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)