
|||||||
Total liabilities
|
472,378,751
|
355,285,386
|
403,424,890
|
|||||||
Net assets applicable to Common shares
|
$
|
892,602,542
|
$
|
626,615,950
|
$
|
622,814,635
|
||||
Common shares outstanding
|
59,952,462
|
43,591,176
|
45,809,174
|
|||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
14.89
|
$
|
14.37
|
$
|
13.60
|
||||
Net assets applicable to Common shares consist of:
|
||||||||||
Common shares, $.01 par value per share
|
$
|
599,525
|
$
|
435,912
|
$
|
458,092
|
||||
Paid-in surplus
|
838,514,978
|
609,469,537
|
638,984,246
|
|||||||
Undistributed (Over-distribution of) net investment income
|
17,435,924
|
7,315,192
|
5,775,306
|
|||||||
Accumulated net realized gain (loss)
|
(6,712,389
|
)
|
2,238,197
|
(8,186,969
|
)
|
|||||
Net unrealized appreciation (depreciation)
|
42,764,504
|
7,157,112
|
(14,216,040
|
)
|
||||||
Net assets applicable to Common shares
|
$
|
892,602,542
|
$
|
626,615,950
|
$
|
622,814,635
|
||||
Authorized shares:
|
||||||||||
Common
|
200,000,000
|
200,000,000
|
200,000,000
|
|||||||
Auction Rate Preferred Shares (ARPS)
|
1,000,000
|
1,000,000
|
1,000,000
|
|||||||
MTP
|
—
|
—
|
—
|
|||||||
VMTP
|
Unlimited
|
—
|
—
|
|||||||
VRDP
|
—
|
Unlimited
|
Unlimited
|
90
|
Nuveen Investments
|
Dividend
|
Dividend
|
Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
|||||
Assets
|
||||||||||
Investments, at value (cost $858,469,948, $601,166,992 and $837,975,487, respectively)
|
$
|
861,210,132
|
$
|
601,940,274
|
$
|
841,027,704
|
||||
Cash
|
4,862,056
|
3,413,566
|
1,671,232
|
|||||||
Receivables:
|
||||||||||
Dividends and interest
|
13,685,487
|
10,708,543
|
14,435,906
|
|||||||
Investments sold
|
4,150,908
|
31,611,284
|
41,686,551
|
|||||||
Deferred offering costs
|
1,970,512
|
2,069,544
|
1,921,295
|
|||||||
Other assets
|
201,118
|
242,590
|
197,478
|
|||||||
Total assets
|
886,080,213
|
649,985,801
|
900,940,166
|
|||||||
Liabilities
|
||||||||||
Cash overdraft
|
—
|
—
|
—
|
|||||||
Floating rate obligations
|
51,605,000
|
18,260,000
|
55,612,000
|
|||||||
Payables:
|
||||||||||
Common share dividends
|
2,883,060
|
2,282,465
|
3,208,335
|
|||||||
Investments purchased
|
—
|
5,804,183
|
14,594,915
|
|||||||
Interest
|
446,691
|
—
|
327,624
|
|||||||
Offering costs
|
380,549
|
32,532
|
375,368
|
|||||||
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
144,300,000
|
—
|
70,000,000
|
|||||||
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
|
120,400,000
|
—
|
169,200,000
|
|||||||
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
—
|
196,000,000
|
—
|
|||||||
Accrued expenses:
|
||||||||||
Management fees
|
441,518
|
321,465
|
423,241
|
|||||||
Other
|
259,220
|
200,286
|
151,282
|
|||||||
Total liabilities
|
320,716,038
|
222,900,931
|
313,892,765
|
|||||||
Net assets applicable to Common shares
|
$
|
565,364,175
|
$
|
427,084,870
|
$
|
587,047,401
|
||||
Common shares outstanding
|
39,296,352
|
29,461,808
|
40,392,021
|
|||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
14.39
|
$
|
14.50
|
$
|
14.53
|
||||
Net assets applicable to Common shares consist of:
|
||||||||||
Common shares, $.01 par value per share
|
$
|
392,964
|
$
|
294,618
|
$
|
403,920
|
||||
Paid-in surplus
|
550,324,441
|
420,261,977
|
575,456,976
|
|||||||
Undistributed (Over-distribution of) net investment income
|
10,952,267
|
6,451,843
|
9,617,756
|
|||||||
Accumulated net realized gain (loss)
|
954,319
|
(696,850
|
)
|
(1,483,468
|
)
|
|||||
Net unrealized appreciation (depreciation)
|
2,740,184
|
773,282
|
3,052,217
|
|||||||
Net assets applicable to Common shares
|
$
|
565,364,175
|
$
|
427,084,870
|
$
|
587,047,401
|
||||
Authorized shares:
|
||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||
Auction Rate Preferred Shares (ARPS)
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||
MTP
|
Unlimited
|
—
|
Unlimited
|
|||||||
VMTP
|
Unlimited
|
—
|
Unlimited
|
|||||||
VRDP
|
—
|
Unlimited
|
—
|
Nuveen Investments
|
91
|
|
Statement of | |
|
Operations |
Year Ended October 31, 2011 |
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||||
Investment Income
|
$
|
72,230,403
|
$
|
52,429,697
|
$
|
52,600,695
|
$
|
47,268,678
|
$
|
36,283,619
|
$
|
47,919,507
|
|||||||
Expenses
|
|||||||||||||||||||
Management fees
|
7,960,706
|
5,675,061
|
5,845,747
|
5,055,608
|
3,693,113
|
5,315,387
|
|||||||||||||
Auction fees
|
198,133
|
—
|
—
|
107,015
|
—
|
199,365
|
|||||||||||||
Dividend disbursing agent fees
|
17,105
|
—
|
—
|
29,918
|
—
|
30,000
|
|||||||||||||
Shareholders’ servicing agent fees and expenses
|
113,811
|
64,050
|
67,632
|
44,159
|
3,711
|
14,721
|
|||||||||||||
Interest expense and amortization of offering costs
|
4,810,267
|
1,586,051
|
1,814,037
|
5,060,910
|
971,958
|
2,694,130
|
|||||||||||||
Fees on VRDP Shares
|
—
|
4,123,013
|
3,979,328
|
—
|
2,222,708
|
—
|
|||||||||||||
Custodian’s fees and expenses
|
211,097
|
150,310
|
158,513
|
137,185
|
102,286
|
133,205
|
|||||||||||||
Directors’/Trustees’ fees and expenses
|
37,957
|
27,687
|
28,741
|
24,548
|
18,541
|
24,895
|
|||||||||||||
Professional fees
|
142,973
|
151,619
|
325,915
|
144,932
|
143,550
|
51,290
|
|||||||||||||
Shareholders’ reports – printing and mailing expenses
|
158,975
|
80,423
|
110,547
|
88,958
|
50,132
|
84,921
|
|||||||||||||
Stock exchange listing fees
|
20,064
|
15,182
|
15,830
|
36,842
|
3,850
|
17,349
|
|||||||||||||
Investor relations expense
|
95,841
|
62,540
|
67,260
|
58,085
|
41,151
|
55,236
|
|||||||||||||
Other expenses
|
72,031
|
59,243
|
63,418
|
66,202
|
43,908
|
55,565
|
|||||||||||||
Total expenses before custodian fee credit and expense reimbursement
|
13,838,960
|
11,995,179
|
12,476,968
|
10,854,362
|
7,294,908
|
8,676,064
|
|||||||||||||
Custodian fee credit
|
(10,954
|
)
|
(10,681
|
)
|
(10,717
|
)
|
(11,140
|
)
|
(9,874
|
)
|
(18,539
|
)
|
|||||||
Expense reimbursement
|
—
|
—
|
—
|
—
|
(123,892
|
)
|
(401,481
|
)
|
|||||||||||
Net expenses
|
13,828,006
|
11,984,498
|
12,466,251
|
10,843,222
|
7,161,142
|
8,256,044
|
|||||||||||||
Net investment income (loss)
|
58,402,397
|
40,445,199
|
40,134,444
|
36,425,456
|
29,122,477
|
39,663,463
|
|||||||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||||||||
Net realized gain (loss) from investments
|
(591,675
|
)
|
8,178,413
|
(3,062,685
|
)
|
5,578,402
|
6,152,659
|
1,617,428
|
|||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(18,358,182
|
)
|
(19,639,261
|
)
|
(18,881,221
|
)
|
(17,440,480
|
)
|
(14,731,426
|
)
|
(8,746,437
|
)
|
|||||||
Net realized and unrealized gain (loss)
|
(18,949,857
|
)
|
(11,460,848
|
)
|
(21,943,906
|
)
|
(11,862,078
|
)
|
(8,578,767
|
)
|
(7,129,009
|
)
|
|||||||
Distributions to Auction Rate Preferred Shareholders
|
|||||||||||||||||||
From net investment income
|
(605,027
|
)
|
(13,530
|
)
|
(18,596
|
)
|
(319,994
|
)
|
—
|
(579,698
|
)
|
||||||||
From accumulated net realized gains
|
(115,631
|
)
|
—
|
—
|
—
|
—
|
(9,510
|
)
|
|||||||||||
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
|
(720,658
|
)
|
(13,530
|
)
|
(18,596
|
)
|
(319,994
|
)
|
—
|
(589,208
|
)
|
||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
38,731,882
|
$
|
28,970,821
|
$
|
18,171,942
|
$
|
24,243,384
|
$
|
20,543,710
|
$
|
31,945,246
|
92
|
Nuveen Investments
|
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
|
||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
58,402,397
|
$
|
61,961,159
|
$
|
40,445,199
|
$
|
43,865,457
|
$
|
40,134,444
|
$
|
45,415,957
|
|||||||
Net realized gain (loss) from investments
|
(591,675
|
)
|
5,333,340
|
8,178,413
|
2,499,059
|
(3,062,685
|
)
|
7,021,125
|
|||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(18,358,182
|
)
|
36,406,331
|
(19,639,261
|
)
|
29,929,503
|
(18,881,221
|
)
|
18,357,610
|
||||||||||
Distributions to Auction Rate Preferred Shareholders:
|
|||||||||||||||||||
From net investment income
|
(605,027
|
)
|
(1,674,198
|
)
|
(13,530
|
)
|
(355,444
|
)
|
(18,596
|
)
|
(606,064
|
)
|
|||||||
From accumulated net realized gains
|
(115,631
|
)
|
(47,490
|
)
|
—
|
(183,376
|
)
|
—
|
—
|
||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
38,731,882
|
101,979,142
|
28,970,821
|
75,755,199
|
18,171,942
|
70,188,628
|
|||||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(57,031,258
|
)
|
(55,177,839
|
)
|
(43,394,199
|
)
|
(42,290,819
|
)
|
(44,419,598
|
)
|
(43,873,378
|
)
|
|||||||
From accumulated net realized gains
|
(5,533,612
|
)
|
(814,831
|
)
|
(3,480,219
|
)
|
(2,827,574
|
)
|
—
|
—
|
|||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(62,564,870
|
)
|
(55,992,670
|
)
|
(46,874,418
|
)
|
(45,118,393
|
)
|
(44,419,598
|
)
|
(43,873,378
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
283,901
|
292,445
|
2,155,588
|
2,913,988
|
1,045,705
|
2,382,420
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
283,901
|
292,445
|
2,155,588
|
2,913,988
|
1,045,705
|
2,382,420
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common shares
|
(23,549,087
|
)
|
46,278,917
|
(15,748,009
|
)
|
33,550,794
|
(25,201,951
|
)
|
28,697,670
|
||||||||||
Net assets applicable to Common shares at the beginning of period
|
916,151,629
|
869,872,712
|
642,363,959
|
608,813,165
|
648,016,586
|
619,318,916
|
|||||||||||||
Net assets applicable to Common shares at the end of period
|
$
|
892,602,542
|
$
|
916,151,629
|
$
|
626,615,950
|
$
|
642,363,959
|
$
|
622,814,635
|
$
|
648,016,586
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
17,435,924
|
$
|
16,554,168
|
$
|
7,315,192
|
$
|
10,244,572
|
$
|
5,775,306
|
$
|
9,994,354
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
93
|
Statement of
|
||
Changes in Net Assets (continued)
|
Dividend Advantage (NAD) |
|
Dividend Advantage 2 (NXZ)
|
Dividend Advantage 3 (NZF) | ||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||
Operations
|
|||||||||||||||||||
Net investment income (loss)
|
$
|
36,425,456
|
$
|
39,281,244
|
$
|
29,122,477
|
$
|
30,012,369
|
$
|
39,663,463
|
$
|
43,023,730
|
|||||||
Net realized gain (loss) from investments
|
5,578,402
|
1,079,125
|
6,152,659
|
1,450,091
|
1,617,428
|
786,636
|
|||||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(17,440,480
|
)
|
27,410,233
|
(14,731,426
|
)
|
6,351,263
|
(8,746,437
|
)
|
20,450,314
|
||||||||||
Distributions to Auction Rate Preferred Shareholders:
|
|||||||||||||||||||
From net investment income
|
(319,994
|
)
|
(724,675
|
)
|
—
|
—
|
(579,698
|
)
|
(880,640
|
)
|
|||||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
(9,510
|
)
|
(125,552
|
)
|
|||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
24,243,384
|
67,045,927
|
20,543,710
|
37,813,723
|
31,945,246
|
63,254,488
|
|||||||||||||
Distributions to Common Shareholders
|
|||||||||||||||||||
From net investment income
|
(35,837,926
|
)
|
(35,752,124
|
)
|
(28,282,999
|
)
|
(28,615,006
|
)
|
(39,745,377
|
)
|
(38,518,652
|
)
|
|||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
(630,116
|
)
|
(2,547,863
|
)
|
|||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(35,837,926
|
)
|
(35,752,124
|
)
|
(28,282,999
|
)
|
(28,615,006
|
)
|
(40,375,493
|
)
|
(41,066,515
|
)
|
|||||||
Capital Share Transactions
|
|||||||||||||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
63,949
|
66,815
|
59,744
|
312,251
|
64,704
|
137,143
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
63,949
|
66,815
|
59,744
|
312,251
|
64,704
|
137,143
|
|||||||||||||
Net increase (decrease) in net assets applicable to Common shares
|
(11,530,593
|
)
|
31,360,618
|
(7,679,545
|
)
|
9,510,968
|
(8,365,543
|
)
|
22,325,116
|
||||||||||
Net assets applicable to Common shares at the beginning of period
|
576,894,768
|
545,534,150
|
434,764,415
|
425,253,447
|
595,412,944
|
573,087,828
|
|||||||||||||
Net assets applicable to Common shares at the end of period
|
$
|
565,364,175
|
$
|
576,894,768
|
$
|
427,084,870
|
$
|
434,764,415
|
$
|
587,047,401
|
$
|
595,412,944
|
|||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
10,952,267
|
$
|
10,503,735
|
$
|
6,451,843
|
$
|
5,571,360
|
$
|
9,617,756
|
$
|
10,037,019
|
See accompanying notes to financial statements.
|
94
|
Nuveen Investments
|
Statement of
|
||
Cash Flows
|
Year Ended October 31, 2011
|
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
|
$
|
38,731,882
|
$
|
28,970,821
|
$
|
18,171,942
|
||||
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
|
(125,871,204
|
)
|
(134,828,212
|
)
|
(153,734,830
|
)
|
||||
Proceeds from sales and maturities of investments
|
160,856,247
|
178,925,746
|
139,793,839
|
|||||||
Proceeds from (Purchases of) short-term investments, net
|
—
|
—
|
—
|
|||||||
Amortization (Accretion) of premiums and discounts, net
|
(14,246,878
|
)
|
(6,436,159
|
)
|
(7,040,343
|
)
|
||||
(Increase) Decrease in:
|
||||||||||
Receivable for dividends and interest
|
502,511
|
637,932
|
567,421
|
|||||||
Receivable for investments sold
|
(13,182,567
|
)
|
(27,372,649
|
)
|
46,452,744
|
|||||
Other assets
|
(22,024
|
)
|
(6,670
|
)
|
(28,875
|
)
|
||||
Increase (Decrease) in:
|
||||||||||
Payable for Auction Rate Preferred share dividends
|
(25,686
|
)
|
—
|
—
|
||||||
Payable for investments purchased
|
4,635,093
|
2,557,027
|
(7,098,889
|
)
|
||||||
Payable for interest
|
498,992
|
—
|
—
|
|||||||
Accrued management fees
|
(18,768
|
)
|
30,809
|
49,617
|
||||||
Accrued other expenses
|
(62,801
|
)
|
(29,956
|
)
|
(30,243
|
)
|
||||
Net realized (gain) loss from investments
|
591,675
|
(8,178,413
|
)
|
3,062,685
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
18,358,182
|
19,639,261
|
18,881,221
|
|||||||
Taxes paid on undistributed capital gains
|
(373
|
)
|
(181,725
|
)
|
(4,366
|
)
|
||||
Net cash provided by (used in) operating activities
|
70,744,281
|
53,727,812
|
59,041,923
|
|||||||
Cash Flows from Financing Activities:
|
||||||||||
(Increase) Decrease in deferred offering costs
|
(1,376,188
|
)
|
71,575
|
140,736
|
||||||
Increase (Decrease) in:
|
||||||||||
Cash overdraft
|
—
|
5,295,713
|
(9,292,196
|
)
|
||||||
Floating rate obligations
|
(2,305,000
|
)
|
(21,181,650
|
)
|
—
|
|||||
Payable for offering costs
|
172,081
|
—
|
—
|
|||||||
ARPS, at liquidation value
|
(419,900,000
|
)
|
—
|
—
|
||||||
MTP Shares, at liquidation value
|
—
|
—
|
—
|
|||||||
VMTP Shares, at liquidation value
|
421,700,000
|
—
|
—
|
|||||||
Cash distributions paid to Common shareholders
|
(62,169,509
|
)
|
(44,700,466
|
)
|
(43,506,240
|
)
|
||||
Net cash provided by (used in) financing activities
|
(63,878,616
|
)
|
(60,514,828
|
)
|
(52,657,700
|
)
|
||||
Net Increase (Decrease) in Cash
|
6,865,665
|
(6,787,016
|
)
|
6,384,223
|
||||||
Cash at the beginning of period
|
3,301,519
|
6,787,016
|
—
|
|||||||
Cash at the End of Period
|
$
|
10,167,184
|
$
|
—
|
$
|
6,384,223
|
Supplemental Disclosure of Cash Flow Information
|
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $283,901, $2,155,588 and $1,045,705 for Performance Plus (NPP), Municipal Advantage (NMA) and Market Opportunity (NMO), respectively.
|
Performance
|
Municipal
|
Market
|
||||||||
Plus
|
Advantage
|
Opportunity
|
||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
3,907,462
|
$
|
1,514,476
|
$
|
1,673,300
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
95
|
|
Statement of
|
|
|
Cash Flows (continued)
|
Year Ended October 31, 2011
|
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
|
$
|
24,243,384
|
$
|
20,543,710
|
$
|
31,945,246
|
||||
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
|
(128,568,854
|
)
|
(243,875,221
|
)
|
(250,046,891
|
)
|
||||
Proceeds from sales and maturities of investments
|
132,702,951
|
275,555,510
|
314,415,649
|
|||||||
Proceeds from (Purchases of) short-term investments, net
|
—
|
—
|
(25,200,000
|
)
|
||||||
Amortization (Accretion) of premiums and discounts, net
|
(7,956,720
|
)
|
(3,933,252
|
)
|
(1,716,217
|
)
|
||||
(Increase) Decrease in:
|
||||||||||
Receivable for dividends and interest
|
(648,087
|
)
|
687,381
|
672,193
|
||||||
Receivable for investments sold
|
15,277,217
|
(23,501,284
|
)
|
(40,831,571
|
)
|
|||||
Other assets
|
(7,155
|
)
|
(17,108
|
)
|
(18,419
|
)
|
||||
Increase (Decrease) in:
|
||||||||||
Payable for Auction Rate Preferred share dividends
|
(18,956
|
)
|
—
|
(13,176
|
)
|
|||||
Payable for investments purchased
|
(5,859,060
|
)
|
5,804,183
|
14,594,915
|
||||||
Payable for interest
|
122,016
|
—
|
327,624
|
|||||||
Accrued management fees
|
(10,911
|
)
|
20,523
|
(6,108
|
)
|
|||||
Accrued other expenses
|
(8,153
|
)
|
26,545
|
(50,011
|
)
|
|||||
Net realized (gain) loss from investments
|
(5,578,402
|
)
|
(6,152,659
|
)
|
(1,617,428
|
)
|
||||
Change in net unrealized (appreciation) depreciation of investments
|
17,440,480
|
14,731,426
|
8,746,437
|
|||||||
Taxes paid on undistributed capital gains
|
(3,781
|
)
|
(244
|
)
|
(344
|
)
|
||||
Net cash provided by (used in) operating activities
|
41,125,969
|
39,889,510
|
51,201,899
|
|||||||
Cash Flows from Financing Activities:
|
||||||||||
(Increase) Decrease in deferred offering costs
|
269,571
|
72,964
|
(1,921,295
|
)
|
||||||
Increase (Decrease) in:
|
||||||||||
Cash overdraft
|
(1,211,715
|
)
|
—
|
—
|
||||||
Floating rate obligations
|
—
|
(8,401,650
|
)
|
(12,796,650
|
)
|
|||||
Payable for offering costs
|
116,259
|
(75,929
|
)
|
375,368
|
||||||
ARPS, at liquidation value
|
(120,075,000
|
)
|
—
|
(236,950,000
|
)
|
|||||
MTP Shares, at liquidation value
|
—
|
—
|
70,000,000
|
|||||||
VMTP Shares, at liquidation value
|
120,400,000
|
—
|
169,200,000
|
|||||||
Cash distributions paid to Common shareholders
|
(35,763,028
|
)
|
(28,214,577
|
)
|
(40,306,158
|
)
|
||||
Net cash provided by (used in) financing activities
|
(36,263,913
|
)
|
(36,619,192
|
)
|
(52,398,735
|
)
|
||||
Net Increase (Decrease) in Cash
|
4,862,056
|
3,270,318
|
(1,196,836
|
)
|
||||||
Cash at the beginning of period
|
—
|
143,248
|
2,868,068
|
|||||||
Cash at the End of Period
|
$
|
4,862,056
|
$
|
3,413,566
|
$
|
1,671,232
|
Supplemental Disclosure of Cash Flow Information
|
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $63,949, $59,744 and $64,704 for Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), respectively.
|
Dividend
|
Dividend
|
Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
|||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
4,409,323
|
$
|
898,994
|
$
|
2,089,129
|
See accompanying notes to financial statements.
|
96
|
Nuveen Investments
|
Financial
|
||
Highlights
|
Nuveen Investments
|
97
|
Financial
|
||
Highlights
|
Selected data for a Common share outstanding throughout each period:
|
|
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Distributions
|
Distributions
|
Discount
|
|||||||||||||||||||||||||||||||||||
from Net
|
from
|
from
|
|||||||||||||||||||||||||||||||||||
Investment
|
Capital
|
Net
|
Common
|
||||||||||||||||||||||||||||||||||
Beginning
|
Income to
|
Gains to
|
Investment
|
Capital
|
Shares
|
Ending
|
|||||||||||||||||||||||||||||||
Common
|
Net
|
Auction Rate
|
Auction Rate
|
Income to
|
Gains to
|
Repur-
|
Common
|
||||||||||||||||||||||||||||||
Share
|
Net
|
Realized/
|
Preferred
|
Preferred
|
Common
|
Common
|
chased
|
Share
|
Ending
|
||||||||||||||||||||||||||||
Net Asset
|
Investment
|
Unrealized
|
Share-
|
Share-
|
Share-
|
Share-
|
and
|
Net Asset
|
Market
|
||||||||||||||||||||||||||||
Value
|
Income
|
Gain (Loss
|
)
|
holders(a
|
)
|
holders
|
(a)
|
Total
|
holders
|
holders
|
Total
|
Retired
|
Value
|
Value
|
|||||||||||||||||||||||
Performance Plus (NPP)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
2011
|
$
|
15.29
|
$
|
.97
|
$
|
(.32
|
)
|
$
|
(.01
|
)
|
$
|
—
|
* |
$
|
.64
|
$
|
(.95
|
)
|
$
|
(.09
|
)
|
$
|
(1.04
|
)
|
$
|
—
|
$
|
14.89
|
$
|
14.36
|
|||||||
2010
|
14.52
|
1.03
|
.70
|
(.03
|
)
|
—
|
* |
1.70
|
(.92
|
)
|
(.01
|
)
|
(.93
|
)
|
—
|
15.29
|
15.00
|
||||||||||||||||||||
2009
|
12.69
|
1.03
|
1.65
|
(.06
|
)
|
—
|
2.62
|
(.79
|
)
|
—
|
(.79
|
)
|
—
|
14.52
|
13.48
|
||||||||||||||||||||||
2008
|
15.22
|
1.02
|
(2.56
|
)
|
(.29
|
)
|
—
|
(1.83
|
)
|
(.70
|
)
|
—
|
(.70
|
)
|
—
|
12.69
|
11.50
|
||||||||||||||||||||
2007
|
15.78
|
.99
|
(.47
|
)
|
(.27
|
)
|
(.01
|
)
|
.24
|
(.75
|
)
|
(.05
|
)
|
(.80
|
)
|
—
|
15.22
|
13.59
|
|||||||||||||||||||
Municipal Advantage (NMA)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
2011
|
14.79
|
.93
|
(.27
|
)
|
—
|
—
|
.66
|
(1.00
|
)
|
(.08
|
)
|
(1.08
|
)
|
—
|
14.37
|
14.05
|
|||||||||||||||||||||
2010
|
14.08
|
1.01
|
.76
|
(.01
|
)
|
—
|
* |
1.76
|
(.98
|
)
|
(.07
|
)
|
(1.05
|
)
|
—
|
14.79
|
14.92
|
||||||||||||||||||||
2009
|
12.12
|
1.10
|
1.76
|
(.06
|
)
|
—
|
2.80
|
(.84
|
)
|
—
|
(.84
|
)
|
—
|
14.08
|
13.41
|
||||||||||||||||||||||
2008
|
15.20
|
1.08
|
(3.06
|
)
|
(.30
|
)
|
(.01
|
)
|
(2.29
|
)
|
(.77
|
)
|
(.02
|
)
|
(.79
|
)
|
—
|
12.12
|
11.41
|
||||||||||||||||||
2007
|
15.88
|
1.07
|
(.63
|
)
|
(.29
|
)
|
—
|
.15
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
15.20
|
13.95
|
(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 Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
98
|
Nuveen Investments
|
Ratios/Supplemental Data | |||||||||||||||||
Ratios to Average Net Assets | |||||||||||||||||
Total Returns
|
Applicable to Common Shares(c)(d) |
|
|||||||||||||||
Based
|
Ending
|
||||||||||||||||
on
|
Net
|
||||||||||||||||
Based
|
Common
|
Assets
|
|||||||||||||||
on
|
Share Net
|
Applicable
|
Net
|
Portfolio
|
|||||||||||||
Market
|
Asset
|
to Common
|
Investment
|
Turnover
|
|||||||||||||
Value
|
(b) |
Value
|
(b)
|
Shares (000
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Rate
|
|||||||
3.22
|
% |
4.78
|
%
|
$
|
892,603
|
1.62
|
%
|
6.84
|
%
|
10
|
%
|
||||||
18.65
|
12.07
|
916,152
|
1.13
|
6.93
|
14
|
||||||||||||
24.78
|
21.20
|
869,873
|
1.23
|
7.59
|
6
|
||||||||||||
(10.71
|
) |
(12.49
|
)
|
760,496
|
1.25
|
6.96
|
9
|
||||||||||
(4.97
|
) |
1.53
|
912,066
|
1.16
|
6.38
|
6
|
|||||||||||
1.90
|
5.05
|
626,616
|
2.01
|
6.76
|
14
|
||||||||||||
19.58
|
12.90
|
642,364
|
1.66
|
7.04
|
16
|
||||||||||||
25.70
|
23.89
|
608,813
|
1.31
|
8.51
|
9
|
||||||||||||
(13.16
|
) |
(15.65
|
)
|
523,602
|
1.38
|
7.50
|
13
|
||||||||||
(7.08
|
) |
1.06
|
656,806
|
1.40
|
6.87
|
10
|
(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, VMTP Shares and/or VRDP Shares, where applicable.
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(e)
|
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 Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
Performance Plus (NPP)
|
||||
Year Ended 10/31:
|
||||
2011
|
.56
|
%
|
||
2010
|
.04
|
|||
2009
|
.05
|
|||
2008
|
.08
|
|||
2007
|
.02
|
|||
Municipal Advantage (NMA)
|
||||
Year Ended 10/31:
|
||||
2011
|
.96
|
%
|
||
2010
|
.60
|
|||
2009
|
.09
|
|||
2008
|
.17
|
|||
2007
|
.23
|
*
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
99
|
Financial
|
||
Highlights (continued)
|
||
Selected data for a Common share outstanding throughout each period: |
|
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Distributions
|
Distributions
|
Discount
|
|||||||||||||||||||||||||||||||||||
from Net
|
from
|
from
|
|||||||||||||||||||||||||||||||||||
Investment
|
Capital
|
Net
|
Common
|
||||||||||||||||||||||||||||||||||
Beginning
|
Income to
|
Gains to
|
Investment
|
Capital
|
Shares
|
Ending
|
|||||||||||||||||||||||||||||||
Common
|
Net
|
Auction Rate
|
Auction Rate
|
Income to
|
Gains to
|
Repur-
|
Common
|
||||||||||||||||||||||||||||||
Share
|
Net
|
Realized/
|
Preferred
|
Preferred
|
Common
|
Common
|
chased
|
Share
|
Ending
|
||||||||||||||||||||||||||||
Net Asset
|
Investment
|
Unrealized
|
Share-
|
Share-
|
Share-
|
Share-
|
and
|
Net Asset
|
Market
|
||||||||||||||||||||||||||||
Value
|
Income
|
Gain (Loss
|
)
|
holders(a
|
)
|
holders(a
|
)
|
Total
|
holders
|
holders
|
Total
|
Retired
|
Value
|
Value
|
|||||||||||||||||||||||
Market Opportunity (NMO)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
2011
|
$
|
14.17
|
$
|
.88
|
$
|
(.48
|
)
|
$
|
—*
|
$
|
—
|
$
|
.40
|
$
|
(.97
|
)
|
$
|
—
|
$
|
(.97
|
)
|
$
|
—
|
$
|
13.60
|
$
|
13.18
|
||||||||||
2010
|
13.59
|
.99
|
.56
|
(.01
|
)
|
—
|
1.54
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
14.17
|
14.55
|
||||||||||||||||||||||
2009
|
12.23
|
1.10
|
1.13
|
(.06
|
)
|
—
|
2.17
|
(.81
|
)
|
—
|
(.81
|
)
|
—
|
13.59
|
13.32
|
||||||||||||||||||||||
2008
|
14.83
|
1.03
|
(2.59
|
)
|
(.31
|
)
|
—
|
(1.87
|
)
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
12.23
|
11.52
|
||||||||||||||||||||
2007
|
15.41
|
1.04
|
(.56
|
)
|
(.30
|
)
|
—
|
.18
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
14.83
|
13.53
|
|||||||||||||||||||||
Dividend Advantage (NAD)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
2011
|
14.68
|
.92
|
(.29
|
)
|
(.01
|
)
|
—
|
.62
|
(.91
|
)
|
—
|
(.91
|
)
|
—
|
14.39
|
13.70
|
|||||||||||||||||||||
2010
|
13.89
|
1.00
|
.72
|
(.02
|
)
|
—
|
1.70
|
(.91
|
)
|
—
|
(.91
|
)
|
—
|
14.68
|
14.40
|
||||||||||||||||||||||
2009
|
11.77
|
1.07
|
1.93
|
(.05
|
)
|
—
|
2.95
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
13.89
|
12.89
|
||||||||||||||||||||||
2008
|
14.90
|
1.05
|
(3.14
|
)
|
(.27
|
)
|
—
|
(2.36
|
)
|
(.77
|
)
|
—
|
(.77
|
)
|
—
|
11.77
|
10.72
|
||||||||||||||||||||
2007
|
15.54
|
1.04
|
(.60
|
)
|
(.27
|
)
|
—
|
.17
|
(.81
|
)
|
—
|
(.81
|
)
|
—
|
14.90
|
13.63
|
(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 Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
100
|
Nuveen Investments
|
Ratios/Supplemental Data | |||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | ||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | ||||||||||||||||||||||
Total Returns
|
Before Reimbursement(c) | After Reimbursement(c)(d) | |||||||||||||||||||||
Based
|
Ending
|
||||||||||||||||||||||
on
|
Net
|
||||||||||||||||||||||
Based
|
Common
|
Assets
|
|||||||||||||||||||||
on
|
Share Net
|
Applicable
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
Market
|
Asset
|
to Common
|
Investment
|
Investment
|
Turnover
|
||||||||||||||||||
Value
|
(b) |
Value
|
(b)
|
Shares (000
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Rate
|
|||||||||
(2.33
|
)% |
3.40
|
%
|
$
|
622,815
|
2.10
|
%
|
6.74
|
%
|
N/A
|
N/A
|
14
|
%
|
||||||||||
17.03
|
11.71
|
648,017
|
1.70
|
7.17
|
N/A
|
N/A
|
26
|
||||||||||||||||
23.67
|
18.30
|
619,319
|
1.32
|
8.58
|
N/A
|
N/A
|
10
|
||||||||||||||||
(9.87
|
) |
(13.07
|
)
|
557,346
|
1.36
|
7.33
|
N/A
|
N/A
|
8
|
||||||||||||||
(5.00
|
) |
1.20
|
675,577
|
1.38
|
6.87
|
N/A
|
N/A
|
5
|
|||||||||||||||
1.93
|
4.76
|
565,364
|
2.02
|
6.77
|
2.02
|
%
|
6.77
|
%
|
15
|
||||||||||||||
19.17
|
12.60
|
576,895
|
1.61
|
6.99
|
1.61
|
6.99
|
8
|
||||||||||||||||
28.86
|
25.78
|
545,534
|
1.26
|
8.38
|
1.21
|
8.43
|
9
|
||||||||||||||||
(16.46
|
) |
(16.42
|
)
|
462,554
|
1.36
|
7.33
|
1.22
|
7.46
|
11
|
||||||||||||||
(5.96
|
) |
1.10
|
585,496
|
1.24
|
6.60
|
1.03
|
6.81
|
11
|
(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)
|
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of July 31, 2009, the Adviser is no longer reimbursing Dividend Advantage (NAD) for any fees and expenses.
|
(e)
|
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 Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
Market Opportunity (NMO)
|
||||
Year Ended 10/31:
|
||||
2011
|
.97
|
%
|
||
2010
|
.58
|
|||
2009
|
.07
|
|||
2008
|
.14
|
|||
2007
|
.19
|
|||
Dividend Advantage (NAD)
|
||||
Year Ended 10/31:
|
||||
2011
|
.94
|
%
|
||
2010
|
.54
|
|||
2009
|
.09
|
|||
2008
|
.21
|
|||
2007
|
.11
|
N/A
|
Fund does not have a contractual reimbursement agreement with the Adviser.
|
*
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
101
|
Financial
|
||
Highlights (continued)
|
||
Selected data for a Common share outstanding throughout each period: |
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||||||
Distributions
|
Distributions
|
Discount
|
|||||||||||||||||||||||||||||||||||
from Net
|
from
|
from
|
|||||||||||||||||||||||||||||||||||
Investment
|
Capital
|
Net
|
Common
|
||||||||||||||||||||||||||||||||||
Beginning
|
Income to
|
Gains to
|
Investment
|
Capital
|
Shares
|
Ending
|
|||||||||||||||||||||||||||||||
Common
|
Net
|
Auction Rate
|
Auction Rate
|
Income to
|
Gains to
|
Repur-
|
Common
|
||||||||||||||||||||||||||||||
Share
|
Net
|
Realized/
|
Preferred
|
Preferred
|
Common
|
Common
|
chased
|
Share
|
Ending
|
||||||||||||||||||||||||||||
Net Asset
|
Investment
|
Unrealized
|
Share-
|
Share-
|
Share-
|
Share-
|
and
|
Net Asset
|
Market
|
||||||||||||||||||||||||||||
Value
|
Income
|
Gain (Loss
|
)
|
holders
|
(a)
|
holders
|
(a)
|
Total
|
holders
|
holders
|
Total
|
Retired
|
Value
|
Value
|
|||||||||||||||||||||||
Dividend Advantage 2 (NXZ)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
2011
|
$
|
14.76
|
$
|
.99
|
$
|
(.29
|
)
|
$
|
—
|
$
|
—
|
$
|
.70
|
$
|
(.96
|
)
|
$
|
—
|
$
|
(.96
|
)
|
$
|
—
|
$
|
14.50
|
$
|
13.90
|
||||||||||
2010
|
14.45
|
1.02
|
.26
|
—
|
—
|
1.28
|
(.97
|
)
|
—
|
(.97
|
)
|
—
|
14.76
|
14.67
|
|||||||||||||||||||||||
2009
|
12.71
|
1.04
|
1.59
|
—
|
—
|
2.63
|
(.89
|
)
|
—
|
(.89
|
)
|
—
|
14.45
|
14.14
|
|||||||||||||||||||||||
2008
|
15.55
|
1.05
|
(2.81
|
)
|
(.20
|
)
|
—
|
(1.96
|
)
|
(.88
|
)
|
—
|
(.88
|
)
|
—
|
12.71
|
12.35
|
||||||||||||||||||||
2007
|
16.02
|
1.13
|
(.43
|
)
|
(.27
|
)
|
—
|
.43
|
(.90
|
)
|
—
|
(.90
|
)
|
—
|
15.55
|
15.48
|
|||||||||||||||||||||
Dividend Advantage 3 (NZF)
|
|||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
2011
|
14.74
|
.98
|
(.18
|
)
|
(.01
|
)
|
—*
|
.79
|
(.98
|
)
|
(.02
|
)
|
(1.00
|
)
|
—
|
14.53
|
14.17
|
||||||||||||||||||||
2010
|
14.19
|
1.06
|
.52
|
(.02
|
)
|
—*
|
1.56
|
(.95
|
)
|
(.06
|
)
|
(1.01
|
)
|
—
|
14.74
|
14.58
|
|||||||||||||||||||||
2009
|
12.10
|
1.08
|
1.91
|
(.05
|
)
|
—
|
2.94
|
(.85
|
)
|
—
|
(.85
|
)
|
—
|
14.19
|
13.38
|
||||||||||||||||||||||
2008
|
15.03
|
1.06
|
(2.95
|
)
|
(.27
|
)
|
—
|
(2.16
|
)
|
(.77
|
)
|
—
|
(.77
|
)
|
—
|
12.10
|
10.72
|
||||||||||||||||||||
2007
|
15.54
|
1.07
|
(.44
|
)
|
(.27
|
)
|
(.01
|
)
|
.35
|
(.84
|
)
|
(.02
|
)
|
(.86
|
)
|
—
|
15.03
|
13.85
|
(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 Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, 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 net asset value. 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 net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
102
|
Nuveen Investments
|
Ratios/Supplemental Data | |||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | ||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | ||||||||||||||||||||||
Total Returns
|
Before Reimbursement(c) | After Reimbursement(c)(d) | |||||||||||||||||||||
Based
|
Ending
|
||||||||||||||||||||||
on
|
Net
|
||||||||||||||||||||||
Based
|
Common
|
Assets
|
|||||||||||||||||||||
on
|
Share Net
|
Applicable
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
Market
|
Asset
|
to Common
|
Investment
|
Investment
|
Turnover
|
||||||||||||||||||
Value
|
(b) |
Value
|
(b)
|
Shares (000
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Rate
|
|||||||||
1.70
|
% |
5.24
|
%
|
$
|
427,085
|
1.78
|
%
|
7.08
|
%
|
1.75
|
%
|
7.11
|
%
|
40
|
%
|
||||||||
10.89
|
9.12
|
434,764
|
1.79
|
6.85
|
1.68
|
6.95
|
5
|
||||||||||||||||
22.63
|
21.41
|
425,253
|
1.91
|
7.59
|
1.73
|
7.77
|
2
|
||||||||||||||||
(15.21
|
) |
(13.23
|
)
|
373,940
|
1.71
|
6.82
|
1.45
|
7.08
|
10
|
||||||||||||||
(.78
|
) |
2.76
|
456,992
|
1.25
|
6.83
|
.93
|
7.16
|
5
|
|||||||||||||||
4.59
|
5.83
|
587,047
|
1.53
|
6.93
|
1.46
|
7.00
|
30
|
||||||||||||||||
17.04
|
11.41
|
595,413
|
1.17
|
7.21
|
1.02
|
7.36
|
7
|
||||||||||||||||
33.89
|
25.08
|
573,088
|
1.26
|
7.98
|
1.04
|
8.20
|
2
|
||||||||||||||||
(17.85
|
) |
(14.99
|
)
|
488,561
|
1.34
|
7.08
|
1.04
|
7.37
|
7
|
||||||||||||||
(7.72
|
) |
2.31
|
606,908
|
1.32
|
6.65
|
.94
|
7.02
|
14
|
(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)
|
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing Dividend Advantage 2 (NXZ) for any fees and expenses. As of September 30, 2011, the Adviser is no longer reimbursing Dividend Advantage 3 (NZF) for any fees and expenses.
|
(e)
|
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 Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
Dividend Advantage 2 (NXZ)
|
||||
Year Ended 10/31:
|
||||
2011
|
.78
|
%
|
||
2010
|
.78
|
|||
2009
|
.83
|
|||
2008
|
.49
|
|||
2007
|
.14
|
|||
Dividend Advantage 3 (NZF)
|
||||
Year Ended 10/31:
|
||||
2011
|
.48
|
%
|
||
2010
|
.09
|
|||
2009
|
.11
|
|||
2008
|
.19
|
|||
2007
|
.19
|
*
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
103
|
Financial
|
||
Highlights (continued)
|
ARPS at | VMTP Shares | VRDP Shares | ||||||||||||||||||||||||||
the End of Period | at the End of Period | at the End of Period | ||||||||||||||||||||||||||
Aggregate
|
Aggregate
|
Aggregate
|
||||||||||||||||||||||||||
Amount
|
Liquidation
|
Asset
|
Amount
|
Liquidation
|
Asset
|
Amount
|
Liquidation
|
Asset
|
||||||||||||||||||||
Outstanding
|
Value
|
Coverage
|
Outstanding
|
Value
|
Coverage
|
Outstanding
|
Value
|
Coverage
|
||||||||||||||||||||
(000
|
)
|
Per Share
|
Per Share
|
(000
|
)
|
Per Share
|
Per Share
|
(000
|
)
|
Per Share
|
Per Share
|
|||||||||||||||||
Performance Plus (NPP)
|
||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||
2011
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
421,700
|
$
|
100,000
|
$
|
311,668
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||
2010
|
419,900
|
25,000
|
79,546
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2009
|
419,900
|
25,000
|
76,790
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2008
|
439,650
|
25,000
|
68,244
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2007
|
479,000
|
25,000
|
72,603
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Municipal Advantage (NMA)
|
||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||
2011
|
—
|
—
|
—
|
—
|
—
|
—
|
296,800
|
100,000
|
311,124
|
|||||||||||||||||||
2010
|
—
|
—
|
—
|
—
|
—
|
—
|
296,800
|
100,000
|
316,430
|
|||||||||||||||||||
2009
|
293,200
|
25,000
|
76,911
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2008
|
341,650
|
25,000
|
63,314
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
2007
|
358,000
|
25,000
|
70,866
|
—
|
—
|
—
|
—
|
—
|
—
|
See accompanying notes to financial statements.
|
104
|
Nuveen Investments
|
ARPS
at the End of Period
|
MTP Shares
at the End of Period (f)
|
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) | Liquidation Value Per Share | Asset Coverage Per Share | Aggregate Amount Outstanding (000) | Liquidation Value Per Share | Asset Coverage Per Share | Aggregate Amount Outstanding (000) | Liquidation Value Per Share | Asset Coverage Per Share | Aggregate Amount Outstanding (000) | Liquidation Value Per Share | Asset Coverage Per Share | Asset Coverage Per $1 Liquidation Preference |
||||||||||||||||||||||||||||
Market Opportunity (NMO)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
2011
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
350,900
|
$
|
100,000
|
$
|
277,491
|
$
|
—
|
||||||||||||||
2010
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
350,900
|
100,000
|
284,673
|
—
|
|||||||||||||||||||||||||||
2009
|
346,675
|
25,000
|
69,661
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2008
|
361,675
|
25,000
|
63,525
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2007
|
380,000
|
25,000
|
69,446
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Dividend Advantage (NAD)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
2011
|
—
|
—
|
—
|
144,300
|
10.00
|
31.36
|
120,400
|
100,000
|
313,587
|
—
|
—
|
—
|
3.14
|
|||||||||||||||||||||||||||
2010
|
120,075
|
25,000
|
79,553
|
144,300
|
10.00
|
31.82
|
—
|
—
|
—
|
—
|
—
|
—
|
3.18
|
|||||||||||||||||||||||||||
2009
|
261,800
|
25,000
|
77,095
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2008
|
266,800
|
25,000
|
68,343
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2007
|
295,000
|
25,000
|
74,618
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(f)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
Ending
|
Average
|
|||||||||||
Market Value
|
Market Value
|
|||||||||||
Series
|
Per Share
|
Per Share
|
||||||||||
Dividend Advantage (NAD)
|
||||||||||||
Year Ended 10/31:
|
||||||||||||
2011
|
2015
|
$ | 10.06 | $ | 10.05 | |||||||
2010
|
2015
|
10.10 |
10.10^
|
|||||||||
2009
|
— | — | — | |||||||||
2008
|
— | — | — | |||||||||
2007
|
— | — | — |
^
|
For the period March 16, 2010 (issuance date of shares) through October 31, 2010.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
105
|
Financial
|
||
Highlights (continued)
|
ARPS
at the End of Period
|
MTP Shares
at the End of Period (f)
|
VMTP Shares
at the End of Period
|
VRDP Shares
at the End of Period
|
MTP
and/or
VMTP
Shares
at the
End
of Period
|
||||||||||||||||||||||||||||||||||||
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Asset
Coverage
Per $1
Liquidation
Preference
|
||||||||||||||||||||||||||||
Dividend Advantage 2 (NXZ)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
2011
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
196,000
|
$
|
100,000
|
$
|
317,900
|
$
|
—
|
||||||||||||||
2010
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
196,000
|
100,000
|
321,819
|
—
|
|||||||||||||||||||||||||||
2009
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
196,000
|
100,000
|
316,966
|
—
|
|||||||||||||||||||||||||||
2008
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
196,000
|
100,000
|
290,785
|
—
|
|||||||||||||||||||||||||||
2007
|
222,000
|
25,000
|
76,463
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Dividend Advantage 3 (NZF)
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
2011
|
—
|
—
|
—
|
70,000
|
10.00
|
34.54
|
169,200
|
100,000
|
345,421
|
—
|
—
|
—
|
3.45
|
|||||||||||||||||||||||||||
2010
|
236,950
|
25,000
|
87,821
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2009
|
236,950
|
25,000
|
85,465
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2008
|
270,775
|
25,000
|
70,108
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
2007
|
312,000
|
25,000
|
73,630
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
(f)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
Series
|
Ending
Market Value
Per Share
|
Average
Market Value
Per Share
|
||||||||
Dividend Advantage 3 (NZF)
|
||||||||||
Year Ended 10/31:
|
||||||||||
2011
|
2016
|
$
|
10.14
|
$
|
10.05
|
^ | ||||
2010
|
—
|
—
|
—
|
|||||||
2009
|
—
|
—
|
—
|
|||||||
2008
|
—
|
—
|
—
|
|||||||
2007
|
—
|
—
|
—
|
^
|
For the period December 20, 2010 (issuance date of shares) through October 31, 2011.
|
See accompanying notes to financial statements.
|
106
|
Nuveen Investments
|
Notes to
|
||
Financial Statements
|
Nuveen Investments
|
107
|
Notes to
|
||
Financial Statements (continued)
|
108
|
Nuveen Investments
|
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||||
ARPS redeemed, at liquidation value
|
$
|
479,000,000
|
$
|
358,000,000
|
$
|
380,000,000
|
$
|
295,000,000
|
$
|
222,000,000
|
$
|
312,000,000
|
Dividend Advantage (NAD)
|
Dividend Advantage 3 (NZF)
|
||||||||||||||||||
Annual
|
Annual
|
||||||||||||||||||
Shares
|
Interest
|
NYSE
|
Shares
|
Interest
|
NYSE
|
||||||||||||||
Outstanding
|
Rate
|
Ticker
|
Outstanding
|
Rate
|
Ticker
|
||||||||||||||
Series:
|
|||||||||||||||||||
2015
|
14,430,000
|
2.70
|
%
|
NAD Pr C
|
—
|
—
|
—
|
||||||||||||
2016
|
—
|
—
|
—
|
7,000,000
|
2.80
|
%
|
NZF Pr C
|
Dividend
|
Dividend
|
||||||
Advantage
|
Advantage 3
|
||||||
(NAD
|
)
|
(NZF
|
)
|
||||
Series 2015
|
Series 2016
|
||||||
Term Redemption Date
|
April 1, 2015
|
January 1, 2016
|
|||||
Optional Redemption Date
|
April 1, 2011
|
January 1, 2012
|
|||||
Premium Expiration Date
|
March 31, 2012
|
December 31, 2012
|
Dividend
|
Dividend
|
||||||
Advantage
|
Advantage 3
|
||||||
(NAD
|
)
|
(NZF
|
)*
|
||||
Average liquidation value of MTP Shares outstanding
|
$
|
144,300,000
|
$
|
69,873,059
|
*
|
For the period December 20, 2010 (issuance date of shares) through October 31, 2011.
|
Nuveen Investments
|
109
|
Notes to
|
||
Financial Statements (continued)
|
Dividend
|
Dividend
|
||||||
Advantage
|
Advantage 3
|
||||||
(NAD
|
)
|
(NZF
|
)*
|
||||
Net amounts earned by Nuveen
|
$
|
—
|
$
|
6,328
|
*
|
For the period December 20, 2010 (issuance date of shares) through October 31, 2011.
|
Performance
|
Dividend
|
Dividend
|
||||||||
Plus
|
Advantage
|
Advantage 3
|
||||||||
(NPP
|
)
|
(NAD
|
)
|
(NZF
|
)
|
|||||
Series 2014
|
$
|
421,700,000
|
$
|
120,400,000
|
$
|
169,200,000
|
Performance
|
Dividend
|
Dividend
|
||||||||
Plus
|
Advantage
|
Advantage 3
|
||||||||
(NPP
|
)
|
(NAD
|
)
|
(NZF
|
)
|
|||||
Term Redemption Date
|
March 1, 2014
|
August 1, 2014
|
October 1, 2014
|
|||||||
Optional Redemption Date
|
March 1, 2012
|
August 1, 2012
|
October 1, 2012
|
|||||||
Premium Expiration Date
|
February 29, 2012
|
July 31, 2012
|
September 30, 2012
|
Performance
|
Dividend
|
Dividend
|
||||||||
Plus
|
Advantage
|
Advantage 3
|
||||||||
(NPP
|
)*
|
(NAD
|
)**
|
(NZF
|
)***
|
|||||
Average liquidation Value of VMTP Shares outstanding
|
$
|
421,700,000
|
$
|
120,400,000
|
$
|
169,200,000
|
||||
Average annualized dividend rate
|
1.43
|
%
|
1.21
|
%
|
1.15
|
%
|
*
|
For the period February 24, 2011 (issuance date of shares) through October 31, 2011.
|
**
|
For the period July 28, 2011 (issuance date of shares) through October 31, 2011.
|
***
|
For the period September 8, 2011 (issuance date of shares) through October 31, 2011.
|
110
|
Nuveen Investments
|
Municipal
|
Market
|
Dividend
|
||||||||
Advantage
|
Opportunity
|
Advantage 2
|
||||||||
(NMA
|
)
|
(NMO
|
)
|
(NXZ
|
)
|
|||||
Series
|
1
|
1
|
2
|
|||||||
Shares outstanding
|
2,968
|
3,509
|
1,960
|
|||||||
Maturity
|
March 1, 2040
|
March 1, 2040
|
August 1, 2040
|
Municipal
|
Market
|
Dividend
|
||||||||
Advantage
|
Opportunity
|
Advantage 2
|
||||||||
(NMA
|
)
|
(NMO
|
)
|
(NXZ
|
)
|
|||||
Average liquidation value outstanding
|
$
|
296,800,000
|
$
|
350,900,000
|
$
|
196,000,000
|
||||
Annualized dividend rate
|
0.40
|
%
|
0.41
|
%
|
0.37
|
%
|
Nuveen Investments
|
111
|
Notes to
|
||
Financial Statements (continued)
|
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
|
$
|
18,750,000
|
$
|
11,250,000
|
$
|
7,500,000
|
$
|
11,250,000
|
$
|
11,250,000
|
$
|
—
|
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
|
$
|
41,089,315
|
$
|
57,843,402
|
$
|
43,530,000
|
$
|
51,605,000
|
$
|
26,498,904
|
$
|
62,801,342
|
|||||||
Average annual interest rate and fees
|
0.69
|
%
|
0.58
|
%
|
0.56
|
%
|
0.49
|
%
|
0.65
|
%
|
0.66
|
%
|
112
|
Nuveen Investments
|
Level 1 – |
Quoted prices in active markets for identical securities.
|
Level 2 – |
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 – |
Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
Performance Plus (NPP)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
1,321,271,982
|
$
|
—
|
$
|
1,321,271,982
|
|||||
Municipal Advantage (NMA)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
936,052,529
|
$
|
111,150
|
$
|
936,163,679
|
|||||
Market Opportunity (NMO)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
985,313,481
|
$
|
—
|
$
|
985,313,481
|
Nuveen Investments
|
113
|
Notes to
|
||
Financial Statements (continued)
|
Dividend Advantage (NAD)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
860,539,202
|
$
|
111,150
|
$
|
860,650,352
|
|||||
Investment Companies
|
559,780
|
—
|
—
|
559,780
|
|||||||||
Total
|
$
|
559,780
|
$
|
860,539,202
|
$
|
111,150
|
$
|
861,210,132
|
|||||
Dividend Advantage 2 (NXZ)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
601,940,274
|
$
|
—
|
$
|
601,940,274
|
|||||
Dividend Advantage 3 (NZF)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Investments:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
812,066,316
|
$
|
266,760
|
$
|
812,333,076
|
|||||
Investment Companies
|
3,494,628
|
—
|
—
|
3,494,628
|
|||||||||
Short-Term Investments
|
—
|
25,200,000
|
—
|
25,200,000
|
|||||||||
Total
|
$
|
3,494,628
|
$
|
837,266,316
|
$
|
266,760
|
$
|
841,027,704
|
Municipal
|
Dividend
|
Dividend
|
Dividend
|
||||||||||
Advantage
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||
(NMA
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||
Level 3
|
Level 3
|
Level 3
|
Level 3
|
||||||||||
Municipal Bonds
|
Municipal Bonds
|
Municipal Bonds
|
Municipal Bonds
|
||||||||||
Balance at the beginning of year
|
$
|
462,475
|
$
|
78,062
|
$
|
2,333,250
|
$
|
187,349
|
|||||
Gains (losses):
|
|||||||||||||
Net realized gains (losses)
|
6,799
|
6,799
|
—
|
(17,141
|
)
|
||||||||
Net change in unrealized appreciation (depreciation)
|
(106,276
|
)
|
26,289
|
(804,671
|
)
|
96,552
|
|||||||
Purchases at cost
|
—
|
—
|
—
|
—
|
|||||||||
Sales at proceeds
|
(79,510
|
)
|
—
|
(482,600
|
)
|
—
|
|||||||
Net discounts (premiums)
|
—
|
—
|
49
|
—
|
|||||||||
Transfers in to
|
—
|
—
|
—
|
—
|
|||||||||
Transfers out of
|
(172,338
|
)
|
—
|
(1,046,028
|
)
|
—
|
|||||||
Balance at the end of year
|
$
|
111,150
|
$
|
111,150
|
$
|
—
|
$
|
266,760
|
|||||
Change in net unrealized appreciation (depreciation) during the year of Level 3 securities held as of October 31, 2011
|
$
|
26,289
|
$
|
26,289
|
$
|
—
|
$
|
96,552
|
Performance Plus (NPP)
|
Municipal Advantage (NMA)
|
Market Opportunity (NMO)
|
|||||||||||||||||
Year
|
Year
|
Year
|
Year
|
Year
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||
Common shares issued to shareholders due to reinvestment of distributions
|
19,498
|
18,891
|
153,403
|
202,701
|
80,513
|
170,873
|
114
|
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
|
||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||
Common shares issued to shareholders due to reinvestment of distributions
|
4,564
|
4,490
|
4,192
|
21,264
|
4,537
|
9,310
|
Performance Plus (NPP)
|
Municipal Advantage (NMA)
|
||||||||||||||||||||||||
Year Ended 10/31/11 |
Year Ended 10/31/10 |
Year Ended 10/31/11 |
Year Ended 10/31/10 |
||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
ARPS redeemed:
|
|||||||||||||||||||||||||
Series M
|
3,507
|
$
|
87,675,000
|
—
|
$
|
—
|
N/A
|
N/A
|
2,457
|
$
|
61,425,000
|
||||||||||||||
Series T
|
3,506
|
87,650,000
|
—
|
—
|
N/A
|
N/A
|
2,457
|
61,425,000
|
|||||||||||||||||
Series W
|
3,505
|
87,625,000
|
—
|
—
|
N/A
|
N/A
|
2,456
|
61,400,000
|
|||||||||||||||||
Series TH
|
2,770
|
69,250,000
|
—
|
—
|
N/A
|
N/A
|
1,901
|
47,525,000
|
|||||||||||||||||
Series F
|
3,508
|
87,700,000
|
—
|
—
|
N/A
|
N/A
|
2,457
|
61,425,000
|
|||||||||||||||||
Total
|
16,796
|
$
|
419,900,000
|
—
|
$
|
—
|
N/A
|
N/A
|
11,728
|
$
|
293,200,000
|
Market Opportunity (NMO) | Dividend Advantage (NAD) | ||||||||||||||||||||||||
Year Ended 10/31/11 |
Year Ended 10/31/10 |
Year Ended 10/31/11 |
Year Ended 10/31/10 |
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
ARPS redeemed:
|
|||||||||||||||||||||||||
Series M
|
N/A
|
N/A
|
3,649
|
$
|
91,225,000
|
1,628
|
$
|
40,700,000
|
1,922
|
$
|
48,050,000
|
||||||||||||||
Series T
|
N/A
|
N/A
|
3,648
|
91,200,000
|
1,628
|
40,700,000
|
1,921
|
48,025,000
|
|||||||||||||||||
Series W
|
N/A
|
N/A
|
2,920
|
73,000,000
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Series TH
|
N/A
|
N/A
|
—
|
—
|
1,547
|
38,675,000
|
1,826
|
45,650,000
|
|||||||||||||||||
Series F
|
N/A
|
N/A
|
3,650
|
91,250,000
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total
|
N/A
|
N/A
|
13,867
|
$
|
346,675,000
|
4,803
|
$
|
120,075,000
|
5,669
|
$
|
141,725,000
|
Dividend Advantage 3 (NZF)
|
|||||||||||||
Year
|
Year
|
||||||||||||
Ended
|
Ended
|
||||||||||||
10/31/11
|
10/31/10
|
||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
ARPS redeemed:
|
|||||||||||||
Series W
|
3,159
|
$
|
78,975,000
|
—
|
$
|
—
|
|||||||
Series TH
|
3,159
|
78,975,000
|
—
|
—
|
|||||||||
Series F
|
3,160
|
79,000,000
|
—
|
—
|
|||||||||
Total
|
9,478
|
$
|
236,950,000
|
—
|
$
|
—
|
Nuveen Investments
|
115
|
Notes to
|
||
Financial Statements (continued)
|
Dividend Advantage (NAD)
|
Dividend Advantage 3 (NZF)
|
||||||||||||||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
MTP Shares issued:
|
|||||||||||||||||||||||||
Series 2015
|
—
|
$
|
—
|
14,430,000
|
$
|
144,300,000
|
|
—
|
$
|
—
|
|
—
|
$
|
—
|
|||||||||||
Series 2016
|
—
|
—
|
—
|
—
|
7,000,000
|
70,000,000
|
—
|
—
|
|||||||||||||||||
Total
|
—
|
$
|
—
|
14,430,000
|
$
|
144,300,000
|
|
7,000,000
|
$
|
70,000,000
|
—
|
$
|
—
|
Performance Plus (NPP)
|
|||||||||||||
Year
|
Year
|
||||||||||||
Ended
|
Ended
|
||||||||||||
10/31/11
|
10/31/10
|
||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
VMTP Shares issued:
|
|||||||||||||
Series 2014
|
4,217
|
$
|
421,700,000
|
—
|
$
|
—
|
Dividend Advantage (NAD)
|
Dividend Advantage 3 (NZF)
|
||||||||||||||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
VMTP Shares issued:
|
|||||||||||||||||||||||||
Series 2014
|
1,204
|
$
|
120,400,000
|
—
|
$
|
—
|
1,692
|
$
|
169,200,000
|
—
|
$
|
—
|
Municipal Advantage (NMA)
|
Market Opportunity (NMO)
|
||||||||||||||||||||||||
Year
|
Year
|
Year
|
Year
|
||||||||||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||||||
10/31/11
|
10/31/10
|
10/31/11
|
10/31/10
|
||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
VRDP Shares issued:
|
|||||||||||||||||||||||||
Series 1
|
—
|
$
|
—
|
2,968
|
$
|
296,800,000
|
—
|
$
|
—
|
3,509
|
$
|
350,900,000
|
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||||
Purchases
|
$
|
125,871,204
|
$
|
134,828,212
|
$
|
153,734,830
|
$
|
128,568,854
|
$
|
243,875,221
|
$
|
250,046,891
|
|||||||
Sales and maturities
|
160,856,247
|
178,925,746
|
139,793,839
|
132,702,951
|
275,555,510
|
314,415,649
|
116
|
Nuveen Investments
|
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||||
Cost of investments
|
$
|
1,241,560,172
|
$
|
885,106,608
|
$
|
955,318,294
|
$
|
805,735,734
|
$
|
585,874,967
|
$
|
783,495,786
|
|||||||
Gross unrealized:
|
|||||||||||||||||||
Appreciation
|
$
|
79,025,537
|
$
|
41,305,101
|
$
|
38,689,866
|
$
|
46,371,204
|
$
|
29,165,729
|
$
|
30,153,912
|
|||||||
Depreciation
|
(39,328,366
|
)
|
(36,761,064
|
)
|
(52,225,707
|
)
|
(42,501,529
|
)
|
(31,367,561
|
)
|
(28,175,367
|
)
|
|||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
39,697,171
|
$
|
4,544,037
|
$
|
(13,535,841
|
)
|
$
|
3,869,675
|
$
|
(2,201,832
|
)
|
$
|
1,978,545
|
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||||
Paid-in surplus
|
$
|
(401,701
|
)
|
$
|
(158,587
|
)
|
$
|
(116,246
|
)
|
$
|
(508,259
|
)
|
$
|
(72,722
|
)
|
$
|
(276,739
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
115,644
|
33,150
|
84,702
|
180,996
|
41,005
|
242,350
|
|||||||||||||
Accumulated net realized gain (loss)
|
286,057
|
125,437
|
31,544
|
327,263
|
31,717
|
34,389
|
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
||||||||
Undistributed net tax-exempt income *
|
$
|
21,299,788
|
$
|
8,659,106
|
$
|
8,179,853
|
$
|
12,307,116
|
$
|
7,437,168
|
$
|
12,793,543
|
|||||||
Undistributed net ordinary income **
|
14,771
|
1,375,267
|
47,871
|
273,949
|
135,183
|
24,938
|
|||||||||||||
Undistributed net long-term capital gains
|
—
|
6,010,671
|
—
|
1,862,934
|
5,456,117
|
1,651,370
|
*
|
Undistributed net tax-exempt income (on a tax basis has not been reduced for the dividend declared on October 3, 2011, paid on November 1, 2011.)
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
2011
|
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
|||||||
Distributions from net tax-exempt income ***
|
$
|
60,810,670
|
$
|
44,257,385
|
$
|
46,042,502
|
$
|
40,333,683
|
$
|
29,009,098
|
$
|
42,015,540
|
|||||||
Distributions from net ordinary income **
|
498,412
|
391,525
|
—
|
—
|
—
|
—
|
|||||||||||||
Distributions from net long-term capital gains ****
|
5,536,530
|
3,406,265
|
—
|
—
|
—
|
639,625
|
|||||||||||||
Performance
|
Municipal
|
Market
|
Dividend
|
Dividend
|
Dividend
|
||||||||||||||
Plus
|
Advantage
|
Opportunity
|
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||||||||
2010
|
(NPP
|
)
|
(NMA
|
)
|
(NMO
|
)
|
(NAD
|
)
|
(NXZ
|
)
|
(NZF
|
)
|
|||||||
Distributions from net tax-exempt income
|
$
|
56,430,144
|
$
|
43,084,415
|
$
|
45,084,665
|
$
|
38,498,093
|
$
|
28,872,454
|
$
|
39,033,313
|
|||||||
Distributions from net ordinary income **
|
23,738
|
63,961
|
—
|
—
|
409,165
|
830,966
|
|||||||||||||
Distributions from net long-term capital gains
|
863,865
|
3,011,399
|
—
|
—
|
—
|
1,901,758
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
***
|
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2011, as Exempt Interest Dividends.
|
****
|
The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b) (3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2011.
|
Nuveen Investments
|
117
|
Notes to
|
||
Financial Statements (continued)
|
Performance
|
Market
|
||||||
Plus
|
Opportunity
|
||||||
(NPP
|
)
|
(NMO
|
)
|
||||
Expiration:
|
|||||||
October 31, 2014
|
$
|
—
|
$
|
1,437,187
|
|||
October 31, 2015
|
—
|
1,902,879
|
|||||
October 31, 2016
|
—
|
1,398,166
|
|||||
October 31, 2019
|
310,323
|
3,031,141
|
|||||
Total
|
$
|
310,323
|
$
|
7,769,373
|
Dividend
|
Dividend
|
||||||
Advantage
|
Advantage 2
|
||||||
(NAD
|
)
|
(NXZ
|
)
|
||||
Utilized capital loss carryforwards
|
$
|
4,042,731
|
$
|
862,140
|
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
|
118
|
Nuveen Investments
|
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 financial leverage. For these purposes, financial 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, 2011, the complex-level fee rate for these Funds was .1759%.
|
Year Ending
|
Year Ending
|
|||||||||
March 31,
|
March 31,
|
|||||||||
2001*
|
.30
|
%
|
2007
|
.25
|
%
|
|||||
2002
|
.30
|
2008
|
.20
|
|||||||
2003
|
.30
|
2009
|
.15
|
|||||||
2004
|
.30
|
2010
|
.10
|
|||||||
2005
|
.30
|
2011
|
.05
|
|||||||
2006
|
.30
|
*
|
From the commencement of operations.
|
Year Ending
|
Year Ending
|
|||||||||
September 30,
|
September 30,
|
|||||||||
2001*
|
.30
|
%
|
2007
|
.25
|
%
|
|||||
2002
|
.30
|
2008
|
.20
|
|||||||
2003
|
.30
|
2009
|
.15
|
|||||||
2004
|
.30
|
2010
|
.10
|
|||||||
2005
|
.30
|
2011
|
.05
|
|||||||
2006
|
.30
|
*
|
From the commencement of operations.
|
Nuveen Investments
|
119
|
Notes to
|
||
Financial Statements (continued)
|
120
|
Nuveen Investments
|
Annual Investment Management
|
Agreement Approval Process (Unaudited)
|
Nuveen Investments
|
121
|
Annual Investment Management Agreement
|
Approval Process (Unaudited) (continued)
|
122
|
Nuveen Investments
|
Nuveen Investments
|
123
|
Annual Investment Management Agreement
|
Approval Process (Unaudited) (continued)
|
124
|
Nuveen Investments
|
C. |
Fees, Expenses and Profitability
|
|
1. Fees and Expenses
|
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group (if any). In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; and the differences in the type and use of leverage may impact the comparative data thereby limiting the ability to make a meaningful comparison with peers.
|
Nuveen Investments
|
125
|
Annual Investment Management Agreement
|
Approval Process (Unaudited) (continued)
|
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group (if available) or Peer Universe if there was no separate Peer Group.
The Independent Board Members noted that the Municipal Advantage Fund and the Municipal Market Opportunity Fund had higher net management fees than their peer averages and a slightly higher or higher net expense ratio compared to their peer averages while the Dividend Advantage Fund and the Performance Plus Fund had net management fees slightly higher or higher than their peer averages but a net expense ratio below or in line with their peer averages. In addition, they noted that each of the other Funds had net management fees and net expense ratios below their peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
|
|
|
2. Comparisons with the Fees of Other Clients
|
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees. |
126
|
Nuveen Investments
|
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds. | |
|
3. Profitability of Fund Advisers
|
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2010. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations.
Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional
|
Nuveen Investments
|
127
|
information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable. | |
D. |
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
|
128
|
Nuveen Investments
|
Nuveen Investments
|
129
|
Name,
Birthdate
& 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:
|
|||||||||
■
|
ROBERT P. BREMNER(2)
8/22/40
333 W. Wacker Drive Chicago, IL 60606
|
Chairman of
the Board
and 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.
|
241
|
||||
|
|||||||||
■
|
JACK B. EVANS
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
|
1999
Class III
|
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; 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.
|
241
|
|||
■
|
WILLIAM C. HUNTER
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2004
Class I
|
Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma 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.
|
241
|
||||
■
|
DAVID J. KUNDERT(2)
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2005
Class II
|
Director, Northwestern Mutual Wealth Management Company; 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; Member, Board of Regents, 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.
|
241
|
||||
■
|
WILLIAM J. SCHNEIDER(2)
9/24/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1996
Class III
|
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.
|
241
|
130 |
|
Nuveen Investments
|
Name,
Birthdate
& 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
Overseen by
Board Member
|
|||||
Independent Board Members:
|
|||||||||
■ |
JUDITH M. STOCKDALE
12/29/47
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1997
Class I
|
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
241
|
||||
■ |
CAROLE E. STONE(2)
6/28/47
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); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
|
241
|
||||
■ |
VIRGINIA L. STRINGER
8/16/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2011
|
Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; 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).
|
241
|
||||
■
|
TERENCE J. TOTH(2)
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); 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: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005) and Catalyst Schools of Chicago Board (since 2008); 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).
|
241
|
Interested Board Member:
|
|||||||||
■
|
JOHN P. AMBOIAN(3)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.
|
241
|
Nuveen Investments
|
131
|
Board Members & Officers (Unaudited) (continued)
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(4)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
|||||
Officers of the Funds:
|
|||||||||
|
|||||||||
■
|
GIFFORD R. ZIMMERMAN
9/9/56333 W. Wacker Drive
Chicago, IL 60606
|
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), Assistant Secretary and Associate General Counsel 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, Inc.; 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), Tradewinds Global Investors LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
241
|
||||
■
|
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.
|
133
|
||||
■
|
CEDRIC H. ANTOSIEWICZ
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC.
|
133
|
||||
■
|
MARGO L. COOK
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2009
|
Executive Vice President (since 2008) of Nuveen Investments, Inc.and of Nuveen Fund Advisors, Inc. (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.
|
241
|
||||
■
|
LORNA C. FERGUSON
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
1998
|
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).
|
241
|
||||
■
|
STEPHEN D. FOY
5/31/54
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Controller
|
1998
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC; (since 2010) Certified Public Accountant.
|
241
|
132
|
Nuveen Investments
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(4)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Officer
|
|||||
Officers of the Funds:
|
|||||||||
■
|
SCOTT S. GRACE
8/20/70
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, Inc., Nuveen Investment Solutions, Inc., 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, Inc.; 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.
|
241
|
||||
■
|
WALTER M. KELLY
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Compliance
Officer and
Vice President
|
2003
|
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.
|
241
|
||||
|
|||||||||
■
|
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2002
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
|
241
|
||||
■
|
LARRY W. MARTIN
7/27/51
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President and
Assistant Secretary
|
1997
|
Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Securities, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc., Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management, LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007), and of Winslow Capital Management, Inc. (since 2010); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).
|
241
|
||||
■
|
KEVIN J. MCCARTHY
3/26/66
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President and Secretary
|
2007
|
Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; 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, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
|
241
|
Nuveen Investments
|
133
|
Name,
Birthdate
and Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed(4)
|
Principal
Occupation(s)
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen
by Officer
|
||||||
Officers of the Funds:
|
||||||||||
■
|
KATHLEEN L. PRUDHOMME
3/30/53
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, Inc.; 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).
|
241
|
(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 succes-sors 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)
|
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.
|
|
(3)
|
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
|
(4)
|
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.
|
134
|
Nuveen Investments
|
Nuveen Investments
|
135
|
136
|
Nuveen Investments
|
■
|
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.
|
|
|
■ |
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural 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 structural leverage.
|
|
|
■ |
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, 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: Using borrowed money to invest in securities or other assets.
|
Nuveen Investments
|
137
|
■
|
Leverage-Adjusted 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. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
■
|
Lipper General and Insured Leveraged Municipal Debt Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 23 funds; 5-year, 22 funds; and 10-year, 13 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the 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.
|
■
|
Standard & Poor’s (S&P) National 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. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.
|
■
|
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the Fund. Both of these are part of a Fund’s capital structure. Structural leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt 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.
|
138
|
Nuveen Investments
|
Board of
|
Directors/Trustees
|
John P. Amboian
|
Robert P. Bremner
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
William J. Schneider
|
Judith M. Stockdale
|
Carole E. Stone
|
Virginia L. Stringer
|
Terence J. Toth
|
Fund Manager
|
Nuveen Fund Advisers, Inc.
|
333 West Wacker Drive
|
Chicago, IL 60606
|
Custodian
|
State Street Bank
|
& Trust Company
|
Boston, MA
|
Transfer Agent and
|
Shareholder Services
|
State Street Bank & Trust
|
Company
|
Nuveen Funds
|
P.O. Box 43071
|
Providence, RI 02940-3071
|
(800) 257-8787
|
Legal Counsel
|
Chapman and Cutler LLP
|
Chicago, IL
|
Independent Registered
|
Public Accounting Firm
|
Ernst & Young LLP
|
Chicago, IL
|
Auction Rate
|
|||
Common Shares
|
Preferred Shares
|
||
Fund
|
Repurchased
|
Redeemed
|
|
NPP
|
—
|
16,796
|
|
NMA
|
—
|
—
|
|
NMO
|
—
|
—
|
|
NAD
|
—
|
4,803
|
|
NXZ
|
—
|
—
|
|
NZF
|
—
|
9,478
|
Nuveen Investments
|
139
|
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, 2011
|
$ | 18,200 | $ | 14,000 | $ | 0 | $ | 0 | |||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | |||||||
pursuant to
|
|||||||||||||||
pre-approval
|
|||||||||||||||
exception
|
|||||||||||||||
October 31, 2010
|
$ | 34,405 | $ | 6,250 | $ | 0 | $ | 850 | |||||||
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 and are not reported under "Audit Fees".
|
|||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
|
|||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
|
Fiscal Year Ended
|
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
|
|||||||||
Service Providers
|
Service Providers
|
Service Providers
|
|||||||||
October 31, 2011
|
$ | 0 | $ | 0 | $ | 0 | |||||
Percentage approved
|
0 | % | 0 | % | 0 | % | |||||
pursuant to
|
|||||||||||
pre-approval
|
|||||||||||
exception
|
|||||||||||
October 31, 2010
|
$ | 0 | $ | 0 | $ | 0 | |||||
Percentage approved
|
0 | % | 0 | % | 0 | % | |||||
pursuant to
|
|||||||||||
pre-approval
|
|||||||||||
exception
|
Fiscal Year Ended
|
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
|
|||||||||||||
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
||||||||||||
October 31, 2011
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||
October 31, 2010
|
$ | 850 | $ | 0 | $ | 0 | $ | 850 | |||||||
"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.
|
Name
|
Fund
|
PAUL BRENNAN
|
Nuveen Dividend Advantage Municipal Fund 3
|
Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets*
|
Paul Brennan
|
Registered Investment Company
|
23
|
$ 12.93 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
4
|
$195 million
|
*
|
Assets are as of October 31, 2011. None of the assets in these accounts are subject to an advisory fee based on performance.
|
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
|
$100,001-$500,000
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then 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.
|