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, 2011

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.

 
 
 
 

 
INVESTMENT ADVISER NAME CHANGE
 
Effective January 1, 2011, Nuveen Asset Management, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”).
Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
 
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp – the parent of FAF Advisors – received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long-term investment business of FAF Advisors, including investment management responsibilities for the non-money market mutual funds of the First American Funds family.
 
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
 
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.

 
 

 
 
Table of Contents
   
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Common Share Dividend and Share Price Information
11
   
Performance Overviews
12
   
Portfolios of Investments
18
   
Statement of Assets and Liabilities
81
   
Statement of Operations
83
   
Statement of Changes in Net Assets
84
   
Statement of Cash Flows
86
   
Financial Highlights
88
   
Notes to Financial Statements
94
   
Board Approval of Sub-Advisory Arrangements
107
   
Reinvest Automatically, Easily and Conveniently
108
   
Glossary of Terms Used in this Report
110
   
Other Useful Information
115

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
 
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
 
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
 
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
 
As of the end of May 2011, Nuveen Investments had completed the refinancing of all of the Auction Rate Preferred Securities issued by its taxable closed-end funds and 91% of the MuniPreferred shares issued by its tax-exempt closed-end funds. Please consult the Nuveen Investments web site, www.Nuveen.com, for the current status of this important refinancing program.
 
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 21, 2011
 
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 34-year veteran of Nuveen, Tom has managed NXZ since its inception in 2001 and NPP, NMA, NMO and NAD since 2003. With 20 years of industry experience, including 14 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, 2011?
 
After rallying strongly through most of 2010, municipal bond prices generally declined during this six-month period, impacted by investor concerns about inflation, the federal deficit and the deficit’s impact on demand for U.S. Treasury securities. Adding to this market pressure was media coverage of the strained finances of many state and local governments. As a result, money began to flow out of municipal bond funds, as yields rose and valuations declined. Toward the end of this period, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields and rising valuations.
 
The municipal bond market also was affected by a significant decline in new tax-exempt issuance during this period. One reason for this decrease was the heavy issuance of taxable municipal debt at the end of 2010 under the Build America Bond (BAB) program. During November and December 2010, taxable BABs issuance nationwide totaled $31.5 billion, accounting for 34.5% of new bonds in the municipal market. Since interest payments from BABs represent taxable income, we did not view these bonds as appropriate investment opportunities for these Funds. The BAB program expired December 31, 2010, after Congress failed to include legislation extending the program in the tax bill it passed earlier that month. In addition to the BAB program’s impact on tax-exempt issuance during the November-December period, borrowers trying to take advantage of the program’s favorable terms before its termination at year end accelerated issuance that potentially would have come to market as tax-exempt bonds in 2011, choosing instead to issue taxable BABs during the last two months of 2010. Due in part to this, national municipal issuance was down 49% for the first four months of 2011 compared with the same period in 2010.
 
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.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 Nuveen Investments   5

 
 

 
Because of the constrained issuance of tax-exempt municipal bonds, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, we found value in essential services sectors such as health care, transportation, (specifically toll roads and airports), and general obligation and other tax-supported bonds issued by state and local governments for infrastructure projects. NPP, NMA, NMO, NAD and NXZ also bought some industrial development revenue bonds with good call protection. The majority of our purchases were sector-based rather than geographically focused, although we continued to keep our holdings well diversified by state. For the most part, the Funds focused on longer bonds in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchases of longer bonds also protected the Funds’ durations and yield curve positionings.
 
During the last months of 2010, some of our investment activity resulted from opportunities created by the provisions of the BAB program. For example, tax-exempt supply was more plentiful in the health care sector because, as 501(c)(3) (nonprofit) organizations, hospitals generally did not qualify for the BAB program and continued to issue bonds in the tax-exempt municipal market. In addition, bonds with proceeds earmarked for refundings, working capital and private activities were not covered by the BAB program, and this resulted in attractive opportunities in other sectors of the market, such as airports.
 
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds as fully invested as possible. Overall, selling was minimal.
 
As of April 30, 2011, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform?
 
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 4/30/11
                           
Fund
 
6-Month
1-Year
5-Year
10-Year
NPP
   
-5.76
%
 
-0.40
%
 
3.78
%
 
5.40
%
NMA
   
-6.13
%
 
-0.29
%
 
3.35
%
 
5.43
%
NMO
   
-7.94
%
 
-3.27
%
 
2.44
%
 
4.56
%
NAD
   
-6.81
%
 
-1.30
%
 
3.31
%
 
5.75
%
NXZ
   
-5.88
%
 
-3.17
%
 
3.16
%
 
5.98
%
NZF
   
-3.63
%
 
1.40
%
 
4.17
%
 
N/A
 
                           
Standard & Poor’s (S&P) National Municipal Bond Index1
   
-1.99
%
 
1.98
%
 
4.18
%
 
4.94
%
Lipper General Leveraged Municipal Debt Funds Average2
   
-5.81
%
 
0.10
%
 
3.04
%
 
5.25
%
 
*
Six-month returns are cumulative; all other returns are annualized.
 
 
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.
 
1
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
 
2
The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 74 funds; 1-year, 73 funds; 5-year, 70 funds; and 10-year, 51 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
 
6   Nuveen Investments

 
 

 
 
For the six months ended April 30, 2011, the cumulative returns on common share net asset value (NAV) for these six Funds underperformed the return for the Standard & Poor’s (S&P) National Municipal Bond Index. For the same period, NPP and NZF exceeded the average return for the Lipper General Leveraged Municipal Debt Funds Average, NXZ performed in line with this benchmark, and NMA, NMO and NAD lagged the Lipper group 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 leverage also had an impact on the Funds’ performance. Leverage is discussed in more detail below.
 
During this period, municipal bonds with shorter maturities generally outperformed other maturity categories, with credits at the longest end of the yield curve posting the weakest returns. The underperformance of longer bonds was due in part to the rise in municipal yields at the longer end of the curve. Among these six Funds, NZF and NXZ were the most advantageously situated in terms of duration and yield curve positioning, with more exposure to the outperforming shorter part of the yield curve. The other four Funds had longer durations, and their greater exposure to the underperforming long part of the curve detracted from their performance for this period. Overall, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
 
Credit exposure also played a role in performance. During the market reversal of late 2010, as the redemption activity in high-yield funds increased, lower-rated credits were negatively impacted. For the period as a whole, bonds rated BBB generally underper-formed those rated AAA. As of April 30, 2011, NMA, NMO, and NAD had the heaviest weightings of bonds rated BBB, while NZF held the fewest BBB rated bonds as well as the largest allocation of bonds rated AAA.
 
Holdings that generally helped the Funds’ returns included housing, resource recovery, and general obligation and other tax-supported bonds. In general, these Funds had relatively light exposures to housing, which limited their participation in the performance of this sector. During this period, pre-refunded bonds, which are often backed by U.S. Treasury securities, also were among the strongest performers, primarily due to their shorter effective maturities and higher credit quality. As of April 30, 2011, NXZ had the largest exposure to pre-refunded bonds among these Funds, while NAD had the smallest allocation. In contrast, the industrial development revenue, health care and transportation sectors turned in relatively weaker performance. NMA and NAD, in particular, were heavily weighted in the health care sector, which hampered their performance.
 
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
 
 Nuveen Investments   7

 
 

 
 
use of leverage. This is what happened in these Funds during the period, as the use of leverage hurt their overall performance.
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
Shortly after their respective inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multi-generational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable MuniFund Term Preferred (VMTP) Shares, which are a floating rate form of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
 
While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
 
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NMA, NAD, NXZ and NZF) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its
 
8   Nuveen Investments

 
 

 
shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
Subsequently, the funds that received demand letters (including NAD, NXZ and NZF) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
 
As of April 30, 2011, the amount of ARPS redeemed at par by the Funds is as shown in the accompanying table.
               
Fund
 
ARPS
Redeemed
 
% of Original
ARPS
NPP
 
$
479,000,000
   
100.0
%
NMA
 
$
358,000,000
   
100.0
%
NMO
 
$
380,000,000
   
100.0
%
NAD
 
$
174,925,000
   
59.3
%
NXZ
 
$
222,000,000
   
100.0
%
NZF
 
$
143,600,000
   
46.0
%
 
MTP Shares
 
As of April 30, 2011, and as noted in a previous shareholder report, the following Funds have issued and outstanding MTP Shares, at liquidation value, as shown in the accompanying table.
         
Fund
 
MTP Shares
at Liquidation Value
NAD
 
$
144,300,000
NZF
 
$
70,000,000
 
During the current reporting period, the following Fund completed the issuance of MTP Shares as shown in the accompanying table. The net proceeds from this offerings was used to refinance a portion of the Fund’s outstanding ARPS at par. The newly-issued MTP Shares trade on the New York Stock Exchange (NYSE). These MTP Shares are included in the total amount of MTP Shares outstanding in the preceding table.
                           
Fund
 
MTP Shares Issued
at Liquidation Value
 
MTP
Series
 
Annual
Interest Rate
NYSE
Ticker
NZF
 
$
70,000,000
   
2016
   
2.80
%
 
NZF PrC
 
 Nuveen Investments   9

 
 

 
VMTP Shares
 
During the current reporting period, the following Fund completed the issuance of VMTP Shares as shown in the accompanying table. The net proceeds from this offering was used to refinance the Fund’s remaining outstanding ARPS at par.
               
Fund
 
VMTP
Series
 
VMTP Shares Issued
at Liquidation Value
NPP
   
2014
 
$
421,700,000
 
As noted previously, VMTP is a newly-developed instrument that essentially replaces all or a portion of the ARPS used as leverage and potentially could be used to refinance all or a portion of the ARPS of other funds. VMTP is offered only to qualified institutional buyers, defined pursuant to Rule 144A under the Securities Act of 1933.
 
VRDP Shares
 
As of April 30, 2011, and as noted in a previous shareholder report, the following Funds have issued and outstanding VRDP Shares, at liquidation value, as shown in the accompanying table.
Fund
 
VRDP Shares
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 and Footnote 4 – Fund Shares for further details on MTP, VMTP and VRDP Shares.)
 
At the time this report was prepared, all 84 of the Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $10.0 billion of the approximately $11.0 billion originally outstanding.
 
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
Regulatory Matter
 
During May 2011, Nuveen Securities, LLC entered into a settlement with the Financial Industry Regulatory Authority (FINRA) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities, LLC neither admitted to nor denied FINRA’s allegations. Nuveen Securities, LLC is the broker-dealer subsidiary of Nuveen Investments.
 
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities, LLC were false and misleading. Nuveen Securities, LLC agreed to a censure and the payment of a $3 million fine.
 
10    Nuveen Investments

 
 

 
Common Share Dividend
and Share Price Information
 
The monthly dividends of all six Funds in this report remained stable throughout the six-month reporting period ended April 30, 2011.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2010 as follows:
               
Fund
 
Long-Term Capital Gains
(per share)
 
Short-Term Capital Gains and/or Ordinary Income
(per share)
NPP
 
$
0.0905
 
$
0.0081
NZF
 
$
0.0156
   
 
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, 2011, 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 SHARE PRICE INFORMATION
 
Since the inception of the Funds’ repurchase program, the Funds have not repurchased any of their outstanding common shares.
 
As of April 30, 2011, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums or (-) discounts to their common share NAVs as shown in the accompanying table.
               
Fund
 
4/30/11
(-)Discount
Six-Month Average
(-)Discount
NPP
   
(-)3.62
%
 
(-)3.92
%
NMA
   
(-)2.91
%
 
(-)2.86
%
NMO
   
(-)0.96
%
 
(-)0.92
%
NAD
   
(-)3.48
%
 
(-)4.52
%
NXZ
   
(-)3.58
%
 
(-)4.41
%
NZF
   
(-)3.58
%
 
(-)4.48
%
 
 Nuveen Investments   11

 
 

 
NPP
 
Nuveen Performance
Performance
 
Plus Municipal
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2011
 
 
Fund Snapshot        
Common Share Price
 
$
13.33
 
Common Share Net Asset Value (NAV)
 
$
13.83
 
Premium/(Discount) to NAV
   
-3.62
%
Market Yield
   
7.07
%
Taxable-Equivalent Yield1
   
9.82
%
Net Assets Applicable to Common Shares ($000)
 
$
829,253
 
 
Leverage
(as a % of managed assets)
       
Structural Leverage
   
32.19
%
Effective Leverage
   
36.70
%
 
Average Annual Total Return
(Inception 6/22/89)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
-7.33
%
 
-5.76
%
1-Year
   
0.43
%
 
-0.40
%
5-Year
   
4.46
%
 
3.78
%
10-Year
   
5.91
%
 
5.40
%
 
States4
(as a % of total investments)
       
Illinois
   
17.2
%
California
   
13.4
%
Colorado
   
6.4
%
Florida
   
4.9
%
New Jersey
   
4.6
%
Ohio
   
4.2
%
Texas
   
4.0
%
Nevada
   
3.5
%
New York
   
3.4
%
Massachusetts
   
3.0
%
Michigan
   
2.5
%
Washington
   
2.4
%
Pennsylvania
   
2.3
%
Louisiana
   
2.2
%
Puerto Rico
   
2.1
%
Indiana
   
2.0
%
South Carolina
   
1.9
%
Minnesota
   
1.6
%
Iowa
   
1.6
%
Arizona
   
1.5
%
Virginia
   
1.5
%
Other
   
13.8
%
 
Portfolio Composition4
(as a % of total investments)
       
Tax Obligation/Limited
   
17.6
%
Transportation
   
16.5
%
Health Care
   
13.9
%
U.S. Guaranteed
   
13.8
%
Tax Obligation/General
   
13.2
%
Utilities
   
7.7
%
Consumer Staples
   
6.6
%
Other
   
10.7
%
 
 
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 gain and net ordinary income distribution in December 2010 of $0.0986 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
12   Nuveen Investments

 
 

 
NMA
 
Nuveen Municipal
Performance
 
Advantage
OVERVIEW
 
Fund, Inc.
as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
12.99
 
Common Share Net Asset Value (NAV)
 
$
13.38
 
Premium/(Discount) to NAV
   
-2.91
%
Market Yield
   
7.62
%
Taxable-Equivalent Yield1
   
10.58
%
Net Assets Applicable to Common Shares ($000)
 
$
581,888
 
 
Leverage
(as a % of managed assets)
       
Structural Leverage
   
32.10
%
Effective Leverage
   
37.06
%
 
Average Annual Total Return
(Inception 12/19/89)
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
-9.60
%
 
-6.13
%
1-Year
   
-2.59
%
 
-0.29
%
5-Year
   
3.33
%
 
3.35
%
10-Year
   
5.93
%
 
5.43
%
 
States3
(as a % of total investments)
       
California
   
13.1
%
Texas
   
10.3
%
Louisiana
   
9.0
%
Illinois
   
8.1
%
Colorado
   
6.2
%
Puerto Rico
   
5.0
%
Ohio
   
4.8
%
Washington
   
4.4
%
New York
   
3.5
%
Pennsylvania
   
3.2
%
New Jersey
   
2.5
%
Tennessee
   
2.5
%
Nevada
   
2.4
%
Florida
   
2.1
%
South Carolina
   
2.1
%
Arizona
   
2.0
%
North Carolina
   
1.8
%
Massachusetts
   
1.7
%
Indiana
   
1.6
%
Other
   
13.7
%
 
Portfolio Composition3
(as a % of total investments)
       
Health Care
   
20.1
%
Utilities
   
15.9
%
Tax Obligation/General
   
13.1
%
Tax Obligation/Limited
   
12.5
%
Transportation
   
11.8
%
U.S. Guaranteed
   
10.9
%
Consumer Staples
   
6.5
%
Other
   
9.2
%
 
   
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
 Nuveen Investments   13

 
 

 
NMO
 
Nuveen Municipal
Performance
  Market Opportunity
OVERVIEW
 
Fund, Inc.
 
 
as of April 30, 2011
 
 
Fund Snapshot        
Common Share Price
 
$
12.43
 
Common Share Net Asset Value (NAV)
 
$
12.55
 
Premium/(Discount) to NAV
   
-0.96
%
Market Yield
   
7.87
%
Taxable-Equivalent Yield1
   
10.93
%
Net Assets Applicable to Common Shares ($000)
 
$
574,974
 
 
Leverage
(as a % of managed assets)
       
Structural Leverage
   
36.89
%
Effective Leverage
   
39.55
%
 
Average Annual Total Return
(Inception 3/21/90)
             
     
On Share Price
 
On NAV
6-Month (Cumulative)
   
-11.20
%
 
-7.94
%
1-Year
   
-4.19
%
 
-3.27
%
5-Year
   
3.79
%
 
2.44
%
10-Year
   
5.07
%
 
4.56
%
 
States3        
(as a % of total investments)
       
California
   
14.5
%
Illinois
   
10.0
%
Texas
   
8.6
%
Washington
   
6.3
%
Ohio
   
5.2
%
Puerto Rico
   
4.8
%
New York
   
4.4
%
Pennsylvania
   
4.2
%
Colorado
   
4.1
%
Nevada
   
3.9
%
North Carolina
   
3.8
%
South Carolina
   
3.3
%
New Jersey
   
2.5
%
Florida
   
2.2
%
Louisiana
   
2.0
%
Alaska
   
1.8
%
Michigan
   
1.8
%
Indiana
   
1.7
%
Virginia
   
1.7
%
Other
   
13.2
%
 
Portfolio Composition3        
(as a % of total investments)
       
Transportation
   
16.8
%
Health Care
   
16.6
%
Tax Obligation/General
   
15.6
%
Tax Obligation/Limited
   
12.7
%
U.S. Guaranteed
   
10.4
%
Utilities
   
8.9
%
Consumer Staples
   
6.9
%
Other
   
12.1
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
14   Nuveen Investments

 
 

 
NAD
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW  
Municipal Fund
as of April 30, 2011
 
 
Fund Snapshot        
Common Share Price
 
$
12.76
 
Common Share Net Asset Value (NAV)
 
$
13.22
 
Premium/(Discount) to NAV
   
-3.48
%
Market Yield
   
7.15
%
Taxable-Equivalent Yield1
   
9.93
%
Net Assets Applicable to Common Shares ($000)
 
$
519,587
 
 
Leverage
(as a % of managed assets)
       
Structural Leverage
   
32.35
%
Effective Leverage
   
36.42
%
 
Average Annual Total Return
(Inception 5/26/99)
             
      On Share Price   On NAV
6-Month (Cumulative)
   
-8.20
%
 
-6.81
%
1-Year
   
-3.17
%
 
-1.30
%
5-Year
   
3.87
%
 
3.31
%
10-Year
   
5.01
%
 
5.75
%
 
States3
(as a % of total municipal bonds)
       
Illinois
   
19.2
%
Florida
   
7.1
%
New York
   
6.3
%
Washington
   
5.8
%
California
   
5.8
%
Texas
   
4.9
%
Louisiana
   
4.8
%
Wisconsin
   
4.7
%
New Jersey
   
4.5
%
Colorado
   
4.0
%
Puerto Rico
   
3.8
%
Nevada
   
3.4
%
Indiana
   
2.8
%
Ohio
   
2.4
%
Rhode Island
   
2.0
%
Pennsylvania
   
1.9
%
Michigan
   
1.8
%
Other
   
14.8
%
 
Portfolio Composition3
(as a % of total investments)
       
Health Care
   
21.5
%
Tax Obligation/Limited
   
17.8
%
Tax Obligation/General
   
17.7
%
Transportation
   
14.4
%
Consumer Staples
   
6.1
%
Education and Civic Organizations
   
5.1
%
Housing/Multifamily
   
4.3
%
Investment Companies
   
0.1
%
Other
   
13.0
%
 
 
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 of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
 Nuveen Investments   15

 
 

 
NXZ
 
Nuveen Dividend
Performance  
Advantage
OVERVIEW
 
Municipal Fund 2
 
 
as of April 30, 2011
 
 
Fund Snapshot        
Common Share Price
 
$
12.93
 
Common Share Net Asset Value (NAV)
 
$
13.41
 
Premium/(Discount) to NAV
   
-3.58
%
Market Yield
   
7.42
%
Taxable-Equivalent Yield1
   
10.31
%
Net Assets Applicable to Common Shares ($000)
 
$
394,954
 
 
Leverage
(as a % of managed assets)
       
Structural Leverage
   
33.17
%
Effective Leverage
   
33.17
%
 
Average Annual Total Return
(Inception 3/27/01)
             
   
On Share Price
On NAV
6-Month (Cumulative)
   
-8.62
%
 
-5.88
%
1-Year
   
-4.82
%
 
-3.17
%
5-Year
   
1.84
%
 
3.16
%
10-Year
   
5.11
%
 
5.98
%
 
States3
(as a % of total investments)
       
Texas
   
16.7
%
California
   
11.9
%
Illinois
   
9.7
%
Colorado
   
7.3
%
New York
   
5.4
%
Michigan
   
5.0
%
New Mexico
   
3.9
%
Louisiana
   
3.5
%
Alabama
   
3.5
%
Florida
   
3.5
%
Kansas
   
2.9
%
Indiana
   
2.6
%
Puerto Rico
   
2.2
%
New Jersey
   
1.8
%
Washington
   
1.8
%
Hawaii
   
1.7
%
District of Columbia
   
1.6
%
Other
   
15.0
%
 
Portfolio Composition3
(as a % of total investments)
       
U.S. Guaranteed
   
23.4
%
Tax Obligation/Limited
   
19.6
%
Health Care
   
13.7
%
Transportation
   
13.2
%
Tax Obligation/General
   
7.1
%
Consumer Staples
   
7.0
%
Utilities
   
4.4
%
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
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3
Holdings are subject to change.
 
16   Nuveen Investments

 
 

 
NZF
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund 3
as of April 30, 2011
 
 
Fund Snapshot        
Common Share Price
 
$
13.20
 
Common Share Net Asset Value (NAV)
 
$
13.69
 
Premium/(Discount) to NAV
   
-3.58
%
Market Yield
   
7.45
%
Taxable-Equivalent Yield1
   
10.35
%
Net Assets Applicable to Common Shares ($000)
 
$
553,001
 
 
Leverage
(as a % of managed assets)
       
Structural Leverage
   
27.51
%
Effective Leverage
   
36.18
%
 
Average Annual Total Return
(Inception 9/25/01)
             
   
On Share Price
On NAV
6-Month (Cumulative)
   
-5.95
%
 
-3.63
%
1-Year
   
0.55
%
 
1.40
%
5-Year
   
3.87
%
 
4.17
%
Since Inception
   
5.25
%
 
5.87
%
 
States4
(as a % of total municipal bonds)
       
Texas
   
15.5
%
Illinois
   
11.0
%
Washington
   
8.8
%
California
   
8.2
%
Michigan
   
6.2
%
Colorado
   
4.2
%
Indiana
   
4.0
%
Georgia
   
3.8
%
Iowa
   
3.7
%
New York
   
3.4
%
New Jersey
   
3.2
%
Louisiana
   
3.0
%
Nevada
   
2.5
%
Kentucky
   
2.4
%
Missouri
   
2.0
%
Massachusetts
   
2.0
%
Maryland
   
1.8
%
Other
   
14.3
%
 
Portfolio Composition4
(as a % of total investments)
       
U.S. Guaranteed
   
26.2
%
Transportation
   
18.3
%
Health Care
   
13.2
%
Tax Obligation/General
   
9.2
%
Tax Obligation/Limited
   
7.6
%
Water and Sewer
   
4.8
%
Education and Civic Organizations
   
4.7
%
Consumer Staples
   
4.4
%
Investment Companies
   
0.4
%
Other
   
11.2
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0156 per share.
3
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4
Holdings are subject to change.
 
 Nuveen Investments   17
 
 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc.
NPP
 
Portfolio of Investments
   
April 30, 2011 (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
7/11 at 100.00
Caa3
$
878,378
 
 
1,505
 
5.375%, 2/01/27 – FGIC Insured
7/11 at 100.00
Caa3
 
922,068
 
 
2,940
 
Total Alabama
     
1,800,446
 
     
Alaska – 0.2% (0.1% of Total Investments)
         
 
2,465
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
6/14 at 100.00
Baa3
 
1,467,562
 
     
Arizona – 2.3% (1.5% of Total Investments)
         
 
1,000
 
Arizona State Transportation Board, Highway Revenue Bonds, Series 2002B, 5.250%, 7/01/22 (Pre-refunded 7/01/12)
7/12 at 100.00
AAA
 
1,057,330
 
 
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
No Opt. Call
A+
 
7,133,093
 
     
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–
 
5,579,278
 
 
5,055
 
5.750%, 7/01/16 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
 
5,236,576
 
 
19,200
 
Total Arizona
     
19,006,277
 
     
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
 
3,387,039
 
 
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
 
934,060
 
 
6,080
 
Total Arkansas
     
4,321,099
 
     
California – 20.3% (13.4% of Total Investments)
         
 
3,500
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 – AMBAC Insured
10/17 at 100.00
A–
 
2,755,235
 
 
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+
 
9,236,975
 
     
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:
         
 
4,000
 
6.000%, 5/01/15 (Pre-refunded 5/01/12)
5/12 at 101.00
Aaa
 
4,261,960
 
 
3,175
 
5.375%, 5/01/22 (Pre-refunded 5/01/12)
5/12 at 101.00
Aaa
 
3,363,055
 
 
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
 
3,006,964
 
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
         
 
5,000
 
5.000%, 4/01/37
4/16 at 100.00
A+
 
4,276,500
 
 
7,000
 
5.250%, 4/01/39
4/16 at 100.00
A+
 
6,155,590
 
 
2,380
 
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone Institutes, Series 2001, 5.250%, 10/01/34
10/11 at 101.00
A–
 
2,089,164
 
 
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
Baa1
 
2,096,930
 
 
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
 
3,672,842
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A1
 
4,916,300
 
 
16,000
 
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
6/17 at 100.00
A1
 
14,971,360
 
 
6,435
 
California, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
No Opt. Call
A1
 
7,566,402
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
8/18 at 100.00
AA+
 
4,094,700
 
 
7,240
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured
8/17 at 56.01
AA+
 
2,295,080
 
 
18
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
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
$
11,231,800
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
         
 
2,500
 
4.500%, 6/01/27
6/17 at 100.00
BBB–
 
1,876,425
 
 
1,500
 
5.125%, 6/01/47
6/17 at 100.00
Baa3
 
915,225
 
 
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
Baa3
 
5,725,900
 
 
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
 
4,964,050
 
     
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
 
3,367,321
 
 
5,500
 
5.125%, 7/01/40 – FGIC Insured
7/12 at 100.00
AA
 
5,507,095
 
 
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
No Opt. Call
AA
 
2,586,816
 
 
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009B, 6.500%, 11/01/39
No Opt. Call
A
 
3,404,676
 
 
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
7/11 at 100.00
N/R (4)
 
1,111,640
 
 
13,450
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%, 8/01/17 – NPFG Insured
No Opt. Call
Baa1
 
15,123,449
 
 
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
 
2,930,314
 
 
4,795
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
No Opt. Call
A+
 
4,509,410
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.580%, 2/01/33 (IF)
8/19 at 100.00
Aa2
 
2,032,105
 
 
2,000
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27B, 5.125%, 5/01/26 – FGIC Insured
11/11 at 100.00
A1
 
2,000,700
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
7,210
 
0.000%, 1/15/23 – NPFG Insured
No Opt. Call
Baa1
 
2,816,370
 
 
12,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa1
 
1,726,625
 
 
3,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
Baa1
 
307,590
 
 
4,005
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured
No Opt. Call
Aa1
 
1,610,090
 
 
2,875
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
6/15 at 100.00
BBB
 
2,430,151
 
 
5,245
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
8/15 at 100.00
A+
 
5,225,331
 
 
12,000
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Refunding Bonds, Series 1997A, 7.200%, 2/01/16 – NPFG Insured
8/11 at 103.00
AA–
 
12,553,080
 
 
205,915
 
Total California
     
168,715,220
 
     
Colorado – 9.8% (6.4% of Total Investments)
         
 
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 – AGM Insured
12/15 at 100.00
AA+
 
5,467,678
 
 
3,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 – SYNCORA GTY Insured
8/14 at 100.00
A
 
2,770,560
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
BBB
 
820,420
 
 
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
No Opt. Call
AA
 
9,187,700
 
 
5,860
 
Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives, Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11)
9/11 at 100.00
Aa2 (4)
 
5,959,093
 
 
4,500
 
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.500%, 11/15/16 – FGIC Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
4,586,895
 
 
Nuveen Investments
 
19

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
         
$
20,000
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
$
22,009,600
 
 
13,055
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
Baa1
 
6,626,718
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
         
 
16,200
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
Baa1
 
3,100,842
 
 
33,120
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
Baa1
 
5,841,706
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
         
 
5,000
 
0.000%, 9/01/28 – NPFG Insured
No Opt. Call
Baa1
 
1,337,850
 
 
18,500
 
0.000%, 3/01/36 – NPFG Insured
No Opt. Call
Baa1
 
2,592,590
 
 
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
AA+
 
862,119
 
     
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
 
5,054,550
 
 
3,750
 
6.000%, 1/15/41
7/20 at 100.00
Baa3
 
3,435,488
 
 
1,905
 
University of Colorado Hospital Authority, Revenue Bonds, Series 1999A, 5.000%, 11/15/29 – AMBAC Insured
5/11 at 100.00
A3
 
1,775,174
 
 
146,885
 
Total Colorado
     
81,428,983
 
     
District of Columbia – 1.5% (1.0% of Total Investments)
         
 
4,545
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
5/11 at 101.00
BBB
 
4,357,337
 
 
4,245
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
4/15 at 100.00
AA–
 
4,049,772
 
 
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
 
4,430,550
 
 
13,790
 
Total District of Columbia
     
12,837,659
 
     
Florida – 7.4% (4.9% of Total Investments)
         
 
1,700
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured
5/12 at 102.00
N/R
 
1,444,762
 
     
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)
7/11 at 100.00
AA+
 
1,544,876
 
 
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
1,804,910
 
 
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+
 
5,923,174
 
 
3,865
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-2, 4.950%, 7/01/37 (Alternative Minimum Tax)
1/16 at 100.00
AA+
 
3,732,740
 
 
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
Aa3
 
7,350,420
 
 
805
 
Jacksonville, Florida, Capital Improvement Revenue Bonds, Series 1998 Refunding, Stadium Project, 4.750%, 10/01/25 – AMBAC Insured
7/11 at 100.00
N/R
 
753,383
 
 
10,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured (UB)
4/15 at 100.00
AA+
 
9,800,400
 
 
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)
6/11 at 100.00
BB+
 
10,803,750
 
 
2,570
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.850%, 1/01/37 – AGM Insured (Alternative Minimum Tax)
6/11 at 100.00
AA+
 
2,571,105
 
 
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
 
2,919,805
 
 
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
 
4,764,150
 
 
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
 
2,490,200
 
 
20
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
     
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
         
$
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
Baa1
$
1,650,040
 
 
4,700
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
Baa1
 
3,757,039
 
 
63,040
 
Total Florida
     
61,310,754
 
     
Georgia – 1.1% (0.7% of Total Investments)
         
 
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
A1
 
5,495,250
 
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
9/20 at 100.00
N/R
 
1,875,980
 
 
2,000
 
George L. Smith II World Congress Center Authority, Atlanta, Georgia, Revenue Refunding Bonds, Domed Stadium Project, Series 2000, 5.500%, 7/01/20 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
Baa1
 
2,004,640
 
 
9,000
 
Total Georgia
     
9,375,870
 
     
Idaho – 0.1% (0.0% of Total Investments)
         
 
230
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax)
7/11 at 100.00
Aa3
 
234,474
 
 
275
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000G-2, 5.950%, 7/01/25 (Alternative Minimum Tax)
7/11 at 100.00
Aa2
 
286,652
 
 
505
 
Total Idaho
     
521,126
 
     
Illinois – 26.2% (17.2% of Total Investments)
         
 
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
Aa2
 
6,491,300
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
Aa2
 
6,073,800
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
         
 
32,170
 
0.000%, 1/01/21 – FGIC Insured
No Opt. Call
Aa3
 
19,124,100
 
 
32,670
 
0.000%, 1/01/22 – FGIC Insured
No Opt. Call
Aa3
 
18,044,948
 
 
9,240
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%,
1/01/29 – NPFG Insured
7/11 at 100.00
A
 
9,241,386
 
 
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
 
1,547,268
 
 
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
5,340,709
 
     
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
         
 
8,000
 
0.000%, 11/01/18
No Opt. Call
AAA
 
6,193,600
 
 
15,285
 
0.000%, 11/01/19
No Opt. Call
AAA
 
11,180,825
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33
7/13 at 100.00
Aa1
 
5,017,500
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
 
1,433,595
 
 
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+
 
1,759,680
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.156%, 7/01/15 (IF)
No Opt. Call
Aa1
 
4,889,074
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
No Opt. Call
A+
 
2,828,550
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
7/14 at 100.00
Aa1
 
999,250
 
 
2,250
 
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
 
2,247,638
 
 
4,990
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
Baa3
 
4,062,060
 
 
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
 
4,318,456
 
 
1,195
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 5.750%, 7/01/29
7/12 at 100.00
AA+
 
1,206,890
 
 
Nuveen Investments
 
21

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
3,610
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33
7/13 at 100.00
AA+
$
3,628,555
 
 
2,320
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15
7/11 at 100.00
BBB
 
2,328,213
 
 
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+
 
3,335,508
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 – NPFG Insured
6/12 at 101.00
AAA
 
4,663,250
 
 
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
No Opt. Call
AAA
 
14,091,122
 
     
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
A2
 
6,645,142
 
 
16,570
 
0.000%, 12/15/20 – NPFG Insured
No Opt. Call
A2
 
10,208,280
 
 
23,550
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
A2
 
12,636,695
 
 
13,190
 
0.000%, 12/15/24 – NPFG Insured
No Opt. Call
A2
 
6,132,954
 
 
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
No Opt. Call
AAA
 
5,466,333
 
 
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
A2 (4)
 
6,098,103
 
 
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
 
3,137,310
 
 
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
2/20 at 100.00
AA+
 
2,553,032
 
 
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+
 
19,301,345
 
 
10,000
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
No Opt. Call
Aa2
 
5,230,600
 
 
290,495
 
Total Illinois
     
217,457,071
 
     
Indiana – 3.1% (2.0% of Total Investments)
         
 
2,465
 
Danville Multi-School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series 2001, 5.250%, 7/15/18 – AMBAC Insured
7/11 at 100.00
A
 
2,482,871
 
 
3,000
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
8/16 at 100.00
Baa3
 
2,563,800
 
 
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23
2/16 at 100.00
A+
 
754,200
 
 
1,900
 
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+
 
2,112,743
 
 
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
7/11 at 100.00
BBB (4)
 
4,334,990
 
 
3,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
BBB+
 
2,706,030
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 – AMBAC Insured
5/15 at 100.00
A
 
1,751,900
 
 
3,105
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.250%, 8/01/20 – FGIC Insured
8/13 at 100.00
Aaa
 
3,343,526
 
 
1,000
 
Marion County Convention and Recreational Facilities Authority, Indiana, Excise Taxes Lease Rental Revenue Refunding Senior Bonds, Series 2001A, 5.000%, 6/01/21 – NPFG Insured
6/11 at 100.00
Baa1
 
1,003,790
 
 
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+
 
2,397,611
 
 
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+
 
1,856,394
 
 
25,735
 
Total Indiana
     
25,307,855
 
 
22
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Iowa – 2.4% (1.6% of Total Investments)
         
$
1,500
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/21
7/16 at 100.00
BB+
$
1,311,255
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
         
 
5,000
 
5.375%, 6/01/38
6/15 at 100.00
BBB
 
3,546,550
 
 
4,440
 
5.500%, 6/01/42
6/15 at 100.00
BBB
 
3,039,757
 
 
5,400
 
5.625%, 6/01/46
6/15 at 100.00
BBB
 
3,641,544
 
 
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
BBB
 
3,592,800
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)
6/11 at 101.00
AAA
 
5,073,550
 
 
25,840
 
Total Iowa
     
20,205,456
 
     
Kansas – 1.1% (0.7% 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
 
4,081,489
 
 
3,200
 
Wyandotte County Unified School District 500, Kansas, General Obligation Bonds, Series 2001, 4.000%, 9/01/21 (Pre-refunded 9/01/11) – AGM Insured
9/11 at 100.00
AA+ (4)
 
3,240,544
 
 
3,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area
B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
N/R
 
2,066,308
 
 
10,720
 
Total Kansas
     
9,388,341
 
     
Louisiana – 3.4% (2.2% of Total Investments)
         
 
420
 
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
10/11 at 100.00
Aaa
 
420,265
 
 
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+
 
4,190,560
 
 
4,750
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
Baa1
 
4,682,313
 
 
1,000
 
Louisiana State University and Agricultural and Mechanical College Board of Supervisors, Auxiliary Revenue Bonds, University Health Sciences Center Projects, Series 2000, 6.375%, 5/01/31 – NPFG Insured
5/12 at 100.00
Baa1
 
1,007,800
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
         
 
9,100
 
5.500%, 5/15/30
5/11 at 101.00
A
 
8,983,520
 
 
9,485
 
5.875%, 5/15/39
5/11 at 101.00
A–
 
8,656,296
 
 
28,755
 
Total Louisiana
     
27,940,754
 
     
Maine – 0.7% (0.4% of Total Investments)
         
 
5,680
 
Portland, Maine, Airport Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
7/13 at 100.00
AA+
 
5,563,333
 
     
Maryland – 1.6% (1.1% of Total Investments)
         
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
No Opt. Call
BBB–
 
2,497,190
 
 
7,720
 
Maryland Transportation Authority, Airport Parking Revenue Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/20 – AMBAC Insured (Alternative Minimum Tax)
3/12 at 101.00
A2
 
7,865,676
 
 
3,010
 
Takoma Park, Maryland, Hospital Facilities Revenue Refunding and Improvement Bonds, Washington Adventist Hospital, Series 1995, 6.500%, 9/01/12 – AGM Insured (ETM)
No Opt. Call
AA+ (4)
 
3,151,109
 
 
13,280
 
Total Maryland
     
13,513,975
 
 
Nuveen Investments
 
23

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts – 4.6% (3.0% of Total Investments)
         
$
6,250
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
1/20 at 100.00
A
$
5,971,250
 
     
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
         
 
4,000
 
5.125%, 8/01/28 – NPFG Insured
2/12 at 100.00
Baa1
 
3,941,160
 
 
5,625
 
5.125%, 2/01/34 – NPFG Insured
2/12 at 100.00
Baa1
 
5,111,775
 
 
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+
 
9,097,271
 
 
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
A3
 
435,060
 
 
1,595
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Southcoast Health System Obligated Group, Series 1998A, 4.750%, 7/01/27 – NPFG Insured
7/11 at 100.00
A2
 
1,422,214
 
 
5,745
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
6/11 at 100.00
A–
 
5,759,994
 
 
890
 
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, 5.250%, 11/01/30 (Pre-refunded 11/01/12)
11/12 at 100.00
Aa1 (4)
 
952,798
 
     
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:
         
 
1,255
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
Aa1 (4)
 
1,349,865
 
 
3,745
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
Aa1 (4)
 
4,028,085
 
 
38,335
 
Total Massachusetts
     
38,069,472
 
     
Michigan – 3.9% (2.5% of Total Investments)
         
 
5,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
A
 
4,489,050
 
 
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
 
1,869,340
 
 
1,430
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.000%, 10/15/24
10/11 at 100.00
Aa3
 
1,434,347
 
 
70
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.000%, 10/15/24 (Pre-refunded 10/15/11)
10/11 at 100.00
A+ (4)
 
71,481
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
Aa3
 
1,813,875
 
 
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
 
5,004,450
 
 
7,115
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2003A, 5.500%, 3/01/16 (Pre-refunded 3/01/13)
3/13 at 100.00
A1 (4)
 
7,749,516
 
 
3,070
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
A
 
3,070,675
 
 
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
Baa3
 
2,689,551
 
 
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
 
2,563,325
 
 
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
 
1,307,493
 
 
36,635
 
Total Michigan
     
32,063,103
 
     
Minnesota – 2.5% (1.6% of Total Investments)
         
 
17,280
 
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+
 
20,382,623
 
     
Mississippi – 1.5% (1.0% 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
10/11 at 100.00
BBB
 
9,557,340
 
 
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
 
2,511,284
 
 
12,225
 
Total Mississippi
     
12,068,624
 
 
24
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Missouri – 1.7% (1.1% 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+
$
2,007,600
 
 
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+
 
6,640,068
 
 
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
 
1,955,165
 
 
3,815
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
 
3,870,050
 
 
14,010
 
Total Missouri
     
14,472,883
 
     
Montana – 0.6% (0.4% of Total Investments)
         
 
280
 
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax)
6/11 at 100.00
AA+
 
285,029
 
 
4,795
 
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1998B, 5.500%, 12/01/31 (Alternative Minimum Tax)
6/11 at 100.00
A2
 
4,639,930
 
 
5,075
 
Total Montana
     
4,924,959
 
     
Nevada – 5.3% (3.5% of Total Investments)
         
 
10,900
 
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) – NPFG Insured
6/12 at 100.00
AA (4)
 
11,530,456
 
 
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
 
22,547,562
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
3,500
 
0.000%, 1/01/21 – AMBAC Insured
No Opt. Call
N/R
 
486,430
 
 
2,780
 
0.000%, 1/01/28 – AMBAC Insured
No Opt. Call
N/R
 
254,231
 
 
6,980
 
5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
N/R
 
1,750,444
 
 
5,000
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31
7/17 at 100.00
A
 
4,686,350
 
 
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.488%, 7/01/31 – BHAC Insured (IF)
7/17 at 100.00
AA+
 
2,493,100
 
 
55,855
 
Total Nevada
     
43,748,573
 
     
New Hampshire – 1.9% (1.2% of Total Investments)
         
 
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
BBB+
 
4,930,150
 
     
New Hampshire Housing Finance Authority, FHLMC Multifamily Housing Remarketed Revenue Bonds, Countryside LP, Series 1994:
         
 
3,725
 
6.000%, 7/01/18 (Alternative Minimum Tax)
7/11 at 100.50
Aaa
 
3,766,533
 
 
6,945
 
6.100%, 7/01/24 (Alternative Minimum Tax)
7/11 at 100.50
Aaa
 
7,019,312
 
 
15,670
 
Total New Hampshire
     
15,715,995
 
     
New Jersey – 7.0% (4.6% 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–
 
1,285,770
 
 
2,110
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Aaa
 
2,117,153
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured
No Opt. Call
AA+
 
5,093,550
 
 
9,250
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/23 (Pre-refunded 6/15/13)
6/13 at 100.00
AAA
 
10,208,670
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
10,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
A+
 
2,749,300
 
 
38,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA+
 
8,219,780
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/20 – AGM Insured (UB)
7/13 at 100.00
AA+
 
10,589,800
 
 
Nuveen Investments
 
25

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey (continued)
         
$
8,920
 
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
$
9,290,269
 
 
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
 
5,007,096
 
 
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
Baa3
 
3,105,950
 
 
93,730
 
Total New Jersey
     
57,667,338
 
     
New York – 5.2% (3.4% 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
 
5,573,920
 
 
1,740
 
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
7/11 at 100.00
N/R
 
1,741,827
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Barnabas Hospital, Series 1997, 5.450%, 8/01/35 – AMBAC Insured
8/11 at 100.00
N/R
 
1,500,015
 
 
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+
 
13,742,190
 
 
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+
 
12,692,064
 
 
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
 
2,102,260
 
 
3,000
 
New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1998A, 5.950%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
2,957,790
 
 
2,650
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
BBB–
 
2,549,830
 
 
43,210
 
Total New York
     
42,859,896
 
     
North Carolina – 1.7% (1.1% of Total Investments)
         
 
5,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.000%, 1/15/39
1/18 at 100.00
AA–
 
5,200,305
 
 
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
AAA
 
5,587,568
 
 
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
 
3,350,935
 
 
13,900
 
Total North Carolina
     
14,138,808
 
     
North Dakota – 0.5% (0.3% of Total Investments)
         
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.250%, 11/01/31
11/21 at 100.00
AA–
 
4,081,374
 
     
Ohio – 6.4% (4.2% of Total Investments)
         
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
A1
 
9,742,800
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
5,650
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
 
4,365,529
 
 
5,640
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
4,070,050
 
 
4,875
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
3,358,875
 
 
3,045
 
6.000%, 6/01/42
6/17 at 100.00
Baa3
 
2,114,022
 
 
14,830
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
10,005,653
 
 
5,300
 
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
Baa3
 
3,372,337
 
 
6,720
 
Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%,
1/01/31 – AGM Insured
7/11 at 100.00
AA+
 
6,299,462
 
 
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–
 
2,312,053
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
5/14 at 100.00
AA
 
3,549,625
 
 
26
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
         
$
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
$
3,595,325
 
 
65,440
 
Total Ohio
     
52,785,731
 
     
Pennsylvania – 3.4% (2.3% of Total Investments)
         
 
1,250
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
No Opt. Call
Aa3
 
1,222,600
 
     
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+
 
1,973,344
 
 
3,125
 
0.000%, 5/15/23 – AGM Insured
No Opt. Call
AA+
 
1,847,469
 
 
3,135
 
0.000%, 5/15/24 – AGM Insured
No Opt. Call
AA+
 
1,743,029
 
 
3,155
 
0.000%, 5/15/26 – AGM Insured
No Opt. Call
AA+
 
1,538,757
 
 
4,145
 
0.000%, 11/15/26 – AGM Insured
No Opt. Call
AA+
 
1,973,932
 
 
2,800
 
0.000%, 5/15/28 – AGM Insured
No Opt. Call
AA+
 
1,194,704
 
 
3,000
 
0.000%, 11/15/28 – AGM Insured
No Opt. Call
AA+
 
1,248,450
 
 
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)
7/11 at 100.00
CC
 
643,180
 
 
100
 
Pennsylvania Economic Development Financing Authority, Subordinate Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994C, 6.875%, 1/01/12 (Alternative Minimum Tax) (5)
No Opt. Call
N/R
 
24,500
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
3,960,950
 
 
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
 
11,016,085
 
 
41,725
 
Total Pennsylvania
     
28,387,000
 
     
Puerto Rico – 3.1% (2.1% of Total Investments)
         
 
13,125
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
8/29 at 100.00
A+
 
9,312,056
 
 
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+
 
7,792,774
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
         
 
25,000
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
Aa2
 
2,166,500
 
 
64,335
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
Aa2
 
3,349,923
 
 
3,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 3101, 18.336%, 8/01/57 (IF)
8/17 at 100.00
Aa2
 
3,278,400
 
 
114,835
 
Total Puerto Rico
     
25,899,653
 
     
Rhode Island – 0.7% (0.5% of Total Investments)
         
 
2,000
 
Kent County Water Authority, Rhode Island, General Revenue Bonds, Series 2002A, 5.000%, 7/15/23 – NPFG Insured
7/12 at 100.00
A
 
2,029,820
 
     
Rhode Island Health and Educational Building Corporation, Revenue Refunding Bonds, Salve Regina University, Series 2002:
         
 
1,260
 
5.250%, 3/15/17 – RAAI Insured
3/12 at 101.00
N/R
 
1,279,769
 
 
1,080
 
5.250%, 3/15/18 – RAAI Insured
3/12 at 101.00
N/R
 
1,094,310
 
 
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
 
1,662,668
 
 
6,075
 
Total Rhode Island
     
6,066,567
 
     
South Carolina – 2.8% (1.9% of Total Investments)
         
 
2,725
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/25 – NPFG Insured
8/14 at 100.00
Baa1
 
2,770,126
 
     
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–
 
8,093,778
 
 
14,700
 
0.000%, 1/01/32 – AMBAC Insured
No Opt. Call
A–
 
4,118,940
 
 
8,330
 
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11)
5/11 at 101.00
BBB (4)
 
8,426,711
 
 
52,710
 
Total South Carolina
     
23,409,555
 
 
Nuveen Investments
 
27

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tennessee – 1.2% (0.8% of Total Investments)
         
$
2,860
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured
7/23 at 100.00
Baa1 (4)
$
2,868,637
 
 
115
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 6.000%, 3/01/24 – AMBAC Insured (Alternative Minimum Tax)
9/11 at 100.00
A2
 
115,151
 
 
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
 
6,711,600
 
 
8,975
 
Total Tennessee
     
9,695,388
 
     
Texas – 6.0% (4.0% 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
 
4,732,700
 
 
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
 
2,401,750
 
     
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
 
3,258,920
 
 
13,000
 
5.000%, 1/01/45 – FGIC Insured
1/15 at 100.00
BBB
 
10,129,600
 
 
1,570
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/11 at 100.00
Baa1
 
1,138,062
 
 
4,000
 
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003, 5.000%, 2/15/27 – AMBAC Insured (UB)
2/13 at 100.00
AA+
 
4,089,680
 
 
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
 
2,779,523
 
 
1,600
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
7/18 at 100.00
AA–
 
1,623,520
 
 
33,855
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/40
8/14 at 23.67
AAA
 
6,232,706
 
 
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
 
3,250,892
 
 
3,480
 
Pearland, Texas, General Obligation Bonds, Series 2002, 5.000%, 3/01/27 (Pre-refunded 3/01/12) – FGIC Insured
3/12 at 100.00
AA– (4)
 
3,615,476
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
A1
 
2,753,043
 
 
4,000
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.000%, 3/01/22 – AGM Insured
3/13 at 100.00
AAA
 
4,194,000
 
 
99,080
 
Total Texas
     
50,199,872
 
     
Utah – 1.2% (0.8% 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+
 
2,796,450
 
 
1,485
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax)
1/12 at 100.00
AA–
 
1,512,398
 
 
390
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000D-1, 6.050%, 7/01/14 (Alternative Minimum Tax)
7/11 at 100.00
AA–
 
397,320
 
 
485
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax)
7/11 at 100.00
AA
 
485,243
 
 
475
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
7/11 at 100.00
AA–
 
483,811
 
 
28
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Utah (continued)
         
$
650
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax)
7/11 at 100.00
AA
$
650,312
 
 
475
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax)
7/11 at 100.00
Aaa
 
490,675
 
 
3,000
 
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2002C, 5.250%, 10/01/28 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 100.00
N/R (4)
 
3,204,570
 
 
9,960
 
Total Utah
     
10,020,779
 
     
Virgin Islands – 0.8% (0.5% of Total Investments)
         
 
4,700
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/33 – RAAI Insured
10/14 at 100.00
BBB+
 
4,072,550
 
 
2,500
 
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
1/14 at 100.00
Baa3
 
2,334,825
 
 
7,200
 
Total Virgin Islands
     
6,407,375
 
     
Virginia – 2.2% (1.5% of Total Investments)
         
 
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+
 
7,631,190
 
 
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+
 
10,623,240
 
 
28,500
 
Total Virginia
     
18,254,430
 
     
Washington – 3.6% (2.4% of Total Investments)
         
 
12,235
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured
No Opt. Call
AA
 
5,499,755
 
     
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
 
479,373
 
 
3,100
 
5.000%, 9/01/28 – FGIC Insured
9/14 at 100.00
A1
 
3,121,576
 
 
5,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB)
7/13 at 100.00
Aaa
 
5,460,800
 
 
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
 
2,007,480
 
 
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
 
8,521,700
 
 
5,000
 
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Kline Galland Center, Series 1999, 6.000%, 7/01/29 – RAAI Insured
7/11 at 100.00
N/R
 
4,875,450
 
 
37,800
 
Total Washington
     
29,966,134
 
     
West Virginia – 0.6% (0.4% of Total Investments)
         
 
5,000
 
Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 (Mandatory put 10/01/11)
10/11 at 100.00
BBB (4)
 
5,020,000
 
 
Nuveen Investments
 
29

 
 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 2.0% (1.3% of Total Investments)
         
$
11,620
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1999, 6.250%, 2/15/29 – RAAI Insured
8/11 at 100.00
BBB+
$
11,618,722
 
 
5,350
 
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
 
5,209,830
 
 
16,970
 
Total Wisconsin
     
16,828,552
 
$
1,714,430
 
Total Investments (cost $1,282,652,166) – 152.3%
     
1,263,296,465
 
     
Floating Rate Obligations – (4.9)%
     
(40,825,000
)
     
Variable MuniFund Term Preferred Shares, at Liquidation Value – (50.8)% (6)
     
(421,700,000
)
     
Other Assets Less Liabilities – 3.4%
     
28,481,244
 
     
Net Assets Applicable to Common Shares – 100%
   
$
829,252,709
 
 
(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 Investor 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. Such investments are normally considered to be equivalent to AAA rated 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 MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.4%.
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.
 
30
 
Nuveen Investments

 
 

 
   
Nuveen Municipal Advantage Fund, Inc.
NMA
 
Portfolio of Investments
   
April 30, 2011 (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
$
4,971,636
 
     
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+
 
1,136,655
 
 
1,280
 
5.250%, 12/01/41 – FGIC Insured (UB)
12/14 at 100.00
AA+
 
1,287,040
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
         
 
850
 
4.625%, 6/01/23
6/14 at 100.00
Baa3
 
746,487
 
 
3,250
 
5.000%, 6/01/46
6/14 at 100.00
Baa3
 
1,934,919
 
 
6,505
 
Total Alaska
     
5,105,101
 
     
Arizona – 3.2% (2.0% of Total Investments)
         
 
3,465
 
Arizona Board of Regents, Certificates of Participation, Arizona State University, Refunding Series 2006, 5.000%, 7/01/25 – NPFG Insured
No Opt. Call
AA–
 
3,559,144
 
 
4,905
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
7/17 at 100.00
A
 
4,566,800
 
 
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–
 
10,269,431
 
 
19,070
 
Total Arizona
     
18,395,375
 
     
California – 20.6% (13.1% of Total Investments)
         
 
3,500
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 – AMBAC Insured
10/17 at 100.00
A–
 
2,755,235
 
     
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
 
897,923
 
 
6,410
 
0.000%, 8/01/34 – FGIC Insured
No Opt. Call
A
 
1,210,593
 
 
3,000
 
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
3/13 at 100.00
A
 
2,680,800
 
 
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
 
7,061,100
 
 
11,200
 
California State, General Obligation Bonds, Series 2003, 5.250%, 2/01/28
8/13 at 100.00
A1
 
11,278,288
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
 
4,116,848
 
 
16,000
 
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
6/17 at 100.00
A1
 
14,971,360
 
 
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
 
3,000,113
 
 
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
 
2,158,941
 
     
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
 
827,488
 
 
3,795
 
0.000%, 2/01/37 – FGIC Insured
No Opt. Call
Aa3
 
597,978
 
 
6,980
 
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
 
8,928,537
 
 
8,145
 
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/25 – FGIC Insured
8/13 at 55.54
Aa1
 
3,447,941
 
 
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
Aa3
 
786,885
 
 
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
Aa2
 
1,164,643
 
 
2,315
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
No Opt. Call
A1
 
518,977
 
 
Nuveen Investments
 
31

 
 

 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
April 30, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
3,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured
No Opt. Call
AA+
$
1,190,160
 
 
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
Baa3
 
610,150
 
 
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
 
5,006,450
 
 
1,275
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/23 – AGM Insured
8/12 at 100.00
AA+
 
1,321,028
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
No Opt. Call
A
 
2,269,784
 
     
North Orange County Community College District, California, General Obligation Bonds, Series 2003B:
         
 
7,735
 
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
Aa1
 
3,319,939
 
 
4,180
 
0.000%, 8/01/26 – FGIC Insured
No Opt. Call
Aa1
 
1,661,466
 
 
2,590
 
Palmdale Community Redevelopment Agency, California, Residential Mortgage Revenue Refunding Bonds, Series 1991B, 7.375%, 2/01/12 (ETM)
No Opt. Call
AAA
 
2,709,062
 
 
5,000
 
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (Alternative Minimum Tax) (ETM)
No Opt. Call
AAA
 
6,283,450
 
 
9,315
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM)
No Opt. Call
AAA
 
11,690,045
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 – AGM Insured
5/15 at 100.00
AA+
 
3,336,501
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.580%, 2/01/33 (IF)
8/19 at 100.00
Aa2
 
2,032,105
 
 
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
 
4,683,630
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
7,205
 
0.000%, 1/15/23 – NPFG Insured
No Opt. Call
Baa1
 
2,814,417
 
 
23,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
Baa1
 
2,358,190
 
 
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
 
2,152,380
 
 
190,985
 
Total California
     
119,842,407
 
     
Colorado – 9.7% (6.2% 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
 
1,316,640
 
 
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
 
7,890,896
 
 
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
 
3,347,773
 
 
7,500
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
No Opt. Call
AA
 
6,890,775
 
 
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+
 
1,080,471
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
         
 
5,365
 
5.000%, 11/15/23 – FGIC Insured (UB)
11/16 at 100.00
A+
 
5,594,354
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
3,417,579
 
 
4,340
 
5.000%, 11/15/25 – FGIC Insured (UB)
11/16 at 100.00
A+
 
4,464,645
 
 
2,000
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
11/16 at 100.00
BBB–
 
1,488,560
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
         
 
2,650
 
0.000%, 9/01/16 – NPFG Insured
No Opt. Call
Baa1
 
2,016,094
 
 
8,645
 
0.000%, 9/01/26 – NPFG Insured
No Opt. Call
Baa1
 
2,782,047
 
 
32
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
         
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
         
$
7,500
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
Baa1
$
1,836,975
 
 
10,000
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
Baa1
 
2,076,400
 
 
10,000
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
Baa1
 
1,914,100
 
     
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)
 
1,086,290
 
 
4,890
 
5.375%, 6/01/18 (Pre-refunded 6/01/12)
6/12 at 100.00
AA (4)
 
5,157,238
 
     
Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE:
         
 
970
 
5.375%, 6/01/17
6/12 at 100.00
AA
 
1,013,272
 
 
110
 
5.375%, 6/01/18
6/12 at 100.00
AA
 
114,491
 
 
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
 
2,905,424
 
 
86,935
 
Total Colorado
     
56,394,024
 
     
District of Columbia – 0.2% (0.1% of Total Investments)
         
 
1,145
 
District of Columbia Housing Finance Agency, GNMA/FNMA Single Family Mortgage Revenue Bonds, Series 1997B, 5.900%, 12/01/28 (Alternative Minimum Tax)
6/11 at 100.00
AAA
 
1,186,150
 
     
Florida – 3.3% (2.1% of Total Investments)
         
 
2,770
 
Florida Housing Finance Corporation, Housing Revenue Bonds, Stratford Point Apartments, Series 2000O-1, 5.850%, 12/01/31 – AGM Insured (Alternative Minimum Tax)
6/11 at 100.00
AA+
 
2,770,747
 
 
3,500
 
JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/17
10/11 at 100.00
Aa2
 
3,557,015
 
 
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
 
13,133,415
 
 
21,000
 
Total Florida
     
19,461,177
 
     
Georgia – 1.8% (1.1% 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+
 
4,025,320
 
 
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–
 
2,614,524
 
 
1,250
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
9/20 at 100.00
N/R
 
1,172,488
 
 
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
 
2,452,500
 
 
10,650
 
Total Georgia
     
10,264,832
 
     
Hawaii – 0.0% (0.0% of Total Investments)
         
 
210
 
Hawaii Housing Finance and Development Corporation, Single Family Mortgage Purchase Revenue Bonds, Series 1997A, 5.750%, 7/01/30 (Alternative Minimum Tax)
7/11 at 100.00
AAA
 
211,612
 
     
Illinois – 12.7% (8.1% of Total Investments)
         
 
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
Aa2
 
1,371,412
 
 
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
Aa2
 
1,053,157
 
 
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)
7/11 at 101.00
A2
 
4,634,950
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
7,120,945
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
 
1,433,595
 
 
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+
 
1,759,680
 
 
8,395
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.156%, 7/01/15 (IF)
No Opt. Call
Aa1
 
7,825,315
 
 
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
 
2,488,975
 
 
Nuveen Investments
 
33
 
 
 

 

   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
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
$
3,995,800
 
 
6,000
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.750%, 5/15/22 (Pre-refunded 5/15/12)
5/12 at 100.00
Aaa
 
6,325,200
 
 
5,115
 
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 1997A, 5.000%, 7/01/24 – NPFG Insured
7/11 at 100.00
Baa1
 
4,725,749
 
 
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
 
5,617,664
 
 
1,090
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured
No Opt. Call
A2
 
646,490
 
 
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
 
422,212
 
 
6,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 6/15/24 – NPFG Insured
No Opt. Call
A2
 
2,874,780
 
 
4,310
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
No Opt. Call
Aa3
 
5,118,556
 
 
1,940
 
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2003A, 5.000%, 4/01/23 – AMBAC Insured
4/13 at 100.00
Aa2
 
1,967,878
 
 
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
 
3,241,725
 
 
23,125
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured
No Opt. Call
Aa2
 
11,274,363
 
 
108,095
 
Total Illinois
     
73,898,446
 
     
Indiana – 2.5% (1.6% 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
 
1,307,592
 
 
1,570
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
7/11 at 100.00
N/R
 
1,540,829
 
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
Aa3
 
3,738,550
 
 
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
 
5,579,340
 
 
2,435
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
BBB+
 
2,196,394
 
 
1,005
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.450%, 2/15/12 (5)
8/11 at 100.00
N/R
 
261,099
 
 
17,640
 
Total Indiana
     
14,623,804
 
     
Iowa – 1.7% (1.1% of Total Investments)
         
 
6,300
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
6/15 at 100.00
BBB
 
4,468,653
 
 
250
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
BBB
 
199,600
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)
6/11 at 101.00
AAA
 
5,073,550
 
 
11,550
 
Total Iowa
     
9,741,803
 
     
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
 
3,416,351
 
 
1,750
 
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
6/14 at 100.00
BBB+
 
1,755,583
 
 
3,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area
B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
N/R
 
2,066,308
 
 
9,195
 
Total Kansas
     
7,238,242
 
 
34
 
Nuveen Investments
 
 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Kentucky – 1.4% (0.9% of Total Investments)
         
$
6,015
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40
6/20 at 100.00
Baa2
$
5,707,513
 
 
1,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System, Series 2009A, 5.375%, 8/15/24
8/19 at 100.00
Aa3
 
1,534,830
 
 
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+
 
1,025,720
 
 
8,515
 
Total Kentucky
     
8,268,063
 
     
Louisiana – 14.1% (9.0% of Total Investments)
         
 
13,500
 
DeSoto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 – AMBAC Insured
9/11 at 100.00
BBB
 
13,499,325
 
     
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
         
 
405
 
11.000%, 2/01/14 (ETM)
No Opt. Call
N/R (4)
 
470,177
 
 
3,735
 
11.000%, 2/01/14 (ETM)
No Opt. Call
N/R (4)
 
4,336,074
 
 
6,650
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
Baa1
 
6,555,238
 
 
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
 
7,492,590
 
 
28
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 15.745%, 5/01/34 (IF)
5/16 at 100.00
Aa1
 
18,672
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
10,000
 
5.000%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
10,006,500
 
 
20,690
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
18,926,178
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
         
 
7,505
 
5.500%, 5/15/30
5/11 at 101.00
A
 
7,408,936
 
 
14,365
 
5.875%, 5/15/39
5/11 at 101.00
A–
 
13,109,930
 
 
85,878
 
Total Louisiana
     
81,823,620
 
     
Maryland – 0.9% (0.5% of Total Investments)
         
 
5,000
 
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2010A, 2.000%, 6/01/11
No Opt. Call
AAA
 
5,007,900
 
     
Massachusetts – 2.7% (1.7% of Total Investments)
         
 
2,500
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2003A, 5.250%, 7/01/11
No Opt. Call
AAA
 
2,521,525
 
 
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
 
8,813,086
 
 
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
A3
 
551,819
 
 
1,750
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 – AMBAC Insured
7/11 at 100.00
BBB+
 
1,597,138
 
 
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
 
2,181,734
 
 
15,995
 
Total Massachusetts
     
15,665,302
 
     
Michigan – 1.1% (0.7% of Total Investments)
         
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
Aa3
 
1,813,875
 
 
2,000
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2003, 5.500%, 11/01/11
No Opt. Call
A
 
2,038,320
 
 
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
Baa3
 
2,689,551
 
 
11,300
 
Total Michigan
     
6,541,746
 
 
Nuveen Investments
 
35

 
 

 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Missouri – 1.0% (0.6% of Total Investments)
         
$
1,500
 
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+
$
1,505,700
 
 
12,005
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
 
4,081,340
 
 
40
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000A-1, 7.500%, 3/01/31 (Alternative Minimum Tax)
9/11 at 100.00
AAA
 
41,539
 
 
13,545
 
Total Missouri
     
5,628,579
 
     
Nevada – 3.6% (2.4% of Total Investments)
         
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
Aa3
 
15,161,850
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
3,025
 
0.000%, 1/01/16 – AMBAC Insured
No Opt. Call
N/R
 
571,302
 
 
7,910
 
5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
N/R
 
1,983,670
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633, 18.765%, 7/01/31 – BHAC Insured (IF)
7/17 at 100.00
AA+
 
3,910,200
 
 
165
 
Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 1997C-2, 5.750%, 4/01/29 (Alternative Minimum Tax)
10/11 at 100.00
Aaa
 
169,460
 
 
29,850
 
Total Nevada
     
21,796,482
 
     
New Hampshire – 0.3% (0.2% of Total Investments)
         
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
BBB+
 
1,479,045
 
     
New Jersey – 3.9% (2.5% of Total Investments)
         
 
15,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/30 – FGIC Insured
No Opt. Call
A+
 
4,123,950
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
         
 
9,735
 
5.750%, 6/01/32 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
10,139,100
 
 
5,050
 
6.125%, 6/01/42 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
5,367,544
 
 
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
Baa3
 
3,105,950
 
 
34,785
 
Total New Jersey
     
22,736,544
 
     
New Mexico – 0.5% (0.3% of Total Investments)
         
 
3,000
 
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series 2009, 2.500%, 8/01/11
No Opt. Call
Aa1
 
3,017,220
 
     
New York – 5.4% (3.5% of Total Investments)
         
 
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–
 
7,018,830
 
 
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)
6/11 at 100.00
BB–
 
3,664,884
 
 
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–
 
3,013,950
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
12/14 at 100.00
AAA
 
10,040,500
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010:
         
 
6,065
 
6.500%, 12/01/28
12/15 at 100.00
BBB–
 
6,202,918
 
 
1,660
 
6.000%, 12/01/36
12/20 at 100.00
BBB–
 
1,612,391
 
 
32,700
 
Total New York
     
31,553,473
 
 
36
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
North Carolina – 2.8% (1.8% of Total Investments)
         
$
3,000
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
1/16 at 100.00
A–
$
3,248,940
 
 
980
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 10A, 5.400%, 7/01/32 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 100.00
AA
 
976,247
 
 
3,645
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 7A, 6.250%, 1/01/29 (Alternative Minimum Tax)
7/11 at 100.00
AA
 
3,647,151
 
 
3,465
 
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement, Series 9A, 5.875%, 7/01/31 (Alternative Minimum Tax)
7/11 at 100.00
AA
 
3,466,040
 
 
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
 
3,350,935
 
 
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+
 
1,931,027
 
 
16,490
 
Total North Carolina
     
16,620,340
 
     
North Dakota – 0.6% (0.4% of Total Investments)
         
 
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.000%, 11/01/28
11/21 at 100.00
AA–
 
1,558,020
 
 
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+
 
2,250,478
 
 
3,850
 
Total North Dakota
     
3,808,498
 
     
Ohio – 7.5% (4.8% of Total Investments)
         
 
4,220
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/18
5/11 at 100.00
Baa1
 
4,221,730
 
 
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
 
9,742,800
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
1,595
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
 
1,232,393
 
 
2,700
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
1,948,428
 
 
9,135
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
6,294,015
 
 
3,920
 
6.000%, 6/01/42
6/17 at 100.00
Baa3
 
2,721,499
 
 
5,895
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
3,977,298
 
 
5,275
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
6/22 at 100.00
Baa3
 
3,356,430
 
 
7,050
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
BBB–
 
7,108,445
 
 
2,650
 
Ohio, General Obligation Bonds, Higher Education, Series 2003A, 5.000%, 5/01/22
5/13 at 100.00
AA+
 
2,785,707
 
 
52,440
 
Total Ohio
     
43,388,745
 
     
Oklahoma – 2.5% (1.6% 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–
 
1,665,235
 
 
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
 
11,096,640
 
 
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
 
1,738,960
 
 
15,675
 
Total Oklahoma
     
14,500,835
 
     
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
 
2,701,170
 
 
Nuveen Investments
 
37

 
 

 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
                 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania – 5.0% (3.2% of Total Investments)
         
$
5,000
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39
No Opt. Call
Aa3
$
4,940,200
 
 
1,250
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
AA+
 
1,225,313
 
 
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
 
7,714,718
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.375%, 7/15/29
7/13 at 100.00
BBB+
 
1,000,220
 
 
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+
 
1,365,240
 
 
2,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
12/14 at 100.00
Aa3
 
2,628,496
 
 
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
 
9,987,800
 
 
28,450
 
Total Pennsylvania
     
28,861,987
 
     
Puerto Rico – 7.9% (5.0% of Total Investments)
         
 
5,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 – SYNCORA GTY Insured
7/15 at 100.00
A3
 
4,754,500
 
 
10,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
7/20 at 100.00
A3
 
9,676,500
 
 
10,070
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
No Opt. Call
A3
 
8,862,909
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
10,018,200
 
 
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+
 
8,411,678
 
 
4,000
 
Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – NPFG Insured
7/11 at 100.00
A3
 
4,002,360
 
 
48,380
 
Total Puerto Rico
     
45,726,147
 
     
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
7/11 at 100.00
A3
 
1,237,198
 
 
7,000
 
Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 50A, 4.650%, 10/01/34
10/14 at 100.00
AA+
 
6,497,890
 
 
8,235
 
Total Rhode Island
     
7,735,088
 
     
South Carolina – 3.3% (2.1% of Total Investments)
         
 
10,000
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 6.000%, 12/01/20 (Pre-refunded 12/01/12)
12/12 at 101.00
AA (4)
 
10,975,600
 
 
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)
 
2,816,025
 
 
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+
 
2,745,630
 
 
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–
 
652,785
 
 
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
Aa2
 
2,270,626
 
 
18,845
 
Total South Carolina
     
19,460,666
 
     
South Dakota – 0.5% (0.3% of Total Investments)
         
 
2,945
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/40
5/17 at 100.00
AA–
 
2,759,760
 
 
38
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Tennessee – 3.9% (2.5% of Total Investments)
         
$
6,000
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31
4/12 at 101.00
A1
$
6,224,580
 
 
20,415
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/18 – AGM Insured
1/13 at 75.87
AA+
 
14,598,767
 
 
1,750
 
Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2001A, 5.125%, 5/15/26
5/11 at 100.00
AA+
 
1,753,360
 
 
1,500
 
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (5), (6)
11/17 at 100.00
N/R
 
75,150
 
 
29,665
 
Total Tennessee
     
22,651,857
 
     
Texas – 16.2% (10.3% of Total Investments)
         
 
2,000
 
Abilene Higher education Authority, Inc., Texas, Student Loan Revenue Bonds, Subordinate Series 1998B, 5.050%, 7/01/13 (Pre-Refunded 6/01/11) (Alternative Minimum Tax)
6/11 at 100.00
Aa3 (4)
 
2,004,040
 
 
11,810
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax)
No Opt. Call
CC
 
11,568,958
 
 
6,000
 
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
A3
 
5,944,620
 
 
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
 
1,921,400
 
 
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
 
2,008,890
 
 
8,400
 
Gulf Coast Waste Disposal Authority, Texas, Waste Disposal Revenue Bonds, Valero Energy Corporation, Series 1999, 5.700%, 4/01/32 (Alternative Minimum Tax)
10/11 at 100.00
BBB
 
7,717,584
 
 
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
 
7,522,875
 
 
1,540
 
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003, 5.000%, 2/15/28 – AMBAC Insured (UB)
2/13 at 100.00
AA+
 
1,562,977
 
 
3,460
 
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003, 5.000%, 2/15/28 (Pre-refunded 2/15/13) – AMBAC Insured
2/13 at 100.00
AA+ (4)
 
3,731,921
 
 
2,000
 
Houston, Texas, Water Conveyance System Contract, Certificates of Participation, Series 1993A-J, 6.800%, 12/15/11 – AMBAC Insured
No Opt. Call
N/R
 
2,047,220
 
 
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
 
6,360,835
 
 
9,150
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2004, 0.000%, 8/15/31
8/12 at 33.31
AAA
 
2,846,016
 
 
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–
 
2,550,998
 
 
16,305
 
Matagorda County Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series 1999B, 5.950%, 5/01/30 (Alternative Minimum Tax)
11/11 at 100.00
BBB–
 
15,198,217
 
     
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+
 
2,046,581
 
 
7,000
 
0.000%, 1/01/43
1/25 at 100.00
A2
 
5,577,670
 
 
3,500
 
Northside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 2001A, 5.000%, 8/01/27
8/11 at 100.00
AAA
 
3,525,480
 
 
3,425
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001A, 5.500%, 5/01/22 (Mandatory put 11/01/11)
No Opt. Call
CC
 
3,355,096
 
 
4,700
 
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21
10/12 at 100.00
Baa2
 
4,769,325
 
 
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
 
1,884,750
 
 
114,020
 
Total Texas
     
94,145,453
 
 
Nuveen Investments
 
39

 
 

 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Utah – 0.5% (0.3% of Total Investments)
         
$
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
AA+
$
2,796,450
 
     
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
 
1,534,064
 
     
Virginia – 0.3% (0.2% of Total Investments)
         
 
2,855
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 0.000%, 6/01/46
6/17 at 100.00
Baa3
 
1,665,379
 
     
Washington – 6.9% (4.4% 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
8/11 at 100.00
AAA
 
1,260,302
 
 
8,810
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 – NPFG Insured (Alternative Minimum Tax) (UB)
7/11 at 101.00
AA
 
8,676,088
 
 
5,665
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002B, 5.250%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA
 
5,287,258
 
 
10,730
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32 – NPFG Insured (Alternative Minimum Tax) (UB)
7/11 at 101.00
AA
 
10,754,894
 
 
2,485
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 – NPFG Insured
No Opt. Call
AA–
 
2,480,055
 
 
5,000
 
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B, 6.000%, 9/01/20 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
5,004,400
 
 
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
 
2,007,480
 
 
2,315
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32
6/13 at 100.00
BBB
 
2,300,531
 
 
1,595
 
Washington State, General Obligation Bonds, Series 2002A-R-03, 5.000%, 1/01/17 – NPFG Insured
1/12 at 100.00
AA+
 
1,637,395
 
 
1,270
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
No Opt. Call
AA+
 
686,549
 
 
41,130
 
Total Washington
     
40,094,952
 
     
West Virginia – 0.9% (0.6% of Total Investments)
         
 
5,000
 
Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 (Mandatory put 10/01/11)
10/11 at 100.00
BBB (4)
 
5,020,000
 
     
Wisconsin – 2.4% (1.5% 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
 
565,468
 
 
4,005
 
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
 
4,157,911
 
 
565
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
11/14 at 100.00
Aa2
 
572,695
 
 
5,000
 
Madison, Wisconsin, Industrial Development Revenue Refunding Bonds, Madison Gas and Electric Company Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax)
4/12 at 100.00
AA–
 
5,005,950
 
 
40
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin (continued)
         
$
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–
$
3,573,840
 
 
13,105
 
Total Wisconsin
     
13,875,864
 
$
1,138,768
 
Total Investments (cost $949,386,064) – 156.8%
     
912,199,838
 
     
Floating Rate Obligations – (10.3)%
     
(59,788,333
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (51.0)% (7)
     
(296,800,000
)
     
Other Assets Less Liabilities – 4.5%
     
26,276,526
 
     
Net Assets Applicable to Common Shares – 100%
   
$
581,888,031
 
 
(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 Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing.  Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(7)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.5%.
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.
 
Nuveen Investments
 
41

 
 

 
   
Nuveen Municipal Market Opportunity Fund, Inc.
NMO
 
Portfolio of Investments
   
April 30, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 0.6% (0.4% of Total Investments)
         
     
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:
         
$
1,935
 
5.000%, 1/01/36 – RAAI Insured
1/16 at 100.00
N/R
$
1,613,538
 
 
2,485
 
5.000%, 1/01/41 – RAAI Insured
1/16 at 100.00
N/R
 
2,005,518
 
 
4,420
 
Total Alabama
     
3,619,056
 
     
Alaska – 3.0% (1.8% 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+
 
1,136,655
 
 
1,275
 
5.250%, 12/01/41 – FGIC Insured (UB)
12/14 at 100.00
AA+
 
1,282,013
 
 
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+
 
7,045,640
 
 
13,025
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
6/14 at 100.00
Baa3
 
7,754,563
 
 
22,425
 
Total Alaska
     
17,218,871
 
     
California – 23.7% (14.5% of Total Investments)
         
 
12,500
 
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured
No Opt. Call
AA+
 
1,927,750
 
 
1,350
 
Antelope Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured
No Opt. Call
Aa2
 
411,858
 
     
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
 
2,470,975
 
 
2,500
 
5.625%, 4/01/44
4/19 at 100.00
AA
 
2,585,375
 
 
8,000
 
Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33
No Opt. Call
Aa1
 
2,007,360
 
 
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
Baa3
 
5,585,502
 
 
5,000
 
California Department of Water Resources Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29
No Opt. Call
AAA
 
5,269,100
 
 
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
 
2,855,607
 
 
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
 
176,405
 
 
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
 
3,838,012
 
 
9,000
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.250%, 3/01/45
3/16 at 100.00
A+
 
7,749,810
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
         
 
7,000
 
5.250%, 3/01/30
3/20 at 100.00
A1
 
7,090,860
 
 
4,250
 
5.250%, 11/01/40
11/20 at 100.00
A1
 
4,116,848
 
 
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
 
22,539,750
 
 
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–
 
1,453,079
 
 
10,445
 
Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
No Opt. Call
AA
 
3,243,381
 
 
8,365
 
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/26 – FGIC Insured
8/13 at 52.66
Aa1
 
3,285,856
 
 
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
 
5,435,000
 
 
42
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
         
$
3,500
 
0.000%, 6/01/26 – AGM Insured
No Opt. Call
AA+
$
1,388,520
 
 
3,000
 
5.000%, 6/01/45
6/15 at 100.00
A2
 
2,466,240
 
 
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
Baa3
 
610,150
 
 
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
 
470,730
 
 
490
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM)
7/11 at 100.00
AA– (4)
 
491,401
 
 
995
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM)
7/11 at 100.00
AA– (4)
 
998,532
 
 
2,500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 – AGM Insured
No Opt. Call
AA+
 
2,665,275
 
 
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
 
5,006,450
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009B, 6.500%, 11/01/39
No Opt. Call
A
 
2,269,784
 
 
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+
 
2,910,180
 
 
1,000
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured
No Opt. Call
AA+
 
297,840
 
 
5,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
11/20 at 100.00
Baa3
 
4,571,350
 
 
4,795
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
No Opt. Call
A+
 
4,509,410
 
 
8,040
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
No Opt. Call
A+
 
1,490,294
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 – AGM Insured
5/15 at 100.00
AA+
 
3,336,501
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
5,000
 
5.650%, 1/15/17 – NPFG Insured
1/14 at 102.00
Baa1
 
4,591,200
 
 
26,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
Baa1
 
2,665,780
 
 
5,000
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 – NPFG Insured
9/15 at 50.47
Aa1
 
1,597,500
 
 
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+
 
7,373,278
 
 
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
 
2,042,519
 
 
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
 
2,553,035
 
 
225,580
 
Total California
     
136,348,497
 
     
Colorado – 6.7% (4.1% 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
 
892,847
 
 
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
 
6,680,115
 
 
7,200
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
No Opt. Call
AA
 
6,615,144
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
         
 
6,200
 
0.000%, 9/01/22 – NPFG Insured
No Opt. Call
Baa1
 
2,896,082
 
 
9,650
 
0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
 
2,176,847
 
 
15,960
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
Baa1
 
2,815,025
 
 
Nuveen Investments
 
43

 
 

 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
         
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
         
$
3,800
 
0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
Baa1
$
1,081,670
 
 
13,300
 
0.000%, 9/01/31 – NPFG Insured
9/20 at 53.77
Baa1
 
2,702,826
 
 
6,250
 
0.000%, 9/01/32 – NPFG Insured
9/20 at 50.83
Baa1
 
1,169,625
 
 
10,000
 
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
Baa1
 
1,389,100
 
 
10,000
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30
7/20 at 100.00
Baa3
 
10,109,099
 
 
89,830
 
Total Colorado
     
38,528,380
 
     
District of Columbia – 1.5% (0.9% 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
 
8,861,100
 
     
Florida – 3.6% (2.2% of Total Investments)
         
 
5,235
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust 1191, 8.683%, 1/01/27 (Alternative Minimum Tax) (IF)
1/17 at 100.00
AA+
 
4,336,360
 
 
3,750
 
Florida State Board of Education, Lottery Revenue Bonds, Series 2010C, 2.000%, 7/01/11
No Opt. Call
AAA
 
3,760,875
 
 
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
 
2,382,075
 
 
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
 
3,007,710
 
 
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+
 
3,974,640
 
 
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
 
3,172,364
 
 
21,985
 
Total Florida
     
20,634,024
 
     
Georgia – 1.8% (1.1% of Total Investments)
         
 
10,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45
2/41 at 100.00
A+
 
9,243,600
 
 
1,245
 
Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare System Inc., Series 1999, 6.500%, 7/01/27
7/11 at 100.00
N/R
 
1,106,930
 
 
11,245
 
Total Georgia
     
10,350,530
 
     
Illinois – 16.4% (10.0% of Total Investments)
         
 
4,595
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 – FGIC Insured
No Opt. Call
Aa3
 
1,099,308
 
     
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
Aa2
 
2,793,948
 
 
1,000
 
5.500%, 12/01/26 – FGIC Insured
No Opt. Call
Aa2
 
1,010,820
 
 
4,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%,
1/01/33 – AMBAC Insured
7/13 at 100.00
AA+
 
3,924,480
 
 
5,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%,
1/01/38 – AGC Insured
1/18 at 100.00
AA+
 
4,783,300
 
 
1,450
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – AMBAC Insured
No Opt. Call
AA+
 
1,530,852
 
 
5,250
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%,
1/01/28 – NPFG Insured
7/11 at 100.00
A
 
5,191,148
 
 
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+
 
1,943,080
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
7,120,945
 
 
1,780
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33
7/13 at 100.00
Aa1
 
1,786,230
 
 
10,000
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)
12/15 at 100.00
AAA
 
9,960,200
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
No Opt. Call
A+
 
2,828,550
 
 
5,450
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
A
 
5,298,654
 
 
44
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
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
$
4,759,125
 
 
2,160
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/17 – AMBAC Insured
7/11 at 100.00
BBB
 
2,160,259
 
     
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
 
5,763,071
 
 
6,780
 
0.000%, 1/01/24 – AGM Insured
1/15 at 63.44
Aa3
 
3,305,521
 
 
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
 
2,217,866
 
 
2,330
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
No Opt. Call
AAA
 
1,996,880
 
     
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
 
4,930,900
 
 
3,270
 
5.000%, 12/15/28 – NPFG Insured
6/12 at 101.00
AAA
 
3,272,093
 
 
3,700
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
AAA
 
1,125,429
 
 
3,280
 
0.000%, 6/15/37 – NPFG Insured
No Opt. Call
AAA
 
577,411
 
 
11,715
 
0.000%, 12/15/38 – NPFG Insured
No Opt. Call
AAA
 
1,861,631
 
 
9,170
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
AAA
 
1,401,818
 
 
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
 
6,797,505
 
 
2,080
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34
2/20 at 100.00
AA+
 
2,025,941
 
 
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+
 
2,690,719
 
 
133,150
 
Total Illinois
     
94,157,684
 
     
Indiana – 2.8% (1.7% of Total Investments)
         
 
4,695
 
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%, 2/01/26 – NPFG Insured
8/11 at 100.00
Baa1
 
4,704,295
 
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
Aa3
 
3,738,550
 
 
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
 
5,579,340
 
 
2,000
 
Petersburg, Indiana, Pollution Control Revenue Refunding Bonds, Indianapolis Power and Light Company, Series 1991, 5.750%, 8/01/21
8/11 at 102.00
A3
 
2,002,040
 
 
16,725
 
Total Indiana
     
16,024,225
 
     
Iowa – 2.0% (1.2% 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+
 
846,868
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
BBB
 
3,992,000
 
 
6,685
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)
6/11 at 101.00
AAA
 
6,783,335
 
 
12,655
 
Total Iowa
     
11,622,203
 
     
Kansas – 1.2% (0.7% of Total Investments)
         
 
2,500
 
Kansas Development Finance Authority, Water Pollution Control Revolving Fund Leveraged Bonds, Series 2002-II, 5.500%, 11/01/21 (Pre-refunded 11/01/12)
11/12 at 100.00
AAA
 
2,687,725
 
 
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
 
3,416,350
 
 
600
 
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31
4/16 at 100.00
A1
 
549,888
 
 
6,815
 
Total Kansas
     
6,653,963
 
 
Nuveen Investments
 
45

 
 

 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
                 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
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+
$
1,013,460
 
     
Louisiana – 3.2% (2.0% of Total Investments)
         
 
7,415
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Baton Rouge Community College Facilities Corporation, Series 2002, 5.000%, 12/01/32 – NPFG Insured
12/12 at 100.00
Baa1
 
6,337,601
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004:
         
 
1,765
 
5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Baa1
 
1,790,328
 
 
3,350
 
5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
Baa1
 
3,302,263
 
 
7,850
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
5/11 at 101.00
A–
 
7,164,146
 
 
20,380
 
Total Louisiana
     
18,594,338
 
     
Maryland – 1.2% (0.7% of Total Investments)
         
 
4,410
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.900%, 9/01/42 (Alternative Minimum Tax)
3/17 at 100.00
Aa2
 
3,981,260
 
 
2,500
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
No Opt. Call
AAA
 
2,951,975
 
 
6,910
 
Total Maryland
     
6,933,235
 
     
Michigan – 3.0% (1.8% of Total Investments)
         
 
5,000
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D, 4.625%, 7/01/32 – AGM Insured
7/16 at 100.00
AA+
 
4,226,550
 
 
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
 
4,687,750
 
 
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
Baa3
 
2,689,551
 
 
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
 
1,307,493
 
 
3,795
 
Utica Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19
11/13 at 100.00
AA
 
4,077,272
 
 
17,995
 
Total Michigan
     
16,988,616
 
     
Minnesota – 1.0% (0.6% of Total Investments)
         
 
930
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29
11/11 at 100.00
A
 
932,939
 
 
1,460
 
Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax)
7/11 at 101.00
AA+
 
1,504,676
 
 
2,685
 
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+
 
3,167,092
 
 
5,075
 
Total Minnesota
     
5,604,707
 
     
Mississippi – 1.0% (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
10/11 at 100.00
BBB
 
5,783,416
 
     
Missouri – 0.8% (0.5% of Total Investments)
         
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
         
 
8,000
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
AA–
 
3,147,840
 
 
5,000
 
0.000%, 4/15/31 – AMBAC Insured
No Opt. Call
AA–
 
1,472,800
 
 
13,000
 
Total Missouri
     
4,620,640
 
 
46
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nebraska – 1.9% (1.2% of Total Investments)
         
$
11,690
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured
2/17 at 100.00
Aa3
$
11,134,959
 
     
Nevada – 6.3% (3.9% of Total Investments)
         
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
Aa3
 
15,161,850
 
 
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
 
10,824,135
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
6,125
 
0.000%, 1/01/17 – AMBAC Insured
No Opt. Call
N/R
 
1,087,371
 
 
8,500
 
0.000%, 1/01/26 – AMBAC Insured
No Opt. Call
N/R
 
874,905
 
 
7,860
 
0.000%, 1/01/27 – AMBAC Insured
No Opt. Call
N/R
 
761,948
 
 
19,300
 
5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
N/R
 
4,840,054
 
 
2,135
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured
6/15 at 33.61
A
 
295,249
 
 
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.488%, 7/01/31 – BHAC Insured (IF)
7/17 at 100.00
AA+
 
2,493,100
 
 
73,035
 
Total Nevada
     
36,338,612
 
     
New Hampshire – 0.5% (0.3% of Total Investments)
         
 
3,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
BBB+
 
2,958,090
 
     
New Jersey – 4.0% (2.5% of Total Investments)
         
 
18,400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 0.000%, 7/01/37
1/17 at 35.47
BBB-
 
2,403,592
 
 
35,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/34 – AGM Insured
No Opt. Call
AA+
 
7,011,200
 
 
5,065
 
New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B, 0.000%, 1/01/35 – AMBAC Insured
1/17 at 100.00
A+
 
3,999,071
 
 
3,000
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
Aa2
 
1,311,810
 
 
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
 
3,746,652
 
 
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
 
2,308,257
 
 
4,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
Baa3
 
2,496,000
 
 
71,090
 
Total New Jersey
     
23,276,582
 
     
New Mexico – 1.3% (0.8% of Total Investments)
         
 
5,925
 
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11)
8/11 at 101.00
AA– (4)
 
6,063,823
 
 
1,275
 
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.250%, 6/01/12
No Opt. Call
AA
 
1,312,727
 
 
7,200
 
Total New Mexico
     
7,376,550
 
     
New York – 7.2% (4.4% of Total Investments)
         
 
7,000
 
Brooklyn Areba 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–
 
623,560
 
 
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+
 
2,588,375
 
 
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–
 
2,925,270
 
 
3,500
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30
2/21 at 100.00
Aa2
 
3,885,385
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25
7/11 at 100.00
AA
 
5,018
 
 
4,865
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16
8/12 at 100.00
AA
 
5,130,921
 
 
Nuveen Investments
 
47

 
 

 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
         
$
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)
$
144,115
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
         
 
735
 
5.000%, 8/01/17
8/12 at 100.00
AA
 
767,869
 
 
5,410
 
5.750%, 8/01/18
8/12 at 100.00
AA
 
5,697,379
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
         
 
265
 
5.000%, 8/01/17 (Pre-refunded 8/01/12)
8/12 at 100.00
Aa2 (4)
 
280,404
 
 
1,120
 
5.750%, 8/01/18 (Pre-refunded 8/01/12)
8/12 at 100.00
AA (4)
 
1,195,622
 
 
8,550
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 5.500%, 12/01/31
12/20 at 100.00
BBB–
 
8,230,658
 
 
10,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Baa1
 
9,625,700
 
 
47,085
 
Total New York
     
41,100,276
 
     
North Carolina – 6.2% (3.8% of Total Investments)
         
 
1,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
AAA
 
2,166,608
 
 
17,000
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41
10/15 at 100.00
AA+
 
17,123,250
 
 
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–
 
3,248,940
 
 
4,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB)
10/17 at 100.00
AA
 
3,472,840
 
 
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
 
7,928,025
 
 
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+
 
1,931,027
 
 
35,300
 
Total North Carolina
     
35,870,690
 
     
North Dakota – 0.3% (0.2% of Total Investments)
         
 
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.000%, 11/01/28
11/21 at 100.00
AA–
 
1,558,020
 
     
Ohio – 8.4% (5.2% 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
Baa3
 
3,463,744
 
 
110
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
 
84,993
 
 
1,250
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
902,050
 
 
6,215
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
4,282,135
 
 
4,300
 
6.000%, 6/01/42
6/17 at 100.00
Baa3
 
2,985,318
 
 
4,750
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
3,204,778
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
BBB+
 
5,164,680
 
 
10,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 4.250%, 12/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
9,348,300
 
 
5,705
 
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Medical Center, Series 1999, 6.300%, 4/01/12
No Opt. Call
A
 
5,953,681
 
 
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–
 
5,545,595
 
 
7,500
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39
1/19 at 100.00
Aa2
 
7,478,250
 
 
55,745
 
Total Ohio
     
48,413,524
 
 
48
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
         
$
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
8/18 at 100.00
AA–
$
1,665,235
 
     
Oregon – 0.9% (0.5% of Total Investments)
         
 
5,000
 
Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22 – NPFG Insured
1/13 at 100.00
A1
 
5,085,250
 
     
Pennsylvania – 6.8% (4.2% of Total Investments)
         
 
3,000
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39
No Opt. Call
Aa3
 
2,964,120
 
 
5,000
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19
7/11 at 100.00
BB+
 
4,906,100
 
 
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
Aa3
 
4,416,302
 
 
10,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
7,921,900
 
 
7,550
 
Pennsylvania, General Obligation Bonds, Second Series 2001, 5.000%, 9/15/14 (Pre-refunded 9/15/11)
9/11 at 101.00
Aa1 (4)
 
7,761,174
 
 
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
 
11,016,085
 
 
43,415
 
Total Pennsylvania
     
38,985,681
 
     
Puerto Rico – 7.8% (4.8% of Total Investments)
         
 
3,330
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
7/18 at 100.00
Baa1
 
3,138,558
 
 
8,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
7/20 at 100.00
A3
 
7,741,200
 
 
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+
 
4,280,220
 
 
8,200
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 (Pre-refunded 12/01/13)
12/13 at 100.00
AAA
 
8,959,894
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
10,018,200
 
 
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+
 
3,894,128
 
 
7,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/40 – NPFG Insured
No Opt. Call
Aa2
 
1,012,340
 
 
6,355
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
5/12 at 100.00
BBB
 
5,584,011
 
 
51,495
 
Total Puerto Rico
     
44,628,551
 
     
Rhode Island – 0.5% (0.3% of Total Investments)
         
 
3,310
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
6/12 at 100.00
BBB
 
2,863,282
 
     
South Carolina – 5.4% (3.3% of Total Investments)
         
 
24,730
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12)
12/12 at 101.00
Aaa
 
26,947,045
 
 
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
Aa2
 
3,798,449
 
 
28,290
 
Total South Carolina
     
30,745,494
 
     
Tennessee – 0.8% (0.5% of Total Investments)
         
 
5,000
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children’s Hospital, Series 2003A, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
BBB+
 
4,743,750
 
 
Nuveen Investments
 
49

 
 

 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
                 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas – 13.9% (8.6% of Total Investments)
         
$
2,500
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)
12/12 at 100.00
CCC+
$
1,642,725
 
 
11,255
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax)
No Opt. Call
CC
 
11,025,285
 
 
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–
 
289,310
 
 
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
 
11,688,000
 
 
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
 
1,548,775
 
 
6,000
 
Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax)
11/11 at 100.00
CCC+
 
4,388,220
 
     
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
 
1,431,875
 
 
4,000
 
0.000%, 8/15/31
8/16 at 46.64
Aaa
 
1,349,560
 
 
1,000
 
Harris County, Texas, Toll Toad Unlimited Tax and Subordinate Lien Revenue Forward Refunding Bonds, Series 2001, 6.000%, 8/01/11 – FGIC Insured
No Opt. Call
AAA
 
1,014,560
 
 
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
 
395,050
 
 
1,250
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001A, 5.000%, 12/01/20 – AGM Insured
12/11 at 100.00
AA+
 
1,279,500
 
 
2,400
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
7/18 at 100.00
AA–
 
2,435,280
 
 
9,350
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/32 – FGIC Insured
8/15 at 39.49
AA–
 
2,924,026
 
 
6,000
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/33
8/14 at 35.27
AAA
 
1,768,620
 
 
11,850
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/31 – AGM Insured
No Opt. Call
AA+
 
11,861,021
 
 
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
 
3,187,240
 
 
3,500
 
San Antonio, Texas, Electric and Gas Revenue Bonds, Series 2008A, 5.500%, 2/01/12
No Opt. Call
Aa1
 
3,636,570
 
 
3,295
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1762, 16.974%, 2/15/36 (IF)
2/17 at 100.00
AA–
 
2,158,489
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
A1
 
2,753,043
 
 
5,165
 
Texas State, General Obligation Bonds, Water Financial Assistance, Series 2010B, 5.000%, 8/01/11
No Opt. Call
Aaa
 
5,227,755
 
 
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
 
1,398,750
 
 
3,970
 
Wichita Falls, Wichita County, Texas, Priority Lien Water and Sewerage System Revenue Bonds, Series 2001, 5.000%, 8/01/21 (Pre-refunded 8/01/11) – AMBAC Insured
8/11 at 100.00
AA– (4)
 
4,018,275
 
     
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
 
1,671,450
 
 
2,000
 
0.000%, 8/15/24
8/15 at 63.56
AAA
 
1,049,600
 
 
112,590
 
Total Texas
     
80,142,979
 
     
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+
 
2,796,450
 
 
50
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Virginia – 2.7% (1.7% 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+
$
15,625,770
 
     
Washington – 10.3% (6.3% 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
 
3,038,600
 
 
2,700
 
Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 1, Refunding Series 2008D, 5.000%, 7/01/11
No Opt. Call
Aaa
 
2,722,086
 
 
10,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2001A, 5.500%, 7/01/17 (Pre-refunded 7/01/11) – AGM Insured
7/11 at 101.00
Aaa
 
10,190,500
 
 
820
 
King County, Washington, Sewer Revenue Bonds, Series 2001, 5.000%, 1/01/23 (Pre-refunded 1/01/12) – FGIC Insured
1/12 at 100.00
Aa2 (4)
 
845,773
 
 
1,680
 
King County, Washington, Sewer Revenue Bonds, Series 2001, 5.000%,
1/01/23 – FGIC Insured
1/12 at 100.00
AA+
 
1,714,003
 
 
2,150
 
Seattle, Washington, General Obligation Refunding and Improvement Bonds, Series 2002, 4.500%, 12/01/20
12/12 at 100.00
AAA
 
2,202,546
 
 
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
 
3,160,950
 
 
3,520
 
Washington State Health Care Facilities Authority, Revenue Bonds, Children’s Hospital and
10/11 at 100.00
Aa3 (4)
 
3,588,288
 
     
Regional Medical Center, Series 2001, 5.000%, 10/01/21 (Pre-refunded
10/01/11) – AMBAC Insured
         
 
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+
 
7,867,360
 
 
10,480
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
BBB
 
10,565,831
 
 
9,000
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002C, 5.000%, 1/01/21 (Pre-refunded 1/01/12) – AGM Insured
1/12 at 100.00
AA+ (4)
 
9,284,760
 
 
9,000
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured
No Opt. Call
AA+
 
3,831,570
 
 
63,105
 
Total Washington
     
59,012,267
 
     
Wisconsin – 2.7% (1.7% of Total Investments)
         
 
2,280
 
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
 
2,367,050
 
 
1,755
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25
5/16 at 100.00
BBB
 
1,518,040
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, United Lutheran Program for the Aging Inc., Series 1998, 5.700%, 3/01/28
9/11 at 100.00
N/R
 
1,064,250
 
 
9,920
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
5/19 at 100.00
AA–
 
10,577,597
 
 
15,205
 
Total Wisconsin
     
15,526,937
 
 
Nuveen Investments
 
51

 
 

 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
April 30, 2011 (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
$
4,181,470
 
$
1,288,400
 
Total Investments (cost $1,005,041,850) – 163.1%
     
937,587,364
 
     
Floating Rate Obligations – (7.6)%
     
(43,530,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (61.0)% (6)
     
(350,900,000
)
     
Other Assets Less Liabilities – 5.5%
     
31,816,722
 
     
Net Assets Applicable to Common Shares – 100%
   
$
574,974,086
 
 
(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 Investor 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. Such investments are normally considered to be equivalent to AAA rated 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 37.4%.
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, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 156.8% (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
6/11 at 101.00
A–
$
1,605,759
 
     
Alaska – 0.2% (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+
 
757,769
 
     
Arizona – 2.8% (1.8% 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–
 
2,334,278
 
 
8,200
 
5.000%, 7/01/38
7/18 at 100.00
AA–
 
7,870,032
 
 
5,000
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
A
 
4,160,650
 
 
15,550
 
Total Arizona
     
14,364,960
 
     
California – 9.1% (5.8% 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
 
192,504
 
 
6,000
 
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured
No Opt. Call
AA+
 
1,707,780
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
11/16 at 100.00
AA–
 
2,581,140
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A1
 
4,916,300
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
 
4,116,848
 
 
6,750
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
Aa2
 
7,363,913
 
 
65
 
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
7/11 at 100.00
A1
 
65,159
 
 
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
No Opt. Call
AA+
 
4,927,600
 
 
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
 
486,540
 
     
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+
 
1,388,520
 
 
9,925
 
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
AA+
 
8,440,318
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
         
 
5,750
 
5.000%, 6/01/33
6/17 at 100.00
Baa3
 
3,838,413
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
Baa3
 
610,150
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
No Opt. Call
A
 
2,269,784
 
 
1,495
 
Palmdale Civic Authority, California, Revenue Refinancing Bonds, Civic Center Project, Series 1997A, 5.375%, 7/01/12 – NPFG Insured
7/11 at 100.00
Baa1
 
1,497,796
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
2,000
 
0.000%, 1/15/29 – NPFG Insured
No Opt. Call
Baa1
 
377,440
 
 
17,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
Baa1
 
1,743,010
 
 
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
 
586,523
 
 
77,045
 
Total California
     
47,109,738
 
 
Nuveen Investments
 
53

 
 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado – 6.3% (4.0% 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
$
807,863
 
 
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
 
3,342,754
 
     
Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car Projects, Series 1999A:
         
 
2,170
 
6.000%, 1/01/12 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
A–
 
2,178,897
 
 
675
 
6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
A–
 
677,363
 
 
4,500
 
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.500%, 11/15/11 – FGIC Insured (Alternative Minimum Tax)
No Opt. Call
A+
 
4,618,394
 
 
1,475
 
Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 1997A, 5.750%, 10/01/27 (Alternative Minimum Tax)
10/11 at 100.00
B
 
1,379,774
 
 
8,515
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
Baa1
 
3,005,114
 
 
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
No Opt. Call
Baa1
 
5,191,000
 
 
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 – NPFG Insured
No Opt. Call
Baa1
 
8,408,400
 
 
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
Baa1
 
1,372,125
 
 
2,000
 
Metropolitan Football Stadium District, Colorado, Sales Tax Revenue Bonds, Series 1999A, 0.000%, 1/01/12 – NPFG Insured
No Opt. Call
Baa1
 
1,983,440
 
 
121,290
 
Total Colorado
     
32,965,124
 
     
Connecticut – 0.3% (0.2% of Total Investments)
         
 
4,335
 
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34
11/17 at 100.00
N/R
 
1,630,864
 
     
Florida – 11.1% (7.1% of Total Investments)
         
 
1,255
 
Florida Housing Finance Agency, Housing Revenue Bonds, Mar Lago Village Apartments, Series 1997F, 5.800%, 12/01/17 – AMBAC Insured (Alternative Minimum Tax)
6/11 at 100.00
N/R
 
1,255,251
 
 
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
 
13,945,950
 
 
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
 
2,204,675
 
 
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)
6/11 at 100.00
BB+
 
13,693,125
 
     
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
 
19,940,579
 
 
7,370
 
5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
 
6,571,166
 
 
61,750
 
Total Florida
     
57,610,746
 
     
Georgia – 1.7% (1.1% of Total Investments)
         
 
5,000
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
7/17 at 100.00
Baa2
 
4,143,300
 
 
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
 
4,894,199
 
 
10,000
 
Total Georgia
     
9,037,499
 
     
Idaho – 0.1% (0.1% of Total Investments)
         
 
110
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax)
7/11 at 100.00
Aa2
 
113,852
 
 
140
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax)
7/11 at 100.00
Aa2
 
142,817
 
 
180
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
7/11 at 100.00
Aaa
 
184,286
 
 
430
 
Total Idaho
     
440,955
 
 
54
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 30.1% (19.2% of Total Investments)
         
$
1,070
 
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12
6/11 at 101.00
BBB+
$
1,083,011
 
 
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
Aa2
 
647,476
 
 
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
Aa2
 
7,328,445
 
     
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
         
 
625
 
5.500%, 12/20/19 (Alternative Minimum Tax)
10/11 at 100.00
AA–
 
628,325
 
 
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
10/11 at 100.00
AA–
 
1,211,089
 
 
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
10/11 at 100.00
AA–
 
1,925,193
 
 
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
No Opt. Call
Aa3
 
23,693,898
 
 
1,655
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – AMBAC Insured
No Opt. Call
AA+
 
1,747,283
 
 
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
 
3,103,829
 
 
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
 
204,659
 
 
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)
 
900,842
 
 
3,935
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County School District 116 – Round Lake, Series 1999, 0.000%, 1/01/15 – NPFG Insured
No Opt. Call
Baa1
 
3,443,046
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33
7/13 at 100.00
Aa1
 
5,017,500
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
 
1,433,595
 
 
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+
 
1,759,680
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
2/18 at 100.00
A+
 
935,680
 
 
5,570
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
7/14 at 100.00
Aa1
 
5,565,823
 
 
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
7/17 at 100.00
Aa1
 
1,349,068
 
 
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
 
3,995,800
 
 
5,980
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
Baa3
 
4,867,959
 
 
9,800
 
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project, Series 1985A, 5.500%, 8/01/20
8/11 at 103.00
Aa1
 
10,121,342
 
 
10,720
 
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 1997A, 5.000%, 7/01/24 – NPFG Insured
7/11 at 100.00
Baa1
 
9,904,208
 
 
1,500
 
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – FGIC Insured
1/15 at 100.00
AA
 
1,381,815
 
 
2,000
 
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured
No Opt. Call
A1
 
1,157,500
 
 
11,345
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/25 – AGM Insured
1/15 at 60.14
Aa3
 
5,157,324
 
 
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
 
2,007,660
 
     
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
A2
 
6,573,228
 
 
13,000
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
A2
 
6,465,810
 
 
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
 
3,137,310
 
 
Nuveen Investments
 
55

 
 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
1,840
 
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA GTY Insured
11/15 at 54.13
Aa2
$
697,967
 
     
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:
         
 
22,650
 
5.750%, 6/01/19 – AGM Insured
No Opt. Call
AA+
 
25,289,178
 
 
3,500
 
5.750%, 6/01/23 – AGM Insured
No Opt. Call
AA+
 
3,781,400
 
 
1,300
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%,
12/01/34 – FGIC Insured
12/14 at 100.00
Aaa
 
1,311,765
 
 
10,000
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
No Opt. Call
Aa2
 
5,230,600
 
 
4,500
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured
No Opt. Call
Aa3
 
3,198,915
 
 
183,645
 
Total Illinois
     
156,258,223
 
     
Indiana – 4.4% (2.8% of Total Investments)
         
 
1,630
 
Hospital Authority of Delaware County, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
7/11 at 100.00
N/R
 
1,599,715
 
 
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
 
3,719,560
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
BBB+
 
1,804,020
 
 
5,865
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 1847, 7.863%, 1/01/25 (Alternative Minimum Tax) (IF)
1/17 at 100.00
Aaa
 
5,297,327
 
 
6,675
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
6,210,553
 
 
3,965
 
Marion County Convention and Recreational Facilities Authority, Indiana, Excise Taxes Lease Rental Revenue Subordinate Bonds, Series 1997A, 5.000%, 6/01/22 – NPFG Insured
7/11 at 100.00
Baa1
 
3,973,604
 
 
24,135
 
Total Indiana
     
22,604,779
 
     
Iowa – 0.9% (0.6% of Total Investments)
         
 
7,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
6/15 at 100.00
BBB
 
4,720,519
 
     
Kansas – 1.7% (1.1% of Total Investments)
         
 
3,825
 
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 1999, 4.000%, 10/01/18 – FGIC Insured
10/11 at 100.00
Aa2
 
3,829,169
 
 
2,945
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005, 5.000%, 12/01/20
12/15 at 100.00
N/R
 
2,976,129
 
 
3,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area
B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
N/R
 
2,066,308
 
 
10,500
 
Total Kansas
     
8,871,606
 
     
Kentucky – 1.2% (0.7% of Total Investments)
         
     
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997:
         
 
1,850
 
5.850%, 10/01/17
10/11 at 100.00
BB–
 
1,728,196
 
 
4,990
 
5.875%, 10/01/22
10/11 at 100.00
BB–
 
4,304,873
 
 
6,840
 
Total Kentucky
     
6,033,069
 
     
Louisiana – 7.5% (4.8% 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
 
1,853,023
 
 
5,350
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
Baa1
 
5,273,763
 
 
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
 
7,492,590
 
 
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
 
4,980,814
 
 
56
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Louisiana (continued)
         
$
13,570
 
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%, 12/01/28 – AMBAC Insured
7/11 at 40.01
AA–
$
4,550,157
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
         
 
8,870
 
5.500%, 5/15/30
5/11 at 101.00
A
 
8,756,464
 
 
6,750
 
5.875%, 5/15/39
5/11 at 101.00
A–
 
6,160,253
 
 
50,735
 
Total Louisiana
     
39,067,064
 
     
Massachusetts – 2.7% (1.7% 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
 
431,626
 
 
2,500
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2003A, 5.250%, 7/01/11
No Opt. Call
AAA
 
2,521,525
 
 
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+
 
4,548,636
 
 
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
A3
 
551,819
 
 
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
 
2,181,734
 
 
2,925
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
AA–
 
2,836,051
 
 
785
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
679,127
 
 
1,000
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
No Opt. Call
A
 
505,910
 
 
15,935
 
Total Massachusetts
     
14,256,428
 
     
Michigan – 2.9% (1.8% of Total Investments)
         
 
6,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
A
 
5,386,860
 
 
3,215
 
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
7/16 at 100.00
A2
 
3,310,003
 
 
3,480
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.125%, 10/15/20
10/11 at 100.00
Aa3
 
3,528,407
 
 
1,500
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2003, 5.500%, 11/01/11
No Opt. Call
A
 
1,528,740
 
 
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
 
1,307,493
 
 
15,345
 
Total Michigan
     
15,061,503
 
     
Minnesota – 1.4% (0.9% of Total Investments)
         
 
6,375
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
11/18 at 100.00
A
 
6,853,508
 
 
470
 
Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1998H-1, 5.650%, 7/01/31 (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
485,919
 
 
6,845
 
Total Minnesota
     
7,339,427
 
     
Missouri – 2.4% (1.5% of Total Investments)
         
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
         
 
7,000
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
AA–
 
2,754,360
 
 
5,000
 
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
 
1,699,850
 
     
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A:
         
 
300
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
 
304,329
 
 
1,885
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
 
1,912,201
 
 
2,185
 
5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
 
2,216,530
 
 
3,670
 
5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured
6/11 at 101.00
AA– (4)
 
3,722,958
 
 
20,040
 
Total Missouri
     
12,610,228
 
 
Nuveen Investments
 
57

 
 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Montana – 0.3% (0.2% of Total Investments)
         
$
385
 
Montana Board of Housing, Single Family Mortgage Bonds, Series 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax)
6/11 at 100.00
AA+
$
391,915
 
 
1,000
 
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax)
6/11 at 100.00
A2
 
977,080
 
 
1,385
 
Total Montana
     
1,368,995
 
     
Nevada – 5.3% (3.4% of Total Investments)
         
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
Aa3
 
10,107,900
 
 
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
 
9,016,229
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
8,000
 
0.000%, 1/01/19 – AMBAC Insured
No Opt. Call
N/R
 
1,256,320
 
 
4,000
 
5.625%, 1/01/32 – AMBAC Insured (5)
1/12 at 100.00
N/R
 
1,003,480
 
 
3,000
 
5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
N/R
 
752,340
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633, 18.765%, 7/01/31 – BHAC Insured (IF)
7/17 at 100.00
AA+
 
3,910,200
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
A
 
1,666,140
 
 
39,925
 
Total Nevada
     
27,712,609
 
     
New Jersey – 7.1% (4.5% of Total Investments)
         
 
6,850
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 5.750%, 12/01/15
No Opt. Call
Baa1
 
7,476,090
 
 
1,830
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
Aaa
 
1,836,204
 
 
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
 
4,460,235
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
No Opt. Call
A+
 
4,534,080
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
No Opt. Call
A+
 
6,476,400
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
         
 
6,940
 
5.750%, 6/01/32 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
7,228,079
 
 
3,165
 
6.125%, 6/01/42 (Pre-refunded 6/01/12)
6/12 at 100.00
AAA
 
3,364,015
 
 
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
 
1,535,884
 
 
48,280
 
Total New Jersey
     
36,910,987
 
     
New Mexico – 1.5% (0.9% of Total Investments)
         
 
4,000
 
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series 2009, 2.500%, 8/01/11
No Opt. Call
Aa1
 
4,022,960
 
 
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+
 
3,730,298
 
 
7,730
 
Total New Mexico
     
7,753,258
 
     
New York – 9.9% (6.3% of Total Investments)
         
 
2,170
 
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
7/11 at 100.00
A3
 
2,171,693
 
 
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
8/11 at 100.00
AA–
 
7,507,425
 
 
6,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
B–
 
6,076,680
 
 
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+
 
5,171,918
 
 
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
 
5,020,250
 
 
58
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
         
$
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
$
8,937,984
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010:
         
 
5,000
 
6.500%, 12/01/28
12/15 at 100.00
BBB–
 
5,113,700
 
 
1,670
 
6.000%, 12/01/36
12/20 at 100.00
BBB–
 
1,622,104
 
 
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)
6/11 at 100.00
Baa1
 
9,999,400
 
 
50,895
 
Total New York
     
51,621,154
 
     
North Carolina – 1.1% (0.7% of Total Investments)
         
 
1,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.250%, 1/15/24 – AGC Insured
1/18 at 100.00
AA–
 
1,573,290
 
 
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
AAA
 
4,367,426
 
 
5,330
 
Total North Carolina
     
5,940,716
 
     
North Dakota – 1.6% (1.0% of Total Investments)
         
 
4,325
 
Bismarck, North Dakota, Health Care Revenue Bonds, St. Alexius Medical Center, Series 1998A, 5.250%, 7/01/15 – AGM Insured
7/11 at 100.00
AA+
 
4,337,370
 
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.250%, 11/01/31
11/21 at 100.00
AA–
 
4,081,375
 
 
8,235
 
Total North Dakota
     
8,418,745
 
     
Ohio – 3.7% (2.4% of Total Investments)
         
 
2,300
 
Amherst Exempted Village School District, Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 2001, 5.125%, 12/01/21 (Pre-refunded 12/01/11) – FGIC Insured
12/11 at 100.00
Aa2 (4)
 
2,364,653
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
1,275
 
5.375%, 6/01/24
6/17 at 100.00
Baa3
 
1,000,289
 
 
160
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
 
123,626
 
 
1,800
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
1,298,952
 
 
1,740
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
1,198,860
 
 
3,930
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
2,651,532
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
BBB+
 
5,164,680
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
5/14 at 100.00
AA
 
3,549,625
 
 
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–
 
1,008,290
 
 
840
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
6/11 at 100.00
Aa1
 
843,251
 
 
22,695
 
Total Ohio
     
19,203,758
 
     
Oregon – 0.5% (0.3% of Total Investments)
         
 
2,355
 
Portland, Oregon, Downtown Waterfront Urban Renewal and Redevelopment Revenue Bonds, Series 2000A, 5.500%, 6/15/20 – AMBAC Insured
6/11 at 100.00
Aa3
 
2,355,683
 
     
Pennsylvania – 3.0% (1.9% of Total Investments)
         
 
1,250
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
AA+
 
1,225,313
 
 
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+
 
1,365,240
 
 
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
 
5,670,792
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
3,960,950
 
 
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)
 
3,412,876
 
 
19,155
 
Total Pennsylvania
     
15,635,171
 
 
Nuveen Investments
 
59

 
 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Puerto Rico – 5.9% (3.8% of Total Investments)
         
$
2,500
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
7/18 at 100.00
Baa1
$
2,356,275
 
 
4,300
 
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)
 
4,280,220
 
 
8,200
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 (Pre-refunded 12/01/13)
12/13 at 100.00
AAA
 
8,959,894
 
 
12,845
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/42 – FGIC Insured
No Opt. Call
A3
 
1,257,654
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
10,018,200
 
 
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+
 
3,894,128
 
 
42,155
 
Total Puerto Rico
     
30,766,371
 
     
Rhode Island – 3.1% (2.0% of Total Investments)
         
 
2,015
 
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 – RAAI Insured
5/11 at 100.00
B3
 
1,500,349
 
     
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177:
         
 
1,500
 
9.479%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
 
1,501,380
 
 
1,000
 
9.579%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
 
968,460
 
 
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
 
11,978,875
 
 
17,015
 
Total Rhode Island
     
15,949,064
 
     
South Carolina – 0.7% (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+
 
2,066,145
 
 
1,500
 
Greenville, South Carolina, Hospital Facilities Revenue Bonds, Series 2001, 5.000%, 5/01/31 – AMBAC Insured
5/12 at 100.00
AA–
 
1,404,510
 
 
3,545
 
Total South Carolina
     
3,470,655
 
     
Tennessee – 0.9% (0.6% of Total Investments)
         
 
430
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 6.000%, 3/01/24 – AMBAC Insured (Alternative Minimum Tax)
9/11 at 100.00
A2
 
430,563
 
 
2,425
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2001B, 5.125%, 3/01/26 – AGM Insured
9/11 at 100.00
AA+
 
2,426,382
 
 
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+
 
1,913,720
 
 
1,500
 
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (5), (6)
11/17 at 100.00
N/R
 
75,150
 
 
6,665
 
Total Tennessee
     
4,845,815
 
     
Texas – 7.7% (4.9% 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
 
1,079,578
 
 
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
 
1,921,400
 
 
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
 
2,197,344
 
 
820
 
Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) – AMBAC Insured
12/11 at 100.00
AA+ (4)
 
842,812
 
 
2,610
 
Granbury Independent School District, Counties of Hood, Johnson, Parker, and Somervell, Texas, Unlimited Tax School Building and Refunding Bonds, Series 1999, 0.000%, 8/01/11
No Opt. Call
AAA
 
2,607,338
 
 
2,305
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/20 – NPFG Insured
No Opt. Call
Baa1
 
1,046,193
 
 
60
 
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:
         
$
3,130
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
A2
$
838,245
 
 
12,030
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
 
2,985,966
 
 
30,095
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2004, 0.000%, 8/15/34
8/12 at 27.94
AAA
 
7,834,330
 
 
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–
 
2,724,254
 
 
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
 
6,923,808
 
 
1,000
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
5/15 at 100.00
Aa1
 
991,850
 
 
3,295
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1761, 16.974%, 2/15/36 (IF)
2/17 at 100.00
AA–
 
2,158,489
 
 
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
 
1,836,590
 
     
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
 
2,013,270
 
 
3,000
 
0.000%, 8/15/22
8/15 at 70.77
AAA
 
1,778,100
 
 
118,170
 
Total Texas
     
39,779,567
 
     
Utah – 0.1% (0.1% of Total Investments)
         
     
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1999C-2, Class II:
         
 
125
 
5.700%, 7/01/19 (Alternative Minimum Tax)
7/11 at 100.75
Aaa
 
128,996
 
 
35
 
5.750%, 7/01/21 (Alternative Minimum Tax)
7/11 at 100.75
Aa2
 
35,030
 
 
275
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
7/11 at 100.00
AA–
 
275,349
 
 
435
 
Total Utah
     
439,375
 
     
Virginia – 0.8% (0.5% of Total Investments)
         
 
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
N/R
 
1,267,155
 
 
2,930
 
Virginia Beach, Virginia, General Obligation Bonds, Series 2008A, 5.000%, 10/01/11
No Opt. Call
AAA
 
2,988,893
 
 
4,430
 
Total Virginia
     
4,256,048
 
     
Washington – 9.2% (5.8% of Total Investments)
         
 
4,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured
7/13 at 100.00
Aaa
 
4,342,480
 
     
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B:
         
 
1,755
 
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
1,758,563
 
 
2,590
 
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
2,594,714
 
     
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C:
         
 
875
 
6.000%, 9/01/15 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
876,776
 
 
1,260
 
6.000%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
Baa1
 
1,262,293
 
 
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
 
2,007,480
 
 
5,955
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
BBB
 
6,003,771
 
 
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured
No Opt. Call
AA+
 
2,742,746
 
     
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
         
 
17,650
 
0.000%, 1/01/20
No Opt. Call
AA+
 
13,052,528
 
 
18,470
 
0.000%, 1/01/21
No Opt. Call
AA+
 
12,968,156
 
 
57,905
 
Total Washington
     
47,609,507
 
     
Wisconsin – 7.3% (4.7% 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)
 
1,931,788
 
 
560
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
11/14 at 100.00
Aa2
 
567,627
 
 
Nuveen Investments
 
61

 
 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
                 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin (continued)
         
$
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+
$
6,972,291
 
 
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–
 
4,347,580
 
 
4,380
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Kenosha Hospital and Medical Center Inc., Series 1999, 5.625%, 5/15/29
5/11 at 100.00
A
 
4,357,793
 
 
12,700
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Health System Corporation, Series 1999, 5.500%, 8/15/25 – AMBAC Insured
8/11 at 100.00
A2
 
12,701,016
 
 
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
BBB+
 
1,866,791
 
 
5,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
AA–
 
5,382,902
 
 
38,270
 
Total Wisconsin
     
38,127,788
 
$
1,128,345
 
Total Municipal Bonds (cost $856,414,911)
     
814,511,526
 
                 
 
Shares
 
Description (1)
     
Value
 
     
Investment Companies – 0.1% (0.1% of Total Investments)
         
 
8,812
 
BlackRock MuniHoldings Fund Inc.
   
$
127,862
 
 
32,332
 
Invesco Van Kampen Quality Municipal Income Trust
     
385,397
 
     
Total Investment Companies (cost $528,388)
     
513,259
 
     
Total Investments (cost $856,943,299) – 156.9%
     
815,024,785
 
     
Floating Rate Obligations – (9.9)%
     
(51,605,000)
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (27.8)% (7)
     
(144,300,000)
 
     
Other Assets Less Liabilities – 3.9%
     
20,542,199
 
     
Auction Rate Preferred Shares, at Liquidation Value – (23.1)% (7)
     
(120,075,000)
 
     
Net Assets Applicable to Common Shares – 100%
   
$
519,586,984
 
 
(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 Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing.  Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(7)
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.7% and 14.7%, 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.
 
62
 
Nuveen Investments

 
 

 

   
Nuveen Dividend Advantage Municipal Fund 2
NXZ
 
Portfolio of Investments
   
April 30, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 5.2% (3.5% 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+
$
1,898,456
 
 
18,500
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31 (Pre-refunded 6/01/11)
6/11 at 101.00
A1 (4)
 
18,774,910
 
 
20,530
 
Total Alabama
     
20,673,366
 
     
Alaska – 0.9% (0.6% of Total Investments)
         
 
2,290
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – NPFG Insured
No Opt. Call
AA
 
2,281,733
 
 
2,200
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
6/14 at 100.00
Baa3
 
1,309,792
 
 
4,490
 
Total Alaska
     
3,591,525
 
     
Arizona – 1.8% (1.2% of Total Investments)
         
 
4,500
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
No Opt. Call
A+
 
4,125,825
 
 
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–
 
3,009,677
 
 
7,620
 
Total Arizona
     
7,135,502
 
     
Arkansas – 0.2% (0.1% of Total Investments)
         
 
655
 
Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, GNMA Mortgage-Backed Securities Program, Series 2002C, 5.400%, 1/01/34 (Alternative Minimum Tax)
1/12 at 100.00
AAA
 
649,871
 
     
California – 17.8% (11.9% of Total Investments)
         
 
9,000
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
12/18 at 100.00
Baa3
 
6,444,810
 
 
6,000
 
California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2001Q, 5.250%, 12/01/32
6/11 at 101.00
AAA
 
6,076,800
 
 
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+
 
3,922,267
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
 
4,116,848
 
 
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
 
2,148,000
 
 
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
 
16,441,600
 
 
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
 
5,615,900
 
     
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
Baa3
 
1,368,478
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
Baa3
 
610,150
 
 
6,000
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
12/12 at 102.00
B–
 
6,007,200
 
 
10,885
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/25 – FGIC Insured
No Opt. Call
Aa3
 
4,336,040
 
 
5,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA+
 
3,079,500
 
 
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
Baa1
 
1,531,740
 
 
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+
 
1,121,408
 
 
3,000
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured
8/18 at 53.32
AA+
 
881,910
 
 
Nuveen Investments
 
63

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
     April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
12,500
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa1
$
1,726,625
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
3/17 at 100.00
A
 
5,045,750
 
 
40
 
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16
9/11 at 100.00
Baa1
 
39,256
 
 
103,005
 
Total California
     
70,514,282
 
     
Colorado – 11.0% (7.3% of Total Investments)
         
 
2,245
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2001, 7.500%, 8/15/21 (Pre-refunded 8/15/11)
8/11 at 100.00
AAA
 
2,289,967
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
BBB
 
1,640,840
 
     
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+
 
5,594,354
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
3,417,579
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured (UB)
11/16 at 100.00
A+
 
4,459,501
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
No Opt. Call
Baa2
 
975,600
 
 
8,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured
9/20 at 63.99
Baa1
 
2,091,120
 
 
1,280
 
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Revenue Bonds, Series 2001, 7.125%, 5/01/31 (Alternative Minimum Tax)
11/11 at 101.00
N/R
 
1,200,051
 
 
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
AA+ (4)
 
862,119
 
 
5,000
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 5.250%, 6/15/41 (Pre-refunded 6/15/11) – AGM Insured
6/11 at 102.00
AA+ (4)
 
5,131,450
 
     
Northwest Parkway Public Highway Authority, Colorado, Senior Lien Revenue Bonds, Series 2001B:
         
 
22,000
 
0.000%, 6/15/28 (Pre-refunded 6/15/11) – AGM Insured
6/11 at 35.65
AA+ (4)
 
7,835,740
 
 
17,650
 
0.000%, 6/15/29 (Pre-refunded 6/15/11) – AMBAC Insured
6/11 at 33.46
N/R (4)
 
5,898,983
 
 
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
 
984,880
 
 
960
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
Aa3
 
976,522
 
 
83,890
 
Total Colorado
     
43,358,706
 
     
District of Columbia – 2.3% (1.6% of Total Investments)
         
 
835
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
5/11 at 101.00
BBB
 
800,523
 
 
4,250
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
4/15 at 100.00
AA–
 
4,054,543
 
 
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
 
4,430,550
 
 
10,085
 
Total District of Columbia
     
9,285,616
 
     
Florida – 5.2% (3.5% of Total Investments)
         
 
15,000
 
Jacksonville, Florida, Transportation Revenue Bonds, Series 2001, 5.250%, 10/01/29 – NPFG Insured
10/11 at 100.00
Aa2
 
15,033,000
 
 
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
 
2,773,710
 
     
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
         
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
Baa1
 
1,650,040
 
 
1,500
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
Baa1
 
1,199,055
 
 
21,500
 
Total Florida
     
20,655,805
 
 
64
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Georgia – 2.1% (1.4% of Total Investments)
         
$
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
9/20 at 100.00
N/R
$
1,875,980
 
 
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
 
1,956,340
 
 
5,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.125%, 2/15/40
No Opt. Call
A+
 
4,588,550
 
 
9,000
 
Total Georgia
     
8,420,870
 
     
Hawaii – 2.5% (1.7% of Total Investments)
         
     
Honolulu Board of Water Supply, Hawaii, Water System Revenue Bonds, Series 2001:
         
 
3,000
 
5.250%, 7/01/26 (Pre-refunded 7/01/11) – AGM Insured
7/11 at 100.00
AA+ (4)
 
3,025,890
 
 
6,725
 
5.250%, 7/01/31 (Pre-refunded 7/01/11) – AGM Insured
7/11 at 100.00
AA+ (4)
 
6,783,037
 
 
9,725
 
Total Hawaii
     
9,808,927
 
     
Illinois – 14.5% (9.7% of Total Investments)
         
 
3,485
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
12/11 at 100.00
AAA
 
3,493,852
 
 
555
 
Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 2001A, 6.250%, 10/01/32 (Alternative Minimum Tax)
10/11 at 105.00
AAA
 
573,609
 
 
5,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 –
No Opt. Call
Aa3
 
1,081,150
 
     
FGIC Insured
         
 
3,985
 
Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.250%, 1/01/33 – NPFG Insured
1/12 at 100.00
Aa3
 
3,732,550
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
7,120,945
 
 
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)
 
3,453,480
 
 
910
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001, 5.500%, 9/01/32 – AMBAC Insured
9/11 at 100.00
BBB+
 
841,159
 
 
4,090
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001, 5.500%, 9/01/32 (Pre-refunded 9/01/11) – AMBAC Insured
9/11 at 100.00
BBB+ (4)
 
4,157,935
 
 
3,100
 
Illinois Development Finance Authority, Revenue Bonds, Midwestern University, Series 2001B, 6.000%, 5/15/31 (Pre-refunded 5/15/11)
5/11 at 101.00
AAA
 
3,138,440
 
 
9,630
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
5/17 at 100.00
Baa1
 
8,435,206
 
 
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
 
2,488,975
 
 
6,965
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
Baa3
 
5,669,789
 
 
2,275
 
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
2/16 at 100.00
AA
 
2,240,124
 
 
1,535
 
Illinois, Sales Tax Revenue Bonds, Series 2001, 5.500%, 6/15/16
No Opt. Call
AAA
 
1,540,280
 
 
740
 
Illinois, Sales Tax Revenue Bonds, Series 2001, 5.500%, 6/15/16 (Pre-refunded 6/15/11)
6/11 at 100.00
A1 (4)
 
744,921
 
 
2,500
 
Kane & DeKalb Counties, Illinois, Community United School District 301, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
No Opt. Call
A1
 
1,249,625
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
         
 
7,500
 
0.000%, 12/15/30 – NPFG Insured
No Opt. Call
AAA
 
2,211,375
 
 
10,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
AAA
 
1,824,400
 
 
1,701
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
3/16 at 100.00
N/R
 
1,366,873
 
 
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
 
1,728,418
 
 
80,111
 
Total Illinois
     
57,093,106
 
 
Nuveen Investments
 
65
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Indiana – 4.0% (2.6% of Total Investments)
         
$
2,295
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.500%, 9/15/31
9/11 at 100.00
BBB
$
1,872,697
 
 
1,900
 
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+
 
2,112,743
 
 
1,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
BBB+
 
902,010
 
 
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+
 
4,819,576
 
 
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)
 
4,365,840
 
 
6,100
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.800%, 2/15/24 (5)
8/11 at 100.00
N/R
 
1,584,780
 
 
20,475
 
Total Indiana
     
15,657,646
 
     
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)
 
1,070,250
 
 
6,340
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
BBB
 
5,061,856
 
 
7,340
 
Total Iowa
     
6,132,106
 
     
Kansas – 4.3% (2.9% of Total Investments)
         
 
17,000
 
Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2001-III, 5.625%, 11/15/31
11/11 at 101.00
A+
 
16,989,120
 
     
Kentucky – 0.3% (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+
 
1,013,460
 
     
Louisiana – 5.3% (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
 
3,622,410
 
 
18,825
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
5/11 at 101.00
A–
 
17,180,260
 
 
22,785
 
Total Louisiana
     
20,802,670
 
     
Maryland – 0.2% (0.1% of Total Investments)
         
 
1,000
 
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.500%, 11/01/36
11/16 at 100.00
BBB+
 
773,010
 
     
Massachusetts – 0.4% (0.2% 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
 
1,411,470
 
     
Michigan – 7.4% (5.0% of Total Investments)
         
 
5,865
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
7/13 at 100.00
AA+
 
5,383,659
 
 
20,000
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A, 5.500%, 7/01/33 (Pre-refunded 7/01/11) – FGIC Insured
7/11 at 101.00
A (4)
 
20,381,000
 
 
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
10/11 at 100.00
B1
 
3,615,000
 
 
29,865
 
Total Michigan
     
29,379,659
 
     
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+
 
5,335,400
 
     
Montana – 0.4% (0.3% of Total Investments)
         
 
1,665
 
Montana Board of Housing, Single Family Program Bonds, Series 2001A-2, 5.700%, 6/01/32 (Alternative Minimum Tax)
6/11 at 100.00
AA+
 
1,665,233
 
 
66
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nevada – 1.8% (1.2% of Total Investments)
         
$
12,275
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
N/R
$
3,078,325
 
 
3,500
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5)
1/12 at 100.00
N/R
 
6,125
 
 
2,000
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, Trust 2633, 18.765%, 7/01/31 – BHAC Insured (IF)
7/17 at 100.00
AA+
 
2,085,440
 
 
1,750
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.488%, 7/01/31 – BHAC Insured (IF)
7/17 at 100.00
AA+
 
1,745,170
 
 
19,525
 
Total Nevada
     
6,915,060
 
     
New Hampshire – 2.3% (1.5% of Total Investments)
         
 
8,000
 
New Hampshire Business Finance Authority, Pollution Control Remarketed Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1992A, 5.850%, 12/01/22
10/11 at 100.50
BBB+
 
8,071,120
 
 
1,025
 
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2001A, 5.700%, 1/01/31 (Alternative Minimum Tax)
5/11 at 100.00
Aa2
 
1,025,133
 
 
9,025
 
Total New Hampshire
     
9,096,253
 
     
New Jersey – 2.7% (1.8% 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)
5/11 at 101.00
B
 
3,913,742
 
 
310
 
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
 
322,868
 
     
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
 
2,418,174
 
 
425
 
6.750%, 6/01/39 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
478,206
 
 
3,085
 
6.250%, 6/01/43 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
3,439,281
 
 
10,015
 
Total New Jersey
     
10,572,271
 
     
New Mexico – 5.9% (3.9% of Total Investments)
         
     
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A:
         
 
12,000
 
5.500%, 8/01/25 (Pre-refunded 8/01/11)
8/11 at 101.00
AA– (4)
 
12,281,160
 
 
10,800
 
5.500%, 8/01/30 (Pre-refunded 8/01/11)
8/11 at 101.00
AA– (4)
 
11,053,044
 
 
22,800
 
Total New Mexico
     
23,334,204
 
     
New York – 8.0% (5.4% of Total Investments)
         
 
12,020
 
Brooklyn Areba 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–
 
980,832
 
 
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+
 
11,945,472
 
 
5,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
8/12 at 101.00
B–
 
5,109,200
 
 
12,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2001C, 5.125%, 6/15/33 (UB)
7/11 at 101.00
AAA
 
12,051,480
 
 
1,670
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/36
12/20 at 100.00
BBB–
 
1,622,104
 
 
43,490
 
Total New York
     
31,709,088
 
     
North Carolina – 0.7% (0.4% 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
 
2,664,234
 
     
North Dakota – 0.3% (0.2% of Total Investments)
         
 
1,025
 
North Dakota Housing Finance Agency, Home Mortgage Finance Program Refunding Bonds, Series 2001A, 5.550%, 1/01/32 (Alternative Minimum Tax)
7/11 at 100.00
Aa1
 
1,027,768
 
 
Nuveen Investments
 
67
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
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
Baa3
$
6,890,000
 
 
1,000
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
674,690
 
 
11,000
 
Total Ohio
     
7,564,690
 
     
Oklahoma – 0.9% (0.6% of Total Investments)
         
 
3,500
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
6/20 at 100.00
A
 
3,527,510
 
     
Oregon – 1.3% (0.8% of Total Investments)
         
 
5,000
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2001D, 5.000%, 5/01/26 – AMBAC Insured
11/11 at 101.00
AA
 
5,036,750
 
     
Puerto Rico – 3.2% (2.2% 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+
 
2,504,550
 
 
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+
 
8,411,678
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
         
 
30,000
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
Aa2
 
1,562,100
 
 
6,150
 
0.000%, 8/01/56
No Opt. Call
Aa2
 
279,825
 
 
47,960
 
Total Puerto Rico
     
12,758,153
 
     
South Carolina – 1.7% (1.2% of Total Investments)
         
 
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–
 
6,935,402
 
     
Texas – 25.0% (16.7% of Total Investments)
         
 
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
 
7,792,000
 
     
Dallas-Fort Worth International Airport Public Facility Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001:
         
 
15,000
 
5.250%, 1/15/26 – AGM Insured
7/11 at 100.00
AA+
 
15,007,950
 
 
1,750
 
5.200%, 1/15/31 – AGM Insured
7/11 at 100.00
AA+
 
1,750,158
 
 
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
 
5,673,060
 
 
10,000
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)
4/12 at 100.00
Ba2
 
10,063,700
 
 
1,715
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 0.000%, 11/15/37 – NPFG Insured
11/31 at 69.08
Baa1
 
167,847
 
 
31,170
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/11 at 100.00
Baa1
 
22,594,510
 
 
4,465
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004-A3, 0.000%, 11/15/35 – NPFG Insured
11/24 at 52.47
Baa1
 
520,619
 
 
40,000
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/40 – NPFG Insured
11/30 at 54.04
Baa1
 
3,185,600
 
     
Hays Consolidated Independent School District, Hays County, Texas, General Obligation School Building Bonds, Series 2001:
         
 
10,715
 
0.000%, 8/15/25 (Pre-refunded 8/15/11)
8/11 at 43.18
AAA
 
4,620,094
 
 
12,940
 
0.000%, 8/15/26 (Pre-refunded 8/15/11)
8/11 at 40.60
AAA
 
5,247,041
 
     
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
 
1,339,050
 
 
5,540
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
 
1,375,083
 
 
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+
 
3,584,100
 
 
3,295
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1760-3, 16.974%, 2/15/36 (IF)
2/17 at 100.00
AA–
 
2,158,489
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
A1
 
2,753,043
 
 
68
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
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+
$
305,270
 
 
10,500
 
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
8/11 at 100.00
Aaa
 
10,571,820
 
 
181,980
 
Total Texas
     
98,709,434
 
     
Virginia – 0.4% (0.3% of Total Investments)
         
 
1,500
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2001H-1, 5.375%, 7/01/36 – NPFG Insured
7/11 at 100.00
AAA
 
1,500,734
 
     
Washington – 2.7% (1.8% of Total Investments)
         
 
2,500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
Baa2
 
2,103,500
 
 
7,500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Sisters of Providence Health System, Series 2001A, 5.250%, 10/01/21 – NPFG Insured
10/11 at 100.00
AA
 
7,608,225
 
 
855
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
BBB
 
862,001
 
 
10,855
 
Total Washington
     
10,573,726
 
     
West Virginia – 2.0% (1.3% of Total Investments)
         
 
5,000
 
Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 (Mandatory put 10/01/11)
10/11 at 100.00
BBB
 
5,020,000
 
 
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
 
2,801,614
 
 
7,950
 
Total West Virginia
     
7,821,614
 
     
Wisconsin – 0.3% (0.2% of Total Investments)
         
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2002A, 7.375%, 5/01/26 (Pre-refunded 5/01/12)
5/12 at 100.00
N/R (4)
 
1,068,329
 
$
859,386
 
Total Investments (cost $618,711,664) – 149.7%
     
591,162,570
 
     
Floating Rate Obligations – (6.8)%
     
(26,660,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.6)% (6)
     
(196,000,000
)
     
Other Assets Less Liabilities – 6.7%
     
26,451,056
 
     
Net Assets Applicable to Common Shares – 100%
   
$
394,953,626
 
 
(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 Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing.  Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 33.2%.
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
 
69
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 3
NZF
 
Portfolio of Investments
   
April 30, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 149.0% (99.0% of Total Investments)
         
     
Alabama – 1.7% (1.1% 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+
$
3,384,745
 
 
5,655
 
Alabama State Port Authority, Revenue Bonds, State Docks Department Facilities, Series 2001, 5.250%, 10/01/26 (Pre-refunded 10/01/11) – AMBAC Insured (Alternative Minimum Tax)
10/11 at 100.00
BBB (4)
 
5,762,388
 
 
9,155
 
Total Alabama
     
9,147,133
 
     
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
Baa3
 
595,359
 
     
Arizona – 1.0% (0.7% of Total Investments)
         
 
3,390
 
Arizona State Transportation Board, Highway Revenue Bonds, Series 2006, Trust 3151, 13.409%, 7/01/16 (IF)
No Opt. Call
AAA
 
3,652,895
 
 
2,200
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
A
 
1,830,685
 
 
5,590
 
Total Arizona
     
5,483,580
 
     
Arkansas – 0.7% (0.5% of Total Investments)
         
     
Sebastian County Health Facilities Board, Arkansas, Hospital Revenue Improvement Bonds, Sparks Regional Medical Center, Series 2001A:
         
 
1,805
 
5.500%, 11/01/13 (Pre-refunded 11/01/11)
11/11 at 101.00
N/R (4)
 
1,869,365
 
 
1,900
 
5.500%, 11/01/14 (Pre-refunded 11/01/11)
11/11 at 101.00
N/R (4)
 
1,967,754
 
 
3,705
 
Total Arkansas
     
3,837,119
 
     
California – 12.3% (8.2% of Total Investments)
         
     
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A:
         
 
2,175
 
5.000%, 3/01/28
3/13 at 100.00
A
 
2,029,253
 
 
140
 
5.000%, 3/01/33
3/13 at 100.00
A
 
125,104
 
 
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
 
3,390,140
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
11/16 at 100.00
AA–
 
2,495,102
 
 
5,000
 
California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31
8/11 at 102.00
A+
 
4,822,850
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.619%, 5/15/14 (IF)
No Opt. Call
AA–
 
4,934,472
 
 
20
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
6/11 at 100.00
AA
 
20,011
 
     
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+
 
526,405
 
 
3,300
 
0.000%, 8/01/32 – FGIC Insured
8/12 at 30.97
A+
 
724,779
 
 
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
Baa3
 
7,239,430
 
 
7,150
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
7/21 at 100.00
Aa2
 
7,532,025
 
     
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2001:
         
 
10,510
 
5.750%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A–
 
10,640,955
 
 
5,000
 
5.375%, 1/01/21 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A–
 
5,005,150
 
 
1,500
 
5.250%, 1/01/23 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A–
 
1,462,215
 
 
10,000
 
5.500%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A–
 
8,824,100
 
 
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+
 
6,577,080
 
 
70
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
10,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured
No Opt. Call
Baa1
$
1,025,300
 
 
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
 
925,590
 
 
95,495
 
Total California
     
68,299,961
 
     
Colorado – 6.3% (4.2% 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)
 
2,458,418
 
 
1,535
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Education Center, Series 2002A, 7.625%, 3/15/32 (Pre-refunded 3/15/13)
3/13 at 100.00
N/R (4)
 
1,704,940
 
 
1,775
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Series 2001, 7.375%, 6/01/31 Pre-refunded 6/01/11)
6/11 at 100.00
Ba1 (4)
 
1,785,952
 
 
3,090
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26
5/16 at 102.00
N/R
 
2,535,530
 
 
3,380
 
Colorado Housing Finance Authority, Multifamily Project Bonds, Class I, Series 2001A-1, 5.500%, 4/01/31 (Alternative Minimum Tax)
10/11 at 100.00
AAA
 
3,380,642
 
 
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
 
3,803,900
 
     
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+
 
5,594,354
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
3,417,579
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured
11/16 at 100.00
A+
 
4,459,501
 
 
2,000
 
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2001A, 5.500%, 11/15/16 – FGIC Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
2,038,620
 
     
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
 
785,688
 
 
2,000
 
5.250%, 12/01/36 – RAAI Insured
12/17 at 100.00
N/R
 
1,524,140
 
 
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
 
984,880
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
Aa3
 
640,842
 
 
36,610
 
Total Colorado
     
35,114,986
 
     
Delaware – 0.1% (0.1% of Total Investments)
         
 
520
 
Delaware State Housing Authority, Multifamily Mortgage Revenue Bonds, Series 2001A, 5.400%, 7/01/24
7/12 at 100.00
N/R
 
536,915
 
     
District of Columbia – 0.7% (0.5% of Total Investments)
         
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
1,107,796
 
 
3,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.352%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
2,767,415
 
 
4,670
 
Total District of Columbia
     
3,875,211
 
     
Florida – 1.6% (1.1% of Total Investments)
         
     
Orange County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Oak Glen Apartments, Series 2001G:
         
 
1,105
 
5.400%, 12/01/32 – AGM Insured
12/11 at 100.00
AA+
 
1,099,365
 
 
2,195
 
5.450%, 12/01/41 – AGM Insured
12/11 at 100.00
AA+
 
2,140,673
 
 
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
 
4,863,733
 
 
1,000
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.650%, 5/01/40
5/18 at 100.00
N/R
 
668,830
 
 
9,755
 
Total Florida
     
8,772,601
 
 
Nuveen Investments
 
71
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
                 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Georgia – 5.6% (3.8% of Total Investments)
         
$
5,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2000B, 5.625%,
1/01/30 – FGIC Insured (Alternative Minimum Tax)
7/11 at 100.50
A+
$
5,008,050
 
 
15,000
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30
1/21 at 100.00
A1
 
15,146,099
 
 
2,700
 
Atlanta, Georgia, Tax Allocation Bonds, Atlantic Station Project, Series 2001, 7.900%, 12/01/24 (Pre-refunded 12/01/11)
12/11 at 101.00
AAA
 
2,848,122
 
 
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
 
2,934,510
 
 
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
 
1,205,840
 
 
3,740
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2001, 5.500%, 5/15/31 (Pre-refunded 5/15/11)
5/11 at 100.00
N/R (4)
 
3,748,602
 
 
500
 
Gainesville Redevelopment Authority, Georgia, Educational Facilities Revenue Bonds, Riverside Military Academy Project, Series 2007, 5.125%, 3/01/37
3/17 at 100.00
N/R
 
358,200
 
 
31,940
 
Total Georgia
     
31,249,423
 
     
Illinois – 16.5% (10.9% of Total Investments)
         
 
8,375
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.500%,
1/01/19 – AGM Insured (Alternative Minimum Tax)
1/12 at 100.00
AA+
 
8,436,220
 
 
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)
7/11 at 101.00
A2
 
4,588,601
 
 
2,220
 
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/16 – NPFG Insured
No Opt. Call
Aa3
 
2,501,429
 
 
10,000
 
Chicago, Illinois, Senior Lien Water Revenue Bonds, Series 2001, 5.000%, 11/01/26 (Pre-refunded 11/01/11) – AMBAC Insured
11/11 at 100.00
Aa2 (4)
 
10,237,700
 
 
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
 
1,082,623
 
 
8,875
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
8,901,181
 
 
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
 
2,420,868
 
 
3,465
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
BBB
 
2,984,405
 
 
9,000
 
Illinois Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2001, 5.875%, 12/01/31
12/11 at 101.00
BBB–
 
8,346,690
 
 
15,000
 
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 2001A, 6.125%, 7/01/31 (Pre-refunded 7/01/11)
7/11 at 100.00
Baa3 (4)
 
15,147,750
 
 
5,000
 
Lake County School District 38, Big Hallow, Illinois, General Obligation Bonds, Series 2005, 0.000%, 2/01/22 – AMBAC Insured
No Opt. Call
N/R
 
2,482,750
 
 
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
 
4,684,540
 
 
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
 
11,191,560
 
 
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
 
5,201,550
 
 
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
 
2,904,669
 
 
137,255
 
Total Illinois
     
91,112,536
 
     
Indiana – 6.0% (4.0% of Total Investments)
         
     
Clark-Pleasant Community School Building Corporation, Indiana, First Mortgage Bonds, Series 2001:
         
 
1,255
 
5.000%, 7/15/21 (Pre-refunded 1/15/12) – AMBAC Insured
1/12 at 100.00
AA+ (4)
 
1,296,189
 
 
1,000
 
5.000%, 1/15/26 (Pre-refunded 1/15/12) – AMBAC Insured
1/12 at 100.00
AA+ (4)
 
1,032,820
 
     
Evansville Vanderburgh Public Library Lease Corporation, Indiana, First Mortgage Bonds, Series 2001:
         
 
2,000
 
5.750%, 7/15/18 (Pre-refunded 1/15/12) – NPFG Insured
1/12 at 100.00
A+ (4)
 
2,077,760
 
 
2,750
 
5.125%, 1/15/24 (Pre-refunded 1/15/12) – NPFG Insured
1/12 at 100.00
A+ (4)
 
2,844,710
 
 
72
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Indiana (continued)
         
$
1,250
 
Hamilton Southeastern Cumberland Campus School Building Corporation, Indiana, First Mortgage Bonds, Series 2001, 5.125%, 1/15/23 (Pre-refunded 1/15/12) – AMBAC Insured
1/12 at 100.00
A (4)
$
1,293,050
 
 
9,500
 
Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%, 2/01/26 – NPFG Insured
8/11 at 100.00
Baa1
 
9,518,810
 
 
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
 
4,346,663
 
 
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
 
2,277,470
 
 
3,500
 
University of Southern Indiana, Student Fee Revenue Bonds, Series 2001H, 5.000%, 10/01/21 – AMBAC Insured
10/11 at 100.00
A1
 
3,518,970
 
     
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
 
1,874,775
 
 
2,500
 
5.800%, 9/01/47
9/17 at 100.00
N/R
 
1,859,250
 
 
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)
 
1,192,547
 
 
34,175
 
Total Indiana
     
33,133,014
 
     
Iowa – 5.5% (3.7% of Total Investments)
         
 
2,000
 
Iowa Finance Authority, Healthcare Revenue Bonds, Great River Medical Center, Series 2001, 5.250%, 5/15/31 – AGM Insured
5/11 at 100.00
Aa3
 
1,943,220
 
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
6/15 at 100.00
BBB
 
674,360
 
     
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B:
         
 
23,665
 
5.300%, 6/01/25 (Pre-refunded 6/01/11)
6/11 at 101.00
AAA
 
23,999,150
 
 
3,950
 
5.600%, 6/01/35 (Pre-refunded 6/01/11)
6/11 at 101.00
AAA
 
4,008,105
 
 
30,615
 
Total Iowa
     
30,624,835
 
     
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
 
750,570
 
 
1,000
 
5.125%, 5/15/42
5/14 at 103.00
N/R
 
733,900
 
 
2,000
 
Total Kansas
     
1,484,470
 
     
Kentucky – 3.6% (2.4% 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+
 
1,014,040
 
 
18,500
 
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.125%, 5/15/27 – NPFG Insured
11/11 at 101.00
AA–
 
18,756,595
 
 
19,500
 
Total Kentucky
     
19,770,635
 
     
Louisiana – 4.6% (3.0% of Total Investments)
         
 
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–
 
3,064,080
 
 
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
 
3,080,287
 
 
20,890
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
5/11 at 101.00
A–
 
19,064,841
 
 
27,590
 
Total Louisiana
     
25,209,208
 
     
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)
5/11 at 100.00
AA+
 
1,074,946
 
 
Nuveen Investments
 
73
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Maryland – 2.6% (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
$
664,410
 
 
1,570
 
Maryland Community Development Administration, Insured Multifamily Housing Mortgage Loan Revenue Bonds, Series 2001B, 5.250%, 7/01/21 (Alternative Minimum Tax)
7/11 at 100.00
Aa2
 
1,571,664
 
 
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
 
1,210,140
 
 
10,600
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
7/11 at 100.00
N/R
 
10,598,622
 
 
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–
 
478,660
 
 
15,725
 
Total Maryland
     
14,523,496
 
     
Massachusetts – 3.0% (2.0% 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
 
1,107,851
 
 
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–
 
769,660
 
 
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
 
1,517,728
 
 
4,700
 
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 15.250%, 6/01/16 (IF)
No Opt. Call
AA
 
5,425,304
 
 
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)
7/11 at 101.00
N/R
 
4,555,300
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (7)
2/17 at 100.00
AA+
 
3,166,733
 
 
17,140
 
Total Massachusetts
     
16,542,576
 
     
Michigan – 9.3% (6.2% of Total Investments)
         
 
15,000
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
AA+
 
15,373,050
 
 
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
 
1,255,280
 
 
11,000
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A, 5.500%, 1/15/31 (Pre-refunded 7/15/11)
7/11 at 101.00
AA (4)
 
11,229,130
 
 
1,165
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.500%, 10/15/18
10/11 at 100.00
Aa3
 
1,184,281
 
 
70
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.500%, 10/15/18 (Pre-refunded 10/15/11)
10/11 at 100.00
A+ (4)
 
71,642
 
 
3,210
 
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)
 
3,419,132
 
     
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sparrow Obligated Group, Series 2001:
         
 
1,400
 
5.500%, 11/15/21 (Pre-refunded 11/15/11)
11/11 at 101.00
A+ (4)
 
1,452,962
 
 
2,500
 
5.625%, 11/15/31 (Pre-refunded 11/15/11)
11/11 at 101.00
A+ (4)
 
2,596,250
 
 
3,500
 
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
 
3,281,670
 
 
12,640
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/31 – NPFG Insured
11/11 at 100.00
A1
 
11,363,486
 
 
52,485
 
Total Michigan
     
51,226,883
 
     
Minnesota – 1.3% (0.8% of Total Investments)
         
 
2,200
 
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)
10/11 at 105.00
Aaa
 
2,241,580
 
 
3,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AAA
 
3,564,570
 
 
74
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Minnesota (continued)
         
$
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
$
1,148,854
 
 
6,575
 
Total Minnesota
     
6,955,004
 
     
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
5/11 at 101.00
AAA
 
2,150,712
 
 
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
 
3,043,980
 
 
5,155
 
Total Mississippi
     
5,194,692
 
     
Missouri – 3.0% (2.0% of Total Investments)
         
 
1,495
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
6/17 at 100.00
N/R
 
1,264,755
 
 
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
 
698,590
 
 
1,825
 
Fenton, Missouri, Tax Increment Refunding and Improvement Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12)
10/12 at 100.00
N/R (4)
 
1,960,926
 
     
Missouri Development Finance Board, Cultural Facilities Revenue Bonds, Nelson Gallery Foundation, Series 2001A:
         
 
3,335
 
5.250%, 12/01/19 (Pre-refunded 12/01/11) – NPFG Insured
12/11 at 100.00
AA– (4)
 
3,431,215
 
 
3,510
 
5.250%, 12/01/20 (Pre-refunded 12/01/11) – NPFG Insured
12/11 at 100.00
AA– (4)
 
3,611,264
 
 
3,695
 
5.250%, 12/01/21 (Pre-refunded 12/01/11) – NPFG Insured
12/11 at 100.00
AA– (4)
 
3,801,601
 
 
2,040
 
5.250%, 12/01/22 (Pre-refunded 12/01/11) – NPFG Insured
12/11 at 100.00
AA– (4)
 
2,098,854
 
 
16,900
 
Total Missouri
     
16,867,205
 
     
Montana – 0.9% (0.6% of Total Investments)
         
 
5,000
 
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
7/11 at 100.50
B+
 
5,008,650
 
     
Nebraska – 1.1% (0.7% of Total Investments)
         
 
4,525
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2010A, 6.050%, 9/01/41
9/20 at 100.00
AAA
 
4,632,469
 
 
1,005
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 19.815%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
 
1,328,711
 
 
5,530
 
Total Nebraska
     
5,961,180
 
     
Nevada – 3.8% (2.5% of Total Investments)
         
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
Aa3
 
10,107,900
 
 
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
 
5,591,460
 
 
2,000
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5)
7/11 at 100.00
N/R
 
501,560
 
 
4,000
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5)
1/12 at 100.00
N/R
 
7,000
 
 
145
 
Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 1998A-1, 5.300%, 4/01/18 (Alternative Minimum Tax)
10/11 at 100.00
Aaa
 
148,352
 
 
4,290
 
University of Nevada, Revenue Bonds, Community College System, Series 2001A, 5.250%, 7/01/26 (Pre-refunded 1/01/12) – FGIC Insured
1/12 at 100.00
Aa2 (4)
 
4,433,501
 
 
26,435
 
Total Nevada
     
20,789,773
 
     
New Hampshire – 0.4% (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
10/11 at 101.00
Aa3
 
2,029,160
 
 
Nuveen Investments
 
75
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey – 4.7% (3.2% of Total Investments)
         
$
10,000
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, American Water Company, Series 2002A, 5.250%, 11/01/32 – AMBAC Insured (Alternative Minimum Tax)
11/12 at 101.00
A2
$
9,650,300
 
 
620
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33
7/13 at 100.00
Ba2
 
461,230
 
 
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
 
4,454,835
 
 
12,970
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
A+
 
2,951,713
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA+
 
4,326,200
 
 
7,045
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
Baa3
 
4,376,284
 
 
54,760
 
Total New Jersey
     
26,220,562
 
     
New York – 5.1% (3.4% of Total Investments)
         
 
900
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
4/17 at 100.00
N/R
 
696,402
 
     
Brooklyn Areba 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–
 
1,236,725
 
 
3,400
 
0.000%, 7/15/44
No Opt. Call
BBB–
 
332,418
 
 
1,780
 
East Rochester Housing Authority, New York, GNMA Secured Revenue Bonds, Gates Senior Housing Inc., Series 2001, 5.300%, 4/20/31
10/11 at 101.00
N/R
 
1,696,927
 
 
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
 
3,812,810
 
 
4,155
 
Monroe County Airport Authority, New York, Revenue Refunding Bonds, Greater Rochester International Airport, Series 1999, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
Baa1
 
4,354,066
 
 
8,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
B–
 
8,102,240
 
 
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+
 
3,229,188
 
 
910
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured
8/12 at 100.00
AA
 
956,929
 
 
1,590
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 (Pre-refunded 8/01/12) – NPFG Insured
8/12 at 100.00
AA (4)
 
1,694,876
 
 
2,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/16
6/11 at 100.00
AA–
 
2,014,120
 
 
32,145
 
Total New York
     
28,126,701
 
     
North Carolina – 1.1% (0.7% of Total Investments)
         
 
1,710
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.873%, 7/15/32 (IF)
1/18 at 100.00
AA-
 
1,340,486
 
 
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-
 
1,169,088
 
 
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
AAA
 
1,987,633
 
 
515
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13 (ETM)
No Opt. Call
N/R (4)
 
556,967
 
 
1,085
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13
No Opt. Call
A
 
1,164,433
 
 
6,260
 
Total North Carolina
     
6,218,607
 
 
76
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio – 0.8% (0.5% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
$
3,135
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
$
2,422,289
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
512,364
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
471,965
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
1,059,263
 
 
6,100
 
Total Ohio
     
4,465,881
 
     
Oklahoma – 2.0% (1.3% 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
 
4,104,697
 
 
955
 
5.000%, 2/15/42
2/17 at 100.00
A
 
883,108
 
 
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+
 
6,058,159
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.356%, 6/15/30 (IF)
12/16 at 100.00
AA+
 
81,729
 
 
11,718
 
Total Oklahoma
     
11,127,693
 
     
Oregon – 0.9% (0.6% of Total Investments)
         
 
4,700
 
Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, PeaceHealth Project, Series 2001, 5.250%, 11/15/21 – AMBAC Insured
11/11 at 101.00
A+
 
4,770,829
 
     
Pennsylvania – 1.3% (0.8% 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
 
381,185
 
 
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)
7/11 at 100.00
CC
 
1,929,585
 
 
1,400
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, St. Joseph’s University, Series 2010A, 5.000%, 11/01/40
11/20 at 100.00
A–
 
1,288,840
 
 
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)
 
3,412,876
 
 
8,605
 
Total Pennsylvania
     
7,012,486
 
     
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
 
2,421,400
 
     
Tennessee – 0.3% (0.2% of Total Investments)
         
 
3,680
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41
1/17 at 30.07
A–
 
524,032
 
 
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+
 
227,824
 
     
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), (6)
11/17 at 100.00
N/R
 
40,080
 
 
2,800
 
5.500%, 11/01/46 (5), (6)
11/17 at 100.00
N/R
 
140,280
 
 
730
 
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2001-3A, 5.200%, 7/01/22 (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
730,562
 
 
8,285
 
Total Tennessee
     
1,662,778
 
     
Texas – 23.2% (15.4% 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
 
5,088,135
 
 
3,850
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
3,682,949
 
 
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
 
4,876,000
 
 
4,040
 
Harris County, Texas, Tax and Revenue Certificates of Obligation, Series 2001, 5.000%, 8/15/27 (Pre-refunded 8/15/11)
8/11 at 100.00
AAA
 
4,096,600
 
 
Nuveen Investments
 
77
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
     April 30, 2011 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
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
N/R (4)
$
6,927,480
 
 
7,000
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 1998B, 5.250%, 7/01/14 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
A
 
7,016,030
 
     
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2001A:
         
 
2,525
 
5.500%, 7/01/13 – FGIC Insured (Alternative Minimum Tax)
1/12 at 100.00
A
 
2,594,842
 
 
2,905
 
5.500%, 7/01/14 – FGIC Insured (Alternative Minimum Tax)
1/12 at 100.00
A
 
2,985,352
 
 
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
 
14,117,782
 
     
Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001:
         
 
8,500
 
5.400%, 8/15/31 (Pre-refunded 8/15/11) – AMBAC Insured
8/11 at 100.00
N/R (4)
 
8,615,515
 
 
8,500
 
5.500%, 8/15/41 (Pre-refunded 8/15/11) – AMBAC Insured
8/11 at 100.00
N/R (4)
 
8,618,065
 
 
3,090
 
Laredo Independent School District, Webb County, Texas, General Obligation Refunding Bonds, Series 2001, 5.000%, 8/01/25
8/11 at 100.00
AAA
 
3,116,327
 
 
7,610
 
Laredo Independent School District, Webb County, Texas, General Obligation Refunding Bonds, Series 2001, 5.000%, 8/01/25 (Pre-refunded 8/01/11)
8/11 at 100.00
Aaa
 
7,702,538
 
 
8,000
 
Lower Colorado River Authority, Texas, Transmission Contract Refunding Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
5/20 at 100.00
A
 
7,634,640
 
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
4/21 at 100.00
N/R
 
1,733,935
 
 
2,500
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
A3
 
2,387,350
 
 
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
 
3,065,990
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
         
 
4,370
 
0.000%, 9/01/43
9/31 at 100.00
AA
 
2,050,273
 
 
9,130
 
0.000%, 9/01/45
9/31 at 100.00
AA
 
4,941,613
 
 
3,045
 
Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds, Series 2001B, 5.500%, 10/01/17 – FGIC Insured (Alternative Minimum Tax)
10/11 at 100.00
AAA
 
3,078,282
 
 
3,500
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
No Opt. Call
AA–
 
3,454,045
 
 
7,700
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
AA–
 
7,036,029
 
 
8,820
 
Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax)
7/11 at 100.00
AAA
 
8,662,034
 
     
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
 
2,083,639
 
 
9,110
 
0.000%, 8/15/40
8/15 at 27.11
AAA
 
1,727,529
 
 
7,110
 
0.000%, 8/15/44
8/15 at 21.88
AAA
 
1,057,541
 
 
155,960
 
Total Texas
     
128,350,515
 
     
Utah – 0.4% (0.3% of Total Investments)
         
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E:
         
 
665
 
5.200%, 1/01/18 (Alternative Minimum Tax)
7/11 at 100.00
AA–
 
668,132
 
 
240
 
5.500%, 1/01/23 (Alternative Minimum Tax)
7/11 at 100.00
Aaa
 
246,206
 
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1:
         
 
1,075
 
4.950%, 7/01/18 (Alternative Minimum Tax)
7/11 at 100.00
AA–
 
1,092,813
 
 
360
 
5.300%, 7/01/23 (Alternative Minimum Tax)
7/11 at 100.00
Aaa
 
366,667
 
 
2,340
 
Total Utah
     
2,373,818
 
     
Virginia – 0.2% (0.1% of Total Investments)
         
 
1,000
 
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.375%, 12/01/28
12/15 at 100.00
N/R
 
848,650
 
 
78
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Washington – 13.1% (8.7% of Total Investments)
         
     
Bellingham Housing Authority, Washington, Housing Revenue Bonds, Varsity Village Project, Series 2001A:
         
$
1,000
 
5.500%, 12/01/27 – NPFG Insured
12/11 at 100.00
Aaa
$
1,006,110
 
 
2,000
 
5.600%, 12/01/36 – NPFG Insured
12/11 at 100.00
Aaa
 
2,007,000
 
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
AA+
 
2,559,225
 
     
Port of Seattle, Washington, Revenue Bonds, Series 2001B:
         
 
2,535
 
5.625%, 4/01/18 – FGIC Insured (Alternative Minimum Tax) (UB)
10/11 at 100.00
Aa2
 
2,577,816
 
 
16,000
 
5.100%, 4/01/24 – FGIC Insured (Alternative Minimum Tax) (UB)
7/11 at 100.00
Aa2
 
16,001,280
 
 
1,440
 
Public Utility District 1, Benton County, Washington, Electric Revenue Refunding Bonds, Series 2001A, 5.625%, 11/01/15 (Pre-refunded 11/01/11) – AGM Insured
11/11 at 100.00
AA+ (4)
 
1,478,491
 
 
650
 
Public Utility District 1, Benton County, Washington, Electric Revenue Refunding Bonds, Series 2001A, 5.625%, 11/01/15 – AGM Insured
11/11 at 100.00
AA+
 
664,957
 
 
4,530
 
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2001, 5.250%, 12/01/21 (Pre-refunded 12/01/11) – AMBAC Insured
12/11 at 100.00
AA (4)
 
4,660,691
 
 
3,720
 
Washington State Health Care Facilities Authority, Revenue Bonds, Children’s Hospital and Regional Medical Center, Series 2001, 5.375%, 10/01/18 (Pre-refunded 10/01/11) – AMBAC Insured
10/11 at 100.00
Aa3 (4)
 
3,798,046
 
     
Washington State Health Care Facilities Authority, Revenue Bonds, Good Samaritan Hospital, Series 2001:
         
 
5,480
 
5.500%, 10/01/21 (Pre-refunded 10/01/11) – RAAI Insured
10/11 at 101.00
BBB– (4)
 
5,652,565
 
 
25,435
 
5.625%, 10/01/31 (Pre-refunded 10/01/11) – RAAI Insured
10/11 at 101.00
BBB– (4)
 
26,249,429
 
     
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2001:
         
 
3,005
 
5.375%, 12/01/17 – AMBAC Insured
12/11 at 101.00
BBB
 
3,052,509
 
 
2,915
 
5.375%, 12/01/18 – AMBAC Insured
12/11 at 101.00
BBB
 
2,953,216
 
 
71,210
 
Total Washington
     
72,661,335
 
     
Wisconsin – 2.4% (1.6% of Total Investments)
         
     
Appleton, Wisconsin, Waterworks Revenue Refunding Bonds, Series 2001:
         
 
3,705
 
5.375%, 1/01/20 (Pre-refunded 1/01/12) – FGIC Insured
1/12 at 100.00
N/R (4)
 
3,830,785
 
 
1,850
 
5.000%, 1/01/21 (Pre-refunded 1/01/12) – FGIC Insured
1/12 at 100.00
N/R (4)
 
1,908,146
 
 
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+
 
851,560
 
 
350
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30
10/11 at 101.00
AA–
 
350,291
 
 
3,650
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30 (Pre-refunded 10/01/11)
10/11 at 101.00
AA– (4)
 
3,763,041
 
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2001B, 6.000%, 2/15/25
2/12 at 100.00
BBB+
 
2,506,225
 
 
330
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
8/13 at 100.00
BBB+
 
280,018
 
 
13,385
 
Total Wisconsin
     
13,490,066
 
$
982,563
 
Total Municipal Bonds (cost $852,788,119)
     
824,171,872
 
                 
 
Shares
 
Description (1)
     
Value
 
     
Investment Companies – 0.6% (0.4% of Total Investments)
         
 
6,266
 
BlackRock MuniHoldings Fund Inc.
   
$
90,920
 
 
26,880
 
Dreyfus Strategic Municipal Fund
     
211,277
 
 
131,278
 
DWS Municipal Income Trust
     
1,537,265
 
 
43,020
 
Invesco Van Kampen Investment Grade Municipal Trust
     
566,573
 
 
30,000
 
Invesco Van Kampen Municipal Opportunity Trust
     
386,700
 
 
43,420
 
PIMCO Municipal Income Fund II
     
438,542
 
     
Total Investment Companies (cost $3,325,133)
     
3,231,277
 
 
Nuveen Investments
 
79
 
 
 

 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Short-Term Investments – 0.9% (0.6% of Total Investments)
         
     
South Carolina – 0.9% (0.6% of Total Investments)
         
$
4,730
 
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Series 2003, 0.270%, 4/01/28 (8)
5/11 at 100.00
N/R
$
4,730,000
 
$
4,730
 
Total Short-Term Investments (cost $4,730,000)
     
4,730,000
 
     
Total Investments (cost $860,843,252) – 150.5%
     
832,133,149
 
     
Floating Rate Obligations – (11.1)%
     
(61,132,000)
 
     
MuniTerm Preferred Shares, at Liquidation Value – (12.7)% (9)
     
(70,000,000)
 
     
Other Assets Less Liabilities – 3.8%
     
20,399,964
 
     
Auction Rate Preferred Shares at Liquidation Value – (30.5)% (9)
     
(168,400,000)
 
     
Net Assets Applicable to Common Shares – 100%
   
$
553,001,113
 
 
(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 Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing.  Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(7)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(8)
 
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 8.4% and 20.2%, respectively.
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.
 
80
 
Nuveen Investments
 
 
 

 
   
Statement of
   
Assets & Liabilities
   
April 30, 2011 (Unaudited)

   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
   
(NPP
)
(NMA
)
(NMO
)
Assets
                   
Investments, at value (cost $1,282,652,166, $949,386,064 and $1,005,041,850, respectively)
 
$
1,263,296,465
 
$
912,199,838
 
$
937,587,364
 
Cash
   
14,156,274
   
1,583,416
   
7,060,180
 
Receivables:
                   
Dividends and interest
   
18,242,171
   
15,420,637
   
15,370,577
 
Investments sold
   
10,000
   
10,707,134
   
9,205,000
 
Deferred offering costs
   
1,673,393
   
2,054,038
   
4,061,310
 
Other assets
   
317,030
   
445,183
   
432,986
 
Total assets
   
1,297,695,333
   
942,410,246
   
973,717,417
 
Liabilities
                   
Floating rate obligations
   
40,825,000
   
59,788,333
   
43,530,000
 
Payables:
                   
Auction Rate Preferred share dividends
   
12,066
   
   
 
Common share dividends
   
4,142,261
   
3,070,577
   
3,265,632
 
Interest
   
520,251
   
   
 
Offering costs
   
249,154
   
243,099
   
393,751
 
MuniFund Term Preferred (MTP) shares, at liquidation value
   
   
   
 
Variable 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
   
636,099
   
409,397
   
396,894
 
Other
   
357,793
   
210,809
   
257,054
 
Total liabilities
   
468,442,624
   
360,522,215
   
398,743,331
 
Auction Rate Preferred shares (ARPS), at liquidation value
   
   
   
 
Net assets applicable to Common shares
 
$
829,252,709
 
$
581,888,031
 
$
574,974,086
 
Common shares outstanding
   
59,952,462
   
43,502,742
   
45,809,174
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
13.83
 
$
13.38
 
$
12.55
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
599,525
 
$
435,027
 
$
458,092
 
Paid-in surplus
   
838,916,306
   
608,197,679
   
639,096,126
 
Undistributed (Over-distribution of) net investment income
   
17,262,981
   
9,157,952
   
7,838,360
 
Accumulated net realized gain (loss)
   
(8,170,402
)
 
1,283,599
   
(4,964,006
)
Net unrealized appreciation (depreciation)
   
(19,355,701
)
 
(37,186,226
)
 
(67,454,486
)
Net assets applicable to Common shares
 
$
829,252,709
 
$
581,888,031
 
$
574,974,086
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
ARPS
   
1,000,000
   
1,000,000
   
1,000,000
 
MTP
   
   
   
 
VMTP
   
Unlimited
   
   
 
VRDP
   
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
81

 
 

 

   
Statement of
   
Assets & Liabilities (continued)
   
April 30, 2011 (Unaudited)

                     
   
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NAD
)
(NXZ
)
(NZF
)
Assets
                   
Investments, at value (cost $856,943,299, $618,711,664 and $860,843,252, respectively)
 
$
815,024,785
 
$
591,162,570
 
$
832,133,149
 
Cash
   
8,970,092
   
246,751
   
7,482,669
 
Receivables:
                   
Dividends and interest
   
13,371,333
   
11,110,151
   
14,918,011
 
Investments sold
   
50,968
   
15,577,229
   
656,846
 
Deferred offering costs
   
2,002,216
   
2,106,015
   
1,325,669
 
Other assets
   
214,967
   
239,623
   
203,737
 
Total assets
   
839,634,361
   
620,442,339
   
856,720,081
 
Liabilities
                   
Floating rate obligations
   
51,605,000
   
26,660,000
   
61,132,000
 
Payables:
                   
Auction Rate Preferred share dividends
   
16,806
   
   
11,989
 
Common share dividends
   
2,877,538
   
2,277,967
   
3,206,285
 
Interest
   
324,675
   
   
163,333
 
Offering costs
   
211,269
   
108,461
   
250,041
 
MuniFund Term Preferred (MTP) shares, at liquidation value
   
144,300,000
   
   
70,000,000
 
Variable MuniFund Term Preferred (VMTP) shares, at liquidation value
   
   
   
 
Variable Rate Demand Preferred (VRDP) shares, at liquidation value
   
   
196,000,000
   
 
Accrued expenses:
                   
Management fees
   
402,512
   
294,387
   
391,739
 
Other
   
234,577
   
147,898
   
163,581
 
Total liabilities
   
199,972,377
   
225,488,713
   
135,318,968
 
Auction Rate Preferred shares (ARPS), at liquidation value
   
120,075,000
   
   
168,400,000
 
Net assets applicable to Common shares
 
$
519,586,984
 
$
394,953,626
 
$
553,001,113
 
Common shares outstanding
   
39,296,352
   
29,461,808
   
40,392,021
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
13.22
 
$
13.41
 
$
13.69
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
392,964
 
$
294,618
 
$
403,920
 
Paid-in surplus
   
550,828,919
   
420,334,455
   
575,733,715
 
Undistributed (Over-distribution of) net investment income
   
10,751,430
   
5,961,835
   
10,185,779
 
Accumulated net realized gain (loss)
   
(467,815
)
 
(4,088,188
)
 
(4,612,198
)
Net unrealized appreciation (depreciation)
   
(41,918,514
)
 
(27,549,094
)
 
(28,710,103
)
Net assets applicable to Common shares
 
$
519,586,984
 
$
394,953,626
 
$
553,001,113
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
ARPS
   
Unlimited
   
Unlimited
   
Unlimited
 
MTP
   
Unlimited
   
   
Unlimited
 
VMTP
   
   
   
 
VRDP
   
   
Unlimited
   
 
 
See accompanying notes to financial statements.
 
82
 
Nuveen Investments

 
 

 
   
Statement of
   
Operations
   
Six Months Ended April 30, 2011 (Unaudited)

   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NPP
)
(NMA
)
(NMO
)
(NAD
)
(NXZ
)
(NZF
)
Investment Income
 
$
35,888,197
 
$
26,491,337
 
$
26,586,348
 
$
23,649,535
 
$
18,128,297
 
$
24,238,421
 
Expenses
                                     
Management fees
   
3,890,994
   
2,774,296
   
2,853,509
   
2,471,176
   
1,811,423
   
2,607,619
 
Auction fees
   
198,133
   
121,284
   
176,424
   
89,316
   
98,544
   
145,814
 
Dividend disbursing agent fees
   
28,137
   
   
   
14,877
   
   
14,877
 
Shareholders’ servicing agent fees and expenses
   
51,122
   
32,204
   
34,181
   
24,807
   
1,898
   
8,113
 
Interest expense and amortization of offering costs
   
1,407,134
   
941,207
   
1,021,569
   
2,339,628
   
557,740
   
1,074,558
 
Liquidity fees on VRDP shares
   
   
1,920,806
   
1,796,887
   
   
1,003,675
   
 
Custodian’s fees and expenses
   
107,044
   
75,031
   
78,318
   
68,252
   
52,405
   
67,438
 
Directors’/Trustees’ fees and expenses
   
16,879
   
13,087
   
13,286
   
11,443
   
8,670
   
11,728
 
Professional fees
   
98,460
   
100,532
   
280,977
   
128,541
   
134,507
   
38,252
 
Shareholders’ reports – printing and mailing expenses
   
75,625
   
31,570
   
51,965
   
33,054
   
21,998
   
28,105
 
Stock exchange listing fees
   
10,045
   
7,285
   
7,638
   
22,284
   
2,038
   
2,795
 
Investor relations expense
   
31,237
   
21,113
   
22,199
   
15,503
   
12,347
   
16,471
 
Other expenses
   
41,184
   
25,741
   
27,532
   
29,617
   
21,208
   
22,300
 
Total expenses before custodian fee credit and expense reimbursement
   
5,955,994
   
6,064,156
   
6,364,485
   
5,248,498
   
3,726,453
   
4,038,070
 
Custodian fee credit
   
(7,489
)
 
(8,743
)
 
(7,524
)
 
(9,085
)
 
(6,071
)
 
(8,700
)
Expense reimbursement
   
   
   
   
   
(123,892
)
 
(215,066
)
Net expenses
   
5,948,505
   
6,055,413
   
6,356,961
   
5,239,413
   
3,596,490
   
3,814,304
 
Net investment income
   
29,939,692
   
20,435,924
   
20,229,387
   
18,410,122
   
14,531,807
   
20,424,117
 
Realized and Unrealized Gain(Loss)
                                     
Net realized gain (loss) from investments
   
(1,764,004
)
 
3,687,389
   
187,456
   
4,479,750
   
2,792,794
   
(1,476,912
)
Change in net unrealized appreciation (depreciation) of investments
   
(80,478,387
)
 
(63,982,599
)
 
(72,119,667
)
 
(62,099,178
)
 
(43,053,802
)
 
(40,508,757
)
Net realized and unrealized gain (loss)
   
(82,242,391
)
 
(60,295,210
)
 
(71,932,211
)
 
(57,619,428
)
 
(40,261,008
)
 
(41,985,669
)
Distributions to Auction Rate Preferred Shareholders
                                     
From net investment income
   
(617,092
)
 
   
   
(243,637
)
 
   
(402,855
)
From accumulated net realized gains
   
(115,631
)
 
   
   
   
   
(9,510
)
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
(732,723
)
 
   
   
(243,637
)
 
   
(412,365
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
(53,035,422
)
$
(39,859,286
)
$
(51,702,824
)
$
(39,452,943
)
$
(25,729,201
)
$
(21,973,917
)
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
83

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)

   
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Operations
                                     
Net investment income
 
$
29,939,692
 
$
61,961,159
 
$
20,435,924
 
$
43,865,457
 
$
20,229,387
 
$
45,415,957
 
Net realized gain (loss) from investments
   
(1,764,004
)
 
5,333,340
   
3,687,389
   
2,499,059
   
187,456
   
7,021,125
 
Change in net unrealized appreciation (depreciation) of investments
   
(80,478,387
)
 
36,406,331
   
(63,982,599
)
 
29,929,503
   
(72,119,667
)
 
18,357,610
 
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
(617,092
)
 
(1,674,198
)
 
   
(355,444
)
 
   
(606,064
)
From accumulated net realized gains
   
(115,631
)
 
(47,490
)
 
   
(183,376
)
 
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
(53,035,422
)
 
101,979,142
   
(39,859,286
)
 
75,755,199
   
(51,702,824
)
 
70,188,628
 
Distributions to Common Shareholders
                                     
From net investment income
   
(28,613,787
)
 
(55,177,839
)
 
(21,522,544
)
 
(42,290,819
)
 
(22,385,381
)
 
(43,873,378
)
From accumulated net realized gains
   
(5,533,612
)
 
(814,831
)
 
   
(2,827,574
)
 
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(34,147,399
)
 
(55,992,670
)
 
(21,522,544
)
 
(45,118,393
)
 
(22,385,381
)
 
(43,873,378
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
283,901
   
292,445
   
905,902
   
2,913,988
   
1,045,705
   
2,382,420
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
283,901
   
292,445
   
905,902
   
2,913,988
   
1,045,705
   
2,382,420
 
Net increase (decrease) in net assets applicable to Common shares
   
(86,898,920
)
 
46,278,917
   
(60,475,928
)
 
33,550,794
   
(73,042,500
)
 
28,697,670
 
Net assets applicable to Common shares at the beginning of period
   
916,151,629
   
869,872,712
   
642,363,959
   
608,813,165
   
648,016,586
   
619,318,916
 
Net assets applicable to Common shares at the end of period
 
$
829,252,709
 
$
916,151,629
 
$
581,888,031
 
$
642,363,959
 
$
574,974,086
 
$
648,016,586
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
17,262,981
 
$
16,554,168
 
$
9,157,952
 
$
10,244,572
 
$
7,838,360
 
$
9,994,354
 
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
   
Dividend Advantage (NAD)
 
Dividend Advantage 2 (NXZ)
 
Dividend Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Operations
                                     
Net investment income
 
$
18,410,122
 
$
39,281,244
 
$
14,531,807
 
$
30,012,369
 
$
20,424,117
 
$
43,023,730
 
Net realized gain (loss) from investments
   
4,479,750
   
1,079,125
   
2,792,794
   
1,450,091
   
(1,476,912
)
 
786,636
 
Change in net unrealized appreciation (depreciation) of investments
   
(62,099,178
)
 
27,410,233
   
(43,053,802
)
 
6,351,263
   
(40,508,757
)
 
20,450,314
 
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
(243,637
)
 
(724,675
)
 
   
   
(402,855
)
 
(880,640
)
From accumulated net realized gains
   
   
   
   
   
(9,510
)
 
(125,552
)
Net increase (decrease) in net assets applicable to Common shares from operations
   
(39,452,943
)
 
67,045,927
   
(25,729,201
)
 
37,813,723
   
(21,973,917
)
 
63,254,488
 
Distributions to Common Shareholders
                                     
From net investment income
   
(17,918,790
)
 
(35,752,124
)
 
(14,141,332
)
 
(28,615,006
)
 
(19,872,502
)
 
(38,518,652
)
From accumulated net realized gains
   
   
   
   
   
(630,116
)
 
(2,547,863
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(17,918,790
)
 
(35,752,124
)
 
(14,141,332
)
 
(28,615,006
)
 
(20,502,618
)
 
(41,066,515
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
63,949
   
66,815
   
59,744
   
312,251
   
64,704
   
137,143
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
63,949
   
66,815
   
59,744
   
312,251
   
64,704
   
137,143
 
Net increase (decrease) in net assets applicable to Common shares
   
(57,307,784
)
 
31,360,618
   
(39,810,789
)
 
9,510,968
   
(42,411,831
)
 
22,325,116
 
Net assets applicable to Common shares at the beginning of period
   
576,894,768
   
545,534,150
   
434,764,415
   
425,253,447
   
595,412,944
   
573,087,828
 
Net assets applicable to Common shares at the end of period
 
$
519,586,984
 
$
576,894,768
 
$
394,953,626
 
$
434,764,415
 
$
553,001,113
 
$
595,412,944
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
10,751,430
 
$
10,503,735
 
$
5,961,835
 
$
5,571,360
 
$
10,185,779
 
$
10,037,019
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 
   
Statement of
   
Cash Flows
   
Six months ended April 30, 2011
(Unaudited)

   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
   
(NPP
)
(NMA
)
(NMO
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
(53,035,422
)
$
(39,859,286
)
$
(51,702,824
)
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
   
(61,152,069
)
 
(78,690,787
)
 
(72,867,258
)
Proceeds from sales and maturities of investments
   
83,859,031
   
94,773,516
   
53,454,071
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(7,285,814
)
 
(3,291,936
)
 
(3,830,335
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
128,312
   
532,803
   
632,515
 
Receivable for investments sold
   
785,000
   
(10,112,134
)
 
51,939,000
 
Other assets
   
(18,654
)
 
(15,701
)
 
(37,331
)
Increase (Decrease) in:
                   
Payable for investments purchased
   
   
   
(11,733,982
)
Payable for Auction Rate Preferred share dividends
   
(13,620
)
 
   
 
Payable for interest
   
520,251
   
   
 
Accrued management fees
   
(75,685
)
 
(54,243
)
 
(63,614
)
Accrued other liabilities
   
(132,790
)
 
(128,071
)
 
(117,298
)
Net realized (gain) loss from investments
   
1,764,004
   
(3,687,389
)
 
(187,456
)
Change in net unrealized (appreciation) depreciation of investments
   
80,478,387
   
63,982,599
   
72,119,667
 
Taxes paid on undistributed capital gains
   
(373
)
 
(181,644
)
 
(4,366
)
Net cash provided by (used in) operating activities
   
45,820,558
   
23,267,727
   
37,600,789
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(1,673,393
)
 
35,885
   
69,790
 
Increase (Decrease) in:
                   
Cash overdraft balance
   
   
   
(9,292,196
)
Floating rate obligations
   
(1,500,000
)
 
(7,906,650
)
 
 
Payable for offering costs
   
249,154
   
(195
)
 
 
ARPS, at liquidation value
   
(419,900,000
)
 
   
 
MTP shares, at liquidation value
   
   
   
 
VMTP shares, at liquidation value
   
421,700,000
   
   
 
Cash distributions paid to Common shareholders
   
(33,841,564
)
 
(20,600,367
)
 
(21,318,203
)
Net cash provided by (used in) financing activities
   
(34,965,803
)
 
(28,471,327
)
 
(30,540,609
)
Net Increase (Decrease) in Cash
   
10,854,755
   
(5,203,600
)
 
7,060,180
 
Cash at the beginning of period
   
3,301,519
   
6,787,016
   
 
Cash at the End of Period
 
$
14,156,274
 
$
1,583,416
 
$
7,060,180
 
 
Supplemental Disclosure of Cash Flow Information
 
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $283,901, $905,902 and $1,045,705 for Performance Plus (NPP), Municipal Advantage (NMA) and Market Opportunity (NMO), respectively.
                     
   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
   
(NPP
)
(NMA
)
(NMO
)
Cash paid for interest (excluding amortization of offering costs)
 
$
780,276
 
$
905,517
 
$
951,779
 
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 
   
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NAD
)
(NXZ
)
(NZF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
(39,452,943
)
$
(25,729,201
)
$
(21,973,917
)
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
   
(81,244,089
)
 
(89,709,257
)
 
(78,303,221
)
Proceeds from sales and maturities of investments
   
81,902,551
   
98,572,064
   
95,276,606
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
(4,730,000
)
Amortization (Accretion) of premiums and discounts, net
   
(4,053,088
)
 
(2,020,307
)
 
(753,293
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
(333,933
)
 
285,773
   
190,088
 
Receivable for investments sold
   
19,377,157
   
(7,467,229
)
 
198,134
 
Other assets
   
(21,004
)
 
(14,141
)
 
(24,678
)
Increase (Decrease) in:
                   
Payable for investments purchased
   
(5,859,060
)
 
   
 
Payable for Auction Rate Preferred share dividends
   
(2,150
)
 
   
(1,187
)
Payable for interest
   
   
   
163,333
 
Accrued management fees
   
(49,917
)
 
(6,555
)
 
(37,610
)
Accrued other liabilities
   
(32,796
)
 
(25,843
)
 
(37,712
)
Net realized (gain) loss from investments
   
(4,479,750
)
 
(2,792,794
)
 
1,476,912
 
Change in net unrealized (appreciation) depreciation of investments
   
62,099,178
   
43,053,802
   
40,508,757
 
Taxes paid on undistributed capital gains
   
(3,781
)
 
(244
)
 
 
Net cash provided by (used in) operating activities
   
27,846,375
   
14,146,068
   
31,952,212
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
237,867
   
36,493
   
(1,325,669
)
Increase (Decrease) in:
                   
Cash overdraft balance
   
(1,211,715
)
 
   
 
Floating rate obligations
   
   
(1,650
)
 
(7,276,650
)
Payable for offering costs
   
(53,021
)
 
   
250,041
 
ARPS, at liquidation value
   
   
   
(68,550,000
)
MTP shares, at liquidation value
   
   
   
70,000,000
 
VMTP shares, at liquidation value
   
   
   
 
Cash distributions paid to Common shareholders
   
(17,849,414
)
 
(14,077,408
)
 
(20,435,333
)
Net cash provided by (used in) financing activities
   
(18,876,283
)
 
(14,042,565
)
 
(27,337,611
)
Net Increase (Decrease) in Cash
   
8,970,092
   
103,503
   
4,614,601
 
Cash at the beginning of period
   
   
143,248
   
2,868,068
 
Cash at the End of Period
 
$
8,970,092
 
$
246,751
 
$
7,482,669
 
 
Supplemental Disclosure of Cash Flow Information
 
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $63,949, $59,744 and $64,704 for Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), respectively.
                     
   
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NAD
)
(NXZ
)
(NZF
)
Cash paid for interest (excluding amortization of offering costs)
 
$
2,088,261
 
$
521,247
 
$
808,223
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 
   
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
 
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:
                                                             
2011(f)
 
$
15.29
 
$
.50
 
$
(1.38
)
$
(.01
)
$
*
$
(.89
)
$
(.48
)
$
(.09
)
$
(.57
)
$
 
$
13.83
 
$
13.33
 
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
 
2006
   
15.51
   
1.00
   
.38
   
(.25
)
 
   
1.13
   
(.84
)
 
(.02
)
 
(.86
)
 
   
15.78
   
15.09
 
                                                   
Municipal Advantage (NMA)
                                                 
Year Ended 10/31:
                                                             
2011(f)
   
14.79
   
.47
   
(1.38
)
 
   
   
(.91
)
 
(.50
)
 
   
(.50
)
 
   
13.38
   
12.99
 
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
 
2006
   
15.70
   
1.08
   
.27
   
(.26
)
 
   
1.09
   
(.90
)
 
(.01
)
 
(.91
)
 
   
15.88
   
15.85
 

   
ARPS
at End of Period
 
VMTP Shares
at End of Period
 
VRDP Shares
at 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:
                                           
2011(f)
 
$
 
$
 
$
 
$
421,700
 
$
100,000
 
$
296,645
 
$
 
$
 
$
 
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
   
   
   
   
   
   
 
2006
   
479,000
   
25,000
   
74,333
   
   
   
   
   
   
 
                                       
Municipal Advantage (NMA)
                                     
Year Ended 10/31:
                                     
2011(f)
   
   
   
   
   
   
   
296,800
   
100,000
   
296,054
 
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
   
   
   
   
   
   
 
2006
   
358,000
   
25,000
   
72,743
   
   
   
   
   
   
 
 
88
 
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
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                           
   
(7.33
)%
 
(5.76
)%
$
829,253
   
1.45
%**
 
1.13
%**
 
7.27
%**
 
5
%
   
18.65
   
12.07
   
916,152
   
1.13
   
1.10
   
6.93
   
14
 
   
24.78
   
21.20
   
869,873
   
1.23
   
1.18
   
7.59
   
6
 
   
(10.71
)
 
(12.49
)
 
760,496
   
1.25
   
1.17
   
6.96
   
9
 
   
(4.97
)
 
1.53
   
912,066
   
1.16
   
1.14
   
6.38
   
6
 
   
10.78
   
7.50
   
945,222
   
1.15
   
1.15
   
6.44
   
9
 
                                           
                                           
   
(9.60
)
 
(6.13
)
 
581,888
   
2.10
**
 
1.79
**
 
7.09
**
 
8
 
   
19.58
   
12.90
   
642,364
   
1.66
   
1.46
   
7.04
   
16
 
   
25.70
   
23.89
   
608,813
   
1.31
   
1.22
   
8.51
   
9
 
   
(13.16
)
 
(15.65
)
 
523,602
   
1.38
   
1.21
   
7.50
   
13
 
   
(7.08
)
 
1.06
   
656,806
   
1.40
   
1.17
   
6.87
   
10
 
   
10.68
   
7.16
   
683,675
   
1.18
   
1.18
   
6.92
   
11
 

(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.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS, VMTP shares and/or VRDP shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
The expense ratios reflect, among other things, payments to VMTP shareholders, VRDP shareholders 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 MuniFund Term Preferred shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)
For the six months ended April 30, 2011.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 
   
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
 
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:
                                                 
2011(f)
 
$
14.17
 
$
.44
 
$
(1.57
)
$
 
$
 
$
(1.13
)
$
(.49
)
$
 
$
(.49
)
$
 
$
12.55
 
$
12.43
 
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
 
2006
   
15.14
   
1.02
   
.34
   
(.26
)
 
   
1.10
   
(.83
)
 
   
(.83
)
 
   
15.41
   
15.00
 
                                                         
Dividend Advantage (NAD)
                                                 
Year Ended 10/31:
                                                 
2011(f)
   
14.68
   
.47
   
(1.46
)
 
(.01
)
 
   
(1.00
)
 
(.46
)
 
   
(.46
)
 
   
13.22
   
12.76
 
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
 
2006
   
15.28
   
1.04
   
.32
   
(.24
)
 
   
1.12
   
(.86
)
 
   
(.86
)
 
   
15.54
   
15.30
 

   
ARPS
at End of Period
 
MTP Shares
at End of Period
 
ARPS
and
MTP
Shares
at End
of Period
 
VRDP Shares
at End of Period
 
   
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Ending
Market
Value
Per Share
 
Average
Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Market Opportunity (NMO)
                                                       
Year Ended 10/31:
                                           
2011(f)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
350,900
 
$
100,000
 
$
263,857
 
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
   
   
   
   
   
   
   
   
   
 
2006
   
380,000
   
25,000
   
71,155
   
   
   
   
   
   
   
   
   
 
                                                         
Dividend Advantage (NAD)
                                           
Year Ended 10/31:
                                             
2011(f)
   
120,075
   
25,000
   
74,134
   
144,300
   
10.00
   
10.01
   
10.02
   
29.65
   
2.97
   
   
   
 
2010
   
120,075
   
25,000
   
79,553
   
144,300
   
10.00
   
10.10
   
10.10
^
 
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
   
   
   
   
   
   
   
   
   
 
2006
   
295,000
   
25,000
   
76,722
   
   
   
   
   
   
   
   
   
 
 
90
 
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
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Expenses
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                                           
 
(11.20
)%
 
(7.94
)%
$
574,974
   
2.22
%*
 
1.89
%*
 
7.04
%*
 
N/A
   
N/A
   
N/A
   
6
%
 
17.03
   
11.71
   
648,017
   
1.70
   
1.50
   
7.17
   
N/A
   
N/A
   
N/A
   
26
 
 
23.67
   
18.30
   
619,319
   
1.32
   
1.25
   
8.58
   
N/A
   
N/A
   
N/A
   
10
 
 
(9.87
)
 
(13.07
)
 
557,346
   
1.36
   
1.23
   
7.33
   
N/A
   
N/A
   
N/A
   
8
 
 
(5.00
)
 
1.20
   
675,577
   
1.38
   
1.19
   
6.87
   
N/A
   
N/A
   
N/A
   
5
 
 
11.92
   
7.49
   
701,559
   
1.19
   
1.19
   
6.73
   
N/A
   
N/A
   
N/A
   
14
 
                                                           
                                                           
 
(8.20
)
 
(6.81
)
 
519,587
   
2.02
*
 
1.22
*
 
7.09
*
 
2.02
%*
 
1.22
%*
 
7.09
%*
 
10
 
 
19.17
   
12.60
   
576,895
   
1.61
   
1.13
   
6.99
   
1.61
   
1.13
   
6.99
   
8
 
 
28.86
   
25.78
   
545,534
   
1.26
   
1.17
   
8.38
   
1.21
   
1.12
   
8.43
   
9
 
 
(16.46
)
 
(16.42
)
 
462,554
   
1.36
   
1.15
   
7.33
   
1.22
   
1.02
   
7.46
   
11
 
 
(5.96
)
 
1.10
   
585,496
   
1.24
   
1.13
   
6.60
   
1.03
   
.92
   
6.81
   
11
 
 
11.19
   
7.59
   
610,316
   
1.12
   
1.12
   
6.54
   
.85
   
.85
   
6.81
   
8
 

(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.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP shares and/or VRDP shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of July 31, 2009, the Adviser is no longer reimbursing Dividend Advantage (NAD) for any fees and expenses.
(e)
The expense ratios reflect, among other things, payments to MTP shareholders, VRDP shareholders 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 Polices, MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)
For the six months ended April 30, 2011.
^
For the period March 16, 2010 (issuance date of shares) through October 31, 2010.
N/A
Fund does not have a contractual reimbursement agreement with the Adviser.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 
   
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
 
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:
                                                             
2011(f)
 
$
14.76
 
$
.49
 
$
(1.36
)
$
 
$
 
$
(.87
)
$
(.48
)
$
 
$
(.48
)
$
 
$
13.41
 
$
12.93
 
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
 
2006
   
15.80
   
1.12
   
.32
   
(.24
)
 
   
1.20
   
(.98
)
 
   
(.98
)
 
   
16.02
   
16.50
 
                                                   
Dividend Advantage 3 (NZF)
                                                 
Year Ended 10/31:
                                                             
2011(f)
   
14.74
   
.51
   
(1.04
)
 
(.01
)
 
*
 
(.54
)
 
(.49
)
 
(.02
)
 
(.51
)
 
   
13.69
   
13.20
 
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
 
2006
   
15.32
   
1.07
   
.29
   
(.24
)
 
   
1.12
   
(.90
)
 
   
(.90
)
 
   
15.54
   
15.88
 

   
ARPS
at End of Period
 
MTP Shares
at End of Period
 
ARPS
and
MTP
Shares
at End
of Period
 
VRDP Shares
at End of Period
 
   
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Ending
Market
Value
Per Share
 
Average
Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Dividend Advantage 2 (NXZ)
                                                 
Year Ended 10/31:
                                                             
2011(f)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
 
$
196,000
 
$
100,000
 
$
301,507
 
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
   
   
   
   
   
   
   
   
   
 
2006
   
222,000
   
25,000
   
77,949
   
   
   
   
   
   
   
   
   
 
                                                   
Dividend Advantage 3 (NZF)
                                                 
Year Ended 10/31:
                                                             
2011(f)
   
168,400
   
25,000
   
82,991
   
70,000
   
10.00
   
10.02
   
9.99
^
 
33.20
   
3.32
   
   
   
 
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
   
   
   
   
   
   
   
   
   
 
2006
   
312,000
   
25,000
   
75,227
   
   
   
   
   
   
   
   
   
 
 
92
 
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
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Expenses
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                         
   
(8.62
)%
 
(5.88
)%
$
394,954
   
1.88
%**
 
1.61
%**
 
7.25
%**
 
1.81
%**
 
1.55
%**
 
7.31
%**
 
15
%
   
10.89
   
9.12
   
434,764
   
1.79
   
1.57
   
6.85
   
1.68
   
1.47
   
6.95
   
5
 
   
22.63
   
21.41
   
425,253
   
1.91
   
1.47
   
7.59
   
1.73
   
1.29
   
7.77
   
2
 
   
(15.21
)
 
(13.23
)
 
373,940
   
1.71
   
1.22
   
6.82
   
1.45
   
.96
   
7.08
   
10
 
   
(.78
)
 
2.76
   
456,992
   
1.25
   
1.11
   
6.83
   
.93
   
.79
   
7.16
   
5
 
   
11.95
   
7.86
   
470,189
   
1.11
   
1.11
   
6.70
   
.72
   
.72
   
7.09
   
5
 
                                                             
                                                             
   
(5.95
)
 
(3.63
)
 
553,001
   
1.47
**
 
1.12
**
 
7.35
**
 
1.39
**
 
1.04
**
 
7.43
**
 
9
 
   
17.04
   
11.41
   
595,413
   
1.17
   
1.08
   
7.21
   
1.02
   
.93
   
7.36
   
7
 
   
33.89
   
25.08
   
573,088
   
1.26
   
1.15
   
7.98
   
1.04
   
.92
   
8.20
   
2
 
   
(17.85
)
 
(14.99
)
 
488,561
   
1.34
   
1.15
   
7.08
   
1.04
   
.85
   
7.37
   
7
 
   
(7.72
)
 
2.31
   
606,908
   
1.32
   
1.13
   
6.65
   
.94
   
.76
   
7.02
   
14
 
   
16.90
   
7.57
   
626,836
   
1.13
   
1.13
   
6.51
   
.68
   
.68
   
6.96
   
9
 

(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.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP shares and/or VRDP shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing Dividend Advantage 2 (NXZ) for any fees and expenses.
(e)
The expense ratios reflect, among other things, payments to MTP shareholders, VRDP shareholders 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 Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)
For the six months ended April 30, 2011.
*
Rounds to less than $.01 per share.
**
Annualized.
^
For the period December 20, 2010 (issuance date of shares) through April 30, 2011.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 
   
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) (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.
 
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio managers became employee of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from each Fund’s management fee.
 
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. When price quotes are not readily available (which is usually the case for municipal bonds) 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 the Adviser. 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.
 
94
 
Nuveen Investments

 
 

 
 
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, 2011, there were no such outstanding purchase commitments in any of the Funds.
 
Investment Income
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.
 
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. 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”). The following Funds have issued and outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of April 30, 2011, the number of ARPS outstanding, by Series and in total, for each Fund is as follows:

   
Dividend
Advantage
 
Dividend
Advantage 3
 
   
(NAD
)
(NZF
)
               
Number of shares:
             
Series M
   
1,628
   
 
Series T
   
1,628
   
 
Series W
   
   
2,246
 
Series TH
   
1,547
   
2,245
 
Series F
   
   
2,245
 
Total
   
4,803
   
6,736
 
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as
 
Nuveen Investments
 
95

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
calculated in accordance with the pre-established terms of the ARPS. As of April 30, 2011, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
                                       
   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NPP
)
(NMA
)
(NMO
)
(NAD
)
(NXZ
)
(NZF
)
ARPS redeemed, at liquidation value
 
$
479,000,000
 
$
358,000,000
 
$
380,000,000
 
$
174,925,000
 
$
222,000,000
 
$
143,600,000
 
 
During the fiscal year ended October 31, 2010, lawsuits pursuing claims made in a demand letter alleging that Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3’s (NZF) Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of their ARPS had been filed on behalf of shareholders of Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF). Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) believe that these lawsuits will not have a material effect on them or on the Adviser’s ability to serve as investment adviser to them.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends, 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, 2011, 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
 
 
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 are 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 also are 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
Advantage
 
Dividend
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 all series of MTP Shares outstanding for each Fund during the six months ended April 30, 2011, was as follows:
               
   
Dividend
Advantage
 
Dividend
Advantage 3
 
   
(NAD
)
(NZF
)*
Average liquidation value of MTP Shares outstanding
 
$
144,300,000
 
$
69,696,970
 

*
For the period December 20, 2010 (issuance date of shares) through April 30, 2011.
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
96
 
Nuveen Investments

 
 

 
Variable Rate MuniFund Term Preferred Shares
Performance Plus (NPP) has issued and outstanding $421,700,000 Series 2014 Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Performance Plus (NPP) issued its VMTP Shares in a privately negotiated offering in February 2011. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem all of the Fund’s outstanding ARPS. The VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
The Fund is obligated to redeem its VMTP Shares on March 1, 2014, 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 the Fund, subject to payment of a premium until February 29, 2012, and at par thereafter. The 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.
 
Dividends on MTP 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.
 
The average liquidation value outstanding and average annualized dividend rate of VMTP Shares for the Fund during the period February 24, 2011 (issuance date of shares) through April 30, 2011 were $421,700,000 and 1.50%, respectively.
 
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, 2011, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
                     
   
Municipal
Advantage
 
Market
Opportunity
 
Dividend
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.
 
Nuveen Investments
 
97

 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended April 30, 2011, were as follows:
                     
   
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage 2
 
   
(NMA
)
(NMO
)
(NXZ
)
Average liquidation value outstanding
 
$
296,800,000
 
$
350,900,000
 
$
196,000,000
 
Annualized dividend rate
   
0.47
%
 
0.47
%
 
0.44
%
 
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, which is recognized as “Liquidity 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 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, 2011, 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, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts is as follows:
                                       
   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NPP
)
(NMA
)
(NMO
)
(NAD
)
(NXZ
)
(NZF
)
Maximum exposure to Recourse Trusts
 
$
18,750,000
 
$
11,250,000
 
$
7,500,000
 
$
11,250,000
 
$
5,250,000
 
$
 
 
98
 
Nuveen Investments

 
 

 
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, 2011, were as follows:
                                       
   
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NPP)
 
(NMA)
 
(NMO)
 
(NAD)
 
(NXZ)
 
(NZF)
 
Average floating rate obligations outstanding
 
$
41,685,221
 
$
64,814,024
 
$
43,530,000
 
$
51,605,000
 
$
26,660,000
 
$
66,668,464
 
Average annual interest rate and fees
   
0.75
%
 
0.67
%
 
0.62
%
 
0.55
%
 
0.71
%
 
0.71
%
 
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, 2011.
 
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.
 
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 Performance Plus (NPP) in connection with its offering of VMTP Shares ($1,780,000) were recorded as a deferred charge and will be 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 and will be amortized over the life of the shares. 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 and will be 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.
 
Nuveen Investments
 
99
 
 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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 of 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, 2011:
 
Performance Plus (NPP)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
1,263,296,465
 
$
 
$
1,263,296,465
 

Municipal Advantage (NMA)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
912,124,688
 
$
75,150
 
$
912,199,838
 

Market Opportunity (NMO)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
937,587,364
 
$
 
$
937,587,364
 

Dividend Advantage (NAD)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
814,436,376
 
$
75,150
 
$
814,511,526
 
Investment Companies
   
513,259
   
   
   
513,259
 
Total
 
$
513,259
 
$
814,436,376
 
$
75,150
 
$
815,024,785
 

Dividend Advantage 2 (NXZ)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
591,162,570
 
$
 
$
591,162,570
 

Dividend Advantage 3 (NZF)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
823,991,512
 
$
180,360
 
$
824,171,872
 
Investment Companies
   
3,231,277
   
   
   
3,231,277
 
Short-Term Investments
   
   
4,730,000
   
   
4,730,000
 
Total
 
$
3,231,277
 
$
828,721,512
 
$
180,360
 
$
832,133,149
 
 
100
 
Nuveen Investments

 
 

 
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
                           
   
Municipal
Advantage
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
   
(NMA
)
(NAD
)
(NXZ
)
(NZF
)
   
Level 3
Municipal Bonds
 
Level 3
Municipal Bonds
 
Level 3
Municipal Bonds
 
Level 3
Municipal Bonds
 
Balance at the beginning of period
 
$
462,475
 
$
78,062
 
$
2,333,250
 
$
187,349
 
Gains (losses):
                         
Net realized gains (losses)
   
6,799
   
6,799
   
   
(17,141
)
Net change in unrealized appreciation (depreciation)
   
(133,025
)
 
(9,711
)
 
(748,519
)
 
10,152
 
Purchases at cost
   
   
   
   
 
Sales at proceeds
   
   
   
   
 
Net discounts (premiums)
   
   
   
49
   
 
Transfers in to
   
   
   
   
 
Transfers out of
   
(261,099
)
 
   
(1,584,780
)
 
 
Balance at the end of period
 
$
75,150
 
$
75,150
 
$
 
$
180,360
 
Net change in unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2011
 
$
(9,711
)
$
(9,711
)
$
 
$
10,152
 
 
During the six months ended April 30, 2011, the Funds recognized no significant transfers to/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, 2011.
 
4. Fund Shares
Common Shares
Since the inception of the Fund’s repurchase program, the Funds have not repurchased any of their outstanding Common shares.
 
Transactions in Common shares were as follows:
                                       
   
Performance Plus (NPP)
 
Municipal
Advantage (NMA)
 
Market
Opportunity (NMO)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Common shares issued to shareholders due to reinvestment of distributions
   
19,498
   
18,891
   
64,969
   
202,701
   
80,513
   
170,873
 

   
Dividend
Advantage (NAD)
 
Dividend
Advantage 2 (NXZ)
 
Dividend
Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Common shares issued to shareholders due to reinvestment of distributions
   
4,564
   
4,490
   
4,192
   
21,264
   
4,537
   
9,310
 
 
Nuveen Investments
 
101

 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Preferred Shares
Transactions in ARPS were as follows:
                                                   
   
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                                                 
Series M
   
3,507
 
$
87,675,000
   
 
$
   
 
$
   
2,457
 
$
61,425,000
 
Series T
   
3,506
   
87,650,000
   
   
   
   
   
2,457
   
61,425,000
 
Series W
   
3,505
   
87,625,000
   
   
   
   
   
2,456
   
61,400,000
 
Series TH
   
2,770
   
69,250,000
   
   
   
   
   
1,901
   
47,525,000
 
Series F
   
3,508
   
87,700,000
   
   
   
   
   
2,457
   
61,425,000
 
Total
   
16,796
 
$
419,900,000
   
 
$
   
 
$
   
11,728
 
$
293,200,000
 

   
Market Opportunity (NMO)
 
Dividend Advantage (NAD)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                                                 
Series M
   
 
$
   
3,649
 
$
91,225,000
   
 
$
   
1,922
 
$
48,050,000
 
Series T
   
   
   
3,648
   
91,200,000
   
   
   
1,921
   
48,025,000
 
Series W
   
   
   
2,920
   
73,000,000
   
   
   
   
 
Series TH
   
   
   
   
   
   
   
1,826
   
45,650,000
 
Series F
   
   
   
3,650
   
91,250,000
   
   
   
   
 
Total
   
 
$
   
13,867
 
$
346,675,000
   
 
$
   
5,669
 
$
141,725,000
 

   
Dividend Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                         
Series W
   
913
 
$
22,825,000
   
 
$
 
Series TH
   
914
   
22,850,000
   
   
 
Series F
   
915
   
22,875,000
   
   
 
Total
   
2,742
 
$
68,550,000
   
 
$
 
 
Transactions in MTP Shares were as follows:

   
Dividend Advantage (NAD)
 
Dividend Advantage 3 (NZF)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
MTP Shares issued:
                                                 
Series 2015
   
 
$
   
14,430,000
 
$
144,300,000
   
 
$
   
 
$
 
Series 2016
   
   
   
   
   
7,000,000
   
70,000,000
   
   
 
Total
   
 
$
   
14,430,000
 
$
144,300,000
   
7,000,000
 
$
70,000,000
   
 
$
 
 
102
 
Nuveen Investments

 
 

 
Transactions in VMTP Shares were as follows:
                           
   
Performance Plus (NPP)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                         
Series 2014
   
4,217
 
$
421,700,000
   
 
$
 
 
Transactions in VRDP Shares were as follows:
                                                   
   
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
VRDP Shares issued:
                                                 
Series 1
   
 
$
   
2,968
 
$
296,800,000
   
 
$
   
3,509
 
$
350,900,000
 
 
During the fiscal year ended October 31, 2010, Dividend Advantage 2 (NXZ) completed a private exchange offer in which all of its 1,960 Series 1 VRDP Shares were exchanged for 1,960 Series 2 VRDP Shares.
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2011, were as follows:
                                     
 
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
  (NPP (NMA (NMO (NAD (NXZ (NZF
Purchases
  $ 61,152,069     $ 78,690,787     $ 72,867,258     $ 81,244,089     $ 89,709,257     $ 78,303,221  
Sales and maturities
    83,859,031       94,773,516       53,454,071       81,902,551       98,572,064       95,276,606  
 
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, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                                     
 
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
  (NPP (NMA (NMO (NAD (NXZ (NZF
Cost of investments
  $ 1,245,339,730     $ 894,038,957     $ 960,904,206     $ 804,357,926     $ 595,281,638     $ 800,950,023  
Gross unrealized:
                                               
Appreciation
  $ 45,100,548     $ 23,152,833     $ 19,779,376     $ 25,270,634     $ 16,007,937     $ 17,609,234  
Depreciation
    (67,963,829 )     (64,779,805 )     (86,626,560 )     (66,209,355 )     (46,794,161 )     (47,506,235 )
Net unrealized appreciation (depreciation) of investments
  $ (22,863,281 )   $ (41,626,972 )   $ (66,847,184 )   $ (40,938,721 )   $ (30,786,224 )   $ (29,897,001 )
 
Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2010, the Funds’ last tax year end, as follows:
                                     
 
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
  (NPP (NMA (NMO (NAD (NXZ (NZF
Paid-in surplus
  $ (14,354 )   $ (44,077 )   $ (82,335 )   $ (319,910 )   $ (710,096 )   $  
Undistributed (Over-distribution of) net investment income
    (295,300 )     40,235       (118,648 )     318,426       635,555       (3,071 )
Accumulated net realized gain (loss)
    309,654       3,842       200,983       1,484       74,541       3,071  
 
Nuveen Investments
 
103

 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ last tax year end, were as follows:
                                     
 
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
  (NPP (NMA (NMO (NAD (NXZ (NZF
Undistributed net tax-exempt income *
  $ 19,969,255     $ 11,572,786     $ 12,834,483     $ 11,751,685     $ 7,112,008     $ 13,088,050  
Undistributed net ordinary income **
    496,191       403,062       28,857       25,093       486        
Undistributed net long-term capital gains
    5,536,530       3,489,441                         640,607  

*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2010, paid on November 1, 2010.
**
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, 2010, was designated for purposes of the dividends paid deduction as follows:
                                     
 
Performance
Plus
 
Municipal
Advantage
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
Dividend
Advantage 3
 
  (NPP (NMA (NMO (NAD (NXZ (NZF
Distributions from net tax-exempt income
  $ 56,430,144     $ 43,084,415     $ 45,084,665     $ 38,498,093     $ 28,872,454     $ 39,033,313  
Distributions from net ordinary income **
    23,738       63,961                   409,165       830,966  
Distributions from net long-term capital gains
    863,865       3,011,399                         1,901,758  

**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
At October 31, 2010, 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:
                   
   
Market
Opportunity
   
Dividend
Advantage
   
Dividend
Advantage 2
 
    (NMO   (NAD   (NXZ
Expiration:
                 
October 31, 2011
  $     $ 3,513,691     $  
October 31, 2013
          104,762        
October 31, 2014
    1,437,187              
October 31, 2015
    1,902,879             862,140  
October 31, 2016
    1,398,166              
October 31, 2017
          424,278        
Total
  $ 4,738,232     $ 4,042,731     $ 862,140  
 
During Funds’ last tax year ended October 31, 2010, the following Funds utilized capital loss carryforwards as follows:
                   
 
Market
Opportunity
 
Dividend
Advantage
 
Dividend
Advantage 2
 
 
(NMO
(NAD
(NXZ
Utilized capital loss carryforwards
  $ 6,894,937     $ 1,080,609     $ 1,524,632  
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee is separated into two components — a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund’s 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.
 
104
 
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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, 2011, the complex-level fee rate for these Funds was .1785%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with the Sub-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.
 
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Notes to
   
Financial Statements (Unaudited) (continued)
 
For the first ten years of Dividend Advantage 2’s (NXZ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
             
Year Ending
March 31,
   
Year Ending
March 31,
     
             
2001*
.30
%
2007
 
.25
%
2002
.30
 
2008
 
.20
 
2003
.30
 
2009
 
.15
 
2004
.30
 
2010
 
.10
 
2005
.30
 
2011
 
.05
 
2006
.30
         

*
From the commencement of operations.
 
The Adviser has not agreed to reimburse Dividend Advantage 2 (NXZ) for any portion of its fees and expenses beyond March 31, 2011.
 
For the first ten years of Dividend Advantage 3’s (NZF) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
             
Year Ending
   
Year Ending
     
September 30,
   
September 30,
     
             
2001*
.30
%
2007
 
.25
%
2002
.30
 
2008
 
.20
 
2003
.30
 
2009
 
.15
 
2004
.30
 
2010
 
.10
 
2005
.30
 
2011
 
.05
 
2006
.30
         

*
From the commencement of operations.
 
The Adviser has not agreed to reimburse Dividend Advantage 3 (NZF) for any portion of its fees and expenses beyond September 30, 2011.
 
8. New Accounting Pronouncement
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) 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 by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, 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 the ASU 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 on the financial statement amounts and footnote disclosures, if any.
 
9. Subsequent Events
 
Regulatory Matters
Subsequent to the reporting period, Nuveen Securities, LLC (“Nuveen Securities”) entered into a settlement with the Financial Industry Regulatory Authority (“FINRA”) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities neither admitted to nor denied FINRA’s allegations. Nuveen Securities is the broker-dealer subsidiary of Nuveen. The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities were false and misleading. Nuveen Securities agreed to a censure and the payment of a $3 million fine.
 
Distributions to Shareholders
During May 2011, Municipal Advantage (NMA) declared a capital gains distribution, which was paid on July 1, 2011, to shareholders of record on June 15, 2011, as follows:
 
   
Municipal
 
   
Advantage
 
    (NMA
       
Capital gains distribution per share
  $ 0.0783  
 
106
 
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Board Approval of Sub-Advisory
Arrangements (Unaudited)
 
At a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Board Members who are not parties to the advisory agreements or “interested persons” of any parties (the “Independent Board Members”), considered and approved the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”). Since the May Meeting, Nuveen has engaged in an internal restructuring (the “Restructuring”) pursuant to which the portfolio management services provided by the Adviser to the Funds were transferred to Nuveen Asset Management, LLC (“NAM LLC”), a newly-organized wholly-owned subsidiary of the Adviser and the Adviser changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The Adviser, under its new name NFA, continues to serve as investment adviser to the Funds and, in that capacity, will continue to provide various oversight, administrative, compliance and other services. To effectuate the foregoing, NFA entered into sub-advisory agreements with NAM LLC on behalf of the Funds (each, a “Sub-Advisory Agreement”). Under each Sub-Advisory Agreement, NAM LLC, subject to the oversight of NFA and the Board, will furnish an investment program, make investment decisions for, and place all orders for the purchase and sale of securities for the portion of the respective Fund’s investment portfolio allocated to it by NFA. There have been no changes to the advisory fees paid by the Funds; rather, NFA will pay a portion of the investment advisory fee it receives to NAM LLC for its sub-advisory services. The Independent Board Members reviewed the allocation of fees between NFA and NAM LLC. NFA and NAM LLC do not anticipate any reduction in the nature or level of services provided to the Funds following the Restructuring. The personnel of NFA who engaged in portfolio management activities prior to the spinoff of NAM LLC are not expected to materially change as a result of the spinoff. In light of the foregoing, at a meeting held on November 16-18, 2010, the Board Members, including a majority of the Independent Board Members, approved the Sub-Advisory Agreements on behalf of the Funds. Given that the Restructuring was not expected to reduce the level or nature of services provided and the advisory fees paid by the Funds were the same, the factors considered and determinations made at the May Meeting in approving the Advisory Agreements were equally applicable to the approval of the Sub-Advisory Agreements. For a discussion of these considerations, please see the shareholder report of the Funds that was first issued after the May Meeting for the period including May 2010.
 
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Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
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
 
108
 
Nuveen Investments

 
 

 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
Nuveen Investments
 
109

 
 

 
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.
   
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Using borrowed money to invest in securities or other assets.
 
110
 
Nuveen Investments

 
 

 
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.
   
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): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
   
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.
   
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
Nuveen Investments
 
111
 
 
 

 
 
Notes
 
112
 
Nuveen Investments

 
 

 
Notes
 
Nuveen Investments
 
113

 
 

 
Notes
 
114
 
Nuveen Investments

 
 

 
Other Useful 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 and Preferred Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred 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 and/or auction rate preferred stock as shown in the accompanying table.
               
Fund
 
Common Shares
Repurchased
 
Auction Rate
Preferred Shares
Redeemed
NPP
   
   
16,796
 
NMA
   
   
 
NMO
   
   
 
NAD
   
   
 
NXZ
   
   
 
NZF
   
   
2,742
 
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
Nuveen Investments
 
115

 
 

 
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 is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 
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
 
 
Nuveen makes things e-simple.
 
     
 
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready - no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
     
 
Free e-Reports right to your e-mail!
 
     
 
www.investordelivery.com
 
 
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
     
 
OR
 
     
 
www.nuveen.com/accountaccess
 
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
 
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
ESA-B-0411D
 


 
 

 
 
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 of Directors or Trustees 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 8, 2011

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

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

Date: July 8, 2011

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

Date: July 8, 2011