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Table of Contents

Chairman's Letter to Shareholders

 

 

Dear Shareholders,

The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans' buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.

Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.'s recovery. China's policy makers have also continued to manage its slowdown but investors are still worried about where the world's second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.'s June 23, 2016 referendum vote to leave the European Union, known as "Brexit." Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.

Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December's first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.

With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.

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,

 

 

Portfolio Managers' Comments

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Thomas C. Spalding, CFA, Paul L. Brennan, CFA, and John V. Miller, CFA, review key investment strategies and the six-month performance of these six national Funds. Paul has managed NVG, NPM and NEA since 2006, and Tom assumed portfolio management responsibility for NPP and NMO in 2003. John has managed NMZ since its inception in 2003.

Effective May 31, 2016 (subsequent to the close of this reporting period), Tom Spalding, retired from NAM and Christopher L. Drahn, CFA, has taken over portfolio management responsibilities for NPP and NMO.

Effective May 26, 2016 (subsequent to the close of this reporting period), the investment policy changed for NMZ. The investment policy change allows the Fund to increase the maximum percent allowed to be invested in municipal securities rated below B-/B3 from 5% to 10%.

Effective April 11, 2016, a secondary benchmark (60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index) was added for NVG. The secondary benchmark was added to better reflect the Fund's mandate in conjunction with the Fund's reorganization.

Effective February 5, 2016, the investment policy changed for NPP, NMO, NPM and NEA. Under the new policy, each Fund may invest up to 35% of its assets in municipal securities rated BBB and below or judged by the portfolio manager to be of comparable quality.

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).

 

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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.

Portfolio Managers' Comments (continued)

The reorganizations are as follows:

 

During March 2016, the reorganizations were approved by shareholders and became effective before the opening of business on April 11, 2016.

During February 2016, 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:

See Notes to Financial Statements, Note 1 — General Information and Significant Accounting Policies, Fund Reorganizations for further information.

What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2016?

Municipal bonds rallied in the six-month reporting period amid falling interest rates, improved credit fundamentals, robust demand and tight supply. Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.

We have also continued to be more cautious in selecting individual securities. 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. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we have sought compensation for the additional risk or have passed on the deal all together.

Trading activity covered a range of sectors and remained consistent with our strategic emphasis on lower rated, longer maturity credits. During this reporting period, NVG, NPP, NMO, NPM and NEA were active buyers in the transportation, health care and utilities sectors. In the transportation sector, tollroads and airports have continued to benefit from improving fundamentals in the economic recovery. Both air and road travel have increased, while airports and tollroads tend to be critical assets with few

competitors. During this reporting period, we increased our Texas tollroad exposures in NVG, NPP, NMO, NPM and NEA. In addition, NPP and NMO established a position in a newly issued New Jersey State Transportation Trust credit, and NVG, NPM and NEA added an Illinois Toll Authority bond.

In the health care sector, NPP and NMO each purchased several hospital bonds, including Wisconsin Health for Ascension Health Services and Orange County for Orlando Health. Ascension is the largest and possibly best-run hospital network in the country, with a strong balance sheet and AA rating. Orlando Health, which operates six hospitals in the Orlando, Florida area, carries an A rating, and appears to be improving its financial position after losing market share a few years ago. We also selectively bought health care credits in NVG and NEA during this reporting period.

The utility sector presented several buying opportunities for the Funds during this reporting period. The sector has suffered recently on concerns about falling commodity prices and a shunning by investors, but we believe the higher yields, in select cases, compensate investors for the risk we're taking. NVG, NPM and NEA bought a bond issued for public utility provider South Carolina Santee Cooper. We bought a Springfield Electric Revenue issue in NVG, NPP and NMO, taking advantage of the recent price dislocation in Illinois' municipal bond market.

In NMZ, we continued to focus on research and the selection of individual credits with the potential for improvement as the key contributors to performance. NMZ emphasized bonds with above-market coupons and stable-to-improving credit fundamentals. During this reporting period, we continued to favor areas of the market that have been key long-term overweight positions in the Fund's portfolio, including the industrial development revenue (IDR), land-backed, health care and tobacco sectors.

We added two new IDR sector positions during this period, Allegheny County U.S. Steel and Maryland CNX Marine Terminal. These bonds were available at deep discounts due to their exposure to commodity prices and the negative sentiment surrounding commodity supply surplus. As some of these concerns eased, both positions subsequently delivered positive performance.

Land-backed bonds, also known as special assessment or "dirt bonds," have been an attractive source of opportunities for NMZ, as the real estate market has continued to rebound and credit fundamentals have improved. The bonds are used to finance basic infrastructure projects and are repaid with property taxes as the land becomes more valuable as a result of its development. We added Jefferson Center Metropolitan District 1 in Colorado, Northern Palm Beach County Florida Improvement District Water Control and Babcock Ranch Community Independent Special Assessment bonds.

Like in the other five Funds, the health care sector remains a longstanding strategic position in NMZ as well. NMZ bought a New York City Resource Corporation for Albert Einstein College of Medicine, Inc. credit in mid-January that performed well through the end of the reporting period. We also invested in a Daughters of Charity Health System bond. This California-based, seven-hospital system has been struggling and is under new management, which we believe can turn it around over time. NMZ also added to its existing position in Colorado Health for American Baptist Homes Project, a network of senior assisted living communities.

Also during this reporting period, NMZ took advantage of a Chicago local general obligation bond (GO) opportunity. The Chicago Board of Education, which manages the Chicago Public Schools system, issued new bonds in January 2016 to help manage some of school system's short-term funding needs. NMZ bought these bonds, which offered high yields and long maturities, and were

Portfolio Managers' Comments (continued)

available at attractive prices due to heightened investor concerns about these credits at the time of issue. While the Chicago Board of Education continues to face challenges, the stabilization of some of the concerns helped the bond perform well since we bought it.

For all six Funds, cash for new purchases was generated mainly from maturing and called bonds. NMZ also holds bonds that make sinking fund payments, which are monies an issuer sets aside to periodically repay a portion of the bond issue during a bond's lifetime. During this reporting period, NMZ received ample cash from these sinking fund payments, dividend reinvestments and share offerings in the secondary market, as well as from maturing and called bonds, to fund its buying activity.

As of April 30, 2016, 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, NVG, NPM and NEA also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Funds' benchmark. Although these swaps had a negative impact on performance, the three Funds' overall duration positioning was a positive contributor to performance during this reporting period.

How did the Funds perform during the six-month reporting period ended April 30, 2016?

The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. 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 six months ended April 30, 2016, the total returns on common share NAV for NVG, NPP, NMO, NPM and NEA outperformed both the return for the national S&P Municipal Bond Index and the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average. NMZ outperformed the return on both the S&P Municipal Bond High Yield Index and the S&P Municipal Bond Index but lagged the average return for the Lipper High-Yield Municipal Debt Funds Classification Average.

For NVG, NPP, NMO, NPM and NEA, duration and yield curve positioning were among the main positive contributors to performance during this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the benchmark, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underper-forming shorter end of the curve. NPP and NMO, which have higher weightings in zero coupon bonds, benefited from the strong performance of this segment of the market. "Zeros," which are typically issued with maturities of 25 years and longer remained in favor with investors seeking higher yields.

Credit ratings allocations also boosted performance of NVG, NPP, NMO, NPM and NEA during this reporting period. The returns of lower quality bonds generally outpaced those of higher quality credits due to investor demand for higher yielding assets and a willingness to increase credit risk because of improving credit fundamentals. The Funds' overweight allocations to the lower quality categories and underweight allocations to AAA and AA rated credits were advantageous to performance.

Sector allocations and individual credit selection provided additional gains for the Funds. The tobacco sector, the best-performing sector during this reporting period, contributed positively to the performance of NVG, NPP, NMO, NPM and NEA. The health care and

transportation sectors were also among the top-performing segments in the municipal market in this reporting period. The Funds' exposures to these two sectors, which were generally overweight allocations relative to the benchmark, also boosted relative returns.

In addition, the use of regulatory leverage was an important positive factor affecting the performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

For NMZ, which is primarily compared to the S&P Municipal Bond High Yield Index, many of the same factors drove its performance. Within the high yield segment of the municipal bond market, tobacco and Puerto Rico bonds continued to be the largest movers during this reporting period. The Fund had no exposure to Puerto Rico credits during this reporting period, which was beneficial to performance because the group underperformed due to the Commonwealth's weakening credit outlook. The tobacco sector, in contrast, bested all other sectors by a wide margin during this reporting period. Tobacco credits benefited from their liquidity during a period of strong investor demand and a surprise uptick in cigarette sales in 2015. The Fund's underweight tobacco exposure was a detractor from relative performance. Although the Fund's tobacco weighting did marginally increase over the reporting period mostly because of market appreciation and to a lesser extent trading activity, it remained well below that of the benchmark index because we consider the high yield benchmark's weight to be too high for NMZ given our current assessment of the sector.

Nevertheless, positive returns in other areas of the portfolio more than compensated for this relative loss. NMZ's use of leverage and our selection of bonds within its tender option bond trusts contributed positively to performance, as did the Fund's longer duration and maturity profile. Individual credit selections also added value during this reporting period, due to spread narrowing and higher distribution yields across a diverse range of sectors and issues. NMZ's position in New York Liberty for World Trade Center 3 bonds was bolstered by good progress in the project's construction and strong leasing activity, as well as by the scarcity value of New York City tax-exempt bonds. Several new positions contributed to performance after we added them in the second half of the reporting period. We bought the Allegheny County U.S. Steel, CNX Marine Terminal and Chicago Board of Education credits at discounted prices and, as investors' fears were mitigated, the bonds' yield spreads narrowed, which aided performance.

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. Subsequent to the close of the reporting period, Puerto Rico's effort to restructure its public utility debt was struck down by the U.S. Supreme Court. All Puerto Rico debt restructuring efforts are now concentrated in Congress.

In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NVG, NPP, NMO and NEA had limited exposure which was either insured or investment grade to Puerto Rico debt, 0.28%, 0.74%, 0.51% and 0.42%, respectively, while NPM and NMZ did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification

Portfolio Managers' Comments (continued)

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.

A Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

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 April 30, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

Fund Leverage (continued)

THE FUNDS' REGULATORY LEVERAGE

As of April 30, 2016, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

Subsequent to the close of this reporting period, NVG issued an additional $180,000,000 VRDP Shares at liquidation preference, which will be used to invest in additional municipal securities in accordance with its investment objectives and policies and to pay costs associated with the transaction.

Subsequent to the close of this reporting period, NEA refinanced all of its outstanding VMTP Shares with the issuance of new VMTP Shares. NEA also issued an additional $87,000,000 VMTP Shares at liquidation preference to be invested in accordance with its investment policies.

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.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds' distributions is current as of April 30, 2016. 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.

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 April 30, 2016, all the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NVG, NPP, NMO, NPM and NMZ had positive UNII balances and NEA had a negative UNII balance 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

Common Share Information (continued)

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 EQUITY SHELF PROGRAMS

During the current reporting period, NMZ was authorized by the Securities and Exchange Commission (SEC) to issue additional common shares through an equity shelf program (Shelf Offering). Under this program, NMZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. Under the Shelf Offering, the Fund is authorized to issue additional common shares as shown in the accompanying table:

During the current reporting period, NMZ sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share as shown in the accompanying table.

Subsequent to the close of this reporting period, NMZ filed a registration statement with the SEC, pursuant to which the Fund may issue an additional 5,000,000 common shares. New common shares of NMZ will not be sold until the registration statement is effective.

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Common Shares Equity Shelf Programs and Offering Costs for further details of Shelf offerings and the Fund's transactions.

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 April 30, 2016, 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.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of April 30, 2016, 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.

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 Enhanced AMT-Free Municipal Credit Opportunities 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 Performance Plus Municipal Fund, Inc. (NPP)

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/NPP.

Nuveen Municipal Market Opportunity Fund, Inc. (NMO)

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/NMO.

Nuveen Premium Income Municipal Fund 2, Inc. (NPM)

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/NPM.

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.

Risk Considerations (continued)

Nuveen Municipal High Income Opportunity Fund (NMZ)

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. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. 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/NMZ.

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 April 30, 2016

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.

 

 

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.

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 April 30, 2016

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.

 

 

 

 

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.

 

 

 

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 April 30, 2016

 

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.

 

 

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.

 

 

 

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 April 30, 2016

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.

 

 

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.

 

 

 

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 April 30, 2016

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.

 

 

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.

 

 

 

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 April 30, 2016

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.

 

 

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.

 

 

 

Shareholder Meeting Report

A special meeting of shareholders was held in the offices of Nuveen Investments on November 9, 2015 for NVG, NQI, NQU and NIO; at this meeting the shareholders were asked to vote to approve an agreement and plan of reorganization, to approve the issuance of additional common shares, to approve a new investment management agreement and to approve a new sub-advisory agreement. The meeting for NVG, NQI, NQU and NIO was subsequently adjourned to December 9, 2015 and additionally adjourned to January 11, 2016, February 10, 2016 and March 2, 2016.

Shareholder Meeting Report (continued)

NVG
	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	(formerly Nuveen Dividend Advantage Municipal Income Fund)
	Portfolio of Investments	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 147.4% (100.0% of Total Investments)
			MUNICIPAL BONDS – 147.4% (100.0% of Total Investments)
			Alabama – 2.0% (1.3% of Total Investments)
$	3,645		Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45	9/25 at 100.00		N/R	$	3,765,650
	6,850		Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured	1/17 at 100.00		AA+		7,001,248
	35,355		Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46	No Opt. Call		A3		45,217,277
	8,100		Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45	4/25 at 100.00		N/R		8,201,007
			Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:
	1,250		4.000%, 6/01/29 – AGM Insured	6/21 at 100.00		AA		1,326,963
	1,000		4.250%, 6/01/31 – AGM Insured	6/21 at 100.00		AA		1,072,230
	56,200		Total Alabama					66,584,375
			Alaska – 0.6% (0.4% of Total Investments)
			Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
	7,010		5.000%, 6/01/32	7/16 at 100.00		B3		6,667,350
	13,835		5.000%, 6/01/46	7/16 at 100.00		B3		13,041,148
	20,845		Total Alaska					19,708,498
			Arizona – 2.9% (2.0% of Total Investments)
	4,230		Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30	3/22 at 100.00		A3		4,702,618
			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+		1,390,117
	1,850		5.000%, 2/01/21	No Opt. Call		BBB+		2,154,085
	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		1,552,538
	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		11,275,000
	3,000		Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured Arizona State, Certificates of Participation, Series 2010A:	4/20 at 100.00		AA		3,361,350
	1,200		5.250%, 10/01/28 – AGM Insured	10/19 at 100.00		AA		1,341,876
	1,500		5.000%, 10/01/29 – AGM Insured	10/19 at 100.00		AA		1,664,925
	7,070		Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured	1/20 at 100.00		AA		7,913,098
	1,190		Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32	7/17 at 100.00		A		1,235,256
			Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 11032:
	5,200		14.194%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured (IF)	7/17 at 100.00		AA (4)		6,081,504
	2,750		14.194%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured (IF)	7/17 at 100.00		AA (4)		3,216,180
	630		Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured (ETM)	7/17 at 100.00		Aa2 (4)		664,203
	370		Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured	No Opt. Call		Aa2		389,973
	7,780		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40	7/20 at 100.00		A+		8,757,868

Nuveen

31

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Arizona (continued)
$	2,350		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/33	7/18 at 100.00		AA–	$	2,541,126
			Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
	6,000		5.500%, 7/01/37 – FGIC Insured	No Opt. Call		AA		8,110,200
	8,755		5.500%, 7/01/39 – FGIC Insured	No Opt. Call		AA		11,926,760
			Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A:
	620		5.000%, 7/01/35	7/25 at 100.00		BB		658,973
	1,025		5.000%, 7/01/46	7/25 at 100.00		BB		1,068,542
	885		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48	2/24 at 100.00		N/R		885,416
	1,000		Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40	10/20 at 100.00		A3		1,123,440
			Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
	7,930		5.000%, 12/01/32	No Opt. Call		BBB+		9,732,965
	4,825		5.000%, 12/01/37	No Opt. Call		BBB+		6,032,842
	2,000		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33	8/23 at 100.00		Baa1		2,271,120
	84,865		Total Arizona					100,051,975
			Arkansas – 0.2% (0.1% of Total Investments)
			Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006:
	2,500		0.000%, 7/01/36 – AMBAC Insured	No Opt. Call		Aa2		1,194,500
	20,125		0.000%, 7/01/46 – AMBAC Insured	No Opt. Call		Aa2		6,101,095
	22,625		Total Arkansas					7,295,595
			California – 15.6% (10.6% of Total Investments)
	2,165		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured	No Opt. Call		BBB+		2,013,688
	6,135		Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured	No Opt. Call		AA		3,984,376
	12,550		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured	No Opt. Call		AA		6,409,410
	4,100		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41	3/26 at 100.00		Ba3		4,427,098
	5,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38	4/23 at 100.00		AA–		5,866,250
			California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
	3,275		5.450%, 6/01/28	12/18 at 100.00		B3		3,320,130
	2,975		5.650%, 6/01/41	12/18 at 100.00		B2		3,015,936
	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+		1,176,805
	10,000		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2012A, 5.000%, 8/15/51	8/22 at 100.00		AA		11,273,300
	1,600		California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37	7/23 at 100.00		AA–		1,871,391
	6,665		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A , 5.000%, 8/15/54 (UB) (5)	8/25 at 100.00		AA		7,791,451

32

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			California (continued)
			California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
$	4,075		8.926%, 2/15/20 (IF) (5)	No Opt. Call		AA	$	5,023,008
	1,650		8.926%, 2/15/20 (IF) (5)	No Opt. Call		AA		2,033,856
	1,555		8.919%, 2/15/20 (IF) (5)	No Opt. Call		AA		1,916,429
	5,000		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52	8/23 at 100.00		AA–		5,853,900
			California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A:
	555		5.000%, 7/01/41	7/26 at 100.00		BB		597,613
	195		5.000%, 7/01/46	7/26 at 100.00		BB		209,194
	2,335		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40	7/20 at 100.00		Baa2		2,589,305
	735		California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – Obligated Group, Series 2016, 5.000%, 6/01/46	6/26 at 100.00		N/R		754,595
	715		California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2016A, 5.000%, 6/01/36	6/25 at 100.00		N/R		754,654
	2,250		California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/28 – AMBAC Insured	2/17 at 100.00		AA–		2,312,730
	80		California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured	10/16 at 100.00		AA–		80,288
	5		California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured	10/16 at 100.00		AA–		5,018
			California State, General Obligation Bonds, Various Purpose Series 2007:
	9,730		5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00		Aaa		10,199,959
	6,270		5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00		Aaa		6,572,840
			California State, General Obligation Bonds, Various Purpose Series 2010:
	3,500		5.250%, 3/01/30	3/20 at 100.00		AA–		4,064,550
	10,000		5.500%, 11/01/35	11/20 at 100.00		AA–		11,982,600
	18,710		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54	12/24 at 100.00		BB+		20,589,607
			California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
	10,210		5.000%, 12/01/46 (WI/DD, Settling 5/11/16)	6/26 at 100.00		BB+		11,145,542
	16,915		5.250%, 12/01/56 (WI/DD, Settling 5/11/16)	6/26 at 100.00		BB+		18,460,693
	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		4,223,960
	7,000		California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42	8/20 at 100.00		AA–		8,395,660
	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+		1,034,610
			California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	1,360		5.500%, 7/01/30 (6)	7/16 at 100.00		CCC		1,359,905
	4,000		5.500%, 7/01/35 (6)	7/16 at 100.00		CCC		4,005,240
	3,600		California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured	7/18 at 100.00		AA–		3,964,860
	5,000		Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – NPFG Insured (ETM)	No Opt. Call		AA+ (4)		4,265,800
	3,400		Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured	No Opt. Call		AA		1,838,482
	14,345		Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured	No Opt. Call		AA		6,055,025

Nuveen

33

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			California (continued)
			El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
$	2,615		0.000%, 8/01/31 – AGM Insured (7)	8/28 at 100.00		A2	$	2,408,520
	3,600		0.000%, 8/01/34 – AGM Insured (7)	8/28 at 100.00		A2		3,271,212
			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		2,068,348
	5,000		0.000%, 1/15/35 – AGM Insured	No Opt. Call		AA		2,497,250
			Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
	910		6.850%, 1/15/42	1/31 at 100.00		BBB–		757,966
	3,610		5.750%, 1/15/46	1/24 at 100.00		BBB–		4,250,630
	6,610		6.000%, 1/15/49	1/24 at 100.00		BBB–		7,870,460
	2,425		Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured	9/16 at 100.00		A		2,459,944
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	26,875		4.500%, 6/01/27	6/17 at 100.00		B+		27,314,406
	24,000		5.000%, 6/01/33	6/17 at 100.00		B–		24,026,880
	1,155		5.750%, 6/01/47	6/17 at 100.00		B–		1,158,373
	8,440		5.125%, 6/01/47	6/17 at 100.00		B–		8,292,722
	1,520		Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured	7/16 at 100.00		A		1,524,712
			Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006:
	5,600		0.000%, 11/01/24 – AGM Insured	No Opt. Call		AA		4,692,240
	5,795		0.000%, 11/01/25 – AGM Insured	No Opt. Call		AA		4,683,983
	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		1,317,858
	3,000		Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured	7/16 at 100.00		Aa2 (4)		3,023,730
	5,000		Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2007A, 4.500%, 1/01/28 – NPFG Insured	7/17 at 100.00		Aa2		5,224,100
	7,575		Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7)	8/35 at 100.00		AA		5,947,739
	3,300		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39	No Opt. Call		A		4,735,764
	3,290		Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured	9/16 at 100.00		AA		3,339,942
			Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A:
	5,905		0.000%, 8/01/26 – AGC Insured	No Opt. Call		AA		4,533,800
	2,220		0.000%, 8/01/28 – AGC Insured	No Opt. Call		AA		1,561,037
	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)	8/16 at 100.00		AA– (4)		3,400,192
			Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A:
	4,000		4.250%, 8/15/38	8/25 at 100.00		N/R		4,337,360
	675		5.250%, 8/15/45	8/25 at 100.00		N/R		784,283
	5,000		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30	11/20 at 100.00		Ba1		5,406,400
	3,700		Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured	No Opt. Call		AA–		2,854,365
	7,875		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (7)	8/29 at 100.00		AA		9,206,505

34

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			California (continued)
$	9,145		Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured	No Opt. Call		A+	$	5,294,498
	4,150		Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 0.000%, 10/01/28 – AGM Insured (7)	10/25 at 100.00		AA		4,771,629
	6,000		Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured	7/16 at 100.00		AA		6,023,460
	670		Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48	6/23 at 100.00		BBB–		781,756
			San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015:
	495		5.000%, 9/01/40	9/25 at 100.00		N/R		562,706
	250		5.000%, 9/01/46	9/25 at 100.00		N/R		283,228
	1,830		San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 18.782%, 2/01/33 (IF)	8/19 at 100.00		AA		2,867,592
	4,000		San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43	5/23 at 100.00		A+		4,619,520
	66,685		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)	No Opt. Call		Aaa		63,103,349
			San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
	2,680		5.000%, 1/15/44	1/25 at 100.00		BBB–		2,975,202
	8,275		5.000%, 1/15/50	1/25 at 100.00		BBB–		9,114,747
	7,210		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured	No Opt. Call		AA–		5,838,009
	37,040		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–		37,883,400
	4,175		San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured	No Opt. Call		AAA		2,869,728
	5,690		San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/42	No Opt. Call		AA		1,645,150
	4,325		San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/34 – AGM Insured	No Opt. Call		AA		2,165,657
	5,625		Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24	No Opt. Call		AA–		7,165,856
	5,625		Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured (ETM)	No Opt. Call		AA– (4)		7,161,975
	6,785		Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 (Pre-refunded 6/01/16) – AGM Insured	6/16 at 100.00		Aa1 (4)		6,805,287
	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		3,023,265
	4,275		Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured	7/16 at 100.00		Aa1		4,285,089
	4,495		Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured	7/16 at 100.00		AA–		2,193,380
			Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	1,245		4.750%, 6/01/23	7/16 at 100.00		B+		1,245,386
	1,500		5.500%, 6/01/45	7/16 at 100.00		B–		1,499,895
			Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:
	1,345		4.750%, 6/01/25	7/16 at 100.00		BBB		1,345,525
	1,315		5.125%, 6/01/46	7/16 at 100.00		B+		1,314,908
	549,960		Total California					531,230,676

Nuveen

35

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Colorado – 7.4% (5.0% of Total Investments)
			Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006:
$	750		5.250%, 10/01/32 – SYNCORA GTY Insured	10/16 at 100.00		BBB–	$	758,873
	1,080		5.250%, 10/01/40 – SYNCORA GTY Insured	10/16 at 100.00		BBB–		1,091,534
	195		Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43	12/23 at 100.00		BB+		206,827
	1,165		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, James Irwin Educational Foundation Project, Refunding & Improvement Series 2007, 5.000%, 12/01/38	12/24 at 100.00		A		1,312,035
	7,320		Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 (WI/DD, Settling 5/06/16)	6/26 at 100.00		A		7,213,348
			Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A:
	1,500		5.000%, 9/01/36	9/16 at 100.00		A+		1,520,115
	3,350		4.500%, 9/01/38	9/16 at 100.00		A+		3,387,788
	3,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41	2/21 at 100.00		A+		3,272,970
	11,520		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45	1/23 at 100.00		A+		13,080,038
			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+		1,901,826
	2,895		5.000%, 12/01/23	12/22 at 100.00		BBB+		3,332,550
	4,200		5.000%, 12/01/24	12/22 at 100.00		BBB+		4,798,920
			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–		1,586,842
	2,000		5.000%, 6/01/33	No Opt. Call		A–		2,245,840
	5,855		5.000%, 6/01/40	No Opt. Call		A–		6,516,615
	5,145		5.000%, 6/01/45	No Opt. Call		A–		5,717,947
			Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013:
	690		5.500%, 6/01/33	6/23 at 100.00		BBB+		806,355
	720		5.625%, 6/01/43	6/23 at 100.00		BBB+		847,152
	1,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured	9/18 at 102.00		AA		1,088,130
	11,830		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00		AA–		13,120,062
	1,500		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42	5/17 at 100.00		A–		1,555,590
	2,540		Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Refunding & Improvement Series 2013, 5.000%, 12/01/25 – AGM Insured	12/22 at 100.00		AA		3,072,663
	500		Copperleaf Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45	12/20 at 103.00		N/R		529,050
	500		Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30	12/20 at 103.00		N/R		527,060
	500		Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.250%, 12/01/40	12/25 at 100.00		N/R		504,145
	10,640		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43	11/23 at 100.00		A		12,198,547
	1,000		Denver, Colorado, Airport System Revenue Bonds, Series 2006, 5.000%, 11/15/24 – FGIC Insured	11/16 at 100.00		AA–		1,024,790
	5,365		Denver, Colorado, Airport System Revenue Bonds, Series 2006A, 5.000%, 11/15/23 – NPFG Insured (UB)	11/16 at 100.00		AA–		5,499,125

36

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Colorado (continued)
$	1,085		Denver, Colorado, Airport System Revenue Bonds, Trust 2365,15.037%, 6/17/16 – NPFG Insured (IF)	No Opt. Call		AA–	$	1,191,482
	11,700		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41	No Opt. Call		BBB+		4,605,354
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
	35,995		0.000%, 9/01/23 – NPFG Insured	No Opt. Call		AA–		30,136,814
	6,525		0.000%, 9/01/26 – NPFG Insured	No Opt. Call		AA–		4,928,920
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	17,000		0.000%, 9/01/25 – NPFG Insured	No Opt. Call		AA–		13,304,710
	9,880		0.000%, 9/01/32 – NPFG Insured	No Opt. Call		AA–		5,811,021
	43,000		0.000%, 9/01/33 – NPFG Insured	No Opt. Call		AA–		24,191,800
			E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
	20,000		0.000%, 9/01/27 – NPFG Insured	No Opt. Call		AA–		14,491,200
	1,150		0.000%, 9/01/28 – NPFG Insured	No Opt. Call		AA–		792,373
	7,000		0.000%, 9/01/34 – NPFG Insured	No Opt. Call		AA–		3,761,870
			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+		468,340
	1,000		3.000%, 12/01/32	No Opt. Call		A+		1,007,980
	500		Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45	12/20 at 103.00		N/R		509,730
	500		Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46	12/21 at 103.00		N/R		504,100
	590		Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38	12/24 at 100.00		N/R		639,177
	500		Green Gables Metropolitan District No. 1, Jefferson County, Colorado, General Obligation Bonds, Series 2016A, 5.300%, 12/01/46	12/21 at 103.00		N/R		503,550
	3,740		Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, Refunding Series 2015, 5.500%, 12/01/45	12/20 at 103.00		N/R		3,813,491
			Lambertson Farms Metropolitan District 1, Colorado, Revenue Bonds, Refunding & Improvement Series 2015:
	1,005		5.750%, 12/15/46	12/23 at 100.00		N/R		1,022,728
	5,355		6.000%, 12/15/50	12/23 at 100.00		N/R		5,448,552
	500		Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45	12/20 at 103.00		N/R		508,955
	860		Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.000%, 12/01/35	12/25 at 100.00		N/R		888,500
	660		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45	12/25 at 100.00		BBB		746,929
	880		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured	12/20 at 100.00		AA (4)		1,074,982
	5,435		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		5,980,837
	1,180		Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31	6/20 at 100.00		Aa3		1,356,327
			Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
	6,500		6.500%, 1/15/30	7/20 at 100.00		BBB+		7,697,105
	3,750		6.000%, 1/15/41	7/20 at 100.00		BBB+		4,347,000
			Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported Revenue Bonds, Senior Series 2015A:
	500		5.500%, 12/01/35	12/20 at 103.00		N/R		505,760
	1,000		5.750%, 12/01/45	12/20 at 103.00		N/R		1,012,890

Nuveen

37

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Colorado (continued)
$	500		Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.250%, 12/01/45	12/21 at 103.00		N/R	$	506,325
	8,500		University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42	11/22 at 100.00		AA–		9,605,595
	287,000		Total Colorado					250,081,134
			Connecticut – 0.7% (0.4% of Total Investments)
			Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A:
	590		5.000%, 9/01/46	9/26 at 100.00		BB		632,209
	740		5.000%, 9/01/53	9/26 at 100.00		BB		784,733
	10,000		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 4.125%, 7/01/41	7/25 at 100.00		A–		10,610,000
	3,250		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39	7/20 at 100.00		AA		3,704,805
	6,460		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42	7/16 at 100.00		AAA		6,509,096
	21,040		Total Connecticut					22,240,843
			District of Columbia – 1.4% (1.0% of Total Investments)
	3,780		District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45	10/22 at 100.00		BB+		3,792,361
	8,180		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33	No Opt. Call		Baa1		10,064,836
	6,810		District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured	4/17 at 100.00		A		6,991,418
	14,800		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured	10/16 at 100.00		AA+		15,016,820
	11,750		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/36 (Pre-refunded 10/01/16) – AMBAC Insured	10/16 at 100.00		AA+ (4)		11,947,635
	45,320		Total District of Columbia					47,813,070
			Florida – 7.9% (5.4% of Total Investments)
	450		Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured	No Opt. Call		AA–		463,464
	1,250		Bay County, Florida, Water System Revenue Bonds, Refunding Series 2005, 5.000%, 9/01/24 – AMBAC Insured	9/16 at 100.00		Aa3		1,254,900
	990		Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36	5/26 at 100.00		N/R		992,346
	4,000		Broward County, Florida, Professional Sports Facilities Tax and Revenue Bonds, Broward County Civic Arena Project, Refunding Series 2006A, 5.000%, 9/01/28 – AMBAC Insured	No Opt. Call		AA		4,054,480
	19,000		Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured	10/21 at 100.00		AA		22,036,770
	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		2,008,280
	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–		8,388,310
	4,670		City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41	9/25 at 100.00		AA–		5,405,011
	1,025		Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26	No Opt. Call		A		1,199,465

38

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Florida (continued)
$	5,110		Clay County, Florida, Utility System Revenue Bonds, Series 2007, 5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)	11/17 at 100.00		AA (4)	$	5,440,464
	12,585		Clay County, Florida, Utility System Revenue Bonds, Series 2007, 5.000% 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)	11/17 at 100.00		AA (4)		13,398,872
	1,480		Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43	11/23 at 100.00		BBB–		1,664,571
			Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:
	245		5.250%, 11/01/37	11/28 at 100.00		N/R		242,817
	320		5.600%, 11/01/46	11/28 at 100.00		N/R		319,069
	685		Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35	No Opt. Call		N/R		687,418
			Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
	3,445		6.000%, 4/01/42	4/23 at 100.00		A–		4,110,333
	1,720		5.625%, 4/01/43	4/23 at 100.00		A–		1,997,952
	4,000		Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured	10/21 at 100.00		AA		4,484,640
			Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:
	280		5.250%, 5/01/35	5/26 at 100.00		N/R		289,243
	315		5.300%, 5/01/36	5/26 at 100.00		N/R		325,625
	475		5.500%, 5/01/45	5/26 at 100.00		N/R		490,875
	655		5.500%, 5/01/46	5/26 at 100.00		N/R		675,849
			Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A:
	3,090		6.000%, 6/15/35	6/25 at 100.00		N/R		3,188,293
	1,685		6.125%, 6/15/46	6/25 at 100.00		N/R		1,723,772
	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		573,981
	75		Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18	No Opt. Call		NA		75,305
			Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
	165		5.250%, 12/01/17	7/16 at 100.00		AA–		165,607
	100		5.250%, 12/01/18	7/16 at 100.00		AA–		100,406
	2,550		Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 16.241%, 12/01/16 – AGC Insured (IF) (5)	No Opt. Call		AAA		3,502,782
	1,710		Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36	5/26 at 100.00		N/R		1,719,473
			Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006:
	1,915		5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured	6/18 at 100.00		AA (4)		2,098,955
	1,110		5.000%, 6/01/38 (Pre-refunded 6/01/16)	6/16 at 100.00		N/R (4)		1,114,451
	450		5.000%, 6/01/38 (Pre-refunded 6/01/16)	6/16 at 100.00		A– (4)		451,827
	3,795		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/35	10/24 at 100.00		A+		4,386,641
	2,060		Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)	No Opt. Call		Aaa		2,264,228
			Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
	1,645		5.000%, 5/01/25 – NPFG Insured	5/17 at 100.00		A3		1,667,520
	1,830		5.000%, 5/01/27 – NPFG Insured	5/17 at 100.00		A3		1,854,888
	600		Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30	10/22 at 100.00		A+		705,990
	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		1,158,050

Nuveen

39

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Florida (continued)
$	1,000		Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured	4/17 at 100.00		AA–	$	1,030,430
	3,000		Leesburg, Florida, Utility System Revenue Bonds, Series 2007A, 5.000%, 10/01/37 – NPFG Insured	10/17 at 100.00		AA–		3,162,780
	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+		4,615,669
	5,465		Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43	10/24 at 100.00		BBB+		6,155,995
	1,545		Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/31 – AGM Insured	2/21 at 100.00		AA		1,840,589
	5,000		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/44	7/24 at 100.00		A		5,696,450
	1,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37	10/24 at 100.00		A		1,179,640
	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		10,955,436
	2,500		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41	10/20 at 100.00		A		2,863,050
	2,500		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/30	10/20 at 100.00		A		2,865,775
	2,400		Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37	10/22 at 100.00		A+		2,775,480
	3,015		Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured	7/18 at 100.00		AA		3,255,838
	7,200		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/16 – AGM Insured	No Opt. Call		AA		7,345,728
	6,305		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42	10/22 at 100.00		Aa3		7,279,249
	4,785		Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35	8/26 at 100.00		N/R		4,879,217
	2,000		Okaloosa County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16) – AGM Insured	7/16 at 100.00		AA (4)		2,015,660
	4,250		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42	4/22 at 100.00		A		4,598,840
	1,000		Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – FGIC Insured	8/17 at 100.00		AA (4)		1,054,620
	2,500		Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured	10/16 at 100.00		AA		2,544,000
	5,000		Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 5.000%, 11/01/44	5/24 at 100.00		AA+		5,760,750
	230		Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34	6/22 at 102.00		N/R		280,929
	3,000		Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured	8/17 at 100.00		AA– (4)		3,163,080
	60		Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured	7/16 at 100.00		AA+		60,220
	3,590		Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured	7/17 at 100.00		AA–		3,757,976
			Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
	5,450		5.250%, 9/01/35 – AGC Insured	9/18 at 100.00		AA		5,969,440
	8,530		5.000%, 9/01/35 – AGC Insured	9/18 at 100.00		AA		9,287,635
	5,190		Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)	No Opt. Call		Aa2 (4)		5,673,812

40

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Florida (continued)
			Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:
$	265		4.750%, 11/01/28	11/27 at 100.00		N/R	$	266,166
	440		5.375%, 11/01/36	11/27 at 100.00		N/R		440,185
	1,010		South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016, 5.375%, 5/01/37	5/27 at 100.00		N/R		1,018,767
	1,000		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)	8/17 at 100.00		AA–		1,037,720
	1,200		St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/21 – FGIC Insured (ETM)	No Opt. Call		N/R (4)		1,459,512
	8,060		Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Series 2016A, 5.000%, 12/01/55	12/25 at 100.00		Baa1		9,082,895
	400		Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured	10/19 at 100.00		AA		441,592
	4,100		Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33	5/22 at 100.00		Aa2		4,745,750
	1,455		Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph's Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)	6/16 at 100.00		Aaa		1,492,641
	10,095		Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42	No Opt. Call		A		11,498,912
	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		2,326,920
	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–		5,671,050
	12,000		Volusia County School Board, Florida, Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured	8/17 at 100.00		Aa3 (4)		12,655,440
	243,785		Total Florida					268,888,761
			Georgia – 3.3% (2.2% of Total Investments)
	5,000		Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/29	No Opt. Call		AA–		5,832,550
	17,000		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured	11/19 at 100.00		AA		19,200,820
	3,060		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/31	5/25 at 100.00		AA–		3,736,933
	2,825		Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26	8/20 at 100.00		AA		3,091,708
	2,000		City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured	12/21 at 100.00		AA		2,405,820
	4,000		Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2012, 5.000%, 4/01/28	4/23 at 100.00		A		4,741,520
	1,250		DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30	9/20 at 100.00		BBB–		1,444,100
			Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
	5,000		5.250%, 2/15/37	2/20 at 100.00		AA–		5,563,650
	4,050		5.125%, 2/15/40	2/20 at 100.00		AA–		4,454,028
	15,305		Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54	2/25 at 100.00		AA–		18,504,816
	10,825		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60	7/25 at 100.00		A+		12,283,128
	2,250		Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured	7/19 at 100.00		A+		2,497,410
	7,030		Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) (5)	2/18 at 100.00		AAA		7,554,930

Nuveen

41

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Georgia (continued)
$	5,000		Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured	8/18 at 100.00		AA	$	5,536,950
	1,000		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27	10/22 at 100.00		Baa2		1,170,620
	10,090		Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40	10/25 at 100.00		Baa2		11,312,807
	1,710		Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41	10/21 at 100.00		Aa2		1,909,848
	97,395		Total Georgia					111,241,638
			Guam – 0.0% (0.0% of Total Investments)
	650		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43	7/23 at 100.00		A–		757,328
			Hawaii – 0.4% (0.3% of Total Investments)
	1,500		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A, 5.000%, 1/01/45	1/25 at 100.00		BB+		1,535,940
	5,000		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43	7/23 at 100.00		A1		5,930,400
	170		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43	7/23 at 100.00		BB+		193,690
	5,775		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40	7/25 at 100.00		AA–		6,182,195
	12,445		Total Hawaii					13,842,225
			Idaho – 0.5% (0.3% of Total Investments)
	8,980		Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured	3/22 at 100.00		A–		9,937,268
	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–		1,049,130
			Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
	4,000		5.000%, 7/15/23 (Pre-refunded 7/15/16) – NPFG Insured	7/16 at 100.00		A+ (4)		4,038,240
	2,195		5.000%, 7/15/24 (Pre-refunded 7/15/16) – NPFG Insured	7/16 at 100.00		A+ (4)		2,215,984
	16,175		Total Idaho					17,240,622
			Illinois – 17.1% (11.6% of Total Investments)
			Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
	675		5.000%, 1/01/25	7/23 at 100.00		A1		794,846
	1,170		5.000%, 1/01/26	7/23 at 100.00		A1		1,368,455
			Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A:
	6,125		5.500%, 12/01/39	No Opt. Call		B+		5,182,790
	1,470		5.000%, 12/01/41	12/21 at 100.00		B+		1,199,829
	4,765		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A, 5.000%, 12/01/42	No Opt. Call		B+		3,876,089
	2,720		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2008C, 5.000%, 12/01/29	No Opt. Call		B+		2,296,469
	38,855		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44	12/25 at 100.00		B+		36,925,849
	1,315		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured	No Opt. Call		AA–		622,560

42

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Illinois (continued)
$	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	$	2,512,073
	1,100		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40	12/21 at 100.00		AA		1,202,750
	12,215		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49	No Opt. Call		AA		13,875,874
	2,180		Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Refunding Series 2013B, 5.000%, 1/01/26	1/23 at 100.00		A		2,595,552
	7,700		Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured	1/20 at 100.00		AA		8,648,486
			Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
	1,500		0.000%, 1/01/31 – NPFG Insured	No Opt. Call		AA–		713,895
	32,670		0.000%, 1/01/32 – FGIC Insured	No Opt. Call		AA–		14,557,425
	12,360		0.000%, 1/01/37 – FGIC Insured	No Opt. Call		AA–		4,104,014
	1,000		Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured	No Opt. Call		BBB+		1,009,760
	3,030		Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34	No Opt. Call		BBB+		2,936,464
	2,500		Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2014A, 5.250%, 1/01/33	1/24 at 100.00		BBB+		2,475,175
	1,000		Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35	No Opt. Call		BBB+		985,880
	10,200		Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33	No Opt. Call		BBB+		9,907,260
	1,235		Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38	1/26 at 100.00		BBB+		1,185,970
	7,750		Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured	6/16 at 100.00		AA		7,760,385
	3,000		Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39	1/25 at 100.00		AA		3,303,300
			Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
	2,500		0.000%, 2/01/33	2/21 at 100.00		AA		981,000
	2,000		0.000%, 2/01/34	2/21 at 100.00		AA		727,420
	9,940		Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43	12/23 at 100.00		AA		11,055,169
	3,500		Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Series 2007B, 0.000%, 12/01/23	12/16 at 72.44		AAA		2,520,245
	6,160		De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured	12/17 at 100.00		Aa2		6,170,965
			Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:
	3,400		5.500%, 11/01/36	11/23 at 100.00		A2		3,838,260
	2,500		4.450%, 11/01/36	11/25 at 102.00		A2		2,639,800
	3,295		Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured	6/16 at 100.00		A3		3,338,692
			Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A:
	1,700		5.750%, 12/01/35	12/25 at 100.00		N/R		1,725,075
	115		6.000%, 12/01/45	12/25 at 100.00		N/R		116,593
	6,500		Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40	10/20 at 100.00		Caa1		6,517,160
	5,750		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38	9/22 at 100.00		BBB		6,251,573

Nuveen

43

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Illinois (continued)
			Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
$	1,485		5.000%, 9/01/34	9/24 at 100.00		BBB	$	1,670,536
	18,275		5.000%, 9/01/42	9/24 at 100.00		BBB		20,374,798
	2,000		Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)	8/18 at 100.00		AA		2,140,800
	1,340		Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured	2/18 at 100.00		A		1,422,866
	2,500		Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37	1/18 at 100.00		Baa2		2,659,100
	1,725		Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43	5/22 at 100.00		Baa1		1,756,740
	4,300		Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34	4/19 at 100.00		AA–		4,743,115
	1,630		Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/37	8/22 at 100.00		AA+		1,841,590
	2,500		Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34	8/19 at 100.00		Baa2		2,985,600
	1,435		Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43	7/23 at 100.00		A–		1,731,959
	5,000		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/24 – AGM Insured	5/18 at 100.00		AA		5,374,050
	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+		2,106,280
			Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:
	560		5.000%, 8/15/35	8/25 at 100.00		Baa1		636,843
	6,140		5.000%, 8/15/44	8/25 at 100.00		Baa1		6,888,343
	5,725		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)	8/19 at 100.00		N/R (4)		6,856,546
	8,960		Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured	8/21 at 100.00		AA		10,672,256
	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–		1,304,365
	4,500		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5)	2/21 at 100.00		AA–		5,104,035
	19,975		Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51	10/21 at 100.00		AA+		22,317,468
	20,000		Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A , 5.000%, 10/01/46 (UB) (5)	10/25 at 100.00		AA+		23,006,800
	4,065		Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34	5/17 at 100.00		BBB+		4,139,918
	3,500		Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured	2/17 at 100.00		AA– (4)		3,617,355
	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		4,190,378
			Illinois State, General Obligation Bonds, February Series 2014:
	3,200		5.250%, 2/01/32	2/24 at 100.00		A–		3,502,208
	2,000		5.250%, 2/01/33	2/24 at 100.00		A–		2,186,080
	1,575		5.250%, 2/01/34	2/24 at 100.00		A–		1,713,820
	7,000		5.000%, 2/01/39	2/24 at 100.00		A–		7,395,430
			Illinois State, General Obligation Bonds, May Series 2014:
	510		5.000%, 5/01/36	5/24 at 100.00		A–		543,563
	2,245		5.000%, 5/01/39	5/24 at 100.00		A–		2,375,412

44

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Illinois (continued)
			Illinois State, General Obligation Bonds, Refunding Series 2012:
$	3,795		5.000%, 8/01/21	No Opt. Call		A–	$	4,231,310
	1,725		5.000%, 8/01/22	No Opt. Call		A–		1,939,659
	3,425		5.000%, 8/01/23	No Opt. Call		A–		3,878,470
	1,095		5.000%, 8/01/25	8/22 at 100.00		A–		1,203,876
	4,035		Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28	7/16 at 100.00		A–		4,049,808
	2,335		Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38	7/23 at 100.00		A–		2,554,420
	5,405		Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 (Pre-refunded 7/01/16) – AGM Insured	7/16 at 100.00		AA (4)		5,447,213
	5,000		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/35	1/23 at 100.00		AA–		5,737,150
	18,920		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40	7/25 at 100.00		AA–		22,132,238
	1,395		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 16.708%, 1/01/21 (IF)	No Opt. Call		AA–		2,170,494
	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		8,316,194
	17,500		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52	6/22 at 100.00		BBB+		18,558,400
	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		590,420
			Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:
	2,890		0.000%, 12/15/52	No Opt. Call		BBB+		471,560
	5,185		5.000%, 6/15/53	12/25 at 100.00		BBB		5,668,916
	15,000		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50	6/20 at 100.00		BBB+		16,047,750
			Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
	25,000		0.000%, 6/15/44 – AGM Insured	No Opt. Call		AA		7,441,500
	42,465		0.000%, 6/15/45 – AGM Insured	No Opt. Call		AA		12,072,375
	10,000		0.000%, 6/15/46 – AGM Insured	No Opt. Call		AA		2,714,800
	41,150		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50	6/20 at 100.00		BBB+		43,146,598
	8,750		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured	No Opt. Call		AA–		5,502,000
			Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
	18,000		0.000%, 12/15/24 – NPFG Insured	No Opt. Call		AA–		13,399,740
	20,045		0.000%, 12/15/35 – AGM Insured	No Opt. Call		AA		8,925,237
	733		Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured	9/16 at 100.00		AA		733,997
	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		2,077,415
	2,600		Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured	No Opt. Call		AA		3,611,140
	3,900		Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 12/01/35 – AGM Insured	12/20 at 100.00		AA		4,346,784
	7,025		Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48	11/23 at 100.00		AA		9,695,413
	4,000		Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured	No Opt. Call		AA–		2,916,800

Nuveen

45

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Illinois (continued)
$	12,125		Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured	3/25 at 100.00		AA	$	13,944,235
	3,330		Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured	No Opt. Call		AA–		2,819,977
	6,390		Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured	No Opt. Call		Aa3		5,053,915
			Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
	930		7.000%, 12/01/21 – AGM Insured	12/20 at 100.00		AA		1,143,128
	1,035		7.000%, 12/01/22 – AGM Insured	12/20 at 100.00		AA		1,261,179
	1,155		7.000%, 12/01/23 – AGM Insured	12/20 at 100.00		AA		1,399,918
	1,065		7.000%, 12/01/26 – AGM Insured	12/20 at 100.00		AA		1,278,437
	2,085		7.250%, 12/01/29 – AGM Insured	12/20 at 100.00		AA		2,537,549
	2,295		7.250%, 12/01/30 – AGM Insured	12/20 at 100.00		AA		2,805,936
	656,659		Total Illinois					583,007,307
			Indiana – 4.7% (3.2% of Total Investments)
	2,640		Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured	No Opt. Call		AA+		2,264,566
	2,005		Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2006A, 5.000%, 7/15/26 (Pre-refunded 1/15/17) – AGM Insured	1/17 at 100.00		AA+ (4)		2,068,077
	12,040		Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44	10/24 at 100.00		A2		13,600,143
	120		Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26	6/20 at 100.00		B+		111,545
	15,000		Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc Obligated Group, Series 2016A, 4.000%, 11/01/51	11/25 at 100.00		AA		15,337,200
	10,190		Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42	5/23 at 100.00		A		11,417,793
	4,500		Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured	6/22 at 100.00		BBB–		4,748,355
	5,000		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37	12/20 at 100.00		AA		5,598,550
	13,880		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41	10/21 at 100.00		AA–		15,879,692
	17,970		Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44	10/24 at 100.00		AA		20,771,523
	2,250		Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00		Aa3 (4)		2,452,523
	17,920		Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured	1/17 at 100.00		AA– (4)		18,448,640
	5,000		Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured	1/20 at 100.00		AA		5,613,350
			Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
	10,000		0.000%, 2/01/26 – AMBAC Insured	No Opt. Call		AA		7,951,500
	20,000		0.000%, 2/01/28 – AMBAC Insured	No Opt. Call		AA		14,693,400
	14,615		Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured	1/19 at 100.00		AA		16,414,837
	1,500		Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47	9/17 at 100.00		N/R		1,546,455
	154,630		Total Indiana					158,918,149

46

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Iowa – 2.7% (1.8% of Total Investments)
$	10,000		Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44	2/23 at 100.00		Aa3	$	11,452,600
			Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
	42,105		5.000%, 12/01/19	No Opt. Call		BB–		43,562,254
	2,010		5.250%, 12/01/25	12/23 at 100.00		BB–		2,170,257
			Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
	6,285		5.375%, 6/01/38	6/16 at 100.00		B+		6,284,434
	2,185		5.500%, 6/01/42	6/16 at 100.00		B+		2,184,847
	18,325		5.625%, 6/01/46	6/16 at 100.00		B+		18,323,717
	8,400		Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34	6/17 at 100.00		B+		8,421,504
	89,310		Total Iowa					92,399,613
			Kansas – 0.7% (0.5% of Total Investments)
	9,380		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–		10,336,291
			Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
	5,500		5.000%, 9/01/27	9/25 at 100.00		N/R		5,604,885
	5,435		5.750%, 9/01/32	9/25 at 100.00		N/R		5,549,461
	2,595		6.000%, 9/01/35	9/25 at 100.00		N/R		2,645,836
	10		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21	No Opt. Call		A–		7,567
	22,920		Total Kansas					24,144,040
			Kentucky – 2.5% (1.7% of Total Investments)
	6,675		Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24	No Opt. Call		N/R		6,619,530
	5,240		Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30	6/20 at 100.00		BBB+		6,008,918
	6,015		Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40	6/20 at 100.00		BBB+		6,942,032
	1,000		Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured	6/18 at 100.00		AA		1,083,450
			Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:
	4,345		5.000%, 7/01/37	7/25 at 100.00		BBB+		4,901,768
	7,370		5.000%, 7/01/40	7/25 at 100.00		BBB+		8,283,364
	10,245		5.000%, 1/01/45	7/25 at 100.00		BBB+		11,412,008
			Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
	4,360		0.000%, 7/01/43 (7)	7/31 at 100.00		Baa3		3,511,893
	7,510		0.000%, 7/01/46 (7)	7/31 at 100.00		Baa3		6,045,024
			Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
	2,390		5.750%, 7/01/49	7/23 at 100.00		Baa3		2,751,249
	480		6.000%, 7/01/53	7/23 at 100.00		Baa3		561,456
			Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
	715		5.250%, 2/01/20 – AGC Insured	2/19 at 100.00		AA		800,764
	1,135		5.250%, 2/01/24 – AGC Insured	2/19 at 100.00		AA		1,264,560

Nuveen

47

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Kentucky (continued)
			Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
$	5,560		5.250%, 2/01/20 (Pre-refunded 2/01/19) – AGC Insured	2/19 at 100.00		AA (4)	$	6,215,357
	8,865		5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured	2/19 at 100.00		AA (4)		9,909,918
	7,500		Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 (Pre-refunded 7/01/16) – AMBAC Insured	7/16 at 100.00		Aa2 (4)		7,558,425
	79,405		Total Kentucky					83,869,716
			Louisiana – 1.5% (1.0% of Total Investments)
	3,175		Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36	7/23 at 100.00		N/R		3,552,222
	4,330		Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured	1/21 at 100.00		AA (4)		5,270,433
	5,000		Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin' Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured	10/20 at 100.00		AA		5,735,900
	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+		1,681,092
	10,000		Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 – AGM Insured (UB)	No Opt. Call		AA		11,919,500
	6,520		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47	5/17 at 100.00		A–		6,768,412
	2,480		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)	5/17 at 100.00		N/R (4)		2,606,877
			Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015:
	1,000		4.250%, 5/15/40	5/25 at 100.00		A–		1,059,690
	6,970		5.000%, 5/15/47	5/25 at 100.00		A–		7,770,923
	1,000		New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34	6/24 at 100.00		A		1,077,980
	3,155		St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37	6/17 at 100.00		BBB		3,237,503
	45,085		Total Louisiana					50,680,532
			Maine – 0.5% (0.3% of Total Investments)
	1,015		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43	7/23 at 100.00		BBB		1,113,150
	1,050		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41	7/21 at 100.00		BBB–		1,196,255
			Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015:
	10,000		5.000%, 7/01/39	No Opt. Call		A+		11,373,600
	1,790		4.000%, 7/01/44	No Opt. Call		A+		1,856,284
	13,855		Total Maine					15,539,289
			Maryland – 0.9% (0.6% of Total Investments)
	5,345		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured	9/16 at 100.00		Ba1		5,404,597
	2,500		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.000%, 1/01/26	1/22 at 100.00		Baa2		3,031,400
	10,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, 5.000%, 7/01/47	7/25 at 100.00		A+		11,581,300
	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		2,855,025
	3,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43	7/22 at 100.00		A2		3,365,280

48

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Maryland (continued)
			Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016:
$	2,000		4.750%, 7/01/36	1/26 at 100.00		N/R	$	2,051,520
	2,300		5.000%, 7/01/46	1/26 at 100.00		N/R		2,371,208
	27,645		Total Maryland					30,660,330
			Massachusetts – 3.0% (2.0% of Total Investments)
	9,500		Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35	1/20 at 100.00		AA+		10,792,950
	3,125		Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37	1/20 at 100.00		A+		3,501,219
	6,195		Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A, 5.500%, 7/01/44	7/24 at 100.00		BBB–		6,930,842
	14,555		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+		14,632,869
	1,270		Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44	No Opt. Call		BBB		1,434,783
			Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:
	3,200		5.000%, 1/01/45	1/25 at 100.00		BBB+		3,625,280
	4,020		4.500%, 1/01/45	1/25 at 100.00		BBB+		4,308,958
	6,000		Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured	No Opt. Call		A		7,876,440
	500		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38	7/18 at 100.00		A–		530,130
	5,330		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 12.800%, 12/15/34 (IF) (5)	12/19 at 100.00		AAA		7,749,713
	1,000		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35	7/20 at 100.00		BBB–		1,119,730
	3,335		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 12.838%, 3/01/17 (IF)	No Opt. Call		AAA		3,851,090
	7,405		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5)	No Opt. Call		AAA		10,608,477
	2,300		Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39	7/19 at 100.00		BBB		2,570,940
	4,560		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43	5/23 at 100.00		AA+		5,333,832
	400		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured	8/17 at 100.00		N/R (4)		422,604
	425		Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29	7/16 at 100.00		AAA		426,836
	2,375		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 (Pre-refunded 2/01/17) – AGM Insured	2/17 at 100.00		AA+ (4)		2,445,395
	10,720		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)	2/17 at 100.00		AA+		11,037,741
	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		1,437,141
	87,460		Total Massachusetts					100,636,970
			Michigan – 4.1% (2.8% of Total Investments)
	5,490		Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)	No Opt. Call		Aa1		6,975,594
	2,985		Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39	7/22 at 100.00		A–		3,325,141

Nuveen

49

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Michigan (continued)
$	930		Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured	10/16 at 100.00		A3	$	932,362
	2,150		Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured	7/18 at 100.00		AA+		2,316,281
	2,050		Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured	7/18 at 100.00		AA+		2,230,400
	3,920		Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2003D, 5.000%, 7/01/28 – NPFG Insured	7/16 at 100.00		AA–		3,946,930
	1,500		Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare Series 2014A, 5.000%, 7/01/47,	No Opt. Call		AA–		1,679,760
	2,000		Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured	5/20 at 100.00		A2		2,239,320
	1,825		Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, School Building and Site, Series 2007, 5.000%, 5/01/28 (Pre-refunded 5/01/17) – AGM Insured	5/17 at 100.00		Aa1 (4)		1,905,866
	5,070		Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18 – NPFG Insured	7/16 at 100.00		AA–		5,082,878
			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+		4,730,268
	2,550		4.000%, 11/15/36	5/25 at 100.00		A+		2,679,387
	10,000		Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016 MI, 5.000%, 12/01/45	6/26 at 100.00		AA		11,653,900
	3,220		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39	12/21 at 100.00		AA–		3,624,851
	10		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)	12/21 at 100.00		N/R (4)		12,096
	1,300		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 7/01/16	No Opt. Call		AAA		1,310,322
	2,500		Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22	7/16 at 100.00		AAA		2,552,375
	3,770		Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 3.650%, 10/01/32	4/22 at 100.00		AA		3,881,328
	4,000		Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43	1/22 at 100.00		A2		4,336,040
			Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A:
	2,750		5.375%, 10/15/36	10/21 at 100.00		Aa2		3,201,825
	8,260		5.375%, 10/15/41	10/21 at 100.00		Aa2		9,617,118
	9,375		Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/29	10/25 at 100.00		Aa2		11,550,656
			Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
	5,500		5.625%, 11/15/29	11/16 at 100.00		A–		6,314,165
	10,585		5.750%, 11/15/39	11/16 at 100.00		A–		12,045,624
	1,225		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31	12/16 at 100.00		AA		1,258,259
	275		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)	12/16 at 100.00		Aa2 (4)		282,156
	13,855		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48	6/22 at 100.00		AA		15,305,619
	3,050		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42	6/18 at 100.00		B+		3,147,997
	1,250		Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 (Pre-refunded 6/01/16)	6/16 at 100.00		AA– (4)		1,255,425

50

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Michigan (continued)
$	1,150		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)	9/18 at 100.00		Aaa	$	1,349,916
			Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:
	4,050		5.000%, 12/01/40	12/25 at 100.00		A		4,654,989
	3,600		5.000%, 12/01/45	12/25 at 100.00		A		4,115,376
	124,690		Total Michigan					139,514,224
			Minnesota – 1.0% (0.7% 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–		2,066,240
	1,720		Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.500%, 7/01/50	7/25 at 100.00		BB+		1,842,636
	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		2,683,525
	4,250		Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.250%, 5/01/37	5/17 at 100.00		Baa1		4,387,275
	4,625		Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured	11/18 at 100.00		AA		5,213,485
	840		Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured	11/18 at 100.00		AA (4)		959,549
	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		1,093,450
			Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A:
	405		5.000%, 4/01/36	4/26 at 100.00		BB–		414,534
	605		5.000%, 4/01/46	4/26 at 100.00		BB–		603,754
	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		241,810
			St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:
	900		5.250%, 11/15/35	11/20 at 100.00		BBB–		1,002,618
	2,785		5.000%, 11/15/40	11/25 at 100.00		BBB–		3,210,548
	3,190		5.000%, 11/15/44	11/25 at 100.00		BBB–		3,666,076
	6,300		University of Minnesota, Special Purpose Revenue Bonds, State Supported Stadium Debt, Series 2006, 5.000%, 8/01/19 (Pre-refunded 8/01/16)	8/16 at 100.00		AA (4)		6,373,206
	31,355		Total Minnesota					33,758,706
			Mississippi – 0.2% (0.1% 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		6,529,481
			Missouri – 1.8% (1.3% of Total Investments)
	890		Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28	10/18 at 100.00		AA+		974,701
	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–		2,899,157
	15,000		Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured	No Opt. Call		AA–		10,456,650
			Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:
	1,575		5.750%, 6/01/35	6/25 at 100.00		N/R		1,609,871
	1,055		6.000%, 6/01/46	6/25 at 100.00		N/R		1,081,860

Nuveen

51

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Missouri (continued)
$	2,460		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43	5/23 at 100.00		BBB+	$	2,753,601
			Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B:
	1,410		5.000%, 5/01/40	11/23 at 100.00		BBB+		1,523,406
	2,000		5.000%, 5/01/45	11/23 at 100.00		BBB+		2,148,680
	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		7,086,561
	8,315		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48	11/23 at 100.00		A2		9,385,307
	2,250		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43	2/22 at 100.00		A1		2,473,178
	1,010		Plaza at Noah's Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30	5/21 at 100.00		N/R		1,055,107
	4,125		Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured	No Opt. Call		AA–		5,307,844
	660		Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/24 – NPFG Insured	12/16 at 100.00		AA–		675,873
	1,710		Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/24 (Pre-refunded 12/15/16)	12/16 at 100.00		AA– (4)		1,752,408
	15,350		Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured	No Opt. Call		N/R		8,958,260
	405		St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43	9/23 at 100.00		A–		469,172
			St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A:
	1,550		5.000%, 12/01/35	12/25 at 100.00		N/R		1,638,211
	455		5.125%, 12/01/45	12/25 at 100.00		N/R		478,018
	69,705		Total Missouri					62,727,865
			Montana – 0.1% (0.1% of Total Investments)
	3,000		Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured	1/21 at 100.00		AA		3,516,900
			Nebraska – 2.6% (1.8% 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		4,936,948
	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–		662,174
			Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:
	2,090		4.125%, 11/01/36	11/25 at 100.00		A–		2,197,447
	2,325		5.000%, 11/01/48	11/25 at 100.00		A–		2,653,616
	4,010		Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42	No Opt. Call		A–		4,440,674
	39,280		Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)	9/16 at 100.00		AA		39,715,615
	5,000		Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured	4/19 at 100.00		AA+		5,582,750
	27,000		Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured	1/17 at 100.00		A2 (4)		27,629,100
	84,690		Total Nebraska					87,818,324

52

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Nevada – 1.8% (1.2% of Total Investments)
$	5,350		Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured	7/19 at 100.00		AA	$	5,972,901
	4,500		Clark County, Nevada, Motor Vehicle Fuel Tax Highway Revenue Bonds, Improvement & Refunding Series 2010B, 5.000%, 7/01/28	7/19 at 100.00		AA–		5,061,375
	1,400		Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2010F-1, 5.000%, 7/01/17	No Opt. Call		A+		1,470,308
			Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:
	24,020		5.250%, 7/01/39 – AGM Insured	1/20 at 100.00		AA		27,024,181
	14,515		5.250%, 7/01/42	1/20 at 100.00		A+		16,324,875
	2,280		North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured	10/16 at 100.00		AA–		2,292,244
	2,500		Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.812%, 7/01/31 – BHAC Insured (IF) (5)	7/17 at 100.00		AA+		2,930,300
	1,100		Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/38	2/19 at 100.00		A+		1,205,622
	55,665		Total Nevada					62,281,806
			New Hampshire – 0.2% (0.1% of Total Investments)
	5,000		New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39	10/19 at 100.00		Baa1		5,637,250
	500		New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016, 5.000%, 10/01/40	10/26 at 100.00		BBB+		577,060
	5,500		Total New Hampshire					6,214,310
			New Jersey – 5.8% (3.9% of Total Investments)
			New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
	5,550		5.000%, 7/01/22 – NPFG Insured	7/16 at 100.00		AA–		5,613,881
	5,550		5.000%, 7/01/23 – NPFG Insured	7/16 at 100.00		AA–		5,613,881
	7,800		5.000%, 7/01/29 – NPFG Insured	7/16 at 100.00		AA–		7,834,398
			New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1:
	6,835		5.500%, 9/01/24 – AMBAC Insured	No Opt. Call		A–		7,977,197
	5,000		5.500%, 9/01/28 – NPFG Insured	No Opt. Call		AA–		6,065,650
	5,125		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/23	No Opt. Call		A–		5,710,326
	11,975		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40	6/25 at 100.00		A–		13,119,331
	2,335		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2012K-K, 5.000%, 3/01/23	No Opt. Call		A–		2,595,166
	600		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26	7/21 at 100.00		BB+		658,464
	1,500		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37	7/18 at 100.00		BB+		1,607,340
	2,325		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44	7/24 at 100.00		A–		2,642,549
	10,000		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/36	1/17 at 37.38		A–		3,639,500
	610		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured	7/25 at 100.00		AA		697,437
	2,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26	No Opt. Call		A–		1,312,800

Nuveen

53

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			New Jersey (continued)
$	2,150		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20	No Opt. Call		A–	$	2,389,790
	20,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/33 – AGM Insured	No Opt. Call		AA		9,754,400
	3,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42	No Opt. Call		A–		3,161,880
	10,000		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/44	6/23 at 100.00		A–		10,589,000
			New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
	13,680		4.750%, 6/15/38	6/25 at 100.00		A–		14,404,082
	5,245		5.250%, 6/15/41	6/25 at 100.00		A–		5,725,232
	8,230		5.000%, 6/15/45	6/25 at 100.00		A–		8,750,218
	33,200		New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured	No Opt. Call		AA		42,746,328
	200		New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 16.075%, 1/01/43 (IF) (5)	7/22 at 100.00		A+		322,336
	1,135		Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43	5/23 at 100.00		Aa3		1,312,366
			Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	3,090		4.500%, 6/01/23	6/17 at 100.00		BB		3,144,199
	1,580		4.625%, 6/01/26	6/17 at 100.00		B+		1,592,577
	19,150		5.000%, 6/01/29	6/17 at 100.00		B		19,158,618
	8,495		4.750%, 6/01/34	6/17 at 100.00		B–		8,022,338
	1,330		Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured	No Opt. Call		A2		1,697,625
	197,690		Total New Jersey					197,858,909
			New Mexico – 0.4% (0.3% of Total Investments)
	13,600		University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A, 5.000%, 6/01/36 (Pre-refunded 6/01/17) – AGM Insured	6/17 at 100.00		AA (4)		14,247,632
			New York – 5.9% (4.0% 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+		741,188
	5,810		Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc., Series 2015, 5.500%, 9/01/45	9/25 at 100.00		N/R		6,536,308
	3,000		Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured	6/16 at 100.00		AA–		3,011,550
	2,250		Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured	No Opt. Call		AA–		2,753,618
			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–		429,032
	4,070		5.000%, 7/01/45	7/25 at 100.00		A–		4,730,724
	7,225		Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35	7/20 at 100.00		Aa1		8,280,211
	5,005		Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46	7/17 at 100.00		AA–		5,243,989
			Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015:
	2,700		5.000%, 12/01/40	No Opt. Call		Ba1		2,979,693
	5,600		5.000%, 12/01/45	No Opt. Call		Ba1		6,112,232
			Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
	2,000		12.994%, 2/15/33 (IF)	2/19 at 100.00		AAA		2,655,120
	1,335		12.983%, 2/15/33 (IF)	2/19 at 100.00		AAA		1,771,305

54

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			New York (continued)
			Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
$	850		5.750%, 2/15/47	2/21 at 100.00		A	$	1,000,221
	2,400		5.250%, 2/15/47	2/21 at 100.00		A		2,745,672
			Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
	2,185		5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00		A		2,249,370
	10,955		4.500%, 2/15/47 – NPFG Insured	2/17 at 100.00		AA–		11,223,178
	170		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–		170,685
	9,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured	9/16 at 100.00		AA– (4)		9,135,000
			Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
	550		4.000%, 9/01/39 – AGM Insured	9/24 at 100.00		AA		586,526
	390		5.000%, 9/01/44	9/24 at 100.00		A–		451,203
	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–		3,346,530
	6,075		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		6,945,244
	10,000		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42	9/22 at 100.00		A–		11,551,900
	13,600		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)	11/16 at 100.00		AA		13,839,496
	4,315		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		5,056,490
	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+		1,156,110
	1,665		Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35	6/16 at 100.00		B		1,613,169
	4,050		New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured	3/19 at 100.00		AA		4,711,730
	11,570		New York City Municipal Water Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016, Series 2015, 5.000%, 6/15/46 (UB)	6/25 at 100.00		AA+		13,699,459
			New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
	10		5.000%, 8/01/17	7/16 at 100.00		AA		10,040
	75		5.750%, 8/01/18	7/16 at 100.00		AA		75,346
	5		New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured	7/16 at 100.00		AA		5,020
	29,135		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44	11/24 at 100.00		N/R		31,665,083
	70		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured	5/16 at 100.00		AA		70,218
	7,000		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18	No Opt. Call		AA		7,612,080
	5,655		Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph's Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22)	7/22 at 100.00		N/R (4)		6,924,095
			Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
	8,550		5.500%, 12/01/31	12/20 at 100.00		Baa1		9,847,548
	3,155		6.000%, 12/01/36	12/20 at 100.00		Baa1		3,714,729
	2,500		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50	5/25 at 100.00		AA–		2,945,475

Nuveen

55

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			New York (continued)
			Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
$	2,430		0.000%, 11/15/31	No Opt. Call		A+	$	1,574,470
	1,435		0.000%, 11/15/32	No Opt. Call		A+		900,879
	1,490		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2016, 5.000%, 11/01/46	11/25 at 100.00		BBB		1,702,414
	183,685		Total New York					201,774,350
			North Carolina – 1.0% (0.7% of Total Investments)
	3,000		Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47	1/18 at 100.00		AA–		3,131,970
	1,255		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39	6/19 at 100.00		AA		1,397,468
	10,000		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42	6/22 at 100.00		AA		11,488,900
	4,715		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36	6/22 at 100.00		A+		5,290,466
			North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A:
	5,000		5.000%, 10/01/27	10/22 at 100.00		AA–		5,922,100
	2,150		5.000%, 10/01/38	10/22 at 100.00		AA–		2,484,282
			North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph's Health System, Series 2007:
	1,495		4.500%, 10/01/31 (UB)	10/22 at 100.00		AA–		1,576,223
	2,505		4.500%, 10/01/31 (UB)	10/22 at 100.00		AA–		2,611,412
	540		Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured	6/19 at 100.00		AA (4)		625,471
	830		University of North Carolina, Greensboro, General Revenue Bonds, Series 2014, 5.000%, 4/01/39	4/24 at 100.00		Aa3		967,249
	31,490		Total North Carolina					35,495,541
			North Dakota – 0.5% (0.4% of Total Investments)
			Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:
	7,000		5.000%, 12/01/29	12/21 at 100.00		A–		7,851,060
	3,000		5.000%, 12/01/32	12/21 at 100.00		A–		3,320,370
	2,245		5.000%, 12/01/35	12/21 at 100.00		A–		2,471,363
			Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
	600		3.000%, 3/01/18	No Opt. Call		A		617,586
	970		4.000%, 3/01/19	No Opt. Call		A		1,037,143
	1,085		5.000%, 3/01/21	No Opt. Call		A		1,242,846
	2,535		Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38	9/23 at 100.00		N/R		1,774,601
	17,435		Total North Dakota					18,314,969
			Ohio – 8.2% (5.6% of Total Investments)
	4,185		Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42	5/22 at 100.00		A1		4,626,225
			Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
	1,930		5.000%, 5/01/33	5/22 at 100.00		AA–		2,203,288
	2,540		4.000%, 5/01/33	5/22 at 100.00		AA–		2,697,302
	3,405		5.000%, 5/01/42	5/22 at 100.00		AA–		3,806,450

56

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Ohio (continued)
$	9,405		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)	2/18 at 100.00		N/R (4)	$	10,163,984
	595		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43	2/18 at 100.00		A1		635,799
			Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	17,305		5.375%, 6/01/24	6/17 at 100.00		B–		16,818,210
	43,260		5.125%, 6/01/24	6/17 at 100.00		B–		41,829,392
	12,720		5.875%, 6/01/30	6/17 at 100.00		B–		12,428,966
	26,460		5.750%, 6/01/34	6/17 at 100.00		B–		25,371,171
	2,715		6.000%, 6/01/42	6/17 at 100.00		B–		2,691,841
	19,115		5.875%, 6/01/47	6/17 at 100.00		B–		18,624,127
	10,000		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37	6/22 at 100.00		B–		10,011,300
	8,310		Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51	6/23 at 100.00		AA		9,403,430
	10,000		Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006, 4.250%, 12/01/32 – AGM Insured	12/16 at 100.00		AA+		10,166,900
	7,870		Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42	5/22 at 100.00		Aa2		8,724,603
	28,580		Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured	12/16 at 100.00		A+		28,834,934
	6,425		JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 2013A, 5.000%, 1/01/38 (UB) (5)	1/23 at 100.00		AA		7,363,757
			JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
	1,725		16.139%, 1/01/38 (IF) (5)	1/23 at 100.00		AA		2,733,159
	1,250		16.139%, 1/01/38 (IF) (5)	1/23 at 100.00		AA		1,980,550
	2,000		16.139%, 1/01/38 (IF) (5)	1/23 at 100.00		AA		3,168,880
	625		16.139%, 1/01/38 (IF) (5)	1/23 at 100.00		AA		990,275
	1,750		16.130%, 1/01/38 (IF) (5)	1/23 at 100.00		AA		2,772,193
	390		16.023%, 1/01/38 (IF) (5)	1/23 at 100.00		AA		616,188
	2,365		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		B+		2,269,170
	2,885		Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41	11/21 at 100.00		AA		3,491,110
			Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
	4,380		5.250%, 12/01/27 – AGM Insured	No Opt. Call		A2		5,695,533
	6,000		5.250%, 12/01/31 – AGM Insured	No Opt. Call		A2		7,828,680
	12,000		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48	2/23 at 100.00		BB+		12,471,480
	4,975		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48	2/23 at 100.00		A+		5,646,476
	1,240		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7)	2/31 at 100.00		A+		1,175,607
	6,100		Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016, 3.500%, 2/15/38 (WI/DD, Settling 5/10/16)	2/26 at 100.00		A2		6,040,098
			Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
	1,095		5.750%, 12/01/32	12/22 at 100.00		BB		1,249,187
	870		6.000%, 12/01/42	12/22 at 100.00		BB		990,382

Nuveen

57

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Ohio (continued)
$	1,330		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45	3/25 at 100.00		N/R	$	1,369,381
	2,000		University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured	1/20 at 100.00		AA		2,243,060
	267,800		Total Ohio					279,133,088
			Oklahoma – 1.2% (0.8% of Total Investments)
	1,400		Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26	8/21 at 100.00		N/R		1,693,370
	3,500		Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40	6/20 at 100.00		A+		3,997,280
			Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
	1,000		5.375%, 7/01/40	7/21 at 100.00		AAA		1,179,580
	1,500		5.000%, 7/01/40	7/21 at 100.00		AAA		1,730,415
	1,675		Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18)	8/18 at 100.00		AA– (4)		1,846,336
			Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
	2,300		5.000%, 2/15/37	2/17 at 100.00		AA		2,367,735
	5,840		5.000%, 2/15/42	2/17 at 100.00		AA		6,005,856
			Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
	75		5.000%, 2/15/37 (Pre-refunded 2/15/17)	2/17 at 100.00		N/R (4)		77,623
	200		5.000%, 2/15/42 (Pre-refunded 2/15/17)	2/17 at 100.00		N/R (4)		206,994
	21,060		Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured	1/17 at 100.00		AA–		21,487,729
	38,550		Total Oklahoma					40,592,918
			Oregon – 0.4% (0.2% 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		1,111,320
	800		5.500%, 10/01/49	10/24 at 100.00		N/R		881,872
	4,000		Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31	4/21 at 100.00		AAA		4,675,000
	3,000		Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19)	5/19 at 100.00		AAA		3,375,330
	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–		2,221,640
	10,910		Total Oregon					12,265,162
			Pennsylvania – 5.8% (3.9% of Total Investments)
			Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:
	35		6.750%, 11/01/24	11/19 at 100.00		B+		32,953
	145		6.875%, 5/01/30	11/19 at 100.00		B+		139,038
	2,000		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39	8/19 at 100.00		Aa3		2,256,600
	10		Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16	No Opt. Call		B+		10,076
	3,330		Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010, 5.000%, 6/01/40 – AGM Insured	12/20 at 100.00		AA		3,802,360
	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		6,680,500
	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+		1,132,500

58

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Pennsylvania (continued)
$	7,630		Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42	6/22 at 100.00		A	$	8,583,979
	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)		1,618,560
	8,750		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		9,863,438
	1,250		Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45	7/25 at 100.00		N/R		1,323,938
	1,500		Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47	12/23 at 100.00		A		1,724,400
			Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010:
	7,970		5.250%, 8/01/33 (Pre-refunded 8/01/20)	8/20 at 100.00		N/R (4)		9,389,776
	5,295		5.375%, 8/01/38 (Pre-refunded 8/01/20)	8/20 at 100.00		N/R (4)		6,265,732
			Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:
	10,450		5.250%, 1/15/45	1/25 at 100.00		Baa2		11,666,798
	1,150		5.250%, 1/15/46	1/25 at 100.00		Baa2		1,282,998
	11,540		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		B+		11,184,568
	1,800		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured	7/16 at 100.00		AA–		1,806,570
	20,600		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		20,931,866
	3,675		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 (Pre-refunded 6/01/16) – AMBAC Insured	6/16 at 100.00		A1 (4)		3,689,994
	3,705		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45	6/25 at 100.00		A1		4,258,749
	11,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured (7)	6/26 at 100.00		AA		14,092,210
	15,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45	12/25 at 100.00		A–		17,041,500
	10,080		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–		11,088,907
			Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
	5,000		5.000%, 6/15/35 – AGM Insured	6/20 at 100.00		AA		5,625,550
	17,850		5.000%, 6/15/40 – AGM Insured	6/20 at 100.00		AA		20,083,214
	7,055		Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured	8/20 at 100.00		AA		7,957,899
	5,180		Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured	8/20 at 100.00		AA		5,886,915
			Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
	1,125		5.250%, 12/01/31 – AGM Insured	12/21 at 100.00		AA		1,312,875
	1,000		5.500%, 12/01/35 – AGM Insured	12/21 at 100.00		AA		1,178,680
	5,790		Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33	No Opt. Call		Baa3		5,852,010
	178,530		Total Pennsylvania					197,765,153
			Puerto Rico – 0.4% (0.3% of Total Investments)
	590		Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/29 – NPFG Insured	7/16 at 100.00		AA–		589,959

Nuveen

59

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Puerto Rico (continued)
			Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
$	50,000		0.000%, 8/01/47 – AMBAC Insured	No Opt. Call		Caa3	$	6,231,000
	86,250		0.000%, 8/01/54 – AMBAC Insured	No Opt. Call		Caa3		7,260,525
	136,840		Total Puerto Rico					14,081,484
			Rhode Island – 0.1% (0.1% of Total Investments)
	1,970		Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured	7/16 at 100.00		AA–		1,976,915
	1,000		Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33	9/23 at 100.00		BBB		1,139,000
	2,970		Total Rhode Island					3,115,915
			South Carolina – 4.8% (3.3% of Total Investments)
	29,300		Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, 5.250%, 2/01/38 (Pre-refunded 2/01/18) – AGM Insured	2/18 at 100.00		Aa1 (4)		31,631,400
	6,000		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24	12/16 at 100.00		AA		6,158,640
	1,950		Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured	12/16 at 100.00		AA (4)		2,001,188
	7,600		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured	No Opt. Call		A–		4,597,696
	4,050		Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured	4/21 at 100.00		AA		4,588,811
	1,250		South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured	8/21 at 100.00		AA		1,527,850
	20		South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19)	1/19 at 100.00		AA– (4)		22,517
			South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:
	5,000		5.000%, 12/01/50	6/25 at 100.00		AA–		5,704,800
	6,000		5.000%, 12/01/55	6/25 at 100.00		AA–		6,866,100
	39,790		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46	12/24 at 100.00		AA–		45,548,409
	1,310		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43	12/23 at 100.00		AA–		1,515,225
	10,195		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54	6/24 at 100.00		AA–		11,989,218
	24,745		South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured	10/16 at 100.00		A1		25,081,285
	3,800		South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40	10/19 at 100.00		A1		4,258,356
	10,250		Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32	4/22 at 100.00		A+		11,585,165
	151,260		Total South Carolina					163,076,660
			South Dakota – 0.3% (0.2% 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–		287,935
	4,350		5.000%, 7/01/42	7/21 at 100.00		AA–		4,849,815
	2,055		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44	11/24 at 100.00		A+		2,350,735

60

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			South Dakota (continued)
$	910		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45	11/25 at 100.00		A+	$	1,048,575
	7,565		Total South Dakota					8,537,060
			Tennessee – 0.7% (0.5% of Total Investments)
	12,795		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45	1/23 at 100.00		A+		14,502,877
	2,350		Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39	10/24 at 100.00		BBB+		2,651,740
			Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A:
	4,895		5.000%, 7/01/40	7/26 at 100.00		A+		5,707,860
	525		5.000%, 7/01/46	7/26 at 100.00		A3		607,215
	20,565		Total Tennessee					23,469,692
			Texas – 12.9% (8.7% of Total Investments)
	3,855		Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45	3/23 at 103.00		A3		3,947,636
	3,450		Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40	3/23 at 103.00		N/R		3,526,797
	5,480		Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5)	11/25 at 100.00		AA–		6,403,544
	5,560		Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38	2/17 at 100.00		AAA		5,738,254
	6,685		Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured	8/19 at 100.00		AA		7,412,930
	2,500		Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45	12/25 at 100.00		N/R		2,640,250
	2,440		Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45	3/23 at 103.00		BB		2,514,078
	4,300		Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40	3/23 at 103.00		N/R		4,424,700
	405		Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45	9/24 at 100.00		N/R		421,083
			Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:
	1,500		5.750%, 1/01/31	1/21 at 100.00		BBB+		1,761,390
	1,700		6.250%, 1/01/46	1/21 at 100.00		BBB+		2,034,118
	13,685		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45	7/25 at 100.00		N/R		15,664,125
	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		1,606,830
			Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
	765		4.350%, 12/01/42	12/22 at 100.00		BBB–		766,720
	375		4.400%, 12/01/47	12/22 at 100.00		BBB–		375,626
	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–		4,405,520
			Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:
	765		5.750%, 9/01/28 (WI/DD, Settling 5/24/16)	9/23 at 103.00		N/R		767,869
	770		6.500%, 9/01/46 (WI/DD, Settling 5/24/16)	9/23 at 103.00		N/R		772,757
	11,735		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured	11/21 at 100.00		A+		13,248,110

Nuveen

61

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Texas (continued)
$	400		Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44	9/24 at 100.00		BB+	$	429,268
	600		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38	11/22 at 100.00		Baa3		623,112
	7,810		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42	11/22 at 100.00		Baa3		8,124,430
	20,000		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51	10/23 at 100.00		AA+		23,233,800
	5,470		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 16.948%, 4/01/53 (IF)	10/23 at 100.00		AA+		8,331,630
	10,000		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B, 5.000%, 4/01/53 (UB)	10/23 at 100.00		AA+		11,307,500
	4,255		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45	6/25 at 100.00		AA		4,938,523
	1,100		Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series 2006, 5.000%, 10/01/26 (Pre-refunded 10/01/16)	10/16 at 100.00		AAA		1,120,779
	1,545		Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014 AB, 12.974%, 11/01/41 (IF) (5)	11/21 at 100.00		AA+		2,304,213
	12,145		Harris County, Texas, General Obligation Bonds, Tax & Subordinate Lien Refunding Series 2012A, 5.000%, 8/15/27	No Opt. Call		AAA		14,590,153
	4,080		Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074, 13.603%, 8/15/27 – AGM Insured (IF)	No Opt. Call		AAA		8,482,973
	6,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/48	11/31 at 44.13		AA		1,415,220
			Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,500		5.000%, 11/15/28	11/24 at 100.00		A2		1,790,715
	6,000		5.000%, 11/15/53	11/24 at 100.00		A2		6,677,460
	15,995		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/34 – NPFG Insured	11/24 at 55.69		AA–		6,441,506
	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		5,339,950
	4,200		Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured	7/17 at 100.00		AA–		4,392,738
			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		3,549,980
	2,055		5.125%, 9/01/33 – AGM Insured	9/16 at 100.00		AA		2,084,345
			Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
	4,130		0.000%, 9/01/26 – AMBAC Insured	No Opt. Call		AA		3,081,806
	4,865		0.000%, 9/01/27 – AGM Insured	No Opt. Call		AA		3,457,360
	4,715		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40	9/24 at 100.00		A2		5,420,977
	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)		25,304,330
	6,700		Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46	8/21 at 100.00		A		7,649,323
	3,500		Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43	8/19 at 100.00		BBB+		3,696,455
	940		Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/30	8/25 at 100.00		N/R		1,085,277

62

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Texas (continued)
$	50		Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 – NPFG Insured	No Opt. Call		AA–	$	50,185
	1,000		Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45	5/25 at 100.00		A+		1,142,910
			McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
	3,095		5.750%, 12/01/33	12/25 at 100.00		Ba2		3,505,583
	3,125		6.125%, 12/01/38	12/25 at 100.00		Ba2		3,554,656
	4,000		Midway Independent School District, McLennan County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/16	No Opt. Call		Aaa		3,994,400
	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		771,425
	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		4,782,049
			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–		1,101,970
	2,200		5.000%, 4/01/39	4/24 at 100.00		BBB–		2,386,318
	1,600		5.000%, 4/01/46	4/24 at 100.00		BBB–		1,723,008
	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		5,969,849
	3,220		North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured	12/21 at 100.00		AA		3,654,539
			North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:
	2,590		0.000%, 9/01/43 (7)	9/31 at 100.00		AA+		2,652,030
	3,910		0.000%, 9/01/45 (7)	9/31 at 100.00		AA+		4,313,317
	3,000		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (UB) (5)	9/21 at 100.00		AA+		3,550,800
	6,155		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40	1/23 at 100.00		BBB+		7,058,369
			North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:
	4,900		5.000%, 1/01/32	1/25 at 100.00		A2		5,803,462
	2,205		5.000%, 1/01/34	1/25 at 100.00		A2		2,590,985
	2,000		5.000%, 1/01/38	1/25 at 100.00		A2		2,309,980
	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		667,029
	1,280		San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%, 2/01/17 (ETM)	No Opt. Call		AA+ (4)		1,322,726
	4,375		Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.873%, 11/15/47 (IF) (5)	11/17 at 100.00		AA		4,828,775
	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–		2,771,428
	1,870		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43	9/23 at 100.00		A		2,156,520
			Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
	215		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00		N/R (4)		255,545
	2,675		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00		AA– (4)		3,183,170

Nuveen

63

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Texas (continued)
$	17,640		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (WI/DD, Settling 5/05/16) (UB)	5/26 at 100.00		AA–	$	20,881,527
	3,565		Texas A&M University, Permanent University Fund Bonds, Refunding Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)	7/16 at 100.00		AAA		3,593,020
	6,845		Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45	2/25 at 100.00		Baa3		6,602,003
			Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
	3,635		5.000%, 12/15/22	No Opt. Call		A3		4,296,316
	2,500		5.000%, 12/15/26	No Opt. Call		A3		2,894,375
	2,500		5.000%, 12/15/29	No Opt. Call		A3		2,848,350
	4,355		5.000%, 12/15/30	No Opt. Call		A3		4,933,562
	2,975		5.000%, 12/15/32	No Opt. Call		A3		3,333,904
	3,150		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41	8/22 at 100.00		A–		3,600,009
			Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:
	11,280		0.000%, 8/15/36	8/24 at 59.60		A–		5,073,857
	10,000		0.000%, 8/15/37	8/24 at 56.94		A–		4,282,500
			Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:
	5,000		5.000%, 8/15/37	8/24 at 100.00		BBB+		5,713,500
	31,810		5.000%, 8/15/42	8/24 at 100.00		BBB+		35,926,214
	4,400		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured	No Opt. Call		A–		3,455,408
	7,600		Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA	8/16 at 100.00		AA– (4)		7,688,312
			Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
	1,670		Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41	11/21 at 100.00		Baa3		1,910,213
	1,840		Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured	5/16 at 100.00		AA–		1,889,090
	414,040		Total Texas					438,329,348
			Utah – 1.0% (0.6% of Total Investments)
	3,000		Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured	6/18 at 100.00		AAA		3,271,200
	4,865		Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond 2015-XF0258, 13.148%, 12/09/17 ( Pre-refunded 6/15/18) – AGM Insured (IF) (5)	No Opt. Call		AAA		6,183,464
	15,000		Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 (Pre-refunded 6/15/18) – AGM Insured (UB) (5)	6/18 at 100.00		AAA		16,352,550
	3,615		Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 12.172%, 6/15/27 (Pre-refunded 6/15/18) – AGM Insured (IF)	6/18 at 100.00		AAA		4,535,740
	1,840		West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Series 2006A., 4.500%, 8/01/24 – FGIC Insured	8/16 at 100.00		AA–		1,859,228
	28,320		Total Utah					32,202,182
			Virginia – 1.5% (1.0% of Total Investments)
			Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015:
	1,200		5.300%, 3/01/35	3/25 at 100.00		BBB+		1,230,852
	1,085		5.600%, 3/01/45	3/25 at 100.00		A		1,112,537
	10,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7)	10/28 at 100.00		BBB+		11,682,500

64

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Virginia (continued)
$	11,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured	10/26 at 100.00		AA	$	14,211,890
	11,070		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles	4/22 at 100.00		BBB+		12,098,292
			Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
	2,310		Northern Virginia Transportation Authority, Virginia, Special Tax Revenue Bonds, Series 2014, 4.000%, 6/01/16	No Opt. Call		N/R		2,317,530
	985		Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38	7/20 at 100.00		AA		1,087,301
	15		Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)	7/20 at 100.00		AA (4)		17,489
	6,225		Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A, 5.000%, 2/01/17	No Opt. Call		AA+		6,435,343
	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+		1,075,440
	44,890		Total Virginia					51,269,174
			Washington – 3.6% (2.5% of Total Investments)
	5,265		Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured	7/16 at 100.00		A (4)		5,301,960
	5,000		Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (5)	7/25 at 100.00		Aa1		5,946,550
	2,765		Energy Northwest, Washington, Electric Revenue Bonds, Nuclear Project 3, Refunding Series 2010A, 5.000%, 7/01/16 (ETM)	No Opt. Call		Aa1 (4)		2,786,539
	3,750		FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009 5.500%, 6/01/39 (UB) (5)	6/19 at 100.00		AA		4,204,425
	7,500		King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.285%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured (IF) (5)	1/19 at 100.00		AAA		9,267,450
	25,000		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)		26,284,250
	6,010		King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 12.670%, 7/01/32 – AGM Insured (IF) (5)	7/17 at 100.00		AA+		6,936,200
			Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
	3,890		5.000%, 12/01/24 – SYNCORA GTY Insured	12/16 at 100.00		AA		3,993,902
	4,085		5.000%, 12/01/25 – SYNCORA GTY Insured	12/16 at 100.00		AA		4,193,007
	4,290		5.000%, 12/01/26 – SYNCORA GTY Insured	12/16 at 100.00		AA		4,401,969
	10,000		University of Washington, General Revenue Bonds, Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured (UB)	6/17 at 100.00		Aaa		10,478,600
	5,750		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		6,473,983
	1,250		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0148, 16.892%, 10/01/44 (IF) (5)	10/24 at 100.00		AA		2,013,400
	2,510		Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Refunding Series 2012B, 5.000%, 10/01/30	10/22 at 100.00		Aa2		2,912,830
	6,540		Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42	10/22 at 100.00		Aa2		7,347,494
	5,000		Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – NPFG Insured (UB) (5)	10/16 at 100.00		AA		5,040,600
	21,510		Washington State, General Obligation Bonds, Series 2006, Series 2002 0.000%, 6/01/28 – NPFG Insured (UB) (5)	No Opt. Call		AA+		16,350,396
	120,115		Total Washington					123,933,555

Nuveen

65

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			West Virginia – 1.7% (1.2% of Total Investments)
$	10,000		West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40	6/20 at 100.00		AAA	$	11,370,600
	40,855		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44	6/23 at 100.00		A		47,830,174
	50,855		Total West Virginia					59,200,774
			Wisconsin – 2.6% (1.8% of Total Investments)
			Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A:
	1,750		5.000%, 2/01/36	2/26 at 100.00		N/R		1,755,233
	305		5.125%, 2/01/46	2/26 at 100.00		AA+		306,345
	2,500		Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.050%, 11/01/30	5/26 at 100.00		N/R		2,578,950
	8,460		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25	7/21 at 100.00		A2		9,844,732
	2,500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31	4/23 at 100.00		A2		2,849,175
	6,620		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42	10/22 at 100.00		AA–		7,416,783
	16,190		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39	10/21 at 100.00		A+		18,449,476
			Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:
	1,485		5.000%, 2/15/40	2/22 at 100.00		A–		1,651,424
	3,490		4.500%, 2/15/40	2/22 at 100.00		A–		3,732,834
			Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012:
	11,000		5.000%, 6/01/32	6/22 at 100.00		A3		12,375,330
	1,500		5.000%, 6/01/39	6/22 at 100.00		A3		1,658,310
	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)		1,534,738
	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+		5,125,550
	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+		1,127,350
			Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John's Communities Inc., Series 2015B:
	550		5.000%, 9/15/37	9/22 at 100.00		N/R		596,937
	1,000		5.000%, 9/15/45	9/22 at 100.00		BB+		1,083,550
	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–		1,109,710
	1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30 (Pre-refunded 8/15/16)	8/16 at 100.00		N/R (4)		1,013,580
			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		2,631,510
	1,775		5.250%, 12/01/49	12/22 at 102.00		N/R		1,832,528
			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		1,042,400
	1,500		5.500%, 10/01/49	10/22 at 102.00		N/R		1,564,650
	7,460		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series 2015, 5.000%, 12/15/44	12/24 at 100.00		AA–		8,480,155
	80,900		Total Wisconsin					89,761,250

66

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Wyoming – 0.3% (0.2% of Total Investments)
$	2,035		Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39	7/19 at 100.00		A1	$	2,305,065
			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+		1,146,510
	1,000		6.000%, 12/01/36	12/21 at 100.00		BBB+		1,153,560
	4,000		Wyoming Municipal Power Agency Power Supply System Revenue Bonds, 2008 Series A, 5.375%, 1/01/42	1/18 at 100.00		A2		4,268,680
	8,035		Total Wyoming					8,873,815
$	5,021,369		Total Municipal Bonds (cost $4,504,227,206)					5,012,492,933

	Principal
	Amount		Description (1)	Coupon		Maturity		Ratings (3)		Value
			CORPORATE BONDS – 0.0% (0.0% of Total Investments)
			Transportation – 0.0% (0.0% of Total Investments)
$	1,295		Las Vegas Monorail Company, Senior Interest Bonds (8), (9)	5.500%		7/15/19		N/R	$	38,835
	344		Las Vegas Monorail Company, Senior Interest Bonds (8), (9)	5.500%		7/15/55		N/R		10,328
$	1,639		Total Corporate Bonds ($146,934)							49,163
			Total Long-Term Investments ($4,504,374,140)							5,012,542,096
			Floating Rate Obligations – (5.2)%							(177,015,000	)
			Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (7.1)% (10)							(240,400,000	)
			Variable Rate Demand Preferred Shares, at Liquidation Preference – (36.2)% (11)							(1,231,600,000	)
			Other Assets Less Liabilities – 1.1% (12)							37,619,789
			Net Assets Applicable to Common Shares – 100%						$	3,401,146,885

Nuveen

67

NVG	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

																								Variation Margin Receivable/
						Fund									Fixed Rate Payment											Unrealized Appreciation
			Notional Amount		Pay/Receive Floating Rate				Floating Rate			Fixed Rate						Effective			Termination
Counterparty			Amount		Floating Rate				Index			(Annualized	)		Frequency			Date (13	)		Date			(Payable	)	(Depreciation		)
LCH. Clearnet Ltd*		$	6,800,000			Receive			3-Month			2.560	%		Semi-Annually			1/13/17			1/13/31		$	(8,186	)	$	(460,339	)
									USD-LIBOR-ICE
JPMorgan Chase			45,600,000			Receive			Weekly USD-SIFMA			2.030	%		Quarterly			6/08/16			6/08/26			—			(3,203,322	)
Bank, N.A.
		$	52,400,000																				$	(8,186	)	$	(3,663,661	)

*	Citigroup Global Markets, Inc. is the clearing broker for this transaction.

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(6)	The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective May 11, 2016.
(7)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8)	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.
(9)	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 for either senior interest corporate bond.
(10)	Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 4.8%.
(11)	Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 24.6%.
(12)	Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives ("OTC") as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(13)	Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
USD-LIBOR-ICE	United States Dollar-London Inter-Bank Offered Rated-Intercontinental Exchange.
USD-SIFMA	United States Dollar-Securities-Industry and Financial Market Association.
(WI/DD)	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

68

Nuveen

NPP
	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			LONG-TERM INVESTMENTS – 153.8% (100.0% of Total Investments)
			MUNICIPAL BONDS – 153.8% (100.0% of Total Investments)
			Alaska – 1.1% (0.7% of Total Investments)
			Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
$	8,500		5.000%, 6/01/32	7/16 at 100.00		B3	$	8,084,520
	3,545		5.000%, 6/01/46	7/16 at 100.00		B3		3,341,588
	12,045		Total Alaska					11,426,108
			Arizona – 0.9% (0.6% of Total Investments)
	7,780		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40	7/20 at 100.00		A+		8,757,868
			Arkansas – 0.4% (0.3% of Total Investments)
	5,080		Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured	7/16 at 100.00		N/R		4,447,642
			California – 16.9% (11.0% of Total Investments)
	3,500		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured	10/17 at 100.00		BBB+		3,709,370
	4,225		Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured	No Opt. Call		AA		3,255,489
	15,870		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured	No Opt. Call		AA		14,787,190
	5,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38	4/23 at 100.00		AA–		5,866,250
	3,250		California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 – AGM Insured	5/18 at 100.00		AA		3,523,748
	2,330		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40	7/20 at 100.00		Baa2		2,583,760
	3,700		California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)	6/17 at 100.00		A3		3,848,592
	1,300		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38	11/23 at 100.00		A+		1,552,551
			California State, General Obligation Bonds, Various Purpose Series 2007:
	9,730		5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00		Aaa		10,199,959
	6,270		5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00		Aaa		6,572,841
	10,000		California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41	10/21 at 100.00		AA–		11,691,000
	3,770		California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30	11/20 at 100.00		AA–		4,329,581
	3,000		California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35	7/18 at 100.00		A		3,260,730
	5,000		Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured	8/18 at 100.00		Aa1 (4)		5,484,750
	7,240		Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured	8/17 at 56.01		AA		3,999,304
	910		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 6.850%, 1/15/42	1/31 at 100.00		BBB–		757,966
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	2,345		4.500%, 6/01/27	6/17 at 100.00		B+		2,383,341
	7,750		5.000%, 6/01/33	6/17 at 100.00		B–		7,758,680
	1,500		5.125%, 6/01/47	6/17 at 100.00		B–		1,473,825

Nuveen

69

NPP	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			California (continued)
$	10,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37	6/22 at 100.00		B–	$	10,055,800
	2,500		Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured	No Opt. Call		Aa2		1,457,950
	5,000		Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – FGIC Insured	8/17 at 100.00		AA+ (4)		5,277,200
	2,495		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34	1/19 at 100.00		AA+		2,777,185
	2,490		Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured	No Opt. Call		AA–		1,805,126
	1,855		Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)	8/35 at 100.00		AA		1,456,509
	3,300		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39	No Opt. Call		A		4,735,764
	835		Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)	7/16 at 100.00		N/R (4)		961,118
	2,000		Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured	9/16 at 100.00		AA		2,030,360
	2,615		New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured	No Opt. Call		AA–		1,446,958
	7,275		Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.200%, 8/01/17 – NPFG Insured	No Opt. Call		AA–		7,571,165
	920		Palmdale, California, Certificates of Participation, Park Improvement & Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured	7/16 at 100.00		A3		922,852
	5,960		Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured	8/17 at 100.00		AA–		6,229,750
	9,320		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured	No Opt. Call		AA		5,048,830
	1,610		Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured	7/17 at 100.00		A3		1,646,128
	1,830		San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 18.782%, 02/01/33 (IF)	8/19 at 100.00		Aa2		2,867,592
	7,210		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured	No Opt. Call		AA–		5,838,009
	2,965		San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured	No Opt. Call		Aa2		2,120,479
	4,005		San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured	No Opt. Call		Aaa		3,155,740
	5,000		San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/46	No Opt. Call		AA		1,152,650
	2,250		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23	7/16 at 100.00		B+		2,250,698
	2,630		Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured	No Opt. Call		AA+		2,136,349
	180,755		Total California					169,983,139
			Colorado – 10.1% (6.5% of Total Investments)
	6,350		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38	9/16 at 100.00		A+		6,421,628
	2,295		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41	2/21 at 100.00		A+		2,503,822
	14,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00		AA–		15,526,700

70

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Colorado (continued)
$	2,055		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42	5/17 at 100.00		A–	$	2,131,158
	3,225		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43	11/23 at 100.00		A		3,697,398
	13,920		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured	No Opt. Call		AA–		12,544,286
			E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	16,635		0.000%, 9/01/32 – NPFG Insured	No Opt. Call		AA–		9,784,042
	33,120		0.000%, 9/01/33 – NPFG Insured	No Opt. Call		AA–		18,633,312
			E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
	9,310		0.000%, 9/01/28 – NPFG Insured	No Opt. Call		AA–		6,414,776
	18,500		0.000%, 3/01/36 – NPFG Insured	No Opt. Call		AA–		9,231,315
			Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
	5,000		6.500%, 1/15/30	7/20 at 100.00		BBB+		5,920,850
	3,750		6.000%, 1/15/41	7/20 at 100.00		BBB+		4,347,000
	4,255		University of Colorado, Enterprise System Revenue Bonds, Series 2006A, 5.000%, 6/01/27 (Pre-refunded 6/01/16) – AMBAC Insured	6/16 at 100.00		AA+ (4)		4,272,190
	132,415		Total Colorado					101,428,477
			Connecticut – 0.8% (0.5% of Total Investments)
	7,640		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42	7/16 at 100.00		AAA		7,698,064
			District of Columbia – 0.5% (0.3% of Total Investments)
	5,000		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured	10/16 at 100.00		A1		5,065,400
			Florida – 8.0% (5.2% of Total Investments)
	4,000		Broward County, Florida, Professional Sports Facilities Tax and Revenue Bonds, Broward County Civic Arena Project, Refunding Series 2006A, 5.000%, 9/01/28 – AMBAC Insured	No Opt. Call		AA		4,054,480
	8,405		Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16	No Opt. Call		A+		8,439,376
	2,865		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/44	10/24 at 100.00		A+		3,304,720
	3,325		Jacksonville, Florida, Special Revenue Bonds, Series 2011B, 5.000%, 10/01/16	No Opt. Call		AA–		3,388,075
	2,500		Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45	11/24 at 100.00		A2		2,847,075
	3,465		Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured	2/24 at 100.00		AA		3,987,765
	5,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41	10/20 at 100.00		A		5,726,100
	2,500		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/27	10/20 at 100.00		A		2,892,875
			Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:
	5,500		5.000%, 7/01/31	No Opt. Call		AA		6,478,010
	3,000		5.000%, 7/01/42	7/22 at 100.00		AA		3,492,960
	1,665		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26	10/19 at 100.00		A		1,857,024
	4,015		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45	10/26 at 100.00		A		4,183,630
	5,085		Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured	No Opt. Call		AA		5,331,368
			Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
	2,310		5.000%, 7/01/33 – NPFG Insured	7/17 at 100.00		AA–		2,418,085
	4,700		5.000%, 7/01/40 – NPFG Insured	7/17 at 100.00		AA–		4,911,453

Nuveen

71

NPP	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Florida (continued)
$	6,000		Saint John's County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 (Pre-refunded 10/01/16) – BHAC Insured	10/16 at 100.00		AA+ (4)	$	6,113,580
	6,625		South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33	5/25 at 100.00		AA		7,160,698
	3,300		Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33	5/22 at 100.00		Aa2		3,819,750
	74,260		Total Florida					80,407,024
			Georgia – 1.8% (1.2% of Total Investments)
	3,400		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/33	5/25 at 100.00		AA–		4,118,250
	5,000		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured	No Opt. Call		AA–		6,107,550
	2,000		DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30	9/20 at 100.00		BBB–		2,310,560
	3,000		East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project Series 2006A, 5.000%, 2/01/30 – SYNCORA GTY Insured	7/16 at 100.00		N/R		3,004,290
	2,500		Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured	8/18 at 100.00		AA		2,768,475
	15,900		Total Georgia					18,309,125
			Illinois – 25.6% (16.6% of Total Investments)
	1,470		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41	12/21 at 100.00		B+		1,199,829
	10,510		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured	No Opt. Call		AA–		9,203,397
	10,000		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured	No Opt. Call		AA–		8,385,700
			Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
	32,170		0.000%, 1/01/21 – FGIC Insured	No Opt. Call		AA–		26,461,433
	32,670		0.000%, 1/01/22 – FGIC Insured	No Opt. Call		AA–		25,558,720
	220		Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured	1/17 at 100.00		AA		220,818
	5,325		Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33	11/20 at 100.00		AA		5,748,125
			DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
	8,000		0.000%, 11/01/18	No Opt. Call		AAA		7,746,000
	15,285		0.000%, 11/01/19	No Opt. Call		AAA		14,524,113
	1,500		Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39	11/19 at 100.00		AA+		1,712,985
	2,000		Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)	8/18 at 100.00		AA		2,140,800
	3,000		Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34	4/19 at 100.00		AA–		3,309,150
	2,000		Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34	8/19 at 100.00		Baa2		2,388,480
	870		Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43	7/23 at 100.00		A–		1,050,038
			Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A:
	2,250		6.000%, 8/15/23	8/18 at 100.00		BBB+		2,458,170
	3,055		5.500%, 8/15/30	8/18 at 100.00		BBB+		3,244,990
	495		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44	8/25 at 100.00		Baa1		555,331
	2,500		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (6)	2/21 at 100.00		AA–		2,835,575
	5,245		Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.984%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)	7/17 at 100.00		AA+ (4)		5,780,147

72

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Illinois (continued)
$	4,930		Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34	5/17 at 100.00		BBB+	$	5,020,860
	2,515		Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24	8/22 at 100.00		A–		2,787,098
	2,235		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38	1/23 at 100.00		AA–		2,545,397
			Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:
	9,400		0.000%, 12/15/18 – NPFG Insured	No Opt. Call		AA–		8,891,648
	16,570		0.000%, 12/15/20 – NPFG Insured	No Opt. Call		AA–		14,533,050
	23,920		0.000%, 12/15/22 – NPFG Insured	No Opt. Call		AA–		19,429,977
	13,350		0.000%, 12/15/24 – NPFG Insured	No Opt. Call		AA–		9,938,141
	5,100		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured	No Opt. Call		AA–		5,939,868
	5,180		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM)	No Opt. Call		AA– (4)		6,259,978
	28,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured	No Opt. Call		AA		12,467,280
	10,650		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)	No Opt. Call		Aaa		14,196,237
	2,685		Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured	2/20 at 100.00		AA		2,852,651
	17,865		Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured	No Opt. Call		AA		21,980,380
	2,250		Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/29	3/25 at 100.00		A		2,684,385
	4,810		Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured	No Opt. Call		A2		3,988,933
	288,025		Total Illinois					258,039,684
			Indiana – 4.8% (3.1% of Total Investments)
	5,000		Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2006A, 5.000%, 7/15/26 (Pre-refunded 1/15/17) – AGM Insured	1/17 at 100.00		AA+ (4)		5,157,300
	3,000		Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 (Pre-refunded 8/01/16)	8/16 at 100.00		N/R (4)		3,036,630
	2,525		Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42	5/23 at 100.00		A		2,829,237
	3,400		Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40	6/25 at 100.00		AA		3,966,780
	3,075		Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)	7/23 at 100.00		BBB+		3,334,715
	8,630		Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated Group, Series 2012, 5.000%, 3/01/41	No Opt. Call		A+		9,501,716
	805		Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)	9/24 at 100.00		BBB–		911,059
	4,320		Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)	7/16 at 100.00		AA– (4)		4,338,187
	1,455		Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37	3/17 at 100.00		A+		1,500,207
	1,545		Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)	3/17 at 100.00		N/R (4)		1,608,314
	3,000		Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31	No Opt. Call		A+		3,413,190
	9,560		Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured	No Opt. Call		AA		7,601,634
	1,580		Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured	No Opt. Call		AA		1,184,226
	47,895		Total Indiana					48,383,195

Nuveen

73

NPP	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Iowa – 2.6% (1.7% of Total Investments)
$	1,500		Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/21	7/16 at 100.00		BB+	$	1,507,485
			Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
	3,000		5.000%, 12/01/19	No Opt. Call		BB–		3,103,830
	2,220		5.250%, 12/01/25	12/23 at 100.00		BB–		2,397,001
			Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
	5,200		5.375%, 6/01/38	7/16 at 100.00		B+		5,199,532
	4,465		5.500%, 6/01/42	7/16 at 100.00		B+		4,464,687
	5,400		5.625%, 6/01/46	7/16 at 100.00		B+		5,399,622
	4,500		Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34	6/17 at 100.00		B+		4,511,520
	26,285		Total Iowa					26,583,677
			Kansas – 0.0% (0.0% of Total Investments)
	15		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21	No Opt. Call		A–		11,350
			Kentucky – 0.5% (0.3% of Total Investments)
	4,330		Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Refunding Series 2013B, 5.000%, 1/01/23 – AGM Insured	1/20 at 100.00		AA		4,890,952
			Maine – 0.1% (0.1% of Total Investments)
	1,050		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41	7/21 at 100.00		BBB–		1,196,255
			Maryland – 1.3% (0.9% of Total Investments)
	6,500		Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Refunding Series 2012, 5.000%, 8/01/16	No Opt. Call		AAA		6,576,180
	3,500		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43	7/22 at 100.00		A2		3,926,160
	2,575		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28 (Pre-refunded 1/01/18)	1/18 at 100.00		BBB (4)		2,801,240
	12,575		Total Maryland					13,303,580
			Massachusetts – 3.4% (2.2% of Total Investments)
	2,385		Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34	7/18 at 100.00		AAA		2,604,945
	970		Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34 (Pre-refunded 7/01/18)	7/18 at 100.00		N/R (4)		1,064,197
	6,250		Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37	1/20 at 100.00		A+		7,002,438
	1,250		Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41	11/23 at 100.00		A		1,453,725
	4,500		Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39	7/19 at 100.00		AA		5,017,995
	8,730		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured	7/16 at 100.00		AA		8,759,944
	500		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38	7/18 at 100.00		A–		530,130
	4,560		Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43	5/23 at 100.00		AA+		5,333,832
	2,395		Massachusetts State, General Obligation Bonds, Refunding Series 2003D, 5.500%, 10/01/16	No Opt. Call		AA+		2,446,205
	31,540		Total Massachusetts					34,213,411

74

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Michigan – 3.1% (2.0% of Total Investments)
$	1,060		Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39	7/22 at 100.00		A–	$	1,180,787
	1,250		Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23	11/20 at 100.00		AA		1,365,738
	3,305		Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured	7/16 at 100.00		AA–		3,327,705
	2,000		Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.250%, 7/01/16 – NPFG Insured	No Opt. Call		AA–		2,015,500
	2,000		Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured	5/20 at 100.00		A2		2,239,320
	405		Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured	7/24 at 100.00		AA		461,101
	3,595		Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – NPFG Insured	10/16 at 50.02		Aa2		1,784,055
	2,655		Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 (Pre-refunded 10/15/16) – NPFG Insured	10/16 at 50.02		AA (4)		1,324,580
	1,615		Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38	10/25 at 100.00		Aa2		1,902,615
	1,525		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42	6/18 at 100.00		B+		1,573,998
	2,890		Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42	No Opt. Call		A1		3,256,712
	2,500		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19)	8/19 at 100.00		A1 (4)		2,945,775
	1,150		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)	9/18 at 100.00		Aaa		1,349,916
	1,100		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45	12/25 at 100.00		A		1,257,476
	4,930		Wayne County Airport Authority, Michigan, Revenue Bonds, Series 2007, 5.000%, 12/01/27 – NPFG Insured (Alternative Minimum Tax)	12/17 at 100.00		AA–		5,182,170
	31,980		Total Michigan					31,167,448
			Minnesota – 0.8% (0.5% of Total Investments)
	5,000		Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.250%, 5/01/37	5/17 at 100.00		Baa1		5,161,500
	2,580		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2007B, 5.000%, 1/01/17 – NPFG Insured	No Opt. Call		AA–		2,657,632
	7,580		Total Minnesota					7,819,132
			Mississippi – 0.6% (0.4% of Total Investments)
	6,045		Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22	10/16 at 100.00		BBB		6,238,863
			Missouri – 2.3% (1.5% of Total Investments)
	2,585		Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44	10/22 at 100.00		AA+		2,943,152
	10,370		Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48	11/23 at 100.00		A2		11,704,826
	3,000		Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 (Pre-refunded 1/01/17) – AMBAC Insured	1/17 at 100.00		AA+ (4)		3,090,150
	1,435		Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured	12/16 at 100.00		AA–		1,466,039
	3,695		Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 (Pre-refunded 12/15/16)	12/16 at 100.00		AA– (4)		3,798,201
	21,085		Total Missouri					23,002,368

Nuveen

75

NPP	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Nebraska – 0.6% (0.4% of Total Investments)
$	700		Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45	11/25 at 100.00		A–	$	799,176
	5,290		Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured	7/17 at 100.00		AA (4)		5,537,486
	5,990		Total Nebraska					6,336,662
			Nevada – 5.6% (3.7% of Total Investments)
	3,540		Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24	No Opt. Call		AA–		4,028,626
	24,195		Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42	1/20 at 100.00		A+		27,211,870
			Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
	10,000		5.000%, 6/01/33	12/24 at 100.00		Aa1		12,154,100
	4,170		5.000%, 6/01/39	12/24 at 100.00		Aa1		4,960,549
	5,380		Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31	7/17 at 100.00		A		5,587,184
	2,500		Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.812%, 7/01/31 – BHAC Insured (IF) (6)	7/17 at 100.00		AA+		2,930,300
	49,785		Total Nevada					56,872,629
			New Hampshire – 0.6% (0.4% of Total Investments)
	5,000		New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39	10/19 at 100.00		Baa1		5,637,250
			New Jersey – 7.2% (4.7% of Total Investments)
	940		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)	1/24 at 100.00		AA		1,052,697
	3,500		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured	7/16 at 100.00		AA–		3,536,190
	6,975		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24	3/21 at 100.00		A–		7,588,800
	3,300		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25	3/23 at 100.00		A–		3,626,766
	1,500		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37	7/18 at 100.00		BB+		1,607,340
	695		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured	7/25 at 100.00		AA		794,621
			New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
	1,815		0.000%, 12/15/26 – AMBAC Insured	No Opt. Call		AA+		1,364,771
	10,000		0.000%, 12/15/30 – FGIC Insured	No Opt. Call		AA–		5,583,000
	38,000		0.000%, 12/15/33 – AGM Insured	No Opt. Call		AA		18,533,360
	4,500		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured	No Opt. Call		AA		4,976,280
	2,310		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31	6/21 at 100.00		A–		2,575,535
	6,400		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42	No Opt. Call		A–		6,733,824
	3,250		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/29	6/23 at 100.00		A–		3,516,890
	2,480		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 4.750%, 6/15/38	6/25 at 100.00		A–		2,611,266
	2,000		Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/38 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:	5/23 at 100.00		Aa3		2,327,860
	1,000		4.625%, 6/01/26	6/17 at 100.00		B+		1,007,960
	5,000		4.750%, 6/01/34	6/17 at 100.00		B–		4,721,800
	93,665		Total New Jersey					72,158,960

76

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			New York – 5.7% (3.7% of Total Investments)
$	745		Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured	7/16 at 100.00		N/R	$	747,175
	8,115		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47	2/21 at 100.00		A		9,283,803
	3,220		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured	2/17 at 100.00		A		3,314,861
	4,410		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38	5/21 at 100.00		A–		4,927,910
	13,600		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)	11/16 at 100.00		AA		13,839,496
	4,400		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40	No Opt. Call		AA+		4,952,904
	5,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38	5/23 at 100.00		AAA		5,897,250
	6,000		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		6,521,040
	2,000		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51	No Opt. Call		A+		2,389,420
	2,650		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42	12/20 at 100.00		Baa1		3,116,586
	2,500		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50	5/25 at 100.00		AA–		2,945,475
	52,640		Total New York					57,935,920
			North Carolina – 1.8% (1.1% of Total Investments)
	5,550		Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39	1/18 at 100.00		AA–		5,805,578
	3,560		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42	6/19 at 100.00		AA		3,964,131
	3,300		North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31	10/22 at 100.00		AA–		3,851,067
	4,055		North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured	11/16 at 100.00		AA+		4,139,060
	16,465		Total North Carolina					17,759,836
			North Dakota – 0.5% (0.3% of Total Investments)
	3,910		Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31	11/21 at 100.00		A+		4,801,988
			Ohio – 6.9% (4.5% of Total Investments)
	9,405		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)	2/18 at 100.00		N/R (4)		10,163,984
	595		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43	2/18 at 100.00		A1		635,799
			Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	5,260		5.125%, 6/01/24	6/17 at 100.00		B–		5,086,052
	6,360		5.875%, 6/01/30	6/17 at 100.00		B–		6,214,483
	4,875		5.750%, 6/01/34	6/17 at 100.00		B–		4,674,394
	4,290		6.000%, 6/01/42	6/17 at 100.00		B–		4,253,406
	14,830		5.875%, 6/01/47	6/17 at 100.00		B–		14,449,166
	11,460		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37	6/22 at 100.00		B–		11,472,950
	2,305		Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41	11/21 at 100.00		AA		2,789,257

Nuveen

77

NPP	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Ohio (continued)
$	5,990		Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30	5/16 at 100.00		A+	$	6,081,647
	3,685		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48	2/23 at 100.00		A+		4,182,364
	69,055		Total Ohio					70,003,502
			Oklahoma – 0.5% (0.3% of Total Investments)
	4,000		Oklahoma City, Oklahoma, General Obligation Bonds, Refunding Series 2015, 2.000%, 9/01/16	No Opt. Call		AAA		4,021,360
	1,220		Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42	2/17 at 100.00		AA		1,254,648
	45		Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42 (Pre-refunded 2/15/17)	2/17 at 100.00		N/R (4)		46,574
	5,265		Total Oklahoma					5,322,582
			Pennsylvania – 4.5% (2.9% of Total Investments)
	1,250		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34	8/19 at 100.00		Aa3		1,412,263
			Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998:
	3,125		0.000%, 5/15/22 – AGM Insured	No Opt. Call		AA		2,752,969
	3,125		0.000%, 5/15/23 – AGM Insured	No Opt. Call		AA		2,678,469
	3,135		0.000%, 5/15/24 – AGM Insured	No Opt. Call		AA		2,615,342
	3,155		0.000%, 5/15/26 – AGM Insured	No Opt. Call		AA		2,452,886
	4,145		0.000%, 11/15/26 – AGM Insured	No Opt. Call		AA		3,165,744
	2,800		0.000%, 5/15/28 – AGM Insured	No Opt. Call		AA		2,008,580
	3,000		0.000%, 11/15/28 – AGM Insured	No Opt. Call		AA		2,114,640
	630		Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23	7/16 at 100.00		N/R		276,938
	28		Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23	7/16 at 100.00		N/R		12,254
	2,000		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41	12/21 at 100.00		AA–		2,249,260
	1,805		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (5)	12/27 at 100.00		A–		2,182,101
	5,750		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured (5)	6/26 at 100.00		AA		7,366,383
	11,890		Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)	5/20 at 100.00		N/R (4)		13,757,919
	45,838		Total Pennsylvania					45,045,748
			Puerto Rico – 1.1% (0.7% of Total Investments)
	625		Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 – NPFG Insured	7/16 at 100.00		AA–		633,381
	1,305		Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured	No Opt. Call		AA–		1,336,607
	1,000		Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured	No Opt. Call		CC		993,210
			Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	25,000		0.000%, 8/01/47 – AMBAC Insured	No Opt. Call		Caa3		3,115,500
	64,335		0.000%, 8/01/54 – AMBAC Insured	No Opt. Call		Caa3		5,415,720
	92,265		Total Puerto Rico					11,494,418
			South Carolina – 4.2% (2.8% of Total Investments)
			Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
	26,955		0.000%, 1/01/31 – AMBAC Insured	No Opt. Call		A–		16,306,697
	15,420		0.000%, 1/01/32 – AMBAC Insured	No Opt. Call		A–		9,000,500
	2,250		South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2006C, 5.000%, 1/01/21 – AGM Insured	No Opt. Call		AA		2,317,073

78

Nuveen

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			South Carolina (continued)
$	5,000		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55	6/25 at 100.00		AA–	$	5,721,750
	3,455		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54	6/24 at 100.00		AA–		4,063,045
	4,800		South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40	10/19 at 100.00		A1		5,378,976
	57,880		Total South Carolina					42,788,041
			South Dakota – 0.1% (0.1% of Total Investments)
	910		South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45	11/25 at 100.00		A+		1,048,575
			Tennessee – 1.8% (1.2% of Total Investments)
	2,260		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45	1/23 at 100.00		A+		2,561,665
	2,470		Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 – AGM Insured	10/19 at 100.00		AA		2,806,933
	770		Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 (Pre-refunded 10/01/19) – AGM Insured	10/19 at 100.00		AA (4)		876,145
	265		Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured	7/23 at 100.00		AA– (4)		266,087
	375		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board,	7/26 at 100.00		A3		433,725
			Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46
	6,000		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured	12/17 at 100.00		N/R		6,426,240
	4,965		Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36	9/16 at 100.00		BBB+		5,028,999
	17,105		Total Tennessee					18,399,794
			Texas – 17.2% (11.2% of Total Investments)
	2,500		Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45	4/20 at 100.00		Baa1		2,883,025
	1,000		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41	1/21 at 100.00		BBB+		1,186,880
	2,190		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/40	7/25 at 100.00		BBB+		2,525,552
	3,000		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax)	No Opt. Call		A+		3,334,590
	160		Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44	9/24 at 100.00		BB+		171,707
	3,240		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53	10/23 at 100.00		AA+		3,663,630
	15,000		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B, 5.000%, 4/01/53 (UB)	10/23 at 100.00		AA+		16,961,250
	2,845		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45	6/25 at 100.00		AA		3,018,602
	9,000		Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured	2/17 at 100.00		AA+		9,298,260
	7,165		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/49 – AGM Insured	11/31 at 41.91		AA		1,605,175
	3,885		Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured	No Opt. Call		Aa1		3,699,452

Nuveen

79

NPP	Nuveen Performance Plus Municipal Fund, Inc.
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)		Value
			Texas (continued)
$	2,530		Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A, 5.500%, 7/01/39	7/18 at 100.00		AA–	$	2,770,552
	5,500		Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured	7/17 at 100.00		AA–		5,752,395
	1,495		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AGM Insured	No Opt. Call		AA		1,231,312
	4,000		Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 4.000%, 8/15/41	8/25 at 100.00		AAA		4,342,520
			Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008:
	195		0.000%, 8/15/39	8/17 at 27.35		AAA		52,402
	780		0.000%, 8/15/41	8/17 at 24.20		AAA		185,149
			Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008:
	4,805		0.000%, 8/15/39 (Pre-refunded 8/15/17)	8/17 at 27.35		N/R (4)		1,296,293
	19,020		0.000%, 8/15/41 (Pre-refunded 8/15/17)	8/17 at 24.20		N/R (4)		4,539,503
	2,000		Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)	11/22 at 100.00		Baa1		2,279,160
	6,155		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40	1/23 at 100.00		A		7,058,369
	6,285		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/33	1/25 at 100.00		A2		7,417,054
	7,630		Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/15/32 (Pre-refunded 2/15/17)	2/17 at 100.00		Aaa		7,894,990
	4,000		Round Rock Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, School Building Series 2015, 3.000%, 8/01/16	No Opt. Call		Aaa		4,027,240
			Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
	215		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00		N/R (4)		255,545
	2,675		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00		AA– (4)		3,183,170
	1,185		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42	5/26 at 100.00		AA–		1,265,876
	5,750		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/47	11/17 at 100.00		AA		6,048,195
	2,000		Tarrant County Housing Finance Corporation, Texas, Single Family Mortgage Revenue Bonds, Series 1985, 0.000%, 9/15/16 – NPFG Insured (ETM)	No Opt. Call		Aaa		1,995,340
	3,500		Texas A&M University, Permanent University Fund Bonds, Refunding Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)	7/16 at 100.00		AAA		3,527,510
			Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
	14,815		5.000%, 12/15/27	No Opt. Call		A3		17,054,139
	3,250		5.000%, 12/15/30	No Opt. Call		A3		3,681,763
	5,775		Texas Municipal Power Agency, Refunding Revenue Bonds, Series 1993, 0.000%, 9/01/16 – NPFG Insured (ETM)	No Opt. Call		AA– (4)		5,764,432
	4,905		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41	8/22 at 100.00		A–		5,605,728
			Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:
	3,650		5.000%, 8/15/33	8/24 at 100.00		BBB+		4,214,254
	11,400		5.000%, 8/15/37	8/24 at 100.00		BBB+		13,026,780
	4,000		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured	No Opt. Call		A–		3,141,280
	2,710		Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41	11/21 at 100.00		Baa3		3,099,806

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