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: October 31, 2012

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.
 

 
 

 

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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage and Other Information
10
   
Common Share Dividend and Price Information
12
   
Performance Overviews
14
   
Shareholder Meeting Report
20
   
Report of Independent Registered Public Accounting Firm
22
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
90
   
Statement of Operations
92
   
Statement of Changes in Net Assets
93
   
Statement of Cash Flows
95
   
Financial Highlights
98
   
Notes to Financial Statements
107
   
Annual Investment Management Agreement Approval Process
120
   
Board Member and Officers
130
   
Reinvest Automatically, Easily and Conveniently
135
   
Glossary of Terms Used in this Report
137
   
Additional Fund Information
139

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
 
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
 
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
December 20, 2012
 
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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 discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these six national Funds. Tom has managed NXZ since its inception in 2001 and NPP, NMA, NMO and NAD since 2003. Paul assumed portfolio management responsibility for NZF in 2006.
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2012?
 
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability.
 
In the third quarter of 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Nuveen Investments
 
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objective of 2.0% or lower for this inflation measure. As of November 2012 (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in umemployment from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the work force. The housing market, long a major weak spot in the economic recovery, showed signs of improvement, with the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rising 3.0% for the twelve months ended September 2012 (most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak. The outlook for the U.S. economy remained clouded by uncertainty about global financial markets as well as the impending “fiscal cliff,” the combination of tax increases and spending cuts scheduled to take effect beginning January 2013 and their potential impact on the economy.
 
Municipal bond prices generally rallied during this period, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. Although the total volume of tax-exempt supply improved over that of the same period a year earlier, the issuance pattern remained light compared with long-term historical trends, and new money issuance was relatively flat. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve, and the curve flattened. In addition to the lingering effects of the Build America Bonds (BAB) program, which expired at the end of 2010 but impacted issuance well into 2012, the low level of municipal issuance reflected the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we saw an increased number of borrowers come to market seeking to take advantage of the low rate environment through refunding activity, with approximately 60% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
 
Over the twelve months ended October 31, 2012, municipal bond issuance nationwide totaled $379.6 billion, an increase of 18.6% over the issuance for the twelve-month period ended October 31, 2011. As previously discussed, the majority of this increase was attributable to refunding issues, rather than new money issuance. During this period, demand for municipal bonds remained consistently strong, especially from individual investors, (as evidenced in part by flows into mutual funds) and also from banks and crossover buyers such as hedge funds.
 
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Nuveen Investments

 
 

 

What key strategies were used to manage these Funds during this reporting period?
 
In an environment characterized by tight supply, strong demand and lower yields, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. During this period, the Funds found value in health care and broad based essential services bonds backed by taxes or other revenues. We also added to our holdings of tobacco credits when we found attractive valuation levels, which resulted in a slight increase in our allocations of these bonds, especially in NAD.
 
In general during this period, we emphasized bonds with longer maturities. This enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve and also provided some protection for the Funds’ duration and yield curve positioning. Our efforts in this area were somewhat constrained by the structure of bonds typically issued as part of refinancing deals, which tend to be characterized by shorter maturities. Across most of the Funds, our credit purchases focused on higher quality bonds with the goal of positioning the Funds slightly more defensively. In NZF, we also continued to purchase lower rated bonds when we found attractive opportunities, as we believed these bonds still offered relative value.
 
We also took advantage of short-term opportunities created by the supply/demand dynamics in the municipal market. While demand for tax-exempt paper remained consistently strong throughout the period, supply fluctuated widely. We found that periods of substantial supply provided good short-term buying opportunities not only because of the increased number of issues available, but also because some investors became more hesitant in their buying as supply grew, causing spreads to widen temporarily. At times when supply was more plentiful, we were proactive in focusing on anticipating cash flows from bond calls and maturing bonds and closely monitored opportunities for reinvestment.
 
Cash for new purchases during this period was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. During this period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. In NZF, we also sold selected bonds with short call dates in advance of their call dates to take advantage of attractive purchase candidates as they became available in the market. Overall, selling was relatively limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of October 31, 2012, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
Nuveen Investments
 
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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 10/31/12
 
Fund
1-Year
5-Year
10-Year
NPP
18.89%
8.17%
6.97%
NMA
17.99%
7.90%
7.01%
NMO
19.09%
7.18%
6.73%
NAD
18.67%
8.03%
7.13%
NXZ
19.46%
7.64%
7.59%
NZF
17.33%
8.02%
7.48%
       
S&P Municipal Bond Index*
9.56%
5.83%
5.35%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average*
18.77%
7.73%
6.99%
 
For the twelve months ended October 31, 2012, the total returns on common share net asset value (NAV) for all six of these Nuveen Funds exceeded the return for the S&P Municipal Bond Index. For this same period, NPP, NMO and NXZ outperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average, NAD performed in line with this Lipper classification and NMA and NZF lagged the Lipper average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance over this period. Leverage is discussed in more detail later in this report.
 
In an environment of declining rates and a flattening yield curve, municipal bonds with longer maturities generally outperformed those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, duration and yield curve positioning was a major positive contributor to the performance of these Funds, with the net impact varying according to each Fund’s individual weightings along the yield curve. Overall, NXZ and NMO were the most advantageously positioned in terms of duration and yield curve, while NMA’s positioning somewhat constrained its participation in the market rally. In particular, the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market during this period. This was especially true in NPP, NMA, NMO, NAD and NXZ, all of which were overweight in zero coupon bonds.
 
Credit exposure was another important factor in the Funds’ performance during these twelve months, as lower quality bonds generally outperformed higher quality bonds.
 
 
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 Performance Overview page for your Fund in this report.
   
*
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
 
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Nuveen Investments

 
 

 

This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, these Funds benefited from their holdings of lower rated credits, especially NXZ, which had the largest allocation of bonds rated BBB as of October 31, 2012. NZF, on the other hand, had the heaviest weighting of bonds rated AAA and the smallest weighting of BBB bonds, which detracted from its performance.
 
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation, education and water and sewer bonds. All of these Funds, particularly NMA and NXZ, had strong weightings in health care, which added to their performance. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from market developments, including increased demand for higher yielding investments by investors who had become less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. As of October 31, 2012, all of these Funds, especially NXZ, were overweight in tobacco bonds, which benefited their performance as tobacco credits rallied. NZF had the smallest allocation of these bonds, which limited the positive impact of these holdings.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of October 31, 2012, NPP held the heaviest weighting of pre-refunded bonds, which detracted from its performance during this period. General obligation bonds and housing and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period.
 
Nuveen Investments
 
9

 
 

 

Fund Leverage and
Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of October 31, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
 
         
MTP Shares Issued
 
Annual
       
Fund
 
Series
 
at Liquidation Value
 
Interest Rate
 
NYSE Ticker
NAD
   
2015
 
$
144,300,000
   
2.70
%
 
NAD PrC
NZF
   
2016
 
$
70,000,000
   
2.80
%
 
NZF PrC
 
VMTP Shares
 
         
VMTP Shares Issued
Fund
   
Series
 
at Liquidation Value
NPP
   
2014
 
$
421,700,000
NAD
   
2014
 
$
120,400,000
NZF
   
2014
 
$
169,200,000
 
VRDP Shares
 
 
VRDP Shares Issued
Fund
at Liquidation Value
NMA
 
$
296,800,000
NMO
 
$
350,900,000
NXZ
 
$
196,000,000
 
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Nuveen Investments

 
 

 
 
Subsequent to the close of this reporting period, NPP successfully exchanged of all of its outstanding 4,217 Series 2014 VMTP Shares for 4,217 Series 2015 VMTP Shares. Concurrent with this exchange, the Fund also issued an additional 1,133 Series 2015 VMTP Shares. Both of these transactions were completed in privately negotiated offerings.
 
The Fund completed the exchange offer in which it refinanced its existing VMTP Shares with new VMTP Shares at a reduced cost and with a term redemption date of December 1, 2015. The proceeds from the additional VMTP Shares will be used to take advantage of opportunities in the current municipal market. Dividends on the VMTP Shares will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA).
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.)
 
RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that a Fund could lose more than its original principal investment.
 
Derivatives Risk. The funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.
 
Nuveen Investments
 
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Common Share Dividend
and Price Information
 
DIVIDEND INFORMATION
 
During the twelve-month period ended October 31, 2012, the monthly dividends of NPP and NAD remained stable throughout the period, while the monthly dividends of NXZ and NZF were each reduced once, and the dividends of NMA and NMO were each reduced twice.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and net ordinary income distributions in December 2011 as follows:
 
   
Short-Term Capital Gains
 
 
Long-Term Capital Gains
and/or Ordinary Income
 
Fund
   
(per share)
   
(per share)
 
NMA
 
$
0.1340
 
$
0.0307
 
NAD
 
$
0.0417
 
$
0.0061
 
NXZ
 
$
0.1809
 
$
0.0045
 
NZF
 
$
0.0380
   
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of October 31, 2012, all of the Funds in this report had positive UNII balances for both tax and financial reporting purposes.
 
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COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares.
 
As of October 31, 2012, and during the twelve-month reporting period, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.
 
   
Twelve-Month
 
10/31/12
Average
Fund
(-)Discount
(-)Discount
NPP
(-)1.44%
(-)1.72%
NMA
(-)0.57%
(-)1.39%
NMO
(-)2.16%
(-)2.20%
NAD
(-)1.81%
(-)3.08%
NXZ
(-)2.86%
(-)1.67%
NZF
(-)1.63%
(-)2.07%
 
Nuveen Investments
 
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NPP
 
Nuveen Performance
Performance
 
Plus Municipal
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
16.44
 
Common Share Net Asset Value (NAV)
 
$
16.68
 
Premium/Discount to NAV
   
-1.44
%
Market Yield
   
5.84
%
Taxable Equivalent Yield1
   
8.11
%
Net Assets Applicable to Common Shares ($000)
 
$
1,000,790
 
         
Leverage
       
Regulatory Leverage
   
29.65
%
Effective Leverage
   
32.19
%

Average Annual Total Returns
             
(Inception 6/22/89)
             
   
On Share Price
 
On NAV
1-Year
   
21.59
%
 
18.89
%
5-Year
   
10.65
%
 
8.17
%
10-Year
   
7.96
%
 
6.97
%

States3
       
(as a % of total investments)
       
Illinois
   
19.0
%
California
   
14.1
%
Colorado
   
6.9
%
Texas
   
5.8
%
Florida
   
5.5
%
Ohio
   
4.3
%
New Jersey
   
4.0
%
Michigan
   
3.2
%
Massachusetts
   
2.7
%
Nevada
   
2.5
%
New York
   
2.5
%
Pennsylvania
   
2.5
%
Washington
   
2.4
%
Puerto Rico
   
2.4
%
Indiana
   
2.3
%
Virginia
   
2.2
%
Louisiana
   
1.9
%
South Carolina
   
1.7
%
Other
   
14.1
%

Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
17.8
%
Transportation
   
15.0
%
Health Care
   
14.8
%
Tax Obligation/General
   
13.4
%
U.S. Guaranteed
   
12.1
%
Consumer Staples
   
7.8
%
Utilities
   
6.7
%
Other
   
12.4
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarding as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
 
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Nuveen Investments

 
 

 

NMA
 
Nuveen Municipal
Performance
 
Advantage
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.67
 
Common Share Net Asset Value (NAV)
 
$
15.76
 
Premium/Discount to NAV
   
-0.57
%
Market Yield
   
5.78
%
Taxable Equivalent Yield1
   
8.03
%
Net Assets Applicable to Common Shares ($000)
 
$
688,803
 
         
Leverage
       
Regulatory Leverage
   
30.11
%
Effective Leverage
   
34.79
%

Average Annual Total Returns
             
(Inception 12/19/89)
             
 
On Share Price
 
On NAV
1-Year
   
20.05
%
 
17.99
%
5-Year
   
9.81
%
 
7.90
%
10-Year
   
7.64
%
 
7.01
%

States4
       
(as a % of total investments)
       
California
   
16.5
%
Illinois
   
10.2
%
Texas
   
7.6
%
Louisiana
   
7.2
%
Colorado
   
7.2
%
New York
   
5.2
%
Puerto Rico
   
5.0
%
Ohio
   
4.7
%
Nevada
   
3.2
%
Pennsylvania
   
3.2
%
Florida
   
2.9
%
Indiana
   
2.8
%
Michigan
   
2.6
%
South Carolina
   
2.1
%
Arizona
   
2.1
%
Oklahoma
   
1.8
%
Tennessee
   
1.6
%
Other
   
14.1
%

Portfolio Composition4
       
(as a % of total investments)
       
Health Care
   
21.8
%
Tax Obligation/General
   
17.0
%
Tax Obligation/Limited
   
15.4
%
Transportation
   
14.3
%
U.S. Guaranteed
   
8.3
%
Utilities
   
7.4
%
Consumer Staples
   
7.1
%
Other
   
8.7
%
 
 
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 net ordinary income distribution and a long-term capital gains distribution in December 2011 of $0.0307 and $0.1340 per share, respectively.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarding as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
4
Holdings are subject to change.
 
Nuveen Investments
 
15

 
 

 

NMO
 
Nuveen Municipal
Performance
 
Market Opportunity
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
14.92
 
Common Share Net Asset Value (NAV)
 
$
15.25
 
Premium/Discount to NAV
   
-2.16
%
Market Yield
   
5.67
%
Taxable Equivalent Yield1
   
7.88
%
Net Assets Applicable to Common Shares ($000)
 
$
699,360
 
         
Leverage
       
Regulatory Leverage
   
33.41
%
Effective Leverage
   
36.79
%

Average Annual Total Returns
             
(Inception 3/21/90)
             
 
On Share Price
 
On NAV
1-Year
   
20.34
%
 
19.09
%
5-Year
   
8.93
%
 
7.18
%
10-Year
   
7.38
%
 
6.73
%

States3
       
(as a % of total investments)
       
California
   
15.7
%
Illinois
   
10.3
%
Texas
   
8.8
%
Colorado
   
5.8
%
Ohio
   
5.3
%
Washington
   
3.9
%
Puerto Rico
   
3.9
%
New York
   
3.8
%
North Carolina
   
3.7
%
Nevada
   
3.6
%
Pennsylvania
   
3.6
%
South Carolina
   
3.2
%
Michigan
   
3.1
%
Florida
   
2.7
%
Alaska
   
2.2
%
Virginia
   
2.0
%
Indiana
   
2.0
%
Louisiana
   
2.0
%
Other
   
14.4
%

Portfolio Composition3
       
(as a % of total investments)
       
Health Care
   
19.4
%
Transportation
   
19.2
%
Tax Obligation/General
   
16.6
%
Tax Obligation/Limited
   
11.8
%
U.S. Guaranteed
   
8.9
%
Utilities
   
7.3
%
Consumer Staples
   
6.9
%
Other
   
9.9
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarding as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Holdings are subject to change.
 
16
 
Nuveen Investments

 
 

 

NAD
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.76
 
Common Share Net Asset Value (NAV)
 
$
16.05
 
Premium/Discount to NAV
   
-1.81
%
Market Yield
   
5.79
%
Taxable Equivalent Yield1
   
8.04
%
Net Assets Applicable to Common Shares ($000)
 
$
630,515
 
         
Leverage
       
Regulatory Leverage
   
29.57
%
Effective Leverage
   
34.69
%

Average Annual Total Returns
             
(Inception 5/26/99)
             
 
On Share Price
 
On NAV
1-Year
   
22.59
%
 
18.67
%
5-Year
   
9.90
%
 
8.03
%
10-Year
   
7.49
%
 
7.13
%

States4
       
(as a % of total municipal bonds)
       
Illinois
   
17.6
%
California
   
7.2
%
Florida
   
7.0
%
Texas
   
6.2
%
New York
   
5.9
%
Washington
   
5.7
%
Colorado
   
4.7
%
Nevada
   
4.7
%
Louisiana
   
4.5
%
Wisconsin
   
4.0
%
Puerto Rico
   
3.6
%
New Jersey
   
3.2
%
Ohio
   
3.0
%
Rhode Island
   
2.8
%
Indiana
   
2.7
%
Michigan
   
2.3
%
Other
   
14.9
%

Portfolio Composition4
       
(as a % of total investments)
       
Health Care
   
20.1
%
Tax Obligation/General
   
18.8
%
Tax Obligation/Limited
   
18.6
%
Transportation
   
16.1
%
Consumer Staples
   
6.8
%
U.S. Guaranteed
   
5.4
%
Other
   
14.2
%
 
 
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 net ordinary income distribution and a long-term capital gains distribution in December 2011 of $0.0061 and $0.0417 per share, respectively.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarding as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
4
Holdings are subject to change.
 
Nuveen Investments
 
17

 
 

 

NXZ
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund 2
   
as of October 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.63
 
Common Share Net Asset Value (NAV)
 
$
16.09
 
Premium/Discount to NAV
   
-2.86
%
Market Yield
   
5.76
%
Taxable Equivalent Yield1
   
8.00
%
Net Assets Applicable to Common Shares ($000)
 
$
474,432
 
         
Leverage
       
Regulatory Leverage
   
29.23
%
Effective Leverage
   
33.16
%

Average Annual Total Returns
             
(Inception 3/27/01)
             
 
On Share Price
 
On NAV
1-Year
   
21.15
%
 
19.46
%
5-Year
   
7.27
%
 
7.64
%
10-Year
   
8.10
%
 
7.59
%

States4
       
(as a % of total investments)
       
Texas
   
17.4
%
California
   
16.0
%
Illinois
   
12.4
%
Colorado
   
5.6
%
Michigan
   
4.5
%
New York
   
4.2
%
Indiana
   
3.5
%
Louisiana
   
3.1
%
Nevada
   
3.1
%
Florida
   
2.7
%
Georgia
   
2.4
%
Puerto Rico
   
2.3
%
South Carolina
   
2.3
%
Arizona
   
1.7
%
Ohio
   
1.6
%
West Virginia
   
1.5
%
District of Columbia
   
1.5
%
Other
   
14.2
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
20.5
%
Health Care
   
20.2
%
Transportation
   
15.6
%
Tax Obligation/General
   
10.7
%
U.S. Guaranteed
   
7.9
%
Consumer Staples
   
7.2
%
Utilities
   
5.3
%
Other
   
12.6
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
The Fund paid shareholders a net ordinary income distribution and a long-term capital gains distribution in December 2011 of $0.0045 and $0.1809 per share, respectively.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarding as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
4
Holdings are subject to change.
 
18
 
Nuveen Investments

 
 

 

NZF
 
Nuveen Dividend
Performance
 
Advantage
OVERVIEW
 
Municipal Fund 3
   
as of October 31, 2012
 
 
Fund Snapshot
       
Common Share Price
 
$
15.73
 
Common Share Net Asset Value (NAV)
 
$
15.99
 
Premium/Discount to NAV
   
-1.63
%
Market Yield
   
5.76
%
Taxable Equivalent Yield1
   
8.00
%
Net Assets Applicable to Common Shares ($000)
 
$
645,993
 
         
Leverage
       
Regulatory Leverage
   
27.02
%
Effective Leverage
   
32.71
%

Average Annual Total Returns
             
(Inception 9/25/01)
             
 
On Share Price
 
On NAV
1-Year
   
18.48
%
 
17.33
%
5-Year
   
9.79
%
 
8.02
%
10-Year
   
8.39
%
 
7.48
%

States4
       
(as a % of total municipal bonds)
       
Texas
   
12.3
%
Illinois
   
10.7
%
California
   
9.7
%
Michigan
   
6.1
%
New York
   
6.0
%
Louisiana
   
5.4
%
Indiana
   
4.5
%
Nevada
   
4.0
%
New Jersey
   
4.0
%
Colorado
   
3.6
%
Washington
   
3.6
%
Massachusetts
   
3.6
%
Florida
   
3.3
%
Georgia
   
3.2
%
Pennsylvania
   
2.5
%
Ohio
   
1.8
%
Maryland
   
1.7
%
Other
   
14.0
%

Portfolio Composition4
       
(as a % of total investments)
       
Tax Obligation/Limited
   
19.3
%
Health Care
   
18.4
%
Transportation
   
14.7
%
Tax Obligation/General
   
12.5
%
Water and Sewer
   
7.5
%
U.S. Guaranteed
   
7.5
%
Utilities
   
6.0
%
Consumer Staples
   
5.2
%
Education and Civic Organizations
   
5.2
%
Other
   
3.7
%
 
 
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 long-term capital gains distribution in December 2011 of $0.0380 per share.
3
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarding as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
4
Holdings are subject to change.
 
Nuveen Investments
 
19

 
 

 

NPP
 
Shareholder Meeting Report
NMA
   
NMO
 
The annual meeting of shareholders was held on July 31, 2012 in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL 60606; at this meeting the shareholders were asked to vote on the election of Board Members.
 
   
NPP
 
NMA
 
NMO
 
   
Common and
     
Common and
     
Common and
       
     
Preferred
   
Preferred
   
Preferred
   
Preferred
   
Preferred
   
Preferred
 
   
shares voting
 
shares voting
 
shares voting
 
shares voting
 
shares voting
 
shares voting
 
     
together
   
together
   
together
   
together
   
together
   
together
 
     
as a class
   
as a class
   
as a class
   
as a class
   
as a class
   
as a class
 
Approval of the Board Members was reached as follows:
                               
John P. Amboian
                                     
For
   
53,029,442
   
   
37,383,515
   
   
39,633,232
   
 
Withhold
   
1,201,190
   
   
767,631
   
   
1,090,954
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
Robert P. Bremner
                                     
For
   
53,020,261
   
   
37,214,019
   
   
39,569,751
   
 
Withhold
   
1,210,371
   
   
937,127
   
   
1,154,435
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
Jack B. Evans
                                     
For
   
53,046,796
   
   
37,231,769
   
   
39,606,585
   
 
Withhold
   
1,183,836
   
   
919,377
   
   
1,117,601
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
William C. Hunter
                                     
For
   
   
4,217
   
   
2,268
   
   
2,959
 
Withhold
   
   
   
   
359
   
   
550
 
Total
   
   
4,217
   
   
2,627
   
   
3,509
 
David J. Kundert
                                     
For
   
52,982,666
   
   
37,250,860
   
   
39,573,168
   
 
Withhold
   
1,247,966
   
   
900,286
   
   
1,151,018
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
William J. Schneider
                                     
For
   
   
4,217
   
   
2,268
   
   
2,959
 
Withhold
   
   
   
   
359
   
   
550
 
Total
   
   
4,217
   
   
2,627
   
   
3,509
 
Judith M. Stockdale
                                     
For
   
52,975,064
   
   
37,167,522
   
   
39,501,609
   
 
Withhold
   
1,255,568
   
   
983,624
   
   
1,222,577
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
Carole E. Stone
                                     
For
   
52,916,281
   
   
37,190,334
   
   
39,464,732
   
 
Withhold
   
1,314,351
   
   
960,812
   
   
1,259,454
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
Virginia L. Stringer
                                     
For
   
52,955,680
   
   
37,232,657
   
   
39,565,683
   
 
Withhold
   
1,274,952
   
   
918,489
   
   
1,158,503
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
Terence J. Toth
                                     
For
   
53,003,759
   
   
37,300,273
   
   
39,595,921
   
 
Withhold
   
1,226,873
   
   
850,873
   
   
1,128,265
   
 
Total
   
54,230,632
   
   
38,151,146
   
   
40,724,186
   
 
 
20
 
Nuveen Investments

 
 

 

NAD
   
NXZ
   
NZF
   
 
   
NAD
 
NXZ
 
NZF
 
   
Common and
     
Common and
     
Common and
     
     
Preferred
   
Preferred
   
Preferred
   
Preferred
   
Preferred
   
Preferred
 
     
shares voting
   
shares voting
   
shares voting
   
shares voting
   
shares voting
   
shares voting
 
     
together
   
together
   
together
   
together
   
together
   
together
 
     
as a class
   
as a class
   
as a class
   
as a class
   
as a class
   
as a class
 
Approval of the Board Members was reached as follows:
                             
John P. Amboian
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Robert P. Bremner
                                     
For
   
49,734,794
   
   
27,517,064
   
   
43,375,012
   
 
Withhold
   
833,516
   
   
633,931
   
   
1,101,083
   
 
Total
   
50,568,310
   
   
28,150,995
   
   
44,476,095
   
 
Jack B. Evans
                                     
For
   
49,756,920
   
   
27,534,212
   
   
43,424,154
   
 
Withhold
   
811,390
   
   
616,783
   
   
1,051,941
   
 
Total
   
50,568,310
   
   
28,150,995
   
   
44,476,095
   
 
William C. Hunter
                                     
For
   
   
13,595,970
   
   
980
   
   
6,713,053
 
Withhold
   
   
80,886
   
   
980
   
   
96,941
 
Total
   
   
13,676,856
   
   
1,960
   
   
6,809,994
 
David J. Kundert
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
William J. Schneider
                                     
For
   
   
13,595,970
   
   
980
   
   
6,713,053
 
Withhold
   
   
80,886
   
   
980
   
   
96,941
 
Total
   
   
13,676,856
   
   
1,960
   
   
6,809,994
 
Judith M. Stockdale
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Carole E. Stone
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Virginia L. Stringer
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Terence J. Toth
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
 
Nuveen Investments
 
21

 
 

 

Report of Independent
Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders
Nuveen Performance Plus Municipal Fund, Inc.
Nuveen Municipal Advantage Fund, Inc.
Nuveen Municipal Market Opportunity Fund, Inc.
Nuveen Dividend Advantage Municipal Fund
Nuveen Dividend Advantage Municipal Fund 2
Nuveen Dividend Advantage Municipal Fund 3
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Performance Plus Municipal Fund, Inc., Nuveen Municipal Advantage Fund, Inc., Nuveen Municipal Market Opportunity Fund, Inc., Nuveen Dividend Advantage Municipal Fund, Nuveen Dividend Advantage Municipal Fund 2, and Nuveen Dividend Advantage Municipal Fund 3 (the “Funds”), as of October 31, 2012, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Performance Plus Municipal Fund, Inc., Nuveen Municipal Advantage Fund, Inc., Nuveen Municipal Market Opportunity Fund, Inc., Nuveen Dividend Advantage Municipal Fund, Nuveen Dividend Advantage Municipal Fund 2, and Nuveen Dividend Advantage Municipal Fund 3 at October 31, 2012, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
December 27, 2012
 
22
 
Nuveen Investments
 
 
 

 
 
   
Nuveen Performance Plus Municipal Fund, Inc.
NPP
 
Portfolio of Investments
   
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 0.2% (0.2% of Total Investments)
         
     
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A:
         
$
1,435
 
5.625%, 2/01/22 – FGIC Insured (4)
11/12 at 100.00
Caa3
$
1,081,545
 
 
1,505
 
5.375%, 2/01/27 – FGIC Insured (4)
11/12 at 100.00
Caa3
 
1,135,101
 
 
2,940
 
Total Alabama
     
2,216,646
 
     
Alaska – 0.9% (0.6% of Total Investments)
         
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
         
 
7,500
 
5.000%, 6/01/32
6/14 at 100.00
B+
 
6,674,025
 
 
2,465
 
5.000%, 6/01/46
6/14 at 100.00
B+
 
2,101,092
 
 
9,965
 
Total Alaska
     
8,775,117
 
     
Arizona – 1.9% (1.4% of Total Investments)
         
 
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
A+
 
8,632,921
 
     
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B:
         
 
5,365
 
5.750%, 7/01/15 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
AA–
 
5,385,387
 
 
5,055
 
5.750%, 7/01/16 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
AA–
 
5,073,350
 
 
18,200
 
Total Arizona
     
19,091,658
 
     
Arkansas – 0.5% (0.4% 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
 
3,892,398
 
 
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005A, 5.000%, 2/01/35
2/15 at 100.00
Baa1
 
1,032,900
 
 
6,080
 
Total Arkansas
     
4,925,298
 
     
California – 20.0% (14.1% of Total Investments)
         
 
3,500
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
10/17 at 100.00
BBB+
 
3,930,360
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
Aa2
 
2,159,144
 
 
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–
 
12,231,803
 
 
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
 
3,387,108
 
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
         
 
5,000
 
5.000%, 4/01/37
4/16 at 100.00
A+
 
5,278,200
 
 
7,000
 
5.250%, 4/01/39
4/16 at 100.00
A+
 
7,457,240
 
 
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
Baa2
 
2,542,962
 
 
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
 
4,044,914
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A1
 
5,401,400
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
A1
 
17,371,040
 
 
10,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
A1
 
11,071,500
 
 
5,000
 
California State, General Obligation Bonds, Various Purpose Series 2012, 2.000%, 2/01/13
No Opt. Call
A1
 
5,022,550
 
 
6,435
 
California State, General Obligation Refunding Bonds, Series 2002, 6.000%,
4/01/16 – AMBAC Insured
No Opt. Call
A1
 
7,575,539
 
 
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
7/18 at 100.00
A
 
3,408,270
 

Nuveen Investments
 
23

 
 

 

 
 
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
   
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
8/18 at 100.00
Aa1
$
5,091,250
 
 
7,240
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured
8/17 at 56.01
Aa2
 
3,279,937
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
 
10,379,500
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
         
 
2,600
 
4.500%, 6/01/27
6/17 at 100.00
BB–
 
2,326,974
 
 
1,500
 
5.125%, 6/01/47
6/17 at 100.00
BB–
 
1,215,600
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
BB–
 
8,514,500
 
 
2,000
 
Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2002 Series 2004, 5.250%, 8/01/24 (Pre-refunded 8/01/13) – AGM Insured
8/13 at 100.00
AA– (5)
 
2,075,680
 
 
5,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 – FGIC Insured
8/17 at 100.00
Aa1
 
5,692,850
 
 
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
1/19 at 100.00
AA
 
2,932,873
 
 
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
No Opt. Call
A
 
4,625,412
 
 
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
1/13 at 100.00
N/R (5)
 
1,185,700
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
AA–
 
2,143,140
 
 
12,065
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%, 8/01/17 – NPFG Insured
No Opt. Call
BBB
 
13,547,789
 
 
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
 
2,913,620
 
 
2,525
 
Palmdale, California, Certificates of Participation, Park Improvement and Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured
9/14 at 100.00
A1
 
2,573,783
 
 
4,795
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
8/17 at 100.00
A+
 
5,277,761
 
 
9,320
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured
No Opt. Call
AA–
 
3,335,348
 
 
2,100
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
7/15 at 102.00
Baa2
 
2,164,323
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.398%, 2/01/33 (IF)
8/19 at 100.00
Aa2
 
3,103,589
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
7,210
 
0.000%, 1/15/23 – NPFG Insured
No Opt. Call
BBB
 
4,338,329
 
 
12,660
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
BBB
 
4,592,668
 
 
3,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
BBB
 
901,200
 
 
2,965
 
San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
Aa2
 
1,436,365
 
 
4,005
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured
No Opt. Call
Aa1
 
2,289,058
 
 
2,970
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
6/15 at 100.00
B+
 
2,840,003
 
 
2,630
 
Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured
No Opt. Call
AA+
 
1,597,041
 

24
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
3,000
 
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
5/13 at 101.00
Aa1
$
3,100,380
 
 
5,245
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
8/15 at 100.00
AA–
 
5,705,773
 
 
221,205
 
Total California
     
200,062,476
 
     
Colorado – 9.8% (6.9% of Total Investments)
         
 
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 (Pre-refunded 12/15/15) – AGM Insured
12/15 at 100.00
Aa2 (5)
 
5,988,534
 
 
3,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 – SYNCORA GTY Insured
8/14 at 100.00
A
 
3,063,150
 
 
14,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA
 
15,260,000
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
BBB+
 
2,068,800
 
 
20,000
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (5)
 
21,003,600
 
 
13,620
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
BBB
 
9,460,724
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
         
 
16,200
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
BBB
 
5,824,224
 
 
33,120
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
BBB
 
11,103,811
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
         
 
9,310
 
0.000%, 9/01/28 – NPFG Insured
No Opt. Call
BBB
 
4,249,643
 
 
18,500
 
0.000%, 3/01/36 – NPFG Insured
No Opt. Call
BBB
 
5,139,855
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (5)
 
829,805
 
     
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
 
6,086,200
 
 
3,750
 
6.000%, 1/15/41
7/20 at 100.00
Baa3
 
4,354,800
 
 
40
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
43,614
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
         
 
2,130
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (5)
 
2,381,447
 
 
1,145
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (5)
 
1,281,427
 
 
147,810
 
Total Colorado
     
98,139,634
 
     
District of Columbia – 1.4% (1.0% of Total Investments)
         
 
3,975
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
11/12 at 100.00
A1
 
4,054,341
 
 
4,245
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
4/15 at 100.00
AA–
 
4,562,144
 
 
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
A1
 
5,094,200
 
 
13,220
 
Total District of Columbia
     
13,710,685
 
     
Florida – 7.9% (5.5% of Total Investments)
         
 
1,700
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%,
5/01/32 – RAAI Insured
5/13 at 101.00
N/R
 
1,722,083
 
     
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Venice Homes Apartments, Series 2001A:
         
 
1,545
 
5.700%, 1/01/32 – AGM Insured (Alternative Minimum Tax)
1/13 at 100.00
AA–
 
1,546,916
 
 
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
1/13 at 100.00
AA–
 
1,807,184
 
 
2,020
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
Aa3 (5)
 
2,087,993
 

Nuveen Investments
 
25

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
5,600
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14
No Opt. Call
AA+
$
6,140,736
 
 
3,790
 
Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Refunding Series 2010D, 5.000%, 7/01/13
No Opt. Call
AA–
 
3,908,513
 
 
3,790
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-2, 4.950%, 7/01/37 (Alternative Minimum Tax)
1/16 at 100.00
AA+
 
4,041,542
 
 
7,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.250%, 10/01/17 – NPFG Insured (Alternative Minimum Tax)
10/13 at 100.00
A+
 
7,262,710
 
 
1,290
 
Jacksonville, Florida, Capital Improvement Revenue Bonds, Series 1998 Refunding, Stadium Project, 4.750%, 10/01/25 – AMBAC Insured
11/12 at 100.00
N/R
 
1,291,135
 
 
10,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured (UB)
4/15 at 100.00
Aa2
 
10,747,100
 
 
10,750
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
12/12 at 100.00
BB+
 
10,792,785
 
 
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
A
 
3,597,755
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
10/20 at 100.00
A
 
5,717,500
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/27
10/20 at 100.00
A
 
2,855,625
 
 
1,665
 
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26
10/19 at 100.00
A
 
1,849,865
 
     
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
         
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
BBB
 
2,082,540
 
 
4,700
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
BBB
 
4,861,586
 
 
2,435
 
Saint Petersburg, Florida, Public Utility Revenue Bonds, Refunding Series 2009B, 5.000%, 10/01/13
No Opt. Call
Aa2
 
2,540,362
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
Aa2
 
3,768,897
 
 
74,390
 
Total Florida
     
78,622,827
 
     
Georgia – 1.1% (0.8% of Total Investments)
         
 
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
No Opt. Call
A1
 
6,182,200
 
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
9/20 at 100.00
BBB
 
2,385,960
 
 
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
8/18 at 100.00
AA–
 
2,913,575
 
 
9,500
 
Total Georgia
     
11,481,735
 
     
Idaho – 0.0% (0.0% of Total Investments)
         
 
140
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax)
1/13 at 100.00
A1
 
142,757
 
 
275
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000G-2, 5.950%, 7/01/25 (Alternative Minimum Tax)
1/13 at 100.00
AAA
 
282,365
 
 
415
 
Total Idaho
     
425,122
 
     
Illinois – 27.0% (19.0% of Total Investments)
         
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
A+
 
1,583,896
 
 
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
A+
 
8,239,300
 
 
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
A+
 
7,721,900
 

26
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
         
$
32,170
 
0.000%, 1/01/21 – FGIC Insured
No Opt. Call
Aa3
$
24,634,178
 
 
32,670
 
0.000%, 1/01/22 – FGIC Insured
No Opt. Call
Aa3
 
23,482,216
 
 
9,240
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured
1/13 at 100.00
A
 
9,270,769
 
 
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
A2
 
1,779,635
 
 
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
6,058,945
 
      DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:          
 
8,000
 
0.000%, 11/01/18
No Opt. Call
AAA
 
7,128,320
 
 
15,285
 
0.000%, 11/01/19
No Opt. Call
AAA
 
13,103,525
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
Aa1 (5)
 
5,159,300
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
 
1,693,275
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
8/18 at 100.00
AA–
 
2,152,220
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.102%, 7/01/15 (IF)
No Opt. Call
Aa1
 
6,329,351
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
4/19 at 100.00
A+
 
3,315,750
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
AA–
 
2,850,150
 
 
185
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
7/14 at 100.00
Aa1
 
196,135
 
 
815
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 (Pre-refunded 7/01/14)
7/14 at 100.00
Aa1 (5)
 
878,277
 
     
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A:
         
 
2,250
 
6.000%, 8/15/23
8/18 at 100.00
BBB+
 
2,518,538
 
 
3,055
 
5.500%, 8/15/30
8/18 at 100.00
BBB+
 
3,263,473
 
 
4,980
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
BBB+
 
5,242,446
 
 
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
 
4,644,437
 
 
1,195
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 5.750%, 7/01/29
11/12 at 100.00
AA+
 
1,198,955
 
 
3,610
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33
7/13 at 100.00
AA+
 
3,718,372
 
 
1,460
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15
2/13 at 100.00
BBB+
 
1,463,095
 
 
2,515
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24
8/22 at 100.00
A
 
2,844,641
 
 
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+
 
4,064,060
 
 
28,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
No Opt. Call
AAA
 
9,276,960
 
 
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM)
No Opt. Call
Aaa
 
15,423,756
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
         
 
9,400
 
0.000%, 12/15/18 – NPFG Insured
No Opt. Call
AA–
 
7,977,122
 
 
16,570
 
0.000%, 12/15/20 – NPFG Insured
No Opt. Call
AA–
 
12,702,893
 
 
23,830
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
AA–
 
16,424,113
 
 
13,350
 
0.000%, 12/15/24 – NPFG Insured
No Opt. Call
AA–
 
8,247,096
 
 
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
No Opt. Call
AAA
 
6,141,471
 

Nuveen Investments
 
27

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
   
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
5,180
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM)
No Opt. Call
AA– (5)
$
6,581,294
 
 
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
2/20 at 100.00
AA–
 
2,932,503
 
 
17,865
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured
No Opt. Call
AA
 
22,870,403
 
 
10,000
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
No Opt. Call
Aa2
 
6,940,300
 
 
319,605
 
Total Illinois
     
270,053,070
 
     
Indiana – 3.3% (2.3% of Total Investments)
         
 
3,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
8/16 at 100.00
Baa2
 
3,176,880
 
 
2,525
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 (WI/DD, Settling 11/27/12)
5/23 at 100.00
A
 
2,765,860
 
 
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23
2/16 at 100.00
AA–
 
834,323
 
 
1,305
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
3/14 at 100.00
A+
 
1,330,983
 
 
1,215
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
No Opt. Call
AA–
 
1,321,641
 
 
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
1/13 at 100.00
BBB (5)
 
4,337,842
 
 
3,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
A–
 
3,243,540
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 – AMBAC Insured
5/15 at 100.00
A+
 
2,154,180
 
 
3,105
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.250%, 8/01/20 (Pre-refunded 8/01/13) – FGIC Insured
8/13 at 100.00
Aaa
 
3,222,493
 
 
9,560
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
No Opt. Call
AA
 
5,977,964
 
 
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+
 
2,530,844
 
 
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+
 
1,960,488
 
 
34,975
 
Total Indiana
     
32,857,038
 
     
Iowa – 2.0% (1.4% 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+
 
1,620,555
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
         
 
5,000
 
5.375%, 6/01/38
6/15 at 100.00
B+
 
4,649,100
 
 
4,465
 
5.500%, 6/01/42
6/15 at 100.00
B+
 
4,116,953
 
 
5,400
 
5.625%, 6/01/46
6/15 at 100.00
B+
 
5,101,110
 
 
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
 
4,362,840
 
 
20,865
 
Total Iowa
     
19,850,558
 
     
Kansas – 0.8% (0.6% of Total Investments)
         
 
3,790
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/23 (Pre-refunded 3/01/14)
3/14 at 100.00
AAA
 
4,028,505
 
 
5,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010, 0.000%, 6/01/21
No Opt. Call
BBB
 
3,843,799
 
 
9,520
 
Total Kansas
     
7,872,304
 

28
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Louisiana – 2.6% (1.9% of Total Investments)
         
$
330
 
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
11/12 at 100.00
Aaa
$
330,670
 
 
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+
 
4,326,400
 
 
4,750
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
BBB
 
4,955,818
 
 
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
11/12 at 100.00
AA–
 
1,004,150
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
         
 
5,800
 
5.500%, 5/15/30
11/12 at 100.00
A1
 
5,944,884
 
 
9,655
 
5.875%, 5/15/39
11/12 at 100.00
A–
 
9,896,182
 
 
25,535
 
Total Louisiana
     
26,458,104
 
     
Maine – 0.7% (0.5% of Total Investments)
         
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
Baa3
 
1,266,059
 
 
5,680
 
Portland, Maine, Airport Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
7/13 at 100.00
AA–
 
5,822,625
 
 
6,730
 
Total Maine
     
7,088,684
 
     
Maryland – 0.3% (0.2% of Total Investments)
         
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
1/18 at 100.00
BBB
 
2,835,422
 
     
Massachusetts – 3.9% (2.7% of Total Investments)
         
 
6,250
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
1/20 at 100.00
A+
 
6,937,688
 
     
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
         
 
4,000
 
5.125%, 8/01/28 – NPFG Insured
11/12 at 100.00
BBB
 
4,003,680
 
 
7,125
 
5.125%, 2/01/34 – NPFG Insured
11/12 at 100.00
BBB
 
7,132,125
 
 
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–
 
9,405,702
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
7/18 at 100.00
A–
 
529,930
 
 
5,745
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Pre-refunded 11/30/12) (Alternative Minimum Tax)
11/12 at 100.00
A– (5)
 
5,773,036
 
     
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:
         
 
1,255
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA+ (5)
 
1,265,216
 
 
3,745
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA+ (5)
 
3,775,484
 
 
37,350
 
Total Massachusetts
     
38,822,861
 
     
Michigan – 4.6% (3.2% of Total Investments)
         
 
1,060
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
A+
 
1,150,694
 
     
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
         
 
5,405
 
5.000%, 7/01/30 – NPFG Insured
7/15 at 100.00
A
 
5,628,335
 
 
5,000
 
5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
A
 
5,144,800
 
 
2,950
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured
7/16 at 100.00
A
 
3,091,040
 
 
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
5/20 at 100.00
Aa3
 
2,252,000
 
 
6,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 2.000%, 1/01/13
No Opt. Call
AAA
 
6,018,360
 

Nuveen Investments
 
29

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan (continued)
         
$
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
Aa3
$
2,636,375
 
 
5,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 – NPFG Insured
10/13 at 100.00
Aa3
 
5,170,450
 
 
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 (5)
 
7,240,224
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
BB–
 
3,147,143
 
 
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
 
2,968,100
 
 
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
 
1,485,444
 
 
47,480
 
Total Michigan
     
45,932,965
 
     
Minnesota – 1.8% (1.3% of Total Investments)
         
 
15,520
 
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–
 
18,400,046
 
     
Mississippi – 1.2% (0.9% of Total Investments)
         
 
9,750
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/13 at 100.00
BBB
 
9,779,250
 
 
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
 
2,639,761
 
 
12,225
 
Total Mississippi
     
12,419,011
 
     
Missouri – 1.0% (0.7% 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–
 
2,065,520
 
 
6,350
 
Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 – FGIC Insured
3/13 at 100.00
A+
 
6,439,218
 
 
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
 
1,894,926
 
 
10,195
 
Total Missouri
     
10,399,664
 
     
Nevada – 3.6% (2.5% of Total Investments)
         
 
24,195
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
A+
 
26,735,959
 
 
227
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 6/30/19 (6)
No Opt. Call
N/R
 
163,537
 
 
68
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (6)
No Opt. Call
N/R
 
28,234
 
 
5,000
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31
7/17 at 100.00
A
 
5,332,450
 
 
2,500
 
Reno, Neveda, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.354%, 7/01/31 – BHAC Insured (IF) (7)
7/17 at 100.00
AA+
 
3,857,300
 
 
31,990
 
Total Nevada
     
36,117,480
 
     
New Hampshire – 0.6% (0.4% of Total Investments)
         
 
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
Baa1
 
5,663,700
 
     
New Jersey – 5.7% (4.0% 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–
 
1,596,240
 
 
1,055
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
12/12 at 100.00
Aaa
 
1,059,146
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured
No Opt. Call
AA–
 
5,596,740
 

30
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey (continued)
         
$
9,250
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/23 (Pre-refunded 6/15/13)
6/13 at 100.00
Aaa
$
9,555,250
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
10,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
A+
 
4,605,000
 
 
38,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
 
15,088,660
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/20 (Pre-refunded 7/01/13) – AGM Insured
7/13 at 100.00
AA– (5)
 
10,313,100
 
 
4,450
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
 
4,620,168
 
 
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
B2
 
4,335,950
 
 
83,755
 
Total New Jersey
     
56,770,254
 
     
New York – 3.6% (2.5% 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 (Pre-refunded 2/15/14)
2/14 at 100.00
AAA
 
5,829,505
 
 
1,375
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured
1/13 at 100.00
N/R
 
1,378,259
 
 
1,500
 
Dormitory Authority of the State of New York, Revenue Bonds, St. Barnabas Hospital, Series 1997, 5.450%, 8/01/35 – AMBAC Insured
2/13 at 100.00
N/R
 
1,502,640
 
 
3,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
A
 
3,402,210
 
 
13,600
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
11/16 at 100.00
AA–
 
14,320,120
 
 
2,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004B, 5.000%, 8/01/24 (Pre-refunded 8/01/13)
8/13 at 100.00
AAA
 
2,071,160
 
 
4,000
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2012A, 2.000%, 6/15/13
No Opt. Call
AAA
 
4,047,720
 
 
2,650
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
BBB–
 
3,100,633
 
 
33,625
 
Total New York
     
35,652,247
 
     
North Carolina – 1.9% (1.3% of Total Investments)
         
 
5,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39
1/18 at 100.00
AA–
 
5,906,835
 
 
4,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
AA+ (5)
 
5,400,486
 
 
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
10/22 at 100.00
AA–
 
3,827,109
 
 
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
 
3,848,320
 
 
17,200
 
Total North Carolina
     
18,982,750
 
     
North Dakota – 0.5% (0.3% of Total Investments)
         
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
A+
 
4,800,112
 
     
Ohio – 6.0% (4.3% of Total Investments)
         
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
A1
 
10,936,200
 

Nuveen Investments
 
31

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
$
5,685
 
5.125%, 6/01/24
6/17 at 100.00
B
$
4,966,985
 
 
5,640
 
5.875%, 6/01/30
6/17 at 100.00
B+
 
4,895,858
 
 
4,875
 
5.750%, 6/01/34
6/17 at 100.00
BB
 
4,124,933
 
 
4,290
 
6.000%, 6/01/42
6/17 at 100.00
BBB
 
3,718,829
 
 
14,830
 
5.875%, 6/01/47
6/17 at 100.00
BB
 
12,734,076
 
 
10,300
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
B+
 
8,979,746
 
 
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–
 
2,798,985
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
5/14 at 100.00
AA–
 
3,797,898
 
 
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
 
3,593,887
 
 
65,000
 
Total Ohio
     
60,547,397
 
     
Pennsylvania – 3.5% (2.5% of Total Investments)
         
 
1,250
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
8/19 at 100.00
Aa3
 
1,415,563
 
     
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998:
         
 
3,125
 
0.000%, 5/15/22 – AGM Insured
No Opt. Call
AA–
 
2,415,531
 
 
3,125
 
0.000%, 5/15/23 – AGM Insured
No Opt. Call
AA–
 
2,311,688
 
 
3,135
 
0.000%, 5/15/24 – AGM Insured
No Opt. Call
AA–
 
2,228,452
 
 
3,155
 
0.000%, 5/15/26 – AGM Insured
No Opt. Call
AA–
 
2,054,094
 
 
4,145
 
0.000%, 11/15/26 – AGM Insured
No Opt. Call
AA–
 
2,656,240
 
 
2,800
 
0.000%, 5/15/28 – AGM Insured
No Opt. Call
AA–
 
1,662,024
 
 
3,000
 
0.000%, 11/15/28 – AGM Insured
No Opt. Call
AA–
 
1,751,100
 
 
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) (4)
11/12 at 100.00
D
 
634,970
 
 
100
 
Pennsylvania Economic Development Financing Authority, Subordinate Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994C, 6.875%, 7/01/13 (Alternative Minimum Tax) (4)
No Opt. Call
N/R
 
1,997
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
 
5,345,700
 
 
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
 
13,033,818
 
 
41,725
 
Total Pennsylvania
     
35,511,177
 
     
Puerto Rico – 3.4% (2.4% of Total Investments)
         
 
13,125
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
8/29 at 100.00
A+
 
11,204,288
 
 
8,625
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
8/20 at 100.00
A+
 
9,127,579
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
         
 
25,000
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
AA–
 
3,540,000
 
 
64,335
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
AA–
 
5,411,860
 
 
3,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 3101, 18.352%, 8/01/57 (IF) (7)
8/17 at 100.00
AA–
 
4,547,550
 
 
114,835
 
Total Puerto Rico
     
33,831,277
 
     
Rhode Island – 0.2% (0.1% of Total Investments)
         
 
1,735
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
11/12 at 100.00
BBB+
 
1,769,683
 

32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
South Carolina – 2.4% (1.7% of Total Investments)
         
$
2,725
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/25 – NPFG Insured
8/14 at 100.00
BBB
$
2,909,237
 
 
1,345
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.375%, 6/01/20 – FGIC Insured
6/14 at 100.00
A+
 
1,441,087
 
     
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–
 
12,589,333
 
 
15,420
 
0.000%, 1/01/32 – AMBAC Insured
No Opt. Call
A–
 
6,854,653
 
 
46,445
 
Total South Carolina
     
23,794,310
 
     
Tennessee – 0.7% (0.5% of Total Investments)
         
 
435
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured
7/23 at 100.00
Baa1 (5)
 
436,562
 
 
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
 
6,982,260
 
 
6,435
 
Total Tennessee
     
7,418,822
 
     
Texas – 8.2% (5.8% of Total Investments)
         
 
5,000
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 5.000%, 5/01/35 – NPFG Insured
5/16 at 100.00
A1
 
5,385,250
 
 
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
 
2,768,600
 
 
1,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
1/21 at 100.00
BBB–
 
1,169,230
 
     
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
 
4,072,840
 
 
13,000
 
5.000%, 1/01/45 – FGIC Insured
1/15 at 100.00
BBB
 
13,209,820
 
 
3,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30
2/15 at 100.00
AAA
 
3,254,070
 
 
3,500
 
Fort Bend County, Texas, General Obligation Bonds, Toll Road Series 2006, 5.000%, 3/01/32 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
AA+ (5)
 
3,639,125
 
 
9,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
AA+
 
10,127,160
 
 
2,770
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/12 at 100.00
BBB
 
2,769,945
 
 
4,000
 
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003, 5.000%, 2/15/27 (Pre-refunded 2/15/13) – AMBAC Insured
2/13 at 100.00
AA+ (5)
 
4,054,040
 
 
3,885
 
Houston Independent School District, Public Facility Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured
No Opt. Call
AA
 
3,344,014
 
 
1,495
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AMBAC Insured
No Opt. Call
AA–
 
972,184
 
 
1,600
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
7/18 at 100.00
AA–
 
1,858,976
 
 
1,275
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
2/16 at 100.00
BBB–
 
1,322,672
 
 
33,855
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/40
8/14 at 23.67
AAA
 
7,755,842
 
 
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
 
4,098,741
 

Nuveen Investments
 
33

 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
2,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
11/22 at 100.00
BBB–
$
2,161,800
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
AA–
 
3,275,642
 
 
830
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.000%, 3/01/22 (Pre-refunded 3/01/13) – AGM Insured
3/13 at 100.00
Aa1 (5)
 
843,305
 
 
3,170
 
Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.000%, 3/01/22 – AGM Insured
3/13 at 100.00
AAA
 
3,218,152
 
 
2,500
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
11/21 at 100.00
Baa2
 
2,847,425
 
 
120,570
 
Total Texas
     
82,148,833
 
     
Utah – 0.6% (0.5% of Total Investments)
         
 
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
AA+
 
3,293,430
 
 
1,140
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax)
11/12 at 100.00
AA–
 
1,148,185
 
 
235
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000D-1, 6.050%, 7/01/14 (Alternative Minimum Tax)
1/13 at 100.00
AA–
 
239,416
 
 
465
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax)
1/13 at 100.00
AAA
 
465,897
 
 
315
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
1/13 at 100.00
AA–
 
320,824
 
 
595
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax)
1/13 at 100.00
AA
 
595,964
 
 
380
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax)
1/13 at 100.00
Aaa
 
384,970
 
 
6,130
 
Total Utah
     
6,448,686
 
     
Virgin Islands – 0.5% (0.4% 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+
 
4,901,818
 
     
Virginia – 3.1% (2.2% of Total Investments)
         
 
18,000
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
10/28 at 100.00
BBB+
 
15,813,540
 
 
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–
 
10,400,880
 
 
4,030
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
 
4,432,396
 
 
32,530
 
Total Virginia
     
30,646,816
 
     
Washington – 3.4% (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+
 
7,591,206
 
     
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
 
487,636
 
 
3,100
 
5.000%, 9/01/28 – FGIC Insured
9/14 at 100.00
A1
 
3,211,631
 
 
5,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (Pre-refunded 7/01/13)
7/13 at 100.00
Aa1 (5)
 
5,175,950
 
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/32
10/22 at 100.00
AA
 
4,609,400
 
 
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
 
2,266,300
 

34
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
         
$
10,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured (UB) (7)
10/16 at 100.00
AA
$
10,588,500
 
 
36,800
 
Total Washington
     
33,930,623
 
     
Wisconsin – 0.9% (0.6% of Total Investments)
         
 
1,780
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
2/22 at 100.00
A–
 
1,926,209
 
 
735
 
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
 
743,973
 
 
5,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37
5/19 at 100.00
AA–
 
6,187,800
 
 
7,515
 
Total Wisconsin
     
8,857,982
 
$
1,706,175
 
Total Investments (cost $1,261,086,856) – 141.7%
     
1,418,234,892
 
     
Floating Rate Obligations – (2.4)%
     
(23,790,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (42.1)% (8)
     
(421,700,000
     
Other Assets Less Liabilities – 2.8%
     
28,045,557
 
     
Net Assets Applicable to Common Shares – 100%
   
$
1,000,790,449
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(5)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. 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 for investments in inverse floating rate transactions.
(8)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.7%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments
 
35

 
 

 

   
Nuveen Municipal Advantage Fund, Inc.
NMA
 
Portfolio of Investments
   
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alaska – 1.2% (0.8% 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+
$
1,165,568
 
 
1,280
 
5.250%, 12/01/41 – FGIC Insured (UB)
12/14 at 100.00
AA+
 
1,325,862
 
 
1,500
 
Alaska Railroad Corporation, Capital Grant Receipts Bonds, Section 5307 and 5309 Formula Funds, Series 2006, 5.000%, 8/01/17 – FGIC Insured
8/16 at 100.00
A+
 
1,682,595
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
         
 
770
 
4.625%, 6/01/23
6/14 at 100.00
Ba1
 
772,302
 
 
3,595
 
5.000%, 6/01/46
6/14 at 100.00
B+
 
3,064,270
 
 
8,270
 
Total Alaska
     
8,010,597
 
     
Arizona – 3.0% (2.1% of Total Investments)
         
 
3,465
 
Arizona Board of Regents, Certificates of Participation, Arizona State University, Refunding Series 2006, 5.000%, 7/01/25 – NPFG Insured
7/17 at 100.00
AA–
 
3,800,966
 
 
4,905
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
7/17 at 100.00
A
 
5,320,846
 
 
10,700
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
AA–
 
11,792,470
 
 
19,070
 
Total Arizona
     
20,914,282
 
     
California – 24.1% (16.5% of Total Investments)
         
 
2,000
 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2000B, 0.000%, 8/01/23 – FGIC Insured
No Opt. Call
Aa3
 
1,319,560
 
 
3,500
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
10/17 at 100.00
BBB+
 
3,930,360
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
Aa2
 
2,159,144
 
     
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
         
 
4,070
 
0.000%, 8/01/32 – FGIC Insured
No Opt. Call
A
 
1,433,251
 
 
6,410
 
0.000%, 8/01/34 – FGIC Insured
No Opt. Call
A
 
1,992,549
 
 
860
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26
6/15 at 100.00
BBB
 
837,640
 
 
3,000
 
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
3/13 at 100.00
A
 
3,019,710
 
 
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
 
7,838,700
 
 
11,200
 
California State, General Obligation Bonds, Series 2003, 5.250%, 2/01/28
8/13 at 100.00
A1
 
11,545,856
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
A1
 
17,371,031
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
 
4,859,068
 
 
4,000
 
California State, General Obligation Bonds, Various Purpose Series 2012, 2.000%, 2/01/13
No Opt. Call
A1
 
4,018,040
 
 
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
 
3,365,395
 
 
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
 
3,478,277
 
     
Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C:
         
 
3,800
 
0.000%, 2/01/33 – FGIC Insured
2/15 at 38.73
Aa3
 
1,295,572
 
 
3,795
 
0.000%, 2/01/37 – FGIC Insured
No Opt. Call
Aa3
 
1,023,891
 
 
6,355
 
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
 
8,251,268
 
 
8,145
 
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/25 – FGIC Insured
8/13 at 55.54
Aa1
 
4,393,902
 

36
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
2,510
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured
No Opt. Call
A+
$
1,173,350
 
 
3,360
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – NPFG Insured
No Opt. Call
Aa3
 
1,698,715
 
 
2,315
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
No Opt. Call
A1
 
832,659
 
 
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–
 
1,679,670
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
BB–
 
810,400
 
 
5,000
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured
No Opt. Call
Aa2
 
2,109,850
 
 
1,750
 
Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2002 Series 2004, 5.000%, 8/01/29 (Pre-refunded 8/01/13) – AGM Insured
8/13 at 100.00
AA– (4)
 
1,812,948
 
 
3,850
 
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2003A, 5.000%, 7/01/18 (Pre-refunded 7/01/13) – AGM Insured
7/13 at 100.00
AAA
 
3,971,853
 
 
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2007A, 4.500%, 1/01/28 – NPFG Insured
7/17 at 100.00
Aa2
 
5,484,900
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
No Opt. Call
A
 
3,083,608
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
AA–
 
2,143,140
 
     
North Orange County Community College District, California, General Obligation Bonds, Series 2003B:
         
 
7,735
 
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
Aa1
 
4,761,434
 
 
4,180
 
0.000%, 8/01/26 – FGIC Insured
No Opt. Call
Aa1
 
2,449,438
 
 
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
 
6,235,800
 
 
6,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
No Opt. Call
A+
 
3,703,800
 
 
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
2/18 at 100.00
AA+
 
2,206,680
 
 
9,315
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM)
No Opt. Call
Aaa
 
12,074,848
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
5/15 at 100.00
AA+ (4)
 
3,576,652
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.398%, 2/01/33 (IF)
8/19 at 100.00
Aa2
 
3,103,589
 
 
7,660
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM)
No Opt. Call
Aaa
 
5,950,058
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
7,205
 
0.000%, 1/15/23 – NPFG Insured
No Opt. Call
BBB
 
4,335,321
 
 
23,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
BBB
 
6,909,200
 
 
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
 
3,037,823
 
 
1,800
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003D, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
Aa2
 
971,496
 
 
219,980
 
Total California
     
166,250,446
 
     
Colorado – 10.5% (7.2% of Total Investments)
         
 
1,600
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
BBB–
 
1,628,512
 
 
9,440
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
9/16 at 100.00
AA–
 
9,863,478
 

Nuveen Investments
 
37

 
 

 

   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
         
$
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–
$
3,818,975
 
 
1,150
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
9/18 at 102.00
AA–
 
1,262,666
 
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A:
         
 
1,800
 
5.000%, 1/01/13
No Opt. Call
AA
 
1,814,040
 
 
7,500
 
5.000%, 1/01/40
1/20 at 100.00
AA
 
8,175,000
 
 
1,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
BBB+
 
1,551,600
 
 
5,000
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2011, 2.000%, 11/15/12
No Opt. Call
AA
 
5,003,500
 
 
2,000
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
11/16 at 100.00
BBB–
 
2,040,120
 
     
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+
 
6,143,086
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
3,756,258
 
 
4,340
 
5.000%, 11/15/25 – FGIC Insured (UB)
11/16 at 100.00
A+
 
4,940,048
 
 
1,055
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
11/15 at 100.00
A+
 
1,169,963
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
         
 
2,650
 
0.000%, 9/01/16 – NPFG Insured
No Opt. Call
BBB
 
2,387,041
 
 
8,645
 
0.000%, 9/01/26 – NPFG Insured
No Opt. Call
BBB
 
4,434,193
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
         
 
7,500
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
BBB
 
3,236,700
 
 
10,000
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
BBB
 
3,827,400
 
 
10,000
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
BBB
 
3,595,200
 
 
3,110
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/34
7/20 at 100.00
Baa3
 
3,625,234
 
 
89,290
 
Total Colorado
     
72,273,014
 
     
Florida – 4.2% (2.9% of Total Investments)
         
 
2,770
 
Florida Housing Finance Corporation, Housing Revenue Bonds, Stratford Point Apartments, Series 2000O-1, 5.850%, 12/01/31 – AGM Insured (Alternative Minimum Tax)
12/12 at 100.00
AA–
 
2,774,432
 
 
5,650
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
A1 (4)
 
5,895,323
 
 
590
 
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2008, 5.000%, 5/01/28
5/18 at 100.00
AA–
 
644,569
 
 
14,730
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
 
15,897,205
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
Aa2
 
3,768,897
 
 
27,040
 
Total Florida
     
28,980,426
 
     
Georgia – 1.7% (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–
 
4,293,360
 
 
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–
 
2,949,764
 
 
1,250
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
9/20 at 100.00
BBB
 
1,491,225
 
 
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
 
2,804,300
 
 
10,650
 
Total Georgia
     
11,538,649
 

38
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 14.9% (10.2% of Total Investments)
         
$
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
A+
$
1,583,896
 
 
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
A+
 
2,132,352
 
 
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
A+
 
1,776,846
 
 
1,100
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
AA
 
1,262,943
 
 
17,310
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured
No Opt. Call
Aa3
 
5,204,598
 
 
5,320
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2004A, 5.000%, 1/01/28 – NPFG Insured
1/15 at 100.00
A2
 
5,589,990
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
8,078,593
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
 
1,693,275
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
8/18 at 100.00
AA–
 
2,152,220
 
 
8,395
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.102%, 7/01/15 (IF)
No Opt. Call
Aa1
 
10,130,582
 
 
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+
 
2,984,075
 
 
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23
8/18 at 100.00
BBB+
 
4,477,400
 
 
5,025
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
1/13 at 100.00
BBB+
 
5,059,622
 
 
7,565
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/21
No Opt. Call
A
 
8,817,083
 
 
3,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
7/16 at 100.00
AA–
 
3,437,580
 
 
10,740
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/23 – AGM Insured
1/15 at 66.94
Aa3
 
6,625,828
 
 
1,165
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured
No Opt. Call
A3
 
868,542
 
 
3,720
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/41 – NPFG Insured
No Opt. Call
AAA
 
898,715
 
 
6,075
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 6/15/24 – NPFG Insured
No Opt. Call
AA–
 
3,836,970
 
 
3,670
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
No Opt. Call
AA
 
4,404,367
 
 
2,410
 
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
3/16 at 100.00
A
 
2,542,815
 
 
1,940
 
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2003A, 5.000%, 4/01/23 (Pre-refunded 4/01/13) – AMBAC Insured
4/13 at 100.00
Aa2 (4)
 
1,978,975
 
 
1,270
 
Will and Kendall Counties Community Consolidated School District 202 Plainfield, Illinois, General Obligation Bonds, Series 2003A, 5.000%, 1/01/18 – FGIC Insured
7/13 at 100.00
A+
 
1,300,467
 
 
24,125
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured
No Opt. Call
Aa2
 
15,941,559
 
 
130,005
 
Total Illinois
     
102,779,293
 
     
Indiana – 4.1% (2.8% 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
 
1,705,782
 
 
1,035
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
11/12 at 100.00
N/R
 
1,036,770
 
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
AA
 
4,447,387
 

Nuveen Investments
 
39
 
 
 

 

 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Indiana (continued)
         
$
1,260
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 (WI/DD, Settling 11/27/12)
5/23 at 100.00
A
$
1,380,191
 
 
6,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
AA
 
6,707,340
 
 
2,035
 
Indiana Finance Authority, State Revolving Fund Program Bonds, Series 2011, 4.000%, 2/01/13
No Opt. Call
AAA
 
2,054,353
 
 
2,000
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
3/14 at 100.00
A+
 
2,039,820
 
 
2,435
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
A–
 
2,632,673
 
 
10,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
No Opt. Call
AA
 
6,253,100
 
 
1,005
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.450%, 2/15/13 (7)
No Opt. Call
N/R
 
120,690
 
 
32,400
 
Total Indiana
     
28,378,106
 
     
Iowa – 0.9% (0.6% of Total Investments)
         
 
6,300
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
6/15 at 100.00
B+
 
5,857,866
 
 
250
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
 
242,380
 
 
6,550
 
Total Iowa
     
6,100,246
 
     
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
BB+
 
3,814,153
 
 
1,750
 
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
6/14 at 100.00
A3
 
1,805,720
 
 
3,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010, 0.000%, 6/01/21
No Opt. Call
BBB
 
2,502,159
 
 
9,195
 
Total Kansas
     
8,122,032
 
     
Kentucky – 1.5% (1.0% of Total Investments)
         
 
6,015
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40
6/20 at 100.00
BBB+
 
7,160,076
 
 
1,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24
8/19 at 100.00
AA–
 
1,730,490
 
 
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–
 
1,114,760
 
 
8,515
 
Total Kentucky
     
10,005,326
 
     
Louisiana – 10.5% (7.2% of Total Investments)
         
     
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
         
 
275
 
11.000%, 2/01/14 (ETM)
No Opt. Call
N/R (4)
 
295,056
 
 
2,610
 
11.000%, 2/01/14 (ETM)
No Opt. Call
N/R (4)
 
2,799,042
 
 
6,650
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
BBB
 
6,938,145
 
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
Baa1
 
9,521,460
 
 
28
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 15.685%, 5/01/34 (IF)
5/16 at 100.00
Aa1
 
35,611
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
20,690
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
AA–
 
22,019,126
 
 
10,000
 
5.000%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
AA–
 
11,129,300
 

40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Louisiana (continued)
         
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
         
$
4,785
 
5.500%, 5/15/30
11/12 at 100.00
A1
$
4,904,529
 
 
14,440
 
5.875%, 5/15/39
11/12 at 100.00
A–
 
14,800,711
 
 
68,478
 
Total Louisiana
     
72,442,980
 
     
Maine – 0.2% (0.1% of Total Investments)
         
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
Baa3
 
1,266,059
 
     
Massachusetts – 2.2% (1.5% of Total Investments)
         
 
8,825
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32
1/20 at 100.00
A+
 
9,873,763
 
 
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33
7/18 at 100.00
A–
 
659,382
 
 
1,750
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 – AMBAC Insured
1/13 at 100.00
A–
 
1,751,383
 
 
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
 
2,569,698
 
 
13,495
 
Total Massachusetts
     
14,854,226
 
     
Michigan – 3.8% (2.6% of Total Investments)
         
 
1,975
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%, 7/01/32
7/22 at 100.00
A+
 
2,108,253
 
 
4,000
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
AA–
 
4,195,480
 
 
2,615
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
AA+
 
2,965,619
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
AA+
 
2,866,225
 
 
6,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 2.000%, 1/01/13
No Opt. Call
AAA
 
6,018,360
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
10/16 at 50.02
Aa3
 
2,636,375
 
 
2,500
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 – NPFG Insured
10/13 at 100.00
Aa3
 
2,585,225
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
BB–
 
3,147,143
 
 
28,890
 
Total Michigan
     
26,522,680
 
     
Minnesota – 0.6% (0.4% of Total Investments)
         
 
1,915
 
Independent School District 196, Rosemount, Minnesota, General Obligation Bonds, Series 1995B, 0.000%, 4/01/13 – AGM Insured
No Opt. Call
AA+
 
1,913,449
 
 
2,295
 
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Series 2007, 4.000%, 2/01/13
No Opt. Call
AA+
 
2,316,848
 
 
4,210
 
Total Minnesota
     
4,230,297
 
     
Missouri – 1.8% (1.3% of Total Investments)
         
     
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B:
         
 
4,400
 
5.000%, 10/01/23 – AGM Insured
10/13 at 100.00
AA–
 
4,561,700
 
 
2,045
 
5.000%, 10/01/32 – AGM Insured
10/13 at 100.00
AA–
 
2,111,994
 
 
12,005
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
 
6,014,025
 
 
18,450
 
Total Missouri
     
12,687,719
 

Nuveen Investments
 
41

 
 

 


   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nevada – 4.7% (3.2% of Total Investments)
         
$
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
$
17,281,200
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, Trust 2633, 18.627%, 7/01/31 – BHAC Insured (IF) (5)
7/17 at 100.00
AA+
 
5,785,950
 
 
4,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2003B, 5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (4)
 
4,016,920
 
 
233
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 6/30/19 (6)
No Opt. Call
N/R
 
167,856
 
 
70
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (6)
No Opt. Call
N/R
 
28,980
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%,
5/01/36 – NPFG Insured
5/16 at 100.00
A
 
5,128,150
 
 
28,053
 
Total Nevada
     
32,409,056
 
     
New Hampshire – 0.2% (0.2% of Total Investments)
         
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
Baa1
 
1,699,110
 
     
New Jersey – 1.6% (1.1% 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+
 
6,907,500
 
 
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
B2
 
4,335,950
 
 
20,000
 
Total New Jersey
     
11,243,450
 
     
New York – 7.5% (5.2% of Total Investments)
         
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
A
 
2,268,140
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
A
 
2,978,150
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
No Opt. Call
N/R
 
1,313,888
 
 
4,975
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
12/12 at 100.00
BB
 
4,975,199
 
 
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
 
3,075,000
 
 
3,800
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005D, 5.000%, 6/15/38
6/15 at 100.00
AAA
 
4,147,358
 
 
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
 
10,819,900
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
AAA
 
5,687,050
 
 
8,000
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2012A, 2.000%, 6/15/13
No Opt. Call
AAA
 
8,095,440
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
         
 
6,065
 
6.500%, 12/01/28
12/15 at 100.00
BBB–
 
6,683,630
 
 
1,660
 
6.000%, 12/01/36
12/20 at 100.00
BBB–
 
1,955,048
 
 
48,250
 
Total New York
     
51,998,803
 
     
North Carolina – 1.4% (0.9% 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–
 
3,400,920
 
 
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
 
3,848,320
 
 
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
AA–
 
2,193,816
 
 
8,400
 
Total North Carolina
     
9,443,056
 

42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
North Dakota – 0.6% (0.4% of Total Investments)
         
$
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.000%, 11/01/28
11/21 at 100.00
A+
$
1,841,340
 
 
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–
 
2,448,559
 
 
3,850
 
Total North Dakota
     
4,289,899
 
     
Ohio – 7.0% (4.7% of Total Investments)
         
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
A1
 
10,936,200
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
1,760
 
5.125%, 6/01/24
6/17 at 100.00
B
 
1,537,712
 
 
2,700
 
5.875%, 6/01/30
6/17 at 100.00
B+
 
2,343,762
 
 
9,135
 
5.750%, 6/01/34
6/17 at 100.00
BB
 
7,729,489
 
 
3,920
 
6.000%, 6/01/42
6/17 at 100.00
BBB
 
3,398,091
 
 
6,080
 
5.875%, 6/01/47
6/17 at 100.00
BB
 
5,220,714
 
 
6,375
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
B+
 
5,557,853
 
 
7,050
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
BBB–
 
8,470,998
 
 
2,650
 
Ohio, General Obligation Bonds, Higher Education, Series 2003A, 5.000%, 5/01/22 (Pre-refunded 5/01/13)
5/13 at 100.00
AA+ (4)
 
2,713,203
 
 
49,670
 
Total Ohio
     
47,908,022
 
     
Oklahoma – 2.6% (1.8% of Total Investments)
         
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
N/R
 
1,105,950
 
 
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–
 
1,929,550
 
 
12,000
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
2/17 at 100.00
A
 
12,561,840
 
 
2,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
A
 
2,087,240
 
 
16,675
 
Total Oklahoma
     
17,684,580
 
     
Oregon – 0.5% (0.3% of Total Investments)
         
 
3,000
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/36
10/17 at 100.00
A
 
3,207,840
 
     
Pennsylvania – 4.6% (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
8/19 at 100.00
Aa3
 
5,638,400
 
 
1,250
 
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
12/18 at 100.00
AA–
 
1,358,038
 
 
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
 
7,947,740
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2003, 5.375%, 7/15/29
7/13 at 100.00
A–
 
1,026,500
 
 
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+
 
1,544,355
 
 
2,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
12/14 at 100.00
Aa3
 
2,819,388
 
 
10,000
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.250%, 5/15/30
5/20 at 100.00
AA
 
11,453,500
 
 
28,450
 
Total Pennsylvania
     
31,787,921
 

Nuveen Investments
 
43
 
 
 

 
 
   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Puerto Rico – 7.2% (5.0% of Total Investments)
         
$
2,500
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.125%, 7/01/37
7/22 at 100.00
Baa2
$
2,499,825
 
 
5,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 – SYNCORA GTY Insured
7/15 at 100.00
BBB+
 
5,227,450
 
 
10,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
7/20 at 100.00
BBB+
 
10,632,300
 
 
10,070
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
No Opt. Call
Baa1
 
10,644,997
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
11,075,600
 
 
9,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
8/20 at 100.00
A+
 
9,852,494
 
 
46,880
 
Total Puerto Rico
     
49,932,666
 
     
Rhode Island – 1.2% (0.8% 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
11/12 at 100.00
Baa1
 
1,238,866
 
 
7,000
 
Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 50A, 4.650%, 10/01/34
10/14 at 100.00
AA+
 
7,136,080
 
 
8,235
 
Total Rhode Island
     
8,374,946
 
     
South Carolina – 3.1% (2.1% of Total Investments)
         
 
10,000
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 6.000%, 12/01/20 (Pre-refunded 12/01/12)
12/12 at 101.00
Aa2 (4)
 
10,148,600
 
 
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)
 
2,635,825
 
 
2,105
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 – NPFG Insured
8/14 at 100.00
BBB
 
2,232,710
 
 
3,000
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 – FGIC Insured
6/14 at 100.00
A+
 
3,073,530
 
 
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–
 
850,108
 
 
520
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/21 (Pre-refunded 7/01/13) – AMBAC Insured
7/13 at 100.00
Aa3 (4)
 
536,281
 
 
1,605
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/21 – AMBAC Insured
7/13 at 100.00
AA–
 
1,652,444
 
 
20,950
 
Total South Carolina
     
21,129,498
 
     
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
A+
 
3,120,522
 
     
Tennessee – 2.4% (1.6% of Total Investments)
         
 
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–
 
15,428,636
 
 
1,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured
12/17 at 100.00
N/R
 
1,163,710
 
 
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 (7)
11/17 at 100.00
N/R
 
30,135
 
 
22,915
 
Total Tennessee
     
16,622,481
 
     
Texas – 11.2% (7.6% of Total Investments)
         
 
5,555
 
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
2/17 at 100.00
AAA
 
6,274,373
 
 
6,000
 
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
A
 
6,591,300
 

44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
4/20 at 100.00
Baa2
$
2,214,880
 
 
1,000
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
1/21 at 100.00
BBB–
 
1,169,230
 
 
2,100
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
8/14 at 100.00
AAA
 
2,249,037
 
 
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
 
2,399,848
 
 
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
 
7,784,850
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
AA+
 
5,626,200
 
     
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003:
         
 
3,460
 
5.000%, 2/15/28 (Pre-refunded 2/15/13) – AMBAC Insured
2/13 at 100.00
AA+ (4)
 
3,506,745
 
 
1,540
 
5.000%, 2/15/28 (Pre-refunded 2/15/13) – AMBAC Insured
2/13 at 100.00
AA+ (4)
 
1,560,805
 
 
1,225
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Refunding Series 2007C, 5.625%, 2/15/14
No Opt. Call
AAA
 
1,308,815
 
 
2,550
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
2/16 at 100.00
BBB–
 
2,645,345
 
 
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
 
6,885,600
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 – FGIC Insured
8/15 at 35.34
AA–
 
3,105,717
 
 
1,100
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2007, 0.000%, 8/15/14
No Opt. Call
AAA
 
1,091,244
 
 
13,510
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39
8/17 at 27.35
AAA
 
3,247,669
 
 
3,520
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
8/16 at 100.00
Aaa
 
3,978,445
 
     
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–
 
2,784,924
 
 
7,000
 
0.000%, 1/01/43
1/25 at 100.00
A2
 
7,788,130
 
 
2,700
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.500%, 8/15/39 – AMBAC Insured
11/12 at 100.00
A–
 
2,720,169
 
 
3,000
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/21
8/15 at 74.57
AAA
 
2,157,420
 
 
90,990
 
Total Texas
     
77,090,746
 
     
Utah – 0.5% (0.3% of Total Investments)
         
 
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
AA+
 
3,293,430
 
     
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
 
1,753,001
 
     
Virginia – 0.7% (0.4% of Total Investments)
         
 
2,855
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
6/17 at 100.00
B2
 
2,282,373
 
 
2,010
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
 
2,210,699
 
 
4,865
 
Total Virginia
     
4,493,072
 
     
Washington – 1.8% (1.2% of Total Investments)
         
 
1,260
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
2/13 at 100.00
AAA
 
1,277,300
 

Nuveen Investments
 
45

 
 

 

   
Nuveen Municipal Advantage Fund, Inc. (continued)
NMA
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
         
$
2,485
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 – NPFG Insured
1/17 at 100.00
AA
$
2,768,365
 
 
1,830
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
6/13 at 100.00
A1 (4)
 
1,881,313
 
 
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
 
2,266,300
 
 
3,075
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32
6/13 at 100.00
Baa1
 
3,205,688
 
 
1,270
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
No Opt. Call
AA+
 
914,972
 
 
11,920
 
Total Washington
     
12,313,938
 
     
Wisconsin – 0.6% (0.4% of Total Investments)
         
 
565
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
11/14 at 100.00
Aa2
 
597,855
 
 
3,000
 
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM)
No Opt. Call
AA– (4)
 
3,830,970
 
 
3,565
 
Total Wisconsin
     
4,428,825
 
$
1,121,131
 
Total Investments (cost $926,960,339) – 146.6%
     
1,009,581,240
 
     
Floating Rate Obligations – (6.6)%
     
(45,488,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.1)% (8)
     
(296,800,000
     
Other Assets Less Liabilities – 3.1%
     
21,510,047
 
     
Net Assets Applicable to Common Shares – 100%
   
$
688,802,954
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. 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)
 
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.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.4%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

46
 
Nuveen Investments

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc.
NMO
 
Portfolio of Investments
October 31, 2012
 

 
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
$
1,984,091
 
 
2,485
 
5.000%, 1/01/41 – RAAI Insured
1/16 at 100.00
N/R
 
2,538,428
 
 
4,420
 
Total Alabama
     
4,522,519
 
     
Alaska – 3.3% (2.2% of Total Investments)
         
     
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
         
 
1,125
 
5.250%, 12/01/34 – FGIC Insured (UB)
12/14 at 100.00
AA+
 
1,165,568
 
 
1,275
 
5.250%, 12/01/41 – FGIC Insured (UB)
12/14 at 100.00
AA+
 
1,320,683
 
 
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+
 
7,329,840
 
 
2,375
 
Alaska Student Loan Corporation, Senior Lien Student Loan Revenue Bonds, Series 2005A, 5.000%, 6/01/13 (Alternative Minimum Tax)
No Opt. Call
AAA
 
2,440,455
 
 
13,025
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
6/14 at 100.00
B+
 
11,102,119
 
 
24,800
 
Total Alaska
     
23,358,665
 
     
California – 23.9% (15.7% of Total Investments)
         
 
3,450
 
Antelope Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured
No Opt. Call
Aa3
 
1,580,549
 
     
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
 
2,828,175
 
 
2,500
 
5.625%, 4/01/44
4/19 at 100.00
AA
 
2,914,500
 
 
8,000
 
Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33
No Opt. Call
Aa1
 
3,407,920
 
 
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
BB–
 
7,324,434
 
 
5,000
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29
12/18 at 100.00
AAA
 
5,857,250
 
 
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
 
2,802,673
 
 
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
 
335,043
 
 
4,295
 
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
3/13 at 100.00
A
 
4,323,218
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
         
 
7,000
 
5.250%, 3/01/30
3/20 at 100.00
A1
 
8,147,217
 
 
4,250
 
5.250%, 11/01/40
11/20 at 100.00
A1
 
4,859,068
 
 
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
 
26,389,250
 
 
9,000
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.250%, 3/01/45
3/16 at 100.00
A+
 
9,562,410
 
 
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–
 
1,750,539
 
 
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
 
5,001,484
 
 
8,365
 
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/26 – FGIC Insured
8/13 at 52.66
Aa1
 
4,273,762
 
 
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
 
5,139,700
 

Nuveen Investments
 
47

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
October 31, 2012

 
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–
$
1,959,615
 
 
3,485
 
5.000%, 6/01/45
6/15 at 100.00
A2
 
3,547,765
 
 
1,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
BB–
 
810,400
 
 
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
 
698,685
 
 
490
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM)
1/13 at 100.00
N/R (4)
 
491,833
 
 
995
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM)
1/13 at 100.00
N/R (4)
 
999,279
 
 
2,500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 – AGM Insured
7/15 at 100.00
AA–
 
2,792,675
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
No Opt. Call
A
 
3,083,608
 
 
14,000
 
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured
No Opt. Call
AA–
 
4,883,900
 
 
2,500
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002, Series 2005B, 0.000%, 8/01/29 – FGIC Insured
No Opt. Call
AA–
 
1,158,525
 
 
1,000
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured
No Opt. Call
Aa2
 
473,380
 
 
5,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
11/20 at 100.00
Baa3
 
5,550,600
 
     
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A:
         
 
2,000
 
0.000%, 8/01/24 – NPFG Insured
No Opt. Call
A+
 
1,234,600
 
 
4,795
 
5.000%, 8/01/32 – NPFG Insured
8/17 at 100.00
A+
 
5,277,761
 
 
2,500
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
A
 
2,593,975
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
5/15 at 100.00
AA+ (4)
 
3,576,652
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
5,000
 
5.650%, 1/15/17 – NPFG Insured
1/14 at 102.00
BBB
 
5,091,050
 
 
26,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
BBB
 
7,810,400
 
 
5,000
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 – NPFG Insured
9/15 at 50.47
Aa1
 
2,223,550
 
 
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–
 
8,074,799
 
 
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
 
2,668,080
 
 
3,000
 
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
5/13 at 101.00
Aa1
 
3,100,380
 
 
2,550
 
Vista Unified School District, San Diego County, California, General Obligation Bonds, Series 2004B, 5.000%, 8/01/28 (Pre-refunded 8/01/13) – FGIC Insured
8/13 at 100.00
Aa2 (4)
 
2,641,316
 
 
212,625
 
Total California
     
167,240,020
 
     
Colorado – 8.9% (5.8% of Total Investments)
         
 
1,085
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
BBB–
 
1,104,335
 
 
6,385
 
Broomfield, Colorado, Sales and Use Tax Revenue Refunding and Improvement Bonds, Series 2002A, 5.500%, 12/01/22 (Pre-refunded 12/01/12) – AMBAC Insured
12/12 at 100.00
Aa3 (4)
 
6,413,222
 

48
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
         
$
11,200
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA
$
12,208,000
 
 
3,250
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29
9/17 at 100.00
BBB
 
3,343,243
 
 
2,000
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/12 – FGIC Insured
No Opt. Call
Aa2
 
2,008,060
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
         
 
6,200
 
0.000%, 9/01/22 – NPFG Insured
No Opt. Call
BBB
 
4,043,268
 
 
9,850
 
0.000%, 9/01/30 – NPFG Insured
No Opt. Call
BBB
 
4,008,852
 
 
15,960
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
BBB
 
5,350,750
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
         
 
3,800
 
0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
BBB
 
1,756,702
 
 
13,300
 
0.000%, 9/01/31 – NPFG Insured
9/20 at 53.77
BBB
 
4,767,518
 
 
6,250
 
0.000%, 9/01/32 – NPFG Insured
9/20 at 50.83
BBB
 
2,107,813
 
 
10,000
 
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
BBB
 
2,705,800
 
 
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
 
12,172,400
 
 
99,280
 
Total Colorado
     
61,989,963
 
     
District of Columbia – 1.5% (1.0% of Total Investments)
         
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
A1
 
10,188,400
 
     
Florida – 4.1% (2.7% of Total Investments)
         
 
1,650
 
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured
No Opt. Call
A2
 
1,788,963
 
 
3,970
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust 1191, 8.555%, 1/01/27 (Alternative Minimum Tax) (IF)
1/17 at 100.00
AA+
 
4,230,591
 
 
5,650
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
A1 (4)
 
5,895,323
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
10/20 at 100.00
A
 
2,858,750
 
 
3,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/26
10/20 at 100.00
A
 
3,441,570
 
 
2,425
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/22 – NPFG Insured
6/15 at 100.00
Aa3
 
2,531,045
 
 
4,000
 
Orlando, Florida, Tourist Development Tax Revenue Bonds, Senior Lien 6th Cent Contract Payments, Series 2008A, 5.250%, 11/01/23 – AGC Insured
11/17 at 100.00
AA–
 
4,338,600
 
 
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
 
3,796,590
 
 
26,695
 
Total Florida
     
28,881,432
 
     
Georgia – 1.6% (1.0% of Total Investments)
         
 
10,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45
2/41 at 100.00
AA–
 
11,012,000
 
     
Illinois – 15.7% (10.3% of Total Investments)
         
 
4,595
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 – FGIC Insured
No Opt. Call
Aa3
 
1,870,349
 
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
12/21 at 100.00
A+
 
1,583,896
 
     
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
A+
 
3,552,074
 
 
1,000
 
5.500%, 12/01/26 – FGIC Insured
No Opt. Call
A+
 
1,258,830
 

Nuveen Investments
 
49
 
 
 

 
 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
4,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured
7/13 at 100.00
AA+
$
4,044,680
 
 
5,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured
1/18 at 100.00
AA+
 
5,330,750
 
 
990
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – AMBAC Insured
No Opt. Call
AA+
 
1,016,829
 
 
5,250
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%, 1/01/28 – NPFG Insured
1/13 at 100.00
A
 
5,266,485
 
 
2,000
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
1/14 at 100.00
AA–
 
2,043,840
 
 
1,825
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/26 – NPFG Insured
1/16 at 100.00
A2
 
2,024,162
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
8,078,593
 
 
1,780
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
Aa1 (4)
 
1,836,711
 
 
10,000
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)
12/15 at 100.00
AAA
 
11,087,400
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
4/19 at 100.00
A+
 
3,315,750
 
 
5,365
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
A
 
6,241,158
 
 
1,925
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
11/17 at 100.00
A
 
2,118,328
 
 
5,550
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
BBB+
 
5,928,732
 
 
2,160
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/17 – AMBAC Insured
11/12 at 100.00
BBB
 
2,165,227
 
 
5,090
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
1/13 at 100.00
BBB+
 
5,125,070
 
     
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B:
         
 
10,230
 
0.000%, 1/01/22 – AGM Insured
1/15 at 70.63
Aa3
 
6,682,645
 
 
6,780
 
0.000%, 1/01/24 – AGM Insured
1/15 at 63.44
Aa3
 
3,954,910
 
 
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
 
2,015,942
 
 
2,330
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
6/20 at 100.00
AAA
 
2,539,980
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
         
 
6,500
 
0.000%, 6/15/25 – NPFG Insured
6/22 at 101.00
AAA
 
6,066,840
 
 
3,700
 
0.000%, 6/15/30 – NPFG Insured
No Opt. Call
AAA
 
1,687,533
 
 
3,280
 
0.000%, 6/15/37 – NPFG Insured
No Opt. Call
AAA
 
980,458
 
 
11,715
 
0.000%, 12/15/38 – NPFG Insured
No Opt. Call
AAA
 
3,228,771
 
 
2,080
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34
2/20 at 100.00
AA–
 
2,314,707
 
 
3,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
3/17 at 100.00
A
 
3,252,150
 
 
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–
 
3,040,843
 
 
126,975
 
Total Illinois
     
109,653,643
 

50
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Indiana – 3.0% (2.0% of Total Investments)
         
$
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
AA
$
4,447,387
 
 
5,000
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 4.000%, 5/01/35 (WI/DD, Settling 11/27/12)
5/23 at 100.00
A
 
5,019,200
 
 
6,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
AA
 
6,707,340
 
 
2,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
2,700,975
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 – AGM Insured
7/15 at 100.00
AA+
 
2,053,409
 
 
19,420
 
Total Indiana
     
20,928,311
 
     
Iowa – 0.8% (0.5% of Total Investments)
         
 
970
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/19
7/16 at 100.00
BB+
 
1,046,543
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
 
4,847,600
 
 
5,970
 
Total Iowa
     
5,894,143
 
     
Kansas – 1.2% (0.8% of Total Investments)
         
 
4,215
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
BB+
 
4,327,498
 
 
600
 
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31
4/16 at 100.00
A1
 
624,486
 
 
5,000
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010, 0.000%, 6/01/21
No Opt. Call
BBB
 
3,354,100
 
 
9,815
 
Total Kansas
     
8,306,084
 
     
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–
 
1,106,790
 
     
Louisiana – 3.0% (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 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
BBB (4)
 
7,444,289
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004:
         
 
1,765
 
5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
BBB
 
1,855,386
 
 
3,350
 
5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
BBB
 
3,495,156
 
 
7,850
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
11/12 at 100.00
A–
 
8,046,093
 
 
20,380
 
Total Louisiana
     
20,840,924
 
     
Maryland – 1.1% (0.7% of Total Investments)
         
 
4,410
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.900%, 9/01/42 (Alternative Minimum Tax)
3/17 at 100.00
Aa2
 
4,552,972
 
 
2,500
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
No Opt. Call
AAA
 
2,905,975
 
 
6,910
 
Total Maryland
     
7,458,947
 

Nuveen Investments
 
51

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts – 0.7% (0.4% of Total Investments)
         
$
1,500
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
11/12 at 100.00
BBB
$
1,501,500
 
 
2,615
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
8/15 at 100.00
AA+
 
2,884,031
 
 
385
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
Aa1 (4)
 
434,388
 
 
4,500
 
Total Massachusetts
     
4,819,919
 
     
Michigan – 4.8% (3.1% of Total Investments)
         
 
1,975
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%, 7/01/32
7/22 at 100.00
A+
 
2,108,253
 
     
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D:
         
 
4,000
 
5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
AA–
 
4,195,480
 
 
5,000
 
4.625%, 7/01/32 – AGM Insured
7/16 at 100.00
AA–
 
5,111,350
 
 
3,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
11/20 at 100.00
AA
 
3,303,390
 
 
2,435
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – AGM Insured
7/13 at 100.00
AA–
 
2,469,650
 
 
1,000
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 6.000%, 7/01/14 – NPFG Insured
No Opt. Call
A+
 
1,073,860
 
 
725
 
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
7/16 at 100.00
BBB
 
806,251
 
 
5,000
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
A1
 
5,768,850
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
BB–
 
3,147,143
 
 
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
 
1,485,444
 
 
3,795
 
Utica Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/19 (Pre-refunded 11/01/13)
11/13 at 100.00
AA (4)
 
3,975,908
 
 
31,130
 
Total Michigan
     
33,445,579
 
     
Minnesota – 0.5% (0.4% 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
11/12 at 100.00
A
 
932,083
 
 
2,410
 
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–
 
2,857,224
 
 
3,340
 
Total Minnesota
     
3,789,307
 
     
Mississippi – 0.8% (0.6% of Total Investments)
         
 
5,900
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/13 at 100.00
BBB
 
5,917,700
 
     
Missouri – 1.0% (0.6% of Total Investments)
         
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
         
 
8,000
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
AA–
 
4,433,600
 
 
5,000
 
0.000%, 4/15/31 – AMBAC Insured
No Opt. Call
AA–
 
2,249,500
 
 
13,000
 
Total Missouri
     
6,683,100
 
     
Nebraska – 1.8% (1.2% of Total Investments)
         
 
11,690
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured
2/17 at 100.00
Aa3
 
12,492,986
 

52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nevada – 5.5% (3.6% of Total Investments)
         
$
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
$
17,281,200
 
 
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
A+
 
12,834,807
 
 
3,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2003B, 5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (4)
 
3,012,690
 
 
687
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 6/30/19 (5)
No Opt. Call
N/R
 
495,176
 
 
206
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (5)
No Opt. Call
N/R
 
85,491
 
 
3,760
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured
6/15 at 33.61
BBB
 
829,569
 
 
2,500
 
Reno, Neveda, Health Facilty Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.354%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
AA+
 
3,857,300
 
 
36,768
 
Total Nevada
     
38,396,233
 
     
New Hampshire – 0.5% (0.3% of Total Investments)
         
 
3,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
Baa1
 
3,398,220
 
     
New Jersey – 2.3% (1.5% of Total Investments)
         
 
18,400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/37
1/17 at 35.47
BBB+
 
5,039,208
 
 
5,065
 
New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B, 0.000%, 1/01/35 – AMBAC Insured
1/17 at 100.00
A+
 
4,784,956
 
 
3,000
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
Aa2
 
1,825,620
 
 
1,800
 
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
 
1,860,804
 
 
3,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
6/17 at 100.00
B2
 
2,625,330
 
 
31,265
 
Total New Jersey
     
16,135,918
 
     
New York – 5.8% (3.8% of Total Investments)
         
 
7,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45
No Opt. Call
BBB–
 
1,409,870
 
 
2,460
 
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–
 
2,635,521
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
A
 
2,268,140
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
6/16 at 100.00
A
 
3,179,790
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
11/22 at 100.00
A
 
2,978,150
 
 
3,500
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30
2/21 at 100.00
Aa2
 
4,348,155
 
 
1,250
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
No Opt. Call
N/R
 
1,313,888
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25
11/12 at 100.00
AA
 
5,024
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
         
 
20
 
5.000%, 8/01/17
11/12 at 100.00
AA
 
20,078
 
 
150
 
5.750%, 8/01/18
11/12 at 100.00
AA
 
152,006
 
 
8,550
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 5.500%, 12/01/31
12/20 at 100.00
BBB–
 
9,901,071
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
         
 
2,475
 
6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
BBB
 
2,723,020
 
 
10,000
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
12/12 at 100.00
BBB
 
10,003,600
 
 
42,910
 
Total New York
     
40,938,313
 

Nuveen Investments
 
53

 
 

 


   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
North Carolina – 5.6% (3.7% of Total Investments)
         
$
1,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
AA+ (4)
$
2,094,066
 
 
17,000
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41
10/15 at 100.00
AA+
 
18,576,750
 
 
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–
 
3,400,920
 
 
4,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB)
10/17 at 100.00
AA–
 
4,213,320
 
 
8,390
 
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
 
8,458,714
 
 
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
1/19 at 100.00
AA–
 
2,193,816
 
 
36,190
 
Total North Carolina
     
38,937,586
 
     
North Dakota – 0.3% (0.2% of Total Investments)
         
 
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.000%, 11/01/28
11/21 at 100.00
A+
 
1,841,340
 
     
Ohio – 8.1% (5.3% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
4,415
 
5.375%, 6/01/24
6/17 at 100.00
B
 
3,945,288
 
 
1,340
 
5.125%, 6/01/24
6/17 at 100.00
B
 
1,170,758
 
 
1,250
 
5.875%, 6/01/30
6/17 at 100.00
B+
 
1,085,075
 
 
6,215
 
5.750%, 6/01/34
6/17 at 100.00
BB
 
5,258,760
 
 
4,300
 
6.000%, 6/01/42
6/17 at 100.00
BBB
 
3,727,498
 
 
4,750
 
5.875%, 6/01/47
6/17 at 100.00
BB
 
4,078,683
 
 
3,110
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
B+
 
2,711,360
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
BBB+
 
6,659,520
 
 
2,000
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 (Pre-refunded 6/01/14) – FGIC Insured
6/14 at 100.00
A+ (4)
 
2,156,660
 
 
10,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 4.250%, 12/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
10,463,100
 
 
5,500
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
BBB–
 
6,608,580
 
 
7,500
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39
1/19 at 100.00
Aa2
 
8,487,225
 
 
56,380
 
Total Ohio
     
56,352,507
 
     
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–
 
1,929,550
 
     
Oregon – 0.7% (0.5% of Total Investments)
         
 
5,000
 
Oregon Health and Science University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
A+ (4)
 
5,041,500
 
     
Pennsylvania – 5.4% (3.6% of Total Investments)
         
 
3,000
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39
8/19 at 100.00
Aa3
 
3,383,040
 
 
5,000
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19
1/13 at 100.00
Ba1
 
5,003,400
 

54
 
Nuveen Investments

 
 

 


 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
5,975
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A-2, 0.000%, 12/01/34
12/20 at 100.00
AA
$
5,806,027
 
 
10,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
 
10,691,400
 
 
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
 
13,033,818
 
 
35,865
 
Total Pennsylvania
     
37,917,685
 
     
Puerto Rico – 6.0% (3.9% of Total Investments)
         
 
3,330
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
7/18 at 100.00
Baa2
 
3,484,778
 
 
1,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – FGIC Insured
No Opt. Call
BBB+
 
1,113,600
 
 
8,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
7/20 at 100.00
BBB+
 
8,505,840
 
 
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23
12/13 at 100.00
AA–
 
4,437,557
 
 
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
AA+ (4)
 
8,571,706
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
11,075,600
 
 
4,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
8/20 at 100.00
A+
 
4,561,144
 
 
39,140
 
Total Puerto Rico
     
41,750,225
 
     
Rhode Island – 1.3% (0.9% of Total Investments)
         
 
5,815
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – AGM Insured
5/13 at 100.00
AA–
 
5,962,585
 
 
3,310
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
11/12 at 100.00
BBB–
 
3,376,167
 
 
9,125
 
Total Rhode Island
     
9,338,752
 
     
South Carolina – 4.9% (3.2% of Total Investments)
         
 
24,730
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12)
12/12 at 101.00
Aaa
 
25,087,349
 
 
1,900
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 – NPFG Insured
8/14 at 100.00
BBB
 
2,015,273
 
 
870
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/20 (Pre-refunded 7/01/13) – AMBAC Insured
7/13 at 100.00
Aa3 (4)
 
897,240
 
     
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A:
         
 
2,690
 
5.000%, 1/01/20 – AMBAC Insured
7/13 at 100.00
AA–
 
2,770,270
 
 
3,285
 
5.000%, 1/01/27 – AMBAC Insured
7/13 at 100.00
AA–
 
3,380,988
 
 
33,475
 
Total South Carolina
     
34,151,120
 
     
Tennessee – 0.7% (0.5% of Total Investments)
         
 
5,000
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, East Tennessee Children’s Hospital, Series 2003A, 5.000%, 7/01/23 – RAAI Insured
7/13 at 100.00
BBB+
 
5,048,100
 
     
Texas – 12.7% (8.3% 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) (7)
12/12 at 100.00
N/R
 
1,618,900
 
 
2,845
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34
8/15 at 100.00
AAA
 
3,137,694
 
                 

Nuveen Investments
 
55

 
 

 

   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
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–
$
448,350
 
 
1,500
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 5.750%, 1/01/31
1/21 at 100.00
BBB–
 
1,756,455
 
 
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
 
15,242,100
 
 
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
 
1,983,425
 
 
2,200
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
8/14 at 100.00
AAA
 
2,356,134
 
     
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
 
1,796,144
 
 
4,000
 
0.000%, 8/15/31
8/16 at 46.64
Aaa
 
1,710,480
 
 
3,070
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
AA+
 
3,454,487
 
 
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
 
643,382
 
 
2,400
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
7/18 at 100.00
AA–
 
2,788,464
 
 
9,350
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/32 – FGIC Insured
8/15 at 39.50
AA–
 
3,505,502
 
 
6,000
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/33
8/14 at 35.28
AAA
 
2,048,760
 
 
9,655
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/31 – AGM Insured
11/12 at 100.00
AA–
 
9,670,545
 
 
3,525
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
8/16 at 100.00
Aaa
 
3,984,096
 
 
5,250
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
2/15 at 100.00
Aaa
 
5,672,310
 
 
4,000
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43
1/25 at 100.00
A2
 
4,450,360
 
 
5,000
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34
12/13 at 100.00
A+
 
5,128,600
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1760-3, 16.684%, 2/15/36 (IF)
2/17 at 100.00
AA–
 
4,331,607
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
AA–
 
3,275,642
 
 
5,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.750%, 8/15/38 – AMBAC Insured
11/12 at 100.00
A–
 
5,039,200
 
 
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
 
1,667,700
 
     
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
 
1,919,310
 
 
2,000
 
0.000%, 8/15/24
8/15 at 63.56
AAA
 
1,209,300
 
 
106,645
 
Total Texas
     
88,838,947
 

56
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Utah – 0.7% (0.5% of Total Investments)
         
$
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
AA+
$
3,293,430
 
 
1,695
 
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Series 2006A., 4.500%, 8/01/23 – FGIC Insured
8/16 at 100.00
A+
 
1,823,006
 
 
4,695
 
Total Utah
     
5,116,436
 
     
Virginia – 3.0% (2.0% 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–
 
21,297,040
 
     
Washington – 6.0% (3.9% of Total Investments)
         
 
2,755
 
Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured
No Opt. Call
A1
 
3,032,787
 
 
1,830
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
6/13 at 100.00
A1 (4)
 
1,881,313
 
 
6,790
 
King County, Washington, General Obligation Bonds, Series 2010A, 5.000%, 12/01/12
No Opt. Call
AAA
 
6,817,432
 
 
2,150
 
Seattle, Washington, General Obligation Refunding and Improvement Bonds, Series 2002, 4.500%, 12/01/20 (Pre-refunded 12/01/12)
12/12 at 100.00
AAA
 
2,157,762
 
 
3,000
 
Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
Aa1 (4)
 
3,357,450
 
 
8,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 – AGM Insured
5/18 at 100.00
AA–
 
8,720,880
 
 
10,170
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
A3
 
10,602,225
 
 
9,000
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured
No Opt. Call
AA+
 
5,559,750
 
 
43,695
 
Total Washington
     
42,129,599
 
     
Wisconsin – 2.6% (1.7% of Total Investments)
         
 
1,830
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25
5/16 at 100.00
BBB
 
1,865,301
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:
         
 
1,000
 
5.000%, 2/15/27
2/22 at 100.00
A–
 
1,109,990
 
 
1,000
 
5.000%, 2/15/28
2/22 at 100.00
A–
 
1,103,420
 
 
9,920
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
5/19 at 100.00
AA–
 
11,872,752
 
 
2,495
 
Wisconsin State, General Obligation Bonds, Series 2011B, 5.000%, 5/01/13
No Opt. Call
AA
 
2,555,179
 
 
16,245
 
Total Wisconsin
     
18,506,642
 

Nuveen Investments
 
57
 
 
 

 
 
   
Nuveen Municipal Market Opportunity Fund, Inc. (continued)
NMO
 
Portfolio of Investments
October 31, 2012

 
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
$
4,693,877
 
$
1,182,003
 
Total Long-Term Investments (cost $970,252,474) – 151.6%
     
1,060,290,022
 
     
Short-Term Investments – 0.7% (0.5% of Total Investments)
         
     
Texas – 0.7% (0.5% of Total Investments)
         
$
5,000
 
Harris County, Texas, Tax Anticipation Notes, Series 2012, 1.500%, 2/28/13 (8)
No Opt. Call
SP-1+
 
5,023,250
 
     
Total Short-Term Investments (cost $5,021,930)
     
5,023,250
 
     
Total Investments (cost $975,274,404) – 152.3%
     
1,065,313,272
 
     
Floating Rate Obligations – (5.0)%
     
(34,730,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (50.2)% (9)
     
(350,900,000
     
Other Assets Less Liabilities – 2.9%
     
19,677,183
 
     
Net Assets Applicable to Common Shares – 100%
   
$
699,360,455
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. 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.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
 
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.
(8)
 
Investment has a maturity of more than a 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)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.9%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

58
 
Nuveen Investments

 
 

 

   
Nuveen Dividend Advantage Municipal Fund
NAD
 
Portfolio of Investments
   
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 145.9% (99.4% of Total Investments)
         
     
Alaska – 0.1% (0.1% of Total Investments)
         
$
750
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.250%, 12/01/34 – FGIC Insured (UB)
12/14 at 100.00
AA+
$
777,045
 
     
Arizona – 3.4% (2.3% of Total Investments)
         
 
3,165
 
Maricopa County Public Finance Corporation, Arizona, Lease Revenue Bonds, Series 2007A, 5.000%, 7/01/13 – AMBAC Insured
No Opt. Call
AA+
 
3,266,248
 
     
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–
 
2,618,441
 
 
8,200
 
5.000%, 7/01/38
7/18 at 100.00
AA–
 
9,037,220
 
     
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
         
 
500
 
5.500%, 12/01/29
No Opt. Call
A–
 
606,890
 
 
5,000
 
5.000%, 12/01/37
No Opt. Call
A–
 
5,794,700
 
 
19,215
 
Total Arizona
     
21,323,499
 
     
California – 10.5% (7.1% 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
 
401,525
 
 
6,000
 
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured
No Opt. Call
AA–
 
2,837,880
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
11/16 at 100.00
AA–
 
3,212,550
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A1
 
5,401,400
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
 
4,859,068
 
 
6,750
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
Aa2
 
8,260,515
 
 
65
 
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
11/12 at 100.00
A1
 
65,246
 
 
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
8/17 at 100.00
Aa2
 
5,477,700
 
 
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
 
782,800
 
     
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–
 
1,959,615
 
 
9,925
 
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
AA–
 
10,164,788
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
         
 
7,745
 
5.000%, 6/01/33
6/17 at 100.00
BB–
 
6,640,021
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
BB–
 
810,400
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
No Opt. Call
A
 
3,083,608
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
AA–
 
2,143,140
 
 
2,000
 
Riverside Unified School District, Riverside County, California, General Obligation Bonds, Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
8/15 at 101.00
Aa2
 
2,194,780
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
2,000
 
0.000%, 1/15/29 – NPFG Insured
No Opt. Call
BBB
 
875,940
 
 
17,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
BBB
 
5,106,800
 
 
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
 
586,201
 

Nuveen Investments
 
59

 
 

 

   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
2,410
 
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured
No Opt. Call
Aa3
$
1,293,881
 
 
83,955
 
Total California
     
66,157,858
 
     
Colorado – 6.9% (4.7% 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
 
967,016
 
 
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–
 
3,813,250
 
 
4,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA
 
4,360,000
 
 
675
 
Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car Projects, Series 1999A, 6.000%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
11/12 at 100.00
A–
 
678,132
 
 
8,665
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
BBB
 
4,705,268
 
 
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
No Opt. Call
BBB
 
9,568,500
 
 
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 – NPFG Insured
No Opt. Call
BBB
 
16,669,800
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006B, 0.000%, 9/01/38 – NPFG Insured
9/26 at 54.77
BBB
 
2,942,000
 
 
115,295
 
Total Colorado
     
43,703,966
 
     
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 (8)
11/17 at 100.00
N/R
 
1,873,023
 
     
Florida – 10.2% (6.9% of Total Investments)
         
 
15,000
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
6/15 at 101.00
AAA
 
16,230,300
 
 
2,500
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34
10/17 at 100.00
A3
 
2,603,150
 
 
13,625
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
12/12 at 100.00
BB+
 
13,679,228
 
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007:
         
 
22,000
 
5.000%, 8/15/37 (UB)
8/17 at 100.00
AA
 
23,864,280
 
 
7,370
 
5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
 
7,953,999
 
 
60,495
 
Total Florida
     
64,330,957
 
     
Georgia – 2.2% (1.5% of Total Investments)
         
 
5,000
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
7/17 at 100.00
Baa2
 
5,160,300
 
 
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
 
5,581,900
 
 
3,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37
2/20 at 100.00
AA–
 
3,354,450
 
 
13,000
 
Total Georgia
     
14,096,650
 

60
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Idaho – 0.1% (0.0% of Total Investments)
         
$
95
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax)
1/13 at 100.00
AAA
$
99,124
 
 
125
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax)
1/13 at 100.00
Aa2
 
127,575
 
 
145
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
1/13 at 100.00
Aaa
 
145,347
 
 
365
 
Total Idaho
     
372,046
 
     
Illinois – 25.8% (17.6% of Total Investments)
         
 
550
 
Channahon, Illinois, Revenue Refunding Bonds, Morris Hospital, Series 1999, 5.750%, 12/01/12
11/12 at 100.00
BBB+
 
551,744
 
 
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
A+
 
1,024,950
 
 
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
A+
 
9,126,518
 
     
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
         
 
540
 
5.500%, 12/20/19 (Alternative Minimum Tax)
4/13 at 100.00
AA–
 
541,129
 
 
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
4/13 at 100.00
AA–
 
1,211,670
 
 
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
4/13 at 100.00
AA–
 
1,927,291
 
 
2,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/33 – FGIC Insured
No Opt. Call
Aa3
 
773,740
 
 
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
No Opt. Call
Aa3
 
27,239,713
 
 
1,135
 
Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/14 – AMBAC Insured
No Opt. Call
AA+
 
1,165,759
 
 
5,320
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2004A, 5.000%, 1/01/28 – NPFG Insured
1/15 at 100.00
A2
 
5,589,990
 
 
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
A2
 
3,569,959
 
     
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B:
         
 
810
 
5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
11/13 at 100.00
Aa2 (5)
 
850,379
 
 
190
 
5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured
1/14 at 100.00
AA (5)
 
201,049
 
 
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
Baa2
 
3,740,375
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
7/13 at 100.00
Aa1 (5)
 
5,159,300
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
 
1,693,275
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
8/18 at 100.00
AA–
 
2,152,220
 
 
1,120
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
2/18 at 100.00
A+
 
1,210,059
 
 
1,060
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
7/14 at 100.00
Aa1
 
1,123,801
 
 
4,580
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 (Pre-refunded 7/01/14)
7/14 at 100.00
Aa1 (5)
 
4,935,591
 
 
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
7/17 at 100.00
Aa1
 
1,427,260
 
 
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23
8/18 at 100.00
BBB+
 
4,477,400
 
 
5,970
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
BBB+
 
6,284,619
 

Nuveen Investments
 
61

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
1,500
 
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – FGIC Insured
1/15 at 100.00
AA
$
1,526,775
 
 
2,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
7/16 at 100.00
AA–
 
2,291,720
 
 
2,000
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured
No Opt. Call
Aa3
 
1,458,560
 
 
11,345
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/25 – AGM Insured
1/15 at 60.14
Aa3
 
6,259,831
 
 
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
 
2,036,070
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
         
 
12,250
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
AA–
 
8,442,945
 
 
13,000
 
0.000%, 12/15/23 – NPFG Insured
No Opt. Call
AA–
 
8,495,240
 
 
1,840
 
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA GTY Insured
11/15 at 54.14
Aa2
 
883,586
 
     
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:
         
 
22,650
 
5.750%, 6/01/19 – AGM Insured
No Opt. Call
AA
 
28,534,684
 
 
3,500
 
5.750%, 6/01/23 – AGM Insured
No Opt. Call
AA
 
4,480,630
 
 
1,300
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
12/14 at 100.00
Aaa
 
1,408,355
 
 
10,250
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
No Opt. Call
Aa2
 
7,113,808
 
 
4,500
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured (ETM)
No Opt. Call
Aa3 (5)
 
3,906,315
 
 
168,750
 
Total Illinois
     
162,816,310
 
     
Indiana – 3.9% (2.7% of Total Investments)
         
 
1,075
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 – AMBAC Insured
11/12 at 100.00
N/R
 
1,076,838
 
 
4,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
AA
 
4,471,560
 
 
2,000
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
3/14 at 100.00
A+
 
2,039,820
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
A–
 
2,162,360
 
 
5,280
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 1847, 7.810%, 1/01/25 (Alternative Minimum Tax) (IF)
1/17 at 100.00
Aaa
 
5,695,853
 
 
8,675
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
9,372,383
 
 
23,030
 
Total Indiana
     
24,818,814
 
     
Iowa – 1.4% (1.0% of Total Investments)
         
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
         
 
2,420
 
5.500%, 6/01/42
6/15 at 100.00
B+
 
2,231,361
 
 
7,000
 
5.625%, 6/01/46
6/15 at 100.00
B+
 
6,612,550
 
 
9,420
 
Total Iowa
     
8,843,911
 
     
Kansas – 0.6% (0.4% of Total Investments)
         
 
1,120
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005B, 5.000%, 12/01/20
12/12 at 100.00
AA–
 
1,124,155
 
 
3,730
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010, 0.000%, 6/01/21
No Opt. Call
BBB
 
2,502,159
 
 
4,850
 
Total Kansas
     
3,626,314
 

62
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Kentucky – 1.1% (0.7% of Total Investments)
         
     
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997:
         
$
1,850
 
5.850%, 10/01/17
4/13 at 100.00
BB
$
1,852,461
 
 
4,990
 
5.875%, 10/01/22
4/13 at 100.00
BB
 
4,994,042
 
 
6,840
 
Total Kentucky
     
6,846,503
 
     
Louisiana – 6.5% (4.5% 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
6/36 at 101.00
Aa1
 
1,840,755
 
 
5,350
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
7/14 at 100.00
BBB
 
5,581,816
 
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
5/17 at 100.00
Baa1
 
9,521,460
 
 
5,445
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
5,794,787
 
 
13,570
 
Louisiana Transportation Authority, Senior Lien Toll Road Revenue Bonds, Series 2005B, 0.000%, 12/01/28 – AMBAC Insured
1/13 at 43.25
AA–
 
5,817,188
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
         
 
5,655
 
5.500%, 5/15/30
11/12 at 100.00
A1
 
5,796,262
 
 
6,750
 
5.875%, 5/15/39
11/12 at 100.00
A–
 
6,918,615
 
 
47,520
 
Total Louisiana
     
41,270,883
 
     
Maine – 0.2% (0.1% of Total Investments)
         
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
Baa3
 
1,266,059
 
     
Massachusetts – 3.3% (2.2% 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) (4)
3/13 at 102.00
N/R
 
494,438
 
 
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–
 
4,702,851
 
 
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33
7/18 at 100.00
A–
 
659,382
 
 
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
 
2,569,698
 
 
2,850
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
AA–
 
3,073,326
 
 
820
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax)
3/13 at 100.00
BBB
 
820,910
 
 
3,485
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
8/15 at 100.00
AA+
 
3,843,537
 
 
515
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
Aa1 (5)
 
581,064
 
 
1,000
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
No Opt. Call
A+
 
712,010
 
 
3,250
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2004D, 4.750%, 8/01/27 (Pre-refunded 8/01/13) – NPFG Insured
8/13 at 100.00
AA+ (5)
 
3,359,558
 
 
20,645
 
Total Massachusetts
     
20,816,774
 
     
Michigan – 3.4% (2.3% of Total Investments)
         
 
885
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
A+
 
960,721
 
 
4,000
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
AA–
 
4,195,480
 

Nuveen Investments
 
63

 
 

 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan (continued)
         
$
6,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
A
$
6,173,760
 
 
2,500
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – AGM Insured
7/13 at 100.00
AA–
 
2,535,575
 
 
1,000
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Refunding Series 2005C, 5.000%, 7/01/17 – FGIC Insured
7/15 at 100.00
A+
 
1,080,070
 
 
1,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
7/18 at 100.00
AA+
 
1,719,735
 
 
3,215
 
Detroit, Michigan, Water Supply System Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
7/16 at 100.00
BBB
 
3,575,305
 
 
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
 
1,485,444
 
 
20,250
 
Total Michigan
     
21,726,090
 
     
Minnesota – 1.7% (1.2% of Total Investments)
         
 
6,375
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
11/18 at 100.00
A
 
7,695,454
 
 
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/25 – FGIC Insured
1/15 at 100.00
A
 
3,226,620
 
 
9,375
 
Total Minnesota
     
10,922,074
 
     
Missouri – 1.0% (0.7% of Total Investments)
         
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
         
 
7,000
 
0.000%, 4/15/27 – AMBAC Insured
No Opt. Call
AA–
 
3,879,400
 
 
5,000
 
0.000%, 4/15/29 – AMBAC Insured
No Opt. Call
AA–
 
2,504,800
 
 
12,000
 
Total Missouri
     
6,384,200
 
     
Nevada – 6.8% (4.7% of Total Investments)
         
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
 
11,520,800
 
 
9,675
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
1/20 at 100.00
A+
 
10,691,069
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, Trust 2633, 18.627%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
AA+
 
5,785,950
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
BBB–
 
1,717,275
 
 
3,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2003B, 5.250%, 6/01/20 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (5)
 
3,012,690
 
 
5,040
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Refunding Series 2003A, 5.000%, 6/01/32 – (Pre-refunded 12/01/12) FGIC Insured
12/12 at 100.00
AA+ (5)
 
5,060,261
 
 
273
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 6/30/19 (7)
No Opt. Call
N/R
 
196,984
 
 
82
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (7)
No Opt. Call
N/R
 
34,009
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%,
5/01/36 – NPFG Insured
5/16 at 100.00
A
 
5,128,150
 
 
38,320
 
Total Nevada
     
43,147,188
 
     
New Jersey – 4.7% (3.2% of Total Investments)
         
 
6,850
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 5.750%, 12/01/15
No Opt. Call
A–
 
7,671,452
 
 
915
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2000A, 6.000%, 6/01/13 – NPFG Insured (Alternative Minimum Tax)
12/12 at 100.00
Aaa
 
918,596
 
 
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
 
4,312,381
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
No Opt. Call
A+
 
4,945,080
 

64
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey (continued)
         
$
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
No Opt. Call
A+
$
10,208,800
 
 
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
 
1,417,198
 
 
37,260
 
Total New Jersey
     
29,473,507
 
     
New Mexico – 0.6% (0.4% of Total Investments)
         
 
3,730
 
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 5.000%, 7/01/32 – AGM Insured
7/14 at 100.00
AA–
 
3,943,058
 
     
New York – 8.7% (5.9% of Total Investments)
         
 
1,630
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 – RAAI Insured
1/13 at 100.00
A3
 
1,633,863
 
 
7,500
 
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
2/13 at 100.00
AA–
 
7,529,850
 
 
1,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
A
 
1,134,070
 
 
6,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
N/R
 
6,336,720
 
 
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–
 
5,837,333
 
 
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
 
5,409,950
 
 
8,800
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 – AMBAC Insured (UB) (6)
10/14 at 100.00
AAA
 
9,504,264
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
         
 
5,000
 
6.500%, 12/01/28
12/15 at 100.00
BBB–
 
5,510,000
 
 
1,670
 
6.000%, 12/01/36
12/20 at 100.00
BBB–
 
1,966,826
 
 
10,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
12/12 at 100.00
BBB
 
10,015,200
 
 
51,355
 
Total New York
     
54,878,076
 
     
North Carolina – 1.6% (1.1% of Total Investments)
         
 
1,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.250%, 1/15/24 – AGC Insured
1/18 at 100.00
AA–
 
1,705,215
 
 
3,830
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
1/15 at 100.00
AA+ (5)
 
4,221,196
 
 
3,400
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
10/22 at 100.00
AA–
 
3,943,082
 
 
8,730
 
Total North Carolina
     
9,869,493
 
     
North Dakota – 0.8% (0.5% of Total Investments)
         
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
A+
 
4,800,112
 
     
Ohio – 4.4% (3.0% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
1,820
 
5.375%, 6/01/24
6/17 at 100.00
B
 
1,626,370
 
 
210
 
5.125%, 6/01/24
6/17 at 100.00
B
 
183,477
 
 
3,800
 
5.875%, 6/01/30
6/17 at 100.00
B+
 
3,298,628
 
 
1,740
 
5.750%, 6/01/34
6/17 at 100.00
BB
 
1,472,284
 
 
3,930
 
5.875%, 6/01/47
6/17 at 100.00
BB
 
3,374,573
 

Nuveen Investments
 
65

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
October 31, 2012

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
         
$
6,135
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
B+
$
5,348,616
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
11/20 at 100.00
BBB+
 
6,659,520
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
5/14 at 100.00
AA–
 
3,797,898
 
 
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–
 
1,201,560
 
 
630
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
12/12 at 100.00
Aa1
 
632,722
 
 
28,915
 
Total Ohio
     
27,595,648
 
     
Oklahoma – 0.2% (0.1% of Total Investments)
         
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
N/R
 
1,105,950
 
     
Pennsylvania – 2.6% (1.8% 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–
 
1,358,038
 
 
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+
 
1,544,355
 
 
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
12/27 at 100.00
A–
 
8,145,552
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
 
5,345,700
 
 
15,950
 
Total Pennsylvania
     
16,393,645
 
     
Puerto Rico – 5.3% (3.6% of Total Investments)
         
 
2,500
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
7/18 at 100.00
Baa2
 
2,616,200
 
 
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23
12/13 at 100.00
AA–
 
4,437,557
 
 
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
AA+ (5)
 
8,571,706
 
 
12,845
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/42 – FGIC Insured
No Opt. Call
BBB+
 
1,862,011
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
8/19 at 100.00
A+
 
11,075,600
 
 
4,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
8/20 at 100.00
A+
 
4,561,144
 
 
42,155
 
Total Puerto Rico
     
33,124,218
 
     
Rhode Island – 4.2% (2.8% of Total Investments)
         
 
2,015
 
Central Falls, Rhode Island, General Obligation School Bonds, Series 1999, 6.250%, 5/15/20 – RAAI Insured
11/12 at 100.00
B2
 
1,685,930
 
 
5,815
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2003A, 5.000%, 5/15/18 – AGM Insured
5/13 at 100.00
AA–
 
5,962,585
 
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
7/15 at 100.00
A3
 
3,049,110
 
     
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177:
         
 
1,500
 
9.604%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
 
1,677,120
 
 
1,000
 
9.704%, 4/01/23 (Alternative Minimum Tax) (IF)
4/17 at 100.00
AA+
 
1,098,880
 
 
12,500
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
11/12 at 100.00
BBB+
 
12,749,875
 
 
25,830
 
Total Rhode Island
     
26,223,500
 

66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
South Carolina – 0.4% (0.2% 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–
$
2,196,596
 
     
Tennessee – 0.4% (0.3% of Total Investments)
         
 
2,310
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
BBB+
 
2,418,662
 
 
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 (4)
11/17 at 100.00
N/R
 
30,135
 
 
3,810
 
Total Tennessee
     
2,448,797
 
     
Texas – 8.3% (5.7% 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
 
357,811
 
 
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B, 6.125%, 4/01/45
4/20 at 100.00
Baa2
 
2,214,880
 
 
2,845
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34
8/15 at 100.00
AAA
 
3,137,694
 
 
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
 
2,865,515
 
 
4,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2003A, 5.375%, 11/01/22 – AGM Insured (Alternative Minimum Tax)
11/13 at 100.00
AA–
 
4,172,600
 
 
2,100
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
8/14 at 100.00
AAA
 
2,249,037
 
 
2,305
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/20 – NPFG Insured
No Opt. Call
BBB
 
1,529,206
 
 
185
 
Harris County-Houston Sports Authority, Texas, Senior Lien Special Revenue Bonds, Series 1998A, 5.000%, 11/15/28 – NPFG Insured
11/12 at 100.00
BBB
 
185,076
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
         
 
3,130
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
A2
 
1,337,480
 
 
12,030
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
 
4,785,414
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/33 – FGIC Insured
8/15 at 37.33
AA–
 
3,311,494
 
 
33,160
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/38
8/14 at 26.50
AAA
 
8,507,530
 
 
5,250
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
2/15 at 100.00
Aaa
 
5,672,310
 
 
1,000
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%,
5/15/37 – NPFG Insured
5/15 at 100.00
Aa1
 
1,078,450
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Series 2007, Residuals 1760-3, 16.828%, 2/15/36 (IF)
2/17 at 100.00
AA–
 
4,331,607
 
 
7,000
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/35
8/15 at 34.92
AAA
 
2,213,330
 
     
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
 
2,273,100
 
 
3,000
 
0.000%, 8/15/22
8/15 at 70.77
AAA
 
2,036,730
 
 
99,025
 
Total Texas
     
52,259,264
 
     
Utah – 0.0% (0.0% of Total Investments)
         
 
175
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
1/13 at 100.00
AAA
 
175,438
 

Nuveen Investments
 
67

 
 

 

   
Nuveen Dividend Advantage Municipal Fund (continued)
NAD
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Virginia – 0.2% (0.2% of Total Investments)
         
$
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
BBB
$
1,548,900
 
     
Washington – 8.3% (5.7% of Total Investments)
         
 
4,000
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 (Pre-refunded 7/01/13) – SYNCORA GTY Insured
7/13 at 100.00
Aa1 (5)
 
4,140,760
 
 
1,825
 
Kennewick Public Facilities District, Washington, Sales Tax Revenue Bonds, Series 2003, 5.000%, 12/01/20 (Pre-refunded 6/01/13) – AMBAC Insured
6/13 at 100.00
A1 (5)
 
1,876,173
 
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/32
10/22 at 100.00
AA
 
4,609,400
 
 
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
 
2,266,300
 
 
5,840
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
A3
 
6,088,200
 
 
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured
No Opt. Call
AA+
 
3,119,420
 
      Washington, General Obligation Compound Interest Bonds, Series 1999S-3:          
 
17,650
 
0.000%, 1/01/20
No Opt. Call
AA+
 
15,072,394
 
 
18,470
 
0.000%, 1/01/21
No Opt. Call
AA+
 
15,194,161
 
 
57,135
 
Total Washington
     
52,366,808
 
     
Wisconsin – 5.8% (4.0% of Total Investments)
         
 
1,690
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
Aa2 (5)
 
1,850,330
 
 
560
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
11/14 at 100.00
Aa2
 
592,564
 
 
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+
 
8,049,631
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured
No Opt. Call
A2
 
1,103,300
 
 
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–
 
4,998,552
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32
2/22 at 100.00
A–
 
1,374,113
 
 
2,200
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
8/13 at 100.00
A–
 
2,233,220
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
         
 
5,770
 
6.000%, 5/01/36
5/19 at 100.00
AA–
 
7,084,983
 
 
5,100
 
6.250%, 5/01/37
5/19 at 100.00
AA–
 
6,311,556
 
 
3,000
 
Wisconsin State, General Obligation Bonds, Series 2011B, 5.000%, 5/01/13
No Opt. Call
AA
 
3,072,360
 
 
32,310
 
Total Wisconsin
     
36,670,609
 
$
1,074,295
 
Total Municipal Bonds (cost $841,305,570)
     
920,193,783
 

68
 
Nuveen Investments

 
 

 
                 
 
Shares
 
Description (1)
     
Value
 
     
Investment Companies – 0.1% (0.1% of Total Investments)
         
 
8,812
 
BlackRock MuniHoldings Fund Inc.
   
$
170,248
 
 
32,332
 
Invesco Quality Municipal Income Trust
     
467,197
 
     
Total Investment Companies (cost $528,388)
     
637,445
 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Short-Term Investments – 0.8% (0.5% of Total Investments)
         
     
Texas – 0.8% (0.5% of Total Investments)
         
$
5,000
 
Harris County, Texas, Tax Anticipation Notes, Series 2012, 1.500%, 2/28/13 (9)
No Opt. Call
SP-1+
 
5,023,250
 
     
Total Short-Term Investments (cost $5,021,930)
     
5,023,250
 
     
Total Investments (cost $846,855,888) – 146.8%
     
925,854,478
 
     
Floating Rate Obligations – (6.8)%
     
(42,810,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (22.9)% (10)
     
(144,300,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.1)% (10)
     
(120,400,000
     
Other Assets Less Liabilities – 2.0%
     
12,170,757
 
     
Net Assets Applicable to Common Shares – 100%
   
$
630,515,235
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(5)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(8)
 
On April 13, 2012, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.75% to 4.26%. Additionally, the Adviser instructed the Fund’s custodian to reduce any corresponding current and past due receivable balances by an equal percentage amount.
(9)
 
Investment has a maturity of more than a 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.
(10)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 15.6% and 13.0%, 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.
 
Nuveen Investments
 
69

 
 

 

   
Nuveen Dividend Advantage Municipal Fund 2
NXZ
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 0.5% (0.3% of Total Investments)
         
$
2,030
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39
11/16 at 100.00
AA+
$
2,206,529
 
     
Alaska – 2.1% (1.5% of Total Investments)
         
 
5,140
 
Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 2003B, 5.250%, 12/01/22 – NPFG Insured
12/13 at 100.00
AA
 
5,401,626
 
 
2,290
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – NPFG Insured
5/17 at 100.00
AA
 
2,493,627
 
 
2,285
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
6/14 at 100.00
B+
 
1,947,665
 
 
9,715
 
Total Alaska
     
9,842,918
 
     
Arizona – 2.4% (1.7% of Total Investments)
         
 
4,500
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
A+
 
4,993,335
 
 
3,235
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
AA–
 
3,239,464
 
 
3,000
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/26 (Pre-refunded 1/01/13)
1/13 at 100.00
Aa1 (4)
 
3,024,090
 
 
10,735
 
Total Arizona
     
11,256,889
 
     
California – 22.8% (16.0% 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
BB–
 
8,451,270
 
 
4,080
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 – BHAC Insured
4/16 at 100.00
AA+
 
4,517,580
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
11/20 at 100.00
A1
 
4,859,068
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32
10/21 at 100.00
A1
 
3,497,790
 
 
2,780
 
California State, General Obligation Bonds, Various Purpose Series 2012, 2.000%, 2/01/13
No Opt. Call
A1
 
2,792,538
 
 
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
 
2,830,960
 
 
4,505
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series 2000, 0.000%, 8/01/30 – NPFG Insured
No Opt. Call
Aaa
 
2,205,333
 
 
4,380
 
Glendale, California, Electric Revenue Bonds, Series 2003, 5.000%, 2/01/32 – NPFG Insured
2/13 at 100.00
AA–
 
4,423,581
 
 
20,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – FGIC Insured
6/15 at 100.00
A2
 
20,360,200
 
 
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
 
5,189,750
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
         
 
2,050
 
5.000%, 6/01/33
6/17 at 100.00
BB–
 
1,757,527
 
 
1,000
 
5.125%, 6/01/47
6/17 at 100.00
BB–
 
810,400
 
 
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
N/R
 
5,928,780
 
 
3,285
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
9/16 at 100.00
AA–
 
3,520,107
 
 
10,885
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured
No Opt. Call
Aa3
 
6,381,658
 
 
5,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
 
4,340,700
 

70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
1,750
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured
No Opt. Call
AA–
$
1,157,520
 
 
2,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
Baa2
 
2,041,640
 
 
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–
 
1,698,656
 
 
3,000
 
Riverside Unified School District, Riverside County, California, General Obligation Bonds, Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
8/15 at 101.00
Aa2
 
3,292,170
 
 
2,755
 
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
No Opt. Call
Aa3
 
1,554,178
 
 
3,150
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured
8/18 at 53.32
Aa2
 
1,268,915
 
 
12,600
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/32 – NPFG Insured
No Opt. Call
BBB
 
4,570,902
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
3/17 at 100.00
A2
 
5,460,200
 
 
1,930
 
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 6/01/29 – NPFG Insured
6/15 at 100.00
AA
 
2,100,265
 
 
3,000
 
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
5/13 at 101.00
Aa1
 
3,100,380
 
 
127,600
 
Total California
     
108,112,068
 
     
Colorado – 8.0% (5.6% of Total Investments)
         
 
4,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA
 
4,360,000
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
5/17 at 100.00
BBB+
 
2,068,800
 
 
3,250
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29
9/17 at 100.00
BBB
 
3,343,243
 
 
5,010
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Refunding Series 2011, 2.000%, 11/15/12
No Opt. Call
AA
 
5,013,507
 
     
Denver, Colorado, Airport Revenue Bonds, Series 2006A:
         
 
5,365
 
5.000%, 11/15/23 – FGIC Insured (UB)
11/16 at 100.00
A+
 
6,143,086
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
3,756,258
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured (UB)
11/16 at 100.00
A+
 
4,934,357
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
No Opt. Call
Baa2
 
2,079,800
 
 
8,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured
9/20 at 63.99
BBB
 
3,462,080
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
 
829,805
 
 
1,000
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25
6/14 at 101.00
N/R
 
1,035,750
 
 
960
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
Aa3
 
1,098,883
 
 
47,975
 
Total Colorado
     
38,125,569
 
     
District of Columbia – 2.2% (1.5% of Total Investments)
         
 
745
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
11/12 at 100.00
A1
 
759,870
 
 
4,250
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43
4/15 at 100.00
AA–
 
4,567,518
 
 
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
A1
 
5,094,200
 
 
9,995
 
Total District of Columbia
     
10,421,588
 

Nuveen Investments
 
71

 
 

 
 
 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida – 3.9% (2.7% of Total Investments)
         
$
3,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
A
$
3,003,780
 
 
3,010
 
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21 (Pre-refunded 4/01/13)
4/13 at 100.00
Aa1 (4)
 
3,068,033
 
 
1,990
 
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21
4/13 at 100.00
AA
 
2,029,104
 
 
465
 
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2003B, 5.000%, 10/01/22 (Pre-refunded 4/01/13)
4/13 at 100.00
Aa1 (4)
 
473,965
 
 
1,035
 
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2003B, 5.000%, 10/01/22
4/13 at 100.00
AA
 
1,055,079
 
     
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
         
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
BBB
 
2,082,540
 
 
1,500
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
BBB
 
1,551,570
 
 
5,000
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
10/17 at 100.00
BBB–
 
5,309,500
 
 
18,000
 
Total Florida
     
18,573,571
 
     
Georgia – 3.5% (2.4% 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
BBB
 
2,385,960
 
 
2,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
12/20 at 100.00
N/R
 
2,229,620
 
 
1,260
 
Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.000%, 1/01/13 – AGM Insured
No Opt. Call
Aa2
 
1,269,929
 
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
         
 
2,000
 
5.250%, 2/15/37
2/20 at 100.00
AA–
 
2,236,300
 
 
5,000
 
5.125%, 2/15/40
2/20 at 100.00
AA–
 
5,446,300
 
 
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
8/18 at 100.00
AA–
 
2,913,575
 
 
14,760
 
Total Georgia
     
16,481,684
 
     
Illinois – 17.6% (12.4% of Total Investments)
         
 
3,410
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
12/12 at 100.00
AA+
 
3,415,388
 
 
2,455
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010A, 5.000%, 1/01/13
No Opt. Call
A2
 
2,474,714
 
 
5,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
Aa3
 
1,826,400
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
1/16 at 100.00
AA–
 
3,190,680
 
 
3,360
 
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Series 2007B, 0.000%, 12/01/24
12/16 at 69.01
AAA
 
2,042,477
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
 
8,078,593
 
 
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)
 
3,195,868
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
1/18 at 100.00
BBB+
 
5,427,800
 
 
10,270
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
5/17 at 100.00
AA–
 
10,790,073
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.250%, 8/15/20 – AGC Insured
8/15 at 100.00
AA–
 
1,058,810
 

72
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
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+
$
2,984,075
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
AA–
 
2,850,150
 
 
6,950
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
BBB+
 
7,316,265
 
 
5,025
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
1/13 at 100.00
BBB+
 
5,059,622
 
 
1,880
 
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
2/16 at 100.00
AA
 
1,966,630
 
 
2,925
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/22
No Opt. Call
A
 
3,401,980
 
 
1,535
 
Illinois, Sales Tax Revenue Bonds, Series 2001, 5.500%, 6/15/16
11/12 at 100.00
AAA
 
1,541,432
 
 
2,500
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
No Opt. Call
Aa3
 
1,634,875
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
         
 
8,200
 
0.000%, 12/15/30 – NPFG Insured
No Opt. Call
AAA
 
3,657,528
 
 
10,000
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
AAA
 
3,107,000
 
 
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.550%, 6/15/21 – NPFG Insured
6/17 at 101.00
AAA
 
2,900,925
 
 
3,472
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
3/16 at 100.00
N/R
 
3,422,385
 
 
1,890
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2003A, 5.500%, 7/01/22 – FGIC Insured
No Opt. Call
AA
 
2,368,624
 
 
95,652
 
Total Illinois
     
83,712,294
 
     
Indiana – 5.0% (3.5% of Total Investments)
         
 
2,000
 
Indiana Finance Authority, State Revolving Fund Program Bonds, Series 2011, 4.000%, 2/01/13
No Opt. Call
AAA
 
2,019,020
 
 
1,305
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
3/14 at 100.00
A+
 
1,330,983
 
 
2,295
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.500%, 9/15/31
11/12 at 100.00
BBB
 
2,296,629
 
 
1,215
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
No Opt. Call
AA–
 
1,321,641
 
 
2,305
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
A–
 
2,492,120
 
 
5,180
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
5,596,420
 
 
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)
 
4,111,760
 
 
1,500
 
Marion High School Building Corporation, Grant County, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/25 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA+ (4)
 
1,549,680
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 – AGM Insured
7/15 at 100.00
AA+
 
2,053,409
 
 
6,100
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.800%, 2/15/24 (5)
2/13 at 100.00
N/R
 
732,549
 
 
27,790
 
Total Indiana
     
23,504,211
 

Nuveen Investments
 
73

 
 

 

 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Iowa – 1.3% (0.9% of Total Investments)
         
$
6,340
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
$
6,146,757
 
     
Kansas – 0.7% (0.5% of Total Investments)
         
 
5,000
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010, 0.000%, 6/01/21
No Opt. Call
BBB
 
3,354,100
 
     
Kentucky – 0.2% (0.2% of Total Investments)
         
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
AA–
 
1,106,790
 
     
Louisiana – 4.4% (3.1% of Total Investments)
         
 
3,960
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
4,214,390
 
 
16,325
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
11/12 at 100.00
A–
 
16,732,799
 
 
20,285
 
Total Louisiana
     
20,947,189
 
     
Massachusetts – 2.0% (1.4% 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
 
1,642,485
 
 
3,485
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
8/15 at 100.00
AA+
 
3,843,537
 
 
515
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
Aa1 (4)
 
581,064
 
 
3,250
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2004D, 4.750%, 8/01/27 (Pre-refunded 8/01/13) – NPFG Insured
8/13 at 100.00
AA+ (4)
 
3,359,558
 
 
8,750
 
Total Massachusetts
     
9,426,644
 
     
Michigan – 6.4% (4.5% of Total Investments)
         
 
885
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
A+
 
960,721
 
 
3,135
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 1998B Remarketed, 5.250%, 7/01/22 – NPFG Insured
7/17 at 100.00
A+
 
3,452,826
 
 
6,430
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
7/13 at 100.00
AA–
 
6,452,827
 
 
3,765
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36 – MBIA-NPFG Insured
7/16 at 100.00
A
 
3,905,660
 
 
2,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.750%, 7/01/37
7/21 at 100.00
A+
 
2,243,980
 
 
6,880
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010, 5.500%, 5/15/36
5/20 at 100.00
A2
 
7,728,992
 
 
4,000
 
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A, 8.000%, 10/01/31
4/13 at 100.00
Caa2
 
3,559,800
 
 
1,950
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
12/15 at 100.00
A
 
1,994,889
 
 
29,045
 
Total Michigan
     
30,299,695
 
     
Minnesota – 2.2% (1.5% 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–
 
6,183,400
 
 
4,000
 
Minnesota State, General Obligation Bonds, Various Purpose Series 2011A, 5.000%, 10/01/13
No Opt. Call
AA+
 
4,176,120
 
 
9,000
 
Total Minnesota
     
10,359,520
 

74
 
Nuveen Investments
 
 

 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nevada – 4.4% (3.1% of Total Investments)
         
$
2,320
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.000%, 7/01/36 – FGIC Insured
7/14 at 100.00
A+
$
2,442,682
 
 
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)
11/12 at 100.00
N/R
 
35
 
 
2,000
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, Trust 2633, 18.627%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
AA+
 
3,085,840
 
 
1,455
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2005A, 5.000%, 6/01/24 – FGIC Insured
6/15 at 100.00
AA+
 
1,601,242
 
     
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement, Refunding Series 2003A:
         
 
5,625
 
5.250%, 6/01/21 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
AA+ (4)
 
5,648,794
 
 
5,040
 
5.000%, 6/01/32 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
AA+ (4)
 
5,060,261
 
 
283
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 6/30/19 (7)
No Opt. Call
N/R
 
204,268
 
 
85
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (7)
No Opt. Call
N/R
 
35,266
 
 
1,750
 
Reno, Neveda, Health Facilty Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.354%, 7/01/31 – BHAC Insured (IF) (6)
7/17 at 100.00
AA+
 
2,700,110
 
 
22,058
 
Total Nevada
     
20,778,498
 
     
New Hampshire – 0.2% (0.1% of Total Investments)
         
 
995
 
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2001A, 5.700%, 1/01/31 (Alternative Minimum Tax)
11/12 at 100.00
Aa3
 
996,443
 
     
New Jersey – 2.2% (1.5% of Total Investments)
         
 
3,995
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
11/12 at 100.00
B
 
4,009,981
 
 
600
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
7/21 at 100.00
BBB–
 
689,256
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
         
 
1,885
 
6.375%, 6/01/32 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
 
1,948,675
 
 
425
 
6.750%, 6/01/39 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
 
441,252
 
 
3,085
 
6.250%, 6/01/43 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
 
3,193,962
 
 
9,990
 
Total New Jersey
     
10,283,126
 
     
New York – 6.1% (4.2% of Total Investments)
         
 
12,020
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/46
No Opt. Call
BBB–
 
2,305,196
 
 
1,600
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
2/21 at 100.00
A
 
1,814,512
 
 
12,800
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
11/16 at 100.00
AA–
 
13,477,760
 
 
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)
8/13 at 100.50
N/R
 
5,075,150
 
 
4,000
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2012A, 2.000%, 6/15/13
No Opt. Call
AAA
 
4,047,720
 
 
1,670
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36
12/20 at 100.00
BBB–
 
1,966,826
 
 
37,090
 
Total New York
     
28,687,164
 
     
North Carolina – 1.4% (1.0% 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
 
2,964,514
 
 
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
10/22 at 100.00
AA–
 
3,827,109
 
 
6,250
 
Total North Carolina
     
6,791,623
 

Nuveen Investments
 
75

 
 

 
 
 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
North Dakota – 0.7% (0.5% of Total Investments)
         
$
3,000
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/29
12/21 at 100.00
A–
$
3,314,550
 
     
Ohio – 2.3% (1.6% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
2,000
 
5.875%, 6/01/30
6/17 at 100.00
B+
 
1,736,120
 
 
10,000
 
5.750%, 6/01/34
6/17 at 100.00
BB
 
8,461,400
 
 
1,000
 
5.875%, 6/01/47
6/17 at 100.00
BB
 
858,670
 
 
13,000
 
Total Ohio
     
11,056,190
 
     
Oklahoma – 1.1% (0.8% of Total Investments)
         
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
N/R
 
1,105,950
 
 
3,500
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
6/20 at 100.00
A
 
4,093,845
 
 
4,500
 
Total Oklahoma
     
5,199,795
 
     
Puerto Rico – 3.3% (2.3% 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+
 
2,768,900
 
 
9,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
8/20 at 100.00
A+
 
9,852,494
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
         
 
30,000
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
AA–
 
2,523,600
 
 
6,150
 
0.000%, 8/01/56
No Opt. Call
AA–
 
458,913
 
 
47,960
 
Total Puerto Rico
     
15,603,907
 
     
Rhode Island – 0.6% (0.5% of Total Investments)
         
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
7/15 at 100.00
A3
 
3,049,110
 
     
South Carolina – 3.2% (2.3% of Total Investments)
         
 
2,500
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 – AGM Insured
11/14 at 100.00
AA–
 
2,693,150
 
 
1,900
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 – NPFG Insured
8/14 at 100.00
BBB
 
2,015,273
 
 
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–
 
10,647,599
 
 
25,970
 
Total South Carolina
     
15,356,022
 
     
Texas – 23.7% (16.7% of Total Investments)
         
 
4,000
 
Board of Regents, University of Texas System, Financing System Revenue Refunding Bonds, Series 2006B, 5.000%, 8/15/31
8/16 at 100.00
AAA
 
4,543,120
 
 
1,250
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
1/21 at 100.00
BBB–
 
1,461,538
 
 
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
 
10,161,400
 
 
3,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2003A, 5.375%, 11/01/22 – AGM Insured (Alternative Minimum Tax)
11/13 at 100.00
AA–
 
3,129,450
 
 
6,000
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.125%, 9/01/34
9/14 at 100.00
N/R
 
6,372,660
 
 
3,500
 
Fort Bend County, Texas, General Obligation Bonds, Toll Road Series 2006, 5.000%, 3/01/32 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
AA+ (4)
 
3,639,125
 
 
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)
11/12 at 100.00
BB+
 
10,016,700
 

76
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
4,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
AA+
$
4,500,960
 
 
31,170
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/12 at 100.00
BBB
 
31,169,368
 
 
1,845
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37 – NPFG Insured
11/31 at 69.08
BBB
 
433,151
 
 
4,565
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured
11/24 at 52.47
BBB
 
1,210,455
 
 
40,000
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/40 – NPFG Insured
11/30 at 54.04
BBB
 
8,166,000
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
         
 
5,000
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
A2
 
2,136,550
 
 
5,540
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
A2
 
2,203,757
 
 
4,285
 
Little Elm Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006, 5.000%, 8/15/37
8/16 at 100.00
AAA
 
4,836,308
 
 
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–
 
5,288,300
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Series 2007A, Residuals 1760, 16.684%, 2/15/36 (IF)
2/17 at 100.00
AA–
 
4,331,607
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
AA–
 
3,275,642
 
 
1,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/28 – AMBAC Insured
8/14 at 43.53
A–
 
397,960
 
 
5,555
 
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
1/13 at 100.00
Aaa
 
5,575,665
 
 
156,895
 
Total Texas
     
112,849,716
 
     
Virginia – 1.6% (1.1% of Total Investments)
         
 
3,400
 
Fairfax County, Virginia, Public Improvement Bonds, Series 2003B, 4.750%, 6/01/23 (Pre-refunded 6/01/13)
6/13 at 100.00
AAA
 
3,490,576
 
 
1,000
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009A, 5.000%, 2/01/13
No Opt. Call
AA+
 
1,012,140
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
         
 
1,885
 
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
 
2,064,339
 
 
820
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
 
946,091
 
 
7,105
 
Total Virginia
     
7,513,146
 
     
Washington – 1.7% (1.2% of Total Investments)
         
 
2,940
 
Washington Health Care Facilities Authority, Revenue Bodns, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
12/20 at 100.00
Baa3
 
3,171,349
 
 
3,780
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
 
4,250,345
 
 
830
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
6/13 at 100.00
A3
 
865,275
 
 
7,550
 
Total Washington
     
8,286,969
 
     
West Virginia – 2.2% (1.5% of Total Investments)
         
 
2,950
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company Amos Project, Series 2010, 5.375%, 12/01/38
12/20 at 100.00
BBB
 
3,263,113
 
 
6,720
 
West Virginia University, University Revenue Improvement Bonds, West Virginia University Projects, Series 2004C, 5.000%, 10/01/34 – FGIC Insured
10/14 at 100.00
Aa3
 
7,183,814
 
 
9,670
 
Total West Virginia
     
10,446,927
 

Nuveen Investments
 
77
 
 
 

 
 
 
 
Nuveen Dividend Advantage Municipal Fund 2 (continued)
NXZ
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 1.7% (1.2% of Total Investments)
         
$
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32
2/22 at 100.00
A–
$
1,374,113
 
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
A2
 
2,696,275
 
 
3,640
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
8/16 at 100.00
A–
 
3,849,992
 
 
7,390
 
Total Wisconsin
     
7,920,380
 
$
806,095
 
Total Long-Term Investments (cost $608,635,465) – 141.6%
     
672,011,582
 
     
Short-Term Investments – 1.1% (0.7% of Total Investments)
         
     
Texas – 1.1% (0.7% of Total Investments)
         
$
5,000
 
Harris County, Texas, Tax Anticipation Notes, Series 2012, 1.500%, 2/28/13 (8)
No Opt. Call
SP-1+
 
5,023,250
 
     
Total Short-Term Investments (cost $5,021,930)
     
5,023,250
 
     
Total Investments (cost $613,657,395) – 142.7%
     
677,034,832
 
     
Floating Rate Obligations – (3.8)%
     
(18,260,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.3)% (9)
     
(196,000,000
     
Other Assets Less Liabilities – 2.4%
     
11,657,305
 
     
Net Assets Applicable to Common Shares – 100%
   
$
474,432,137
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(8)
 
Investment has a maturity of more than a 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)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
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.
 
78
 
Nuveen Investments
 
 
 

 
 
 
 
Nuveen Dividend Advantage Municipal Fund 3
NZF
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 134.6% (99.0% of Total Investments)
         
     
Alabama – 0.6% (0.4% of Total Investments)
         
$
3,500
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
11/16 at 100.00
AA+
$
3,802,120
 
     
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
B+
 
852,370
 
     
Arizona – 2.0% (1.5% of Total Investments)
         
 
3,390
 
Arizona State Transportation Board, Highway Revenue Bonds, Series 2008, Trust 3151, 13.280%, 7/01/16 (IF)
No Opt. Call
AAA
 
4,825,089
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/30 – FGIC Insured
7/15 at 100.00
AA
 
5,411,250
 
 
2,200
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
A–
 
2,549,668
 
 
10,590
 
Total Arizona
     
12,786,007
 
     
California – 13.2% (9.7% of Total Investments)
         
     
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A:
         
 
2,220
 
5.000%, 3/01/28
3/13 at 100.00
A
 
2,235,473
 
 
140
 
5.000%, 3/01/33
3/13 at 100.00
A
 
140,920
 
 
1,670
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40
11/21 at 100.00
AA–
 
1,916,375
 
 
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
 
3,891,878
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, 2007A 5.000%, 11/15/42 (UB)
11/16 at 100.00
AA–
 
3,105,465
 
 
4,170
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
A+
 
4,630,869
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.471%, 5/15/14 (IF)
No Opt. Call
AA–
 
7,539,144
 
 
20
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
12/12 at 100.00
AA
 
20,036
 
     
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B:
         
 
2,180
 
0.000%, 8/01/31 – FGIC Insured
1/13 at 33.72
A+
 
727,640
 
 
3,300
 
0.000%, 8/01/32 – FGIC Insured
1/13 at 31.77
A+
 
1,037,619
 
 
615
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)
6/13 at 100.00
Aaa
 
635,775
 
 
11,865
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
BB–
 
9,615,396
 
 
7,150
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
7/21 at 100.00
Aa2
 
8,811,517
 
 
10,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
1/21 at 100.00
AA
 
11,473,800
 
 
2,750
 
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 4.500%, 1/01/27 (Alternative Minimum Tax)
1/22 at 100.00
A
 
2,949,430
 
 
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+
 
9,535,680
 
 
3,850
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
10/21 at 100.00
AA–
 
3,574,263
 

Nuveen Investments
 
79
 
 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
3,550
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
BB
$
4,408,710
 
 
3,000
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 1005, 13.386%, 8/01/41 (IF)
8/21 at 100.00
AA+
 
4,394,550
 
 
10,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured
No Opt. Call
BBB
 
3,004,000
 
 
3,000
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Aaa
 
1,463,670
 
 
93,135
 
Total California
     
85,112,210
 
     
Colorado – 4.9% (3.6% 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)
 
2,263,005
 
 
1,495
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Education Center, Series 2002A, 7.625%, 3/15/32 (Pre-refunded 3/15/13)
3/13 at 100.00
N/R (4)
 
1,532,525
 
 
2,950
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26
5/16 at 102.00
N/R
 
2,798,252
 
 
865
 
Colorado Housing Finance Authority, Multifamily Project Bonds, Class I, Series 2001A-1, 5.500%, 4/01/31 (Alternative Minimum Tax)
4/13 at 100.00
AAA
 
866,107
 
 
5,000
 
Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.600%, 12/01/34 – RAAI Insured
12/17 at 100.00
N/R
 
4,815,900
 
      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+
 
6,143,086
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
3,756,258
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured
11/16 at 100.00
A+
 
4,934,357
 
     
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
 
910,471
 
 
2,000
 
5.250%, 12/01/36 – RAAI Insured
12/17 at 100.00
N/R
 
1,826,700
 
 
1,000
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25
6/14 at 101.00
N/R
 
1,035,750
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
6/20 at 100.00
Aa3
 
721,142
 
 
30,140
 
Total Colorado
     
31,603,553
 
     
Connecticut – 0.3% (0.2% of Total Investments)
         
 
1,500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
A
 
1,625,445
 
     
District of Columbia – 1.9% (1.4% of Total Investments)
         
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
AA+
 
10,521,800
 
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.561%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
 
1,543,954
 
 
11,335
 
Total District of Columbia
     
12,065,754
 
     
Florida – 4.5% (3.3% of Total Investments)
         
 
4,980
 
Broward County, Florida, Airport System Revenue Refunding Bonds, Series 2009O, 5.375%, 10/01/29
10/19 at 100.00
A+
 
5,732,129
 
 
800
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37 (WI/DD, Settling 11/08/12)
10/22 at 100.00
A+
 
889,512
 
 
6,850
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
AA
 
7,743,240
 

80
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
     
Orange County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Oak Glen Apartments, Series 2001G:
         
$
1,105
 
5.400%, 12/01/32 – AGM Insured
12/12 at 100.00
AA–
$
1,106,337
 
 
2,195
 
5.450%, 12/01/41 – AGM Insured
12/12 at 100.00
AA–
 
2,197,217
 
 
5,000
 
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series 2003B, 5.000%, 7/01/30 – AMBAC Insured
7/13 at 100.00
A
 
5,112,000
 
 
5,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
AA
 
5,887,254
 
 
70
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
5/17 at 100.00
N/R
 
50,230
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
5/19 at 100.00
N/R
 
115,214
 
 
85
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012, 0.000%, 5/01/40
5/22 at 100.00
N/R
 
36,020
 
 
110
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)
5/18 at 100.00
N/R
 
1
 
 
15
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (6)
5/18 at 100.00
N/R
 
8,035
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
5/17 at 100.00
N/R
 
196,614
 
 
475
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (6)
5/18 at 100.00
N/R
 
215,778
 
 
27,540
 
Total Florida
     
29,289,581
 
     
Georgia – 4.3% (3.2% of Total Investments)
         
 
15,000
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30
1/21 at 100.00
A1
 
17,445,600
 
 
3,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
12/20 at 100.00
N/R
 
3,344,430
 
 
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
 
1,935,320
 
 
5,000
 
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 1/01/35 – FGIC Insured
1/14 at 100.00
AA–
 
5,216,100
 
 
25,000
 
Total Georgia
     
27,941,450
 
     
Hawaii – 0.7% (0.5% of Total Investments)
         
 
4,295
 
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/26 (Pre-refunded 3/01/13) – AGM Insured
3/13 at 100.00
Aa1 (4)
 
4,367,457
 
     
Illinois – 14.4% (10.6% of Total Investments)
         
 
3,200
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
12/21 at 100.00
AA
 
3,674,016
 
 
8,375
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.500%, 1/01/19 – AGM Insured (Alternative Minimum Tax)
11/12 at 100.00
AA–
 
8,397,445
 
 
2,630
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
AAA
 
2,964,431
 
 
2,220
 
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/16 – NPFG Insured
No Opt. Call
Aa3
 
2,542,211
 
 
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
A2
 
1,245,210
 
 
7,500
 
Community Unit School District 308, Oswego, in the Counties of Kendall, Kane, and Will, Illinois, General Obligation Bonds, Series 2004, 5.375%, 10/01/17 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
Aa2 (4)
 
8,224,575
 

Nuveen Investments
 
81

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
8,875
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
$
10,098,243
 
 
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
 
2,507,712
 
 
3,465
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
BBB
 
3,799,823
 
 
4,125
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
 
4,610,389
 
 
5,000
 
Lake County School District 38, Big Hallow, Illinois, General Obligation Bonds, Series 2005, 0.000%, 2/01/22 – AMBAC Insured
No Opt. Call
N/R
 
3,175,650
 
 
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
 
4,750,830
 
 
12,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
AAA
 
13,486,200
 
 
45,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured
No Opt. Call
AAA
 
9,727,650
 
 
2,790
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 6/15/29 – FGIC Insured
No Opt. Call
AAA
 
3,396,741
 
 
10,000
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 – AGM Insured
12/14 at 100.00
Aaa
 
10,703,000
 
 
125,760
 
Total Illinois
     
93,304,126
 
     
Indiana – 6.1% (4.5% of Total Investments)
         
 
4,230
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Tudor Park Foundation, Series 2005B, 5.000%, 6/01/24
6/15 at 100.00
Aa3
 
4,486,761
 
 
2,020
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 (WI/DD, Settling 11/27/12)
5/23 at 100.00
A
 
2,212,688
 
 
6,700
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
AA–
 
7,439,479
 
 
10,635
 
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+
 
11,454,852
 
 
7,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2004A, 5.000%, 1/01/32 – FGIC Insured
1/15 at 100.00
A+
 
7,454,440
 
     
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:
         
 
2,500
 
5.750%, 9/01/42
9/17 at 100.00
N/R
 
2,585,925
 
 
2,500
 
5.800%, 9/01/47
9/17 at 100.00
N/R
 
2,591,475
 
 
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)
 
1,112,814
 
 
36,675
 
Total Indiana
     
39,338,434
 
     
Iowa – 0.1% (0.1% of Total Investments)
         
 
1,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
6/15 at 100.00
B+
 
944,650
 
     
Kansas – 0.3% (0.2% of Total Investments)
         
     
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B:
         
 
1,000
 
5.125%, 5/15/37
5/14 at 103.00
N/R
 
1,002,500
 
 
1,000
 
5.125%, 5/15/42
5/14 at 103.00
N/R
 
1,001,700
 
 
2,000
 
Total Kansas
     
2,004,200
 

82
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Kentucky – 1.2% (0.9% 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–
$
1,102,040
 
 
5,400
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
6/21 at 100.00
Aa3
 
6,257,898
 
 
215
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A, 4.000%, 10/01/29
10/22 at 100.00
A
 
221,155
 
 
6,615
 
Total Kentucky
     
7,581,093
 
     
Louisiana – 7.4% (5.4% of Total Investments)
         
 
2,000
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41
7/21 at 100.00
Baa2
 
2,352,080
 
 
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–
 
3,382,110
 
 
10,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/41
10/21 at 100.00
A+
 
11,144,200
 
 
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
 
3,914,378
 
 
4,425
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
5/21 at 100.00
Baa1
 
5,378,234
 
 
20,890
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
11/12 at 100.00
A–
 
21,411,832
 
 
44,015
 
Total Louisiana
     
47,582,834
 
     
Maryland – 2.3% (1.7% of Total Investments)
         
 
1,000
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007B, 5.250%, 4/01/37
4/17 at 100.00
N/R
 
992,470
 
 
950
 
Maryland Community Development Administration, Insured Multifamily Housing Mortgage Loan Revenue Bonds, Series 2001B, 5.250%, 7/01/21 (Alternative Minimum Tax)
1/13 at 100.00
Aa2
 
951,672
 
 
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
 
1,381,880
 
 
10,600
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
11/12 at 100.00
N/R
 
10,659,148
 
 
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–
 
570,984
 
 
15,105
 
Total Maryland
     
14,556,154
 
     
Massachusetts – 4.8% (3.5% of Total Investments)
         
 
1,375
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
4/13 at 102.00
N/R
 
1,396,945
 
 
1,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30
7/15 at 100.00
BB–
 
1,009,820
 
 
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
 
1,787,616
 
 
400
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
7/21 at 100.00
A
 
448,372
 
 
5,000
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/13 at 100.00
N/R
 
5,004,100
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
 
3,648,299
 
     
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E:
         
 
2,255
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA+ (4)
 
2,273,356
 
 
7,495
 
5.250%, 1/01/22 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA+ (4)
 
7,556,009
 
 
7,165
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
7/21 at 100.00
A+
 
7,942,331
 
 
29,755
 
Total Massachusetts
     
31,066,848
 

Nuveen Investments
 
83

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan – 8.2% (6.0% of Total Investments)
         
$
15,000
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
Aa2
$
18,524,100
 
 
690
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
A+
 
749,036
 
 
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
 
1,770,080
 
 
3,580
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds Series 2011A, 5.500%, 7/01/41
7/21 at 100.00
AA–
 
4,259,914
 
 
5,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
AA
 
5,568,850
 
 
13,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 7/01/14
No Opt. Call
AAA
 
14,002,430
 
 
2,250
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41
10/21 at 100.00
Aa3
 
2,602,800
 
 
1,545
 
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)
 
1,626,931
 
 
2,865
 
Michigan State Hospital Finance Authority, Revenue bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
12/16 at 100.00
Aa2
 
3,192,842
 
 
635
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R (4)
 
746,296
 
 
46,565
 
Total Michigan
     
53,043,279
 
     
Minnesota – 1.1% (0.8% of Total Investments)
         
 
2,155
 
Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax)
4/13 at 104.00
Aaa
 
2,243,894
 
 
3,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AA+
 
3,702,690
 
 
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
 
1,400,520
 
 
6,530
 
Total Minnesota
     
7,347,104
 
     
Mississippi – 0.8% (0.6% of Total Investments)
         
 
2,155
 
Mississippi Business Finance Corporation, GNMA Collateralized Retirement Facility Mortgage Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 5.450%, 5/20/34
11/12 at 100.00
AA+
 
2,158,254
 
 
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
 
3,199,710
 
 
5,155
 
Total Mississippi
     
5,357,964
 
     
Missouri – 0.9% (0.6% of Total Investments)
         
 
1,495
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
6/17 at 100.00
BBB+
 
1,531,493
 
 
1,000
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/32
12/17 at 100.00
N/R
 
1,013,160
 
 
2,500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37
11/21 at 100.00
AAA
 
2,963,925
 
 
4,995
 
Total Missouri
     
5,508,578
 
     
Montana – 0.8% (0.6% of Total Investments)
         
 
5,000
 
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
11/12 at 100.00
B
 
5,017,250
 

84
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nebraska – 0.3% (0.2% of Total Investments)
         
$
1,005
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2008, Trust 11673, 19.658%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
$
1,751,534
 
     
Nevada – 5.4% (4.0% of Total Investments)
         
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
 
11,520,800
 
 
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
A+
 
6,630,120
 
 
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 (6)
11/12 at 100.00
N/R
 
40
 
 
5,000
 
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AA (4)
 
5,476,700
 
 
10,000
 
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
6/21 at 100.00
AA+
 
11,337,400
 
 
46
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 6/30/19 (7)
No Opt. Call
N/R
 
33,282
 
 
13
 
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (7)
No Opt. Call
N/R
 
5,746
 
 
35,059
 
Total Nevada
     
35,004,088
 
     
New Hampshire – 0.3% (0.2% of Total Investments)
         
 
2,000
 
New Hampshire Health and Education Authority, Hospital Revenue Bonds, Concord Hospital, Series 2001, 5.500%, 10/01/21 – AGM Insured
10/13 at 100.00
Aa3
 
2,017,460
 
     
New Jersey – 5.4% (4.0% 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)
5/13 at 101.00
A2
 
10,183,800
 
 
955
 
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
 
959,517
 
 
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
 
4,307,160
 
 
12,970
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
No Opt. Call
A+
 
5,145,718
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
 
7,941,400
 
 
7,260
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
B2
 
6,295,799
 
 
55,310
 
Total New Jersey
     
34,833,394
 
     
New York – 8.1% (6.0% of Total Investments)
         
 
900
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
4/17 at 100.00
BBB–
 
901,728
 
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
         
 
1,275
 
6.000%, 7/15/30
1/20 at 100.00
BBB–
 
1,495,881
 
 
3,400
 
0.000%, 7/15/44
No Opt. Call
BBB–
 
719,202
 
 
4,675
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
3/21 at 100.00
AAA
 
5,356,942
 
 
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
A
 
2,483,544
 
 
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
 
5,199,378
 
 
1,200
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA–
 
1,353,456
 
 
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
A
 
5,674,900
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
A
 
844,253
 

Nuveen Investments
 
85
 
 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
         
$
4,155
 
Monroe County Airport Authority, New York, Revenue Refunding Bonds, Greater Rochester International Airport, Series 1999, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
BBB
$
4,181,218
 
 
8,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
N/R
 
8,448,960
 
 
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+
 
3,699,625
 
 
8,000
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured
10/14 at 100.00
AAA
 
8,702,960
 
 
60
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured
8/13 at 100.00
AA
 
60,265
 
 
3,000
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
11/21 at 100.00
Aa2
 
3,493,860
 
 
50,650
 
Total New York
     
52,616,172
 
     
North Carolina – 1.1% (0.8% of Total Investments)
         
 
1,710
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.819%, 7/15/32 (IF) (5)
1/18 at 100.00
AA–
 
2,045,297
 
 
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–
 
1,327,356
 
 
1,750
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 4.875%, 1/15/32 (Pre-refunded 1/15/15)
1/15 at 100.00
AA+ (4)
 
1,923,950
 
 
520
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13 (ETM)
No Opt. Call
N/R (4)
 
524,586
 
 
1,085
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.500%, 1/01/13
No Opt. Call
A
 
1,094,450
 
 
6,265
 
Total North Carolina
     
6,915,639
 
     
Ohio – 2.4% (1.8% of Total Investments)
         
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
         
 
650
 
5.000%, 5/01/33
5/22 at 100.00
AA–
 
730,743
 
 
970
 
4.000%, 5/01/33
5/22 at 100.00
AA–
 
988,061
 
 
800
 
5.000%, 5/01/42
5/22 at 100.00
AA–
 
878,968
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
4,735
 
5.125%, 6/01/24
6/17 at 100.00
B
 
4,136,970
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
B+
 
616,323
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
BB
 
579,606
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
BB
 
1,348,112
 
 
5,800
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
AA+
 
6,409,928
 
 
15,920
 
Total Ohio
     
15,688,711
 
     
Oklahoma – 1.9% (1.4% of Total Investments)
         
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
         
 
4,370
 
5.000%, 2/15/37
2/17 at 100.00
A
 
4,590,510
 
 
955
 
5.000%, 2/15/42
2/17 at 100.00
A
 
999,713
 
 
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+
 
6,810,913
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.391%, 6/15/30 (IF)
12/16 at 100.00
AA+
 
100,838
 
 
11,718
 
Total Oklahoma
     
12,501,974
 
     
Oregon – 0.7% (0.5% of Total Investments)
         
 
4,700
 
Oregon Health, Housing, Educational and Cultural Facilities Authority, Revenue Bonds, Peace Health Project, Series 2001, 5.250%, 11/15/21 – AMBAC Insured
11/12 at 100.00
AA–
 
4,716,544
 

86
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania – 3.4% (2.5% of Total Investments)
         
$
500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
3/17 at 100.00
BBB
$
508,405
 
 
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) (6)
1/13 at 100.00
D
 
2,233,105
 
 
5,605
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Senior Lien Series 2012A, 5.000%, 12/01/42
12/22 at 100.00
Aa3
 
6,398,388
 
 
12,500
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded
6/01/13) – AGM Insured
6/13 at 100.00
AA+ (4)
 
12,847,000
 
 
22,105
 
Total Pennsylvania
     
21,986,898
 
     
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
AA–
 
2,632,925
 
     
South Carolina – 1.5% (1.1% of Total Investments)
         
 
8,600
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
AA
 
9,937,472
 
     
Tennessee – 0.5% (0.3% of Total Investments)
         
 
1,595
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/42
9/22 at 100.00
AA
 
1,634,747
 
 
3,680
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006A, 0.000%, 1/01/41
1/17 at 30.07
A
 
904,838
 
 
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+
 
287,936
 
     
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 (6)
11/17 at 100.00
N/R
 
16,072
 
 
2,800
 
5.500%, 11/01/46 (6)
11/17 at 100.00
N/R
 
56,252
 
 
9,150
 
Total Tennessee
     
2,899,845
 
     
Texas – 16.6% (12.2% 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
 
5,708,974
 
 
2,700
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
BBB–
 
3,162,618
 
 
4,500
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
1/21 at 100.00
AA–
 
5,072,715
 
 
5,000
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.000%, 9/01/25
9/14 at 100.00
N/R
 
5,332,650
 
 
10,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
11/21 at 100.00
AA
 
11,560,200
 
 
4,965
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27
9/16 at 100.00
A2
 
5,598,186
 
 
6,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM)
No Opt. Call
AA+ (4)
 
8,609,760
 
 
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
 
15,070,460
 
 
8,000
 
Lower Colorado River Authority, Texas, Transmission Contract Refunding Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
5/20 at 100.00
A+
 
8,926,480
 
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
4/21 at 100.00
BBB
 
1,969,065
 
 
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
A
 
2,957,300
 

Nuveen Investments
 
87

 
 

 
 
   
Nuveen Dividend Advantage Municipal Fund 3 (continued)
NZF
 
Portfolio of Investments
October 31, 2012
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
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
$
3,476,687
 
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:          
 
4,370
 
0.000%, 9/01/43
9/31 at 100.00
AA
 
3,382,467
 
 
9,130
 
0.000%, 9/01/45
9/31 at 100.00
AA
 
7,699,603
 
 
3,500
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
10/20 at 100.00
AA–
 
4,015,165
 
 
7,700
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
2/17 at 100.00
AA–
 
8,306,067
 
     
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
 
2,631,150
 
 
9,110
 
0.000%, 8/15/40
8/15 at 27.11
AAA
 
2,216,827
 
 
7,110
 
0.000%, 8/15/44
8/15 at 21.88
AAA
 
1,392,067
 
 
118,240
 
Total Texas
     
107,088,441
 
     
Utah – 0.3% (0.2% of Total Investments)
         
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E:
         
 
505
 
5.200%, 1/01/18 (Alternative Minimum Tax)
1/13 at 100.00
AA–
 
506,661
 
 
225
 
5.500%, 1/01/23 (Alternative Minimum Tax)
1/13 at 100.00
Aaa
 
233,399
 
      Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1:          
 
805
 
4.950%, 7/01/18 (Alternative Minimum Tax)
1/13 at 100.00
AA–
 
811,335
 
 
340
 
5.300%, 7/01/23 (Alternative Minimum Tax)
1/13 at 100.00
Aaa
 
351,461
 
 
1,875
 
Total Utah
     
1,902,856
 
     
Virginia – 0.3% (0.3% 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
 
1,015,680
 
 
1,000
 
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2011, 4.750%, 7/01/41
7/21 at 100.00
AA–
 
1,108,880
 
 
2,000
 
Total Virginia
     
2,124,560
 
     
Washington – 4.9% (3.6% of Total Investments)
         
 
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
AA+
 
2,975,975
 
 
1,820
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
8/22 at 100.00
Aa3
 
2,156,937
 
 
5,205
 
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
3/15 at 100.00
Aa3
 
5,606,774
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41
2/21 at 100.00
AA–
 
11,070,100
 
 
3,410
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
 
3,834,306
 
     
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
1/13 at 100.00
BBB–
 
3,010,199
 
 
2,915
 
5.375%, 12/01/18 – AMBAC Insured
1/13 at 100.00
BBB–
 
2,920,014
 
 
28,855
 
Total Washington
     
31,574,305
 
     
Wisconsin – 0.2% (0.2% of Total Investments)
         
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
9/17 at 100.00
BBB+
 
1,039,710
 
 
330
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
8/13 at 100.00
A–
 
334,983
 
 
1,330
 
Total Wisconsin
     
1,374,693
 
$
914,487
 
Total Municipal Bonds (cost $800,828,378)
     
869,665,972
 

88
 
Nuveen Investments
 
 
 

 
 
 
Shares
 
Description (1)
     
Value
 
     
Investment Companies – 0.6% (0.5% of Total Investments)
         
 
6,266
 
BlackRock MuniHoldings Fund Inc.
   
$
121,059
 
 
26,880
 
Dreyfus Strategic Municipal Fund
     
265,843
 
 
131,278
 
DWS Municipal Income Trust
     
1,937,663
 
 
43,020
 
Invesco VK Investment Grade Municipal Trust
     
681,867
 
 
30,000
 
Invesco VK Municipal Opportunity Trust
     
455,700
 
 
43,420
 
PIMCO Municipal Income Fund II
     
576,184
 
     
Total Investment Companies (cost $3,325,133)
     
4,038,316
 

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Short-Term Investments – 0.7% (0.5% of Total Investments)
         
     
Iowa – 0.7% (0.5% of Total Investments)
         
$
4,500
 
Iowa State, Special Obligation Bonds, I-Jobs Program, Tender Option Bond Trust 13B-B REG D, 0.230%, 6/01/26 (8)
6/19 at 100.00
AA
 
4,500,000
 
     
Total Short-Term Investments (cost $4,500,000)
     
4,500,000
 
     
Total Investments (cost $808,653,511) – 135.9%
     
878,204,288
 
     
Floating Rate Obligations – (6.9)%
     
(44,412,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (10.8)% (9)
     
(70,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (26.2)% (9)
     
(169,200,000
     
Other Assets Less Liabilities – 8.0%
     
51,401,017
 
     
Net Assets Applicable to Common Shares – 100%
   
$
645,993,305
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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.
(7)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(8)
 
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 8.0% and 19.3%, respectively.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

   
Statement of
   
Assets & Liabilities
October 31, 2012
 
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Assets
                   
Investments, at value (cost $1,261,086,856, $926,960,339 and $975,274,404, respectively)
 
$
1,418,234,892
 
$
1,009,581,240
 
$
1,065,313,272
 
Cash
   
3,411,890
   
4,160,614
   
4,800,865
 
Receivables:
                   
Dividends and interest
   
16,996,921
   
14,017,514
   
14,536,310
 
Investments sold
   
15,020,000
   
5,700,909
   
4,699,964
 
Deferred offering costs
   
1,142,852
   
2,317,336
   
3,933,361
 
Other assets
   
157,531
   
407,976
   
421,793
 
Total assets
   
1,454,964,086
   
1,036,185,589
   
1,093,705,565
 
Liabilities
                   
Floating rate obligations
   
23,790,000
   
45,488,333
   
34,730,000
 
Payables:
                   
Common share dividends
   
4,249,287
   
2,861,175
   
2,851,919
 
Investments purchased
   
2,742,983
   
1,368,776
   
4,948,700
 
Interest
   
513,184
   
   
 
Offering costs
   
   
   
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
421,700,000
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
296,800,000
   
350,900,000
 
Accrued expenses:
                   
Management fees
   
729,155
   
516,077
   
536,928
 
Directors/Trustees fees
   
160,626
   
117,170
   
122,771
 
Other
   
288,402
   
231,104
   
254,792
 
Total liabilities
   
454,173,637
   
347,382,635
   
394,345,110
 
Net assets applicable to Common shares
 
$
1,000,790,449
 
$
688,802,954
 
$
699,360,455
 
Common shares outstanding
   
60,008,296
   
43,697,408
   
45,874,035
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
16.68
 
$
15.76
 
$
15.25
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
600,083
 
$
436,974
 
$
458,740
 
Paid-in surplus
   
838,807,474
   
611,089,707
   
639,796,397
 
Undistributed (Over-distribution of) net investment income
   
15,127,300
   
2,711,925
   
3,312,390
 
Accumulated net realized gain (loss)
   
(10,892,444
)
 
(8,056,553
)
 
(34,245,940
)
Net unrealized appreciation (depreciation)
   
157,148,036
   
82,620,901
   
90,038,868
 
Net assets applicable to Common shares
 
$
1,000,790,449
 
$
688,802,954
 
$
699,360,455
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.
 
90
 
Nuveen Investments

 
 

 
 
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Assets
                   
Investments, at value (cost $846,855,888, $613,657,395 and $808,653,511, respectively)
 
$
925,854,478
 
$
677,034,832
 
$
878,204,288
 
Cash
   
834,737
   
1,178,881
   
6,107,692
 
Receivables:
                   
Dividends and interest
   
13,536,068
   
10,660,123
   
13,659,390
 
Investments sold
   
110,000
   
207,365
   
37,084,410
 
Deferred offering costs
   
1,715,228
   
2,150,659
   
1,541,501
 
Other assets
   
103,257
   
241,396
   
91,726
 
Total assets
   
942,153,768
   
691,473,256
   
936,689,007
 
Liabilities
                   
Floating rate obligations
   
42,810,000
   
18,260,000
   
44,412,000
 
Payables:
                   
Common share dividends
   
2,889,648
   
2,146,241
   
2,975,825
 
Investments purchased
   
   
   
3,107,675
 
Interest
   
450,799
   
   
333,418
 
Offering costs
   
   
   
168
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
144,300,000
   
   
70,000,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
120,400,000
   
   
169,200,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
196,000,000
   
 
Accrued expenses:
                   
Management fees
   
465,728
   
338,672
   
443,513
 
Directors/Trustees fees
   
102,316
   
71,063
   
91,925
 
Other
   
220,042
   
225,143
   
131,178
 
Total liabilities
   
311,638,533
   
217,041,119
   
290,695,702
 
Net assets applicable to Common shares
 
$
630,515,235
 
$
474,432,137
 
$
645,993,305
 
Common shares outstanding
   
39,296,352
   
29,478,412
   
40,400,028
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
16.05
 
$
16.09
 
$
15.99
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
392,964
 
$
294,784
 
$
404,000
 
Paid-in surplus
   
549,718,204
   
420,521,987
   
575,076,278
 
Undistributed (Over-distribution of) net investment income
   
9,269,383
   
4,336,549
   
3,241,456
 
Accumulated net realized gain (loss)
   
(7,863,906
)
 
(14,098,620
)
 
(2,279,206
)
Net unrealized appreciation (depreciation)
   
78,998,590
   
63,377,437
   
69,550,777
 
Net assets applicable to Common shares
 
$
630,515,235
 
$
474,432,137
 
$
645,993,305
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 

   
Statement of
   
Operations
Year Ended October 31, 2012
 
   
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
   
Plus
 
Advantage
 
Opportunity
 
Advantage
 
Advantage 2
 
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Investment Income
 
$
70,944,836
 
$
49,232,437
 
$
50,057,133
 
$
45,928,816
 
$
33,374,404
 
$
42,385,644
 
Expenses
                                     
Management fees
   
8,475,065
   
5,993,773
   
6,220,930
   
5,397,940
   
3,917,011
   
5,583,351
 
Dividend disbursing agent fees
   
24,468
   
   
   
19,973
   
   
 
Shareholder servicing agent fees and expenses
   
110,725
   
60,373
   
63,023
   
39,606
   
3,719
   
40,629
 
Interest expense and amortization of offering costs
   
6,733,597
   
1,059,896
   
1,474,968
   
6,263,838
   
742,065
   
4,758,802
 
Liquidity fees
   
   
3,649,321
   
3,633,482
   
   
2,029,531
   
 
Remarketing fees
   
   
296,936
   
356,748
   
   
199,266
   
 
Custodian’s fees and expenses
   
197,581
   
141,004
   
147,188
   
127,278
   
96,961
   
132,702
 
Directors/Trustees fees and expenses
   
38,126
   
26,531
   
28,183
   
24,075
   
18,035
   
23,769
 
Professional fees
   
85,985
   
95,534
   
110,610
   
84,268
   
248,065
   
71,166
 
Shareholder reporting expenses
   
190,955
   
142,973
   
148,525
   
208,547
   
108,076
   
194,185
 
Stock exchange listing fees
   
19,057
   
14,373
   
14,845
   
27,557
   
3,905
   
20,277
 
Investor relations expense
   
121,517
   
80,063
   
86,057
   
76,033
   
52,953
   
73,377
 
Other expenses
   
75,246
   
68,566
   
74,184
   
55,409
   
46,302
   
49,229
 
Total expenses before custodian fee credit and legal fee refund
   
16,072,322
   
11,629,343
   
12,358,743
   
12,324,524
   
7,465,889
   
10,947,487
 
Custodian fee credit
   
(7,531
)
 
(8,132
)
 
(10,279
)
 
(8,984
)
 
(8,538
)
 
(16,153
)
Legal fee refund
   
(103,175
)
 
(106,058
)
 
(312,296
)
 
(124,029
)
 
(129,241
)
 
(21,058
)
Net expenses
   
15,961,616
   
11,515,153
   
12,036,168
   
12,191,511
   
7,328,110
   
10,910,276
 
Net investment income (loss)
   
54,983,220
   
37,717,284
   
38,020,965
   
33,737,305
   
26,046,294
   
31,475,368
 
Realized and Unrealized Gain (Loss)
                               
Net realized gain (loss) from investments
   
(4,496,980
)
 
(4,110,526
)
 
(26,149,022
)
 
(7,128,012
)
 
(8,088,572
)
 
826,958
 
Change in net unrealized appreciation (depreciation) of investments
   
114,383,532
   
75,463,789
   
104,254,908
   
76,258,406
   
62,604,155
   
66,498,560
 
Net realized and unrealized gain (loss)
   
109,886,552
   
71,353,263
   
78,105,886
   
69,130,394
   
54,515,583
   
67,325,518
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
164,869,772
 
$
109,070,547
 
$
116,126,851
 
$
102,867,699
 
$
80,561,877
 
$
98,800,886
 
 
See accompanying notes to financial statements.
 
92
 
Nuveen Investments

 
 

 

   
Statement of
   
Changes in Net Assets
 
   
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
 
Operations
                                     
Net investment income (loss)
 
$
54,983,220
 
$
58,402,397
 
$
37,717,284
 
$
40,445,199
 
$
38,020,965
 
$
40,134,444
 
Net realized gain (loss) from investments
   
(4,496,980
)
 
(591,675
)
 
(4,110,526
)
 
8,178,413
   
(26,149,022
)
 
(3,062,685
)
Change in net unrealized appreciation (depreciation) of investments
   
114,383,532
   
(18,358,182
)
 
75,463,789
   
(19,639,261
)
 
104,254,908
   
(18,881,221
)
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
   
(605,027
)
 
   
(13,530
)
 
   
(18,596
)
From accumulated net realized gains
   
   
(115,631
)
 
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
164,869,772
   
38,731,882
   
109,070,547
   
28,970,821
   
116,126,851
   
18,171,942
 
Distributions to Common Shareholders
                               
From net investment income
   
(57,577,044
)
 
(57,031,258
)
 
(42,173,504
)
 
(43,394,199
)
 
(40,494,777
)
 
(44,419,598
)
From accumulated net realized gains
   
   
(5,533,612
)
 
(6,262,880
)
 
(3,480,219
)
 
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(57,577,044
)
 
(62,564,870
)
 
(48,436,384
)
 
(46,874,418
)
 
(40,494,777
)
 
(44,419,598
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
895,179
   
283,901
   
1,552,841
   
2,155,588
   
913,746
   
1,045,705
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
895,179
   
283,901
   
1,552,841
   
2,155,588
   
913,746
   
1,045,705
 
Net increase (decrease) in net assets applicable to Common shares
   
108,187,907
   
(23,549,087
)
 
62,187,004
   
(15,748,009
)
 
76,545,820
   
(25,201,951
)
Net assets applicable to Common shares at the beginning of period
   
892,602,542
   
916,151,629
   
626,615,950
   
642,363,959
   
622,814,635
   
648,016,586
 
Net assets applicable to Common shares at the end of period
 
$
1,000,790,449
 
$
892,602,542
 
$
688,802,954
 
$
626,615,950
 
$
699,360,455
 
$
622,814,635
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
15,127,300
 
$
17,435,924
 
$
2,711,925
 
$
7,315,192
 
$
3,312,390
 
$
5,775,306
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 

   
Statement of
   
Changes in Net Assets (continued)
 
   
Dividend Advantage (NAD)
 
Dividend Advantage 2 (NXZ)
 
Dividend Advantage 3 (NZF)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
 
Operations
                                     
Net investment income (loss)
 
$
33,737,305
 
$
36,425,456
 
$
26,046,294
 
$
29,122,477
 
$
31,475,368
 
$
39,663,463
 
Net realized gain (loss) from investments
   
(7,128,012
)
 
5,578,402
   
(8,088,572
)
 
6,152,659
   
826,958
   
1,617,428
 
Change in net unrealized appreciation (depreciation) of investments
   
76,258,406
   
(17,440,480
)
 
62,604,155
   
(14,731,426
)
 
66,498,560
   
(8,746,437
)
Distributions to Auction Rate Preferred Shareholders:
                                     
From net investment income
   
   
(319,994
)
 
   
   
   
(579,698
)
From accumulated net realized gains
   
   
   
   
   
   
(9,510
)
Net increase (decrease) in net assets applicable to Common shares from operations
   
102,867,699
   
24,243,384
   
80,561,877
   
20,543,710
   
98,800,886
   
31,945,246
 
Distributions to Common Shareholders
                               
From net investment income
   
(36,077,981
)
 
(35,837,926
)
 
(28,132,531
)
 
(28,282,999
)
 
(38,439,108
)
 
(39,745,377
)
From accumulated net realized gains
   
(1,638,658
)
 
   
(5,329,641
)
 
   
(1,535,068
)
 
(630,116
)
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(37,716,639
)
 
(35,837,926
)
 
(33,462,172
)
 
(28,282,999
)
 
(39,974,176
)
 
(40,375,493
)
Capital Share Transactions
                                     
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
   
63,949
   
247,562
   
59,744
   
119,194
   
64,704
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
63,949
   
247,562
   
59,744
   
119,194
   
64,704
 
Net increase (decrease) in net assets applicable to Common shares
   
65,151,060
   
(11,530,593
)
 
47,347,267
   
(7,679,545
)
 
58,945,904
   
(8,365,543
)
Net assets applicable to Common shares at the beginning of period
   
565,364,175
   
576,894,768
   
427,084,870
   
434,764,415
   
587,047,401
   
595,412,944
 
Net assets applicable to Common shares at the end of period
 
$
630,515,235
 
$
565,364,175
 
$
474,432,137
 
$
427,084,870
 
$
645,993,305
 
$
587,047,401
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
9,269,383
 
$
10,952,267
 
$
4,336,549
 
$
6,451,843
 
$
3,241,456
 
$
9,617,756
 
 
See accompanying notes to financial statements.
 
94
 
Nuveen Investments

 
 

 

   
Statement of
   
Cash Flows
Year Ended October 31, 2012
 
                     
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
164,869,772
 
$
109,070,547
 
$
116,126,851
 
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
   
(138,886,984
)
 
(174,457,544
)
 
(132,227,530
)
Proceeds from sales and maturities of investments
   
168,135,482
   
178,488,430
   
140,115,584
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
(5,023,250
)
Amortization (Accretion) of premiums and discounts, net
   
(16,322,640
)
 
(6,030,503
)
 
(4,751,528
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
871,051
   
1,297,994
   
899,361
 
Receivable for investments sold
   
(1,042,433
)
 
22,266,740
   
9,991,292
 
Other assets
   
162,869
   
28,176
   
2,737
 
Increase (Decrease) in:
                   
Payable for investments purchased
   
(1,892,110
)
 
(1,188,251
)
 
313,607
 
Payable for interest
   
14,192
   
   
 
Accrued management fees
   
36,139
   
21,628
   
26,803
 
Accrued Directors/Trustees fees
   
(4,388
)
 
(3,521
)
 
(3,619
)
Accrued other expenses
   
25,634
   
42,891
   
37,073
 
Net realized (gain) loss from investments
   
4,496,980
   
4,110,526
   
26,149,022
 
Change in net unrealized (appreciation) depreciation of investments
   
(114,383,532
)
 
(75,463,789
)
 
(104,254,908
)
Taxes paid on undistributed capital gains
   
(2,216
)
 
(64,681
)
 
(7,181
)
Net cash provided by (used in) operating activities
   
66,077,816
   
58,118,643
   
47,394,314
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
233,336
   
(298,988
)
 
57,003
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
(5,295,713
)
 
 
Floating rate obligations
   
(16,230,000
)
 
(1,025,000
)
 
(8,800,000
)
Payable for offering costs
   
(172,081
)
 
(243,294
)
 
(393,751
)
Cash distributions paid to Common shareholders
   
(56,664,365
)
 
(47,095,034
)
 
(39,840,924
)
Net cash provided by (used in) financing activities
   
(72,833,110
)
 
(53,958,029
)
 
(48,977,672
)
Net Increase (Decrease) in Cash
   
(6,755,294
)
 
4,160,614
   
(1,583,358
)
Cash at the beginning of period
   
10,167,184
   
   
6,384,223
 
Cash at the End of Period
 
$
3,411,890
 
$
4,160,614
 
$
4,800,865
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions as follows:
 
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
   
$
895,179
 
$
1,552,841
 
$
913,746
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
   
$
6,104,725
 
$
986,162
 
$
1,333,331
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 

   
Statement of
   
Cash Flows (continued)
Year Ended October 31, 2012
 
                     
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
102,867,699
 
$
80,561,877
 
$
98,800,886
 
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
   
(105,804,461
)
 
(111,347,064
)
 
(186,866,733
)
Proceeds from sales and maturities of investments
   
122,766,411
   
97,335,419
   
195,675,605
 
Proceeds from (Purchases of) short-term investments, net
   
(5,023,250
)
 
(5,023,250
)
 
20,700,000
 
Amortization (Accretion) of premiums and discounts, net
   
(7,440,150
)
 
(1,498,920
)
 
654,096
 
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
149,419
   
48,420
   
776,516
 
Receivable for investments sold
   
4,040,908
   
31,403,919
   
4,602,141
 
Other assets
   
97,861
   
1,194
   
105,752
 
Increase (Decrease) in:
                   
Payable for investments purchased
   
   
(5,804,183
)
 
(11,487,240
)
Payable for interest
   
4,108
   
   
5,794
 
Accrued management fees
   
24,210
   
17,207
   
20,272
 
Accrued Directors/Trustees fees
   
(2,943
)
 
(1,682
)
 
(2,428
)
Accrued other expenses
   
66,081
   
97,602
   
74,249
 
Net realized (gain) loss from investments
   
7,128,012
   
8,088,572
   
(826,958
)
Change in net unrealized (appreciation) depreciation of investments
   
(76,258,406
)
 
(62,604,155
)
 
(66,498,560
)
Taxes paid on undistributed capital gains
   
(12,502
)
 
(45,160
)
 
(14,034
)
Net cash provided by (used in) operating activities
   
42,602,997
   
31,229,796
   
55,719,358
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
255,284
   
(81,115
)
 
379,794
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
 
Floating rate obligations
   
(8,795,000
)
 
   
(11,200,000
)
Payable for offering costs
   
(380,549
)
 
(32,532
)
 
(375,200
)
Cash distributions paid to Common shareholders
   
(37,710,051
)
 
(33,350,834
)
 
(40,087,492
)
Net cash provided by (used in) financing activities
   
(46,630,316
)
 
(33,464,481
)
 
(51,282,898
)
Net Increase (Decrease) in Cash
   
(4,027,319
)
 
(2,234,685
)
 
4,436,460
 
Cash at the beginning of period
   
4,862,056
   
3,413,566
   
1,671,232
 
Cash at the End of Period
 
$
834,737
 
$
1,178,881
 
$
6,107,692
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions as follows:
 
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
   
$
 
$
247,562
 
$
119,194
 
 
Cash paid for interest (excluding amortization of offering costs) was as follows:
 
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
   
$
5,626,863
 
$
669,002
 
$
4,212,929
 
 
See accompanying notes to financial statements.
 
96
 
Nuveen Investments

 
 

 
 
 
THIS PAGE INTENTIONALLY LEFT BLANK
 
 
Nuveen Investments
 
97

 
 

 

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

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Performance Plus (NPP)
                                                             
Year Ended 10/31:
                                                                   
2012
 
$
14.89
 
$
.92
 
$
1.83
 
$
 
$
 
$
2.75
 
$
(.96
)
$
 
$
(.96
)
$
 
$
16.68
 
$
16.44
 
2011
   
15.29
   
.97
   
(.32
)
 
(.01
)
 
 
.64
   
(.95
)
 
(.09
)
 
(1.04
)
 
   
14.89
   
14.36
 
2010
   
14.52
   
1.03
   
.70
   
(.03
)
 
*  
1.70
   
(.92
)
 
(.01
)
 
(.93
)
 
   
15.29
   
15.00
 
2009
   
12.69
   
1.03
   
1.65
   
(.06
)
 
   
2.62
   
(.79
)
 
   
(.79
)
 
   
14.52
   
13.48
 
2008
   
15.22
   
1.02
   
(2.56
)
 
(.29
)
 
   
(1.83
)
 
(.70
)
 
   
(.70
)
 
   
12.69
   
11.50
 
                                                                           
Municipal Advantage (NMA)
                                                             
Year Ended 10/31:
                                                                   
2012
   
14.37
   
.86
   
1.64
   
   
   
2.50
   
(.97
)
 
(.14
)
 
(1.11
)
 
   
15.76
   
15.67
 
2011
   
14.79
   
.93
   
(.27
)
 
   
   
.66
   
(1.00
)
 
(.08
)
 
(1.08
)
 
   
14.37
   
14.05
 
2010
   
14.08
   
1.01
   
.76
   
(.01
)
 
 
1.76
   
(.98
)
 
(.07
)
 
(1.05
)
 
   
14.79
   
14.92
 
2009
   
12.12
   
1.10
   
1.76
   
(.06
)
 
   
2.80
   
(.84
)
 
   
(.84
)
 
   
14.08
   
13.41
 
2008
   
15.20
   
1.08
   
(3.06
)
 
(.30
)
 
(.01
)
 
(2.29
)
 
(.77
)
 
(.02
)
 
(.79
)
 
   
12.12
   
11.41
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
98
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
     
                         
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(e)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                     
                                     
   
21.59
%
 
18.89
%
$
1,000,790
   
1.67
%
 
5.72
%
 
10
%
   
3.22
   
4.78
   
892,603
   
1.62
   
6.84
   
10
 
   
18.65
   
12.07
   
916,152
   
1.13
   
6.93
   
14
 
   
24.78
   
21.20
   
869,873
   
1.23
   
7.59
   
6
 
   
(10.71
)
 
(12.49
)
 
760,496
   
1.25
   
6.96
   
9
 
                                     
                                     
   
20.05
   
17.99
   
688,803
   
1.75
   
5.67
   
18
 
   
1.90
   
5.05
   
626,616
   
2.01
   
6.76
   
14
 
   
19.58
   
12.90
   
642,364
   
1.66
   
7.04
   
16
 
   
25.70
   
23.89
   
608,813
   
1.31
   
8.51
   
9
 
   
(13.16
)
 
(15.65
)
 
523,602
   
1.38
   
7.50
   
13
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Performance Plus (NPP)
       
Year Ended 10/31:
       
2012
   
.70
%
2011
   
.56
 
2010
   
.04
 
2009
   
.05
 
2008
   
.08
 
         
Municipal Advantage (NMA)
       
Year Ended 10/31:
       
2012
   
.76
%
2011
   
.96
 
2010
   
.60
 
2009
   
.09
 
2008
   
.17
 
 
*
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
99

 
 

 

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

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Market Opportunity (NMO)
                                                             
Year Ended 10/31:
                                                                   
2012
 
$
13.60
 
$
.83
 
$
1.70
 
$
 
$
 
$
2.53
 
$
(.88
)
$
 
$
(.88
)
$
 
$
15.25
 
$
14.92
 
2011
   
14.17
   
.88
   
(.48
)
 
 
   
.40
   
(.97
)
 
   
(.97
)
 
   
13.60
   
13.18
 
2010
   
13.59
   
.99
   
.56
   
(.01
)
 
   
1.54
   
(.96
)
 
   
(.96
)
 
   
14.17
   
14.55
 
2009
   
12.23
   
1.10
   
1.13
   
(.06
)
 
   
2.17
   
(.81
)
 
   
(.81
)
 
   
13.59
   
13.32
 
2008
   
14.83
   
1.03
   
(2.59
)
 
(.31
)
 
   
(1.87
)
 
(.73
)
 
   
(.73
)
 
   
12.23
   
11.52
 
                                                                           
Dividend Advantage (NAD)
                                                             
Year Ended 10/31:
                                                                   
2012
   
14.39
   
.86
   
1.76
   
   
   
2.62
   
(.92
)
 
(.04
)
 
(.96
)
 
   
16.05
   
15.76
 
2011
   
14.68
   
.92
   
(.29
)
 
(.01
)
 
   
.62
   
(.91
)
 
   
(.91
)
 
   
14.39
   
13.70
 
2010
   
13.89
   
1.00
   
.72
   
(.02
)
 
   
1.70
   
(.91
)
 
   
(.91
)
 
   
14.68
   
14.40
 
2009
   
11.77
   
1.07
   
1.93
   
(.05
)
 
   
2.95
   
(.83
)
 
   
(.83
)
 
   
13.89
   
12.89
 
2008
   
14.90
   
1.05
   
(3.14
)
 
(.27
)
 
   
(2.36
)
 
(.77
)
 
   
(.77
)
 
   
11.77
   
10.72
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
100
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)(e)
     
                                 
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(f)
Net
Investment
Income (Loss)
 
Expenses
(f)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                                 
                                                 
   
20.34
%
 
19.09
%
$
699,360
   
1.85
%
 
5.64
%
 
N/A
   
N/A
   
13
%
   
(2.33
)
 
3.40
   
622,815
   
2.10
   
6.74
   
N/A
   
N/A
   
14
 
   
17.03
   
11.71
   
648,017
   
1.70
   
7.17
   
N/A
   
N/A
   
26
 
   
23.67
   
18.30
   
619,319
   
1.32
   
8.58
   
N/A
   
N/A
   
10
 
   
(9.87
)
 
(13.07
)
 
557,346
   
1.36
   
7.33
   
N/A
   
N/A
   
8
 
                                                 
                                                 
   
22.59
   
18.67
   
630,515
   
2.04
   
5.55
   
N/A
   
N/A
   
12
 
   
1.93
   
4.76
   
565,364
   
2.02
   
6.77
   
N/A
   
N/A
   
15
 
   
19.17
   
12.60
   
576,895
   
1.61
   
6.99
   
N/A
   
N/A
   
8
 
   
28.86
   
25.78
   
545,534
   
1.26
   
8.38
   
1.21
%
 
8.43
%
 
9
 
   
(16.46
)
 
(16.42
)
 
462,554
   
1.36
   
7.33
   
1.22
   
7.46
   
11
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares, VMTP Shares, and/or VRDP Shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
After expense reimbursement from the Adviser, where applicable. As of July 31, 2009, the Adviser is no longer reimbursing Dividend Advantage (NAD) for any fees and expenses.
(f)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Market Opportunity (NMO)
       
Year Ended 10/31:
       
2012
   
.82
%
2011
   
.97
 
2010
   
.58
 
2009
   
.07
 
2008
   
.14
 
         
Dividend Advantage (NAD)
       
Year Ended 10/31:
       
2012
   
1.03
%
2011
   
.94
 
2010
   
.54
 
2009
   
.09
 
2008
   
.21
 
 
N/A
Fund did not have, or no longer has, a contractual reimbursement with the Adviser.
*
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
101

 
 

 

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

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repur-
chased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Dividend Advantage 2 (NXZ)
                                                             
Year Ended 10/31:
                                                                   
2012
 
$
14.50
 
$
.88
 
$
1.84
 
$
 
$
 
$
2.72
 
$
(.95
)
$
(.18
)
$
(1.13
)
$
 
$
16.09
 
$
15.63
 
2011
   
14.76
   
.99
   
(.29
)
 
   
   
.70
   
(.96
)
 
   
(.96
)
 
   
14.50
   
13.90
 
2010
   
14.45
   
1.02
   
.26
   
   
   
1.28
   
(.97
)
 
   
(.97
)
 
   
14.76
   
14.67
 
2009
   
12.71
   
1.04
   
1.59
   
   
   
2.63
   
(.89
)
 
   
(.89
)
 
   
14.45
   
14.14
 
2008
   
15.55
   
1.05
   
(2.81
)
 
(.20
)
 
   
(1.96
)
 
(.88
)
 
   
(.88
)
 
   
12.71
   
12.35
 
                                                                           
Dividend Advantage 3 (NZF)
                                                             
Year Ended 10/31:
                                                                   
2012
   
14.53
   
.78
   
1.67
   
   
   
2.45
   
(.95
)
 
(.04
)
 
(.99
)
 
   
15.99
   
15.73
 
2011
   
14.74
   
.98
   
(.18
)
 
(.01
)
 
 
.79
   
(.98
)
 
(.02
)
 
(1.00
)
 
   
14.53
   
14.17
 
2010
   
14.19
   
1.06
   
.52
   
(.02
)
 
 
1.56
   
(.95
)
 
(.06
)
 
(1.01
)
 
   
14.74
   
14.58
 
2009
   
12.10
   
1.08
   
1.91
   
(.05
)
 
   
2.94
   
(.85
)
 
   
(.85
)
 
   
14.19
   
13.38
 
2008
   
15.03
   
1.06
   
(2.95
)
 
(.27
)
 
   
(2.16
)
 
(.77
)
 
   
(.77
)
 
   
12.10
   
10.72
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
102
 
Nuveen Investments

 
 

 

     
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)(d)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)(e)
     
                                 
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(f)
Net
Investment
Income (Loss)
 
Expenses
(f)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                                 
                                                 
   
21.15
%
 
19.46
%
$
474,432
   
1.64
%
 
5.70
%
 
N/A
   
N/A
   
15
%
   
1.70
   
5.24
   
427,085
   
1.78
   
7.08
   
1.75
%
 
7.11
%
 
40
 
   
10.89
   
9.12
   
434,764
   
1.79
   
6.85
   
1.68
   
6.95
   
5
 
   
22.63
   
21.41
   
425,253
   
1.91
   
7.59
   
1.73
   
7.77
   
2
 
   
(15.21
)
 
(13.23
)
 
373,940
   
1.71
   
6.82
   
1.45
   
7.08
   
10
 
                                                 
                                                 
   
18.48
   
17.33
   
645,993
   
1.76
   
5.06
   
N/A
   
N/A
   
22
 
   
4.59
   
5.83
   
587,047
   
1.53
   
6.93
   
1.46
   
7.00
   
30
 
   
17.04
   
11.41
   
595,413
   
1.17
   
7.21
   
1.02
   
7.36
   
7
 
   
33.89
   
25.08
   
573,088
   
1.26
   
7.98
   
1.04
   
8.20
   
2
 
   
(17.85
)
 
(14.99
)
 
488,561
   
1.34
   
7.08
   
1.04
   
7.37
   
7
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares, VMTP Shares, and/or VRDP Shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011, the Adviser is no longer reimbursing Dividend Advantage 2 (NXZ) for any fees and expenses. As of September 30, 2011, the Adviser is no longer reimbursing Dividend Advantage 3 (NZF) for any fees and expenses.
(f)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Dividend Advantage 2 (NXZ)
       
Year Ended 10/31:
       
2012
   
.65
%
2011
   
.78
 
2010
   
.78
 
2009
   
.83
 
2008
   
.49
 
         
Dividend Advantage 3 (NZF)
       
Year Ended 10/31:
       
2012
   
.77
%
2011
   
.48
 
2010
   
.09
 
2009
   
.11
 
2008
   
.19
 
 
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
103

 
 

 

   
Financial
   
Highlights (continued)
 
   
ARPS at
 
VMTP Shares
 
VRDP Shares
 
   
the End of Period
 
at the End of Period
 
at the End of Period
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $100,000
 
Outstanding
 
Per $100,000
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
 
Performance Plus (NPP)
                               
Year Ended 10/31:
                                     
2012
 
$
 
$
 
$
421,700
 
$
337,323
 
$
 
$
 
2011
   
   
   
421,700
   
311,668
   
   
 
2010
   
419,900
   
79,546
   
   
   
   
 
2009
   
419,900
   
76,790
   
   
   
   
 
2008
   
439,650
   
68,244
   
   
   
   
 
                                       
Municipal Advantage (NMA)
                               
Year Ended 10/31:
                                     
2012
   
   
   
   
   
296,800
   
332,076
 
2011
   
   
   
   
   
296,800
   
311,124
 
2010
   
   
   
   
   
296,800
   
316,430
 
2009
   
293,200
   
76,911
   
   
   
   
 
2008
   
341,650
   
63,314
   
   
   
   
 
 
See accompanying notes to financial statements.
 
104
 
Nuveen Investments

 
 

 
 
                                                   
ARPS, MTP
 
                                                   
and/or
 
                                                   
VMTP Shares
 
   
ARPS
 
MTP Shares
 
VMTP Shares
 
VRDP Shares
 
at the End
 
   
at the End of Period
 
at the End of Period (a)
 
at the End of Period
 
at the End of Period
 
of Period
 
                                                     
Asset
 
   
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Coverage
 
   
Amount
 
Coverage
 
Amount
 
Coverage
 
Amount
 
Coverage
 
Amount
 
Coverage
 
Per $1
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $10
 
Outstanding
 
Per $100,000
 
Outstanding
 
Per $100,000
 
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
Market Opportunity (NMO)
                                                 
Year Ended 10/31:
                                                       
2012
 
$
 
$
 
$
 
$
 
$
 
$
 
$
350,900
 
$
299,305
 
$
 
2011
   
   
   
   
   
   
   
350,900
   
277,491
   
 
2010
   
   
   
   
   
   
   
350,900
   
284,673
   
 
2009
   
346,675
   
69,661
   
   
   
   
   
   
   
 
2008
   
361,675
   
63,525
   
   
   
   
   
   
   
 
                                                         
Dividend Advantage (NAD)
                                                 
Year Ended 10/31:
                                                       
2012
   
   
   
144,300
   
33.82
   
120,400
   
338,200
   
   
   
3.38
 
2011
   
   
   
144,300
   
31.36
   
120,400
   
313,587
   
   
   
3.14
 
2010
   
120,075
   
79,553
   
144,300
   
31.82
   
   
   
   
   
3.18
 
2009
   
261,800
   
77,095
   
   
   
   
   
   
   
 
2008
   
266,800
   
68,343
   
   
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
           
Ending
   
Average
 
           
Market Value
   
Market Value
 
     
Series
   
Per Share
   
Per Share
 
Dividend Advantage (NAD)
                   
Year Ended 10/31:
                   
2012
   
2015
 
$
10.10
 
$
10.09
 
2011
   
2015
   
10.06
   
10.05
 
2010
   
2015
   
10.10
   
10.10
2009
   
   
   
 
2008
   
   
   
 
 
^
For the period March 16, 2010 (first issuance date of shares) through October 31, 2010.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
105

 
 

 

   
Financial
   
Highlights (continued)
 
                                                   
MTP and/or
 
                                                   
VMTP Shares
 
   
ARPS
 
MTP Shares
 
VMTP Shares
 
VRDP Shares
 
at the End
 
   
at the End of Period
 
at the End of Period (a)
 
at the End of Period
 
at the End of Period
 
of Period
 
                                                     
Asset
 
   
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Aggregate
 
Asset
 
Coverage
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Per $1
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $10
 
Outstanding
 
Per $100,000
 
Outstanding
 
Per $100,000
 
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
Dividend Advantage 2 (NXZ)
                                                 
Year Ended 10/31:
                                                       
2012
 
$
 
$
 
$
 
$
 
$
 
$
 
$
196,000
 
$
342,057
 
$
 
2011
   
   
   
   
   
   
   
196,000
   
317,900
   
 
2010
   
   
   
   
   
   
   
196,000
   
321,819
   
 
2009
   
   
   
   
   
   
   
196,000
   
316,966
   
 
2008
   
   
   
   
   
   
   
196,000
   
290,785
   
 
                                                         
Dividend Advantage 3 (NZF)
                                                 
Year Ended 10/31:
                                                       
2012
   
   
   
70,000
   
37.01
   
169,200
   
370,064
   
   
   
3.70
 
2011
   
   
   
70,000
   
34.54
   
169,200
   
345,421
   
   
   
3.45
 
2010
   
236,950
   
87,821
   
   
   
   
   
   
   
 
2009
   
236,950
   
85,465
   
   
   
   
   
   
   
 
2008
   
270,775
   
70,108
   
   
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
           
Ending
   
Average
 
           
Market Value
   
Market Value
 
     
Series
   
Per Share
   
Per Share
 
Dividend Advantage 3 (NZF)
                   
Year Ended 10/31:
                   
2012
   
2016
 
$
10.14
 
$
10.12
 
2011
   
2016
   
10.14
   
10.05
2010
   
   
   
 
2009
   
   
   
 
2008
   
   
   
 
 
^
For the period December 20, 2010 (first issuance date of shares) through October 31, 2011.
 
See accompanying notes to financial statements.
 
106
 
Nuveen Investments
 
 
 

 

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

Nuveen Investments
 
107

 
 

 

   
Notes to
   
Financial Statements (continued)
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At October 31, 2012, Performance Plus (NPP), Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 3 (NZF) had outstanding when-issued/delayed delivery purchase commitments of $2,742,983, $1,368,776, $4,948,700 and $3,070,163, respectively. There were no such outstanding purchase commitments in either of the other Funds.
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, the remainder of each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends on MTP shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of October 31, 2012, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund are as follows:

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

108
 
Nuveen Investments

 
 

 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares will also be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares are as follows:

 
Dividend
 
Dividend
 
 
Advantage
 
Advantage 3
 
 
(NAD
)
(NZF
)
 
Series 2015
 
Series 2016
 
Term Redemption Date
April 1, 2015
 
January 1, 2016
 
Optional Redemption Date
April 1, 2011
 
January 1, 2012
 
Premium Expiration Date
March 31, 2012
 
December 31, 2012
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the fiscal year ended October 31, 2012, was as follows:
               
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 3
 
     
(NAD
)
 
(NZF
)
Average liquidation value of MTP Shares outstanding
 
$
144,300,000
 
$
70,000,000
 
 
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.
 
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Performance Plus (NPP), Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) issued their VMTP Shares in a privately negotiated offering. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem all, or a portion of, the remainder of each Fund’s outstanding ARPS. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of October 31, 2012, the number of VMTP Shares outstanding, at liquidation value, for each Fund are as follows:
                     
     
Performance
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Advantage 3
 
     
(NPP
)
 
(NAD
)
 
(NZF
)
Series 2014
 
$
421,700,000
 
$
120,400,000
 
$
169,200,000
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances . The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares as follows:
                     
     
Performance
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Advantage 3
 
     
(NPP
)
 
(NAD
)
 
(NZF
)
Term Redemption Date
   
March 1, 2014
   
August 1, 2014
   
October 1, 2014
 
Optional Redemption Date
   
March 1, 2012
   
August 1, 2012
   
October 1, 2012
 
Premium Expiration Date
   
February 29, 2012
   
July 31, 2012
   
September 30, 2012
 

Nuveen Investments
 
109

 
 

 

   
Notes to
   
Financial Statements (continued)
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate of VMTP Shares for each Fund during the fiscal year ended October 31, 2012, were as follows:
                     
     
Performance
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Advantage 3
 
     
(NPP
)
 
(NAD
)
 
(NZF
)
Average liquidation value of VMTP Shares outstanding
 
$
421,700,000
 
$
120,400,000
 
$
169,200,000
 
Annualized dividend rate
   
1.41
%
 
1.21
%
 
1.16
%
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 2 (NXZ) issued their VRDP Shares in privately negotiated offerings. Proceeds from 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 October 31, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
                     
     
Municipal
   
Market
   
Dividend
 
     
Advantage
   
Opportunity
   
Advantage 2
 
     
(NMA
)
 
(NMO
)
 
(NXZ
)
Series
   
1
   
1
   
2
 
VRDP 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. Each Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate of VRDP Shares for each Fund during fiscal year ended October 31, 2012, were as follows:
                     
     
Municipal
   
Market
   
Dividend
 
     
Advantage
   
Opportunity
   
Advantage 2
 
     
(NMA
)
 
(NMO
)
 
(NXZ
)
Average liquidation value of VRDP Shares outstanding
 
$
296,800,000
 
$
350,900,000
 
$
196,000,000
 
Annualized dividend rate
   
0.27
%
 
0.32
%
 
0.29
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, 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

110
 
Nuveen Investments

 
 

 
 
(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 fiscal year ended October 31, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
At October 31, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Maximum exposure to Recourse Trusts
 
$
18,750,000
 
$
11,250,000
 
$
7,500,000
 
$
11,250,000
 
$
11,250,000
 
$
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2012, were as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Average floating rate obligations outstanding
 
$
29,347,568
 
$
45,771,189
 
$
39,851,311
 
$
47,928,402
 
$
18,260,000
 
$
48,543,148
 
Average annual interest rate and fees
   
0.63
%
 
0.43
%
 
0.51
%
 
0.43
%
 
0.54
%
 
0.56
%
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although each Fund is authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 2012.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Nuveen Investments
 
111

 
 

 

   
Notes to
   
Financial Statements (continued)
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Offering Costs
Costs incurred by Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) in connection with their offerings of MTP Shares were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Performance Plus (NPP), Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) in connection with their offerings of VMTP Shares were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 2 (NXZ) in connection with their offerings of VRDP Shares were recorded as deferred charges, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
   
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
112
 
Nuveen Investments

 
 

 
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Performance Plus (NPP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,418,043,121
 
$
191,771
 
$
1,418,234,892
 
                           
Municipal Advantage (NMA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,009,384,404
 
$
196,836
 
$
1,009,581,240
 
                           
Market Opportunity (NMO)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,059,709,355
 
$
580,667
 
$
1,060,290,022
 
Short-Term Investments:
                         
Municipal Bonds
   
   
5,023,250
   
   
5,023,250
 
Total
 
$
 
$
1,064,732,605
 
$
580,667
 
$
1,065,313,272
 
                           
Dividend Advantage (NAD)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
919,962,790
 
$
230,993
 
$
920,193,783
 
Investment Companies
   
637,445
   
   
   
637,445
 
Short-Term Investments:
                         
Municipal Bonds
   
   
5,023,250
   
   
5,023,250
 
Total
 
$
637,445
 
$
924,986,040
 
$
230,993
 
$
925,854,478
 
                           
Dividend Advantage 2 (NXZ)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
671,772,048
 
$
239,534
 
$
672,011,582
 
Short-Term Investments:
                         
Municipal Bonds
   
   
5,023,250
   
   
5,023,250
 
Total
 
$
 
$
676,795,298
 
$
239,534
 
$
677,034,832
 
                           
Dividend Advantage 3 (NZF)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
869,626,944
 
$
39,028
 
$
869,665,972
 
Investment Companies
   
4,038,316
   
   
   
4,038,316
 
Short-Term Investments:
                         
Municipal Bonds
   
   
4,500,000
   
   
4,500,000
 
Total
 
$
4,038,316
 
$
874,126,944
 
$
39,028
 
$
878,204,288
 
 
* Refer to the Fund’s Portfolio of Investments for industry/state classifications and breakdown of Municipal Bonds classified as Level 3.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

Nuveen Investments
 
113

 
 

 

   
Notes to
   
Financial Statements (continued)
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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 fiscal year ended October 31, 2012.
 
4. Fund Shares
Common Shares
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding Common shares.
 
Transactions in Common shares were as follows:

   
Performance Plus (NPP)
 
Municipal
Advantage (NMA)
 
Market
Opportunity (NMO)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
55,834
   
19,498
   
106,232
   
153,403
   
64,861
   
80,513
 

   
Dividend
Advantage (NAD)
 
Dividend
Advantage 2 (NXZ)
 
Dividend
Advantage 3 (NZF)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
   
10/31/12
   
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
4,564
   
16,604
   
4,192
   
8,007
   
4,537
 
 
Preferred Shares
Municipal Advantage (NMA) and Market Opportunity (NMO) redeemed all of their outstanding ARPS during the fiscal year ended October 31, 2009. Dividend Advantage 2 (NXZ) redeemed all of its outstanding ARPS during the fiscal year ended October 31, 2007.
 
Transactions in ARPS were as follows:

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

114
 
Nuveen Investments

 
 

 

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

   
Dividend Advantage 3 (NZF)
 
   
Year
Ended
10/31/12
 
Year
Ended
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
 
MTP Shares issued:
                         
Series 2015
   
 
$
   
 
$
 
Series 2016
   
   
   
7,000,000
   
70,000,000
 
Total
   
 
$
   
7,000,000
 
$
70,000,000
 
 
Transactions in VMTP Shares were as follows:

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

   
Dividend Advantage (NAD)
 
Dividend Advantage 3 (NZF)
 
   
Year
Ended
10/31/12
 
Year
Ended
10/31/11
 
Year
Ended
10/31/12
 
Year
Ended
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VMTP Shares issued:
                                                 
Series 2014
   
 
$
   
1,204
 
$
120,400,000
   
 
$
   
1,692
 
$
169,200,000
 
 
Transactions in VRDP Shares were as follows:

   
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
   
Year
Ended
10/31/12
 
Year
Ended
10/31/11
 
Year
Ended
10/31/12
 
Year
Ended
10/31/11
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
VRDP Shares issued:
                                                 
Series 1
   
 
$
   
2,968
 
$
296,800,000
   
 
$
   
3,509
 
$
350,900,000
 

Nuveen Investments
 
115

 
 

 

   
Notes to
   
Financial Statements (continued)
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the fiscal year ended October 31, 2012, were as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Purchases
 
$
138,886,984
 
$
174,457,544
 
$
132,227,530
 
$
105,804,461
 
$
111,347,064
 
$
186,866,733
 
Sales and maturities
   
168,135,482
   
178,488,430
   
140,115,584
   
122,766,411
   
97,335,419
   
195,675,605
 
 
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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Cost of investments
 
$
1,239,850,741
 
$
884,342,646
 
$
939,627,741
 
$
802,990,269
 
$
597,686,147
 
$
763,817,412
 
Gross unrealized:
                                     
Appreciation
 
$
166,380,448
 
$
87,989,615
 
$
94,010,163
 
$
92,184,602
 
$
74,683,196
 
$
81,883,812
 
Depreciation
   
(11,782,085
)
 
(8,242,037
)
 
(3,056,211
)
 
(12,130,244
)
 
(13,601,850
)
 
(11,846,748
)
Net unrealized appreciation (depreciation) of investments
 
$
154,598,363
 
$
79,747,578
 
$
90,953,952
 
$
80,054,358
 
$
61,081,346
 
$
70,037,064
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, non-deductible offering costs, and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2012, the Funds’ tax year end, as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Paid-in surplus
 
$
(602,125
)
$
68,391
 
$
(100,947
)
$
(606,237
)
$
12,614
 
$
(499,812
)
Undistributed (Over-distribution of) net investment income
   
285,200
   
(147,047
)
 
10,896
   
657,792
   
(29,057
)
 
587,440
 
Accumulated net realized gain (loss)
   
316,925
   
78,656
   
90,051
   
(51,555
)
 
16,443
   
(87,628
)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:

                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Undistributed net tax-exempt income*
 
$
18,464,356
 
$
4,615,792
 
$
5,182,169
 
$
10,737,654
 
$
4,630,341
 
$
5,872,755
 
Undistributed net ordinary income**
   
42,577
   
348,481
   
31,662
   
238,358
   
1,629
   
77,406
 
Undistributed net long-term capital gains
   
   
   
   
   
   
 
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2012, paid on November 1, 2012.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
2012
   
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Distributions from net tax-exempt income***
 
$
63,491,216
 
$
42,341,299
 
$
41,941,619
 
$
41,039,903
 
$
28,716,318
 
$
42,554,847
 
Distributions from net ordinary income**
   
   
1,340,750
   
   
269,121
   
133,775
   
1,740
 
Distributions from net long-term capital gains****
   
   
5,842,372
   
   
1,829,772
   
5,328,444
   
1,622,006
 

116
 
Nuveen Investments

 
 

 

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
2011
   
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Distributions from net tax-exempt income
 
$
60,810,670
 
$
44,257,385
 
$
46,042,502
 
$
40,333,683
 
$
29,009,098
 
$
42,015,540
 
Distributions from net ordinary income**
   
498,412
   
391,525
   
   
   
   
 
Distributions from net long-term capital gains
   
5,536,530
   
3,406,265
   
   
   
   
639,625
 
 
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
***
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2012, as Exempt Interest Dividends.
****
The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2012.
 
At October 31, 2012, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
     
Performance
   
Market
 
     
Plus
   
Opportunity
 
     
(NPP
)
 
(NMO
)
Expiration:
             
October 31, 2014
 
$
 
$
1,437,187
 
October 31, 2015
   
   
1,902,879
 
October 31, 2016
   
   
1,398,166
 
October 31, 2019
   
310,323
   
3,031,141
 
Total
 
$
310,323
 
$
7,769,373
 
 
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
 
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
 
Capital losses that will be carried forward under the provisions of the Act are as follows:

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Post-enactment losses:
                                     
Short-term
 
$
 
$
 
$
30,024
 
$
166
 
$
 
$
 
Long-term
   
4,180,055
   
3,854,116
   
26,028,947
   
6,955,125
   
7,945,653
   
468,456
 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components — a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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Notes to
   
Financial Statements (continued)
 
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 October 31, 2012, the complex-level fee rate for these Funds was .1691%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

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8. New Accounting Pronouncements
 
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
 
9. Subsequent Events
 
VMTP Refinancing
In November 2012, Performance Plus (NPP) exchanged all of its outstanding 4,217 Series 2014 VMTP Shares for 4,217 Series 2015 VMTP Shares. Concurrent with this exchange, the Fund issued an additional 1,133 Series 2015 VMTP Shares. The Fund is required to redeem all 5,350 Series 2015 VMTP Shares on December 1, 2015, unless earlier redeemed or repurchased by the Fund. In connection with these transactions, the Fund expensed the remainder of the deferred offering costs associated with the Series 2014 VMTP Shares and recorded new deferred offering costs, which will be amortized over the life of the Series 2015 Shares.

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Annual Investment Management
Agreement Approval Process (Unaudited)
 
The Board of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
 
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

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Nuveen Investments
 
 
 

 
 
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
 
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Board visited with the Sub-Advisor’s municipal team in Minneapolis in September 2011, and with the Sub Advisor’s municipal team in Chicago in November 2011. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012. The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
 
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements.

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
 
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
 
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications,

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administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.
 
In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the closed-end fund product line. These initiatives included completion of the refinancing of auction rate preferred securities; efforts to eliminate product overlap with fund mergers; elimination of the insurance mandate on several funds; ongoing services to manage leverage that has become increasingly complex; continued secondary market offerings, share repurchases and other support initiatives for certain funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: continuing communications concerning the refinancing efforts related to auction rate preferred securities; supporting and promoting munifund term preferred shares (MTP) including by launching a microsite dedicated to MTP shares; sponsoring and participating in conferences; communicating with closed-end fund analysts covering the Nuveen funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
 
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
 
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012. In addition, the Board reviewed each

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
 
The Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.
 
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have under-performed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
 
In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen Municipal Advantage Fund, Inc. (the “Municipal Advantage Fund”) and the Nuveen Dividend Advantage Municipal Fund (the “Dividend Advantage Fund”) had satisfactory performance compared to their peers, performing in the second or third quartile over various periods, while the Nuveen Dividend Advantage Municipal Fund 3 (the “Dividend Advantage Fund 3”) lagged its peers somewhat in the shorter one- and three-year periods, but demonstrated more favorable performance in the longer five-year period, and the Nuveen Performance Plus Municipal Fund, Inc. (the “Performance Plus Fund”) lagged its peers in the three-year period, but demonstrated more favorable performance in the one- and five-year periods. In addition, the Independent Board Members observed that the Nuveen Municipal Market Opportunity Fund, Inc. (the “Municipal Market Fund”) and the Nuveen Dividend Advantage Municipal Fund 2 (the “Dividend Advantage Fund 2”) lagged their peers but outperformed their benchmarks over various periods.

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Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
 
C. Fees, Expenses and Profitability
 
1. Fees and Expenses
 
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
   
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
   
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses (excluding leverage costs and leveraged assets), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
   
 
The Independent Board Members noted that the Municipal Market Fund had higher net management fees and a slightly higher net expense ratio compared to its peer averages. In this regard, the Board noted that the slightly higher net expense ratio of such Fund compared to its peer average was generally due to, among other things, increases in certain workout legal fees. In addition, the Independent Board Members noted that the Municipal Advantage Fund, the Dividend Advantage Fund and the Performance Plus Fund had net management fees slightly higher or higher than their respective peer averages, but a net expense ratio in line with their respective peer averages. Finally, the Independent Board Members noted that the Dividend Advantage Fund 2 and the Dividend Advantage Fund 3 had net management fees in
 
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 

 
line with their respective peer averages and net expense ratios (including fee waivers and expense reimbursements) below their respective peer averages.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2.     Comparisons with the Fees of Other Clients
 
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
   
 
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
   
 
3.     Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis
 
126
 
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and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
   
 
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
   
 
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.

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In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments
 
129

 
 

 
 
Board Members & Officers (Unaudited)

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

 
Name,
Birthdate
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members:
           
                   
ROBERT P. BREMNER
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chairman of
the Board
and Board Member
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
 
 
217
                   
JACK B. EVANS
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
 
217
                   
WILLIAM C. HUNTER
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
217
                   
DAVID J. KUNDERT
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.
 
 
 
217
                   
WILLIAM J. SCHNEIDER
9/24/44
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.
 
 
 
217

130
 
Nuveen Investments
 
 
 

 
 
 
Name,
Birthdate
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members:
           
                   
JUDITH M. STOCKDALE
12/29/47
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
217
                   
CAROLE E. STONE
6/28/47
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
 
 
 
217
                   
VIRGINIA L. STRINGER
8/16/44
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
217
                   
TERENCE J. TOTH
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments(2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board(since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly,Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
217
                   
Interested Board Member:
             
               
JOHN P. AMBOIAN(2)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.
 
 
 
217

Nuveen Investments
 
131
 
 
 

 
 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:
               
                   
GIFFORD R. ZIMMERMAN
9/9/56
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary(since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
 
 
217
                   
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.
 
 
 
117
                   
CEDRIC H. ANTOSIEWICZ
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
117
                   
MARGO L. COOK
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
217
                   
LORNA C. FERGUSON
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).
 
 
 
217
                   
STEPHEN D. FOY
5/31/54
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
 
1998
 
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
 
 
 
217

132
 
Nuveen Investments
 
 
 

 

 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:
               
                   
SCOTT S. GRACE
8/20/70
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer(since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
 
217
                   
WALTER M. KELLY
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.
 
 
 
217
                   
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2002
 
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
 
 
 
217
                   
KEVIN J. MCCARTHY
3/26/66
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
 
 
 
217

Nuveen Investments
 
133
 
 
 

 
 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:
               
                 
KATHLEEN L. PRUDHOMME
3/30/53
901 Marquette Avenue
Minneapolis, MN 55402
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
217

 (1)  For Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), the Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For Performance Plus (NPP), Municipal Advantage (NMA) and Market Opportunity (NMO), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
134
 
Nuveen Investments
 
 
 

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

Nuveen Investments
 
135

 
 

 
 
Reinvest Automatically,
Easily and Conveniently (continued)
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
136
 
Nuveen Investments
 
 
 

 
 
Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the shortterm rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Nuveen Investments
 
137
 
 
 

 
 
Glossary of Terms
Used in this Report (continued)

Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
   
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
   
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

138
 
Nuveen Investments

 
 

 

Additional Fund Information
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisers, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

 
Common Shares
Fund
Repurchased
NPP
NMA
NMO
NAD
NXZ
NZF
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

Nuveen Investments
 
139
 
 
 

 
 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $220 billion as of September 30, 2012.
 
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
EAN-B-1012D
 
 
 

 
 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Dividend Advantage Municipal Fund

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

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

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2012
  $ 21,200     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2011
  $ 18,200     $ 7,750     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
 
financial statements that are not reported under "Audit Fees". These fees include leverage offerings as well as comfort letters for seed and shelf offerings.
 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding
 
tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
 
represent all "Agreed-Upon Procedures" engagements pertaining to preferred stock, commercial paper and registration statements.
 
 
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

Fiscal Year Ended
 
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
   
Billed to Adviser
   
Adviser and
   
Billed to Adviser
 
   
and Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
   
Service Providers
   
Service Providers
   
Service Providers
 
October 31, 2012
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
October 31, 2011
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       

NON-AUDIT SERVICES

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

Fiscal Year Ended
 
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
 
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2012
 $                                0
 $                                      0
 $                                    0
 $                    0
October 31, 2011
 $                                0
 $                                      0
 $                                    0
 $                    0
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were
attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

The Portfolio Manager

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

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
 Thomas Spalding
 Registered Investment Company
15
$8.649 billion
 
 Other Pooled Investment Vehicles
0
$0
 
 Other Accounts
5
$19.4 million
*
Assets are as of October 31, 2012.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

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

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

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

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

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

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of October 31, 2012, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
 
Dollar range of equity securities
beneficially owned in Fund
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen
Asset Management’s municipal
investment team
Thomas Spalding
Nuveen Dividend Advantage Municipal Fund
$0
$500,001-$1,000,000

PORTFOLIO MANAGER BIO:

Thomas Spalding, CFA, is Senior Vice President and Senior Investment Officer of Nuveen Investments. He has direct investment responsibility for the National Long Term funds. He joined Nuveen in 1976 as assistant portfolio manager and has been the portfolio manager of the Nuveen Municipal Value Fund, Nuveen's first closed-end exchange traded fund, since its inception in 1987. Currently, he manages investments for 16 Nuveen-sponsored investment companies.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

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

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

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


 
 

 

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: January 7, 2013

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

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

Date: January 7, 2013
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2013