SEMIANNUAL REPORT April 30, 2000
NUVEEN Investments Invest well. Look ahead. LEAVE YOUR MARK.(sm)
Exchange Traded Funds
Dependable, tax-free income to help you keep more of what you earn.
PERFORMANCE PLUS
NPP
ADVANTAGE
NMA
OPPORTUNITY
NMO
DIVIDEND ADVANTAGE
NAD
PHOTO OF: WATER
PHOTO OF: FEET
<PAGE>
Credit Quality Highlights
As of April 30, 2000
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
PIE CHART:
AAA/U.S. Guaranteed 69%
AA 14%
A 9%
BBB/NR 8%
Nuveen Municipal Advantage Fund, Inc. (NMA)
PIE CHART:
AAA/U.S. Guaranteed 64%
AA 13%
A 8%
BBB/NR 15%
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
PIE CHART:
AAA/U.S. Guaranteed 51%
AA 16%
A 13%
BBB/NR 19%
Other 1%
Nuveen Dividend Advantage Municipal Fund (NAD)
PIECHART:
AAA/U.S. Guaranteed 65%
AA 16%
A 3%
BBB/NR 16%
CONTENTS
1 Dear Shareholder
3 Portfolio Manager's Comments
6 NPP's Performance Overview
7 NMA's Performance Overview
8 NMO's Performance Overview
9 NAD's Performance Overview
10 Portfolio of Investments
39 Statement of Net Assets
40 Statement of Operations
41 Statement of Changes in Net Assets
43 Notes to Financial Statements
49 Financial Highlights
52 Build Your Wealth Automatically
53 Fund Information
<PAGE>
PHOTO: TIMOTHY R. SCHWERTFEGER
TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
Sidebar text: "Building and sustaining wealth requires sound, ongoing advice."
Dear Shareholder
The primary objective of your Nuveen Municipal Exchange-Traded Fund is to
provide dependable, attractive tax-free dividends. I am pleased to report that
your Fund continued to achieve this goal during the period covered by this
report. I also encourage you to read the Portfolio Manager's Comments later in
this report, where your Fund's manager takes a comprehensive look at the
investment environment and performance of your Fund for this period.
As an income-oriented investment, we believe your Nuveen Exchange-Traded Fund is
well positioned to be a core element of your long-term investment program. With
the help of your financial advisor, all of us at Nuveen Investments are
dedicated to providing the services, products, perspectives and solutions you
need to help you meet your personal and family goals.
NEW WAYS TO
THINK ABOUT WEALTH
In the past few years, much attention has been directed toward the ways we're
accumulating wealth. At Nuveen, we believe it is just as important for investors
also to focus on preserving that wealth, on the responsibilities wealth brings
with it, and on the legacies we will leave for future generations.
This long-term perspective is a key to understanding our portfolio management
strategies, our insistence on quality and our determination to provide
investments that can withstand the test of time. It is a philosophy that we
think is encapsulated well in our brand theme: Invest Well. Look Ahead. Leave
Your Mark.SM
INVEST WELL
Building and sustaining the wealth that can result in lasting legacies requires
a well-developed plan, sound on-going advice, and the discipline to stay focused
on long-term results. With today's abundance of investment products and offers,
it also increasingly requires an experienced and trusted advisor who can guide
you through the opportunities and the pitfalls. With so much potentially at
stake, Nuveen Investments is dedicated to delivering quality products like your
Nuveen Fund through the financial advisors who assist you in making wise
investment choices and help you manage your most important financial assets.
<PAGE>
Sidebar text: "We believe your Nuveen Exchange-Traded Fund is well positioned to
be a core element of your long-term investment program."
LOOK AHEAD
We urge all our investors to look ahead, not only to their own goals and
futures, but toward those of future generations as well. We now stand on the
threshold of a new century, anticipating a time of change, discovery and
potential that may one day make the year 2000 seem as archaic as the year 1900.
We don't know all that the future will bring, but we do know that a
well-diversified, carefully-monitored investment program that combines elements
of growth, income and capital preservation will form a solid foundation that can
help meet whatever opportunities and challenges the new century has to offer.
LEAVE YOUR MARK
With the enormous wealth creation of the last decade and the considerable
intergenerational transfer of wealth that is expected to occur over the next 20
years, investors today have a significant opportunity to shape their own and
their family's financial future. These may include establishing trusts,
endowments or legacies that can directly affect our families and communities for
generations to come. We at Nuveen Investments are committed to facilitating and
raising the level of dialogue between investors and their financial advisors in
ways that can help meet goals that extend far beyond the boundaries of a single
lifespan.
Since 1898, the name Nuveen has been synonymous with quality investments,
careful research and prudent management. Today, more than ever, the investments
and services we offer through financial advisors may be well suited to those who
recognize and embrace the need for building and managing wealth. We encourage
you to speak with your financial advisor about how you can enhance your
investment program in ways that help you Look Ahead, Invest Well and Leave Your
Mark.
Sincerely,
/S/ TIMOTHY R. SCHWERTFEGER
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
June 15, 2000
<PAGE>
Nuveen National Exchange-Traded Funds (NPP, NMA, NMO, NAD)
Portfolio Manager's Comments
PORTFOLIO MANAGERS STEVE PETERSON, RICK HUBER, AND BILL FITZGERALD TALK ABOUT
THE NATIONAL ECONOMY, ITS IMPACT ON THE MUNICIPAL MARKET AND FUND PERFORMANCE,
AND THE KEY STRATEGIES USED TO MANAGE THE NUVEEN NATIONAL EXCHANGE-TRADED FUNDS.
STEVE, WHO HAS MANAGED NPP SINCE 1998, ADDED PORTFOLIO MANAGEMENT
RESPONSIBILITIES FOR NAD AT ITS INCEPTION IN MAY 1999. RICK HAS MANAGED NMA
SINCE 1998, AND BILL ASSUMED PORTFOLIO MANAGEMENT OF NMO IN 1990.
WHAT FACTORS AFFECTED THE U.S. ECONOMY OVER THE PAST 12 MONTHS?
In April 2000, the United States entered its tenth year of uninterrupted
economic expansion, the longest continuous expansion in the nation's history.
While the strong growth trends and relatively benign inflation that have been
the hallmarks of this expansion remained largely in place, unabated consumer
spending and tight labor markets kept the Federal Reserve concerned that the
pace of growth would eventually trigger a resurgence of inflation.
The shift in financial market sentiment to worries about runaway growth and
inflationary pressures was a marked contrast to the concerns about slower growth
and deflation that followed the global financial crisis of 1998. The primary
catalysts behind this change in sentiment - in addition to consumer spending and
the scarcity of qualified workers - include the quick recovery of the global
economy following the 1998 events, rising commodity prices, and the accelerating
effect of excess cash created to ensure liquidity during the transition into the
year 2000.
All of this prompted the Federal Reserve to embark on a tightening path. In June
1999 the Fed began a series of five short-term interest rate increases that
eventually increased the federal funds rate by 1.25% to 6.0%. (In May, the Fed
raised rates a sixth time, bringing the fed funds rate to 6.5%.) As the Fed
acted and then continued to leave the door open for additional tightenings,
investor uncertainty grew, the equity markets became increasingly volatile, and
bond prices declined as yields pushed higher. The shift in the economic
landscape has been complicated by the rapidly shrinking supply of long-term
Treasuries, as the U.S. government accelerated its program to buy back Treasury
debt. This has created some severe dislocations within and between Treasuries
and other bond markets. Following the Fed's rate hikes of 50 basis points, the
Treasury yield curve remained inverted, with the yield on a two-year notes about
60 basis points higher than that of a 30-year bond.
The Fed's rapid action to rein in the monetary base, plus the shift in policy
from global monetary stimulus to restraint, has provided a foundation that may
help to counterbalance some of the current pressures in the economy. Investors
continue to hope that the Fed's moves will not jeopardize the expansion by doing
too little or too much, but instead successfully engineer a soft landing for the
U.S. economy.
HOW HAVE THESE EVENTS AFFECTED THE MUNICIPAL MARKET?
The cumulative effects of the economic events of the past 12 months were
negative for the fixed-income markets, including municipal bonds. Once the Fed
began its series of interest rate hikes, the rise in municipal yields
accelerated. Over the 12 months ending April 2000, long-term municipal yields
rose about 80 basis points, compared with a 30-point gain in 30-year Treasury
yields. Concurrent with the rise in yields, municipal bond prices slumped. As a
result, by the end of April 2000, long-term municipal yields were 102% of
30-year Treasury yields, compared with the historical average of 86% for the
period 1986-1999.
During the first four months of 2000, new municipal issuance declined more than
26% from the level of the first four months of 1999. This continued the trend
begun last year, as the rising interest rate environment deterred municipalities
from issuing new bonds or refinancing old debt. In addition, robust tax revenue
collections have enabled many state and local governments to use more
pay-as-you-go financings rather than bond issuance to fund projects. Overall,
the decline in supply helped to offset some of the negative impact that higher
interest rates and equity market activity had on the demand for municipal bonds
and, ultimately, on bond prices.
According to the most recent data released by the Federal Reserve Board, demand
for municipal bonds on the part of individual investors continued to grow in
1999, maintaining a trend seen over the past four years. While total U.S.
municipal debt grew by 5% in 1999,
<PAGE>
holdings by individual investors grew 11%. As of January 2000, these
investors held 34% of the out standing municipal debt in the U.S. This provided
some support for a municipal market experiencing a decline in demand from
institutional investors. Buying by mutual and money market funds, which together
accounted for 29% of municipal debt holdings, reflected the lower demand for
bond funds. Property and casualty insurance companies, the fourth largest group
of municipal bond holders with 14%, had less cash to spend on municipals due to
claims from natural disasters and pricing competition - although we have seen a
recent pick up in demand from this group.
The economic prosperity of the past decade has benefited all sectors of the
municipal bond market, resulting in upgrades in debt ratings. In 1999, upgrades
by Standard & Poor's outnumbered downgrades by a ratio of almost 4 to 1. In
fact, the fourth quarter of 1999 marked the 17th consecutive quarter in which
upgrades exceeded downgrades. The tax-backed sector, which includes general
obligation bonds issued by states, local municipalities, and school and special
purpose districts, fared particularly well in 1999, with upgrades outnumbering
downgrades 30 to 1.
WERE THE FUNDS' DIVIDENDS AFFECTED BY THE ENVIRONMENT OF THE PAST 12 MONTHS?
During the past year, bond calls within the NPP, NMA and NMO portfolios combined
with higher rates on all four Fund's MuniPreferred(R) shares to reduce the
amount of income available for common shareholders. This led to dividend
adjustments in each of the Funds.
NPP, NMA and NMO have all passed their ten-year anniversaries, making many of
the high coupon bonds purchased at the time of their inceptions subject to
calls. The proceeds from these calls have been used to purchase current coupon
bonds that generally pay a lower rate of interest than the bonds they have
replaced. While we actively manage the portfolios to mitigate the effects of
this process, bond calls in this environment have the net effect of reducing the
income the Funds generate to pay dividends.
In addition, all four Funds are leveraged. Leverage can enhance the dividends
paid to common shareholders, but the extent of that benefit is tied to some
degree to the short-term rates the Funds pay their MuniPreferred shareholders.
As short-term rates rise, the income available for common shareholders
decreases. As noted, the Federal Reserve raised short-term rates six times
between June 1999 and May 2000, and these actions have had a corresponding
impact on short-term municipal rates. This contributed to the dividend
reductions in all four Funds, and may continue to exert an influence on the
common share dividends if short-term rates continue at historically high recent
levels.
OVERALL, HOW DID THE NUVEEN FUNDS COVERED IN THIS REPORT PERFORM OVER THE PAST
YEAR?
For the 12 months ended April 30, 2000, these Nuveen Funds produced total
returns on net asset value (NAV) as shown in the accompanying table. For
comparison purposes, the annual returns for the Funds are compared with the
Lehman Brothers Municipal Bond Index1 and the Lipper Peer Group2.
<TABLE>
<CAPTION>
LEHMAN
TOTAL LIPPER
MARKET YIELD TOTAL RETURN ON NAV RETURN1 AVERAGE2
----------------------------------------------------------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED TAXABLE- ENDED ENDED
4/30/00 EQUIVALENT3 4/30/00 EQUIVALENT3 4/30/00 4/30/00
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NPP 7.31% 10.59% -3.97% -1.28% -0.92% -5.73%
----------------------------------------------------------------------------------------------------------
NMA 7.58% 10.99% -3.88% -0.98% -0.92% -5.73%
----------------------------------------------------------------------------------------------------------
NMO 7.53% 10.91% -4.64% -1.73% -0.92% -5.73%
----------------------------------------------------------------------------------------------------------
NAD 7.07% 10.25% -4.96%* -2.59%* NA NA
----------------------------------------------------------------------------------------------------------
</TABLE>
* NAD returns are for the period from May 26, 1999, the fund's inception date,
through April 30, 2000.
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for each
Fund later in this report.
The relative underperformance of the Funds' total returns on NAV when compared
with the Lehman Index can be attributed largely to their durations,4 which are a
measure of each Fund's NAV volatility in reaction to interest rate movements.
These are leveraged Funds, and while leveraging can enhance the dividends paid
to common shareholders, it also has the effect of lengthening a Fund's duration.
In addition, durations often are lengthened when we look to add call protection
to the portfolios. As a result, as of April 30, 2000, the durations of NPP, NMA
and NMO ranged from 13.93 to 14.68. NAD's duration was 19.43, which we believe
is typical of a newly established leveraged Fund. By comparison, the duration of
the Lehman Brothers Index was 7.42.
The longer the duration, the more sensitive the Fund's NAV is to changes in
interest rates in either direction. During a period of falling interest rates,
bond prices rise and a long duration enables a Fund's NAV to participate more
fully in market gains. Conversely, when interest rates rise (as they have over
most of the past year), a long duration can make the Fund's NAV more vulnerable
to price declines and produce weaker total return performance.
Even though leveraging and increasing call protection tend to lengthen duration,
we believe these actions strengthen each Fund's ability to maintain attractive
dividends over the long-term and should position the Funds to benefit from any
bond market recovery.
1 The Funds' performance is compared with that of the Lehman Brothers
Municipal Bond Index, an unleveraged index comprising a broad range of
investment-grade municipal bonds. Results for the Lehman index do not
reflect any expenses.
2 The Funds' total returns are compared with the average annualized return of
the 50 funds in the Lipper General Leveraged Municipal Debt Funds category.
Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield/total return represents the yield/total return
that must be earned on a taxable investment in order to equal the
yield/total return of the Nuveen Fund on an after-tax basis. The
taxable-equivalent yield is based on the Fund's current market yield and a
federal income tax rate of 31%, while the taxable-equivalent total return
is based on the annualized total return and the 31% federal income tax
rate.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for the Funds and therefore differs from the
duration of the actual portfolio of individual bonds that make up the
Funds. Unless otherwise noted, references to duration in this commentary
are intended to indicate Fund duration.
<PAGE>
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
The uncertain economic environment, coupled with an investor focus on equity
market performance, has tended to dampen interest in most fixed-income products.
This lack of demand has put pressure on the prices of many municipal bond
investments, including these four Funds.
As shown in the charts on the Performance Overview pages, the share prices for
all four Funds have gradually declined over much of the past year. These price
declines generally were larger than the declines in the Funds' NAVs. As a
result, NPP saw its discount (share price below NAV) widen, while the premiums
(share price above NAV) on NMA, NMO and NAD moved to discounts. With the market
prices of all these Funds now lower than the actual value of the bonds in their
portfolios, shareholders may want to consider taking advantage of this
opportunity to add to their holdings of these Nuveen Funds.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NUVEEN FUNDS DURING THE 12 MONTHS
ENDED APRIL 30, 2000?
The past 12 months represented a challenging period for all fixed-income
investments, including your Nuveen Fund. However, the period also provided
opportunities to improve the Funds' structures, provide additional
diversification, strengthen the Funds' long-term dividend-paying capabilities,
and enhance tax efficiency by offsetting potential capital gains with capital
losses.
To improve the Funds' structures, we have been selling bonds in demand by
individual investors at attractive prices, including prerefunded bonds and bonds
with short call dates, and buying issues that offer higher yields, longer
maturities, and extended call protection. We also have been watching for pricing
inefficiencies, buying or selling bonds with special features that we believe
the market is not valuing correctly.
Overall, we continued to search for undervalued bonds, overlooked sectors of the
market, and values not yet recognized by other investors. We believe Nuveen's
experienced Research team provided an advantage in this area, helping us
identify attractive deals and supplying the background we needed to understand
issuers. This was especially true in the healthcare sector, where we believe
deregulation and profitability concerns have caused some well secured credits to
fall to very attractive prices and yields. Each of the Funds in this report had
an allocation in healthcare, ranging from 8% in NMO to 18% in NAD, as of April
30, 2000.
Over the past year, NMO also diversified its portfolio by purchasing some
tobacco settlement fund bonds, which have performed well. These bonds have very
attractive yields and are backed by payments from the tobacco companies
participating in the master settlement agreement with 46 states.
As of April 30, 2000, all four Funds offered excellent credit quality, with the
portion of their assets invested in bonds rated AAA/U.S. guaranteed and AA
ranging from 67% to 83%. This was balanced by allocations
of BBB/non-rated bonds - from 8% in NPP to 19% in NMO - that generally provided
higher yields. In NAD, investment guidelines allow us to further exploit this
credit spread differential and to try to enhance yields as opportunities arise
by investing up to 20% of the Fund's net assets in non-investment grade bonds.
WHAT IS YOUR OUTLOOK FOR THE NUVEEN FUNDS?
In the months ahead, we plan to focus on the same strategies that we have
emphasized over the past year, including improving Fund structure, enhancing
call protection, and strengthening dividend payment capabilities.
From a regional perspective, we will continue to explore opportunities to add to
NMA's position in bonds issued in New York, Ohio, Kentucky, North Carolina,
South Carolina, and Tennessee. In NMO, we plan to increase our exposure to both
California and Illinois bonds. These two states not only are characterized by
strong economies, but also offer adequate supply, which enhances our ability to
find the types of bonds that can potentially benefit our shareholders.
NPP, NMA, and NMO are now through most of the anticipated calls against bonds in
their portfolios, and we will be seeking to enhance ongoing call protection in
the months ahead. We do expect some calls to continue this year, and to affect
between 3% and 5% of their portfolios in 2001. As a newer Fund, NAD will not
have significant call exposure for a number of years. Extended call protection
will help provide some additional stability for the Funds' dividends over time.
We expect the market to continue working its way through a period of uncertainty
that may last beyond the fall elections. Opportunities do arise in these types
of markets, and we are ready to take advantage of developing situations. We
believe the Funds continue to be well positioned to provide attractive income
and a measure of portfolio diversification that can be a valuable benefit to
investors now and in the future.
<PAGE>
Nuveen Performance Plus Municipal Fund, Inc.
Performance Overview
As of April 30, 2000
NPP
PORTFOLIO STATISTICS
Inception Date 6/89
--------------------------------------------------
Share Price $11 13/16
--------------------------------------------------
Net Asset Value $13.71
--------------------------------------------------
Market Yield 7.31%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.59%
--------------------------------------------------
Fund Net Assets ($000) $1,265,529
--------------------------------------------------
Average Effective Maturity (Years) 19.67
--------------------------------------------------
Leverage-Adjusted Duration 14.45
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -15.70% -3.97%
--------------------------------------------------
5-Year 2.01% 4.92%
--------------------------------------------------
10-Year 5.33% 7.49%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -12.97% -1.28%
--------------------------------------------------
5-Year 5.01% 7.93%
--------------------------------------------------
10-Year 8.51% 10.73%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 17%
--------------------------------------------------
Tax Obligation/Limited 16%
--------------------------------------------------
Tax Obligation/General 12%
--------------------------------------------------
Healthcare 12%
--------------------------------------------------
Housing/Single-Family 10%
--------------------------------------------------
Bar Chart:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE3
5/99 0.075
6/99 0.075
7/99 0.075
8/99 0.075
9/99 0.075
10/99 0.075
11/99 0.075
12/99 0.072
1/00 0.072
2/00 0.072
3/00 0.072
4/00 0.072
Line Chart:
SHARE PRICE PERFORMANCE
5/7/99 15
14.69
14.5
14.56
14.75
14.81
14.94
14.69
15.06
14.94
14.88
14.88
14.75
14.5
13.94
13.88
14.06
13.81
13.25
12.75
12.88
12.88
12.44
12.5
12.94
12.69
12.63
12.31
12.25
11.88
11.44
11.63
11.63
11.81
11.44
11.69
12.13
12.31
12.31
12.25
12.06
12.13
11.63
11.44
11.75
12.06
12.25
12.13
11.75
4/28/00 11.81
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
2 Taxable-equivalent total return is based on the annualized total return and
a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen Fund on an after-tax
basis.
3 The Fund also paid shareholders a net ordinary income distribution in
December 1999 of $0.0023 per share.
<PAGE>
Nuveen Municipal Advantage Fund, Inc.
Performance Overview
As of April 30, 2000
NMA
PORTFOLIO STATISTICS
Inception Date 12/89
--------------------------------------------------
Share Price $12 3/16
--------------------------------------------------
Net Asset Value $13.98
--------------------------------------------------
Market Yield 7.58%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.99%
--------------------------------------------------
Fund Net Assets ($000) $958,928
--------------------------------------------------
Average Effective Maturity (Years) 21.48
--------------------------------------------------
Leverage-Adjusted Duration 13.93
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -18.23% -3.88%
--------------------------------------------------
5-Year 2.71% 5.08%
--------------------------------------------------
10-Year 5.60% 7.61%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -15.41% -0.98%
--------------------------------------------------
5-Year 5.78% 8.15%
--------------------------------------------------
10-Year 8.84% 10.92%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Healthcare 15%
--------------------------------------------------
Utilities 14%
--------------------------------------------------
Housing/Single Family 12%
--------------------------------------------------
Transportation 12%
--------------------------------------------------
U.S. Guaranteed 11%
--------------------------------------------------
Bar Chart:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
5/99 0.083
6/99 0.083
7/99 0.083
8/99 0.083
9/99 0.083
10/99 0.083
11/99 0.083
12/99 0.08
1/00 0.08
2/00 0.08
3/00 0.077
4/00 0.077
Line Chart:
SHARE PRICE PERFORMANCE
5/7/99 16.19
15.81
15.56
15.56
15.44
15.38
15.69
15.56
15.56
15.75
15.69
15.63
15.5
15.38
15.19
15.13
14.88
14.75
14.56
14.38
14.38
14.25
13.56
13.56
13.63
13.88
13.5
13.56
13.13
12.38
12.06
12.13
12
12.44
12.38
12.19
13
13.13
13.31
13.06
13
12.81
12.19
11.81
12.25
12.5
12.81
12.69
12.38
4/28/00 12.19
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
2 Taxable-equivalent total return is based on the annualized total return and
a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen Fund on an after-tax
basis.
<PAGE>
Nuveen Municipal Market Opportunity Fund, Inc.
Performance Overview
As of April 30, 2000
NMO
PORTFOLIO STATISTICS
Inception Date 3/90
--------------------------------------------------
Share Price $12 7/16
--------------------------------------------------
Net Asset Value $13.98
--------------------------------------------------
Market Yield 7.53%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.91%
--------------------------------------------------
Fund Net Assets ($000) $1,016,470
--------------------------------------------------
Average Effective Maturity (Years) 21.79
--------------------------------------------------
Leverage-Adjusted Duration 14.68
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -17.51% -4.64%
--------------------------------------------------
5-Year 3.03% 4.92%
--------------------------------------------------
10-Year 6.07% 7.25%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -14.68% -1.73%
--------------------------------------------------
5-Year 6.11% 7.98%
--------------------------------------------------
10-Year 9.29% 10.50%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Tax Obligation/General 20%
--------------------------------------------------
Tax Obligation/Limited 15%
--------------------------------------------------
Transportation 15%
--------------------------------------------------
U.S. Guaranteed 11%
--------------------------------------------------
Healthcare 8%
--------------------------------------------------
Bar Chart:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
5/99 0.084
6/99 0.084
7/99 0.084
8/99 0.084
9/99 0.084
10/99 0.084
11/99 0.084
12/99 0.081
1/00 0.081
2/00 0.081
3/00 0.078
4/00 0.078
Line Chart:
SHARE PRICE PERFORMANCE
5/7/99 16.13
15.88
15.63
15.69
15.56
15.69
15.81
15.75
15.81
15.94
15.88
15.88
15.63
15.47
15.31
15.13
15
14.81
14.56
14.38
14.5
14.31
13.56
13.44
13.56
14.06
13.56
13.63
13.19
12.5
12.13
12.19
12.25
12.44
12.44
12.31
12.94
13.19
13.25
13.13
12.75
12.69
11.94
11.88
12.13
12.56
12.88
12.75
12.44
4/28/00 12.44
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
2 Taxable-equivalent total return is based on the annualized total return and
a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen Fund on an after-tax
basis.
<PAGE>
Nuveen Dividend Advantage Municipal Fund
Performance Overview
As of April 30, 2000
NAD
PORTFOLIO STATISTICS
Inception Date 5/99
--------------------------------------------------
Share Price $12 5/16
--------------------------------------------------
Net Asset Value $12.87
--------------------------------------------------
Market Yield 7.07%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.25%
--------------------------------------------------
Fund Net Assets ($000) $798,470
--------------------------------------------------
Average Effective Maturity (Years) 23.04
--------------------------------------------------
Leverage-Adjusted Duration 19.43
--------------------------------------------------
TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception -13.22% -4.96%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception -10.96% -2.59%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Tax Obligation/General 18%
--------------------------------------------------
Healthcare 18%
--------------------------------------------------
Tax Obligation/Limited 18%
--------------------------------------------------
Transportation 12%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
Bar Chart:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
7/99 0.074
8/99 0.074
9/99 0.074
10/99 0.074
11/99 0.074
12/99 0.074
1/00 0.074
2/00 0.074
3/00 0.0725
4/00 0.0725
Line Chart:
SHARE PRICE PERFORMANCE
5/28/99 15.0625
15
15
15.06
15.06
15.06
15.06
15.06
15
15
15.06
14.75
14.69
14.63
14.69
14.5
14.25
14.44
14.5
14
13.25
13.63
13.38
12.94
13.06
12.63
12.5
12.44
12.31
12.13
12.88
12.94
12.38
13
12.81
12.88
12.94
12.88
12.44
12.25
11.81
12
12.38
12.63
12.25
12.5
4/28/00 12.31
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
2 Taxable-equivalent total return is based on the total return and a federal
income tax rate of 31%. It represents the return on a taxable investment
necessary to equal the return of the Nuveen fund on an after-tax basis.
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PERFORMANCE PLUS MUNICIPAL FUND, INC. (NPP)
April 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ALABAMA - 0.7%
$ 3,615 Alabama Water Pollution Control Authority, Revolving Fund Loan 8/05 at 100 AAA $ 3,822,393
Bonds, Series 1994, 6.750%, 8/15/17
5,075 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 2/07 at 101 AAA 4,950,206
Series 1997-A, 5.625%, 2/01/22
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.1%
635 Alaska Housing Finance Corporation, Collateralized Bonds, 6/00 at 102 AAA 639,089
1989 First Series (Veterans Mortgage Program), 7.450%, 12/01/29
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 0.5%
5,300 Yuma Regional Medical Center on behalf of Hospital 8/02 at 101 1/2 N/R*** 5,724,371
District No. 1 of Yuma County, Arizona, Hospital Revenue
Improvement and Refunding Bonds (Yuma Regional Medical
Center Project), Series 1992, 8.000%, 8/01/17
(Pre-refunded to 8/01/02)
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.4%
2,250 Arkansas Development Finance Authority, Single Family 1/07 at 102 AAA 2,206,575
Mortgage Revenue Bonds, 1996 Series H, 6.100%, 7/01/30
(Alternative Minimum Tax)
3,060 Arkansas Development Finance Authority, Home Mortgage 7/08 at 101 1/2 AAA 2,712,476
Revenue Bonds, 1998 Series B, 5.300%, 7/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 8.4%
Anaheim Public Financing Authority, Lease Revenue Bonds (Anaheim
Public Improvements Project), Subordinate Lease Revenue Bonds,
1997 Series C:
11,000 0.000%, 9/01/20 No Opt. Call AAA 3,288,450
25,855 0.000%, 9/01/24 No Opt. Call AAA 5,967,334
11,900 State Public Works Board of the State of California, Lease 9/00 at 102 AAA 12,224,037
Revenue Bonds (The Trustees of the California State
University), 1990 Series A (California State University
Library Projects), 6.250%, 9/01/16 (Pre-refunded to 9/01/00)
5,000 Mt. Diablo Hospital District, California Insured Hospital 12/03 at 102 AAA 4,506,600
Revenue Bonds, 1993 Series A, 5.125%, 12/01/23
13,450 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 15,894,134
County, California), 1995 Revenue Refunding Bonds (Ontario
Redevelopment Project No.1), 7.200%, 8/01/17
20,420 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 22,456,691
Residential Mortgage Revenue Refunding Bonds,
1991 Series A, 7.150%, 2/01/10
2,325 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 2,900,717
Restructured Single Family Mortgage Revenue Bonds,
Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax)
8,140 San Bernardino Joint Powers Financing Authority, Lease 12/05 at 102 A1 7,620,912
Revenue Bonds (State of California Department of Transportation
Lease), 1995 Series A, 5.500%, 12/01/20
10,000 San Bernardino County, California, Certificates of Participation, 8/05 at 102 AAA 10,474,600
Series 1995 (Medical Center Financing Project),
5.500%, 8/01/15 (Pre-refunded to 8/01/05)
4,075 Southern California Public Power Authority (Palo Verde Project), 7/03 at 102 AA-*** 3,840,810
Power Project Revenue Bonds, 1993 Refunding Series A,
5.000%, 7/01/15
15,745 Walnut Valley Unified School District (Los Angeles County, 8/11 at 103 AAA 18,240,110
California), General Obligation Refunding Bonds, Series 1997A,
7.200%, 2/01/16
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 3.2%
2,225 Colorado Health Facilities Authority, Revenue Bonds (National 1/08 at 101 A 1,896,457
Jewish Medical and Research Center Project), Series 1998,
5.375%, 1/01/28
City and County of Denver, Colorado, Airport System Revenue
Bonds, Series 1992B:
1,020 7.250%, 11/15/23 (Alternative Minimum Tax) (Pre-refunded to 11/15/02) 11/02 at 102 Aaa 1,095,378
3,980 7.250%, 11/15/23 (Alternative Minimum Tax) 11/02 at 102 A 4,194,641
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLORADO (continued)
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1990A:
$ 1,035 8.000%, 11/15/25 (Alternative Minimum Tax) 11/00 at 102 Aaa $ 1,075,251
(Pre-refunded to 11/15/00)
10,910 8.000%, 11/15/25 (Alternative Minimum Tax) 11/00 at 102 A 11,274,394
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991D:
1,000 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 1,033,840
(Pre-refunded to 11/15/01)
3,720 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 3,738,674
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991A:
5,145 8.750%, 11/15/05 (Alternative Minimum Tax) 11/01 at 102 A 5,476,081
1,715 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 Aaa 1,848,033
(Pre-refunded to 11/15/01)
4,755 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 A 5,065,597
955 8.000%, 11/15/25 (Alternative Minimum Tax)(Pre-refunded to 11/15/01) 11/01 at 100 Aaa 1,000,974
2,640 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 2,734,961
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.6%
15,000 State of Florida, Full Faith and Credit, State Board of Education, 6/10 at 101 AA+ 14,897,100
Public Education Capital Outlay Refunding Bonds, 1999 Series D,
5.750%, 6/01/22
5,750 Martin County Industrial Development Authority (Florida), Industrial 12/04 at 102 BBB- 5,777,370
Development Revenue Bonds (Indianatown Cogeneration L.P.
Project), Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 4.2%
1,200 City of Atlanta, Georgia, General Obligation Refunding Bonds, 12/08 at 100 AAA 1,047,468
Series 1998, 5.000%, 12/01/23
5,000 City of Atlanta, Georgia, Water and Wastewater Revenue Bonds, No Opt. Call AAA 4,858,600
Series 1999A, 5.500%, 11/01/22
9,000 George L. Smith II World Congress Center Authority, Revenue 7/00 at 102 AAA 9,231,660
Bonds (Domed Stadium Project), Series 1990,
7.875%, 7/01/20 (Alternative Minimum Tax)
2,000 George L. Smith II World Congress Center Authority, Refunding 7/10 at 101 AAA 1,889,300
Revenue Bonds (Domed Stadium Project), Series 2000,
5.500%, 7/01/20 (Alternative Minimum Tax)
1,335 Georgia Housing and Finance Authority, Home Ownership 6/02 at 102 Aa 1,364,130
Opportunity Program Bonds, Series 1992-A2, 6.875%, 12/01/20
(Alternative Minimum Tax)
10,000 Development Authority of Monroe County (Georgia), Pollution 10/00 at 101 A+ 10,157,000
Control Revenue Bonds (Georgia Power Company Plant Scherer
Project), Second Series 1994, 6.750%, 10/01/24
Private Colleges and Universities Authority (Georgia), Revenue
Bonds (Emory University Project), Series 1999A:
15,000 5.500%, 11/01/25 11/09 at 101 Aa1 14,375,700
10,150 5.500%, 11/01/31 11/09 at 101 Aa1 9,656,710
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 15.5%
3,000 City of Chicago, General Obligation Library Bonds, 1/08 at 102 AAA 2,994,930
Series 1997, 5.750%, 1/01/17
City of Chicago, General Obligation Bonds (City Colleges of
Chicago Capital Improvement Project), Series 1999:
32,170 0.000%, 1/01/21 No Opt. Call AAA 9,269,142
32,670 0.000%, 1/01/22 No Opt. Call AAA 8,807,832
20,500 Chicago School Reform Board of Trustees of the Board 12/07 at 102 AAA 18,109,495
of Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds (Dedicated Tax Revenues),
Series 1997A, 5.250%, 12/01/30
Chicago School Reform Board of Trustees of the Board of
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds (Dedicated Tax Revenues), Series 1998A:
10,000 0.000%, 12/01/19 No Opt. Call AAA 3,063,800
21,800 0.000%, 12/01/23 No Opt. Call AAA 5,115,588
Chicago School Reform Board of Trustees of the Board of
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds (Dedicated Tax Revenues), Series 1999A:
10,000 0.000%, 12/01/20 No Opt. Call AAA 2,867,000
30,160 0.000%, 12/01/22 No Opt. Call AAA 7,559,001
16,715 0.000%, 12/01/23 No Opt. Call AAA 3,922,342
9,145 City of Chicago, Illinois, Midway Airport Revenue Bonds, 1/07 at 101 AAA 8,504,301
1996 Series A, 5.500%, 1/01/29
1,235 City of Chicago, O'Hare International Airport Special Facility 11/00 at 103 Baa2 1,286,561
Revenue Bonds (United Air Lines, Inc. Project), Series 1988A,
8.950%, 5/01/18 (Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PERFORMANCE PLUS MUNICIPAL FUND, INC. (NPP) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ILLINOIS (continued)
$ 3,500 Illinois Development Finance Authority, Pollution Control 3/05 at 102 AAA $ 3,731,875
Refunding Revenue Bonds, Commonwealth Edison Company
Project, Series 1994D, 6.750%, 3/01/15
Illinois Development Finance Authority, Multifamily Housing
Revenue Bonds, Series 1992 (Town and Garden Apartments Project):
4,800 7.800%, 3/01/06 (Alternative Minimum Tax) 3/02 at 102 N/R 5,022,912
5,960 7.200%, 9/01/08 (Alternative Minimum Tax) 3/02 at 102 N/R 6,174,679
1,000 Illinois Educational Facilities Authority, Revenue Bonds, 5/08 at 101 A 924,060
Midwestern University, Series 1998B, 5.500%, 5/15/18
10,000 Illinois Educational Facilities Authority, Adjustable Demand 12/03 at 102 AAA 10,399,500
Revenue Bonds, The University of Chicago, Series 1985
Remarketed, 5.700%, 12/01/25 (Pre-refunded to 12/01/03)
12,910 Illinois Health Facilities Authority, Revenue Bonds, Series 1994A 8/04 at 102 AA+ 12,594,480
(Northwestern Memorial Hospital), 6.000%, 8/15/24
4,620 Illinois Health Facilities Authority, Revenue Bonds, 8/00 at 101 AA+ 4,700,157
Series 1989B (Northwestern Memorial Hospital),
7.200%, 8/15/07
4,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 8/09 at 101 A- 3,437,800
Series 1999 (Silver Cross Hospital and Medical Centers),
5.250%, 8/15/15
4,250 Illinois Health Facilities Authority, Revenue Refunding Bonds, No Opt. Call A3 4,053,225
Series 1999A (West Suburban Hospital Medical Center),
5.500%, 7/01/09
6,330 Illinois Health Facilities Authority, Revenue Refunding Bonds, 11/08 at 102 A 5,625,218
Series 1998 (Midwest Physician Group Ltd.),
5.500%, 11/15/19
3,570 Illinois Health Facilities Authority, Tax-Exempt Revenue Bonds, 12/12 at 102 AAA 3,576,462
Series 1999A (GNMA Collateralized - Midwest Care
Center IV, Inc.), 6.375%, 12/01/24
3,700 Village of Libertyville, Illinois, Affordable Housing Revenue 11/09 at 100 A2 3,641,022
Bonds, Series 1999A (Liberty Towers Project), 7.000%, 11/01/29
Metropolitan Pier and Exposition Authority (Illinois), McCormick
Place Expansion Project Refunding Bonds, Series 1996A:
16,570 0.000%, 12/15/20 No Opt. Call AAA 4,816,071
23,550 0.000%, 12/15/22 No Opt. Call AAA 5,992,533
23,575 0.000%, 12/15/23 No Opt. Call AAA 5,620,987
10,280 Metropolitan Pier and Exposition Authority (Illinois), McCormick No Opt. Call AAA 9,815,344
Place Expansion Project Refunding Bonds, Series 1998A,
5.500%, 12/15/23
10,650 Metropolitan Pier and Exposition Authority (Illinois), McCormick No Opt. Call AAA 12,211,929
Place Hospitality Facilities Revenue Bonds, Series 1996A,
7.000%, 7/01/26
17,865 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 17,627,931
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1999, 5.750%, 6/01/23
6,090 Sherman, Illinois, Mortgage Revenue Bonds (Villa Vianney), 10/09 at 102 AAA 5,995,727
GNMA Series 1999 Refunding, 6.450%, 10/01/29
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.0%
3,750 Fort Wayne International Airport Air Trade Center Building 1/08 at 101 Aaa 3,243,563
Corporation (Allen County, Indiana), First Mortgage Bonds,
Series 1998, 5.000%, 1/15/20 (Alternative Minimum Tax)
5,000 Fort Wayne South Side School Building Corporation, First 1/04 at 102 AAA 5,273,900
Mortgage Bonds, Series 1994, Allen County, Indiana,
6.125%, 1/15/12 (Pre-refunded to 1/15/04)
5,250 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/04 at 102 AAA 5,337,413
Series 1994A Guarantee Revenue Bonds, 6.000%, 2/01/16
Indiana Health Facility Financing Authority, Revenue Bonds,
Series 1997 (Ancilla Systems Incorporated Obligated Group):
15,380 5.250%, 7/01/17 7/07 at 101 AAA 14,191,434
13,735 5.250%, 7/01/22 7/07 at 101 AAA 12,332,519
4,980 Indiana Municipal Power Agency, Special Obligation Bonds, 11/02 at 100 AAA 4,643,402
First Crossover Series and Power Supply System Refunding
Revenue Bonds, 1998 Series B, 5.300%, 1/01/16
(Pre-refunded to 11/26/02)
5,730 Michigan City School Building Corporation, First Mortgage Bonds, 12/04 at 102 AAA 5,989,340
Series 1994 A, LaPorte and Porter Counties, Indiana,
6.125%, 12/15/09
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
IOWA - 0.4%
$ 5,160 Iowa Finance Authority, Single Family Mortgage Revenue 5/00 at 101 Aaa $ 5,201,486
Bonds, 1988 Issue B (GNMA Mortgage-Backed Program),
8.250%, 5/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.8%
10,000 County of Carroll, Kentucky, Collateralized Pollution Control 9/02 at 102 A1 10,619,400
Revenue Bonds (Kentucky Utilities Company Project),
1992 Series A, 7.450%, 9/15/16
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 5.0%
2,960 East Baton Rouge Mortgage Finance Authority, Single 12/00 at 103 Aaa 3,036,013
Family Mortgage Revenue Bonds (GNMA Mortgage-Backed
Securities Program), Series 1988F, 7.875%, 12/01/21
(Alternative Minimum Tax)
1,600 East Baton Rouge Mortgage Finance Authority, Single Family 10/07 at 102 Aaa 1,516,848
Mortgage Revenue Refunding Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1996C-1,
5.750%, 10/01/26
5,035 East Baton Rouge Mortgage Finance Authority, Single Family 10/07 at 102 Aaa 4,843,167
Mortgage Revenue Refunding Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1997B-1,
5.750%, 10/01/26
3,825 Parish of Jefferson Home Mortgage Authority (Louisiana), 12/00 at 103 Aaa 3,918,368
GNMA Collateralized Single Family Mortgage Revenue Bonds,
Series 1989A, 7.875%, 12/01/21 (Alternative Minimum Tax)
35,700 Louisiana Stadium and Exposition District, Hotel Occupancy 7/06 at 102 AAA 37,504,278
Tax Bonds, Series 1996, 5.750%, 7/01/26 (Pre-refunded
to 7/01/06)
5,630 New Orleans Housing Development Corporation, Multifamily 6/03 at 100 AAA 5,847,825
Housing Revenue Refunding Bonds, Series 1990A (Curran
Place Apartments/Fannie Mae Collateralized), 7.700%, 8/01/23
6,500 City of Shreveport, State of Louisiana, Water and Sewer Revenue 6/03 at 103 AAA 6,638,190
Bonds, 1986 Series A, 5.950%, 12/01/14
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.7%
9,000 Maine State Housing Authority, Mortgage Purchase Bonds, 2/04 at 102 AA 8,558,730
1994 Series A, 5.700%, 11/15/26
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.2%
7,475 Housing Opportunities Commission of Montgomery County 7/04 at 102 Aaa 7,515,963
(Montgomery County, Maryland), Multifamily Housing Revenue
Bonds, 1994 Series A, 6.250%, 7/01/28
7,090 City of Takoma Park, Maryland, Hospital Facilities Refunding No Opt. Call AAA 7,815,662
and Improvement Revenue Bonds (Washington Adventist
Hospital), Series 1995, 6.500%, 9/01/12
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.7%
10,065 City of Boston, Massachusetts, Revenue Bonds, Boston City 8/00 at 102 Aaa 10,335,044
Hospital (FHA-Insured Mortgage), Series A, 7.625%, 2/15/21
(Pre-refunded to 8/15/00)
14,375 Massachusetts Bay Transportation Authority, General Transportation 3/01 at 102 AAA 15,067,731
System Bonds, 1990 Series B, 7.875%, 3/01/21
(Pre-refunded to 3/01/01)
2,280 Massachusetts Educational Financing Authority, Education Loan 12/10 at 101 AAA 2,276,990
Revenue and Refunding Bonds, Issue G, Series 2000A,
5.700%, 12/01/11 (Alternative Minimum Tax)
390 Massachusetts Municipal Wholesale Electric Company, No Opt. Call BBB+ 431,556
Power Supply System Revenue Bonds, 1987 Series A,
8.750%, 7/01/18
Massachusetts Development Finance Agency, Revenue Bonds,
Northern Berkshire Community Services, Inc. Issue, 1999 Series A:
1,750 6.250%, 8/15/19 8/09 at 101 A 1,700,195
3,725 6.250%, 8/15/25 8/09 at 101 A 3,594,029
10,100 Massachusetts Health and Educational Facilities Authority, 7/02 at 102 AAA 10,398,354
Revenue Bonds, New England Medical Center Hospitals Issue,
Series F, 6.625%, 7/01/25
1,420 Massachusetts Health and Educational Facilities Authority, 7/08 at 101 Aaa 1,129,525
Revenue Bonds, Southcoast Health System Obligated Group
Issue, Series A, 4.750%, 7/01/27
2,840 Massachusetts Water Resources Authority, General Revenue 3/03 at 100 AAA 2,491,873
Refunding Bonds, 1993 Series B, 5.000%, 3/01/22
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 4.6%
17,000 School District of the City of Birmingham, County of Oakland, 11/07 at 100 AAA 14,090,960
State of Michigan, School Building and Site Bonds,
Series 1998, 4.750%, 11/01/24
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PERFORMANCE PLUS MUNICIPAL FUND, INC. (NPP) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MICHIGAN (continued)
$ 9,500 City of Detroit, Michigan, Water Supply System Revenue 7/07 at 101 AAA $ 8,373,870
Senior Lien Bonds, Series 1997-A, 5.000%, 7/01/21
4,185 Grand Rapids Housing Corporation, Multifamily Revenue Refunding 1/04 at 104 AAA 4,340,180
Bonds, Series 1992 (FHA-Insured Mortgage Loan - Section 8
Assisted Elderly Project), 7.375%, 7/15/41
4,030 City of Hancock Hospital Finance Authority, FHA-Insured 8/08 at 100 AAA 3,593,712
Mortgage Hospital Revenue Bonds (Portage Health System,
Inc.), Series 1998, 5.450%, 8/01/47
15,000 Michigan Public Power Agency, Belle River Project Refunding 1/03 at 102 AAA 14,007,600
Revenue Bonds, 1993 Series A, 5.250%, 1/01/18
6,000 Michigan Strategic Fund, Limited Obligation Refunding 9/09 at 102 AAA 5,547,420
Revenue Bonds (The Detroit Edison Company - Pollution Control
Bonds Project), Collateralized Series 1999A, 5.550%, 9/01/29
(Alternative Minimum Tax)
8,425 Charter County of Wayne, Michigan, Detroit Metropolitan 12/08 at 101 AAA 8,019,505
Wayne County Airport, Airport Revenue Bonds, Series 1998A,
5.250%, 12/01/13 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 3.8%
7,020 The Dakota County Housing and Redevelopment Authority, 4/04 at 102 AAA 7,200,765
Single Family Mortgage Revenue Bonds (Fannie Mae
Mortgage-Backed Securities Program), Series 1994A,
6.900%, 10/01/27 (Alternative Minimum Tax)
2,000 Minnesota Housing Finance Agency, Single Family Mortgage 7/09 at 100 AA 1,956,900
Bonds, 1999 Series H, 5.800%, 7/01/21
23,655 The Housing and Redevelopment Authority of the City of 11/15 at 103 AAA 26,998,398
Saint Paul, Minnesota, Sales Tax Revenue Refunding Bonds
(Civic Center Project), Series 1996, 7.100%, 11/01/23
Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota, Single Family Mortgage Revenue Refunding Bonds
(Middle Income Program, Phase II FNMA Mortgage-Backed Securities
Program), Series 1995:
1,775 6.400%, 3/01/21 3/05 at 102 1,816,180
9,655 6.800%, 3/01/28 3/05 at 102 19/32 Aaa 10,104,633
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.8%
9,750 Mississippi Business Finance Corporation, Pollution Control 10/03 at 102 BBB- 8,460,660
Revenue Refunding Bonds (System Energy Resources, Inc.
Project), Series 1998, 5.875%, 4/01/22
1,085 Mississippi Home Corporation, Single Family Mortgage Revenue 4/05 at 102 Aaa 1,096,935
Bonds, Series 1995B, 6.550%, 4/01/21
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.4%
4,515 Missouri Housing Development Commission, Single Family 5/00 at 100 AAA 4,520,283
Mortgage Revenue Bonds (GNMA Mortgage-Backed
Securities Program), 1988 Series A, 8.300%, 5/01/19
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.8%
5,000 Montana Board of Housing, Single Family Mortgage Bonds, 12/09 at 100 AA+ 5,074,550
2000 Series A2, 6.450%, 6/01/29 (Alternative Minimum Tax)
5,000 Montana Higher Education Student Assistance Corporation, 12/08 at 101 A2 4,566,000
Student Loan Revenue Bonds, Subordinate Series 1998B,
5.500%, 12/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 0.9%
10,505 State of Nevada, General Obligation Limited Tax Bonds 5/06 at 101 AA*** 11,060,399
(Nevada Municipal Bond Bank Project No. 52),
Series July 1 1996A, 6.000%, 5/15/21 (Pre-refunded to 5/15/06)
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.0%
1,400 New Jersey Health Care Facilities Financing Authority, 7/09 at 101 AAA 1,293,152
Revenue Bonds, Meridian Health System Obligated Group
Issue, Series 1999, 5.375%, 7/01/24
3,000 New Jersey Economic Development Authority, Transportation 5/09 at 100 AAA 2,852,640
Project Sublease Revenue Bonds (New Jersey Transit
Corporation - Light Rail Transit System Projects), 1999 Series
A and B, 5.250%, 5/01/17
8,750 New Jersey Transportation Trust Fund Authority, Transportation 6/07 at 102 AA 8,333,150
System Bonds, 1996 Series B, 5.250%, 6/15/16
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK - 12.5%
$ 14,000 Long Island Power Authority (New York), Electric System General No Opt. Call AAA $ 3,326,540
Revenue Bonds, Series 2000A, 0.000%, 6/01/24 (WI)
5 The City of New York, General Obligation Bonds, 8/00 at 100 1/2 A- 5,073
Fiscal 1987 Series D, 8.500%, 8/01/08
The City of New York, General Obligation Bonds, Fiscal 1992 Series C:
7,910 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 AAA 8,325,671
90 6.625%, 8/01/14 8/02 at 101 1/2 AAA 94,492
12,500 The City of New York, General Obligation Bonds, Fiscal No Opt. Call A- 13,483,500
1997 Series A, 7.000%, 8/01/05
16,295 The City of New York, General Obligation Bonds, Fiscal 2/06 at 101 1/2 A- 16,318,628
1996 Series F, 5.750%, 2/01/15
20,650 New York City Municipal Water Finance Authority, Water and 6/06 at 101 AAA 20,251,662
Sewer System Revenue Bonds, Fiscal 1996 Series B,
5.750%, 6/15/26
4,875 The City of New York Municipal Water Finance Authority, 6/06 at 101 AAA 4,628,374
Water and Sewer System Revenue Bonds, Series A,
5.500%, 6/15/24
10,000 New York City Municipal Water Finance Authority, Water and 6/09 at 101 Aa3 9,670,300
Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.750%, 6/15/30
7,810 New York City Transitional Finance Authority, Future Tax Secured 8/09 at 101 AA 7,663,953
Bonds, Fiscal 2000 Series A, 5.750%, 8/15/24
2,250 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 2,123,730
Bonds (State University Dormitory Facilities Issue),
Series 1999C, 5.500%, 7/01/29
4,000 Dormitory Authority of the State of New York, State University 5/00 at 100 A 4,000,320
Educational Facilities Revenue Bonds, Series 1990B,
6.000%, 5/15/17
2,070 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101 AAA 2,008,542
Bonds (853 Schools Program 1998 Issue 1), Gateway-Longview,
Inc. Insured Revenue Bonds, Series 1998A, 5.500%, 7/01/18
4,600 Dormitory Authority of the State of New York, Mental Health 8/08 at 101 AAA 3,577,098
Services Facilities Improvement Revenue Bonds, Series 1998F,
4.500%, 8/15/28
12,125 Dormitory Authority of the State of New York, Mental Health 2/09 at 101 AAA 10,337,290
Services Facilities Improvement Revenue Bonds,
Series 1999C, 4.750%, 8/15/19
17,000 Dormitory Authority of the State of New York, City University 7/09 at 101 AAA 16,045,960
System Consolidated Third General Resolution Revenue
Bonds, 1999 Series 1, 5.500%, 7/01/29
3,000 Dormitory Authority of the State of New York, City University 1/08 at 102 AAA 2,774,640
System Consolidated Third General Resolution Revenue
Bonds, 1997 Series 1, 5.375%, 7/01/24
2,000 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 1,842,960
Services Facilities Improvement Revenue Bonds,
Series 1996B, 5.375%, 2/15/26
Dormitory Authority of the State of New York, Marymount
Manhattan College Insured Revenue Bonds, Series 1999:
1,580 6.375%, 7/01/13 7/09 at 101 AA 1,674,531
9,235 6.125%, 7/01/21 7/09 at 101 AA 9,334,553
4,000 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AA 4,086,280
St. Luke's-Roosevelt Hospital Center FHA-Insured Mortgage
Revenue Bonds, 1989 Series A, 7.375%, 2/15/19
14,750 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 14,411,930
Health Services Facilities Improvement Revenue Bonds,
1993 Series F Refunding, 5.375%, 2/15/14
3,400 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 3,232,448
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.3%
5,000 North Carolina Municipal Power Agency, Number 1 Catawba 1/08 at 102 AAA 4,382,150
Electric Revenue Bonds, Series 1998A, 5.000%, 1/01/20
------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 0.6%
7,500 North Dakota Housing Finance Agency, Housing Finance Program 7/10 at 100 Aa3 7,641,600
Bonds, Home Mortgage Finance Program, 2000 Series A
Refunding, 6.500%, 1/01/31 (Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PERFORMANCE PLUS MUNICIPAL FUND, INC. (NPP) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OHIO - 2.4%
$ 20,000 Ohio Housing Finance Agency, Residential Mortgage Revenue 7/09 at 100 Aaa $19,134,200
Bonds, 1999 Series C (Mortgage-Backed Securities Program),
5.750%, 9/01/30 (Alternative Minimum Tax)
Ohio Water Development Authority, Solid Waste Disposal Revenue
Bonds (Bay Shore Power Project), Convertible Series 1998B:
4,000 5.875%, 9/01/20 (Alternative Minimum Tax) 9/08 at 102 N/R 3,169,280
8,800 6.625%, 9/01/20 9/09 at 102 N/R 7,712,320
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.7%
9,150 Port Saint Helens Pollution Control (Portland General Electric), No Opt. Call A3 8,404,733
1985-B Variable Rate Demand Bonds, 4.800%, 6/01/10
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.9%
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series of 1998:
3,125 0.000%, 5/15/22 No Opt. Call AAA 814,969
3,125 0.000%, 5/15/23 No Opt. Call AAA 765,063
3,135 0.000%, 5/15/24 No Opt. Call AAA 720,360
3,155 0.000%, 5/15/26 No Opt. Call AAA 639,897
4,145 0.000%, 11/15/26 No Opt. Call AAA 815,322
2,800 0.000%, 5/15/28 No Opt. Call AAA 500,500
3,000 0.000%, 11/15/28 No Opt. Call AAA 519,330
11,000 Delaware County Authority (Pennsylvania), Health System 11/08 at 102 AAA 9,357,810
Revenue Bonds, Catholic Health East Issue, Series 1998A,
4.875%, 11/15/18
4,500 Delaware County Industrial Development Authority (Pennsylvania), 1/08 at 102 BB- 3,921,840
Refunding Revenue Bonds, Series A 1997 (Resource
Recovery Facility), 6.200%, 7/01/19
5,390 Pennsylvania Higher Educational Facilities Authority 11/00 at 102 A*** 5,586,196
(Commonwealth of Pennsylvania), Revenue Bonds (Thomas
Jefferson University-Jefferson Park Hospital), 1990 Series,
7.750%, 11/01/15 (Pre-refunded to 11/01/00)
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.2%
10,055 Greenville Hospital System, Board of Trustees, Hospital Revenue 5/06 at 102 AAA 8,977,003
Bonds (South Carolina), Series 1996B, 5.250%, 5/01/23
6,925 State of South Carolina, General Obligation State Capital 10/09 at 101 AAA 5,786,599
Improvement Bonds, Series 1999A, 4.000%, 10/01/14
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 2.7%
The Health and Educational Facilities Board of Johnson City,
Tennessee, Hospital Revenue Refunding and Improvement Bonds,
Series 1998C (Johnson City Medical Center Hospital):
2,260 5.125%, 7/01/25 (Pre-refunded to 7/01/23) 7/23 at 100 AAA 2,046,701
1,740 5.125%, 7/01/25 1/09 at 101 AAA 1,565,217
1,700 Memphis-Shelby County Airport Authority (Tennessee), Airport 3/10 at 101 AAA 1,696,634
Revenue Bonds, Series 1999D, 6.000%, 3/01/24
(Alternative Minimum Tax)
7,020 The Health, Educational and Housing Facility Board of the City 1/03 at 103 AAA 7,160,611
of Memphis, Tennessee, Multifamily Mortgage Revenue
Refunding Bonds (Riverdale Plaza Apartments Project),
Series 1993, 6.350%, 7/20/28
6,000 The Health and Educational Facilities Board of the Metropolitan 12/17 at 100 AAA 6,214,020
Government of Nashville and Davidson County (Tennessee),
Revenue Refunding and Improvement Bonds (Meharry Medical
College Project), Series 1996, 6.000%, 12/01/19
15,000 Tennessee Housing Development Agency, Homeownership 7/10 at 101 AA 15,280,350
Program Bonds, Issue 2000-1, 6.375%, 7/01/25
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 5.8%
11,800 City of Austin, Texas, Combined Utility Systems Revenue 11/02 at 100 AAA 11,820,296
Refunding Bonds, Series 1992, 5.750%, 11/15/16
4,000 Bell County Health Facilities Development Corporation, Hospital 2/10 at 101 AAA 4,006,200
Revenue Bonds (Scott and White Memorial Hospital - Scott,
Sherwood and Brindley Foundation Project), Series 2000A,
6.125%, 8/15/23
20,000 Dallas-Fort Worth International Airport Facility Improvement 11/00 at 102 Baa1 20,400,400
Corporation, American Airlines, Inc. Revenue Bonds,
Series 1990, 7.500%, 11/01/25 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TEXAS (continued)
$ 3,340 Fort Worth Housing Finance Corporation, Home Mortgage Revenue 10/01 at 103 Aa $ 3,481,015
Refunding Bonds, Series 1991A, 8.500%, 10/01/11
1,500 Harris County Health Facilities (Texas), Development Corporation, 7/09 at 101 AAA 1,360,665
Revenue Bonds (CHRISTUS Health), Series 1999A, 5.375%, 7/01/24
555 Hidalgo County Housing Finance Corporation (Florida), Single 4/04 at 102 Aaa 564,418
Family Mortgage Revenue Bonds (GNMA and FNMA
Collateralized), Series 1994A, 6.750%, 10/01/15
(Alternative Minimum Tax)
3,885 Houston Independent School District Public Facility Corporation No Opt. Call AAA 1,203,301
(Harris County, Texas), Lease RevenueBonds (Cesar E. Chavez
High School), Series 1998A, 0.000%, 9/15/19
City of Houston, Texas, Water and Sewer System, Junior Lien
Revenue Refunding Bonds, Series 1998A:
28,500 0.000%, 12/01/24 No Opt. Call AAA 6,334,410
49,015 0.000%, 12/01/27 No Opt. Call AAA 9,022,191
1,690 City of Laredo, Texas (Webb County), Combination Tax and 2/08 at 100 AAA 1,399,523
Sewer System Revenue Certificates of Obligation,
Series 1998A, 4.500%, 2/15/18
Leander Independent School District (Williamson and Travis
Counties, Texas), Unlimited Tax School Building and Refunding
Bonds, Series 1998:
4,930 0.000%, 8/15/20 8/06 at 46 15/32 AAA 1,424,819
3,705 0.000%, 8/15/22 8/06 at 41 5/16 AAA 935,290
1,825 The Lubbock Housing Finance Corporation (Texas), Single 6/07 at 102 AAA 1,834,344
Family Mortgage Revenue Refunding Bonds (GNMA
Mortgage-Backed Securities Program), Series 1997A,
6.125%, 12/01/17
6,050 City of San Antonio, Texas, Electric and Gas Systems Revenue 2/09 at 100 Aa1 4,915,383
Refunding Bonds, New Series 1998A, 4.500%, 2/01/21
4,500 Texas Water Development Board, State Revolving Fund, Senior 7/09 at 100 AAA 4,333,365
Lien Revenue Bonds, Program Series 1999A, 5.500%, 7/15/21
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.0%
13,000 Utah County, Utah, Hospital Revenue Bonds, Series 1997 (IHC 8/07 at 101 AAA 11,712,610
Health Services, Inc.), 5.250%, 8/15/21
1,100 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/10 at 100 AA 1,093,741
2000 Issue B (Federally Insured or Guaranteed Mortgage
Loans), 6.250%, 7/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VERMONT - 0.9%
10,695 Vermont Housing Finance Agency, Single Family Housing Bonds, 11/04 at 102 A+ 11,020,663
Series 5, 7.000%, 11/01/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 2.5%
12,235 Public Utility District No. 1 of Chelan County, Washington, No Opt. Call AAA 2,493,615
Columbia River-Rock Island Hydro-Electric System Revenue
Refunding Bonds, Series 1997A, 0.000%, 6/01/26
2,815 Grant County Public Utility District 2, Wanapum Hydro-Electric 1/06 at 102 AAA 2,693,308
Revenue Bonds, Series 1997A, Master Lease Program,
5.625%, 1/01/26
5,000 Washington State Housing Finance Commission, Nonprofit 7/09 at 101 AA 4,852,250
Housing Revenue Bonds (The Kline Galland Center Project),
Series 1999, 6.000%, 7/01/29
16,000 Washington Public Power Supply System, Nuclear Project No. 1 7/03 at 102 AAA 15,783,200
Refunding Revenue Bonds, Series 1993A, 5.700%, 7/01/17
1,560 Washington Public Power Supply System, Nuclear Project No. 2 No Opt. Call Aaa 1,655,800
Revenue Bonds, Series 1981A, 14.375%, 7/01/01
4,000 Washington Public Power Supply System, Nuclear Project No. 3 7/03 at 102 Aa1 3,895,960
Refunding Revenue Bonds, Series 1993B, 5.700%, 7/01/18
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 0.2%
2,105 West Virginia Housing Development Fund, Housing Finance Bonds, 5/02 at 102 AAA 2,151,057
1992 Series C, 7.200%, 11/01/18 (Alternative Minimum Tax)
880 West Virginia Housing Development Fund, Housing Finance Bonds, 5/02 at 102 AAA 899,254
1992 Series B, 7.200%, 11/01/20 (Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PERFORMANCE PLUS MUNICIPAL FUND, INC. (NPP) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WISCONSIN - 2.1%
$ 8,900 Wisconsin Health and Educational Facilities Authority, Revenue 8/03 at 102 AAA $ 7,889,223
Bonds, Series 1993 (Aurora Health Care Obligated Group),
5.250%, 8/15/23
12,400 Wisconsin Health and Educational Facilities Authority, Revenue 2/10 at 101 AA 12,292,240
Bonds, Series 1999 (Marshfield Clinic), 6.250%, 2/15/29
7,490 Wisconsin Health and Educational Facilities Authority, Revenue 7/08 at 103 N/R 6,728,192
Bonds, Series 1998 (Agnesian Healthcare, Inc.), 6.100%, 1/01/28
------------------------------------------------------------------------------------------------------------------------------------
$ 1,546,135 Total Investments - (cost $1,249,688,440) - 97.5% 1,233,609,331
============= --------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.8%
$ 10,000 Sweetwater County, Wyoming, Pollution Control Revenue Bonds A-1+ 10,000,000
============= (Pacificorp Project), Series 1984, Variable Rate Demand
Bonds, 5.850%, 12/01/14+
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 21,919,858
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,265,529,189
====================================================================================================================
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which ensures
the timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The
rate disclosed is that currently in effect. This rate changes
periodically based on market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL ADVANTAGE FUND, INC. (NMA)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ALABAMA - 1.9%
$ 15,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101 AAA $13,451,550
Warrants, Series 1999-A, 5.375%, 2/01/36
5,075 The Health Care Authority of Lauderdale County and the City 7/09 at 101 AAA 4,454,531
of Florence, Alabama, Series 1999-A Bonds, Coffee
Health Group, 5.250%, 7/01/24
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.8%
5,000 Alaska Energy Authority, Power Revenue Refunding Bonds, 7/09 at 101 AAA 4,342,500
Third Series (Bradley Hydroelectric Project), 5.000%, 7/01/21
3,700 Alaska Housing Finance Corporation, General Housing 12/02 at 102 Aa2*** 3,799,604
Purpose Bonds, 1992 Series A, 6.600%, 12/01/23
(Pre-refunded to 12/01/02)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 7.3%
5,000 California Health Facilities Financing Authority, Kaiser 10/08 at 101 A 4,227,100
Permanente, Revenue Bonds, Series 1998B, 5.000%, 10/01/18
7,500 California Statewide Communities Development Authority, 4/09 at 101 BBB 6,075,675
Certificates of Participation, The Internext Group, 5.375%, 4/01/30
7,535 County of Contra Costa, California, 1989 Home Mortgage No Opt. Call AAA 9,119,611
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
7.750%, 5/01/22 (Alternative Minimum Tax)
City of Duarte, California, Certificates of Participation, City
of Hope National Medical Center, Series 1999A:
1,800 5.000%, 4/01/13 4/09 at 101 BBB+ 1,517,868
5,000 5.250%, 4/01/31 4/09 at 101 BBB+ 4,075,200
8,455 Department of Water and Power of the City of Los Angeles, 11/03 at 102 Aa3 7,208,902
California, Electric Plant Refunding Revenue Bonds,
Second Issue of 1993, 4.750%, 11/15/19
14,490 Palm Desert Financing Authority, Tax Allocation Revenue Bonds 8/02 at 102 AAA 14,666,633
(Project Area No. 2), 1992 Series A, 6.125%, 8/01/22
5,000 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 5,901,100
California, Residential Mortgage Revenue Refunding Bonds,
Series 1991-B, 7.375%, 2/01/12
5,000 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 6,233,800
California, Single Family Mortgage Revenue Bonds,
Series 1986A Restructured, 8.000%, 3/01/16
(Alternative Minimum Tax)
9,315 City of Perris, California, Single Family Mortgage Revenue No Opt. Call AAA 11,267,797
Bonds (GNMA Mortgage-Backed Securities), 1989 Series A,
7.600%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 1.9%
9,000 Colorado Health Facilities Authority, Revenue Bonds, 7/06 at 102 A 8,036,010
1994 Series A (Kaiser Permanente), Remarketed,
5.350%, 11/01/16
City and County of Denver, Colorado, Airport System Revenue
Bonds, Series 1990A:
815 8.500%, 11/15/23 (Alternative Minimum Tax) 11/00 at 102 Aaa 848,708
(Pre-refunded to 11/15/00)
8,575 8.500%, 11/15/23 (Alternative Minimum Tax) 11/00 at 102 BBB+ 8,884,215
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.8%
7,880 City of Bridgeport, Connecticut, General Obligation Bonds, 7/10 at 101 AAA 8,088,662
2000 Series A, 6.000%, 7/15/17
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.3%
6,585 District of Columbia Housing Finance Agency, Collateralized 12/04 at 103 AAA 6,629,712
Single Family Mortgage Revenue Bonds, Series 1988F-1,
6.375%, 6/01/26 (Alternative Minimum Tax)
6,260 District of Columbia Housing Finance Agency, Single Family 6/07 at 102 AAA 6,058,303
Revenue Bonds, Series 1997-B, 5.900%, 12/01/28
(Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL ADVANTAGE FUND, INC. (NMA) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FLORIDA - 1.0%
$ 10,990 City of Tampa, Florida, Allegany Health System Revenue Bonds, 12/03 at 102 AAA $ 9,944,302
St. Mary's Hospital, Inc. Issue, Series 1993, 5.125%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.1%
10,260 Georgia Housing and Finance Authority, Single Family Mortgage 3/10 at 100 AAA 10,488,182
Bonds, 2000 Series A2, 6.450%, 12/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 0.4%
3,750 Housing Finance and Development Corporation (State 7/07 at 102 Aa1 3,481,163
of Hawaii), Single Family Mortgage Purchase Revenue
Bonds, 1997 Series A, 5.750%, 7/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 5.7%
5,865 City of Chicago (Illinois), General Obligation Bonds (Neighborhoods 7/10 at 101 AAA 6,186,226
Alive 21 Program), Series 2000A, 6.500%, 1/01/35
4,000 Chicago School Reform Board of Trustees of the Board of 12/07 at 102 AAA 3,931,120
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds (Dedicated Tax Revenues),
Series 1997, 5.750%, 12/01/20
12,500 Chicago School Reform Board of Trustees of the Board of 12/07 at 102 AAA 11,113,625
Education of the City of Chicago, Illinois, Unlimited Tax General
Obligation Bonds (Dedicated Tax Revenues), Series 1997A,
5.250%, 12/01/27
5,000 City of Chicago (Illinois), Second Lien Wastewater Transmission 1/08 at 102 AAA 4,444,050
Revenue Bonds, Series 1997, 5.250%, 1/01/28
5,000 The County of Cook, Illinois, General Obligation Capital 11/09 at 101 AAA 4,264,000
Improvement Bonds, Series 1999A, 5.000%, 11/15/28
10,115 Illinois Health Facilities Authority, Revenue Refunding Bonds, 11/06 at 102 AAA 10,278,357
Series 1996A (Rush-Presbyterian-St. Luke's Medical
Center Obligated Group), 6.250%, 11/15/20
12,455 Metropolitan Pier and Exposition Authority (Illinois), McCormick 12/09 at 101 AAA 11,788,159
Place Expansion Project Bonds, Series 1999A,
5.500%, 12/15/24
2,500 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 2,929,950
McHenry and Will Counties, Illinois, General Obligation
Bonds, Series 1990A, 7.200%, 11/01/20
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 2.6%
7,425 Fort Wayne International Airport Building Corporation, Airport 1/04 at 101 Aa 7,440,741
Improvement Bonds, Series 1994, Fort Wayne, Indiana,
5.900%, 1/01/14 (Alternative Minimum Tax)
9,000 Indiana Health Facility Financing Authority, Hospital Revenue 5/06 at 102 AAA 8,662,320
Refunding and Improvement Bonds, Series 1995 (Community
Hospitals Projects), 5.700%, 5/15/22
6,075 LaGrange County Jail Building Corporation, First Mortgage 10/09 at 101 A3 5,480,744
Jail Bonds, Series 1998 (LaGrange County, Indiana),
5.400%, 10/01/21
3,215 Mooresville Consolidated School Building Corporation, 1/04 at 102 A*** 3,409,958
First Mortgage Bonds, Series 1994B (Morgan County,
Indiana), 6.400%, 7/15/15 (Pre-refunded to 1/15/04)
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.8%
4,035 Iowa Finance Authority, Single Family Mortgage Bonds, 1/05 at 102 AAA 4,075,834
1995 Series C, 6.450%, 1/01/24
3,500 City of Marshalltown, Iowa, Pollution Control Revenue Refunding 11/03 at 102 AAA 3,262,245
Bonds (Iowa Electric Light and Power Company Project),
Series 1993, 5.500%, 11/01/23
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.5%
7,500 City of Ashland, Kentucky, Pollution Control Revenue Refunding No Opt. Call Baa2 7,402,650
Bonds (Ashland, Inc. Project), Series 1999, 5.700%, 11/01/09
5,500 Louisville and Jefferson County Metropolitan Sewer District 5/07 at 101 AAA 4,992,790
(Commonwealth of Kentucky), Sewer and Drainage System
Revenue Bonds, Series 1997A, 5.250%, 5/15/27
12,750 Louisville and Jefferson County Metropolitan Sewer District 11/07 at 101 AAA 11,497,185
(Commonwealth of Kentucky), Sewer and Drainage System
Revenue Bonds, Series 1997B, 5.200%, 5/15/25
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.3%
13,500 Parish of De Soto, State of Louisiana Pollution Control Revenue 9/09 at 102 AAA 13,149,000
Refunding Bonds (Cleco Utility Group, Inc. Project),
Series 1999, 5.875%, 9/01/29
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LOUISIANA (continued)
$ 3,235 Parish of Jefferson, Louisiana, Home Mortgage Authority, No Opt. Call AAA $ 3,213,520
Tax-Exempt Agency Mortgage-Backed Securities,
Series 1995A, 5.900%, 12/01/16 (Alternative Minimum Tax)
2,970 Louisiana Stadium and Exposition District, Hotel Occupancy 7/09 at 102 AAA 2,560,853
Tax Refunding Bonds, Series 1998B, 5.000%, 7/01/26
10,000 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 12,626,800
Revenue Bonds (Comm-Care Corporation Project),
Series 1994, 11.000%, 2/01/14
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.5%
7,255 Massachusetts Health and Educational Facilities Authority, Revenue 7/00 at 102 AAA 7,443,267
Bonds, Emerson Hospital Issue, Series C,
8.000%, 7/01/18 (Pre-refunded to 7/01/00)
7,000 Massachusetts Health and Educational Facilities Authority, 1/09 at 101 AAA 5,845,000
Revenue Bonds, Brandeis University Issue, Series I,
5.000%, 7/01/28
10,300 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 10,926,961
Revenue Bonds (SEMASS Project), Series 1991A,
9.000%, 7/01/15
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.3%
4,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101 BBB- 2,850,520
Bonds (The Detroit Medical Center Obligated Group),
Series 1998A, 5.250%, 8/15/28
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.8%
Minneapolis/Saint Paul Housing Finance Board, Single Family
Mortgage Revenue Bonds (Minneapolis/Saint Paul Family Housing
Program, Phase VIII), Series 1990A:
360 7.750%, 8/01/10 (Alternative Minimum Tax) 8/00 at 101 1/2 AA 366,098
2,050 8.000%, 2/01/23 (Alternative Minimum Tax) 8/00 at 101 1/2 AA 2,086,408
3,200 Minneapolis Community Development Agency, Limited Tax 6/00 at 101 A- 3,241,472
Supported Development Revenue Bonds, Common Bond
Fund Series 1988-1, 8.750%, 12/01/17
(Alternative Minimum Tax)
2,340 Minneapolis Community Development Agency, Limited Tax 6/00 at 102 A- 2,390,006
Supported Development Revenue Bonds, Common Bond Fund
Series 1989-1, 8.250%, 6/01/19 (Alternative Minimum Tax)
9,155 Minnesota Housing Finance Agency, Single Family Mortgage 7/09 at 100 AA+ 9,127,627
Bonds, 2000 Series C, 5.550%, 7/01/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 1.4%
5,155 Coahoma-Clarksdale Housing Development Corporation, 8/03 at 100 AAA 5,348,983
1990 Multifamily Mortgage Revenue Refunding Bonds
(Gooden Estates and McLaurin Arms Project), Series B,
8.000%, 8/01/24
1,565 Greenwood-Leflore Housing Development Corporation, 2/01 at 100 AA- 1,575,423
1990 Multifamily Mortgage Revenue RefundingBonds
(Ivory Apartment Project), Series D, 7.950%, 2/01/22
2,580 Greenwood-Leflore Housing Development Corporation, 8/01 at 100 AA- 2,608,303
1990 Multifamily Mortgage Revenue Refunding Bonds
(Bishop Apartment Project), Series B, 7.950%, 8/01/22
2,620 Greenwood-Leflore Housing Development Corporation, 6/02 at 100 AA- 2,671,457
1990 Multifamily Mortgage Revenue Refunding Bonds
(Jones Apartment Projects), Series C, 7.950%, 8/01/22
1,645 Greenwood-Leflore Housing Development Corporation, 3/02 at 100 AA- 1,673,590
1990 Multifamily Mortgage Revenue Refunding Bonds
(McNeace Apartment Projects), Series A, 7.950%, 8/01/22
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.3%
2,500 Missouri Housing Development Commission, Single Family 9/09 at 102 AAA 2,732,475
Mortgage Revenue Bonds (Homeownership Loan Program),
2000 Series A-1, 7.500%, 3/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 2.4%
15,585 Montana Board Of Housing, Single Family Program Bonds, 12/05 at 102 AA+ 15,779,813
1995 Series B (Federally Insured or Guaranteed Mortgage
Loan), 6.400%, 12/01/27 (Alternative Minimum Tax)
7,350 Montana Board of Housing, Single Family Program Bonds, 6/07 at 101 1/2 AA+ 7,172,865
1997 Series A, 6.050%, 12/01/37
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL ADVANTAGE FUND, INC. (NMA) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEVADA - 1.7%
$ 7,500 Clark County, Nevada, Airport System Subordinate Lien Revenue 7/10 at 101 AAA $ 7,538,700
Bonds, Series 1999A, 6.000%, 7/01/29
5,000 Las Vegas Convention and Visitors Authority, Nevada, Revenue 7/09 at 101 AAA 5,063,700
Bonds, Series 1999, 5.500%, 7/01/10
4,500 Nevada Housing Division, Single Family Mortgage Bonds, 4/07 at 102 Aaa 4,172,220
1997 Series C-2 Senior Bonds, 5.750%, 4/01/29
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 1.1%
2,940 Business Finance Authority of the State of New Hampshire, 12/04 at 102 AAA 3,023,378
Water Facility Revenue Bonds (Pennichuck Water Works,
Inc.), 1994 Issue, Series A, 6.350%, 12/01/19
1,860 Business Finance Authority of the State of New Hampshire, 12/04 at 102 AAA 1,939,441
Water Facility Revenue Bonds (Pennichuck Water Works, Inc.),
Series B, 6.450%, 12/01/16 (Alternative Minimum Tax)
3,375 New Hampshire Housing Finance Authority, Single Family 7/00 at 101 Aa3 3,445,976
Residential Mortgage Bonds, 1989 Series A,
7.900%, 7/01/22 (Alternative Minimum Tax)
2,120 New Hampshire Housing Finance Authority, Single Family 7/00 at 102 Aa3 2,165,410
Residential Mortgage Bonds, 1990 Series A,
7.950%, 7/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.0%
8,750 New Jersey Turnpike Authority, Turnpike Revenue Bonds, No Opt. Call AAA 9,635,150
Series 1991C, 6.500%, 1/01/16
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 11.3%
6,000 Long Island Power Authority (New York), Electric System General No Opt. Call AAA 6,137,700
Revenue Bonds, Series 1998A, 5.500%, 12/01/06
8,000 The City of New York, General Obligation Bonds, No Opt. Call A- 8,978,640
Fiscal 1991 Series B, 9.500%, 6/01/03
The City of New York, General Obligation Bonds, Fiscal 1997 Series G:
95 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 A-*** 100,691
9,905 6.000%, 10/15/26 10/07 at 101 A- 9,872,115
5,000 The City of New York, General Obligation Bonds, Fiscal 3/09 at 101 A- 4,670,050
1999 Series H, 5.250%, 3/15/16
5,685 The City of New York, General Obligation Bonds, Fiscal 4/09 at 101 A- 4,947,883
1999 Series I, 5.000%, 4/15/20
9,750 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 9,541,935
Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.750%, 6/15/31
5,000 New York City Municipal Water Finance Authority, Water 6/07 at 101 AAA 4,878,850
and Sewer System Revenue Bonds, Fiscal 1997 Series B,
5.750%, 6/15/29
10,000 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA 10,072,100
Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29
8,850 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 7,421,345
Revenue Bonds, Series 1998 (1998 British Airways PLC Project),
5.250%, 12/01/32 (Alternative Minimum Tax)
7,360 Dormitory Authority of the State of New York, Mental 2/07 at 102 A 6,937,978
Health Services Facilities Improvement Revenue Bonds,
Series 1997B, 5.625%, 2/15/21
3,655 Dormitory Authority of the State of New York, State University 5/08 at 101 A 3,161,063
Educational Facilities Revenue Bonds, Series 1997,
5.125%, 5/15/27
New York State Housing Finance Agency, Health Facilities Revenue
Bonds (New York City), 1990 Series A Refunding:
16,315 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 11/00 at 102 AAA 16,929,097
2,970 8.000%, 11/01/08 11/00 at 102 BBB+ 3,043,389
5,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 5,037,800
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
5,000 Suffolk County Industrial Development Agency, Solid Waste No Opt. Call AAA 5,212,450
Disposal Facility Revenue Bonds (Ogden Martin Systems of
Huntington - Limited Partnership Resource Recovery Facility),
Series 1999, 5.950%, 10/01/09 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.4%
12,715 North Carolina Eastern Municipal Power Agency, Power System 1/03 at 100 AAA 12,329,481
Revenue Bonds, Refunding Series 1993 B, 5.500%, 1/01/17
10,970 North Carolina Housing Finance Agency, Home Ownership 7/09 at 100 AA 11,029,567
Revenue Bonds, Series 7-A (1998 Trust Agreement),
6.250%, 1/01/29 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OHIO - 3.3%
$ 6,000 County of Cuyahoga, Ohio, Hospital Revenue Bonds (University 7/09 at 101 AAA $ 5,621,160
Hospitals Health System, Inc.), Series 1999B, 5.500%, 1/15/30
5,000 County of Montgomery, Ohio, Hospital Facilities Revenue Bonds, 4/10 at 101 BBB+ 4,788,150
Series 1999 (Kettering Medical Center Network Obligated
Group), 6.750%, 4/01/18
13,000 Ohio Air Quality Development Authority, State of Ohio, Pollution 12/04 at 100 Baa3 12,842,440
Control Revenue Refunding Bonds, Series 1999-C (Ohio Edison
Company Project), 5.800%, 6/01/16
9,000 State of Ohio, Turnpike Revenue Bonds, 1998 Series A, Issued No Opt. Call AAA 8,703,720
by the Ohio Turnpike Commission, 5.500%, 2/15/24
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 3.1%
10,480 Central Oklahoma Transportation and Parking Authority 7/06 at 100 AAA 9,926,761
(Oklahoma City, Oklahoma), Parking System Revenue and
Refunding Bonds, Series 1996, 5.250%, 7/01/16
790 Cleveland County Home Loan Authority (Oklahoma), Single 8/01 at 102 A1 817,713
Family Mortgage Revenue Refunding Bonds, Series 1992,
8.375%, 2/01/12
5,000 Oklahoma Industries Authority, Health System Revenue 8/09 at 101 AAA 4,791,500
and Refunding Bonds, Rhode Island Health and Educational
Building Corporation, Hospital Financing Revenue Bonds,
Lifespan Obligated Group Issue, Series 1996, 5.750%, 8/15/29
13,615 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa1 13,966,131
Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.3%
9,000 Beaver County Industrial Development Authority, Pennsylvania, 6/04 at 100 Baa3 8,509,860
Pollution Control Revenue Refunding Bonds, Series 1999-A
(Ohio Edison Company Project), 4.650%, 6/01/33
(Mandatory put 6/01/04)
3,000 Pennsylvania Economic Development Finance Authority, 6/09 at 102 BBB+ 2,744,910
Solid Waste Disposal Revenue Bonds (USG Corporation Project),
Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
3,500 Pennsylvania Housing Finance Agency, Rental Housing Refunding 7/03 at 102 AAA 3,415,265
Bonds, Issue 1993, 5.800%, 7/01/18
6,000 City of Philadelphia, Pennsylvania, Water and Wastewater 6/03 at 100 AAA 5,492,220
Revenue Bonds, Series 1993, 5.000%, 6/15/16
4,545 Venango Housing Corporation, Multifamily Mortgage Revenue 2/03 at 100 AAA 4,672,442
Refunding Bonds (FHA-Insured Arbors Project),
1990 Series A, 8.000%, 2/01/24
6,750 Washington County Authority, Washington County, No Opt. Call AAA 6,893,640
Pennsylvania, Capital Funding Revenue Bonds (Capital Projects
and Equipment Acquisition Program), Series of 1999,
6.150%, 12/01/29
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 2.7%
6,000 Rhode Island Convention Center Authority, Refunding Revenue 5/04 at 102 AAA 5,165,520
Bonds, 1993 Series C, 5.000%, 5/15/23
The Housing Authority of the City of Providence, Rhode Island,
Multifamily Mortgage Revenue Bonds (FHA-Insured Mortgage Loan -
Cathedral Square Apartments II Project), 1992 Series:
435 7.375%, 4/01/10 (Alternative Minimum Tax) 4/02 at 105 AAA 463,145
1,060 7.400%, 4/01/20 (Alternative Minimum Tax) 4/02 at 105 AAA 1,123,939
3,050 7.500%, 10/01/32 (Alternative Minimum Tax) 4/02 at 105 AAA 3,249,928
3,800 Rhode Island Housing and Mortgage Finance Corporation, 10/00 at 102 AA+ 3,875,506
Homeownership Opportunity Bonds, Series 2, 7.750%, 4/01/22
12,250 Rhode Island Health and Educational Building Corporation, 5/07 at 102 AAA 11,801,038
Hospital Financing Revenue Bonds, Lifespan Obligated Group
Issue, Series 1996, 5.500%, 5/15/16
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.6%
5,000 Piedmont Municipal Power Agency (South Carolina), Electric 1/09 at 101 BBB- 4,083,750
Revenue Bonds, 1999A Refunding Series, 5.250%, 1/01/21
2,400 South Carolina Public Service Authority, Revenue Bonds, 1/03 at 102 AAA 2,058,456
1993 Refunding Series C, 5.000%, 1/01/25
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.8%
14,385 The Health and Educational Facilities Board of the Metropolitan 11/09 at 101 AAA 14,093,991
Government of Nashville and Davidson County, Tennessee,
Revenue Bonds (Ascension Health Credit Group),
Series 1999A, 5.875%, 11/15/28
3,210 Tennessee Housing Development Agency, Mortgage Finance 7/04 at 102 AA 3,282,225
Program Bonds, 1994 Series A, 6.900%, 7/01/25
(Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL ADVANTAGE FUND, INC. (NMA) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TEXAS - 9.7%
$ 5,000 Brazos River Authority (Texas), Pollution Control Revenue Refunding 4/08 at 102 A3 $ 4,253,900
Bonds (Texas Utilities Electric Company Project), Series 1995C,
5.550%, 6/01/30 (Alternative Minimum Tax)
7,000 Brazos River Authority (Texas), Pollution Control Revenue Refunding 5/08 at 102 AAA 6,423,270
Bonds (Texas Utilities Electric Company Project), Series 1998A,
5.550%, 5/01/33 (Alternative Minimum Tax)
6,000 Brazos River Authority (Texas), Revenue Refunding Bonds No Opt. Call AAA 5,267,520
(Houston Lighting and Power Company Project), Series 1998,
5.050%, 11/01/18 (Alternative Minimum Tax)
4,925 The Cameron County Housing Finance Corporation, Single Family 9/02 at 103 AAA 5,003,603
Mortgage Revenue Refunding Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1992,
6.750%, 3/01/26
7,500 Dallas-Fort Worth International Airport Facility, Improvement 11/09 at 101 Baa1 7,152,975
Corporation American Airlines, Inc. Revenue Bonds,
Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax)
3,000 El Paso Housing Finance Corporation, Multifamily Housing 7/00 at 103 AAA 3,092,250
Revenue Refunding Bonds (Las Flores Development Company
Project), Series 1990A, 7.500%, 3/20/25
8,400 Gulf Coast Waste Disposal Authority (Texas), Waste Disposal 4/09 at 101 BBB- 7,022,148
Revenue Bonds (Valero Energy Corporation Project),
Series 1999, 5.700%, 4/01/32 (Alternative Minimum Tax)
4,000 Harris County Health Facilities Development Corporation 10/09 at 101 AA 3,466,840
(Texas Children's Hospital Project), Series 1999A, Hospital
Revenue Bonds, 5.250%, 10/01/29
10,000 Harris County Health Facilities Development Corporation, 5/06 at 102 AAA 10,060,000
Special Facilities Revenue Bonds (Texas Medical Center Project),
Series 1996, 5.900%, 5/15/16
4,500 City of Houston, Texas, Airport System Subordinate Lien Revenue 7/08 at 100 AAA 3,808,305
Bonds, Series 1998B, 5.000%, 7/01/25 (Alternative Minimum Tax)
City of Houston, Texas, Water Conveyance System Contract,
Certificates of Participation, Series 1993 A-J:
5,490 6.800%, 12/15/10 No Opt. Call AAA 6,091,430
2,000 6.800%, 12/15/11 No Opt. Call AAA 2,234,000
8,805 Matagorda County Navigation District Number One (Texas), 5/09 at 101 Baa1 7,888,223
Revenue Refunding Bonds (Reliant Energy, Inc. Project),
Series 1999B, 5.950%, 5/01/30
7,500 Sabine River Authority of Texas (Texas Utilities Electric Company 8/00 at 102 BBB+ 7,662,225
Project), Series 1990A, 8.125%, 2/01/20 (Alternative Minimum Tax)
4,000 State of Texas, General Obligation Bonds, Water Financial 8/09 at 100 Aa1 3,757,120
Assistance Bonds, Series 1999C (State Participation
Program), 5.500%, 8/01/35
6,500 Travis County Health Facilities Development Corporation, Revenue 11/00 at 101 AAA 6,359,340
Bonds (Ascension Health Credit Group), Series 1999A,
5.875%, 11/15/24
The Wood Glen Housing Finance Corporation, Mortgage Revenue
Refunding Bonds, Series 1990C (FHA-Insured Mortgage Loan -
Section 8 Assisted Copperwood II Project):
1,150 7.625%, 1/01/10 7/00 at 103 AAA 1,186,023
1,250 7.650%, 7/01/23 7/00 at 103 AAA 1,285,225
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.6%
6,000 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin No Opt. Call BBB- 5,918,400
Islands Gross Receipts Taxes Loan Note), Series 1999A,
5.625%, 10/01/10
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.8%
8,130 Capital Region Airport Commission, Richmond (Virginia), 7/05 at 102 AAA 7,966,099
International Airport Projects, Airport Revenue Bonds,
Series 1995A, 5.625%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 8.0%
19,295 Port of Seattle (Washington), Special Facility Revenue Bonds 3/10 at 101 AAA 19,331,275
(Terminal 18 Project), Series 1999A, 6.000%, 9/01/29
5,000 Port of Seattle (Washington), Special Facility Revenue Bonds 3/10 at 101 AAA 4,984,950
(Terminal 18 Project), Series 1999C, 6.000%, 9/01/20
(Alternative Minimum Tax)
5,250 Everett School District No. 2, Snohomish County, Washington, 12/03 at 102 AAA 5,552,190
Unlimited Tax General Obligation Bonds, Series 1993,
6.200%, 12/01/12 (Pre-refunded to 12/01/03)
2,500 City of Walla Walla, Washington, Water and Wastewater 8/07 at 100 AAA 2,264,500
Revenue Bonds, Series 1997, 5.000%, 8/01/17
7,195 State of Washington, Various Purpose General Obligation Bonds, 3/01 at 100 AA+*** 7,289,542
Series 1991A, 6.000%, 3/01/16 (Pre-refunded to 3/01/01)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WASHINGTON (continued)
$ 9,000 Washington Health Care Facilities Authority, Revenue Bonds, 10/08 at 101 Aaa $ 7,518,780
Series 1998 (Children's Hospital and Regional Medical Center),
5.000%, 10/01/28
5,000 Washington Health Care Facilities Authority, Revenue Bonds, 12/09 at 101 AAA 4,618,100
Series 1999 (Providence Services), 5.375%, 12/01/19
3,000 Washington Public Power Supply System, Nuclear Project 7/03 at 102 Aa1 3,011,040
No. 1 Refunding Revenue Bonds, Series 1993A,5.750%, 7/01/13
14,300 Washington Public Power Supply System, Nuclear Project No. 2 7/00 at 102 AAA 14,656,353
Refunding Revenue Bonds, Series 1990A, 7.375%, 7/01/12
(Pre-refunded to 7/01/00)
8,750 Washington Public Power Supply System, Nuclear Project No. 3 7/08 at 102 Aa1 7,833,172
Refunding Revenue Bonds, Series 1998A, 5.125%, 7/01/18
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 3.7%
3,000 Housing Authority of the City of Milwaukee, Wisconsin, 6/00 at 102 Aa 3,063,300
Multifamily Housing Refunding Revenue Bonds, Series 1990
(FHA-Insured Mortgage Loan - The Blatz Apartments Project),
7.500%, 12/01/28
3,000 Southeast Wisconsin Professional Baseball Park District, No Opt. Call AAA 2,931,180
Sales Tax Revenue Refunding Bonds, Series 1998A,
5.500%, 12/15/19
5,000 Wisconsin Housing and Economic Development Authority, 3/10 at 100 AA 5,012,950
Home Ownership Revenue Bonds, 2000 Series B,
5.750%, 3/01/22 (Alternative Minimum Tax)
Wisconsin Health and Educational Facilities Authority,
Revenue Bonds, Series 1996 (Aurora Medical Group, Inc. Project):
10,000 5.600%, 11/15/16 5/06 at 102 AAA 9,737,900
15,000 5.750%, 11/15/25 5/06 at 102 AAA 14,314,950
------------------------------------------------------------------------------------------------------------------------------------
$ 934,810 Total Investments - (cost $917,861,372) - 95.2% 913,040,120
============ --------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.8%
3,000 District of Columbia (Washington, D.C.), General Obligation VMIG-1 3,000,000
General Fund Recovery Bonds, Series 1991B, Variable Rate
Demand Bonds, 6.100%, 6/01/03+
2,300 The Fayetteville Public Facilities Board (Arkansas), VMIG-1 2,300,000
Variable Rate Demand Refunding Revenue Bonds (Butterfield
Trail Village Project), Series 1997, 6.000%, 9/01/27+
2,300 The Industrial Development Authority of the City of Independence, A-1+ 2,300,000
Missouri, Variable Rate Demand IndustrialDevelopment Revenue
Bonds (The Groves and Graceland College Nursing Arts Center
Projects), Series 1997A, 6.000%, 11/01/27+
1,300 Lincoln County, Wyoming Pollution Control (Exxon), Series A, A-1+ 1,300,000
Variable Rate Demand Bonds, 5.950%, 11/01/14+
5,000 Massachusetts Health and Educational Facilities Authority VMIG-1 5,000,000
(Capital Asset Program), Series E, Variable Rate Demand Bonds,
5.850%, 1/01/35+
3,400 Uinta County Amoco Project, Pollution Control Revenue Bonds, VMIG-1 3,400,000
Series 1998, Variable Rate Demand Bonds, 5.850%, 7/01/26+
------------------------------------------------------------------------------------------------------------------------------------
$ 17,300 Total Short-Term Investments - (cost $17,300,000) 17,300,000
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.0% 28,587,693
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $958,927,813
====================================================================================================================
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency securities
which ensures the timely payment of principal and interest.
Securities are normally considered to be equivalent to AAA
rated securities.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term
security. The rate disclosed is that currently in effect. This
rate changes periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NMO)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ALABAMA - 0.4%
$ 5,000 BMC Special Care Facilities Financing Authority of the City of 11/08 at 101 AAA $ 4,218,050
Montgomery (Alabama), Revenue Bonds, Series 1998-B
(Baptist Health), 5.000%, 11/15/29
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 0.5%
3,225 The Industrial Development Authority of the County of Maricopa, 7/10 at 102 Baa3 3,120,994
Education Revenue Bonds (Arizona Charter Schools Project I),
Series 2000A, 6.750%, 7/01/29
2,150 The Industrial Development Authority of the County of Pima, 5/07 at 105 27/32 AAA 2,223,573
Single Family Mortgage Revenue Bonds, Series 1997A,
7.100%, 11/01/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.8%
5,000 Arkansas Development Finance Authority, Hospital Revenue 2/10 at 100 BBB- 4,972,450
Bonds (Washington Regional Medical Center), Series 2000,
7.000%, 2/01/15
4,000 Baxter County, Arkansas, Hospital Revenue Improvement Bonds, 9/09 at 100 BBB 3,335,600
Series 1999B (Baxter County Regional Hospital), 5.600%, 9/01/21
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 8.5%
13,215 County of Alameda, California, Alameda County Public Facilities 9/06 at 102 AAA 13,463,442
Corporation, Certificates of Participation (1991 Financing Project),
6.000%, 9/01/21
8,745 Bell Community Redevelopment Agency, Bell Redevelopment 11/03 at 102 AAA 8,999,217
Area 1994 Tax Allocation Refunding Bonds, 6.350%, 11/01/23
6,050 California Housing Finance Agency, Multifamily Housing Revenue 8/08 at 101 1/2 AAA 5,462,727
Bonds III, 1998 Series A, 5.450%, 8/01/28
(Alternative Minimum Tax)
6,810 California Health Facilities Financing Authority, Kaiser Permanente, 5/03 at 102 A 6,043,943
Revenue Bonds, 1993 Series C, 5.600%, 5/01/33
5,000 State of California, Veterans General Obligation Bonds, 12/03 at 102 AA- 4,698,600
Series BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
3,500 State of California, General Obligation Refunding Bonds, 2/08 at 101 AA- 3,108,210
5.000%, 2/01/21
2,500 The Community Redevelopment Agency of the City of 7/00 at 100 BBB*** 2,528,650
Los Angeles, California, Central Business District Redevelopment
Project, Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10
6,000 Department of Water and Power of the City of Los Angeles, 10/03 at 102 Aa3 5,075,760
California, Electric Plant Revenue Bonds, Second
Issue of 1993, 4.750%, 10/15/20
12,080 Department of Water and Power of the City of Los Angeles, 2/04 at 102 Aa3 11,111,667
California, Electric Plant Revenue Bonds, Issue of 1994,
5.375%, 2/15/34
County of Orange, California, 1996 Recovery Certificates
of Participation, Series A:
13,000 5.875%, 7/01/19 7/06 at 102 AAA 13,175,500
3,450 6.000%, 7/01/26 7/06 at 102 AAA 3,488,502
5,870 Sacramento Municipal Utility District (California), Electric 9/03 at 100 AAA 4,983,571
Revenue Refunding Bonds, 1993 Series G, 4.750%, 9/01/21
San Joaquin Hills Transportation Corridor Agency, Toll Road
Refunding Revenue Bonds, Series 1997 A:
5,000 0.000%, 1/15/17 1/14 at 102 AAA 3,256,100
5,000 0.000%, 1/15/26 No Opt. Call AAA 1,067,800
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.1%
3,000 City of Broomfield, Colorado, Master Facilities Lease Purchase 12/09 at 100 AAA 2,978,340
Agreement, Certificates of Participation, Series 1999,
City and County of Broomfield Building Corporation,
5.750%, 12/01/24
1,110 Colorado Housing and Finance Authority, Single-Family Program 8/00 at 102 AAA 1,128,137
Senior Bonds, 1990 Issue C (Federally Insured or Guaranteed
Mortgage Loans), 7.650%, 8/01/22 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COLORADO (continued)
$ 25,000 Colorado Health Facilities Authority, Retirement Facilities Revenue No Opt. Call AAA $ 4,969,000
Bonds (Liberty Heights), Series 1991B, 0.000%, 7/15/24
City and County of Denver, Colorado, Airport System Revenue
Bonds, Series 1991A:
3,240 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 3,395,974
(Pre-refunded to 11/15/01)
9,010 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 9,334,090
2,785 City and County of Denver, Colorado, Airport System Revenue 11/02 at 102 BBB+ 2,935,195
Bonds, Series 1992B, 7.250%, 11/15/23 (Alternative Minimum Tax)
6,020 City and County of Denver, Colorado, Airport System Revenue 11/02 at 102 BBB+ 6,054,675
Bonds, Series 1992C, 6.750%, 11/15/22 (Alternative Minimum Tax)
City and County of Denver, Colorado, Airport System Revenue
Bonds, Series 1991D:
3,955 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 BBB+ 4,163,587
3,940 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 3,959,779
3,100 Poudre School District R-1, Larimer County, Colorado, General 12/08 at 100 AA- 2,848,280
Obligation Refunding Bonds, Series 1998, 5.000%, 12/15/16
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.2%
1,900 District of Columbia Housing Finance Agency, Collateralized 12/00 at 102 AAA 1,957,057
Single Family Mortgage Revenue Bonds, Series 1990A,
8.100%, 12/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 0.5%
5,525 Miami-Dade County Industrial Development Authority, Special No Opt. Call Baa3 5,569,255
Facilities Revenue Bonds (United Airlines, Inc. Project),
Series 2000, 6.050%, 3/01/35 (Alternative Minimum Tax)
(Mandatory put 3/01/10)
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 5.9%
15,000 City of Atlanta (Georgia), Airport General Revenue and Refunding 1/10 at 101 AAA 14,381,850
Bonds, Series 2000A, 5.600%, 1/01/30
32,050 City of Atlanta (Georgia), Water and Wastewater Revenue 5/09 at 101 AAA 26,903,411
Bonds, Series 1999A, 5.000%, 11/01/38
6,450 Development Authority of Fulton County (Georgia), Special Facilities 5/08 at 101 BBB- 5,484,048
Revenue Bonds (Delta Air Lines, Inc. Project), Series 1998,
5.450%, 5/01/23 (Alternative Minimum Tax)
14,000 Fulton County Facilities Corporation, Certificates of Participation 11/10 at 101 AAA 13,596,660
(Fulton County, Georgia - Public Purpose Project), Series 1999,
5.500%, 11/01/18
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 2.0%
26,000 City and County of Honolulu (Hawaii), Wastewater System 7/09 at 101 AAA 20,317,180
Revenue Bonds (Second Bond Resolution), Junior Series 1998,
4.500%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 6.2%
6,500 City of Chicago, Illinois, Gas Supply Refunding Revenue Bonds, 6/05 at 102 AA- 6,490,445
1995 Series A (The Peoples Gas Light and Coke Company
Project), 6.100%, 6/01/25
7,300 City of Chicago, O'Hare International Airport, Special Facility 11/00 at 102 Baa1 7,486,223
Revenue Bonds (American Airlines, Inc. Project), Series 1990A,
7.875%, 11/01/25 (Alternative Minimum Tax)
4,000 Community College District No. 508, Cook County, Illinois, No Opt. Call AAA 4,680,000
Certificates of Participation, 8.750%, 1/01/06
5,210 Illinois Housing Development Authority, Section 8 Elderly 1/03 at 102 A 5,299,612
Housing Revenue Bonds (Garden House of River Oaks West
Development), Series 1992A, 6.875%, 1/01/20
1,520 Illinois Housing Development Authority, Section 8 Elderly 3/03 at 102 A 1,546,843
Housing Revenue Bonds (Village Center Development),
Series 1992C, 6.600%, 3/01/07
38,645 State of Illinois, General Obligation Bonds, Illinois First, 4/10 at 100 AAA 36,565,899
Series of April 2000, 5.500%, 4/01/25
1,285 City of Peoria, Peoria County, City of Pekin, Tazewell and 8/00 at 103 AA 1,322,304
Peoria Counties, and City of Waukegan, Lake County (Illinois),
Jointly, GNMA Collateralized Mortgage Revenue Bonds,
Series 1990, 7.875%, 8/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.2%
5,000 Columbus Multi-School Building Corporation (Bartholomew 1/01 at 102 N/R*** 5,206,650
County, Indiana), First Mortgage Bonds, 7.600%, 1/15/14
(Pre-refunded to 1/15/01)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NMO) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INDIANA (continued)
$ 9,290 Fort Wayne (Indiana), Economic Development Revenue Bonds 4/08 at 102 N/R $ 8,468,392
(Oaklawn Court Apartments Project), Series 1998A,
7.000%, 4/01/28 (Alternative Minimum Tax)
13,500 Indiana Health Facility Financing Authority, Hospital Revenue 8/00 at 102 AAA 13,898,790
Bonds, Series 1990 (Bartholomew County Hospital District),
7.750%, 8/15/20 (Pre-refunded to 8/15/00)
3,750 The Indianapolis Local Public Improvement Bond Bank, 2/03 at 102 AA 3,943,950
Series 1992 D Bonds, 6.750%, 2/01/20
10,080 The Trustees of Purdue University, Purdue University Student 7/06 at 101 Aa2 10,673,006
Fee Bonds, Series M, 6.100%, 7/01/17
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.7%
3,310 City of Des Moines, Iowa, Aviation System Revenue Bonds, 7/08 at 100 AAA 2,882,381
Series 1998A, 5.125%, 7/01/28
4,215 Iowa Finance Authority, Solid Waste Disposal Revenue No Opt. Call N/R 4,113,924
Bonds, Series 1997 (IPSCO Project), 6.000%, 6/01/27
(Alternative Minimum Tax) (Mandatory put 6/01/07)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.2%
1,500 Kentucky Economic Development Finance Authority, Health 5/08 at 102 BBB 1,294,665
Care Facilities Revenue Bonds, Series 1998 (The Christian
Church Homes of Kentucky, Inc. Obligated Group),
5.375%, 11/15/23
1,115 Kentucky Housing Corporation, Housing Revenue Bonds 7/00 at 102 AAA 1,144,102
(FHA-Insured/VA Guaranteed), 1990 Series C Bonds,
8.100%, 1/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 0.3%
3,400 East Baton Rouge Mortgage Finance Authority, Single Family 8/00 at 102 Aaa 3,468,680
Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities
Program), Series 1990A, 7.875%, 8/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 4.6%
5,400 Massachusetts Health and Educational Facilities Authority, 7/02 at 102 AAA 5,559,516
Revenue Bonds, New England Medical Center Hospitals Issue,
Series F, 6.625%, 7/01/25
4,410 Massachusetts Health and Educational Facilities Authority, 7/00 at 102 BBB 4,505,918
Revenue Bonds, Goddard Memorial Hospital Issue,
Series B, 9.000%, 7/01/15
7,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102 AAA 6,329,550
System Revenue Bonds, 1997 Series C (Senior),
5.000%, 1/01/37
25,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101 AAA 20,947,000
System Revenue Bonds, 1999 Series A (Subordinated),
5.000%, 1/01/39
10,000 Massachusetts Water Resources Authority, General Revenue 8/10 at 101 AAA 9,703,800
Bonds, 2000 Series A, 5.750%, 8/01/39
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.0%
10,630 School District of the City of Detroit, Wayne County, Michigan, 5/09 at 101 AAA 8,741,581
School Building and Site Improvement Bonds (Unlimited Tax
General Obligation), Series 1998A, 4.750%, 5/01/28
8,160 Michigan State Hospital Finance Authority, Hospital Revenue 7/00 at 102 A3 8,372,078
and Refunding Bonds (Bay Medical Center), Series 1990A,
8.250%, 7/01/12
4,500 Michigan State Hospital Finance Authority, Hospital Revenue 8/01 at 102 Aaa 4,746,690
Bonds (The Detroit Medical Center Obligated Group),
Series 1991A, 7.500%, 8/15/11 (Pre-refunded to 8/15/01)
8,500 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/02 at 102 BBB 8,221,625
(Waste Management, Inc. Project), Series 1992,
6.625%, 12/01/12 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 4.3%
1,385 The Dakota County Housing and Redevelopment Authority, 6/00 at 102 AAA 1,392,756
The Washington County Housing and Redevelopment Authority,
and Stearns County Housing and Redevelopment Authority,
District of Columbia Housing Finance Agency, Single Family
Mortgage Revenue Bonds, Series 1990A, 7.850%, 12/01/30
(Alternative Minimum Tax)
8,845 City of Minneapolis, Minnesota and the Housing and Redevelopment 8/00 at 102 AAA 9,111,854
Authority of the City of Saint Paul, Minnesota, Health Care System
Revenue Bonds (Health One Obligated Group), Series 1990C,
8.000%, 8/15/19 (Pre-refunded to 8/15/00)
30,000 Minnesota Agricultural and Economic Development Board, 11/10 at 101 A 28,862,700
Health Care System Revenue Bonds, Series 2000A (Fairview
Health Services), 6.375%, 11/15/29 (WI)
3,660 The Housing and Redevelopment Authority of the City of 11/15 at 103 AAA 4,177,304
Saint Paul, Minnesota, Sales Tax Revenue Refunding Bonds
(Civic Center Project), Series 1996, 7.100%, 11/01/23
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MISSISSIPPI - 1.1%
$ 5,900 Mississippi Business Finance Corporation, Pollution Control 10/03 at 102 BBB- $ 5,119,784
Revenue Refunding Bonds (System Energy Resources, Inc.
Project), Series 1998, 5.875%, 4/01/22
5,410 Mississippi Home Corporation, Single Family Mortgage 7/07 at 105 Aaa 5,594,589
Revenue Bonds, Series 1997D, Class 5, 6.750%, 7/01/29
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 2.6%
3,250 Pollution Control Financing Authority of Camden County No Opt. Call B2 3,173,593
(Camden County, New Jersey), Solid Waste Disposal and
Resource Recovery System Revenue Bonds, Series 1991 C,
7.125%, 12/01/01 (Alternative Minimum Tax)
2,000 Pollution Control Financing Authority of Camden County 12/01 at 102 B2 1,884,060
(Camden County, New Jersey), Solid Waste Disposal and
Resource Recovery System Revenue Bonds, Series 1991 D,
7.250%, 12/01/10
21,000 New Jersey Transportation Trust Fund Authority, Transportation 6/10 at 100 AA 21,134,610
System Bonds, 2000 Series B, 5.750%, 6/15/17
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.5%
4,690 New Mexico Mortgage Finance Authority, Single Family Mortgage 9/00 at 102 AAA 4,808,141
Program Senior Bonds, 1990 Series A (Federally Insured or
Guaranteed Mortgage Loans), 7.800%, 9/01/17
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 20.8%
10,000 Erie County Industrial Development Agency, Solid Waste Disposal 12/10 at 103 N/R 10,916,700
Facility Revenue Bonds (1998 CanFibre of Lackawanna Project),
9.050%, 12/01/25 (Alternative Minimum Tax)
20,000 Nassau County Tobacco Settlement Corporation (New York), 7/09 at 101 A- 19,929,200
Tobacco Settlement Asset-Backed Bonds, Series A,
6.400%, 7/15/33
10,000 The City of New York, General Obligation Bonds, 2/06 at 101 1/2 A- 9,785,400
Fiscal 1996 Series G, 5.750%, 2/01/20
21,715 The City of New York, General Obligation Bonds, 3/06 at 101 1/2 A- 21,713,263
Fiscal 1996 Series I, 5.875%, 3/15/18
10,000 The City of New York, General Obligation Bonds, 8/07 at 101 A- 10,076,100
Fiscal 1997 Series H, 6.125%, 8/01/25
6,750 The City of New York, General Obligation Bonds, 2/05 at 101 A-*** 7,248,893
Fiscal 1995 Series F, 6.625%, 2/15/25 (Pre-refunded to 2/15/05)
2,550 New York City Municipal Water Finance Authority, Water and 6/02 at 101 1/2 AAA 2,550,255
Sewer System Revenue Bonds, Fiscal 1993 Series A,
5.750%, 6/15/18
17,870 New York City Transitional Finance Authority, Future Tax Secured 8/09 at 101 AA 17,535,831
Bonds, Fiscal 2000 Series A, 5.750%, 8/15/24
15,000 Dormitory Authority of the State of New York, City University No Opt. Call Baa1 16,489,050
System Consolidated Second General Resolution Revenue
Bonds, Series 1990D, 8.750%, 7/01/03
20,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102 A 18,888,600
Services Facilities Improvement Revenue Bonds, Series 1997A,
5.750%, 2/15/27
4,500 New York State Energy Research and Development Authority, 7/03 at 102 AAA 4,237,245
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union
Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
New York State Housing Finance Agency, Health Facilities Revenue
Bonds (New York City), 1990 Series A Refunding:
16,580 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 11/00 at 102 AAA 17,204,071
2,610 8.000%, 11/01/08 11/00 at 102 BBB+ 2,674,493
5,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 5,449,600
Hospital Medical Center, Secured Hospital Revenue Bonds,
Series 1995-A, 6.850%, 2/15/17 (Pre-refunded to 2/15/05)
4,785 New York State Medical Care Facilities Finance Agency, 11/05 at 102 Aa1 4,937,785
Health Center Projects Revenue Bonds (Secured Mortgage
Program), 1995 Series A, 6.375%, 11/15/19
10,000 The Port Authority of New York and New Jersey, Special Project 12/07 at 102 AAA 9,746,600
Bonds, Series 6, JFK International Air Terminal LLC Project,
5.750%, 12/01/22 (Alternative Minimum Tax)
7,000 Triborough Bridge and Tunnel Authority (New York), General 1/10 at 100 Aa3 6,576,780
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
26,500 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds 7/09 at 101 Aa2 26,110,450
(TFAB), Series 1999-1, 6.250%, 7/15/34
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NMO) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NORTH CAROLINA - 1.0%
$ 10,500 North Carolina Eastern Municipal Power Agency, Power 1/02 at 102 BBB $10,653,405
System Revenue Bonds, Refunding Series 1991 A,
6.250%, 1/01/03
------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 0.5%
North Dakota State Water Commission, Water Development Trust
Fund, Water Development and Management Program Bonds, 2000
Series A:
2,230 5.700%, 8/01/18 8/10 at 100 AAA 2,220,010
2,450 5.750%, 8/01/19 8/10 at 100 AAA 2,442,699
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.5%
16,140 County of Montgomery, Ohio, Hospital Facilities Revenue Bonds, No Opt. Call BBB+ 15,474,064
Series 1999 (Kettering Medical Center Network Obligated
Group), 6.300%, 4/01/12
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 1.4%
8,500 Trustees of the Tulsa Municipal Airport Trust, 1988 Adjustable 12/00 at 102 Baa1 8,641,695
Rate Revenue Obligations, 7.375%, 12/01/20
(Alternative Minimum Tax)
5,000 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa1 5,128,950
Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 1.7%
City of Portland, Oregon, Water System Revenue Bonds,
2000 Series A:
6,780 5.375%, 8/01/18 8/10 at 100 Aa1 6,557,413
7,420 5.500%, 8/01/19 8/10 at 100 Aa1 7,268,335
3,655 5.500%, 8/01/20 8/10 at 100 Aa1 3,573,932
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 0.9%
5,000 Delaware County Industrial Development Authority (Pennsylvania), 1/08 at 102 BB- 4,357,600
Refunding Revenue Bonds, Series A 1997 (Resource Recovery
Facility), 6.200%, 7/01/19
5,000 Pennsylvania Higher Education Assistance Agency, Capital 12/10 at 100 AAA 4,929,700
Acquisition Bonds, Series of 2000, 5.875%, 12/15/30
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.7%
6,620 Rhode Island Housing and Mortgage Finance Corporation, 10/00 at 102 AA+ 6,751,539
Homeownership Opportunity Bonds, Series 2, 7.750%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.6%
3,640 South Carolina Jobs and Economic Development Authority, 9/02 at 102 N/R*** 3,904,956
Economic Development Revenue Bonds (Carolinas Hospital
System Project), Series 1992, 7.550%, 9/01/22
(Pre-refunded to 9/01/02)
2,335 Three Rivers Solid Waste Authority (South Carolina), 1/07 at 102 AAA 2,101,804
Solid Waste Disposal Facilities Revenue Bonds,
Series 1997, 5.300%, 1/01/27
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.4%
4,500 The Health and Educational Facilities Board of the 7/03 at 102 N/R 3,704,895
Metropolitan Government of Nashville and Davidson County,
Tennessee, Revenue Refunding Bonds, Series 1998 (The Blakeford
at Green Hills), 5.650%, 7/01/16
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 17.7%
6,000 Alliance Airport Authority, Inc., Special Facilities Revenue Bonds, 12/00 at 102 Baa1 6,117,600
Series 1990 (American Airlines, Inc. Project), 7.500%, 12/01/29
(Alternative Minimum Tax)
Arlington Independent School District (Tarrant County, Texas),
Unlimited Tax Refunding and Improvement Bonds, Series 1995:
3,710 0.000%, 2/15/12 2/05 at 67 5/16 Aaa 1,862,643
8,930 0.000%, 2/15/13 (Pre-refunded to 2/15/05) 2/05 at 62 15/16 Aaa
3,710 0.000%, 2/15/13 2/05 at 62 15/16 Aaa 1,737,282
12,000 City of Austin, Texas, Hotel Occupancy Tax Subordinate Lien 11/09 at 100 AAA 11,771,760
Revenue Refunding Bonds, Series 1999, 5.800%, 11/15/29
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TEXAS (continued)
Brownsville Independent School District (Cameron County, Texas),
Unlimited Tax School Building Bonds, Series 1999:
$ 5,015 5.625%, 8/15/25 8/09 at 100 AAA $ 4,837,619
8,825 5.625%, 8/15/29 8/09 at 100 AAA 8,458,057
Clear Creek Independent School District, Galveston and Harris
Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds,
Series 2000:
17,325 5.400%, 2/15/18 (WI) 2/10 at 100 AAA 16,577,080
10,000 5.650%, 2/15/19 (WI) 2/10 at 100 AAA 9,836,600
6,880 5.700%, 2/15/20 (WI) 2/10 at 100 AAA 6,794,963
8,020 5.700%, 2/15/21 (WI) 2/10 at 100 AAA 7,880,292
20,500 Dallas-Fort Worth International Airport Facility Improvement 11/00 at 102 Baa1 20,910,410
Corporation, American Airlines, Inc. Revenue Bonds,
Series 1990, 7.500%, 11/01/25 (Alternative Minimum Tax)
31,175 Houston Independent School District (Texas), Limited Tax 2/09 at 100 AAA 25,754,603
Schoolhouse and Refunding Bonds, Series 1999A, 4.750%, 2/15/26
3,885 Houston Independent School District Public Facility Corporation No Opt. Call AAA 1,918,763
(Harris County, Texas), Lease Revenue Bonds (Cesar E. Chavez
High School), Series 1998A, 0.000%, 9/15/12
20,035 Keller Independent School District (Tarrant County, Texas), 8/09 at 100 AAA 16,604,207
Unlimited Tax School Building and Refunding Bonds,
Series 1999, 4.875%, 8/15/31
15,130 Lubbock Health Facilities Development Corporation, Hospital 12/00 at 102 AAA 15,680,883
Revenue Bonds (Methodist Hospital, Lubbock, Texas),
Series 1990, 7.250%, 12/01/19 (Pre-refunded to 12/01/00)
15,000 San Antonio Independent School District (Bexar County, Texas), 8/09 at 100 AAA 14,714,700
Unlimited Tax School Building Bonds, Series 1999,
5.800%, 8/15/29
4,619 General Services Commission (Agency of the State of Texas), 9/01 at 101 A 4,803,678
as Lessee, Participation Interests, 7.500%, 9/01/22
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.4%
4,750 Tooele County, Hazardous Waste Disposal Revenue Bonds 8/05 at 102 N/R 3,659,923
(Laidlaw Inc./USPCI Clive PJ), Series 1995, 6.750%, 8/01/10
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.6%
3,880 Industrial Development Authority of the County of Henrico, 8/00 at 102 A+*** 3,986,157
Virginia, Adjustable Rate Revenue Bonds (St. Mary's Hospital
Project), Series 1985C, 7.500%, 9/01/07 (Pre-refunded to 8/01/00)
2,000 Virginia Housing Development Authority, Multifamily Housing 5/02 at 102 AA+ 2,092,480
Bonds, 1992 Series D, 7.050%, 5/01/18
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 2.6%
9,000 Washington Higher Education Facilities Authority, Revenue 4/08 at 101 AAA 8,188,110
and Refunding Bonds (The University of Puget Sound Project),
Series 1998, 5.375%, 10/01/30
7,890 Washington Higher Education Facilities Authority, Revenue 11/09 at 101 AA 7,679,416
Bonds (Pacific Lutheran University Project), Series 1999,
5.950%, 11/01/29
9,775 Washington Public Power Supply System, Nuclear Project 7/01 at 102 Aaa 10,211,552
No. 1 Refunding Revenue Bonds, Series 1991A,
6.875%, 7/01/17 (Pre-refunded to 7/01/01)
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 0.2%
2,250 Wisconsin Health and Educational Facilities Authority, Revenue 3/08 at 101 N/R 1,769,530
Bonds, Series 1998 (United Lutheran Program for the
Aging, Inc.), 5.700%, 3/01/28
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN MUNICIPAL MARKET OPPORTUNITY FUND, INC. (NMO) (continued)
April 30, 2000
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WYOMING - 0.3%
$ 2,800 Town of Jackson, Wyoming, National Rural Utilities Cooperative 5/07 at 101 AA- $ 2,671,060
Finance Corporation, Guaranteed Gas Supply Revenue Bonds
(Lower Valley Power and Light, Inc. Project), Series 1997B,
5.875%, 5/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 1,111,274 Total Investments - (cost $1,043,502,626) - 101.9% 1,035,855,894
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (1.9)% (19,386,173)
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,016,469,721
====================================================================================================================
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securiequivalent to AAA
rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND (NAD)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ALABAMA - 0.7%
$ 6,370 BMC Special Care Facilities Financing Authority of the City 11/08 at 102 AAA $ 5,779,820
of Montgomery (Alabama), Revenue Bonds, Series 1999-A
(Baptist Medical Center), 5.250%, 5/01/20
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 0.4%
3,000 Department of Water and Power of the City of Los Angeles 6/04 at 101 AAA 2,812,230
(California), Electric Plant Revenue Bonds,Issue of 1999,
5.250%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 0.4%
3,205 City and County of Denver, Colorado, Airport Special Facilities 1/09 at 101 AAA 3,307,977
Revenue Bonds (Rental Car Projects), Series 1999A,
6.000%, 1/01/12 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.9%
1,630 Florida Housing Finance Agency, Housing Revenue Bonds, 12/07 at 102 AAA 1,591,304
1997 Series F (Mar Lago Village Apartments Project),
5.800%, 12/01/17 (Alternative Minimum Tax)
22,000 JEA Water and Sewer System Revenue Bonds (Jacksonville, 10/04 at 101 Aa2 20,039,360
Florida), 1999 Series A, 5.375%, 10/01/29
9,700 Martin County Industrial Development Authority (Florida), 12/04 at 102 BBB- 9,746,172
Industrial Development Revenue Bonds(Indianatown
Cogeneration - L.P. Project), Series 1994A, 7.875%, 12/15/25
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.2%
10,000 The Hospital Authority of Hall County and the City of 5/09 at 101 AAA 9,257,900
Gainesville, Revenue Anticipation Certificates (Northeast Georgia
Health System, Inc. Project), Series 1999, 5.500%, 5/15/29
------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.2%
1,395 Idaho Housing and Finance Association, Single Family Mortgage 7/09 at 101 Aa2 1,344,278
Bonds, 1999 Series E, 5.750%, 1/01/21
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 23.5%
3,500 Village of Channahon, Illinois, Revenue Refunding Bonds, 12/09 at 102 BBB+ 3,149,720
Series 1999 (Morris Hospital), 5.750%, 12/01/12
22,750 City of Chicago (Illinois), General Obligation Bonds (Emergency No Opt. Call AAA 21,741,265
Telephone System), Refunding Series 1999, 5.500%, 1/01/23
10,000 Chicago School Reform Board of Trustees of the Board 12/07 at 102 AAA 8,833,900
of Education of the City of Chicago, Illinois, Unlimited
Tax General Obligation Bonds (Dedicated Tax Revenues),
Series 1997A, 5.250%, 12/01/30
7,250 Chicago School Reform Board of Trustees of the Board of No Opt. Call AAA 6,914,108
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds (Dedicated Tax Revenues),
Series 1999A, 5.500%, 12/01/26
City of Chicago, Multifamily Housing Revenue Bonds (Archer Court
Apartments), Series 1999A (FHA-Insured/GNMA):
1,000 5.500%, 12/20/19 (Alternative Minimum Tax) 10/10 at 101 AAA 927,450
1,210 5.600%, 12/20/29 (Alternative Minimum Tax) 10/10 at 101 AAA 1,105,867
1,925 5.650%, 12/20/40 (Alternative Minimum Tax) 10/10 at 101 AAA 1,731,903
8,275 City of Chicago, O'Hare International Airport, Special Facilities 12/04 at 102 Baa1 9,027,611
Revenue Refunding Bonds (American Air Lines, Inc. Project),
Series 1994, 8.200%, 12/01/24
4,940 City of Chicago, Wastewater Transmission Revenue Bonds, 1/06 at 102 AAA 4,327,539
Series 1995, 5.125%, 1/01/25
3,250 City of Chicago, Water Revenue Bonds, Series 1995, 11/06 at 102 AAA 2,781,155
5.000%, 11/01/25
5,000 City of Chicago, Water Revenue Bonds, Series 1997, 11/07 at 102 AAA 4,447,000
5.250%, 11/01/27
250 Illinois Development Finance Authority, Solid Waste Disposal No Opt. Call BBB 251,493
Revenue Bonds (Waste Management, Inc. Project),
Series 1990, 7.125%, 1/01/01 (Alternative Minimum Tax)
24,835 Illinois Development Finance Authority, Refunding Revenue 9/07 at 102 AAA 23,564,193
Bonds, Series 1999 (The Presbyterian Home Lake Forest
Project), 5.625%, 9/01/31
3,935 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 1,683,511
Program Revenue Bonds, Series 1999A (Round Lake Community
Unit School District Number 116 Project), 0.000%, 1/01/15
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND (NAD) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ILLINOIS (continued)
$ 4,250 Illinois Educational Facilities Authority, Revenue Bonds, 9/09 at 100 AAA $ 4,107,328
MJH Education Assistance Illinois LLC, Series 1998D,
5.450%, 9/01/14
Illinois Health Facilities Authority, Revenue Bonds,
Series 1997A (Loyola University Health System):
1,600 5.000%, 7/01/24 (Pre-refunded to 7/01/07) 7/07 at 101 AAA 1,597,216
5,400 5.000%, 7/01/24 7/07 at 101 AAA 4,560,516
5,265 Illinois Health Facilities Authority, Revenue Refunding Bonds, 2/07 at 102 A- 4,642,677
Series 1996B (Sarah Bush Lincoln Health Center),
5.500%, 2/15/16
17,280 Illinois Health Facilities Authority, Converted Adjustable Rate 10/07 at 102 AAA 17,533,498
Revenue Bonds, Series 1991A (Highland Park Hospital),
6.000%, 10/01/15
7,245 Illinois Health Facilities Authority, Revenue Refunding Bonds, 1/01 at 102 Baa3 6,022,986
Series 1991 (Proctor Community Hospital Project),
7.375%, 1/01/23
Metropolitan Pier and Exposition Authority (Illinois), McCormick
Place Expansion Project Refunding Bonds, Series 1996A:
9,750 0.000%, 12/15/22 No Opt. Call AAA 2,480,985
33,000 0.000%, 12/15/24 No Opt. Call AAA 7,387,380
17,900 0.000%, 6/15/25 No Opt. Call AAA 3,877,677
20,500 Metropolitan Pier and Exposition Authority (Illinois), McCormick 12/09 at 101 AAA 19,402,430
Place Expansion Project Bonds, Series 1999A, 5.500%, 12/15/24
Regional Transportation Authority, Cook, DuPage, Kane, Lake,
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1999:
22,650 5.750%, 6/01/19 No Opt. Call AAA 22,818,743
3,500 5.750%, 6/01/23 No Opt. Call AAA 3,453,555
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 2.4%
9,005 Indiana Health Facility Financing Authority, Hospital Revenue 11/09 at 101 AAA 8,337,730
Bonds (Charity Obligated Group), Series 1999D,
5.500%, 11/15/24
4,190 City of Indianapolis, Indiana, Economic Development Revenue 6/09 at 101 Aa3 4,015,738
Bonds (Park Tudor Foundation, Inc. Project), Series 1999,
5.700%, 6/01/24
28,645 City of Indianapolis, Indiana, Local Public Improvement Bond No Opt. Call AAA 7,075,029
Bank, Series 1999E, 0.000%, 2/01/23
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.4%
11,300 Iowa Higher Education Loan Authority, Private College Facility 10/10 at 102 N/R 11,204,741
Revenue Bonds (Waldorf College Project), Series 1999,
7.375%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4%
3,825 City of Wichita, Kansas, Water and Sewer Utility Revenue 10/06 at 101 AAA 2,962,769
Bonds, Series 1999, 4.000%, 10/01/18
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 3.9%
1,850 Kentucky Economic Development Finance Authority, Hospital 4/08 at 102 N/R 1,280,107
System Refunding and Improvement Revenue Bonds,
Series 1997 (Appalachian Regional Healthcare, Inc. Project),
5.850%, 10/01/17
4,200 Louisville and Jefferson County Metropolitan Sewer District 5/07 at 101 AAA 4,326,966
(Commonwealth of Kentucky), Sewer and Drainage System
Revenue Bonds, Series 1997A, 6.250%, 5/15/26
3,750 Louisville and Jefferson County Metropolitan Sewer District 11/07 at 101 AAA 3,381,525
(Commonwealth of Kentucky), Sewer and Drainage System
Revenue Bonds, Series 1997B, 5.200%, 5/15/25
City of Newport, Kentucky, Public Properties Corporation, First
Mortgage Revenue Bonds, Series 2000A (Public Parking and Plaza
Project):
17,240 8.375%, 1/01/18 7/10 at 104 N/R 17,184,660
4,985 8.375%, 1/01/27 7/10 at 104 N/R 4,967,154
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 4.8%
10,305 Massachusetts Bay Transportation Authority, General 3/07 at 101 Aa2 8,976,789
Transportation System Bonds, 1997 Series C, 5.000%, 3/01/24
20,775 Massachusetts Port Authority, Revenue Bonds, Series 1998-E, 7/08 at 101 AA- 17,564,224
5.000%, 7/01/28 (Alternative Minimum Tax)
4,000 Massachusetts Port Authority, PFC Revenue Bonds, Series 1999-A, 7/09 at 101 AAA 3,715,080
5.125%, 7/01/17
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MASSACHUSETTS (continued)
$ 1,150 Massachusetts Port Authority, Special Facilities Revenue Bonds 9/06 at 102 AAA $ 1,128,426
(US Air Project), Series 1996-A, 5.875%, 9/01/23
(Alternative Minimum Tax)
7,400 Massachusetts Port Authority, Special Facilities Revenue 7/07 at 102 AAA 6,999,290
Bonds (BOSFUEL Project), Series 1997, 5.750%, 7/01/39
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 1.0%
8,750 City of Detroit, Michigan, Sewage Disposal System Revenue 7/07 at 101 AAA 7,679,175
Bonds, Series 1997-A, 5.000%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.6%
5,000 Minnesota Housing Finance Agency, Single Family Mortgage 1/10 at 101 AA+ 4,606,000
Bonds, 1998 Series H-1 Fixed Rate Remarketing,
5.650%, 7/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.0%
6,735 Montana Board of Housing, Single Family Mortgage Bonds, 12/09 at 100 AA+ 6,835,419
2000 Series A2, 6.450%, 6/01/29 (Alternative Minimum Tax)
1,000 Montana Higher Education Student Assistance Corporation, 12/09 at 100 A2 1,017,550
Student Loan Revenue Bonds, Subordinate Series 1999B,
6.400%, 12/01/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 0.3%
2,000 Nebraska Higher Education Loan Program, Inc., Senior No Opt. Call AAA 2,071,240
Subordinate Bonds, Series A-5A, 6.200%, 6/01/13
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 3.5%
15,600 New Jersey Economic Development Authority, Solid Waste No Opt. Call N/R 14,688,180
Facilities Revenue Bonds (Bridgewater Resources, Inc.
Project), Series 1999B, 8.250%, 6/01/19
(Alternative Minimum Tax)
10,000 New Jersey Transportation Trust Fund Authority, Transportation 6/07 at 102 AA 9,523,600
System Bonds, 1996 Series B, 5.250%, 6/15/16
4,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA 4,097,320
System Bonds, 1999 Series A, 5.750%, 6/15/18
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 17.6%
2,000 County of Cattaraugus Industrial Development Agency, No Opt. Call N/R 1,983,140
Tax-Exempt Industrial Development Revenue Bonds,
Series 1999A (Laidlaw Energy and Environmental, Inc.
Project), 8.500%, 7/01/21 (Alternative Minimum Tax)
Long Island Power Authority (New York), Electric System
General Revenue Bonds, Series 1998A:
16,455 5.125%, 12/01/22 6/08 at 101 AAA 14,583,408
8,000 5.250%, 12/01/26 6/08 at 101 AAA 7,202,240
11,440 Metropolitan Transportation Authority, Dedicated Tax Fund 4/09 at 101 AAA 10,437,856
Bonds, Series 1999A, 5.250%, 4/01/23
County of Nassau, New York, General Obligation Bonds, Serial
General Improvement Bonds, Series B:
7,005 5.250%, 6/01/19 6/09 at 102 AAA 6,490,973
7,005 5.250%, 6/01/20 6/09 at 102 AAA 6,461,202
7,005 5.250%, 6/01/21 6/09 at 102 AAA 6,431,571
7,005 5.250%, 6/01/22 6/09 at 102 AAA 6,394,094
The City of New York, General Obligation Bonds, Fiscal 1998
Series F:
2,000 5.250%, 8/01/14 2/08 at 101 AAA 1,932,640
14,000 5.375%, 8/01/19 2/08 at 101 AAA 13,259,540
6,775 The City of New York, General Obligation Bonds, 5/09 at 101 AAA 5,980,022
Fiscal 1999 Series J, 5.000%, 5/15/20
3,000 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 2,631,210
Bonds, 1999 Series A, 5.000%, 2/15/20
2,500 New York City Municipal Water Finance Authority, 6/09 at 101 AAA 2,143,900
Water and Sewer System Revenue Bonds, Fiscal 1999
Series B, 5.000%, 6/15/29
5,000 New York City Transitional Finance Authority, Future 8/07 at 101 AA 4,291,650
Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND (NAD) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NEW YORK (continued)
$ 10,000 New York City Transitional Finance Authority, Future Tax 8/09 at 101 AA $ 9,813,000
Secured Bonds, Fiscal 2000 Series A, 5.750%, 8/15/24
14,970 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 13,347,551
Services Facilities Improvement Revenue Bonds, Series 1996B,
5.125%, 8/15/21
4,400 Dormitory Authority of the State of New York, Mental 2/07 at 102 AAA 4,107,752
Health Services Facilities Improvement Revenue Bonds,
Series 1996E, 5.250%, 2/15/18
2,170 Dormitory Authority of the State of New York, Frances 7/07 at 102 AA 2,071,243
Schervier Home and Hospital Insured Revenue Bonds (Franciscan
Health Partnership Obligated Group), Series 1997,
5.500%, 7/01/17
7,500 Dormitory Authority of the State of New York, Secured 2/08 at 101 1/2 AAA 6,882,000
Hospital Revenue Refunding Bonds (Wyckoff Heights Medical
Center), Series 1998H, 5.300%, 8/15/21
10,000 Dormitory Authority of the State of New York, City University 7/09 at 101 AAA 9,438,800
System Consolidated Third General Resolution Revenue
Bonds, 1999 Series 1, 5.500%, 7/01/29
2,000 Dormitory Authority of the State of New York, City University 1/08 at 102 AAA 1,849,760
System Consolidated Third General Resolution Revenue
Bonds, 1997 Series 1, 5.375%, 7/01/24
2,660 The Port Authority of New York and New Jersey, Consolidated 1/07 at 101 AAA 2,451,589
Bonds, One Hundred Ninth Series,5.375%, 1/15/32
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.5%
3,645 County of Franklin, Ohio, Multifamily Housing Mortgage Revenue 1/05 at 103 Aa 3,303,391
Bonds, Series 1994A (FHA-Insured Mortgage Loan - Hamilton
Creek Apartments Project), 5.550%, 7/01/24
(Alternative Minimum Tax)
Ohio Water Development Authority, State of Ohio, Solid Waste
Disposal Revenue Bonds (Bay Shore Power Project), Convertible
Series 1998B:
5,750 5.875%, 9/01/20 (Alternative Minimum Tax) 9/08 at 102 N/R 4,555,840
13,700 6.625%, 9/01/20 9/09 at 102 N/R 12,006,680
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.2%
18,900 City of Philadelphia, Pennsylvania, Airport Revenue Refunding 6/08 at 102 AAA 17,952,732
Bonds, Series 1998A (Philadelphia Airport System),
5.500%, 6/15/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.2%
1,875 City of Central Falls, Rhode Island, General Obligation School 5/09 at 102 AA 1,892,044
Bonds, 6.250%, 5/15/20
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.9%
9,250 The Health, Educational and Housing Facilities Board of the 4/09 at 101 Baa1 7,858,338
County of Knox Revenue Bonds, Series 1999 (University Health
System, Inc), 5.625%, 4/01/24
7,525 Tennessee Housing Development Agency, Homeownership 7/10 at 101 AA 7,665,642
Program Bonds, Issue 2000-1, 6.375%, 7/01/25
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 12.2%
7,450 Brazos River Authority (Texas), Pollution Control Revenue 4/08 at 102 AAA 6,873,519
Refunding Bonds (Texas Utilities Electric Company Project),
Series 1998A, 5.550%, 6/01/30 (Alternative Minimum Tax)
3,000 Brazos River Authority (Texas), Pollution Control Revenue 4/08 at 102 AAA 2,767,860
Refunding Bonds (Texas Utilities Electric Company Project),
Series 1995C, 5.550%, 6/01/30 (Alternative Minimum Tax)
4,675 Carrollton-Farmers Branch Independent School District 2/09 at 100 AAA 4,739,842
(Dallas County, Texas), School Building Unlimited Tax Bonds,
Series 1999, 6.000%, 2/15/20
Coppell Independent School District (Dallas County, Texas),
Unlimited Tax School Building and Refunding Bonds, Series 1999:
5,130 0.000%, 8/15/20 8/09 at 52 15/32 AAA 1,462,358
7,000 0.000%, 8/15/21 8/09 at 49 15/32 AAA 1,864,170
7,340 0.000%, 8/15/22 8/09 at 46 21/32 AAA 1,825,091
7,345 0.000%, 8/15/23 8/09 at 44 AAA 1,711,973
7,000 0.000%, 8/15/24 8/09 at 41 1/2 AAA 1,529,080
7,350 0.000%, 8/15/25 8/09 at 39 1/8 AAA 1,504,398
7,000 0.000%, 8/15/26 8/09 at 36 29/32 AAA 1,345,680
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TEXAS (continued)
Harris County Health Facilities (Texas), Development
Corporation, Revenue Bonds (CHRISTUS Health), Series 1999A:
$ 12,000 5.375%, 7/01/24 7/09 at 101 AAA $10,885,320
16,000 5.375%, 7/01/29 7/09 at 101 AAA 14,336,640
Harris County (Texas), Housing Finance Corporation, Multifamily
Housing Revenue Bonds (Windfern Pointe and Waterford Place
Apartments Projects), 1999 Senior Series A and B, Subordinate
Series C and Junior Subordinate Series D:
2,860 9.000%, 7/01/29 7/12 at 103 N/R 2,745,972
12,150 6.000%, 7/01/29 7/09 at 102 A 11,224,899
30,000 City of Houston, Texas, Water and Sewer System Junior Lien No Opt. Call AAA 7,568,400
Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22
3,500 Jefferson County, Texas, Certificates of Obligation, Series 2000, 8/10 at 100 AAA 3,527,615
6.000%, 8/01/25
4,245 Laredo Independent School District (Webb County, Texas), 8/09 at 100 AAA 3,852,974
Unlimited Tax School Building Bonds, Series 1999,
5.250%, 8/01/24
14,250 Leander Independent School District (Williamson and Travis 8/09 at 35 7/8 AAA 2,743,410
Counties, Texas), Unlimited Tax School Building and Refunding
Bonds, Series 2000, 0.000%, 8/15/25 (WI)
4,500 Lower Neches Valley Authority, Industrial Development 3/08 at 101 AAA 4,088,430
Corporation (Texas), Refunding Revenue Bonds, Series 1998
(Mobil Oil Refining Corporation Project), 5.550%, 3/01/33
1,500 City of Port Arthur, Texas (Jefferson County), General Obligation 2/07 at 100 AAA 1,318,935
Bonds, Series 1997, 5.000%, 2/15/21
10,000 Tarrant County (Texas), Health Facilities Development Corporation, 2/08 at 102 AAA 9,237,000
Texas Health Resources System Revenue Bonds, Series 1997A,
5.250%, 2/15/17
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.2%
1,180 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/04 at 102 AAA 1,214,291
1994 Issue F (Federally Insured or Guaranteed Mortgage
Loans), 7.000%, 7/01/27 (Alternative Minimum Tax)
Utah Housing Finance Agency, Single Family Mortgage Bonds, 1999
Series C-2 Class I Bonds:
3,195 5.700%, 7/01/19 (Alternative Minimum Tax) 1/10 at 101 1/2 AAA 3,081,418
1,700 5.750%, 7/01/21 (Alternative Minimum Tax) 1/10 at 101 1/2 AA 1,637,440
2,700 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/09 at 101 AA 2,634,471
1999 Series D (Federally Insured orGuaranteed Loans),
5.850%, 7/01/21 (Alternative Minimum Tax)
1,000 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/09 at 101 1/2 Aa2 1,019,170
1999 Series F, 6.300%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.4%
3,395 Virginia Small Business Financing Authority, Industrial 11/09 at 102 N/R 3,354,735
Development Revenue Bonds (S.I.L. Clean Water, LLC
Project), Series 1999, 7.250%, 11/01/24
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 5.7%
Port of Seattle (Washington), Special Facility Revenue Bonds
(Terminal 18 Project), Series 1999C:
2,630 6.000%, 9/01/15 (Alternative Minimum Tax) 3/10 at 101 AAA 2,672,711
3,850 6.000%, 9/01/16 (Alternative Minimum Tax) 3/10 at 101 AAA 3,897,086
11,605 State of Washington, Certificates of Participation (Washington 7/00 at 100 AAA 10,899,416
State Convention and Trade Center), Series 1999,
5.250%, 7/01/16
State of Washington, General Obligation Compound Interest
Bonds, Series 1999S-2:
16,580 0.000%, 1/01/17 No Opt. Call AAA 6,237,064
18,350 0.000%, 1/01/18 No Opt. Call AAA 6,454,246
State of Washington, General Obligation Compound Interest
Bonds, Series 1999S-3:
17,650 0.000%, 1/01/20 No Opt. Call AA+ 5,421,727
18,470 0.000%, 1/01/21 No Opt. Call AA+ 5,311,233
4,800 Washington Public Power Supply System, Nuclear Project 7/07 at 102 AAA 4,484,352
No. 3 Refunding Revenue Bonds, Series 1997-A,
5.250%, 7/01/16
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND (NAD) (continued)
April 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WISCONSIN - 3.5%
$ 3,800 Wisconsin Health and Educational Facilities Authority, Revenue 5/09 at 101 A $ 3,222,626
Bonds, Series 1999 (Kenosha Hospital and Medical Center, Inc.
Project), 5.625%, 5/15/29
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Series 1999 (FH Healthcare Development, Inc. Project):
8,225 6.250%, 11/15/20 11/09 at 101 N/R 7,269,003
5,000 6.250%, 11/15/28 11/09 at 101 N/R 4,291,600
14,000 Wisconsin Health and Educational Facilities Authority, Revenue 8/09 at 101 Aaa 12,813,500
Bonds, Series 1999 (Mercy Health System Corporation),
5.500%, 8/15/25
------------------------------------------------------------------------------------------------------------------------------------
$ 1,015,425 Total Investments - (cost $813,808,469) - 97.0% 774,378,92
============= --------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.9%
6,500 Forsyth, Montana, Pollution Control Revenue Bonds VMIG-1 6,500,000
(Pacificorp Colstrip), Variable RateDemand Bonds,
Series 1986, 5.950%, 12/01/16 (Alternative Minimum Tax)+
3,100 Gulf Coast Waste Disposal Authority, Pollution Control VMIG-1 3,100,000
Revenue Refunding Bonds (Amoco OilCompany Project),
Series 1992, Variable Rate Demand Bonds, 5.850%, 10/01/17+
5,400 Illinois Health Facilities Authority, Variable Rate Demand VMIG-1 5,400,000
Revenue Bonds, Series 1998(The University of Chicago
Hospitals and Health System), 5.800%, 8/01/26+
------------------------------------------------------------------------------------------------------------------------------------
$ 15,000 Total Short-Term Investments - (cost $15,000,000) 15,000,000
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 9,091,413
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $798,470,335
====================================================================================================================
* 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.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that currently
in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (Unaudited)
April 30, 2000
<CAPTION>
PERFORMANCE PLUS ADVANTAGE OPPORTUNITY DIVIDEND ADVANTAGE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value $1,233,609,331 $913,040,120 $1,035,855,894 $774,378,922
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value 10,000,000 17,300,000 -- 15,000,000
Cash -- -- 29,386,766 2,733,423
Receivables:
Interest 23,301,141 19,884,283 19,542,145 13,745,978
Investments sold 12,974,336 29,999,814 6,989,951 --
Other assets 20,436 47,415 10,941 92,120
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,279,905,244 980,271,632 1,091,785,697 805,950,443
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 5,271,192 10,984,794 -- --
Payable for investments purchased 3,436,020 6,101,319 70,601,154 4,121,396
Accrued expenses:
Management fees 647,983 494,501 523,787 215,802
Other 422,690 237,491 380,249 150,032
Preferred share dividends payable 284,366 214,058 258,981 173,990
Common share dividends payable 4,313,804 3,311,656 3,551,805 2,818,888
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 14,376,055 21,343,819 75,315,976 7,480,108
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,265,529,189 $958,927,813 $1,016,469,721 $798,470,335
====================================================================================================================================
Preferred shares, at liquidation value $ 444,000,000 $358,000,000 $ 380,000,000 $295,000,000
====================================================================================================================================
Preferred shares outstanding 17,760 14,320 15,200 11,800
====================================================================================================================================
Common shares outstanding 59,914,073 42,980,333 45,540,872 39,125,795
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by Common shares
outstanding) $ 13.71 $ 13.98 $ 13.98 $ 12.87
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (Unaudited)
Six Months Ended April 30, 2000
<CAPTION>
PERFORMANCE PLUS ADVANTAGE OPPORTUNITY DIVIDEND ADVANTAGE
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME $38,175,342 $30,935,534 $ 32,722,653 $23,951,741
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 3,846,799 2,966,717 3,151,766 2,472,164
Preferred shares - auction fees 540,220 422,040 440,274 367,740
Preferred shares - dividend disbursing agent fees 49,776 24,932 19,945 14,959
Shareholders' servicing agent fees and expenses 95,070 37,805 60,157 2,963
Custodian's fees and expenses 129,869 67,601 140,902 150,052
Directors'/Trustees' fees and expenses 13,409 10,692 11,210 5,350
Professional fees 15,659 16,757 16,037 15,689
Shareholders' reports - printing and mailing expenses 15,812 14,064 35,577 13,132
Stock exchange listing fees 26,427 14,693 21,184 17,619
Investor relations expense 50,492 43,912 46,302 9,332
Other expenses 13,628 13,631 27,173 3,675
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 4,797,161 3,632,844 3,970,527 3,072,675
Custodian fee credit (45,148) (29,458) (56,293) (50,532)
Expense reimbursement -- -- -- (1,187,460)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 4,752,013 3,603,386 3,914,234 1,834,683
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 33,423,329 27,332,148 28,808,419 22,117,058
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions 230,726 4,729,989 7,942,569 (7,283,167)
Change in net unrealized appreciation (depreciation)
of investments 2,653,564 (4,705,422) (13,541,461) 11,836,695
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 2,884,290 24,567 (5,598,892) 4,553,528
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $36,307,619 $27,356,715 $ 23,209,527 $26,670,586
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
PERFORMANCE PLUS ADVANTAGE
--------------------------------- ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/00 10/31/99 4/30/00 10/31/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 33,423,329 $ 66,830,852 $ 27,332,148 $ 52,972,605
Net realized gain (loss) from investment transactions 230,726 (366,395) 4,729,989 144,273
Change in net unrealized appreciation
(depreciation) of investments 2,653,564 (103,177,454) (4,705,422) (79,766,302)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 36,307,619 (36,712,997) 27,356,715 (26,649,424)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (26,200,430) (54,161,633) (20,501,623) (42,644,599)
Preferred shareholders (8,435,031) (12,595,263) (6,850,192) (10,169,082)
From accumulated net realized gains from investment transactions:
Common shareholders -- (720,584) -- --
Preferred shareholders -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (34,635,461) (67,477,480) (27,351,815) (52,813,681)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- 2,436,387 -- 5,674,526
Preferred shares:
Net proceeds from sale of shares 43,424,620 -- -- 57,301,876
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 43,424,620 2,436,387 -- 62,976,402
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 45,096,778 (101,754,090) 4,900 (16,486,703)
Net assets at the beginning of period 1,220,432,411 1,322,186,501 958,922,913 975,409,616
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $1,265,529,189 $1,220,432,411 $958,927,813 $958,922,913
===================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 214,596 $ 1,426,728 $ 1,094,545 $ 1,114,212
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) (continued)
OPPORTUNITY DIVIDEND ADVANTAGE
--------------------------------- ------------------------------
FOR THE PERIOD 5/26/99
(COMMENCEMENT OF
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OPERATIONS)
4/30/00 10/31/99 4/30/00 THROUGH 10/31/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 28,808,419 $ 56,991,400 $ 22,117,058 $ 15,200,703
Net realized gain (loss) from investment transactions 7,942,569 (371,232) (7,283,167) (6,053,493)
Change in net unrealized appreciation
(depreciation) of investments (13,541,461) (82,437,095) 11,836,695 (51,266,242)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 23,209,527 (25,816,927) 26,670,586 (42,119,032)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (21,996,602) (45,729,071) (17,253,303) (11,578,052)
Preferred shareholders (7,385,877) (10,755,431) (5,742,822) (2,864,236)
From accumulated net realized gains from investment transactions:
Common shareholders -- (673,786) -- --
Preferred shareholders -- (164,760) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (29,382,479) (57,323,048) (22,996,125) (14,442,288)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 559,414,591
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- 5,498,147 12,997 61,095
Preferred shares:
Net proceeds from sale of shares -- 79,077,760 -- 291,768,490
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions -- 84,575,907 12,997 851,244,176
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (6,172,952) 1,435,932 3,687,458 794,682,856
Net assets at the beginning of period 1,022,642,673 1,021,206,741 794,782,877 100,021
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $1,016,469,721 $1,022,642,673 $798,470,335 $794,782,877
===================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 856,791 $ 1,430,851 $ (120,652) $ 758,415
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The National Funds (the "Funds") covered in this report and their corresponding
New York Stock Exchange symbols are Nuveen Performance Plus Municipal Fund, Inc.
(NPP), Nuveen Municipal Advantage Fund, Inc. (NMA), Nuveen Municipal Market
Opportunity Fund, Inc. (NMO) and Nuveen Dividend Advantage Municipal Fund (NAD).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities. The Funds are registered under
the Investment Company Act of 1940 as closed-end, diversified management
investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
April 30, 2000, Performance Plus, Opportunity and Dividend Advantage had
outstanding when-issued purchase commitments of $3,436,020, $70,601,154 and
$2,824,778, respectively. There were no such outstanding purchase commitments in
Advantage.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.01 per Common share. Furthermore, each Fund
intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal income tax, to retain such
tax-exempt status when distributed to shareholders of the Funds. Net realized
capital gain and market discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions are distributed to shareholders not less frequently
than annually. Furthermore, capital gains are distributed only to the extent
they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from generally accepted
accounting principles. Accordingly, temporary over-distributions as a result of
these differences may occur and will be classified as either distributions in
excess of net investment income, distributions in excess of net realized gains
and/or distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate on each Series may change every seven days, as set by the auction agent.
The number of shares outstanding, by Series and in total, for each Fund is as
follows:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Number of shares:
Series M 4,000 3,000 4,000 4,000
Series T 4,000 3,000 4,000 4,000
Series W 4,000 3,000 3,200 --
Series Th 1,760 2,320 -- 3,800
Series F 4,000 3,000 4,000 --
---------------------------------------------------------------------------------------------------------
Total 17,760 14,320 15,200 11,800
=========================================================================================================
</TABLE>
Effective December 15, 1999, Performance Plus issued 1,760 Series Th $25,000
stated value Preferred shares.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended April 30, 2000.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby the custodian fees
and expenses are reduced by credits earned on each Fund's cash on deposit with
the bank. Such deposit arrangements are an alternative to overnight investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
<PAGE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<TABLE>
<CAPTION>
PERFORMANCE PLUS ADVANTAGE
------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/00 10/31/99 4/30/00 10/31/99
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- 161,510 -- 358,976
-------------------------------------------------------------------------------------------------------------------
-- 161,510 -- 358,976
===================================================================================================================
Preferred shares sold 1,760 -- -- 2,320
===================================================================================================================
<CAPTION>
OPPORTUNITY DIVIDEND ADVANTAGE
------------------------------ ------------------------------
FOR THE PERIOD
5/26/99
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED THROUGH
4/30/00 10/31/99 4/30/00 10/31/99
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common shares:
Shares sold -- -- -- 39,106,228
Shares issued to shareholders
due to reinvestment of distributions -- 346,047 8,415 4,170
-------------------------------------------------------------------------------------------------------------------
-- 346,047 8,415 39,110,398
===================================================================================================================
Preferred shares sold -- 3,200 -- 11,800
===================================================================================================================
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on June 1, 2000, to shareholders of record on
May 15, 2000, as follows:
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
--------------------------------------------------------------------------------
Dividend per share $.0720 $.0770 $.0780 $.0725
================================================================================
<PAGE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended April
30, 2000, were as follows:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $173,099,185 $222,641,613 $278,305,236 $116,748,391
Short-term municipal securities 73,025,000 89,075,000 20,200,000 39,350,000
Sales and maturities:
Long-term municipal securities 136,047,354 250,506,916 238,935,224 126,534,543
Short-term municipal securities 107,665,000 86,075,000 20,200,000 36,350,000
=============================================================================================================
</TABLE>
At April 30, 2000, the identified cost of investments owned for federal income
tax purposes were as follows:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$1,259,688,440 $935,277,778 $1,043,502,626 $829,124,645
=============================================================================================================
</TABLE>
At October 31, 1999, the Funds' last fiscal year end, the Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Expiration year:
2001 $ -- $166,788 $ -- $ --
2002 -- 501,699 -- --
2003 -- -- -- --
2004 -- -- -- --
2005 -- -- -- --
2006 -- -- -- --
2007 301,903 -- 412,727 5,737,317
-----------------------------------------------------------------------------------------------------------
Total $301,903 $668,487 $412,727 $5,737,317
===========================================================================================================
</TABLE>
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at April 30, 2000, were as follows:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $ 25,534,781 $ 15,504,986 $ 23,506,171 $ 2,020,989
depreciation (41,613,890) (20,442,644) (31,152,903) (41,766,712)
-------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $(16,079,109) $ (4,937,658) $ (7,646,732) $(39,745,723)
=============================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' (excluding Dividend Advantage) investment management agreements
with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The
John Nuveen Company, each Fund pays to the Adviser an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets of each Fund as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
---------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
===========================================================================
Under Dividend Advantage's investment management agreement with the Adviser, the
Fund pays an annual management fee, payable monthly, at the rates set forth
below, which are based upon the average daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
---------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5750 of 1
===========================================================================
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of Dividend Advantage in an amount equal to .30% of the average daily
net assets for the period May 26, 1999 (commencement of operations) through July
31, 2004, .25% of the average daily net assets for the year ended July 31, 2005,
.20% of the average daily net assets for the year ended July 31, 2006, .15% of
the average daily net assets for the year ended July 31, 2007, .10% of the
average daily net assets for the year ended July 31, 2008, and .05% of the
average daily net assets for the year ended July 31, 2009. The Adviser has not
agreed to reimburse Dividend Advantage for any portion of its fees and expenses
beyond July 31, 2009.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS
At April 30, 2000, net assets consisted of:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated
value per share, at liquidation value $ 444,000,000 $358,000,000 $ 380,000,000 $295,000,000
Common shares, $.01 par value per share 599,141 429,803 455,409 391,258
Paid-in surplus 836,865,738 600,274,020 635,266,655 555,965,936
Undistributed (Over-distribution of)
net investment income 214,596 1,094,545 856,791 (120,652)
Accumulated net realized gain (loss)
from investment transactions (71,177) 3,950,697 7,537,598 (13,336,660)
Net unrealized appreciation
(depreciation) of investments (16,079,109) (4,821,252) (7,646,732) (39,429,547)
-------------------------------------------------------------------------------------------------------------
Net assets $1,265,529,189 $958,927,813 $1,016,469,721 $798,470,335
=============================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 1,000,000 Unlimited
=============================================================================================================
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
8. INVESTMENT COMPOSITION
At April 30, 2000, the revenue sources by municipal purpose, expressed as a
percent of total investments, were as follows:
<TABLE>
<CAPTION>
PERFORMANCE DIVIDEND
PLUS ADVANTAGE OPPORTUNITY ADVANTAGE
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Consumer Staples --% --% 4% --%
Education and Civic Organizations 5 -- 5 4
Healthcare 12 15 8 18
Housing/Multifamily 4 4 2 3
Housing/Single Family 10 12 3 4
Long-Term Care 1 2 1 3
Tax Obligation/General 12 7 20 18
Tax Obligation/Limited 16 11 15 18
Transportation 6 12 15 12
U.S. Guaranteed 17 11 11 --
Utilities 10 14 7 9
Water and Sewer 7 9 7 8
Other -- 3 2 3
--------------------------------------------------------------------------------------
100% 100% 100% 100%
======================================================================================
</TABLE>
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed by
an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest in
the event of default (62% for Performance Plus, 56% for Advantage, 38% for
Opportunity and 62% for Dividend Advantage).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
Financial Highlights
(Unaudited)
<PAGE>
FINANCIAL HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout
each period:
<TABLE>
<CAPTION>
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
----------------------------- ------------------------------------------------------------------
NET NET
NET INVESTMENT INVESTMENT CAPITAL CAPITAL
REALIZED/ INCOME TO INCOME TO GAINS TO GAINS TO
BEGINNING NET UNREALIZED COMMON PREFERRED COMMON PREFERRED
NET ASSET INVESTMENT INVESTMENT SHARE- SHARE- SHARE- SHARE-
VALUE INCOME GAIN (LOSS) TOTAL HOLDERS HOLDERS+ HOLDERS HOLDERS+ TOTAL
------------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE PLUS
Year Ended 10/31:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 (a) $13.69 $ .56 $ .05 $ .61 $ (.44) $(.14) $ -- $ -- $ (.58)
1999 15.43 1.12 (1.73) (.61) (.91) (.21) (.01) -- (1.13)
1998 15.22 1.19 .20 1.39 (.95) (.23) -- -- (1.18)
1997 15.07 1.24 .15 1.39 (1.00) (.24) -- -- (1.24)
1996 15.21 1.27 (.12) 1.15 (1.04) (.25) -- -- (1.29)
1995 14.40 1.32 .85 2.17 (1.08) (.28) -- -- (1.36)
<CAPTION>
ADVANTAGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 13.98 .64 -- .64 (.48) (.16) -- -- (.64)
1999 15.85 1.24 (1.85) (.61) (1.00) (.24) -- -- (1.24)
1998 15.68 1.24 .17 1.41 (1.00) (.24) -- -- (1.24)
1997 15.48 1.27 .21 1.48 (1.03) (.25) -- -- (1.28)
1996 15.57 1.29 (.07) 1.22 (1.05) (.26) -- -- (1.31)
1995 14.60 1.33 1.01 2.34 (1.09) (.28) -- -- (1.37)
<CAPTION>
OPPORTUNITY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 14.11 .63 (.12) .51 (.48) (.16) -- -- (.64)
1999 15.96 1.26 (1.83) (.57) (1.01) (.24) (.01) -- (1.26)
1998 15.85 1.25 .15 1.40 (1.01) (.24) (.03) (.01) (1.29)
1997 15.66 1.29 .20 1.49 (1.04) (.26) -- -- (1.30)
1996 15.77 1.30 (.10) 1.20 (1.05) (.26) -- -- (1.31)
1995 14.69 1.33 1.12 2.45 (1.09) (.28) -- -- (1.37)
<CAPTION>
DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 12.78 .57 .11 .68 (.44) (.15) -- -- (.59)
1999 (b) 14.33 .39 (1.47) (1.08) (.30) (.07) -- -- (.37)
====================================================================================================================================
<PAGE>
<CAPTION>
TOTAL RETURNS
-----------------------
ORGANIZATION
AND OFFERING
COSTS AND BASED
PREFERRED ENDING BASED ON
SHARE NET ENDING ON NET
UNDERWRITING ASSET MARKET MARKET ASSET
DISCOUNTS VALUE VALUE VALUE** VALUE**
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PERFORMANCE PLUS
Year Ended 10/31:
2000 (a) $(.01) $13.71 $11.8125 (5.35)% 3.41%
1999 -- 13.69 12.9375 (10.76) (5.63)
1998 -- 15.43 15.4375 9.48 7.87
1997 -- 15.22 15.0000 5.94 7.89
1996 -- 15.07 15.1250 6.17 6.15
1995 -- 15.21 15.2500 22.77 13.58
<CAPTION>
ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) -- 13.98 12.1875 (7.12) 3.48
1999 (.02) 13.98 13.6250 (8.16) (5.83)
1998 -- 15.85 15.8125 5.58 7.65
1997 -- 15.68 15.9375 12.57 8.20
1996 -- 15.48 15.1250 7.04 6.37
1995 -- 15.57 15.1250 20.69 14.62
<CAPTION>
OPPORTUNITY
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) -- 13.98 12.4375 (4.78) 2.56
1999 (.02) 14.11 13.5625 (9.18) (5.49)
1998 -- 15.96 15.9375 5.40 7.45
1997 -- 15.85 16.1250 13.01 8.12
1996 -- 15.66 15.2500 8.82 6.15
1995 -- 15.77 15.0000 21.98 15.30
<CAPTION>
DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) -- 12.87 12.3125 (6.41) 4.25
1999 (b) (.10) 12.78 13.6250 (7.29) (8.83)
==============================================================================================
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------
BEFORE CREDIT/REIMBURSEMENT
---------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
ENDING NET ASSETS NET ASSETS TOTAL TOTAL
NET APPLICABLE APPLICABLE NET ASSETS NET ASSETS
ASSETS TO COMMON TO COMMON INCLUDING INCLUDING
(000) SHARES++ SHARES++ PREFERRED++ PREFERRED++
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PERFORMANCE PLUS
Year Ended 10/31:
2000 (a) $1,265,529 1.18%* 8.19%* .77%* 5.35%*
1999 1,220,432 1.15 7.48 .79 5.16
1998 1,322,187 1.11 7.74 .77 5.38
1997 1,304,197 1.12 8.24 .77 5.69
1996 1,290,635 1.13 8.47 .78 5.83
1995 1,289,804 1.13 8.88 .78 6.08
<CAPTION>
ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 958,928 1.22* 9.15* .76* 5.73*
1999 958,923 1.16 8.12 .77 5.41
1998 975,410 1.12 7.84 .78 5.41
1997 962,058 1.14 8.23 .78 5.64
1996 951,656 1.14 8.37 .78 5.72
1995 954,277 1.15 8.80 .78 5.98
<CAPTION>
OPPORTUNITY
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 1,016,470 1.25* 9.05* .78* 5.67*
1999 1,022,643 1.15 8.18 .77 5.50
1998 1,021,207 1.09 7.88 .77 5.55
1997 1,011,202 1.10 8.25 .77 5.78
1996 1,000,987 1.10 8.29 .77 5.81
1995 1,005,798 1.10 8.70 .76 6.04
<CAPTION>
DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 798,470 1.23* 8.39* .78* 5.27*
1999 (b) 794,783 1.06* 6.10* .77* 4.41*
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------
AFTER CREDIT/REIMBURSEMENT***
----------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
NET ASSETS NET ASSETS TOTAL TOTAL
APPLICABLE APPLICABLE NET ASSETS NET ASSETS PORTFOLIO
TO COMMON TO COMMON INCLUDING INCLUDING TURNOVER
SHARES++ SHARES++ PREFERRED++ PREFERRED++ RATE
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PERFORMANCE PLUS
Year Ended 10/31:
2000 (a) 1.17%* 8.20%* .76%* 5.36%* 11%
1999 1.12 7.51 .77 5.18 30
1998 1.11 7.74 .77 5.38 23
1997 1.12 8.24 .77 5.69 12
1996 1.13 8.47 .78 5.83 15
1995 1.13 8.88 .78 6.08 7
<CAPTION>
ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 1.21* 9.16* .76* 5.73* 24
1999 1.16 8.12 .77 5.41 29
1998 1.12 7.84 .78 5.41 8
1997 1.14 8.23 .78 5.64 8
1996 1.14 8.37 .78 5.72 13
1995 1.15 8.80 .78 5.98 4
<CAPTION>
OPPORTUNITY
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) 1.23* 9.06* .77* 5.68* 24
1999 1.14 8.19 .77 5.50 31
1998 1.09 7.88 .77 5.55 13
1997 1.10 8.25 .77 5.78 20
1996 1.10 8.29 .77 5.81 19
1995 1.10 8.70 .76 6.04 13
<CAPTION>
DIVIDEND ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 10/31:
2000 (a) .74* 8.89* .46* 5.59* 15
1999 (b) .58* 6.58* .42* 4.76* 16
==================================================================================================
</TABLE>
* Annualized.
** Total Return on Market Value is the combination of reinvested dividend
income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if
any, and changes in net asset value per share. Total returns are not
annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended April 30, 2000.
(b) For the period May 26, 1999 (commencement of operations) through October
31, 1999.
<PAGE>
Build Your Wealth Automatically
Sidebar text: Nuveen offers a number of convenient ways to add to your portfolio
and earn the tax-free income you need to achieve your financial goals.
Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also potentially benefit from dollar-cost averaging, a
technique of investing at regular intervals, which allows you to build a
high-quality, tax-free portfolio conveniently and cost effectively over time.
Dollar-cost averaging does not ensure a profit, nor does it protect you against
loss in a declining market. Because such a plan involves continuous investment
regardless of fluctuating prices, investors should consider their financial
ability to continue purchases through periods of low price levels.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
Income or capital gains taxes may be payable on dividends or distributions that
are reinvested.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment advisor if the firm will
participate on your behalf. If not, it's easy to have the shares registered in
your name and to apply for a reinvestment account directly. Participants whose
shares are registered in the name of one firm may not be able to transfer the
shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
<PAGE>
Fund Information
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN, TRANSFER AGENT
AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 6-month period ended April 30, 2000. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors
FOR GENERATIONS
PHOTO OF:John Nuveen, Sr.
John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen to help them
grow and keep the money they've earned. Financial advisors, investors and their
families have associated Nuveen investments with quality, expertise and
dependability since 1898. That is why financial advisors have entrusted the
assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisors and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
To find out more about how Nuveen investment products and services can help you
preserve your financial security, talk with your financial advisor, or call us
at (800) 257-8787 for more information, including a prospectus where applicable.
Please read that information carefully before you invest.
John Nuveen & Co. Incorporated o 333 West Wacker Drive
Chicago, IL 60606 o www.nuveen.com
FSA-2-4-00
