nio.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06379

Nuveen Municipal 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: October 31, 2015

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

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


 
 
 


ITEM 1. REPORTS TO STOCKHOLDERS.


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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
11
   
Common Share Information
12
   
Risk Considerations
14
   
Performance Overview and Holding Summaries
15
   
Shareholder Meeting Report
23
   
Report of Independent Registered Public Accounting Firm
25
   
Portfolios of Investments
26
   
Statement of Assets and Liabilities
87
   
Statement of Operations
88
   
Statement of Changes in Net Assets
89
   
Statement of Cash Flows
91
   
Financial Highlights
92
   
Notes to Financial Statements
98
   
Additional Fund Information
114
   
Glossary of Terms Used in this Report
115
   
Reinvest Automatically, Easily and Conveniently
117
   
Annual Investment Management Agreement Approval Process
118
   
Board Member & Officers
133

Nuveen Investments
  
3

Chairman's Letter to Shareholders
Dear Shareholders,
For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.
As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the economy's underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. How efficiently the financial markets process the confluence of rising borrowing costs, softer commodity prices, stubbornly low U.S. inflation, and a strong U.S. dollar, against a backdrop of anemic global economic growth, remains to be seen.
Nevertheless, the global recovery continues to be led by the United States. Policy makers in Europe and Japan are deploying their available tools to try to bolster their economies' fragile growth, while Chinese authorities have stepped up efforts to manage China's slowdown. With sentiment regarding China growing increasingly bearish and the Fed now working toward normalizing its interest-rate policy, the actions of the world's central banks remain under intense scrutiny.
In the meantime, asset prices could continue to churn as risks both known and unknown begin to emerge. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 21, 2015

4
  
Nuveen Investments

Portfolio Managers' Comments
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Douglas J. White, CFA, and Paul L. Brennan, CFA, discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Douglas assumed portfolio management responsibility for NQI in 2011 and Paul has managed NIO, NVG and NEA since 2006.
APPROVED FUND REORGANIZATIONS
During August 2015, the Board of Directors/Trustees of the Nuveen Closed-End Funds approved a series of reorganizations for certain Funds included in this report (the Target Funds) to create one, larger-national Fund (the Acquiring Fund).
The approved reorganizations are as follows:

Target Funds
Symbol
  
Acquiring Fund
Symbol
Nuveen Quality Municipal Fund, Inc.
NQI
  
Nuveen Dividend Advantage Municipal Income Fund
NVG
Nuveen Municipal Opportunity Fund, Inc.
NIO
  
(to be renamed Nuveen Enhanced AMT-Free Municipal
  
Nuveen Quality Income Municipal Fund, Inc.
NQU
  
Credit Opportunities Fund)
  
See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2015?
During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008, a level that remained in place until December 2015 when the Fed increased its benchmark rate to a range of 0.25% to 0.50% (subsequent to the close of this reporting period). At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Nuveen Investments
  
5

Portfolio Managers' Comments (continued)
original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the labor market as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions. Additionally, the Fed stated that it would likely maintain the current target range for the fed funds rate for a considerable time, especially if projected inflation continued to run below the Fed's 2% longer run goal. However, if economic data shows faster progress, the Fed indicated that it could raise the fed funds rate sooner than expected.
The Fed changed its language slightly in December 2014, indicating it would be "patient" in normalizing monetary policy. This shift helped ease investors' worries that the Fed might raise rates too soon. However, as employment data released early in 2015 continued to look strong, anticipation began building that the Fed could raise its main policy rate as soon as June. As widely expected, after its March meeting, the Fed eliminated "patient" from its statement, but also highlighted the policymakers' less optimistic view of the economy's overall health as well as downgraded their inflation projections. The Fed's April meeting seemed to further signal that a June rate hike was off the table. While the Fed attributed the first quarter's economic weakness to temporary factors, the meeting minutes from April revealed that many Committee members believed the economic data available in June would be insufficient to meet the Fed's criteria for initiating a rate increase. The June meeting bore out that presumption and the Fed decided to keep the target rate near zero. But the Committee also continued to telegraph the likelihood of at least one rate increase in 2015, which many analysts forecasted for September.
During the September 2015 meeting, the Fed decided to keep the federal funds rate near zero despite broad speculation that it would increase rates. The Committee said it will keep the rate near zero until the economy has seen further improvement toward reaching the Fed's goals of maximum employment and inflation approaching 2%. At the Fed's October 2015 meeting, the Committee again held steady, while opening the door for a potential December rate hike (The Fed did raise rates at its December meeting, subsequent to the close of this reporting period.).
The U.S. economy proved to be fairly resilient compared to other economies around the globe, boosted by an improving job market, declining gas prices and low mortgage rates. According to the government's gross domestic product (GDP) "second" estimate, the U.S. economy increased at a 2.1% annualized rate in the third quarter of 2015, compared with increases of 3.9% in the second quarter, 0.6% in the first quarter of 2015 and 2.2% in the fourth quarter 2014. The deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and decelerations in exports, in nonresidential fixed investment, in state and local government spending and in residential fixed investment that were partly offset by a deceleration in imports. The Consumer Price Index (CPI) increased 0.2% essentially unchanged year-over-year as of October 2015. The core CPI (which excludes food and energy) increased 0.2% during the same period, below the Fed's unofficial longer term inflation objective of 2.0%. As of October 2015, the U.S. unemployment rate was 5.0%, a figure that is also considered "full employment" by some Fed officials. The housing market continued to post consistent gains as of its most recent reading for September 2015. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 5.5% for the twelve months ended September 2015 (most recent data available at the time this report was prepared).
The municipal bond market traded sideways, meaning it ended the reporting period nearly where it started, with considerable volatility in between. With the Fed delaying the start of its interest-rate normalization at each successive policy meeting, yet still signaling that a rate hike was likely in 2015, market participants remained highly focused on reassessing the Fed's timing. Complicating the forecasts were global macroeconomic concerns, particularly related to China's slowdown and currency

6
  
Nuveen Investments

devaluations around the world, as well as an easing of inflation concerns, driven by a stronger U.S. dollar and weakening commodity prices.
The municipal market's supply-demand balance generally remained favorable over this reporting period. Issuance was unusually strong at the beginning of 2015, fueling concerns about potential oversupply conditions. Over the twelve months ended October 31, 2015, municipal bond issuance nationwide totaled $416.9 billion, an increase of 30.4% from the issuance for the twelve-month reporting period ended October 31, 2014. The elevation in gross issuance is due mostly to increased refunding deals as issuers have been actively and aggressively refunding their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is elevated, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2015?
Despite the volatility during this period, the low interest rate environment continued to attract investors to spread products, including municipal bonds. Credit spreads relative to Treasuries continued to tighten, helping the broad municipal market achieve a small gain over the twelve-month reporting period. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep the Funds fully invested.
Much of our trading activity during the reporting period was focused on pursuing our investment objectives. Generally speaking, the Funds maintained their overall positioning strategies throughout this reporting period. We would also note we've become more selective at the individual issue level. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.
In NQI, we continued to generally focus on purchasing bonds in areas of the market that we expected to perform well as the economy continued to improve. Specifically, we added bonds issued for tollroads, airports and sales tax revenues. We also added health care, higher education and charter school issues that were attractively priced. In addition, we bought several tobacco settlement bonds that were beneficial to performance because the tobacco sector strongly outperformed the broad municipal market during the reporting period.
These four Funds maintained their overall positioning strategies, emphasizing intermediate and longer maturities, lower rated credits and sectors offering higher yields. The health care sector has been an attractive source of ideas for us and has continued to be an overweight position in the three Funds. The advent of the Affordable Health Care Act has encouraged health care providers to increase the scale of their businesses through affiliations and consolidations. Fundamentals in the transportation sector also remain compelling, in our view. The lower commodity price environment has provided fuel savings to airlines and to consumers, while the generally improved economy has encouraged more vehicle traffic and air travel. Operators have gained more pricing power recently and therefore can charge customers more. Finally, more transportation projects are being funded, providing additional sources of opportunities for us. The transportation sector continued to be among the largest sector weights.

Nuveen Investments
  
7

Portfolio Managers' Comments (continued)
Three of the Funds, NQI, NIO and NVG, increased their exposure to lower credit quality bonds (BBB rated and below) during this reporting period, while remaining within their investment policy target ranges. We continue to believe that lower rated municipal bonds represent attractive long-term investments and that fundamentals remain strong in the current market environment. In particular, the high yield municipal bond market currently features attractive yields and spreads, as well as declining default rates that should continue to benefit in the improving economic environment. Furthermore, high yield municipal bonds have historically responded favorably to a rising interest rate environment.
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, call activity was elevated during the reporting period, providing ample cash and driving much of our trading. NQI also sold some of its high quality, short maturity holdings, including general obligation (GO) bonds and pre-refunded bonds, which we prefer to hold over shorter time horizons because they offer less income.
As of October 31, 2015, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NIO, NVG and NEA also invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark.
How did the Funds perform during the twelve-month reporting period ended October 31, 2015?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year and ten-year periods ended October 31, 2015. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the twelve months ended October 31, 2015, the total returns on common share NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. For the same period, the Funds underperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds' returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period was also beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the Funds' performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
In this reporting period, municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities. As interest rates remained relatively stable over the reporting period, the higher yields at the longer end of the maturity range provided a boost to their total returns. In general, the Funds' durations and yield curve positioning were the main drivers of relative outperformance versus the benchmark for this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NQI and NVG, where greater sensitivity to changes in interest rates benefited their performance. NQI's most advantageous positioning was in bonds with maturities 17 years and up. An overweight allocation in these longer-dated maturities was a key positive contributor to NQI's performance. As noted previously, in NIO, NVG and NEA we added forward interest rate swaps during this reporting period to reduce the Funds' durations, which had exceeded their targets. The swaps successfully moved these three Fund's

8
  
Nuveen Investments

duration within their target range but, nonetheless, performance was dampened given the unfavorable move in rates that underpin the swaps. Overall, duration and yield curve positioning was the major driver of performance and differences in positioning accounted for much of the differences in performance.
During this reporting period, lower rated bonds generally outperformed higher quality bonds. Investors have been more willing to accept risk, as credit fundamentals have broadly continued to improve and demand for higher yielding assets remained robust in the low interest rate environment. For these four Funds, credit exposure had a positive impact on performance, although to a lesser extent than duration and yield curve positioning. These Funds tended to have overweights in A rated and BBB rated bonds, which outperformed the benchmark, and underweights in the AAA rated and AA rated categories, which lagged the benchmark. As with duration, differences in credit allocation accounted for some of the differences in performance. NVG had the highest allocation to BBB rated bonds, while NQI had the lowest. As such, the contribution of credit allocation to NQI's performance was relatively minimal.
Sector allocation, however, had a larger impact on NQI's relative results than it did for NIO, NVG and NEA. For this reporting period, tobacco was the best performing sector in the municipal market by a wide margin. Tobacco settlement bonds, which are repaid from the money U.S. tobacco companies owe to states under the 1998 Master Settlement Agreement, rallied strongly during this reporting period on several positive developments. After a decade of falling smoking rates, tobacco shipments were up year-to-date in 2015. Declining commodity prices have provided smokers with more disposable income to buy cigarettes after filling their gas tanks and paying their heating bills. Higher tobacco revenues are bolstering confidence that the tobacco settlement bonds can make timely payments. The sector also benefited from a constructive development on the litigation front. In October 2015, a dispute between the New York Attorney General and tobacco companies was settled, releasing funds from an escrow account to the state and making the money available for bond payments. The municipal market viewed this favorably, as several other states with disputed money held in escrow also may be likely to reach a settlement. The release of these funds would mean an improvement in the sector's fundamentals and possibly these bonds' credit ratings, many of which are rated below investment grade. We would also point out that, as the tobacco sector has been trading at deeply discounted levels, the rally had considerable upside, further boosting performance during this reporting period. Relative to the benchmark, all four Funds held overweight exposures to tobacco bonds, which was beneficial to performance. NIO and NVG had slightly higher weightings than NQI and NEA in tobacco credits during this period.
Other strong performing sectors in the municipal market during this reporting period included health care (especially life care), industrial development revenue (IDR) and public power. NQI held overweight allocations to health care and transportation (particularly airports) that were favorable to relative performance. The Fund's significantly underweight position in state and local GOs relative to the benchmark was advantageous as well, as GOs underperformed the broad market during this reporting period. However, NQI's overweight exposure to dedicated tax bonds detracted somewhat from performance because the segment trailed the benchmark return.
Furthermore, for NQI, individual credit selection was another positive contributor to performance during this reporting period. Our picks in IDR, life care, tollroads and hospitals were beneficial to performance. Additionally, our selection among non-rated bonds significantly outperformed the benchmark over the reporting period.

Nuveen Investments
  
9

Portfolio Managers' Comments (continued)
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law.
In terms of Puerto Rico holdings, shareholders should note that NEA had 0.36% exposure to Puerto Rico debt at the end of the reporting period, while NQI, NIO and NVG sold the last of their Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

10
  
Nuveen Investments

Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds' use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
As of October 31, 2015, the Funds' percentages of leverage are as shown in the accompanying table.

 
NQI
NIO
NVG
NEA
  
Effective Leverage*
35.47%
36.96%
35.63%
36.19%
  
Regulatory Leverage*
29.39%
30.99%
29.53%
30.00%
  

*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
THE FUNDS' REGULATORY LEVERAGE
As of October 31, 2015, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

   
VMTP Shares
  
VRDP Shares
        
         
Shares Issued at
        
Shares Issued at
        
Fund
    
Series
  
Liquidation Value
  
Series
  
Liquidation Value
    
Total
  
NQI
    
2018
  
$
240,400,000
    
—
    
—
  
$
240,400,000
  
NIO
    
—
    
—
    
1
  
$
667,200,000
  
$
667,200,000
  
NVG
    
—
    
—
    
1
  
$
179,000,000
  
$
179,000,000
  
NEA
    
2016
  
$
151,000,000
    
1
  
$
219,000,000
        
                 
2
  
$
130,900,000
        
         
$
151,000,000
        
$
349,900,000
  
$
500,900,000
  
During the current reporting period, NQI refinanced all of its outstanding VMTP Shares with the issuance of new VMTP Shares.
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund's respective transactions.

Nuveen Investments
  
11

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2015. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investments value changes.
During the current reporting period, each Fund's distributions to common shareholders were as shown in the accompanying table.

   
Per Common Share Amounts
Ex-Dividend Date
    
NQI
    
NIO
    
NVG
    
NEA
  
November 2014
  
$
0.0550
  
$
0.0730
  
$
0.0610
  
$
0.0685
  
December
    
0.0550
    
0.0730
    
0.0610
    
0.0685
  
January
    
0.0550
    
0.0730
    
0.0610
    
0.0685
  
February
    
0.0550
    
0.0730
    
0.0610
    
0.0685
  
March
    
0.0550
    
0.0730
    
0.0610
    
0.0685
  
April
    
0.0550
    
0.0730
    
0.0610
    
0.0685
  
May
    
0.0550
    
0.0730
    
0.0610
    
0.0685
  
June
    
0.0570
    
0.0730
    
0.0630
    
0.0645
  
July
    
0.0570
    
0.0730
    
0.0630
    
0.0645
  
August
    
0.0570
    
0.0730
    
0.0630
    
0.0645
  
September
    
0.0570
    
0.0730
    
0.0630
    
0.0625
  
October 2015
    
0.0570
    
0.0730
    
0.0630
    
0.0625
  
                           
Long-Term Capital Gain*
  
$
—
  
$
—
  
$
0.1020
  
$
—
  
Ordinary Income Distribution*
  
$
—
  
$
0.0017
  
$
0.0082
  
$
0.0006
  
                           
Market Yield**
    
5.16
%
  
6.15
%
  
5.38
%
  
5.66
%
Taxable-Equivalent Yield**
    
7.16
%
  
8.54
%
  
7.47
%
  
7.86
%

*
Distribution paid in December 2014.
   
**
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. 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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2015, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period, were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the

12
  
Nuveen Investments

composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE REPURCHASES
During August 2015, the Funds' Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2015, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 
NQI
NIO
NVG
NEA
  
Common shares cumulatively repurchased and retired
55,000
2,900
202,500
19,300
  
Common shares authorized for repurchase
3,840,000
9,560,000
2,665,000
7,890,000
  
During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
               
     
NQI
    
NVG
  
Common shares repurchased and retired
    
30,000
    
17,500
  
Weighted average price per common share repurchased and retired
  
$
12.83
  
$
13.77
  
Weighted average discount per common share repurchased and retired
    
13.47
%
  
13.27
%
OTHER COMMON SHARE INFORMATION
As of October 31, 2015, and during the current reporting period, the Funds' common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                           
     
NQI
    
NIO
    
NVG
    
NEA
  
Common share NAV
  
$
15.04
  
$
15.54
  
$
16.03
  
$
14.82
  
Common share price
  
$
13.26
  
$
14.24
  
$
14.05
  
$
13.26
  
Premium/(Discount) to NAV
    
(11.84
)%
  
(8.37
)%
  
(12.35
)%
  
(10.53
)%
12-month average premium/(discount) to NAV
    
(12.90
)%
  
(8.90
)%
  
(12.63
)%
  
(10.11
)%

Nuveen Investments
  
13

Risk  Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Quality Municipal Fund, Inc. (NQI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NQI.
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NIO.
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NVG.
Nuveen AMT-Free Municipal Income Fund (NEA)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund's web page at www.nuveen.com/NEA.

14
  
Nuveen Investments

NQI
  
 
Nuveen Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
 
1-Year
5-Year
10-Year
  
NQI at Common Share NAV
4.20%
6.79%
5.50%
  
NQI at Common Share Price
5.93%
4.32%
4.48%
  
S&P Municipal Bond Index
2.87%
4.41%
4.69%
  
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
4.65%
7.47%
6.22%
  
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments
  
15

NQI  Performance Overview and Holding Summaries as of October 31, 2015 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
144.1%
Corporate Bonds
0.0%
Other Assets Less Liabilities
2.7%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value
146.8%
Floating Rate Obligations
(5.2)%
VMTP Shares, at Liquidation Value
(41.6)%
Net Assets
100%
   
Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
14.6%
AA
41.1%
A
26.3%
BBB
11.0%
BB or Lower
4.1%
N/R (not rated)
2.9%
Total
100%
   
Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
20.2%
Health Care
17.6%
Transportation
15.3%
U.S. Guaranteed
8.2%
Education and Civic Organizations
7.8%
Water and Sewer
7.0%
Tax Obligation/General
6.7%
Other
17.2%
Total
100%
   
States and Territories
  
(% of total municipal bonds)
  
Texas
10.6%
Florida
9.0%
Illinois
7.9%
California
7.6%
Pennsylvania
7.5%
Arizona
6.0%
Colorado
5.1%
Wisconsin
4.0%
Ohio
3.9%
New York
3.4%
Washington
3.4%
Michigan
3.1%
Louisiana
3.1%
Massachusetts
2.9%
New Jersey
2.6%
Other
19.9%
Total
100%

16
  
Nuveen Investments
 
NIO
  
 
Nuveen Municipal Opportunity Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
 
1-Year
5-Year
10-Year
  
NIO at Common Share NAV
4.41%
6.83%
5.82%
  
NIO at Common Share Price
3.83%
5.49%
5.94%
  
S&P Municipal Bond Index
2.87%
4.41%
4.69%
  
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
4.65%
7.47%
6.22%
  
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments
  
17

NIO  Performance Overview and Holding Summaries as of October 31, 2015 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
149.5%
Corporate Bonds
0.0%
Other Assets Less Liabilities
2.5%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
152.0%
Floating Rate Obligations
(7.1)%
VRDP Shares, at Liquidation Value
(44.9)%
Net Assets
100%
   
Credit Quality
  
(% of total investment exposure)1
  
AAA/U.S. Guaranteed
15.7%
AA
44.3%
A
19.7%
BBB
12.2%
BB or Lower
6.2%
N/R (not rated)
1.9%
Total
100%
   
Portfolio Composition
  
(% of total investments)1
  
Health Care
18.6%
Tax Obligation/Limited
17.3%
Transportation
14.7%
U.S. Guaranteed
10.3%
Tax Obligation/General
8.8%
Utilities
8.7%
Water and Sewer
7.7%
Other
13.9%
Total
100%
   
States and Territories
  
(% of total municipal bonds)
  
Illinois
12.3%
California
9.5%
Florida
6.7%
Texas
6.5%
Ohio
5.6%
Indiana
5.1%
Pennsylvania
4.9%
South Carolina
4.8%
Colorado
3.6%
Washington
3.5%
New Jersey
3.4%
New York
3.0%
Nebraska
2.9%
Georgia
2.7%
Louisiana
2.4%
Kentucky
2.2%
Michigan
1.9%
Other
19.0%
Total
100%

1
Excluding investments in derivatives.

18
  
Nuveen Investments

NVG
  
 
Nuveen Dividend Advantage Municipal Income Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
 
1-Year
5-Year
10-Year
  
NVG at Common Share NAV
4.04%
6.78%
6.07%
  
NVG at Common Share Price
5.53%
5.06%
5.87%
  
S&P Municipal Bond Index
2.87%
4.41%
4.69%
  
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
4.65%
7.47%
6.22%
  
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments
  
19

NVG  Performance Overview and Holding Summaries as of October 31, 2015 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
144.5%
Investment Companies
0.3%
Other Assets Less Liabilities
2.3%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
147.1%
Floating Rate Obligations
(5.2)%
VRDP Shares, at Liquidation Value
(41.9)%
Net Assets
100%
   
Credit Quality
  
(% of total investment exposure)1
  
AAA/U.S. Guaranteed
22.8%
AA
39.4%
A
13.4%
BBB
15.2%
BB or Lower
5.8%
N/R (not rated)
3.2%
N/A (not applicable)
0.2%
Total
100%
   
Portfolio Composition
  
(% of total investments)1
  
Tax Obligation/Limited
20.2%
Health Care
17.4%
Transportation
12.9%
U.S. Guaranteed
10.8%
Tax Obligation/General
10.5%
Education and Civic Organizations
8.9%
Other
19.3%
Total
100%
   
States and Territories
  
(% of total municipal bonds)
  
Illinois
12.1%
California
10.5%
Texas
10.0%
Washington
6.1%
Indiana
4.9%
Pennsylvania
4.7%
Louisiana
4.0%
Georgia
3.8%
Florida
3.7%
Ohio
3.5%
New York
3.5%
Michigan
2.6%
New Jersey
2.3%
Colorado
2.3%
Arizona
2.2%
Utah
2.2%
Wisconsin
2.0%
Other
19.6%
Total
100%
1            Excluding investments in derivatives.

20
  
Nuveen Investments

NEA
  
 
Nuveen AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
 
1-Year
5-Year
10-Year
  
NEA at Common Share NAV
3.38%
5.50%
5.69%
  
NEA at Common Share Price
2.30%
3.61%
5.70%
  
S&P Municipal Bond Index
2.87%
4.41%
4.69%
  
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
4.65%
7.47%
6.22%
  
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments
  
21

NEA  Performance Overview and Holding Summaries as of October 31, 2015 (continued)
This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
144.1%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
1.2%
Other Assets Less Liabilities
2.7%
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value
148.0%
Floating Rate Obligations
(5.2)%
VMTP Shares, at Liquidation Value
(12.9)%
VRDP Shares, at Liquidation Value
(29.9)%
Net Assets
100%
   
Credit Quality
  
(% of total investment exposure)1
  
AAA/U.S. Guaranteed
15.1%
AA
47.3%
A
20.1%
BBB
10.6%
BB or Lower
4.7%
N/R (not rated)
2.2%
Total
100%
   
Portfolio Composition
  
(% of total investments)1
  
Transportation
19.4%
Health Care
18.3%
Tax Obligation/Limited
17.0%
Education and Civic Organizations
11.2%
Water and Sewer
9.3%
Tax Obligation/General
9.0%
Other
15.8%
Total
100%
   
States and Territories
  
(% of municipal bonds)
  
California
12.0%
Illinois
10.4%
Texas
7.4%
Florida
7.0%
Ohio
5.6%
New York
4.9%
Pennsylvania
4.8%
New Jersey
4.2%
Louisiana
4.0%
Colorado
3.4%
Washington
3.1%
Indiana
3.0%
Massachusetts
2.8%
Arizona
2.6%
Nevada
2.4%
South Carolina
1.9%
Georgia
1.8%
Other
18.7%
Total
100%
1            Excluding investments in derivatives.

22
  
Nuveen Investments

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2015 for NQI, NIO, NEA and NVG; at this meeting the shareholders were asked to elect Board Members. 3

   
NQI
  
NIO
  
     
Common and
          
Common and
        
     
Preferred
          
Preferred
        
     
shares voting
          
shares voting
        
     
together
    
Preferred
    
together
    
Preferred
  
     
as a class
    
Shares
    
as a class
    
Shares
  
Approval of the Board Members was reached as follows:
                          
William Adams IV
                          
For
    
29,134,202
    
—
    
79,805,535
    
—
  
Withhold
    
1,755,521
    
—
    
2,583,138
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
Jack B. Evans
                          
For
    
29,126,120
    
—
    
79,738,905
    
—
  
Withhold
    
1,763,603
    
—
    
2,649,768
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
William C. Hunter
                          
For
    
—
    
2,404
    
—
    
4,606
  
Withhold
    
—
    
—
    
—
    
485
  
Total
    
—
    
2,404
    
—
    
5,091
  
David J. Kundert
                          
For
    
29,111,184
    
—
    
79,672,079
    
—
  
Withhold
    
1,778,539
    
—
    
2,716,594
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
John K. Nelson
                          
For
    
29,079,654
    
—
    
79,760,272
    
—
  
Withhold
    
1,810,069
    
—
    
2,628,401
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
William J. Schneider
                          
For
    
—
    
2,404
    
—
    
4,606
  
Withhold
    
—
    
—
    
—
    
485
  
Total
    
—
    
2,404
    
—
    
5,091
  
Thomas S. Schreier, Jr.
                          
For
    
29,062,746
    
—
    
79,777,445
    
—
  
Withhold
    
1,826,977
    
—
    
2,611,228
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
Judith M. Stockdale
                          
For
    
29,149,490
    
—
    
79,753,115
    
—
  
Withhold
    
1,740,233
    
—
    
2,635,558
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
Carole E. Stone
                          
For
    
29,188,179
    
—
    
79,732,881
    
—
  
Withhold
    
1,701,544
    
—
    
2,655,792
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
Virginia L. Stringer
                          
For
    
29,172,303
    
—
    
79,669,847
    
—
  
Withhold
    
1,717,420
    
—
    
2,718,826
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  
Terence J. Toth
                          
For
    
29,078,517
    
—
    
79,758,140
    
—
  
Withhold
    
1,811,206
    
—
    
2,630,533
    
—
  
Total
    
30,889,723
    
—
    
82,388,673
    
—
  

Nuveen Investments
  
23

Shareholder Meeting Report (continued)

   
NVG
  
NEA
     
Common and
          
Common and
        
     
Preferred
          
Preferred
        
     
shares voting
          
shares voting
        
     
together
    
Preferred
    
together
    
together
  
     
as a class
    
Shares
    
as a class
    
as a class
  
Approval of the Board Members was reached as follows:
                          
William Adams IV
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  
Jack B. Evans
                          
For
    
21,042,232
    
—
    
66,188,750
    
—
  
Withhold
    
1,433,875
    
—
    
2,278,671
    
—
  
Total
    
22,476,107
    
—
    
68,467,421
    
—
  
William C. Hunter
                          
For
    
—
    
1,790
    
—
    
2,986
  
Withhold
    
—
    
—
    
—
    
1,536
  
Total
    
—
    
1,790
    
—
    
4,522
  
David J. Kundert
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  
John K. Nelson
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  
William J. Schneider
                          
For
    
—
    
1,790
    
—
    
2,986
  
Withhold
    
—
    
—
    
—
    
1,536
  
Total
    
—
    
1,790
    
—
    
4,522
  
Thomas S. Schreier, Jr.
                          
For
    
21,084,598
    
—
    
66,173,049
    
—
  
Withhold
    
1,391,509
    
—
    
2,294,372
    
—
  
Total
    
22,476,107
    
—
    
68,467,421
    
—
  
Judith M. Stockdale
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  
Carole E. Stone
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  
Virginia L. Stringer
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  
Terence J. Toth
                          
For
    
—
    
—
    
—
    
—
  
Withhold
    
—
    
—
    
—
    
—
  
Total
    
—
    
—
    
—
    
—
  

24
  
Nuveen Investments

Report of Independent Registered Public Accounting Firm
To the Board of Directors/Trustees and Shareholders of
Nuveen Quality Municipal Fund, Inc.
Nuveen Municipal Opportunity Fund, Inc.
Nuveen Dividend Advantage Municipal Income Fund
Nuveen AMT-Free Municipal Income Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Quality Municipal Fund, Inc., Nuveen Municipal Opportunity Fund, Inc., Nuveen Dividend Advantage Municipal Income Fund and Nuveen AMT-Free Municipal Income Fund (the "Funds") as of October 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows for the year then ended and the financial highlights for each of the years in the two-year period then ended.  The financial highlights for the periods presented through October 31, 2013, were audited by other auditors whose report dated December 27, 2013, expressed an unqualified opinion on those financial highlights. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, their cash flows for the year then ended and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 28, 2015

Nuveen Investments
  
25

NQI
 
  
 
Nuveen Quality Municipal Fund, Inc.
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 144.1% (100.0% of Total Investments)
            
     
MUNICIPAL BONDS – 144.1% (100.0% of Total Investments)
            
     
Alabama – 0.4% (0.3% of Total Investments)
            
     
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:
            
$
1,250
  
4.000%, 6/01/29 – AGM Insured
6/21 at 100.00
  
AA
$
1,297,513
  
 
1,000
  
4.250%, 6/01/31 – AGM Insured
6/21 at 100.00
  
AA
  
1,048,600
  
 
2,250
  
Total Alabama
        
2,346,113
  
     
Arizona – 8.6% (6.0% of Total Investments)
            
     
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A:
            
 
1,220
  
5.000%, 2/01/20
No Opt. Call
  
BBB+
  
1,384,456
  
 
1,850
  
5.000%, 2/01/21
No Opt. Call
  
BBB+
  
2,122,524
  
 
1,485
  
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 4.000%, 12/01/39
12/24 at 100.00
  
A2
  
1,490,019
  
 
10,000
  
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/31
7/22 at 100.00
  
A1
  
10,804,600
  
     
Arizona State, Certificates of Participation, Series 2010A:
            
 
1,200
  
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
  
AA
  
1,344,768
  
 
1,500
  
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
  
AA
  
1,663,125
  
 
7,070
  
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%,
7/01/29 – AGC Insured
1/20 at 100.00
  
AA
  
7,935,297
  
 
2,750
  
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.285%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
  
AA
  
2,912,580
  
 
8,755
  
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured
No Opt. Call
  
AA
  
11,048,460
  
 
7,930
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
No Opt. Call
  
A–
  
9,031,636
  
 
43,760
  
Total Arizona
        
49,737,465
  
     
California – 11.0% (7.6% of Total Investments)
            
 
1,020
  
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/23
11/22 at 100.00
  
BBB+
  
1,149,744
  
 
5,000
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52
8/23 at 100.00
  
AA–
  
5,471,650
  
 
80
  
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
1/16 at 100.00
  
AA–
  
80,295
  
  5   California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
1/16 at 100.00
  
AA–
   5,019  
 
4,000
  
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39
7/24 at 100.00
  
A
  
4,054,000
  
 
7,000
  
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
  
AA–
  
8,266,020
  
 
1,000
  
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
  
BBB+
  
1,036,470
  
 
5,000
  
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
  
AA+ (4)
  
4,069,900
  
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A:
            
 
3,960
  
0.000%, 1/15/34 – AGM Insured
No Opt. Call
  
AA
  
1,884,208
  
 
5,000
  
0.000%, 1/15/35 – AGM Insured
No Opt. Call
  
AA
  
2,265,100
  
 
5,000
  
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 (Pre-refunded 12/01/15) – AMBAC Insured
12/15 at 100.00
  
A (4)
  
5,006,150
  

26
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
            
$
5,000
  
4.500%, 6/01/27
6/17 at 100.00
  
B+
$
4,906,900
  
 
1,000
  
5.125%, 6/01/47
6/17 at 100.00
  
B
  
849,330
  
 
5,795
  
Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
  
AA
  
4,396,551
  
 
1,195
  
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured
9/21 at 100.00
  
AA
  
1,292,990
  
 
3,105
  
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
1/16 at 100.00
  
AA– (4)
  
3,452,760
  
     
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A:
            
 
915
  
4.250%, 8/15/38
8/25 at 100.00
  
N/R
  
923,180
  
 
155
  
5.250%, 8/15/45
8/25 at 100.00
  
N/R
  
169,640
  
 
2,000
  
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
1/16 at 100.00
  
AA–
  
2,007,600
  
 
8,965
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
  
AA–
  
9,153,086
  
 
3,500
  
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured
No Opt. Call
  
Aa2
  
2,885,155
  
 
68,695
  
Total California
        
63,325,748
  
     
Colorado – 7.4% (5.1% of Total Investments)
            
 
1,165
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Refunding and Improvement Bonds, James Irwin Educational Foundation Project, Series 2007, 5.000%, 12/01/38
12/24 at 100.00
  
A
  
1,265,936
  
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012B:
            
 
1,640
  
5.000%, 12/01/22
No Opt. Call
  
BBB+
  
1,861,843
  
 
2,895
  
5.000%, 12/01/23
12/22 at 100.00
  
BBB+
  
3,240,981
  
 
4,200
  
5.000%, 12/01/24
12/22 at 100.00
  
BBB+
  
4,645,410
  
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:
            
 
1,410
  
5.000%, 6/01/32
No Opt. Call
  
A–
  
1,525,394
  
 
2,000
  
5.000%, 6/01/33
No Opt. Call
  
A–
  
2,160,360
  
 
690
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33
6/23 at 100.00
  
BBB+
  
764,023
  
 
2,540
  
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/25 – AGM Insured
12/22 at 100.00
  
AA
  
2,975,889
  
 
1,000
  
Denver, Colorado, Airport System Revenue Bonds, Series 2006, 5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
  
AA–
  
1,046,500
  
 
5,365
  
Denver, Colorado, Airport System Revenue Bonds, Series 2006A, 5.000%, 11/15/23 – NPFG Insured (UB)
11/16 at 100.00
  
AA–
  
5,623,378
  
 
1,085
  
Denver, Colorado, Airport System Revenue Bonds, Trust 2365, 16.116%, 6/17/16 – NPFG Insured (IF)
No Opt. Call
  
AA–
  
1,284,347
  
 
9,880
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
  
AA–
  
5,203,401
  
 
10,000
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
  
AA–
  
6,781,600
  
     
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012:
            
 
400
  
5.000%, 12/01/32
No Opt. Call
  
A+
  
447,468
  
 
1,000
  
3.000%, 12/01/32
No Opt. Call
  
A+
  
927,780
  
 
590
  
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38
12/24 at 100.00
  
N/R
  
626,916
  

Nuveen Investments
  
27
 
NQI
Nuveen Quality Municipal Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Colorado (continued)
            
$
880
  
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
  
AA
$
1,034,889
  
 
1,100
  
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%,
12/01/39 – AGM Insured
12/20 at 100.00
  
AA
  
1,216,149
  
 
47,840
  
Total Colorado
        
42,632,264
  
     
Connecticut – 1.7% (1.2% of Total Investments)
            
 
10,000
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2015L, 4.125%, 7/01/41
7/25 at 100.00
  
A–
  
9,926,200
  
     
District of Columbia – 1.0% (0.7% of Total Investments)
            
 
1,335
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.876%, 10/01/30 – BHAC Insured (IF) (5)
10/16 at 100.00
  
AA+
  
1,456,445
  
 
3,920
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1736, 11.867%, 4/01/16 – BHAC Insured (IF) (5)
No Opt. Call
  
AA+
  
4,368,252
  
 
5,255
  
Total District of Columbia
        
5,824,697
  
     
Florida – 12.9% (9.0% of Total Investments)
            
 
10,000
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
  
AA
  
11,250,500
  
 
2,000
  
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
No Opt. Call
  
AA
  
2,055,300
  
 
7,000
  
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22
No Opt. Call
  
AA–
  
8,261,050
  
 
1,025
  
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
No Opt. Call
  
A
  
1,146,739
  
 
4,000
  
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
  
AA
  
4,358,360
  
 
555
  
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44
6/24 at 100.00
  
N/R
  
561,588
  
 
2,550
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.559%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
  
AAA
  
3,578,619
  
 
450
  
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.000%, 6/01/38
6/16 at 100.00
  
A–
  
457,155
  
 
1,110
  
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.000%, 6/01/38 (Pre-refunded 6/01/16)
6/16 at 100.00
  
N/R (4)
  
1,140,048
  
 
6,000
  
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.000%, 10/01/21 (Alternative Minimum Tax)
No Opt. Call
  
A+
  
6,997,320
  
 
600
  
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
  
A1
  
683,304
  
 
1,000
  
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
11/21 at 100.00
  
A2
  
1,135,400
  
 
4,125
  
Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial Medical Center, Series 2015, 5.000%, 11/15/45
11/24 at 100.00
  
BBB+
  
4,382,235
  
 
10,085
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
10/18 at 100.00
  
AA
  
10,987,406
  
 
4,880
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax)
10/25 at 100.00
  
A
  
5,317,931
  
 
4,100
  
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
  
Aa2
  
4,610,286
  
 
2,000
  
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
  
AA
  
2,231,760
  
 
5,000
  
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40
6/25 at 100.00
  
A–
  
5,461,300
  
 
66,480
  
Total Florida
        
74,616,301
  

28
  
Nuveen Investments
 
 
Principal
      
Optional Call
        
 
Amount (000)
  
Description (1)
  
Provisions (2)
Ratings (3)
  
Value
  
     
Georgia – 1.8% (1.2% of Total Investments)
            
$
7,000
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
  
11/19 at 100.00
AA
$
7,902,930
  
 
2,000
  
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
  
12/21 at 100.00
AA
  
2,397,600
  
 
9,000
  
Total Georgia
        
10,300,530
  
     
Idaho – 0.2% (0.1% of Total Investments)
            
 
1,000
  
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2014A, 4.125%, 3/01/37
  
3/24 at 100.00
A–
  
1,007,330
  
     
Illinois – 11.3% (7.9% of Total Investments)
            
     
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
            
 
675
  
5.000%, 1/01/25
  
7/23 at 100.00
A1
  
795,177
  
 
1,170
  
5.000%, 1/01/26
  
7/23 at 100.00
A1
  
1,364,068
  
 
2,235
  
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
  
6/21 at 100.00
AA
  
2,462,009
  
 
1,775
  
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 (Pre-refunded 1/01/16) – NPFG Insured
  
1/16 at 100.00
AA– (4)
  
1,789,786
  
 
2,400
  
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33
  
No Opt. Call
BBB+
  
2,402,352
  
 
2,000
  
Chicago, Illinois, General Obligation Bonds, Series 2015A, 5.500%, 1/01/39
  
1/25 at 100.00
BBB+
  
2,053,440
  
 
685
  
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39
  
1/25 at 100.00
AA
  
722,045
  
 
1,485
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34
  
9/24 at 100.00
BBB
  
1,611,225
  
 
2,000
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 4.000%, 11/15/39
  
5/25 at 100.00
A+
  
2,014,980
  
 
560
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/35
  
8/25 at 100.00
Baa1
  
611,850
  
 
2,240
  
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
  
8/21 at 100.00
AA
  
2,636,390
  
 
1,150
  
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
  
2/21 at 100.00
AA–
  
1,280,123
  
 
3,665
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured
  
6/24 at 100.00
AA
  
4,007,421
  
 
825
  
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
  
8/22 at 100.00
A–
  
881,785
  
 
455
  
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
  
7/23 at 100.00
A–
  
480,280
  
 
7,400
  
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
  
1/21 at 100.00
A2
  
8,095,008
  
 
15,000
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52
  
6/22 at 100.00
BBB+
  
15,337,349
  
 
540
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52
  
12/25 at 100.00
BBB+
  
555,476
  
 
205
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.000%, 6/15/53
  
12/25 at 100.00
BBB+
  
210,861
  
 
5,000
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
  
No Opt. Call
AA
  
1,166,050
  
 
18,000
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
  
No Opt. Call
AA–
  
13,066,379
  
 
1,846
  
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured
  
3/24 at 100.00
AA
  
1,998,793
  
 
71,311
  
Total Illinois
        
65,542,847
  

Nuveen Investments
  
29


NQI
Nuveen Quality Municipal Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Indiana – 3.6% (2.5% of Total Investments)
            
$
4,100
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
  
BBB
$
4,338,292
  
 
11,130
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
  
AA–
  
12,177,109
  
 
3,680
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
  
AA–
  
3,824,734
  
 
500
  
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 5.875%, 1/01/24 (Alternative Minimum Tax)
No Opt. Call
  
N/R
  
572,815
  
 
19,410
  
Total Indiana
        
20,912,950
  
     
Kansas – 1.6% (1.1% of Total Investments)
            
 
5,500
  
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
  
AA–
  
6,066,280
  
     
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
            
 
1,260
  
5.000%, 9/01/27
9/25 at 100.00
  
N/R
  
1,257,014
  
 
1,245
  
5.750%, 9/01/32
9/25 at 100.00
  
N/R
  
1,239,572
  
 
590
  
6.000%, 9/01/35
9/25 at 100.00
  
N/R
  
586,088
  
 
8,595
  
Total Kansas
        
9,148,954
  
     
Kentucky – 0.8% (0.6% of Total Investments)
            
 
4,345
  
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 7/01/37
7/25 at 100.00
  
BBB+
  
4,717,453
  
     
Louisiana – 4.4% (3.1% of Total Investments)
            
 
1,000
  
Lafayette Public Power Authority, Louisiana, Electric Revenue Bonds, Series 2012, 5.000%, 11/01/29
No Opt. Call
  
AA–
  
1,150,680
  
 
1,455
  
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39
7/25 at 100.00
  
A+
  
1,613,129
  
 
1,095
  
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015, 5.000%, 5/15/47
5/25 at 100.00
  
Baa1
  
1,171,989
  
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
            
 
11,325
  
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
11,579,473
  
 
8,940
  
4.500%, 5/01/41 (Pre-refunded 5/01/16) – NPFG Insured (UB)
5/16 at 100.00
  
Aa1 (4)
  
9,129,617
  
 
10
  
Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.255%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
  
Aa1 (4)
  
10,848
  
 
5
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.222%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
  
Aa1 (4)
  
5,423
  
 
1,000
  
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34
6/24 at 100.00
  
A
  
1,038,920
  
 
24,830
  
Total Louisiana
        
25,700,079
  
     
Maine – 0.5% (0.3% of Total Investments)
            
 
1,790
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 4.000%, 7/01/44
No Opt. Call
  
A+
  
1,790,573
  
 
1,000
  
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 – AGM Insured (Alternative Minimum Tax)
11/21 at 100.00
  
AA+
  
1,065,980
  
 
2,790
  
Total Maine
        
2,856,553
  
     
Maryland – 0.5% (0.3% of Total Investments)
            
 
2,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45
7/24 at 100.00
  
A
  
2,734,175
  
     
Massachusetts – 4.1% (2.9% of Total Investments)
            
 
4,000
  
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
  
AA+
  
4,525,600
  
 
2,930
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
  
BB+
  
2,910,398
  

30
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Massachusetts (continued)
            
$
6,000
  
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
  
A
$
7,326,480
  
 
3,335
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.697%, 1/01/16 (IF)
No Opt. Call
  
AAA
  
4,084,675
  
 
3,465
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
  
AA+
  
3,517,460
  
 
1,245
  
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
  
AA
  
1,424,641
  
 
20,975
  
Total Massachusetts
        
23,789,254
  
     
Michigan – 4.5% (3.1% of Total Investments)
            
 
1,825
  
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, School Building and Site, Series 2007, 5.000%,
5/01/28 – AGM Insured
5/17 at 100.00
  
Aa1
  
1,927,602
  
     
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015:
            
 
4,495
  
4.000%, 11/15/35
5/25 at 100.00
  
A+
  
4,521,565
  
 
2,550
  
4.000%, 11/15/36
5/25 at 100.00
  
A+
  
2,567,085
  
 
2,750
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36
10/21 at 100.00
  
Aa2
  
3,072,878
  
 
10,585
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
  
A–
  
12,021,702
  
     
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:
            
 
710
  
5.000%, 12/01/40
12/25 at 100.00
  
A
  
775,831
  
 
820
  
5.000%, 12/01/45
12/25 at 100.00
  
A
  
891,028
  
 
23,735
  
Total Michigan
        
25,777,691
  
     
Minnesota – 1.4% (1.0% of Total Investments)
            
 
2,000
  
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy Project, Refunding Series 2015A, 5.000%, 3/01/34
3/25 at 100.00
  
BBB–
  
2,010,240
  
 
2,500
  
Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A, 4.000%, 7/01/35
7/25 at 100.00
  
A
  
2,555,300
  
 
1,000
  
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children's Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
8/20 at 100.00
  
AA
  
1,077,770
  
 
235
  
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25
4/23 at 100.00
  
N/R
  
237,529
  
 
2,000
  
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)
10/22 at 100.00
  
BBB–
  
1,901,420
  
 
535
  
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015, 5.250%, 11/15/35
11/20 at 100.00
  
BBB–
  
575,232
  
 
8,270
  
Total Minnesota
        
8,357,491
  
     
Mississippi – 1.1% (0.7% of Total Investments)
            
 
5,445
  
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
No Opt. Call
  
AA
  
6,149,474
  
     
Missouri – 1.8% (1.2% of Total Investments)
            
 
2,820
  
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31
5/23 at 100.00
  
A–
  
2,755,648
  
     
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B:
            
 
320
  
5.000%, 5/01/40
11/23 at 100.00
  
BBB+
  
335,030
  
 
455
  
5.000%, 5/01/45
11/23 at 100.00
  
BBB+
  
473,869
  

Nuveen Investments
  
31

NQI
Nuveen Quality Municipal Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Missouri (continued)
            
$
6,665
  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45
No Opt. Call
  
AA
$
6,736,182
  
 
10,260
  
Total Missouri
        
10,300,729
  
     
Nebraska – 3.1% (2.1% of Total Investments)
            
 
4,405
  
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
  
A
  
4,854,090
  
 
580
  
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
11/25 at 100.00
  
A–
  
628,175
  
 
12,155
  
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – NPFG Insured (UB) (5)
9/16 at 100.00
  
AA
  
12,289,921
  
 
17,140
  
Total Nebraska
        
17,772,186
  
     
Nevada – 2.0% (1.4% of Total Investments)
            
     
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
            
 
2,500
  
5.000%, 7/01/25 (Alternative Minimum Tax)
1/23 at 100.00
  
A+
  
2,851,475
  
 
2,500
  
5.000%, 7/01/26 (Alternative Minimum Tax)
1/23 at 100.00
  
A+
  
2,825,500
  
 
5,000
  
5.000%, 7/01/27 (Alternative Minimum Tax)
1/23 at 100.00
  
A+
  
5,613,200
  
 
10,000
  
Total Nevada
        
11,290,175
  
     
New Jersey – 3.7% (2.6% of Total Investments)
            
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
            
 
1,700
  
5.000%, 7/01/22 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,724,378
  
 
1,700
  
5.000%, 7/01/23 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,724,378
  
 
5,000
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/23
No Opt. Call
  
A–
  
5,415,950
  
 
2,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
  
A–
  
1,161,880
  
 
6,000
  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
  
AA
  
7,442,880
  
 
4,600
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29
6/17 at 100.00
  
B
  
4,058,074
  
 
21,000
  
Total New Jersey
        
21,527,540
  
     
New York – 4.9% (3.4% of Total Investments)
            
 
705
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
7/25 at 100.00
  
BBB+
  
709,188
  
     
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Series 2015A:
            
 
400
  
4.000%, 7/01/40
7/25 at 100.00
  
A–
  
405,596
  
 
4,070
  
5.000%, 7/01/45
7/25 at 100.00
  
A–
  
4,477,488
  
 
4,080
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
  
AA–
  
4,229,410
  
 
2,890
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
  
AA–
  
2,957,655
  
 
3,300
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
  
AA–
  
3,386,229
  
 
2,000
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
  
AA
  
2,206,860
  
 
1,290
  
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
  
AA
  
1,505,456
  
 
1,000
  
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31
7/24 at 100.00
  
BBB+
  
1,117,630
  

32
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New York (continued)
            
$
7,000
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
  
N/R
$
7,096,460
  
 
325
  
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/15 at 100.00
  
AA
  
325,930
  
 
27,060
  
Total New York
        
28,417,902
  
     
North Dakota – 0.5% (0.3% of Total Investments)
            
     
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
            
 
600
  
3.000%, 3/01/18
No Opt. Call
  
A
  
620,958
  
 
970
  
4.000%, 3/01/19
No Opt. Call
  
A
  
1,043,478
  
 
1,085
  
5.000%, 3/01/21
No Opt. Call
  
A
  
1,240,622
  
 
2,655
  
Total North Dakota
        
2,905,058
  
     
Ohio – 5.6% (3.9% of Total Investments)
            
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
13,000
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
11,676,340
  
 
8,480
  
5.875%, 6/01/30
6/17 at 100.00
  
B–
  
7,582,646
  
 
9,045
  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
  
A+
  
9,128,938
  
 
780
  
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
  
BB–
  
784,891
  
 
3,065
  
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 (Pre-refunded 12/01/15) – AGM Insured
12/15 at 100.00
  
AA (4)
  
3,077,505
  
 
34,370
  
Total Ohio
        
32,250,320
  
     
Oklahoma – 0.2% (0.2% of Total Investments)
            
 
1,320
  
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Refunding Series 2015, 5.000%, 6/01/35 (Mandatory put 6/01/25) (Alternative Minimum Tax)
No Opt. Call
  
BB–
  
1,457,056
  
     
Oregon – 0.7% (0.5% of Total Investments)
            
     
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A:
            
 
1,000
  
5.400%, 10/01/44
10/24 at 100.00
  
N/R
  
1,093,920
  
 
800
  
5.500%, 10/01/49
10/24 at 100.00
  
N/R
  
867,816
  
 
2,110
  
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A, 4.000%, 4/01/40
4/25 at 100.00
  
A–
  
2,121,478
  
 
3,910
  
Total Oregon
        
4,083,214
  
     
Pennsylvania – 10.8% (7.5% of Total Investments)
            
 
3,000
  
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 (Pre-refunded 12/01/15) – NPFG Insured
12/15 at 100.00
  
AA– (4)
  
3,012,000
  
 
1,165
  
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
  
AA
  
1,318,465
  
 
6,015
  
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
  
AA
  
6,559,538
  
 
1,000
  
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/29
1/25 at 100.00
  
BBB+
  
1,094,150
  
 
1,600
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
8/16 at 100.00
  
A+ (4)
  
1,656,768
  
 
2,450
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
  
AA
  
2,729,031
  
 
3,735
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38(Pre-refunded 8/01/20)
8/20 at 100.00
  
AA (4)
  
4,414,023
  

Nuveen Investments
  
33
 
NQI
Nuveen Quality Municipal Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Pennsylvania (continued)
            
$
1,585
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
1/25 at 100.00
  
Baa2
$
1,692,796
  
 
825
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
11/24 at 100.00
  
N/R
  
850,385
  
 
700
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
9/25 at 100.00
  
Ba3
  
734,125
  
 
2,165
  
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative Minimum Tax)
6/26 at 100.00
  
BBB
  
2,312,566
  
 
5,400
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
  
AA
  
5,551,740
  
 
3,705
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45
6/25 at 100.00
  
A1
  
4,087,467
  
 
1,925
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
  
BBB–
  
2,065,641
  
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
            
 
5,000
  
5.000%, 6/15/35 – AGM Insured
6/20 at 100.00
  
AA
  
5,578,300
  
 
7,850
  
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
  
AA
  
8,661,141
  
 
2,000
  
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
  
AA–
  
2,006,780
  
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
            
 
1,125
  
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
  
AA
  
1,270,159
  
 
1,000
  
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
  
AA
  
1,146,860
  
 
5,790
  
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
  
Baa3
  
5,679,643
  
 
58,035
  
Total Pennsylvania
        
62,421,578
  
     
South Carolina – 1.6% (1.1% of Total Investments)
            
 
8,950
  
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
  
A1
  
9,196,215
  
     
South Dakota – 0.9% (0.6% of Total Investments)
            
     
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:
            
 
250
  
5.000%, 7/01/27
7/21 at 100.00
  
AA–
  
281,433
  
 
4,350
  
5.000%, 7/01/42
7/21 at 100.00
  
AA–
  
4,696,652
  
 
4,600
  
Total South Dakota
        
4,978,085
  
     
Texas – 15.3% (10.6% of Total Investments)
            
 
2,280
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
  
AA
  
2,523,869
  
 
1,700
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
  
BBB+
  
1,954,762
  
 
1,500
  
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22
No Opt. Call
  
BBB
  
1,586,550
  
 
4,000
  
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A, 5.000%, 12/01/45
6/25 at 100.00
  
BBB–
  
4,124,720
  
 
5,000
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
  
A+
  
5,356,350
  
 
400
  
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
9/24 at 100.00
  
BB+
  
421,648
  
 
5,000
  
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015, 4.000%, 8/15/44
8/25 at 100.00
  
AAA
  
4,991,250
  

34
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas (continued)
            
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
            
$
3,500
  
5.125%, 9/01/32 – AGM Insured
9/16 at 100.00
  
AA
$
3,562,580
  
 
2,055
  
5.125%, 9/01/33 – AGM Insured
9/16 at 100.00
  
AA
  
2,091,908
  
 
17,000
  
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
No Opt. Call
  
AA (4)
  
23,815,467
  
 
745
  
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43
1/25 at 100.00
  
N/R
  
755,110
  
 
4,530
  
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured
4/24 at 100.00
  
AA
  
4,596,455
  
     
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A:
            
 
1,000
  
5.000%, 4/01/34
4/24 at 100.00
  
BBB–
  
1,042,850
  
 
2,200
  
5.000%, 4/01/39
4/24 at 100.00
  
BBB–
  
2,270,818
  
 
1,600
  
5.000%, 4/01/46
4/24 at 100.00
  
BBB–
  
1,642,480
  
 
5,540
  
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
  
Baa3
  
5,694,898
  
     
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:
            
 
2,205
  
5.000%, 1/01/34
1/25 at 100.00
  
A2
  
2,471,607
  
 
2,000
  
5.000%, 1/01/38
1/25 at 100.00
  
A2
  
2,215,280
  
 
610
  
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39
2/24 at 100.00
  
Baa2
  
637,926
  
 
2,410
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
11/21 at 100.00
  
AA–
  
2,719,926
  
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
            
 
2,500
  
5.000%, 12/15/29
No Opt. Call
  
A3
  
2,747,800
  
 
2,605
  
5.000%, 12/15/30
No Opt. Call
  
A3
  
2,854,585
  
 
800
  
5.000%, 12/15/32
No Opt. Call
  
A3
  
877,176
  
     
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:
            
 
6,665
  
0.000%, 8/15/36
8/24 at 59.60
  
A–
  
2,734,716
  
 
10,000
  
0.000%, 8/15/37
8/24 at 56.94
  
A–
  
3,854,500
  
 
1,000
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
  
BBB+
  
1,078,830
  
 
88,845
  
Total Texas
        
88,624,061
  
     
Utah – 0.8% (0.6% of Total Investments)
            
 
3,615
  
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 13.012%, 6/15/27 (Pre-refunded 6/15/18) – AGM Insured (IF)
6/18 at 100.00
  
AAA
  
4,732,577
  
     
Vermont – 0.4% (0.2% of Total Investments)
            
 
2,000
  
Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.375%, 5/01/36 (Pre-refunded 5/01/16)
5/16 at 100.00
  
N/R (4)
  
2,048,780
  
     
Virginia – 0.3% (0.2% of Total Investments)
            
     
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015:
            
 
275
  
5.300%, 3/01/35 (WI/DD, Settling 11/04/15)
3/25 at 100.00
  
N/R
  
275,580
  
 
245
  
5.600%, 3/01/45 (WI/DD, Settling 11/04/15)
3/25 at 100.00
  
N/R
  
245,507
  

Nuveen Investments
  
35

NQI
Nuveen Quality Municipal Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Virginia (continued)
            
$
1,000
  
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.250%, 7/01/35
7/25 at 100.00
  
BB+
$
1,046,310
  
 
1,520
  
Total Virginia
        
1,567,397
  
     
Washington – 4.8% (3.4% of Total Investments)
            
 
8,000
  
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
  
AA+ (4)
  
8,592,800
  
 
1,665
  
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.361%, 7/01/32 (Pre-refunded 7/01/17) – AGM Insured (IF) (5)
7/17 at 100.00
  
AA+ (4)
  
2,035,130
  
 
1,970
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
  
A
  
2,187,429
  
 
21,510
  
Washington State, General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB) (5)
No Opt. Call
  
AA+
  
15,133,361
  
 
33,145
  
Total Washington
        
27,948,720
  
     
West Virginia – 1.7% (1.2% of Total Investments)
            
 
8,655
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
  
A
  
9,783,872
  
     
Wisconsin – 5.8% (4.0% of Total Investments)
            
 
970
  
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
11/24 at 100.00
  
N/R
  
999,740
  
 
3,490
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 4.500%, 2/15/40
2/22 at 100.00
  
A–
  
3,632,322
  
 
11,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
6/22 at 100.00
  
A2
  
12,074,589
  
 
1,250
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21)
5/21 at 100.00
  
N/R (4)
  
1,541,413
  
 
5,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 3.375%, 8/15/29
8/24 at 100.00
  
A+
  
4,905,050
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34
7/24 at 100.00
  
BBB+
  
1,089,810
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33
8/23 at 100.00
  
A–
  
1,075,680
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
8/16 at 100.00
  
A–
  
1,019,940
  
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:
            
 
2,565
  
5.000%, 12/01/44
12/22 at 102.00
  
N/R
  
2,574,183
  
 
1,775
  
5.250%, 12/01/49
12/22 at 102.00
  
N/R
  
1,793,478
  
     
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014:
            
 
1,000
  
5.375%, 10/01/44
10/22 at 102.00
  
N/R
  
1,021,080
  
 
1,500
  
5.500%, 10/01/49
10/22 at 102.00
  
N/R
  
1,532,865
  
 
31,550
  
Total Wisconsin
        
33,260,150
  
     
Wyoming – 0.4% (0.3% of Total Investments)
            
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John's Medical Center Project, Series 2011B:
            
 
1,000
  
5.500%, 12/01/27
12/21 at 100.00
  
BBB+
  
1,127,420
  
 
1,000
  
6.000%, 12/01/36
12/21 at 100.00
  
BBB+
  
1,134,470
  
 
185
  
Wyoming Community Development Authority, Housing Revenue Bonds, 2012 Series 1, 4.375%, 12/01/32 (Alternative Minimum Tax)
12/21 at 100.00
  
AA+
  
189,866
  
 
2,185
  
Total Wyoming
        
2,451,756
  
$
817,301
  
Total Municipal Bonds (cost $770,908,452)
        
832,420,940
  

36
  
Nuveen Investments

 
Principal
                    
 
Amount (000)
  
Description (1)
Coupon
  
Maturity
  
Ratings (3)
  
Value
  
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
                
     
Transportation – 0.0% (0.0% of Total Investments)
                
$
626
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
  
7/15/19
  
N/R
$
31,287
  
 
166
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
  
7/15/55
  
N/R
  
6,657
  
$
792
  
Total Corporate Bonds (cost $71,028)
            
37,944
  
     
Total Long-Term Investments (cost $770,979,480)
            
832,458,884
  
     
Floating Rate Obligations – (5.2)%
            
(30,085,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.6)% (8)
            
(240,400,000
)
     
Other Assets Less Liabilities – 2.7%
            
15,508,900
  
     
Net Assets Applicable to Common Shares – 100%
          
$
577,482,784
  

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund's custodian is not accruing income on the Fund's records for either senior interest corporate bond.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
(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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

Nuveen Investments
  
37
 
NIO
    
 
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 149.5% (100.0% of Total Investments)
            
     
MUNICIPALS BONDS – 149.5% (100.0% of Total Investments)
            
     
Alabama – 1.1% (0.7% of Total Investments)
            
$
3,645
  
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45
9/25 at 100.00
  
N/R
$
3,674,269
  
 
6,850
  
Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
1/17 at 100.00
  
AA+
  
7,092,901
  
 
6,315
  
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45
4/25 at 100.00
  
N/R
  
5,842,449
  
 
16,810
  
Total Alabama
        
16,609,619
  
     
Arizona – 1.7% (1.2% of Total Investments)
            
 
4,230
  
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
3/22 at 100.00
  
A3
  
4,511,676
  
 
5,465
  
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/42
12/24 at 100.00
  
A2
  
5,997,783
  
 
3,000
  
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured
4/20 at 100.00
  
AA
  
3,366,330
  
 
5,200
  
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.285%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
  
AA
  
5,507,424
  
 
3,825
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
  
A–
  
4,274,285
  
 
2,000
  
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
8/23 at 100.00
  
Baa1
  
2,206,460
  
 
23,720
  
Total Arizona
        
25,863,958
  
     
California – 14.3% (9.5% of Total Investments)
            
 
710
  
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
  
AA–
  
809,748
  
 
6,665
  
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5)
8/25 at 100.00
  
AA
  
7,428,942
  
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
            
 
3,220
  
9.213%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
3,758,577
  
 
1,275
  
9.213%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
1,488,257
  
 
1,215
  
9.205%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
1,418,039
  
 
4,000
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54
12/24 at 100.00
  
BB+
  
4,177,080
  
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
            
 
2,400
  
5.750%, 1/15/46
1/24 at 100.00
  
BBB–
  
2,782,248
  
 
5,400
  
6.000%, 1/15/49
1/24 at 100.00
  
BBB–
  
6,334,578
  
 
6,870
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
  
A1
  
7,620,204
  
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
            
 
12,670
  
4.500%, 6/01/27
6/17 at 100.00
  
B+
  
12,434,085
  
 
6,290
  
5.000%, 6/01/33
6/17 at 100.00
  
B
  
5,611,372
  
 
5,575
  
5.125%, 6/01/47
6/17 at 100.00
  
B
  
4,735,015
  
 
1,520
  
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
3/16 at 100.00
  
A–
  
1,525,898
  

38
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
$
5,600
  
Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
  
AA
$
4,441,192
  
 
3,000
  
Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
7/16 at 100.00
  
Aa2 (4)
  
3,096,180
  
 
5,720
  
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
  
AA
  
4,002,742
  
     
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A:
            
 
2,405
  
4.250%, 8/15/38
8/25 at 100.00
  
N/R
  
2,426,501
  
 
405
  
5.250%, 8/15/45
8/25 at 100.00
  
N/R
  
443,252
  
 
5,200
  
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
  
AA
  
5,526,768
  
 
2,035
  
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
12/15 at 100.00
  
AA–
  
2,037,991
  
 
6,000
  
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
1/16 at 100.00
  
AA
  
6,022,800
  
 
510
  
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
  
BBB–
  
577,070
  
 
2,500
  
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 (Pre-refunded 12/01/15) – FGIC Insured
12/15 at 100.00
  
AA (4)
  
2,510,025
  
 
4,000
  
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
5/23 at 100.00
  
A+
  
4,457,120
  
 
66,685
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
No Opt. Call
  
Aaa
  
62,220,439
  
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
            
 
2,680
  
5.000%, 1/15/44
1/25 at 100.00
  
BBB–
  
2,843,212
  
 
8,275
  
5.000%, 1/15/50
1/25 at 100.00
  
BBB–
  
8,715,644
  
 
21,255
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
  
AA–
  
21,700,930
  
 
5,625
  
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24
No Opt. Call
  
AA–
  
7,065,731
  
 
5,625
  
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)
No Opt. Call
  
AA– (4)
  
7,087,500
  
 
6,785
  
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
6/16 at 100.00
  
Aa1
  
6,853,800
  
 
212,115
  
Total California
        
212,152,940
  
     
Colorado – 5.3% (3.6% of Total Investments)
            
 
1,080
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
  
BBB–
  
1,099,278
  
 
195
  
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43
12/23 at 100.00
  
BB+
  
200,949
  
 
6,630
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
7,243,275
  
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:
            
 
5,855
  
5.000%, 6/01/40
No Opt. Call
  
A–
  
6,257,063
  
 
5,145
  
5.000%, 6/01/45
No Opt. Call
  
A–
  
5,489,921
  
 
550
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
  
BBB+
  
605,886
  
 
500
  
Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30
12/20 at 103.00
  
N/R
  
513,755
  

Nuveen Investments
  
39

NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Colorado (continued)
            
$
7,415
  
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
  
A
$
8,205,068
  
 
35,995
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
  
AA–
  
28,824,796
  
 
10,000
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
  
AA–
  
6,781,600
  
 
4,335
  
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%,
12/01/39 – AGM Insured
12/20 at 100.00
  
AA
  
4,792,733
  
 
8,500
  
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
  
AA–
  
9,242,475
  
 
86,200
  
Total Colorado
        
79,256,799
  
     
Connecticut – 0.2% (0.2% of Total Investments)
            
 
3,250
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
7/20 at 100.00
  
AA
  
3,684,883
  
     
District of Columbia – 0.4% (0.3% of Total Investments)
            
 
2,880
  
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
  
BB+
  
2,750,947
  
 
2,670
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.876%, 10/01/30 – BHAC Insured (IF) (5)
10/16 at 100.00
  
AA+
  
2,912,890
  
 
5,550
  
Total District of Columbia
        
5,663,837
  
     
Florida – 10.0% (6.7% of Total Investments)
            
 
1,250
  
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured
1/16 at 100.00
  
Aa3
  
1,255,000
  
 
6,000
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
  
AA
  
6,750,300
  
 
3,640
  
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41
9/25 at 100.00
  
AA–
  
4,061,985
  
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
            
 
5,110
  
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
  
AA
  
5,554,570
  
 
12,585
  
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
  
AA
  
13,679,895
  
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
            
 
535
  
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
3/16 at 100.00
  
AA+
  
536,680
  
 
1,890
  
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/16 at 100.00
  
AA+
  
1,892,986
  
 
75
  
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
No Opt. Call
  
A3
  
75,239
  
 
1,915
  
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
  
AA
  
2,068,468
  
 
2,060
  
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
No Opt. Call
  
Aaa
  
2,314,843
  
 
1,000
  
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
12/15 at 100.00
  
AA+
  
1,004,110
  
     
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
            
 
1,645
  
5.000%, 5/01/25 – NPFG Insured
5/17 at 100.00
  
A3
  
1,681,437
  
 
1,830
  
5.000%, 5/01/27 – NPFG Insured
5/17 at 100.00
  
A3
  
1,870,022
  
 
4,665
  
Lee County, Florida, Airport Revenue Bonds, Refunding Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
  
AA
  
5,223,447
  
 
1,000
  
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
  
AA–
  
1,037,480
  
 
3,000
  
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
  
AA–
  
3,197,010
  
 
5,465
  
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43
10/24 at 100.00
  
BBB+
  
5,978,655
  

40
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Florida (continued)
            
$
5,000
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
  
A2
$
5,466,450
  
 
3,015
  
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
7/18 at 100.00
  
AA
  
3,272,300
  
 
6,305
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
  
Aa3
  
6,991,867
  
 
2,000
  
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
  
AA (4)
  
2,062,740
  
 
3,500
  
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
  
A
  
3,685,185
  
 
1,000
  
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – FGIC Insured
8/17 at 100.00
  
AA (4)
  
1,077,350
  
 
2,500
  
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
10/16 at 100.00
  
AA
  
2,591,750
  
 
170
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
  
N/R
  
202,467
  
 
3,000
  
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured
8/17 at 100.00
  
AA– (4)
  
3,231,330
  
 
2,940
  
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 (Pre-refunded 4/01/16) – AGM Insured
4/16 at 100.00
  
AA (4)
  
2,997,800
  
 
60
  
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured
4/16 at 100.00
  
AA+
  
61,058
  
 
900
  
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
  
AA–
  
954,504
  
     
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
            
 
5,450
  
5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
  
AA
  
6,003,012
  
 
8,530
  
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
  
AA
  
9,329,176
  
 
5,190
  
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
  
Aa2 (4)
  
5,782,906
  
 
1,200
  
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
  
N/R (4)
  
1,457,628
  
 
400
  
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
  
AA
  
446,136
  
 
1,470
  
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph's Hospital, Series 1993, 5.125%,
12/01/23 – NPFG Insured (ETM)
1/16 at 100.00
  
Aaa
  
1,484,524
  
 
10,335
  
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 (Pre-refunded 4/01/16) – CIFG Insured
4/16 at 100.00
  
A3 (4)
  
10,542,010
  
 
10,095
  
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
  
A
  
11,019,702
  
 
12,000
  
Volusia County School Board, Florida, Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
8/17 at 100.00
  
Aa3
  
12,319,320
  
 
138,725
  
Total Florida
        
149,161,342
  
     
Georgia – 4.0% (2.7% of Total Investments)
            
 
10,000
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
  
AA
  
11,289,900
  
 
2,825
  
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
  
AA
  
3,016,224
  
 
16,805
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
2/25 at 100.00
  
AA–
  
19,595,470
  
 
10,825
  
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60
7/25 at 100.00
  
A+
  
11,514,877
  

Nuveen Investments
  
41

NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Georgia (continued)
            
$
2,250
  
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
7/19 at 100.00
  
A+
$
2,491,020
  
 
10,590
  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40
10/25 at 100.00
  
Baa2
  
11,280,044
  
 
53,295
  
Total Georgia
        
59,187,535
  
     
Hawaii – 0.4% (0.3% of Total Investments)
            
 
170
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
7/23 at 100.00
  
BB+
  
190,975
  
 
5,775
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40
7/25 at 100.00
  
AA–
  
5,867,516
  
 
5,945
  
Total Hawaii
        
6,058,491
  
     
Idaho – 0.6% (0.4% of Total Investments)
            
 
6,085
  
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
  
A–
  
6,563,220
  
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
            
 
1,000
  
5.000%, 7/15/23 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
  
A+ (4)
  
1,033,100
  
 
1,065
  
5.000%, 7/15/24 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
  
A+ (4)
  
1,100,252
  
 
8,150
  
Total Idaho
        
8,696,572
  
     
Illinois – 18.4% (12.3% of Total Investments)
            
 
8,470
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
No Opt. Call
  
AA
  
9,215,784
  
 
7,700
  
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
  
AA
  
8,610,910
  
 
7,200
  
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
  
AA– (4)
  
7,259,976
  
 
1,000
  
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured
No Opt. Call
  
BBB+
  
1,011,030
  
 
2,500
  
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2014A, 5.250%, 1/01/33
1/24 at 100.00
  
BBB+
  
2,551,400
  
 
1,000
  
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35
No Opt. Call
  
BBB+
  
1,011,650
  
 
6,100
  
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33
No Opt. Call
  
BBB+
  
6,105,978
  
 
2,915
  
Chicago, Illinois, General Obligation Bonds, Series 2015A, 5.500%, 1/01/39
1/25 at 100.00
  
BBB+
  
2,992,889
  
 
1,805
  
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39
1/25 at 100.00
  
AA
  
1,902,614
  
 
7,095
  
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
  
AA
  
7,831,177
  
 
6,160
  
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
12/17 at 100.00
  
Aa2
  
5,894,381
  
 
15,000
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40
7/25 at 100.00
  
AA–
  
16,610,850
  
     
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:
            
 
3,400
  
5.500%, 11/01/36
11/23 at 100.00
  
A2
  
3,712,256
  
 
1,950
  
4.450%, 11/01/36 (WI/DD, Settling 11/02/15)
11/25 at 102.00
  
N/R
  
1,949,474
  
 
3,295
  
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
12/15 at 100.00
  
A3
  
3,344,260
  
 
2,315
  
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
  
AA
  
2,520,456
  
 
5,750
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
  
BBB
  
6,032,785
  

42
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
$
13,775
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
  
BBB
$
14,638,279
  
 
1,435
  
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
  
A–
  
1,684,417
  
 
4,400
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
8/25 at 100.00
  
Baa1
  
4,725,644
  
 
6,720
  
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
  
AA
  
7,909,171
  
 
14,975
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
  
AA+
  
15,992,701
  
 
20,000
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB)
10/25 at 100.00
  
AA+
  
22,174,600
  
     
Illinois State, General Obligation Bonds, February Series 2014:
            
 
3,200
  
5.250%, 2/01/32
2/24 at 100.00
  
A–
  
3,393,120
  
 
2,000
  
5.250%, 2/01/33
2/24 at 100.00
  
A–
  
2,113,600
  
 
1,575
  
5.250%, 2/01/34
2/24 at 100.00
  
A–
  
1,660,019
  
 
7,000
  
5.000%, 2/01/39
2/24 at 100.00
  
A–
  
7,165,830
  
     
Illinois State, General Obligation Bonds, May Series 2014:
            
 
510
  
5.000%, 5/01/36
5/24 at 100.00
  
A–
  
526,759
  
 
1,630
  
5.000%, 5/01/39
5/24 at 100.00
  
A–
  
1,669,691
  
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
            
 
3,160
  
5.000%, 8/01/21
No Opt. Call
  
A–
  
3,468,795
  
 
1,225
  
5.000%, 8/01/22
No Opt. Call
  
A–
  
1,343,360
  
 
2,740
  
5.000%, 8/01/23
No Opt. Call
  
A–
  
2,999,807
  
 
270
  
5.000%, 8/01/25
8/22 at 100.00
  
A–
  
288,584
  
 
1,425
  
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
  
A–
  
1,504,173
  
 
5,405
  
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
  
AA (4)
  
5,574,177
  
 
1,395
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust2015-XF0051, 17.802%, 1/01/21 (IF)
No Opt. Call
  
AA–
  
1,936,637
  
 
2,500
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52
6/22 at 100.00
  
BBB+
  
2,556,225
  
 
3,890
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.000%, 6/15/53
12/25 at 100.00
  
BBB+
  
4,001,215
  
 
15,000
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
6/20 at 100.00
  
BBB+
  
15,702,000
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
            
 
20,000
  
0.000%, 6/15/45 – AGM Insured
No Opt. Call
  
AA
  
4,664,200
  
 
10,000
  
0.000%, 6/15/46 – AGM Insured
No Opt. Call
  
AA
  
2,207,000
  
 
26,015
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
6/20 at 100.00
  
BBB+
  
26,486,132
  
 
20,045
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
No Opt. Call
  
AA
  
7,955,460
  
 
5,345
  
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
  
BB+
  
6,837,912
  
 
4,000
  
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%,
10/01/25 – NPFG Insured
No Opt. Call
  
AA–
  
2,728,880
  

Nuveen Investments
  
43
 
NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
     
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
            
$
930
  
7.000%, 12/01/21 – AGM Insured
12/20 at 100.00
  
AA
$
1,141,436
  
 
1,035
  
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
  
AA
  
1,256,531
  
 
1,155
  
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
  
AA
  
1,397,088
  
 
1,065
  
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
  
AA
  
1,274,699
  
 
2,085
  
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
  
AA
  
2,540,051
  
 
2,295
  
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
  
AA
  
2,795,884
  
 
291,855
  
Total Illinois
        
272,871,947
  
     
Indiana – 7.6% (5.1% of Total Investments)
            
 
12,040
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44
10/24 at 100.00
  
A2
  
13,152,616
  
 
10,190
  
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
  
A
  
11,047,489
  
 
3,450
  
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
6/22 at 100.00
  
BBB–
  
3,585,102
  
 
14,760
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
  
BBB
  
15,741,392
  
 
5,000
  
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
  
AA
  
5,517,950
  
 
17,970
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
  
AA
  
20,106,992
  
 
8,500
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
  
AA–
  
8,834,305
  
 
5,000
  
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
1/20 at 100.00
  
AA
  
5,599,200
  
 
20,000
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
  
AA
  
13,690,400
  
 
9,615
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
  
AA
  
10,874,373
  
 
935
  
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
11/23 at 100.00
  
N/R
  
1,040,103
  
 
2,040
  
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
  
N/R
  
2,488,229
  
 
1,500
  
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
  
N/R
  
1,552,290
  
 
111,000
  
Total Indiana
        
113,230,441
  
     
Iowa – 1.4% (0.9% of Total Investments)
            
 
10,000
  
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44
2/23 at 100.00
  
Aa3
  
11,096,700
  
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
            
 
2,260
  
5.375%, 6/01/38
1/16 at 100.00
  
B+
  
2,134,367
  
 
1,255
  
5.500%, 6/01/42
1/16 at 100.00
  
B+
  
1,189,589
  
 
470
  
5.625%, 6/01/46
1/16 at 100.00
  
B+
  
454,866
  
 
5,600
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
  
B+
  
5,556,936
  
 
19,585
  
Total Iowa
        
20,432,458
  
     
Kansas – 1.5% (1.0% of Total Investments)
            
 
9,950
  
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45
No Opt. Call
  
A+
  
11,038,232
  
 
2,865
  
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/44
9/24 at 100.00
  
A+
  
3,163,848
  

44
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Kansas (continued)
            
     
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
            
$
3,320
  
5.000%, 9/01/27
9/25 at 100.00
  
N/R
$
3,312,132
  
 
3,270
  
5.750%, 9/01/32
9/25 at 100.00
  
N/R
  
3,255,743
  
 
1,560
  
6.000%, 9/01/35
9/25 at 100.00
  
N/R
  
1,549,657
  
 
20,965
  
Total Kansas
        
22,319,612
  
     
Kentucky – 3.4% (2.2% of Total Investments)
            
 
5,195
  
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
  
BBB+
  
5,906,871
  
     
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:
            
 
5,755
  
5.000%, 7/01/40
7/25 at 100.00
  
BBB+
  
6,171,432
  
 
5,680
  
5.000%, 1/01/45
7/25 at 100.00
  
BBB+
  
6,095,719
  
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
            
 
3,330
  
0.000%, 7/01/43
7/31 at 100.00
  
Baa3
  
2,373,990
  
 
5,735
  
0.000%, 7/01/46
7/31 at 100.00
  
Baa3
  
4,088,023
  
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
            
 
1,445
  
5.750%, 7/01/49
7/23 at 100.00
  
Baa3
  
1,618,877
  
 
290
  
6.000%, 7/01/53
7/23 at 100.00
  
Baa3
  
329,971
  
     
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
            
 
3,860
  
5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
  
AA
  
4,371,489
  
 
10,000
  
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
  
AA
  
11,266,800
  
 
7,500
  
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
  
AA (4)
  
7,738,350
  
 
48,790
  
Total Kentucky
        
49,961,522
  
     
Louisiana – 3.6% (2.4% of Total Investments)
            
 
1,500
  
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
  
N/R
  
1,657,575
  
 
3,330
  
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured
1/21 at 100.00
  
AA (4)
  
4,080,982
  
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015:
            
 
1,000
  
4.250%, 5/15/40
5/25 at 100.00
  
Baa1
  
1,014,490
  
 
5,875
  
5.000%, 5/15/47
5/25 at 100.00
  
Baa1
  
6,288,071
  
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
            
 
3,300
  
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
3,374,151
  
 
35,725
  
4.500%, 5/01/41 (Pre-refunded 5/01/16) – NPFG Insured (UB)
5/16 at 100.00
  
Aa1 (4)
  
36,482,727
  
 
38
  
Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.255%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
  
Aa1 (4)
  
41,584
  
 
50,768
  
Total Louisiana
        
52,939,580
  
     
Maine – 0.8% (0.5% of Total Investments)
            
 
1,015
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
  
BBB
  
1,074,195
  
 
10,000
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 5.000%, 7/01/39
No Opt. Call
  
A+
  
10,991,200
  
 
11,015
  
Total Maine
        
12,065,395
  
     
Maryland – 1.3% (0.9% of Total Investments)
            
 
5,345
  
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
5,457,619
  

Nuveen Investments
  
45
 
NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Maryland (continued)
            
$
10,000
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, 5.000%, 7/01/47
7/25 at 100.00
  
A+
$
10,967,200
  
 
2,440
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45
7/24 at 100.00
  
A
  
2,668,555
  
 
17,785
  
Total Maryland
        
19,093,374
  
     
Massachusetts – 2.3% (1.5% of Total Investments)
            
 
4,500
  
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
  
AA+
  
5,091,300
  
 
8,935
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
  
BB+
  
8,875,225
  
 
1,270
  
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44
No Opt. Call
  
BBB
  
1,372,527
  
 
3,265
  
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45
1/25 at 100.00
  
BBB+
  
3,264,804
  
 
5,330
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.621%, 12/15/34 (IF) (5)
12/19 at 100.00
  
AAA
  
7,565,295
  
 
7,255
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
  
AA+
  
7,364,841
  
 
30,555
  
Total Massachusetts
        
33,533,992
  
     
Michigan – 2.9% (1.9% of Total Investments)
            
 
5,490
  
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
  
Aa1
  
6,699,502
  
 
1,695
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
  
A–
  
1,837,465
  
 
930
  
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
1/16 at 100.00
  
A3
  
932,083
  
 
5,070
  
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18 – NPFG Insured
1/16 at 100.00
  
AA–
  
5,081,357
  
 
3,000
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
  
A2
  
3,182,610
  
 
8,260
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
  
Aa2
  
9,201,392
  
 
11,000
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
  
AA
  
11,810,590
  
     
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:
            
 
1,865
  
5.000%, 12/01/40
12/25 at 100.00
  
A
  
2,037,923
  
 
2,165
  
5.000%, 12/01/45
12/25 at 100.00
  
A
  
2,352,532
  
 
39,475
  
Total Michigan
        
43,135,454
  
     
Minnesota – 1.0% (0.7% of Total Investments)
            
 
1,340
  
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.500%, 7/01/50
7/25 at 100.00
  
BB+
  
1,355,919
  
 
4,625
  
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
  
AA
  
5,259,134
  
 
840
  
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured
11/18 at 100.00
  
AA (4)
  
979,516
  
     
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015:
            
 
365
  
5.250%, 11/15/35
11/20 at 100.00
  
BBB–
  
392,448
  
 
2,785
  
5.000%, 11/15/40
11/25 at 100.00
  
BBB–
  
3,041,109
  
 
3,190
  
5.000%, 11/15/44
11/25 at 100.00
  
BBB–
  
3,466,764
  
 
13,145
  
Total Minnesota
        
14,494,890
  

46
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Missouri – 0.7% (0.5% of Total Investments)
            
     
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B:
            
$
850
  
5.000%, 5/01/40
11/23 at 100.00
  
BBB+
$
889,925
  
 
1,205
  
5.000%, 5/01/45
11/23 at 100.00
  
BBB+
  
1,254,971
  
 
2,250
  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
2/22 at 100.00
  
A1
  
2,410,763
  
 
790
  
Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 (WI/DD, Settling 11/18/15)
5/21 at 100.00
  
N/R
  
799,369
  
 
4,125
  
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured
No Opt. Call
  
AA–
  
5,050,320
  
 
305
  
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
  
A–
  
343,235
  
 
9,525
  
Total Missouri
        
10,748,583
  
     
Montana – 0.2% (0.2% of Total Investments)
            
 
3,000
  
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
1/21 at 100.00
  
AA
  
3,476,250
  
     
Nebraska – 4.3% (2.9% of Total Investments)
            
     
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:
            
 
1,000
  
4.125%, 11/01/36
11/25 at 100.00
  
A–
  
1,003,660
  
 
1,425
  
5.000%, 11/01/48
11/25 at 100.00
  
A–
  
1,538,829
  
 
4,010
  
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
No Opt. Call
  
A–
  
4,338,379
  
 
27,125
  
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – NPFG Insured (UB) (5)
9/16 at 100.00
  
AA
  
27,426,088
  
 
5,000
  
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured
4/19 at 100.00
  
AA+
  
5,601,250
  
 
2,460
  
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated Lien Series 2014CC, 4.000%, 2/01/38
2/24 at 100.00
  
AA–
  
2,513,726
  
 
21,000
  
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured
1/17 at 100.00
  
A2 (4)
  
21,771,120
  
 
62,020
  
Total Nebraska
        
64,193,052
  
     
Nevada – 1.5% (1.0% of Total Investments)
            
 
3,000
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
  
AA
  
3,356,190
  
 
17,135
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
  
AA
  
19,198,397
  
 
20,135
  
Total Nevada
        
22,554,587
  
     
New Jersey – 5.0% (3.4% of Total Investments)
            
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
            
 
3,850
  
5.000%, 7/01/22 – NPFG Insured
1/16 at 100.00
  
AA–
  
3,905,209
  
 
3,850
  
5.000%, 7/01/23 – NPFG Insured
1/16 at 100.00
  
AA–
  
3,905,209
  
 
5,900
  
5.000%, 7/01/29 – NPFG Insured
1/16 at 100.00
  
AA–
  
5,933,925
  
 
8,620
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40
6/25 at 100.00
  
A–
  
8,996,780
  
 
2,325
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
  
A–
  
2,523,067
  
 
26,000
  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
  
AA
  
32,252,480
  

Nuveen Investments
  
47

NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New Jersey (continued)
            
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
            
$
3,320
  
4.500%, 6/01/23
6/17 at 100.00
  
BB
$
3,342,410
  
 
1,580
  
4.625%, 6/01/26
6/17 at 100.00
  
B+
  
1,547,057
  
 
10,790
  
5.000%, 6/01/29
6/17 at 100.00
  
B
  
9,518,830
  
 
1,470
  
4.750%, 6/01/34
6/17 at 100.00
  
B–
  
1,191,964
  
 
1,330
  
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
  
A2
  
1,631,125
  
 
69,035
  
Total New Jersey
        
74,748,056
  
     
New Mexico – 1.0% (0.6% of Total Investments)
            
 
13,600
  
University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A, 5.000%, 6/01/36 – AGM Insured
6/17 at 100.00
  
AA
  
14,428,376
  
     
New York – 4.5% (3.0% of Total Investments)
            
 
1,880
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
1/16 at 100.00
  
AA–
  
1,887,388
  
     
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2015:
            
 
2,700
  
5.000%, 12/01/40
No Opt. Call
  
Ba1
  
2,840,589
  
 
5,600
  
5.000%, 12/01/45
No Opt. Call
  
Ba1
  
5,798,184
  
 
7,225
  
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
7/20 at 100.00
  
Aa1
  
8,243,725
  
 
4,030
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
  
AA–
  
4,177,579
  
 
6,000
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
  
AA– (4)
  
6,235,200
  
 
2,500
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
  
AA
  
2,758,575
  
 
10,610
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
  
A–
  
11,529,357
  
 
3,025
  
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
  
AA
  
3,530,236
  
 
1,665
  
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35
6/16 at 100.00
  
B
  
1,498,866
  
 
2,615
  
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
3/19 at 100.00
  
AA
  
3,075,214
  
 
5
  
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
1/16 at 100.00
  
AA
  
5,020
  
 
7,870
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
  
N/R
  
7,978,449
  
 
4,655
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph's Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
  
BB
  
4,820,066
  
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
            
 
2,430
  
0.000%, 11/15/31
No Opt. Call
  
A+
  
1,384,833
  
 
1,435
  
0.000%, 11/15/32
No Opt. Call
  
A+
  
784,672
  
 
64,245
  
Total New York
        
66,547,953
  
     
North Carolina – 1.6% (1.1% of Total Investments)
            
 
750
  
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
2/16 at 100.00
  
N/R
  
750,638
  
 
10,000
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
  
AA
  
11,161,600
  

48
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
North Carolina (continued)
            
$
4,715
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
6/22 at 100.00
  
A+
$
5,140,717
  
 
5,625
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/45
6/25 at 100.00
  
A+
  
6,174,731
  
 
830
  
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
  
Aa3
  
936,215
  
 
21,920
  
Total North Carolina
        
24,163,901
  
     
North Dakota – 0.7% (0.5% of Total Investments)
            
 
2,245
  
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
12/21 at 100.00
  
A–
  
2,417,259
  
 
1,890
  
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
  
N/R
  
1,962,595
  
     
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
            
 
2,195
  
5.000%, 12/15/22 – NPFG Insured
12/15 at 100.00
  
Aa3
  
2,208,433
  
 
1,355
  
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
  
Aa3
  
1,363,293
  
 
3,000
  
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
  
Aa3
  
3,018,360
  
 
10,685
  
Total North Dakota
        
10,969,940
  
     
Ohio – 8.4% (5.6% of Total Investments)
            
 
1,730
  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
  
A1
  
1,862,189
  
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
            
 
1,930
  
5.000%, 5/01/33
5/22 at 100.00
  
AA–
  
2,142,474
  
 
2,540
  
4.000%, 5/01/33
5/22 at 100.00
  
AA–
  
2,588,590
  
 
2,420
  
5.000%, 5/01/42
5/22 at 100.00
  
AA–
  
2,636,832
  
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
21,985
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
19,746,487
  
 
390
  
5.875%, 6/01/30
6/17 at 100.00
  
B–
  
348,730
  
 
16,615
  
5.750%, 6/01/34
6/17 at 100.00
  
B–
  
14,565,041
  
 
1,905
  
5.875%, 6/01/47
6/17 at 100.00
  
B
  
1,646,625
  
 
8,310
  
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
  
AA
  
8,915,799
  
 
6,000
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
  
Aa2
  
6,472,320
  
 
19,535
  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
  
A+
  
19,716,285
  
 
6,425
  
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
  
AA
  
7,099,754
  
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
            
 
1,725
  
17.115%, 1/01/38 (IF) (5)
1/23 at 100.00
  
AA
  
2,449,638
  
 
1,250
  
17.115%, 1/01/38 (IF) (5)
1/23 at 100.00
  
AA
  
1,775,100
  
 
625
  
17.115%, 1/01/38 (IF) (5)
1/23 at 100.00
  
AA
  
887,550
  
 
1,750
  
17.106%, 1/01/38 (IF) (5)
1/23 at 100.00
  
AA
  
2,484,720
  
 
390
  
16.990%, 1/01/38 (IF) (5)
1/23 at 100.00
  
AA
  
552,579
  
 
2,000
  
15.983%, 1/01/38 (IF) (5)
1/23 at 100.00
  
AA
  
2,840,160
  
 
805
  
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
  
BB–
  
810,047
  
     
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
            
 
4,380
  
5.250%, 12/01/27 – AGM Insured
No Opt. Call
  
A2
  
5,481,001
  
 
6,000
  
5.250%, 12/01/31 – AGM Insured
No Opt. Call
  
A2
  
7,374,840
  
 
9,235
  
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
  
BB+
  
9,366,506
  

Nuveen Investments
  
49

NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Ohio (continued)
            
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
            
$
665
  
5.750%, 12/01/32
12/22 at 100.00
  
BB
$
713,884
  
 
660
  
6.000%, 12/01/42
12/22 at 100.00
  
BB
  
712,411
  
 
2,000
  
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured
1/20 at 100.00
  
AA
  
2,241,380
  
 
121,270
  
Total Ohio
        
125,430,942
  
     
Oklahoma – 1.8% (1.2% of Total Investments)
            
     
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
            
 
1,000
  
5.375%, 7/01/40
7/21 at 100.00
  
AAA
  
1,141,400
  
 
1,500
  
5.000%, 7/01/40
7/21 at 100.00
  
AAA
  
1,674,330
  
 
3,500
  
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Refunding Series 2014A, 5.000%, 1/01/38
1/25 at 100.00
  
A
  
3,970,295
  
 
19,060
  
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
  
AA–
  
19,217,436
  
 
25,060
  
Total Oklahoma
        
26,003,461
  
     
Oregon – 0.3% (0.2% of Total Investments)
            
 
4,000
  
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
  
AAA
  
4,586,960
  
     
Pennsylvania – 7.4% (4.9% of Total Investments)
            
 
2,165
  
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
  
AA
  
2,450,195
  
 
7,925
  
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured (UB)
6/16 at 100.00
  
AA (4)
  
8,144,285
  
 
7,630
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
  
A
  
8,216,366
  
 
5,250
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
  
AA
  
5,847,923
  
 
1,560
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20)
8/20 at 100.00
  
AA (4)
  
1,843,608
  
     
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:
            
 
7,250
  
5.250%, 1/15/45
1/25 at 100.00
  
Baa2
  
7,743,073
  
 
1,150
  
5.250%, 1/15/46
1/25 at 100.00
  
Baa2
  
1,228,212
  
 
365
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
11/24 at 100.00
  
N/R
  
376,231
  
 
3,275
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
9/25 at 100.00
  
Ba3
  
3,434,656
  
 
1,800
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,806,732
  
 
11,100
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
  
AA
  
11,411,910
  
 
2,625
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 (Pre-refunded 6/01/16) – AMBAC Insured
6/16 at 100.00
  
A1 (4)
  
2,698,448
  
 
15,000
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45
12/25 at 100.00
  
A–
  
16,299,300
  
 
6,330
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
  
BBB–
  
6,792,470
  
 
10,000
  
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
  
AA
  
11,033,300
  

50
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Pennsylvania (continued)
            
$
7,055
  
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
8/20 at 100.00
  
AA
$
7,860,963
  
 
5,180
  
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
8/20 at 100.00
  
AA
  
5,843,662
  
     
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
            
 
3,285
  
5.000%, 1/15/22 (Pre-refunded 1/15/16) – AGM Insured
1/16 at 100.00
  
AA (4)
  
3,318,408
  
 
3,450
  
5.000%, 1/15/23 (Pre-refunded 1/15/16) – AGM Insured
1/16 at 100.00
  
AA (4)
  
3,485,087
  
 
102,395
  
Total Pennsylvania
        
109,834,829
  
     
Rhode Island – 0.1% (0.1% of Total Investments)
            
 
2,050
  
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
1/16 at 100.00
  
AA–
  
2,056,335
  
     
South Carolina – 7.2% (4.8% of Total Investments)
            
 
29,300
  
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, 5.250%, 2/01/38 – AGM Insured
2/18 at 100.00
  
Aa1
  
31,723,403
  
 
4,085
  
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured
4/21 at 100.00
  
AA
  
4,479,366
  
 
4,100
  
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
2/23 at 100.00
  
A
  
4,366,910
  
 
3,360
  
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Furman University, Refunding Series 2015, 5.000%, 10/01/45
10/25 at 100.00
  
AA–
  
3,767,266
  
 
1,250
  
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
  
AA
  
1,495,575
  
 
20,790
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
  
AA–
  
22,666,713
  
 
10,195
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
  
AA–
  
11,430,430
  
 
15,795
  
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
  
A1
  
16,229,520
  
 
10,250
  
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
  
A+
  
11,302,983
  
 
99,125
  
Total South Carolina
        
107,462,166
  
     
South Dakota – 0.2% (0.1% of Total Investments)
            
 
2,055
  
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
11/24 at 100.00
  
A+
  
2,235,819
  
     
Tennessee – 0.7% (0.5% of Total Investments)
            
 
9,160
  
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
10,031,391
  
     
Texas – 9.7% (6.5% of Total Investments)
            
 
4,405
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
  
AA
  
4,876,159
  
 
12,700
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
  
A+
  
13,661,517
  
 
9,035
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
  
A+
  
9,860,076
  
 
1,515
  
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42
11/22 at 100.00
  
Baa3
  
1,518,666
  
 
4,330
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 18.010%, 4/01/53 (IF)
10/23 at 100.00
  
AA+
  
5,911,749
  

Nuveen Investments
  
51

NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas (continued)
            
$
6,000
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/53
11/24 at 100.00
  
A2
$
6,431,340
  
 
590
  
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
7/24 at 100.00
  
BB–
  
631,495
  
 
6,700
  
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
8/21 at 100.00
  
A
  
7,135,500
  
 
3,500
  
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43
8/19 at 100.00
  
BBB+
  
3,590,825
  
 
50
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 – NPFG Insured
No Opt. Call
  
AA–
  
50,190
  
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
            
 
2,355
  
5.750%, 12/01/33
12/25 at 100.00
  
Baa2
  
2,606,561
  
 
2,385
  
6.125%, 12/01/38
12/25 at 100.00
  
Baa2
  
2,644,273
  
 
24,330
  
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
  
AAA
  
27,154,226
  
 
3,320
  
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45
2/25 at 100.00
  
Baa3
  
3,076,544
  
 
1,750
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
No Opt. Call
  
A3
  
1,917,668
  
 
5,000
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
  
A–
  
5,511,400
  
 
34,975
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
  
BBB+
  
37,732,079
  
 
7,600
  
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
  
AA– (4)
  
7,867,596
  
 
1,840
  
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
5/16 at 100.00
  
AA–
  
1,889,478
  
 
132,380
  
Total Texas
        
144,067,342
  
     
Utah – 1.1% (0.7% of Total Investments)
            
 
15,000
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 (Pre-refunded 6/15/18) – AGM Insured (UB) (5)
6/18 at 100.00
  
AAA
  
16,642,950
  
     
Virginia – 1.3% (0.9% of Total Investments)
            
     
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015:
            
 
720
  
5.300%, 3/01/35 (WI/DD, Settling 11/04/15)
3/25 at 100.00
  
N/R
  
721,519
  
 
660
  
5.600%, 3/01/45 (WI/DD, Settling 11/04/15)
3/25 at 100.00
  
N/R
  
661,366
  
 
8,435
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
  
BBB+
  
8,867,884
  
 
985
  
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
7/20 at 100.00
  
AA
  
1,074,684
  
 
15
  
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
7/20 at 100.00
  
AA (4)
  
17,592
  
 
2,300
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
  
BBB–
  
2,391,103
  
 
5,030
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
  
BBB–
  
5,489,088
  
 
18,145
  
Total Virginia
        
19,223,236
  
     
Washington – 5.2% (3.5% of Total Investments)
            
 
7,500
  
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.590%, 1/01/39 (Pre-refunded 1/01/17) – AGC Insured (IF) (5)
1/17 at 100.00
  
AAA
  
9,556,950
  
 
17,000
  
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
  
AA+ (4)
  
18,259,700
  

52
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Washington (continued)
            
$
4,345
  
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.361%, 7/01/32 (Pre-refunded 7/01/17) – AGM Insured (IF) (5)
7/17 at 100.00
  
AA+
$
5,310,894
  
 
1,250
  
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
No Opt. Call
  
Aaa
  
1,263,850
  
     
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
            
 
3,890
  
5.000%, 12/01/24 – SYNCORA GTY Insured
12/16 at 100.00
  
AA
  
4,078,042
  
 
4,085
  
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
  
AA
  
4,280,180
  
 
4,290
  
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
  
AA
  
4,492,101
  
 
1,250
  
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0148, 18.351%, 10/01/44 (IF) (5)
10/24 at 100.00
  
AA
  
1,779,850
  
 
2,510
  
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
  
Aa2
  
2,826,510
  
 
6,540
  
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
  
Aa2
  
7,125,460
  
 
17,845
  
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
  
AA+ (4)
  
18,404,797
  
 
70,505
  
Total Washington
        
77,378,334
  
     
West Virginia – 2.5% (1.6% of Total Investments)
            
 
10,000
  
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
6/20 at 100.00
  
AAA
  
11,296,799
  
 
22,400
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
  
A
  
25,321,631
  
 
32,400
  
Total West Virginia
        
36,618,430
  
     
Wisconsin – 1.9% (1.2% of Total Investments)
            
 
640
  
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
11/24 at 100.00
  
N/R
  
659,621
  
 
8,460
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
7/21 at 100.00
  
A2
  
9,712,417
  
 
5,090
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
  
AA–
  
5,542,398
  
 
10,300
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
  
A+
  
11,543,827
  
 
24,490
  
Total Wisconsin
        
27,458,263
  
$
2,140,898
  
Total Municipal Bonds (cost $2,070,353,196)
        
2,221,275,797
  

 
Principal
                    
 
Amount (000)
  
Description (1)
Coupon
  
Maturity
  
Ratings (3)
  
Value
  
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
                
     
Transportation – 0.0% (0.0% of Total Investments)
                
$
596
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
  
7/15/19
  
N/R
$
29,821
  
 
159
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
  
7/15/55
  
N/R
  
6,344
  
$
755
  
Total Corporate Bonds (cost $67,698)
            
36,165
  
     
Total Long-Term Investments (cost $2,070,420,894)
            
2,221,311,962
  
     
Floating Rate Obligations – (7.1)%
            
(106,178,333
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.9)% (8)
            
(667,200,000
)
     
Other Assets Less Liabilities – 2.5% (9)
            
37,876,799
  
     
Net Assets Applicable to Common Shares – 100%
          
$
1,485,810,428
  

Nuveen Investments
  
53
 
NIO
Nuveen Municipal Opportunity Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015
Investments in Derivatives as of October 31, 2015
Interest Rate Swaps outstanding:
 
                                
Variation
      
       
  Fund
        
Fixed Rate
       
Margin
  
Unrealized
  
   
Notional
  
Pay/Receive
Floating Rate
  
Fixed Rate
  
Payment
Effective
Termination
  
Receivable/
  
Appreciation
  
Counterparty
  
Amount
  
Floating Rate
Index
  
(Annualized)
  
Frequency
Date (10)
Date
  
Payable
  
(Depreciation)
  
Morgan Staley
  
$
64,600,000
  
Receive
3-Month USD-LIBOR-ICE
  
2.676
%
Semi-Annually
8/10/16
8/10/27
  
$
(279,082
)
$
(2,330,207
)

* Citigroup is the clearing broker for this transaction.

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund's custodian is not accruing income on the Fund's records for either senior interest corporate bond.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%.
(9)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(10)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-LIBOR-ICE United States Dollar-London Inter-Bank Offered Rate-Intercontinental Exchange


See accompanying notes to financial statements.

54
  
Nuveen Investments

NVG
    
 
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 144.8% (100.0% of Total Investments)
            
     
MUNICIPAL BONDS – 144.5% (99.8% of Total Investments)
            
     
Alabama – 0.4% (0.3% of Total Investments)
            
$
1,785
  
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45
4/25 at 100.00
  
N/R
$
1,651,428
  
     
Alaska – 0.6% (0.4% of Total Investments)
            
 
3,035
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
1/16 at 100.00
  
B
  
2,757,328
  
     
Arizona – 3.1% (2.2% of Total Investments)
            
 
1,435
  
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/42
12/24 at 100.00
  
A2
  
1,574,898
  
 
2,760
  
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015B, 5.000%, 7/01/43 – AGM Insured
7/25 at 100.00
  
AA
  
3,104,227
  
 
6,000
  
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/37 – FGIC Insured
No Opt. Call
  
AA
  
7,558,260
  
 
1,000
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
  
A–
  
1,117,460
  
 
11,195
  
Total Arizona
        
13,354,845
  
     
California – 15.2% (10.5% of Total Investments)
            
 
2,165
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
  
BBB+
  
1,983,746
  
 
6,135
  
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
No Opt. Call
  
AA
  
3,543,699
  
 
10,000
  
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
  
AA
  
10,975,298
  
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
            
 
855
  
9.213%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
998,007
  
 
375
  
9.213%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
437,723
  
 
340
  
9.205%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
396,817
  
 
1,000
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54
12/24 at 100.00
  
BB+
  
1,044,270
  
 
14,345
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
No Opt. Call
  
AA
  
5,108,828
  
     
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
            
 
2,615
  
0.000%, 8/01/31 – AGM Insured
8/28 at 100.00
  
A2
  
2,149,896
  
 
3,600
  
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
  
A2
  
2,924,964
  
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
            
 
1,210
  
5.750%, 1/15/46
1/24 at 100.00
  
BBB–
  
1,402,717
  
 
1,210
  
6.000%, 1/15/49
1/24 at 100.00
  
BBB–
  
1,419,415
  
 
2,425
  
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
3/16 at 100.00
  
A
  
2,444,182
  

Nuveen Investments
  
55

NVG
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
            
$
1,965
  
4.500%, 6/01/27
6/17 at 100.00
  
B+
$
1,928,412
  
 
1,620
  
5.000%, 6/01/33
6/17 at 100.00
  
B
  
1,445,218
  
 
1,100
  
5.750%, 6/01/47
6/17 at 100.00
  
B
  
1,014,618
  
 
365
  
5.125%, 6/01/47
6/17 at 100.00
  
B
  
310,005
  
     
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A:
            
 
5,905
  
0.000%, 8/01/26 – AGC Insured
No Opt. Call
  
AA
  
4,212,509
  
 
2,220
  
0.000%, 8/01/28 – AGC Insured
No Opt. Call
  
AA
  
1,434,719
  
     
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A:
            
 
680
  
4.250%, 8/15/38
8/25 at 100.00
  
N/R
  
686,079
  
 
115
  
5.250%, 8/15/45
8/25 at 100.00
  
N/R
  
125,862
  
 
2,675
  
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
  
AA
  
2,843,097
  
 
4,150
  
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 0.000%, 10/01/28 – AGM Insured
10/25 at 100.00
  
AA
  
4,584,422
  
 
160
  
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
  
BBB–
  
181,042
  
 
6,820
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
  
AA–
  
6,963,084
  
 
4,275
  
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
7/16 at 100.00
  
Aa1
  
4,294,024
  
 
78,325
  
Total California
        
64,852,653
  
     
Colorado – 3.3% (2.3% of Total Investments)
            
 
750
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured
10/16 at 100.00
  
BBB–
  
765,038
  
 
170
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
  
BBB+
  
187,274
  
 
500
  
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45
12/20 at 103.00
  
N/R
  
517,400
  
 
17,000
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
  
AA–
  
12,506,728
  
 
18,420
  
Total Colorado
        
13,976,440
  
     
District of Columbia – 2.1% (1.4% of Total Investments)
            
 
900
  
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
  
BB+
  
859,671
  
 
6,810
  
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
4/17 at 100.00
  
A–
  
7,062,106
  
 
935
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.876%, 10/01/30 – BHAC Insured (IF) (5)
10/16 at 100.00
  
AA+
  
1,020,057
  
 
8,645
  
Total District of Columbia
        
8,941,834
  
     
Florida – 5.4% (3.7% of Total Investments)
            
 
3,000
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
  
AA
  
3,375,150
  
 
1,030
  
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41
9/25 at 100.00
  
AA–
  
1,149,408
  
 
1,430
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
11/23 at 100.00
  
BBB–
  
1,582,295
  

56
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Florida (continued)
            
     
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
            
$
3,445
  
6.000%, 4/01/42
4/23 at 100.00
  
Baa1
$
4,010,703
  
 
1,720
  
5.625%, 4/01/43
4/23 at 100.00
  
Baa1
  
1,949,758
  
     
Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:
            
 
280
  
5.250%, 5/01/35
5/26 at 100.00
  
N/R
  
282,702
  
 
315
  
5.300%, 5/01/36
5/26 at 100.00
  
N/R
  
318,285
  
 
475
  
5.500%, 5/01/45
5/26 at 100.00
  
N/R
  
479,907
  
 
655
  
5.500%, 5/01/46
5/26 at 100.00
  
N/R
  
660,718
  
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
            
 
165
  
5.250%, 12/01/17
1/16 at 100.00
  
AA–
  
165,614
  
 
100
  
5.250%, 12/01/18
1/16 at 100.00
  
AA–
  
100,351
  
 
2,335
  
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
  
AA
  
2,614,523
  
 
1,545
  
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/31 – AGM Insured
2/21 at 100.00
  
AA
  
1,839,523
  
 
2,400
  
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
  
A+
  
2,672,472
  
 
750
  
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
  
A
  
789,683
  
 
60
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
  
N/R
  
71,459
  
 
1,000
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
  
AA
  
1,042,250
  
 
20,705
  
Total Florida
        
23,104,801
  
     
Georgia – 5.5% (3.8% of Total Investments)
            
 
6,925
  
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/15) – NPFG Insured
12/15 at 100.00
  
AA (4)
  
6,954,154
  
 
5,000
  
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/29
No Opt. Call
  
AA–
  
5,685,850
  
 
7,030
  
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) (5)
2/18 at 100.00
  
AAA
  
7,704,318
  
 
1,000
  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27
10/22 at 100.00
  
Baa2
  
1,124,170
  
 
1,710
  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
  
Aa2
  
1,874,741
  
 
21,665
  
Total Georgia
        
23,343,233
  
     
Guam – 0.2% (0.1% of Total Investments)
            
 
150
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
  
BBB
  
175,358
  
 
650
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
  
A–
  
728,390
  
 
800
  
Total Guam
        
903,748
  
     
Hawaii – 1.3% (0.9% of Total Investments)
            
 
5,000
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
  
A
  
5,745,200
  

Nuveen Investments
  
57
 
NVG
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Idaho – 1.7% (1.2% of Total Investments)
            
$
2,895
  
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
  
A–
$
3,122,518
  
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
            
 
3,000
  
5.000%, 7/15/23 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
  
A+ (4)
  
3,099,300
  
 
1,130
  
5.000%, 7/15/24 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
  
A+ (4)
  
1,167,403
  
 
7,025
  
Total Idaho
        
7,389,221
  
     
Illinois – 17.6% (12.1% of Total Investments)
            
 
3,745
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
No Opt. Call
  
AA
  
4,074,747
  
 
3,600
  
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
  
AA– (4)
  
3,629,988
  
 
2,285
  
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34
No Opt. Call
  
BBB+
  
2,285,503
  
 
1,700
  
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33
No Opt. Call
  
BBB+
  
1,701,666
  
 
510
  
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39
1/25 at 100.00
  
AA
  
537,581
  
     
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
            
 
2,500
  
0.000%, 2/01/33
2/21 at 100.00
  
AA
  
943,625
  
 
2,000
  
0.000%, 2/01/34
2/21 at 100.00
  
AA
  
699,480
  
 
2,845
  
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
  
AA
  
3,140,197
  
 
3,920
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40
7/25 at 100.00
  
AA–
  
4,340,969
  
 
550
  
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 4.450%, 11/01/36 (WI/DD, Settling 11/02/15)
11/25 at 102.00
  
N/R
  
549,852
  
 
1,000
  
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
  
AA
  
1,088,750
  
 
4,500
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
  
BBB
  
4,782,015
  
 
1,245
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
8/25 at 100.00
  
Baa1
  
1,337,142
  
 
5,000
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
  
AA+
  
5,339,800
  
 
3,500
  
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
2/17 at 100.00
  
AA– (4)
  
3,700,935
  
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
            
 
635
  
5.000%, 8/01/21
No Opt. Call
  
A–
  
697,052
  
 
500
  
5.000%, 8/01/22
No Opt. Call
  
A–
  
548,310
  
 
685
  
5.000%, 8/01/23
No Opt. Call
  
A–
  
749,952
  
 
4,035
  
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
1/16 at 100.00
  
A–
  
4,050,293
  
 
455
  
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
  
A–
  
480,280
  
 
1,090
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.000%, 6/15/53
12/25 at 100.00
  
BBB+
  
1,121,163
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
            
 
25,000
  
0.000%, 6/15/44 – AGM Insured
No Opt. Call
  
AA
  
6,175,500
  
 
17,465
  
0.000%, 6/15/45 – AGM Insured
No Opt. Call
  
AA
  
4,073,013
  
 
12,300
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
6/20 at 100.00
  
BBB+
  
12,522,750
  
 
3,900
  
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
  
AA
  
4,266,639
  

58
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
$
1,680
  
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
  
BB+
$
2,149,241
  
 
106,645
  
Total Illinois
        
74,986,443
  
     
Indiana – 7.0% (4.8% of Total Investments)
            
 
1,050
  
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
6/22 at 100.00
  
BBB–
  
1,091,118
  
 
5,370
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
  
BBB
  
5,727,051
  
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
            
 
1,830
  
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
  
BBB
  
1,993,071
  
 
8,180
  
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
  
BBB
  
8,777,140
  
 
1,850
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
  
AA
  
2,049,134
  
 
3,240
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
  
AA–
  
3,367,429
  
 
5,000
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
  
AA
  
5,654,900
  
 
315
  
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
11/23 at 100.00
  
N/R
  
350,409
  
 
765
  
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
  
N/R
  
933,086
  
 
27,600
  
Total Indiana
        
29,943,338
  
     
Iowa – 0.9% (0.6% of Total Investments)
            
 
480
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
  
BB–
  
526,296
  
 
450
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
1/16 at 100.00
  
B+
  
426,546
  
 
2,800
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
  
B+
  
2,778,468
  
 
3,730
  
Total Iowa
        
3,731,310
  
     
Kansas – 1.5% (1.1% of Total Investments)
            
 
3,880
  
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
  
AA–
  
4,279,485
  
     
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
            
 
935
  
5.000%, 9/01/27
9/25 at 100.00
  
N/R
  
932,784
  
 
920
  
5.750%, 9/01/32
9/25 at 100.00
  
N/R
  
915,989
  
 
445
  
6.000%, 9/01/35
9/25 at 100.00
  
N/R
  
442,050
  
 
6,180
  
Total Kansas
        
6,570,308
  
     
Kentucky – 2.2% (1.5% of Total Investments)
            
     
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:
            
 
1,615
  
5.000%, 7/01/40
7/25 at 100.00
  
BBB+
  
1,731,861
  
 
1,590
  
5.000%, 1/01/45
7/25 at 100.00
  
BBB+
  
1,706,372
  
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
            
 
1,030
  
0.000%, 7/01/43
7/31 at 100.00
  
Baa3
  
734,297
  
 
1,775
  
0.000%, 7/01/46
7/31 at 100.00
  
Baa3
  
1,265,256
  

Nuveen Investments
  
59
 
NVG
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Kentucky (continued)
            
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
            
$
945
  
5.750%, 7/01/49
7/23 at 100.00
  
Baa3
$
1,058,712
  
 
190
  
6.000%, 7/01/53
7/23 at 100.00
  
Baa3
  
216,188
  
 
2,415
  
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
  
AA
  
2,735,012
  
 
9,560
  
Total Kentucky
        
9,447,698
  
     
Louisiana – 5.7% (4.0% of Total Investments)
            
 
1,675
  
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
  
N/R
  
1,850,959
  
 
1,000
  
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured
1/21 at 100.00
  
AA (4)
  
1,225,520
  
 
5,000
  
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
10/20 at 100.00
  
AA
  
5,691,400
  
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
            
 
1,050
  
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
1,073,594
  
 
8,270
  
4.500%, 5/01/41 (Pre-refunded 5/01/16) – NPFG Insured (UB)
5/16 at 100.00
  
Aa1 (4)
  
8,445,406
  
 
6,000
  
5.000%, 5/01/36 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
6,142,380
  
 
3
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.222%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
  
Aa1 (4)
  
3,615
  
 
22,998
  
Total Louisiana
        
24,432,874
  
     
Massachusetts – 2.8% (1.9% of Total Investments)
            
 
1,000
  
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
  
AA+
  
1,131,400
  
 
2,690
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
  
BB+
  
2,672,004
  
     
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:
            
 
3,200
  
5.000%, 1/01/45
1/25 at 100.00
  
BBB+
  
3,385,472
  
 
755
  
4.500%, 1/01/45
1/25 at 100.00
  
BBB+
  
754,955
  
 
1,000
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
7/20 at 100.00
  
BBB–
  
1,083,890
  
 
400
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
8/17 at 100.00
  
AA+
  
426,032
  
 
2,375
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured
2/17 at 100.00
  
AA+
  
2,410,958
  
 
11,420
  
Total Massachusetts
        
11,864,711
  
     
Michigan – 3.7% (2.6% of Total Investments)
            
 
1,055
  
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/31 – AGM Insured
5/17 at 100.00
  
Aa1
  
1,110,482
  
 
1,290
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
  
BBB+
  
1,398,425
  
 
1,500
  
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47
No Opt. Call
  
AA–
  
1,619,730
  
 
3,230
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
  
AA
  
3,537,884
  
 
1,000
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
  
A2
  
1,060,870
  
 
1,225
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
  
AA
  
1,278,471
  
 
275
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
12/16 at 100.00
  
Aa2 (4)
  
288,709
  

60
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Michigan (continued)
            
$
2,855
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
  
AA
$
3,065,385
  
 
1,250
  
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
  
AA–
  
1,265,250
  
     
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:
            
 
525
  
5.000%, 12/01/40
12/25 at 100.00
  
A
  
573,678
  
 
615
  
5.000%, 12/01/45
12/25 at 100.00
  
A
  
668,271
  
 
14,820
  
Total Michigan
        
15,867,155
  
     
Minnesota – 0.1% (0.1% of Total Investments)
            
 
380
  
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.500%, 7/01/50
7/25 at 100.00
  
BB+
  
384,514
  
     
Missouri – 1.5% (1.0% of Total Investments)
            
     
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:
            
 
1,575
  
5.750%, 6/01/35
6/25 at 100.00
  
N/R
  
1,571,236
  
 
1,055
  
6.000%, 6/01/46
6/25 at 100.00
  
N/R
  
1,057,310
  
 
2,460
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
  
BBB+
  
2,682,163
  
     
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B:
            
 
240
  
5.000%, 5/01/40
11/23 at 100.00
  
BBB+
  
251,273
  
 
340
  
5.000%, 5/01/45
11/23 at 100.00
  
BBB+
  
354,100
  
 
220
  
Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 (WI/DD, Settling 11/18/15)
5/21 at 100.00
  
N/R
  
222,609
  
 
100
  
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
  
A–
  
112,536
  
 
5,990
  
Total Missouri
        
6,251,227
  
     
Nebraska – 1.7% (1.2% of Total Investments)
            
 
900
  
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/48
11/25 at 100.00
  
A–
  
971,892
  
 
6,000
  
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured
1/17 at 100.00
  
A2 (4)
  
6,220,320
  
 
6,900
  
Total Nebraska
        
7,192,212
  
     
Nevada – 2.8% (1.9% of Total Investments)
            
 
2,350
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
  
AA
  
2,629,016
  
 
6,885
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
  
AA
  
7,714,092
  
 
1,300
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
  
AA+
  
1,442,818
  
 
10,535
  
Total Nevada
        
11,785,926
  
     
New Jersey – 3.4% (2.3% of Total Investments)
            
 
1,900
  
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,910,925
  
 
3,355
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40
6/25 at 100.00
  
A–
  
3,501,647
  
 
2,150
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
  
A–
  
2,360,915
  

Nuveen Investments
  
61
 
NVG
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
      
Optional Call
        
 
Amount (000)
  
Description (1)
  
Provisions (2)
Ratings (3)
  
Value
  
     
New Jersey (continued)
            
$
1,200
  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
  
No Opt. Call
AA
$
1,488,576
  
 
200
  
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.079%, 1/01/43 (IF) (5)
  
7/22 at 100.00
A+
  
282,112
  
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
            
 
3,760
  
5.000%, 6/01/29
  
6/17 at 100.00
B
  
3,317,034
  
 
2,025
  
4.750%, 6/01/34
  
6/17 at 100.00
B–
  
1,641,992
  
 
14,590
  
Total New Jersey
        
14,503,201
  
     
New York – 5.0% (3.5% of Total Investments)
            
 
1,120
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
  
1/16 at 100.00
AA–
  
1,124,402
  
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
            
 
1,998
  
13.683%, 2/15/33 (IF)
  
2/19 at 100.00
AAA
  
2,670,087
  
 
1,335
  
13.672%, 2/15/33 (IF)
  
2/19 at 100.00
AAA
  
1,782,999
  
 
2
  
13.683%, 2/15/33 (IF)
  
2/19 at 100.00
AAA
  
2,673
  
 
850
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
  
2/21 at 100.00
A
  
967,700
  
 
3,000
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
  
9/16 at 100.00
AA– (4)
  
3,117,600
  
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
            
 
550
  
4.000%, 9/01/39 – AGM Insured
  
9/24 at 100.00
AA
  
558,580
  
 
390
  
5.000%, 9/01/44
  
9/24 at 100.00
A–
  
431,617
  
 
1,575
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
  
5/21 at 100.00
AA
  
1,737,902
  
 
2,000
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
  
9/22 at 100.00
A–
  
2,173,300
  
 
1,435
  
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
  
3/19 at 100.00
AA
  
1,687,546
  
 
4,220
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
  
11/24 at 100.00
N/R
  
4,278,152
  
 
1,000
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph's Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
  
7/22 at 100.00
BB
  
1,035,460
  
 
19,475
  
Total New York
        
21,568,018
  
     
North Carolina – 0.8% (0.5% of Total Investments)
            
 
250
  
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
  
2/16 at 100.00
N/R
  
250,213
  
 
2,150
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
  
10/22 at 100.00
AA–
  
2,339,028
  
 
540
  
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured
  
6/19 at 100.00
AA (4)
  
635,564
  
 
2,940
  
Total North Carolina
        
3,224,805
  
     
North Dakota – 0.1% (0.1% of Total Investments)
            
 
630
  
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
  
9/23 at 100.00
N/R
  
654,198
  
     
Ohio – 5.1% (3.5% of Total Investments)
            
 
2,455
  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
  
5/22 at 100.00
A1
  
2,642,587
  

62
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Ohio (continued)
            
$
985
  
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/42
5/22 at 100.00
  
AA–
$
1,073,256
  
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
2,540
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
2,281,377
  
 
710
  
5.875%, 6/01/30
6/17 at 100.00
  
B–
  
634,868
  
 
4,805
  
5.750%, 6/01/34
6/17 at 100.00
  
B–
  
4,212,159
  
 
1,335
  
5.875%, 6/01/47
6/17 at 100.00
  
B
  
1,153,934
  
 
1,870
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
  
Aa2
  
2,017,206
  
 
780
  
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
12/20 at 100.00
  
BB–
  
784,891
  
 
2,765
  
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
  
BB+
  
2,804,374
  
 
1,290
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
  
A+
  
1,401,753
  
 
1,240
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
  
A+
  
1,051,483
  
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
            
 
200
  
5.750%, 12/01/32
12/22 at 100.00
  
BB
  
214,702
  
 
210
  
6.000%, 12/01/42
12/22 at 100.00
  
BB
  
226,676
  
 
1,330
  
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45
3/25 at 100.00
  
N/R
  
1,337,421
  
 
22,515
  
Total Ohio
        
21,836,687
  
     
Oklahoma – 0.6% (0.4% of Total Investments)
            
 
2,300
  
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
  
AA
  
2,393,495
  
 
75
  
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37 (Pre-refunded 2/15/17)
2/17 at 100.00
  
N/R (4)
  
79,400
  
 
2,375
  
Total Oklahoma
        
2,472,895
  
     
Oregon – 0.8% (0.6% of Total Investments)
            
 
3,000
  
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19)
5/19 at 100.00
  
AAA
  
3,419,190
  
     
Pennsylvania – 6.7% (4.7% of Total Investments)
            
 
1,050
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
  
AA
  
1,169,585
  
 
1,250
  
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45
7/25 at 100.00
  
BBB–
  
1,268,588
  
 
1,500
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
  
A
  
1,676,565
  
 
1,615
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
1/25 at 100.00
  
Baa2
  
1,724,836
  
 
100
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
11/24 at 100.00
  
N/R
  
103,077
  
 
915
  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
9/25 at 100.00
  
Ba3
  
959,606
  
 
4,700
  
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/19
No Opt. Call
  
Aaa
  
5,382,957
  
 
4,100
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
  
AA
  
4,215,210
  

Nuveen Investments
  
63

NVG
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Pennsylvania (continued)
            
$
1,050
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26(Pre-refunded 6/01/16) – AMBAC Insured
6/16 at 100.00
  
A1 (4)
$
1,079,379
  
 
6,000
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
  
AA
  
7,200,660
  
 
1,825
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
  
BBB–
  
1,958,335
  
 
2,000
  
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 (Pre-refunded 1/15/16) – AGM Insured
1/16 at 100.00
  
AA (4)
  
2,020,340
  
 
26,105
  
Total Pennsylvania
        
28,759,138
  
     
Rhode Island – 0.3% (0.2% of Total Investments)
            
 
1,000
  
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33
9/23 at 100.00
  
BBB
  
1,115,530
  
     
South Carolina – 2.3% (1.6% of Total Investments)
            
 
6,000
  
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
  
AA
  
6,286,680
  
 
1,950
  
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
12/16 at 100.00
  
AA (4)
  
2,048,280
  
 
20
  
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.500%, 1/01/38
1/19 at 100.00
  
AA–
  
22,341
  
 
1,310
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
  
AA–
  
1,444,432
  
 
9,280
  
Total South Carolina
        
9,801,733
  
     
Tennessee – 0.9% (0.6% of Total Investments)
            
 
3,635
  
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
3,980,798
  
     
Texas – 14.4% (9.9% of Total Investments)
            
 
5,480
  
Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5)
11/25 at 100.00
  
AA–
  
6,102,090
  
     
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
            
 
765
  
4.350%, 12/01/42
12/22 at 100.00
  
BBB–
  
726,436
  
 
375
  
4.400%, 12/01/47
12/22 at 100.00
  
BBB–
  
351,724
  
 
3,300
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
  
A+
  
3,549,843
  
 
2,700
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
  
A+
  
2,946,564
  
 
1,140
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 18.010%, 4/01/53 (IF)
10/23 at 100.00
  
AA+
  
1,556,442
  
 
1,935
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
6/25 at 100.00
  
AA
  
2,157,912
  
 
1,100
  
Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series 2006, 5.000%, 10/01/26 (Pre-refunded 10/01/16)
10/16 at 100.00
  
AAA
  
1,147,586
  
 
1,545
  
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.443%, 11/01/41 (IF) (5)
11/21 at 100.00
  
AA+
  
2,222,807
  
 
4,080
  
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust2015-XF0074, 14.286%, 8/15/27 – AGM Insured (IF)
No Opt. Call
  
AAA
  
7,541,350
  
 
185
  
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
7/24 at 100.00
  
BB–
  
198,011
  
 
1,195
  
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45
5/25 at 100.00
  
A+
  
1,317,906
  

64
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas (continued)
            
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
            
$
740
  
5.750%, 12/01/33
12/25 at 100.00
  
Baa2
$
819,047
  
 
740
  
6.125%, 12/01/38
12/25 at 100.00
  
Baa2
  
820,445
  
 
3,220
  
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
12/21 at 100.00
  
AA
  
3,538,072
  
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
            
 
2,590
  
0.000%, 9/01/43
9/31 at 100.00
  
AA+
  
2,344,675
  
 
3,910
  
0.000%, 9/01/45
9/31 at 100.00
  
AA+
  
3,893,500
  
 
1,870
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43
9/23 at 100.00
  
A
  
2,061,619
  
 
6,700
  
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
  
AAA
  
7,477,736
  
 
1,525
  
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45
2/25 at 100.00
  
Baa3
  
1,413,172
  
 
355
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
  
A3
  
389,247
  
 
1,180
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
  
A–
  
1,300,690
  
 
7,000
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
  
BBB+
  
7,551,810
  
 
53,630
  
Total Texas
        
61,428,684
  
     
Utah – 3.1% (2.2% of Total Investments)
            
 
3,200
  
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
  
A+
  
3,501,312
  
 
4,865
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193, 13.669%, 12/15/15 – AGM Insured (IF)
No Opt. Call
  
AAA
  
6,462,471
  
 
3,000
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured
6/18 at 100.00
  
AAA
  
3,328,590
  
 
11,065
  
Total Utah
        
13,292,373
  
     
Virginia – 0.9% (0.6% of Total Investments)
            
     
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015:
            
 
205
  
5.300%, 3/01/35 (WI/DD, Settling 11/04/15)
3/25 at 100.00
  
N/R
  
205,433
  
 
180
  
5.600%, 3/01/45 (WI/DD, Settling 11/04/15)
3/25 at 100.00
  
N/R
  
180,373
  
 
2,635
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
  
BBB+
  
2,770,228
  
 
700
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
  
BBB–
  
727,727
  
 
3,720
  
Total Virginia
        
3,883,761
  
     
Washington – 8.8% (6.1% of Total Investments)
            
 
5,265
  
Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
  
A (4)
  
5,411,841
  
 
5,000
  
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (5)
7/25 at 100.00
  
Aa1
  
5,734,250
  
 
10,000
  
University of Washington, General Revenue Bonds, Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured (UB)
6/17 at 100.00
  
Aaa
  
10,710,000
  
 
5,455
  
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36
7/25 at 100.00
  
Baa1
  
5,316,061
  
 
10,000
  
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
  
AA+ (4)
  
10,313,698
  
 
35,720
  
Total Washington
        
37,485,850
  

Nuveen Investments
  
65

NVG
Nuveen Dividend Advantage Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
West Virginia – 2.1% (1.4% of Total Investments)
            
$
7,800
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
  
A
$
8,817,352
  
     
Wisconsin – 2.9% (2.0% of Total Investments)
            
 
180
  
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
11/24 at 100.00
  
N/R
  
185,519
  
 
1,530
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
  
AA–
  
1,665,986
  
 
2,220
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
  
A+
  
2,488,087
  
 
7,460
  
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015, 5.000%, 12/15/44
12/24 at 100.00
  
AA–
  
8,159,599
  
 
11,390
  
Total Wisconsin
        
12,499,191
  
$
632,228
  
Total Municipal Bonds (cost $565,477,718)
        
617,221,851
  
                   
 
Shares
  
Description (1), (6)
        
Value
  
     
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
            
 
8,134
  
BlackRock MuniHoldings Fund Inc.
      
$
138,034
  
 
13,600
  
BlackRock MuniEnhanced Fund Inc.
        
160,752
  
 
3,500
  
Deutsche Municipal Income Trust
        
47,600
  
 
7,920
  
Dreyfus Strategic Municipal Fund
        
65,894
  
 
9,500
  
Invesco Advantage Municipal Income Fund II
        
109,060
  
 
9,668
  
Invesco Quality Municipal Income Trust
        
118,626
  
 
28,980
  
Invesco VK Investment Grade Municipal Trust
        
381,377
  
 
26,280
  
PIMCO Municipal Income Fund II
        
325,873
  
     
Total Investment Companies (cost $1,353,712)
        
1,347,216
  
     
Total Long-Term Investments (cost $566,831,430)
        
618,569,067
  
     
Floating Rate Obligations – (5.2)%
        
(22,313,334
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.9)% (7)
        
(179,000,000
)
     
Other Assets Less Liabilities – 2.3% (8)
        
9,848,341
  
     
Net Assets Applicable to Common Shares – 100%
      
$
427,104,074
  

66
  
Nuveen Investments

Investments in Derivatives as of October 31, 2015
Interest Rate Swaps outstanding:

       
  Fund
        
Fixed Rate
       
Unrealized
  
   
Notional
  
Pay/Receive
Floating Rate
  
Fixed Rate
  
Payment
Effective
Termination
  
Appreciation
  
Counterparty
  
Amount
  
Floating Rate
Index
  
(Annualized)
  
Frequency
Date (9)
Date
  
(Depreciation)
  
JPMorgan
  
$
45,600,000
  
Receive
Weekly USD-SIFMA
  
2.030
%
Quarterly
6/08/16
6/08/26
  
$
(1,658,968
)

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(6)
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
(8)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(9)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
USD-SIFMA
United States Dollar Securities Industry and Financial Market Association
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

                                                                                                 See accompanying notes to financial statements.

Nuveen Investments
  
67
 
NEA
    
 
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 144.1% (99.2% of Total Investments)
            
     
MUNICIPAL BONDS – 144.1% (99.2% of Total Investments)
            
     
Alabama – 0.7% (0.5% of Total Investments)
            
$
1,000
  
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
11/16 at 100.00
  
AA+
$
1,040,280
  
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
            
 
1,395
  
5.000%, 4/01/22 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,395,474
  
 
1,040
  
5.000%, 4/01/23 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,040,218
  
 
4,900
  
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45
4/25 at 100.00
  
N/R
  
4,533,333
  
 
8,335
  
Total Alabama
        
8,009,305
  
     
Alaska – 0.2% (0.1% of Total Investments)
            
 
2,540
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
1/16 at 100.00
  
B
  
2,307,615
  
     
Arizona – 3.8% (2.6% of Total Investments)
            
 
1,460
  
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
3/22 at 100.00
  
A3
  
1,557,221
  
     
Arizona State, Certificates of Participation, Series 2010A:
            
 
2,800
  
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
  
AA
  
3,137,792
  
 
3,500
  
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
  
AA
  
3,880,625
  
 
7,500
  
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%,
7/01/29 – AGC Insured
1/20 at 100.00
  
AA
  
8,417,925
  
 
7,605
  
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015B, 5.000%, 7/01/43 – AGM Insured
7/25 at 100.00
  
AA
  
8,553,496
  
     
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
            
 
6,545
  
5.500%, 7/01/37 – FGIC Insured
No Opt. Call
  
AA
  
8,244,802
  
 
5,000
  
5.500%, 7/01/40 – FGIC Insured
No Opt. Call
  
AA
  
6,324,750
  
 
3,530
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
  
A–
  
3,944,634
  
 
37,940
  
Total Arizona
        
44,061,245
  
     
California – 16.3% (11.2% of Total Investments)
            
 
22,880
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured
No Opt. Call
  
AA–
  
11,581,170
  
 
2,735
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
4/23 at 100.00
  
AA–
  
3,067,767
  
     
Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2015A:
            
 
2,250
  
0.000%, 8/01/32
2/25 at 100.00
  
Aa2
  
1,736,370
  
 
1,350
  
0.000%, 8/01/33
2/25 at 100.00
  
Aa2
  
1,036,193
  
 
3,000
  
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (5)
8/22 at 100.00
  
AA
  
3,292,590
  
 
530
  
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
  
AA–
  
604,460
  
 
1,710
  
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
11/21 at 100.00
  
AA
  
1,905,675
  

68
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
            
$
1,285
  
9.213%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
$
1,499,929
  
 
525
  
9.213%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
612,812
  
 
485
  
9.205%, 2/15/20 (IF) (5)
No Opt. Call
  
AA
  
566,048
  
 
5,000
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
7/15 at 100.00
  
A1
  
5,019,750
  
 
5
  
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
1/16 at 100.00
  
AA–
  
5,019
  
 
10,000
  
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
  
AA–
  
11,808,600
  
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
            
 
3,895
  
5.250%, 7/01/30
1/16 at 100.00
  
CCC
  
3,503,007
  
 
5,000
  
5.250%, 7/01/35
1/16 at 100.00
  
CCC
  
4,504,350
  
 
5,000
  
5.000%, 7/01/39
1/16 at 100.00
  
CCC
  
4,475,750
  
 
4,775
  
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
  
AA+ (4)
  
3,886,755
  
 
1,665
  
Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
8/23 at 100.00
  
Aa1
  
1,887,594
  
 
7,775
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured
No Opt. Call
  
AA
  
3,699,423
  
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
            
 
1,510
  
5.750%, 1/15/46
1/24 at 100.00
  
BBB–
  
1,750,498
  
 
4,510
  
6.000%, 1/15/49
1/24 at 100.00
  
BBB–
  
5,290,546
  
 
1,735
  
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
3/16 at 100.00
  
A
  
1,748,724
  
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
            
 
8,180
  
4.500%, 6/01/27
6/17 at 100.00
  
B+
  
8,027,688
  
 
3,990
  
5.000%, 6/01/33
6/17 at 100.00
  
B
  
3,559,519
  
 
250
  
5.125%, 6/01/47
6/17 at 100.00
  
B
  
212,333
  
 
3,040
  
Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
  
AA
  
2,509,611
  
 
1,295
  
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
No Opt. Call
  
Aaa
  
1,408,882
  
 
4,000
  
Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
7/16 at 100.00
  
Aa2 (4)
  
4,128,240
  
 
3,545
  
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
  
AA
  
2,480,720
  
 
3,515
  
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21)
12/21 at 100.00
  
N/R (4)
  
4,422,889
  
 
5,000
  
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
No Opt. Call
  
AA–
  
6,174,950
  
     
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:
            
 
1,745
  
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
  
AAA
  
2,168,983
  
 
1,490
  
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
  
AAA
  
1,850,193
  
 
6,415
  
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
  
Aaa
  
7,964,351
  
 
1,800
  
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
No Opt. Call
  
AA
  
1,153,134
  
 
1,000
  
Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
8/21 at 100.00
  
AA
  
1,088,910
  

Nuveen Investments
  
69
 
NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
$
390
  
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
  
BBB–
$
441,620
  
 
735
  
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
7/15 at 100.00
  
N/R
  
738,594
  
 
6,040
  
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) (5)
No Opt. Call
  
Aaa
  
7,442,971
  
 
2,250
  
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
  
BB
  
2,735,955
  
 
4,000
  
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
5/23 at 100.00
  
A+
  
4,457,120
  
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
            
 
6,575
  
5.000%, 1/15/44
1/25 at 100.00
  
BBB–
  
6,975,418
  
 
20,310
  
5.000%, 1/15/50
1/25 at 100.00
  
BBB–
  
21,391,508
  
 
4,000
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
1/16 at 100.00
  
AA–
  
4,016,600
  
 
12,580
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
  
AA–
  
12,843,928
  
 
4,455
  
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
  
AAA
  
4,070,667
  
 
3,900
  
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
8/21 at 100.00
  
AA
  
4,804,332
  
 
198,120
  
Total California
        
190,552,146
  
     
Colorado – 5.0% (3.4% of Total Investments)
            
 
7,500
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 15.066%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
  
AA
  
8,827,950
  
 
5,000
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
5,462,500
  
 
5,000
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children's Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36
12/23 at 100.00
  
A+
  
5,478,000
  
 
425
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
  
BBB+
  
468,184
  
 
2,915
  
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/27 – AGM Insured
12/22 at 100.00
  
AA
  
3,404,895
  
 
4,835
  
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
  
A
  
5,350,169
  
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
            
 
35,395
  
0.000%, 9/01/30 – NPFG Insured
No Opt. Call
  
AA–
  
20,441,320
  
 
70
  
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
  
AA–
  
35,302
  
 
2,900
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
  
AA–
  
1,397,104
  
 
2,640
  
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
  
AA
  
3,104,666
  
 
4,000
  
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
  
AA–
  
4,349,400
  
 
70,680
  
Total Colorado
        
58,319,490
  
     
Connecticut – 0.9% (0.6% of Total Investments)
            
 
10,000
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2015L, 5.000%, 7/01/45
7/25 at 100.00
  
A–
  
10,954,500
  

70
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Delaware – 0.3% (0.2% of Total Investments)
            
$
3,250
  
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32
7/23 at 100.00
  
BBB
$
3,414,450
  
     
District of Columbia – 2.0% (1.4% of Total Investments)
            
 
1,250
  
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
  
BB+
  
1,193,988
  
 
10,150
  
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
  
A–
  
9,447,417
  
 
7,425
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
  
BBB+
  
7,806,051
  
 
7,000
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
  
AA
  
2,872,380
  
 
2,395
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.876%, 10/01/30 – BHAC Insured (IF) (5)
10/16 at 100.00
  
AA+
  
2,612,873
  
 
28,220
  
Total District of Columbia
        
23,932,709
  
     
Florida – 10.1% (7.0% of Total Investments)
            
 
1,000
  
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
1/16 at 100.00
  
Aa3
  
1,004,000
  
 
11,000
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
  
AA
  
12,375,550
  
 
2,830
  
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 Clay County, Florida, Utility System Revenue Bonds, Series 2007:
9/25 at 100.00
  
AA–
  
3,158,082
  
 
1,500
  
5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
  
AA (4)
  
1,630,500
  
 
3,000
  
5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
  
AA (4)
  
3,261,000
  
 
3,570
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
11/23 at 100.00
  
BBB–
  
3,950,205
  
     
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
            
 
8,555
  
6.000%, 4/01/42
4/23 at 100.00
  
Baa1
  
9,959,817
  
 
4,280
  
5.625%, 4/01/43
4/23 at 100.00
  
Baa1
  
4,851,722
  
 
990
  
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23, (Pre-refunded 1/04/16) – NPFG Insured
1/16 at 100.00
  
AA– (4)
  
993,564
  
 
200
  
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23 (Pre-refunded 11/09/15) – NPFG Insured
11/15 at 100.00
  
AA– (4)
  
200,244
  
 
2,500
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.559%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
  
AAA
  
3,508,450
  
 
5,000
  
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35
No Opt. Call
  
AA–
  
5,343,900
  
 
350
  
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
  
AA
  
378,049
  
     
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B:
            
 
5,730
  
5.000%, 10/01/40
10/24 at 100.00
  
A+
  
6,346,433
  
 
7,155
  
5.000%, 10/01/44
10/24 at 100.00
  
A+
  
7,890,248
  
 
400
  
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
  
A1
  
455,536
  
 
1,530
  
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24
11/21 at 100.00
  
A2
  
1,746,464
  
 
500
  
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
  
AA–
  
518,740
  

Nuveen Investments
  
71

NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Florida (continued)
            
$
1,200
  
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/30 – AGM Insured
2/21 at 100.00
  
AA
$
1,428,756
  
 
10,000
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
7/20 at 100.00
  
AA
  
11,214,700
  
 
6,350
  
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – AGM Insured
11/16 at 100.00
  
AA+ (4)
  
6,642,989
  
 
4,000
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
10/20 at 100.00
  
AA
  
4,501,040
  
 
1,850
  
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
  
A+
  
2,060,031
  
 
5,770
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
  
Aa3
  
6,398,584
  
 
750
  
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
  
A
  
789,683
  
 
140
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
  
N/R
  
166,737
  
 
895
  
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
  
AA–
  
949,201
  
 
480
  
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
  
AA
  
528,706
  
 
1,200
  
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
  
AA
  
1,338,408
  
 
9,720
  
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
  
A
  
10,610,352
  
 
1,500
  
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
  
AA
  
1,673,820
  
 
2,000
  
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2015B, 5.000%, 10/15/45
4/25 at 100.00
  
A–
  
2,159,460
  
 
105,945
  
Total Florida
        
118,034,971
  
     
Georgia – 2.7% (1.8% of Total Investments)
            
 
6,950
  
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
  
AA
  
7,776,981
  
 
3,050
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
  
AA
  
3,443,420
  
 
1,535
  
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
  
AA
  
1,638,904
  
 
1,410
  
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 (Pre-refunded 10/01/16) – AGM Insured
10/16 at 100.00
  
AA (4)
  
1,465,258
  
 
3,055
  
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) (5)
2/18 at 100.00
  
AAA
  
3,348,036
  
 
1,350
  
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
  
AA+
  
1,697,760
  
 
8,230
  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40
10/25 at 100.00
  
Baa2
  
8,766,267
  
 
2,615
  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
  
Aa2
  
2,866,929
  
 
28,195
  
Total Georgia
        
31,003,555
  
     
Guam – 0.2% (0.1% of Total Investments)
            
 
2,030
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
  
A–
  
2,274,818
  

72
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Hawaii – 0.0% (0.0% of Total Investments)
            
$
125
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
7/23 at 100.00
  
BB+
$
140,423
  
     
Idaho – 0.2% (0.1% of Total Investments)
            
 
2,110
  
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
  
A–
  
2,275,825
  
     
Illinois – 15.1% (10.4% of Total Investments)
            
 
4,000
  
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
  
AA–
  
1,854,720
  
 
3,500
  
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
6/21 at 100.00
  
AA
  
3,855,495
  
 
9,285
  
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
No Opt. Call
  
AA
  
10,102,544
  
 
13,100
  
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
  
AA
  
14,649,730
  
 
1,450
  
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
  
AA– (4)
  
1,462,079
  
 
4,735
  
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
  
AA
  
5,226,304
  
 
10,040
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40
7/25 at 100.00
  
AA–
  
11,118,196
  
 
13,720
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
No Opt. Call
  
Aa3
  
13,487,720
  
 
8,140
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured (ETM)
No Opt. Call
  
Aa3 (4)
  
8,089,288
  
 
2,050
  
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
  
A2
  
2,238,272
  
 
5,020
  
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
  
AA
  
5,465,525
  
 
4,200
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
  
BBB
  
4,406,556
  
 
10,030
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
  
BBB
  
10,658,580
  
 
2,910
  
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
  
Baa1
  
3,051,222
  
 
1,145
  
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
  
A–
  
1,344,012
  
 
3,560
  
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
  
AA
  
4,189,978
  
 
1,000
  
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
  
AA–
  
1,113,150
  
 
9,510
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
  
AA+
  
10,156,300
  
 
3,895
  
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
No Opt. Call
  
AA (4)
  
4,201,381
  
 
6,500
  
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
2/17 at 100.00
  
AA– (4)
  
6,873,165
  
     
Illinois State, General Obligation Bonds, May Series 2014:
            
 
1,700
  
5.000%, 5/01/36
5/24 at 100.00
  
A–
  
1,755,862
  
 
5,420
  
5.000%, 5/01/39
5/24 at 100.00
  
A–
  
5,551,977
  

Nuveen Investments
  
73

NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
     
Illinois State, General Obligation Bonds, Series 2012A:
            
$
2,500
  
5.000%, 3/01/25
3/22 at 100.00
  
A–
$
2,668,175
  
 
4,500
  
5.000%, 3/01/27
3/22 at 100.00
  
A–
  
4,746,915
  
 
1,125
  
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
  
A–
  
1,187,505
  
 
5,000
  
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
1/21 at 100.00
  
A2
  
5,457,200
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
            
 
33,000
  
0.000%, 6/15/45 – AGM Insured
No Opt. Call
  
AA
  
7,695,930
  
 
5,000
  
0.000%, 6/15/46 – AGM Insured
No Opt. Call
  
AA
  
1,103,500
  
 
5,010
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
  
AA–
  
4,160,254
  
 
5,725
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
6/22 at 101.00
  
AA–
  
6,016,689
  
 
5,000
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2012B, 5.000%, 6/15/52 (UB) (5)
6/22 at 100.00
  
BBB+
  
5,112,450
  
 
4,125
  
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
  
BB+
  
5,277,154
  
 
1,895
  
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured
12/20 at 100.00
  
AA
  
2,290,430
  
 
197,790
  
Total Illinois
        
176,568,258
  
     
Indiana – 4.3% (3.0% of Total Investments)
            
 
2,895
  
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
  
A
  
3,138,614
  
 
1,500
  
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
6/22 at 100.00
  
BBB–
  
1,558,740
  
 
10,000
  
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009A, 5.250%, 12/01/38 (UB)
12/19 at 100.00
  
AA
  
11,173,000
  
 
5,000
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
  
AA–
  
5,470,400
  
 
3,075
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
  
AA
  
3,405,993
  
 
8,310
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
  
AA–
  
8,636,832
  
 
9,255
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
  
AA
  
7,206,221
  
 
3,000
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
  
AA
  
3,392,940
  
 
5,000
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2009A, 5.500%, 1/01/38 – AGC Insured (UB)
1/19 at 100.00
  
AA
  
5,654,900
  
 
500
  
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
  
N/R
  
517,430
  
 
48,535
  
Total Indiana
        
50,155,070
  
     
Iowa – 1.6% (1.1% of Total Investments)
            
 
4,000
  
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
6/20 at 100.00
  
A2
  
4,320,280
  
 
425
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
  
BB–
  
465,991
  
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
            
 
7,125
  
5.375%, 6/01/38
1/16 at 100.00
  
B+
  
6,728,921
  
 
185
  
5.625%, 6/01/46
1/16 at 100.00
  
B+
  
179,043
  

74
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Iowa (continued)
            
$
6,600
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
  
B+
$
6,549,246
  
 
18,335
  
Total Iowa
        
18,243,481
  
     
Kansas – 0.2% (0.2% of Total Investments)
            
 
630
  
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 – AMBAC Insured
4/16 at 100.50
  
AA–
  
638,889
  
 
2,000
  
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38
11/22 at 100.00
  
A2
  
2,166,940
  
 
2,630
  
Total Kansas
        
2,805,829
  
     
Kentucky – 1.3% (0.9% of Total Investments)
            
 
6,010
  
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
No Opt. Call
  
AA–
  
3,696,571
  
 
1,100
  
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
  
AA– (4)
  
1,186,295
  
 
3,900
  
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
9/17 at 100.00
  
AA–
  
4,119,219
  
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
            
 
2,575
  
0.000%, 7/01/43
7/31 at 100.00
  
Baa3
  
1,835,743
  
 
4,430
  
0.000%, 7/01/46
7/31 at 100.00
  
Baa3
  
3,157,793
  
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
            
 
1,150
  
5.750%, 7/01/49
7/23 at 100.00
  
Baa3
  
1,288,380
  
 
220
  
6.000%, 7/01/53
7/23 at 100.00
  
Baa3
  
250,323
  
 
19,385
  
Total Kentucky
        
15,534,324
  
     
Louisiana – 5.7% (4.0% of Total Investments)
            
 
4,690
  
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
  
N/R
  
5,182,685
  
 
670
  
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured
1/21 at 100.00
  
AA (4)
  
821,098
  
 
5,000
  
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
10/20 at 100.00
  
AA
  
5,691,400
  
 
6,870
  
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
  
A
  
7,596,503
  
 
2,000
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
5/20 at 100.00
  
AA
  
2,252,260
  
 
9,000
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
9,213,570
  
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
            
 
8,480
  
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
8,670,546
  
 
14,265
  
4.500%, 5/01/41 (Pre-refunded 5/01/16) – NPFG Insured (UB)
5/16 at 100.00
  
Aa1 (4)
  
14,567,561
  
 
12,000
  
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015A, 5.000%, 1/01/45
1/25 at 100.00
  
A–
  
13,183,560
  
 
62,975
  
Total Louisiana
        
67,179,183
  
     
Maine – 0.1% (0.1% of Total Investments)
            
 
1,010
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
  
BBB
  
1,068,903
  
     
Maryland – 0.3% (0.2% of Total Investments)
            
 
1,865
  
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
1,904,296
  

Nuveen Investments
  
75
 
NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Maryland (continued)
            
$
1,200
  
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
6/16 at 100.00
  
AA
$
1,225,164
  
 
3,065
  
Total Maryland
        
3,129,460
  
     
Massachusetts – 4.1% (2.8% of Total Investments)
            
 
5,500
  
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
  
AA+
  
6,222,700
  
 
1,430
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
  
BB+
  
1,420,433
  
     
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:
            
 
8,800
  
5.000%, 1/01/45
1/25 at 100.00
  
BBB+
  
9,310,048
  
 
2,070
  
4.500%, 1/01/45
1/25 at 100.00
  
BBB+
  
2,069,876
  
 
3,000
  
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
  
A
  
3,663,240
  
 
3,335
  
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 13.544%, 7/01/29 (IF)
7/19 at 100.00
  
AA
  
4,536,801
  
 
3,250
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
8/17 at 100.00
  
AA+
  
3,461,510
  
 
7,500
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 14021, 9.373%, 2/15/20 (IF)
No Opt. Call
  
AA+
  
10,618,050
  
 
3,335
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.574%, 8/15/37 – AGM Insured (IF)
8/17 at 100.00
  
AA+
  
3,963,681
  
 
1,725
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
  
AA+
  
1,751,117
  
 
500
  
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
  
AA
  
572,145
  
 
40,445
  
Total Massachusetts
        
47,589,601
  
     
Michigan – 1.4% (1.0% of Total Investments)
            
 
1,220
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
  
A–
  
1,322,541
  
 
10,000
  
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
  
A–
  
10,685,400
  
 
1,315
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
  
A2
  
1,395,044
  
 
820
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
  
AA
  
855,793
  
 
180
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
12/16 at 100.00
  
Aa2 (4)
  
188,973
  
 
2,000
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
  
AA
  
2,147,380
  
 
15,535
  
Total Michigan
        
16,595,131
  
     
Minnesota – 0.4% (0.3% of Total Investments)
            
     
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015:
            
 
285
  
5.250%, 11/15/35
11/20 at 100.00
  
BBB–
  
306,432
  
 
2,095
  
5.000%, 11/15/40
11/25 at 100.00
  
BBB–
  
2,287,656
  
 
2,230
  
5.000%, 11/15/44
11/25 at 100.00
  
BBB–
  
2,423,475
  
 
4,610
  
Total Minnesota
        
5,017,563
  
     
Missouri – 0.7% (0.5% of Total Investments)
            
 
1,000
  
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 (Pre-refunded 3/01/16) – NPFG Insured
3/16 at 100.00
  
Aa1 (4)
  
1,016,110
  
 
6,165
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
  
BBB+
  
6,721,761
  

76
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Missouri (continued)
            
$
220
  
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
  
A–
$
247,579
  
 
7,385
  
Total Missouri
        
7,985,450
  
     
Montana – 0.1% (0.0% of Total Investments)
            
 
680
  
Montana State University, Facilties Revenue Bonds, Improvement Series 2013A, 4.500%, 11/15/38
11/23 at 100.00
  
Aa3
  
738,718
  
     
Nebraska – 1.0% (0.7% of Total Investments)
            
 
2,280
  
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
No Opt. Call
  
A–
  
2,466,709
  
 
865
  
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 11673, 20.228%, 8/01/40 – BHAC Insured (IF)
2/17 at 100.00
  
AA+
  
1,441,635
  
 
8,000
  
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured
1/17 at 100.00
  
A2 (4)
  
8,293,760
  
 
11,145
  
Total Nebraska
        
12,202,104
  
     
Nevada – 3.5% (2.4% of Total Investments)
            
 
2,600
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
  
AA
  
2,908,698
  
 
12,265
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
  
AA
  
13,741,951
  
 
11,915
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2015, 5.000%, 6/01/39 (UB)
12/24 at 100.00
  
AA+
  
13,614,317
  
 
950
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
  
AA+
  
1,054,367
  
 
10,000
  
Nevada System of Higher Education, Universities Revenue Bonds, Series 2005B, 5.000%, 7/01/35 (Pre-refunded 1/01/16) – AMBAC Insured
1/16 at 100.00
  
Aa2 (4)
  
10,082,900
  
 
37,730
  
Total Nevada
        
41,402,233
  
     
New Jersey – 6.1% (4.2% of Total Investments)
            
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
            
 
2,675
  
5.000%, 7/01/22 – NPFG Insured
1/16 at 100.00
  
AA–
  
2,713,360
  
 
4,445
  
5.000%, 7/01/23 – NPFG Insured
1/16 at 100.00
  
AA–
  
4,508,741
  
 
1,200
  
5.000%, 7/01/29 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,206,900
  
 
720
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
  
A
  
827,309
  
 
5,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
  
A–
  
2,904,700
  
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
            
 
25,000
  
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
  
A–
  
8,301,750
  
 
10,000
  
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
  
A–
  
3,137,300
  
 
10,500
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
12/17 at 100.00
  
AA
  
11,061,750
  
 
9,000
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
No Opt. Call
  
A–
  
9,172,260
  
 
14,000
  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
  
AA
  
17,366,720
  
 
330
  
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.079%, 1/01/43 (IF) (5)
7/22 at 100.00
  
A+
  
465,485
  

Nuveen Investments
  
77
 
NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New Jersey (continued)
            
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
            
$
1,545
  
4.500%, 6/01/23
6/17 at 100.00
  
BB
$
1,555,429
  
 
785
  
4.625%, 6/01/26
6/17 at 100.00
  
B+
  
768,633
  
 
3,300
  
4.750%, 6/01/34
6/17 at 100.00
  
B–
  
2,675,838
  
 
5,000
  
5.000%, 6/01/41
6/17 at 100.00
  
B–
  
4,066,200
  
 
93,500
  
Total New Jersey
        
70,732,375
  
     
New Mexico – 0.4% (0.3% of Total Investments)
            
 
2,000
  
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 – NPFG Insured
1/16 at 100.00
  
Aa2
  
2,007,920
  
 
2,725
  
Rio Rancho, New Mexico, Water and Wastewater System Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
5/19 at 100.00
  
AA
  
3,066,797
  
 
4,725
  
Total New Mexico
        
5,074,717
  
     
New York – 7.2% (4.9% of Total Investments)
            
 
2,110
  
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
1/16 at 100.00
  
AA–
  
2,118,292
  
 
3,000
  
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
  
AAA
  
3,458,010
  
 
7,435
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
7/20 at 100.00
  
AA
  
8,530,473
  
 
6,595
  
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50
7/25 at 100.00
  
A–
  
7,235,638
  
 
3,200
  
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
  
AA–
  
3,595,424
  
 
1,300
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
  
A
  
1,480,011
  
 
8,150
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
  
AA–
  
8,448,453
  
 
3,000
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
  
AA– (4)
  
3,117,600
  
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
            
 
1,045
  
4.000%, 9/01/39 – AGM Insured
9/24 at 100.00
  
AA
  
1,061,302
  
 
780
  
5.000%, 9/01/44
9/24 at 100.00
  
A–
  
863,234
  
 
2,830
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
  
A–
  
3,082,181
  
 
6,135
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
  
N/R
  
6,219,540
  
 
10,000
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
  
A
  
11,857,500
  
 
4,045
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2012-9W, 13.838%, 6/15/26 (IF) (5)
6/22 at 100.00
  
AAA
  
6,518,315
  
 
270
  
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/16 at 100.00
  
AA
  
270,772
  
 
10,000
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2007B, 5.000%, 3/15/37
3/17 at 100.00
  
AAA
  
10,532,600
  
 
2,105
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph's Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
  
BB
  
2,179,643
  

78
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New York (continued)
            
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
            
$
5,545
  
0.000%, 11/15/31
No Opt. Call
  
A+
$
3,160,040
  
 
405
  
0.000%, 11/15/32
No Opt. Call
  
A+
  
221,458
  
 
77,950
  
Total New York
        
83,950,486
  
     
North Carolina – 2.3% (1.6% of Total Investments)
            
 
3,555
  
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.539%, 7/01/38 (IF) (5)
7/20 at 100.00
  
AAA
  
5,048,029
  
 
9,485
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015B, 5.000%, 10/01/55 (WI/DD, Settling 11/19/15) (UB)
10/25 at 100.00
  
AA+
  
10,714,066
  
 
5,000
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
  
AA
  
5,580,800
  
 
1,455
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
6/22 at 100.00
  
A+
  
1,586,372
  
 
1,875
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/45
6/25 at 100.00
  
A+
  
2,058,244
  
 
1,500
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
10/22 at 100.00
  
AA–
  
1,631,880
  
 
22,870
  
Total North Carolina
        
26,619,391
  
     
North Dakota – 0.7% (0.5% of Total Investments)
            
 
5,080
  
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22)
7/22 at 100.00
  
N/R (4)
  
5,975,096
  
 
1,015
  
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
12/21 at 100.00
  
A–
  
1,092,881
  
 
1,420
  
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
  
N/R
  
1,474,542
  
 
7,515
  
Total North Dakota
        
8,542,519
  
     
Ohio – 8.1% (5.6% of Total Investments)
            
 
320
  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
  
A1
  
344,451
  
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
            
 
650
  
5.000%, 5/01/33
5/22 at 100.00
  
AA–
  
721,559
  
 
860
  
4.000%, 5/01/33
5/22 at 100.00
  
AA–
  
876,452
  
 
800
  
5.000%, 5/01/42
5/22 at 100.00
  
AA–
  
871,680
  
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
25
  
5.375%, 6/01/24
6/17 at 100.00
  
B–
  
22,725
  
 
6,045
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
5,429,498
  
 
710
  
5.875%, 6/01/30
6/17 at 100.00
  
B–
  
634,868
  
 
13,445
  
5.750%, 6/01/34
6/17 at 100.00
  
B–
  
11,786,156
  
 
1,485
  
5.875%, 6/01/47
6/17 at 100.00
  
B
  
1,283,589
  
 
6,205
  
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
  
AA
  
6,657,345
  
 
5,975
  
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
6/23 at 100.00
  
Baa2
  
6,345,928
  
 
1,465
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
  
Aa2
  
1,580,325
  
 
7,775
  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
  
A+
  
7,847,152
  
 
4,605
  
Hamilton County, Ohio, Sales Tax Revenue Bonds, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
  
A+
  
4,647,734
  

Nuveen Investments
  
79
 
NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Ohio (continued)
            
$
6,920
  
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
  
AA
$
7,646,738
  
 
6,000
  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
  
A2
  
7,374,840
  
 
11,000
  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49
11/24 at 100.00
  
AA+
  
12,409,100
  
 
5,000
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
  
A+
  
5,433,150
  
 
3,960
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
  
A+
  
3,357,961
  
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
            
 
135
  
5.750%, 12/01/32
12/22 at 100.00
  
BB
  
144,924
  
 
130
  
6.000%, 12/01/42
12/22 at 100.00
  
BB
  
140,323
  
 
4,190
  
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
No Opt. Call
  
AA
  
5,187,597
  
 
3,670
  
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45
3/25 at 100.00
  
N/R
  
3,690,479
  
 
91,370
  
Total Ohio
        
94,434,574
  
     
Oregon – 0.2% (0.2% of Total Investments)
            
 
1,500
  
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
No Opt. Call
  
AA–
  
1,688,745
  
 
1,000
  
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
8/22 at 100.00
  
AA–
  
1,109,770
  
 
2,500
  
Total Oregon
        
2,798,515
  
     
Pennsylvania – 7.0% (4.8% of Total Investments)
            
 
3,545
  
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
  
AA–
  
3,559,180
  
 
7,000
  
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
  
AA
  
7,633,710
  
 
4,000
  
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured (UB)
6/16 at 100.00
  
AA (4)
  
4,110,680
  
 
2,150
  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
  
A
  
2,315,228
  
 
4,235
  
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
8/16 at 100.00
  
A+ (4)
  
4,385,258
  
 
3,500
  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
  
AA
  
3,898,615
  
 
4,000
  
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured
12/21 at 100.00
  
A1
  
4,176,600
  
 
4,585
  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
  
A
  
5,124,700
  
 
1,045
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (UB) (5)
8/20 at 100.00
  
AA
  
1,234,981
  
 
5,000
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
1/25 at 100.00
  
Baa2
  
5,340,050
  
 
5,235
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
1/16 at 100.00
  
AA–
  
5,254,579
  
 
7,275
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
  
AA
  
7,479,428
  
 
2,100
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 (Pre-refunded 6/01/16) – AMBAC Insured
6/16 at 100.00
  
A1 (4)
  
2,158,758
  

80
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Pennsylvania (continued)
            
$
3,500
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
  
AA
$
4,200,385
  
 
2,985
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)
5/20 at 100.00
  
N/R (4)
  
3,483,913
  
 
505
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
  
BBB–
  
541,895
  
 
1,425
  
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
  
A+
  
1,695,707
  
 
3,310
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
No Opt. Call
  
A1 (4)
  
4,151,601
  
 
3,415
  
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
8/20 at 100.00
  
AA
  
3,852,530
  
 
3,785
  
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 (Pre-refunded 1/15/16) – AGM Insured
1/16 at 100.00
  
AA (4)
  
3,823,493
  
 
1,125
  
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
  
AA
  
1,270,159
  
 
1,930
  
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
  
Baa3
  
1,893,214
  
 
75,650
  
Total Pennsylvania
        
81,584,664
  
     
Puerto Rico – 0.6% (0.4% of Total Investments)
            
 
5,880
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
8/20 at 100.00
  
AA
  
5,391,842
  
 
1,190
  
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured (ETM)
No Opt. Call
  
A3 (4)
  
1,287,640
  
 
7,070
  
Total Puerto Rico
        
6,679,482
  
     
Rhode Island – 0.9% (0.6% of Total Investments)
            
 
9,500
  
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Refunding Series 2007, 5.000%, 9/01/37
9/17 at 100.00
  
AA+
  
10,160,630
  
     
South Carolina – 2.7% (1.9% of Total Investments)
            
 
8,000
  
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
  
AA
  
8,382,240
  
 
1,955
  
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
12/16 at 100.00
  
AA (4)
  
2,053,532
  
 
900
  
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
2/23 at 100.00
  
A
  
958,590
  
 
375
  
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
  
AA
  
448,673
  
 
9,900
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
  
AA–
  
10,793,673
  
 
3,475
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
  
AA–
  
3,831,605
  
 
4,500
  
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
  
A+
  
4,962,285
  
 
29,105
  
Total South Carolina
        
31,430,598
  
     
South Dakota – 0.8% (0.6% of Total Investments)
            
 
8,800
  
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, Series 2014, 5.000%, 7/01/44
7/24 at 100.00
  
AA–
  
9,685,984
  

Nuveen Investments
  
81

NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tennessee – 0.9% (0.6% of Total Investments)
            
$
3,000
  
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans,
12/15 at 100.00
  
AA+ (4)
$
3,012,030
  
     
Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 (Pre-refunded 12/21/15) – AMBAC Insured
            
 
6,285
  
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
6,882,892
  
 
1,000
  
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/40
9/22 at 100.00
  
AA
  
1,041,870
  
 
10,285
  
Total Tennessee
        
10,936,792
  
     
Texas – 10.8% (7.4% of Total Investments)
            
 
3,035
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
  
AA
  
3,359,624
  
 
365
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
  
BBB+
  
389,765
  
 
1,700
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
  
BBB+
  
1,954,762
  
     
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
            
 
1,925
  
4.350%, 12/01/42
12/22 at 100.00
  
BBB–
  
1,827,961
  
 
1,000
  
4.400%, 12/01/47
12/22 at 100.00
  
BBB–
  
937,930
  
 
10,000
  
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
10/17 at 100.00
  
AAA
  
10,500,000
  
 
1,500
  
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33
8/20 at 100.00
  
A+
  
1,644,600
  
 
2,735
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 18.010%, 4/01/53 (IF)
10/23 at 100.00
  
AA+
  
3,734,096
  
 
5,625
  
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
  
AA–
  
5,752,238
  
 
4,040
  
Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Option Bond Trust 3028, 14.311%, 8/15/28 – AGM Insured (IF)
No Opt. Call
  
AAA
  
7,355,588
  
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:
            
 
615
  
0.000%, 11/15/41 – AGM Insured
11/31 at 62.66
  
AA
  
187,200
  
 
1,230
  
0.000%, 11/15/42 – AGM Insured
11/31 at 59.73
  
AA
  
355,384
  
 
1,525
  
0.000%, 11/15/43 – AGM Insured
11/31 at 56.93
  
AA
  
420,870
  
 
3,870
  
0.000%, 11/15/44 – AGM Insured
11/31 at 54.25
  
AA
  
1,007,168
  
 
5,380
  
0.000%, 11/15/45 – AGM Insured
11/31 at 51.48
  
AA
  
1,329,129
  
 
990
  
Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
  
AA
  
1,171,457
  
 
460
  
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
7/24 at 100.00
  
BB–
  
492,352
  
 
4,550
  
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
7/22 at 100.00
  
A
  
5,104,964
  
 
2,870
  
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
8/21 at 100.00
  
A
  
3,056,550
  
 
2,340
  
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured
3/21 at 100.00
  
AA
  
2,587,315
  
 
3,305
  
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45
5/25 at 100.00
  
A+
  
3,644,919
  
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
            
 
1,780
  
5.750%, 12/01/33
12/25 at 100.00
  
Baa2
  
1,970,140
  
 
1,800
  
6.125%, 12/01/38
12/25 at 100.00
  
Baa2
  
1,995,678
  

82
  
Nuveen Investments
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas (continued)
            
$
4,290
  
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
12/21 at 100.00
  
AA
$
4,713,766
  
 
12,205
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45
1/25 at 100.00
  
A1
  
13,488,600
  
 
1,860
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/35
1/25 at 100.00
  
A2
  
2,077,136
  
 
2,410
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
11/21 at 100.00
  
AA–
  
2,719,926
  
 
3,480
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43
9/23 at 100.00
  
A
  
3,836,596
  
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
            
 
2,200
  
5.000%, 12/15/30
No Opt. Call
  
A3
  
2,410,782
  
 
740
  
5.000%, 12/15/32
No Opt. Call
  
A3
  
811,388
  
 
4,000
  
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
No Opt. Call
  
AAA
  
4,503,680
  
 
2,855
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
  
A–
  
3,106,326
  
 
4,265
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
  
A–
  
4,701,224
  
 
21,275
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
  
BBB+
  
22,952,108
  
 
122,220
  
Total Texas
        
126,101,222
  
     
Utah – 1.6% (1.1% of Total Investments)
            
 
5,760
  
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
3/20 at 100.00
  
AA
  
6,428,102
  
 
2,830
  
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
  
A+
  
3,096,473
  
 
4,255
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18)
6/18 at 100.00
  
AAA
  
4,748,665
  
 
4,250
  
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured
6/18 at 100.00
  
AAA
  
4,715,503
  
 
17,095
  
Total Utah
        
18,988,743
  
     
Vermont – 1.5% (1.0% of Total Investments)
            
 
5,000
  
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
10/17 at 100.00
  
AA
  
5,336,200
  
     
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2015:
            
 
1,000
  
4.000%, 10/01/40
10/25 at 100.00
  
Aa3
  
1,009,350
  
 
10,000
  
5.000%, 10/01/45
10/25 at 100.00
  
Aa3
  
11,158,900
  
 
16,000
  
Total Vermont
        
17,504,450
  
     
Virginia – 0.0% (0.0% of Total Investments)
            
 
430
  
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
7/28 at 100.00
  
BBB
  
309,376
  
 
245
  
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
7/20 at 100.00
  
AA
  
267,307
  
 
5
  
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
7/20 at 100.00
  
AA (4)
  
5,864
  
 
680
  
Total Virginia
        
582,547
  
     
Washington – 4.5% (3.1% of Total Investments)
            
 
5,000
  
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
  
AA+
  
5,463,950
  

Nuveen Investments
  
83
 
NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Washington (continued)
            
$
5,000
  
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.663%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
  
AA+
$
5,715,500
  
 
3,000
  
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
  
AA+ (4)
  
3,222,300
  
 
3,000
  
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40
10/24 at 100.00
  
A+
  
3,337,260
  
 
1,560
  
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
  
A+
  
1,794,390
  
 
1,250
  
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 11.513%, 6/01/31 (Pre-refunded 6/01/17) – AMBAC Insured (IF)
6/17 at 100.00
  
Aaa
  
1,605,000
  
 
4,900
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
  
A
  
5,440,813
  
 
10,000
  
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 4.250%, 10/01/40
10/22 at 100.00
  
AA
  
10,204,100
  
 
1,250
  
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
  
Aa2
  
1,407,625
  
 
3,290
  
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
  
Aa2
  
3,584,521
  
 
10,855
  
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
  
AA+
  
10,277,731
  
 
49,105
  
Total Washington
        
52,053,190
  
     
West Virginia – 1.9% (1.3% of Total Investments)
            
 
16,845
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
  
A
  
19,042,093
  
 
3,000
  
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured
No Opt. Call
  
N/R
  
3,421,769
  
 
19,845
  
Total West Virginia
        
22,463,862
  
     
Wisconsin – 2.5% (1.7% of Total Investments)
            
 
4,100
  
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding 2013A, 5.000%, 4/01/38Series
4/23 at 100.00
  
Aa3
  
4,560,962
  
 
1,015
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
  
AA–
  
1,105,212
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
  
A+
  
1,120,759
  
 
4,360
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
  
A2
  
4,695,065
  
 
1,885
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
  
Aa3
  
2,075,836
  
 
2,650
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
8/22 at 100.00
  
AA
  
2,915,211
  
 
7,420
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
5/19 at 100.00
  
AA–
  
8,508,736
  
 
3,775
  
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 (Pre-refunded 5/01/16) – FGIC Insured
5/16 at 100.00
  
AA (4)
  
3,859,031
  
 
26,205
  
Total Wisconsin
        
28,840,812
  
     
Wyoming – 1.2% (0.8% of Total Investments)
            
 
9,625
  
Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37
9/23 at 100.00
  
BBB–
  
10,150,524
  

84
  
Nuveen Investments
 
 
Principal
      
Optional Call
          
 
Amount (000)
  
Description (1)
  
Provisions (2)
  
Ratings (3)
  
Value
  
     
Wyoming (continued)
              
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John's Medical Center Project, Series 2011B:
              
$
2,000
  
5.500%, 12/01/27
  
12/21 at 100.00
  
BBB+
$
2,254,839
  
 
1,000
  
6.000%, 12/01/36
  
12/21 at 100.00
  
BBB+
  
1,134,469
  
 
12,625
  
Total Wyoming
          
13,539,832
  
$
1,673,360
  
Total Municipal Bonds (cost $1,564,042,737)
          
1,684,201,745
  
                     
 
Principal
                  
 
Amount (000)
  
Description (1)
Coupon
Maturity
  
Ratings (3)
  
Value
  
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
              
     
Transportation – 0.0% (0.0% of Total Investments)
              
$
213
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
  
N/R
$
10,635
  
 
56
  
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
  
N/R
  
2,263
  
$
269
  
Total Corporate Bonds (cost $24,141)
          
12,898
  
     
Total Long-Term Investments (cost $1,564,066,878)
          
1,684,214,643
  
                     
 
Principal
      
Optional Call
          
 
Amount (000)
  
Description (1)
  
Provisions (2)
  
Ratings (3)
  
Value
  
     
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
              
     
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
              
     
California – 1.2% (0.8% of Total Investments)
              
$
11,110
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 12/15/15 (6)
  
No Opt. Call
  
N/R
$
11,140,441
  
 
1,075
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 12/15/15 (6)
  
No Opt. Call
  
N/R
  
1,077,946
  
 
1,645
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 12/15/15 (6)
  
No Opt. Call
  
N/R
  
1,649,507
  
$
13,830
  
Total Short-Term Investments (cost $13,830,000)
          
13,867,894
  
     
Total Investments (cost $1,577,896,878) – 145.3%
          
1,698,082,537
  
     
Floating Rate Obligations – (5.2)%
          
(60,325,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (12.9)% (8)
          
(151,000,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation
Value – (29.9)% (9)
          
(349,900,000
)
     
Other Assets Less Liabilities – 2.7% (10)
          
31,989,372
  
     
Net Assets Applicable to Common Shares – 100%
        
$
1,168,846,909
  

Nuveen Investments
  
85

NEA
Nuveen AMT-Free Municipal Income Fund
  
 
Portfolio of Investments (continued)
October 31, 2015
Investments in Derivatives as of October 31, 2015
Interest Rate Swaps outstanding:
                           
     
  Fund
        
Fixed Rate
       
Unrealized
  
   
Notional
Pay/Receive
Floating Rate
  
Fixed Rate
  
Payment
Effective
Termination
  
Appreciation
  
Counterparty
  
Amount
Floating Rate
Index
  
(Annualized)
  
Frequency
Date (11)
Date
  
(Depreciation)
  
JPMorgan
  
$
164,600,000
Receive
Weekly USD-SIFMA
  
2.030
%
Quarterly
3/17/16
3/17/26
  
$
(6,856,632
)

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund's custodian is not accruing income on the Fund's records for either senior interest corporate bond.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 8.9%.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 20.6%.
(10)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)
Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
USD-SIFMA
United States Dollar Securities Industry and Financial Market Association
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.

86
  
Nuveen Investments

Statement of
    
 
Assets and Liabilities
October 31, 2015

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Assets
                          
Long-term investments, at value (cost $770,979,480, $2,070,420,894, $566,831,430 and $1,564,066,878 respectively)
  
$
832,458,884
  
$
2,221,311,962
  
$
618,569,067
  
$
1,684,214,643
  
Short-term investments, at value (cost $—, $—, $— and $13,830,000, respectively)
    
—
    
—
    
—
    
13,867,894
  
Cash
    
296,912
    
10,973,813
    
5,916,532
    
15,114,845
  
Cash collateral at brokers(1)
    
—
    
4,227,319
    
—
    
—
  
Receivable for:
                          
Dividends and interest
    
11,924,179
    
30,056,877
    
8,229,629
    
22,771,168
  
Investments sold
    
6,945,000
    
3,182,969
    
504,619
    
6,855,000
  
Deferred offering costs
    
16,776
    
2,790,730
    
557,573
    
2,837,785
  
Other assets
    
128,764
    
763,500
    
89,423
    
494,880
  
Total assets
    
851,770,515
    
2,273,307,170
    
633,866,843
    
1,746,156,215
  
Liabilities
                          
Floating rate obligations
    
30,085,000
    
106,178,333
    
22,313,334
    
60,325,000
  
Unrealized depreciation on interest rate swaps
    
—
    
—
    
1,658,968
    
6,856,632
  
Payable for:
                          
Dividends
    
1,987,565
    
6,429,512
    
1,657,554
    
4,733,335
  
Interest
    
193,308
    
—
    
—
    
122,884
  
Investments purchased
    
520,000
    
4,609,284
    
1,283,046
    
3,051,539
  
Offering costs
    
63,885
    
—
    
—
    
—
  
Variation margin on swap contracts
    
—
    
279,082
    
—
    
—
  
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation value
    
240,400,000
    
—
    
—
    
151,000,000
  
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value
    
—
    
667,200,000
    
179,000,000
    
349,900,000
  
Accrued expenses:
                          
Management fees
    
429,534
    
1,110,043
    
322,948
    
873,376
  
Directors/Trustees fees
    
131,340
    
346,215
    
89,953
    
241,201
  
Other
    
477,099
    
1,344,273
    
436,966
    
205,339
  
Total liabilities
    
274,287,731
    
787,496,742
    
206,762,769
    
577,309,306
  
Net assets applicable to common shares
  
$
577,482,784
  
$
1,485,810,428
  
$
427,104,074
  
$
1,168,846,909
  
Common shares outstanding
    
38,406,871
    
95,610,971
    
26,646,630
    
78,883,061
  
Net asset value ("NAV") per common share outstanding
  
$
15.04
  
$
15.54
  
$
16.03
  
$
14.82
  
Net assets applicable to common shares consist of:
                          
Common shares, $0.01 par value per share
  
$
384,069
  
$
956,110
  
$
266,466
  
$
788,831
  
Paid-in surplus
    
534,261,975
    
1,328,434,454
    
372,713,457
    
1,072,511,115
  
Undistributed (Over-distribution of) net investment income
    
2,468,542
    
10,240,229
    
3,756,463
    
1,728,735
  
Accumulated net realized gain (loss)
    
(21,111,206
)
  
(2,381,226
)
  
289,019
    
(19,510,799
)
Net unrealized appreciation (depreciation)
    
61,479,404
    
148,560,861
    
50,078,669
    
113,329,027
  
Net assets applicable to common shares
  
$
577,482,784
  
$
1,485,810,428
  
$
427,104,074
  
$
1,168,846,909
  
Authorized shares:
                          
Common
    
200,000,000
    
200,000,000
    
Unlimited
    
Unlimited
  
Preferred
    
1,000,000
    
1,000,000
    
Unlimited
    
Unlimited
  

(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
See accompanying notes to financial statements.
 
Nuveen Investments
  
87

Statement of
    
 
Operations
Year Ended October 31, 2015

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Investment Income
  
$
36,771,942
  
$
100,462,689
  
$
27,107,900
  
$
77,960,314
  
Expenses
                          
Management fees
    
5,058,097
    
13,119,664
    
3,816,323
    
10,341,162
  
Interest expense and amortization of offering costs
    
2,919,061
    
1,495,597
    
1,987,375
    
2,403,081
  
Liquidity fees
    
—
    
5,167,360
    
—
    
3,142,083
  
Remarketing fees
    
—
    
676,468
    
—
    
354,762
  
Custodian fees
    
104,581
    
252,584
    
84,991
    
207,670
  
Directors/Trustees fees
    
23,369
    
61,577
    
17,231
    
45,388
  
Professional fees
    
57,419
    
124,801
    
39,681
    
266,904
  
Shareholder reporting expenses
    
58,669
    
151,888
    
37,529
    
129,087
  
Shareholder servicing agent fees
    
64,155
    
83,612
    
15,107
    
59,218
  
Stock exchange listing fees
    
12,286
    
30,560
    
5,393
    
22,244
  
Investor relations expenses
    
48,912
    
115,532
    
32,236
    
89,496
  
Reorganization expenses
    
370,000
    
1,060,000
    
365,000
    
—
  
Other
    
43,910
    
93,004
    
50,656
    
121,238
  
Total expenses
    
8,760,459
    
22,432,647
    
6,451,522
    
17,182,333
  
Net investment income (loss)
    
28,011,483
    
78,030,042
    
20,656,378
    
60,777,981
  
Realized and Unrealized Gain (Loss)
                          
Net realized gain (loss) from:
                          
Investments
    
2,146,812
    
12,595,578
    
6,633,628
    
362,768
  
Swaps
    
—
    
(3,826
)
  
—
    
(13,704,565
)
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
(6,531,355
)
  
(24,074,588
)
  
(8,657,320
)
  
(11,167,229
)
Swaps
    
—
    
(2,330,207
)
  
(1,658,968
)
  
2,465,401
  
Net realized and unrealized gain (loss)
    
(4,384,543
)
  
(13,813,043
)
  
(3,682,660
)
  
(22,043,625
)
Net increase (decrease) in net assets applicable to common shares from operations
  
$
23,626,940
  
$
64,216,999
  
$
16,973,718
  
$
38,734,356
  
See accompanying notes to financial statements.

88
  
Nuveen Investments

Statement of
  
 
Changes in Net Assets

   
Quality (NQI)
  
Opportunity (NIO)
  
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Operations
                          
Net investment income (loss)
  
$
28,011,483
  
$
26,336,650
  
$
78,030,042
  
$
82,160,041
  
Net realized gain (loss) from:
                          
Investments
    
2,146,812
    
509,133
    
12,595,578
    
(604,709
)
Swaps
    
—
    
—
    
(3,826
)
  
—
  
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
(6,531,355
)
  
51,548,784
    
(24,074,588
)
  
125,517,537
  
Swaps
    
—
    
—
    
(2,330,207
)
  
—
  
Net increase (decrease) in net assets applicable to common shares from operations
    
23,626,940
    
78,394,567
    
64,216,999
    
207,072,869
  
Distributions to Common Shareholders
                          
From net investment income
    
(25,747,580
)
  
(27,463,150
)
  
(83,917,754
)
  
(84,214,149
)
From accumulated net realized gains
    
—
    
—
    
—
    
—
  
Decrease in net assets applicable to common shares from distributions to common shareholders
    
(25,747,580
)
  
(27,463,150
)
  
(83,917,754
)
  
(84,214,149
)
Capital Share Transactions
                          
Common shares:
                          
Cost of shares repurchased through tender offer
    
—
    
—
    
—
    
—
  
Cost of shares repurchased and retired
    
(385,585
)
  
(324,783
)
  
—
    
—
  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    
(385,585
)
  
(324,783
)
  
—
    
—
  
Net increase (decrease) in net assets applicable to common shares
    
(2,506,225
)
  
50,606,634
    
(19,700,755
)
  
122,858,720
  
Net assets applicable to common shares at the beginning of period
    
579,989,009
    
529,382,375
    
1,505,511,183
    
1,382,652,463
  
Net assets applicable to common shares at the end of period
  
$
577,482,784
  
$
579,989,009
  
$
1,485,810,428
  
$
1,505,511,183
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
2,468,542
  
$
119,464
  
$
10,240,229
  
$
15,522,291
  
See accompanying notes to financial statements.

Nuveen Investments
  
89

Statement of Changes in Net Assets (continued)

   
Dividend
  
AMT-Free
  
   
Advantage (NVG)
  
Income (NEA)
  
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Operations
                          
Net investment income (loss)
  
$
20,656,378
  
$
20,504,652
  
$
60,777,981
  
$
62,008,827
  
Net realized gain (loss) from:
                          
Investments
    
6,633,628
    
2,825,765
    
362,768
    
3,166,646
  
Swaps
    
—
    
—
    
(13,704,565
)
  
—
  
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
(8,657,320
)
  
45,239,777
    
(11,167,229
)
  
118,774,122
  
Swaps
    
(1,658,968
)
  
—
    
2,465,401
    
(9,322,033
)
Net increase (decrease) in net assets applicable to common shares from operations
    
16,973,718
    
68,570,194
    
38,734,356
    
174,627,562
  
Distributions to Common Shareholders
                          
From net investment income
    
(20,000,124
)
  
(20,605,194
)
  
(62,996,011
)
  
(64,857,651
)
From accumulated net realized gains
    
(2,719,741
)
  
(1,997,851
)
  
—
    
—
  
Decrease in net assets applicable to common shares from distributions to common shareholders
    
(22,719,865
)
  
(22,603,045
)
  
(62,996,011
)
  
(64,857,651
)
Capital Share Transactions
                          
Common shares:
                          
Cost of shares repurchased through tender offer
    
—
    
(46,331,163
)
  
—
    
—
  
Cost of shares repurchased and retired
    
(241,290
)
  
(1,395,053
)
  
—
    
—
  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    
(241,290
)
  
(47,726,216
)
  
—
    
—
  
Net increase (decrease) in net assets applicable to common shares
    
(5,987,437
)
  
(1,759,067
)
  
(24,261,655
)
  
109,769,911
  
Net assets applicable to common shares at the beginning of period
    
433,091,511
    
434,850,578
    
1,193,108,564
    
1,083,338,653
  
Net assets applicable to common shares at the end of year period
  
$
427,104,074
  
$
433,091,511
  
$
1,168,846,909
  
$
1,193,108,564
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
3,756,463
  
$
2,771,323
  
$
1,728,735
  
$
4,311,899
  
See accompanying notes to financial statements.
 
90
  
Nuveen Investments

Statement of
    
 
Cash Flows
Year Ended October 31, 2015

               
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Cash Flows from Operating Activities:
                          
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  
$
23,626,940
  
$
64,216,999
  
$
16,973,718
  
$
38,734,356
  
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
    
(172,229,203
)
  
(687,864,548
)
  
(172,898,934
)
  
(304,291,284
)
Proceeds from sales and maturities of investments
    
173,472,832
    
689,716,290
    
160,609,437
    
305,898,592
  
Proceeds from (Purchases of) short-term investments, net
    
—
    
—
    
—
    
7,005,000
  
Proceeds from (Payments for) swap contracts, net
    
—
    
(3,826
)
  
—
    
(13,704,565
)
Investment transactions adjustment, net
    
(85,974
)
  
(292,047
)
  
(15,366
)
  
(476,664
)
Taxes paid on undistributed capital gains
    
—
    
(231
)
  
(127,088
)
  
(202
)
Amortization (Accretion) of premiums and discounts, net
    
708,349
    
1,360,705
    
304,794
    
(889,726
)
Amortization of deferred offering costs
    
21,910
    
111,165
    
19,841
    
172,793
  
(Increase) Decrease in:
                          
Cash collateral at brokers
    
—
    
(4,227,319
)
  
—
    
—
  
Receivable for dividends and interest
    
186,188
    
1,670,925
    
(85,778
)
  
1,054,587
  
Receivable for investments sold
    
(2,060,000
)
  
22,617,588
    
495,381
    
43,616,852
  
Other assets
    
(23,190
)
  
(62,358
)
  
(17,354
)
  
(34,763
)
Increase (Decrease) in:
                          
Payable for interest
    
(49,331
)
  
—
    
—
    
(1,262
)
Payable for investments purchased
    
(7,688,590
)
  
(26,635,380
)
  
(936,954
)
  
(31,361,566
)
Payable for variation margin on swap contracts
    
—
    
279,082
    
—
    
—
  
Accrued management fees
    
(2,725
)
  
(12,269
)
  
(4,112
)
  
(13,150
)
Accrued Directors/Trustees fees
    
23,880
    
63,604
    
10,300
    
41,869
  
Accrued other expenses
    
318,860
    
919,999
    
243,967
    
(103,848
)
Net realized (gain) loss from:
                          
Investments
    
(2,146,812
)
  
(12,595,578
)
  
(6,633,628
)
  
(362,768
)
Swaps
    
—
    
3,826
    
—
    
13,704,565
  
Change in net unrealized (appreciation) depreciation of:
                          
Investments
    
6,531,355
    
24,074,588
    
8,657,320
    
11,167,229
  
Swaps(1)
    
—
    
—
    
1,658,968
    
(2,465,401
)
Net cash provided by (used in) operating activities
    
20,604,489
    
73,341,215
    
8,254,512
    
67,690,644
  
Cash Flows from Financing Activities:
                          
Increase (Decrease) in:
                          
Floating rate obligations
    
335,000
    
13,980,000
    
7,860,000
    
2,830,000
  
Payable for offering costs
    
11,469
    
—
    
—
    
—
  
Cash distributions paid to common shareholders
    
(25,661,442
)
  
(83,882,157
)
  
(22,665,472
)
  
(63,438,584
)
Cost of common shares repurchased and retired
    
(385,585
)
  
—
    
(241,290
)
  
—
  
Net cash provided by (used in) financing activities
    
(25,700,558
)
  
(69,902,157
)
  
(15,046,762
)
  
(60,608,584
)
Net Increase (Decrease) in Cash
    
(5,096,069
)
  
3,439,058
    
(6,792,250
)
  
7,082,060
  
Cash at the beginning of period
    
5,392,981
    
7,534,755
    
12,708,782
    
8,032,785
  
Cash at the end of period
  
$
296,912
  
$
10,973,813
  
$
5,916,532
  
$
15,114,845
  
                           
                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
Supplemental Disclosure of Cash Flow Information
    
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
  
$
2,806,482
  
$
1,384,433
  
$
1,967,534
  
$
2,231,550
  

(1)
Excluding exchange-cleared swaps.
See accompanying notes to financial statements.
 
Nuveen Investments
  
91

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

       
Investment Operations
  
Less Distributions to
Common Shareholders
  
Common Share
  
   
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  
Distributions
from Net
Investment
Income to
ARPS
Shareholders
 (a)
Distributions
from
Accumu-
lated Net
Realized
Gains to
ARPS
Shareholders
 (a)
Total
  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  
Total
  
Discount
Per
Share
Repurchased
and
Retired
  
Ending
NAV
  
Ending
Share
Price
  
Quality (NQI)
Year Ended 10/31:
                                                                          
2015
  
$
15.09
  
$
0.73
  
$
(0.11
)
$
—
  
$
—
  
$
0.62
  
$
(0.67
)
$
—
  
$
(0.67
)
$
—
 * 
$
15.04
  
$
13.26
  
2014
    
13.76
    
0.68
    
1.36
    
—
    
—
    
2.04
    
(0.71
)
  
—
    
(0.71
)
  
—
 *   
15.09
    
13.17
  
2013
    
15.49
    
0.72
    
(1.61
)
  
—
    
—
    
(0.89
)
  
(0.84
)
  
—
    
(0.84
)
  
—
    
13.76
    
12.26
  
2012
    
14.17
    
0.84
    
1.38
    
—
    
—
    
2.22
    
(0.90
)
  
—
    
(0.90
)
  
—
    
15.49
    
15.49
  
2011
    
14.26
    
0.87
    
(0.08
)
  
(0.01
)
  
—
    
0.78
    
(0.87
)
  
—
    
(0.87
)
  
—
    
14.17
    
14.11
  
                                                                           
Opportunity (NIO)
Year Ended 10/31:
                                                                          
2015
    
15.75
    
0.82
    
(0.15
)
  
—
    
—
    
0.67
    
(0.88
)
  
—
    
(0.88
)
  
—
    
15.54
    
14.24
  
2014
    
14.46
    
0.86
    
1.31
    
—
    
—
    
2.17
    
(0.88
)
  
—
    
(0.88
)
  
—
    
15.75
    
14.58
  
2013
    
15.97
    
0.85
    
(1.48
)
  
—
    
—
    
(0.63
)
  
(0.88
)
  
—
    
(0.88
)
  
—
    
14.46
    
12.99
  
2012
    
14.69
    
0.84
    
1.32
    
—
    
—
    
2.16
    
(0.88
)
  
—
 *   
(0.88
)
  
—
    
15.97
    
15.53
  
2011
    
14.92
    
0.88
    
(0.23
)
  
(0.01
)
  
—
    
0.64
    
(0.87
)
  
—
    
(0.87
)
  
—
    
14.69
    
14.20
  

(a)
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price 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.

92
  
Nuveen Investments
 
                 
Common Share Supplemental Data/Ratios Applicable to Common Shares
     
Common Share
Total Returns
        
Ratios to Average Net Assets(c)
        
                                       
           
Based
                          
     
Based
    
on
    
Ending
          
Net
    
Portfolio
  
     
on
    
Share
    
Net
          
Investment
    
Turnover
  
     
NAV
(b)
  
Price
(b)
  
Assets (000)
 
  
Expenses
(d)
  
Income (Loss)
 
  
Rate
(e)
                                       
                                       
     
4.20
%
  
5.93
%
$
577,483
    
1.52
%
  
4.85
%
  
20
%
     
15.22
    
13.57
    
579,989
    
1.54
    
4.76
    
14
  
     
(5.93
)
  
(15.89
)
  
529,382
    
1.67
    
4.88
    
15
  
     
16.06
    
16.65
    
595,740
    
1.69
    
5.55
    
23
  
     
5.98
    
4.65
    
544,500
    
1.66
    
6.43
    
18
  
                                       
                                       
     
4.41
    
3.83
    
1,485,810
    
1.50
    
5.22
    
31
  
     
15.37
    
19.58
    
1,505,511
    
1.49
    
5.71
    
15
  
     
(4.10
)
  
(11.09
)
  
1,382,652
    
1.50
    
5.54
    
15
  
     
15.03
    
15.92
    
1,526,792
    
1.54
    
5.45
    
18
  
     
4.73
    
2.08
    
1,404,814
    
1.63
    
6.28
    
10
  

(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Quality (NQI)
    
Year Ended 10/31:
    
2015
0.51
 % 
2014
0.56
  
2013
0.71
  
2012
0.70
  
2011
0.57
  
     
Opportunity (NIO)
    
Year Ended 10/31:
    
2015
0.49
 % 
2014
0.52
  
2013
0.55
  
2012
0.57
  
2011
0.59
  

(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
See accompanying notes to financial statements.
 
Nuveen Investments
  
93

Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
                                                                                 
       
Investment Operations
  
Less Distributions to
Common Shareholders
  
Common Share
   
Beginning
Common Share
NAV
  
Net
Investment Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  
Distributions
from Net
Investment
Income to
ARPS
Shareholders
 (a)
Distributions
from
Accumu-
lated Net
Realized
Gains to
ARPS
Shareholders
 (a) 
Total
  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  
Total
  
Discount
Per
Share Repurchased
and
Retired
  
Discount
Per
Share
Repurchased through
Tender
Offer
  
Ending
NAV
  
Ending
Share
Price
  
Dividend Advantage (NVG)
Year Ended 10/31:
2015
  
$
16.24
  
$
0.77
  
$
(0.13
)
$
—
  
$
—
  
$
0.64
  
$
(0.75
)
$
(0.10
)
$
(0.85
)
$
—
 * 
$
—
  
$
16.03
  
$
14.05
  
2014
    
14.62
    
0.71
    
1.72
    
—
    
—
    
2.43
    
(0.70
)
  
(0.07
)
  
(0.77
)
  
(0.01
)
  
(0.03
)
  
16.24
    
14.14
  
2013
    
16.33
    
0.60
    
(1.46
)
  
—
    
—
    
(0.86
)
  
(0.74
)
  
(0.11
)
  
(0.85
)
  
—
 *   
—
    
14.62
    
12.75
  
2012
    
15.03
    
0.82
    
1.42
    
—
    
—
    
2.24
    
(0.90
)
  
(0.04
)
  
(0.94
)
  
—
    
—
    
16.33
    
15.82
  
2011
    
15.20
    
0.91
    
(0.22
)
  
(0.01
)
  
—
    
0.68
    
(0.85
)
  
—
 *   
(0.85
)
  
—
    
—
    
15.03
    
14.32
  
 
AMT-Free Income (NEA)
Year Ended 10/31:
2015
    
15.13
    
0.77
    
(0.28
)
  
—
    
—
    
0.49
    
(0.80
)
  
—
    
(0.80
)
  
—
    
—
    
14.82
    
13.26
  
2014
    
13.73
    
0.79
    
1.43
    
—
    
—
    
2.22
    
(0.82
)
  
—
    
(0.82
)
  
—
    
—
    
15.13
    
13.75
  
2013
    
15.49
    
0.72
    
(1.66
)
  
—
    
—
    
(0.94
)
  
(0.82
)
  
—
    
(0.82
)
  
—
    
—
    
13.73
    
12.37
  
2012
    
14.70
    
0.78
    
0.85
    
—
    
—
    
1.63
    
(0.84
)
  
—
    
(0.84
)
  
—
    
—
    
15.49
    
15.80
  
2011
    
14.98
    
0.84
    
(0.29
)
  
(0.01
)
  
—
    
0.54
    
(0.82
)
  
—
    
(0.82
)
  
—
    
—
    
14.70
    
13.85
  

(a)
The amounts shown for ARPS are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price 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.

94
  
Nuveen Investments

                 
Common Share Supplemental Data/Ratios Applicable to Common Shares
     
Common Share
Total Returns
        
Ratios to Average Net Assets
Before Reimbursement(c)
  
Ratios to Average Net Assets
After Reimbursement(c)(d)
        
           
Based
                                      
     
Based
    
on
    
Ending
          
Net
          
Net
    
Portfolio
  
     
on
    
Share
    
Net
          
Investment
          
Investment
    
Turnover
  
     
NAV
(b)
  
Price
(b)
  
Assets (000
)
  
Expenses
(e)
  
Income (Loss
)
  
Expenses
(e)
  
Income (Loss
)
  
Rate
(f)
                                                   
                                                   
     
4.04
%
  
5.53
%
$
427,104
    
1.50
%
  
4.81
%
  
N/A
    
N/A
    
26
%
     
16.78
    
17.35
    
433,092
    
1.75
    
4.56
    
N/A
    
N/A
    
13
  
     
(5.46
)
  
(14.46
)
  
434,851
    
2.03
    
3.87
    
N/A
    
N/A
    
32
  
     
15.30
    
17.44
    
486,750
    
2.08
    
5.17
    
2.05
%
  
5.20
%
  
29
  
     
4.83
    
2.89
    
448,070
    
1.95
    
6.12
    
1.84
    
6.23
    
7
  
                                                   
                                                   
     
3.38
    
2.30
    
1,168,847
    
1.46
    
5.16
    
N/A
    
N/A
    
18
  
     
16.58
    
18.31
    
1,193,109
    
1.60
    
5.48
    
N/A
    
N/A
    
13
  
     
(6.25
)
  
(16.89
)
  
1,083,339
    
1.97
    
5.14
    
N/A
    
N/A
    
26
  
     
11.32
    
20.64
    
344,487
    
2.13
    
5.13
    
N/A
    
N/A
    
26
  
     
3.92
    
(1.60
)
  
326,909
    
2.02
    
5.86
    
2.01
    
5.87
    
2
  

(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2012 and November 30, 2010, the Adviser is no longer reimbursing Dividend Advantage (NVG) and ATM-Free Income (NEA), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Dividend Advantage (NVG)
    
Year Ended 10/31:
    
2015
0.46
 % 
2014
0.75
  
2013
1.06
  
2012
1.05
  
2011
0.90
  
     
AMT-Free Income (NEA)
    
Year Ended 10/31:
    
2015
0.50
 % 
2014
0.61
  
2013
0.87
  
2012
1.07
  
2011
0.94
  

(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
See accompanying notes to financial statements.
 
Nuveen Investments
  
95

Financial Highlights (continued)

   
VMTP Shares
at the End of Period
  
VRDP Shares
at the End of Period
  
     
Aggregate
    
Asset
    
Aggregate
    
Asset
  
     
Amount
    
Coverage
    
Amount
    
Coverage
  
     
Outstanding
    
Per $100,000
    
Outstanding
    
Per $100,000
  
     
(000
)
  
Share
    
(000
)
  
Share
  
Quality (NQI)
                          
Year Ended 10/31:
                          
2015
  
$
240,400
  
$
340,217
  
$
—
  
$
—
  
2014
    
240,400
    
341,260
    
—
    
—
  
2013
    
240,400
    
320,209
    
—
    
—
  
2012
    
240,400
    
347,812
    
—
    
—
  
2011
    
240,400
    
326,498
    
—
    
—
  
                           
Opportunity (NIO)
                          
Year Ended 10/31:
                          
2015
    
—
    
—
    
667,200
    
322,693
  
2014
    
—
    
—
    
667,200
    
325,646
  
2013
    
—
    
—
    
667,200
    
307,232
  
2012
    
—
    
—
    
667,200
    
328,836
  
2011
    
—
    
—
    
667,200
    
310,554
  

96
  
Nuveen Investments
 
   
MTP Shares
at the End of Period (a)
  
VMTP Shares
at the End of Period
  
VRDP Shares
at the End of Period
  
MTP,
VMTP and/or
VRDP Shares
at the End
of Period
  
                                          Asset  
     
Aggregate
    
Asset
    
Aggregate
    
Asset
    
Aggregate
    
Asset
    
Coverage
  
     
Amount
    
Coverage
    
Amount
    
Coverage
    
Amount
    
Coverage
    
Per $1
  
     
Outstanding
    
Per $10
    
Outstanding
    
Per $100,000
    
Outstanding
    
Per $100,000
    
Liquidation
  
     
(000
)
  
Share
    
(000
)
  
Share
    
(000
)
  
Share
    
Preference
  
Dividend Advantage (NVG)
Year Ended 10/31:
2015
  
$
—
  
$
—
  
$
—
  
$
—
  
$
179,000
  
$
338,606
  
$
—
  
2014
    
—
    
—
    
—
    
—
    
179,000
    
341,951
    
—
  
2013
    
108,000
    
31.69
    
92,500
    
316,883
    
—
    
—
    
3.17
  
2012
    
108,000
    
34.28
    
92,500
    
342,768
    
—
    
—
    
3.43
  
2011
    
108,000
    
32.35
    
92,500
    
323,476
    
—
    
—
    
3.23
  
                                             
AMT-Free Income (NEA)
Year Ended 10/31:
                                            
2015
    
—
    
—
    
151,000
    
333,349
    
349,900
    
333,349
    
3.33
  
2014
    
—
    
—
    
151,000
    
338,193
    
349,900
    
338,193
    
3.38
  
2013
    
83,000
    
31.65
    
67,600
    
316,451
    
349,900
    
316,451
    
3.16
  
2012
    
83,000
    
32.87
    
67,600
    
328,743
    
—
    
—
    
3.29
  
2011
    
83,000
    
31.71
    
67,600
    
317,071
    
—
    
—
    
3.17
  

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares outstanding were as follows:

     
2014
    
2013
    
2012
    
2011
  
Dividend Advantage (NVG)
                          
Series 2014 (NVG PRCCL)
                          
Ending Market Value per Share
  
$
—
  
$
10.09
  
$
10.12
  
$
10.10
  
Average Market Value per Share
    
10.05
 ^  
10.11
    
10.16
    
10.12
  
                           
AMT-Free Income (NEA)
                          
Series 2015 (NEA PRCCL)
                          
Ending Market Value per Share
  
$
—
    
10.07
    
10.16
    
10.14
  
Average Market Value per Share
    
10.05
 ^^  
10.10
    
10.14
    
10.08
  

^
For the period November 1, 2013 through December 23, 2013.
^^
For the period November 1, 2013 through December 20, 2013.
See accompanying notes to financial statements.

Nuveen Investments
  
97

Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") or NYSE MKT symbols are as follows (each a "Fund" and collectively, the "Funds"):
•   Nuveen Quality Municipal Fund, Inc. (NQI) ("Quality (NQI)")
•   Nuveen Municipal Opportunity Fund, Inc. (NIO) ("Opportunity (NIO)")
•   Nuveen Dividend Advantage Municipal Income Fund (NVG) ("Dividend Advantage (NVG)")
•   Nuveen AMT-Free Municipal Income Fund (NEA) ("AMT-Free Income (NEA)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of Quality (NQI), Opportunity (NIO) and AMT-Free Income (NEA) are traded on the NYSE while common shares of Dividend Advantage (NVG) are traded on the NYSE MKT. Quality (NQI) and Opportunity (NIO) were incorporated under the state laws of Minnesota on October 23, 1990 and July 25, 1991, respectively. Dividend Advantage (NVG) and AMT-Free Income (NEA) were organized as Massachusetts business trusts on July 12, 1999 and July 29, 2002, respectively.
The end of the reporting period for the Funds is October 31, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2015 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Fund Reorganizations
During August 2015, the Nuveen funds' Board of Directors/Trustees approved a series of reorganizations for certain funds included in this report (the "Reorganizations"). The Reorganizations are intended to create one, larger, national Fund, which would potentially offer shareholders the following benefits:
•    Improving fund net earnings potential through a broader investment mandate;
•    Creating significantly larger funds that offer greater liquidity and ease of trading; and
•    Eliminating overlapping products and enhancing fund differentiation.
The proposed Reorganizations are as follows:

Target Funds
Acquiring Fund
Quality (NQI)
Dividend Advantage (NVG)
Opportunity (NIO)
(to be renamed Nuveen Enhanced AMT-Free
Nuveen Quality Income Municipal Fund, Inc. (NQU)
Municipal Credit Opportunities Fund)
The Reorganizations are subject to customary conditions, including shareholder approval at annual shareholder meetings.

98
  
Nuveen Investments

Upon the closing of the Reorganizations, the Target Funds will transfer their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Target Funds. The Target Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Target Funds will become shareholders of the Acquiring Fund. Holders of common shares of the Target Funds will receive newly issued common shares of the Acquiring Fund, the aggregate net asset value ("NAV") of which is equal to the aggregate NAV of the common shares of the Target Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Holders of preferred shares of the Target Funds will receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of the Target Funds held immediately prior to the Reorganizations.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services–Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Outstanding when-issued/delayed delivery purchase commitments
  
$
520,000
  
$
4,129,610
  
$
1,157,677
  
$
3,051,539
  
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
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.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Nuveen Investments
  
99

Notes to Financial Statements (continued)
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
   
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by a pricing service approved by the Funds' Board of Directors/Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date. These investment vehicles are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

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

                           
Quality (NQI)
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
832,420,940
  
$
—
  
$
832,420,940
  
Corporate Bonds
    
—
    
—
    
37,944
***
  
37,944
  
Total
  
$
—
  
$
832,420,940
  
$
37,944
  
$
832,458,884
  
Opportunity (NIO)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
2,221,275,797
  
$
—
  
$
2,221,275,797
  
Corporate Bonds
    
—
    
—
    
36,165
***
  
36,165
  
Investments in Derivatives:
                          
Interest Rate Swaps**
    
—
    
(2,330,207
)
  
—
    
(2,330,207
)
Total
  
$
—
  
$
2,218,945,590
  
$
36,165
  
$
2,218,981,755
  
Dividend Advantage (NVG)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
617,221,851
  
$
—
  
$
617,221,851
  
Investment Companies
    
1,347,216
    
—
    
—
    
1,347,216
  
Investments in Derivatives:
                          
Interest Rate Swaps**
    
—
    
(1,658,968
)
  
—
    
(1,658,968
)
Total
  
$
1,347,216
  
$
615,562,883
  
$
—
  
$
616,910,099
  
AMT-Free Income (NEA)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
1,684,201,745
  
$
—
  
$
1,684,201,745
  
Corporate Bonds
    
—
    
—
    
12,898
***
  
12,898
  
Short-Term Investments*:
                          
Municipal Bonds
    
—
    
—
    
13,867,894
***
  
13,867,894
  
Investments in Derivatives:
                          
Interest Rate Swaps**
    
—
    
(6,856,632
)
  
—
    
(6,856,632
)
Total
  
$
—
  
$
1,677,345,113
  
$
13,880,792
  
$
1,691,225,905
  

*
Refer to the Fund's Portfolio of Investments for industry and/or state classifications, where applicable.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments.
***
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.
The following is a reconciliation of AMT-Free Income's (NEA) Level 3 investments held at the beginning and end of the measurement period:

   
AMT-Free Income (NEA
)
AMT-Free Income (NEA
)
AMT-Free
  
   
Level 3 Long-Term
  
Level 3 Short-Term
  
Income (NEA
)
   
Corporate Bonds
  
Municipal Bonds
  
Total Level 3
  
Balance at the beginning of period
  
$
45,334
  
$
14,059,578
  
$
14,104,912
  
Gains (losses):
                    
Net realized gains (losses)
    
—
    
—
    
—
  
Change in net unrealized appreciation (depreciation)
    
(35,321
)
  
(191,684
)
  
(227,005
)
Purchases at cost
    
2,885
    
—
    
2,885
  
Sales at proceeds
    
—
    
—
    
—
  
Net discounts (premiums)
    
—
    
—
    
—
  
Transfers in to
    
—
    
—
    
—
  
Transfers (out of)
    
—
    
—
    
—
  
Balance at the end of period
  
$
12,898
  
$
13,867,894
  
$
13,880,792
  
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of the end of the reporting period
  
$
(35,321
)
$
(191,684
)
$
(227,005
)

Nuveen Investments
  
101

Notes to Financial Statements (continued)
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the reporting period, were as follows:

   
Market Value
Techniques
Unobservable Inputs
Range
  
AMT-Free Income (NEA)
            
Long-Term Corporate Bonds
$
12,898
Odd-Lot Trades
N/A
N/A
  
Short-Term Municipal Bonds
  
13,867,894
Discounted Cash Flow
Municipal BBB Benchmark
1%-4%
  
        B-Rated Hospital Sector    
Total
$
13,880,792
        
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
   
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
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 (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater 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 Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

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The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
Floating Rate Obligations Outstanding
    
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Floating rate obligations: self-deposited Inverse Floaters
  
$
30,085,000
  
$
106,178,333
  
$
22,313,334
  
$
60,325,000
  
Floating rate obligations: externally-deposited Inverse Floaters
    
46,895,000
    
97,716,667
    
35,091,666
    
101,745,000
  
Total
  
$
76,980,000
  
$
203,895,000
  
$
57,405,000
  
$
162,070,000
  
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
Self-Deposited Inverse Floaters
    
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Average floating rate obligations outstanding
  
$
29,972,699
  
$
91,708,361
  
$
17,827,307
  
$
47,689,781
  
Average annual interest rate and fees
    
0.46
%
  
0.57
%
  
0.61
%
  
0.56
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

Nuveen Investments
  
103

Notes to Financial Statements (continued)
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, AMT-Free Income (NEA) had outstanding borrowings under such liquidity facilities in the amount of $973,969, which are recognized as a component of "Floating rate obligations".  There  were  no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
Floating Rate Obligations — Recourse Trusts
    
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Maximum exposure to Recourse Trusts: self deposited Inverse Floaters
  
$
4,025,000
  
$
37,395,000
  
$
15,360,000
  
$
21,185,000
  
Maximum exposure to Recourse Trusts: externally deposited Inverse Floaters
    
21,405,000
    
61,255,000
    
2,155,000
    
36,970,000
  
Total
  
$
25,430,000
  
$
98,650,000
  
$
17,515,000
  
$
58,155,000
  
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract. Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For over-the-counter ("OTC") swaps, the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an exchange-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's

104
  
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account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively.
Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps." In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, as part of their duration management strategies, Opportunity (NIO), Dividend Advantage (NVG) and AMT-Free Income (NEA) invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to their benchmarks.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

           
Dividend
    
AMT-Free
  
     
Opportunity
    
Advantage
    
Income
  
     
(NIO
)
  
(NVG
)
  
(NEA
)
Average notional amount of interest rate swap contracts outstanding*
  
$
25,840,000
  
$
18,240,000
  
$
133,000,000
  

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.
The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

       
Location on the Statement of Assets and Liabilities
Underlying
  
Derivative
  
Asset Derivatives
  
(Liability) Derivatives
Risk Exposure
  
Instrument
  
Location
  
Value
  
Location
  
Value
  
Opportunity (NIO)
                      
               
Payable for variation margin on
      
Interest rate
  
Swaps (Exchange-Cleared)
  
$ —
  
$ —
  
swap contracts*
$
 (2,330,207
)
Dividend Advantage (NVG)
                      
               
Unrealized depreciation on interest
      
Interest rate
  
Swaps (OTC)
  
$ —
  
$ —
  
rate swaps
$
 (1,658,968
)
AMT-Free Income (NEA)
                      
               
Unrealized depreciation on interest
      
Interest rate
  
Swaps (OTC)
  
$ —
  
$ —
  
rate swaps
$
 (6,856,632
)

*
Value represents the unrealized appreciation (depreciation) of swaps as reported in the Fund's Portfolio of Investments and not the asset and/or liability amount as described in the table above.
The following table presents the swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.

                                                   
                                 
Gross Amounts Not
Offset on the Statement
of Assets and Liabilities
        
Fund
  
Counterparty
  
Gross
Unrealized
Appreciation on
Interest
Rate Swaps
*
Gross
Unrealized
(Depreciation) on
Interest
Rate Swaps
*
Amounts
Netted on
Statement
of Assets and
Liabilities
  
Net Unrealized
Appreciation
(Depreciation) on
Interest
Rate Swaps
  
Financial
Instruments
**
Collateral
Pledged
to (from)
Counterparty
  
Net
Exposure
  
Dividend Advantage (NVG)
    
JPMorgan
  
$
—
  
$
(1,658,968
)
$
—
  
$
(1,658,968
)
$
312,532
  
$
1,346,436
  
$
—
  
AMT-Free Income (NEA)
    
JPMorgan
    
—
    
(6,856,632
)
  
—
    
(6,856,632
)
  
178,359
    
6,678,273
    
—
  

*
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.
**
Represents inverse floating rate securities available for offset.

Nuveen Investments
  
105

Notes to Financial Statements (continued)
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period and the primary underlying risk exposure.

Fund
    
Underlying
Risk Exposure
    
Derivative
Instrument
    
Net Realized
Gain (Loss) from
Swaps
    
Change in Net Unrealized
Appreciation (Depreciation) of
Swaps
  
Opportunity (NIO)
    
Interest rate
    
Swaps
  
$
(3,826
)
$
(2,330,207
)
Dividend Advantage (NVG)
    
Interest rate
    
Swaps
    
—
    
(1,658,968
)
AMT-Free Income (NEA)
    
Interest rate
    
Swaps
    
(13,704,565
)
  
2,465,401
  
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.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Share Transactions
Transactions in common shares during the Funds' current and prior fiscal period were as follows:
                           
     
Quality (NQI)
    
Opportunity (NIO)
  
     
Year
    
Year
    
Year
    
Year
  
     
Ended
    
Ended
    
Ended
    
Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Common shares:
                          
Issued to shareholders due to reinvestment of distributions
    
—
    
—
    
—
    
—
  
Repurchased and retired
    
(30,000
)
  
(25,000
)
  
—
    
—
  
Weighted average common share:
                          
Price per share repurchased and retired
  
$
12.83
  
$
12.97
  
$
—
  
$
—
  
Discount per share repurchased and retired
    
13.47
%
  
13.22
%
  
—
%
  
—
%
                           
     
Dividend Advantage (NVG)
    
AMT-Free Income (NEA)
  
     
Year
    
Year
    
Year
    
Year
  
     
Ended
    
Ended
    
Ended
    
Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Common shares:
                          
Issued to shareholders due to reinvestment of distributions
    
—
    
—
    
—
    
—
  
Repurchased through tender offer
    
—
    
(2,964,170
)
  
—
    
—
  
Repurchased and retired
    
(17,500
)
  
(109,742
)
  
—
    
—
  
Weighted average common share:
                          
Price per share repurchased and retired
  
$
13.77
  
$
12.69
  
$
—
  
$
—
  
Discount per share repurchased and retired
    
13.27
%
  
13.86
%
  
—
%
  
—
%

106
  
Nuveen Investments

Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation value, for each Fund were as follows:

                 
Shares
  
                 
Outstanding
  
                 
at $100,000
  
           
Shares
    
Per Share
  
Fund
    
Series
    
Outstanding
    
Liquidation Value
  
Quality (NQI)
    
2018
    
2,404
  
$
240,400,000
  
AMT-Free Income (NEA)
    
2016
    
1,510
  
$
151,000,000
  
On May 19, 2015, Quality (NQI) refinanced all of its outstanding Series 2015 VMTP Shares with the issuance of new Series 2018 VMTP Shares.
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund ("Optional Redemption Date"), subject to payment of premium for one year following the date of issuance ("Premium Expiration Date"), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if a Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:
                 
     
Term
  
Optional
  
Premium
  
Fund
Series
  
Redemption Date
  
Redemption Date
  
Expiration Date
  
Quality (NQI)
2018
  
December 1, 2018
  
June 1, 2016
  
November 30, 2018
  
AMT-Free Income (NEA)
2016
  
December 30, 2016
  
January 1, 2015
  
December 31, 2014
  
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

           
AMT-Free
  
     
Quality
    
Income
  
     
(NQI
)
  
(NEA
)
Average liquidation value of VMTP Shares outstanding
  
$
240,400,000
  
$
151,000,000
  
Annualized dividend rate
    
1.09
%
  
0.99
%
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is a liability and is recognized as "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation value" on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
Costs incurred by the Funds in connection with each Fund's offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.
Quality (NQI) incurred offering costs of $140,000 in connection with its issuance of Series 2018 VMTP Shares, which were expensed as incurred and are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Nuveen Investments
  
107

Notes to Financial Statements (continued)
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, the details of the Funds' VRDP Shares outstanding were as follows:

         
Shares Outstanding at
    
     
Shares
  
$100,000 Per Share
    
Fund
Series
  
Outstanding
  
Liquidation Value
Maturity
  
Opportunity (NIO)
1
  
6,672
  
$667,200,000
December 1, 2040
  
               
Dividend Advantage (NVG)
1
  
1,790
  
$179,000,000
December 1, 2043
  
               
AMT-Free Income (NEA)
1
  
2,190
  
$219,000,000
June 1, 2040
  
 
2
  
1,309
  
$130,900,000
December 1, 2040
  
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Opportunity (NIO) and AMT-Free Income (NEA) pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund's VRDP Shares have successfully remarketed since issuance.
VRDP shares in Dividend Advantage (NVG) are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Board approves another special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

           
Dividend
    
AMT-Free
  
     
Opportunity
    
Advantage
    
Income
  
     
(NIO
)
  
(NVG
)
  
(NEA
)
Average liquidation value of VRDP Shares outstanding
  
$
667,200,000
  
$
179,000,000
  
$
349,900,000
  
Annualized dividend rate
    
0.13
%
  
1.04
%
  
0.13
%
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation value" 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, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are being amortized over the life of the shares and are recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, Opportunity (NIO) and AMT-Free Income (NEA) also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.

108
  
Nuveen Investments

Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in MTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
     
October 31, 2014
           
NYSE/
              
           
NYSE MKT
              
Dividend Advantage (NVG)
    
Series
    
Ticker
    
Shares
    
Amount
  
MTP Shares redeemed
    
2014
    
NVG PRCCL
    
(10,800,000
)
$
(108,000,000
)
AMT-Free Income (NEA)
                          
MTP Shares redeemed
    
2015
    
NEA PRCCL
    
(8,300,000
)
$
(83,000,000
)
Transactions in VMTP Shares for the Funds, where applicable, were as follows:

   
Year Ended
October 31, 2015
Quality (NQI)
    
Series
    
Shares
    
Amount
  
VMTP Shares issued
    
2018
    
2,404
  
$
240,400,000
  
VMTP Shares exchanged
    
2015
    
(2,404
)
  
(240,400,000
)
Net Increase (decrease)
          
—
  
$
—
  
                     
   
Year Ended
   
October 31, 2014
Dividend Advantage (NVG)
    
Series
    
Shares
    
Amount
  
VMTP Shares redeemed
    
2014
    
(925
)
$
(92,500,000
)
AMT-Free Income (NEA)
                    
VMTP Shares issued
    
2016
    
1,510
  
$
151,000,000
  
VMTP Shares redeemed
    
2014
    
(676
)
  
(67,600,000
)
Net increase (decrease)
          
834
  
$
83,400,000
  
Transactions in VRDP Shares for the Funds, where applicable, were as follows:

   
Year Ended
   
October 31, 2014
Dividend Advantage (NVG)
    
Series
    
Shares
    
Amount
  
VRDP Shares issued
    
1
    
2,010
  
$
201,000,000
  
VRDP Shares redeemed
    
1
    
(220
)
  
(22,000,000
)
Net increase (decrease)
          
1,790
  
$
179,000,000
  
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
                           
                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Purchases
  
$
172,229,203
  
$
687,864,548
  
$
172,898,934
  
$
304,291,284
  
Sales and maturities
    
173,472,832
    
689,716,290
    
160,609,437
    
305,898,592
  

Nuveen Investments
  
109

Notes to Financial Statements (continued)
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, 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.
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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of October 31, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

                           
                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Cost of investments
  
$
740,420,485
  
$
1,963,544,327
  
$
544,324,306
  
$
1,517,418,811
  
Gross unrealized:
                          
Appreciation
  
$
66,087,794
  
$
159,930,294
  
$
53,124,636
  
$
135,146,383
  
Depreciation
    
(4,134,664
)
  
(8,341,088
)
  
(1,193,792
)
  
(14,807,545
)
Net unrealized appreciation (depreciation) of investments
  
$
61,953,130
  
$
151,589,206
  
$
51,930,844
  
$
120,338,838
  
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, tender option bond adjustments, nondeductible reorganization expenses and distribution reallocations, resulted in reclassifications among the Funds' components of common share net assets as of October 31, 2015, the Funds' tax year end, as follows:

     
 
    
 
    
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Paid-in surplus
  
$
(3,130,311
)
$
(3,779,197
)
$
(132,678
)
$
(9,518,511
)
Undistributed (Over-distribution of) net investment income
    
85,175
    
605,650
    
328,886
    
(365,134
)
Accumulated net realized gain (loss)
    
3,045,136
    
3,173,547
    
(196,208
)
  
9,883,645
  
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2015, the Funds' tax year end, were as follows:

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
     
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Undistributed net tax-exempt income1
  
$
3,480,093
  
$
12,989,759
  
$
4,284,422
  
$
4,487,758
  
Undistributed net ordinary income2
    
218,949
    
209,365
    
417,180
    
356,285
  
Undistributed net long-term capital gains
    
—
    
941,342
    
829,411
    
—
  

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2015, paid on November 2, 2015.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' tax years ended October 31, 2015 and October 31, 2014, was designated for purposes of the dividends paid deduction as follows:

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
2015
    
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Distributions from net tax-exempt income3
  
$
28,340,946
  
$
84,614,166
  
$
21,589,036
  
$
65,388,417
  
Distributions from net ordinary income2
    
—
    
162,539
    
218,906
    
47,330
  
Distributions from net long-term capital gains4
    
—
    
—
    
2,719,859
    
—
  

110
  
Nuveen Investments

                 
Dividend
    
AMT-Free
  
     
Quality
    
Opportunity
    
Advantage
    
Income
  
2014
    
(NQI
)
  
(NIO
)
  
(NVG
)
  
(NEA
)
Distributions from net tax-exempt income
  
$
30,748,078
  
$
84,720,554
  
$
23,411,975
  
$
67,281,293
  
Distributions from net ordinary income2
    
42,548
    
458,933
    
496,797
    
15,777
  
Distributions from net long-term capital gains
    
—
    
—
    
1,505,799
    
—
  

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2015, as Exempt Interest Dividends.
4
The Funds designate as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2015.
As of October 31, 2015, the Funds' tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

           
AMT-Free
  
     
Quality
    
Income
  
     
(NQI
)
  
(NEA
)5
Expiration:
              
October 31, 2016
  
$
2,623,034
  
$
1,977,845
  
October 31, 2017
    
217,918
    
—
  
October 31, 2018
    
322,087
    
—
  
Not subject to expiration
    
17,269,892
    
15,747,262
  
Total
  
$
20,432,931
  
$
17,725,107
  

5
A portion of AMT-Free Income's (NEA) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
During the Funds' tax year ended October 31, 2015, Opportunity (NIO) utilized $9,544,670 of its capital loss carryforward.
7. Management Fees and Other Transactions with Affiliates
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of 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 eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

   
Quality (NQI
)
   
Opportunity (NIO
)
Average Daily Managed Assets*
  
Fund-Level Fee
  
For the first $125 million
    
0.4500
%
For the next $125 million
    
0.4375
  
For the next $250 million
    
0.4250
  
For the next $500 million
    
0.4125
  
For the next $1 billion
    
0.4000
  
For the next $3 billion
    
0.3875
  
For managed assets over $5 billion
    
0.3750
  

Nuveen Investments
  
111

Notes to Financial Statements (continued)
     
 
Dividend Advantage (NVG)
 
AMT-Free Income (NEA)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
0.4500
%
For the next $125 million
0.4375
  
For the next $250 million
0.4250
  
For the next $500 million
0.4125
  
For the next $1 billion
0.4000
  
For managed assets over $2 billion
0.3750
  
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
0.2000
%
$56 billion
0.1996
  
$57 billion
0.1989
  
$60 billion
0.1961
  
$63 billion
0.1931
  
$66 billion
0.1900
  
$71 billion
0.1851
  
$76 billion
0.1806
  
$80 billion
0.1773
  
$91 billion
0.1691
  
$125 billion
0.1599
  
$200 billion
0.1505
  
$250 billion
0.1469
  
$300 billion
0.1445
  

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2015, the complex-level fee rate for each Fund was 0.1639%.
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 has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. Borrowing Arrangements
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2014, Quality (NQI) and Dividend Advantage (NVG) utilized $2,267,268 and $128,678 respectively, of the Unsecured Credit Line at an annualized interest rate of 1.34% on its respective outstanding balance. The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
During July 2015, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. This credit agreement replaces the Unsecured Credit Line described above. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately

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dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.

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113

Additional Fund Information (Unaudited)

Board of Directors/Trustees
        
William Adams IV*
Jack B. Evans
William C. Hunter
David J. Kundert
John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer**
Terence J. Toth
  

*
Interested Board Member.
**
Will retire from the Funds' Board of Directors/Trustees effective December 31, 2015.

         
         
Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
KPMG LLP
State Street Bank
Chicago, IL 60606
Boston, MA 02111
  
Chicago, IL 60601
& Trust Company
       
Nuveen Funds
       
P.O. Box 43071
       
Providence, RI 02940-3071
       
(800) 257-8787
         
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund 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. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
                           
     
NQI
    
NIO
    
NVG
    
NEA
  
Common shares repurchased
    
30,000
    
—
    
17,500
    
—
  
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

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Glossary of Terms Used in this Report (Unaudited)

■
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.
   
■
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
■
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.
   
■
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
■
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
■
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
■
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
■
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
■
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.


Nuveen Investments
  
115

Glossary of Terms Used in this Report (Unaudited) (continued)

■
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
   
■
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
   
■
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
■
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
■
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's 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.
   
■
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.


116
  
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Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set 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 imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
  
117

Annual Investment Management Agreement Approval Process (Unaudited)
I. RENEWAL OF ADVISORY AGREEMENTS
The Board of Directors or Trustees (as the case may be) of each Fund (each, a "Board" and each Director or Trustee, a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, at an in-person meeting held on May 11-13, 2015 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
Since the approval of the Advisory Agreements at the May Meeting, the Adviser has proposed (and the Board, as applicable, has approved) the reorganizations (the "Reorganizations") of Nuveen Quality Municipal Fund, Inc. (the "Quality Municipal Fund"), Nuveen Municipal Opportunity Fund, Inc. (the "Municipal Opportunity Fund") and Nuveen Quality Income Municipal Fund, Inc. into Nuveen Dividend Advantage Municipal Income Fund (the "Dividend Advantage Fund") and certain proposals which, among other things, proposed certain investment policy changes which would provide the Dividend Advantage Fund with an expanded investment mandate. In connection with the proposed changes, the Adviser proposed on behalf of the Dividend Advantage Fund a new advisory agreement between such Fund and the Adviser (the "New Investment Management Agreement") and a new sub-advisory agreement between the Adviser and the Sub-Adviser (the "New Sub-Advisory Agreement" and, together with the New Investment Management Agreement, the "New Advisory Agreements"), and the Board of the Dividend Advantage Fund was asked to consider the approval of the New Advisory Agreements. Accordingly, at an in-person meeting held on August 24, 2015 (the "August Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the New Advisory Agreements for the Dividend Advantage Fund and recommended that shareholders of the Dividend Advantage Fund approve the New Advisory Agreements. As of December 1, 2015, the requisite related shareholder approvals pertaining to the New Advisory Agreements for the Dividend Advantage Fund were pending and, as of such date, the New Advisory Agreements were not yet effective. The remainder of this Part I relates to the Board's approval at the May Meeting of the existing Advisory Agreements. The discussion of the approval at the August Meeting of the New Advisory Agreements for the Dividend Advantage Fund is set forth in Part II below.
In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser"); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser's investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance

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of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.
The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board's understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.
The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.
The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements of each Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. 
Nature, Extent and Quality of Services
 
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. The Board reviewed information regarding, among other things, each Fund Adviser's organization and business, the types of services that
 
Nuveen Investments
  
119

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
each Fund Adviser or its affiliates provided to the Funds, the performance record of the Funds (as described in further detail below), and any initiatives that had been undertaken on behalf of the closed-end product line. The Board recognized the high quality of services the Adviser had provided to the Funds over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. ("Nuveen") (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the "TIAA-CREF Transaction").
With respect to the services, the Board noted the Funds were registered investment companies that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Funds. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund's various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund's investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds' sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds' sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters). With respect to closed-end funds, the Adviser also monitored asset coverage levels on leveraged funds, managed leverage, negotiated the terms of leverage, evaluated alternative forms and types of leverage, promoted an orderly secondary market for common shares and maintained an asset maintenance system for compliance with certain rating agency criteria.
In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser's continued focus on fund rationalization for closed-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser's investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser's ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser's strong commitment to compliance and reviewed information reflecting the compliance group's ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer's report regarding

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the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers.
With respect to the closed-end funds, the Board recognized the extensive resources, expertise and efforts required to oversee and manage the various forms of leverage utilized by various funds, including the development of new forms of leverage to achieve cost savings and/or broaden the array of leverage structures available to the closed-end funds, the development of enhanced reports analyzing the impact of leverage on performance, and the development of new forms of tender option bond structures to address new regulatory requirements. The Board also noted the Adviser's continued capital management services conducting share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on opportunities for the closed-end funds. The Board further recognized the Adviser's use of data systems to more effectively solicit shareholder participation when seeking shareholder approvals and to monitor flow trends in various closed-end funds. The Board considered Nuveen's continued commitment to supporting the closed-end fund product line by providing an extensive investor relations program that encompassed, among other things, maintaining and enhancing the closed-end fund website; participating in conferences and education seminars; enhancing the ability for investors to access information; preparing educational materials; and implementing campaigns to educate financial advisers and investors on topics related to closed-end funds and their strategies.
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Funds under each respective Advisory Agreement were satisfactory.
B. 
The Investment Performance of the Funds and Fund Advisers
 
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the applicable investment team. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2014, as well as performance information reflecting the first quarter of 2015. The Independent Board Members also recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore devoted significant time and focus evaluating the premium and discount levels of the closed-end funds at each of the quarterly meetings throughout the year. At these prior meetings as well as the May Meeting, the Board reviewed, among other things, the respective closed-end fund's premium or discount to net asset value as of a specified date and over various periods as well as in comparison to the premium/discount average in its Lipper peer category. At the May Meeting and/or prior meetings, the Board also reviewed information regarding the key economic, market and competitive trends affecting the closed-end fund market and considered any actions periodically proposed by the Adviser to address the trading discounts of certain funds. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds (either at the Board level or through the Closed-End Funds Committee) to be a continuing priority in their oversight of the closed-end funds. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings.
 
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
  In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.
     
 
•
The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
     
 
•
Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
     
 
•
The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder's investment period.
     
 
•
The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Nuveen fund with which it is being compared and due to these differences, performance comparisons between certain of the Nuveen funds and their Performance Peer Groups may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of a Fund's peer set and/or benchmark(s), the Board evaluated Fund performance in light of the respective Fund's investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund's fee structure.
In considering the performance data, the Independent Board Members noted the following with respect to the Funds:
For the Quality Municipal Fund, the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods; however, the Fund outperformed its benchmark in each of such periods. The Board recognized that the Fund's underperformance to its peers was driven primarily by its relative overweight in AAA to AA bonds. The overweight was largely due to the former insurance mandate of the Fund, which was removed in 2012. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
For the Municipal Opportunity Fund, the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods; however, the Fund outperformed its benchmark in each of such periods. The Board recognized that the Fund's underperformance to its peers was driven primarily by its relative overweight in AAA to AA bonds. The overweight was largely due to the former insurance mandate of the Fund, which was removed in 2012. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
For the Dividend Advantage Fund, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the five year period, the Fund ranked in the second quartile in the one-year period and the third quartile in the three year period and outperformed its benchmark in the one-, three- and five-year periods.

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For Nuveen AMT-Free Municipal Income Fund, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the longer three- and five-year periods, the Fund performed better in the shorter one-year period ranking in the third quartile. The Board also recognized that the Fund outperformed its benchmark in the one-, three- and five-year periods.
Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.
C.    Fees, Expenses and Profitability
1.     Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members reviewed the methodology regarding the construction of the Peer Universe for each Fund. The Board reviewed, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor's net experience.
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage (with respect to closed-end funds); and differences in services provided can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Funds' fees and expenses.
In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average.
The Board noted that each Fund had a net management fee that was in line with its peer average and a net expense ratio that was below its peer average.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2.            Comparisons with the Fees of Other Clients
The Board considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser.
The Board recognized that each Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In reviewing the nature of the services provided by the Adviser, including through its affiliated sub-advisers, the Board considered the range of advisory fee

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rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed, among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers.
In reviewing the comparative information, the Board also reviewed information regarding the differences between the Funds and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Funds and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believed such facts justify the different levels of fees.
3.            Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen's net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.

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The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year.
The Independent Board Members determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members noted the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction.
With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's level of profitability was reasonable in light of the respective services provided.
D. 
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for each Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows. The Independent Board Members noted that, in the case of closed-end funds, however, such funds may from time-to-time make additional share offerings, but the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year.
 
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The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E. 
Indirect Benefits
 
The Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Funds. With respect to closed-end funds, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds.
In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Funds' portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Funds. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser's profitability may be somewhat lower if it had to acquire any such research services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. 
Other Considerations
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
II. APPROVAL OF NEW ADVISORY AGREEMENTS FOR THE DIVIDEND ADVANTAGE FUND
The Board of the Dividend Advantage Fund, including the Independent Board Members, is responsible for approving the investment management agreement between the Dividend Advantage Fund and the Adviser and the sub-advisory agreement between the Adviser and Sub-Adviser on behalf of the Dividend Advantage Fund and their periodic continuation. Pursuant to the 1940 Act, the Board is required to consider the continuation of the investment management and sub-advisory agreements for the Dividend Advantage Fund on an annual basis. Accordingly, at the May Meeting, the Board, including a majority of the Independent Board Members, considered and approved the continuation of the current Investment Management Agreement (the "Current Investment Management Agreement") and the current Sub-Advisory Agreement (the "Current Sub-Advisory Agreement" and, together with the Current Investment Management Agreement, the "Current Advisory Agreements") for the Dividend Advantage Fund for an additional one-year period. The discussion of the approval of the Current Advisory Agreements for the Dividend Advantage Fund is set forth in Part I above.

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Since the approval of the continuance of the Current Advisory Agreements, the Adviser has proposed the Reorganization of each of the Quality Municipal Fund, the Municipal Opportunity Fund and Nuveen Quality Income Municipal Fund, Inc. (collectively, the "Target Funds") into the Dividend Advantage Fund and certain proposals which, among other things, proposed certain investment policy changes which would provide the Dividend Advantage Fund with an expanded investment mandate that permits the Dividend Advantage Fund to invest up to 55% of its managed assets in lower rated municipal securities and require the Dividend Advantage Fund to invest exclusively in municipal securities that generate income exempt from the federal alternative minimum tax applicable to individuals. In connection with the proposed changes, the Adviser proposed the New Investment Management Agreement and New Sub-Advisory Agreement, and the Board of the Dividend Advantage Fund was asked to consider the approval of such New Advisory Agreements. Accordingly, at the August Meeting, the Board, including a majority of the Independent Board Members, considered and approved the New Advisory Agreements and recommended that shareholders of the Dividend Advantage Fund approve the New Advisory Agreements.
In connection with their review of the Current Advisory Agreements, the Independent Board Members received extensive information regarding the Adviser and Sub-Adviser including, among other things: the nature, extent and quality of services provided by the Fund Advisers; the organization and operations of the Fund Advisers; a review of the Dividend Advantage Fund's performance (including performance comparisons against the performance of its peer group and appropriate benchmark); a comparison of Dividend Advantage Fund fees and expenses relative to peers; a description and assessment of shareholder services levels for the Dividend Advantage Fund; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser's profitability with comparisons to peers in the managed fund business. The Board considered the knowledge gained at the May Meeting as well as from other meetings and interactions with the Fund Advisers throughout the year in evaluating the New Advisory Agreements.
At the August Meeting and prior meetings, the Adviser made a presentation to and responded to questions from the Board of the Dividend Advantage Fund regarding the proposed Reorganizations, the expanded investment mandate, and the New Advisory Agreements. Prior to the August Meeting, the Independent Board Members also met privately with their legal counsel to, among other things, review the Board's duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser's fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Independent Board Members considered the New Advisory Agreements. As outlined in more detail below, the Independent Board Members considered all factors they believed relevant with respect to the Dividend Advantage Fund, including among other factors: (a) the nature, extent and quality of the services to be provided by the Fund Advisers; (b) investment performance, as described below; (c) the advisory fees for the services to be provided to the Dividend Advantage Fund and the profitability of the Fund Advisers; (d) the extent of any anticipated economies of scale; (e) any benefits expected to be derived by the Fund Advisers from their relationships with the Fund; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Dividend Advantage Fund's New Advisory Agreements. The Independent Board Members' considerations were based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A.
Nature, Extent and Quality of Services
 
In considering the New Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser's services, including advisory services and administrative services. As the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to the Dividend Advantage Fund as well as other Nuveen funds overseen by the Board Members, the Board of the Dividend Advantage Fund has a good understanding of each Fund Adviser's organization, operations and personnel.

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The Board recognized that the types of investment management services to be provided by the Adviser to the Dividend Advantage Fund under the New Investment Management Agreement will be identical to those currently provided to the Fund under the Current Investment Management Agreement. In this regard, in addition to advisory services, the Independent Board Members have considered the quality and extent of administrative and other non-investment advisory services that the Adviser and its affiliates provide to the Dividend Advantage Fund, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Independent Board Members also recognized that the Adviser would oversee the Sub-Adviser. Similarly, the Board recognized that the types of sub-advisory services to be provided by the Sub-Adviser to the Dividend Advantage Fund under the New Sub-Advisory Agreement will be identical to those advisory services currently provided by the Sub-Adviser to the Dividend Advantage Fund under the Current Sub-Advisory Agreement. In this regard, the Independent Board Members noted that the Sub-Adviser was generally expected to supply portfolio investment management services to the Dividend Advantage Fund. The Board, however, recognized the increased level of credit research and surveillance required by the Dividend Advantage Fund's expanded investment mandate. The Board is also familiar with the Sub-Adviser's investment team. The Board noted that the portfolio manager of the Dividend Advantage Fund was expected to continue to manage the Dividend Advantage Fund following the Reorganizations and would continue to be supported by the same credit team and infrastructure that supports managers of the Sub-Adviser's dedicated high yield mandate. The Board also recognized that the Sub-Adviser had the capabilities and experience to be able to execute efficiently the required portfolio transition and manage the Dividend Advantage Fund's portfolio under the new investment mandate.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services expected to be provided to the Dividend Advantage Fund under each New Advisory Agreement were satisfactory.
   
B.
Investment Performance
 
The Board, including the Independent Board Members, considered the performance history of the Dividend Advantage Fund over various time periods. The Board reviewed the Dividend Advantage Fund's historic investment performance based on net asset value and on market returns for the one-, three- and five-year periods ending June 30, 2015. The Board also reviewed performance data reflecting the Dividend Advantage Fund's trading discount to net asset value. This performance information supplemented the Fund performance information provided to the Board at each of its quarterly meetings, including the May Meeting. At the August Meeting and at prior meetings, the Independent Board Members have recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore have devoted significant time and focus evaluating the premium and discount levels of the Nuveen closed-end funds at each of the quarterly meetings throughout the year. At the prior meetings, the Board reviewed, among other things, the Dividend Advantage Fund's discount to net asset value as of a specified date and over various periods as well as in comparison to the premium/discount average in its Lipper category. The Board considered that the Reorganizations and expanded investment mandate were intended, in part, to provide meaningfully higher net earnings, as a result of the Dividend Advantage Fund's greater allocation of assets to lower rated securities, that may support higher common share distributions. The Board recognized that the past performance of the Dividend Advantage Fund does not necessarily indicate future performance, and that the performance of the Dividend Advantage Fund may be expected to differ from historic results as a result of the expanded investment mandate.
   
C.
Fees, Expenses and Profitability
   
 
1. Fees and Expenses
 
In evaluating the management fees and expenses that the Dividend Advantage Fund was expected to bear, the Independent Board Members considered, among other things, the Fund's proposed management fee schedule, the rationale for its proposed fee levels, and its expected expense ratio in absolute terms as well as compared with the fees and expense ratios of
 
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comparable funds. Accordingly, the Independent Board Members reviewed, among other things, the proposed gross management fee, the net management fee (after fee waiver) and estimated net total expense ratio for the Dividend Advantage Fund, as well as comparative fee and expense data pertaining to the Dividend Advantage Fund's peers in the Lipper category in which the restructured Dividend Advantage Fund was anticipated to be classified (i.e., Lipper High Yield Municipal Fund category). The Independent Board Members also reviewed the proposed fund-level breakpoint schedule and the complex-wide breakpoint schedule (described in further detail below) and the proposed fee waiver expected to be provided.
   
 
The Board recognized that the New Investment Agreement provides a higher contractual management fee rate payable at each current fund-level breakpoint level in the Dividend Advantage Fund's fund-level management fee schedule. The Board further noted that the revised fund-level breakpoint schedule includes a new breakpoint in the Dividend Advantage Fund's management fee schedule above $5 billion in assets. The Board also considered that the fund-level fee under the New Investment Management Agreement would be based on "managed assets" as such term is used in the investment management agreements of newer Nuveen municipal closed-end funds and which includes assets attributable to all forms of leverage. The Independent Board Members also considered the fee waiver proposed by the Adviser.
   
 
The Independent Board Members further reviewed the proposed sub-advisory fee rate for the Dividend Advantage Fund (as a percentage of the Fund's management fee net of applicable waivers and reimbursements) and observed that the sub-advisory fee rate the Adviser pays to the Sub-Adviser under the New Sub-Advisory Agreement would be higher than the sub-advisory fee rate under the Current Sub-Advisory Agreement.
   
 
The Board considered the rationale for the revised fee schedule under the New Investment Management Agreement and recognized that it was designed, in part, to reflect the increased level of ongoing credit research and surveillance required in managing the Dividend Advantage Fund under the expanded investment mandate as well as to standardize the Dividend Advantage Fund's New Investment Management Agreement with the investment management agreements of Nuveen's newer municipal closed-end funds. The Board noted that the Dividend Advantage Fund's proposed net management fee (after fee waiver) was anticipated to be comparable and pro forma net total expense ratio (excluding costs of leverage) was anticipated to be below the average of the Lipper High Yield Municipal Fund category. In addition, the Board compared the proposed fee schedule to the existing fee schedules the Adviser assesses to Nuveen funds that follow a low/medium investment grade mandate and to Nuveen funds that follow a high investment grade mandate and recognized that the proposed management fee schedule for the Dividend Advantage Fund after restructuring was midway between these schedules.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that the Dividend Advantage Fund's management fees to a Fund Adviser were reasonable in light of the nature, extent and quality of services to be provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients.
 
Due to their experience with overseeing the Dividend Advantage Fund and other Nuveen funds, the Independent Board Members were also familiar with the nature of services and fees a Fund Adviser assessed to other types of clients. Such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser. At the May Meeting, the Board had reviewed the range of advisory fee rates and average fee the Sub-Adviser assessed municipal retail wrap accounts and municipal institutional accounts as well as the effective sub-advisory fee rate assessed the passively managed ETF.
   
 
In general terms, the overall management fee paid by the Dividend Advantage Fund can be divided into two components, the fee retained by the Adviser and the fee the Adviser pays to the Sub-Adviser. In general, the fee to the Adviser will reflect, in part, the administrative services it will provide to support the Dividend Advantage Fund, and while some administrative services may occur at the sub-adviser level, the sub-advisory fee will generally reflect the portfolio management services provided by the Sub-Adviser. The Board noted that higher fee levels generally reflected higher levels of services provided by the Fund Adviser,

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increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. In evaluating the comparisons of fees paid by funds compared to other types of clients, the Independent Board Members have noted, at the August Meeting or at prior meetings, that the fee rates charged to a fund (such as the Dividend Advantage Fund) and charged to other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Dividend Advantage Fund. Accordingly, the Independent Board Members have considered the differences in the product types, including, but not limited to, the services to be provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members have noted, in particular, that the range of services, as described above, to be provided to a fund (such as the Dividend Advantage Fund) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services to be provided by the Adviser are not required for institutional clients or funds sub-advised by a Nuveen affiliated sub-adviser. Given the inherent differences in the various products, particularly the extensive services to be provided to the Dividend Advantage Fund, the Independent Board Members believe such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers.
 
In conjunction with their review of the Current Advisory Agreements at the May Meeting, the Independent Board Members have considered the profitability of Nuveen for its advisory activities and its financial condition. At the May Meeting or at prior meetings, the Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years; the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years; the allocation methodology used in preparing the profitability data; a history of the adjustments to the methodology due to changes in business over time; and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described below, the Sub-Adviser for the 2014 calendar year. In reviewing profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members have also considered, at the May Meeting or at prior meetings, the profitability of Nuveen in comparison to the adjusted operating margin of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members had noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, had recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.
   
 
The Independent Board Members had determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members had also recognized the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Board recognized that the Adviser would receive additional compensation under the higher management fee rate in the New Investment Advisory Agreement for its services.
   
 
With respect to the Sub-Adviser, which is affiliated with Nuveen, the Independent Board Members have previously reviewed its revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also had reviewed profitability analysis reflecting the revenues, expenses, and revenue
 
130
  
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margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year 2014. The Board noted that the Adviser would pay an increased portion of the management fee to the Sub-Adviser under the New Sub-Advisory Agreement.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts expected to be paid to a Fund Adviser by the Dividend Advantage Fund as well as indirect benefits (such as soft dollar arrangements), if any, the respective Fund Adviser and its affiliates are expected to receive that are directly attributable to the management of the Dividend Advantage Fund. See "Indirect Benefits" below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Dividend Advantage Fund.
   
 
Based on their review, the Independent Board Members were satisfied that the Adviser's and Sub-Adviser's level of profitability was reasonable in light of the respective services to be provided to the Dividend Advantage Fund.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. The Independent Board Members therefore considered whether the Dividend Advantage Fund could be expected to benefit from any economies of scale. One method to help ensure that the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component. Accordingly, the Independent Board Members received and reviewed the fund-level breakpoints in the advisory fee schedule as described above that reduce advisory fees as the Dividend Advantage Fund's asset levels increase. The Independent Board Members noted, however, that although closed-end funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios.
   
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Dividend Advantage Fund's complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Dividend Advantage Fund, are generally reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members have considered that the complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
   
 
The Board also recognized that, although the contractual management fees of the Dividend Advantage Fund will increase under the New Investment Management Agreement, the Dividend Advantage Fund's larger scale following the Reorganizations is expected to result in lower administrative costs (excluding the costs of leverage), which are anticipated to partially offset any increases in the management fees. Further, the Adviser has agreed to waive a portion of its management fee for a period of one year following the closing of the Reorganizations. The purpose of the waiver is to phase in the new management fee over a period of one year. The waiver is not expected to be continued.
   
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with the Dividend Advantage Fund's shareholders when assets under management increase.
   
E.
Indirect Benefits
 
In evaluating fees, the Independent Board Members also considered, among other things, information received at prior meetings regarding potential "fall out" or ancillary benefits that a Fund Adviser or its affiliates may receive as a result of its

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131

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
 
relationship with the Dividend Advantage Fund. In this regard, the Independent Board Members considered whether the Fund Advisers will receive any benefits from soft dollar arrangements whereby a portion of the commissions paid by the Dividend Advantage Fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the Dividend Advantage Fund and other clients. The Fund's portfolio transactions will be determined by the Sub-Adviser. While the Independent Board Members considered that the Sub-Adviser may benefit from soft dollar arrangements pursuant to which it receives research from brokers, the Board recognized that fixed income securities, such as municipal securities, generally trade on a principal basis that does not generate soft dollar credits.
   
 
Based on their review, the Independent Board Members concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Dividend Advantage Fund were reasonable and within acceptable parameters.
   
F.
Approval
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including a majority of the Independent Board Members, concluded that the terms of the New Investment Management Agreement and New Sub-Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services to be provided to the Dividend Advantage Fund and that the New Investment Management Agreement and New Sub-Advisory Agreement should be and were approved on behalf of the Dividend Advantage Fund.
   
G.
Additional Information
 
As indicated above, as of December 1, 2015, the Current Advisory Agreements for the Dividend Advantage Fund remain in effect and the requisite related shareholder approvals pertaining to New Advisory Agreements for the Dividend Advantage Fund are still pending.
 
132
  
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Board Members & Officers
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at eleven. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed
  
Including other
  
in Fund Complex
         
and Term(1)
  
Directorships
  
Overseen by
             
During Past 5 Years
  
Board Member
                   
Independent Board Members:
        
                   
■
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
  
 
Chairman and
Board Member
  
 
 
1996
Class III
  
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
  
 
 
196
                   
■
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
1999
Class III
  
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
  
 
 
196
                   
■
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2004
Class I
  
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
  
 
 
196
                   
■
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2005
Class II
  
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
  
 
 
196

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133

Board Members & Officers (continued)

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(1)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen by
                 
Board Member
                   
Independent Board Members (continued):  
            
                   
■
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2013
Class II
  
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading- North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
  
 
 
196
                   
■
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
1997
Class I
  
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
  
 
 
196
                   
■
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2007
Class I
  
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
  
 
 
196
                   
■
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2011
Class I
  
Board Member, Mutual Fund Directors Forum; non-profit board member; former governance consultant; former owner, and President Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
  
 
 
196
                   
■
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2008
Class II
  
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
  
 
 
196

134
  
Nuveen Investments

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(1)
  
Including other Directorships
  
in Fund Complex
             
During Past 5 Years
  
Overseen by
                 
Board Member
                   
Interested Board Members:
        
                   
■
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2013
Class II
  
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); Executive Vice President of Nuveen Securities, LLC; President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago.
  
 
 
196
                   
■
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
  
 
 
2013
Class III
  
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; Director of Allina Health and a member of its Finance, Audit and Investment Committees: formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
  
 
 
196
                   
 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(3)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
        
                   
■
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
  
 
Chief
Administrative
Officer
  
 
 
1988
  
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
  
 
 
197
                   
■
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
2007
  
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
  
 
 
89
                   
■
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
2009
  
Senior Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, Investment Services of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since 2011); Co-Chief Executive Officer (since 2015); previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Chartered Financial Analyst.
  
 
 
197

Nuveen Investments
  
135

Board Members & Officers (continued)
 
 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
 
    
Appointed(3)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):  
            
                   
■
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
1998
  
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
  
 
 
197
                   
■
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
  
 
Vice President
and Controller
  
 
 
1998
  
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
  
 
 
197
                   
■
SHERRI A. HLAVACEK
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
Vice President
and Treasurer
  
 
 
2015
  
Executive Vice President (since May 2015, formerly, Managing Director) and Controller of Nuveen Fund Advisors, LLC; Managing Director and Controller of Nuveen Commodities Asset Management, LLC; Executive Vice President (since May 2015, formerly, Managing Director), Treasurer and Controller of Nuveen Asset Management, LLC; Executive Vice President, Principal Financial Officer (since July 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments, Inc.; Executive Vice President (since May 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments Advisers Inc. and Nuveen Investments Holdings, Inc.; Managing Director, Chief Financial Officer and Corporate Controller of Nuveen Securities, LLC; Vice President, Controller and Treasurer of NWQ Investment Management Company, LLC; Vice President and Controller of Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC; Certified Public Accountant.
  
 
 
197
                   
■
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
  
 
Chief Compliance
Officer and
Vice President
  
 
 
2003
  
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
  
 
 
197
                   
■
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
2002
  
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
  
 
 
197
                   
■
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
  
 
Vice President
and Secretary
  
 
 
2007
  
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary, Nuveen Investments, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
  
 
 
197
                   
■
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
  
 
Vice President and
Assistant Secretary
  
 
 
2011
  
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
  
 
 
197

136
  
Nuveen Investments

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(3)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
            
                   
■
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 60606
  
 
Vice President and
Assistant Secretary
  
 
 
2013
  
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
  
 
 
197

(1)
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. Ms. Stringer will retire from the Board as of December 31, 2015. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

Nuveen Investments
  
137

Notes

138
  
Nuveen Investments

Notes

Nuveen Investments
  
139

Nuveen Investments:
 
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed more than $220 billion as of September 30, 2015.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC  |  333 West Wacker Drive  |  Chicago, IL 60606  |  www.nuveen.com
  
EAN-D-1015D 12538-INV-Y-12/16
  
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Opportunity Fund, Inc.

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
 
Audit Fees Billed
    
Audit-Related Fees
    
Tax Fees
    
All Other Fees
  
Fiscal Year Ended
to Fund 1
    
Billed to Fund 2
    
Billed to Fund 3
    
Billed to Fund 4
  
October 31, 2015
 $ 22,500     $ 0     $ 0     $ 2,538  
                               
Percentage approved
   0 %     0 %     0 %     0 %
pursuant to
                              
pre-approval
                              
exception
                              
                               
October 31, 2014
 $ 22,500     $ 0     $ 0     $ 0  
                               
Percentage approved
   0 %     0 %     0 %     0 %
pursuant to
                              
pre-approval
                              
exception
                              
                               
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
  
connection with statutory and regulatory filings or engagements.
                          
                               
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
          
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
          
                               
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
          
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
          
                               
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.
These fees represent all engagements pertaining to the Fund’s use of leverage.
          

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2015
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
      
pre-approval
      
exception
      
October 31, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
      
pre-approval
      
exception
      

NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
    
   
billed to Adviser and
    
   
Affiliated Fund Service
Total Non-Audit Fees
  
   
Providers (engagements
billed to Adviser and
  
   
related directly to the
Affiliated Fund Service
  
 
Total Non-Audit Fees
operations and financial
Providers (all other
  
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2015
 $                        2,538
 $                                     0
 $                                   0
 $                    2,538
October 31, 2014
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
  
amounts from the previous table.
        
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
  

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.
 
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds.  Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994.  He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year.   He earned his B.S. in Accountancy and Finance from Wright State University.  He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
 Paul Brennan
Registered Investment Company
15
$17.67 billion
 
Other Pooled Investment Vehicles
1
$45.3 million
 
Other Accounts
2
$57.7 million
*
Assets are as of October 31, 2015.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
 
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
 
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
 
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
 
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
 
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
 
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

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

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

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

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

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

Long-term incentive compensation.  Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, participate in a Long-Term Performance Plan designed to provide compensation opportunities that links a portion of each participant’s compensation to Nuveen Investments’ financial and operational performance.  In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
 
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NIO SECURITIES AS OF OCTOBER 31, 2015

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Paul Brennan
X
            

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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


 
 
 

SIGNATURES


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

(Registrant) Nuveen Municipal Opportunity Fund, Inc.

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

Date: January 7, 2016

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

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

Date: January 7, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2016