nzf.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 811-10345

Nuveen Dividend Advantage Municipal Fund 3
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2013

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
9
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Portfolios of Investments
20
   
Statement of Assets and Liabilities
91
   
Statement of Operations
93
   
Statement of Changes in Net Assets
94
   
Statement of Cash Flows
96
   
Financial Highlights
98
   
Notes to Financial Statements
107
   
Reinvest Automatically, Easily and Conveniently
119
   
Glossary of Terms Used in this Report
121
   
Additional Fund Information
127

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
 
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
 
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
 
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
 
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
 
Very sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2013
 
4
 
Nuveen Investments

 
 

 
 
Portfolio Managers’ Comments
 

Nuveen Performance Plus Municipal Fund, Inc. (NPP)
Nuveen Municipal Advantage Fund, Inc. (NMA)
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
Nuveen Dividend Advantage Municipal Fund (NAD)
Nuveen Dividend Advantage Municipal Fund 2 (NXZ)
Nuveen Dividend Advantage Municipal Fund 3 (NZF)
 
Portfolio managers Tom Spalding and Paul Brennan discuss key investment strategies and the six-month performance of these six national Funds. Tom has managed NXZ since its inception in 2001 and NPP, NMA, NMO and NAD since 2003. Paul assumed portfolio management responsibility for NZF in 2006.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2013?
 
During this reporting period, municipal bond prices generally rallied, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. However, the municipal market also encountered some additional volatility generated by the political environment, particularly the “fiscal cliff” at the end of 2012 and the approach of federal tax season. Although the total volume of tax-exempt supply improved, the issuance pattern remained light compared with long-term historical trends. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve. On the revenue side, state tax collections have grown for eleven straight quarters, exceeding pre-recession levels beginning in September 2011, while on the expense side, the states made headway in cutting and controlling costs. The current low level of municipal issuance reflects the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we continued to see municipal yields remain relatively low. Borrowers seeking to take advantage of the low rate environment sparked an increase in refunding activity, with approximately 50% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
 
Overall, we emphasized bonds with longer maturities. This enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve and also
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Nuveen Investments
 
5

 
 

 
 
provided some protection for the Funds’ duration and yield curve positioning. Our efforts in this area were somewhat constrained by the structure of bonds typically issued as part of refinancing deals, which tend to be characterized by shorter maturities. Across most of the Funds, our credit purchases focused on higher quality bonds with the goal of positioning the Funds slightly more defensively. In NZF, we also continued to purchase lower rated bonds when we found attractive opportunities, as we believed these bonds still offered relative value.
 
Cash for new purchases during this reporting period was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. We worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. Overall, selling was relatively limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of April 30, 2013, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month reporting period ended April 30, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
 
For the six-months ended April 30, 2013 the total returns on common share net asset value (NAV) for all six of these Nuveen Funds exceeded the return for the S&P Municipal Bond Index. For this same period, NPP, NMA, NMO, NAD and NXZ outperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average and NZF lagged the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance over this period. NZF had slightly less leverage, which detracted from its performance. Leverage is discussed in more detail later in this report.
 
During the reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest

6
 
Nuveen Investments

 
 

 
 
end produced the weakest results. For this period, duration and yield curve positioning was a major positive contributor to the performance of these Funds, with the net impact varying according to each Fund’s individual weightings along the yield curve. Overall, NPP, NAD and NZF were the most advantageously positioned in terms of duration and yield curve. In particular, the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market during this period. This was especially true in NPP, NMA, NMO, NAD and NXZ, all of which were overweight in zero coupon bonds.
 
Credit exposure was another important factor in the Funds’ performance during these six-months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, these Funds benefited from their holdings of lower rated credits. NZF, on the other hand, had the heaviest weighting of bonds rated AAA and the smallest weighting of BBB bonds, which detracted from its performance.
 
During this reporting period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation, education and water and sewer bonds. All of these Funds, particularly NMA, NMO and NXZ, had strong weightings in health care, which added to their performance. NZF had the smallest allocation of these bonds, which limited the positive impact of these holdings.
 
Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from market developments, including increased demand for higher yielding investments by investors who had become less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. As of April 30, 2013, all of these Funds, especially NXZ, were overweight in tobacco bonds, which benefited their performance as tobacco credits rallied.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2013, NPP and NZF held the heaviest weighting of pre-refunded bonds, which detracted from its performance during this period.
 

Nuveen Investments
 
7

 
 

 
 
General obligation (GO) bonds and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period.
 
Shareholders also should be aware of issues impacting some of the Funds’ non-state holdings. In December 2012, Moody’s down-graded Puerto Rico GO bonds to Baa3 from Baa1 based on Puerto Rico’s ongoing economic problems, unfunded pension liabilities, elevated debt levels and structural budget gaps. In addition, during July 2012, bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also were downgraded by Moody’s to Aa3 from Aa2. The downgrade of the COFINA bonds was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and not to any sector or structural issues. In addition, the COFINA bonds were able to maintain a higher rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support the commonwealth’s GO bonds. All of these Funds have exposure to Puerto Rico bonds, the majority of which are dedicated sales tax bonds issued by COFINA, but no exposure to Puerto Rico GOs.
 
During the reporting period, Puerto Rico paper generally underperformed the market as whole. Because most of our holdings were the COFINA bonds, the overall impact on performance was minimal, differing from Fund to Fund in line with the type and amount of its holdings. As we continue to emphasize Puerto Rico’s stronger credits, we view the COFINA bonds as potentially long-term holdings and note that the commonwealth recently introduced various sales tax enforcement initiatives aimed at improving future collections.
 
8
 
Nuveen Investments

 
 

 
 
Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
As of April 30, 2013, the Funds’ percentages of effective and regulatory leverage are shown in the accompanying table.
               
     
Effective
   
Regulatory
 
     
Leverage
*
 
Leverage
*
NPP
   
36.74
%
 
34.51
%
NMA
   
34.49
%
 
29.84
%
NMO
   
36.47
%
 
33.15
%
NAD
   
34.33
%
 
29.27
%
NXZ
   
33.01
%
 
28.93
%
NZF
   
32.76
%
 
26.97
%
 
*
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 sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
Nuveen Investments
 
9

 
 

 
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
                           
         
MTP Shares Issued
   
Annual
       
Fund
   
Series
 
at Liquidation Value
   
Interest Rate
   
NYSE Ticker
 
NAD
   
2015
 
$
144,300,000
   
2.70
%
 
NAD PrC
 
NZF
   
2016
 
$
70,000,000
   
2.80
%
 
NZF PrC
 
 
VMTP Shares
         
VMTP Shares Issued
 
Fund
   
Series
 
at Liquidation Value
 
NPP
   
2015
 
$
535,000,000
 
NAD
   
2014
 
$
120,400,000
 
NZF
   
2014
 
$
169,200,000
 
 
During the current reporting period, NPP successfully exchanged of all of its outstanding 4,217 Series 2014 VMTP Shares for 4,217 Series 2015 VMTP Shares. Concurrent with this exchange, the Fund also issued an additional $113,300,000, at liquidation value, of Series 2015 VMTP Shares. Both of these transactions were completed in privately negotiated offerings.
 
The Fund completed the exchange offer in which it refinanced its existing VMTP Shares with new VMTP Shares at a reduced cost and with a term redemption date of December 1, 2015. The proceeds from the additional VMTP Shares were used to take advantage of opportunities in the current municipal market. Dividends on the VMTP Shares are set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA).
 
VRDP Shares
 
VRDP Shares Issued
 
Fund
at Liquidation Value
 
NMA
$296,800,000
 
NMO
$350,900,000
 
NXZ
$196,000,000
 
 
Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.
 
10
 
Nuveen Investments

 
 

 

Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended April 30, 2013, the Funds’ monthly dividends to shareholders were as shown in the accompanying table.
 
   
Per Common Share Amounts
 
     
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
November
 
$
0.0800
 
$
0.0755
 
$
0.0705
 
$
0.0760
 
$
0.0750
 
$
0.0755
 
December
   
0.0770
   
0.0710
   
0.0670
   
0.0730
   
0.0670
   
0.0660
 
January
   
0.0770
   
0.0710
   
0.0670
   
0.0730
   
0.0670
   
0.0660
 
February
   
0.0770
   
0.0710
   
0.0670
   
0.0730
   
0.0670
   
0.0660
 
March
   
0.0770
   
0.0670
   
0.0645
   
0.0730
   
0.0670
   
0.0625
 
April
   
0.0770
   
0.0670
   
0.0645
   
0.0730
   
0.0670
   
0.0625
 
                                       
Ordinary Income Distribution*
 
$
 
$
0.0078
 
$
 
$
0.0053
 
$
 
$
0.0017
 
                                       
Market Yield**
   
5.82
%
 
5.44
%
 
5.40
%
 
5.79
%
 
5.27
%
 
5.09
%
Taxable-Equivalent Yield**
   
8.08
%
 
7.56
%
 
7.50
%
 
8.04
%
 
7.32
%
 
7.07
%
 
*
Distribution paid in December 2012.
**
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.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2013, all of the Funds in this report had positive UNII balances, based on our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
Nuveen Investments
 
11

 
 

 
 
COMMON SHARE REPURCHASES
 
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares.
 
COMMON SHARE OTHER INFORMATION
 
As of April 30, 2013, and during the current reporting period, the share prices of the Funds were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
 

     
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
Common Share NAV
 
$
16.91
 
$
15.97
 
$
15.43
 
$
16.28
 
$
16.34
 
$
16.04
 
Common Share Price
 
$
15.88
 
$
14.79
 
$
14.33
 
$
15.14
 
$
15.27
 
$
14.73
 
Premium/(Discount) to NAV
   
-6.09
%
 
-7.39
%
 
-7.13
%
 
-7.00
%
 
-6.55
%
 
-8.17
%
6-Month Average
                                     
Premium/(Discount) to NAV
   
-2.81
%
 
-3.89
%
 
-4.31
%
 
-3.77
%
 
-4.74
%
 
-5.23
%

12
 
Nuveen Investments

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that a Fund could lose more than its original principal investment.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.
 
Nuveen Investments
 
13

 
 

 
 
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
                           
     
Cumulative
 
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NPP at Common Share NAV
   
4.20
%
 
11.20
%
 
9.30
%
 
6.87
%
NPP at Common Share Price
   
-0.62
%
 
7.36
%
 
10.36
%
 
7.12
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. 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.
 
 
         
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
21.3
%
Health Care
   
15.1
%
Transportation
   
14.9
%
Tax Obligation/General
   
14.7
%
U.S. Guaranteed
   
11.3
%
Consumer Staples
   
7.5
%
Utilities
   
7.4
%
Other
   
7.8
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
17.5
%
AA
   
36.2
%
A
   
24.8
%
BBB
   
12.7
%
BB or Lower
   
6.3
%
N/R
   
1.0
%

States1
       
(as a % of total investments)
       
Illinois
   
18.2
%
California
   
13.9
%
Texas
   
7.6
%
Colorado
   
6.7
%
Florida
   
4.8
%
Ohio
   
4.1
%
New Jersey
   
3.8
%
Puerto Rico
   
3.7
%
New York
   
3.0
%
Washington
   
2.5
%
Pennsylvania
   
2.5
%
Indiana
   
2.4
%
Nevada
   
2.4
%
Michigan
   
2.3
%
Virginia
   
2.2
%
South Carolina
   
2.0
%
Other
   
17.9
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are 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.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
14
 
Nuveen Investments

 
 

 
 
Nuveen Municipal Advantage Fund, Inc. (NMA)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
                           
     
Cumulative
 
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NMA at Common Share NAV
   
4.10
%
 
11.28
%
 
9.20
%
 
6.82
%
NMA at Common Share Price
   
-2.92
%
 
4.11
%
 
9.15
%
 
6.44
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. 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.
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Health Care
   
19.9
%
Tax Obligation/General
   
16.0
%
Tax Obligation/Limited
   
15.8
%
Transportation
   
14.8
%
U.S. Guaranteed
   
10.2
%
Consumer Staples
   
7.4
%
Utilities
   
7.0
%
Other
   
8.9
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
14.8
%
AA
   
34.2
%
A
   
27.4
%
BBB
   
14.6
%
BB or Lower
   
6.1
%
N/R
   
1.1
%

States1
       
(as a % of total investments)
       
California
   
16.2
%
Illinois
   
10.5
%
Texas
   
8.0
%
Colorado
   
6.8
%
Louisiana
   
6.3
%
Puerto Rico
   
5.3
%
New York
   
5.1
%
Ohio
   
4.6
%
Indiana
   
3.3
%
Pennsylvania
   
3.3
%
Nevada
   
3.2
%
Florida
   
3.1
%
Michigan
   
2.3
%
New Jersey
   
2.2
%
Arizona
   
2.1
%
Other
   
17.7
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are 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.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
15

 
 

 

Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
                           
   
Cumulative
 
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NMO at Common Share NAV
   
3.84
%
 
11.18
%
 
8.37
%
 
6.50
%
NMO at Common Share Price
   
-1.30
%
 
6.89
%
 
8.68
%
 
6.42
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. 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.
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Transportation
   
21.0
%
Health Care
   
19.2
%
Tax Obligation/General
   
15.2
%
Tax Obligation/Limited
   
11.7
%
U.S. Guaranteed
   
8.9
%
Consumer Staples
   
7.5
%
Utilities
   
6.6
%
Other
   
9.9
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
15.9
%
AA
   
35.2
%
A
   
24.8
%
BBB
   
14.6
%
BB or Lower
   
6.2
%
N/R
   
0.5
%

States1
       
(as a % of total investments)
       
California
   
17.3
%
Illinois
   
10.7
%
Texas
   
9.0
%
Colorado
   
5.5
%
Ohio
   
5.4
%
Pennsylvania
   
4.0
%
Florida
   
3.9
%
New York
   
3.9
%
Puerto Rico
   
3.8
%
Nevada
   
3.3
%
Michigan
   
3.1
%
Washington
   
3.0
%
North Carolina
   
2.8
%
Indiana
   
2.7
%
Virgina
   
2.5
%
Alaska
   
2.2
%
Other
   
16.9
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are 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.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
16
 
Nuveen Investments

 
 

 
 
Nuveen Dividend Advantage Municipal Fund (NAD)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
                           
     
Cumulative
 
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NAD at Common Share NAV
   
4.25
%
 
11.23
%
 
9.29
%
 
6.96
%
NAD at Common Share Price
   
-1.15
%
 
7.74
%
 
9.40
%
 
6.59
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. 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.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Health Care
19.7%
Tax Obligation/Limited
17.8%
Tax Obligation/General
17.2%
Transportation
17.1%
Consumer Staples
7.4%
U.S. Guaranteed
7.1%
Water and Sewer
3.8%
Investment Companies
0.1%
Other
9.8%
   
Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
13.1%
AA
41.9%
A
23.0%
BBB
14.3%
BB or Lower
4.1%
N/R
2.0%
   
States1
 
(as a % of municipal bonds)
 
Illinois
17.7%
California
8.7%
Texas
7.1%
New York
5.9%
Washington
5.7%
Florida
5.5%
Colorado
5.4%
Wisconsin
4.2%
Louisiana
3.8%
Nevada
3.8%
Puerto Rico
3.5%
Ohio
3.2%
New Jersey
3.1%
Arizona
2.5%
Indiana
2.5%
Other
17.4%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are 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.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
17

 
 

 
 
Nuveen Dividend Advantage Municipal Fund 2 (NXZ)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013

     
Cumulative
 
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NXZ at Common Share NAV
   
4.13
%
 
11.26
%
 
8.65
%
 
7.43
%
NXZ at Common Share Price
   
0.31
%
 
6.77
%
 
7.40
%
 
7.13
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. 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.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
21.3%
Health Care
20.6%
Transportation
16.0%
Tax Obligation/General
10.3%
U.S. Guaranteed
7.6%
Consumer Staples
7.5%
Water and Sewer
4.7%
Other
12.0%
   
Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
13.4%
AA
31.3%
A
24.2%
BBB
16.4%
BB or Lower
7.0%
N/R
3.9%
   
States1
 
(as a % of total investments)
 
Texas
17.3%
California
15.7%
Illinois
12.3%
Michigan
5.2%
Colorado
5.0%
New York
4.9%
Indiana
4.2%
Louisiana
3.1%
South Carolina
2.8%
Puerto Rico
2.5%
Georgia
2.3%
Florida
2.2%
Nevada
2.0%
North Carolina
1.9%
Other
18.6%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are 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.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
18
 
Nuveen Investments
 


 
 

 
 
Nuveen Dividend Advantage Municipal Fund 3 (NZF)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
                           
   
Cumulative
 
Average Annual
     
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NZF at Common Share NAV
   
2.83
%
 
9.99
%
 
8.75
%
 
7.16
%
NZF at Common Share Price
   
-3.87
%
 
1.88
%
 
8.52
%
 
7.18
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. 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.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
21.0%
Health Care
16.3%
Transportation
14.1%
Tax Obligation/General
12.6%
U.S. Guaranteed
9.6%
Education and Civic Organizations
6.2%
Consumer Staples
5.6%
Water and Sewer
5.5%
Investment Companies
0.4%
Other
8.7%
   
Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
22.6%
AA
36.4%
A
23.0%
BBB
4.9%
BB or Lower
4.4%
N/R
6.6%
   
States1
 
(as a % of municipal bonds)
 
Texas
12.4%
Illinois
10.8%
California
9.0%
Louisiana
5.9%
Michigan
5.8%
New York
5.4%
Indiana
5.2%
New Jersey
4.4%
Georgia
4.3%
Nevada
3.9%
Washington
3.5%
Florida
3.4%
Colorado
3.2%
Pennsylvania
2.4%
Massachusetts
2.3%
Ohio
2.3%
Other
15.8%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are 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.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
19

 
 

 

 
 
Nuveen Performance Plus Municipal Fund, Inc.
NPP
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 152.8% (100.0% of Total Investments)
           
     
Alabama – 0.2% (0.1% of Total Investments)
           
     
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A:
           
$
1,435
 
5.625%, 2/01/22 – FGIC Insured (4)
 
7/13 at 100.00
Ca
$
1,114,292
 
 
1,505
 
5.375%, 2/01/27 – FGIC Insured (4)
 
7/13 at 100.00
Ca
 
1,121,827
 
 
2,940
 
Total Alabama
       
2,236,119
 
     
Alaska – 1.4% (0.9% of Total Investments)
           
 
3,945
 
CivicVentures, Alaska, Anchorage Convention Center Revenue Bonds, Series 2006, 5.000%, 9/01/34 – NPFG Insured
 
9/15 at 100.00
A1
 
4,247,621
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
           
 
7,500
 
5.000%, 6/01/32
 
6/14 at 100.00
B+
 
7,017,825
 
 
3,080
 
5.000%, 6/01/46
 
6/14 at 100.00
B+
 
2,760,512
 
 
14,525
 
Total Alaska
       
14,025,958
 
     
Arizona – 1.0% (0.6% of Total Investments)
           
 
1,120
 
Arizona State Transportation Board, Highway Revenue Bonds, Subordinate Refunding Series 2011A, 3.000%, 7/01/13
 
No Opt. Call
AA+
 
1,125,376
 
 
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
A+
 
8,547,575
 
 
8,900
 
Total Arizona
       
9,672,951
 
     
Arkansas – 0.5% (0.3% of Total Investments)
           
 
5,080
 
Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured
 
7/13 at 100.00
N/R
 
3,908,603
 
 
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005A, 5.000%, 2/01/35
 
2/15 at 100.00
Baa1
 
1,026,520
 
 
6,080
 
Total Arkansas
       
4,935,123
 
     
California – 21.2% (13.9% of Total Investments)
           
 
3,500
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
 
10/17 at 100.00
BBB+
 
3,914,610
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
 
No Opt. Call
Aa2
 
2,300,639
 
 
15,870
 
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured
 
No Opt. Call
AA–
 
12,893,105
 
 
3,250
 
California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 – AGM Insured
 
5/18 at 100.00
AA
 
3,848,390
 
 
5,015
 
California Department of Water Resources, Power Supply Revenue Bonds, Series 2010M, 5.000%, 5/01/13
 
No Opt. Call
AA
 
5,015,702
 
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
           
 
5,000
 
5.000%, 4/01/37
 
4/16 at 100.00
A+
 
5,444,400
 
 
7,000
 
5.250%, 4/01/39
 
4/16 at 100.00
A+
 
7,657,020
 
 
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
 
7/20 at 100.00
Baa2
 
2,582,595
 
 
3,700
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
 
6/17 at 100.00
A3
 
4,136,489
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
 
3/16 at 100.00
A1
 
5,454,400
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
 
6/17 at 100.00
A1
 
17,295,200
 
 
10,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
 
10/21 at 100.00
A1
 
11,143,300
 
 
6,435
 
California State, General Obligation Refunding Bonds, Series 2002, 6.000%,
4/01/16 – AMBAC Insured
 
No Opt. Call
A1
 
7,446,775
 
 
20
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
$
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
 
7/18 at 100.00
A
$
3,455,850
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
 
8/18 at 100.00
Aa1
 
5,425,000
 
 
7,240
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured
 
8/17 at 56.01
Aa2
 
3,486,132
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured
 
No Opt. Call
AA–
 
6,326,700
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
2,875
 
4.500%, 6/01/27
 
6/17 at 100.00
B
 
2,804,563
 
 
1,500
 
5.125%, 6/01/47
 
6/17 at 100.00
B
 
1,306,440
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
 
6/22 at 100.00
B
 
9,293,700
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
 
6/13 at 100.00
Aaa
 
10,055,900
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
Aa2
 
1,072,375
 
 
2,000
 
Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2002 Series 2004, 5.250%, 8/01/24 (Pre-refunded 8/01/13) – AGM Insured
 
8/13 at 100.00
AA– (5)
 
2,025,400
 
 
5,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 – FGIC Insured
 
8/17 at 100.00
Aa1
 
5,638,250
 
 
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
 
1/19 at 100.00
AA
 
2,920,073
 
 
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
 
No Opt. Call
A
 
4,511,760
 
 
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
 
7/13 at 100.00
N/R (5)
 
1,202,360
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
 
9/16 at 100.00
AA–
 
2,227,880
 
 
3,600
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
 
No Opt. Call
Aa3
 
1,680,516
 
 
12,065
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%, 8/01/17 – NPFG Insured
 
No Opt. Call
Baa2
 
13,386,841
 
 
2,325
 
Palmdale Community Redevelopment Agency, California, Restructured Single Family Mortgage Revenue Bonds, Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax) (ETM)
 
No Opt. Call
Aaa
 
2,827,084
 
 
2,525
 
Palmdale, California, Certificates of Participation, Park Improvement and Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured
 
9/14 at 100.00
A
 
2,563,809
 
 
5,010
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
 
8/17 at 100.00
A+
 
5,616,811
 
 
9,320
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured
 
No Opt. Call
AA–
 
3,789,232
 
 
2,100
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
 
7/15 at 102.00
Baa2
 
2,198,448
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.640%, 2/01/33 (IF)
 
8/19 at 100.00
Aa2
 
3,081,629
 
 
3,400
 
San Francisco City and County, California, General Obligation Bonds, General Hospital Improvement Project, Series 2010A, 5.000%, 6/15/13
 
No Opt. Call
Aa1
 
3,420,876
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
7,210
 
0.000%, 1/15/23 – NPFG Insured
 
No Opt. Call
Baa2
 
4,649,657
 
 
13,540
 
0.000%, 1/15/32 – NPFG Insured
 
No Opt. Call
Baa2
 
5,404,356
 
 
3,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
Baa2
 
1,011,780
 
 
2,965
 
San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
 
No Opt. Call
Aa2
 
1,543,757
 
 
Nuveen Investments
 
21
 
 
 

 

   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
$
4,005
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured
 
No Opt. Call
Aa1
$
2,574,294
 
 
2,970
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
 
6/15 at 100.00
B+
 
2,972,970
 
 
2,630
 
Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured
 
No Opt. Call
AA+
 
1,696,639
 
 
5,245
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
 
8/15 at 100.00
AA–
 
5,646,190
 
 
238,975
 
Total California
       
214,949,897
 
     
Colorado – 10.2% (6.7% of Total Investments)
           
 
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 (Pre-refunded 12/15/15) – AGM Insured
 
12/15 at 100.00
Aa2 (5)
 
5,868,695
 
 
3,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 – SYNCORA GTY Insured
 
8/14 at 100.00
A
 
3,057,390
 
 
2,295
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41
 
2/21 at 100.00
AA–
 
2,537,536
 
 
14,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
AA
 
15,304,100
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
 
5/17 at 100.00
BBB+
 
2,065,640
 
 
20,000
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
 
12/13 at 100.00
N/R (5)
 
20,546,200
 
 
13,620
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
 
No Opt. Call
Baa2
 
10,219,903
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
16,200
 
0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
Baa2
 
6,311,358
 
 
33,120
 
0.000%, 9/01/33 – NPFG Insured
 
No Opt. Call
Baa2
 
12,119,933
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
           
 
9,310
 
0.000%, 9/01/28 – NPFG Insured
 
No Opt. Call
Baa2
 
4,645,318
 
 
18,500
 
0.000%, 3/01/36 – NPFG Insured
 
No Opt. Call
Baa2
 
5,786,245
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (5)
 
812,690
 
     
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
           
 
5,000
 
6.500%, 1/15/30
 
7/20 at 100.00
Baa3
 
6,041,850
 
 
3,750
 
6.000%, 1/15/41
 
7/20 at 100.00
Baa3
 
4,377,488
 
 
40
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
Aa2
 
43,072
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
2,130
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (5)
 
2,320,720
 
 
1,145
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (5)
 
1,255,561
 
 
150,105
 
Total Colorado
       
103,313,699
 
     
Connecticut – 0.8% (0.5% of Total Investments)
           
 
7,640
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
 
7/16 at 100.00
AAA
 
8,482,081
 
     
District of Columbia – 1.3% (0.9% of Total Investments)
           
 
3,975
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
 
5/13 at 100.00
A1
 
4,014,631
 
 
4,245
 
District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43 (Pre-refunded 4/01/15)
 
4/15 at 100.00
AA– (5)
 
4,516,340
 
 
22
 
Nuveen Investments


 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
District of Columbia (continued)
           
$
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
A1
$
5,092,600
 
 
13,220
 
Total District of Columbia
       
13,623,571
 
     
Florida – 7.4% (4.8% of Total Investments)
           
 
1,700
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%,
5/01/32 – RAAI Insured
 
5/14 at 100.00
N/R
 
1,717,255
 
     
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Venice Homes Apartments, Series 2001A:
           
 
1,545
 
5.700%, 1/01/32 – AGM Insured (Alternative Minimum Tax)
 
7/13 at 100.00
AA–
 
1,547,101
 
 
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
 
7/13 at 100.00
AA–
 
1,807,383
 
 
2,020
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
Aa3 (5)
 
2,037,210
 
 
1,745
 
Collier County, Florida, Special Obligation Revenue Bonds, Series 2010, 3.000%, 7/01/13
 
No Opt. Call
AA
 
1,753,027
 
 
5,600
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14
 
No Opt. Call
AA+
 
6,030,584
 
 
3,790
 
Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Refunding Series 2010D, 5.000%, 7/01/13
 
No Opt. Call
AA–
 
3,821,305
 
 
3,445
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-2, 4.950%, 7/01/37 (Alternative Minimum Tax)
 
1/16 at 100.00
AA+
 
3,657,488
 
 
7,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.250%, 10/01/17 – NPFG Insured (Alternative Minimum Tax)
 
10/13 at 100.00
A+
 
7,140,700
 
 
10,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured (UB)
 
4/15 at 100.00
Aa2
 
10,639,200
 
 
1,485
 
Martin County, Florida, Utilities System Refunding Revenue Bonds, Series 1998, 5.500%, 10/01/13 – FGIC Insured
 
No Opt. Call
AA
 
1,515,517
 
 
3,775
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
 
10/15 at 100.00
A
 
4,053,633
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A- 1, 5.375%, 10/01/41
 
10/20 at 100.00
A
 
5,702,400
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/27
 
10/20 at 100.00
A
 
2,858,900
 
 
2,410
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
 
11/15 at 100.00
Aa2
 
2,537,344
 
 
1,665
 
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26
 
10/19 at 100.00
A
 
1,902,263
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
 
8/15 at 100.00
AA
 
2,625,624
 
     
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
           
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
 
7/17 at 100.00
Baa2
 
2,118,140
 
 
4,700
 
5.000%, 7/01/40 – NPFG Insured
 
7/17 at 100.00
Baa2
 
4,947,784
 
 
2,435
 
Saint Petersburg, Florida, Public Utility Revenue Bonds, Refunding Series 2009B, 5.000%, 10/01/13
 
No Opt. Call
Aa2
 
2,484,041
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
 
5/22 at 100.00
Aa2
 
3,764,508
 
 
70,320
 
Total Florida
       
74,661,407
 
     
Georgia – 1.1% (0.7% of Total Investments)
           
 
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
 
No Opt. Call
A1
 
6,183,050
 
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
BBB
 
2,364,200
 
 
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
 
8/18 at 100.00
AA–
 
2,887,325
 
 
9,500
 
Total Georgia
       
11,434,575
 
 
Nuveen Investments
 
23
 
 
 

 

 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Idaho – 0.0% (0.0% of Total Investments)
           
$
105
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax)
 
7/13 at 100.00
A1
$
106,997
 
 
275
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000G-2, 5.950%, 7/01/25 (Alternative Minimum Tax)
 
7/13 at 100.00
AAA
 
282,178
 
 
380
 
Total Idaho
       
389,175
 
     
Illinois – 27.8% (18.2% of Total Investments)
           
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
A+
 
1,589,761
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured
 
No Opt. Call
A+
 
8,505,200
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
 
No Opt. Call
A+
 
8,126,000
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
           
 
32,170
 
0.000%, 1/01/21 – FGIC Insured
 
No Opt. Call
Aa3
 
26,021,348
 
 
32,670
 
0.000%, 1/01/22 – FGIC Insured
 
No Opt. Call
Aa3
 
25,161,454
 
 
9,240
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured
 
7/13 at 100.00
A
 
9,275,204
 
 
1,785
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 – FGIC Insured
 
1/16 at 100.00
A2
 
1,921,785
 
 
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
AA
 
6,072,311
 
     
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
           
 
8,000
 
0.000%, 11/01/18
 
No Opt. Call
AAA
 
7,352,240
 
 
15,285
 
0.000%, 11/01/19
 
No Opt. Call
AAA
 
13,575,831
 
 
5,000
 
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
 
7/13 at 100.00
Aa1 (5)
 
5,040,750
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
AA
 
1,733,280
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
 
8/18 at 100.00
AA–
 
2,148,320
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.266%, 7/01/46 (IF)
 
7/17 at 100.00
AA
 
6,451,035
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
 
4/19 at 100.00
A+
 
3,342,780
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (WI/DD, Settling 5/02/13) (UB)
 
2/21 at 100.00
AA–
 
2,846,500
 
 
185
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34
 
7/14 at 100.00
Aa1
 
193,258
 
 
815
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A, 5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
Aa1 (5)
 
859,727
 
     
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A:
           
 
2,250
 
6.000%, 8/15/23
 
8/18 at 100.00
BBB+
 
2,540,295
 
 
3,055
 
5.500%, 8/15/30
 
8/18 at 100.00
BBB+
 
3,297,109
 
 
4,970
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
BBB+
 
5,252,296
 
 
4,590
 
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37
 
8/13 at 100.00
Aa2
 
4,610,747
 
 
3,610
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33 (Pre-refunded 7/01/13)
 
7/13 at 100.00
AA+ (5)
 
3,645,342
 
 
1,460
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15
 
8/13 at 100.00
BBB+
 
1,463,489
 
 
2,515
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24
 
8/22 at 100.00
A2
 
2,882,743
 
 
2,235
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (WI/DD, Settling 5/16/13)
 
1/23 at 100.00
AA–
 
2,532,411
 
 
24
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
7,250
 
Kane, Kendall, LaSalle, and Will Counties, Illinois, Community College District 516, General Obligation Bonds, Series 2005E, 0.000%, 12/15/24 (Pre-refunded 12/15/13) – FGIC Insured
 
12/13 at 57.71
AA+ (5)
$
4,160,920
 
 
28,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
 
No Opt. Call
AAA
 
10,174,080
 
 
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM)
 
No Opt. Call
Aaa
 
15,303,518
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
           
 
9,400
 
0.000%, 12/15/18 – NPFG Insured
 
No Opt. Call
AA–
 
8,513,016
 
 
16,570
 
0.000%, 12/15/20 – NPFG Insured
 
No Opt. Call
AA–
 
13,898,253
 
 
23,920
 
0.000%, 12/15/22 – NPFG Insured
 
No Opt. Call
AA–
 
18,062,231
 
 
13,350
 
0.000%, 12/15/24 – NPFG Insured
 
No Opt. Call
AA–
 
9,090,015
 
 
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
 
No Opt. Call
AAA
 
6,128,415
 
 
5,180
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM)
 
No Opt. Call
AA– (5)
 
6,547,365
 
 
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
 
2/20 at 100.00
AA–
 
2,941,122
 
 
17,865
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured
 
No Opt. Call
AA
 
23,160,722
 
 
4,810
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
 
No Opt. Call
Aa2
 
3,560,554
 
 
5,190
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured (ETM)
 
No Opt. Call
Aa2 (5)
 
4,186,306
 
 
320,845
 
Total Illinois
       
282,167,733
 
     
Indiana – 3.7% (2.4% of Total Investments)
           
 
3,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
 
8/16 at 100.00
Baa2
 
3,199,410
 
 
2,525
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
A
 
2,800,705
 
 
3,075
 
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
 
3,235,085
 
 
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23
 
2/16 at 100.00
AA–
 
824,610
 
 
1,305
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 (Pre-refunded 3/01/14) – AMBAC Insured
 
3/14 at 100.00
A+ (5)
 
1,360,058
 
 
1,215
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
 
No Opt. Call
AA–
 
1,295,834
 
 
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
 
7/13 at 100.00
A (5)
 
4,338,101
 
 
3,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
A–
 
3,269,160
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
 
5/15 at 100.00
A (5)
 
2,183,420
 
 
3,105
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.250%, 8/01/20 (Pre-refunded 8/01/13) – FGIC Insured
 
8/13 at 100.00
Aaa
 
3,144,682
 
 
9,560
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
 
No Opt. Call
AA
 
6,559,307
 
 
2,395
 
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/26 – NPFG Insured
 
7/15 at 100.00
AA+
 
2,536,808
 
 
1,800
 
Sunman Dearborn High School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/25 (Pre-refunded 1/15/15) – NPFG Insured
 
1/15 at 100.00
AA+ (5)
 
1,942,542
 
 
1,580
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured
 
No Opt. Call
AA–
 
943,671
 
 
39,630
 
Total Indiana
       
37,633,393
 
 
Nuveen Investments
 
25

 
 

 
 
   
Nuveen Performance Plus Municipal Fund, Inc. (continued)
NPP
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Iowa – 2.0% (1.3% of Total Investments)
           
$
1,500
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/21
 
7/16 at 100.00
BB+
$
1,599,165
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
5,000
 
5.375%, 6/01/38
 
6/15 at 100.00
B+
 
4,823,000
 
 
4,465
 
5.500%, 6/01/42
 
6/15 at 100.00
B+
 
4,336,765
 
 
5,400
 
5.625%, 6/01/46
 
6/15 at 100.00
B+
 
5,296,374
 
 
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
B+
 
4,503,015
 
 
20,865
 
Total Iowa
       
20,558,319
 
     
Kansas – 0.8% (0.5% of Total Investments)
           
 
3,790
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/23 (Pre-refunded 3/01/14)
 
3/14 at 100.00
AAA
 
3,940,653
 
 
5,465
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
BBB+
 
3,679,803
 
 
9,255
 
Total Kansas
       
7,620,456
 
     
Louisiana – 2.6% (1.7% of Total Investments)
           
 
295
 
East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1997B-1, 5.750%, 10/01/26
 
7/13 at 100.00
Aaa
 
295,637
 
 
4,000
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/25 (Pre-refunded 11/01/14) – NPFG Insured
 
11/14 at 100.00
A+ (5)
 
4,296,120
 
 
1,000
 
Louisiana State University and Agricultural and Mechanical College Board of Supervisors, Auxiliary Revenue Bonds, University Health Sciences Center Projects, Series 2000, 6.375%, 5/01/31 – NPFG Insured
 
7/13 at 100.00
AA–
 
1,004,340
 
 
5,000
 
Louisiana State, General Obligation Bonds, Series 2006C, 5.000%, 5/01/13 – AGM Insured
 
No Opt. Call
AA
 
5,000,650
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
           
 
5,800
 
5.500%, 5/15/30
 
5/13 at 100.00
A1
 
5,831,958
 
 
9,655
 
5.875%, 5/15/39
 
5/13 at 100.00
A–
 
9,708,199
 
 
25,750
 
Total Louisiana
       
26,136,904
 
     
Maine – 0.7% (0.5% of Total Investments)
           
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
 
7/21 at 100.00
Baa3
 
1,273,535
 
 
5,680
 
Portland, Maine, Airport Revenue Bonds, Series 2003A, 5.000%, 7/01/32 (Pre-refunded 7/01/13) – AGM Insured
 
7/13 at 100.00
AA– (5)
 
5,724,531
 
 
6,730
 
Total Maine
       
6,998,066
 
     
Maryland – 0.3% (0.2% of Total Investments)
           
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
 
1/18 at 100.00
BBB
 
2,826,344
 
     
Massachusetts – 2.8% (1.8% of Total Investments)
           
 
6,250
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
 
1/20 at 100.00
A+
 
6,982,250
 
     
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
           
 
4,000
 
5.125%, 8/01/28 – NPFG Insured
 
7/13 at 100.00
BBB
 
4,004,080
 
 
7,125
 
5.125%, 2/01/34 – NPFG Insured
 
7/13 at 100.00
BBB
 
7,125,784
 
 
8,730
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
 
10/15 at 100.00
AA–
 
9,476,066
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
 
7/18 at 100.00
A–
 
560,350
 
 
26,605
 
Total Massachusetts
       
28,148,530
 
 
26
 
Nuveen Investments

 
 

 

 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value