nad.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09297

Nuveen Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage and Other Information
8
   
Common Share Dividend and Price Information
11
   
Performance Overviews
12
   
Portfolios of Investments
18
   
Statement of Assets and Liabilities
84
   
Statement of Operations
86
   
Statement of Changes in Net Assets
87
   
Statement of Cash Flows
89
   
Financial Highlights
91
   
Notes to Financial Statements
101
   
Reinvest Automatically, Easily and Conveniently
113
   
Glossary of Terms Used in this Report
115
   
Additional Fund Information
119

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
 
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
 
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 20, 2012
 
4
 
Nuveen Investments

 
 

 
 
Portfolio Managers’ Comments
 
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
Nuveen Municipal Advantage Fund, Inc. (NMA)
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
Nuveen Dividend Advantage Municipal Fund (NAD)
Nuveen Dividend Advantage Municipal Fund 2 (NXZ)
Nuveen Dividend Advantage Municipal Fund 3 (NZF)
 
Portfolio managers Tom Spalding and Paul Brennan review key investment strategies and the six-month performance of these six national Funds. A 35-year veteran of Nuveen, Tom has managed NXZ since its inception in 2001 and NPP, NMA, NMO, and NAD since 2003. With 21 years of industry experience, including 15 years at Nuveen, Paul assumed portfolio management responsibility for NZF in 2006.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
 
During this period, municipal bond prices generally rallied amid strong demand despite yields that continued to be relatively low. The availability of municipal supply improved in recent months from 2011 levels, although the pattern of new issuance remained light compared with long-term historical trends. In addition, approximately half of the new bonds issued during this period came from borrowers that were calling existing debt and refinancing at lower rates.
 
In this environment, much of our investment activity was opportunistic, with purchases managed around the timing of cash flows from called or maturing bonds. In NPP, NMA, NMO, NAD and NXZ, our focus was on maintaining the Funds’ durations and quality in the current market. NZF found value in various sectors of the market, including health care, higher education and tax-supported bonds. Although the pattern of issuance tended to be shorter on the yield curve during this period due to refunding activity, we generally continued to seek longer maturities in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ durations and yield curve positionings. The majority of our purchases were made in the mid-tier credit quality categories, that is, bonds rated AA, A and BBB. Overall, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
 
Nuveen Investments
 
5

 
 

 
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. A sizable number of bond calls and refundings provided a meaningful source of liquidity, which we often reinvested in the new credits issued to replace the refunded bonds as a way of maintaining our exposure to those borrowers. Selling was minimal during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of April 30, 2012, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month period ended April 30, 2012?
 
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 4/30/12
 
Fund
6-Month
1-Year
5-Year
10-Year
NPP
11.41%
23.86%
6.80%
6.80%
NMA
10.37%
23.51%
6.38%
6.84%
NMO
11.22%
24.92%
5.73%
6.26%
NAD
11.22%
25.02%
6.57%
7.08%
NXZ
11.81%
25.01%
6.37%
7.44%
NZF
9.70%
20.47%
6.68%
7.54%
         
Standard & Poor’s (S&P) Municipal Bond Index**
5.70%
11.89%
5.26%
5.42%
Lipper General & Insured Leveraged Municipal Debt
       
Funds Classification Average**
10.74%
23.04%
6.00%
6.68%
 
For the six months ended April 30, 2012, the cumulative returns on common share net asset value (NAV) for these six Funds exceeded the return for the Standard & Poor’s (S&P) Municipal Bond Index. For the same period, NPP, NMO, NAD and NXZ outperformed the average return for the Lipper General and Insured Leveraged Municipal Debt Funds Classification Average, while NMA and NZF lagged this Lipper average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, NPP was the most advantageously positioned in terms
 
 
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.
   
*
Six-month returns are cumulative; all other returns are annualized.
   
**
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
 
6
 
Nuveen Investments

 
 

 
of duration and yield curve exposure, with the longest duration among these six Funds. In general, all of the Funds benefited from being close to their target duration, with variations in duration and yield curve positioning accounting for some of the differences in performance.
 
Credit exposure was another important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, the performance of these Funds was boosted by their exposures to the lower rated credit spectrum, with NXZ benefiting the most from the combination of strong weightings in bonds rated A and BBB and an underweighting in AAA credits. As of April 30, 2012, NZF held the fewest BBB rated bonds as well as the largest allocation of bonds rated AAA, which hurt its performance.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds had strong weightings in health care bonds, which enhanced their returns. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing market segments during this period, as these bonds benefited from several market developments, including increased demand for higher yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. All of the Funds held tobacco bonds in their portfolios as of April 30, 2012.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, NPP and NMO had the heaviest weightings in pre-refunded bonds among these Funds, which detracted from their performances, while NXZ had the smallest allocation. General obligation (GO) and other tax-supported bonds as well as utilities and housing credits also lagged the performance of the general municipal market for this period. These Funds generally had relatively light exposures to housing, which limited the impact of this sector.
 
Nuveen Investments
 
7

 
 

 
 
Fund Leverage and
Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares

Fund
   
Series
 
MTP Shares Issued
at Liquidation Value
   
Annual
Interest Rate
 
NYSE Ticker
NAD
   
2015
 
$
144,300,000
   
2.70
%
 
NAD PrC
NZF
   
2016
 
$
70,000,000
   
2.80
%
 
NZF PrC

VMTP Shares
           
        VMTP Shares Issued
Fund
 
Series
  at Liquidation Value
NPP
 
2014
  $
421,700,000
NAD
 
2014
 
120,400,000
NZF
 
2014
  $
169,200,000

8
 
Nuveen Investments

 
 

 

VRDP Shares

  VRDP Shares Issued
Fund
at Liquidation Value
NMA
296,800,000
NMO
$
350,900,000
NXZ
$
196,000,000
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.)
 
RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Nuveen Investments
 
9

 
 

 
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
10
 
Nuveen Investments

 
 

 
 
Common Share Dividend
and Price Information
 
DIVIDEND INFORMATION
 
The monthly dividends of NPP, NAD, NXZ and NZF remained stable throughout the six-month reporting period ended April 30, 2012, while the dividends of NMA and NMO were reduced effective March 2012.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and net ordinary income distributions in December 2011 as follows:
 
    Short-Term Capital Gains        
    Long-Term Capital Gains   and/or Ordinary Income
Fund
  (per share)
 
  (per share)
NMA
 
$
0.1340
 
$
0.0307
NAD
 
$
0.0417
 
$
0.0061
NXZ
 
$
0.1809
 
$
0.0045
NZF
 
$
0.0380
   
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2012, all six of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares.
 
As of April 30, 2012,and during the six-month reporting period, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.
 
 
4/30/12
 
Six-Month Average
Fund
(-) Discount
 
(-) Discount
NPP
(-)2.61%
 
(-)1.89%
NMA
(-)0.86%
 
(-)1.08%
NMO
(-)3.21%
 
(-)1.52%
NAD
(-)3.81%
 
(-)3.45%
NXZ
(-)2.45%
 
(-)1.62%
NZF
(-)0.65%
 
(-)1.59%

Nuveen Investments
 
11

 
 

 

NPP
 
Nuveen Performance
Performance
 
Plus Municipal
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
15.67
 
Common Share Net Asset Value (NAV)
       
$
16.09
 
Premium/Discount to NAV
         
-2.61
%
Market Yield
         
6.13
%
Taxable Equivalent Yield1
         
8.51
%
Net Assets Applicable to Common Shares ($000)
       
$
965,035
 
               
Leverage
             
Regulatory Leverage
         
30.41
%
Effective Leverage
         
33.16
%
               
Average Annual Total Returns
             
(Inception 6/22/89)
             
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
12.54%
   
11.41
%
1-Year
   
25.36%
   
23.86
%
5-Year
   
7.10%
   
6.80
%
10-Year
   
7.50%
   
6.80
%
               
States3
             
(as a % of total investments)
             
Illinois
         
19.3
%
California
         
14.7
%
Colorado
         
6.3
%
Texas
         
5.4
%
Florida
         
5.0
%
New Jersey
         
4.5
%
Ohio
         
4.1
%
Nevada
         
3.3
%
New York
         
3.2
%
Massachusetts
         
2.8
%
Michigan
         
2.8
%
Pennsylvania
         
2.5
%
Puerto Rico
         
2.4
%
Indiana
         
2.1
%
Louisiana
         
2.0
%
Virginia
         
2.0
%
Washington
         
2.0
%
Arizona
         
1.4
%
Other
         
14.2
%
               
Portfolio Composition3
             
(as a % of total investments)
             
Tax Obligation/Limited
         
19.7
%
Transportation
         
16.2
%
Health Care
         
15.4
%
Tax Obligation/General
         
14.8
%
U.S. Guaranteed
         
10.8
%
Consumer Staples
         
7.5
%
Utilities
         
6.9
%
Water and Sewer
         
4.4
%
Other
         
4.3
%
 
 
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.
 
Certain bonds backed by U.S. Government or agency securities are regarding as having 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.
 
12
 
Nuveen Investments

 
 

 
 
NMA
 
Nuveen Municipal
Performance
 
Advantage
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
15.05
 
Common Share Net Asset Value (NAV)
       
$
15.18
 
Premium/Discount to NAV
         
-0.86
%
Market Yield
         
6.30
%
Taxable Equivalent Yield1
         
8.75
%
Net Assets Applicable to Common Shares ($000)
       
$
663,405
 
               
Leverage
             
Regulatory Leverage
         
30.91
%
Effective Leverage
         
35.65
%
               
Average Annual Total Returns
             
(Inception 12/19/89)
             
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
11.94%
   
10.37
%
1-Year
   
26.19%
   
23.51
%
5-Year
   
5.87%
   
6.38
%
10-Year
   
7.20%
   
6.84
%
               
States4
             
(as a % of total investments)
             
California
         
15.5
%
Illinois
         
9.6
%
Texas
         
8.4
%
Louisiana
         
8.1
%
Colorado
         
7.2
%
Puerto Rico
         
5.2
%
Ohio
         
5.1
%
New York
         
3.8
%
Pennsylvania
         
3.3
%
Nevada
         
2.7
%
Florida
         
2.5
%
Indiana
         
2.5
%
New Jersey
         
2.4
%
South Carolina
         
2.2
%
Arizona
         
2.1
%
Oklahoma
         
1.8
%
Washington
         
1.8
%
Tennessee
         
1.7
%
Other
         
14.1
%
               
Portfolio Composition4
             
(as a % of total investments)
             
Health Care
         
22.1
%
Tax Obligation/Limited
         
16.0
%
Tax Obligation/General
         
14.6
%
Transportation
         
14.1
%
U.S. Guaranteed
         
10.2
%
Utilities
         
7.6
%
Consumer Staples
         
7.1
%
Other
         
8.3
%

 
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 net ordinary income distribution and a long-term capital gains distribution in December 2011 of $0.0307 and $0.1340 per share, respectively.
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.
 
Certain bonds backed by U.S. Government or agency securities are regarding as having 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
 
13

 
 

 

NMO
 
Nuveen Municipal
Performance
 
Market Opportunity
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
14.18
 
Common Share Net Asset Value (NAV)
       
$
14.65
 
Premium/Discount to NAV
         
-3.21
%
Market Yield
         
6.22
%
Taxable Equivalent Yield1
         
8.64
%
Net Assets Applicable to Common Shares ($000)
       
$
672,025
 
               
Leverage
             
Regulatory Leverage
         
34.30
%
Effective Leverage
         
38.24
%
               
Average Annual Total Returns
             
(Inception 3/21/90)
             
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
11.12%
   
11.22
%
1-Year
   
22.21%
   
24.92
%
5-Year
   
5.59%
   
5.73
%
10-Year
   
6.52%
   
6.26
%
               
States3
             
(as a % of total investments)
             
California
         
16.0
%
Illinois
         
10.9
%
Texas
         
8.8
%
Colorado
         
5.2
%
New York
         
4.7
%
Ohio
         
4.6
%
Puerto Rico
         
4.5
%
Washington
         
3.9
%
North Carolina
         
3.6
%
Nevada
         
3.5
%
Pennsylvania
         
3.5
%
South Carolina
         
3.0
%
Michigan
         
2.8
%
Florida
         
2.3
%
Louisiana
         
2.3
%
Alaska
         
2.2
%
Virginia
         
1.9
%
New Jersey
         
1.8
%
Other
         
14.5
%
               
Portfolio Composition3
             
(as a % of total investments)
             
Health Care
         
18.7
%
Transportation
         
18.5
%
Tax Obligation/General
         
18.1
%
Tax Obligation/Limited
         
13.4
%
Consumer Staples
         
6.8
%
U.S. Guaranteed
         
6.6
%
Utilities
         
6.6
%
Other
         
11.3
%
 
 
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.
 
Certain bonds backed by U.S. Government or agency securities are regarding as having 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.
 
14
 
Nuveen Investments

 
 

 

NAD
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
14.89
 
Common Share Net Asset Value (NAV)
       
$
15.48
 
Premium/Discount to NAV
         
-3.81
%
Market Yield
         
6.12
%
Taxable Equivalent Yield1
         
8.50
%
Net Assets Applicable to Common Shares ($000)
       
$
608,269
 
               
Leverage
             
Regulatory Leverage
         
30.32
%
Effective Leverage
         
36.11
%
               
Average Annual Total Returns
             
(Inception 5/26/99)
             
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
12.47%
   
11.22
%
1-Year
   
24.89%
   
25.02
%
5-Year
   
6.47%
   
6.57
%
10-Year
   
6.74%
   
7.08
%
               
States4
             
(as a % of total municipal bonds)
             
Illinois
         
18.9
%
Texas
         
6.9
%
California
         
6.8
%
Florida
         
6.8
%
New York
         
6.0
%
Louisiana
         
5.2
%
Washington
         
5.2
%
New Jersey
         
4.2
%
Nevada
         
4.1
%
Wisconsin
         
4.0
%
Colorado
         
3.9
%
Puerto Rico
         
3.7
%
Rhode Island
         
2.8
%
Indiana
         
2.5
%
Ohio
         
2.2
%
Michigan
         
2.1
%
Other
         
14.7
%
               
Portfolio Composition4
             
(as a % of total investments)
             
Health Care
         
20.1
%
Tax Obligation/General
         
19.7
%
Tax Obligation/Limited
         
18.5
%
Transportation
         
14.9
%
Consumer Staples
         
5.9
%
U.S. Guaranteed
         
5.7
%
Housing/Multifamily
         
3.8
%
Other
         
11.4
%
 
 
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 net ordinary income distribution and a long-term capital gains distribution in December 2011 of $0.0061 and $0.0417 per share, respectively.
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.
 
Certain bonds backed by U.S. Government or agency securities are regarding as having 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

 
 

 

NXZ
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund 2
   
as of April 30, 2012
 

               
Fund Snapshot
             
Common Share Price
       
$
15.13
 
Common Share Net Asset Value (NAV)
       
$
15.51
 
Premium/Discount to NAV
         
-2.45
%
Market Yield
         
6.35
%
Taxable Equivalent Yield1
         
8.82
%
Net Assets Applicable to Common Shares ($000)
       
$
457,016
 
               
Leverage
             
Regulatory Leverage
         
30.01
%
Effective Leverage
         
34.00
%
               
Average Annual Total Returns
             
(Inception 3/27/01)
             
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
13.82%
   
11.81
%
1-Year
   
26.68%
   
25.01
%
5-Year
   
4.57%
   
6.37
%
10-Year
   
7.62%
   
7.44
%
               
States4
             
(as a % of total investments)
             
Texas
         
20.2
%
California
         
15.1
%
Illinois
         
10.9
%
Colorado
         
5.6
%
Michigan
         
4.7
%
New York
         
3.7
%
Louisiana
         
3.5
%
Indiana
         
3.4
%
Nevada
         
3.2
%
Florida
         
2.8
%
Georgia
         
2.5
%
Puerto Rico
         
2.4
%
South Carolina
         
2.2
%
Alaska
         
2.1
%
Arizona
         
1.7
%
New Jersey
         
1.7
%
Other
         
14.3
%
               
Portfolio Composition4
             
(as a % of total investments)
             
Tax Obligation/Limited
         
22.9
%
Health Care
         
18.7
%
Transportation
         
14.8
%
Tax Obligation/General
         
13.3
%
Consumer Staples
         
7.1
%
Utilities
         
5.9
%
U.S. Guaranteed
         
5.7
%
Other
         
11.6
%
 
 
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 a net ordinary income distribution and a long-term capital gains distribution in December 2011 of $0.0045 and $0.1809 per share, respectively.
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.
 
Certain bonds backed by U.S. Government or agency securities are regarding as having 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.
 
16
 
Nuveen Investments

 
 

 

NZF
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund 3
   
as of April 30, 2012
 

Fund Snapshot
             
Common Share Price
       
$
15.29
 
Common Share Net Asset Value (NAV)
       
$
15.39
 
Premium/Discount to NAV
         
-0.65
%
Market Yield
         
6.44
%
Taxable Equivalent Yield1
         
8.94
%
Net Assets Applicable to Common Shares ($000)
       
$
621,944
 
               
Leverage
             
Regulatory Leverage
         
27.78
%
Effective Leverage
         
33.77
%
               
Average Annual Total Returns
             
(Inception 9/25/01)
             
   
On Share Price
   
On NAV
6-Month (Cumulative)
   
11.80%
   
9.70
%
1-Year
   
24.33%
   
20.47
%
5-Year
   
6.26%
   
6.68
%
10-Year
   
7.86%
   
7.54
%
               
States4
             
(as a % of total municipal bonds)
             
Texas
         
12.6
%
California
         
11.9
%
Illinois
         
11.1
%
New York
         
6.0
%
Louisiana
         
5.3
%
Massachusetts
         
4.7
%
Michigan
         
4.3
%
Washington
         
4.2
%
Nevada
         
3.9
%
Colorado
         
3.8
%
New Jersey
         
3.8
%
Georgia
         
3.1
%
Indiana
         
2.8
%
Pennsylvania
         
2.5
%
Florida
         
2.3
%
Maryland
         
1.7
%
Ohio
         
1.7
%
Other
         
14.3
%
               
Portfolio Composition4
             
(as a % of total investments)
             
Transportation
         
17.6
%
Health Care
         
17.4
%
Tax Obligation/Limited
         
14.8
%
Tax Obligation/General
         
13.2
%
Water and Sewer
         
7.9
%
U.S. Guaranteed
         
7.1
%
Education and Civic Organizations
         
6.5
%
Consumer Staples
         
5.0
%
Other
         
10.5
%
 
 
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 2011 of $0.0380 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.
 
Certain bonds backed by U.S. Government or agency securities are regarding as having 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
 
17

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc.
NPP
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Alabama – 0.2% (0.1% of Total Investments)
               
     
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A:
               
$
1,435
 
5.625%, 2/01/22 – FGIC Insured (4)
 
8/12 at 100.00
 
Caa3
 
$
861,057
 
 
1,505
 
5.375%, 2/01/27 – FGIC Insured (4)
 
8/12 at 100.00
 
Caa3
   
901,570
 
 
2,940
 
Total Alabama
           
1,762,627
 
     
Alaska – 0.9% (0.6% 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
 
BB–
   
6,443,025
 
 
2,465
 
5.000%, 6/01/46
 
6/14 at 100.00
 
BB–
   
1,876,531
 
 
9,965
 
Total Alaska
           
8,319,556
 
     
Arizona – 2.1% (1.4% 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
   
1,008,590
 
 
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A+
   
8,331,213
 
     
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–
   
5,405,130
 
 
5,055
 
5.750%, 7/01/16 – FGIC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
5,090,486
 
 
19,200
 
Total Arizona
           
19,835,419
 
     
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
   
3,724,453
 
 
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
   
1,025,370
 
 
6,080
 
Total Arkansas
           
4,749,823
 
     
California – 21.2% (14.7% 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
 
BBB+
   
3,471,020
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
 
No Opt. Call
 
Aa2
   
1,937,458
 
 
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–
   
11,412,276
 
 
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
   
3,385,190
 
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
               
 
5,000
 
5.000%, 4/01/37
 
4/16 at 100.00
 
A+
   
5,164,000
 
 
7,000
 
5.250%, 4/01/39
 
4/16 at 100.00
 
A+
   
7,297,500
 
 
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
 
7/20 at 100.00
 
Baa2
   
2,438,695
 
 
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
   
3,979,535
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
 
3/16 at 100.00
 
A1
   
5,299,100
 
 
10,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
 
10/21 at 100.00
 
A1
   
10,668,900
 
 
16,000
 
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
 
6/17 at 100.00
 
A1
   
16,868,480
 
 
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
 
7/18 at 100.00
 
A+
   
3,335,880
 
 
6,435
 
California, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
 
No Opt. Call
 
A1
   
7,644,008
 
 
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
 
Aa1
   
4,766,000
 
 
18
 
Nuveen 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
 
$
3,151,644
 
 
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
   
10,695,200
 
     
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
 
BB–
   
2,225,574
 
 
1,500
 
5.125%, 6/01/47
 
6/17 at 100.00
 
BB–
   
1,115,715
 
 
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–
   
7,481,600
 
 
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
   
5,621,250
 
     
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
   
3,412,781
 
 
5,500
 
5.125%, 7/01/40 – FGIC Insured
 
7/12 at 100.00
 
AA
   
5,538,115
 
 
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
 
1/19 at 100.00
 
AA
   
2,825,687
 
 
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
 
No Opt. Call
 
A
   
4,040,751
 
 
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
 
7/12 at 100.00
 
N/R (5)
   
1,172,400
 
 
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–
   
2,125,060
 
 
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
 
BBB
   
15,188,413
 
 
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
   
2,981,603
 
 
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
   
2,559,542
 
 
4,795
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
 
8/17 at 100.00
 
A+
   
5,062,897
 
 
9,320
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured
 
No Opt. Call
 
AA–
   
3,025,831
 
 
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
 
Baa2
   
2,134,860
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.498%, 2/01/33 (IF)
 
8/19 at 100.00
 
AA
   
2,903,661
 
     
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
 
BBB
   
3,642,132
 
 
12,500
 
0.000%, 1/15/32 – NPFG Insured
 
No Opt. Call
 
BBB
   
3,430,250
 
 
3,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
BBB
   
668,760
 
 
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
   
2,196,262
 
 
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
 
B+
   
2,791,144
 
 
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+
   
1,545,783
 
 
3,000
 
University of California, General Revenue Bonds, Series 2005F, 4.750%,
5/15/25 – AGM Insured
 
5/13 at 101.00
 
Aa1
   
3,140,670
 
 
5,245
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
 
8/15 at 100.00
 
AA–
   
5,703,046
 
 
10,025
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Refunding Bonds, Series 1997A, 7.200%, 2/01/16 – NPFG Insured
 
8/12 at 102.00
 
AA–
   
10,397,629
 
 
231,430
 
Total California
           
204,446,302
 
 
Nuveen Investments
 
19

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Colorado – 9.1% (6.3% of Total Investments)
               
$
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 (Pre-refunded 12/15/15) – AGM Insured
 
12/15 at 100.00
 
Aa2 (5)
 
$
6,077,981
 
 
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
   
3,047,280
 
 
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+
   
2,007,420
 
 
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
 
1/20 at 100.00
 
AA
   
10,529,400
 
 
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 (5)
   
21,443,800
 
 
13,055
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
 
No Opt. Call
 
BBB
   
8,996,592
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
               
 
16,200
 
0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
 
BBB
   
5,069,790
 
 
33,120
 
0.000%, 9/01/33 – NPFG Insured
 
No Opt. Call
 
BBB
   
9,628,315
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
               
 
5,000
 
0.000%, 9/01/28 – NPFG Insured
 
No Opt. Call
 
BBB
   
2,078,900
 
 
18,500
 
0.000%, 3/01/36 – NPFG Insured
 
No Opt. Call
 
BBB
   
4,463,310
 
 
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 (5)
   
845,638
 
     
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
   
5,819,400
 
 
3,750
 
6.000%, 1/15/41
 
7/20 at 100.00
 
Baa3
   
4,114,650
 
 
1,185
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
 
Aa2
   
1,301,130
 
 
2,130
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
 
BBB (5)
   
2,422,598
 
 
138,935
 
Total Colorado
           
87,846,204
 
     
District of Columbia – 1.4% (1.0% of Total Investments)
               
 
3,975
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
 
5/12 at 100.00
 
A1
   
3,995,789
 
 
4,245
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
 
4/15 at 100.00
 
AA–
   
4,371,968
 
 
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
   
4,990,500
 
 
13,220
 
Total District of Columbia
           
13,358,257
 
     
Florida – 7.1% (5.0% 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
 
5/13 at 101.00
 
N/R
   
1,713,311
 
     
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)
 
7/12 at 100.00
 
AA–
   
1,546,205
 
 
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
1,806,372
 
 
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+
   
5,928,580
 
 
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+
   
4,052,944
 
 
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+
   
7,362,670
 
 
1,220
 
Jacksonville, Florida, Capital Improvement Revenue Bonds, Series 1998 Refunding, Stadium Project, 4.750%, 10/01/25 – AMBAC Insured
 
10/12 at 100.00
 
N/R
   
1,220,695
 
 
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
   
10,498,800
 
 
20
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Florida (continued)
               
$
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)
 
6/12 at 100.00
 
BB+
 
$
10,788,808
 
 
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
   
3,536,540
 
 
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
   
5,534,250
 
 
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
   
2,721,875
 
 
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
   
1,785,280
 
     
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
 
BBB
   
2,040,000
 
 
4,700
 
5.000%, 7/01/40 – NPFG Insured
 
7/17 at 100.00
 
BBB
   
4,761,570
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 (WI/DD, Settling 5/03/12)
 
5/22 at 100.00
 
AA
   
3,626,535
 
 
65,805
 
Total Florida
           
68,924,435
 
     
Georgia – 1.1% (0.8% 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
   
6,028,850
 
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
 
BBB
   
2,208,660
 
 
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–
   
2,847,750
 
 
9,500
 
Total Georgia
           
11,085,260
 
     
Idaho – 0.0% (0.0% of Total Investments)
               
 
170
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax)
 
7/12 at 100.00
 
A1
   
173,284
 
 
275
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000G-2, 5.950%, 7/01/25 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AAA
   
289,781
 
 
445
 
Total Idaho
           
463,065
 
     
Illinois – 27.9% (19.3% of Total Investments)
               
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA–
   
1,584,219
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured
 
No Opt. Call
 
AA–
   
8,000,100
 
 
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–
   
7,624,400
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
               
 
32,170
 
0.000%, 1/01/21 – FGIC Insured
 
No Opt. Call
 
Aa3
   
23,540,719
 
 
32,670
 
0.000%, 1/01/22 – FGIC Insured
 
No Opt. Call
 
Aa3
   
22,541,320
 
 
9,240
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured
 
7/12 at 100.00
 
A
   
9,266,981
 
 
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
   
1,720,345
 
 
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
   
5,824,698
 
     
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
               
 
8,000
 
0.000%, 11/01/18
 
No Opt. Call
 
AAA
   
6,942,560
 
 
15,285
 
0.000%, 11/01/19
 
No Opt. Call
 
AAA
   
12,721,400
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
 
7/13 at 100.00
 
Aa1 (5)
   
5,276,250
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
   
1,644,090
 

Nuveen Investments
 
21

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
               
$
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–
 
$
2,107,800
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.124%, 7/01/15 (IF)
 
No Opt. Call
 
AA+
   
5,824,730
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
 
4/19 at 100.00
 
A+
   
3,225,450
 
 
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–
   
2,760,875
 
 
185
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
 
7/14 at 100.00
 
Aa1
   
197,454
 
 
815
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
Aa1 (5)
   
896,361
 
     
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+
   
2,394,945
 
 
3,055
 
5.500%, 8/15/30
 
8/18 at 100.00
 
BBB+
   
3,101,742
 
 
4,980
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
   
5,078,604
 
 
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
   
4,647,972
 
 
1,195
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 5.750%, 7/01/29
 
7/12 at 100.00
 
AA+
   
1,199,923
 
 
3,610
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33
 
7/13 at 100.00
 
AA+
   
3,704,582
 
 
1,900
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15
 
8/12 at 100.00
 
BBB+
   
1,903,705
 
 
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+
   
3,917,610
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
               
 
28,000
 
0.000%, 12/15/35 – AGM Insured
 
No Opt. Call
 
AAA
   
8,278,480
 
 
5,000
 
5.250%, 6/15/42 – NPFG Insured
 
6/12 at 101.00
 
AAA
   
5,072,600
 
 
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM)
 
No Opt. Call
 
Aaa
   
15,258,149
 
     
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–
   
7,692,396
 
 
16,570
 
0.000%, 12/15/20 – NPFG Insured
 
No Opt. Call
 
AA–
   
12,161,220
 
 
23,830
 
0.000%, 12/15/22 – NPFG Insured
 
No Opt. Call
 
AA–
   
15,578,148
 
 
13,190
 
0.000%, 12/15/24 – NPFG Insured
 
No Opt. Call
 
AA–
   
7,734,352
 
 
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
 
No Opt. Call
 
AAA
   
6,098,376
 
 
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– (5)
   
6,501,988
 
 
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
   
3,046,770
 
 
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
 
2/20 at 100.00
 
AA–
   
2,864,895
 
 
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
   
23,062,822
 
 
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
   
1,266,773
 
 
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
   
6,681,700
 
 
327,620
 
Total Illinois
           
268,947,504
 

22
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana – 3.1% (2.1% 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
 
Baa2
 
$
3,071,430
 
 
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23
 
2/16 at 100.00
 
AA–
   
799,995
 
 
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+
   
1,327,237
 
 
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–
   
1,710,154
 
 
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
 
7/12 at 100.00
 
BBB (5)
   
4,337,453
 
 
3,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A–
   
3,092,730
 
 
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+
   
2,033,120
 
 
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
   
3,298,969
 
 
9,560
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
 
No Opt. Call
 
AA
   
5,578,834
 
 
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+
   
2,491,207
 
 
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+
   
1,902,474
 
 
32,805
 
Total Indiana
           
29,643,603
 
     
Iowa – 1.8% (1.3% 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+
   
1,514,325
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
               
 
5,000
 
5.375%, 6/01/38
 
6/15 at 100.00
 
B+
   
4,103,600
 
 
4,465
 
5.500%, 6/01/42
 
6/15 at 100.00
 
B+
   
3,647,637
 
 
5,400
 
5.625%, 6/01/46
 
6/15 at 100.00
 
B+
   
4,405,158
 
 
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
   
4,033,170
 
 
20,865
 
Total Iowa
           
17,703,890
 
     
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
   
4,071,218
 
 
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 2010, 0.000%, 6/01/21
 
No Opt. Call
 
BBB
   
2,523,308
 
 
7,520
 
Total Kansas
           
6,594,526
 
     
Louisiana – 2.9% (2.0% of Total Investments)
               
 
365
 
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
 
10/12 at 100.00
 
Aaa
   
365,580
 
 
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+
   
4,369,680
 
 
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
 
BBB
   
4,973,155
 
 
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
 
AA–
   
1,003,780
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
               
 
7,530
 
5.500%, 5/15/30
 
5/12 at 100.00
 
A1
   
7,584,969
 
 
9,655
 
5.875%, 5/15/39
 
5/12 at 100.00
 
A–
   
9,693,813
 
 
27,300
 
Total Louisiana
           
27,990,977
 
 
Nuveen Investments
 
23

 
 

 

 
 
Nuveen Performance Plus Municipal Fund, Inc. (continued)
 NPP  
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Maine – 0.7% (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
 
$
1,175,538
 
 
5,680
 
Portland, Maine, Airport Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
 
7/13 at 100.00
 
AA–
   
5,894,306
 
 
6,730
 
Total Maine
           
7,069,844
 
     
Maryland – 0.5% (0.3% of Total Investments)
               
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
 
1/18 at 100.00
 
BBB
   
2,759,891
 
 
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– (5)
   
1,586,162
 
 
4,105
 
Total Maryland
           
4,346,053
 
     
Massachusetts – 4.0% (2.8% 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+
   
6,772,750
 
     
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
               
 
4,000
 
5.125%, 8/01/28 – NPFG Insured
 
8/12 at 100.00
 
BBB
   
4,002,000
 
 
5,625
 
5.125%, 2/01/34 – NPFG Insured
 
8/12 at 100.00
 
BBB
   
5,628,206
 
 
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–
   
9,418,535
 
 
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–
   
517,050
 
 
5,745
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
 
6/12 at 100.00
 
A–
   
5,766,142
 
 
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+ (5)
   
912,392
 
     
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
 
AA+ (5)
   
1,296,553
 
 
3,745
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
 
1/13 at 100.00
 
AA+ (5)
   
3,868,997
 
 
36,740
 
Total Massachusetts
           
38,182,625
 
     
Michigan – 4.0% (2.8% of Total Investments)
               
     
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
               
 
5,405
 
5.000%, 7/01/30 – NPFG Insured
 
7/15 at 100.00
 
A
   
5,492,453
 
 
5,000
 
5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
A
   
5,022,200
 
 
2,950
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured
 
7/16 at 100.00
 
A
   
2,975,754
 
 
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
   
2,165,420
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
 
10/16 at 50.02
 
Aa3
   
2,535,375
 
 
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
   
5,201,100
 
 
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 (5)
   
7,426,637
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
 
6/18 at 100.00
 
BB+
   
2,979,728
 
 
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
   
2,867,875
 
 
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
   
1,465,066
 
 
40,420
 
Total Michigan
           
38,131,608
 
 
24
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Minnesota – 2.0% (1.4% 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–
 
$
19,718,300
 
     
Mississippi – 1.3% (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
 
10/12 at 100.00
 
BBB
   
9,778,275
 
 
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
   
2,586,053
 
 
12,225
 
Total Mississippi
           
12,364,328
 
     
Missouri – 1.1% (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–
   
2,085,820
 
 
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+
   
6,433,376
 
 
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
   
1,930,903
 
 
10,195
 
Total Missouri
           
10,450,099
 
     
Montana – 0.5% (0.3% of Total Investments)
               
 
120
 
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax)
 
6/12 at 100.00
 
AA+
   
122,136
 
 
4,795
 
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1998B, 5.500%, 12/01/31 (Alternative Minimum Tax)
 
6/12 at 100.00
 
A2
   
4,541,776
 
 
4,915
 
Total Montana
           
4,663,912
 
     
Nevada – 4.8% (3.3% 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 (5)
   
10,972,485
 
 
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
   
25,918,410
 
     
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A:
 
7/17 at 100.00
 
A+
   
5,252,050
 
 
5,000
 
5.250%, 7/01/31
               
     
Reno, Nevada, Health Care Facilities Bonds, Catholic Healthcare West, Series 2007A,
 
7/17 at 100.00
 
AA+
   
3,716,000
 
 
2,500
 
Trust 2634, 17.962%, 7/01/31 – BHAC Insured (IF)
               
 
42,595
 
Total Nevada
           
45,858,945
 
     
New Hampshire – 0.5% (0.4% of Total Investments)
               
 
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
   
5,269,500
 
     
New Jersey – 6.5% (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–
   
1,577,250
 
 
2,110
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
 
6/12 at 100.00
 
Aaa
   
2,117,976
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured
 
No Opt. Call
 
AA–
   
5,551,470
 
 
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
   
9,794,363
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
               
 
10,000
 
0.000%, 12/15/30 – FGIC Insured
 
No Opt. Call
 
A+
   
3,933,500
 
 
38,000
 
0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA–
   
13,085,680
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/20 – AGM Insured
 
7/13 at 100.00
 
AA–
   
10,450,000
 
 
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
   
7,691,514
 
 
Nuveen Investments
 
25

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
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
 
$
4,759,364
 
 
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
3,903,150
 
 
92,465
 
Total New Jersey
           
62,864,267
 
     
New York – 4.6% (3.2% 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
   
5,708,670
 
 
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
 
7/12 at 100.00
 
N/R
   
1,563,276
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Barnabas Hospital, Series 1997, 5.450%, 8/01/35 – AMBAC Insured
 
8/12 at 100.00
 
N/R
   
1,501,995
 
 
3,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
   
3,262,710
 
 
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
   
13,554,730
 
 
13,600
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
 
11/16 at 100.00
 
AA–
   
14,105,512
 
 
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
   
2,101,500
 
 
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–
   
2,945,157
 
 
43,030
 
Total New York
           
44,743,550
 
     
North Carolina – 1.6% (1.1% of Total Investments)
               
 
5,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39
 
1/18 at 100.00
 
AA–
   
5,785,065
 
 
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+ (5)
   
5,505,395
 
 
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
   
3,771,040
 
 
13,900
 
Total North Carolina
           
15,061,500
 
     
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–
   
4,659,508
 
     
Ohio – 5.9% (4.1% of Total Investments)
               
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
 
2/18 at 100.00
 
A1
   
10,754,900
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
               
 
5,685
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B
   
4,647,317
 
 
5,640
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B+
   
4,545,276
 
 
4,875
 
5.750%, 6/01/34
 
6/17 at 100.00
 
BB
   
3,804,353
 
 
4,290
 
6.000%, 6/01/42
 
6/17 at 100.00
 
BBB
   
3,435,861
 
 
14,830
 
5.875%, 6/01/47
 
6/17 at 100.00
 
BB
   
11,591,128
 
 
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
 
B+
   
8,006,396
 
 
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–
   
2,698,579
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
 
5/14 at 100.00
 
AA
   
3,753,952
 
 
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
   
3,614,848
 
 
65,000
 
Total Ohio
           
56,852,610
 
 
26
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Pennsylvania – 3.5% (2.5% 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
 
8/19 at 100.00
 
Aa3
 
$
1,390,463
 
     
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–
   
2,359,469
 
 
3,125
 
0.000%, 5/15/23 – AGM Insured
 
No Opt. Call
 
AA–
   
2,246,906
 
 
3,135
 
0.000%, 5/15/24 – AGM Insured
 
No Opt. Call
 
AA–
   
2,149,168
 
 
3,155
 
0.000%, 5/15/26 – AGM Insured
 
No Opt. Call
 
AA–
   
1,953,008
 
 
4,145
 
0.000%, 11/15/26 – AGM Insured
 
No Opt. Call
 
AA–
   
2,522,398
 
 
2,800
 
0.000%, 5/15/28 – AGM Insured
 
No Opt. Call
 
AA–
   
1,551,368
 
 
3,000
 
0.000%, 11/15/28 – AGM Insured
 
No Opt. Call
 
AA–
   
1,631,880
 
 
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)
 
7/12 at 100.00
 
D
   
630,200
 
 
100
 
Pennsylvania Economic Development Financing Authority, Subordinate Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994C, 6.875%, 7/01/12 (Alternative Minimum Tax)
 
No Opt. Call
 
N/R
   
20,000
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA–
   
4,953,050
 
 
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
   
12,755,473
 
 
41,725
 
Total Pennsylvania
           
34,163,383
 
     
Puerto Rico – 3.4% (2.4% 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+
   
11,005,444
 
 
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+
   
9,185,539
 
     
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
   
3,302,750
 
 
64,335
 
0.000%, 8/01/54 – AMBAC Insured
 
No Opt. Call
 
Aa2
   
5,186,688
 
 
3,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 3101, 17.960%, 8/01/57 (IF)
 
8/17 at 100.00
 
Aa2
   
4,584,300
 
 
114,835
 
Total Puerto Rico
           
33,264,721
 
     
Rhode Island – 0.4% (0.3% 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+
   
2,015,640
 
 
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+
   
1,741,246
 
 
3,735
 
Total Rhode Island
           
3,756,886
 
     
South Carolina – 2.1% (1.4% 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
 
BBB
   
2,930,656
 
     
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–
   
11,333,499
 
 
14,790
 
0.000%, 1/01/32 – AMBAC Insured
 
No Opt. Call
 
A–
   
5,891,153
 
 
44,470
 
Total South Carolina
           
20,155,308
 
     
Tennessee – 0.9% (0.7% of Total Investments)
               
 
2,200
 
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 (5)
   
2,207,436
 
 
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
   
6,869,040
 
 
8,200
 
Total Tennessee
           
9,076,476
 
 
Nuveen Investments
 
27

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas – 7.7% (5.4% of Total Investments)
               
$
5,000
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 5.000%, 5/01/35 – NPFG Insured
 
5/16 at 100.00
 
A1
 
$
5,206,700
 
 
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
   
2,692,100
 
 
1,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
 
1/21 at 100.00
 
BBB–
   
1,106,620
 
     
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
   
3,964,920
 
 
13,000
 
5.000%, 1/01/45 – FGIC Insured
 
1/15 at 100.00
 
BBB
   
12,662,260
 
 
3,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30
 
2/15 at 100.00
 
AAA
   
3,266,580
 
 
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+
   
3,649,240
 
 
9,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
   
9,662,850
 
 
2,135
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
 
5/12 at 100.00
 
BBB
   
2,134,893
 
 
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
 
2/13 at 100.00
 
AA+ (5)
   
4,147,240
 
 
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
   
3,252,522
 
 
1,600
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
 
7/18 at 100.00
 
AA–
   
1,768,160
 
 
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
   
7,440,313
 
 
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
   
3,710,618
 
 
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
 
AA–
   
3,157,990
 
 
830
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.000%, 3/01/22 (Pre-refunded 3/01/13) – AGM Insured
 
3/13 at 100.00
 
Aa1 (5)
   
863,175
 
 
3,170
 
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
   
3,282,915
 
 
2,500
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
 
11/21 at 100.00
 
Baa2
   
2,711,875
 
 
115,165
 
Total Texas
           
74,680,971
 
     
Utah – 1.0% (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+
   
3,220,320
 
 
1,265
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
1,280,522
 
 
285
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000D-1, 6.050%, 7/01/14 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
290,270
 
 
465
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AAA
   
465,656
 
 
370
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
376,741
 
 
615
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA
   
615,683
 
 
445
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax)
 
7/12 at 100.00
 
Aaa
   
455,021
 
 
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 (5)
   
3,063,420
 
 
9,445
 
Total Utah
           
9,767,633
 
 
28
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Virgin Islands – 0.5% (0.3% 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+
 
$
4,821,918
 
     
Virginia – 2.9% (2.0% 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+
   
14,294,520
 
 
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–
   
9,516,675
 
 
4,030
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
   
4,158,960
 
 
32,530
 
Total Virginia
           
27,970,155
 
     
Washington – 3.0% (2.0% of Total Investments)
               
 
12,235
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured
 
No Opt. Call
 
AA+
   
6,998,665
 
     
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
   
490,389
 
 
3,100
 
5.000%, 9/01/28 – FGIC Insured
 
9/14 at 100.00
 
A1
   
3,205,772
 
 
5,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (Pre-refunded 7/01/13)
 
7/13 at 100.00
 
Aa1 (5)
   
5,305,425
 
 
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
   
2,212,306
 
 
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
   
10,262,843
 
 
32,800
 
Total Washington
           
28,475,400
 
     
Wisconsin – 0.2% (0.2% of Total Investments)
               
 
2,435
 
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
   
2,412,476
 
$
1,721,330
 
Total Investments (cost $1,269,695,231) – 144.1%
           
1,390,453,424
 
     
Floating Rate Obligations – (2.9)%
           
(27,650,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (43.7)% (6)
           
(421,700,000
     
Other Assets Less Liabilities – 2.5%
           
23,931,318
 
     
Net Assets Applicable to Common Shares – 100%
         
$
965,034,742
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
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.
(5)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
 (6)   Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.3%.
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.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
29

 
 

 
 
   
Nuveen Municipal Advantage Fund, Inc.
NMA
 
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
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
 
$
5,206,550
 
     
Alaska – 0.9% (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+
   
1,162,856
 
 
1,280
 
5.250%, 12/01/41 – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+
   
1,315,379
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
               
 
795
 
4.625%, 6/01/23
 
6/14 at 100.00
 
BBB–
   
789,189
 
 
3,250
 
5.000%, 6/01/46
 
6/14 at 100.00
 
BB–
   
2,474,128
 
 
6,450
 
Total Alaska
           
5,741,552
 
     
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
 
7/17 at 100.00
 
AA–
   
3,769,331
 
 
4,905
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
 
7/17 at 100.00
 
A+
   
5,248,742
 
 
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–
   
11,414,867
 
 
19,070
 
Total Arizona
           
20,432,940
 
     
California – 22.6% (15.5% 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
 
BBB+
   
3,471,020
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
 
No Opt. Call
 
Aa2
   
1,937,458
 
     
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
   
1,309,319
 
 
6,410
 
0.000%, 8/01/34 – FGIC Insured
 
No Opt. Call
 
A
   
1,797,941
 
 
770
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26
 
6/15 at 100.00
 
BBB
   
689,997
 
 
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
   
3,018,000
 
 
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
   
7,728,375
 
 
11,200
 
California State, General Obligation Bonds, Series 2003, 5.250%, 2/01/28
 
8/13 at 100.00
 
A1
   
11,738,384
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
 
A1
   
4,660,210
 
 
16,000
 
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
 
6/17 at 100.00
 
A1
   
16,868,480
 
 
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
   
3,305,253
 
 
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
   
2,835,184
 
     
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
   
1,177,734
 
 
3,795
 
0.000%, 2/01/37 – FGIC Insured
 
No Opt. Call
 
Aa3
   
931,255
 
 
6,570
 
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
   
8,532,262
 
 
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
   
4,298,361
 
 
30
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
               
$
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+
 
$
1,130,906
 
 
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
   
1,573,286
 
 
2,315
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
A1
   
760,153
 
 
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–
   
1,564,650
 
 
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–
   
743,810
 
 
5,000
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured
 
No Opt. Call
 
Aa2
   
1,890,900
 
 
1,750
 
Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2002 Series 2004, 5.000%, 8/01/29 – AGM Insured
 
8/13 at 100.00
 
AA–
   
1,822,870
 
 
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
   
5,034,650
 
 
1,275
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/23 (Pre-refunded 8/01/12) – AGM Insured
 
8/12 at 100.00
 
AA– (4)
   
1,291,333
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
 
No Opt. Call
 
A
   
2,693,834
 
 
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–
   
2,125,060
 
     
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
   
4,451,957
 
 
4,180
 
0.000%, 8/01/26 – FGIC Insured
 
No Opt. Call
 
Aa1
   
2,271,537
 
 
5,000
 
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (ETM)
 
No Opt. Call
 
Aaa
   
6,383,050
 
 
6,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
 
No Opt. Call
 
A+
   
3,468,120
 
 
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
 
2/18 at 100.00
 
AA+
   
2,156,600
 
 
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
   
12,039,544
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
 
5/15 at 100.00
 
AA+ (4)
   
3,650,303
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.498%, 8/01/33 (IF)
 
8/19 at 100.00
 
AA
   
2,903,661
 
 
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
   
5,742,013
 
     
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
 
BBB
   
3,639,606
 
 
23,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
BBB
   
5,127,160
 
 
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
   
2,931,030
 
 
209,730
 
Total California
           
149,695,266
 
     
Colorado – 10.4% (7.2% 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–
   
1,582,448
 
 
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
   
9,578,768
 
 
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
   
3,737,701
 
 
Nuveen Investments
 
31

 
 

 
 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
    April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Colorado (continued)
               
$
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+
 
$
1,505,565
 
 
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
 
1/20 at 100.00
 
AA
   
7,897,050
 
 
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–
   
1,234,974
 
     
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+
   
5,935,943
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
 
11/16 at 100.00
 
A+
   
3,625,743
 
 
4,340
 
5.000%, 11/15/25 – FGIC Insured (UB)
 
11/16 at 100.00
 
A+
   
4,736,763
 
 
1,055
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
 
11/15 at 100.00
 
A+
   
1,168,602
 
 
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–
   
1,936,500
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
               
 
2,650
 
0.000%, 9/01/16 – NPFG Insured
 
No Opt. Call
 
BBB
   
2,371,432
 
 
8,645
 
0.000%, 9/01/26 – NPFG Insured
 
No Opt. Call
 
BBB
   
4,138,448
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
               
 
7,500
 
0.000%, 9/01/29 – NPFG Insured
 
No Opt. Call
 
BBB
   
2,915,625
 
 
10,000
 
0.000%, 9/01/31 – NPFG Insured
 
No Opt. Call
 
BBB
   
3,363,600
 
 
10,000
 
0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
 
BBB
   
3,129,500
 
     
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)
   
1,034,625
 
 
4,890
 
5.375%, 6/01/18 (Pre-refunded 6/01/12)
 
6/12 at 100.00
 
AA (4)
   
4,911,956
 
     
Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE:
               
 
970
 
5.375%, 6/01/17
 
7/12 at 100.00
 
AA
   
973,977
 
 
110
 
5.375%, 6/01/18
 
7/12 at 100.00
 
AA
   
110,413
 
 
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
   
3,461,928
 
 
89,490
 
Total Colorado
           
69,351,561
 
     
District of Columbia – 0.2% (0.1% of Total Investments)
               
 
1,065
 
District of Columbia Housing Finance Agency, GNMA/FNMA Single Family Mortgage Revenue Bonds, Series 1997B, 5.900%, 12/01/28 (Alternative Minimum Tax)
 
6/12 at 100.00
 
AA+
   
1,129,560
 
     
Florida – 3.6% (2.5% of Total Investments)
               
 
1,600
 
Florida Board of Education, Lottery Revenue Bonds, Series 2002A, 5.500%, 7/01/12 – FGIC Insured
 
No Opt. Call
 
AAA
   
1,614,528
 
 
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)
 
6/12 at 100.00
 
AA–
   
2,773,158
 
 
590
 
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2008, 5.000%, 5/01/28
 
5/18 at 100.00
 
AA–
   
634,728
 
 
14,730
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
 
8/17 at 100.00
 
AA
   
15,329,069
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 (WI/DD, Settling 5/03/12)
 
5/22 at 100.00
 
AA
   
3,626,535
 
 
22,990
 
Total Florida
           
23,978,018
 
     
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–
   
4,328,880
 
 
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–
   
2,906,148
 
 
1,250
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
 
BBB
   
1,380,413
 
 
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
   
2,675,350
 
 
10,650
 
Total Georgia
           
11,290,791
 
 
32
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Hawaii – 0.0% (0.0% of Total Investments)
               
$
80
 
Hawaii Housing Finance and Development Corporation, Single Family Mortgage Purchase Revenue Bonds, Series 1997A, 5.750%, 7/01/30 (Alternative Minimum Tax)
 
7/12 at 100.00
 
Aaa
 
$
80,552
 
     
Illinois – 13.9% (9.6% of Total Investments)
               
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA–
   
1,584,219
 
 
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–
   
1,986,447
 
 
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–
   
1,614,668
 
 
1,100
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
 
12/21 at 100.00
 
AA
   
1,221,968
 
 
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)
 
7/12 at 100.00
 
A+
   
5,006,100
 
 
5,320
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2004A, 5.000%, 1/01/28 – NPFG Insured
 
1/15 at 100.00
 
A1
   
5,516,627
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
   
7,766,264
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
   
1,644,090
 
 
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–
   
2,107,800
 
 
8,395
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.124%, 7/01/15 (IF)
 
No Opt. Call
 
AA+
   
9,322,899
 
 
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+
   
2,770,350
 
 
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+
   
4,257,680
 
 
5,025
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
 
1/13 at 100.00
 
A–
   
5,075,954
 
 
3,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
 
7/16 at 100.00
 
AA–
   
3,421,740
 
 
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
   
6,465,802
 
 
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
 
A3
   
773,813
 
 
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
   
675,481
 
 
6,075
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 6/15/24 – NPFG Insured
 
No Opt. Call
 
AA–
   
3,647,005
 
 
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
 
AA
   
4,852,200
 
 
1,940
 
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2003A, 5.000%, 4/01/23 (Pre-refunded 4/01/13) – AMBAC Insured
 
4/13 at 100.00
 
Aa2 (4)
   
2,025,224
 
 
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
 
AA
   
4,222,575
 
 
1,270
 
Will and Kendall Counties Community Consolidated School District 202 Plainfield, Illinois,
 
7/13 at 100.00
 
A+
   
1,315,961
 
     
General Obligation Bonds, Series 2003A, 5.000%, 1/01/18 – FGIC Insured
               
 
24,125
 
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
   
15,275,226
 
 
114,930
 
Total Illinois
           
92,550,093
 
 
Nuveen Investments
 
33

 
 

 
 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
    April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana – 3.7% (2.5% 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
 
$
1,633,944
 
 
1,310
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
 
8/12 at 100.00
 
N/R
   
1,309,751
 
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
 
11/19 at 100.00
 
AA
   
4,341,559
 
 
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
   
6,545,820
 
 
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+
   
2,034,080
 
 
2,435
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A–
   
2,510,266
 
 
10,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
 
No Opt. Call
 
AA
   
5,835,600
 
 
1,005
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.450%, 2/15/13
 
No Opt. Call
 
N/R
   
143,564
 
 
29,380
 
Total Indiana
           
24,354,584
 
     
Iowa – 0.8% (0.6% 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
 
B+
   
5,170,536
 
 
250
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
   
224,065
 
 
6,550
 
Total Iowa
           
5,394,601
 
     
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
   
3,644,006
 
 
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
 
A3
   
1,804,338
 
 
3,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
 
No Opt. Call
 
BBB
   
2,523,308
 
     
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010, 0.000%, 6/01/21
               
 
9,195
 
Total Kansas
           
7,971,652
 
     
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
 
BBB+
   
6,897,220
 
 
1,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24
 
8/19 at 100.00
 
AA–
   
1,707,870
 
 
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–
   
1,108,480
 
 
8,515
 
Total Kentucky
           
9,713,570
 
     
Louisiana – 11.7% (8.1% of Total Investments)
               
     
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
               
 
275
 
11.000%, 2/01/14 (ETM)
 
No Opt. Call
 
N/R (4)
   
307,461
 
 
2,610
 
11.000%, 2/01/14 (ETM)
 
No Opt. Call
 
N/R (4)
   
2,916,753
 
 
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
 
BBB
   
6,962,417
 
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
 
5/17 at 100.00
 
Baa1
   
9,231,120
 
 
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
   
6,018,240
 
 
28
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 15.714%, 5/01/34 (IF)
 
5/16 at 100.00
 
Aa1
   
30,894
 
 
34
 
Nuveen Investments
 
 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Louisiana (continued)
               
     
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
 
$
21,157,594
 
 
10,000
 
5.000%, 5/01/41 – FGIC Insured (UB)
 
5/16 at 100.00
 
Aa1
   
10,596,800
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
               
 
6,210
 
5.500%, 5/15/30
 
5/12 at 100.00
 
A1
   
6,255,333
 
 
14,440
 
5.875%, 5/15/39
 
5/12 at 100.00
 
A–
   
14,498,049
 
 
75,903
 
Total Louisiana
           
77,974,661
 
     
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
   
1,175,538
 
     
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+
   
9,630,723
 
 
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–
   
645,209
 
 
1,750
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 – AMBAC Insured
 
7/12 at 100.00
 
A–
   
1,750,578
 
 
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
   
2,501,526
 
 
13,495
 
Total Massachusetts
           
14,528,036
 
     
Michigan – 2.3% (1.6% of Total Investments)
               
 
4,000
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA–
   
4,072,720
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
 
7/18 at 100.00
 
AA+
   
2,822,125
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
 
10/16 at 50.02
 
Aa3
   
2,535,375
 
 
2,500
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 – NPFG Insured
 
10/13 at 100.00
 
Aa3
   
2,600,550
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
 
6/18 at 100.00
 
BB+
   
2,979,728
 
 
18,300
 
Total Michigan
           
15,010,498
 
     
Missouri – 1.8% (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–
   
4,626,600
 
 
1,500
 
5.000%, 10/01/32 – AGM Insured
 
10/13 at 100.00
 
AA–
   
1,564,365
 
 
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–
   
5,546,910
 
 
17,905
 
Total Missouri
           
11,737,875
 
     
Nevada – 4.0% (2.7% 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
   
16,775,850
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 18.238%, 7/01/31 – BHAC Insured (IF)
 
7/17 at 100.00
 
AA+
   
5,574,150
 
 
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)
   
4,118,560
 
 
22,750
 
Total Nevada
           
26,468,560
 
     
New Hampshire – 0.2% (0.2% of Total Investments)
               
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
   
1,580,850
 

Nuveen Investments
 
35

 
 

 

   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
    April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
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+
 
$
5,900,250
 
     
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
   
8,389,830
 
 
5,050
 
6.125%, 6/01/42 (Pre-refunded 6/01/12)
 
6/12 at 100.00
 
Aaa
   
5,075,705
 
 
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
3,903,150
 
 
33,400
 
Total New Jersey
           
23,268,935
 
     
New York – 5.6% (3.8% of Total Investments)
               
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
   
2,175,140
 
 
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–
   
7,046,550
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
 
No Opt. Call
 
N/R
   
1,268,063
 
 
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)
 
6/12 at 100.00
 
BB–
   
4,392,975
 
 
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–
   
3,098,220
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, Trust 1199, 5.000%, 6/15/36 – AGM Insured (UB)
 
12/14 at 100.00
 
AAA
   
10,861,500
 
     
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–
   
6,540,314
 
 
1,660
 
6.000%, 12/01/36
 
12/20 at 100.00
 
BBB–
   
1,863,914
 
 
35,950
 
Total New York
           
37,246,676
 
     
North Carolina – 1.5% (1.1% 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–
   
3,456,450
 
 
800
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA
   
800,608
 
 
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
   
3,771,040
 
 
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–
   
2,125,264
 
 
9,200
 
Total North Carolina
           
10,153,362
 
     
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–
   
1,786,890
 
 
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–
   
2,422,239
 
 
3,850
 
Total North Dakota
           
4,209,129
 
     
Ohio – 7.4% (5.1% 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
 
5/12 at 100.00
 
Baa1
   
3,791,132
 
 
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
   
10,754,900
 
     
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
 
B
   
1,438,747
 
 
2,700
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B+
   
2,175,930
 
 
9,135
 
5.750%, 6/01/34
 
6/17 at 100.00
 
BB
   
7,128,771
 
 
3,920
 
6.000%, 6/01/42
 
6/17 at 100.00
 
BBB
   
3,139,528
 
 
6,080
 
5.875%, 6/01/47
 
6/17 at 100.00
 
BB
   
4,752,128
 
 
36
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio (continued)
               
$
6,375
 
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
 
B+
 
$
4,955,415
 
 
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–
   
8,085,716
 
 
2,650
 
Ohio, General Obligation Bonds, Higher Education, Series 2003A, 5.000%, 5/01/22 (Pre-refunded 5/01/13)
 
5/13 at 100.00
 
AA+ (4)
   
2,776,670
 
 
53,455
 
Total Ohio
           
48,998,937
 
     
Oklahoma – 2.6% (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
   
1,035,870
 
 
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–
   
1,850,607
 
 
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
   
12,499,200
 
 
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
   
2,054,300
 
 
16,675
 
Total Oklahoma
           
17,439,977
 
     
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
   
3,155,970
 
     
Pennsylvania – 4.8% (3.3% 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
 
8/19 at 100.00
 
Aa3
   
5,540,850
 
 
1,250
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
 
12/18 at 100.00
 
AA–
   
1,327,275
 
 
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
   
8,562,600
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.375%, 7/15/29
 
7/13 at 100.00
 
A–
   
1,037,410
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
1,516,965
 
 
2,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
 
12/14 at 100.00
 
Aa3
   
2,844,452
 
 
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
   
11,258,300
 
 
28,450
 
Total Pennsylvania
           
32,087,852
 
     
Puerto Rico – 7.5% (5.2% of Total Investments)
               
 
2,500
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.125%, 7/01/37
 
7/22 at 100.00
 
Baa2
   
2,501,775
 
 
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
 
BBB+
   
5,280,600
 
 
10,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
 
7/20 at 100.00
 
BBB+
   
10,610,800
 
 
10,070
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
 
No Opt. Call
 
Baa1
   
10,282,578
 
 
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+
   
11,298,000
 
 
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+
   
9,915,057
 
 
46,880
 
Total Puerto Rico
           
49,888,810
 

Nuveen Investments
 
37

 
 

 

   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
    April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
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
 
5/12 at 100.00
 
Baa1
 
$
1,238,619
 
 
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+
   
7,073,150
 
 
8,235
 
Total Rhode Island
           
8,311,769
 
     
South Carolina – 3.2% (2.2% 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)
   
10,440,200
 
 
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)
   
2,704,450
 
 
1,950
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 – NPFG Insured
 
8/14 at 100.00
 
BBB
   
2,076,945
 
 
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+
   
3,065,700
 
 
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–
   
811,764
 
 
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–
   
2,226,745
 
 
20,795
 
Total South Carolina
           
21,325,804
 
     
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–
   
3,061,769
 
     
Tennessee – 2.5% (1.7% of Total Investments)
               
 
20,415
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue
 
1/13 at 75.87
 
AA–
   
15,216,524
 
     
Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/18 – AGM Insured
               
 
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
   
1,144,840
 
 
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)
 
11/17 at 100.00
 
B–
   
29,985
 
 
22,915
 
Total Tennessee
           
16,391,349
 
     
Texas – 12.2% (8.4% 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
 
A–
   
6,428,520
 
 
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
   
2,153,680
 
 
1,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
 
1/21 at 100.00
 
BBB–
   
1,106,620
 
 
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
   
2,270,310
 
 
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
   
2,303,330
 
 
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
   
7,818,075
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
   
5,368,250
 
     
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)
   
3,587,363
 
 
1,540
 
5.000%, 2/15/28 (Pre-refunded 2/15/13) – AMBAC Insured
 
2/13 at 100.00
 
AA+ (4)
   
1,596,687
 
 
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
   
6,839,757
 
 
38
 
Nuveen Investments

 
 

 

 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
               
$
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
 
$
3,032,676
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 – FGIC Insured
 
8/15 at 35.34
 
AA–
   
2,860,318
 
 
1,100
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2007, 0.000%, 8/15/14
 
No Opt. Call
 
AAA
   
1,084,578
 
 
13,510
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39
 
8/17 at 27.35
 
AAA
   
2,940,587
 
 
5
 
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12
 
No Opt. Call
 
A1
   
5,010
 
 
1,495
 
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12
 
No Opt. Call
 
A1
   
1,497,990
 
 
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
   
3,951,341
 
     
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–
   
2,516,982
 
 
7,000
 
0.000%, 1/01/43
 
1/25 at 100.00
 
A2
   
6,971,300
 
     
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A:
               
 
3,500
 
5.000%, 8/01/27
 
8/12 at 100.00
 
AAA
   
3,511,480
 
 
3,755
 
5.000%, 8/01/31
 
8/12 at 100.00
 
AAA
   
3,767,316
 
 
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
 
BBB+
   
4,760,160
 
 
2,700
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.500%, 8/15/39 – AMBAC Insured
 
8/12 at 100.00
 
BBB+
   
2,711,745
 
 
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
   
2,130,510
 
 
104,265
 
Total Texas
           
81,214,585
 
     
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+
   
3,220,320
 
     
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
   
1,707,979
 
     
Virginia – 0.6% (0.4% of Total Investments)
               
 
2,855
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
 
6/17 at 100.00
 
B2
   
2,034,587
 
 
2,010
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
 
7/22 at 100.00
 
BBB–
   
2,074,320
 
     
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
               
 
4,865
 
Total Virginia
           
4,108,907
 
     
Washington – 2.7% (1.8% of Total Investments)
               
 
1,260
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
 
8/12 at 100.00
 
AAA
   
1,269,248
 
 
5,665
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002B, 5.250%, 7/01/37 (Pre-refunded 7/01/12) – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA+ (4)
   
5,709,527
 
 
2,485
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 – NPFG Insured
 
1/17 at 100.00
 
AA
   
2,630,447
 
 
1,830
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 100.00
 
A1 (4)
   
1,924,520
 
 
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
   
2,212,280
 
 
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
   
3,191,204
 
 
Nuveen Investments
 
39

 
 

 

   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Washington (continued)
               
$
1,270
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
 
No Opt. Call
 
AA+
 
$
872,833
 
 
17,585
 
Total Washington
           
17,810,059
 
     
Wisconsin – 1.2% (0.8% 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
   
537,552
 
 
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
   
2,959,931
 
 
565
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
 
11/14 at 100.00
 
Aa2
   
587,959
 
 
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–
   
3,794,817
 
 
7,045
 
Total Wisconsin
           
7,880,259
 
$
1,108,143
 
Total Investments (cost $909,143,993) – 145.7%
           
966,849,756
 
     
Floating Rate Obligations – (6.9)%
           
(45,488,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.7)% (6)
           
(296,800,000
     
Other Assets Less Liabilities – 5.9%
           
38,843,728
 
     
Net Assets Applicable to Common Shares – 100%
         
$
663,405,151
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
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 30.7%. 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.
 
 See accompanying notes to financial statements.
 
40
 
Nuveen Investments

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc.
NMO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Alabama – 0.7% (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
 
$
1,953,905
 
 
2,485
 
5.000%, 1/01/41 – RAAI Insured
 
1/16 at 100.00
 
N/R
   
2,496,804
 
 
4,420
 
Total Alabama
           
4,450,709
 
     
Alaska – 3.4% (2.2% of Total Investments)
               
     
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
               
 
1,125
 
5.250%, 12/01/34 – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+
   
1,162,856
 
 
1,275
 
5.250%, 12/01/41 – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+
   
1,310,241
 
 
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+
   
7,267,890
 
 
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
   
3,058,230
 
 
13,025
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
 
6/14 at 100.00
 
BB–
   
9,915,542
 
 
25,425
 
Total Alaska
           
22,714,759
 
     
California – 24.9% (16.0% of Total Investments)
               
 
3,350
 
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
 
Aa3
   
1,447,100
 
     
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
   
2,710,725
 
 
2,500
 
5.625%, 4/01/44
 
4/19 at 100.00
 
AA
   
2,806,750
 
 
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
   
3,040,000
 
 
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
 
BBB–
   
6,149,442
 
 
5,000
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29
 
12/18 at 100.00
 
AAA
   
5,800,700
 
 
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
   
2,847,199
 
 
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
   
297,324
 
 
4,295
 
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
   
4,320,770
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
               
 
7,000
 
5.250%, 3/01/30
 
3/20 at 100.00
 
A1
   
7,784,700
 
 
4,250
 
5.250%, 11/01/40
 
11/20 at 100.00
 
A1
   
4,660,210
 
 
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
   
25,952,250
 
 
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+
   
9,397,530
 
 
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–
   
1,666,901
 
 
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
   
4,573,134
 
 
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
   
4,171,291
 
 
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
   
5,250,000
 
 
Nuveen Investments
 
41

 
 

 
 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
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–
 
$
1,825,425
 
 
3,000
 
5.000%, 6/01/45
 
6/15 at 100.00
 
A2
   
3,034,470
 
 
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–
   
743,810
 
 
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
   
619,020
 
 
490
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM)
 
10/12 at 100.00
 
N/R (4)
   
491,764
 
 
995
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM)
 
8/12 at 100.00
 
N/R (4)
   
999,169
 
 
2,500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 – AGM Insured
 
7/15 at 100.00
 
AA–
   
2,818,275
 
     
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2003A:
               
 
5,000
 
5.125%, 7/01/40 – FGIC Insured
 
7/12 at 100.00
 
AA
   
5,034,650
 
 
4,750
 
5.000%, 7/01/43 – FGIC Insured
 
7/12 at 100.00
 
AA
   
4,781,920
 
 
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
   
2,693,834
 
 
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–
   
4,368,280
 
 
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
   
431,970
 
 
5,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
 
11/20 at 100.00
 
Baa3
   
5,309,100
 
     
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A:
               
 
2,000
 
0.000%, 8/01/24 – NPFG Insured
 
No Opt. Call
 
A+
   
1,156,040
 
 
4,795
 
5.000%, 8/01/32 – NPFG Insured
 
8/17 at 100.00
 
A+
   
5,062,897
 
 
2,500
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
 
A
   
2,572,925
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
 
5/15 at 100.00
 
AA+ (4)
   
3,650,303
 
     
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
 
BBB
   
4,894,650
 
 
26,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
BBB
   
5,795,920
 
 
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
   
2,146,050
 
 
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–
   
7,996,281
 
 
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
   
2,596,912
 
 
3,000
 
University of California, General Revenue Bonds, Series 2005F, 4.750%,
5/15/25 – AGM Insured
 
5/13 at 101.00
 
Aa1
   
3,140,670
 
 
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
   
2,651,643
 
 
219,290
 
Total California
           
167,692,004
 
     
Colorado – 8.1% (5.2% of Total Investments)
               
 
1,085
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
 
10/16 at 100.00
 
BBB–
   
1,073,098
 
 
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
   
6,565,312
 
 
42
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Colorado (continued)
               
$
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
 
$
3,272,555
 
 
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
 
1/20 at 100.00
 
AA
   
7,581,168
 
 
2,000
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/12 – FGIC Insured
 
No Opt. Call
 
Aa2
   
2,056,500
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
               
 
6,200
 
0.000%, 9/01/22 – NPFG Insured
 
No Opt. Call
 
BBB
   
3,996,086
 
 
9,850
 
0.000%, 9/01/30 – NPFG Insured
 
No Opt. Call
 
BBB
   
3,568,261
 
 
15,960
 
0.000%, 9/01/33 – NPFG Insured
 
No Opt. Call
 
BBB
   
4,639,732
 
     
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
 
BBB
   
1,652,316
 
 
13,300
 
0.000%, 9/01/31 – NPFG Insured
 
9/20 at 53.77
 
BBB
   
4,300,555
 
 
6,250
 
0.000%, 9/01/32 – NPFG Insured
 
9/20 at 50.83
 
BBB
   
1,880,125
 
 
10,000
 
0.000%, 3/01/36 – NPFG Insured
 
9/20 at 41.72
 
BBB
   
2,261,400
 
 
10,000
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30
 
7/20 at 100.00
 
Baa3
   
11,638,800
 
 
95,280
 
Total Colorado
           
54,485,908
 
     
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
   
9,981,000
 
     
Florida – 3.6% (2.3% of Total Investments)
               
 
2,000
 
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured
 
No Opt. Call
 
A2
   
2,200,480
 
 
4,355
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust 1191, 8.563%, 7/01/27 (Alternative Minimum Tax) (IF)
 
1/17 at 100.00
 
AA+
   
4,476,243
 
 
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
   
2,767,125
 
 
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
   
3,283,260
 
 
2,425
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/22 – NPFG Insured
 
6/15 at 100.00
 
Aa3
   
2,528,232
 
 
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–
   
4,315,000
 
 
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
   
1,007,990
 
 
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
   
3,650,815
 
 
22,780
 
Total Florida
           
24,229,145
 
     
Georgia – 1.6% (1.0% of Total Investments)
               
 
10,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45
 
2/41 at 100.00
 
AA–
   
10,687,500
 
     
Illinois – 16.9% (10.9% of Total Investments)
               
 
4,595
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 – FGIC Insured
 
No Opt. Call
 
Aa3
   
1,628,146
 
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA–
   
1,584,219
 
     
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–
   
3,507,224
 
 
1,000
 
5.500%, 12/01/26 – FGIC Insured
 
No Opt. Call
 
AA–
   
1,211,310
 
 
Nuveen Investments
 
43

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
               
$
4,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured
 
7/13 at 100.00
 
AA+
 
$
4,051,680
 
 
5,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured
 
1/18 at 100.00
 
AA+
   
5,224,050
 
 
990
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – AMBAC Insured
 
No Opt. Call
 
AA+
   
1,036,035
 
 
5,250
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%, 1/01/28 – NPFG Insured
 
7/12 at 100.00
 
A
   
5,255,198
 
 
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–
   
2,030,000
 
 
1,825
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/26 – NPFG Insured
 
1/16 at 100.00
 
A1
   
1,956,418
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
   
7,766,264
 
 
1,780
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
 
7/13 at 100.00
 
Aa1 (4)
   
1,878,345
 
 
10,000
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)
 
12/15 at 100.00
 
AAA
   
10,940,700
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
 
4/19 at 100.00
 
A+
   
3,225,450
 
 
5,365
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
 
5/20 at 100.00
 
A
   
6,031,816
 
 
1,925
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
 
A
   
2,073,572
 
 
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+
   
5,634,915
 
 
2,160
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/17 – AMBAC Insured
 
8/12 at 100.00
 
BBB
   
2,164,709
 
 
5,090
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
 
1/13 at 100.00
 
A–
   
5,141,613
 
     
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
   
6,521,523
 
 
6,780
 
0.000%, 1/01/24 – AGM Insured
 
1/15 at 63.44
 
Aa3
   
3,855,311
 
 
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
   
2,096,877
 
 
2,330
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
 
6/20 at 100.00
 
AAA
   
2,430,190
 
     
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
   
5,809,895
 
 
3,270
 
5.000%, 12/15/28 – NPFG Insured
 
6/12 at 101.00
 
AAA
   
3,316,369
 
 
3,700
 
0.000%, 6/15/30 – NPFG Insured
 
No Opt. Call
 
AAA
   
1,548,228
 
 
3,280
 
0.000%, 6/15/37 – NPFG Insured
 
No Opt. Call
 
AAA
   
875,858
 
 
11,715
 
0.000%, 12/15/38 – NPFG Insured
 
No Opt. Call
 
AAA
   
2,876,150
 
 
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
   
6,601,335
 
 
2,080
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34
 
2/20 at 100.00
 
AA–
   
2,258,214
 
 
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–
   
2,952,453
 
 
133,745
 
Total Illinois
           
113,484,067
 
     
Indiana – 2.1% (1.3% of Total Investments)
               
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
 
11/19 at 100.00
 
AA
   
4,341,559
 
 
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
   
6,545,820
 
 
44
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana (continued)
               
$
1,000
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2002, 5.125%, 1/15/27 (Pre-refunded 7/15/12) – FGIC Insured
 
7/12 at 100.00
 
AA+ (4)
 
$
1,010,320
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 – AGM Insured
 
7/15 at 100.00
 
AA+
   
2,002,928
 
 
12,920
 
Total Indiana
           
13,900,627
 
     
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+
   
973,919
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
   
4,481,300
 
 
5,970
 
Total Iowa
           
5,455,219
 
     
Kansas – 1.1% (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
   
2,566,775
 
 
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
   
4,134,451
 
 
600
 
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31
 
4/16 at 100.00
 
A1
   
617,964
 
 
7,315
 
Total Kansas
           
7,319,190
 
     
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–
   
1,095,460
 
     
Louisiana – 3.5% (2.3% of Total Investments)
               
 
7,415
 
Louisiana Local Government Environmental Facilities and Community Development Authority,
 
12/12 at 100.00
 
BBB (4)
   
7,619,432
 
     
Revenue Bonds, Baton Rouge Community College Facilities Corporation, Series 2002, 5.000%, 12/01/32 (Pre-refunded 12/01/12) – NPFG Insured
               
     
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
 
BBB
   
1,871,235
 
 
3,350
 
5.250%, 7/01/33 – NPFG Insured
 
7/14 at 100.00
 
BBB
   
3,507,383
 
 
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
   
3,009,120
 
 
7,850
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
 
5/12 at 100.00
 
A–
   
7,881,557
 
 
23,380
 
Total Louisiana
           
23,888,727
 
     
Maryland – 1.1% (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
   
4,467,462
 
 
2,500
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
 
No Opt. Call
 
AAA
   
2,951,625
 
 
6,910
 
Total Maryland
           
7,419,087
 
     
Massachusetts – 0.5% (0.3% of Total Investments)
               
 
3,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
 
8/15 at 100.00
 
AA+
   
3,321,150
 
 
Nuveen Investments
 
45

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Michigan – 4.3% (2.8% of Total Investments)
               
     
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D:
               
$
4,000
 
5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA–
 
$
4,072,720
 
 
5,000
 
4.625%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA–
   
5,011,900
 
 
2,435
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – AGM Insured
 
7/13 at 100.00
 
AA–
   
2,486,914
 
 
725
 
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
 
7/16 at 100.00
 
BBB
   
796,210
 
 
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
   
5,494,750
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
 
6/18 at 100.00
 
BB+
   
2,979,728
 
 
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
   
2,499,975
 
 
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
   
1,465,066
 
 
3,795
 
Utica Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19
 
11/13 at 100.00
 
AA
   
4,038,411
 
 
27,655
 
Total Michigan
           
28,845,674
 
     
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
 
5/12 at 100.00
 
A
   
931,665
 
 
1,180
 
Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA+
   
1,207,895
 
 
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–
   
3,066,358
 
 
4,665
 
Total Minnesota
           
5,205,918
 
     
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
 
10/12 at 100.00
 
BBB
   
5,917,110
 
     
Missouri – 0.9% (0.6% 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–
   
4,156,800
 
 
5,000
 
0.000%, 4/15/31 – AMBAC Insured
 
No Opt. Call
 
AA–
   
2,062,800
 
 
13,000
 
Total Missouri
           
6,219,600
 
     
Nebraska – 1.8% (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
   
12,317,519
 
     
Nevada – 5.5% (3.5% of Total Investments)
               
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
 
Aa3
   
16,775,850
 
 
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
   
12,442,336
 
 
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)
   
3,088,920
 
 
3,260
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured
 
6/15 at 33.61
 
A3
   
648,316
 
 
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 17.962%, 7/01/31 – BHAC Insured (IF)
 
7/17 at 100.00
 
AA+
   
3,716,100
 
 
35,375
 
Total Nevada
           
36,671,522
 
 
46
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
New Hampshire – 0.5% (0.3% of Total Investments)
               
$
3,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
 
$
3,161,700
 
     
New Jersey – 2.8% (1.8% of Total Investments)
               
 
18,400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/37
 
1/17 at 35.47
 
BBB
   
4,504,504
 
 
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+
   
4,603,325
 
 
3,000
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured
 
No Opt. Call
 
Aa2
   
1,722,270
 
 
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
   
3,542,942
 
 
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
   
2,212,371
 
 
3,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
 
6/17 at 100.00
 
B2
   
2,379,330
 
 
35,090
 
Total New Jersey
           
18,964,742
 
     
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
   
1,280,049
 
     
New York – 7.3% (4.7% of Total Investments)
               
 
7,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45
 
No Opt. Call
 
BBB–
   
1,079,260
 
 
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–
   
2,705,350
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
   
2,175,140
 
 
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
   
3,129,780
 
 
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
   
4,243,295
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
 
No Opt. Call
 
N/R
   
1,268,063
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25
 
8/12 at 100.00
 
AA
   
5,023
 
 
4,865
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16
 
8/12 at 100.00
 
AA
   
4,929,996
 
 
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)
   
136,897
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
               
 
725
 
5.000%, 8/01/17
 
8/12 at 100.00
 
AA
   
733,200
 
 
5,410
 
5.750%, 8/01/18
 
8/12 at 100.00
 
AA
   
5,481,574
 
     
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)
   
278,341
 
 
1,120
 
5.750%, 8/01/18 (Pre-refunded 8/01/12)
 
8/12 at 100.00
 
AAA
   
1,135,792
 
 
8,550
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 5.500%, 12/01/31
 
12/20 at 100.00
 
BBB–
   
9,360,113
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
               
 
2,475
 
6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
 
No Opt. Call
 
BBB
   
2,741,409
 
 
10,000
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
 
6/12 at 100.00
 
Baa1
   
10,001,800
 
 
52,810
 
Total New York
           
49,405,033
 
 
Nuveen Investments
 
47

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
North Carolina – 5.6% (3.6% 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)
 
$
2,134,745
 
 
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+
   
18,047,200
 
 
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–
   
3,456,450
 
 
4,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB)
 
10/17 at 100.00
 
AA
   
4,132,880
 
 
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
   
7,733,850
 
 
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–
   
2,125,264
 
 
35,300
 
Total North Carolina
           
37,630,389
 
     
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–
   
1,786,890
 
     
Ohio – 7.1% (4.6% of Total Investments)
               
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
               
 
4,415
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B
   
3,696,106
 
 
110
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B
   
89,922
 
 
1,250
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B+
   
1,007,375
 
 
6,215
 
5.750%, 6/01/34
 
6/17 at 100.00
 
BB
   
4,850,062
 
 
4,300
 
6.000%, 6/01/42
 
6/17 at 100.00
 
BBB
   
3,443,870
 
 
4,750
 
5.875%, 6/01/47
 
6/17 at 100.00
 
BB
   
3,712,600
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
 
11/20 at 100.00
 
BBB+
   
6,365,040
 
 
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+
   
10,291,500
 
 
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–
   
6,308,005
 
 
7,500
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39
 
1/19 at 100.00
 
Aa2
   
8,279,400
 
 
50,040
 
Total Ohio
           
48,043,880
 
     
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–
   
1,850,607
 
     
Oregon – 0.8% (0.5% of Total Investments)
               
 
5,000
 
Oregon Health and Science University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22 – NPFG Insured
 
1/13 at 100.00
 
A+
   
5,078,150
 
     
Pennsylvania – 5.4% (3.5% 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
 
8/19 at 100.00
 
Aa3
   
3,324,510
 
 
5,000
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19
 
7/12 at 100.00
 
Ba1
   
5,001,000
 
 
5,975
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
 
12/20 at 100.00
 
AA
   
5,448,244
 
 
10,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA–
   
9,906,100
 
 
48
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
               
$
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
 
$
12,755,473
 
 
35,865
 
Total Pennsylvania
           
36,435,327
 
     
Puerto Rico – 7.0% (4.5% 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
   
3,510,952
 
 
8,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
 
7/20 at 100.00
 
BBB+
   
8,488,640
 
 
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–
   
4,389,612
 
 
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
 
AA+ (4)
   
8,727,998
 
 
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+
   
11,298,000
 
 
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+
   
4,590,107
 
 
6,220
 
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+
   
6,219,565
 
 
44,360
 
Total Puerto Rico
           
47,224,874
 
     
Rhode Island – 1.4% (0.9% of Total Investments)
               
 
5,815
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – AGM Insured
 
5/13 at 100.00
 
AA–
   
6,024,282
 
 
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+
   
3,322,545
 
 
9,125
 
Total Rhode Island
           
9,346,827
 
     
South Carolina – 4.7% (3.0% 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
   
25,746,156
 
 
1,850
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 – NPFG Insured
 
8/14 at 100.00
 
BBB
   
1,970,435
 
 
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–
   
3,732,589
 
 
30,140
 
Total South Carolina
           
31,449,180
 
     
Tennessee – 0.7% (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+
   
5,034,650
 
     
Texas – 13.7% (8.8% 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
 
N/R
   
1,342,275
 
 
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
   
3,153,398
 
 
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–
   
408,180
 
 
1,500
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 5.750%, 1/01/31
 
1/21 at 100.00
 
BBB–
   
1,655,925
 
 
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
   
14,610,300
 
 
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
   
1,924,500
 
 
Nuveen Investments
 
49

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
               
$
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
 
$
2,378,420
 
     
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
   
1,742,977
 
 
4,000
 
0.000%, 8/15/31
 
8/16 at 46.64
 
Aaa
   
1,640,320
 
 
3,070
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
   
3,296,106
 
 
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
   
585,518
 
 
2,400
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
 
7/18 at 100.00
 
AA–
   
2,652,240
 
 
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
 
AA–
   
3,207,611
 
 
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
   
1,988,340
 
 
9,655
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/31 – AGM Insured
 
5/12 at 100.00
 
AA–
   
9,665,717
 
 
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
   
3,956,954
 
 
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
   
5,710,530
 
 
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
   
3,983,600
 
 
3,755
 
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A, 5.000%, 8/01/31
 
8/12 at 100.00
 
AAA
   
3,767,316
 
 
5,000
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34
 
12/13 at 100.00
 
A
   
5,144,650
 
 
3,295
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, Residuals 1760-3, 16.337%, 2/15/36 (IF)
 
2/17 at 100.00
 
AA–
   
3,960,063
 
 
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
 
AA–
   
3,157,990
 
 
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+
   
5,052,700
 
 
2,500
 
Texas, General Obligation Refunding Bonds, Public Finance Authority, Series 2002, 5.500%, 10/01/12
 
No Opt. Call
 
Aaa
   
2,555,900
 
 
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
   
1,621,450
 
     
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
   
1,893,990
 
 
2,000
 
0.000%, 8/15/24
 
8/15 at 63.56
 
AAA
   
1,192,460
 
 
112,900
 
Total Texas
           
92,249,430
 
 
50
 
Nuveen Investments

 
 

 

 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utah – 1.3% (0.9% of Total Investments)
               
$
3,785
 
Alpine School District, Utah County, Utah, General Obligation Bonds, Refunding Series 2002, 5.250%, 3/15/17 (Pre-refunded 9/15/12)
 
9/12 at 100.00
 
Aaa
 
$
3,857,256
 
 
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
 
8/19 at 100.00
 
AA+
   
3,220,320
 
 
1,695
 
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Series 2006A., 4.500%, 8/01/23 – FGIC Insured
 
8/16 at 100.00
 
A+
   
1,820,549
 
 
8,480
 
Total Utah
           
8,898,125
 
     
Virginia – 2.9% (1.9% 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–
   
19,486,525
 
     
Washington – 6.1% (3.9% 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
   
3,067,004
 
 
1,235
 
Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Series 2006A, 5.000%, 7/01/12
 
No Opt. Call
 
Aa1
   
1,245,127
 
 
1,830
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 100.00
 
A1 (4)
   
1,924,520
 
 
2,150
 
Seattle, Washington, General Obligation Refunding and Improvement Bonds, Series 2002, 4.500%, 12/01/20
 
12/12 at 100.00
 
AAA
   
2,195,215
 
 
5,000
 
Seattle, Washington, General Obligation Refunding Bonds, Series 2002, 5.200%, 7/01/32
 
7/12 at 100.00
 
AAA
   
5,029,750
 
 
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
   
3,286,140
 
 
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–
   
8,548,640
 
 
10,170
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
 
6/13 at 100.00
 
A3
   
10,575,071
 
 
9,000
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured
 
No Opt. Call
 
AA+
   
5,033,790
 
 
43,140
 
Total Washington
           
40,905,257
 
     
Wisconsin – 2.4% (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
   
1,683,492
 
 
1,830
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25
 
5/16 at 100.00
 
BBB
   
1,841,858
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, United Lutheran Program for the Aging Inc., Series 1998, 5.700%, 3/01/28
 
9/12 at 100.00
 
N/R
   
1,247,313
 
 
9,920
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
 
5/19 at 100.00
 
AA–
   
11,655,500
 
 
14,675
 
Total Wisconsin
           
16,428,163
 
 
Nuveen Investments
 
51

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Wyoming – 0.7% (0.4% of Total Investments)
               
$
4,080
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
 
7/19 at 100.00
 
A1
 
$
4,600,604
 
$
1,194,675
 
Total Investments (cost $981,254,494) – 155.4%
           
1,044,562,297
 
     
Floating Rate Obligations – (6.5)%
           
(43,530,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (52.2)% (6)
           
(350,900,000
     
Other Assets Less Liabilities – 3.3%
           
21,893,161
 
     
Net Assets Applicable to Common Shares – 100%
         
$
672,025,458
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
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 33.6%.
N/R
 
Not rated.
(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.
 
 See accompanying notes to financial statements.
 
52
 
Nuveen Investments

 
 

 

   
Nuveen Dividend Advantage Municipal Fund
NAD
 
Portfolio of Investments
 
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Municipal Bonds – 149.6% (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 (Pre-refunded 6/01/12)
 
6/12 at 100.00
 
A (4)
 
$
1,607,632
 
     
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+
   
775,238
 
     
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–
   
2,532,478
 
 
8,200
 
5.000%, 7/01/38
 
7/18 at 100.00
 
AA–
   
8,747,842
 
     
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–
   
545,095
 
 
5,000
 
5.000%, 12/01/37
 
No Opt. Call
 
A–
   
5,079,750
 
 
16,050
 
Total Arizona
           
16,905,165
 
     
California – 10.2% (6.8% of Total Investments)
               
 
1,535
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/37 – NPFG Insured
 
No Opt. Call
 
A
   
335,305
 
 
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–
   
2,395,560
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
 
11/16 at 100.00
 
AA–
   
3,108,900
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
 
3/16 at 100.00
 
A1
   
5,299,100
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
 
A1
   
4,660,210
 
 
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
   
8,112,893
 
 
2,000
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2002B, 5.625%, 8/15/42
 
8/12 at 100.00
 
AA–
   
2,028,460
 
 
65
 
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
 
10/12 at 100.00
 
A1
   
65,201
 
 
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
 
8/17 at 100.00
 
Aa2
   
5,395,350
 
 
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
   
724,140
 
     
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–
   
1,825,425
 
 
9,925
 
5.000%, 6/01/45 – AGC Insured
 
6/15 at 100.00
 
AA–
   
10,064,645
 
     
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–
   
4,626,529
 
 
1,000
 
5.125%, 6/01/47
 
6/17 at 100.00
 
BB–
   
743,810
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
 
No Opt. Call
 
A
   
2,693,834
 
 
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–
   
2,125,060
 
 
765
 
Palmdale Civic Authority, California, Revenue Refinancing Bonds, Civic Center Project, Series 1997A, 5.375%, 7/01/12 – NPFG Insured
 
No Opt. Call
 
BBB
   
767,058
 
 
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
   
2,174,700
 
 
Nuveen Investments
 
53

 
 

 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
               
     
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
 
BBB
 
$
678,040
 
 
17,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
BBB
   
3,789,640
 
 
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
   
590,893
 
 
82,425
 
Total California
           
62,204,753
 
     
Colorado – 5.8% (3.9% 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
   
886,624
 
 
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
   
3,732,098
 
 
675
 
Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car Projects, Series 1999A, 6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A–
   
677,963
 
 
8,665
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
 
No Opt. Call
 
BBB
   
4,458,576
 
 
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
 
No Opt. Call
 
BBB
   
8,409,000
 
 
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 – NPFG Insured
 
No Opt. Call
 
BBB
   
14,475,600
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
 
9/26 at 54.77
 
BBB
   
2,383,750
 
 
111,295
 
Total Colorado
           
35,023,611
 
     
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 (5)
 
11/17 at 100.00
 
N/R
   
1,699,363
 
     
Florida – 10.2% (6.8% of Total Investments)
               
 
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
   
15,430,650
 
 
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
   
2,551,600
 
 
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)
 
6/12 at 100.00
 
BB+
   
13,674,186
 
     
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
   
22,947,980
 
 
7,370
 
5.000%, 8/15/42 (UB)
 
8/17 at 100.00
 
AA
   
7,669,738
 
 
60,495
 
Total Florida
           
62,274,154
 
     
Georgia – 2.2% (1.5% 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
   
5,039,200
 
 
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
   
5,334,750
 
 
3,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37
 
2/20 at 100.00
 
AA–
   
3,256,050
 
 
13,000
 
Total Georgia
           
13,630,000
 
     
Idaho – 0.1% (0.0% of Total Investments)
               
 
95
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AAA
   
99,561
 
 
125
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax)
 
7/12 at 100.00
 
Aa2
   
127,518
 
 
54
 
Nuveen Investments
 
 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Idaho (continued)
               
$
155
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
 
7/12 at 100.00
 
Aaa
 
$
155,583
 
 
375
 
Total Idaho
           
382,662
 
     
Illinois – 28.3% (18.9% of Total Investments)
               
 
550
 
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12
 
6/12 at 100.00
 
BBB+
   
551,579
 
 
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–
   
948,503
 
 
7,250
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
 
No Opt. Call
 
AA–
   
8,781,998
 
     
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
               
 
570
 
5.500%, 12/20/19 (Alternative Minimum Tax)
 
10/12 at 100.00
 
AA–
   
570,986
 
 
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
 
10/12 at 100.00
 
AA–
   
1,211,089
 
 
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
 
10/12 at 100.00
 
AA–
   
1,926,425
 
 
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
 
No Opt. Call
 
Aa3
   
26,991,738
 
 
1,135
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – AMBAC Insured
 
No Opt. Call
 
AA+
   
1,187,778
 
 
5,320
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2004A, 5.000%, 1/01/28 – NPFG Insured
 
1/15 at 100.00
 
A1
   
5,516,627
 
 
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
   
3,451,022
 
 
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
   
201,421
 
 
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)
   
869,794
 
 
3,935
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County School District 116 – Round Lake, Series 1999A, 0.000%, 1/01/15 – NPFG Insured
 
No Opt. Call
 
Baa2
   
3,688,787
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
 
7/13 at 100.00
 
Aa1 (4)
   
5,276,250
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
   
1,644,090
 
 
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–
   
2,107,800
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
 
2/18 at 100.00
 
A+
   
1,053,480
 
 
1,060
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
 
7/14 at 100.00
 
Aa1
   
1,131,359
 
 
4,580
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
Aa1 (4)
   
5,037,221
 
 
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
 
7/17 at 100.00
 
Aa1
   
1,426,598
 
 
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+
   
4,257,680
 
 
5,970
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
   
6,088,206
 
 
9,780
 
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project, Series 1985A, 5.500%, 8/01/20 (Pre-refunded 8/01/12)
 
8/12 at 102.50
 
Aa1 (4)
   
10,155,845
 
 
1,500
 
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – FGIC Insured
 
1/15 at 100.00
 
AA
   
1,512,240
 
 
2,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
 
7/16 at 100.00
 
AA–
   
2,281,160
 
 
2,000
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured
 
No Opt. Call
 
Aa3
   
1,393,120
 
 

Nuveen Investments
 
55

 
 

 

   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
               
$
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
 
$
6,094,421
 
 
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
   
2,087,970
 
     
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–
   
8,008,070
 
 
13,000
 
0.000%, 12/15/23 – NPFG Insured
 
No Opt. Call
 
AA–
   
8,052,330
 
 
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
   
3,046,770
 
 
1,840
 
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA GTY Insured
 
11/15 at 54.14
 
Aa2
   
855,674
 
     
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
   
28,407,177
 
 
3,500
 
5.750%, 6/01/23 – AGM Insured
 
No Opt. Call
 
AA
   
4,518,325
 
 
1,300
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
 
12/14 at 100.00
 
Aaa
   
1,420,965
 
 
10,250
 
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
   
6,848,743
 
 
4,500
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured (ETM)
 
No Opt. Call
 
Aa3 (4)
   
3,781,755
 
 
179,440
 
Total Illinois
           
172,384,996
 
     
Indiana – 3.7% (2.5% 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
 
8/12 at 100.00
 
N/R
   
1,359,742
 
 
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
   
4,363,880
 
 
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+
   
2,034,080
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A–
   
2,061,820
 
 
5,555
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 1847, 7.846%, 1/01/25 (Alternative Minimum Tax) (IF)
 
1/17 at 100.00
 
AAA
   
5,815,030
 
 
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+
   
7,104,069
 
 
21,590
 
Total Indiana
           
22,738,621
 
     
Iowa – 1.3% (0.8% of Total Investments)
               
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
               
 
2,420
 
5.500%, 6/01/42
 
6/15 at 100.00
 
B+
   
1,976,995
 
 
7,000
 
5.625%, 6/01/46
 
6/15 at 100.00
 
B+
   
5,710,390
 
 
9,420
 
Total Iowa
           
7,687,385
 
     
Kansas – 0.7% (0.5% of Total Investments)
               
 
1,750
 
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
 
AA–
   
1,849,785
 
 
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 2010, 0.000%, 6/01/21
 
No Opt. Call
 
BBB
   
2,523,308
 
 
5,480
 
Total Kansas
           
4,373,093
 
 
56
 
Nuveen Investments

 
 

 

 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Kentucky – 1.1% (0.8% 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
 
10/12 at 100.00
 
BB
 
$
1,850,888
 
 
4,990
 
5.875%, 10/01/22
 
10/12 at 100.00
 
BB
   
4,990,100
 
 
6,840
 
Total Kentucky
           
6,840,988
 
     
Louisiana – 7.7% (5.2% 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
   
1,841,630
 
 
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
 
BBB
   
5,601,343
 
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
 
5/17 at 100.00
 
Baa1
   
9,231,120
 
 
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
   
5,015,200
 
 
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
   
5,568,057
 
 
13,570
 
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%, 12/01/28 – AMBAC Insured
 
7/12 at 42.17
 
AA–
   
5,663,982
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
               
 
7,340
 
5.500%, 5/15/30
 
5/12 at 100.00
 
A1
   
7,393,582
 
 
6,750
 
5.875%, 5/15/39
 
5/12 at 100.00
 
A–
   
6,777,135
 
 
54,205
 
Total Louisiana
           
47,092,049
 
     
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
   
1,175,538
 
     
Massachusetts – 2.8% (1.9% 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
   
495,994
 
 
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–
   
4,709,268
 
 
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–
   
645,209
 
 
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
   
2,501,526
 
 
2,875
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
 
12/18 at 100.00
 
AA–
   
3,028,611
 
 
820
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax)
 
9/12 at 100.00
 
BBB
   
819,951
 
 
4,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
 
8/15 at 100.00
 
AA+
   
4,428,200
 
 
1,000
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
 
No Opt. Call
 
A+
   
659,820
 
 
17,420
 
Total Massachusetts
           
17,288,579
 
     
Michigan – 3.2% (2.1% of Total Investments)
               
 
4,000
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA–
   
4,072,720
 
 
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
   
6,026,640
 
 
2,500
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – AGM Insured
 
7/13 at 100.00
 
AA–
   
2,553,300
 
 

Nuveen Investments
 
57

 
 

 

   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Michigan (continued)
               
$
1,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
 
7/18 at 100.00
 
AA+
 
$
1,693,275
 
 
3,215
 
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
 
7/16 at 100.00
 
BBB
   
3,530,777
 
 
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
   
1,465,066
 
 
18,365
 
Total Michigan
           
19,341,778
 
     
Minnesota – 1.8% (1.2% of Total Investments)
               
 
6,375
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
 
11/18 at 100.00
 
A
   
7,443,450
 
 
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/25 – FGIC Insured
 
1/15 at 100.00
 
A
   
3,128,760
 
 
370
 
Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1998H-1, 5.650%, 7/01/31 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA+
   
381,844
 
 
9,745
 
Total Minnesota
           
10,954,054
 
     
Missouri – 1.0% (0.7% 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–
   
3,637,200
 
 
5,000
 
0.000%, 4/15/29 – AMBAC Insured
 
No Opt. Call
 
AA–
   
2,310,250
 
 
12,000
 
Total Missouri
           
5,947,450
 
     
Montana – 0.2% (0.1% of Total Investments)
               
 
160
 
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax)
 
6/12 at 100.00
 
AA+
   
162,848
 
 
1,000
 
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax)
 
6/12 at 100.00
 
A2
   
999,940
 
 
1,160
 
Total Montana
           
1,162,788
 
     
Nevada – 6.1% (4.1% 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
   
11,183,900
 
 
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
   
10,364,150
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633,18.238%, 7/01/31 – BHAC Insured (IF)
 
7/17 at 100.00
 
AA+
   
5,574,150
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
 
6/19 at 100.00
 
BBB–
   
1,641,720
 
 
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)
   
3,088,920
 
 
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+
   
5,151,989
 
 
32,965
 
Total Nevada
           
37,004,829
 
     
New Jersey – 6.3% (4.2% 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
 
A–
   
7,711,456
 
 
1,830
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
 
6/12 at 100.00
 
Aaa
   
1,836,917
 
 
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
   
4,393,411
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
 
No Opt. Call
 
A+
   
4,905,040
 
 
58
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
New Jersey (continued)
               
$
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
 
No Opt. Call
 
A+
 
$
8,878,400
 
     
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
   
5,983,405
 
 
3,165
 
6.125%, 6/01/42 (Pre-refunded 6/01/12)
 
6/12 at 100.00
 
Aaa
   
3,181,110
 
 
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
   
1,459,895
 
 
47,295
 
Total New Jersey
           
38,349,634
 
     
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–
   
3,976,180
 
     
New York – 9.0% (6.0% 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
 
7/12 at 100.00
 
A3
   
1,908,810
 
 
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
 
8/12 at 100.00
 
AA–
   
7,528,650
 
 
1,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
   
1,087,570
 
 
6,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
 
N/R
   
6,132,000
 
 
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–
   
5,592,736
 
 
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
   
5,430,750
 
 
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
   
9,582,320
 
     
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–
   
5,391,850
 
 
1,670
 
6.000%, 12/01/36
 
12/20 at 100.00
 
BBB–
   
1,875,143
 
 
10,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
 
6/12 at 100.00
 
Baa1
   
10,013,500
 
 
51,630
 
Total New York
           
54,543,329
 
     
North Carolina – 1.0% (0.7% of Total Investments)
               
 
1,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.250%, 1/15/24 – AGC Insured
 
1/18 at 100.00
 
AA–
   
1,694,685
 
 
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)
   
4,303,197
 
 
5,330
 
Total North Carolina
           
5,997,882
 
     
North Dakota – 0.8% (0.5% of Total Investments)
               
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
 
11/21 at 100.00
 
AA–
   
4,659,508
 
     
Ohio – 3.3% (2.2% of Total Investments)
               
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
               
 
1,655
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B
   
1,385,516
 
 
210
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B
   
171,669
 
 
1,800
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B+
   
1,450,620
 
 
1,740
 
5.750%, 6/01/34
 
6/17 at 100.00
 
BB
   
1,357,861
 
 
3,930
 
5.875%, 6/01/47
 
6/17 at 100.00
 
BB
   
3,071,688
 
 
Nuveen Investments
 
59

 
 

 

   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Ohio (continued)
               
$
1,000
 
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
 
B+
 
$
777,320
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
 
11/20 at 100.00
 
BBB+
   
6,365,040
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
 
5/14 at 100.00
 
AA
   
3,753,952
 
 
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–
   
1,146,910
 
 
740
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
 
6/12 at 100.00
 
Aa1
   
743,130
 
 
21,725
 
Total Ohio
           
20,223,706
 
     
Oklahoma – 0.2% (0.1% of Total Investments)
               
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
 
8/21 at 100.00
 
N/R
   
1,035,870
 
     
Pennsylvania – 3.0% (2.0% 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–
   
1,327,275
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
   
1,516,965
 
 
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
 
12/27 at 100.00
 
A–
   
7,456,916
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA–
   
4,953,050
 
 
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
 
Aa2 (4)
   
3,249,165
 
 
19,155
 
Total Pennsylvania
           
18,503,371
 
     
Puerto Rico – 5.5% (3.7% 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
   
2,635,850
 
 
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–
   
4,389,612
 
 
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
 
AA+ (4)
   
8,727,998
 
 
12,845
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/42 – FGIC Insured
 
No Opt. Call
 
BBB+
   
2,019,748
 
 
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+
   
11,298,000
 
 
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+
   
4,590,107
 
 
42,155
 
Total Puerto Rico
           
33,661,315
 
     
Rhode Island – 4.3% (2.8% of Total Investments)
               
 
2,015
 
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 – RAAI Insured
 
5/12 at 100.00
 
Caa1
   
1,636,502
 
 
5,815
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – AGM Insured
 
5/13 at 100.00
 
AA–
   
6,024,282
 
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
 
7/15 at 100.00
 
A3
   
3,020,490
 
     
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177:
               
 
1,500
 
9.459%, 4/01/23 (Alternative Minimum Tax) (IF)
 
4/17 at 100.00
 
AA+
   
1,613,610
 
 
1,000
 
9.559%, 4/01/23 (Alternative Minimum Tax) (IF)
 
4/17 at 100.00
 
AA+
   
1,060,480
 

60
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Rhode Island (continued)
               
$
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+
 
$
12,545,000
 
 
25,830
 
Total Rhode Island
           
25,900,364
 
     
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–
   
2,131,892
 
 
1,500
 
Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 2001, 5.000%, 5/01/31 – AMBAC Insured
 
5/12 at 100.00
 
AA–
   
1,501,440
 
 
3,545
 
Total South Carolina
           
3,633,332
 
     
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+
   
2,363,246
 
 
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)
 
11/17 at 100.00
 
B–
   
29,985
 
 
3,810
 
Total Tennessee
           
2,393,231
 
     
Texas – 10.4% (6.9% of Total Investments)
               
 
2,560
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
 
4/13 at 101.00
 
Ca
   
364,800
 
 
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
 
4/20 at 100.00
 
Baa2
   
2,153,680
 
 
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
   
3,153,398
 
 
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
   
2,746,736
 
 
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
   
2,270,310
 
 
3,370
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 2002, 5.000%, 8/15/33
 
8/12 at 100.00
 
AAA
   
3,407,104
 
 
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
 
BBB
   
1,383,092
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
               
 
3,130
 
0.000%, 9/01/30 – AMBAC Insured
 
No Opt. Call
 
A2
   
1,213,470
 
 
12,030
 
0.000%, 9/01/31 – AMBAC Insured
 
No Opt. Call
 
A2
   
4,379,281
 
 
30,095
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2004, 0.000%, 8/15/34
 
8/12 at 27.95
 
AAA
   
8,363,401
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/33 – FGIC Insured
 
8/15 at 37.33
 
AA–
   
3,027,126
 
 
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
   
8,153,381
 
 
5
 
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12 (ETM)
 
No Opt. Call
 
N/R (4)
   
5,010
 
 
1,495
 
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12
 
No Opt. Call
 
A1
   
1,497,990
 
 
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
   
5,710,530
 
 
3,755
 
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A, 5.000%, 8/01/31
 
8/12 at 100.00
 
AAA
   
3,767,316
 
 
1,000
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
 
5/15 at 100.00
 
Aa1
   
1,045,750
 
 
3,295
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1760-3, 16.337%, 2/15/36 (IF)
 
2/17 at 100.00
 
AA–
   
3,960,063
 
 
Nuveen Investments
 
61

 
 

 

   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
               
$
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
 
$
2,152,360
 
     
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
   
2,246,040
 
 
3,000
 
0.000%, 8/15/22
 
8/15 at 70.77
 
AAA
   
2,011,380
 
 
133,560
 
Total Texas
           
63,012,218
 
     
Utah – 0.0% (0.0% of Total Investments)
               
 
210
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AAA
   
210,391
 
     
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
 
BBB
   
1,515,120
 
     
Washington – 7.8% (5.2% of Total Investments)
               
 
4,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 (Pre-refunded 7/01/13) – SYNCORA GTY Insured
 
7/13 at 100.00
 
Aa1 (4)
   
4,244,320
 
 
1,825
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 100.00
 
A1 (4)
   
1,919,261
 
 
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
   
2,212,280
 
 
5,840
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
 
6/13 at 100.00
 
A3
   
6,072,607
 
 
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured
 
No Opt. Call
 
AA+
   
3,058,014
 
     
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
               
 
17,650
 
0.000%, 1/01/20
 
No Opt. Call
 
AA+
   
15,088,456
 
 
18,470
 
0.000%, 1/01/21
 
No Opt. Call
 
AA+
   
15,025,530
 
 
53,135
 
Total Washington
           
47,620,468
 
     
Wisconsin – 6.0% (4.0% 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)
   
1,887,054
 
 
560
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
 
11/14 at 100.00
 
Aa2
   
582,758
 
 
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+
   
7,760,271
 
 
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–
   
4,882,811
 
 
12,725
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Health System Corporation, Series 1999, 5.500%, 8/15/25 – AMBAC Insured
 
8/12 at 100.00
 
A2
   
12,740,016
 
 
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
 
A–
   
2,218,695
 
 
5,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
 
5/19 at 100.00
 
AA–
   
6,060,945
 
 
33,915
 
Total Wisconsin
           
36,132,550
 
$
1,111,440
 
Total Municipal Bonds (cost $852,986,211)
           
909,863,195
 
 
62
 
Nuveen Investments

 
 

 
 
 
Shares
 
Description (1)
  Value  
     
Investment Companies – 0.1% (0.1% of Total Investments)
       
 
8,812
 
BlackRock MuniHoldings Fund Inc.
 
$
159,321
 
 
32,332
 
Invesco Quality Municipal Income Trust
   
447,475
 
     
Total Investment Companies (cost $528,388)
   
606,796
 
     
Total Investments (cost $853,514,599) – 149.7%
   
910,469,991
 
     
Floating Rate Obligations – (8.5)%
   
(51,605,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (23.7)% (6)
   
(144,300,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.8)% (6)
   
(120,400,000
     
Other Assets Less Liabilities – 2.3%
   
14,104,060
 
     
Net Assets Applicable to Common Shares – 100%
 
$
608,269,051
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
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)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Preferred Shares, at Liquidation Value as a percentage of Total Investments are 15.8% and 13.2%, 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.
 
 See accompanying notes to financial statements.
 
 Nuveen Investments
 
63

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 2
NXZ
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 
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+
 
$
2,130,282
 
     
Alaska – 3.0% (2.1% 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
 
AA
   
5,495,688
 
 
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)
   
3,894,856
 
 
2,290
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – NPFG Insured
 
5/17 at 100.00
 
AA
   
2,413,591
 
 
2,200
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
 
6/14 at 100.00
 
BB–
   
1,674,794
 
 
13,490
 
Total Alaska
           
13,478,929
 
     
Arizona – 2.4% (1.7% of Total Investments)
               
 
4,500
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A+
   
4,818,825
 
 
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–
   
3,125,585
 
 
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)
   
3,096,180
 
 
10,620
 
Total Arizona
           
11,040,590
 
     
California – 21.4% (15.1% 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
 
BBB–
   
7,095,510
 
 
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+
   
4,330,471
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
 
A1
   
4,660,210
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32
 
10/21 at 100.00
 
A1
   
3,370,710
 
 
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
   
2,717,320
 
 
4,380
 
Glendale, California, Electric Revenue Bonds, Series 2003, 5.000%, 2/01/32 – NPFG Insured
 
2/13 at 100.00
 
AA–
   
4,490,989
 
 
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
   
20,229,800
 
 
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
   
5,347,600
 
     
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–
   
1,618,496
 
 
1,000
 
5.125%, 6/01/47
 
6/17 at 100.00
 
BB–
   
743,810
 
 
6,000
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds,
 
12/12 at 102.00
 
N/R
   
6,005,100
 
     
Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
               
 
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–
   
3,490,411
 
 
10,885
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/25 – FGIC Insured
 
No Opt. Call
 
Aa3
   
5,994,696
 
 
5,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
 
8/29 at 100.00
 
AA–
   
3,986,600
 
 
64
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
               
$
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
 
$
1,974,080
 
 
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–
   
1,582,784
 
 
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
   
3,262,050
 
 
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–
   
1,523,377
 
 
3,150
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured
 
8/18 at 53.32
 
Aa2
   
1,217,948
 
 
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
 
BBB
   
3,430,250
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
 
3/17 at 100.00
 
A2
   
5,336,900
 
 
1,930
 
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 6/01/29 – NPFG Insured
 
6/15 at 100.00
 
AA
   
2,109,394
 
 
3,000
 
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
 
5/13 at 101.00
 
Aa1
   
3,140,670
 
 
5
 
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16
 
9/12 at 100.00
 
Baa1
   
4,936
 
 
118,470
 
Total California
           
97,664,112
 
     
Colorado – 8.0% (5.6% 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+
   
2,007,420
 
 
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
   
3,272,555
 
     
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+
   
5,935,943
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
 
11/16 at 100.00
 
A+
   
3,625,743
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured (UB)
 
11/16 at 100.00
 
A+
   
4,731,306
 
 
8,890
 
Denver, Colorado, General Obligation Bonds, Medical Facilities, Series 2003, 5.000%, 8/01/12
 
No Opt. Call
 
AAA
   
8,998,814
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
 
No Opt. Call
 
Baa2
   
1,704,000
 
 
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
 
BBB
   
3,249,840
 
 
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)
   
845,638
 
 
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
   
1,033,740
 
 
960
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
 
6/20 at 100.00
 
Aa3
   
1,069,690
 
 
47,855
 
Total Colorado
           
36,474,689
 
     
District of Columbia – 2.2% (1.6% of Total Investments)
               
 
745
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
 
5/12 at 100.00
 
A1
   
748,896
 
 
4,250
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
 
4/15 at 100.00
 
AA–
   
4,377,118
 
 
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
 
10/16 at 100.00
 
A1
   
4,990,500
 
     
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
               
 
9,995
 
Total District of Columbia
           
10,116,514
 

Nuveen Investments
 
65

 
 

 

 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Florida – 4.0% (2.8% of Total Investments)
               
$
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
 
$
3,012,240
 
 
3,010
 
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21 (Pre-refunded 4/01/13)
 
4/13 at 100.00
 
Aa1 (4)
   
3,141,928
 
 
1,990
 
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21
 
4/13 at 100.00
 
Aa1
   
2,071,570
 
 
465
 
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2003B, 5.000%, 10/01/22 (Pre-refunded 4/01/13)
 
4/13 at 100.00
 
Aa1 (4)
   
485,381
 
 
1,035
 
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2003B, 5.000%, 10/01/22
 
4/13 at 100.00
 
Aa1
   
1,076,441
 
     
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
 
BBB
   
2,040,000
 
 
1,500
 
5.000%, 7/01/40 – NPFG Insured
 
7/17 at 100.00
 
BBB
   
1,519,650
 
 
5,000
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27
 
10/17 at 100.00
 
BBB–
   
5,003,250
 
 
18,000
 
Total Florida
           
18,350,460
 
     
Georgia – 3.5% (2.5% of Total Investments)
               
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
 
BBB
   
2,208,660
 
 
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
   
2,131,640
 
 
1,260
 
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.000%, 1/01/13 – AGM Insured
 
No Opt. Call
 
Aa2
   
1,297,624
 
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
               
 
2,000
 
5.250%, 2/15/37
 
2/20 at 100.00
 
AA–
   
2,170,700
 
 
5,000
 
5.125%, 2/15/40
 
2/20 at 100.00
 
AA–
   
5,275,400
 
 
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–
   
2,847,750
 
 
14,760
 
Total Georgia
           
15,931,774
 
     
Illinois – 15.4% (10.9% of Total Investments)
               
 
3,450
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
 
6/12 at 100.00
 
AA+
   
3,453,692
 
 
5,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 – FGIC Insured
 
No Opt. Call
 
AA–
   
1,607,800
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
   
7,766,264
 
 
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)
   
3,290,918
 
 
910
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001, 5.500%, 9/01/32 – AMBAC Insured
 
9/12 at 100.00
 
A–
   
910,455
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
 
1/18 at 100.00
 
A–
   
5,223,700
 
 
10,270
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
 
5/17 at 100.00
 
AA–
   
10,613,737
 
 
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–
   
1,058,510
 
 
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+
   
2,770,350
 
 
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–
   
2,760,875
 
 
66
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois (continued)
               
$
6,950
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
 
$
7,087,610
 
 
5,025
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
 
1/13 at 100.00
 
A–
   
5,075,954
 
 
1,980
 
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
 
2/16 at 100.00
 
AA
   
2,042,251
 
 
1,535
 
Illinois, Sales Tax Revenue Bonds, Series 2001, 5.500%, 6/15/16
 
5/12 at 100.00
 
AAA
   
1,540,572
 
 
2,500
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
 
No Opt. Call
 
Aa3
   
1,570,700
 
     
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
   
3,063,750
 
 
10,000
 
0.000%, 12/15/36 – NPFG Insured
 
No Opt. Call
 
AAA
   
2,767,800
 
 
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
   
2,733,625
 
 
3,472
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
 
3/16 at 100.00
 
N/R
   
3,202,399
 
 
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
   
1,987,373
 
 
85,732
 
Total Illinois
           
70,528,335
 
     
Indiana – 4.8% (3.4% 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+
   
1,327,237
 
 
2,295
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.500%, 9/15/31
 
9/12 at 100.00
 
BBB
   
2,246,667
 
 
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–
   
1,710,154
 
 
2,305
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A–
   
2,376,248
 
 
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+
   
5,512,970
 
 
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)
   
4,206,600
 
 
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+
   
1,566,015
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 – AGM Insured
 
7/15 at 100.00
 
AA+
   
2,002,928
 
 
6,100
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.800%, 2/15/24 (5)
 
8/12 at 100.00
 
N/R
   
871,385
 
 
26,145
 
Total Indiana
           
21,820,204
 
     
Iowa – 1.5% (1.0% 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)
   
1,022,100
 
 
6,340
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
   
5,682,288
 
 
7,340
 
Total Iowa
           
6,704,388
 
     
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–
   
1,095,460
 

Nuveen Investments
 
67

 
 

 

 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Louisiana – 5.0% (3.5% 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
 
$
4,049,496
 
 
18,825
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
 
5/12 at 100.00
 
A–
   
18,900,677
 
 
22,785
 
Total Louisiana
           
22,950,173
 
     
Massachusetts – 1.3% (0.9% 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
   
1,601,775
 
 
4,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
 
8/15 at 100.00
 
AA+
   
4,428,200
 
 
5,500
 
Total Massachusetts
           
6,029,975
 
     
Michigan – 6.6% (4.7% 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+
   
3,392,227
 
 
6,430
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
 
7/13 at 100.00
 
AA–
   
6,495,457
 
 
3,765
 
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
   
3,766,845
 
 
6,880
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010, 5.500%, 5/15/36
 
5/20 at 100.00
 
A2
   
7,458,058
 
 
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–
   
3,465,990
 
 
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
 
10/12 at 100.00
 
Caa2
   
3,635,520
 
 
1,950
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
 
12/15 at 100.00
 
A
   
1,958,483
 
 
29,460
 
Total Michigan
           
30,172,580
 
     
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–
   
5,890,950
 
     
Nevada – 4.5% (3.2% of Total Investments)
               
 
2,320
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.000%, 7/01/36 – FGIC Insured
 
7/14 at 100.00
 
Aa3
   
2,414,169
 
 
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)
 
7/12 at 100.00
 
N/R
   
35
 
 
2,000
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633, 18.238%, 7/01/31 – BHAC Insured (IF)
 
7/17 at 100.00
 
AA+
   
2,972,880
 
 
1,455
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2005A, 5.000%, 6/01/24 – FGIC Insured
 
6/15 at 100.00
 
AA+
   
1,604,661
 
 
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+
   
5,151,989
 
 
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)
   
5,791,725
 
 
1,750
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 17.962%, 7/01/31 – BHAC Insured (IF)
 
7/17 at 100.00
 
AA+
   
2,601,270
 
 
21,690
 
Total Nevada
           
20,536,729
 

68
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
New Hampshire – 2.0% (1.4% 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
 
10/12 at 100.00
 
A–
 
$
8,062,400
 
 
995
 
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2001A, 5.700%, 1/01/31 (Alternative Minimum Tax)
 
5/12 at 100.00
 
Aa3
   
995,985
 
 
8,995
 
Total New Hampshire
           
9,058,385
 
     
New Jersey – 2.4% (1.7% 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)
 
5/12 at 100.00
 
B
   
4,010,101
 
 
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–
   
675,852
 
 
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
   
266,264
 
     
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
   
2,317,722
 
 
425
 
6.750%, 6/01/39 (Pre-refunded 6/01/13)
 
6/13 at 100.00
 
Aaa
   
454,546
 
 
3,085
 
6.250%, 6/01/43 (Pre-refunded 6/01/13)
 
6/13 at 100.00
 
Aaa
   
3,282,749
 
 
10,570
 
Total New Jersey
           
11,007,234
 
     
New York – 5.2% (3.7% 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–
   
1,751,795
 
 
1,600
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
   
1,740,112
 
 
12,800
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
 
11/16 at 100.00
 
AA–
   
13,275,776
 
 
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
 
N/R
   
5,098,400
 
 
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–
   
1,875,143
 
 
33,090
 
Total New York
           
23,741,226
 
     
North Carolina – 0.6% (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
   
2,968,969
 
     
North Dakota – 0.7% (0.5% of Total Investments)
               
 
3,000
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/29 (WI/DD, Settling 5/09/12)
 
12/21 at 100.00
 
A–
   
3,201,120
 
     
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
   
7,803,800
 
 
1,000
 
5.875%, 6/01/47
 
6/17 at 100.00
 
BB
   
781,600
 
 
11,000
 
Total Ohio
           
8,585,400
 
     
Oklahoma – 1.1% (0.8% of Total Investments)
               
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue
 
8/21 at 100.00
 
N/R
   
1,035,870
 
     
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
               
 
3,500
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
 
6/20 at 100.00
 
A
   
3,926,720
 
 
4,500
 
Total Oklahoma
           
4,962,590
 

Nuveen Investments
 
69
 
 
 

 

 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
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+
 
$
2,824,500
 
 
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+
   
9,915,057
 
     
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
   
2,418,600
 
 
6,150
 
0.000%, 8/01/56
 
No Opt. Call
 
Aa2
   
438,434
 
 
47,960
 
Total Puerto Rico
           
15,596,591
 
     
Rhode Island – 0.7% (0.5% of Total Investments)
               
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
 
7/15 at 100.00
 
A3
   
3,020,490
 
     
South Carolina – 3.1% (2.2% 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–
   
2,637,000
 
 
1,850
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 – NPFG Insured
 
8/14 at 100.00
 
BBB
   
1,970,435
 
 
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–
   
9,582,473
 
 
25,920
 
Total South Carolina
           
14,189,908
 
     
Texas – 28.6% (20.2% of Total Investments)
               
 
4,000
 
Board of Regents, University of Texas System, Financing System Revenue Refunding Bonds, Series 2006B, 5.000%, 8/15/31
 
8/16 at 100.00
 
AAA
   
4,511,240
 
 
1,250
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
 
1/21 at 100.00
 
BBB–
   
1,383,275
 
 
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
   
9,740,200
 
     
Dallas-Fort Worth International Airport Public Facility Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001:
               
 
15,000
 
5.250%, 1/15/26 – AGM Insured
 
7/12 at 100.00
 
AA–
   
15,019,800
 
 
1,750
 
5.200%, 1/15/31 – AGM Insured
 
7/12 at 100.00
 
AA–
   
1,751,488
 
 
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
   
6,277,260
 
 
3,370
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 2002, 5.000%, 8/15/33
 
8/12 at 100.00
 
AAA
   
3,407,104
 
 
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+
   
3,649,240
 
 
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)
 
10/12 at 100.00
 
BB+
   
10,013,100
 
 
4,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
   
4,294,600
 
 
31,170
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
 
5/12 at 100.00
 
BBB
   
31,168,442
 
 
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
 
BBB
   
345,292
 
 
4,465
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured
 
11/24 at 52.47
 
BBB
   
976,987
 
 
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
 
BBB
   
6,680,000
 
 
70
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Texas (continued)
               
     
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
 
$
1,938,450
 
 
5,540
 
0.000%, 9/01/31 – AMBAC Insured
 
No Opt. Call
 
A2
   
2,016,726
 
 
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
   
4,720,956
 
 
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–
   
4,810,600
 
 
3,295
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, Residuals 1760-3, 16.487%, 2/15/36 (IF)
 
2/17 at 100.00
 
AA–
   
3,960,063
 
 
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
 
AA–
   
3,157,990
 
 
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+
   
382,300
 
 
10,500
 
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
 
8/12 at 100.00
 
Aaa
   
10,535,910
 
 
178,860
 
Total Texas
           
130,741,023
 
     
Virginia – 0.8% (0.6% of Total Investments)
               
 
1,000
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009A, 5.000%, 2/01/13
 
No Opt. Call
 
AA+
   
1,036,280
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
               
 
1,885
 
5.250%, 1/01/32 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
   
1,941,776
 
 
820
 
6.000%, 1/01/37 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
   
893,562
 
 
3,705
 
Total Virginia
           
3,871,618
 
     
Washington – 2.3% (1.6% 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
   
2,510,475
 
 
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
   
4,075,180
 
 
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
   
3,040,430
 
 
830
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
 
6/13 at 100.00
 
A3
   
863,059
 
 
10,050
 
Total Washington
           
10,489,144
 
     
West Virginia – 2.3% (1.6% 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
   
3,181,044
 
 
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
   
7,234,550
 
 
9,670
 
Total West Virginia
           
10,415,594
 

Nuveen Investments
 
71

 
 

 

 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Wisconsin – 0.8% (0.6% of Total Investments)
               
$
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
 
A–
 
$
3,744,097
 
$
796,782
 
Total Investments (cost $601,066,605) – 141.5%
           
646,509,533
 
     
Floating Rate Obligations – (4.0)%
           
(18,260,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.9)% (6)
           
(196,000,000
     
Other Assets Less Liabilities – 5.4%
           
24,766,520
 
     
Net Assets Applicable to Common Shares – 100%
         
$
457,016,053
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
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 30.3%. N/R Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(IF)
  Inverse floating rate investment.
(UB)
 
  Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.
 
72
 
Nuveen Investments

 
 

 
 
 
 
Nuveen Dividend Advantage Municipal Fund 3
NZF  
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Municipal Bonds – 136.5% (97.5% 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+
 
$
3,662,470
 
     
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
 
BB–
   
761,270
 
     
Arizona – 1.9% (1.4% of Total Investments)
               
 
3,390
 
Arizona State Transportation Board, Highway Revenue Bonds, Series 2006, Trust 3151, 13.352%, 7/01/16 (IF)
 
No Opt. Call
 
AAA
   
4,428,391
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/30 – FGIC Insured
 
7/15 at 100.00
 
AA
   
5,382,900
 
 
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–
   
2,235,090
 
 
10,590
 
Total Arizona
           
12,046,381
 
     
California – 16.5% (11.8% 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
   
2,236,583
 
 
140
 
5.000%, 3/01/33
 
3/13 at 100.00
 
A
   
140,840
 
 
1,670
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40
 
11/21 at 100.00
 
AA–
   
1,846,068
 
 
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
   
3,811,366
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, 2007A 5.000%, 11/15/42 (UB)
 
11/16 at 100.00
 
AA–
   
3,005,270
 
 
4,170
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
 
4/22 at 100.00
 
A+
   
4,460,941
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.358%, 5/15/14 (IF)
 
No Opt. Call
 
AA–
   
7,354,932
 
 
20
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
 
6/12 at 100.00
 
AA
   
20,033
 
     
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+
   
706,647
 
 
3,300
 
0.000%, 8/01/32 – FGIC Insured
 
8/12 at 30.97
 
A+
   
1,007,424
 
 
765
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)
 
6/13 at 100.00
 
Aaa
   
795,830
 
 
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–
   
8,825,306
 
 
7,150
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
 
7/21 at 100.00
 
Aa2
   
8,508,786
 
 
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
   
11,061,600
 
     
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2001:
               
 
8,640
 
5.750%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A–
   
8,663,069
 
 
5,000
 
5.375%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A–
   
5,007,050
 
 
1,500
 
5.250%, 1/01/23 – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A–
   
1,501,530
 
 
10,000
 
5.500%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A–
   
10,005,200
 
 
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+
   
8,780,880
 
 
Nuveen Investments
 
73

 
 

 


 

   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
California (continued)
               
$
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–
 
$
3,382,572
 
 
3,550
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
 
12/21 at 100.00
 
BB
   
4,139,584
 
 
3,000
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 1005, 13.378%, 8/01/41 (IF)
 
8/21 at 100.00
 
AA+
   
4,047,420
 
 
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
 
BBB
   
2,229,200
 
 
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
   
1,296,300
 
 
115,675
 
Total California
           
102,834,431
 
     
Colorado – 5.3% (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)
   
2,330,303
 
 
1,495
 
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)
   
1,581,695
 
 
2,950
 
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
   
2,662,139
 
 
3,380
 
Colorado Housing Finance Authority, Multifamily Project Bonds, Class I, Series 2001A-1, 5.500%, 4/01/31 (Alternative Minimum Tax)
 
10/12 at 100.00
 
AAA
   
3,382,772
 
 
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
   
4,476,050
 
     
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+
   
5,935,943
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
 
11/16 at 100.00
 
A+
   
3,625,743
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured
 
11/16 at 100.00
 
A+
   
4,731,306
 
     
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
   
864,301
 
 
2,000
 
5.250%, 12/01/36 – RAAI Insured
 
12/17 at 100.00
 
N/R
   
1,712,480
 
 
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
   
1,033,740
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
 
6/20 at 100.00
 
Aa3
   
701,984
 
 
32,655
 
Total Colorado
           
33,038,456
 
     
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
   
1,582,860
 
     
District of Columbia – 1.9% (1.4% of Total Investments)
               
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
 
AA+
   
10,366,500
 
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
 
10/16 at 100.00
 
AA+
   
1,481,757
 
 
11,335
 
Total District of Columbia
           
11,848,257
 
     
Florida – 3.2% (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+
   
5,600,956
 
     
Orange County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Oak Glen Apartments, Series 2001G:
               
 
1,105
 
5.400%, 12/01/32 – AGM Insured
 
6/12 at 100.00
 
AA–
   
1,105,840
 
 
2,195
 
5.450%, 12/01/41 – AGM Insured
 
6/12 at 100.00
 
AA–
   
2,196,251
 
 
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
   
5,127,550
 

74
 
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
 
$
5,676,855
 
 
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
   
427,120
 
 
19,735
 
Total Florida
           
20,134,572
 
     
Georgia – 4.3% (3.1% 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
   
16,941,600
 
 
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
   
3,197,460
 
 
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
   
1,560,700
 
 
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–
   
5,248,750
 
 
25,000
 
Total Georgia
           
26,948,510
 
     
Illinois – 15.5% (11.0% of Total Investments)
               
 
3,200
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
 
12/21 at 100.00
 
AA
   
3,554,816
 
 
8,375
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.500%, 1/01/19 – AGM Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
8,394,598
 
 
2,630
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
 
1/22 at 100.00
 
AAA
   
2,866,569
 
 
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)
 
7/12 at 100.00
 
A+
   
4,956,039
 
 
2,220
 
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/16 – NPFG Insured
 
No Opt. Call
 
Aa3
   
2,562,080
 
 
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
   
1,203,725
 
 
8,875
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
   
9,707,830
 
 
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
   
2,506,794
 
 
3,465
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
 
8/17 at 100.00
 
BBB
   
3,562,401
 
 
4,125
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
 
10/21 at 100.00
 
Aa1
   
4,464,488
 
 
9,000
 
Illinois Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2001, 5.875%, 12/01/31
 
6/12 at 101.00
 
BBB+
   
9,097,110
 
 
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
   
3,061,050
 
 
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
   
4,871,930
 
 
12,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
 
6/20 at 100.00
 
AAA
   
13,050,960
 
 
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
   
8,530,650
 
 
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
   
3,290,610
 
 
10,000
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 – AGM Insured
 
12/14 at 100.00
 
Aaa
   
10,499,200
 
 
132,210
 
Total Illinois
           
96,180,850
 

Nuveen Investments
 
75

 
 

 


   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana – 3.9% (2.8% of Total Investments)
               
$
4,230
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Tudor Park Foundation, Series 2005B, 5.000%, 6/01/24
 
6/15 at 100.00
 
Aa3
 
$
4,495,475
 
 
6,700
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
 
10/21 at 100.00
 
AA–
   
7,180,591
 
 
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+
   
2,643,056
 
 
3,500
 
University of Southern Indiana, Student Fee Revenue Bonds, Series 2001H, 5.000%, 10/01/21 – AMBAC Insured
 
10/12 at 100.00
 
A1
   
3,507,595
 
     
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
   
2,500,900
 
 
2,500
 
5.800%, 9/01/47
 
9/17 at 100.00
 
N/R
   
2,506,825
 
 
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)
   
1,141,699
 
 
23,120
 
Total Indiana
           
23,976,141
 
     
Iowa – 0.5% (0.4% of Total Investments)
               
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
 
6/15 at 100.00
 
B+
   
815,770
 
 
2,375
 
Polk County, Iowa, General Obligation Bonds, Series 2002C, 5.000%, 6/01/13 (Pre-refunded 6/01/12) – AGM Insured
 
6/12 at 100.00
 
AAA
   
2,384,880
 
 
3,375
 
Total Iowa
           
3,200,650
 
     
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
   
926,670
 
 
1,000
 
5.125%, 5/15/42
 
5/14 at 103.00
 
N/R
   
919,480
 
 
2,000
 
Total Kansas
           
1,846,150
 
     
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–
   
1,093,220
 
 
5,400
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
 
6/21 at 100.00
 
Aa3
   
6,091,794
 
 
6,400
 
Total Kentucky
           
7,185,014
 
     
Louisiana – 7.4% (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
   
2,255,820
 
 
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–
   
3,309,060
 
 
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+
   
10,765,900
 
 
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
   
3,795,016
 
 
4,425
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
 
5/21 at 100.00
 
Baa1
   
5,138,177
 
 
20,890
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
 
5/12 at 100.00
 
A–
   
20,973,978
 
 
44,015
 
Total Louisiana
           
46,237,951
 
     
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)
 
5/12 at 100.00
 
AA+
   
1,075,882
 
 
76
 
Nuveen Investments

 
 

 

 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Maryland – 2.3% (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
 
$
837,550
 
 
1,135
 
Maryland Community Development Administration, Insured Multifamily Housing Mortgage Loan Revenue Bonds, Series 2001B, 5.250%, 7/01/21 (Alternative Minimum Tax)
 
No Opt. Call
 
Aa2
   
1,135,000
 
 
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
   
1,315,920
 
 
10,600
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
 
7/12 at 100.00
 
N/R
   
10,665,720
 
 
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–
   
559,645
 
 
15,290
 
Total Maryland
           
14,513,835
 
     
Massachusetts – 6.6% (4.7% 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
   
1,279,479
 
 
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–
   
959,230
 
 
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
   
1,740,192
 
 
1,505
 
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 15.165%, 6/01/16 (IF)
 
No Opt. Call
 
AA
   
1,702,170
 
 
400
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
 
7/21 at 100.00
 
A
   
433,756
 
 
5,000
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
N/R
   
4,937,450
 
 
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+
   
3,567,703
 
 
5,000
 
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)
   
5,125,800
 
     
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:
               
 
2,255
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
 
1/13 at 100.00
 
AA+ (4)
   
2,329,663
 
 
7,495
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
 
1/13 at 100.00
 
AA+ (4)
   
7,743,159
 
 
7,165
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
 
7/21 at 100.00
 
A+
   
7,673,142
 
 
3,210
 
Worcester, Massachusetts, General Obligation Bonds, Series 2011, 3.000%, 8/15/12 – AGM Insured
 
No Opt. Call
 
AA–
   
3,235,905
 
 
39,470
 
Total Massachusetts
           
40,727,649
 
     
Michigan – 6.0% (4.3% 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
   
17,577,150
 
 
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
   
1,584,120
 
 
3,580
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds Series 2011A, 5.500%, 7/01/41
 
7/21 at 100.00
 
AA–
   
4,144,888
 
 
5,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
 
12/21 at 100.00
 
AA
   
5,388,500
 
 
2,250
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41
 
10/21 at 100.00
 
Aa3
   
2,522,655
 
 
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)
   
2,520,330
 
 
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
   
2,999,139
 
 
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
   
754,069
 
 
33,725
 
Total Michigan
           
37,490,851
 

Nuveen Investments
 
77

 
 

 

   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Minnesota – 1.2% (0.8% of Total Investments)
               
$
2,170
 
Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax)
 
10/12 at 104.00
 
Aaa
 
$
2,280,214
 
 
3,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
 
No Opt. Call
 
AA+
   
3,708,930
 
 
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
   
1,375,674
 
 
6,545
 
Total Minnesota
           
7,364,818
 
     
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
 
5/12 at 100.00
 
AA+
   
2,157,306
 
 
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
   
3,134,610
 
 
5,155
 
Total Mississippi
           
5,291,916
 
     
Missouri – 1.1% (0.8% of Total Investments)
               
 
1,495
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
 
6/17 at 100.00
 
BBB+
   
1,485,611
 
 
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
   
897,880
 
 
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
 
AAA
   
1,870,516
 
 
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
   
2,886,375
 
 
6,820
 
Total Missouri
           
7,140,382
 
     
Montana – 0.8% (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+
   
5,031,500
 
     
Nebraska – 0.9% (0.7% of Total Investments)
               
 
3,755
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2010A, 6.050%, 9/01/41
 
9/20 at 100.00
 
AA+
   
3,997,085
 
 
1,005
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
 
2/17 at 100.00
 
AA+
   
1,676,983
 
 
4,760
 
Total Nebraska
           
5,674,068
 
     
Nevada – 5.5% (3.9% 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
   
11,183,900
 
 
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
   
6,427,380
 
 
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)
 
7/12 at 100.00
 
N/R
   
40
 
 
5,000
 
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 – FGIC Insured
 
12/14 at 100.00
 
AA
   
5,372,600
 
 
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+
   
10,982,900
 
 
35,000
 
Total Nevada
           
33,966,820
 
     
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
   
2,024,720
 
     
New Jersey – 5.3% (3.8% of Total Investments)
               
 
1,000
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 1998A, 5.250%, 7/01/38 – FGIC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A
   
1,009,900
 
 
78
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
New Jersey (continued)
               
$
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
 
$
10,170,900
 
 
645
 
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
   
630,752
 
 
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
   
4,388,093
 
 
12,970
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
 
No Opt. Call
 
A+
   
4,369,463
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA–
   
6,887,200
 
 
7,260
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
   
5,667,374
 
 
56,000
 
Total New Jersey
           
33,123,682
 
     
New York – 8.3% (6.0% of Total Investments)
               
 
900
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
 
4/17 at 100.00
 
BBB–
   
840,744
 
     
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–
   
1,414,957
 
 
3,400
 
0.000%, 7/15/44
 
No Opt. Call
 
BBB–
   
552,840
 
 
4,675
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
 
3/21 at 100.00
 
AAA
   
5,181,396
 
 
1,780
 
East Rochester Housing Authority, New York, GNMA Secured Revenue Bonds, Gates Senior Housing Inc., Series 2001, 5.300%, 4/20/31
 
10/12 at 100.50
 
N/R
   
1,798,174
 
 
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
 
A
   
2,374,155
 
 
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
   
4,987,856
 
 
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–
   
3,061,968
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
 
11/21 at 100.00
 
A
   
808,680
 
 
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
 
BBB
   
4,255,842
 
 
8,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
 
N/R
   
8,176,000
 
 
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+
   
3,561,594
 
 
8,000
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured
 
10/14 at 100.00
 
AAA
   
8,857,280
 
 
885
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured
 
8/12 at 100.00
 
AA
   
896,425
 
 
1,615
 
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)
   
1,637,255
 
 
3,000
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
 
11/21 at 100.00
 
Aa2
   
3,392,220
 
 
51,470
 
Total New York
           
51,797,386
 
     
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, 14.827%, 7/15/32 (IF) (6)
 
1/18 at 100.00
 
AA–
   
1,931,855
 
 
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–
   
1,271,304
 
 
Nuveen Investments
 
79

 
 

 

 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
North Carolina (continued)
               
$
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)
 
$
1,960,333
 
 
520
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13 (ETM)
 
No Opt. Call
 
N/R (4)
   
538,444
 
 
1,085
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13
 
No Opt. Call
 
A
   
1,121,543
 
 
6,265
 
Total North Carolina
           
6,823,479
 
     
Ohio – 2.4% (1.7% of Total Investments)
               
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
               
 
1,100
 
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
 
5/22 at 100.00
 
AA–
   
1,077,780
 
 
650
 
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
 
5/22 at 100.00
 
AA–
   
707,909
 
 
800
 
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
 
5/22 at 100.00
 
AA–
   
852,840
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
               
 
4,735
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B
   
3,870,720
 
 
710
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B+
   
572,189
 
 
685
 
5.750%, 6/01/34
 
6/17 at 100.00
 
BB
   
534,560
 
 
1,570
 
5.875%, 6/01/47
 
6/17 at 100.00
 
BB
   
1,227,112
 
 
5,800
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
 
11/21 at 100.00
 
AA
   
6,201,592
 
 
16,050
 
Total Ohio
           
15,044,702
 
     
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
   
4,571,195
 
 
955
 
5.000%, 2/15/42
 
2/17 at 100.00
 
A
   
994,728
 
 
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+
   
6,594,273
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.325%, 6/15/30 (IF)
 
12/16 at 100.00
 
AA+
   
95,340
 
 
11,718
 
Total Oklahoma
           
12,255,536
 
     
Oregon – 0.8% (0.5% 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
 
5/12 at 101.00
 
AA–
   
4,757,105
 
     
Pennsylvania – 3.5% (2.5% 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
   
463,750
 
 
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)
 
7/12 at 100.00
 
D
   
2,216,165
 
 
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)
   
5,783,615
 
 
12,500
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
 
6/13 at 100.00
 
AA+ (4)
   
13,139,125
 
 
22,205
 
Total Pennsylvania
           
21,602,655
 
     
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
   
2,639,050
 
     
Tennessee – 0.2% (0.1% of Total Investments)
               
 
3,680
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006A, 0.000%, 1/01/41
 
1/17 at 30.07
 
A
   
839,003
 
 
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+
   
281,339
 
 
80
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tennessee (continued)
               
     
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)
 
11/17 at 100.00
 
N/R
 
$
15,992
 
 
2,800
 
5.500%, 11/01/46 (5)
 
11/17 at 100.00
 
B–
   
55,972
 
 
7,555
 
Total Tennessee
           
1,192,306
 
     
Texas – 17.6% (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
   
5,641,728
 
 
2,700
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
 
1/21 at 100.00
 
BBB–
   
2,984,850
 
 
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–
   
4,939,020
 
 
1,455
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – FGIC Insured (Alternative Minimum Tax)
 
5/12 at 100.00
 
A+
   
1,456,251
 
 
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
   
5,258,000
 
 
10,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
 
11/21 at 100.00
 
AA
   
11,100,600
 
 
4,965
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27
 
9/16 at 100.00
 
A2
   
5,349,192
 
 
6,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM)
 
No Opt. Call
 
AA+ (4)
   
8,303,640
 
     
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2001A:
               
 
2,525
 
5.500%, 7/01/13 – FGIC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A+
   
2,534,898
 
 
2,905
 
5.500%, 7/01/14 – FGIC Insured (Alternative Minimum Tax)
 
7/12 at 100.00
 
A+
   
2,916,388
 
 
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
   
14,880,748
 
 
8,000
 
Lower Colorado River Authority, Texas, Transmission Contract Refunding Revenue Bonds, LCRA
 
5/20 at 100.00
 
A+
   
8,582,320
 
     
Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
               
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
 
4/21 at 100.00
 
BBB
   
1,909,373
 
 
2,500
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston
 
No Opt. Call
 
A–
   
2,738,850
 
     
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax)
               
 
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
   
3,404,583
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:
               
 
4,370
 
0.000%, 9/01/43
 
9/31 at 100.00
 
AA
   
2,841,549
 
 
9,130
 
0.000%, 9/01/45
 
9/31 at 100.00
 
AA
   
6,562,827
 
 
3,500
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
 
10/20 at 100.00
 
AA–
   
3,883,950
 
 
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–
   
8,088,850
 
     
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
   
2,560,001
 
 
9,110
 
0.000%, 8/15/40
 
8/15 at 27.11
 
AAA
   
2,153,149
 
 
7,110
 
0.000%, 8/15/44
 
8/15 at 21.88
 
AAA
   
1,350,545
 
 
125,125
 
Total Texas
           
109,441,312
 
     
Utah – 0.3% (0.2% of Total Investments)
               
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E:
               
 
590
 
5.200%, 1/01/18 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
   
592,071
 
 
240
 
5.500%, 1/01/23 (Alternative Minimum Tax)
 
7/12 at 100.00
 
Aaa
   
249,799
 
 

Nuveen Investments
 
81

 
 

 
 

   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utah (continued)
               
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1:
               
$
905
 
4.950%, 7/01/18 (Alternative Minimum Tax)
 
7/12 at 100.00
 
AA–
 
$
917,181
 
 
355
 
5.300%, 7/01/23 (Alternative Minimum Tax)
 
7/12 at 100.00
 
Aaa
   
367,975
 
 
2,090
 
Total Utah
           
2,127,026
 
     
Virginia – 0.3% (0.2% 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
   
958,140
 
 
1,000
 
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2011, 4.750%, 7/01/41
 
7/21 at 100.00
 
AA–
   
1,062,180
 
 
2,000
 
Total Virginia
           
2,020,320
 
     
Washington – 5.0% (3.6% of Total Investments)
               
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
 
1/19 at 100.00
 
AA+
   
2,818,125
 
 
1,820
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
 
8/22 at 100.00
 
Aa3
   
2,081,225
 
 
5,205
 
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
 
3/15 at 100.00
 
Aa3
   
5,635,558
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41
 
2/21 at 100.00
 
AA
   
10,705,100
 
 
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
   
3,676,287
 
     
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
 
6/12 at 101.00
 
BBB
   
3,037,304
 
 
2,915
 
5.375%, 12/01/18 – AMBAC Insured
 
6/12 at 101.00
 
BBB
   
2,944,675
 
 
28,855
 
Total Washington
           
30,898,274
 
     
Wisconsin – 0.6% (0.4% of Total Investments)
               
 
1,790
 
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.375%, 6/01/32 (Pre-refunded 6/01/12)
 
6/12 at 100.00
 
Aaa
   
1,799,380
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
 
9/17 at 100.00
 
BBB+
   
1,019,390
 
 
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–
   
352,606
 
 
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
 
A–
   
332,799
 
 
3,470
 
Total Wisconsin
           
3,504,175
 
$
926,953
 
Total Municipal Bonds (cost $807,567,426)
           
849,013,412
 

 
Shares
 
Description (1)
           
Value
 
     
Investment Companies – 0.6% (0.4% of Total Investments)
               
 
6,266
 
BlackRock MuniHoldings Fund Inc.
         
$
113,289
 
 
26,880
 
Dreyfus Strategic Municipal Fund
           
247,027
 
 
131,278
 
DWS Municipal Income Trust
           
1,812,949
 
 
43,020
 
Invesco VK Investment Grade Municipal Trust
           
666,380
 
 
30,000
 
Invesco VK Municipal Opportunity Trust
           
455,400
 
 
43,420
 
PIMCO Municipal Income Fund II
           
533,198
 
     
Total Investment Companies (cost $3,325,133)
           
3,828,243
 
 
82
 
Nuveen Investments

 
 

 

 
 
Principal
     
Optional Call
           
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
   
Value
 
     
Short-Term Investments – 3.0% (2.1% of Total Investments)
               
     
Iowa – 1.4% (1.0% of Total Investments)
               
$
8,500
 
Iowa State, Special Obligation Bonds, I-Jobs Program, Tender Option Bond Trust 13B-B REG D, Variable Rate Demand Series, 0.270%, 6/01/26 (7)
 
6/19 at 100.00
 
AA
 
$
8,500,000
 
     
South Carolina – 0.7% (0.5% of Total Investments)
               
 
4,435
 
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Preferred Series 2003, 0.310%, 4/01/28 (7)
 
8/12 at 100.00
 
A
   
4,435,000
 
     
Washington – 0.9% (0.6% of Total Investments)
               
 
5,480
 
Bellingham, Washington, Water and Sewer Revenue Bonds, Tender Option Bond Trust 11981X, Variable Rate Demand Series, 0.260%, 8/01/19 (7)
 
No Opt. Call
 
Aa2
   
5,480,000
 
$
18,415
 
Total Short-Term Investments (cost $18,415,000)
           
18,415,000
 
     
Total Investments (cost $829,307,559) – 140.1%
           
871,256,655
 
     
Floating Rate Obligations – (7.1)%
           
(44,412,000
     
MuniFund Rate Term Preferred Shares, at Liquidation Value – (11.3)% (8)
           
(70,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (27.2)% (8)
           
(169,200,000
     
Other Assets Less Liabilities – 5.5%
           
34,299,586
 
     
Net Assets Applicable to Common Shares – 100%
         
$
621,944,241
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
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 for investments in inverse floating rate transactions. (7) 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.
(8)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Preferred Shares, at Liquidation Value as a percentage of Total Investments are 8.0% and 19.4%, 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.
 
 See accompanying notes to financial statements.

Nuveen Investments
 
83

 
 

 
   
Statement of
   
Assets & Liabilities
   
April 30, 2012 (Unaudited)

                     
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Assets
                   
Investments, at value (cost $1,269,695,231, $909,143,993 and $981,254,494, respectively)
 
$
1,390,453,424
 
$
966,849,756
 
$
1,044,562,297
 
Cash
   
6,550,233
   
2,193,662
   
476,913
 
Receivables:
                   
Dividends and interest
   
17,534,090
   
14,310,104
   
14,982,991
 
Investments sold
   
7,676,750
   
28,301,779
   
5,909,217
 
Deferred offering costs
   
1,082,212
   
1,982,852
   
3,920,188
 
Other assets
   
196,427
   
387,566
   
439,128
 
Total assets
   
1,423,493,136
   
1,014,025,719
   
1,070,290,734
 
Liabilities
                   
Floating rate obligations
   
27,650,000
   
45,488,333
   
43,530,000
 
Payables:
                   
Common share dividends
   
4,221,051
   
2,974,185
   
2,974,281
 
Investments purchased
   
3,587,529
   
4,673,306
   
 
Interest
   
509,266
   
   
 
Offering costs
   
   
   
19,034
 
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
   
694,152
   
489,652
   
509,307
 
Other
   
96,396
   
195,092
   
332,654
 
   Total liabilities
   
458,458,394
   
350,620,568
   
398,265,276
 
Net assets applicable to Common shares
 
$
965,034,742
 
$
663,405,151
 
$
672,025,458
 
Common shares outstanding
   
59,971,481
   
43,697,408
   
45,874,035
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
16.09
 
$
15.18
 
$
14.65
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
599,715
 
$
436,974
 
$
458,740
 
Paid-in surplus
   
838,803,954
   
610,956,635
   
639,890,163
 
Undistributed (Over-distribution of) net investment income
   
16,888,942
   
4,782,488
   
4,390,530
 
Accumulated net realized gain (loss)
   
(12,016,062
)
 
(10,476,709
)
 
(36,021,778
)
Net unrealized appreciation (depreciation)
   
120,758,193
   
57,705,763
   
63,307,803
 
Net assets applicable to Common shares
 
$
965,034,742
 
$
663,405,151
 
$
672,025,458
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
 

     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Assets
                   
Investments, at value (cost $853,514,599, $601,066,605 and $829,307,559, respectively)
 
$
910,469,991
 
$
646,509,533
 
$
871,256,655
 
Cash
   
2,679,478
   
1,784,987
   
15,280,804
 
Receivables:
                   
Dividends and interest
   
13,586,374
   
10,407,130
   
14,697,971
 
Investments sold
   
105,000
   
16,686,036
   
9,834,588
 
Deferred offering costs
   
1,714,257
   
2,033,470
   
1,654,151
 
Other assets
   
134,718
   
243,000
   
125,236
 
Total assets
   
928,689,818
   
677,664,156
   
912,849,405
 
Liabilities
                   
Floating rate obligations
   
51,605,000
   
18,260,000
   
44,412,000
 
Payables:
                   
Common share dividends
   
2,884,681
   
2,289,590
   
3,226,692
 
Investments purchased
   
   
3,685,766
   
3,112,515
 
Interest
   
471,983
   
   
343,902
 
Offering costs
   
41,273
   
   
19,103
 
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
   
442,024
   
321,094
   
418,245
 
Other
   
275,806
   
91,653
   
172,707
 
Total liabilities
   
320,420,767
   
220,648,103
   
290,905,164
 
Net assets applicable to Common shares
 
$
608,269,051
 
$
457,016,053
 
$
621,944,241
 
Common shares outstanding
   
39,296,352
   
29,475,053
   
40,400,028
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
15.48
 
$
15.51
 
$
15.39
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
392,964
 
$
294,751
 
$
404,000
 
Paid-in surplus
   
550,311,939
   
420,410,597
   
575,562,072
 
Undistributed (Over-distribution of) net investment income
   
9,990,945
   
5,641,397
   
6,484,944
 
Accumulated net realized gain (loss)
   
(9,382,189
)
 
(14,773,620
)
 
(2,455,871
)
Net unrealized appreciation (depreciation)
   
56,955,392
   
45,442,928
   
41,949,096
 
Net assets applicable to Common shares
 
$
608,269,051
 
$
457,016,053
 
$
621,944,241
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85
 
 
 

 
 
   
Statement of
   
Operations
   
Six Months Ended April 30, 2012 (Unaudited)

                                       
   
Performance
 
Municipal
 
Market
 
Dividend
 
Dividend
 
Dividend
 
     
Plus
 
Advantage
 
Opportunity
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Investment Income
 
$
36,030,222
 
$
25,425,701
 
$
25,350,350
 
$
23,268,334
 
$
16,933,328
 
$
22,167,207
 
Expenses
                                     
Management fees
   
4,159,922
   
2,944,296
   
3,048,363
   
2,647,713
   
1,917,111
   
2,742,338
 
Dividend disbursing agent fees
   
24,468
   
   
   
19,973
   
   
 
Shareholders’ servicing agent fees and expenses
   
59,261
   
32,728
   
34,045
   
19,673
   
2,280
   
13,552
 
Interest expense and amortization of offering costs
   
3,307,400
   
513,156
   
722,477
   
3,190,464
   
357,095
   
2,393,425
 
Fees on VRDP Shares
   
   
2,058,035
   
1,984,213
   
   
1,108,310
   
 
Custodian’s fees and expenses
   
94,974
   
70,012
   
71,642
   
63,030
   
48,595
   
65,647
 
Directors’/Trustees’ fees and expenses
   
17,150
   
11,967
   
12,680
   
10,866
   
8,145
   
10,714
 
Professional fees
   
38,055
   
56,102
   
67,673
   
39,554
   
37,653
   
31,978
 
Shareholders’ reports – printing and mailing expenses
   
107,518
   
90,275
   
89,108
   
141,547
   
72,633
   
132,687
 
Stock exchange listing fees
   
9,580
   
7,243
   
7,494
   
13,803
   
1,988
   
10,108
 
Investor relations expense
   
48,390
   
31,406
   
33,752
   
29,493
   
20,725
   
27,835
 
Other expenses
   
32,456
   
27,134
   
28,888
   
22,616
   
24,156
   
26,961
 
Total expenses before custodian fee credit and legal fee refund
   
7,899,174
   
5,842,354
   
6,100,335
   
6,198,732
   
3,598,691
   
5,455,245
 
Custodian fee credit
   
(2,063
)
 
(3,525
)
 
(5,348
)
 
(3,892
)
 
(4,160
)
 
(9,463
)
Legal fee refund
   
(103,175
)
 
(106,058
)
 
(312,296
)
 
(124,029
)
 
(129,241
)
 
(21,058
)
Net expenses
   
7,793,936
   
5,732,771
   
5,782,691
   
6,070,811
   
3,465,290
   
5,424,724
 
Net investment income (loss)
   
28,236,286
   
19,692,930
   
19,567,659
   
17,197,523
   
13,468,038
   
16,742,483
 
Realized and Unrealized Gain (Loss)
                                     
Net realized gain (loss) from investments
   
(5,305,889
)
 
(6,516,707
)
 
(27,841,990
)
 
(8,710,352
)
 
(8,792,289
)
 
548,647
 
Change in net unrealized appreciation (depreciation) of investments
   
77,993,689
   
50,548,651
   
77,523,843
   
54,215,208
   
44,669,646
   
38,896,879
 
Net realized and unrealized gain (loss)
   
72,687,800
   
44,031,944
   
49,681,853
   
45,504,856
   
35,877,357
   
39,445,526
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
100,924,086
 
$
63,724,874
 
$
69,249,512
 
$
62,702,379
 
$
49,345,395
 
$
56,188,009
 
 
See accompanying notes to financial statements.

86
 
Nuveen Investments

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)

   
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Operations
                                     
Net investment income (loss)
 
$
28,236,286
 
$
58,402,397
 
$
19,692,930
 
$
40,445,199
 
$
19,567,659
 
$
40,134,444
 
Net realized gain (loss) from investments
   
(5,305,889
)
 
(591,675
)
 
(6,516,707
)
 
8,178,413
   
(27,841,990
)
 
(3,062,685
)
Change in net unrealized appreciation (depreciation) of investments
   
77,993,689
   
(18,358,182
)
 
50,548,651
   
(19,639,261
)
 
77,523,843
   
(18,881,221
)
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
   
(605,027
)
 
   
(13,530
)
 
   
(18,596
)
From accumulated net realized gains
   
   
(115,631
)
 
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
100,924,086
   
38,731,882
   
63,724,874
   
28,970,821
   
69,249,512
   
18,171,942
 
Distributions to Common Shareholders
                                     
From net investment income
   
(28,783,268
)
 
(57,031,258
)
 
(22,225,634
)
 
(43,394,199
)
 
(20,952,435
)
 
(44,419,598
)
From accumulated net realized gains
   
   
(5,533,612
)
 
(6,262,880
)
 
(3,480,219
)
 
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(28,783,268
)
 
(62,564,870
)
 
(28,488,514
)
 
(46,874,418
)
 
(20,952,435
)
 
(44,419,598
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
291,382
   
283,901
   
1,552,841
   
2,155,588
   
913,746
   
1,045,705
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
291,382
   
283,901
   
1,552,841
   
2,155,588
   
913,746
   
1,045,705
 
Net increase (decrease) in net assets applicable to Common shares
   
72,432,200
   
(23,549,087
)
 
36,789,201
   
(15,748,009
)
 
49,210,823
   
(25,201,951
)
Net assets applicable to Common shares at the beginning of period
   
892,602,542
   
916,151,629
   
626,615,950
   
642,363,959
   
622,814,635
   
648,016,586
 
Net assets applicable to Common shares at the end of period
 
$
965,034,742
 
$
892,602,542
 
$
663,405,151
 
$
626,615,950
 
$
672,025,458
 
$
622,814,635
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
16,888,942
 
$
17,435,924
 
$
4,782,488
 
$
7,315,192
 
$
4,390,530
 
$
5,775,306
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
87

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited) (continued)

   
Dividend Advantage (NAD)
 
Dividend Advantage 2 (NXZ)
 
Dividend Advantage 3 (NZF)
 
   
Six Months
 
Year
 
Six Months
 
Year
 
Six Months
 
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Operations
                                     
Net investment income (loss)
 
$
17,197,523
 
$
36,425,456
 
$
13,468,038
 
$
29,122,477
 
$
16,742,483
 
$
39,663,463
 
Net realized gain (loss)
                                     
from investments
   
(8,710,352
)
 
5,578,402
   
(8,792,289
)
 
6,152,659
   
548,647
   
1,617,428
 
Change in net unrealized appreciation
                                     
(depreciation) of investments
   
54,215,208
   
(17,440,480
)
 
44,669,646
   
(14,731,426
)
 
38,896,879
   
(8,746,437
)
Distributions to Auction Rate
                                     
Preferred Shareholders:
                                     
From net investment income
   
   
(319,994
)
 
   
   
   
(579,698
)
From accumulated net realized gains
   
   
   
   
   
   
(9,510
)
Net increase (decrease) in net assets applicable to Common shares from operations
   
62,702,379
   
24,243,384
   
49,345,395
   
20,543,710
   
56,188,009
   
31,945,246
 
Distributions to Common Shareholders
                                     
From net investment income
   
(18,158,845
)
 
(35,837,926
)
 
(14,278,484
)
 
(28,282,999
)
 
(19,875,295
)
 
(39,745,377
)
From accumulated net realized gains
   
(1,638,658
)
 
   
(5,329,641
)
 
   
(1,535,068
)
 
(630,116
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(19,797,503
)
 
(35,837,926
)
 
(19,608,125
)
 
(28,282,999
)
 
(21,410,363
)
 
(40,375,493
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
   
63,949
   
193,913
   
59,744
   
119,194
   
64,704
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
63,949
   
193,913
   
59,744
   
119,194
   
64,704
 
Net increase (decrease) in net assets applicable to Common shares
   
42,904,876
   
(11,530,593
)
 
29,931,183
   
(7,679,545
)
 
34,896,840
   
(8,365,543
)
Net assets applicable to Common shares at the beginning of period
   
565,364,175
   
576,894,768
   
427,084,870
   
434,764,415
   
587,047,401
   
595,412,944
 
Net assets applicable to Common shares at the end of period
 
$
608,269,051
 
$
565,364,175
 
$
457,016,053
 
$
427,084,870
 
$
621,944,241
 
$
587,047,401
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
9,990,945
 
$
10,952,267
 
$
5,641,397
 
$
6,451,843
 
$
6,484,944
 
$
9,617,756
 
 
See accompanying notes to financial statements.
 
88
 
Nuveen Investments

 
 

 

   
Statement of
 
   
Cash Flows
 
   
 
Six Months Ended April 30, 2012
(Unaudited)

     
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
 
$
100,924,086
 
$
63,724,874
 
$
69,249,512
 
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
   
(67,778,833
)
 
(68,323,052
)
 
(56,493,525
)
Proceeds from sales and maturities of investments
   
79,641,531
   
84,916,166
   
49,423,651
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(8,354,124
)
 
(3,182,566
)
 
(2,489,908
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
333,882
   
1,005,404
   
452,680
 
Receivable for investments sold
   
6,300,817
   
(334,130
)
 
8,782,039
 
Other assets
   
123,973
   
48,586
   
(14,598
)
Increase (Decrease) in:
                   
Payable for investments purchased
   
(1,047,564
)
 
2,116,279
   
(4,635,093
)
Payable for interest
   
10,274
   
   
 
Accrued management fees
   
1,136
   
(4,797
)
 
(818
)
Accrued other expenses
   
(331,386
)
 
(113,812
)
 
(11,455
)
Net realized (gain) loss from investments
   
5,305,889
   
6,516,707
   
27,841,990
 
Change in net unrealized (appreciation) depreciation of investments
   
(77,993,689
)
 
(50,548,651
)
 
(77,523,843
)
Taxes paid on undistributed capital gains
   
(2,216
)
 
(64,681
)
 
(7,181
)
Net cash provided by (used in) operating activities
   
37,133,776
   
35,756,327
   
14,573,451
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
293,976
   
35,496
   
70,176
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
(5,295,713
)
 
 
Floating rate obligations
   
(12,370,000
)
 
(1,025,000
)
 
 
Payable for offering costs
   
(172,081
)
 
(243,294
)
 
(374,717
)
Cash distributions paid to Common shareholders
   
(28,502,622
)
 
(27,034,154
)
 
(20,176,220
)
Net cash provided by (used in) financing activities
   
(40,750,727
)
 
(33,562,665
)
 
(20,480,761
)
Net Increase (Decrease) in Cash
   
(3,616,951
)
 
2,193,662
   
(5,907,310
)
Cash at the beginning of period
   
10,167,184
   
   
6,384,223
 
Cash at the End of Period
 
$
6,550,233
 
$
2,193,662
 
$
476,913
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:
 
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
   
$
291,382
 
$
1,552,841
 
$
913,746
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:
 
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
   
$
3,003,150
 
$
477,660
 
$
652,301
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

   
Statement of
 
   
Cash Flows (Unaudited) (continued)
 
       
   
 
Six Months Ended April 30, 2012
(Unaudited)

                     
     
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
 
$
62,702,379
 
$
49,345,395
 
$
56,188,009
 
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
   
(37,819,908
)
 
(48,041,205
)
 
(95,237,682
)
Proceeds from sales and maturities of investments
   
37,861,877
   
40,077,669
   
97,714,097
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
6,785,000
 
Amortization (Accretion) of premiums and discounts, net
   
(3,784,470
)
 
(683,206
)
 
(30,822
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
99,113
   
301,413
   
(262,065
)
Receivable for investments sold
   
4,045,908
   
14,925,248
   
31,851,963
 
Other assets
   
66,400
   
(410
)
 
72,242
 
Increase (Decrease) in:
                   
Payable for investments purchased
   
   
(2,118,417
)
 
(11,482,400
)
Payable for interest
   
25,292
   
   
16,278
 
Accrued management fees
   
506
   
(371
)
 
(4,996
)
Accrued other expenses
   
16,586
   
(108,633
)
 
21,425
 
Net realized (gain) loss from investments
   
8,710,352
   
8,792,289
   
(548,647
)
Change in net unrealized (appreciation) depreciation of investments
   
(54,215,208
)
 
(44,669,646
)
 
(38,896,879
)
Taxes paid on undistributed capital gains
   
(12,502
)
 
(45,160
)
 
(14,018
)
Net cash provided by (used in) operating activities
   
17,696,325
   
17,774,966
   
46,171,505
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
256,255
   
36,074
   
267,144
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
 
Floating rate obligations
   
   
   
(11,200,000
)
Payable for offering costs
   
(339,276
)
 
(32,532
)
 
(356,265
)
Cash distributions paid to Common shareholders
   
(19,795,882
)
 
(19,407,087
)
 
(21,272,812
)
Net cash provided by (used in) financing activities
   
(19,878,903
)
 
(19,403,545
)
 
(32,561,933
)
Net Increase (Decrease) in Cash
   
(2,182,578
)
 
(1,628,579
)
 
13,609,572
 
Cash at the beginning of period
   
4,862,056
   
3,413,566
   
1,671,232
 
Cash at the End of Period
 
$
2,679,478
 
$
1,784,987
 
$
15,280,804
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:
 
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
   
$
 
$
193,913
 
$
119,194
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
   
$
2,840,661
 
$
321,021
 
$
2,110,004
 
 
See accompanying notes to financial statements.

90
 
Nuveen Investments
 
 
 

 
 
     Financial
    Highlights (Unaudited)

 
Nuveen Investments
 
91
 
 
 

 


 
   
Financial
   
Highlights (Unaudited)
     
 
Selected data for a Common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Performance Plus (NPP)
                                                                 
Year Ended 10/31:
                                                                   
2012(f)
 
$
14.89
 
$
.47
 
$
1.21
 
$
 
$
 
$
1.68
 
$
(.48
)
$
 
$
(.48
)
$
 
$
16.09
 
$
15.67
 
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:
                                                                   
2012(f)
   
14.37
   
.45
   
1.01
   
   
   
1.46
   
(.51
)
 
(.14
)
 
(.65
)
 
   
15.18
   
15.05
 
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.
 
92
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
     
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
12.54
%
 
11.41
%
$
965,035
   
1.70
%**
 
6.05
%**
 
5
%
   
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
 
                                     
                                     
   
11.94
   
10.37
   
663,405
   
1.81
**
 
6.08
**
 
7
 
   
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 Auction Rate Preferred Shares (“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 or legal fee refund, 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:
       
2012(f)
   
.71
%**
2011
   
.56
 
2010
   
.04
 
2009
   
.05
 
2008
   
.08
 
2007
   
.02
 
         
Municipal Advantage (NMA)
       
Year Ended 10/31:
       
2012(f)
   
.80
%**
2011
   
.96
 
2010
   
.60
 
2009
   
.09
 
2008
   
.17
 
2007
   
.23
 
 
(f)
For the six months ended April 30, 2012.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
93

 
 

 

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

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Market Opportunity (NMO)
                                                             
Year Ended 10/31:
                                                                   
2012(f)
 
$
13.60
 
$
.42
 
$
1.09
 
$
 
$
 
$
1.51
 
$
(.46
)
$
 
$
(.46
)
$
 
$
14.65
 
$
14.18
 
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:
                                                                   
2012(f)
   
14.39
   
.44
   
1.15
   
   
   
1.59
   
(.46
)
 
(.04
)
 
(.50
)
 
   
15.48
   
14.89
 
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.
 
94
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                                 
                                                 
   
11.12
%
 
11.22
%
$
672,025
   
1.89
%**
 
5.95
%**
 
N/A
   
N/A
   
5
%
   
(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
 
                                                 
                                                 
   
12.47
   
11.22
   
608,269
   
2.11
**
 
5.81
**
 
N/A
   
N/A
   
4
 
   
1.93
   
4.76
   
565,364
   
2.02
   
6.77
   
N/A
   
N/A
   
15
 
   
19.17
   
12.60
   
576,895
   
1.61
   
6.99
   
N/A
   
N/A
   
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 or legal fee refund, 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:
       
2012(f)
   
.84
%**
2011
   
.97
 
2010
   
.58
 
2009
   
.07
 
2008
   
.14
 
2007
   
.19
 
         
Dividend Advantage (NAD)
       
Year Ended 10/31:
       
2012(f)
   
1.09
%**
2011
   
.94
 
2010
   
.54
 
2009
   
.09
 
2008
   
.21
 
2007
   
.11
 
 
(f)
For the six months ended April 30, 2012.
N/A
Fund did not have, or no longer has, a contractual reimbursement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 

Nuveen Investments
 
95

 
 

 

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

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Dividend Advantage 2 (NXZ)
                                                             
Year Ended 10/31:
                                                                   
2012(f)
 
$
14.50
 
$
.46
 
$
1.21
 
$
 
$
 
$
1.67
 
$
(.48
)
$
(.18
)
$
(.66
)
$
 
$
15.51
 
$
15.13
 
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:
                                                                   
2012(f)
   
14.53
   
.41
   
.98
   
   
   
1.39
   
(.49
)
 
(.04
)
 
(.53
)
 
   
15.39
   
15.29
 
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.
 
96
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                                 
                                                 
   
13.82
%
 
11.81
%
$
457,016
   
1.64
%**
 
6.06
%**
 
N/A
   
N/A
   
6
%
   
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
 
                                                 
                                                 
   
11.80
   
9.70
   
621,944
   
1.81
**
 
5.54
**
 
N/A
   
N/A
   
11
 
   
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 or legal fee refund, 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:
       
2012(f)
   
.67
%**
2011
   
.78
 
2010
   
.78
 
2009
   
.83
 
2008
   
.49
 
2007
   
.14
 
         
Dividend Advantage 3 (NZF)
       
Year Ended 10/31:
       
2012(f)
   
.79
%**
2011
   
.48
 
2010
   
.09
 
2009
   
.11
 
2008
   
.19
 
2007
   
.19
 
 
(f)
For the six months ended April 30, 2012.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
97

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at
the End of Period
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
   
Aggregate
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
 
Performance Plus (NPP)
                                           
Year Ended 10/31:
                                                 
2012(a)
 
$
 
$
 
$
 
$
421,700
 
$
100,000
 
$
328,844
 
$
 
$
 
$
 
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:
                                                 
2012(a)
   
   
   
   
   
   
   
296,800
   
100,000
   
323,519
 
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.

98
 
Nuveen Investments

 
 

 
 
   
ARPS
at the End of Period
 
MTP Shares
at the End of Period (b)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
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:
                                                                         
2012(a)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
350,900
 
$
100,000
 
$
291,515
 
$
 
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:
                                                                         
2012(a)
   
   
   
   
144,300
   
10.00
   
32.98
   
120,400
   
100,000
   
329,796
   
   
   
   
3.30
 
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
   
   
   
   
   
   
   
   
   
   
 

(a)
For the six months ended April 30, 2012.
(b)
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 (NAD)
                   
Year Ended 10/31:
                   
2012(a)
   
2015
 
$
10.10
 
$
10.10
 
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
 
99

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS
at the End of Period
 
MTP Shares
at the End of Period (b)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP
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:
                                                                         
2012(a)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
196,000
 
$
100,000
 
$
333,171
 
$
 
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:
                                                                         
2012(a)
 
   
   
   
70,000
   
10.00
   
36.00
   
169,200
   
100,000
   
360,010
   
   
   
   
3.60
 
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
   
   
   
   
   
   
   
   
   
   
 

(a)
For the six months ended April 30, 2012.
(b)
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:
                   
2012(a)
   
2016
 
$
10.10
 
$
10.13
 
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.

100
 
Nuveen Investments

 
 

 
   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Performance Plus Municipal Fund, Inc. (NPP), Nuveen Municipal Advantage Fund, Inc. (NMA), Nuveen Municipal Market Opportunity Fund, Inc. (NMO), Nuveen Dividend Advantage Municipal Fund (NAD), Nuveen Dividend Advantage Municipal Fund 2 (NXZ) and Nuveen Dividend Advantage Municipal Fund 3 (NZF) (each a “Fund” and collectively, the “Funds”). Performance Plus (NPP), Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage (NAD) are traded on the New York Stock Exchange (“NYSE”) while Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies.
 
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of these securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Nuveen Investments
 
101

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2012, Performance Plus (NPP), Municipal Advantage (NMA), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) had outstanding when-issued/delayed delivery purchase commitments of $3,587,529, $3,587,529, $3,194,580, and $3,112,515, respectively. There were no such outstanding purchase commitments in either of the other Funds.
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, the remaining of each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends on MTP shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of April 30, 2012, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund are as follows:

   
Dividend Advantage (NAD)
 
Dividend Advantage 3 (NZF)
 
   
Shares
Outstanding
 
Annual
Interest
Rate
 
NYSE
Ticker
 
Shares
Outstanding
 
Annual
Interest
Rate
 
NYSE
Ticker
 
Series:
                                     
2015
   
14,430,000
   
2.70
%
 
NAD Pr C
   
   
   
 
2016
   
   
   
   
7,000,000
   
2.80
%
 
NZF Pr C
 

102
 
Nuveen Investments

 
 

 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares will also be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s MTP Shares are as follows:
 
     
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
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the six months ended April 30, 2012, was as follows:
               
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 3
 
     
(NAD
)
 
(NZF
)
Average liquidation value of MTP Shares outstanding
 
$
144,300,000
 
$
70,000,000
 
 
Variable Rate MuniFund Term Preferred Shares
 
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Performance Plus (NPP), Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) issued their VMTP Shares in a privately negotiated offering in February 2011, July 2011 and September 2011, respectively. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem all, or a portion of, the remainder of each Fund’s outstanding ARPS. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VMTP Shares outstanding at liquidation value for each Fund are as follows:
                     
     
Performance
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Advantage 3
 
     
(NPP
)
 
(NAD
)
 
(NZF
)
Series 2014
 
$
421,700,000
 
$
120,400,000
 
$
169,200,000
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances . The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares as follows:
                     
     
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
 
 
The average liquidation value of VMTP Shares outstanding and average annualized dividend rate of VMTP Shares for each Fund during the six months ended April 30, 2012, were as follows:
                     
     
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
   
1.39
%
 
1.19
%
 
1.14
%

Nuveen Investments
 
103

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 2 (NXZ) issued their VRDP Shares in a privately negotiated offering during March 2010, March 2010 and August 2008, respectively. Concurrent with renewing agreements with the liquidity provider for its VRDP Shares in June 2010, Dividend Advantage 2 (NXZ) exchanged all of its 1,960 Series 1 VRDP Shares for 1,960 Series 2 VRDP Shares. The principal difference in terms between Series 1 and Series 2 VRDP Shares in Dividend Advantage 2 (NXZ) is the requirement that the Fund redeem VRDP Shares owned by the liquidity provider if the VRDP Shares have been owned by the liquidity provider through six months of continuous, unsuccessful remarketing. Proceeds of each Fund’s offering were used to redeem all, or a portion of, each Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
                     
     
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
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during six months ended April 30, 2012, were as follows:
                     
     
Municipal
   
Market
   
Dividend
 
     
Advantage
   
Opportunity
   
Advantage 2
 
     
(NMA
)
 
(NMO
)
 
(NXZ
)
Average liquidation value of VRDP Shares outstanding
 
$
296,800,000
 
$
350,900,000
 
$
196,000,000
 
Annualized dividend rate
   
0.26
%
 
0.31
%
 
0.28
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as components of “Fees on VRDP Shares” on the Statement of Operations.
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid
 
104
 
Nuveen Investments

 
 

 
 
to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended April 30, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
At April 30, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:
                                       
   
Performance
Plus
(NPP
)
Municipal
Advantage
(NMA
)
Market
Opportunity
(NMO
)
Dividend
Advantage
(NAD
)
Dividend
Advantage 2
(NXZ
)
Dividend
Advantage 3
(NZF
)
Maximum exposure to Recourse Trusts
 
$
18,750,000
 
$
11,250,000
 
$
7,500,000
 
$
11,250,000
 
$
11,250,000
 
$
 

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2012, were as follows:

   
Performance
Plus
(NPP
)
Municipal
Advantage
(NMA
)
Market
Opportunity
(NMO
)
Dividend
Advantage
(NAD
)
Dividend
Advantage 2
(NXZ
)
Dividend
Advantage 3
(NZF
)
Average floating rate obligations outstanding
 
$
32,850,385
 
$
46,057,152
 
$
43,530,000
 
$
51,605,000
 
$
18,260,000
 
$
52,719,692
 
Average annual interest rate and fees
   
0.62
%
 
0.41
%
 
0.49
%
 
0.42
%
 
0.52
%
 
0.56
%
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although each Fund is authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2012.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Nuveen Investments
 
105

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Offering Costs
Costs incurred by Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) in connection with their offerings of MTP Shares ($2,559,500 and $1,435,000, respectively), were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Performance Plus (NPP), Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) in connection with their offerings of VMTP Shares ($1,780,000, $260,000 and $770,000, respectively), were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 2 (NXZ) in connection with their offerings of VRDP Shares ($2,134,000, $4,214,000 and $2,270,000, respectively), were recorded as deferred charges, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
 
Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
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).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:
 
Performance Plus (NPP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
1,390,453,424
 
$
 
$
1,390,453,424
 

106
 
Nuveen Investments

 
 

 
 
                           
Municipal Advantage (NMA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
966,849,756
 
$
 
$
966,849,756
 
                           
Market Opportunity (NMO)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
1,044,562,297
 
$
 
$
1,044,562,297
 
                           
Dividend Advantage (NAD)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
909,863,195
 
$
 
$
909,863,195
 
Investment Companies
   
606,796
   
   
   
606,796
 
Total
 
$
606,796
 
$
909,863,195
 
$
 
$
910,469,991
 
                           
Dividend Advantage 2 (NXZ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
646,509,533
 
$
 
$
646,509,533
 
                           
Dividend Advantage 3 (NZF)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
849,013,412
 
$
 
$
849,013,412
 
Investment Companies
   
3,828,243
   
   
   
3,828,243
 
Short-Term Investments:
                         
Municipal Bonds
   
   
18,415,000
   
   
18,415,000
 
Total
 
$
3,828,243
 
$
867,428,412
 
$
 
$
871,256,655
 

The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
 
   
Municipal
Advantage
(NMA)
Level 3
Municipal Bonds
 
Dividend
Advantage
(NAD)
Level 3
Municipal Bonds
 
Dividend
Advantage 3
(NZF)
Level 3
Municipal Bonds
 
Balance at the beginning of period
 
$
111,150
 
$
111,150
 
$
266,760
 
Gains (losses):
                   
Net realized gains (losses)
   
   
   
 
Net change in unrealized appreciation (depreciation)
   
19,578
   
19,578
   
46,988
 
Purchases at cost
   
   
   
 
Sales at proceeds
   
(100,743
)
 
(100,743
)
 
(241,784
)
Net discounts (premiums)
   
   
   
 
Transfers in to
   
   
   
 
Transfers out of
   
(29,985
)
 
(29,985
)
 
(71,964
)
Balance at the end of period
 
$
 
$
 
$
 
Change in net unrealized appreciation (depreciation) during the year of Level 3 securities
held as of April 30, 2012
 
$
 
$
 
$
 
 
During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2012.
 
4. Fund Shares
 
Common Shares
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding Common shares.
 
Nuveen Investments
 
107

 
 

 


   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Transactions in Common shares were as follows:

   
Performance Plus (NPP)
 
Municipal
Advantage (NMA)
 
Market
Opportunity (NMO)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
19,019
   
19,498
   
106,232
   
153,403
   
64,861
   
80,513
 

   
Dividend
Advantage (NAD)
 
Dividend
Advantage 2 (NXZ)
 
Dividend
Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
4,564
   
13,245
   
4,192
   
8,007
   
4,537
 
 
Preferred Shares
Transactions in ARPS were as follows:

   
Performance Plus (NPP)
 
Dividend Advantage (NAD)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
   
    Shares
 
Amount
 
Shares
 
Amount
 
    Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                                           
Series M
   
N/A
   
N/A
   
3,507
 
$
87,675,000
   
N/A
   
N/A
   
1,628
 
$
40,700,000
 
Series T
   
N/A
   
N/A
   
3,506
   
87,650,000
   
N/A
   
N/A
   
1,628
   
40,700,000
 
Series W
   
N/A
   
N/A
   
3,505
   
87,625,000
   
N/A
   
N/A
   
   
 
Series TH
   
N/A
   
N/A
   
2,770
   
69,250,000
   
N/A
   
N/A
   
1,547
   
38,675,000
 
Series F
   
N/A
   
N/A
   
3,508
   
87,700,000
   
N/A
   
N/A
   
   
 
Total
   
N/A
   
N/A
   
16,796
 
$
419,900,000
   
N/A
   
N/A
   
4,803
 
$
120,075,000
 

   
Dividend Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
   
   Shares
 
Amount
 
   Shares
 
Amount
 
ARPS redeemed:
                         
Series W
   
N/A
   
N/A
   
3,159
 
$
78,975,000
 
Series TH
   
N/A
   
N/A
   
3,159
   
78,975,000
 
Series F
   
N/A
   
N/A
   
3,160
   
79,000,000
 
Total
   
N/A
   
N/A
   
9,478
 
$
236,950,000
 
 
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS at liquidation value.
 
Transactions in MTP Shares were as follows:

   
Dividend Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
   
Shares
 
Amount
 
Shares
 
Amount
 
MTP Shares issued:
                         
Series 2015
   
 
$
   
 
$
 
Series 2016
   
   
   
7,000,000
   
70,000,000
 
Total
   
 
$
   
7,000,000
 
$
70,000,000
 
 
108
 
Nuveen Investments

 
 

 
 
Transactions in VMTP Shares were as follows:

   
Performance Plus (NPP)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
   
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                         
Series 2014
   
 
$
   
4,217
 
$
421,700,000
 

   
Dividend Advantage (NAD)
 
Dividend Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                                           
Series 2014
   
 
$
   
1,204
 
$
120,400,000
   
 
$
   
1,692
 
$
169,200,000
 

Transactions in VRDP Shares were as follows:

   
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
   
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
Six Months
Ended
4/30/12
 
Year
Ended
10/31/11
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
VRDP Shares issued:
                                                 
Series 1
   
 
$
   
2,968
 
$
296,800,000
   
 
$
   
3,509
 
$
350,900,000
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2012, were as follows:

   
Performance
Plus
(NPP
)
Municipal
Advantage
(NMA
)
Market
Opportunity
(NMO
)
Dividend
Advantage
(NAD
)
Dividend
Advantage 2
(NXZ
)
Dividend
Advantage 3
(NZF
)
Purchases
 
$
67,778,833
 
$
68,323,052
 
$
56,493,525
 
$
37,819,908
 
$
48,041,205
 
$
95,237,682
 
Sales and maturities
   
79,641,531
   
84,916,166
   
49,423,651
   
37,861,877
   
40,077,669
   
97,714,097
 
 
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

   
Performance
Plus
(NPP
)
Municipal
Advantage
(NMA
)
Market
Opportunity
(NMO
)
Dividend
Advantage
(NAD
)
Dividend
Advantage 2
(NXZ
)
Dividend
Advantage 3
(NZF
)
Cost of investments
 
$
1,245,000,685
 
$
866,426,378
 
$
936,950,911
 
$
800,963,409
 
$
585,376,632
 
$
785,935,688
 
Gross unrealized:
                                     
Appreciation
 
$
135,598,688
 
$
69,705,014
 
$
73,907,778
 
$
76,894,670
 
$
57,887,489
 
$
58,504,888
 
Depreciation
   
(17,790,981
)
 
(14,771,188
)
 
(9,828,006
)
 
(18,992,668
)
 
(15,021,938
)
 
(17,535,347
)
Net unrealized appreciation (depreciation) of investments
 
$
117,807,707
 
$
54,933,826
 
$
64,079,772
 
$
57,902,002
 
$
42,865,551
 
$
40,969,541
 
 
Nuveen Investments
 
109

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, non-deductible offering costs, and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2011, the Funds’ last tax year end, as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Paid-in surplus
 
$
(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
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Undistributed net tax-exempt 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.
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(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
 
 
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
At October 31, 2011, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
               
     
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
 

During the Funds’ last tax year ended October 31, 2011, the following Funds utilized capital loss carryforwards as follows:

               
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
 
     
(NAD
)
 
(NXZ
)
Utilized capital loss carryforwards
 
$
4,042,731
 
$
862,140
 
 
110
 
Nuveen Investments

 
 

 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:
         
     
Performance Plus (NPP)
     
Municipal Advantage (NMA)
     
Market Opportunity (NMO)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For the next $3 billion
   
.3875
 
For managed assets over $5 billion
   
.3750
 
     
Dividend Advantage (NAD)
     
Dividend Advantage 2 (NXZ)
     
Dividend Advantage 3 (NZF)
Average Daily Managed Assets*
   
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For managed assets over $2 billion
   
.3750
 

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
%
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to 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 April 30, 2012, the complex-level fee rate for these Funds was .1724%.
 
Nuveen Investments
 
111

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. New Accounting Pronouncements
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.
 
112
 
Nuveen Investments

 
 

 
Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
Nuveen Investments
 
113

 
 

 
 
Reinvest Automatically
Easily and Conveniently (continued)
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

114
 
Nuveen Investments
 
 
 

 
 
Glossary of Terms
Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
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 regulatory leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the shortterm 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, seeking to increase the return of an investment or portfolio.

Nuveen Investments
 
115

 
 

 
Glossary of Terms
Used in this Report (continued)
 
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 & Insured Leveraged Municipal Debt Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
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.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
Standard & Poor’s (S&P) Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
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.
 
116
 
Nuveen Investments

 
 

 
Notes
 
Nuveen Investments
 
117

 
 

 
 
Notes

118
 
Nuveen Investments

 
 

 
 
Additional Fund Information
 
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
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common stock as shown in the accompanying table.
   
 
Common Shares
Fund
Repurchased
NPP
NMA
NMO
NAD
NXZ
NZF
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

Nuveen Investments
 
119

 
 

 
 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
 
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
ESA-B-0412D
 
 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
 
ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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


 
 

 
 
SIGNATURES

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

(Registrant) Nuveen Dividend Advantage Municipal Fund

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

Date: July 9, 2012

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

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

Date: July 9, 2012

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 9, 2012