-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, T4O8D6Zm2sWQYVj/zIHFEsSZ60MxjGVeTqKd4g8YUgFUkb1PBsmQRXPlfj3pMGRw mx40yJ9E0igckTwYBy1Piw== 0000891804-10-003545.txt : 20100708 0000891804-10-003545.hdr.sgml : 20100708 20100708145837 ACCESSION NUMBER: 0000891804-10-003545 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100430 FILED AS OF DATE: 20100708 DATE AS OF CHANGE: 20100708 EFFECTIVENESS DATE: 20100708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MUNICIPAL MARKET OPPORTUNITY FUND INC CENTRAL INDEX KEY: 0000860188 IRS NUMBER: 363689957 STATE OF INCORPORATION: MN FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06040 FILM NUMBER: 10944030 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W WACKER CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 nmo.txt NMO 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 811-06040 --------------------- Nuveen Municipal Market Opportunity Fund, Inc. - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: October 31 ------------------ Date of reporting period: April 30, 2010 ------------------ 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. [LOGO] NUVEEN INVESTMENTS Closed-End Funds - -------------------------------------------------------------------------------- Nuveen Investments Municipal Closed-End Funds IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Semi-Annual Report April 30, 2010 - -------------------------------------------------------------------------------- - ------------------- ------------------ -------------------- ---------------- NUVEEN PERFORMANCE NUVEEN MUNICIPAL NUVEEN MUNICIPAL NUVEEN DIVIDEND PLUS MUNICIPAL ADVANTAGE MARKET OPPORTUNITY ADVANTAGE FUND, INC. FUND, INC. FUND, INC. MUNICIPAL FUND NPP NMA NMO NAD - ------------------- ------------------ NUVEEN DIVIDEND NUVEEN DIVIDEND ADVANTAGE ADVANTAGE MUNICIPAL FUND 2 MUNICIPAL FUND 3 NXZ NZF
(APRIL 10) LIFE IS COMPLEX. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. [LOGO] NUVEEN INVESTMENTS Chairman's Letter to Shareholders [PHOTO OF ROBERT P. BREMNER] DEAR SHAREHOLDER, The economic environment in which your Fund operates reflects continuing but uneven economic recovery. The U.S. and other major industrial countries are experiencing steady but comparatively low levels of economic growth, while emerging market countries are seeing a resumption of relatively strong economic expansion. The potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion to deal with the recent financial and economic crisis is injecting uncertainty into global financial markets. The implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them. In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment. Please consult the Nuveen web site for the most recent information on your Nuveen Funds at: www.nuveen.com. On behalf of the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Robert P. Bremner Robert P. Bremner Chairman of the Board June 21, 2010 Nuveen Investments 1 Portfolio Managers' Comments Nuveen Performance Plus Municipal Fund, Inc. (NPP) Nuveen Municipal Advantage Fund, Inc. (NMA) Nuveen Municipal Market Opportunity Fund, Inc. (NMO) Nuveen Dividend Advantage Municipal Fund (NAD) Nuveen Dividend Advantage Municipal Fund 2 (NXZ) Nuveen Dividend Advantage Municipal Fund 3 (NZF) PORTFOLIO MANAGERS TOM SPALDING AND PAUL BRENNAN REVIEW KEY INVESTMENT STRATEGIES AND THE SIX-MONTH PERFORMANCE OF THESE SIX NATIONAL FUNDS. A 33-YEAR VETERAN OF NUVEEN, TOM HAS MANAGED NXZ SINCE ITS INCEPTION IN 2001 AND NPP, NMA, NMO AND NAD SINCE 2003. WITH 20 YEARS OF INDUSTRY EXPERIENCE, INCLUDING TWELVE YEARS AT NUVEEN, PAUL ASSUMED PORTFOLIO MANAGEMENT RESPONSIBILITY FOR NZF IN 2006. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED APRIL 30, 2010? Municipal market conditions began to show general signs of improvement throughout most of the period. This trend was bolstered by the reduced issuance of tax-exempt municipal debt in the marketplace, due in part to the introduction of the Build America Bond program in April 2009. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds currently offer municipal issuers a federal subsidy equal to 35% of the bonds' interest payments and therefore provide issuers with an attractive alternative to traditional tax-exempt debt. For the six-month period ended April 30, 2010, taxable Build America Bond issuance totaled $48.9 billion, accounting for almost 24% of new bonds in the municipal marketplace nationwide. Despite the constrained issuance of tax-exempt municipal bonds, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform relatively well over the long term. Areas of the market where we found value during this period included essential services bonds such as general obligation (GO) and other tax-supported credits, health care, education, transportation (specifically tollroads and airports) and water and sewer. Some of the areas of investment opportunity that we discovered during this period were created by the parameters of the Build America Bond program. For example, tax-exempt supply was usually more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally do not qualify for the Build America Bond program and must continue to issue bonds in the tax-exempt municipal market. In addition, health care entities were active 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. 2 Nuveen Investments issuers during this period, as they sought to replace variable rate issuance with fixed rates. Refunding issues also are not covered by the Build America Bond program, and this resulted in attractive opportunities in sectors such as airports and tollroads. The impact of the Build America Bond program was also evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of 30 years or more. Even though this significantly reduced the availability of tax-exempt credits with longer maturities, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds. These bonds helped us to extend the durations of Funds such as NXZ and NZF that were slightly short of our target duration range and also rewarded investors as the yield curve remained steep. In Funds with longer durations, we tended to focus more on intermediate maturity bonds with higher coupons. Cash for new purchases during this period was generated primarily by the proceeds from bond calls and redemptions. NZF also trimmed holdings of pre-refunded bonds through selling and redemptions. In general, selling was very limited during this period because the bonds in our portfolios offered higher yields than those available in the current marketplace. As of April 30, 2010, all six of these Funds continued to use inverse floating rate securities.(1) We employ inverse floaters for a variety of reasons, including leverage, duration management and both income and total return enhancement. HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table. AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED 4/30/10
6-MONTH 1-YEAR 5-YEAR 10-YEAR - ----------------------------------------------------------------------------------------------- NPP 6.04% 16.83% 4.38% 6.81% NMA 6.29% 19.14% 4.02% 6.83% NMO 6.31% 17.64% 3.73% 6.09% NAD 6.31% 20.93% 4.31% 7.45% NXZ 6.06% 18.32% 4.82% N/A NZF 5.87% 18.23% 4.72% N/A Standard & Poor's (S&P) National Municipal Bond Index(2) 3.85% 10.04% 4.35% 5.73% Lipper General Leveraged Municipal Debt Funds Average(3) 6.90% 22.67% 3.84% 6.38% - -----------------------------------------------------------------------------------------------
For the six months ended April 30, 2010, the cumulative returns on common share net asset value (NAV) for all six of these Funds exceeded the return for the Standard & Poor's (S&P) National Municipal Bond Index. For the same period, the Funds lagged the average return for the Lipper General Leveraged Municipal Debt Funds Average. * Six-month returns are cumulative; returns for one-year, five-year, and ten-year are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. (1) An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (3) The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 54 funds; 1-year, 54 funds; 5-year, 52 funds; and 10-year, 38 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment. Nuveen Investments 3 Key management factors that influenced the Funds' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. In addition, the use of leverage was an important positive factor affecting the Funds' performances over this period. The impact of leverage is discussed in more detail on page five. During this period, bonds with longer maturities generally outperformed credits with shorter maturities, with bonds at the longest end of the yield curve posting the strongest returns. The outperformance of longer bonds was due in part to the decline in interest rates, particularly at the longer end of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up the prices of these bonds. Overall, duration and yield curve positioning were positive for the performances of all six of these Funds during this period. Credit exposure also played a role in performance of these funds. The demand for municipal bonds increased during the period driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for additional risk. At the same time, the supply of issuance of new tax-exempt municipal securities declined. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. In this environment, the Funds' performances benefited from their allocations to lower quality credits. This was especially true in NMA, which had the heaviest weightings of bonds rated BBB or lower and non-rated bonds among these six Funds. Holdings that generally contributed positively to the Fund's performance during this period included industrial development revenue, health care and housing bonds. Revenue bonds as a whole performed well, with transportation, leasing and special tax among the sectors outperforming the general municipal market for this period. Zero coupon bonds also were among the strongest performers, as were lower-rated tobacco bonds backed by the 1998 master tobacco settlement agreement. Pre-refunded bonds, which are often backed by U.S. Treasury securities, performed relatively poorly during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2010, NXZ and NZF had the largest exposures to pre-refunded bonds, while NAD had the smallest allocation. On the whole, general obligation (GO) bonds lagged the overall municipal market by a small margin, while water and sewer, education, electric utilities, and resource recovery bonds trailed the other revenue sectors for the six months. 4 Nuveen Investments IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE One important factor impacting the returns of most of these Funds relative to the comparative index was the Funds' use of financial 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 bond prices generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period. RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE Shortly after their inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have "failed to clear," and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multi-generational lows, those maximum rates also have been low. One continuing implication for common shareholders from the auction failures is that each Fund's cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund's common share earnings likely have been incrementally lower at times than they otherwise might have been. Nuveen Investments 5 As noted in past shareholder reports, the Nuveen funds' Board of Directors/Trustees authorized several methods to refinance a portion of the Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund's portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred Shares (VRDP), but these issuances have been limited since it has been difficult to find liquidity providers on economically viable terms given the constrained credit environment. Some funds have issued MuniFund Term Preferred Shares (MTP), a fixed rate form of preferred stock with a mandatory redemption period of five years. While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the Funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed. On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NAD, NXZ and NZF, received a demand letter from a law firm on behalf of each fund's common shareholders, alleging that Nuveen and the fund's officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the fund's ARPS. The funds' independent Board is evaluating the demand letter for each fund. As of April 30, 2010, the amounts of ARPS redeemed at par by the following Funds are as shown in the accompanying table. AUCTION RATE % OF ORIGINAL PREFERRED SHARES AUCTION RATE FUND REDEEMED PREFERRED SHARES - -------------------------------------------------------------------------------- NPP $ 59,100,000 12.3% NMA $ 358,000,000 100.0% NMO $ 380,000,000 100.0% NAD $ 174,925,000 59.3% NXZ $ 222,000,000 100.0% NZF $ 75,050,000 24.1% - -------------------------------------------------------------------------------- As of April 30, 2010, NAD had issued and outstanding $144.3 million of MTP, and NMA, NMO and NXZ had issued and outstanding $296.8, $350.9 and $196.0 million of VRDP, respectively. (Refer to Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies and Footnote 4 - Fund Shares for further details on MTP and VRDP.) During this six-month reporting period, NZF filed with the Securities and Exchange Commission (SEC) a registration statement seeking to register MTP. This registration statement, declared effective by the SEC, enables the Fund to issue to the public shares of MTP to refinance all or a portion of its outstanding ARPS. The issuance of MTP by the Fund is subject to market conditions. There is no assurance that these MTP shares will be issued. 6 Nuveen Investments As of April 30, 2010, 83 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS redemptions to approximately $4.4 billion of the approximately $11.0 billion originally outstanding. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps. Nuveen Investments 7 Common Share Dividend and Share Price Information During the six-month reporting period ended April 30, 2010, all six of the Funds in this report each had one monthly dividend increase. Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions at the end of December 2009 as follows: SHORT-TERM CAPITAL GAINS LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME FUND (PER SHARE) (PER SHARE) - -------------------------------------------------------------------------------- NPP $0.0136 $0.0004 NMA $0.0654 $0.0014 NXZ - $0.0139 NZF $0.0449 $0.0196 - -------------------------------------------------------------------------------- All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2010, all six Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION Since the inception of the Funds' repurchase program, the Funds have not repurchased any of their outstanding common shares. 8 Nuveen Investments As of April 30, 2010, the Funds' common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table. 4/30/10 SIX-MONTH AVERAGE FUND (+) PREMIUM/(-) DISCOUNT (-) DISCOUNT - -------------------------------------------------------------------------------- NPP -4.29% -4.51% NMA -0.56% -0.07% NMO 0.00% -0.37% NAD -1.47% -3.43% NXZ -1.82% -2.01% NZF -2.62% -3.71% - -------------------------------------------------------------------------------- Nuveen Investments 9 NPP Performance OVERVIEW | Nuveen Performance Plus Municipal Fund, Inc. | as of April 30, 2010 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 14.28 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.92 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.29% - -------------------------------------------------------------------------------- Market Yield 6.39% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.88% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $893,854 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.76 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 9.91 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/22/89) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 9.49% 6.04% - -------------------------------------------------------------------------------- 1-Year 22.58% 16.83% - -------------------------------------------------------------------------------- 5-Year 6.04% 4.38% - -------------------------------------------------------------------------------- 10-Year 8.38% 6.81% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- Illinois 16.8% - -------------------------------------------------------------------------------- California 10.7% - -------------------------------------------------------------------------------- Colorado 5.5% - -------------------------------------------------------------------------------- Florida 5.4% - -------------------------------------------------------------------------------- New Jersey 5.0% - -------------------------------------------------------------------------------- Texas 4.6% - -------------------------------------------------------------------------------- Massachusetts 4.1% - -------------------------------------------------------------------------------- Ohio 3.9% - -------------------------------------------------------------------------------- Indiana 3.7% - -------------------------------------------------------------------------------- Nevada 3.6% - -------------------------------------------------------------------------------- Washington 3.3% - -------------------------------------------------------------------------------- New York 3.1% - -------------------------------------------------------------------------------- Michigan 3.0% - -------------------------------------------------------------------------------- Louisiana 2.2% - -------------------------------------------------------------------------------- Utah 2.1% - -------------------------------------------------------------------------------- Minnesota 1.9% - -------------------------------------------------------------------------------- South Carolina 1.8% - -------------------------------------------------------------------------------- Iowa 1.6% - -------------------------------------------------------------------------------- Wisconsin 1.5% - -------------------------------------------------------------------------------- Pennsylvania 1.5% - -------------------------------------------------------------------------------- Other 14.7% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 19.2% - -------------------------------------------------------------------------------- Tax Obligation/Limited 16.9% - -------------------------------------------------------------------------------- Transportation 15.0% - -------------------------------------------------------------------------------- Tax Obligation/General 12.8% - -------------------------------------------------------------------------------- Health Care 11.4% - -------------------------------------------------------------------------------- Utilities 8.6% - -------------------------------------------------------------------------------- Consumer Staples 6.5% - -------------------------------------------------------------------------------- Other 9.6% - -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 42% AA 18% A 25% BBB 12% BB or Lower 1% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] May $ 0.0680 Jun 0.0680 Jul 0.0680 Aug 0.0680 Sep 0.0720 Oct 0.0720 Nov 0.0720 Dec 0.0136 Dec 0.0004 Dec 0.0760 Jan 0.0760 Feb 0.0760 Mar 0.0760 Apr 0.0760 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE GRAPH] 5/01/09 $ 12.52 12.88 12.84 12.84 12.82 12.78 12.35 12.32 12.70 12.80 12.95 12.99 13.06 13.07 13.22 13.12 13.28 13.38 13.67 13.90 14.02 14.14 14.30 14.02 13.48 13.70 13.48 13.68 13.58 13.63 13.63 13.93 13.95 13.76 13.92 14.06 14.05 14.05 14.09 14.12 14.23 14.26 14.02 14.19 14.26 14.23 14.35 14.33 14.25 14.25 14.22 14.29 4/30/10 14.28 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gain and net ordinary income distribution in December 2009 of $0.014 per share. (3) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 10 Nuveen Investments NMA Performance OVERVIEW | Nuveen Municipal Advantage Fund, Inc. | as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 26% AA 29% A 22% BBB 18% BB or Lower 4% N/R 1% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] May $ 0.0715 Jun 0.0715 Jul 0.0715 Aug 0.0715 Sep 0.0760 Oct 0.0760 Nov 0.0760 Dec 0.0654 Dec 0.0014 Dec 0.0810 Jan 0.0810 Feb 0.0810 Mar 0.0810 Apr 0.0810 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE GRAPH] 5/01/09 $ 12.32 12.62 12.80 12.91 12.79 12.95 12.69 12.80 12.64 12.79 13.00 13.18 13.21 13.38 12.89 12.83 13.17 13.24 13.67 13.81 14.23 14.24 14.37 14.30 13.53 13.80 13.41 13.59 13.29 13.38 13.84 14.10 14.04 13.96 13.98 14.25 14.25 14.29 14.35 14.26 14.35 14.26 14.20 14.23 14.37 14.33 14.29 14.37 14.54 14.38 14.34 14.48 4/30/10 14.32 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gain and net ordinary income distribution in December 2009 of $0.0668 per share. (3) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 14.32 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.40 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -0.56% - -------------------------------------------------------------------------------- Market Yield 6.79% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 9.43% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $624,075 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 18.33 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.71 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/89) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.99% 6.29% - -------------------------------------------------------------------------------- 1-Year 25.65% 19.14% - -------------------------------------------------------------------------------- 5-Year 5.13% 4.02% - -------------------------------------------------------------------------------- 10-Year 8.50% 6.83% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- California 12.3% - -------------------------------------------------------------------------------- Illinois 10.9% - -------------------------------------------------------------------------------- Texas 9.2% - -------------------------------------------------------------------------------- Louisiana 8.9% - -------------------------------------------------------------------------------- Washington 6.1% - -------------------------------------------------------------------------------- Colorado 5.4% - -------------------------------------------------------------------------------- Puerto Rico 4.3% - -------------------------------------------------------------------------------- Ohio 4.2% - -------------------------------------------------------------------------------- Nevada 4.1% - -------------------------------------------------------------------------------- Florida 2.9% - -------------------------------------------------------------------------------- Tennessee 2.6% - -------------------------------------------------------------------------------- New York 2.5% - -------------------------------------------------------------------------------- New Jersey 2.3% - -------------------------------------------------------------------------------- Indiana 2.2% - -------------------------------------------------------------------------------- South Carolina 2.1% - -------------------------------------------------------------------------------- North Carolina 1.9% - -------------------------------------------------------------------------------- Massachusetts 1.6% - -------------------------------------------------------------------------------- Wisconsin 1.6% - -------------------------------------------------------------------------------- Oklahoma 1.6% - -------------------------------------------------------------------------------- Other 13.3% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Health Care 19.0% - -------------------------------------------------------------------------------- U.S. Guaranteed 16.2% - -------------------------------------------------------------------------------- Utilities 16.1% - -------------------------------------------------------------------------------- Tax Obligation/Limited 13.3% - -------------------------------------------------------------------------------- Tax Obligation/General 9.9% - -------------------------------------------------------------------------------- Transportation 9.9% - -------------------------------------------------------------------------------- Consumer Staples 6.1% - -------------------------------------------------------------------------------- Other 9.5% - -------------------------------------------------------------------------------- Nuveen Investments 11 NMO Performance OVERVIEW | Nuveen Municipal Market Opportunity Fund, Inc. | as of April 30, 2010 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 13.96 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 13.96 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 0.00% - -------------------------------------------------------------------------------- Market Yield 6.88% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 9.56% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $636,756 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.74 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 11.15 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/21/90) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 8.49% 6.31% - -------------------------------------------------------------------------------- 1-Year 27.46% 17.64% - -------------------------------------------------------------------------------- 5-Year 6.19% 3.73% - -------------------------------------------------------------------------------- 10-Year 7.69% 6.09% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- California 10.5% - -------------------------------------------------------------------------------- Washington 9.5% - -------------------------------------------------------------------------------- Illinois 6.8% - -------------------------------------------------------------------------------- Texas 5.8% - -------------------------------------------------------------------------------- Minnesota 5.0% - -------------------------------------------------------------------------------- Ohio 4.6% - -------------------------------------------------------------------------------- Colorado 4.5% - -------------------------------------------------------------------------------- Puerto Rico 4.3% - -------------------------------------------------------------------------------- New Jersey 4.3% - -------------------------------------------------------------------------------- Nevada 4.0% - -------------------------------------------------------------------------------- South Carolina 3.8% - -------------------------------------------------------------------------------- North Carolina 3.7% - -------------------------------------------------------------------------------- Pennsylvania 2.8% - -------------------------------------------------------------------------------- North Dakota 2.8% - -------------------------------------------------------------------------------- Massachusetts 2.7% - -------------------------------------------------------------------------------- New York 2.7% - -------------------------------------------------------------------------------- Georgia 2.6% - -------------------------------------------------------------------------------- Louisiana 2.0% - -------------------------------------------------------------------------------- Indiana 1.7% - -------------------------------------------------------------------------------- Michigan 1.6% - -------------------------------------------------------------------------------- Other 14.3% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 20.8% - -------------------------------------------------------------------------------- Transportation 16.8% - -------------------------------------------------------------------------------- Health Care 13.3% - -------------------------------------------------------------------------------- Tax Obligation/General 13.1% - -------------------------------------------------------------------------------- Tax Obligation/Limited 10.0% - -------------------------------------------------------------------------------- Utilities 8.1% - -------------------------------------------------------------------------------- Consumer Staples 7.0% - -------------------------------------------------------------------------------- Other 10.9% - -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 39% AA 22% A 25% BBB 10% BB or Lower 3% N/R 1% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.06900 Jun 0.06900 Jul 0.06900 Aug 0.06900 Sep 0.07400 Oct 0.07400 Nov 0.07400 Dec 0.08000 Jan 0.08000 Feb 0.08000 Mar 0.08000 Apr 0.08000 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE GRAPH] 5/01/09 $ 11.79 11.97 12.10 12.26 12.22 12.10 11.84 11.84 11.89 11.90 11.99 12.11 12.37 12.56 12.79 12.84 12.82 12.84 13.25 13.30 13.40 13.32 13.54 13.63 12.92 13.38 13.32 13.30 12.97 12.85 13.12 13.51 13.41 13.29 13.44 13.35 13.42 13.63 13.66 13.73 13.98 14.01 13.79 13.96 13.98 14.07 14.08 14.19 14.08 14.05 13.90 14.12 4/30/10 13.96 (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 or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 12 Nuveen Investments NAD Performance OVERVIEW | Nuveen Dividend Advantage Municipal Fund | as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL MUNICIPAL BONDS)(2) [PIE CHART] AAA/U.S. Guaranteed 26% AA 32% A 24% BBB 11% BB or Lower 5% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.07150 Jun 0.07150 Jul 0.07150 Aug 0.07150 Sep 0.07400 Oct 0.07400 Nov 0.07400 Dec 0.07600 Jan 0.07600 Feb 0.07600 Mar 0.07600 Apr 0.07600 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE GRAPH] 5/01/09 $ 11.80 12.11 12.20 12.50 12.50 12.44 12.13 12.28 12.24 12.32 12.50 12.58 12.67 12.64 12.73 12.54 12.75 12.84 13.41 13.63 13.96 13.89 13.94 13.65 13.04 13.19 12.89 13.15 12.82 13.04 13.13 13.19 13.29 13.23 13.39 13.50 13.45 13.48 13.62 13.77 13.77 13.58 13.40 13.70 13.86 13.84 13.94 13.94 14.04 14.01 13.95 14.07 14.09 4/30/10 (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 or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 14.09 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.30 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -1.47% - -------------------------------------------------------------------------------- Market Yield 6.47% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.99% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $561,828 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 17.28 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.87 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/26/99) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 12.97% 6.31% - -------------------------------------------------------------------------------- 1-Year 28.39% 20.93% - -------------------------------------------------------------------------------- 5-Year 5.65% 4.31% - -------------------------------------------------------------------------------- 10-Year 7.96% 7.45% - -------------------------------------------------------------------------------- STATES (as a % of total municipal bonds) - -------------------------------------------------------------------------------- Illinois 20.7% - -------------------------------------------------------------------------------- Washington 7.4% - -------------------------------------------------------------------------------- Florida 7.1% - -------------------------------------------------------------------------------- New York 5.3% - -------------------------------------------------------------------------------- Louisiana 4.7% - -------------------------------------------------------------------------------- New Jersey 4.5% - -------------------------------------------------------------------------------- Texas 4.5% - -------------------------------------------------------------------------------- Pennsylvania 4.5% - -------------------------------------------------------------------------------- Wisconsin 4.4% - -------------------------------------------------------------------------------- California 4.4% - -------------------------------------------------------------------------------- Colorado 3.8% - -------------------------------------------------------------------------------- Nevada 3.5% - -------------------------------------------------------------------------------- Indiana 3.4% - -------------------------------------------------------------------------------- Puerto Rico 3.3% - -------------------------------------------------------------------------------- Michigan 2.7% - -------------------------------------------------------------------------------- Ohio 2.1% - -------------------------------------------------------------------------------- Other 13.7% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- Health Care 20.5% - -------------------------------------------------------------------------------- Tax Obligation/Limited 18.7% - -------------------------------------------------------------------------------- Transportation 15.8% - -------------------------------------------------------------------------------- Tax Obligation/General 15.1% - -------------------------------------------------------------------------------- Consumer Staples 6.1% - -------------------------------------------------------------------------------- U.S. Guaranteed 5.7% - -------------------------------------------------------------------------------- Utilities 5.0% - -------------------------------------------------------------------------------- Investment Companies 0.1% - -------------------------------------------------------------------------------- Other 13.0% - -------------------------------------------------------------------------------- Nuveen Investments 13 NXZ Performance OVERVIEW | Nuveen Dividend Advantage Municipal Fund 2 | as of April 30, 2010 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 14.55 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.82 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -1.82% - -------------------------------------------------------------------------------- Market Yield 6.60% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 9.17% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $436,377 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.81 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.33 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/27/01) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 6.46% 6.06% - -------------------------------------------------------------------------------- 1-Year 21.48% 18.32% - -------------------------------------------------------------------------------- 5-Year 5.36% 4.82% - -------------------------------------------------------------------------------- Since Inception 6.21% 6.87% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- Texas 18.0% - -------------------------------------------------------------------------------- Illinois 9.1% - -------------------------------------------------------------------------------- California 8.4% - -------------------------------------------------------------------------------- Michigan 7.6% - -------------------------------------------------------------------------------- Colorado 6.7% - -------------------------------------------------------------------------------- New York 6.5% - -------------------------------------------------------------------------------- New Mexico 3.8% - -------------------------------------------------------------------------------- Louisiana 3.4% - -------------------------------------------------------------------------------- Minnesota 3.1% - -------------------------------------------------------------------------------- Alabama 3.1% - -------------------------------------------------------------------------------- Florida 2.9% - -------------------------------------------------------------------------------- Washington 2.8% - -------------------------------------------------------------------------------- Kansas 2.7% - -------------------------------------------------------------------------------- Massachusetts 2.5% - -------------------------------------------------------------------------------- Pennsylvania 2.2% - -------------------------------------------------------------------------------- Indiana 2.2% - -------------------------------------------------------------------------------- Oregon 2.1% - -------------------------------------------------------------------------------- Other 12.9% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 31.2% - -------------------------------------------------------------------------------- Tax Obligation/Limited 19.2% - -------------------------------------------------------------------------------- Health Care 13.4% - -------------------------------------------------------------------------------- Transportation 13.2% - -------------------------------------------------------------------------------- Consumer Staples 6.8% - -------------------------------------------------------------------------------- Utilities 4.5% - -------------------------------------------------------------------------------- Other 11.7% - -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 46% AA 10% A 24% BBB 10% BB or Lower 8% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] May $ 0.0730 Jun 0.0730 Jul 0.0730 Aug 0.0730 Sep 0.0780 Oct 0.0780 Nov 0.0780 Dec 0.0139 Dec 0.0800 Jan 0.0800 Feb 0.0800 Mar 0.0800 Apr 0.0800 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE GRAPH] 5/01/09 $ 12.76 12.96 13.08 12.91 12.98 13.15 12.85 12.66 12.67 12.76 12.75 12.86 12.96 13.13 13.13 12.89 13.24 13.43 13.79 14.09 14.25 14.19 14.37 14.30 13.75 14.45 14.14 14.20 13.70 13.67 13.76 14.00 13.91 13.90 13.78 14.38 14.43 14.41 14.50 14.53 14.62 14.66 14.30 14.21 14.44 14.30 14.47 14.50 14.50 14.67 14.50 14.55 4/30/10 14.55 (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 in December 2009 of $0.0139 per share. (3) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 14 Nuveen Investments NZF Performance OVERVIEW | Nuveen Dividend Advantage Municipal Fund 3 | as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL MUNICIPAL BONDS)(3) [PIE CHART] AAA/U.S. Guaranteed 40% AA 21% A 20% BBB 8% BB or Lower 2% N/R 9% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] May $ 0.0735 Jun 0.0735 Jul 0.0735 Aug 0.0735 Sep 0.0745 Oct 0.0745 Nov 0.0745 Dec 0.0449 Dec 0.0196 Dec 0.0780 Jan 0.0780 Feb 0.0780 Mar 0.0780 Apr 0.0780 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE GRAPH] 5/01/09 $ 12.25 12.46 12.50 12.70 12.61 12.66 12.29 12.42 12.52 12.51 12.60 12.67 12.80 13.04 12.99 12.99 13.16 13.44 13.59 13.83 13.86 13.78 13.97 13.74 13.26 13.54 13.38 13.51 13.09 13.17 13.33 13.48 13.39 13.33 13.40 13.45 13.67 13.63 13.70 13.96 14.14 14.16 13.99 14.02 14.07 13.91 14.04 14.01 14.07 14.15 14.02 14.20 4/30/10 14.10 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gain and net ordinary income distribution in December 2009 of $0.0645 per share. (3) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 14.10 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.48 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -2.62% - -------------------------------------------------------------------------------- Market Yield 6.64% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 9.22% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $584,560 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.79 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.97 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 9/25/01) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 9.47% 5.87% - -------------------------------------------------------------------------------- 1-Year 24.87% 18.23% - -------------------------------------------------------------------------------- 5-Year 6.17% 4.72% - -------------------------------------------------------------------------------- Since Inception 5.81% 6.40% - -------------------------------------------------------------------------------- STATES (as a % of total municipal bonds) - -------------------------------------------------------------------------------- Texas 14.1% - -------------------------------------------------------------------------------- Washington 10.5% - -------------------------------------------------------------------------------- Illinois 9.7% - -------------------------------------------------------------------------------- California 8.7% - -------------------------------------------------------------------------------- Michigan 6.3% - -------------------------------------------------------------------------------- Colorado 4.3% - -------------------------------------------------------------------------------- Iowa 4.0% - -------------------------------------------------------------------------------- Indiana 3.9% - -------------------------------------------------------------------------------- New Jersey 3.0% - -------------------------------------------------------------------------------- New York 3.0% - -------------------------------------------------------------------------------- Wisconsin 2.9% - -------------------------------------------------------------------------------- Louisiana 2.9% - -------------------------------------------------------------------------------- Kentucky 2.3% - -------------------------------------------------------------------------------- Missouri 2.0% - -------------------------------------------------------------------------------- Massachusetts 1.9% - -------------------------------------------------------------------------------- Nevada 1.8% - -------------------------------------------------------------------------------- Maryland 1.7% - -------------------------------------------------------------------------------- Oregon 1.7% - -------------------------------------------------------------------------------- Georgia 1.5% - -------------------------------------------------------------------------------- Other 13.8% - -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 23.4% - -------------------------------------------------------------------------------- Transportation 17.5% - -------------------------------------------------------------------------------- Tax Obligation/Limited 16.6% - -------------------------------------------------------------------------------- Health Care 15.3% - -------------------------------------------------------------------------------- Utilities 5.3% - -------------------------------------------------------------------------------- Water and Sewer 4.5% - -------------------------------------------------------------------------------- Consumer Staples 4.0% - -------------------------------------------------------------------------------- Investment Companies 0.4% - -------------------------------------------------------------------------------- Other 13.0% - -------------------------------------------------------------------------------- Nuveen Investments 15 NPP | Nuveen Performance Plus Municipal Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 0.1% (0.1% OF TOTAL INVESTMENTS) Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A: $ 1,435 5.625%, 2/01/22 - FGIC Insured 7/10 at 100.00 Caa3 $ 524,980 1,505 5.375%, 2/01/27 - FGIC Insured 7/10 at 100.00 Caa3 546,149 - ------------------------------------------------------------------------------------------------------------------------------------ 2,940 Total Alabama 1,071,129 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.2% (0.1% OF TOTAL INVESTMENTS) 2,465 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 1,657,047 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 1.3% (0.9% OF TOTAL INVESTMENTS) 1,000 Arizona State Transportation Board, Highway Revenue Bonds, 7/12 at 100.00 AAA 1,096,300 Series 2002B, 5.250%, 7/01/22 (Pre-refunded 7/01/12) Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 2002B: 5,365 5.750%, 7/01/15 - FGIC Insured (Alternative Minimum Tax) 7/12 at 100.00 AA- 5,647,628 5,055 5.750%, 7/01/16 - FGIC Insured (Alternative Minimum Tax) 7/12 at 100.00 AA- 5,273,679 - ------------------------------------------------------------------------------------------------------------------------------------ 11,420 Total Arizona 12,017,607 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 0.5% (0.4% OF TOTAL INVESTMENTS) 5,080 Independence County, Arkansas, Hydroelectric Power Revenue 5/13 at 100.00 N/R 3,783,736 Bonds, Series 2003, 5.350%, 5/01/28 - ACA Insured 1,000 Washington County, Arkansas, Hospital Revenue Bonds, Washington 2/15 at 100.00 Baa1 958,820 Regional Medical Center, Series 2005A, 5.000%, 2/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 6,080 Total Arkansas 4,742,556 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 15.8% (10.7% OF TOTAL INVESTMENTS) 3,500 Alameda Corridor Transportation Authority, California, 10/17 at 100.00 A- 2,809,905 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 - AMBAC Insured 11,000 Anaheim Public Finance Authority, California, Subordinate Lease No Opt. Call AAA 6,587,130 Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 - AGM Insured California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 4,000 6.000%, 5/01/15 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 4,459,040 3,175 5.375%, 5/01/22 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 3,499,993 3,365 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 3,271,049 Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33 California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006: 5,000 5.000%, 4/01/37 4/16 at 100.00 A+ 4,799,800 7,000 5.250%, 4/01/39 4/16 at 100.00 A+ 6,968,710 2,380 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 2,319,167 Bonds, J. David Gladstone Institutes, Series 2001, 5.250%, 10/01/34 3,500 California Pollution Control Financing Authority, Revenue Bonds, 6/17 at 100.00 A3 3,431,890 Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 - FGIC Insured (Alternative Minimum Tax) 5,000 California, General Obligation Bonds, Series 2005, 5.000%, 3/16 at 100.00 A1 5,017,250 3/01/31 6,435 California, General Obligation Refunding Bonds, Series 2002, No Opt. Call A1 7,481,524 6.000%, 4/01/16 - AMBAC Insured 16,000 California, Various Purpose General Obligation Bonds, Series 6/17 at 100.00 A1 15,881,920 2007, 5.000%, 6/01/37 5,000 Coast Community College District, Orange County, California, 8/18 at 100.00 AAA 4,047,700 General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 - AGM Insured 10,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 11,675,700 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 1,500 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 1,047,585 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 10,000 Golden State Tobacco Securitization Corporation, California, 6/22 at 100.00 BBB 6,529,000 Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
16 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 5,500 Los Angeles Department of Water and Power, California, 7/12 at 100.00 AA $ 5,565,065 Waterworks Revenue Bonds, Series 2003A, 5.125%, 7/01/40 - FGIC Insured 3,300 M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup No Opt. Call A 3,664,749 Prepay Contracts, Series 2009B, 6.500%, 11/01/39 1,000 Mt. Diablo Hospital District, California, Insured Hospital 6/10 at 100.00 N/R (4) 1,116,330 Revenue Bonds, Series 1993A, 5.125%, 12/01/23 - AMBAC Insured (ETM) 13,450 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call A 15,245,844 County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%, 8/01/17 - NPFG Insured 2,325 Palmdale Community Redevelopment Agency, California, No Opt. Call AAA 3,062,746 Restructured Single Family Mortgage Revenue Bonds, Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax) (ETM) 1,830 San Diego Public Facilities Financing Authority, California, 8/19 at 100.00 Aa2 2,384,234 Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.460%, 8/01/39 (IF) 2,000 San Francisco Airports Commission, California, Revenue Refunding 5/11 at 100.00 A1 2,015,440 Bonds, San Francisco International Airport, Second Series 2001, Issue 27B, 5.125%, 5/01/26 - FGIC Insured 3,000 San Joaquin Hills Transportation Corridor Agency, Orange County, No Opt. Call A 422,760 California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - NPFG Insured 2,885 Tobacco Securitization Authority of Northern California, Tobacco 6/15 at 100.00 BBB 2,692,542 Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 13,780 Walnut Valley Unified School District, Los Angeles County, 8/11 at 103.00 AA- 15,277,748 California, General Obligation Refunding Bonds, Series 1997A, 7.200%, 2/01/16 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 145,925 Total California 141,274,821 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 8.1% (5.5% OF TOTAL INVESTMENTS) 5,240 Adams 12 Five Star Schools, Adams County, Colorado, General 12/15 at 100.00 AAA 5,650,711 Obligation Bonds, Series 2005, 5.000%, 12/15/24 - AGM Insured 3,000 Colorado Educational and Cultural Facilities Authority, Charter 8/14 at 100.00 A 2,979,390 School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 - SYNCORA GTY Insured 7,660 Colorado Health Facilities Authority, Revenue Refunding and 7/10 at 100.00 A2 7,665,285 Improvement Bonds, Boulder Community Hospital, Series 1994B, 5.875%, 10/01/23 - NPFG Insured 5,860 Colorado Health Facilities Authority, Revenue Refunding Bonds, 9/11 at 100.00 AA (4) 6,219,101 Catholic Health Initiatives, Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11) 4,500 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 4,753,845 Refunding Bonds, Series 2001A, 5.500%, 11/15/16 - FGIC Insured (Alternative Minimum Tax) 20,000 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 22,423,600 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY Insured 12,855 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, No Opt. Call A 6,553,093 Series 1997B, 0.000%, 9/01/21 - NPFG Insured E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 16,200 0.000%, 9/01/32 - NPFG Insured No Opt. Call A 3,709,314 33,120 0.000%, 9/01/33 - NPFG Insured No Opt. Call A 7,083,043 18,500 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 3,254,705 Series 2004A, 0.000%, 3/01/36 - NPFG Insured 755 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 873,588 Obligation Bonds, Series 2004, 5.000%,12/15/22 - AGM Insured (UB) 1,330 University of Colorado Hospital Authority, Revenue Bonds, Series 5/10 at 101.00 A3 1,270,868 1999A, 5.000%, 11/15/29 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 129,020 Total Colorado 72,436,543 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 1.1% (0.7% OF TOTAL INVESTMENTS) 4,870 District of Columbia Tobacco Settlement Corporation, Tobacco 5/11 at 101.00 BBB 4,897,516 Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24 5,000 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 A1 4,797,800 Senior Lien Dedicated Tax Revenue Bonds, Series 2007A, 4.500%, 10/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 9,870 Total District of Columbia 9,695,316 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 17 NPP | Nuveen Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 8.0% (5.4% OF TOTAL INVESTMENTS) $ 1,700 Beacon Tradeport Community Development District, Miami-Dade 5/12 at 102.00 N/R $ 1,614,728 County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 - RAAI Insured Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Venice Homes Apartments, Series 2001A: 1,545 5.700%, 1/01/32 - AGM Insured (Alternative Minimum Tax) 7/11 at 100.00 AAA 1,552,138 1,805 5.800%, 1/01/36 - AGM Insured (Alternative Minimum Tax) 7/11 at 100.00 AAA 1,813,935 5,300 Escambia County Health Facilities Authority, Florida, Revenue No Opt. Call Aa1 5,997,427 Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14 2,020 Florida Housing Finance Corporation, Homeowner Mortgage Revenue 7/10 at 100.00 AAA 2,021,919 Bonds, Series 2000-11, 5.850%, 1/01/22 - AGM Insured (Alternative Minimum Tax) 4,990 Florida Housing Finance Corporation, Homeowner Mortgage Revenue 1/16 at 100.00 AA+ 4,999,431 Bonds, Series 2006-2, 4.950%, 7/01/37 (Alternative Minimum Tax) 10,050 Florida State Board of Education, Full Faith and Credit Public 6/10 at 101.00 AAA 10,197,836 Education Capital Outlay Refunding Bonds, Series 2000D, 5.750%, 6/01/22 7,000 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/13 at 100.00 Aa3 7,304,570 Tampa International Airport, Series 2003A, 5.250%, 10/01/17 - NPFG Insured (Alternative Minimum Tax) 10,000 JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 4/15 at 100.00 AAA 10,187,200 5.000%, 10/01/41 - AGM Insured (UB) 10,750 Martin County Industrial Development Authority, Florida, 6/10 at 100.00 BB+ 10,748,495 Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 2,570 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 2,589,712 Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.850%, 1/01/37 - AGM Insured (Alternative Minimum Tax) 3,500 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/15 at 100.00 A2 3,258,220 International Airport, Series 2005A, 5.000%, 10/01/37 - SYNCORA GTY Insured (Alternative Minimum Tax) 5,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/20 at 100.00 A2 5,073,500 International Airport, Series 2010A-1, 5.375%, 10/01/41 4,500 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 4,018,815 Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 70,730 Total Florida 71,377,926 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.8% (0.6% OF TOTAL INVESTMENTS) 5,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series No Opt. Call A1 5,458,100 1999A, 5.500%, 11/01/22 - FGIC Insured 2,000 George L. Smith II World Congress Center Authority, Atlanta, 7/10 at 101.00 A 2,023,720 Georgia, Revenue Refunding Bonds, Domed Stadium Project, Series 2000, 5.500%, 7/01/20 - NPFG Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,000 Total Georgia 7,481,820 - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO - 0.1% (0.0% OF TOTAL INVESTMENTS) 290 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aa3 295,748 Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax) 275 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aa2 282,871 Bonds, Series 2000G-2, 5.950%, 7/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 565 Total Idaho 578,619 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 24.9% (16.8% OF TOTAL INVESTMENTS) 10,000 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 6,580,800 Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 - FGIC Insured 10,000 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 6,220,000 Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 - FGIC Insured Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 32,170 0.000%, 1/01/21 - FGIC Insured No Opt. Call Aa2 19,802,244 32,670 0.000%, 1/01/22 - FGIC Insured No Opt. Call Aa2 18,846,996 9,240 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 7/10 at 100.00 A 9,245,452 5.500%, 1/01/29 - NPFG Insured
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 1,665 Chicago, Illinois, Third Lien General Airport Revenue 1/16 at 100.00 A1 $ 1,669,779 Bonds, O'Hare International Airport, Series 2005A, 5.000%, 1/01/33 - FGIC Insured DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000: 8,000 0.000%, 11/01/18 No Opt. Call AAA 6,011,120 15,285 0.000%, 11/01/19 No Opt. Call AAA 10,915,171 1,500 Illinois Finance Authority, Revenue Bonds, Central DuPage 11/19 at 100.00 AA 1,564,245 Health, Series 2009B, 5.500%, 11/01/39 2,000 Illinois Finance Authority, Revenue Bonds, Children's 8/18 at 100.00 AAA 2,012,120 Memorial Hospital, Series 2008A, 5.250%, 8/15/47 - AGC Insured (UB) 5,245 Illinois Finance Authority, Revenue Bonds, Loyola 7/17 at 100.00 Aa1 5,529,751 University of Chicago, Tender Option Bond Trust 1137, 9.186%, 7/01/46 (IF) 3,000 Illinois Finance Authority, Revenue Bonds, Memoirial Health No Opt. Call A+ 3,004,050 System, Series 2009, 5.500%, 4/01/34 1,000 Illinois Finance Authority, Revenue Bonds, University of 7/14 at 100.00 Aa1 1,023,720 Chicago, Series 2004A, 5.000%, 7/01/34 2,000 Illinois Finance Authority, Revenue Refunding Bonds, Silver 8/18 at 100.00 BBB 2,045,640 Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23 4,590 Illinois Health Facilities Authority, FHA-Insured Mortgage 8/13 at 100.00 AAA 4,596,518 Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37 1,180 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/12 at 100.00 AA+ 1,202,019 Forest Hospital, Series 2002A, 5.750%, 7/01/29 3,610 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/13 at 100.00 AA+ 3,716,423 Forest Hospital, Series 2003, 6.000%, 7/01/33 4,580 Illinois Health Facilities Authority, Revenue Bonds, 8/10 at 102.00 Aaa 4,687,767 Midwest Care Center IX Inc., Series 2000, 6.250%, 8/20/35 2,225 Illinois Health Facilities Authority, Revenue Bonds, Silver 8/10 at 100.50 BBB 2,250,031 Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15 (Mandatory put 8/15/11) 7,250 Kane, Kendall, LaSalle, and Will Counties, Illinois, 12/13 at 57.71 AA+ 3,490,948 Community College District 516, General Obligation Bonds, Series 2005E, 0.000%, 12/15/24 - FGIC Insured 6,000 McHenry County Conservation District, Illinois, General 2/11 at 100.00 Aaa 6,240,060 Obligation Bonds, Series 2001A, 5.625%, 2/01/21 (Pre-refunded 2/01/11) - FGIC Insured 5,000 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 5,068,650 Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 - NPFG Insured 10,650 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 14,293,685 Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) 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 A1 6,433,548 16,570 0.000%, 12/15/20 - NPFG Insured No Opt. Call A1 10,022,862 23,550 0.000%, 12/15/22 - NPFG Insured No Opt. Call A1 12,563,925 13,000 0.000%, 12/15/24 - NPFG Insured No Opt. Call A1 6,057,740 5,100 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 5,757,951 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 - FGIC Insured 5,180 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call A1 (4) 6,161,351 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 - FGIC Insured (ETM) 3,000 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 3,230,550 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.750%, 6/15/23 - NPFG Insured 17,865 Regional Transportation Authority, Cook, DuPage, Kane, No Opt. Call AAA 20,509,556 Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 - AGM Insured 6,090 Sherman, Illinois, GNMA Mortgage Revenue Refunding Bonds, 10/10 at 101.00 AAA 6,219,291 Villa Vianney, Series 1999A, 6.450%, 10/01/29 10,000 Will County Community High School District 210 Lincoln-Way, No Opt. Call Aa2 5,537,500 Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 288,615 Total Illinois 222,511,463 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 19 NPP | Nuveen Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 5.4% (3.7% OF TOTAL INVESTMENTS) $ 2,465 Danville Multi-School Building Corporation, Indiana, First 7/11 at 100.00 A $ 2,570,058 Mortgage Refunding Bonds, Series 2001, 5.250%, 7/15/18 - AMBAC Insured 3,000 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 2,671,590 Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 14,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/10 at 101.50 A+ (4) 14,420,280 Bonds, Clarian Health Obligated Group, Series 2000A, 5.500%, 2/15/30 (Pre-refunded 8/15/10) - NPFG Insured 750 Indiana Health Facility Financing Authority, Hospital Revenue 2/16 at 100.00 A+ 758,588 Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23 2,210 Indiana Health Facility Financing Authority, Hospital Revenue No Opt. Call AAA 2,508,328 Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 - AGM Insured 4,320 Indiana Health Facility Financing Authority, Revenue Bonds, 7/10 at 100.00 A (4) 4,337,064 Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 - NPFG Insured (ETM) 3,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 2,942,010 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 2,000 Indiana Health Facility Financing Authority, Revenue Bonds, 5/15 at 100.00 A 1,880,500 Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 - AMBAC Insured Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2000: 1,285 5.375%, 12/01/25 (Pre-refunded 12/01/10) 12/10 at 100.00 AA+ (4) 1,323,589 6,715 5.375%, 12/01/25 (Pre-refunded 12/01/10) 12/10 at 100.00 AA+ (4) 6,916,651 3,105 Indiana University, Student Fee Revenue Bonds, Series 2003O, 8/13 at 100.00 Aa1 3,415,283 5.250%, 8/01/20 - FGIC Insured 1,000 Marion County Convention and Recreational Facilities 6/11 at 100.00 A 1,008,360 Authority, Indiana, Excise Taxes Lease Rental Revenue Refunding Senior Bonds, Series 2001A, 5.000%, 6/01/21 - NPFG Insured 2,395 Shelbyville Central Renovation School Building Corporation, 7/15 at 100.00 AA+ 2,424,363 Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/26 - NPFG Insured 1,800 Sunman Dearborn High School Building Corporation, Indiana, 1/15 at 100.00 AA+ 1,890,630 First Mortgage Bonds, Series 2005, 5.000%, 7/15/25 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 48,045 Total Indiana 49,067,294 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 2.4% (1.6% OF TOTAL INVESTMENTS) 1,500 Iowa Finance Authority, Health Facility Revenue Bonds, Care 7/16 at 100.00 BB+ 1,279,635 Initiatives Project, Series 2006A, 5.500%, 7/01/21 Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 5,000 5.375%, 6/01/38 6/15 at 100.00 BBB 3,716,000 4,365 5.500%, 6/01/42 6/15 at 100.00 BBB 3,223,945 5,400 5.625%, 6/01/46 6/15 at 100.00 BBB 4,039,632 4,500 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed 6/17 at 100.00 BBB 4,035,240 Revenue Bonds, Series 2005B, 5.600%, 6/01/34 5,000 Iowa Tobacco Settlement Authority, Tobacco Settlement 6/11 at 101.00 AAA 5,298,250 Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ 25,765 Total Iowa 21,592,702 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 1.5% (1.0% OF TOTAL INVESTMENTS) 3,790 Kansas Department of Transportation, Highway Revenue Bonds, 3/14 at 100.00 AAA 4,135,875 Series 2004A, 5.000%, 3/01/23 (UB) 5,790 Sedgwick County Unified School District 259, Wichita, Kansas, 9/10 at 100.00 AA 5,806,444 General Obligation Bonds, Series 2000, 3.500%, 9/01/17 3,200 Wyandotte County Unified School District 500, Kansas, General 9/11 at 100.00 AAA 3,228,608 Obligation Bonds, Series 2001, 4.000%, 9/01/21 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,780 Total Kansas 13,170,927 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 3.2% (2.2% OF TOTAL INVESTMENTS) 540 East Baton Rouge Mortgage Finance Authority, Louisiana, 10/10 at 100.50 Aaa 540,486 GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1997B-1, 5.750%, 10/01/26 4,000 Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, 11/14 at 100.00 A1 4,227,280 Series 2004, 5.250%, 11/01/25 - NPFG Insured
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA (continued) $ 4,650 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A $ 4,654,836 Rouge General Hospital, Series 2004, 5.250%, 7/01/33 - NPFG Insured Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B: 10,000 5.500%, 5/15/30 5/11 at 101.00 BBB 10,013,100 9,305 5.875%, 5/15/39 5/11 at 101.00 BBB 9,021,384 - ------------------------------------------------------------------------------------------------------------------------------------ 28,495 Total Louisiana 28,457,086 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 0.6% (0.4% OF TOTAL INVESTMENTS) 5,680 Portland, Maine, Airport Revenue Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 5,764,348 7/01/32 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.4% (0.9% OF TOTAL INVESTMENTS) 7,720 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A2 7,837,267 Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/20 - AMBAC Insured (Alternative Minimum Tax) 4,380 Takoma Park, Maryland, Hospital Facilities Revenue Refunding and No Opt. Call AAA 4,708,850 Improvement Bonds, Washington Adventist Hospital, Series 1995, 6.500%, 9/01/12 - AGM Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 12,100 Total Maryland 12,546,117 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 6.1% (4.1% OF TOTAL INVESTMENTS) Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A: 4,000 5.125%, 8/01/28 - NPFG Insured 2/12 at 100.00 A 4,004,640 5,625 5.125%, 2/01/34 - NPFG Insured 2/12 at 100.00 A 5,567,400 8,730 Massachusetts Health and Educational Facilities Authority, 10/15 at 100.00 AAA 9,056,502 Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 - AGC Insured 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 480,875 Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 1,530 Massachusetts Health and Educational Facilities Authority, 7/10 at 100.00 A2 1,390,770 Revenue Bonds, Southcoast Health System Obligated Group, Series 1998A, 4.750%, 7/01/27 - NPFG Insured 5,745 Massachusetts Industrial Finance Agency, Resource Recovery 6/10 at 101.00 BBB 5,672,268 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 13,675 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 A 13,675,274 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG Insured 890 Massachusetts, General Obligation Bonds, Consolidated Loan, 11/12 at 100.00 Aa1 (4) 981,652 Series 2002C, 5.250%, 11/01/30 (Pre-refunded 11/01/12) Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E: 1,255 5.250%, 1/01/22 (Pre-refunded 1/01/13) - FGIC Insured 1/13 at 100.00 Aa1 (4) 1,387,942 3,745 5.250%, 1/01/22 (Pre-refunded 1/01/13) - FGIC Insured 1/13 at 100.00 Aa1 (4) 4,141,708 8,500 Route 3 North Transportation Improvements Association, 6/10 at 100.00 A (4) 8,554,400 Massachusetts, Lease Revenue Bonds, Series 2000, 5.375%, 6/15/33 (Pre-refunded 6/15/10) - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 54,195 Total Massachusetts 54,913,431 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 4.4% (3.0% OF TOTAL INVESTMENTS) 5,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue 7/15 at 100.00 A1 4,880,750 Bonds, Series 2005A, 5.000%, 7/01/35 - NPFG Insured 1,430 Michigan State Building Authority, Revenue Bonds, Facilities 10/11 at 100.00 Aa3 1,448,218 Program, Series 2001I, 5.000%, 10/15/24 70 Michigan State Building Authority, Revenue Bonds, Facilities 10/11 at 100.00 A+ (4) 74,387 Program, Series 2001I, 5.000%, 10/15/24 (Pre-refunded 10/15/11) 5,000 Michigan State Building Authority, Revenue Refunding Bonds, 10/13 at 100.00 Aa3 5,029,800 Facilities Program, Series 2003II, 5.000%, 10/15/29 - NPFG Insured 7,115 Michigan State Hospital Finance Authority, Hospital Revenue 3/13 at 100.00 A1 (4) 7,953,147 Refunding Bonds, Henry Ford Health System, Series 2003A, 5.500%, 3/01/16 (Pre-refunded 3/01/13) 3,000 Michigan Strategic Fund, Collateralized Limited Obligation 9/10 at 101.00 A 3,000,120 Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 - NPFG Insured (Alternative Minimum Tax)
Nuveen Investments 21 NPP | Nuveen Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN (continued) $ 3,050 Michigan Tobacco Settlement Finance Authority, Tobacco 6/18 at 100.00 Baa3 $ 2,836,836 Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 2,500 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 8/19 at 100.00 A1 2,643,700 and Refunding Bonds, William Beaumont Hospital Obligated Group, Series 2009W, 6.375%, 8/01/29 1,150 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 9/18 at 100.00 A1 1,361,600 Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 10,000 Wayne County, Michigan, Airport Revenue Bonds, Detroit 6/10 at 100.50 A 10,119,600 Metropolitan Wayne County Airport, Series 1998A, 5.375%, 12/01/16 - NPFG Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 38,315 Total Michigan 39,348,158 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 2.8% (1.9% OF TOTAL INVESTMENTS) 3,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 A (4) 3,099,750 Minnesota, Subordinate Airport Revenue Bonds, Series 2001C, 5.250%, 1/01/26 (Pre-refunded 1/01/11) - FGIC Insured 18,075 St. Paul Housing and Redevelopment Authority, Minnesota, Sales 11/15 at 103.00 AAA 21,779,652 Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 21,075 Total Minnesota 24,879,402 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 1.4% (0.9% OF TOTAL INVESTMENTS) 9,750 Mississippi Business Finance Corporation, Pollution Control 10/10 at 100.00 BBB 9,748,928 Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 2,475 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 AA 2,540,761 Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 12,225 Total Mississippi 12,289,689 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.7% (1.1% OF TOTAL INVESTMENTS) 6,350 Kansas City, Missouri, Airport Revenue Bonds, General 9/12 at 100.00 A+ 6,791,897 Improvement Projects, Series 2003B, 5.250%, 9/01/17 - FGIC Insured 1,845 Missouri Health and Educational Facilities Authority, Revenue 5/13 at 100.00 AA 1,934,114 Bonds, BJC Health System, Series 2003, 5.250%, 5/15/18 3,815 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AA- (4) 4,045,426 Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/28 (Pre-refunded 6/01/11) - AMBAC Insured 2,000 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 2,020,560 Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 14,010 Total Missouri 14,791,997 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.5% (0.3% OF TOTAL INVESTMENTS) 415 Montana Board of Housing, Single Family Mortgage Bonds, Series 6/10 at 100.00 AA+ 422,200 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax) 4,795 Montana Higher Education Student Assistance Corporation, Student 6/10 at 100.50 A2 4,126,337 Loan Revenue Bonds, Subordinate Series 1998B, 5.500%, 12/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 5,210 Total Montana 4,548,537 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 0.1% (0.1% OF TOTAL INVESTMENTS) 840 Nebraska Investment Finance Authority, Single Family Housing 9/10 at 100.00 AAA 870,324 Revenue Bonds, Series 2000E, 5.850%, 9/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 5.2% (3.6% OF TOTAL INVESTMENTS) 10,900 Clark County School District, Nevada, General Obligation Bonds, 6/12 at 100.00 AA (4) 11,947,054 Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) - NPFG Insured 24,195 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 24,155,804 Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 3,500 0.000%, 1/01/21 - AMBAC Insured No Opt. Call Caa2 581,490 2,780 0.000%, 1/01/28 - AMBAC Insured No Opt. Call Caa2 306,273 6,980 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 2,241,906
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA (continued) $ 5,000 Reno, Nevada, Health Facilities Revenue Bonds, Catholic 7/17 at 100.00 A $ 5,017,400 Healthcare West, Series 2007A, 5.250%, 7/01/31 2,500 Reno, Nevada, Health Facility Revenue Bonds, Catholic 7/17 at 100.00 AAA 2,775,700 Healthcare West, Trust 2634, 18.389%, 7/01/31 - BHAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 55,855 Total Nevada 47,025,627 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 1.8% (1.2% OF TOTAL INVESTMENTS) 5,000 New Hampshire Business Finance Authority, Revenue Bonds, Elliot 10/19 at 100.00 BBB+ 5,087,350 Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 New Hampshire Housing Finance Authority, FHLMC Multifamily Housing Remarketed Revenue Bonds, Countryside LP, Series 1994: 3,725 6.000%, 7/01/18 (Alternative Minimum Tax) 7/10 at 101.00 Aaa 3,770,482 6,945 6.100%, 7/01/24 (Alternative Minimum Tax) 7/10 at 101.00 Aaa 7,027,715 - ------------------------------------------------------------------------------------------------------------------------------------ 15,670 Total New Hampshire 15,885,547 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 7.4% (5.0% OF TOTAL INVESTMENTS) 2,110 New Jersey Higher Education Assistance Authority, Student Loan 6/10 at 101.00 Aaa 2,136,987 Revenue Bonds, Series 2000A, 6.000%, 6/01/13 - NPFG Insured (Alternative Minimum Tax) 4,500 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AAA 5,152,230 System Bonds, Series 2001C, 5.500%, 12/15/18 - AGM Insured 9,250 New Jersey Transportation Trust Fund Authority, Transportation 6/13 at 100.00 AAA 10,503,468 System Bonds, Series 2003C, 5.500%, 6/15/23 (Pre-refunded 6/15/13) New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 35,000 0.000%, 12/15/29 - AGM Insured No Opt. Call AAA 12,423,600 10,000 0.000%, 12/15/30 - FGIC Insured No Opt. Call AA- 2,999,700 10,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AAA 10,513,300 5.000%, 1/01/20 - AGM Insured (UB) 10,055 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 10,777,452 Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) 4,450 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 AAA 5,204,587 Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Series 2000: 3,150 5.500%, 9/01/21 (Pre-refunded 9/01/10) - FGIC Insured 9/10 at 100.00 N/R (4) 3,205,566 3,335 5.500%, 9/01/22 (Pre-refunded 9/01/10) - FGIC Insured 9/10 at 100.00 N/R (4) 3,393,829 - ------------------------------------------------------------------------------------------------------------------------------------ 91,850 Total New Jersey 66,310,719 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 4.6% (3.1% OF TOTAL INVESTMENTS) 5,500 Dormitory Authority of the State of New York, FHA-Insured 2/14 at 100.00 AAA 5,652,460 Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25 1,910 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 100.00 N/R 1,912,846 Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 - AMBAC Insured 1,500 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 N/R 1,517,655 St. Barnabas Hospital, Series 1997, 5.450%, 8/01/35 - AMBAC Insured 1,500 Hempstead Industrial Development Agency, New York, Resource No Opt. Call Baa2 1,501,305 Recovery Revenue Refunding Bonds, American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 (Mandatory put 6/01/10) 13,220 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 13,946,439 Fund Bonds, Series 2002A, 5.500%, 11/15/26 - AGM Insured 13,600 Metropolitan Transportation Authority, New York, Transportation 11/16 at 100.00 AAA 13,428,912 Revenue Bonds, Series 2006B, 4.500%, 11/15/32 - AGM Insured (UB) 3,000 New York State Energy Research and Development Authority, 9/10 at 100.00 A 3,002,130 Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1998A, 5.950%, 9/01/33 - NPFG Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 40,230 Total New York 40,961,747 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 23 NPP | Nuveen Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.7% (1.1% OF TOTAL INVESTMENTS) $ 5,500 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- $ 5,576,835 Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.000%, 1/15/39 4,900 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/15 at 100.00 AAA 5,630,737 Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15) 3,500 North Carolina Medical Care Commission, Healthcare Facilities 6/19 at 100.00 AA 3,566,395 Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ 13,900 Total North Carolina 14,773,967 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 5.8% (3.9% OF TOTAL INVESTMENTS) 10,000 American Municipal Power Ohio Inc., General Revenue Bonds, 2/18 at 100.00 A1 10,269,300 Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 5,705 5.125%, 6/01/24 6/17 at 100.00 BBB 5,270,279 5,640 5.875%, 6/01/30 6/17 at 100.00 BBB 4,775,896 4,875 5.750%, 6/01/34 6/17 at 100.00 BBB 3,835,699 3,045 6.000%, 6/01/42 6/17 at 100.00 BBB 2,353,389 14,830 5.875%, 6/01/47 6/17 at 100.00 BBB 11,131,695 5,150 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 3,481,143 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 6,720 Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 7/10 at 101.00 AAA 6,727,862 5.000%, 1/01/31 - AGM Insured 3,650 Montgomery County, Ohio, Revenue Bonds, Catholic Health 5/14 at 100.00 AA 3,740,338 Initiatives, Series 2004A, 5.000%, 5/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 59,615 Total Ohio 51,585,601 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 1.0% (0.7% OF TOTAL INVESTMENTS) 9,150 Port of St. Helens, Oregon, Pollution Control Revenue Bonds, No Opt. Call BBB 9,175,620 Portland General Electric Company, Series 1985B, 4.800%, 6/01/10 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 2.1% (1.5% OF TOTAL INVESTMENTS) 1,250 Allegheny County Hospital Development Authority, Pennsylvania, No Opt. Call Aa3 1,280,025 University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34 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 AAA 1,899,594 3,125 0.000%, 5/15/23 - AGM Insured No Opt. Call AAA 1,799,531 3,135 0.000%, 5/15/24 - AGM Insured No Opt. Call AAA 1,707,572 3,155 0.000%, 5/15/26 - AGM Insured No Opt. Call AAA 1,537,873 4,145 0.000%, 11/15/26 - AGM Insured No Opt. Call AAA 1,975,714 2,800 0.000%, 5/15/28 - AGM Insured No Opt. Call AAA 1,223,040 3,000 0.000%, 11/15/28 - AGM Insured No Opt. Call AAA 1,280,670 1,035 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 1,034,990 Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax) 2,800 Pennsylvania Economic Development Financing Authority, Senior 7/10 at 100.00 CC 1,684,060 Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.500%, 1/01/13 (Alternative Minimum Tax) 100 Pennsylvania Economic Development Financing Authority, 7/10 at 100.00 N/R 28,500 Subordinate Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994C, 6.875%, 1/01/11 (Alternative Minimum Tax) 5,000 Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue 6/26 at 100.00 AAA 3,763,650 Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 32,670 Total Pennsylvania 19,215,219 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 2.0% (1.3% OF TOTAL INVESTMENTS) 1,250 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 1,274,213 Revenue Bonds, Series 2000B, 5.875%, 7/01/21 (Pre-refunded 7/01/10) - NPFG Insured 13,125 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/29 at 100.00 A+ 7,815,019 Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO (continued) Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: $ 25,000 0.000%, 8/01/47 - AMBAC Insured No Opt. Call Aa2 $ 2,645,500 30,000 0.000%, 8/01/54 - AMBAC Insured No Opt. Call Aa2 1,892,400 3,750 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/17 at 100.00 Aa2 3,882,900 Bonds, Tender Option Bonds Trust 3101, 18.119%, 8/01/57 (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 73,125 Total Puerto Rico 17,510,032 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 0.7% (0.5% OF TOTAL INVESTMENTS) 2,000 Kent County Water Authority, Rhode Island, General Revenue 7/12 at 100.00 A 2,039,920 Bonds, Series 2002A, 5.000%, 7/15/23 - NPFG Insured Rhode Island Health and Educational Building Corporation, Revenue Refunding Bonds, Salve Regina University, Series 2002: 1,260 5.250%, 3/15/17 - RAAI Insured 3/12 at 101.00 N/R 1,291,538 1,080 5.250%, 3/15/18 - RAAI Insured 3/12 at 101.00 N/R 1,102,918 1,600 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 1,551,920 Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 5,940 Total Rhode Island 5,986,296 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 2.7% (1.8% OF TOTAL INVESTMENTS) 2,625 Medical University Hospital Authority, South Carolina, 8/14 at 100.00 A 2,715,379 FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/25 - NPFG Insured Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 26,955 0.000%, 1/01/31 - AMBAC Insured No Opt. Call A- 8,469,800 14,700 0.000%, 1/01/32 - AMBAC Insured No Opt. Call A- 4,339,881 8,330 Tobacco Settlement Revenue Management Authority, South 5/12 at 100.00 BBB (4) 8,608,639 Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) - ------------------------------------------------------------------------------------------------------------------------------------ 52,610 Total South Carolina 24,133,699 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.4% (0.9% OF TOTAL INVESTMENTS) 2,860 Johnson City Health and Educational Facilities Board, 7/23 at 100.00 A (4) 2,884,625 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 600 Memphis-Shelby County Airport Authority, Tennessee, Airport 9/10 at 101.00 A2 606,324 Revenue Bonds, Series 1999D, 6.000%, 3/01/24 - AMBAC Insured (Alternative Minimum Tax) 6,000 Metropolitan Government of Nashville-Davidson County Health and 12/17 at 100.00 N/R 6,782,580 Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 - AMBAC Insured 2,000 Sullivan County Health Educational and Housing Facilities 3/13 at 100.00 N/R 1,854,900 Board, Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 200A, 5.486%, 9/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 11,460 Total Tennessee 12,128,429 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 6.8% (4.6% OF TOTAL INVESTMENTS) 5,000 Bexar Metropolitan Water District, Texas, Waterworks System 5/16 at 100.00 A1 5,030,900 Revenue Bonds, Series 2006, 5.000%, 5/01/35 - NPFG Insured 2,500 Capital Area Cultural Education Facilities Finance Corporation, 4/20 at 100.00 Aaa 2,513,675 Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 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 A 3,572,960 13,000 5.000%, 1/01/45 - FGIC Insured 1/15 at 100.00 A 11,487,970 1,025 Harris County-Houston Sports Authority, Texas, Junior Lien 11/11 at 100.00 A 964,228 Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 - NPFG Insured 4,000 Houston Community College System, Texas, Limited Tax General 2/13 at 100.00 AA+ 4,104,440 Obligation Bonds, Series 2003, 5.000%, 2/15/27 - AMBAC Insured (UB) 3,885 Houston Independent School District, Public Facility No Opt. Call AA 2,761,613 Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 - AMBAC Insured
Nuveen Investments 25 NPP | Nuveen Performance Plus Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 1,600 Houston, Texas, Senior Lien Airport System Revenue Bonds, 7/18 at 100.00 AA- $ 1,709,392 Refunding Series 2009A, 5.500%, 7/01/39 33,855 Leander Independent School District, Williamson and Travis 8/14 at 23.67 AAA 6,433,127 Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/40 19,300 Leander Independent School District, Williamson and Travis 8/17 at 24.20 AAA 3,219,047 Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/41 Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax School Building and Refunding Bonds, Series 1998: 4,930 0.000%, 8/15/20 7/10 at 57.46 AAA 2,816,706 3,705 0.000%, 8/15/22 7/10 at 51.20 AAA 1,881,510 3,480 Pearland, Texas, General Obligation Bonds, Series 2002, 5.000%, 3/12 at 100.00 Aaa 3,752,832 3/01/27 (Pre-refunded 3/01/12) - FGIC Insured 6,000 Spring Branch Independent School District, Harris County, 2/11 at 100.00 AAA 6,217,560 Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) 4,000 Tarrant Regional Water District, Texas, Water Revenue Refunding 3/13 at 100.00 AAA 4,283,840 and Improvement Bonds, Series 1999, 5.000%, 3/01/22 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 110,280 Total Texas 60,749,800 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 3.1% (2.1% OF TOTAL INVESTMENTS) 3,000 Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, 8/19 at 100.00 AA+ 3,062,400 Inc., Series 2009, 5.000%, 8/15/41 Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 1997: 12,885 5.250%, 8/15/21 - NPFG Insured (ETM) 8/10 at 100.00 A (4) 12,935,766 3,900 5.250%, 8/15/26 - NPFG Insured (ETM) 8/10 at 100.00 A (4) 3,915,365 1,805 Utah Housing Corporation, Single Family Mortgage Bonds, Series 1/12 at 100.00 AA- 1,805,631 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax) 500 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 AA- 509,574 Series 2000D-1, 6.050%, 7/01/14 (Alternative Minimum Tax) 510 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 AA 510,932 Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax) 680 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 AA- 692,866 Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax) 715 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/11 at 100.00 AA 721,292 Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax) 520 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/11 at 100.00 Aaa 537,321 Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax) 3,000 Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing 10/12 at 100.00 N/R (4) 3,304,380 Program, Series 2002C, 5.250%, 10/01/28 (Pre-refunded 10/01/12) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 27,515 Total Utah 27,995,527 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGIN ISLANDS - 0.8% (0.5% OF TOTAL INVESTMENTS) 4,700 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/14 at 100.00 BBB+ 4,536,346 Loan Note, Series 2003, 5.000%, 10/01/33 - RAAI Insured 2,500 Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 1/14 at 100.00 Baa3 2,522,975 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,200 Total Virgin Islands 7,059,321 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.9% (0.6% OF TOTAL INVESTMENTS) 10,500 Metropolitan Washington DC Airports Authority, Virginia, Dulles 10/26 at 100.00 AAA 7,635,914 Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 4.9% (3.3% OF TOTAL INVESTMENTS) 12,235 Chelan County Public Utility District 1, Washington, Columbia No Opt. Call AA 5,425,243 River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 - NPFG Insured
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON (continued) 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 $ 481,818 3,100 5.000%, 9/01/28 - FGIC Insured 9/14 at 100.00 A1 3,152,916 5,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/13 at 100.00 Aaa 5,576,349 Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB) 2,000 Washington Health Care Facilities Authority, Revenue Bonds, 7/19 at 100.00 A 2,065,259 Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 10,000 Washington State Healthcare Facilities Authority, Revenue 10/16 at 100.00 AA 9,848,500 Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 - FGIC Insured (UB) 5,000 Washington State Housing Finance Commission, Non-Profit Housing 7/10 at 100.50 N/R 5,004,500 Revenue Bonds, Kline Galland Center, Series 1999, 6.000%, 7/01/29 - RAAI Insured 12,000 Washington, Motor Vehicle Fuel Tax General Obligation Bonds, 1/11 at 100.00 AA+ (4) 12,399,000 Series 2001D, 5.250%, 1/01/26 (Pre-refunded 1/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ 49,800 Total Washington 43,953,585 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 0.6% (0.4% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,049,300 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 2.2% (1.5% OF TOTAL INVESTMENTS) 11,620 Wisconsin Health and Educational Facilities Authority, Revenue 8/10 at 101.00 BBB+ 11,648,818 Bonds, Marshfield Clinic, Series 1999, 6.250%, 2/15/29 - RAAI Insured 8,355 Wisconsin Housing and Economic Development Authority, Home 9/14 at 100.00 AA 7,936,749 Ownership Revenue Bonds, Series 2005C, 4.875%, 3/01/36 (Alternative Minimum Tax) (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 19,975 Total Wisconsin 19,585,567 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,645,710 Total Investments (cost $1,280,293,947) - 148.1% 1,323,806,376 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (4.8)% (42,630,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (3.7)% 32,578,076 -------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (47.0)% (6) (419,900,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 893,854,452 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.7% 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 - Inverse Floating Rate Securities for more information. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 27 NMA | Nuveen Municipal Advantage Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.5% (1.0% OF TOTAL INVESTMENTS) $ 5,075 Lauderdale County and Florence Healthcare Authority, Alabama, 7/10 at 100.50 A $ 4,615,357 Revenue Bonds, Coffee Health Group, Series 1999A, 5.250%, 7/01/24 - NPFG Insured 5,155 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 4,772,396 Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 10,230 Total Alabama 9,387,753 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.9% (0.6% OF TOTAL INVESTMENTS) Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A: 1,125 5.250%, 12/01/34 - FGIC Insured (UB) 12/14 at 100.00 AA 1,156,286 1,280 5.250%, 12/01/41 - FGIC Insured (UB) 12/14 at 100.00 AA 1,308,685 Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: 920 4.625%, 6/01/23 6/14 at 100.00 Baa3 913,275 3,250 5.000%, 6/01/46 6/14 at 100.00 Baa3 2,184,748 - ------------------------------------------------------------------------------------------------------------------------------------ 6,575 Total Alaska 5,562,994 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 2.0% (1.3% OF TOTAL INVESTMENTS) 4,905 Maricopa County Industrial Development Authority, Arizona, 7/17 at 100.00 A 4,945,417 Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 5,000 Maricopa County Pollution Control Corporation, Arizona, 11/22 at 100.00 Baa3 4,974,000 Remarketed Revenue Refunding Bonds, Public Service Company of New Mexico, Series 1992A, 5.750%, 11/01/22 2,500 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 2,531,600 Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38 - ------------------------------------------------------------------------------------------------------------------------------------ 12,405 Total Arizona 12,451,017 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 18.7% (12.3% OF TOTAL INVESTMENTS) 3,500 Alameda Corridor Transportation Authority, California, 10/17 at 100.00 A- 2,809,905 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/25 - AMBAC Insured Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B: 4,070 0.000%, 8/01/32 - FGIC Insured No Opt. Call A1 964,916 6,410 0.000%, 8/01/34 - FGIC Insured No Opt. Call A1 1,330,908 3,000 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 2,916,240 Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33 7,500 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A2 7,221,225 Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.125%, 6/01/29 2,750 California Statewide Community Development Authority, Revenue 8/19 at 100.00 AA 3,061,795 Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 11,200 California, General Obligation Bonds, Series 2003, 5.250%, 8/13 at 100.00 A1 11,349,296 2/01/28 16,000 California, Various Purpose General Obligation Bonds, Series 6/17 at 100.00 A1 15,881,920 2007, 5.000%, 6/01/37 9,955 Capistrano Unified School District, Orange County, No Opt. Call A 2,440,966 California, Special Tax Bonds, Community Facilities District, Series 2005, 0.000%, 9/01/31 - FGIC Insured 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 855,684 3,795 0.000%, 2/01/37 - FGIC Insured No Opt. Call Aa3 672,132 7,355 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 9,484,787 Securities Program Home Mortgage Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM) 8,145 Cupertino Union School District, Santa Clara County, 8/13 at 55.54 Aa1 3,502,594 California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/25 - FGIC Insured 2,510 Folsom Cordova Unified School District, Sacramento County, No Opt. Call Aa3 838,792 California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 - NPFG Insured
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 3,360 Folsom Cordova Unified School District, Sacramento County, No Opt. Call Aa2 $ 1,195,522 California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 - NPFG Insured 2,315 Gateway Unified School District, California, General No Opt. Call A1 561,642 Obligation Bonds, Series 2004B, 0.000%, 8/01/32 - FGIC Insured 3,000 Golden State Tobacco Securitization Corporation, California, No Opt. Call AAA 1,190,670 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 - AGM Insured 1,000 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 698,390 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 5,000 Los Angeles Department of Water and Power, California, 7/12 at 100.00 AA 5,059,150 Waterworks Revenue Bonds, Series 2003A, 5.125%, 7/01/40 - FGIC Insured 1,275 Madera Unified School District, Madera County, California, 8/12 at 100.00 AAA 1,349,906 General Obligation Bonds, Series 2002, 5.250%, 8/01/23 - AGM Insured 2,200 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 2,443,166 Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 North Orange County Community College District, California, General Obligation Bonds, Series 2003B: 7,735 0.000%, 8/01/25 - FGIC Insured No Opt. Call Aa1 3,391,101 4,000 0.000%, 8/01/26 - FGIC Insured No Opt. Call Aa1 1,632,680 5,000 Palmdale Community Redevelopment Agency, California, No Opt. Call AAA 5,385,900 Residential Mortgage Revenue Refunding Bonds, Series 1991B, 7.375%, 2/01/12 (ETM) 5,000 Palmdale Community Redevelopment Agency, California, Single No Opt. Call AAA 6,266,600 Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (Alternative Minimum Tax) (ETM) 9,315 Perris, California, GNMA Mortgage-Backed Securities Program No Opt. Call AAA 11,834,055 Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM) 1,830 San Diego Public Facilities Financing Authority, California, 8/19 at 100.00 Aa2 2,384,234 Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.460%, 8/01/39 (IF) 7,660 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call AAA 4,427,940 County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM) 23,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 3,241,160 County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - NPFG Insured 7,250 San Jose-Evergreen Community College District, Santa Clara 9/15 at 100.00 Aa1 2,273,600 County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/29 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 178,930 Total California 116,666,876 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 8.2% (5.4% OF TOTAL INVESTMENTS) 1,600 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 1,453,712 Bonds, Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured 9,440 Colorado Health Facilities Authority, Colorado, Revenue 9/16 at 100.00 AA 9,017,371 Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 3,335 Colorado Health Facilities Authority, Colorado, Revenue 7/19 at 100.00 AA 3,549,574 Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 1,150 Colorado Health Facilities Authority, Revenue Bonds, Poudre 9/18 at 102.00 AAA 1,166,135 Valley Health System, Series 2005C, 5.250%, 3/01/40 - AGM Insured 3,300 Denver City and County, Colorado, Airport Revenue Bonds, 11/16 at 100.00 A+ 3,466,914 Series 2006, 5.000%, 11/15/24 - FGIC Insured Denver, Colorado, Airport Revenue Bonds, Series 2006: 5,365 5.000%, 11/15/23 - FGIC Insured (UB) 11/16 at 100.00 A+ 5,668,820 4,335 5.000%, 11/15/25 - FGIC Insured (UB) 11/16 at 100.00 A+ 4,531,506 2,000 Denver Convention Center Hotel Authority, Colorado, Senior 11/16 at 100.00 BBB- 1,636,840 Revenue Bonds, Convention Center Hotel, Series 2006, 4.750%, 12/01/35 - SYNCORA GTY Insured E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 2,650 0.000%, 9/01/16 - NPFG Insured No Opt. Call A 1,929,624 8,645 0.000%, 9/01/26 - NPFG Insured No Opt. Call A 3,040,533
Nuveen Investments 29 NMA | Nuveen Municipal Advantage Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO (continued) $ 1,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 102.00 AAA $ 1,038,150 Series 2000A, 5.750%, 9/01/35 (Pre-refunded 9/01/10) - NPFG Insured E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 7,500 0.000%, 9/01/29 - NPFG Insured No Opt. Call A 2,124,900 10,000 0.000%, 9/01/31 - NPFG Insured No Opt. Call A 2,445,900 10,000 0.000%, 9/01/32 - NPFG Insured No Opt. Call A 2,289,700 Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE: 1,030 5.375%, 6/01/17 (Pre-refunded 6/01/12) 6/12 at 100.00 AA (4) 1,128,664 4,890 5.375%, 6/01/18 (Pre-refunded 6/01/12) 6/12 at 100.00 AA (4) 5,358,413 Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE: 970 5.375%, 6/01/17 6/12 at 100.00 AA 1,046,446 110 5.375%, 6/01/18 6/12 at 100.00 AA 117,845 - ------------------------------------------------------------------------------------------------------------------------------------ 77,320 Total Colorado 51,011,047 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,200 District of Columbia Housing Finance Agency, GNMA/FNMA Single 6/10 at 100.00 AAA 1,212,036 Family Mortgage Revenue Bonds, Series 1997B, 5.900%, 12/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 4.4% (2.9% OF TOTAL INVESTMENTS) 2,770 Florida Housing Finance Corporation, Housing Revenue Bonds, 12/10 at 100.00 AAA 2,783,130 Stratford Point Apartments, Series 2000O-1, 5.850%, 12/01/31 - AGM Insured (Alternative Minimum Tax) 14,730 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 14,473,993 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 10,130 Tampa, Florida, Healthcare System Revenue Bonds, Allegany 6/10 at 100.00 Aaa 10,280,937 Health System - St. Mary's Hospital, Series 1993, 5.125%, 12/01/23 - NPFG Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 27,630 Total Florida 27,538,060 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 1.3% (0.9% OF TOTAL INVESTMENTS) 4,000 Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 10/14 at 100.00 AAA 4,163,560 2004, 5.250%, 10/01/39 - AGM Insured 2,900 Coffee County Hospital Authority, Georgia, Revenue Bonds, 12/14 at 100.00 BBB- 2,669,885 Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/26 1,250 DeKalb County Hospital Authority, Georgia, Revenue Anticipation 9/20 at 100.00 N/R 1,255,613 Certificates, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (WI/DD, Settling 5/03/10) - ------------------------------------------------------------------------------------------------------------------------------------ 8,150 Total Georgia 8,089,058 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,215 Hawaii Housing and Community Development Corporation, GNMA 7/10 at 102.00 N/R (4) 2,283,045 Collateralized Multifamily Housing Revenue Bonds, Sunset Villas, Series 2000, 5.700%, 7/20/31 (Pre-refunded 7/20/10) 285 Hawaii Housing Finance and Development Corporation, Single 7/10 at 100.00 AAA 288,662 Family Mortgage Purchase Revenue Bonds, Series 1997A, 5.750%, 7/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,500 Total Hawaii 2,571,707 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 16.5% (10.9% OF TOTAL INVESTMENTS) 4,345 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 1,601,133 Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 - FGIC Insured 4,260 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 1,305,690 Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 - FGIC Insured 5,865 Chicago, Illinois, General Obligation Bonds, Neighborhoods 7/10 at 101.00 AAA 5,985,115 Alive 21 Program, Series 2000A, 6.500%, 1/01/35 (Pre-refunded 7/01/10) - FGIC Insured 5,000 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 A2 4,952,250 Revenue Bonds, O'Hare International Airport, Series 2001A, 5.375%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1,500 Illinois Finance Authority, Revenue Bonds, Central DuPage 11/19 at 100.00 AA 1,564,245 Health, Series 2009B, 5.500%, 11/01/39 2,000 Illinois Finance Authority, Revenue Bonds, Children's Memorial 8/18 at 100.00 AAA 2,012,120 Hospital, Series 2008A, 5.250%, 8/15/47 - AGC Insured (UB) 8,395 Illinois Finance Authority, Revenue Bonds, Loyola University of 7/17 at 100.00 Aa1 8,850,765 Chicago, Tender Option Bond Trust 1137, 9.186%, 7/01/46 (IF) 2,500 Illinois Finance Authority, Revenue Bonds, Silver Cross 8/19 at 100.00 BBB 2,661,100 Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 4,000 Illinois Finance Authority, Revenue Refunding Bonds, Silver 8/18 at 100.00 BBB $ 4,091,280 Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23 6,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 6,586,860 Medical Center, Series 2002, 5.750%, 5/15/22 (Pre-refunded 5/15/12) 6,165 Illinois Health Facilities Authority, Revenue Bonds, Sarah Bush 8/10 at 100.00 A 6,168,083 Lincoln Health Center, Series 1996B, 5.750%, 2/15/22 10,740 Lake and McHenry Counties Community Unit School District 118, 1/15 at 66.94 Aa3 5,827,417 Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/23 - AGM Insured 1,090 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call A1 638,958 Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 - FGIC Insured Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1999A: 13,455 5.500%, 12/15/24 - FGIC Insured 6/10 at 101.00 AAA 13,638,661 10,430 5.250%, 12/15/28 - FGIC Insured 6/10 at 101.00 AAA 10,541,914 3,175 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 502,698 Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/41 - NPFG Insured 6,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call A1 2,871,840 Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 6/15/24 - NPFG Insured 4,600 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call Aa2 5,653,906 McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 - AMBAC Insured 1,940 University of Illinois, Auxiliary Facilities Systems Revenue 4/13 at 100.00 AA- 1,998,549 Bonds, Series 2003A, 5.000%, 4/01/23 - AMBAC Insured 7,500 Valley View Public Schools, Community Unit School District 365U No Opt. Call AA 3,535,725 of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 - NPFG Insured 23,125 Will County Community High School District 210 Lincoln-Way, No Opt. Call Aa2 12,059,688 Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 132,085 Total Illinois 103,047,997 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.4% (2.2% OF TOTAL INVESTMENTS) 1,810 Hospital Authority of Delaware County, Indiana, Hospital 8/10 at 100.00 N/R 1,762,126 Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 - AMBAC Insured 4,030 Indiana Finance Authority Health System Revenue Bonds, Sisters 11/19 at 100.00 Aa3 4,117,693 of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 6,000 Indiana Finance Authority, Revenue Bonds, Trinity Health Care 12/19 at 100.00 AA 6,223,920 Group, Refunding Series 2009A, 5.250%, 12/01/38 5,205 Indiana Health Facility Financing Authority, Hospital Revenue 8/10 at 101.50 A+ (4) 5,361,254 Bonds, Clarian Health Obligated Group, Series 2000A, 5.500%, 2/15/30 (Pre-refunded 8/15/10) - NPFG Insured 2,435 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 2,387,931 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 1,005 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 8/10 at 100.50 BB+ 997,653 Madison Center Inc., Series 1999, 5.450%, 2/15/12 - ------------------------------------------------------------------------------------------------------------------------------------ 20,485 Total Indiana 20,850,577 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.8% (0.5% OF TOTAL INVESTMENTS) 6,300 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 4,682,160 Revenue Bonds, Series 2005C, 5.375%, 6/01/38 250 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue 6/17 at 100.00 BBB 224,180 Bonds, Series 2005B, 5.600%, 6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 6,550 Total Iowa 4,906,340 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and 6/14 at 100.00 A 1,780,100 Electric Company, Series 2004, 5.300%, 6/01/31 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 31 NMA | Nuveen Municipal Advantage Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 1.4% (0.9% OF TOTAL INVESTMENTS) $ 6,015 Kentucky Economic Development Finance Authority, Hospital 6/20 at 100.00 Baa2 $ 6,206,397 Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 1,500 Kentucky Economic Development Finance Authority, Hospital 8/19 at 100.00 Aa3 1,622,235 Revenue Bonds, Baptist Healthcare System, Series 2009A, 5.375%, 8/15/24 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,098,560 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,515 Total Kentucky 8,927,192 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 13.6% (8.9% OF TOTAL INVESTMENTS) 13,500 DeSoto Parish, Louisiana, Pollution Control Revenue Refunding 9/10 at 101.00 BBB 13,539,015 Bonds, Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 - AMBAC Insured Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994: 520 11.000%, 2/01/14 (ETM) No Opt. Call N/R (4) 626,938 4,745 11.000%, 2/01/14 (ETM) No Opt. Call N/R (4) 5,720,809 6,650 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 6,656,916 Rouge General Hospital, Series 2004, 5.250%, 7/01/33 - NPFG Insured 9,000 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 Baa1 8,177,220 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 28 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 26,657 Residuals 660-1, 15.661%, 5/01/41 - FGIC Insured (IF) Louisiana State, Gasoline Tax Revenue Bonds, Series 2006A: 20,690 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 20,383,581 10,000 5.000%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 10,129,200 Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B: 8,250 5.500%, 5/15/30 5/11 at 101.00 BBB 8,260,808 11,855 5.875%, 5/15/39 5/11 at 101.00 BBB 11,493,660 - ------------------------------------------------------------------------------------------------------------------------------------ 85,238 Total Louisiana 85,014,804 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 2.4% (1.6% OF TOTAL INVESTMENTS) 620 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 603,155 Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33 1,750 Massachusetts Health and Educational Facilities Authority, 7/10 at 100.50 BBB+ 1,627,325 Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 - AMBAC Insured 2,300 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 2,346,575 Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A: 1,975 5.000%, 1/01/12 7/10 at 100.00 A 1,980,609 2,000 5.125%, 1/01/17 - NPFG Insured 7/10 at 100.00 A 2,002,300 1,095 5.000%, 1/01/27 - NPFG Insured 7/10 at 100.00 A 1,095,110 5,550 5.000%, 1/01/37 - NPFG Insured 7/10 at 100.00 A 5,550,111 - ------------------------------------------------------------------------------------------------------------------------------------ 15,290 Total Massachusetts 15,205,185 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 2.0% (1.3% OF TOTAL INVESTMENTS) Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated Group, Series 1998A: 4,995 5.250%, 8/15/23 8/10 at 100.00 Ba3 4,277,069 3,000 5.250%, 8/15/28 8/10 at 100.00 BB- 2,379,060 3,275 Michigan State Hospital Finance Authority, Revenue Refunding 8/10 at 100.00 BB- 3,249,815 Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18 3,050 Michigan Tobacco Settlement Finance Authority, Tobacco 6/18 at 100.00 Baa3 2,836,836 Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ 14,320 Total Michigan 12,742,780 - ------------------------------------------------------------------------------------------------------------------------------------
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 5,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 A (4) $ 5,166,250 Minnesota, Subordinate Airport Revenue Bonds, Series 2001C, 5.250%, 1/01/32 (Pre-refunded 1/01/11) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 0.9% (0.6% OF TOTAL INVESTMENTS) 12,005 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AA- 4,263,336 Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29 - AMBAC Insured 85 Missouri Housing Development Commission, Single Family Mortgage 9/10 at 101.00 AAA 90,283 Revenue Bonds, Homeownership Loan Program, Series 2000A-1, 7.500%, 3/01/31 (Alternative Minimum Tax) 1,500 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 1,515,420 Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 13,590 Total Missouri 5,869,039 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 6.2% (4.1% OF TOTAL INVESTMENTS) 15,000 Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien 1/20 at 100.00 Aa3 15,935,850 Series 2010B, 5.750%, 7/01/42 7,310 Clark County, Nevada, Limited Tax General Obligation Bank 7/10 at 100.00 Aaa 7,374,986 Bonds, Series 2000, 5.500%, 7/01/19 (Pre-refunded 7/01/10) 7,500 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/10 at 101.00 Aa3 (4) 7,648,050 Series 1999A, 6.000%, 7/01/29 (Pre-refunded 7/01/10) - NPFG Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 3,025 0.000%, 1/01/16 - AMBAC Insured No Opt. Call Caa2 685,465 7,910 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 2,540,613 3,750 Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, 7/17 at 100.00 AA+ 4,311,000 Catholic Healthcare West, Series 2007B, Trust 2633, 18.667%, 7/01/31 - BHAC Insured (IF) 235 Nevada Housing Division, Single Family Mortgage Bonds, Senior 10/10 at 100.00 Aaa 234,981 Series 1997C-2, 5.750%, 4/01/29 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 44,730 Total Nevada 38,730,945 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,500 New Hampshire Business Finance Authority, Revenue Bonds, Elliot 10/19 at 100.00 BBB+ 1,526,205 Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 3.5% (2.3% OF TOTAL INVESTMENTS) 15,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 4,499,550 System Bonds, Series 2006C, 0.000%, 12/15/30 - FGIC Insured Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002: 10,970 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 11,758,195 5,050 6.125%, 6/01/42 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 5,609,086 - ------------------------------------------------------------------------------------------------------------------------------------ 31,020 Total New Jersey 21,866,831 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 1.2% (0.8% OF TOTAL INVESTMENTS) 7,500 Farmington, New Mexico, Pollution Control Revenue Refunding 10/10 at 100.00 Baa3 7,500,375 Bonds, Public Service Company of New Mexico - San Juan Project, Series 1997B, 5.800%, 4/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 3.9% (2.5% OF TOTAL INVESTMENTS) 7,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 7,157,290 Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 4,975 New York City Industrial Development Agency, New York, Special 6/10 at 101.00 BB- 3,691,749 Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 3,000 New York City Industrial Development Agency, New York, Special 12/12 at 101.00 BB- 2,985,300 Facilities Revenue Bonds, British Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax) 10,000 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 10,336,900 Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 - AGM Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 24,975 Total New York 24,171,239 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 33 NMA | Nuveen Municipal Advantage Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 2.8% (1.9% OF TOTAL INVESTMENTS) $ 3,000 North Carolina Eastern Municipal Power Agency, Power System 1/16 at 100.00 A- $ 3,189,930 Revenue Bonds, Series 2005, 5.250%, 1/01/20 - AMBAC Insured 1,025 North Carolina Housing Finance Agency, Home Ownership Revenue 7/10 at 100.00 AA 1,025,482 Bonds, 1998 Trust Agreement, Series 10A, 5.400%, 7/01/32 - AMBAC Insured (Alternative Minimum Tax) 4,035 North Carolina Housing Finance Agency, Home Ownership Revenue 7/10 at 100.00 AA 4,038,995 Bonds, 1998 Trust Agreement, Series 7A, 6.250%, 1/01/29 (Alternative Minimum Tax) 3,765 North Carolina Housing Finance Agency, Home Ownership Revenue 7/10 at 100.00 AA 3,767,410 Bonds, 1998 Trust Agreement, Series 9A, 5.875%, 7/01/31 (Alternative Minimum Tax) 3,500 North Carolina Medical Care Commission, Healthcare Facilities 6/19 at 100.00 AA 3,566,395 Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 1,900 North Carolina Turnpike Authority, Triangle Expressway System 1/19 at 100.00 AAA 2,039,175 Revenue Bonds, Series 2009A, 5.750%, 1/01/39 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 17,225 Total North Carolina 17,627,387 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH DAKOTA - 0.3% (0.2% OF TOTAL INVESTMENTS) 2,250 Ward County Health Care, North Dakota, Revenue Bonds, Trinity 7/16 at 100.00 BBB+ 2,047,163 Obligated Group, Series 2006, 5.125%, 7/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 6.4% (4.2% OF TOTAL INVESTMENTS) 4,630 Akron, Bath and Copley Joint Township Hospital District, Ohio, 5/10 at 101.00 Baa1 4,643,242 Hospital Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/18 10,000 American Municipal Power Ohio Inc., General Revenue Bonds, 2/18 at 100.00 A1 10,269,300 Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 855 5.125%, 6/01/24 6/17 at 100.00 BBB 789,849 2,700 5.875%, 6/01/30 6/17 at 100.00 BBB 2,286,333 9,135 5.750%, 6/01/34 6/17 at 100.00 BBB 7,187,509 3,920 6.000%, 6/01/42 6/17 at 100.00 BBB 3,029,650 5,895 5.875%, 6/01/47 6/17 at 100.00 BBB 4,424,905 5,150 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 3,481,143 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 1,010 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities 8/10 at 100.00 Aaa 1,065,025 Program Residential Mortgage Revenue Bonds, Series 2000D, 5.450%, 9/01/31 (Alternative Minimum Tax) 2,650 Ohio, General Obligation Bonds, Higher Education, Series 2003A, 5/13 at 100.00 AA+ 2,763,367 5.000%, 5/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 45,945 Total Ohio 39,940,323 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 2.4% (1.6% OF TOTAL INVESTMENTS) 1,675 Oklahoma Development Finance Authority, Health System Revenue 8/18 at 100.00 AA- 1,746,891 Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 12,000 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A 11,187,480 John Health System, Series 2007, 5.000%, 2/15/42 2,000 Oklahoma Municipal Power Authority, Power Supply System Revenue 1/17 at 100.00 A 1,868,140 Bonds, Series 2007, 4.500%, 1/01/47 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 15,675 Total Oklahoma 14,802,511 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 0.5% (0.3% OF TOTAL INVESTMENTS) 3,000 Oregon State Facilities Authority, Revenue Bonds, Willamette 10/17 at 100.00 A 2,864,490 University, Series 2007A, 5.000%, 10/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 1.8% (1.2% OF TOTAL INVESTMENTS) 5,000 Allegheny County Hospital Development Authority, Pennsylvania, No Opt. Call Aa3 5,139,750 University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39 585 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 584,994 Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax) 1,250 Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 12/18 at 100.00 AAA 1,276,188 2008, 5.000%, 12/01/43 - AGM Insured
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA (continued) $ 1,500 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ $ 1,424,970 Revenue Bonds, Series 2006A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) 2,600 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 12/14 at 100.00 Aa3 2,741,882 2004A, 5.500%, 12/01/31 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 10,935 Total Pennsylvania 11,167,784 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 6.5% (4.3% OF TOTAL INVESTMENTS) 5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A3 5,083,850 Series 2005RR, 5.000%, 7/01/26 - SYNCORA GTY Insured 10,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/20 at 100.00 A3 10,731,600 Series 2010XX, 5.750%, 7/01/36 10,070 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call A3 9,950,671 Revenue Bonds, Series 2007N, 5.250%, 7/01/39 - FGIC Insured 10,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ 10,848,300 Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 4,000 Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/10 at 100.00 A 4,007,360 7/01/19 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 39,070 Total Puerto Rico 40,621,781 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 1.3% (0.8% OF TOTAL INVESTMENTS) 1,235 Rhode Island Health and Educational Building Corporation, 5/10 at 100.00 A 1,236,630 Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.500%, 5/15/16 - NPFG Insured 7,000 Rhode Island Housing and Mortgage Finance Corporation, 10/14 at 100.00 AA+ 6,733,790 Homeownership Opportunity Bond Program, Series 50A, 4.650%, 10/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 8,235 Total Rhode Island 7,970,420 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 3.2% (2.1% OF TOTAL INVESTMENTS) 10,000 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA (4) 11,384,000 Purchase Revenue Bonds, Series 2002, 6.000%, 12/01/20 (Pre-refunded 12/01/12) 2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 2,874,650 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13) 3,000 Myrtle Beach, South Carolina, Hospitality and Accommodation Fee 6/14 at 100.00 A+ 2,973,960 Revenue Bonds, Series 2004A, 5.000%, 6/01/36 - FGIC Insured 1,220 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call A 633,509 Revenue Bonds, Series 2004A-2, 0.000%, 1/01/23 - FGIC Insured 2,125 South Carolina Public Service Authority, Revenue Refunding 7/13 at 100.00 Aa2 2,311,915 Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/21 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 18,845 Total South Carolina 20,178,034 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,945 South Dakota Health and Educational Facilities Authority, 5/17 at 100.00 AA- 2,940,406 Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 4.0% (2.6% OF TOTAL INVESTMENTS) 6,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 6,364,440 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 20,415 Knox County Health, Educational and Housing Facilities Board, 1/13 at 75.87 AAA 13,902,003 Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/18 - AGM Insured 1,750 Metropolitan Government of Nashville-Davidson County, Tennessee, 5/11 at 100.00 AA+ 1,787,293 Electric System Revenue Bonds, Series 2001A, 5.125%, 5/15/26 2,000 Sullivan County Health Educational and Housing Facilities Board, 3/13 at 100.00 N/R 1,854,900 Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 200A, 5.486%, 9/01/32 1,500 Sumner County Health, Educational, and Housing Facilities Board, 11/17 at 100.00 N/R 974,100 Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (7) - ------------------------------------------------------------------------------------------------------------------------------------ 31,665 Total Tennessee 24,882,736 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 14.1% (9.2% OF TOTAL INVESTMENTS) 2,000 Abilene Higher Education Authority, Inc., Texas, Student Loan 5/10 at 100.00 Aa3 2,003,300 Revenue Bonds, Subordinate Series 1998B, 5.050%, 7/01/13 (Alternative Minimum Tax)
Nuveen Investments 35 NMA | Nuveen Municipal Advantage Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 11,810 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC $ 11,490,185 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 6,000 Brazos River Authority, Texas, Revenue Refunding Bonds, Houston No Opt. Call BBB+ 5,564,280 Lighting and Power Company, Series 1998, 5.050%, 11/01/18 - AMBAC Insured (Alternative Minimum Tax) 2,000 Capital Area Cultural Education Facilities Finance Corporation, 4/20 at 100.00 Aaa 2,010,940 Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4,250 Ennis Independent School District, Ellis County, Texas, General 8/16 at 60.73 Aaa 1,955,298 Obligation Bonds, Series 2006, 0.000%, 8/15/26 8,400 Gulf Coast Waste Disposal Authority, Texas, Waste Disposal 10/10 at 100.50 BBB 8,025,528 Revenue Bonds, Valero Energy Corporation, Series 1999, 5.700%, 4/01/32 (Alternative Minimum Tax) 7,500 Harris County Health Facilities Development Corporation, Texas, 11/13 at 100.00 AA 7,596,825 Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 - NPFG Insured 1,540 Houston Community College System, Texas, Limited Tax General 2/13 at 100.00 AA+ 1,576,529 Obligation Bonds, Series 2003, 5.000%, 2/15/28 - AMBAC Insured (UB) 3,460 Houston Community College System, Texas, Limited Tax General 2/13 at 100.00 AA+ (4) 3,829,424 Obligation Bonds, Series 2003, 5.000%, 2/15/28 (Pre-refunded 2/15/13) - AMBAC Insured Houston, Texas, Water Conveyance System Contract, Certificates of Participation, Series 1993A-J: 5,490 6.800%, 12/15/10 - AMBAC Insured No Opt. Call N/R 5,665,735 2,000 6.800%, 12/15/11 - AMBAC Insured No Opt. Call N/R 2,151,500 9,345 Leander Independent School District, Williamson and Travis 8/15 at 35.34 AA- 2,525,019 Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 - FGIC Insured 16,305 Matagorda County Navigation District 1, Texas, Revenue Bonds, 5/10 at 100.50 BBB- 16,078,197 Reliant Energy Inc., Series 1999B, 5.950%, 5/01/30 (Alternative Minimum Tax) North Texas Thruway 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 AAA 1,939,807 7,000 0.000%, 1/01/43 1/25 at 100.00 A2 5,399,660 3,425 Sabine River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 3,339,238 Refunding Bonds, TXU Electric Company, Series 2001A, 5.500%, 5/01/22 (Mandatory put 11/01/11) 4,700 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 Baa2 4,825,020 Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21 3,000 Wylie Independent School District, Taylor County, Texas, General 8/15 at 74.57 AAA 1,824,390 Obligation Bonds, Series 2005, 0.000%, 8/15/21 - ------------------------------------------------------------------------------------------------------------------------------------ 100,780 Total Texas 87,800,875 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.5% (0.3% OF TOTAL INVESTMENTS) 3,000 Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, 8/19 at 100.00 AA+ 3,062,400 Inc., Series 2009, 5.000%, 8/15/41 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGIN ISLANDS - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,480 Virgin Islands Public Finance Authority, Matching Fund Revenue 10/19 at 100.00 BBB 1,613,141 Loan Note - Diageo Project, Series 2009A, 6.750%, 10/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,855 Tobacco Settlement Financing Corporation of Virginia, Tobacco 6/17 at 100.00 BBB 1,791,684 Settlement Asset-Backed Bonds, Series 2007B2, 0.000%, 6/01/46 940 Virginia Port Authority, Port Facilities Revenue Refunding 7/19 at 100.00 Aa3 973,502 Bonds, Series 2010, 5.000%, 7/01/40 (WI/DD, Settling 5/06/10) - ------------------------------------------------------------------------------------------------------------------------------------ 3,795 Total Virginia 2,765,186 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 9.3% (6.1% OF TOTAL INVESTMENTS) 1,260 Central Puget Sound Regional Transit Authority, Washington, 8/10 at 100.00 AAA 1,260,479 Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 - FGIC Insured 5,665 Chelan County Public Utility District 1, Washington, Hydro 7/12 at 100.00 AA 5,473,750 Consolidated System Revenue Bonds, Series 2002B, 5.250%, 7/01/37 (Mandatory put 7/01/12) - AMBAC Insured (Alternative Minimum Tax) Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001: 10,730 5.650%, 7/01/32 - NPFG Insured (Alternative Minimum Tax) (UB) 7/11 at 101.00 AA 10,809,508 8,810 5.600%, 1/01/36 - NPFG Insured (Alternative Minimum Tax) (UB) 7/11 at 101.00 AA 8,848,500
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON (continued) $ 10,730 Pierce County School District 320, Sumner, Washington, Unlimited 12/10 at 100.00 Aa1 (4) $ 11,107,159 Tax General Obligation Bonds, Series 2000, 6.250%, 12/01/17 (Pre-refunded 12/01/10) - AGM Insured 10,550 Port of Seattle, Washington, Limited Tax General Obligation 12/10 at 100.00 AAA 10,607,919 Bonds, Series 2000B, 5.750%, 12/01/25 (Alternative Minimum Tax) (UB) 5,000 Port of Seattle, Washington, Special Facility Revenue Bonds, 9/10 at 101.00 A 5,039,649 Terminal 18, Series 1999B, 6.000%, 9/01/20 - NPFG Insured (Alternative Minimum Tax) 2,000 Washington Health Care Facilities Authority, Revenue Bonds, Fred 7/19 at 100.00 A 2,065,259 Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 2,200 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 2,211,681 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32 1,270 Washington State, Motor Vehicle Fuel Tax General Obligation No Opt. Call AA+ 687,806 Bonds, Series 2003F, 0.000%, 12/01/24 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 58,215 Total Washington 58,111,710 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,049,299 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 2.4% (1.6% OF TOTAL INVESTMENTS) 535 Badger Tobacco Asset Securitization Corporation, Wisconsin, No Opt. Call AAA 585,867 Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/12 (ETM) 4,920 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 5,268,483 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 565 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 11/14 at 100.00 Aa2 583,136 5.000%, 11/01/29 - AGM Insured 5,000 Madison, Wisconsin, Industrial Development Revenue Refunding 4/12 at 100.00 AA- 5,052,449 Bonds, Madison Gas and Electric Company Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax) 3,000 Southeast Wisconsin Professional Baseball Park District, Sales No Opt. Call AA- 3,523,559 Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 14,020 Total Wisconsin 15,013,494 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,119,568 Total Investments (cost $939,205,356) - 152.3% 950,255,547 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (10.8)% (67,694,983) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 6.1% 38,314,132 -------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Preferred Shares, at Liquidation Value - (47.6)% (6) (296,800,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 624,074,696 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.2% (7) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. 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 - Inverse Floating Rate Securities for more information. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 37 NMO | Nuveen Municipal Market Opportunity Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.0% (0.7% 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 $ 1,645,021 2,485 5.000%, 1/01/41 - RAAI Insured 1/16 at 100.00 N/R 2,060,140 3,000 Lauderdale County and Florence Health Authority, Alabama, 7/10 at 102.00 A 2,929,650 Revenue Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 7,420 Total Alabama 6,634,811 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 1.8% (1.1% OF TOTAL INVESTMENTS) Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A: 1,125 5.250%, 12/01/34 - FGIC Insured (UB) 12/14 at 100.00 AA 1,156,286 1,275 5.250%, 12/01/41 - FGIC Insured (UB) 12/14 at 100.00 AA 1,303,573 13,025 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 8,755,796 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 15,425 Total Alaska 11,215,655 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 0.4% (0.2% OF TOTAL INVESTMENTS) 2,480 Cabot School District 4, Lonoke County, Arkansas, General 8/10 at 100.00 Aa3 2,481,314 Obligation Refunding Bonds, Series 2003, 5.000%, 2/01/27 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 16.7% (10.5% OF TOTAL INVESTMENTS) 12,500 Anaheim Public Finance Authority, California, Subordinate No Opt. Call AAA 2,454,000 Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 - AGM Insured 1,350 Antelope Valley Union High School District, Los Angeles No Opt. Call Aa2 418,244 County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 - NPFG Insured Bay Area Toll Authority, California, San Francisco Bay Area Toll Bridge Revenue Bonds, Series 2009-F1: 2,500 5.125%, 4/01/39 4/19 at 100.00 AA 2,602,475 2,500 5.625%, 4/01/44 4/19 at 100.00 AA 2,727,675 8,000 Beverly Hills Unified School District, Los Angeles County, No Opt. Call Aa1 2,349,120 California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33 7,800 California County Tobacco Securitization Agency, Tobacco 12/18 at Baa3 5,831,514 Settlement Asset-Backed Bonds, Los Angeles County 100.00 Securitization Corporation, Series 2006A, 0.000%, 6/01/36 1,350 California Educational Facilities Authority, Revenue Refunding No Opt. Call A2 197,019 Bonds, Loyola Marymount University, Series 2001A, 0.000%, 10/01/39 - NPFG Insured 4,295 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 4,175,084 Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33 9,000 California Health Facilities Financing Authority, Revenue 3/16 at 100.00 A+ 8,816,040 Bonds, Kaiser Permanante System, Series 2006, 5.250%, 3/01/45 7,000 California State, General Obligation Bonds, Various Purpose 3/20 at 100.00 A1 7,188,930 Series 2010, 5.250%, 3/01/30 1,550 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- 1,595,942 Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 - FGIC Insured 25,000 California, Various Purpose General Obligation Bonds, Series 3/16 at 100.00 A1 23,639,250 2005, 4.750%, 3/01/35 - NPFG Insured (UB) 10,445 Castaic Lake Water Agency, California, Certificates of No Opt. Call AA 3,428,989 Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 - AMBAC Insured 8,365 Cupertino Union School District, Santa Clara County, 8/13 at 52.66 Aa1 3,342,821 California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/26 - FGIC Insured 5,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 5,573,550 Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) - AMBAC Insured 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 AAA 1,389,115 3,000 5.000%, 6/01/45 6/15 at 100.00 A2 2,746,110 1,000 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 698,390 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 1,500 Lincoln Unified School District, Placer County, California, No Opt. Call N/R $ 534,615 Community Facilities District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 - AMBAC Insured 490 Los Angeles Department of Water and Power, California, 10/10 at 100.00 AA- (4) 491,651 Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM) 995 Los Angeles Department of Water and Power, California, 8/10 at 100.00 AA- (4) 999,020 Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM) 5,000 Los Angeles Department of Water and Power, California, 7/12 at 100.00 AA 5,059,150 Waterworks Revenue Bonds, Series 2003A, 5.125%, 7/01/40 - FGIC Insured 2,200 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 2,443,166 Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 14,000 New Haven Unified School District, California, General No Opt. Call AAA 3,329,900 Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 - AGC Insured 1,000 Pajaro Valley Unified School District, Santa Cruz County, No Opt. Call AAA 324,080 California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 - AGM Insured 8,040 Placentia-Yorba Linda Unified School District, Orange County, No Opt. Call A+ 1,682,933 California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 - FGIC Insured 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 A 4,831,800 26,000 0.000%, 1/15/35 - NPFG Insured No Opt. Call A 3,663,920 5,000 San Jose-Evergreen Community College District, Santa Clara 9/15 at 50.47 Aa1 1,677,150 County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 - NPFG Insured 4,825 Santa Monica Community College District, Los Angeles County, 8/15 at 61.27 Aa1 2,065,969 California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/25 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 188,205 Total California 106,277,622 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 7.1% (4.5% OF TOTAL INVESTMENTS) 1,085 Arkansas River Power Authority, Colorado, Power Revenue Bonds, 10/16 at 100.00 BBB 985,798 Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured 3,000 Broomfield, Colorado, Master Facilities Lease Purchase 6/10 at 100.00 Aa3 3,010,200 Agreement, Certificates of Participation, Series 1999, 5.750%, 12/01/24 - AMBAC Insured 6,285 Broomfield, Colorado, Sales and Use Tax Revenue Refunding and 12/12 at 100.00 Aa3 6,726,144 Improvement Bonds, Series 2002A, 5.500%, 12/01/22 - AMBAC Insured 11,465 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 11,740,275 Refunding Bonds, Series 2000A, 6.000%, 11/15/18 - AMBAC Insured (Alternative Minimum Tax) E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 6,200 0.000%, 9/01/22 - NPFG Insured No Opt. Call A 2,918,216 9,000 0.000%, 9/01/30 - NPFG Insured No Opt. Call A 2,365,470 15,960 0.000%, 9/01/33 - NPFG Insured No Opt. Call A 3,413,206 20,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 31.42 Aaa 6,274,600 Bonds, Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) - NPFG Insured 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 A 1,245,298 13,300 0.000%, 9/01/31 - NPFG Insured 9/20 at 53.77 A 3,253,047 6,250 0.000%, 9/01/32 - NPFG Insured 9/20 at 50.83 A 1,431,063 10,000 0.000%, 3/01/36 - NPFG Insured 9/20 at 41.72 A 1,782,800 - ------------------------------------------------------------------------------------------------------------------------------------ 106,345 Total Colorado 45,146,117 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 1.5% (0.9% OF TOTAL INVESTMENTS) 10,000 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 A1 9,595,600 Senior Lien Dedicated Tax Revenue Bonds, Series 2007A, 4.500%, 10/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 1.5% (1.0% OF TOTAL INVESTMENTS) 8,025 Florida Housing Finance Corporation, Homeowner Mortgage 1/17 at 100.00 AA+ 7,307,084 Revenue Bonds, Series 2008, Trust 1191, 8.713%, 7/01/32 (Alternative Minimum Tax) (IF)
Nuveen Investments 39 NMO | Nuveen Municipal Market Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (continued) $ 2,500 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/20 at 100.00 A2 $ 2,536,750 International Airport, Series 2010A-1, 5.375%, 10/01/41 - ------------------------------------------------------------------------------------------------------------------------------------ 10,525 Total Florida 9,843,834 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 4.1% (2.6% OF TOTAL INVESTMENTS) 14,330 Fulton County Facilities Corporation, Georgia, Certificates of 11/10 at 101.00 AA- (4) 14,841,581 Participation, Public Purpose Project, Series 1999, 5.500%, 11/01/18 (Pre-refunded 11/01/10) - AMBAC Insured 10,000 Gainesville and Hall County Hospital Authority, Georgia, 2/41 at 100.00 A+ 9,935,800 Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 1,245 Royston Hospital Authority, Georgia, Revenue Anticipation 7/10 at 101.00 N/R 1,141,416 Certificates, Ty Cobb Healthcare System Inc., Series 1999, 6.500%, 7/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 25,575 Total Georgia 25,918,797 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 10.8% (6.8% OF TOTAL INVESTMENTS) 4,595 Bolingbrook, Illinois, General Obligation Refunding Bonds, No Opt. Call Aa3 1,497,970 Series 2002B, 0.000%, 1/01/32 - FGIC Insured 4,600 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 2,861,200 Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 - FGIC Insured 4,000 Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 7/13 at 100.00 AA+ 4,045,240 5.000%, 1/01/33 - AMBAC Insured 1,885 Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, No Opt. Call AA+ 2,035,027 Series 1993, 5.375%, 1/01/14 - AMBAC Insured 5,250 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 7/10 at 100.50 A 5,259,555 5.000%, 1/01/28 - NPFG Insured 10,000 Illinois Finance Authority, Illinois, Northwestern University, 12/15 at 100.00 AAA 10,259,100 Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB) 3,000 Illinois Finance Authority, Revenue Bonds, Memoirial Health No Opt. Call A+ 3,004,050 System, Series 2009, 5.500%, 4/01/34 5,500 Illinois Finance Authority, Revenue Refunding Bonds, Silver 8/18 at 100.00 BBB 5,154,710 Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30 2,060 Illinois Health Facilities Authority, Revenue Bonds, Sherman 7/10 at 100.00 BBB 2,060,000 Health Systems, Series 1997, 5.250%, 8/01/17 - AMBAC Insured Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B: 10,230 0.000%, 1/01/22 - AGM Insured 1/15 at 70.63 Aa3 5,904,449 6,780 0.000%, 1/01/24 - AGM Insured 1/15 at 63.44 Aa3 3,418,747 1,975 Lake County Community High School District 127, Grayslake, No Opt. Call AAA 2,376,952 Illinois, General Obligation Bonds, Series 2002A, 9.000%, 2/01/13 - FGIC Insured Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: 6,500 0.000%, 6/15/25 - NPFG Insured 6/22 at 101.00 AAA 5,180,110 3,270 5.000%, 12/15/28 - NPFG Insured 6/12 at 101.00 AAA 3,318,919 3,700 0.000%, 6/15/30 - NPFG Insured No Opt. Call AAA 1,177,673 3,280 0.000%, 6/15/37 - NPFG Insured No Opt. Call AAA 665,086 11,715 0.000%, 12/15/38 - NPFG Insured No Opt. Call AAA 2,174,890 9,170 0.000%, 6/15/39 - NPFG Insured No Opt. Call AAA 1,653,076 6,500 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 6,999,525 Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.750%, 6/15/23 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 104,010 Total Illinois 69,046,279 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 2.7% (1.7% OF TOTAL INVESTMENTS) 4,695 Indiana Educational Facilities Authority, Revenue Bonds, Butler 2/11 at 100.00 A 4,770,214 University, Series 2001, 5.500%, 2/01/26 - NPFG Insured 4,030 Indiana Finance Authority Health System Revenue Bonds, Sisters 11/19 at 100.00 Aa3 4,117,693 of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 6,000 Indiana Finance Authority, Revenue Bonds, Trinity Health Care 12/19 at 100.00 AA 6,223,920 Group, Refunding Series 2009A, 5.250%, 12/01/38 2,000 Petersburg, Indiana, Pollution Control Revenue Refunding Bonds, 8/11 at 102.00 A3 2,049,820 Indianapolis Power and Light Company, Series 1991, 5.750%, 8/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ 16,725 Total Indiana 17,161,647 - ------------------------------------------------------------------------------------------------------------------------------------
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 970 Iowa Finance Authority, Health Facility Revenue Bonds, Care 7/16 at 100.00 BB+ $ 820,339 Initiatives Project, Series 2006A, 5.000%, 7/01/19 5,000 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue 6/17 at 100.00 BBB 4,483,600 Bonds, Series 2005B, 5.600%, 6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 5,970 Total Iowa 5,303,939 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Kansas Development Finance Authority, Water Pollution Control 11/12 at 100.00 AAA 2,758,725 Revolving Fund Leveraged Bonds, Series 2002-II, 5.500%, 11/01/21 500 Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical 4/16 at 100.00 A1 483,220 Center, Series 2006, 4.625%, 10/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000 Total Kansas 3,241,945 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,087,270 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 3.2% (2.0% OF TOTAL INVESTMENTS) 7,415 Louisiana Local Government Environmental Facilities and 12/12 at 100.00 A 7,436,059 Community Development Authority, Revenue Bonds, Baton Rouge Community College Facilities Corporation, Series 2002, 5.000%, 12/01/32 - NPFG Insured Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004: 1,765 5.250%, 7/01/24 - NPFG Insured 7/14 at 100.00 A 1,801,253 3,350 5.250%, 7/01/33 - NPFG Insured 7/14 at 100.00 A 3,353,484 7,850 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 7,610,732 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 20,380 Total Louisiana 20,201,528 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.1% (0.7% OF TOTAL INVESTMENTS) 4,410 Maryland Community Development Administration, Department of 3/17 at 100.00 Aa2 4,257,149 Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.900%, 9/01/42 (Alternative Minimum Tax) 2,500 Maryland Department of Transportation, Consolidated No Opt. Call AAA 2,945,350 Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ 6,910 Total Maryland 7,202,499 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 4.4% (2.7% OF TOTAL INVESTMENTS) 440 Massachusetts Bay Transportation Authority, Assessment Bonds, 7/10 at 100.00 AAA 443,705 Series 2000A, 5.250%, 7/01/30 Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A: 4,150 5.250%, 7/01/30 (Pre-refunded 7/01/10) 7/10 at 100.00 Aaa 4,185,151 660 5.250%, 7/01/30 (Pre-refunded 7/01/10) 7/10 at 100.00 Aa1 (4) 665,590 12,190 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 A 12,190,244 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG Insured 10,000 Massachusetts Water Resources Authority, General Revenue Bonds, 8/10 at 101.00 AA+ (4) 10,236,600 Series 2000A, 5.750%, 8/01/39 (Pre-refunded 8/01/10) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 27,440 Total Massachusetts 27,721,290 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 2.5% (1.6% OF TOTAL INVESTMENTS) 5,000 Detroit Water Supply System, Michigan, Water Supply System 7/16 at 100.00 AAA 4,854,500 Revenue Bonds, Series 2006D, 4.625%, 7/01/32 - AGM Insured 2,090 Grand Rapids Building Authority, Kent County, Michigan, Limited 8/10 at 100.00 AA (4) 2,116,585 Tax General Obligation Bonds, Series 2000, 5.375%, 8/01/17 (Pre-refunded 8/01/10) - AMBAC Insured 5,000 Michigan State Hospital Finance Authority, Hospital Revenue 11/19 at 100.00 A1 4,964,700 Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 3,050 Michigan Tobacco Settlement Finance Authority, Tobacco 6/18 at 100.00 Baa3 2,836,836 Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 1,150 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 1,361,600 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 16,290 Total Michigan 16,134,221 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 41 NMO | Nuveen Municipal Market Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 7.9% (5.0% OF TOTAL INVESTMENTS) $ 930 Minnesota Agricultural and Economic Development Board, 11/10 at 101.00 A $ 943,215 Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 29,070 Minnesota Agricultural and Economic Development Board, 11/10 at 101.00 A (4) 30,244,137 Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 (Pre-refunded 11/15/10) 1,610 Minnesota Housing Finance Agency, Single Family Remarketed 1/11 at 101.00 AA+ 1,634,247 Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax) 13,675 Minnesota, General Obligation Bonds, Series 2000, 5.125%, 11/10 at 100.00 AAA 14,005,935 11/01/16 2,810 St. Paul Housing and Redevelopment Authority, Minnesota, Sales 11/15 at 103.00 AAA 3,385,938 Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 48,095 Total Minnesota 50,213,472 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.9% (0.6% OF TOTAL INVESTMENTS) 5,900 Mississippi Business Finance Corporation, Pollution Control 10/10 at 100.00 BBB 5,899,351 Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 0.8% (0.5% OF TOTAL INVESTMENTS) Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1: 8,000 0.000%, 4/15/27 - AMBAC Insured No Opt. Call AA- 3,224,800 5,000 0.000%, 4/15/31 - AMBAC Insured No Opt. Call AA- 1,568,750 - ------------------------------------------------------------------------------------------------------------------------------------ 13,000 Total Missouri 4,793,550 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 1.8% (1.1% OF TOTAL INVESTMENTS) 11,690 Omaha Convention Hotel Corporation, Nebraska, Convention Center 2/17 at 100.00 Aa3 11,558,137 Revenue Bonds, Series 2007, 5.000%, 2/01/35 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 6.3% (4.0% OF TOTAL INVESTMENTS) 15,000 Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien 1/20 at 100.00 Aa3 15,935,850 Series 2010B, 5.750%, 7/01/42 11,615 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 11,596,184 Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 6,125 0.000%, 1/01/17 - AMBAC Insured No Opt. Call Caa2 1,299,909 8,500 0.000%, 1/01/26 - AMBAC Insured No Opt. Call Caa2 1,038,275 7,860 0.000%, 1/01/27 - AMBAC Insured No Opt. Call Caa2 905,158 19,300 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 6,198,967 2,135 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 6/15 at 33.61 A 327,808 0.000%, 6/01/37 - FGIC Insured 2,500 Reno, Nevada, Health Facilities Revenue Bonds, Catholic 7/17 at 100.00 AA+ 2,775,700 Healthcare West, Trust 2634, 18.389%, 7/01/31 - BHAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 73,035 Total Nevada 40,077,851 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 0.5% (0.3% OF TOTAL INVESTMENTS) 3,000 New Hampshire Business Finance Authority, Revenue Bonds, Elliot 10/19 at 100.00 BBB+ 3,052,410 Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 6.9% (4.3% OF TOTAL INVESTMENTS) 18,400 New Jersey Health Care Facilities Financing Authority, Revenue 1/17 at 35.47 BB+ 2,094,656 Bonds, Saint Barnabas Health Care System, Series 2006A, 0.000%, 7/01/37 18,000 New Jersey Transportation Trust Fund Authority, Transportation 6/10 at 100.00 AAA 18,122,940 System Bonds, Series 2000B, 5.750%, 6/15/17 (Pre-refunded 6/15/10) 35,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AAA 8,982,750 System Bonds, Series 2006C, 0.000%, 12/15/34 - AGM Insured 5,000 New Jersey Turnpike Authority, Revenue Bonds, Growth and Income 1/17 at 100.00 A+ 4,012,200 Securities, Series 2004B, 5.150%, 1/01/35 - AMBAC Insured 3,000 Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue No Opt. Call Aa2 1,315,980 Bonds, Series 2005A, 0.000%, 9/01/25 - NPFG Insured 3,525 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 3,915,253 Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) $ 2,100 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 AAA $ 2,396,436 Settlement Asset-Backed Bonds, Series 2003, 6.375%, 6/01/32 (Pre-refunded 6/01/13) 4,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 2,780,120 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 - ------------------------------------------------------------------------------------------------------------------------------------ 89,025 Total New Jersey 43,620,335 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 1.4% (0.9% OF TOTAL INVESTMENTS) 5,925 New Mexico Hospital Equipment Loan Council, Hospital Revenue 8/11 at 101.00 AA- (4) 6,345,142 Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11) 2,475 University of New Mexico, Revenue Refunding Bonds, Series No Opt. Call AA 2,597,958 1992A, 6.250%, 6/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ 8,400 Total New Mexico 8,943,100 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 4.3% (2.7% OF TOTAL INVESTMENTS) 7,000 Brooklyn Areba Local Development Corporation, New York, Payment No Opt. Call BBB- 582,120 in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 3,000 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 3,054,990 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 5 New York City, New York, General Obligation Bonds, Fiscal 7/10 at 100.00 AA 5,019 Series 1997H, 6.125%, 8/01/25 5,000 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA 5,452,750 Series 2002A, 5.750%, 8/01/16 New York City, New York, General Obligation Bonds, Fiscal Series 2002G: 1,000 5.000%, 8/01/17 8/12 at 100.00 AA 1,044,610 6,515 5.750%, 8/01/18 8/12 at 100.00 AA 7,091,317 15 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA (4) 16,677 Series 2002G, 5.750%, 8/01/18 (Pre-refunded 8/01/12) 10,000 Port Authority of New York and New Jersey, Special Project 6/10 at 100.00 A 9,999,100 Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/22 - NPFG Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 32,535 Total New York 27,246,583 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 5.8% (3.7% OF TOTAL INVESTMENTS) 1,900 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/15 at 100.00 AAA 2,183,347 Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15) 17,000 North Carolina Capital Facilities Financing Agency, Revenue 10/15 at 100.00 AA+ 17,606,730 Bonds, Duke University, Series 2005A, 5.000%, 10/01/41 3,000 North Carolina Eastern Municipal Power Agency, Power System 1/16 at 100.00 A- 3,189,930 Revenue Bonds, Series 2005, 5.250%, 1/01/20 - AMBAC Insured 4,000 North Carolina Medical Care Commission, Health System Revenue 10/17 at 100.00 AA 3,929,680 Bonds, Mission St. Joseph's Health System, Series 2007, 4.500%, 10/01/31 (UB) 7,500 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 A 8,079,525 Revenue Bonds, Series 2003A, 5.250%, 1/01/19 - NPFG Insured 1,900 North Carolina Turnpike Authority, Triangle Expressway System 1/19 at 100.00 AAA 2,039,175 Revenue Bonds, Series 2009A, 5.750%, 1/01/39 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 35,300 Total North Carolina 37,028,387 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH DAKOTA - 4.4% (2.8% OF TOTAL INVESTMENTS) 23,035 Fargo, North Dakota, Health System Revenue Bonds, MeritCare 6/10 at 101.00 AAA 23,232,640 Obligated Group, Series 2000A, 5.625%, 6/01/31 - AGM Insured North Dakota Water Commission, Water Development and Management Program Bonds, Series 2000A: 2,230 5.700%, 8/01/18 (Pre-refunded 8/01/10) - NPFG Insured 8/10 at 100.00 AA (4) 2,260,194 2,450 5.750%, 8/01/19 (Pre-refunded 8/01/10) - NPFG Insured 8/10 at 100.00 AA (4) 2,483,467 - ------------------------------------------------------------------------------------------------------------------------------------ 27,715 Total North Dakota 27,976,301 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 43 NMO | Nuveen Municipal Market Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 7.3% (4.6% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: $ 4,455 5.375%, 6/01/24 6/17 at 100.00 BBB $ 4,220,845 110 5.125%, 6/01/24 6/17 at 100.00 BBB 101,618 1,250 5.875%, 6/01/30 6/17 at 100.00 BBB 1,058,488 6,215 5.750%, 6/01/34 6/17 at 100.00 BBB 4,890,024 4,300 6.000%, 6/01/42 6/17 at 100.00 BBB 3,323,341 4,750 5.875%, 6/01/47 6/17 at 100.00 BBB 3,565,445 10,000 Columbus City School District, Franklin County, Ohio, General 12/16 at 100.00 AAA 9,702,700 Obligation Bonds, Series 2006, 4.250%, 12/01/32 - AGM Insured (UB) 11,080 Montgomery County, Ohio, Hospital Facilities Revenue Bonds, No Opt. Call A 11,849,617 Kettering Medical Center, Series 1999, 6.300%, 4/01/12 7,500 Ohio State, Hospital Facility Revenue Refunding Bonds, 1/19 at 100.00 Aa2 7,862,775 Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 49,660 Total Ohio 46,574,853 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,675 Oklahoma Development Finance Authority, Health System Revenue 8/18 at 100.00 AA- 1,746,891 Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 2.5% (1.6% OF TOTAL INVESTMENTS) 5,000 Oregon Health Sciences University, Revenue Bonds, Series 1/13 at 100.00 A 5,090,500 2002A, 5.250%, 7/01/22 - NPFG Insured Insured Portland, Oregon, Water System Revenue Bonds, Series 2000A: 6,780 5.375%, 8/01/18 (Pre-refunded 8/01/10) 8/10 at 100.00 Aaa 6,867,801 3,880 5.500%, 8/01/20 (Pre-refunded 8/01/10) 8/10 at 100.00 Aaa 3,931,488 - ------------------------------------------------------------------------------------------------------------------------------------ 15,660 Total Oregon 15,889,789 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 4.5% (2.8% OF TOTAL INVESTMENTS) 3,000 Allegheny County Hospital Development Authority, Pennsylvania, No Opt. Call Aa3 3,083,850 University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39 5,000 Delaware County Industrial Development Authority, 7/10 at 100.00 BB+ 4,981,550 Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 5,000 Pennsylvania Higher Education Assistance Agency, Capital 12/10 at 100.00 N/R (4) 5,135,300 Acquisition Revenue Bonds, Series 2000, 5.875%, 12/15/30 (Pre-refunded 12/15/10) - NPFG Insured 10,000 Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue 6/26 at 100.00 AAA 7,527,300 Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured 7,550 Pennsylvania, General Obligation Bonds, Second Series 2001, 9/11 at 101.00 Aa1 (4) 8,081,294 5.000%, 9/15/14 (Pre-refunded 9/15/11) - ------------------------------------------------------------------------------------------------------------------------------------ 30,550 Total Pennsylvania 28,809,294 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 6.9% (4.3% OF TOTAL INVESTMENTS) 3,330 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 Baa1 3,475,921 Senior Lien Series 2008A, 6.000%, 7/01/44 8,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/20 at 100.00 A3 8,585,280 Series 2010XX, 5.750%, 7/01/36 Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003: 8,200 4.500%, 12/01/23 (UB) 12/13 at 100.00 AAA 9,090,520 4,300 4.500%, 12/01/23 (UB) 12/13 at 100.00 AA+ 4,331,261 10,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ 10,848,300 Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 7,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call Aa2 1,197,630 Bonds, Series 2007A, 0.000%, 8/01/40 - NPFG Insured 6,390 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 6,272,296 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 47,220 Total Puerto Rico 43,801,208 - ------------------------------------------------------------------------------------------------------------------------------------
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 0.5% (0.3% OF TOTAL INVESTMENTS) $ 3,310 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB $ 3,177,335 Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 6.1% (3.8% OF TOTAL INVESTMENTS) 24,730 Greenville County School District, South Carolina, Installment 12/12 at 101.00 Aaa 27,837,572 Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12) 21,570 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call A- 7,168,142 Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 - AMBAC Insured 3,560 South Carolina Public Service Authority, Revenue Refunding 7/13 at 100.00 Aa2 3,874,277 Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/20 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 49,860 Total South Carolina 38,879,991 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 0.7% (0.5% OF TOTAL INVESTMENTS) 5,000 Knox County Health, Educational and Housing Facilities Board, 7/13 at 100.00 BBB+ 4,754,050 Tennessee, Hospital Revenue Bonds, East Tennessee Children's Hospital, Series 2003A, 5.000%, 7/01/23 - RAAI Insured - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 9.2% (5.8% OF TOTAL INVESTMENTS) 2,500 Alliance Airport Authority, Texas, Special Facilities Revenue 12/12 at 100.00 CCC+ 1,747,200 Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 11,255 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 10,950,215 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 1,000 Cedar Hill Independent School District, Dallas County, Texas, No Opt. Call AA- 307,550 General Obligation Bonds, Series 2002, 0.000%, 8/15/32 - FGIC Insured 15,000 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 A 13,255,350 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured 2,500 Comal Independent School District, Comal, Bexar, Guadalupe, No Opt. Call Aaa 1,510,150 Hays, and Kendall Counties, Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 6,000 Dallas-Ft. Worth International Airport Facility Improvement 5/10 at 101.00 CCC+ 4,717,800 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax) 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 1,445,068 4,000 0.000%, 8/15/31 8/16 at 46.64 Aaa 1,380,480 1,715 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, No Opt. Call A2 446,174 Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/32 - AMBAC Insured 1,250 Houston, Texas, Junior Lien Water and Sewerage System Revenue 12/11 at 100.00 AAA 1,321,388 Refunding Bonds, Series 2001A, 5.000%, 12/01/20 - AGM Insured 2,400 Houston, Texas, Senior Lien Airport System Revenue Bonds, 7/18 at 100.00 AA- 2,564,088 Refunding Series 2009A, 5.500%, 7/01/39 9,350 Leander Independent School District, Williamson and Travis 8/15 at 39.50 AA- 2,846,888 Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/32 - FGIC Insured 6,000 Leander Independent School District, Williamson and Travis 8/14 at 35.28 AAA 1,720,440 Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/33 4,000 North Texas Thruway Authority, First Tier System Revenue 1/25 at 100.00 A2 3,085,520 Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43 3,295 Tarrant County, Texas, Cultural & Educational Facilities 2/17 at 100.00 AA- 3,384,558 Financing Corporation, Revenue Bonds, Series 2007, Residuals 1760-3, 16.855%, 2/15/36 (IF) 5,000 White Settlement Independent School District, Tarrant County, 8/15 at 36.81 AAA 1,421,500 Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 3,970 Wichita Falls, Wichita County, Texas, Priority Lien Water and 8/11 at 100.00 AA- (4) 4,191,010 Sewerage System Revenue Bonds, Series 2001, 5.000%, 8/01/21 (Pre-refunded 8/01/11) - AMBAC Insured Wylie Independent School District, Taylor County, Texas, General Obligation Bonds, Series 2005: 3,000 0.000%, 8/15/23 8/15 at 67.10 AAA 1,622,100 2,000 0.000%, 8/15/24 8/15 at 63.56 AAA 1,018,780 - ------------------------------------------------------------------------------------------------------------------------------------ 88,185 Total Texas 58,936,259 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 45 NMO | Nuveen Municipal Market Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.5% (0.3% OF TOTAL INVESTMENTS) $ 3,000 Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, 8/19 at 100.00 AA+ $ 3,062,400 Inc., Series 2009, 5.000%, 8/15/41 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 2.5% (1.5% OF TOTAL INVESTMENTS) 21,500 Metropolitan Washington DC Airports Authority, Virginia, 10/26 at 100.00 AAA 15,635,445 Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 15.1% (9.5% OF TOTAL INVESTMENTS) 5,500 Clark County Public Utility District 1, Washington, Generating 1/11 at 100.00 AAA 5,517,325 System Revenue Refunding Bonds, Series 2000, 5.125%, 1/01/20 - AGM Insured 2,755 Cowlitz County, Washington, Special Sewerage Revenue Refunding No Opt. Call A1 3,051,190 Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 - FGIC Insured 10,000 Energy Northwest, Washington, Electric Revenue Refunding 7/11 at 101.00 AAA 10,604,800 Bonds, Nuclear Project 3, Series 2001A, 5.500%, 7/01/17 - AGM Insured 2,500 King County, Washington, Sewer Revenue Bonds, Series 2001, 1/12 at 100.00 AA+ 2,613,625 5.000%, 1/01/23 - FGIC Insured 33,490 Port of Seattle, Washington, Revenue Bonds, Series 2000A, 8/10 at 100.00 Aa2 (4) 33,944,793 5.625%, 2/01/30 (Pre-refunded 8/01/10) - NPFG Insured 6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 8/10 at 100.00 Aa2 7,013,245 5.625%, 2/01/24 - NPFG Insured (Alternative Minimum Tax) (UB) 2,150 Seattle, Washington, General Obligation Refunding and 12/12 at 100.00 AAA 2,225,163 Improvement Bonds, Series 2002, 4.500%, 12/01/20 3,000 Spokane County School District 81, Spokane, Washington, 6/15 at 100.00 Aa1 3,178,079 General Obligation Bonds, Series 2005, 5.000%, 6/01/24 - NPFG Insured 3,520 Washington State Healthcare Facilities Authority, Revenue 10/11 at 100.00 Aa3 (4) 3,733,135 Bonds, Children's Hospital and Regional Medical Center, Series 2001, 5.000%, 10/01/21 (Pre-refunded 10/01/11) - AMBAC Insured 10,890 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 11,080,356 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 9,000 Washington State, Motor Vehicle Fuel Tax General Obligation No Opt. Call AA+ 4,003,109 Bonds, Series 2003C, 0.000%, 6/01/28 - FGIC Insured 9,000 Washington, Motor Vehicle Fuel Tax General Obligation Bonds, 1/12 at 100.00 AAA 9,480,509 Series 2002C, 5.000%, 1/01/21 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 98,755 Total Washington 96,445,329 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 0.9% (0.6% OF TOTAL INVESTMENTS) 2,800 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 2,998,324 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 1,755 Wisconsin Health and Educational Facilities Authority, Revenue 5/16 at 100.00 BBB 1,506,159 Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25 1,250 Wisconsin Health and Educational Facilities Authority, Revenue 9/10 at 100.00 N/R 1,073,275 Bonds, United Lutheran Program for the Aging Inc., Series 1998, 5.700%, 3/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ 5,805 Total Wisconsin 5,577,758 - ------------------------------------------------------------------------------------------------------------------------------------
46 Nuveen Investments
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, 7/19 at 100.00 A+ $ 4,381,145 Basin Electric Power Cooperative - Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,339,655 Total Investments (cost $1,012,817,147) - 159.0% 1,012,295,592 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (7.7)% (48,745,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.8% 24,105,704 -------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Preferred Shares, at Liquidation Value - (350,900,000) (55.1)% (6) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 636,756,296 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.7% 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 - Inverse Floating Rate Securities for more information. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 47 NAD | Nuveen Dividend Advantage Municipal Fund | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS - 152.7% (99.9% OF TOTAL INVESTMENTS) ALABAMA - 0.3% (0.2% OF TOTAL INVESTMENTS) $ 1,600 Alabama 21st Century Authority, Tobacco Settlement Revenue 6/10 at 102.00 A- $ 1,609,888 Bonds, Series 2000, 5.750%, 12/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.1% (0.1% OF TOTAL INVESTMENTS) 750 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AA 770,858 Bonds, Series 2005A, 5.250%, 12/01/34 - FGIC Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 1.2% (0.8% OF TOTAL INVESTMENTS) 2,350 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 2,392,441 Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/33 5,000 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 4,458,800 Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 7,350 Total Arizona 6,851,241 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 6.7% (4.4% OF TOTAL INVESTMENTS) 1,535 Alameda Corridor Transportation Authority, California, Senior No Opt. Call A 251,633 Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/37 - NPFG Insured 6,000 Anaheim Public Finance Authority, California, Subordinate No Opt. Call AAA 1,955,040 Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/28 - AGM Insured 6,750 California Statewide Community Development Authority, Revenue 8/19 at 100.00 AA 7,515,315 Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 65 California, General Obligation Bonds, Series 1997, 5.000%, 7/10 at 100.00 A1 65,085 10/01/18 - AMBAC Insured 5,000 California, General Obligation Bonds, Series 2005, 5.000%, 3/16 at 100.00 A1 5,017,250 3/01/31 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 AAA 1,389,115 9,925 5.000%, 6/01/45 6/15 at 100.00 AAA 9,498,027 Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 5,750 5.000%, 6/01/33 6/17 at 100.00 BBB 4,696,313 1,000 5.125%, 6/01/47 6/17 at 100.00 BBB 698,390 2,200 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 2,443,166 Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 1,495 Palmdale Civic Authority, California, Revenue Refinancing 7/10 at 100.00 A 1,499,440 Bonds, Civic Center Project, Series 1997A, 5.375%, 7/01/12 - NPFG Insured 17,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 2,395,640 County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 60,220 Total California 37,424,414 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 5.7% (3.8% OF TOTAL INVESTMENTS) 1,125 Antelope Heights Metropolitan District, Colorado, Limited Tax 12/17 at 100.00 N/R 793,159 General Obligation Bonds, Series 2007, 5.000%, 12/01/37 - RAAI Insured 3,330 Colorado Health Facilities Authority, Colorado, Revenue 7/19 at 100.00 AA 3,544,252 Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 Denver City and County, Colorado, Airport Special Facilities Revenue Bonds, Rental Car Projects, Series 1999A: 2,170 6.000%, 1/01/12 - NPFG Insured (Alternative Minimum Tax) 7/10 at 100.50 A 2,188,206 675 6.000%, 1/01/13 - NPFG Insured (Alternative Minimum Tax) 7/10 at 100.50 A 680,333 1,475 Denver, Colorado, FHA-Insured Multifamily Housing Revenue 10/10 at 100.00 BB+ 1,441,636 Bonds, Boston Lofts Project, Series 1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) 8,515 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 3,225,993 Bonds, Series 1997B, 0.000%, 9/01/25 - NPFG Insured
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO (continued) $ 25,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A $ 6,114,750 Bonds, Series 2000B, 0.000%, 9/01/31 - NPFG Insured 60,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 10,555,800 Series 2004A, 0.000%, 3/01/36 - NPFG Insured 12,500 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/26 at 54.77 A 1,770,375 Series 2006A, 0.000%, 9/01/38 - NPFG Insured 2,000 Metropolitan Football Stadium District, Colorado, Sales Tax No Opt. Call A 1,942,980 Revenue Bonds, Series 1999A, 0.000%, 1/01/12 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 116,790 Total Colorado 32,257,484 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.4% (0.3% OF TOTAL INVESTMENTS) 4,335 Mashantucket Western Pequot Tribe, Connecticut, Subordinate 11/17 at 100.00 N/R 2,220,084 Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 10.9% (7.1% OF TOTAL INVESTMENTS) 1,390 Florida Housing Finance Agency, Housing Revenue Bonds, Mar 6/10 at 100.00 N/R 1,390,181 Lago Village Apartments, Series 1997F, 5.800%, 12/01/17 - AMBAC Insured (Alternative Minimum Tax) 15,000 Florida State Board of Education, Public Education Capital 6/15 at 101.00 AAA 15,046,950 Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB) 2,500 Marion County Hospital District, Florida, Revenue Bonds, 10/17 at 100.00 A3 2,301,550 Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 13,625 Martin County Industrial Development Authority, Florida, 6/10 at 100.00 BB+ 13,623,093 Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 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- 21,836,320 7,370 5.000%, 8/15/42 (UB) 8/17 at 100.00 AA- 7,241,909 - ------------------------------------------------------------------------------------------------------------------------------------ 61,885 Total Florida 61,440,003 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,000 Cobb County Development Authority, Georgia, Student Housing 7/17 at 100.00 Baa2 4,473,800 Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO - 0.1% (0.1% OF TOTAL INVESTMENTS) 110 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.50 Aa2 112,175 Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax) 140 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aa2 142,873 Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax) 205 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aaa 212,983 Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 455 Total Idaho 468,031 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 31.6% (20.7% OF TOTAL INVESTMENTS) 1,560 Channahon, Illinois, Revenue Refunding Bonds, Morris 6/10 at 102.00 BBB+ 1,594,492 Hospital, Series 1999, 5.750%, 12/01/12 2,205 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 763,768 Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/29 - FGIC Insured 7,250 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call Aa2 8,162,413 Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.500%, 12/01/26 - FGIC Insured Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A: 680 5.500%, 12/20/19 (Alternative Minimum Tax) 10/10 at 101.00 AA- 690,098 1,210 5.600%, 12/20/29 (Alternative Minimum Tax) 10/10 at 101.00 AA- 1,222,729 1,925 5.650%, 12/20/40 (Alternative Minimum Tax) 10/10 at 101.00 AA- 1,941,420 22,750 Chicago, Illinois, General Obligation Refunding Bonds, No Opt. Call Aa2 25,963,665 Emergency Telephone System, Series 1999, 5.500%, 1/01/23 - FGIC Insured
Nuveen Investments 49 NAD | Nuveen Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 2,150 Chicago, Illinois, Motor Fuel Tax Revenue Refunding Bonds, No Opt. Call AA+ $ 2,321,119 Series 1993, 5.375%, 1/01/14 - AMBAC Insured 3,340 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 3,349,586 O'Hare International Airport, Series 2005A, 5.000%, 1/01/33 - FGIC Insured 190 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aa2 211,252 Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 - AGM Insured 810 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aa2 (4) 919,358 Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) - AGM Insured 500 Hoffman Estates Park District, Cook County, Illinois, General 12/11 at 100.00 AA+ 506,605 Obligation Bonds, Series 1999, 5.375%, 12/01/29 - NPFG Insured 3,935 Illinois Development Finance Authority, Local Government No Opt. Call Baa1 3,374,184 Program Revenue Bonds, Lake County School District 116 - Round Lake, Series 1999, 0.000%, 1/01/15 - NPFG Insured 1,500 Illinois Finance Authority, Revenue Bonds, Central DuPage 11/19 at 100.00 AA 1,564,245 Health, Series 2009B, 5.500%, 11/01/39 2,000 Illinois Finance Authority, Revenue Bonds, Children's 8/18 at 100.00 AAA 2,012,120 Memorial Hospital, Series 2008A, 5.250%, 8/15/47 - AGC Insured (UB) 1,000 Illinois Finance Authority, Revenue Bonds, Edward Health 2/18 at 100.00 A+ 1,003,040 Services Corporation, Series 2008A, 5.500%, 2/01/40 - AMBAC Insured 5,570 Illinois Finance Authority, Revenue Bonds, University of 7/14 at 100.00 Aa1 5,702,120 Chicago, Series 2004A, 5.000%, 7/01/34 4,000 Illinois Finance Authority, Revenue Refunding Bonds, Silver 8/18 at 100.00 BBB 4,091,280 Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23 9,820 Illinois Health Facilities Authority, Remarketed Revenue 8/11 at 103.00 Aa1 10,271,033 Bonds, University of Chicago Project, Series 1985A, 5.500%, 8/01/20 5,595 Illinois Health Facilities Authority, Revenue Bonds, Loyola 7/10 at 100.00 A 5,348,261 University Health System, Series 1997A, 5.000%, 7/01/24 - NPFG Insured 5,490 Illinois Health Facilities Authority, Revenue Bonds, Sarah 8/10 at 100.00 A 5,495,819 Bush Lincoln Health Center, Series 1996B, 5.500%, 2/15/16 1,500 Illinois Housing Development Authority, Housing Finance 1/15 at 100.00 A+ 1,448,370 Bonds, Series 2005E, 4.800%, 1/01/36 - FGIC Insured 2,000 Kane & DeKalb Counties, Illinois, Community United School No Opt. Call A1 1,166,480 District 301, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 - NPFG Insured 11,345 Lake and McHenry Counties Community Unit School District 118, 1/15 at 60.14 Aa3 5,440,495 Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/25 - AGM Insured 3,000 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 2,437,680 Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 22,500 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/10 at 101.00 AAA 22,807,125 Bonds, McCormick Place Expansion Project, Series 1999A, 5.500%, 12/15/24 - FGIC Insured 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 A1 6,535,375 13,000 0.000%, 12/15/23 - NPFG Insured No Opt. Call A1 6,494,410 3,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 3,230,550 Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.750%, 6/15/23 - NPFG Insured 1,840 Oak Park, Illinois, General Obligation Bonds, Series 2005B, 11/15 at 54.14 Aa2 759,957 0.000%, 11/01/27 - SYNCORA GTY Insured 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 AAA 26,557,578 3,500 5.750%, 6/01/23 - AGM Insured No Opt. Call AAA 4,018,105 1,300 Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 12/14 at 100.00 Aaa 1,364,311 5.250%, 12/01/34 - FGIC Insured 10,000 Will County Community High School District 210 Lincoln-Way, No Opt. Call Aa2 5,537,500 Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 - AGM Insured 4,500 Will County School District 122, New Lenox, Illinois, General No Opt. Call Aa3 3,149,775 Obligation Bonds, Series 2000B, 0.000%, 11/01/18 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ 195,865 Total Illinois 177,456,318 - ------------------------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 5.2% (3.4% OF TOTAL INVESTMENTS) $ 1,885 Hospital Authority of Delaware County, Indiana, Hospital 8/10 at 100.00 N/R $ 1,835,142 Revenue Refunding Bonds, Cardinal Health System, Series 1997, 5.000%, 8/01/16 - AMBAC Insured 4,000 Indiana Finance Authority, Revenue Bonds, Trinity Health Care 12/19 at 100.00 AA 4,149,280 Group, Refunding Series 2009A, 5.250%, 12/01/38 8,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/10 at 101.50 A+ (4) 8,240,160 Bonds, Clarian Health Obligated Group, Series 2000A, 5.500%, 2/15/26 (Pre-refunded 8/15/10) - NPFG Insured 2,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 1,961,340 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 6,555 Indiana Housing and Community Development Authority, Single 1/17 at 100.00 Aaa 6,399,515 Family Mortgage Revenue Bonds, Series 2007A-1, Drivers 1847, 7.817%, 7/01/32 (Alternative Minimum Tax) (IF) 6,675 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 6,708,375 Series 2007A, 5.000%, 1/01/42 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 29,115 Total Indiana 29,293,812 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.9% (0.6% OF TOTAL INVESTMENTS) 7,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 5,236,560 Revenue Bonds, Series 2005C, 5.625%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 1.2% (0.8% OF TOTAL INVESTMENTS) 3,825 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, 10/10 at 100.00 Aa2 3,827,869 Series 1999, 4.000%, 10/01/18 - FGIC Insured 3,000 Wyandotte County-Kansas City Unified Government, Kansas, Sales 12/15 at 100.00 N/R 3,067,290 Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005, 5.000%, 12/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 6,825 Total Kansas 6,895,159 - ------------------------------------------------------------------------------------------------------------------------------------ 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 10/10 at 100.00 BB- 1,744,791 5,000 5.875%, 10/01/22 10/10 at 100.00 BB- 4,449,350 - ------------------------------------------------------------------------------------------------------------------------------------ 6,850 Total Kentucky 6,194,141 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 7.2% (4.7% OF TOTAL INVESTMENTS) 1,750 Louisiana Local Government Environmental Facilities and 6/12 at 105.00 Aaa 1,876,543 Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37 5,350 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 5,355,564 Rouge General Hospital, Series 2004, 5.250%, 7/01/33 - NPFG Insured 9,000 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 Baa1 8,177,220 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 5,445 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 5/16 at 100.00 Aa1 5,364,360 2006A, 4.500%, 5/01/41 - FGIC Insured (UB) 13,570 Louisiana Transportation Authority, Senior Lien Toll Road 12/10 at 38.73 Aa3 5,100,285 Revenue Bonds, Series 2005B, 0.000%, 12/01/28 - AMBAC Insured Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B: 9,690 5.500%, 5/15/30 5/11 at 101.00 BBB 9,702,694 5,000 5.875%, 5/15/39 5/11 at 101.00 BBB 4,847,600 - ------------------------------------------------------------------------------------------------------------------------------------ 49,805 Total Louisiana 40,424,266 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 3.2% (2.1% OF TOTAL INVESTMENTS) 1,440 Boston Industrial Development Financing Authority, 9/12 at 102.00 N/R 796,406 Massachusetts, Subordinate Revenue Bonds, Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) 4,365 Massachusetts Health and Educational Facilities Authority, 10/15 at 100.00 AAA 4,528,251 Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 - AGC Insured
Nuveen Investments 51 NAD | Nuveen Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS (continued) $ 620 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 $ 603,155 Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33 2,300 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 2,346,575 Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 2,975 Massachusetts Housing Finance Agency, Housing Bonds, Series 12/18 at 100.00 AA- 3,027,330 2009F, 5.700%, 6/01/40 785 Massachusetts Port Authority, Special Facilities Revenue Bonds, 9/10 at 100.00 A 643,496 US Airways Group Inc., Series 1996A, 5.875%, 9/01/23 - NPFG Insured (Alternative Minimum Tax) Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A: 1,975 5.000%, 1/01/12 7/10 at 100.00 A 1,980,609 1,200 5.000%, 1/01/13 - NPFG Insured 7/10 at 100.00 A 1,202,784 2,200 5.125%, 1/01/17 - NPFG Insured 7/10 at 100.00 A 2,202,530 1,000 0.000%, 1/01/24 - NPFG Insured No Opt. Call A 475,690 - ------------------------------------------------------------------------------------------------------------------------------------ 18,860 Total Massachusetts 17,806,826 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 4.2% (2.7% OF TOTAL INVESTMENTS) 6,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue 7/15 at 100.00 A1 5,856,900 Bonds, Series 2005A, 5.000%, 7/01/35 - NPFG Insured 15,255 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 BB- 12,097,520 Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.250%, 8/15/28 1,150 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 1,361,600 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 4,000 Wayne County, Michigan, Airport Revenue Bonds, Detroit 6/10 at 100.50 A 4,047,840 Metropolitan Wayne County Airport, Series 1998A, 5.375%, 12/01/16 - NPFG Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 26,405 Total Michigan 23,363,860 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 1.4% (0.9% OF TOTAL INVESTMENTS) 6,375 Minneapolis Health Care System, Minnesota, Revenue Bonds, 11/18 at 100.00 A 7,149,053 Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 555 Minnesota Housing Finance Agency, Single Family Mortgage 7/10 at 101.00 AA+ 570,435 Bonds, Series 1998H-1, 5.650%, 7/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 6,930 Total Minnesota 7,719,488 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 2.3% (1.5% OF TOTAL INVESTMENTS) Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1: 7,000 0.000%, 4/15/27 - AMBAC Insured No Opt. Call AA- 2,821,700 5,000 0.000%, 4/15/29 - AMBAC Insured No Opt. Call AA- 1,775,650 1,885 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AA- 1,927,582 Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/21 - AMBAC Insured Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: 300 5.250%, 6/01/21 (Pre-refunded 6/01/11) - AMBAC Insured 6/11 at 101.00 AA- (4) 318,120 2,185 5.250%, 6/01/21 (Pre-refunded 6/01/11) - AMBAC Insured 6/11 at 101.00 AA- (4) 2,316,974 3,670 5.250%, 6/01/28 (Pre-refunded 6/01/11) - AMBAC Insured 6/11 at 101.00 AA- (4) 3,891,668 - ------------------------------------------------------------------------------------------------------------------------------------ 20,040 Total Missouri 13,051,694 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.3% (0.2% OF TOTAL INVESTMENTS) 570 Montana Board of Housing, Single Family Mortgage Bonds, Series 6/10 at 100.00 AA+ 579,890 2000A-2, 6.450%, 6/01/29 (Alternative Minimum Tax) 1,000 Montana Higher Education Student Assistance Corporation, 6/10 at 100.00 A2 979,600 Student Loan Revenue Bonds, Subordinate Series 1999B, 6.400%, 12/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 1,570 Total Montana 1,559,490 - ------------------------------------------------------------------------------------------------------------------------------------
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 5.4% (3.5% OF TOTAL INVESTMENTS) $ 10,000 Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien 1/20 at 100.00 Aa3 $ 10,623,900 Series 2010B, 5.750%, 7/01/42 9,675 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 9,659,327 Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 8,000 0.000%, 1/01/19 - AMBAC Insured No Opt. Call Caa2 1,508,720 4,000 5.625%, 1/01/32 - AMBAC Insured (5) 1/12 at 100.00 Caa2 1,284,720 3,000 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 963,570 3,750 Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, 7/17 at 100.00 AA+ 4,311,000 Catholic Healthcare West, Trust 2634, 18.667%, 7/01/31 - BHAC Insured (IF) 1,500 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue 6/19 at 100.00 A 1,719,660 Bonds, Series 2009A, 8.000%, 6/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 39,925 Total Nevada 30,070,897 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 6.9% (4.5% OF TOTAL INVESTMENTS) 6,850 New Jersey Educational Facilities Authority, Revenue Refunding No Opt. Call Baa2 7,506,641 Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 5.750%, 12/01/15 1,830 New Jersey Higher Education Assistance Authority, Student Loan 6/10 at 101.00 Aaa 1,853,406 Revenue Bonds, Series 2000A, 6.000%, 6/01/13 - NPFG Insured (Alternative Minimum Tax) 4,130 New Jersey Transit Corporation, Certificates of Participation, No Opt. Call Aa3 4,597,516 Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/13 - AMBAC Insured 4,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 4,633,360 System Bonds, Series 1999A, 5.750%, 6/15/18 20,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 6,895,400 System Bonds, Series 2006C, 0.000%, 12/15/28 - AMBAC Insured Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002: 7,825 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 8,387,226 3,165 6.125%, 6/01/42 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 3,515,397 1,365 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 AAA 1,596,463 Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) - ------------------------------------------------------------------------------------------------------------------------------------ 49,165 Total New Jersey 38,985,409 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 0.7% (0.4% OF TOTAL INVESTMENTS) 3,730 University of New Mexico, FHA-Insured Mortgage Hospital 7/14 at 100.00 AAA 3,797,103 Revenue Bonds, Series 2004, 5.000%, 7/01/32 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 8.1% (5.3% OF TOTAL INVESTMENTS) 2,170 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 100.00 A3 2,171,215 Bonds, Franciscan Health Partnership Obligated Group - Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/17 - RAAI Insured 7,500 Dormitory Authority of the State of New York, Secured 8/10 at 100.00 AA- 7,507,125 Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 - NPFG Insured 6,000 New York City Industrial Development Agency, New York, 8/16 at 101.00 B- 6,156,660 American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 4,755 New York City Industrial Development Agency, New York, Revenue 3/19 at 100.00 AAA 5,502,962 Bonds, Yankee Stadium Project Pilot, Series 2009A, 7.000%, 3/01/49 - AGC Insured 5,000 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 5,168,450 Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 - AGM Insured (UB) 8,800 New York City Sales Tax Asset Receivable Corporation, New 10/14 at 100.00 AAA 9,139,504 York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 - AMBAC Insured (UB) 10,000 Port Authority of New York and New Jersey, Special Project 6/10 at 100.00 A 10,063,600 Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 - NPFG Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 44,225 Total New York 45,709,516 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 53 NAD | Nuveen Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.1% (0.7% OF TOTAL INVESTMENTS) $ 1,500 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- $ 1,594,575 Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.250%, 1/15/24 - AGC Insured 3,830 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/15 at 100.00 AAA 4,401,168 Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15) - ------------------------------------------------------------------------------------------------------------------------------------ 5,330 Total North Carolina 5,995,743 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 3.2% (2.1% OF TOTAL INVESTMENTS) 2,300 Amherst Exempted Village School District, Ohio, Unlimited Tax 12/11 at 100.00 Aa2 (4) 2,464,611 General Obligation School Improvement Bonds, Series 2001, 5.125%, 12/01/21 (Pre-refunded 12/01/11) - FGIC Insured Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 1,285 5.375%, 6/01/24 6/17 at 100.00 BBB 1,217,460 160 5.125%, 6/01/24 6/17 at 100.00 BBB 147,808 1,800 5.875%, 6/01/30 6/17 at 100.00 BBB 1,524,222 1,740 5.750%, 6/01/34 6/17 at 100.00 BBB 1,369,049 3,930 5.875%, 6/01/47 6/17 at 100.00 BBB 2,949,937 3,635 Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage 7/10 at 100.00 Aa2 3,636,818 Revenue Bonds, Hamilton Creek Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax) 3,650 Montgomery County, Ohio, Revenue Bonds, Catholic Health 5/14 at 100.00 AA 3,740,338 Initiatives, Series 2004A, 5.000%, 5/01/30 935 Warren County, Ohio, Limited Tax General Obligations, Series 6/10 at 100.00 Aa1 938,693 1997, 5.500%, 12/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ 19,435 Total Ohio 17,988,936 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,355 Portland, Oregon, Downtown Waterfront Urban Renewal and 6/10 at 101.00 Aa3 2,389,218 Redevelopment Revenue Bonds, Series 2000A, 5.500%, 6/15/20 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 6.9% (4.5% OF TOTAL INVESTMENTS) 3,480 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 AAA 3,716,710 Revenue Bonds, West Penn Allegheny Health System, Series 2000B, 9.250%, 11/15/22 (Pre-refunded 11/15/10) 520 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 519,995 Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax) 1,250 Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 12/18 at 100.00 AAA 1,276,188 2008, 5.000%, 12/01/43 - AGM Insured 1,500 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,424,970 Revenue Bonds, Series 2006A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) 8,200 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/27 at 100.00 A2 5,511,138 Capital Appreciation Series 2009E, 0.000%, 12/01/38 5,000 Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue 6/26 at 100.00 AAA 3,763,650 Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured 18,900 Philadelphia Airport System, Pennsylvania, Revenue Bonds, 6/10 at 100.00 A+ 18,923,814 Series 1998A, 5.500%, 6/15/18 - FGIC Insured (Alternative Minimum Tax) 3,205 Philadelphia School District, Pennsylvania, General Obligation 8/12 at 100.00 Aa2 (4) 3,540,243 Bonds, Series 2002B, 5.625%, 8/01/16 (Pre-refunded 8/01/12) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 42,055 Total Pennsylvania 38,676,708 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 5.0% (3.3% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 Baa1 2,609,550 Senior Lien Series 2008A, 6.000%, 7/01/44 Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003: 8,200 4.500%, 12/01/23 (UB) 12/13 at 100.00 AAA 9,090,520 4,300 4.500%, 12/01/23 (UB) 12/13 at 100.00 AA+ 4,331,261
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO (continued) $ 12,845 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call A3 $ 1,438,897 Revenue Bonds, Series 2005A, 0.000%, 7/01/42 - FGIC Insured 10,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ 10,848,300 Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ 37,845 Total Puerto Rico 28,318,528 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 3.0% (1.9% OF TOTAL INVESTMENTS) 2,015 Central Falls, Rhode Island, General Obligation School Bonds, 5/10 at 101.00 Baa1 2,037,628 Series 1999, 6.250%, 5/15/20 - RAAI Insured Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177: 1,500 9.509%, 10/01/27 (Alternative Minimum Tax) (IF) 4/17 at 100.00 AA+ 1,567,935 1,000 9.609%, 10/01/32 (Alternative Minimum Tax) (IF) 4/17 at 100.00 AA+ 1,029,980 12,500 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 12,124,375 Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 17,015 Total Rhode Island 16,759,918 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,500 Greenville, South Carolina, Hospital Facilities Revenue Bonds, 5/11 at 101.00 AA- 1,505,655 Series 2001, 5.000%, 5/01/31 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.4% (0.9% OF TOTAL INVESTMENTS) 2,250 Memphis-Shelby County Airport Authority, Tennessee, Airport 9/10 at 101.00 A2 2,273,715 Revenue Bonds, Series 1999D, 6.000%, 3/01/24 - AMBAC Insured (Alternative Minimum Tax) 2,425 Memphis-Shelby County Airport Authority, Tennessee, Airport 3/11 at 100.00 AAA 2,446,486 Revenue Bonds, Series 2001B, 5.125%, 3/01/26 - AGM Insured 2,310 Sullivan County Health Educational and Housing Facilities 9/16 at 100.00 BBB+ 2,124,784 Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36 1,500 Sumner County Health, Educational, and Housing Facilities 11/17 at 100.00 N/R 974,100 Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/46 (7) - ------------------------------------------------------------------------------------------------------------------------------------ 8,485 Total Tennessee 7,819,085 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 6.9% (4.5% OF TOTAL INVESTMENTS) 2,560 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Caa3 1,531,674 Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 2,000 Capital Area Cultural Education Facilities Finance Corporation, 4/20 at 100.00 Aaa 2,010,940 Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 2,820 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 A 2,492,006 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured 820 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue 12/11 at 100.00 AAA 877,072 Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) - AMBAC Insured 2,205 Harris County-Houston Sports Authority, Texas, Senior Lien No Opt. Call A 1,185,540 Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/20 - NPFG Insured 3,130 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, No Opt. Call A2 927,732 Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/30 - AMBAC Insured 2,500 Jefferson County, Texas, Certificates of Obligation, Series 8/10 at 100.00 AAA 2,535,225 2000, 6.000%, 8/01/25 (Pre-refunded 8/01/10) - AGM Insured 30,095 Leander Independent School District, Williamson and Travis 8/12 at 27.94 AAA 7,524,954 Counties, Texas, General Obligation Bonds, Series 2004, 0.000%, 8/15/34
Nuveen Investments 55 NAD | Nuveen Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 9,345 Leander Independent School District, Williamson and Travis 8/15 at 37.33 AA- $ 2,683,697 Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/33 - FGIC Insured 33,160 Leander Independent School District, Williamson and Travis 8/14 at 26.50 AAA 7,094,582 Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/38 1,000 San Antonio, Texas, Water System Revenue Bonds, Series 2005, 5/15 at 100.00 Aa1 1,004,430 4.750%, 5/15/37 - NPFG Insured 3,295 Tarrant County, Texas, Cultural & Educational Facilities 2/17 at 100.00 AA- 3,384,558 Financing Corporation, Revenue Bonds, Series 2007, Residuals 1760-3, 16.855%, 2/15/36 (IF) 7,000 White Settlement Independent School District, Tarrant County, 8/15 at 34.92 AAA 1,885,170 Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/35 Wylie Independent School District, Taylor County, Texas, General Obligation Bonds, Series 2005: 3,000 0.000%, 8/15/20 8/15 at 78.46 AAA 1,930,650 3,000 0.000%, 8/15/22 8/15 at 70.77 AAA 1,720,650 - ------------------------------------------------------------------------------------------------------------------------------------ 105,930 Total Texas 38,788,880 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.1% (0.1% OF TOTAL INVESTMENTS) Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1999C-2, Class II: 165 5.700%, 7/01/19 (Alternative Minimum Tax) 7/10 at 101.50 Aaa 170,217 50 5.750%, 7/01/21 (Alternative Minimum Tax) 7/10 at 101.50 Aa2 50,827 10 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 Aa2 10,046 Series 1999D, 5.850%, 7/01/21 (Alternative Minimum Tax) 390 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 AA- 390,753 Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 615 Total Utah 621,843 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.5% (0.3% OF TOTAL INVESTMENTS) 3,000 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 2,887,560 Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 11.3% (7.4% OF TOTAL INVESTMENTS) 4,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/13 at 100.00 Aaa 4,455,840 Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 - SYNCORA GTY Insured Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999B: 1,755 6.000%, 9/01/15 - NPFG Insured (Alternative Minimum Tax) 9/10 at 101.00 A 1,775,323 2,590 6.000%, 9/01/16 - NPFG Insured (Alternative Minimum Tax) 9/10 at 101.00 A 2,619,267 Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C: 875 6.000%, 9/01/15 - NPFG Insured (Alternative Minimum Tax) 9/10 at 101.00 A 885,133 1,260 6.000%, 9/01/16 - NPFG Insured (Alternative Minimum Tax) 9/10 at 101.00 A 1,274,238 4,820 Seattle, Washington, Municipal Light and Power Revenue 3/11 at 100.00 AAA 4,959,828 Refunding and Improvement Bonds, Series 2001, 5.500%, 3/01/19 - AGM Insured 2,000 Washington Health Care Facilities Authority, Revenue Bonds, 7/19 at 100.00 A 2,065,260 Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 6,190 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 6,298,201 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 11,605 Washington, Certificates of Participation, Washington 7/10 at 100.00 AA 11,643,412 Convention and Trade Center, Series 1999, 5.250%, 7/01/16 - NPFG Insured 3,350 Washington, General Obligation Compound Interest Bonds, Series No Opt. Call AAA 2,602,380 1999S-2, 0.000%, 1/01/18 - AGM Insured Washington, General Obligation Compound Interest Bonds, Series 1999S-3: 17,650 0.000%, 1/01/20 No Opt. Call AA+ 12,405,478 18,470 0.000%, 1/01/21 No Opt. Call AA+ 12,347,563 - ------------------------------------------------------------------------------------------------------------------------------------ 74,565 Total Washington 63,331,923 - ------------------------------------------------------------------------------------------------------------------------------------
56 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 6.7% (4.4% OF TOTAL INVESTMENTS) $ 1,690 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 11/14 at 100.00 Aa2 (4) $ 1,950,918 5.000%, 11/01/29 (Pre-refunded 11/01/14) - AGM Insured 560 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 11/14 at 100.00 Aa2 577,975 5.000%, 11/01/29 - AGM Insured 3,810 La Crosse, Wisconsin, Industrial Development Revenue Refunding 12/10 at 100.00 A3 3,875,912 Bonds, Dairyland Power Cooperative, Series 1997C, 5.550%, 2/01/15 - AMBAC Insured 7,410 Wisconsin Health and Educational Facilities Authority, Revenue 11/16 at 100.00 Aa1 7,521,297 Bonds, Ascension Health, Series 2006A, 5.000%, 11/15/36 4,330 Wisconsin Health and Educational Facilities Authority, Revenue 2/20 at 100.00 AA- 4,627,080 Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 4,380 Wisconsin Health and Educational Facilities Authority, Revenue 5/10 at 100.00 A 4,381,050 Bonds, Kenosha Hospital and Medical Center Inc., Series 1999, 5.625%, 5/15/29 12,700 Wisconsin Health and Educational Facilities Authority, Revenue 8/10 at 100.50 A2 12,750,291 Bonds, Mercy Health System Corporation, Series 1999, 5.500%, 8/15/25 - AMBAC Insured 2,200 Wisconsin Health and Educational Facilities Authority, Revenue 8/13 at 100.00 BBB+ 1,970,055 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 37,080 Total Wisconsin 37,654,578 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,119,905 Total Municipal Bonds (cost $851,521,599) 857,818,917 =============-----------------------------------------------------------------------------------------------------------------------
SHARES DESCRIPTION (1) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT COMPANIES - 0.1% (0.1% OF TOTAL INVESTMENTS) 8,765 BlackRock MuniHoldings Fund Inc. $ 137,610 32,332 Morgan Stanley Quality Municipal Income Trust 408,029 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investment Companies (cost $527,634) 545,639 -------------------------------------------------------------------------------------------------------------------- Total Investments (cost $852,049,233) - 152.8% 858,364,556 -------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (9.2)% (51,605,000) -------------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred Shares, at Liquidation Value - (25.7)% (6) (144,300,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.5% 19,443,937 -------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (21.4)% (6) (120,075,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 561,828,493 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.8% and 14.0%, respectively. (7) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. 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 - Inverse Floating Rate Securities for more information. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 57 NXZ | Nuveen Dividend Advantage Municipal Fund 2 | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 4.5% (3.1% OF TOTAL INVESTMENTS) $ 18,500 Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 6/11 at 101.00 A2 (4) $ 19,734,135 2001A, 5.750%, 6/01/31 (Pre-refunded 6/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.3% (0.2% OF TOTAL INVESTMENTS) 2,200 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 1,478,906 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 0.7% (0.5% OF TOTAL INVESTMENTS) 3,120 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/12 at 100.00 AA- 3,121,030 Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 0.2% (0.1% OF TOTAL INVESTMENTS) 925 Arkansas Development Finance Authority, Single Family Mortgage 1/12 at 100.00 AAA 930,939 Revenue Bonds, GNMA Mortgage-Backed Securities Program, Series 2002C, 5.400%, 1/01/34 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 12.4% (8.4% OF TOTAL INVESTMENTS) 9,000 California County Tobacco Securitization Agency, Tobacco 12/18 at 100.00 Baa3 6,728,670 Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 0.000%, 6/01/36 6,000 California Educational Facilities Authority, Revenue Bonds, 6/11 at 101.00 AAA 6,222,780 Stanford University, Series 2001Q, 5.250%, 12/01/32 4,080 California Health Facilities Financing Authority, Revenue 4/16 at 100.00 AA+ 4,123,534 Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 - BHAC Insured 20,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 18,307,400 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 - FGIC Insured 5,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 5,837,850 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 1,000 5.000%, 6/01/33 6/17 at 100.00 BBB 816,750 1,000 5.125%, 6/01/47 6/17 at 100.00 BBB 698,390 6,000 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 6,048,480 California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax) 5,000 San Jose, California, Airport Revenue Bonds, Series 2007A, 3/17 at 100.00 A 5,176,100 6.000%, 3/01/47 - AMBAC Insured (Alternative Minimum Tax) 70 Yuba County Water Agency, California, Yuba River Development 9/10 at 100.00 Baa1 68,450 Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ 57,150 Total California 54,028,404 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 10.0% (6.7% OF TOTAL INVESTMENTS) 2,380 Colorado Educational and Cultural Facilities Authority, Charter 8/11 at 100.00 AAA 2,575,112 School Revenue Bonds, Peak-to-Peak Charter School, Series 2001, 7.500%, 8/15/21 (Pre-refunded 8/15/11) 3,300 Denver City and County, Colorado, Airport Revenue Bonds, Series 11/16 at 100.00 A+ 3,466,914 2006, 5.000%, 11/15/24 - FGIC Insured Denver City, Colorado, Airport Revenue Bonds, Series 2006: 5,365 5.000%, 11/15/23 - FGIC Insured (UB) 11/16 at 100.00 A+ 5,668,820 4,335 5.000%, 11/15/25 - FGIC Insured (UB) 11/16 at 100.00 A+ 4,531,506 2,000 Denver, Colorado, Airport System Revenue Refunding Bonds, 11/10 at 100.00 A+ 2,048,020 Series 2000A, 6.000%, 11/15/18 - AMBAC Insured (Alternative Minimum Tax) 10,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 31.42 Aaa 3,137,300 Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) - NPFG Insured
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO (continued) $ 1,280 Eagle County Air Terminal Corporation, Colorado, Airport 5/11 at 101.00 N/R $ 1,192,051 Terminal Revenue Bonds, Series 2001, 7.125%, 5/01/31 (Alternative Minimum Tax) 755 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 873,588 Obligation Bonds, Series 2004, 5.000%, 12/15/22 - AGM Insured (UB) 5,000 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 AAA 5,362,150 Bonds, Senior Series 2001A, 5.250%, 6/15/41 (Pre-refunded 6/15/11) - AGM Insured Northwest Parkway Public Highway Authority, Colorado, Senior Lien Revenue Bonds, Series 2001B: 22,000 0.000%, 6/15/28 (Pre-refunded 6/15/11) - AGM Insured 6/11 at 35.65 AAA 7,737,840 17,650 0.000%, 6/15/29 (Pre-refunded 6/15/11) - AMBAC Insured 6/11 at 33.46 N/R (4) 5,825,206 1,000 Plaza Metropolitan District 1, Lakewood, Colorado, Tax 6/14 at 101.00 N/R 1,003,600 Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 75,065 Total Colorado 43,422,107 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 1.3% (0.9% OF TOTAL INVESTMENTS) 895 District of Columbia Tobacco Settlement Corporation, Tobacco 5/11 at 101.00 BBB 900,057 Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24 5,000 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 A1 4,797,800 Senior Lien Dedicated Tax Revenue Bonds, Series 2007A, 4.500%, 10/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,895 Total District of Columbia 5,697,857 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 4.2% (2.9% OF TOTAL INVESTMENTS) 15,000 Jacksonville, Florida, Transportation Revenue Bonds, Series 10/11 at 100.00 Aa2 15,471,600 2001, 5.250%, 10/01/29 - NPFG Insured 3,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 A 3,006,240 International Airport, Series 2002, 5.375%, 10/01/32 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 18,000 Total Florida 18,477,840 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 2.4% (1.6% OF TOTAL INVESTMENTS) Honolulu Board of Water Supply, Hawaii, Water System Revenue Bonds, Series 2001: 3,000 5.250%, 7/01/26 (Pre-refunded 7/01/11) - AGM Insured 7/11 at 100.00 AAA 3,167,940 6,725 5.250%, 7/01/31 (Pre-refunded 7/01/11) - AGM Insured 7/11 at 100.00 AAA 7,101,466 - ------------------------------------------------------------------------------------------------------------------------------------ 9,725 Total Hawaii 10,269,406 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 13.6% (9.1% OF TOTAL INVESTMENTS) 3,525 Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing 12/11 at 100.00 AAA 3,565,291 Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax) 685 Chicago, Illinois, FNMA/GNMA Collateralized Single Family 4/11 at 105.00 AAA 717,716 Mortgage Revenue Bonds, Series 2001A, 6.250%, 10/01/32 (Alternative Minimum Tax) 5,000 Chicago, Illinois, General Obligation Bonds, City Colleges, No Opt. Call Aa2 1,429,700 Series 1999, 0.000%, 1/01/34 - FGIC Insured 3,985 Chicago, Illinois, General Obligation Bonds, Series 2001A, 1/11 at 101.00 Aa2 4,032,940 5.250%, 1/01/33 - NPFG Insured 5,285 Chicago, Illinois, General Obligation Bonds, Series 2001A, 1/11 at 101.00 AA- (4) 5,508,661 5.250%, 1/01/33 (Pre-refunded 1/01/11) - NPFG Insured 3,180 Illinois Development Finance Authority, Revenue Bonds, Chicago 12/12 at 100.00 N/R (4) 3,578,804 Charter School Foundation, Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12) 910 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 BBB+ 896,132 Wesleyan University, Series 2001, 5.500%, 9/01/32 - AMBAC Insured 4,090 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 BBB+ (4) 4,340,635 Wesleyan University, Series 2001, 5.500%, 9/01/32 (Pre-refunded 9/01/11) - AMBAC Insured 3,100 Illinois Development Finance Authority, Revenue Bonds, 5/11 at 101.00 AAA 3,298,865 Midwestern University, Series 2001B, 6.000%, 5/15/31 (Pre-refunded 5/15/11) 9,500 Illinois Finance Authority, Revenue Bonds, Palos Community 5/17 at 100.00 A 9,337,835 Hospital, Series 2007A, 5.000%, 5/15/32 - NPFG Insured
Nuveen Investments 59 NXZ | Nuveen Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 2,500 Illinois Finance Authority, Revenue Bonds, Silver Cross 8/19 at 100.00 BBB $ 2,661,100 Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 5,000 Illinois Health Facilities Authority, Revenue Bonds, Edward 2/11 at 101.00 AAA 5,243,750 Hospital Obligated Group, Series 2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) - AGM Insured 2,500 Illinois Housing Development Authority, Homeowner Mortgage 2/16 at 100.00 AA 2,523,400 Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax) 2,275 Illinois, Sales Tax Revenue Bonds, Series 2001, 5.500%, 6/15/16 6/11 at 100.00 AAA 2,382,403 2,500 Kane & DeKalb Counties, Illinois, Community United School No Opt. Call A1 1,295,450 District 301, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 - NPFG Insured 5,120 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/10 at 100.00 A1 5,122,765 Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 5.250%, 6/15/27 - AMBAC Insured 1,740 Montgomery, Illinois, Lakewood Creek Project Special Assessment 3/16 at 100.00 N/R 1,492,189 Bonds, Series 2007, 4.700%, 3/01/30 - RAAI Insured 3,360 Northfield Township High School District 225, Cook County, 12/16 at 69.01 AAA 1,731,643 Illinois, Glenbrook, General Obligation School Bonds, Series 2007B, 0.000%, 12/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 64,255 Total Illinois 59,159,279 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.2% (2.2% OF TOTAL INVESTMENTS) 2,000 Indiana Health Facility Financing Authority, Hospital Revenue 9/11 at 100.00 BBB 1,721,080 Bonds, Methodist Hospitals Inc., Series 2001, 5.500%, 9/15/31 2,210 Indiana Health Facility Financing Authority, Hospital Revenue No Opt. Call AAA 2,508,328 Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 - AGM Insured 4,000 Indiana Transportation Finance Authority, Highway Revenue 6/13 at 100.00 AAA 4,163,480 Bonds, Series 2003A, 5.000%, 6/01/23 - AGM Insured 6,100 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 8/10 at 101.00 BB+ 5,594,676 Madison Center Inc., Series 1999, 5.800%, 2/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 14,310 Total Indiana 13,987,564 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 1.6% (1.1% OF TOTAL INVESTMENTS) 1,000 Iowa Higher Education Loan Authority, Private College Facility 10/12 at 100.00 N/R (4) 1,107,420 Revenue Bonds, Wartburg College, Series 2002, 5.500%, 10/01/28 (Pre-refunded 10/01/12) - ACA Insured 6,340 Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue 6/17 at 100.00 BBB 5,685,205 Bonds, Series 2005B, 5.600%,6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 7,340 Total Iowa 6,792,625 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 3.9% (2.7% OF TOTAL INVESTMENTS) 17,000 Wichita, Kansas, Hospital Facilities Revenue Refunding and 11/11 at 101.00 A+ 17,221,850 Improvement Bonds, Via Christi Health System Inc., Series 2001-III, 5.625%, 11/15/31 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.2% (0.2% OF TOTAL INVESTMENTS) 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,087,270 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 5.1% (3.4% OF TOTAL INVESTMENTS) 3,960 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 5/16 at 100.00 Aa1 3,901,352 2006A, 4.500%, 5/01/41 - FGIC Insured (UB) 18,825 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 18,251,214 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 22,785 Total Louisiana 22,152,566 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 3.7% (2.5% OF TOTAL INVESTMENTS) 16,215 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 A 16,215,324 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 11.3% (7.6% OF TOTAL INVESTMENTS) Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2001A: $ 20,000 5.500%, 7/01/33 (Pre-refunded 7/01/11) - FGIC Insured 7/11 at 101.00 A1 (4) $ 21,369,400 15,390 5.250%, 7/01/33 (Pre-refunded 7/01/11) - FGIC Insured 7/11 at 100.00 Aa3 (4) 16,167,811 4,000 Michigan Municipal Bond Authority, Public School Academy 10/10 at 102.00 Ba1 3,955,200 Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A, 8.000%, 10/01/31 2,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 BB- 1,811,340 Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.125%, 8/15/18 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A: 2,000 6.250%, 8/15/13 8/10 at 100.00 BB- 2,000,300 4,000 6.500%, 8/15/18 8/10 at 100.00 BB- 3,969,240 - ------------------------------------------------------------------------------------------------------------------------------------ 47,390 Total Michigan 49,273,291 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 4.6% (3.1% OF TOTAL INVESTMENTS) 5,000 Minneapolis, Minnesota, Health Care System Revenue Bonds,S 11/18 at 100.00 AAA 5,623,300 Fairview Health Services, Series 2008B, 6.500%, 11/15/38 - AGC Insured 14,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AAA 14,465,500 Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/32 (Pre-refunded 1/01/11) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 19,000 Total Minnesota 20,088,800 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,990 Montana Board of Housing, Single Family Program Bonds, Series 12/10 at 100.00 AA+ 1,997,383 2001A-2, 5.700%, 6/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 1.9% (1.3% OF TOTAL INVESTMENTS) 12,275 Director of Nevada State Department of Business and Industry, 7/10 at 100.00 Caa2 3,942,607 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured (5) 3,500 Director of Nevada State Department of Business and Industry, 1/12 at 100.00 N/R 105,000 Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5) 2,000 Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, 7/17 at 100.00 AA+ 2,299,200 Catholic Healthcare West, Series 2007B, Trust 2633, 18.667%, 7/01/31 - BHAC Insured (IF) 1,750 Reno, Nevada, Health Facilities Revenue Bonds, Catholic 7/17 at 100.00 AA+ 1,942,990 Healthcare West, Trust 2634 18.389%, 7/01/31 - BHAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 19,525 Total Nevada 8,289,797 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 2.1% (1.4% OF TOTAL INVESTMENTS) 8,000 New Hampshire Business Finance Authority, Pollution Control 10/10 at 101.00 Baa1 8,124,720 Remarketed Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1992A, 5.850%, 12/01/22 1,070 New Hampshire Housing Finance Authority, Single Family Mortgage 5/11 at 100.00 Aa2 1,077,372 Acquisition Bonds, Series 2001A, 5.700%, 1/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,070 Total New Hampshire 9,202,092 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 2.5% (1.7% OF TOTAL INVESTMENTS) 3,995 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 3,998,076 Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 350 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 375,148 Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003: 2,200 6.375%, 6/01/32 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,510,552 425 6.750%, 6/01/39 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 497,067 3,085 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 3,561,478 - ------------------------------------------------------------------------------------------------------------------------------------ 10,055 Total New Jersey 10,942,321 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 61 NXZ | Nuveen Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 5.6% (3.8% OF TOTAL INVESTMENTS) New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A: $ 12,000 5.500%, 8/01/25 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) $ 12,850,920 10,800 5.500%, 8/01/30 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 11,565,828 - ------------------------------------------------------------------------------------------------------------------------------------ 22,800 Total New Mexico 24,416,748 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 9.7% (6.5% OF TOTAL INVESTMENTS) 12,020 Brooklyn Areba Local Development Corporation, New York, No Opt. Call BBB- 915,203 Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/46 1,300 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 1,318,629 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.625%, 7/01/19 3,600 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 A2 (4) 3,669,660 Mount Sinai NYU Health Obligated Group, Series 2000A, 6.625%, 7/01/19 (Pre-refunded 7/01/10) 6,000 Long Island Power Authority, New York, Electric System General 5/11 at 100.00 AAA 6,301,860 Revenue Bonds, Series 2001L, 5.375%, 5/01/33 (Pre-refunded 5/01/11) 12,800 Metropolitan Transportation Authority, New York, 11/16 at 100.00 AAA 12,638,976 Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 - AGM Insured (UB) 5,000 New York City Industrial Development Agency, New York, Special 8/12 at 101.00 B- 5,147,450 Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 12,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AAA 12,436,320 Water and Sewerage System Revenue Bonds, Fiscal Series 2001C, 5.125%, 6/15/33 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 52,720 Total New York 42,428,098 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 0.6% (0.4% OF TOTAL INVESTMENTS) 2,950 North Carolina Capital Facilities Financing Agency, Revenue 4/13 at 100.00 N/R 2,621,931 Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/33 - SYNCORA GTY Insured - ------------------------------------------------------------------------------------------------------------------------------------ NORTH DAKOTA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,390 North Dakota Housing Finance Agency, Home Mortgage Finance 7/10 at 100.00 Aa1 1,433,590 Program Refunding Bonds, Series 2001A, 5.550%, 1/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 2.0% (1.3% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 10,000 5.750%, 6/01/34 6/17 at 100.00 BBB 7,868,100 1,000 5.875%, 6/01/47 6/17 at 100.00 BBB 750,620 - ------------------------------------------------------------------------------------------------------------------------------------ 11,000 Total Ohio 8,618,720 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 3.0% (2.1% OF TOTAL INVESTMENTS) 8,000 Clackamas County Hospital Facility Authority, Oregon, Revenue 5/11 at 101.00 A+ 8,190,880 Refunding Bonds, Legacy Health System, Series 2001, 5.250%, 5/01/21 5,000 Oregon Department of Administrative Services, Certificates of 5/11 at 101.00 Aa2 5,098,700 Participation, Series 2001D, 5.000%, 5/01/26 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 13,000 Total Oregon 13,289,580 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 3.3% (2.2% OF TOTAL INVESTMENTS) 5,000 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 AAA 5,340,100 Revenue Bonds, West Penn Allegheny Health System, Series 2000B, 9.250%, 11/15/30 (Pre-refunded 11/15/10) 585 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 584,994 Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax) 8,000 Pennsylvania Higher Educational Facilities Authority, Revenue 1/11 at 101.00 Aa3 (4) 8,395,360 Bonds, UPMC Health System, Series 2001A, 6.000%, 1/15/31 (Pre-refunded 1/15/11) - ------------------------------------------------------------------------------------------------------------------------------------ 13,585 Total Pennsylvania 14,320,454 - ------------------------------------------------------------------------------------------------------------------------------------
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 1.1% (0.7% OF TOTAL INVESTMENTS) $ 2,500 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ $ 2,712,075 Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 30,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call Aa2 1,892,400 Bonds, Series 2007A, 0.000%, 8/01/54 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 32,500 Total Puerto Rico 4,604,475 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 26.7% (18.0% OF TOTAL INVESTMENTS) 7,500 Austin, Texas, Electric Utility System Revenue Refunding 11/10 at 100.00 AAA 7,520,850 Bonds, Series 2001, 5.000%, 11/15/30 - AGM Insured 10,000 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 A 8,836,900 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured Dallas-Fort Worth International Airport Public Facility Corporation, Texas, Airport Hotel Revenue Bonds, Series 2001: 15,000 5.250%, 1/15/26 - AGM Insured 7/10 at 100.00 AAA 15,010,350 1,750 5.200%, 1/15/31 - AGM Insured 7/10 at 100.00 AAA 1,750,683 6,000 Decatur Hospital Authority, Texas, Revenue Bonds, Wise 9/14 at 100.00 N/R 6,020,820 Regional Health System, Series 2004A, 7.125%, 9/01/34 10,000 Gulf Coast Industrial Development Authority, Texas, Solid 4/12 at 100.00 Ba1 10,228,200 Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 1,500 Harris County-Houston Sports Authority, Texas, Junior Lien 11/31 at 69.08 A 217,830 Revenue Bonds, Series 2001H, 0.000%, 11/15/37 - NPFG Insured 30,980 Harris County-Houston Sports Authority, Texas, Junior Lien 11/11 at 100.00 A 29,143,196 Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 - NPFG Insured 40,000 Harris County-Houston Sports Authority, Texas, Senior Lien 11/30 at 54.04 A 4,777,600 Revenue Refunding Bonds, Series 2001A, 0.000%, 11/15/40 - NPFG Insured 3,965 Harris County-Houston Sports Authority, Texas, Third Lien 11/24 at 52.47 A 662,393 Revenue Bonds, Series 2004-A3., 0.000%, 11/15/35 - NPFG Insured Hays Consolidated Independent School District, Hays County, Texas, General Obligation School Building Bonds, Series 2001: 10,715 0.000%, 8/15/25 (Pre-refunded 8/15/11) 8/11 at 43.18 AAA 4,585,699 12,940 0.000%, 8/15/26 (Pre-refunded 8/15/11) 8/11 at 40.60 AAA 5,207,962 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B: 5,000 0.000%, 9/01/30 - AMBAC Insured No Opt. Call A2 1,482,000 5,540 0.000%, 9/01/31 - AMBAC Insured No Opt. Call A2 1,537,184 5,000 Metro Health Facilities Development Corporation, Texas, 1/11 at 100.00 Ba3 5,207,350 Hospital Revenue Bonds, Wilson N. Jones Memorial Hospital, Series 2001, 7.250%, 1/01/31 3,295 Tarrant County, Texas, Cultural & Educational Facilities 2/17 at 100.00 AA- 3,384,558 Financing Corporation, Revenue Bonds, Series 2007, Residuals 1760-3, 16.855%, 2/15/36 (IF) 1,000 Texas Turnpike Authority, First Tier Revenue Bonds, Central 8/12 at 39.43 BBB+ 319,850 Texas Turnpike System, Series 2002A, 0.000%, 8/15/28 - AMBAC Insured 10,500 Texas, General Obligation Bonds, Water Financial Assistance 8/11 at 100.00 Aaa 10,821,930 Program, Series 2001, 5.250%, 8/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 180,685 Total Texas 116,715,355 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 4.1% (2.8% OF TOTAL INVESTMENTS) 7,250 Seattle, Washington, Municipal Light and Power Revenue 3/11 at 100.00 AAA 7,449,592 Refunding and Improvement Bonds, Series 2001, 5.125%, 3/01/26 - AGM Insured 7,500 Washington State Healthcare Facilities Authority, Revenue 10/11 at 100.00 AA 7,664,474 Bonds, Sisters of Providence Health System, Series 2001A, 5.250%, 10/01/21 - NPFG Insured 840 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 854,682 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 2,100 Washington, Certificates of Participation, Washington 7/10 at 100.00 AA 2,106,677 Convention and Trade Center, Series 1999, 5.125%, 7/01/13 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 17,690 Total Washington 18,075,425 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 63 NXZ | Nuveen Dividend Advantage Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.2% (0.8% OF TOTAL INVESTMENTS) $ 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB $ 5,049,300 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,000 Wisconsin Health and Educational Facilities Authority, Revenue 5/12 at 100.00 N/R (4) 1,123,429 Bonds, Divine Savior Healthcare, Series 2002A, 7.375%, 5/01/26 (Pre-refunded 5/01/12) - ------------------------------------------------------------------------------------------------------------------------------------ $ 794,835 Total Investments (cost $627,361,192) - 148.1% 646,267,891 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (6.1)% (26,661,650) -------------------------------------------------------------------------------------------------------------------- Variable Rate Demand Preferred Shares, at Liquidation Value - (196,000,000) (44.9)% (6) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.9% 12,770,493 -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 436,376,734 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.3% N/R Not rated. (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 - Inverse Floating Rate Securities for more information. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 64 Nuveen Investments NZF | Nuveen Dividend Advantage Municipal Fund 3 | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS - 152.0% (99.6% OF TOTAL INVESTMENTS) ALABAMA - 1.6% (1.1% OF TOTAL INVESTMENTS) $ 3,500 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 Aa1 $ 3,546,655 Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB) 5,655 Alabama State Port Authority, Revenue Bonds, State Docks 10/11 at 100.00 A (4) 5,988,306 Department Facilities, Series 2001, 5.250%, 10/01/26 (Pre-refunded 10/01/11) - AMBAC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,155 Total Alabama 9,534,961 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.1% (0.1% OF TOTAL INVESTMENTS) 1,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 672,230 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 1.0% (0.7% OF TOTAL INVESTMENTS) 3,390 Arizona State Transportation Board, Highway Revenue Bonds, 7/18 at 100.00 AAA 3,976,877 Series 2006, Trust 3151, 13.331%, 7/01/33 (IF) 2,200 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 1,961,872 Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 5,590 Total Arizona 5,938,749 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 0.7% (0.4% OF TOTAL INVESTMENTS) Sebastian County Health Facilities Board, Arkansas, Hospital Revenue Improvement Bonds, Sparks Regional Medical Center, Series 2001A: 1,805 5.500%, 11/01/13 11/11 at 101.00 N/R 1,951,440 1,900 5.500%, 11/01/14 11/11 at 101.00 N/R 2,054,147 - ------------------------------------------------------------------------------------------------------------------------------------ 3,705 Total Arkansas 4,005,587 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 13.3% (8.7% OF TOTAL INVESTMENTS) California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A: 2,065 5.000%, 3/01/28 3/13 at 100.00 A 2,055,212 140 5.000%, 3/01/33 3/13 at 100.00 A 136,091 3,400 California Health Facilities Financing Authority, Revenue 10/19 at 100.00 AA 3,575,882 Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 2,900 California Health Facilities Financing Authority, Revenue 11/16 at 100.00 Aa3 2,673,191 Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB) 5,000 California Infrastructure Economic Development Bank, Revenue 8/11 at 102.00 A+ 5,057,250 Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31 5,355 California Statewide Community Development Authority, Revenue 5/18 at 100.00 Aa3 5,607,113 Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.554%, 11/15/48 (IF) 18,850 California, General Obligation Veterans Welfare Bonds, Series 6/10 at 100.00 AA- 18,852,262 2001BZ, 5.350%, 12/01/21 - NPFG Insured (Alternative Minimum Tax) 11,865 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 8,286,397 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2001: 12,280 5.750%, 1/01/16 - AMBAC Insured (Alternative Minimum Tax) 1/12 at 100.00 A- 12,594,982 5,000 5.375%, 1/01/21 - AMBAC Insured (Alternative Minimum Tax) 1/12 at 100.00 A- 5,023,750 1,500 5.250%, 1/01/23 - AMBAC Insured (Alternative Minimum Tax) 1/12 at 100.00 A- 1,490,295 10,000 5.500%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1/12 at 100.00 A- 9,739,900 10,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 1,409,200 County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - NPFG Insured 3,000 San Mateo County Community College District, California, No Opt. Call Aaa 966,510 General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 91,355 Total California 77,468,035 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 65 NZF | Nuveen Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 6.6% (4.3% OF TOTAL INVESTMENTS) $ 2,250 Canterberry Crossing Metropolitan District II, Parker, 12/12 at 100.00 N/R (4) $ 2,554,808 Colorado, Limited Tax General Obligation Bonds, Series 2002, 7.375%, 12/01/32 (Pre-refunded 12/01/12) 1,565 Colorado Educational and Cultural Facilities Authority, Charter 3/13 at 100.00 N/R (4) 1,813,851 School Revenue Bonds, Belle Creek Education Center, Series 2002A, 7.625%, 3/15/32 (Pre-refunded 3/15/13) 3,085 Colorado Educational and Cultural Facilities Authority, Charter 5/10 at 102.00 N/R (4) 3,147,286 School Revenue Bonds, Montessori Peaks Building Foundation, Series 2002A, 8.000%, 5/01/32 (Pre-refunded 5/01/10) 1,775 Colorado Educational and Cultural Facilities Authority, Charter 6/11 at 100.00 N/R (4) 1,904,930 School Revenue Bonds, Weld County School District 6 - Frontier Academy, Series 2001, 7.375%, 6/01/31 (Pre-refunded 6/01/11) 3,345 Colorado Educational and Cultural Facilities Authority, Revenue 5/16 at 102.00 N/R 2,886,668 Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26 3,380 Colorado Housing Finance Authority, Multifamily Project Bonds, 10/11 at 100.00 AAA 3,402,274 Class I, Series 2001A-1, 5.500%, 4/01/31 (Alternative Minimum Tax) 5,000 Compark Business Campus Metropolitan District, Colorado, 12/17 at 100.00 N/R 3,889,500 General Obligation Limited Tax Bonds, Series 2007, 5.600%, 12/01/34 - RAAI Insured 3,300 Denver City and County, Colorado, Airport Revenue Bonds, Series 11/16 at 100.00 A+ 3,466,914 2006, 5.000%, 11/15/24 - FGIC Insured Denver, Colorado, Airport Revenue Bonds, Series 2006: 5,365 5.000%, 11/15/23 - FGIC Insured (UB) 11/16 at 100.00 A+ 5,668,820 4,335 5.000%, 11/15/25 - FGIC Insured (UB) 11/16 at 100.00 A+ 4,531,506 2,000 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 A+ 2,112,820 Refunding Bonds, Series 2001A, 5.500%, 11/15/16 - FGIC Insured (Alternative Minimum Tax) Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007: 450 5.125%, 12/01/27 - RAAI Insured 12/17 at 100.00 N/R 392,081 2,000 5.250%, 12/01/36 - RAAI Insured 12/17 at 100.00 N/R 1,659,240 1,000 Plaza Metropolitan District 1, Lakewood, Colorado, Tax 6/14 at 101.00 N/R 1,003,600 Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 38,850 Total Colorado 38,434,298 - ------------------------------------------------------------------------------------------------------------------------------------ DELAWARE - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,055 Delaware Housing Authority, Multifamily Mortgage Revenue Bonds, 7/12 at 100.00 Aa3 1,089,288 Series 2001A, 5.400%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 1,375 District of Columbia, Revenue Bonds, Catholic University of 10/10 at 100.50 A 1,389,534 America, Series 1999, 5.625%, 10/01/29 - AMBAC Insured 1,335 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 1,322,745 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) 3,335 Washington DC Convention Center Authority, Dedicated Tax 10/16 at 100.00 AA+ 3,304,385 Revenue Bonds, Residual Series 1730, 1731, 1736, 11.272%, 10/01/30 - AMBAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 6,045 Total District of Columbia 6,016,664 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 2.1% (1.4% OF TOTAL INVESTMENTS) Orange County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Oak Glen Apartments, Series 2001G: 1,105 5.400%, 12/01/32 - AGM Insured 12/11 at 100.00 AAA 1,110,934 2,195 5.450%, 12/01/41 - AGM Insured 12/11 at 100.00 AAA 2,204,790 2,775 Pace Property Finance Authority Inc., Florida, Utility System 9/10 at 100.00 N/R 2,775,888 Improvement and Revenue Refunding Bonds, Series 1997, 5.250%, 9/01/17 - AMBAC Insured 5,455 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 5,360,192 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 1,000 Tolomato Community Development District, Florida, Special 5/18 at 100.00 N/R 801,160 Assessment Bonds, Series 2007, 6.650%, 5/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ 12,530 Total Florida 12,252,964 - ------------------------------------------------------------------------------------------------------------------------------------
66 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 2.3% (1.5% OF TOTAL INVESTMENTS) $ 5,000 Atlanta, Georgia, Airport General Revenue Bonds, Series 2000B, 7/10 at 101.00 A+ $ 5,040,250 5.625%, 1/01/30 - FGIC Insured (Alternative Minimum Tax) 2,700 Atlanta, Georgia, Tax Allocation Bonds, Atlantic Station 12/11 at 101.00 AAA 3,037,824 Project, Series 2001, 7.900%, 12/01/24 (Pre-refunded 12/01/11) 2,000 Fulton County Residential Care Facilities Authority, Georgia, 7/17 at 100.00 N/R 1,269,660 Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42 3,740 Gainesville and Hall County Hospital Authority, Georgia, 5/11 at 100.00 N/R (4) 3,927,486 Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2001, 5.500%, 5/15/31 (Pre-refunded 5/15/11) 500 Gainesville Redevelopment Authority, Georgia, Educational 3/17 at 100.00 N/R 311,135 Facilities Revenue Bonds, Riverside Military Academy Project, Series 2007, 5.125%, 3/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 13,940 Total Georgia 13,586,355 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 14.7% (9.6% OF TOTAL INVESTMENTS) 8,375 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 1/11 at 101.00 AAA 8,514,779 5.500%, 1/01/19 - AGM Insured (Alternative Minimum Tax) 4,950 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 A2 4,902,728 Revenue Bonds, O'Hare International Airport, Series 2001A, 5.375%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 2,220 Chicago, Illinois, Second Lien Wastewater Transmission Revenue No Opt. Call Aa3 2,532,110 Bonds, Series 2001A, 5.500%, 1/01/16 - NPFG Insured 10,000 Chicago, Illinois, Senior Lien Water Revenue Bonds, Series 11/11 at 100.00 Aa2 (4) 10,655,900 2001, 5.000%, 11/01/26 (Pre-refunded 11/01/11) - AMBAC Insured 1,165 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 1,168,344 O'Hare International Airport, Series 2005A, 5.000%, 1/01/33 - FGIC Insured 2,415 Illinois Finance Authority, General Obligation Debt 12/14 at 100.00 A1 2,444,487 Certificates, Local Government Program - Kankakee County, Series 2005B, 5.000%, 12/01/24 - AMBAC Insured 3,385 Illinois Finance Authority, Revenue Bonds, Sherman Health 8/17 at 100.00 BBB 3,074,832 Systems, Series 2007A, 5.500%, 8/01/37 9,000 Illinois Health Facilities Authority, Revenue Bonds, Covenant 12/11 at 101.00 BBB- 8,480,700 Retirement Communities Inc., Series 2001, 5.875%, 12/01/31 15,000 Illinois Health Facilities Authority, Revenue Bonds, Loyola 7/11 at 100.00 Baa3 (4) 15,943,200 University Health System, Series 2001A, 6.125%, 7/01/31 (Pre-refunded 7/01/11) 5,000 Lake County School District 38, Big Hallow, Illinois, General No Opt. Call N/R 2,775,350 Obligation Bonds, Series 2005, 0.000%, 2/01/22 - AMBAC Insured 7,000 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 5,687,920 Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 16,900 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/10 at 101.00 AAA 17,081,337 Bonds, McCormick Place Expansion Project, Series 1999A, 5.250%, 12/15/28 - FGIC Insured 2,265 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 2,547,695 Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 6/15/29 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 87,675 Total Illinois 85,809,382 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 5.9% (3.9% OF TOTAL INVESTMENTS) Clark-Pleasant Community School Building Corporation, Indiana, First Mortgage Bonds, Series 2001: 1,255 5.000%, 7/15/21 (Pre-refunded 1/15/12) - AMBAC Insured 1/12 at 100.00 AA+ (4) 1,346,916 1,000 5.000%, 1/15/26 (Pre-refunded 1/15/12) - AMBAC Insured 1/12 at 100.00 AA+ (4) 1,073,240 Evansville Vanderburgh Public Library Lease Corporation, Indiana, First Mortgage Bonds, Series 2001: 2,000 5.750%, 7/15/18 (Pre-refunded 1/15/12) - NPFG Insured 1/12 at 100.00 A+ (4) 2,171,900 2,750 5.125%, 1/15/24 (Pre-refunded 1/15/12) - NPFG Insured 1/12 at 100.00 A+ (4) 2,957,240 1,250 Hamilton Southeastern Cumberland Campus School Building 1/12 at 100.00 A (4) 1,344,200 Corporation, Indiana, First Mortgage Bonds, Series 2001, 5.125%, 1/15/23 (Pre-refunded 1/15/12) - AMBAC Insured
Nuveen Investments 67 NZF | Nuveen Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA (continued) $ 9,500 Indiana Educational Facilities Authority, Revenue Bonds, Butler 2/11 at 100.00 A $ 9,652,190 University, Series 2001, 5.500%, 2/01/26 - NPFG Insured 4,230 Indiana Finance Authority, Educational Facilities Revenue 6/15 at 100.00 Aa3 4,399,073 Bonds, Tudor Park Foundation, Series 2005B, 5.000%, 6/01/24 2,600 Indiana Health Facility Financing Authority, Revenue Bonds, 5/15 at 100.00 A 2,444,650 Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 - AMBAC Insured 3,500 University of Southern Indiana, Student Fee Bonds, Series 10/11 at 100.00 A2 3,556,175 2001H, 5.000%, 10/01/21 - AMBAC Insured Vigo County, Indiana, Hospital Authority, Union Hospital, Revenue Bonds, Series 2007: 2,500 5.750%, 9/01/42 9/17 at 100.00 N/R 2,158,125 2,500 5.800%, 9/01/47 9/17 at 100.00 N/R 2,144,575 1,090 Wayne County Jail Holding Corporation, Indiana, First Mortgage 1/13 at 101.00 A1 (4) 1,226,686 Bonds, Series 2001, 5.500%, 7/15/22 (Pre-refunded 1/15/13) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 34,175 Total Indiana 34,474,970 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 6.0% (3.9% OF TOTAL INVESTMENTS) 2,000 Iowa Finance Authority, Healthcare Revenue Bonds, Great River 5/11 at 100.00 Aa3 2,003,560 Medical Center, Series 2001, 5.250%, 5/15/31 - AGM Insured 1,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 748,080 Revenue Bonds, Series 2005C, 5.625%, 6/01/46 Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B: 26,855 5.300%, 6/01/25 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 28,198,556 3,950 5.600%, 6/01/35 (Pre-refunded 6/01/11) 6/11 at 101.00 AAA 4,185,618 - ------------------------------------------------------------------------------------------------------------------------------------ 33,805 Total Iowa 35,135,814 - ------------------------------------------------------------------------------------------------------------------------------------ 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 785,830 1,000 5.125%, 5/15/42 5/14 at 103.00 N/R 768,860 - ------------------------------------------------------------------------------------------------------------------------------------ 2,000 Total Kansas 1,554,690 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 3.4% (2.2% OF TOTAL INVESTMENTS) 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,085,870 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/42 - AGC Insured 18,500 Louisville and Jefferson County Metropolitan Sewer District, 11/11 at 101.00 AA- 18,945,480 Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.125%, 5/15/27 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 19,500 Total Kentucky 20,031,350 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 4.4% (2.9% OF TOTAL INVESTMENTS) 3,000 Louisiana Local Government Environmental Facilities & Community 11/17 at 100.00 BB 3,095,820 Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 3,700 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 Baa1 3,361,746 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 19,890 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 19,283,753 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 26,590 Total Louisiana 25,741,319 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 1.1% (0.7% OF TOTAL INVESTMENTS) Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2001B: 4,610 5.400%, 11/15/21 (Alternative Minimum Tax) 11/10 at 100.00 AA+ 4,630,146 1,610 5.500%, 11/15/32 (Alternative Minimum Tax) 11/10 at 100.00 AA+ 1,613,864 - ------------------------------------------------------------------------------------------------------------------------------------ 6,220 Total Maine 6,244,010 - ------------------------------------------------------------------------------------------------------------------------------------
68 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 2.4% (1.7% OF TOTAL INVESTMENTS) $ 1,000 Howard County, Maryland, Retirement Community Revenue Bonds, 4/17 at 100.00 N/R $ 736,730 Vantage House, Series 2007B, 5.250%, 4/01/37 1,570 Maryland Community Development Administration, Insured 7/11 at 100.00 Aa2 1,583,345 Multifamily Housing Mortgage Loan Revenue Bonds, Series 2001B, 5.250%, 7/01/21 (Alternative Minimum Tax) 2,000 Maryland Economic Development Corporation, Revenue Bonds, 12/16 at 100.00 N/R 1,454,400 Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 10,600 Maryland Energy Financing Administration, Revenue Bonds, AES 7/10 at 100.00 N/R 10,603,604 Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) 555 Maryland Health and Higher Educational Facilities Authority, 7/17 at 100.00 A- 500,355 Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 15,725 Total Maryland 14,878,434 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 2.9% (1.9% OF TOTAL INVESTMENTS) 1,375 Massachusetts Development Finance Agency, Revenue Bonds, 10/12 at 102.00 N/R 1,113,406 Orchard Cove, Series 2007, 5.250%, 10/01/26 1,000 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BB- 675,910 Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30 1,600 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 1,632,400 Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 4,860 Massachusetts Housing Finance Agency, Single Family Housing 6/18 at 100.00 AA 5,323,887 Revenue Bonds, Series 2008, Trust 3145, 15.178%, 6/01/39 (IF) 5,000 Massachusetts Port Authority, Special Facilities Revenue Bonds, 1/11 at 101.00 N/R 4,655,550 Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 3,465 Massachusetts Water Resources Authority, General Revenue Bonds, 2/17 at 100.00 AAA 3,381,251 Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 17,300 Total Massachusetts 16,782,404 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 9.5% (6.2% OF TOTAL INVESTMENTS) 15,000 Detroit City School District, Wayne County, Michigan, Unlimited No Opt. Call AAA 16,552,930 Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 - AGM Insured (UB) 2,000 Garden City Hospital Finance Authority, Michigan, Revenue 8/17 at 100.00 N/R 1,337,760 Bonds, Garden City Hospital Obligated Group, Series 2007A, 5.000%, 8/15/38 11,000 Kent Hospital Finance Authority, Michigan, Revenue Bonds, 7/11 at 101.00 AA (4) 11,758,560 Spectrum Health, Series 2001A, 5.500%, 1/15/31 (Pre-refunded 7/15/11) 1,165 Michigan State Building Authority, Revenue Bonds, Facilities 10/11 at 100.00 Aa3 1,220,862 Program, Series 2001I, 5.500%, 10/15/18 70 Michigan State Building Authority, Revenue Bonds, Facilities 10/11 at 100.00 A+ (4) 74,894 Program, Series 2001I, 5.500%, 10/15/18 (Pre-refunded 10/15/11) 1,355 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 Ba3 1,160,246 Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.250%, 8/15/23 3,485 Michigan State Hospital Finance Authority, Hospital Revenue No Opt. Call A (4) 3,779,378 Refunding Bonds, Sisters of Mercy Health Corporation, Series 1993P, 5.375%, 8/15/14 - NPFG Insured (ETM) Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sparrow Obligated Group, Series 2001: 1,400 5.500%, 11/15/21 (Pre-refunded 11/15/11) 11/11 at 101.00 A+ (4) 1,515,920 2,500 5.625%, 11/15/31 (Pre-refunded 11/15/11) 11/11 at 101.00 A+ (4) 2,711,775 3,500 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 3,467,905 Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) 12,640 Royal Oak Hospital Finance Authority, Michigan, Hospital 11/11 at 100.00 A1 11,984,110 Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/31 - NPFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 54,115 Total Michigan 55,564,340 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 69 NZF | Nuveen Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 0.6% (0.4% OF TOTAL INVESTMENTS) $ 2,230 Dakota County Community Development Agency, Minnesota, GNMA 10/11 at 105.00 Aaa $ 2,324,619 Collateralized Multifamily Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax) 1,375 Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, 8/16 at 100.00 N/R 1,096,370 Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 3,605 Total Minnesota 3,420,989 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.9% (0.6% OF TOTAL INVESTMENTS) 2,155 Mississippi Business Finance Corporation, GNMA Collateralized 5/10 at 102.00 AAA 2,174,912 Retirement Facility Mortgage Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 5.450%, 5/20/34 3,000 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 3,079,710 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 5,155 Total Mississippi 5,254,622 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 3.0% (2.0% OF TOTAL INVESTMENTS) 1,495 Cape Girardeau County Industrial Development Authority, 6/17 at 100.00 N/R 1,313,313 Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 1,000 Clinton County Industrial Development Authority, Missouri, 12/17 at 100.00 N/R 753,510 Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/32 1,825 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R (4) 2,033,342 Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12) Missouri Development Finance Board, Cultural Facilities Revenue Bonds, Nelson Gallery Foundation, Series 2001A: 3,335 5.250%, 12/01/19 (Pre-refunded 12/01/11) - NPFG Insured 12/11 at 100.00 AA- (4) 3,579,155 3,510 5.250%, 12/01/20 (Pre-refunded 12/01/11) - NPFG Insured 12/11 at 100.00 AA- (4) 3,766,967 3,695 5.250%, 12/01/21 (Pre-refunded 12/01/11) - NPFG Insured 12/11 at 100.00 AA- (4) 3,965,511 2,040 5.250%, 12/01/22 (Pre-refunded 12/01/11) - NPFG Insured 12/11 at 100.00 AA- (4) 2,189,348 - ------------------------------------------------------------------------------------------------------------------------------------ 16,900 Total Missouri 17,601,146 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,000 Montana Board of Investments, Exempt Facility Revenue Bonds, 7/10 at 101.00 B 4,592,400 Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 0.8% (0.5% OF TOTAL INVESTMENTS) Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2001D: 1,245 5.250%, 9/01/21 (Alternative Minimum Tax) 9/11 at 100.00 AAA 1,245,125 1,645 5.375%, 9/01/32 (Alternative Minimum Tax) 9/11 at 100.00 AAA 1,675,877 1,005 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AA+ 1,567,036 System Revenue Bonds, Nebraska City 2, Series 2006A, 19.751%, 2/01/49 - AMBAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 3,895 Total Nebraska 4,488,038 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 2.8% (1.8% OF TOTAL INVESTMENTS) 10,000 Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien 1/20 at 100.00 Aa3 10,623,900 Series 2010B, 5.750%, 7/01/42 2,000 Director of Nevada State Department of Business and Industry, 7/10 at 100.00 Caa2 642,380 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured (5) 4,000 Director of Nevada State Department of Business and Industry, 1/12 at 100.00 N/R 120,000 Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5) 165 Nevada Housing Division, Single Family Mortgage Bonds, Senior 10/10 at 100.00 Aaa 168,147 Series 1998A-1, 5.300%, 4/01/18 (Alternative Minimum Tax) 4,290 University of Nevada, Revenue Bonds, Community College System, 1/12 at 100.00 AA- (4) 4,615,225 Series 2001A, 5.250%, 7/01/26 (Pre-refunded 1/01/12) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 20,455 Total Nevada 16,169,652 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 0.4% (0.2% OF TOTAL INVESTMENTS) 2,000 New Hampshire Health and Education Authority, Hospital Revenue 10/11 at 101.00 Aa3 2,046,040 Bonds, Concord Hospital, Series 2001, 5.500%, 10/01/21 - AGM Insured - ------------------------------------------------------------------------------------------------------------------------------------
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 4.6% (3.0% OF TOTAL INVESTMENTS) $ 10,000 New Jersey Economic Development Authority, Water Facilities 11/12 at 101.00 A2 $ 9,780,500 Revenue Bonds, American Water Company, Series 2002A, 5.250%, 11/01/32 - AMBAC Insured (Alternative Minimum Tax) 585 New Jersey Health Care Facilities Financing Authority, Revenue 7/13 at 100.00 Ba2 475,318 Bonds, Somerset Medical Center, Series 2003, 5.500%, 7/01/33 4,125 New Jersey Transit Corporation, Certificates of Participation, No Opt. Call Aa3 4,591,950 Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/13 - AMBAC Insured 12,970 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 3,509,682 System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33 20,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 6,895,400 System Bonds, Series 2006C, 0.000%, 12/15/28 - AMBAC Insured 2,045 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 1,466,572 Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 49,725 Total New Jersey 26,719,422 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 4.5% (2.9% OF TOTAL INVESTMENTS) 900 Albany Industrial Development Agency, New York, Revenue Bonds, 4/17 at 100.00 N/R 773,370 Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32 Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: 1,275 6.000%, 7/15/30 1/20 at 100.00 BBB- 1,313,633 3,400 0.000%, 7/15/44 No Opt. Call BBB- 308,482 1,780 East Rochester Housing Authority, New York, GNMA Secured 10/11 at 101.00 AAA 1,808,694 Revenue Bonds, Gates Senior Housing Inc., Series 2001, 5.300%, 4/20/31 5,010 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 4,663,158 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 4,155 Monroe County Airport Authority, New York, Revenue Refunding No Opt. Call A 4,407,416 Bonds, Greater Rochester International Airport, Series 1999, 5.750%, 1/01/13 - NPFG Insured (Alternative Minimum Tax) 8,000 New York City Industrial Development Agency, New York, 8/16 at 101.00 B- 8,208,880 American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 1,715 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA 1,866,177 Series 2002G, 5.625%, 8/01/20 - NPFG Insured 785 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA (4) 870,596 Series 2002G, 5.625%, 8/01/20 (Pre-refunded 8/01/12) - NPFG Insured 2,000 New York State Tobacco Settlement Financing Corporation, 6/11 at 100.00 AA- 2,085,960 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ 29,020 Total New York 26,306,366 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.1% (0.8% OF TOTAL INVESTMENTS) 1,710 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 1,745,534 Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 14.932%, 1/15/47 (IF) 1,200 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/17 at 100.00 AA- 1,222,500 Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 1,750 Charlotte-Mecklenburg Hospital Authority, North Carolina, 1/15 at 100.00 AAA 2,001,108 Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 4.875%, 1/15/32 (Pre-refunded 1/15/15) 1,600 North Carolina Municipal Power Agency 1, Catawba Electric No Opt. Call A 1,763,280 Revenue Bonds, Series 2003A, 5.500%, 1/01/13 - ------------------------------------------------------------------------------------------------------------------------------------ 6,260 Total North Carolina 6,732,422 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 1.1% (0.7% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 3,165 5.125%, 6/01/24 6/17 at 100.00 BBB 2,923,827 710 5.875%, 6/01/30 6/17 at 100.00 BBB 601,221 685 5.750%, 6/01/34 6/17 at 100.00 BBB 538,965 1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 1,178,473
Nuveen Investments 71 NZF | Nuveen Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OHIO (continued) $ 1,080 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities 9/10 at 100.00 Aaa $ 1,095,606 Program Residential Mortgage Revenue Bonds, Series 1998A-1, 5.300%, 9/01/19 - AGM Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,210 Total Ohio 6,338,092 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 1.9% (1.3% OF TOTAL INVESTMENTS) Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: 4,370 5.000%, 2/15/37 2/17 at 100.00 A 4,129,519 955 5.000%, 2/15/42 2/17 at 100.00 A 890,337 6,305 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 6,315,214 Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) 88 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 88,115 Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 8.380%, 12/15/36 (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 11,718 Total Oklahoma 11,423,185 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 2.5% (1.7% OF TOTAL INVESTMENTS) 4,700 Oregon Health, Housing, Educational and Cultural Facilities 11/11 at 101.00 AA- 4,814,304 Authority, Revenue Bonds, PeaceHealth Project, Series 2001, 5.250%, 11/15/21 - AMBAC Insured 10,000 Oregon Housing and Community Services Department, Multifamily 7/10 at 100.00 Aaa 10,012,400 Housing Revenue Bonds, Series 2000A, 6.050%, 7/01/42 (Alternative Minimum Tax) (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 14,700 Total Oregon 14,826,704 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 1.7% (1.1% OF TOTAL INVESTMENTS) Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn Allegheny Health System, Series 2000B: 2,000 9.250%, 11/15/22 (Pre-refunded 11/15/10) 11/10 at 102.00 AAA 2,136,040 2,000 9.250%, 11/15/30 (Pre-refunded 11/15/10) 11/10 at 102.00 AAA 2,136,040 500 Bucks County Industrial Development Authority, Pennsylvania, 3/17 at 100.00 BBB 430,675 Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 3,500 Pennsylvania Economic Development Financing Authority, Senior 7/10 at 100.00 CC 1,955,100 Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.600%, 1/01/19 (Alternative Minimum Tax) 3,205 Philadelphia School District, Pennsylvania, General Obligation 8/12 at 100.00 Aa2 (4) 3,540,243 Bonds, Series 2002B, 5.625%, 8/01/16 (Pre-refunded 8/01/12) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 11,205 Total Pennsylvania 10,198,098 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/17 at 100.00 Aa2 2,522,150 Bonds, Series 2007A, 5.250%, 8/01/57 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 1.1% (0.7% OF TOTAL INVESTMENTS) 5,850 South Carolina Transportation Infrastructure Bank, Revenue 10/11 at 100.00 Aa3 (4) 6,257,570 Bonds, Series 2001A, 5.500%, 10/01/22 (Pre-refunded 10/01/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.7% (1.1% OF TOTAL INVESTMENTS) 3,680 Knox County Health, Educational and Housing Facilities Board, 1/17 at 30.07 A- 578,974 Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41 5,210 Memphis-Shelby County Airport Authority, Tennessee, Airport 3/11 at 100.00 AAA 5,341,605 Revenue Bonds, Series 2001A, 5.500%, 3/01/14 - AGM Insured (Alternative Minimum Tax) 275 Sullivan County Health Educational and Housing Facilities Board, 9/16 at 100.00 BBB+ 252,951 Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36 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 (7) 11/17 at 100.00 N/R 519,520 2,800 5.500%, 11/01/46 (7) 11/17 at 100.00 N/R 1,818,320 745 Tennessee Housing Development Agency, Homeownership Program 7/10 at 100.00 AA+ 745,380 Bonds, Series 1998-2, 5.350%, 7/01/23 (Alternative Minimum Tax)
72 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE (continued) $ 760 Tennessee Housing Development Agency, Homeownership Program 7/11 at 100.00 AA+ $ 765,084 Bonds, Series 2001-3A, 5.200%, 7/01/22 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 14,270 Total Tennessee 10,021,834 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 21.4% (14.0% OF TOTAL INVESTMENTS) 5,445 Board of Regents, University of Texas System, Financing System 2/17 at 100.00 AAA 5,380,912 Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) 595 Brushy Creek Municipal Utility District, Williamson County, 7/10 at 100.00 Aa3 595,488 Texas, Combination Unlimited Tax and Revenue Refunding Bonds, Series 2001, 5.125%, 6/01/26 - AGM Insured Collins and Denton Counties, Frisco, Texas, General Obligation Bonds, Series 2001: 1,910 5.000%, 2/15/20 - FGIC Insured 2/11 at 100.00 Aa1 1,980,307 2,005 5.000%, 2/15/21 - FGIC Insured 2/11 at 100.00 Aa1 2,078,804 3,850 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 A+ 3,870,906 Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 - FGIC Insured (Alternative Minimum Tax) 5,000 Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional 9/14 at 100.00 N/R 5,014,100 Health System, Series 2004A, 7.000%, 9/01/25 4,040 Harris County, Texas, Tax and Revenue Certificates of 8/11 at 100.00 AAA 4,272,704 Obligation, Series 2001, 5.000%, 8/15/27 6,000 Houston, Texas, Junior Lien Water and Sewerage System Revenue No Opt. Call N/R (4) 7,281,960 Refunding Bonds, Series 2001B, 5.500%, 12/01/29 - NPFG Insured (ETM) 7,000 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/10 at 100.00 A 7,012,810 Series 1998B, 5.250%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2001A: 2,525 5.500%, 7/01/13 - FGIC Insured (Alternative Minimum Tax) 1/12 at 100.00 A 2,658,244 2,905 5.500%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 1/12 at 100.00 A 3,036,597 14,200 Hutto Independent School District, Williamson County, Texas, 8/16 at 100.00 AAA 14,386,872 General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 (UB) Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001: 8,500 5.400%, 8/15/31 - AMBAC Insured 8/11 at 100.00 N/R 8,607,100 8,500 5.500%, 8/15/41 - AMBAC Insured 8/11 at 100.00 N/R 8,509,690 10,700 Laredo Independent School District, Webb County, Texas, General 8/11 at 100.00 AAA 11,141,696 Obligation Refunding Bonds, Series 2001, 5.000%, 8/01/25 8,000 Lower Colorado River Authority, Texas, Transmission Contract 5/20 at 100.00 A 8,151,680 Refunding Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40 (WI/DD, Settling 5/18/10) 2,500 Matagorda County Navigation District 1, Texas, Collateralized No Opt. Call BBB+ 2,417,350 Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 - AMBAC Insured (Alternative Minimum Tax) 3,150 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 3,306,902 Refunding Bonds, Series 2008, 5.750%, 1/01/38 3,045 Port of Houston Authority, Harris County, Texas, General 10/11 at 100.00 AAA 3,120,729 Obligation Port Improvement Bonds, Series 2001B, 5.500%, 10/01/17 - FGIC Insured (Alternative Minimum Tax) 7,700 Tarrant County Cultural & Educational Facilities Financing 2/17 at 100.00 AA- 7,752,283 Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 9,300 Texas Department of Housing and Community Affairs, Residential 7/11 at 100.00 AAA 9,201,792 Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax) 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 2,229,399 9,110 0.000%, 8/15/40 8/15 at 27.11 AAA 1,885,041 7,110 0.000%, 8/15/44 8/15 at 21.88 AAA 1,182,891 - ------------------------------------------------------------------------------------------------------------------------------------ 142,200 Total Texas 125,076,257 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 73 NZF | Nuveen Dividend Advantage Municipal Fund 3 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.5% (0.3% OF TOTAL INVESTMENTS) Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E: $ 840 5.200%, 1/01/18 (Alternative Minimum Tax) 7/11 at 100.00 AA- $ 848,988 255 5.500%, 1/01/23 (Alternative Minimum Tax) 7/11 at 100.00 Aaa 257,341 Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1: 1,245 4.950%, 7/01/18 (Alternative Minimum Tax) 7/11 at 100.00 AA- 1,257,662 370 5.300%, 7/01/23 (Alternative Minimum Tax) 7/11 at 100.00 Aaa 370,137 - ------------------------------------------------------------------------------------------------------------------------------------ 2,710 Total Utah 2,734,128 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,000 Chesterfield County Health Center Commission, Virginia, 12/15 at 100.00 N/R 914,800 Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.375%, 12/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 16.0% (10.5% OF TOTAL INVESTMENTS) Bellingham Housing Authority, Washington, Housing Revenue Bonds, Varsity Village Project, Series 2001A: 1,000 5.500%, 12/01/27 - NPFG Insured 12/11 at 100.00 Aa3 1,016,941 2,000 5.600%, 12/01/36 - NPFG Insured 12/11 at 100.00 Aa3 2,020,421 2,500 King County, Washington, Sewer Revenue Bonds, Series 2009, 1/19 at 100.00 AA+ 2,674,876 5.250%, 1/01/42 12,955 Port of Seattle, Washington, Passenger Facility Charge Revenue 6/10 at 100.50 A 13,033,379 Bonds, Series 1998A, 5.300%, 12/01/16 - AMBAC Insured (Alternative Minimum Tax) Port of Seattle, Washington, Revenue Bonds, Series 2001B: 2,535 5.625%, 4/01/18 - FGIC Insured (Alternative Minimum Tax) (UB) 10/11 at 100.00 Aa2 2,671,434 16,000 5.100%, 4/01/24 - FGIC Insured (Alternative Minimum Tax) (UB) 7/10 at 100.00 Aa2 16,000,960 1,440 Public Utility District 1, Benton County, Washington, Electric 11/11 at 100.00 N/R (4) 1,547,079 Revenue Refunding Bonds, Series 2001A, 5.625%, 11/01/15 (Pre-refunded 11/01/11) - AGM Insured 650 Public Utility District 1, Benton County, Washington, Electric 11/11 at 100.00 Aa3 692,713 Revenue Refunding Bonds, Series 2001A, 5.625%, 11/01/15 - AGM Insured 5,680 Seattle, Washington, Municipal Light and Power Revenue 3/11 at 100.00 AAA 5,868,861 Refunding and Improvement Bonds, Series 2001, 5.500%, 3/01/18 - AGM Insured 4,530 Tacoma, Washington, Solid Waste Utility Revenue Refunding 12/11 at 100.00 AA (4) 4,857,158 Bonds, Series 2001, 5.250%, 12/01/21 (Pre-refunded 12/01/11) - AMBAC Insured 3,720 Washington State Healthcare Facilities Authority, Revenue 10/11 at 100.00 Aa3 (4) 3,964,926 Bonds, Children's Hospital and Regional Medical Center, Series 2001, 5.375%, 10/01/18 (Pre-refunded 10/01/11) - AMBAC Insured Washington State Healthcare Facilities Authority, Revenue Bonds, Good Samaritan Hospital, Series 2001: 5,480 5.500%, 10/01/21 (Pre-refunded 10/01/11) - RAAI Insured 10/11 at 101.00 BBB- (4) 5,904,700 25,435 5.625%, 10/01/31 (Pre-refunded 10/01/11) - RAAI Insured 10/11 at 101.00 BBB- (4) 27,450,978 Washington State Healthcare Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2001: 3,005 5.375%, 12/01/17 - AMBAC Insured 12/11 at 101.00 BBB+ 3,062,516 2,915 5.375%, 12/01/18 - AMBAC Insured 12/11 at 101.00 BBB+ 2,957,297 - ------------------------------------------------------------------------------------------------------------------------------------ 89,845 Total Washington 93,724,239 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 4.5% (2.9% OF TOTAL INVESTMENTS) Appleton, Wisconsin, Waterworks Revenue Refunding Bonds, Series 2001: 3,705 5.375%, 1/01/20 (Pre-refunded 1/01/12) - FGIC Insured 1/12 at 100.00 N/R (4) 3,991,619 1,850 5.000%, 1/01/21 (Pre-refunded 1/01/12) - FGIC Insured 1/12 at 100.00 N/R (4) 1,981,628 12,250 La Crosse, Wisconsin, Pollution Control Revenue Refunding 12/10 at 100.00 A 12,461,925 Bonds, Dairyland Power Cooperative, Series 1997B, 5.550%, 2/01/15 - AMBAC Insured 1,000 Wisconsin Health and Educational Facilities Authority, Revenue 9/17 at 100.00 BBB+ 890,130 Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 350 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 101.00 AA- 356,048 Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30 3,650 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 101.00 AA- (4) 3,921,013 Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30 (Pre-refunded 10/01/11)
74 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN (continued) $ 2,500 Wisconsin Health and Educational Facilities Authority, Revenue 2/12 at 100.00 BBB+ $ 2,527,525 Bonds, Marshfield Clinic, Series 2001B, 6.000%, 2/15/25 50 Wisconsin Health and Educational Facilities Authority, Revenue 8/13 at 100.00 BBB+ 44,774 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 25,355 Total Wisconsin 26,174,662 - ------------------------------------------------------------------------------------------------------------------------------------ $ 950,908 Total Municipal Bonds (cost $885,935,399) 888,758,660 =============-----------------------------------------------------------------------------------------------------------------------
SHARES DESCRIPTION (1) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT COMPANIES - 0.6% (0.4% OF TOTAL INVESTMENTS) 6,266 BlackRock MuniHoldings Fund Inc. $ 98,376 26,880 Dreyfus Strategic Municipal Fund 227,674 131,278 DWS Municipal Income Trust 1,598,966 43,420 PIMCO Municipal Income Fund II 481,094 43,020 Van Kampen Investment Grade Municipal Trust 609,163 30,000 Van Kampen Municipal Opportunity Trust 413,700 - ------------------------------------------------------------------------------------------------------------------------------------ Total Investment Companies (cost $3,325,133) 3,428,973 -------------------------------------------------------------------------------------------------------------------- Total Investments (cost $889,260,532) - 152.6% 892,187,633 -------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (13.0)% (75,908,650) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.9% 5,231,135 -------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (40.5)% (6) (236,950,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 584,560,118 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.6% (7) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. 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 - Inverse Floating Rate Securities for more information. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 75 | Statement of | Assets & Liabilities April 30, 2010 (Unaudited)
PERFORMANCE MUNICIPAL MARKET PLUS ADVANTAGE OPPORTUNITY (NPP) (NMA) (NMO) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $1,280,293,947, $939,205,356 and $1,012,817,147, respectively) $1,323,806,376 $ 950,255,547 $1,012,295,592 Cash 521,064 170,605 7,401,434 Receivables: Dividends and interest 18,924,309 16,024,714 15,449,162 Investments sold 17,978,000 26,195,543 1,300,000 Deferred offering costs -- 2,125,419 4,202,047 Other assets 303,760 97,638 102,186 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 1,361,533,509 994,869,466 1,040,750,421 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Floating rate obligations 42,630,000 67,694,983 48,745,000 Payables: Investments purchased -- 2,194,071 -- Auction Rate Preferred share dividends 17,089 23,797 33,159 Common share dividends 3,957,295 2,977,593 3,167,337 Interest -- 17,727 -- MuniFund Term Preferred shares, at liquidation value -- -- -- Variable Rate Demand Preferred shares, at liquidation value -- 296,800,000 350,900,000 Accrued expenses: Management fees 676,223 481,343 504,120 Offering costs -- 381,451 552,704 Other 498,450 223,805 91,805 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 47,779,057 370,794,770 403,994,125 - ------------------------------------------------------------------------------------------------------------------------------------ Auction Rate Preferred shares, at liquidation value 419,900,000 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 893,854,452 $ 624,074,696 $ 636,756,296 ==================================================================================================================================== Common shares outstanding 59,914,073 43,336,100 45,615,495 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.92 $ 14.40 $ 13.96 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 599,141 $ 433,361 $ 456,155 Paid-in surplus 838,340,717 606,033,640 636,551,953 Undistributed (Over-distribution of) net investment income 14,929,704 10,849,549 11,145,815 Accumulated net realized gain (loss) (3,527,539) (4,292,045) (10,876,072) Net unrealized appreciation (depreciation) 43,512,429 11,050,191 (521,555) - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 893,854,452 $ 624,074,696 $ 636,756,296 ==================================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 Auction Rate Preferred 1,000,000 1,000,000 1,000,000 MuniFund Term Preferred -- -- -- Variable Rate Demand Preferred -- Unlimited Unlimited ====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 76 Nuveen Investments
DIVIDEND DIVIDEND DIVIDEND ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NAD) (NXZ) (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $852,049,233, $627,361,192 and $889,260,532, respectively) $ 858,364,556 $ 646,267,891 $ 892,187,633 Cash 5,573,225 1,689,432 1,121,902 Receivables: Dividends and interest 13,225,659 11,453,064 15,612,590 Investments sold 2,487,651 46,047 91,605 Deferred offering costs 2,495,617 2,178,852 -- Other assets 184,332 50,813 184,992 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 882,331,040 661,686,099 909,198,722 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Floating rate obligations 51,605,000 26,661,650 75,908,650 Payables: Investments purchased 40,660 -- 8,119,360 Auction Rate Preferred share dividends 16,417 -- 8,319 Common share dividends 2,866,891 2,269,982 3,038,431 Interest 487,013 -- -- MuniFund Term Preferred shares, at liquidation value 144,300,000 -- -- Variable Rate Demand Preferred shares, at liquidation value -- 196,000,000 -- Accrued expenses: Management fees 429,096 292,171 374,639 Offering costs 382,110 -- -- Other 300,360 85,562 239,205 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 200,427,547 225,309,365 87,688,604 - ------------------------------------------------------------------------------------------------------------------------------------ Auction Rate Preferred shares, at liquidation value 120,075,000 -- 236,950,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 561,828,493 $ 436,376,734 $ 584,560,118 ==================================================================================================================================== Common shares outstanding 39,287,298 29,440,680 40,378,174 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.30 $ 14.82 $ 14.48 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 392,873 $ 294,407 $ 403,782 Paid-in surplus 551,021,444 420,735,681 575,532,006 Undistributed (Over-distribution of) net investment income 9,677,213 4,775,143 8,899,126 Accumulated net realized gain (loss) (5,578,360) (8,335,196) (3,201,897) Net unrealized appreciation (depreciation) 6,315,323 18,906,699 2,927,101 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 561,828,493 $ 436,376,734 $ 584,560,118 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Auction Rate Preferred Unlimited Unlimited Unlimited MuniFund Term Preferred Unlimited -- -- Variable Rate Demand Preferred -- Unlimited -- ====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 77 | Statement of | Operations Six Months Ended April 30, 2010 (Unaudited)
PERFORMANCE MUNICIPAL MARKET DIVIDEND DIVIDEND DIVIDEND PLUS ADVANTAGE OPPORTUNITY ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NPP) (NMA) (NMO) (NAD) (NXZ) (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $36,096,977 $27,409,802 $28,474,781 $24,294,265 $18,804,815 $24,628,860 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 4,088,039 2,894,140 3,026,918 2,584,052 1,916,569 2,702,299 Auction fees 312,337 230,350 278,637 182,345 98,544 176,252 Dividend disbursing agent fees 24,795 27,370 20,712 14,877 -- 14,877 Shareholders' servicing agent fees and expenses 56,489 35,944 37,256 5,088 2,184 2,851 Interest expense and amortization of offering costs 153,584 356,961 292,978 681,144 428,225 260,956 Liquidity fees -- 462,798 308,434 -- 756,229 -- Custodian's fees and expenses 108,358 81,002 82,893 70,171 52,543 70,513 Directors'/Trustees' fees and expenses 20,316 14,771 15,763 13,174 9,161 13,277 Professional fees 61,604 43,711 48,725 39,062 25,827 44,084 Shareholders' reports - printing and mailing expenses 99,893 65,541 72,869 56,402 41,389 56,959 Stock exchange listing fees 10,094 7,306 7,675 6,618 2,060 2,828 Investor relations expense 50,390 35,793 37,959 30,562 23,011 30,922 Other expenses 42,619 34,211 35,026 19,432 17,963 24,636 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 5,028,518 4,289,898 4,265,845 3,702,927 3,373,705 3,400,454 Custodian fee credit (2,523) (2,903) (3,249) (2,217) (1,392) (832) Expense reimbursement -- -- -- -- (284,286) (440,951) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 5,025,995 4,286,995 4,262,596 3,700,710 3,088,027 2,958,671 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 31,070,982 23,122,807 24,212,185 20,593,555 15,716,788 21,670,189 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 2,858,629 796,290 1,501,764 453,103 70,098 83,470 Change in net unrealized appreciation (depreciation) of investments 18,796,074 14,183,321 13,170,874 13,544,892 9,753,254 11,578,761 - ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) 21,654,703 14,979,611 14,672,638 13,997,995 9,823,352 11,662,231 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income (776,498) (379,240) (639,222) (460,774) -- (374,524) From accumulated net realized gains (47,490) (183,376) -- -- -- (125,552) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders (823,988) (562,616) (639,222) (460,774) -- (500,076) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations $51,901,697 $37,539,802 $38,245,601 $34,130,776 $25,540,140 $32,832,344 ====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 78 Nuveen Investments | Statement of | Changes in Net Assets (Unaudited)
PERFORMANCE PLUS (NPP) MUNICIPAL ADVANTAGE (NMA) MARKET OPPORTUNITY (NMO) ------------------------------ ------------------------------ ------------------------------ SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 31,070,982 $ 61,694,850 $ 23,122,807 $ 47,685,667 $ 24,212,185 $ 49,900,093 Net realized gain (loss) from: Investments 2,858,629 (3,345,387) 796,290 (953,244) 1,501,764 2,387,779 Futures contracts -- -- -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 18,796,074 101,733,867 14,183,321 77,128,841 13,170,874 49,202,041 Futures contracts -- -- -- -- -- -- Distributions to Auction Rate Preferred Shareholders: From net investment income (776,498) (3,512,067) (379,240) (2,612,721) (639,222) (2,842,583) From accumulated net realized gains (47,490) -- (183,376) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 51,901,697 156,571,263 37,539,802 121,248,543 38,245,601 98,647,330 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (27,105,126) (47,194,320) (20,879,161) (36,309,116) (21,603,635) (36,674,027) From accumulated net realized gains (814,831) -- (2,827,574) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (27,919,957) (47,194,320) (23,706,735) (36,309,116) (21,603,635) (36,674,027) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- 1,428,464 271,443 795,414 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- 1,428,464 271,443 795,414 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 23,981,740 109,376,943 15,261,531 85,210,870 17,437,380 61,973,303 Net assets applicable to Common shares at the beginning of period 869,872,712 760,495,769 608,813,165 523,602,295 619,318,916 557,345,613 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 893,854,452 $ 869,872,712 $ 624,074,696 $ 608,813,165 $ 636,756,296 $ 619,318,916 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 14,929,704 $ 11,740,346 $ 10,849,549 $ 8,985,143 $ 11,145,815 $ 9,176,487 ====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 79 | Statement of | Changes in Net Assets (continued)
DIVIDEND ADVANTAGE (NAD) DIVIDEND ADVANTAGE 2 (NXZ) DIVIDEND ADVANTAGE 3 (NZF) ------------------------------ ------------------------------ ------------------------------ SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 20,593,555 $ 42,070,572 $ 15,716,788 $ 30,653,112 $ 21,670,189 $ 43,429,444 Net realized gain (loss) from: Investments 453,103 (762,348) 70,098 (3,563,781) 83,470 (520,239) Futures contracts -- -- -- -- -- 1,331,299 Change in net unrealized appreciation (depreciation) of: Investments 13,544,892 76,279,407 9,753,254 50,177,046 11,578,761 76,051,358 Futures contracts -- -- -- -- -- 679,241 Distributions to Auction Rate Preferred Shareholders: From net investment income (460,774) (2,117,175) -- -- (374,524) (2,094,400) From accumulated net realized gains -- -- -- -- (125,552) -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 34,130,776 115,470,456 25,540,140 77,266,377 32,832,344 118,876,703 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (17,836,433) (32,490,598) (14,480,087) (26,078,788) (18,812,191) (34,349,713) From accumulated net realized gains -- -- -- -- (2,547,863) -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (17,836,433) (32,490,598) (14,480,087) (26,078,788) (21,360,054) (34,349,713) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- 63,234 126,288 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- 63,234 126,288 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 16,294,343 82,979,858 11,123,287 51,313,877 11,472,290 84,526,990 Net assets applicable to Common shares at the beginning of period 545,534,150 462,554,292 425,253,447 373,939,570 573,087,828 488,560,838 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 561,828,493 $ 545,534,150 $ 436,376,734 $ 425,253,447 $ 584,560,118 $ 573,087,828 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 9,677,213 $ 7,380,865 $ 4,775,143 $ 3,538,442 $ 8,899,126 $ 6,415,652 ====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 80 Nuveen Investments | Statement of | Cash Flows Six Months Ended April 30, 2010 (Unaudited)
MUNICIPAL MARKET DIVIDEND ADVANTAGE OPPORTUNITY ADVANTAGE (NMA) (NMO) (NAD) - ----------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 37,539,802 $ 38,245,601 $ 34,130,776 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 (70,845,166) (115,354,228) (37,322,616) Proceeds from sales and maturities of investments 87,273,960 119,855,350 33,284,260 Proceeds from (Purchases of) short-term investments, net -- -- -- Amortization (Accretion) of premiums and discounts, net (2,907,896) (4,507,976) (3,864,531) (Increase) Decrease in receivable for dividends and interest 180,347 60,634 126,363 (Increase) Decrease in receivable for investments sold 1,136,707 19,083,900 19,953,649 (Increase) Decrease in other assets 113,201 138,468 (15,474) Increase (Decrease) in payable for investments purchased (17,334,534) (17,477,313) (7,234,216) Increase (Decrease) in payable for Auction Rate Preferred share dividends 9,231 14,277 5,164 Increase (Decrease) in payable for interest 17,727 -- 487,013 Increase (Decrease) in accrued management fees (17,927) (19,712) (14,687) Increase (Decrease) in accrued other liabilities (121,711) (255,639) 27,910 Net realized (gain) loss from investments (796,290) (1,501,764) (453,103) Change in net unrealized (appreciation) depreciation of investments (14,183,321) (13,170,874) (13,544,892) Taxes paid on undistributed capital gains -- (100) (493) - ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 20,064,130 25,110,624 25,565,123 - ----------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in cash overdraft balance -- -- (2,702,217) Cash distributions paid to Common shareholders (22,075,962) (20,549,383) (17,751,174) (Increase) Decrease in deferred offering costs (2,125,419) (4,202,047) (2,495,617) Increase (Decrease) in accrued offering costs 381,451 552,704 382,110 Increase (Decrease) in Auction Rate Preferred shares, at liquidation value (293,200,000) (346,675,000) (141,725,000) Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value -- -- 144,300,000 Increase (Decrease) in Variable Rate Demand Preferred shares, at liquidation value 296,800,000 350,900,000 -- - ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (20,219,930) (19,973,726) (19,991,898) - ----------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH (155,800) 5,136,898 5,573,225 Cash at the beginning of period 326,405 2,264,536 -- - ----------------------------------------------------------------------------------------------------------------------------- Cash at the End of Period $ 170,605 $ 7,401,434 $ 5,573,225 =============================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
MUNICIPAL MARKET DIVIDEND ADVANTAGE OPPORTUNITY ADVANTAGE (NMA) (NMO) (NAD) - ----------------------------------------------------------------------------------------------------------------------------- Cash paid for interest (excluding amortization of offering costs, where applicable) $ 348,379 $ 281,025 $ 617,261 =============================================================================================================================
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $1,428,464 and $795,414 for Municipal Advantage (NMA) and Market Opportunity (NMO), respectively. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 81 | Statement of | Cash Flows (continued) Six Months Ended April 30, 2010 (Unaudited)
DIVIDEND DIVIDEND ADVANTAGE 2 ADVANTAGE 3 (NXZ) (NZF) - ----------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 25,540,140 $ 32,832,344 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 (4,848,754) (26,167,499) Proceeds from sales and maturities of investments 6,421,550 12,881,558 Proceeds from (Purchases of) short-term investments, net -- 2,325,000 Amortization (Accretion) of premiums and discounts, net (1,568,332) (86,722) (Increase) Decrease in receivable for dividends and interest 68,328 (140,334) (Increase) Decrease in receivable for investments sold (46,047) 1,582,050 (Increase) Decrease in other assets (13,623) (22,302) Increase (Decrease) in payable for investments purchased -- 8,108,001 Increase (Decrease) in payable for Auction Rate Preferred share dividends -- (1,787) Increase (Decrease) in payable for interest -- -- Increase (Decrease) in accrued management fees 13,616 (17,405) Increase (Decrease) in accrued other liabilities (9,490) 22,405 Net realized (gain) loss from investments (70,098) (83,470) Change in net unrealized (appreciation) depreciation of investments (9,753,254) (11,578,761) Taxes paid on undistributed capital gains (564) -- - ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 15,733,472 19,653,078 - ----------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in cash overdraft balance -- -- Cash distributions paid to Common shareholders (14,359,511) (21,224,966) (Increase) Decrease in deferred offering costs 36,068 -- Increase (Decrease) in payable for offering cost -- -- Increase (Decrease) in Auction Rate Preferred shares, at liquidation value -- -- Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value -- -- Increase (Decrease) in Variable Rate Demand Preferred shares, at liquidation value -- -- - ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (14,323,443) (21,224,966) - ----------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH 1,410,029 (1,571,888) Cash at the beginning of period 279,403 2,693,790 - ----------------------------------------------------------------------------------------------------------------------------- Cash at the End of Period $ 1,689,432 $ 1,121,902 =============================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
DIVIDEND DIVIDEND ADVANTAGE 2 ADVANTAGE 3 (NXZ) (NZF) - ----------------------------------------------------------------------------------------------------------------------------- Cash paid for interest (excluding amortization of offering costs, where $ 390,709 $ 260,956 applicable) =============================================================================================================================
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $63,234 for Dividend Advantage 2 (NXZ). SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 82 Nuveen Investments | Notes to | Financial Statements (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Performance Plus Municipal Fund, Inc. (NPP), Nuveen Municipal Advantage Fund, Inc. (NMA), Nuveen Municipal Market Opportunity Fund, Inc. (NMO), Nuveen Dividend Advantage Municipal Fund (NAD), Nuveen Dividend Advantage Municipal Fund 2 (NXZ) and Nuveen Dividend Advantage Municipal Fund 3 (NZF) (collectively, the "Funds"). Performance Plus (NPP), Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage (NAD) are traded on the New York Stock Exchange ("NYSE") while Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies. 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. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles ("U.S. GAAP"). INVESTMENT VALUATION Exchange-listed securities are generally valued at the last sales price on the security exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and asked prices. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment or derivative instrument, the Board of Directors/Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including 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. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value. INVESTMENT TRANSACTIONS Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2010, Municipal Advantage (NMA) and Dividend Advantage 3 (NZF) had outstanding when-issued/delayed delivery purchase commitments of $2,194,071 and $8,119,360, respectively. There were no such outstanding purchase commitments in any of the other Funds. INVESTMENT INCOME Dividend income is recorded on the ex-dividend date. Dividend income is recorded on the ex-dividend date or when information is available. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. INCOME TAXES Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will Nuveen Investments 83 | Notes to | Financial Statements (Unaudited) (continued) 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 tax-exempt 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 tax-exempt 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 The following Funds have issued and outstanding Auction Rate Preferred Shares ("ARPS"), $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's ARPS are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of April 30, 2010, the number of ARPS outstanding, by Series and in total, for each Fund is as follows:
PERFORMANCE DIVIDEND DIVIDEND PLUS ADVANTAGE ADVANTAGE 3 (NPP) (NAD) (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ Number of shares: Series M 3,507 1,628 -- Series T 3,506 1,628 -- Series W 3,505 -- 3,159 Series TH 2,770 1,547 3,159 Series F 3,508 -- 3,160 - ------------------------------------------------------------------------------------------------------------------------------------ Total 16,796 4,803 9,478 ====================================================================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of April 30, 2010, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
PERFORMANCE MUNICIPAL MARKET DIVIDEND DIVIDEND DIVIDEND PLUS ADVANTAGE OPPORTUNITY ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NPP) (NMA) (NMO) (NAD) (NXZ) (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ ARPS redeemed, at liquidation value $59,100,000 $358,000,000 $380,000,000 $174,925,000 $222,000,000 $75,050,000 ====================================================================================================================================
MUNIFUND TERM PREFERRED SHARES Dividend Advantage (NAD) has issued and outstanding $144,300,000, of 2.70%, Series 2015 MuniFund Term Preferred ("MTP") Shares, with a $10 liquidation value per share. Dividends, which are recognized as interest expense for financial reporting purposes, will be paid monthly at a fixed annual rate of 2.70%, subject to adjustment in certain circumstances. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem a portion of the Fund's outstanding ARPS. The Fund is obligated to redeem the MTP Shares on April 1, 2015, unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. As of April 1, 2011, the MTP Shares will be subject to redemption at the option of the Fund, subject to payment of a premium until March 31, 2012, and at par thereafter. The MTP Shares also will be subject to redemption, at the option of the Fund, at par in the event of certain changes in the credit rating of the MTP Shares. The 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. 84 Nuveen Investments The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The MTP Shares trade on NYSE under the symbol "NAD Pr C". During the period from March 16, 2010 (first issuance date of shares) through April 30, 2010, Dividend Advantage (NAD) had an average balance of $143,582,609 MTP Shares outstanding. Net amounts earned by Nuveen as underwriter of the Fund's MTP Share offering are passed directly to the Fund and recognized as a component of "Investment Income" on the Statement of Operations. For the six months ended April 30, 2010 there were no amounts earned by Nuveen Investments, Inc. ("Nuveen"). 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 the 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 DEMAND PREFERRED SHARES Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 2 (NXZ) have issued and outstanding 2,968, 3,509 and 1,960 Series 1 Variable Rate Demand Preferred ("VRDP") Shares, $100,000 liquidation value per share, respectively. Dividend Advantage 2 (NXZ) issued its VRDP Shares in a privately negotiated offering in August 2008, and Municipal Advantage (NMA) and Market Opportunity (NMO) issued their respective VRDP Shares in March 2010. Proceeds of each Fund's offering were used to redeem a portion of each Fund's outstanding ARPS. The VRDP Shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, have a maturity date of August 1, 2038, for Dividend Advantage 2 (NXZ) and March 1, 2040, for Municipal Advantage (NMA) and Market Opportunity (NMO). VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the 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. Municipal Advantage (NMA) and Market Opportunity (NMO) are required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. As to Dividend Advantage 2 (NXZ), the terms of whose VRDP Shares do not presently provide the liquidity provider with the right to cause the Fund to redeem VRDP Shares after six months of continuous, unsuccessful remarketing, the Board of Directors/Trustees has approved, in connection with renewing its liquidity provider contract in June 2010, the issuance of replacement VRDP Shares that would provide the liquidity provider with a right of redemption after six months of continuous unsuccessful remarketing. Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares. Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The 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. Municipal Advantage (NMA) and Market Opportunity (NMO) issued all $296,800,000 and $350,900,000 of its VRDP Shares on March 18, 2010 and March 31, 2010, with annualized interest rates of 0.37% and 0.44%, respectively. Dividend Advantage 2 (NXZ) had all $196,000,000 of its VRDP Shares outstanding during the six months ended April 30, 2010, with an annualized interest rate of 0.31%. 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 this interest expense, the Funds also pay a per annum liquidity fee to the liquidity provider, which is recognized as "Liquidity fees" on the Statement of Operations. INVERSE FLOATING RATE SECURITIES Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. Nuveen Investments 85 | Notes to | Financial Statements (Unaudited) (continued) A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - Inverse floating rate investment." An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as "(UB) - Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in "Investment Income" the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. During the six months ended April 30, 2010, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. At April 30, 2010, each Fund's maximum exposure to externally-deposited Recourse Trusts is 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, 2009, 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 $42,838,840 $67,694,983 $48,745,000 $51,605,000 $26,661,650 $75,908,650 Average annual interest rate and fees 0.72% 0.64% 0.62% 0.52% 0.68% 0.69% ====================================================================================================================================
FUTURES CONTRACTS Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the "initial margin." Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities, when applicable. During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract and is recognized as "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as "Net realized gain (loss) from futures contracts" on the Statement of Operations. Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not invest in futures contracts during the six months ended April 30, 2010. 86 Nuveen Investments MARKET AND COUNTERPARTY CREDIT RISK In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default. Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties that Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount. ZERO COUPON SECURITIES Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. OFFERING COSTS Costs incurred by Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage 2 (NXZ) in connection with their offerings of VRDP Shares ($2,134,000), ($4,214,000) and ($2,270,000), respectively, were recorded as deferred charges which will be amortized over the 30-year life of the shares. Cost incurred by Dividend Advantage (NAD) in connection with its offering of MTP Shares ($2,559,500) were recorded as a deferred charge which will be amortized over the 5-year 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. Nuveen Investments 87 | Notes to | Financial Statements (Unaudited) (continued) 2. FAIR VALUE MEASUREMENTS In determining the value of each Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of April 30, 2010:
PERFORMANCE PLUS (NPP) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ----------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 1,323,806,376 $ -- $ 1,323,806,376 ===================================================================================================== MUNICIPAL ADVANTAGE (NMA) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ----------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 949,281,447 $ 974,100 $ 950,255,547 ===================================================================================================== MARKET OPPORTUNITY (NMO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ----------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 1,012,295,592 $ -- $ 1,012,295,592 ===================================================================================================== DIVIDEND ADVANTAGE (NAD) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ----------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 856,844,817 $ 974,100 $ 857,818,917 Investment Companies 545,639 -- -- 545,639 - ----------------------------------------------------------------------------------------------------- Total $ 545,639 $ 856,844,817 $ 974,100 $ 858,364,556 ===================================================================================================== DIVIDEND ADVANTAGE 2 (NXZ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ----------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 646,267,891 $ -- $ 646,267,891 ===================================================================================================== DIVIDEND ADVANTAGE 3 (NZF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - ----------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 886,420,820 $ 2,337,840 $ 888,758,660 Investment Companies 3,428,973 -- -- 3,428,973 - ----------------------------------------------------------------------------------------------------- Total $3,428,973 $ 886,420,820 $ 2,337,840 $ 892,187,633 =====================================================================================================
The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:
MUNICIPAL DIVIDEND DIVIDEND ADVANTAGE ADVANTAGE ADVANTAGE 3 (NMA) (NAD) (NZF) LEVEL 3 LEVEL 3 LEVEL 3 MUNICIPAL BONDS MUNICIPAL BONDS MUNICIPAL BONDS - --------------------------------------------------------------------------------------------------------- Balance at the beginning of period $ -- $ -- $ -- Gains (losses): Net realized gains (losses) -- -- -- Net change in unrealized appreciation (depreciation) -- -- -- Net purchases at cost (sales at proceeds) -- -- -- Net discounts (premiums) -- -- -- Net transfers in to (out of) at end of period fair value 974,100 974,100 2,337,840 - --------------------------------------------------------------------------------------------------------- Balance at the end of period $ 974,100 $ 974,100 $ 2,337,840 =========================================================================================================
"Change in net appreciation (depreciation) of investments" presented on the Statement of Operations includes net unrealized appreciation (depreciation) related to securities classified as Level 3 at period end as follows:
MUNICIPAL DIVIDEND DIVIDEND ADVANTAGE ADVANTAGE ADVANTAGE 3 (NMA) (NAD) (NZF) - --------------------------------------------------------------------------------------------------------- Level 3 net appreciation (depreciation) $ 404,384 $ 404,384 $ 970,292 =========================================================================================================
88 Nuveen Investments 3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2010. 4. FUND SHARES COMMON SHARES Since the inception of the Funds' repurchase program, the Funds have not repurchased any of their outstanding Common shares. Transactions in Common shares were as follows:
MUNICIPAL MARKET PERFORMANCE PLUS (NPP) ADVANTAGE (NMA) OPPORTUNITY (NMO) ---------------------- ----------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 - ------------------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- 101,028 20,548 57,707 -- ===============================================================================================================================
DIVIDEND DIVIDEND DIVIDEND ADVANTAGE (NAD) ADVANTAGE 2 (NXZ) ADVANTAGE 3 (NZF) ---------------------- ----------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 - ------------------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- 4,328 10,026 -- -- ===============================================================================================================================
PREFERRED SHARES Transactions in ARPS were as follows:
PERFORMANCE PLUS (NPP) MUNICIPAL ADVANTAGE (NMA) ------------------------------------------------ -------------------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed: Series M -- $ -- 165 $ 4,125,000 2,457 $ 61,425,000 406 $ 10,150,000 Series T -- -- 165 4,125,000 2,457 61,425,000 406 10,150,000 Series W -- -- 166 4,150,000 2,456 61,400,000 407 10,175,000 Series TH -- -- 130 3,250,000 1,901 47,525,000 313 7,825,000 Series F -- -- 164 4,100,000 2,457 61,425,000 406 10,150,000 - ------------------------------------------------------------------------------------------------------------------------------- Total -- $ -- 790 $19,750,000 11,728 $293,200,000 1,938 $ 48,450,000 ===============================================================================================================================
Nuveen Investments 89 | Notes to | Financial Statements (Unaudited) (continued)
MARKET OPPORTUNITY (NMO) DIVIDEND ADVANTAGE (NAD) ------------------------------------------------ -------------------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed: Series M 3,649 $ 91,225,000 158 $ 3,950,000 1,922 $ 48,050,000 68 $ 1,700,000 Series T 3,648 91,200,000 159 3,975,000 1,921 48,025,000 68 1,700,000 Series W 2,920 73,000,000 126 3,150,000 -- -- -- -- Series TH -- -- -- -- 1,826 45,650,000 64 1,600,000 Series F 3,650 91,250,000 157 3,925,000 -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------- Total 13,867 $346,675,000 600 $15,000,000 5,669 $141,725,000 200 $ 5,000,000 ===============================================================================================================================
DIVIDEND ADVANTAGE 2 (NXZ) DIVIDEND ADVANTAGE 3 (NZF) ------------------------------------------------ -------------------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed: Series M N/A N/A N/A N/A -- $ -- -- $ -- Series T N/A N/A N/A N/A -- -- -- -- Series W N/A N/A N/A N/A -- -- 451 11,275,000 Series TH N/A N/A N/A N/A -- -- 451 11,275,000 Series F N/A N/A N/A N/A -- -- 451 11,275,000 - ------------------------------------------------------------------------------------------------------------------------------- Total N/A N/A N/A N/A -- $ -- 1,353 $ 33,825,000 ===============================================================================================================================
N/A - Dividend Advantage 2 (NXZ) redeemed all $222,000,000 of its outstanding ARPS during the fiscal year ended October 31, 2008. Transactions in MTP Shares were as follows:
DIVIDEND ADVANTAGE (NAD) ----------------------------------------------------- SIX MONTHS YEAR ENDED ENDED 4/30/10 10/31/09 ----------------------------------------------------- SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------- MTP Shares issued: Series 2015 14,430,000 $144,300,000 -- $ -- ===============================================================================================================================
Transactions in VRDP Shares were as follows:
MUNICIPAL ADVANTAGE (NMA) MARKET OPPORTUNITY (NMO) ------------------------------------------------ -------------------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------- VRDP Shares issued: Series 1 2,968 $296,800,000 -- $ -- 3,509 $350,900,000 -- $ -- ===============================================================================================================================
5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended April 30, 2010, were as follows:
PERFORMANCE MUNICIPAL MARKET DIVIDEND DIVIDEND DIVIDEND PLUS ADVANTAGE OPPORTUNITY ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NPP) (NMA) (NMO) (NAD) (NXZ) (NZF) - ------------------------------------------------------------------------------------------------------------------------------ Purchases $ 78,116,635 $ 70,845,166 $115,354,228 $ 37,322,616 $ 4,848,754 $ 26,167,499 Sales and maturities 92,533,124 87,273,960 119,855,350 33,284,260 6,421,550 12,881,558 ==============================================================================================================================
90 Nuveen Investments 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 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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At April 30, 2010, 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 $1,241,244,476 $874,200,679 $963,944,405 $799,253,376 $604,047,227 $814,847,114 - ------------------------------------------------------------------------------------------------------------------------------------ Gross unrealized: Appreciation $ 76,353,180 $ 43,959,872 $ 47,508,576 $ 44,577,015 $ 37,767,611 $ 32,271,700 Depreciation (36,415,716) (35,597,171) (47,902,389) (37,069,011) (22,214,544) (30,786,502) - ------------------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation (depreciation) of investments $ 39,937,464 $ 8,362,701 $ (393,813) $ 7,508,004 $ 15,553,067 $ 1,485,198 ====================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2009, the Funds' last tax year end were as follows:
PERFORMANCE MUNICIPAL MARKET DIVIDEND DIVIDEND DIVIDEND PLUS ADVANTAGE OPPORTUNITY ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NPP) (NMA) (NMO) (NAD) (NXZ) (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ Undistributed net tax-exempt income * $ 14,778,549 $ 10,307,023 $ 11,839,667 $ 8,600,550 $ 4,767,927 $ 9,202,532 Undistributed net ordinary income ** 22,973 63,544 665 -- 431,904 830,858 Undistributed net long-term capital gains 863,865 3,011,399 -- -- -- 1,900,388 ====================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2009, paid on November 2, 2009. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the Funds' last tax year ended October 31, 2009, was designated for purposes of the dividends paid deduction as follows:
PERFORMANCE MUNICIPAL MARKET DIVIDEND DIVIDEND DIVIDEND PLUS ADVANTAGE OPPORTUNITY ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NPP) (NMA) (NMO) (NAD) (NXZ) (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ Distributions from net tax-exempt income $ 50,061,453 $ 38,441,112 $ 39,112,569 $ 34,327,038 $ 27,368,520 $ 35,861,517 Distributions from net ordinary income ** 60,857 126,563 -- -- -- 312,544 Distributions from net long-term capital gains -- -- -- -- -- -- ====================================================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At October 31, 2009, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
MARKET DIVIDEND DIVIDEND OPPORTUNITY ADVANTAGE ADVANTAGE 2 (NMO) (NAD) (NXZ) - ------------------------------------------------------------------------------------------------------------------------------------ Expiration: October 31, 2011 $ 4,216,771 $ 4,594,300 $ -- October 31, 2012 973,824 -- -- October 31, 2013 -- 104,762 -- October 31, 2014 3,141,529 -- 1,425,745 October 31, 2015 1,902,879 -- 961,027 October 31, 2016 1,398,166 -- -- October 31, 2017 -- 424,278 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total $ 11,633,169 $ 5,123,340 $ 2,386,772 ====================================================================================================================================
Nuveen Investments 91 | Notes to | Financial Statements (Unaudited) (continued) 7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components -- a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser. 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 NET 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 net assets over $5 billion .3750 ================================================================================ DIVIDEND ADVANTAGE (NAD) DIVIDEND ADVANTAGE 2 (NXZ) DIVIDEND ADVANTAGE 3 (NZF) AVERAGE DAILY NET 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 net assets over $2 billion .3750 ================================================================================ The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule: COMPLEX-LEVEL 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 ================================================================================ * The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include 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 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 to limit the amount of such assets for determining managed assets in certain circumstances. As of April 30, 2010, the complex-level fee rate was .1852%. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. 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. 92 Nuveen Investments As of July 31, 2009, the Adviser is no longer reimbursing Dividend Advantage (NAD) for any fees or expenses. For the first ten years of Dividend Advantage 2's (NXZ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, - -------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Dividend Advantage 2 (NXZ) for any portion of its fees and expenses beyond March 31, 2011. For the first ten years of Dividend Advantage 3's (NZF) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING SEPTEMBER 30, SEPTEMBER 30, - -------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Dividend Advantage 3 (NZF) for any portion of its fees and expenses beyond September 30, 2011. 8. NEW ACCOUNTING PRONOUNCEMENTS ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS During June 2009, the Financial Accounting Standards Board ("FASB") issued changes to the authoritative guidance under U.S. GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. FAIR VALUE MEASUREMENTS On January 21, 2010, FASB issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of this guidance is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, the management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any. Nuveen Investments 93 | Financial | Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS ---------------------------------------------------- -------------------------- DISTRI- DISTRI- BUTIONS BUTIONS FROM NET FROM DISCOUNT INVESTMENT CAPITAL FROM INCOME TO GAINS TO NET COMMON ENDING BEGINNING AUCTION AUCTION INVESTMENT CAPITAL SHARES COMMON COMMON NET RATE RATE INCOME TO GAINS TO REPUR- SHARE SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON CHASED NET ENDING NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE- AND ASSET MARKET VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE - ----------------------------------------------------------------------------------------------------------------------------------- PERFORMANCE PLUS (NPP) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $14.52 $ .52 $ .35 $(.01) $ --** $ .86 $ (.45) $(.01) $(.46) $ -- $14.92 $14.28 2009 12.69 1.03 1.65 (.06) -- 2.62 (.79) -- (.79) -- 14.52 13.48 2008 15.22 1.02 (2.56) (.29) -- (1.83) (.70) -- (.70) -- 12.69 11.50 2007 15.78 .99 (.47) (.27) (.01) .24 (.75) (.05) (.80) -- 15.22 13.59 2006 15.51 1.00 .38 (.25) -- 1.13 (.84) (.02) (.86) -- 15.78 15.09 2005 15.87 1.02 (.26) (.16) -- .60 (.94) (.02) (.96) -- 15.51 14.43 MUNICIPAL ADVANTAGE (NMA) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 14.08 .53 .35 (.01) --** .87 (.48) (.07) (.55) -- 14.40 14.32 2009 12.12 1.10 1.76 (.06) -- 2.80 (.84) -- (.84) -- 14.08 13.41 2008 15.20 1.08 (3.06) (.30) (.01) (2.29) (.77) (.02) (.79) -- 12.12 11.41 2007 15.88 1.07 (.63) (.29) -- .15 (.83) -- (.83) -- 15.20 13.95 2006 15.70 1.08 .27 (.26) -- 1.09 (.90) (.01) (.91) -- 15.88 15.85 2005 16.02 1.09 (.24) (.16) -- .69 (1.00) (.01) (1.01) -- 15.70 15.19 ===================================================================================================================================
AUCTION RATE VARIABLE RATE DEMAND PREFERRED SHARES PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD ------------------------- ------------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE - -------------------------------------------------------------------------------------------------- PERFORMANCE PLUS (NPP) - -------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $419,900 $25,000 $78,218 $ -- $ -- $ -- 2009 419,900 25,000 76,790 -- -- -- 2008 439,650 25,000 68,244 -- -- -- 2007 479,000 25,000 72,603 -- -- -- 2006 479,000 25,000 74,333 -- -- -- 2005 479,000 25,000 73,515 -- -- -- MUNICIPAL ADVANTAGE (NMA) - -------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) -- -- -- 296,800 100,000 310,268 2009 293,200 25,000 76,911 -- -- -- 2008 341,650 25,000 63,314 -- -- -- 2007 358,000 25,000 70,866 -- -- -- 2006 358,000 25,000 72,743 -- -- -- 2005 358,000 25,000 72,184 -- -- -- ===================================================================================================
94 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS TOTAL RETURNS APPLICABLE TO COMMON SHARES++(B) ------------------- ----------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(A) VALUE(A) SHARES (000) INTEREST(C) INTEREST INCOME RATE - ----------------------------------------------------------------------------------------------------------- PERFORMANCE PLUS (NPP) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 9.49% 6.04% $893,854 1.15%* 1.12%* 7.11%* 6% 2009 24.78 21.20 869,873 1.23 1.18 7.59 6 2008 (10.71) (12.49) 760,496 1.25 1.17 6.96 9 2007 (4.97) 1.53 912,066 1.16 1.14 6.38 6 2006 10.78 7.50 945,222 1.15 1.15 6.44 9 2005 3.02 3.83 929,544 1.15 1.15 6.45 6 MUNICIPAL ADVANTAGE (NMA) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 10.99 6.29 624,075 1.41* 1.30* 7.62* 7 2009 25.70 23.89 608,813 1.31 1.22 8.51 9 2008 (13.16) (15.65) 523,602 1.38 1.21 7.50 13 2007 (7.08) 1.06 656,806 1.40 1.17 6.87 10 2006 10.68 7.16 683,675 1.18 1.18 6.92 11 2005 3.29 4.42 675,678 1.17 1.17 6.81 8 ===========================================================================================================
* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares and/or Variable Rate Demand Preferred Shares, where applicable. (a) 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. (b) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended April 30, 2010. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 95 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS -------------------------------------------------- -------------------------- DISTRI- DISTRI- BUTIONS BUTIONS FROM NET FROM DISCOUNT INVESTMENT CAPITAL FROM INCOME TO GAINS TO NET COMMON ENDING BEGINNING AUCTION AUCTION INVESTMENT CAPITAL SHARES COMMON COMMON NET RATE RATE INCOME TO GAINS TO REPUR- SHARE SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON CHASED NET ENDING NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE- AND ASSET MARKET VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE =================================================================================================================================== MARKET OPPORTUNITY (NMO) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $13.59 $ .53 $ .32 $(.01) $ -- $ .84 $ (.47) $ -- $ (.47) $ -- $13.96 $13.96 2009 12.23 1.10 1.13 (.06) -- 2.17 (.81) -- (.81) -- 13.59 13.32 2008 14.83 1.03 (2.59) (.31) -- (1.87) (.73) -- (.73) -- 12.23 11.52 2007 15.41 1.04 (.56) (.30) -- .18 (.76) -- (.76) -- 14.83 13.53 2006 15.14 1.02 .34 (.26) -- 1.10 (.83) -- (.83) -- 15.41 15.00 2005 15.48 1.03 (.29) (.16) -- .58 (.92) -- (.92) -- 15.14 14.19 DIVIDEND ADVANTAGE (NAD) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 13.89 .52 .35 (.01) -- .86 (.45) -- (.45) -- 14.30 14.09 2009 11.77 1.07 1.93 (.05) -- 2.95 (.83) -- (.83) -- 13.89 12.89 2008 14.90 1.05 (3.14) (.27) -- (2.36) (.77) -- (.77) -- 11.77 10.72 2007 15.54 1.04 (.60) (.27) -- .17 (.81) -- (.81) -- 14.90 13.63 2006 15.28 1.04 .32 (.24) -- 1.12 (.86) -- (.86) -- 15.54 15.30 2005 15.62 1.06 (.25) (.15) -- .66 (1.00) -- (1.00) -- 15.28 14.58 ===================================================================================================================================
AUCTION RATE PREFERRED SHARES AND MUNIFUND TERM PREFERRED SHARES AUCTION RATE PREFERRED SHARES MUNIFUND TERM PREFERRED SHARES AT END VARIABLE RATE DEMAND PREFERRED AT END OF PERIOD AT END OF PERIOD OF PERIOD SHARES AT END OF PERIOD --------------------------------- ------------------------------------------- ----------- ---------------------------------- ASSET AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AVERAGE COVERAGE AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET AMOUNT AND MARKET MARKET ASSET PER $1 AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE VALUE COVERAGE LIQUIDATION OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE PER SHARE PREFERENCE (000) PER SHARE PER SHARE ==================================================================================================================================== MARKET OPPORTUNITY (NMO) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) $ -- $ -- $ -- $ -- $-- $ -- $ -- $ -- $350,900 $100,000 $281,464 2009 346,675 25,000 69,661 -- -- -- -- -- -- -- -- 2008 361,675 25,000 63,525 -- -- -- -- -- -- -- -- 2007 380,000 25,000 69,446 -- -- -- -- -- -- -- -- 2006 380,000 25,000 71,155 -- -- -- -- -- -- -- -- 2005 380,000 25,000 70,374 -- -- -- -- -- -- -- -- DIVIDEND ADVANTAGE (NAD) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 120,075 25,000 78,128 144,300 10 10.00** 31.25 3.13 -- -- -- 2009 261,800 25,000 77,095 -- -- -- -- -- -- -- -- 2008 266,800 25,000 68,343 -- -- -- -- -- -- -- -- 2007 295,000 25,000 74,618 -- -- -- -- -- -- -- -- 2006 295,000 25,000 76,722 -- -- -- -- -- -- -- -- 2005 295,000 25,000 75,838 -- -- -- -- -- -- -- -- ====================================================================================================================================
96 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b) ------------------- ----------------------------------- ----------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE ==================================================================================================================================== MARKET OPPORTUNITY (NMO) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 8.49% 6.31% $636,756 1.37%* 1.28%* 7.80%* N/A% N/A% N/A% 12% 2009 23.67 18.30 619,319 1.32 1.25 8.58 N/A N/A N/A 10 2008 (9.87) (13.07) 557,346 1.36 1.23 7.33 N/A N/A N/A 8 2007 (5.00) 1.20 675,577 1.38 1.19 6.87 N/A N/A N/A 5 2006 11.92 7.49 701,559 1.19 1.19 6.73 N/A N/A N/A 14 2005 4.70 3.78 689,682 1.19 1.19 6.66 N/A N/A N/A 7 DIVIDEND ADVANTAGE (NAD) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 12.97 6.31 561,828 1.35* 1.10* 7.52* 1.35* 1.10* 7.52* 4 2009 28.86 25.78 545,534 1.26 1.17 8.38 1.21 1.12 8.43 9 2008 (16.46) (16.42) 462,554 1.36 1.15 7.33 1.22 1.02 7.46 11 2007 (5.96) 1.10 585,496 1.24 1.13 6.60 1.03 .92 6.81 11 2006 11.19 7.59 610,316 1.12 1.12 6.54 .85 .85 6.81 8 2005 1.77 4.27 599,887 1.17 1.17 6.48 .81 .81 6.83 11 ====================================================================================================================================
* Annualized. ** For the period March 16, 2010 (first issuance date of shares) through April 30, 2010. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares, MuniFund Term Preferred Shares and/or Variable Rate Demand Preferred Shares, where applicable. (a) 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. (b) After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. As of July 31, 2009, the Adviser is no longer reimbursing Dividend Advantage (NAD) for any fees and expenses. (c) The expense ratios reflect, among other things, payments to MuniFund Term Preferred shareholders, Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 - MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended April 30, 2010. N/A Fund does not have a contractual reimbursement agreement with the Adviser. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 97 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS ----------------------------------------------------- -------------------------- DISTR- DISTR- IBUTION IBUTIONS FROM NET FROM DISCOUNT INVESTMENT CAPITAL FROM INCOME TO GAINS TO NET CAPITAL COMMON ENDING BEGINNING AUCTION AUCTION INVESTMENT GAINS SHARES COMMON COMMON NET RATE RATE INCOME TO TO REPUR- SHARE SHARE NET REALIZED/ PREFERRED PREFERRED COMMON COMMON CHASED NET ENDING NET ASSET INVESTMENT UNREALIZED SHARE- SHARE- SHARE- SHARE- AND ASSET MARKET VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDEND ADVANTAGE 2 (NXZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) $14.45 $ .52 $ .34 $ -- $ -- $ .86 $ (.48) $ (.01) $(.49) $ -- $14.82 $14.55 2009 12.71 1.04 1.59 -- -- 2.63 (.89) -- (.89) -- 14.45 14.14 2008 15.55 1.05 (2.81) (.20) -- (1.96) (.88) -- (.88) -- 12.71 12.35 2007 16.02 1.13 (.43) (.27) -- .43 (.90) -- (.90) -- 15.55 15.48 2006 15.80 1.12 .32 (.24) -- 1.20 (.98) -- (.98) -- 16.02 16.50 2005 15.63 1.13 .22 (.15) -- 1.20 (1.03) -- (1.03) -- 15.80 15.64 DIVIDEND ADVANTAGE 3 (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 14.19 .54 .28 (.01) --** .81 (.46) (.06) (.52) -- 14.48 14.10 2009 12.10 1.08 1.91 (.05) -- 2.94 (.85) -- (.85) -- 14.19 13.38 2008 15.03 1.06 (2.95) (.27) -- (2.16) (.77) -- (.77) -- 12.10 10.72 2007 15.54 1.07 (.44) (.27) (.01) .35 (.84) (.02) (.86) -- 15.03 13.85 2006 15.32 1.07 .29 (.24) -- 1.12 (.90) -- (.90) -- 15.54 15.88 2005 15.36 1.06 .01 (.15) -- .92 (.96) -- (.96) -- 15.32 14.41 ====================================================================================================================================
AUCTION RATE PREFERRED SHARES VARIABLE RATE DEMAND PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD ----------------------------------- ------------------------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE - ----------------------------------------------------------------------------------------------- DIVIDEND ADVANTAGE 2 (NXZ) - ----------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ -- $ -- $ -- $196,000 $100,000 $322,641 2009 -- -- -- 196,000 100,000 316,966 2008 -- -- -- 196,000 100,000 290,785 2007 222,000 25,000 76,463 -- -- -- 2006 222,000 25,000 77,949 -- -- -- 2005 222,000 25,000 77,124 -- -- -- DIVIDEND ADVANTAGE 3 (NZF) - ----------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 236,950 25,000 86,675 -- -- -- 2009 236,950 25,000 85,465 -- -- -- 2008 270,775 25,000 70,108 -- -- -- 2007 312,000 25,000 73,630 -- -- -- 2006 312,000 25,000 75,227 -- -- -- 2005 312,000 25,000 74,468 -- -- -- ===============================================================================================
98 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b) ------------------- ----------------------------------- ----------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDEND ADVANTAGE 2 (NXZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 6.46% 6.06% $436,377 1.58%* 1.38%* 7.25%* 1.45%* 1.25%* 7.38%* 1% 2009 22.63 21.41 425,253 1.91 1.47 7.59 1.73 1.29 7.77 2 2008 (15.21) (13.23) 373,940 1.71 1.22 6.82 1.45 .96 7.08 10 2007 (.78) 2.76 456,992 1.25 1.11 6.83 .93 .79 7.16 5 2006 11.95 7.86 470,189 1.11 1.11 6.70 .72 .72 7.09 5 2005 8.58 7.83 462,862 1.12 1.12 6.66 .68 .68 7.11 2 DIVIDEND ADVANTAGE 3 (NZF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 9.47 5.87 584,560 1.19* 1.10* 7.41* 1.03* .94* 7.57* 1 2009 33.89 25.08 573,088 1.26 1.15 7.98 1.04 .92 8.20 2 2008 (17.85) (14.99) 488,561 1.34 1.15 7.08 1.04 .85 7.37 7 2007 (7.72) 2.31 606,908 1.32 1.13 6.65 .94 .76 7.02 14 2006 16.90 7.57 626,836 1.13 1.13 6.51 .68 .68 6.96 9 2005 6.11 6.09 617,358 1.13 1.13 6.39 .69 .69 6.83 3 ====================================================================================================================================
* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares and/or Variable Rate Demand Preferred Shares, where applicable. (a) 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. (b) After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended April 30, 2010. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Nuveen Investments 99 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 DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains 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 tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or 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 dividends and 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. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price 100 Nuveen Investments per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or 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. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. 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 DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Nuveen Investments 101 Glossary of Terms Used in this Report o 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. o 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. o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. o 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. o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. 102 Nuveen Investments o 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. o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. o 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. o 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. o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. Nuveen Investments 103 Notes 104 Nuveen Investments Other Useful Information BOARD OF DIRECTORS/TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth FUND MANAGER Nuveen Asset Management 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 twelve-month period ended June 30, 2009, 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 has submitted to the New York Stock Exchange ("NYSE") the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. COMMON AND PREFERRED SHARE INFORMATION Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table. AUCTION RATE COMMON SHARES PREFERRED SHARES FUND REPURCHASED REDEEMED NPP -- -- NMA -- 11,728 NMO -- 13,867 NAD -- 5,669 NXZ -- -- NZF -- -- Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. Nuveen Investments 105 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, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. FOCUSED ON MEETING INVESTOR NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on March 31, 2010. 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 o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com ESA-B-0410D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. (a) See Portfolio of Investments in Item 1. (b) Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Municipal Market Opportunity Fund, Inc. ----------------------------------------------------------- By (Signature and Title) /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: July 8, 2010 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: July 8, 2010 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 8, 2010 ------------------------------------------------------------------- EX-99.CERT 2 ex99cert.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Municipal Market Opportunity Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 8, 2010 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Municipal Market Opportunity Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 8, 2010 /s/ Stephen D. Foy ------------------------- -------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) EX-99.906 CERT 3 ex99cert906.txt CERTIFICATION Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Municipal Market Opportunity Fund, Inc. (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended April 30, 2010 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: July 8, 2010 ----------------------- /s/ Gifford R. Zimmerman --------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------------------- Stephen D. Foy Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----