As filed with the Securities and Exchange Commission on April 16, 2009 | File No. 333-157992 |
UNDER THE
SECURITIES ACT OF 1933
MUNICIPAL FUND
Chicago, Illinois 60606
(Address of Principal Executive Offices, Zip Code)
Vice President and Secretary
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Name and Address of Agent for Service)
David A. Sturms Vedder Price P.C. 222 North LaSalle Street Chicago, Illinois 60601 | Eric F. Fess Chapman and Cutler LLP 111 West Monroe Street Chicago, Illinois 60603 |
Title of Securities Being Registered | Amount Being | Proposed | Proposed | Amount of | ||||||||||||||||||
Registered (1) | Maximum | Maximum | Registration | |||||||||||||||||||
Offering | Aggregate | Fee (1)(3) | ||||||||||||||||||||
Price Per | Offering Price(1) | |||||||||||||||||||||
Unit(1)(2) | ||||||||||||||||||||||
Common Shares, $.01 Par Value Per Share | 4,250,000 Shares | $11.78 | $50,065,000.00 | (2) | $2,793.63 | |||||||||||||||||
Municipal Auction Rate Cumulative Preferred Shares, Series W2 | 1,160 Shares | $25,000.00 | $29,000,000.00 | $1,618.20 | ||||||||||||||||||
(1) | Estimated solely for the purpose of calculating the registration fee, pursuant to Rule 457(o) under the Securities Act of 1933. | |
(2) | Closing share price of common shares on April 14, 2009. | |
(3) | Transmitted prior to filing. A registration fee of $56.08 was previously paid in connection with the initial filing. | |
Q. | Why am I receiving this Proxy Statement/Prospectus? |
A. | The Board of Trustees of the Nuveen Insured Tax-Free Advantage Municipal Fund (the “National Fund”) and the Nuveen Insured Florida Tax-Free Advantage Municipal Fund (the “Florida Fund”) recently voted to recommend a merger of the Funds to shareholders. As a Fund shareholder, you are being asked to vote to approve this proposed merger at a special shareholders meeting to be held on May 15, 2009. |
Q. | Why has the Board of Trustees recommended merging the Florida Fund into the National Fund? | |
A. | This recommendation reflects various considerations, among them: (i) the price level at which the Florida Fund’s common shares have traded over time in relation to their underlying net asset value on an absolute basis as well as relative to other closed-end funds; (ii) prior efforts to enhance, over time, the secondary market for the Florida Fund’s common shares, including investment strategies aimed at increasing common net earnings as well as common share repurchases; and (iii) the repeal of Florida’s intangible personal property tax which eliminated the state tax benefit to a Florida resident of owning a Florida-specific portfolio of municipal bonds. The Board of Trustees believes the proposed merger is in the best interests of both the National Fund and the Florida Fund. | |
Q. | What are the proposed merger’s potential benefits to me as a Fund shareholder? | |
A. | The Board of Trustees believes the proposed merger offers the following potential benefits to National Fund and Florida Fund shareholders: |
• Lower fees and operating expenses per common share (excluding costs of leverage) from greater economies of scale as the combined fund’s size results in a lower management fee rate and allows fixed operating expenses to be spread over a larger asset base. |
• Enhanced relative investment performance from increased common net earnings as well as expanded opportunities for enhanced total returns over time from the combined fund’s larger asset base. |
• Improved secondary market trading as higher common net earnings and enhanced total returns over time may lead to higher common share market prices relative to net asset value, and the combined fund’s greater market liquidity may lead to narrower bid-ask spreads and smaller trade-to-trade price movements. |
• Expanded auction rate preferred securities (“ARPS”) refinancing opportunities because the combined fund’s larger asset base may increase its ability to refinance ARPS with tender option bonds. Through such refinancings the Fund seeks to provide liquidity at par for ARPS shareholders and to lower the relative cost of leverage over time for common shareholders. |
• Lower fees and operating expenses per common share (excluding costs of leverage) from greater economies of scale as the combined fund’s size results in a lower management fee rate and allows fixed operating expenses to be spread over a larger asset base. |
• Enhanced relative investment performance from increased common net earnings as well as expanded opportunities for enhanced total returns over time from a nationally-diversified portfolio and the combined fund’s larger asset base. |
• Continuity of investment strategy by maintaining the Fund’s use of leverage, which offers common shareholders the potential for higher monthly tax-exempt distributions and enhanced total returns on average over market cycles, at a time when the municipal yield spreads are particularly wide or attractive. |
• Improved secondary market trading as a national fund instead of a Florida-specific fund potential investor base is expected to promote higher common share market prices relative to net asset value, and the combined fund’s greater market liquidity may lead to narrower bid-ask spreads and smaller trade-to-trade price movements. |
• Expanded ARPS refinancing opportunities because greater portfolio diversification and the combined fund’s larger asset base may increase its ability to refinance ARPS with tender option bonds. Through such refinancings the Fund seeks to provide liquidity at par for ARPS shareholders and to lower the relative cost of leverage over time for common shareholders. |
Q. | Do the Funds have similar investment objectives and policies? | |
A. | Yes. The Funds have similar investment objectives and policies except for (i) the Florida Fund’s policy of concentrating its investment portfolio in Florida state-specific municipal securities in comparison to the National Fund’s policy of investing in a nationally diversified portfolio of municipal securities and (ii) the Florida Fund is a non-diversified management investment company while the National Fund is a diversified management investment company. | |
Q. | What specific proposals will I be asked to vote on in connection with the proposed merger? | |
A. | Depending on whether you are a National Fund or Florida Fund shareholder, you will be asked to vote on one or both of the following proposals: |
(i) | Approve Agreement and Plan of Reorganization (Both Funds). To approve an Agreement and Plan of Reorganization (the “Agreement”), pursuant to which the Florida Fund would (i) transfer all of its assets to the National Fund in exchange solely for National Fund common shares and Municipal Auction Rate Cumulative Preferred shares (“MuniPreferred”), Series W2, and the National Fund’s assumption of all the liabilities of Florida Fund, (ii) distribute such shares of the National Fund to the common shareholders and MuniPreferred, Series W, shareholders of the Florida Fund and (iii) be liquidated, dissolved and terminated in accordance with the Florida Fund’s Declaration of Trust (collectively, the “Reorganization”). |
(ii) | Approve Issuance of Common Shares (National Fund). To approve the issuance of additional National Fund common shares in connection with the Reorganization. |
Q. | How does the Board recommend that I vote? | |
A. | After careful consideration, the Board agreed unanimously that the Reorganization is in the best interests of the Funds and recommends that you vote “FOR” your Fund’s proposal(s). | |
Q. | Will Florida Fund shareholders receive new shares in exchange for their current shares? | |
A. | Yes. Upon approval of the Reorganization, common shareholders of the Florida Fund in exchange for their Fund shares will receive common shares of the National Fund of equivalent total value. Upon approval of the Reorganization, shareholders of the Florida Fund’s MuniPreferred, Series W, will receive in exchange one share of the National Fund’s MuniPreferred, Series W2, for each share of the Florida Fund’s MuniPreferred, Series W, held. | |
Q. | Is the Reorganization a taxable event for Florida Fund shareholders? | |
A. | No. The Reorganization is intended to qualify as a reorganization for federal income tax purposes. It is expected that you will recognize no gain or loss for federal income tax purposes as a result of the Reorganization. | |
Q. | What will happen if shareholders do not approve each proposal? | |
A. | If both proposals are not approved, the Reorganization will not occur. If the Reorganization does not occur, the Board will take such actions as it deems to be in the best interests of the Florida Fund based upon the Fund’s current circumstances and market conditions. | |
Q. | Will I have to pay any direct fees or expenses in connection with the Reorganization? |
A. | The Funds’ expenses associated with the Reorganization will be allocated between the Funds and paid out of the Funds’ net assets. Fund shareholders will indirectly bear the costs of the Reorganization. |
Q. | What is the timetable for the Reorganization? |
A. | If Fund shareholders approve each respective proposal at the special shareholders meeting on May 15, 2009, the Reorganization is expected to take effect on June 16, 2009 or as soon as practicable thereafter. |
Q. | Who do I call if I have questions? |
A. | If you need any assistance, or have any questions regarding the proposal or how to vote your shares, please call Georgeson Inc., your proxy solicitor, at (866) 963-6132, weekdays during its business hours of 7:00 a.m. to 7:00 p.m. Central time. Please have your proxy materials available when you call. |
Q. | How do I vote my shares? | |
A. | You may vote by mail, telephone or over the Internet: | |
• To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. | ||
• To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. | ||
• To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide. | ||
Q. | Will Nuveen contact me? | |
A. | You may receive a call to verify that you received your proxy materials and to answer any questions you may have about the Reorganization. |
NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND (NEA)
TO BE HELD ON MAY 15, 2009
• To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. | ||
• To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. | ||
• To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide. |
CHICAGO, ILLINOIS 60606
(800) 257-8787
NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND (NWF)
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NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND (NWF)
SUMMARY | 1 | |
Proposal 1: The Reorganization | 1 | |
Background and Reasons for the Reorganization | 1 | |
Certain Federal Income Tax Consequences of the Reorganization | 4 | |
Comparison of the Acquiring Fund and the Acquired Fund | 4 | |
Capitalization | 7 | |
Comparative Performance Information | 9 | |
Proposal 2: Issuance of Additional Acquiring Fund Common Shares | 10 | |
RISK FACTORS | 11 | |
Differences in Risks | 11 | |
Similarity of Risks | 14 | |
THE SPECIAL MEETING | 23 | |
General | 23 | |
Voting; Proxies | 24 | |
PROPOSAL NO. 1 — THE REORGANIZATION (SHAREHOLDERS OF EACH FUND) | 24 | |
General | 25 | |
Terms of the Reorganization | 25 | |
Reasons for the Reorganization | 27 | |
Votes Required | 30 | |
Description of Common Shares Issued by the Acquiring Fund | 30 | |
Comparison of Rights of Holders of Common Shares of the Acquiring Fund and the Acquired Fund | 33 | |
Description of MuniPreferred Issued by the Acquiring Fund | 33 | |
The Auction | 44 | |
Comparison of Rights of Holders of MuniPreferred of the Acquiring Fund and the Acquired Fund | 48 | |
Comparison of the Investment Objectives and Policies of the Acquiring Fund and the Acquired Fund | 48 | |
How the Funds Manage Risk | 61 | |
Certain Provisions in the Acquiring Fund’s Declaration of Trust and By-Laws | 65 | |
Expenses Associated with the Reorganization | 67 | |
Dissenting Shareholders’ Rights of Appraisal | 67 | |
Certain Federal Income Tax Consequences of the Reorganization | 67 |
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PROPOSAL NO. 2. — ISSUANCE OF ADDITIONAL ACQUIRING FUND COMMON SHARES (ACQUIRING FUND COMMON SHAREHOLDERS ONLY) | 69 | |
MANAGEMENT OF THE FUNDS | 70 | |
Board Members and Officers | 70 | |
Investment Adviser | 70 | |
Portfolio Management | 72 | |
ADDITIONAL INFORMATION ABOUT THE FUNDS | 73 | |
General History | 73 | |
Shareholders of the Acquiring Fund and the Acquired Fund | 75 | |
Repurchase of Common Shares; Conversion to Open-End Fund | 76 | |
Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption Agent | 77 | |
Federal Income Tax Matters Associated with Investment in the Funds | 77 | |
NET ASSET VALUE | 79 | |
LEGAL OPINIONS | 80 | |
EXPERTS | 80 | |
SHAREHOLDER PROPOSALS | 80 | |
GENERAL | 81 |
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• | the secondary market trading history of the Funds (i.e., the price level at which the Funds’ shares have traded over time in relation to their underlying net asset value on an absolute basis and as compared to other closed-end funds) and prior efforts to enhance the secondary market for the common shares of the Acquired Fund; | |
• | the elimination of the Florida intangibles tax; | |
• | the compatibility of the investment objectives, policies and strategies of the Funds; | |
• | the potential opportunities to refinance MuniPreferred; |
• | the relative fees and operating expense ratios of the Funds, including reimbursement of the Funds’ expenses agreed to by each Funds’ adviser; |
• | the investment performance of the Funds; | |
• | the anticipated tax-free nature of the Reorganization; | |
• | the expected costs of the Reorganization and the extent to which the Funds would bear any such costs; | |
• | the terms of the Reorganization and whether the Reorganization would dilute the interests of shareholders of the Funds; and | |
• | any potential benefits of the Reorganization to the adviser as a result of the Reorganization. |
• | Expected lower fees and operating expenses. After the Reorganization, the combined fund is expected to have lower fees and operating expenses per common share, excluding costs of leverage, than the Acquiring Fund and Acquired Fund from achieving greater economies of scale as the larger asset size of the combined fund is expected to |
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result in a lower management fee rate and allow for the fixed operating costs to be spread over a larger asset base. |
• | Enhanced relative investment performance. The combined fund is estimated to have an increase in common net earnings after the Reorganization compared to that of the Acquiring Fund and Acquired Fund and expected to have expanded opportunities for enhanced total returns due to the larger asset base (and in relation to the Acquired Fund, a nationally-diversified portfolio). | |
• | Improved secondary market trading. The estimated higher common net earnings, expected enhanced total returns over time, and the larger asset base of the combined fund after the Reorganization may lead to higher common share market prices relative to net asset value and the combined fund’s greater market liquidity may lead to narrower bid-ask spreads and smaller trade-to-trade price movements. In addition, with respect to the Acquired Fund, the Board of the Acquired Fund also considered that a broader potential investor base of a national fund may also promote a higher common share price to net asset value. | |
• | Expanded MuniPreferred refinancing opportunities. After the Reorganization, the larger asset size of the combined fund may increase the ability to refinance the MuniPreferred with tender option bonds (“TOBs”). The greater portfolio diversification of the Acquiring Fund compared to the Acquired Fund may also enhance the combined fund’s ability to refinance the MuniPreferred compared to that of the Acquired Fund. The Boards also considered that such refinancings may provide liquidity at par for MuniPreferred shareholders and lower the relative costs of leverage over time for common shareholders. | |
• | Continuity of investment objectives and strategies. The Boards considered the compatibility of the Funds’ investment objectives, policies and strategies except in relevant part, the Acquired Fund would invest primarily in municipal securities that pay interest exempt from an intangible personal property tax assessed by Florida on the value of stocks, bonds, other evidences of indebtedness and mutual fund shares. Florida repealed the intangible personal property tax in 2007 reducing the attractiveness of Florida bonds to investors formerly subject to the tax. Accordingly, a primary reason for the policy of the Acquired Fund to invest primarily in Florida municipal bonds was eliminated and the continuation of such policy is no longer necessary. With the Reorganization, the Acquired Fund common shareholders would be invested in a more diversified portfolio and their exposure to Florida obligations would decrease. In addition, both Funds have issued MuniPreferred to create leverage. Through the use of leverage, the Funds seek to enhance potential common share earnings over time by borrowing at short-term municipal rates and investing at long-term municipal rates which generally are higher. Although there are no assurances that the use of leverage will result in a higher yield or return to common shareholders, the Boards believe that the Acquiring Fund’s use of leverage would continue to provide Acquired Fund common shareholders with the potential for higher monthly tax-exempt distributions and enhanced total returns on average over market cycles at a time when the municipal yield spreads are particularly wide or attractive. In addition, as discussed in more detail above, the larger asset base of the combined fund may increase its ability to refinance MuniPreferred with TOBs. |
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Management Fee Schedule | ||||
Average Daily Net Assets | ||||
(including net assets attributable to preferred shares) | Rate | |||
Up to $125 million | 0.4500 | % | ||
$125 to $250 million | 0.4375 | % | ||
$250 to $500 million | 0.4250 | % | ||
$500 million to $1 billion | 0.4125 | % | ||
$1 billion to $2 billion | 0.4000 | % | ||
$2 billion and over | 0.3750 | % | ||
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Acquiring | Acquired | Combined Fund | ||||||||||
Credit Rating | Fund | Fund | Pro-Forma(1) | |||||||||
Aaa/AAA* | 38.5 | % | 43.8 | % | 39.0 | % | ||||||
Aa/AA | 32.8 | 36.7 | 34.4 | |||||||||
A/A | 20.3 | 15.3 | 19.0 | |||||||||
Baa/BBB | 7.4 | 1.8 | 6.3 | |||||||||
Unrated | 1.0 | 2.4 | 1.3 | |||||||||
TOTAL | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
* | Includes securities that are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
(1) | Reflects the effect of the Reorganization. |
Weighted Average Leverage | Weighted Average | |||||||
Fund | Adjusted Duration | Maturity | ||||||
Acquiring | 14.09 | 19.35 | ||||||
Acquired | 10.44 | 16.15 | ||||||
Combined Fund — Pro-Forma(1) | 13.45 | 18.79 | ||||||
(1) | Reflects the effect of the Reorganization. |
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Combined | ||||||||||||
Acquiring | Acquired | Fund | ||||||||||
Fund | Fund | Pro Forma(1) | ||||||||||
Preferred shares, $25,000 stated value per share, at liquidation value; 5,312 shares outstanding for Acquiring Fund; 1,160 shares outstanding for Acquired Fund; 6,472 shares outstanding for Combined Fund — Pro Forma | $ | 132,800,000 | $ | 29,000,000 | $ | 161,800,000 | ||||||
Common Shareholders’ Equity: | ||||||||||||
Common Shares, $.01 par value per share; 18,525,697 shares outstanding for Acquiring Fund; 3,882,373 shares outstanding for Acquired Fund; 22,462,644 shares outstanding for Combined Fund — Pro Forma | $ | 185,257 | $ | 38,824 | $ | 224,627 | (2) | |||||
Paid-in surplus | 261,630,932 | 54,746,905 | 316,117,291 | (3) | ||||||||
Undistributed (Over-distribution of) net investment income | (1,056,455 | ) | (167,111 | ) | (1,223,566 | ) | ||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (5,027,688 | ) | (1,458,697 | ) | (6,486,385 | ) | ||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | (26,656,634 | ) | (4,285,162 | ) | (30,941,796 | ) | ||||||
Net assets applicable to common shares | $ | 229,075,412 | $ | 48,874,759 | $ | 277,690,171 | ||||||
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding) | $ | 12.37 | $ | 12.59 | $ | 12.36 | ||||||
Authorized shares: | ||||||||||||
Common | Unlimited | Unlimited | Unlimited | |||||||||
Preferred | Unlimited | Unlimited | Unlimited | |||||||||
(1) | The adjusted balances are presented as if the Reorganization were effective as of October 31, 2008, for information purposes only. The actual closing date of the Reorganization is expected to be June 16, 2009, at which time the results would be reflective of the actual composition of shareholders’ equity at that date. |
(2) | Assumes the issuance of 3,936,947 Acquiring Fund Common Shares in exchange for the net assets of the Acquired Fund, which number is based on the net asset value of the Acquiring Fund Common Shares and the net asset value of the Acquired Fund Common Shares, as of October 31, 2008, after adjustment for the Reorganization costs referred to in (3) below. |
(3) | Includes the impact of estimated Reorganization costs of $260,000 which will be borne by the shareholders of the Acquiring Fund and the Acquired Fund ($55,000 and $205,000, respectively). |
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Average Annual Total Return | ||||||||||||||||||||||||||||||||
on Net Asset Value | Average Annual Total Return on Market Value | |||||||||||||||||||||||||||||||
One | Three | Five | Life of | One | Three | Five | Life of | |||||||||||||||||||||||||
Year | Years | Years | Fund | Year | Years | Years | Fund | |||||||||||||||||||||||||
Acquiring Fund | −11.74 | % | −1.04 | % | 1.43 | % | 2.95 | % | −23.51 | % | −3.07 | % | −2.20 | % | −0.46 | % | ||||||||||||||||
Acquired Fund | −6.61 | % | 0.48 | % | 2.41 | % | 3.22 | % | −18.93 | % | 5.12 | % | −3.91 | % | −1.83 | % | ||||||||||||||||
Combined Fund | ||||||||||||
Acquiring Fund | Acquired Fund | Pro-Forma | ||||||||||
10/31/08 | 4/30/08 | 10/31/08(2) | ||||||||||
Annual Expenses (as a percentage of net assets applicable to common shares) | ||||||||||||
Management Fees | ||||||||||||
Fund-Level Fees | 0.67 | % | 0.69 | % | 0.67 | % | ||||||
Complex-Level Fees | 0.29 | % | 0.28 | % | 0.29 | % | ||||||
Interest and Related Expenses from Inverse Floaters(3) | 0.06 | % | 0.00 | % | 0.05 | % | ||||||
Other Expenses | 0.24 | % | 0.27 | % | 0.23 | % | ||||||
Total Annual Expenses | 1.26 | % | 1.24 | % | 1.24 | % | ||||||
Less: Fee and Expenses Reimbursement(4) | −0.39 | % | 0.44 | % | 0.38 | % | ||||||
Net Annual Expenses | 0.87 | % | 0.80 | % | 0.86 | % | ||||||
Income Dividends on Preferred Shares | 1.91 | % | 1.89 | % | 1.93 | % | ||||||
Net Annual Expenses and Income Dividends on Preferred Shares(5) | 2.78 | % | 2.69 | % | 2.79 | % | ||||||
(1) | The Comparative Fee Table is presented as of each Fund’s fiscal year end (October 31, 2008 for the Acquiring Fund and April 30, 2008 for the Acquired Fund). The pro forma combined figures assume the consummation of the merger on October 31, 2008 and reflect average net asset levels for both the Acquiring Fund and Acquired Fund for the 12-month period ended October 31, 2008. It is important for you to understand that a decline in the Fund’s average net assets during the current fiscal year due to recent unprecedented market volatility or other factors could cause the Fund’s expense ratios for the Fund’s current fiscal year to be higher than the expense information presented. |
(2) | Pro forma expenses do not include the expenses to be borne by the Funds in connection with the Reorganization. See “Expenses Associated with the Reorganization” under “Proposal Number 1 -The Reorganization” for additional information about these expenses. |
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(3) | Interest expense arises because accounting rules require the Fund to treat interest paid by trusts issuing certain inverse floating rate investments held by the Fund as having been paid (indirectly) by the Fund. Because the Fund also recognizes a corresponding amount of interest income (also indirectly), the Fund’s common share net asset value, net investment income, and total return are not affected by this accounting treatment. The actual Interest and Related Expenses from Inverse Floaters incurred in the future may be higher or lower. |
(4) | NAM has contractually agreed to reimburse the Funds, as a percentage of average daily net assets (including net assets attributable to preferred shares), for fees and expenses in the following amounts: |
Year ending | ||||
November 30, | ||||
2007 | 0.32 | % | ||
2008 | 0.24 | % | ||
2009 | 0.16 | % | ||
2010 | 0.08 | % |
NAM has not agreed to reimburse the Funds for any portion of its fees and expenses beyond November 30, 2010. |
(5) | The Funds have an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on the Funds’ cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. The custodian fee credits for the time periods presented were 0.01%, 0.02%, and 0.01% for the Acquiring Fund, the Acquired Fund, and the Combined Fund Pro-Forma, respectively. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Acquiring Fund | $ | 30 | $ | 95 | $ | 163 | $ | 346 | ||||||||
Acquired Fund | $ | 30 | $ | 94 | $ | 161 | $ | 342 | ||||||||
Combined Fund — Pro-Forma | $ | 30 | $ | 95 | $ | 163 | $ | 346 | ||||||||
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22
23
(SHAREHOLDERS OF EACH FUND)
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• the secondary market trading history of the Funds (i.e., the price level at which the Funds’ shares have traded over time in relation to their underlying net asset value on an absolute basis and as compared to other closed-end funds) and prior efforts to enhance the secondary market for the common shares of the Acquired Fund; | ||
• the elimination of the Florida intangibles tax; | ||
• the compatibility of the investment objectives, policies and strategies of the Funds; | ||
• the potential opportunities to refinance MuniPreferred; |
• the relative fees and operating expense ratios of the Funds, including reimbursement the Funds’ expenses agreed to by NAM; |
• the investment performance of the Funds; | ||
• the anticipated tax-free nature of the Reorganization; | ||
• the expected costs of the Reorganization and the extent to which the Funds would bear any such costs; | ||
• the terms of the Reorganization and whether the Reorganization would dilute the interests of shareholders of the Funds; and | ||
• any potential benefits of the Reorganization to NAM as a result of the Reorganization. |
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32
33
34
35
36
37
38
39
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Value of Fund assets less liabilities not constituting senior securities | $ | 439,490,171 | ||||||||
= | = 272 | % | ||||||||
Senior securities representing indebtedness plus liquidation value of the shares of MuniPreferred | $ | 161,800,000 | ||||||||
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• | Hold Order — indicating its desire to hold shares of such series without regard to the Applicable Rate for shares of such series for the next Rate Period thereof. | |
• | Bid — indicating its desire to sell shares of such series at $25,000 per share if the Applicable Rate for shares of such series for the next Rate Period thereof is less than the rate specified in such Bid (also known as a hold-at-a-rate order). | |
• | Sell Order — indicating its desire to sell shares of such series at $25,000 per share without regard to the Applicable Rate for shares of such series for the next Rate Period thereof. |
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48
49
50
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1. | The transfer of all the assets of the Acquired Fund to the Acquiring Fund in exchange solely for Acquiring Fund shares and the assumption by the Acquiring Fund of all the liabilities of the Acquired Fund, followed by the pro rata distribution to the Acquired Fund shareholders of all the Acquiring Fund shares received by the Acquired Fund in complete liquidation of the Acquired Fund will constitute a “reorganization” within the meaning of Section 368(a) of the Code and the Acquiring Fund and the Acquired Fund will each be a “party to a reorganization,” within the meaning of Section 368(b) of the Code, with respect to the Reorganization. |
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2. | No gain or loss will be recognized by the Acquiring Fund upon the receipt of all the assets of the Acquired Fund solely in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of all the liabilities of the Acquired Fund. | |
3. | No gain or loss will be recognized by the Acquired Fund upon the transfer of all the Acquired Fund’s assets to the Acquiring Fund solely in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of all the liabilities of the Acquired Fund or upon the distribution (whether actual or constructive) of all such Acquiring Fund shares to the Acquired Fund shareholders solely in exchange for such shareholders’ shares of the Acquired Fund in complete liquidation of the Acquired Fund. | |
4. | No gain or loss will be recognized by the Acquired Fund shareholders upon the exchange of their Acquired Fund shares solely for Acquiring Fund shares in the Reorganization. | |
5. | The aggregate basis of the Acquiring Fund shares received by each Acquired Fund shareholder pursuant to the Reorganization will be the same as the aggregate basis of the Acquired Fund shares exchanged therefor by such shareholder. The holding period of the Acquiring Fund shares received by each Acquired Fund shareholder will include the period during which the Acquired Fund shares exchanged therefor were held by such shareholder, provided such Acquired Fund shares are held as capital assets at the time of the Reorganization. |
6. | The basis of the Acquired Fund’s assets acquired by the Acquiring Fund will be the same as the basis of such assets to the Acquired Fund immediately before the Reorganization. The holding period of the assets of the Acquired Fund in the hands of the Acquiring Fund will include the period during which those assets were held by the Acquired Fund. |
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(ACQUIRING FUND COMMON SHAREHOLDERS ONLY)
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Management Fee Schedule | ||||
Average Daily Net Assets | ||||
(including net assets attributable to preferred shares) | Rate | |||
Up to $125 million | 0.4500 | % | ||
$125 to $250 million | 0.4375 | % | ||
$250 to $500 million | 0.4250 | % | ||
$500 million to $1 billion | 0.4125 | % | ||
$1 billion to $2 billion | 0.4000 | % | ||
$2 billion and over | 0.3750 | % | ||
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Complex-Level Fee Rates | ||||
Effective Rate at | ||||
Complex-Level Asset Breakpoint Level(1) | Breakpoint Level | |||
$55 billion | 0.2000 | % | ||
$56 billion | 0.1996 | % | ||
$57 billion | 0.1989 | % | ||
$60 billion | 0.1961 | % | ||
$63 billion | 0.1931 | % | ||
$66 billion | 0.1900 | % | ||
$71 billion | 0.1851 | % | ||
$76 billion | 0.1806 | % | ||
$80 billion | 0.1773 | % | ||
$91 billion | 0.1691 | % | ||
$125 billion | 0.1599 | % | ||
$200 billion | 0.1505 | % | ||
$250 billion | 0.1469 | % | ||
$300 billion | 0.1445 | % | ||
(1) | The complex-level fee is based on the aggregate daily managed net assets (as defined in the Nuveen Funds’ investment management agreements with NAM, which generally include assets attributable to any preferred shares that may be outstanding and any borrowings (including the issuance of commercial paper or notes)) of the Nuveen funds. The complex-level fee was based on approximately $53.6 billion as of December 31, 2008. |
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(4) | ||||||||||||
(3) | Shares Outstanding | |||||||||||
(1) | (2) | Shares Held by Fund | Exclusive of Shares | |||||||||
Title of Class | Shares Authorized | for its Own Account | Shown Under(3) | |||||||||
Acquiring Fund: | ||||||||||||
Common shares | Unlimited | — | 18,506,397 | |||||||||
Preferred shares | Unlimited | — | 5,312 | |||||||||
Acquired Fund: | ||||||||||||
Common shares | Unlimited | — | 3,863,473 | |||||||||
Preferred shares | Unlimited | — | 1,160 | |||||||||
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Acquiring Fund | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 12.10 | 8.75 | 13.54 | 11.13 | –7 | % | –21 | % | ||||||||||||||||
October 2008 | 13.67 | 8.18 | 14.39 | 11.13 | –4 | % | –31 | % | ||||||||||||||||
July 2008 | 14.50 | 12.82 | 14.60 | 13.91 | 0 | % | –11 | % | ||||||||||||||||
April 2008 | 15.17 | 13.40 | 14.92 | 13.59 | 4 | % | –6 | % | ||||||||||||||||
January 2008 | 15.00 | 13.24 | 15.09 | 14.48 | 1 | % | –10 | % | ||||||||||||||||
October 2007 | 15.04 | 13.49 | 14.84 | 14.20 | 4 | % | –6 | % | ||||||||||||||||
July 2007 | 15.09 | 14.33 | 14.91 | 14.37 | 3 | % | –2 | % | ||||||||||||||||
April 2007 | 15.78 | 14.45 | 15.07 | 14.76 | 6 | % | –3 | % | ||||||||||||||||
January 2007 | 15.05 | 14.28 | 15.12 | 14.77 | 0 | % | –5 | % | ||||||||||||||||
Acquired Fund | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 11.36 | 8.20 | 13.80 | 11.90 | –15 | % | –31 | % | ||||||||||||||||
October 2008 | 12.13 | 8.10 | 14.08 | 11.53 | –12 | % | –35 | % | ||||||||||||||||
July 2008 | 12.86 | 11.97 | 14.30 | 13.68 | –9 | % | –15 | % | ||||||||||||||||
April 2008 | 13.20 | 12.14 | 14.61 | 13.42 | –8 | % | –13 | % | ||||||||||||||||
January 2008 | 13.31 | 12.21 | 14.75 | 14.05 | –9 | % | –15 | % | ||||||||||||||||
October 2007 | 13.55 | 12.76 | 14.41 | 13.79 | –5 | % | –11 | % | ||||||||||||||||
July 2007 | 13.78 | 13.13 | 14.59 | 14.02 | –3 | % | –7 | % | ||||||||||||||||
April 2007 | 14.45 | 13.49 | 14.73 | 14.44 | –2 | % | –8 | % | ||||||||||||||||
January 2007 | 13.58 | 13.31 | 14.82 | 14.46 | –7 | % | –10 | % | ||||||||||||||||
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Amount of | Percentage | |||||||||
Fund and Class | Shareholder Name and Address | Shares Owned | Owned | |||||||
Insured Tax-Free Advantage Municipal Fund (NEA) — Auction Rate Preferred Shares | Citigroup Global Markets Inc.(a) 388 Greenwich Street New York, NY 10013 | 485 | 9.1 | % | ||||||
Citigroup Financial Products Inc.(a) 88 Greenwich Street New York, NY 10013 | ||||||||||
Citigroup Global Markets Holdings Inc.(a) 88 Greenwich Street New York, NY 10013 | ||||||||||
Citigroup Inc.(a) 399 Park Avenue New York, NY 10043 | ||||||||||
Royal Bank of Canada(b) 200 Bay Street Toronto, Ontario M5J2J5 Canada | 291 | 5.5 | % | |||||||
RBC Capital Markets(b) One Liberty Plaza 165 BroadwayNew York, NY 10006 | ||||||||||
Insured Florida Tax Free Advantage Municipal Fund (NWF) — Auction Rate Preferred Shares | Citigroup Global Markets Inc.(a) 388 Greenwich Street New York, NY 10013 | 213 | 18.4 | % | ||||||
Citigroup Financial Products Inc.(a) 88 Greenwich Street New York, NY 10013 | ||||||||||
Citigroup Global Markets Holdings Inc.(a) 88 Greenwich Street New York, NY 10013 | ||||||||||
Citigroup Inc.(a) 399 Park Avenue New York, NY 10043 | ||||||||||
Bank of America Corporation(c) 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 | 64 | 5.5 | % | |||||||
Blue Ridge Investments, L.L.C.(c) 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 |
* | The information contained in this table is based on Schedule 13G filings made on or before April 1, 2009. |
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(a) | Citigroup Global Markets Inc., Citigroup Financial Products Inc., Citigroup Global Markets Holdings Inc. and Citigroup Inc. filed their Schedule 13G jointly and did not differentiate holdings as to each entity. |
(b) | Royal Bank of Canada and RBC Capital Markets filed their Schedule 13G jointly and did not differentiate holdings as to each entity. |
(c) | Bank of America Corporation and Blue Ridge Investments, L.L.C. filed their schedule 13G jointly and did not differentiate holdings as to each entity. |
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A-16
NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary | ||
NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary |
A-17
FINANCIAL HIGHLIGHTS
Year Ended October 31, | ||||||||||||||||||||||||
Per Share Operating Performance | 2008 | 2007 | 2006 | 2005 | 2004 | 2003(a) | ||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.71 | $ | 14.93 | $ | 14.56 | $ | 14.75 | $ | 14.54 | $ | 14.33 | ||||||||||||
Investment Operations: | ||||||||||||||||||||||||
Net Investment Income | 0.95 | 0.97 | 0.97 | 0.97 | 0.99 | 0.82 | ||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (2.31 | ) | (0.21 | ) | 0.38 | (0.19 | ) | 0.21 | 0.42 | |||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.27 | ) | (0.27 | ) | (0.24 | ) | (0.15 | ) | (0.07 | ) | (0.05 | ) | ||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | — | — | — | — | — | — | ||||||||||||||||||
Total | (1.63 | ) | 0.49 | 1.11 | 0.63 | 1.13 | 1.19 | |||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.71 | ) | (0.71 | ) | (0.74 | ) | (0.81 | ) | (0.92 | ) | (0.78 | ) | ||||||||||||
Capital Gains to Common Shareholders | — | — | — | (0.01 | ) | (0.01 | ) | — | ||||||||||||||||
Total | (0.71 | ) | (0.71 | ) | (0.74 | ) | (0.82 | ) | (0.93 | ) | (0.78 | ) | ||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | 0.01 | (0.20 | ) | |||||||||||||||||
Ending Common Share Net Asset Value | $ | 12.37 | $ | 14.71 | $ | 14.93 | $ | 14.56 | $ | 14.75 | $ | 14.54 | ||||||||||||
Ending Market Value | $ | 11.40 | $ | 14.30 | $ | 14.35 | $ | 13.41 | $ | 14.91 | $ | 14.79 | ||||||||||||
Total Returns: | ||||||||||||||||||||||||
Based on Market Value* | (15.97 | )% | 4.59 | % | 12.82 | % | (4.68 | )% | 7.41 | % | 3.87 | % | ||||||||||||
Based on Common Share Net Asset Value* | (11.56 | )% | 3.35 | % | 7.82 | % | 4.33 | % | 8.07 | % | 6.98 | % |
B-1
Year Ended October 31, | ||||||||||||||||||||||||
Per Share Operating Performance | 2008 | 2007 | 2006 | 2005 | 2004 | 2003(a) | ||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 229,075 | $ | 272,391 | $ | 276,506 | $ | 269,614 | $ | 273,112 | $ | 269,112 | ||||||||||||
Ratios to Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||
Before Credit/Reimbursement††: | ||||||||||||||||||||||||
Expenses Including Interest(b) | 1.26 | % | 1.19 | % | 1.19 | % | 1.19 | % | 1.20 | % | 1.12 | %*** | ||||||||||||
Expenses Excluding Interest(b) | 1.19 | % | 1.17 | % | 1.19 | % | 1.19 | % | 1.20 | % | 1.12 | %*** | ||||||||||||
Net Investment Income | 6.27 | % | 6.04 | % | 6.12 | % | 6.06 | % | 6.24 | % | 5.52 | %*** | ||||||||||||
Ratios to Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||
After Credit/Reimbursement††**: | ||||||||||||||||||||||||
Expenses Including Interest(b) | 0.86 | % | 0.69 | % | 0.69 | % | 0.70 | % | 0.71 | % | 0.65 | %*** | ||||||||||||
Expenses Excluding Interest(b) | 0.80 | % | 0.67 | % | 0.69 | % | 0.70 | % | 0.71 | % | 0.65 | %*** | ||||||||||||
Net Investment Income | 6.67 | % | 6.54 | % | 6.61 | % | 6.55 | % | 6.73 | % | 6.00 | %*** | ||||||||||||
Portfolio Turnover Rate | 8 | % | 6 | % | 0 | % | 1 | % | 13 | % | 72 | % | ||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 132,800 | $ | 144,000 | $ | 144,000 | $ | 144,000 | $ | 144,000 | $ | 144,000 | ||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||
Asset Coverage Per Share | $ | 68,124 | $ | 72,290 | $ | 73,005 | $ | 71,808 | $ | 72,415 | $ | 71,721 | ||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
** | After custodian fee credit and expense reimbursement, where applicable. | |
*** | Annualized. | |
† | 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 period November 21, 2002 (commencement of operations) through October 31, 2003. | |
(b) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities, in the Fund’s annual report. |
B-2
Year Ended April 30, | ||||||||||||||||||||||||||||
2009(a) | Year Ended June 30, | |||||||||||||||||||||||||||
Per Share Operating Performance | (unaudited) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003(c) | |||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.15 | $ | 14.56 | $ | 14.07 | $ | 14.76 | $ | 13.78 | $ | 14.75 | $ | 14.33 | ||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||||
Net Investment Income | 0.44 | 0.90 | 0.75 | 0.90 | 0.90 | 0.93 | 0.40 | |||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (1.55 | ) | (0.41 | ) | 0.50 | (0.71 | ) | 0.98 | (0.99 | ) | 0.70 | |||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.14 | ) | (0.27 | ) | (0.21 | ) | (0.19 | ) | (0.10 | ) | (0.05 | ) | (0.03 | ) | ||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | (1.25 | ) | 0.22 | 1.04 | — | 1.78 | (0.11 | ) | 1.07 | |||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.31 | ) | (0.63 | ) | (0.55 | ) | (0.69 | ) | (0.80 | ) | (0.86 | ) | (0.43 | ) | ||||||||||||||
Capital Gains to Common Shareholders | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | (0.31 | ) | (0.63 | ) | (0.55 | ) | (0.69 | ) | (0.80 | ) | (0.86 | ) | (0.43 | ) | ||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | (0.22 | ) | ||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 12.59 | $ | 14.15 | $ | 14.56 | $ | 14.07 | $ | 14.76 | $ | 13.78 | $ | 14.75 | ||||||||||||||
Ending Market Value | $ | 10.25 | $ | 12.59 | $ | 13.69 | $ | 13.37 | $ | 14.26 | $ | 12.94 | $ | 15.87 | ||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||
Based on Market Value* | (16.37 | )% | (3.45 | )% | 6.65 | % | (1.43 | )% | 16.62 | % | (13.56 | )% | 8.82 | % | ||||||||||||||
Based on Common Share Net Asset Value* | (8.95 | )% | 1.61 | % | 7.46 | % | 0.03 | % | 13.18 | % | (0.79 | )% | 6.08 | % |
B-3
Year Ended April 30, | ||||||||||||||||||||||||||||
2009(a) | Year Ended June 30, | |||||||||||||||||||||||||||
Per Share Operating Performance | (unaudited) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003(c) | |||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 48,875 | $ | 54,926 | $ | 56,546 | $ | 54,625 | $ | 57,296 | $ | 53,504 | $ | 57,223 | ||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||||||
Before Credit/Reimbursement††: | ||||||||||||||||||||||||||||
Expenses Including Interest(d) | 1.29 | %*** | 1.24 | % | 1.25 | %*** | 1.26 | % | 1.24 | % | 1.25 | % | 1.15 | %*** | ||||||||||||||
Expenses Excluding Interest(d) | 1.29 | %*** | 1.24 | % | 1.25 | %*** | 1.26 | % | 1.24 | % | 1.25 | % | 1.15 | %*** | ||||||||||||||
Net Investment Income | 6.03 | %*** | 5.89 | % | 5.73 | %*** | 5.77 | % | 5.77 | % | 6.04 | % | 4.18 | %*** | ||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement††**: | ||||||||||||||||||||||||||||
Expenses Including Interest(d) | 0.90 | %*** | 0.78 | % | 0.76 | %*** | 0.76 | % | 0.75 | % | 0.74 | % | 0.67 | %*** | ||||||||||||||
Expenses Excluding Interest(d) | 0.90 | %*** | 0.78 | % | 0.76 | %*** | 0.76 | % | 0.75 | % | 0.74 | % | 0.67 | %*** | ||||||||||||||
Net Investment Income | 6.42 | %*** | 6.35 | % | 6.23 | %*** | 6.27 | % | 6.26 | % | 6.56 | % | 4.66 | %*** | ||||||||||||||
Portfolio Turnover Rate | 1 | % | 29 | % | 2 | % | 5 | % | 7 | % | 130 | % | 46 | % | ||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 29,000 | $ | 29,000 | $ | 29,000 | $ | 29,000 | $ | 29,000 | $ | 29,000 | $ | 29,000 | ||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||
Asset Coverage Per Share | $ | 67,133 | $ | 72,350 | $ | 73,746 | $ | 72,090 | $ | 74,393 | $ | 71,124 | $ | 74,330 | ||||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
** | After custodian fee credit and expense reimbursement, where applicable. | |
*** | Annualized. | |
† | 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 October 31, 2008. | |
(b) | For the ten months ended April 30, 2007. | |
(c) | For the period November 21, 2002 (commencement of operations) through June 30, 2003. | |
(d) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities, in the Fund’s annual report. |
B-4
www.nuveen.com | XXX0609 |
(the “Florida Fund” or the “Acquired Fund”)
(the “National Fund” or the “Acquiring Fund” and, together with the Florida Fund, the “Funds” and
each a “Fund”)
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(1) | Under normal circumstances, invest less than 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a portfolio of securities the income from which is exempt from both regular federal income tax and the federal alternative minimum tax applicable to individuals; |
(1) | Under normal circumstances, invest less than 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investments that pay interest that is exempt from regular federal income tax and the federal alternative minimum tax applicable to individuals, and that are exempt from the Florida intangible personal property tax; |
(2) | Issue senior securities, as defined in the Investment Company Act of 1940, other than MuniPreferred shares, except to the extent permitted under the Investment Company Act of 1940 and except as otherwise described in the [the Fund’s] Prospectus; | ||
(3) | Borrow money, except from banks for temporary or emergency purposes or for repurchase of its shares, and then only in an amount not exceeding one-third of the value |
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of the Fund’s total assets (including the amount borrowed) less the Fund’s liabilities (other than borrowings); |
(4) | Act as underwriter of another issuer’s securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933 in connection with the purchase and sale of portfolio securities; | ||
(5) | Invest more than 25% of its total assets in securities of issuers in any one industry; provided, however, that such limitation shall not apply to municipal bonds other than those municipal bonds backed only by the assets and revenues of non-governmental users; | ||
(6) | Purchase or sell real estate, but this shall not prevent the Fund from investing in municipal bonds secured by real estate or interests therein or foreclosing upon and selling such security; | ||
(7) | Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the Fund from purchasing or selling options, futures contracts, derivative instruments or from investing in securities or other instruments backed by physical commodities); | ||
(8) | Make loans, other than by entering into repurchase agreements and through the purchase of municipal bonds or short-term investments in accordance with its investment objectives, policies and limitations; and |
(9) | Purchase any securities (other than obligations issued or guaranteed by the United States Government or by its agencies or instrumentalities), if as a result more than 5% of the Fund’s total assets would then be invested in securities of a single issuer or if as a result would then be invested in securities of a single issuer or if as a result the Fund would hold more than 10% of the outstanding voting securities of any single issuer; provided that, with respect to 50% of the Fund’s assets, the Fund may invest up to 25% of its assets in the securities if any are issued. |
(9) | Purchase any securities (other than obligations issued or guaranteed by the United States Government or by its agencies or instrumentalities), if as a result more than 5% of the Fund’s total assets would then be invested in securities of a single issuer or if as a result would then be invested in securities of a single issuer or if as a result the Fund would hold more than 10% of the outstanding voting securities of any single issuer; provided that, with respect to 50% of the Fund’s assets, the Fund may invest up to 25% of its assets in the securities of any one issuer. |
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Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
Independent Trustees: | ||||||||||||
Robert P. Bremner 333 West Wacker Drive Chicago, IL 60606 (8/22/40) | Chairman of the Board and Trustee | Class III Length of service-Since 1996; Chairman of the Board since 2008; Lead Independent Director (2005-2008) | Private Investor and Management Consultant. | 193 | N/A |
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Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
Jack B. Evans 333 West Wacker Drive Chicago, IL 60606 (10/22/48) | Trustee | Class III Length of service- Since 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazettte Companies; Life Trustee of Coe College and Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of Iowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 193 | See Principal Occupation description |
22
Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
William C. Hunter 333 West Wacker Drive Chicago, IL 60606 (3/6/48) | Trustee | Annual Length of service-Since 2004 | Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; formerly, Director (1997-2007), Credit Research Center at Georgetown University; formerly, Director, SS&C Technologies, Inc. (May 2005-October 2005); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003). | 193 | See Principal Occupation description |
23
Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
David J. Kundert 333 West Wacker Drive Chicago, IL 60606 (10/28/42) | Trustee | Class II Length of service-Since 2005 | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Bank One Corporation and Chairman and CEO, Banc One Investment Management Group; Member of the Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; Member of Investment Committee, Greater Milwaukee Foundation. | 193 | See Principal Occupation description | |||||||
William J. Schneider 333 West Wacker Drive Chicago, IL 60606 (9/24/44) | Trustee | Annual Length of service-Since 1996 | Chairman, of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; Member, University of Dayton Business School Advisory Council; Member, Dayton Philharmonic Orchestra Board; formerly, Director, Dayton Development Coalition; formerly, Member, Business Advisory Council, Cleveland Federal Reserve Bank. | 193 | See Principal Occupation description | |||||||
Judith M. Stockdale 333 West Wacker Drive Chicago, IL 60606 (12/29/47) | Trustee | Class I Length of service- Since 1997 | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 193 | N/A |
24
Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
Carole E. Stone 333 West Wacker Drive Chicago, IL 60606 (6/28/47) | Trustee | Class I Length of service- Since 2007 | Director, Chicago Board Options Exchange (since 2006); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | 193 | See Principal Occupation description |
25
Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
Terence J. Toth 333 West Wacker Drive Chicago, IL 60606 (9/29/59) | Trustee | Class II Length of service-Since 2008 | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Musso Capital Management (Since 2008); Private Investor (since 2007); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (since 2004); Chicago Fellowship Board (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong | 193 | N/A | |||||||
Board (1997-2004). |
26
Number of | ||||||||||||
Portfolios | ||||||||||||
Term of Office | in Fund | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Complex | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | Overseen | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | by Trustee | Trustee | |||||||
Interested Trustee: | ||||||||||||
John P. Amboian* 333 West Wacker Drive Chicago, IL 60606 (6/14/61) | Trustee | Class II Length of service-Since 2008 | Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Rittenhouse Asset Management, Nuveen Investments Advisors, Inc.; formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.** | 193 | See Principal Occupation description |
* | Mr. Amboian is an “interested person” of the Trust, as defined in the 1940 Act, by reason of his positions with Nuveen Investments, Inc. (“Nuveen Investments”) and certain of its subsidiaries. | |
** | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into NAM, effective January 1, 2005. |
27
Number of | ||||||||||
Portfolios | ||||||||||
in Fund | ||||||||||
Position(s) | Term of Office and | Complex | ||||||||
Name, Business | Held with | Length of Time | Principal Occupation(s) | Overseen | ||||||
Address and Birthdate | Funds | Served with Funds | During Past Five Years | by Officer | ||||||
Officers of the Funds: | ||||||||||
Gifford R. Zimmerman 333 West Wacker Drive Chicago, IL 60606 (9/9/56) | Chief Administrative Officer | Term-Until July 2009-Length of Service-Since 1988 | Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002) and Assistant Secretary and Associate General Counsel of Nuveen Asset Management; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002); Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of Tradewinds Global Investors, LLC and Santa Barbara Asset Management, LLC (since 2006), and Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.*; Chartered Financial Analyst. | 193 | ||||||
Williams Adams IV 333 West Wacker Drive Chicago, IL 60606 (6/9/55) | Vice President | Term-Until July 2009-Length of Service-Since 2007 | Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC (since 1999), prior thereto, Managing Director of Structured Investments. | 121 |
28
Number of | ||||||||||
Portfolios | ||||||||||
in Fund | ||||||||||
Position(s) | Term of Office and | Complex | ||||||||
Name, Business | Held with | Length of Time | Principal Occupation(s) | Overseen | ||||||
Address and Birthdate | Funds | Served with Funds | During Past Five Years | by Officer | ||||||
Mark J.P. Anson 333 West Wacker Drive Chicago, IL 60606 (6/10/59) | Vice President | Term-Until July 2009- Length of Service-Since 2009 | President and Executive Director of Nuveen Investments, Inc. (since 2007); President of Nuveen Investments Institutional Services Group LLC (since 2007); previously, Chief Executive Officer of the British Telecomm Pension Scheme (2006-2007) and Chief Investment Officer of Calpers (1999-2006); PhD, Chartered Financial Analyst, Chartered Alternative Investment Analyst, Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor. | 193 | ||||||
Cedric H. Antosiewicz 333 West Wacker Drive Chicago, IL 60606 (1/11/62) | Vice President | Term-Until July 2009- Length of Service-Since 2007 | Managing Director (since 2004), previously, Vice President (1993-2004) of Nuveen Investments LLC. | 121 | ||||||
Nizida Arriaga 333 West Wacker Drive Chicago, IL 60606 (6/1/68) | Vice President | Term-Until July 2009- Length of Service-Since 2009 | Vice President of Nuveen Investments, LLC (since 2007); previously, Portfolio Manager, Allstate Investments, LLC (1996-2006); Chartered Financial Analyst. | 193 | ||||||
Michael T. Atkinson 333 West Wacker Drive Chicago, IL 60606 (2/3/66) | Vice President | Term-Until July 2009- Length of Service-Since inception | Vice President of Nuveen Investments, LLC (since 2002) and Nuveen Asset Management (since 2005). | 193 | ||||||
Margo L. Cook 333 West Wacker Drive Chicago, IL 60606 (4/11/64) | Vice President | Term-Until July 2009- Length of Service-Since 2009 | Executive Vice President (since Oct 2008) of Nuveen Investments, Inc.; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Mgt (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | 193 | ||||||
Lorna C. Ferguson 333 West Wacker Drive Chicago, IL 60606 (10/24/45) | Vice President | Term-Until July 2009- Length of Service-Since 1998 | Managing Director (since 2004), formerly, Vice President of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005), formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.* | 193 | ||||||
Stephen D. Foy 333 West Wacker Drive Chicago, IL 60606 (5/31/54) | Vice President and Controller | Term-Until July 2009- Length of Service-Since 1993 | Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; Vice President (since 2005) of Nuveen Asset Management; formerly, Vice President and Funds Controller of Nuveen Investments, Inc. (1998-2004); Certified Public Accountant. | 193 | ||||||
29
Number of | ||||||||||
Portfolios | ||||||||||
in Fund | ||||||||||
Position(s) | Term of Office and | Complex | ||||||||
Name, Business | Held with | Length of Time | Principal Occupation(s) | Overseen | ||||||
Address and Birthdate | Funds | Served with Funds | During Past Five Years | by Officer | ||||||
William T. Huffman 333 West Wacker Drive Chicago, IL 60606 (5/7/69) | Vice President | Term-Until July 2009- Length of Service-Since 2009 | Chief Operating Officer, Municipal Fixed Income (since 2008) of Nuveen Asset Management; previously, Chairman, President and Chief Executive Officer (2002-2007) of Northern Trust Global Advisors, Inc. and Chief Executive Officer (2007) of Northern Trust Global Investments Limited; CPA. | 193 | ||||||
Walter M. Kelly 333 West Wacker Drive Chicago, IL 60606 (2/24/70) | Chief Compliance Officer and Vice President | Term-Until July 2009- Length of Service-Since 2003 | Senior Vice President (since 2008), formerly, Vice President, formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Senior Vice President (since 2008) and Assistant Secretary (since 2003), formerly, Vice President (2006-2008) of Nuveen Asset Management; previously, Assistant Vice President and Assistant Secretary of the Nuveen Funds (2003-2006). | 193 | ||||||
David J. Lamb 333 West Wacker Drive Chicago, IL 60606 (3/22/63) | Vice President | Term-Until July 2009- Length of Service-Since 2000 | Vice President of Nuveen Investments, LLC (since 2000) and Nuveen Asset Management (since 2005); Certified Public Accountant. | 193 | ||||||
Tina M. Lazar 333 West Wacker Drive Chicago, IL 60606 (8/27/61) | Vice President | Term-Until July 2009-Length of Service-Since 2002 | Vice President of Nuveen Investments, LLC (since 1999) and Nuveen Asset Management (since 2005). | 193 | ||||||
Larry W. Martin 333 West Wacker Drive Chicago, IL 60606 (7/27/51) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 1988 | Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC and Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.* | 193 |
30
Number of | ||||||||||
Portfolios | ||||||||||
in Fund | ||||||||||
Position(s) | Term of Office and | Complex | ||||||||
Name, Business | Held with | Length of Time | Principal Occupation(s) | Overseen | ||||||
Address and Birthdate | Funds | Served with Funds | During Past Five Years | by Officer | ||||||
Kevin J. McCarthy 333 West Wacker Drive Chicago, IL 60606 (3/26/66) | Vice President and Secretary | Term-Until July 2009- Length of Service-Since 2007 | Managing Director (since 2008), formerly, Vice President (2007-2008) of Nuveen Investments, LLC; Managing Director (since 2008) and Assistant Secretary (since 2007) of Nuveen Asset Management, Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc.; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | 193 | ||||||
John V. Miller 333 West Wacker Drive Chicago, IL 60606 (4/10/67) | Vice President | Term-Until July 2009-Length of Service-Since 2007 | Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst. | 193 | ||||||
Gregory Mino 333 West Wacker Drive Chicago, IL 60606 (1/4/71) | Vice President | Term-Until July 2009- Length of Service-Since 2009 | Vice President of Nuveen Investments, LLC (since 2008); previously, Director (2004-2007) and Executive Director (2007-2008) of UBS Global Asset Management; previously, Vice President (2000-2003) and Director (2003-2004) of Merrill Lynch Investment Managers; Chartered Financial Analyst. | 193 | ||||||
Christopher M. Rohrbacher 333 West Wacker Drive Chicago, IL 60606 (8/1/71) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 2008 | Vice President and Assistant Secretary of Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary of Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008) | 193 |
31
Number of | ||||||||||
Portfolios | ||||||||||
in Fund | ||||||||||
Position(s) | Term of Office and | Complex | ||||||||
Name, Business | Held with | Length of Time | Principal Occupation(s) | Overseen | ||||||
Address and Birthdate | Funds | Served with Funds | During Past Five Years | by Officer | ||||||
James F. Ruane 333 West Wacker Drive Chicago, IL 60606 (7/3/62) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 2007 | Vice President of Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant. | 193 | ||||||
Mark L. Winget 333 West Wacker Drive Chicago, IL 60606 (12/21/68) | Vice President and Assistant Secretary | Term-Until July 2009-Length of Service-Since 2008 | Vice President and Assistant Secretary of Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary of Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007). | 193 |
* | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into NAM, effective January 1, 2005. |
32
33
Aggregate Dollar Range | |||||||||||||
of Equity Securities in | |||||||||||||
Dollar Range | Dollar Range | All Registered | |||||||||||
of Equity | of Equity | Investment Companies | |||||||||||
Securities in | Securities in | Overseen by Trustee in | |||||||||||
the Acquiring | the Acquired Fund | Family of Investment | |||||||||||
Name of Trustee | Fund | Fund | Companies | ||||||||||
John M. Amboian | None | None | Over $100,000 | ||||||||||
Robert P. Bremner | None | None | Over $100,000 | ||||||||||
Jack B. Evans | None | None | Over $100,000 | ||||||||||
William C. Hunter | None | None | Over $100,000 | ||||||||||
David J. Kundert | None | None | Over $100,000 | ||||||||||
William S. Schneider | None | None | Over $100,000 | ||||||||||
Judith M. Stockdale | None | None | Over $100,000 | ||||||||||
Carole E. Stone | None | None | $ | 10,001 - $50,000 | |||||||||
Terence J. Toth | None | None | Over $100,000 |
34
Aggregate | Aggregate | Total Compensation | ||||||||||
Compensation | Compensation | from Funds and | ||||||||||
from Acquiring Fund(1) | from Acquired Fund(1) | Fund Complex(2) | ||||||||||
Robert P. Bremner | $ | 1,241 | $ | 260 | $ | 216,138 | ||||||
Jack B. Evans | 1,069 | 245 | 189,578 | |||||||||
William C. Hunter | 700 | 204 | 120,659 | |||||||||
David J. Kundert | 693 | 234 | 128,240 | |||||||||
William J. Schneider | 856 | 240 | 140,917 | |||||||||
Judith M. Stockdale | 913 | 220 | 160,362 | |||||||||
Carole E. Stone | 984 | 204 | 171,750 | |||||||||
Terence J. Toth(3) | 155 | — | 28,695 |
(1) | Includes deferred fees. Pursuant to a deferred compensation agreement with the Funds, deferred amounts are treated as though an equivalent dollar amount has been invested in shares of one or more eligible Nuveen funds. Total deferred fees for the Funds (including the return from the assumed investment in the eligible Nuveen funds) payable are: | |
Deferred Fees | ||||||||
Acquiring Fund | Acquired Fund | |||||||
Robert P. Bremner | $ | 131 | $ | — | ||||
Jack B. Evans | 196 | — | ||||||
William C. Hunter | 700 | — | ||||||
David J. Kundert | 693 | — | ||||||
William J. Schneider | 856 | — | ||||||
Judith M. Stockdale | 235 | — | ||||||
Carole E. Stone | — | — | ||||||
Terence J. Toth | 155 | — |
(2) | Based on the compensation paid (including any amounts deferred) for the one year period ending December 31, 2008 for services to the Nuveen open-end and closed-end funds. | |
(3) | Mr. Toth was appointed to the Board of Trustees of the Nuveen Funds, effective July 1, 2008. | |
35
36
Number of | ||||||||
Type of Account Managed | Accounts | Assets* | ||||||
Registered Investment Company | 15 | $11.34 billion | ||||||
Other Pooled Investment Vehicles | 0 | $0 | ||||||
Other Accounts | 1 | $0.86 million |
* | None of the assets in these accounts are subject to an advisory fee based on performance. |
Number of | ||||||||
Type of Account Managed | Accounts | Assets* | ||||||
Registered Investment Company | 26 | $5.81 billion | ||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | |||||
Other Accounts | 3 | $0.17 million |
* | None of the assets in these accounts are subject to an advisory fee based on performance. |
37
Acquiring Fund | 10/31/2008 | 10/31/2007 | 10/31/2006 | |||||||||||||
Gross Advisory Fees | $ | 2,527,989.00 | $ | 2,586,861.00 | $ | 2,593,376.00 | ||||||||||
Waiver | $ | 1,000,082.00 | $ | 1,335,598.00 | $ | 1,328,639.00 | ||||||||||
Net Advisory Fees | $ | 1,527,907.00 | $ | 1,251,263.00 | $ | 1,264,737.00 | ||||||||||
Acquired Fund | 4/30/2008 | 4/30/2007* | 6/30/2006 | 6/30/2005 | ||||||||||||
Gross Advisory Fees | $ | 534,685.00 | $ | 451,598.00 | $ | 543,254.00 | $ | 547,057.00 | ||||||||
Waiver | $ | 241,661.00 | $ | 227,529.00 | $ | 271,873.00 | $ | 267,193.00 | ||||||||
Net Advisory Fees | $ | 293,024.00 | $ | 224,069.00 | $ | 271,381.00 | $ | 279,864.00 |
* | For the ten months ended 4/30/2007 |
38
39
40
41
42
\
43
44
45
46
47
Municipal Fund (NWF) into Nuveen Insured Tax-Free Advantage Municipal Fund (NEA)
Pro Forma Portfolio of Investments (Unaudited)
October 31, 2008
Principal Amount (000) | Value | |||||||||||||||||||||||||||||||||||
National Fund | Florida Fund | Combined Fund | Optional Call | National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||
(Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||
Alabama — 7.8% (4.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||
$ | 1,000 | $ | — | $ | 1,000 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB) | 11/16 at 100.00 | Aa1 | $ | 826,500 | $ | — | $ | 826,500 | ||||||||||||||||||||||
5,655 | — | 5,655 | Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27 | 6/13 at 101.00 | Baa3 | 4,670,973 | — | 4,670,973 | ||||||||||||||||||||||||||||
3,100 | — | 3,100 | Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22 (Pre-refunded 5/14/12) — MBIA Insured | 5/12 at 102.00 | AA (4) | 3,343,815 | — | 3,343,815 | ||||||||||||||||||||||||||||
6,280 | — | 6,280 | Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D, 5.000%, 2/01/32 (Pre-refunded 8/01/12) — FGIC Insured | 8/12 at 100.00 | AAA | 6,707,794 | — | 6,707,794 | ||||||||||||||||||||||||||||
1,750 | — | 1,750 | Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/01/21 — AMBAC Insured | 5/12 at 101.00 | AA | 1,750,000 | — | 1,750,000 | ||||||||||||||||||||||||||||
4,500 | — | 4,500 | Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 — AMBAC Insured | 7/13 at 100.00 | Aa3 | 4,412,565 | — | 4,412,565 | ||||||||||||||||||||||||||||
22,285 | — | 22,285 | Total Alabama | 21,711,647 | — | 21,711,647 | ||||||||||||||||||||||||||||||
Arizona — 4.6% (2.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||
10,000 | — | 10,000 | Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service Company — Palo Verde Project, Series 2002A, 5.050%, 5/01/29 — AMBAC Insured | 11/12 at 100.00 | AA | 8,305,200 | — | 8,305,200 | ||||||||||||||||||||||||||||
6,545 | — | 6,545 | Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 — FGIC Insured | No Opt. Call | AA | 4,372,060 | — | 4,372,060 | ||||||||||||||||||||||||||||
16,545 | — | 16,545 | Total Arizona | 12,677,260 | — | 12,677,260 | ||||||||||||||||||||||||||||||
California — 20.5% (12.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||
250 | — | 250 | California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 — SYNCORA GTY Insured | 4/12 at 100.00 | A1 | 236,765 | — | 236,765 | ||||||||||||||||||||||||||||
5 | — | 5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 — AMBAC Insured | 4/14 at 100.00 | AA | 4,625 | — | 4,625 | ||||||||||||||||||||||||||||
7,495 | — | 7,495 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AAA | 8,120,158 | — | 8,120,158 | ||||||||||||||||||||||||||||
26,300 | — | 26,300 | California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 — AMBAC Insured | 12/12 at 100.00 | AA | 23,721,021 | — | 23,721,021 | ||||||||||||||||||||||||||||
2,910 | — | 2,910 | Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 — MBIA Insured | 8/12 at 102.00 | AA | 2,730,511 | — | 2,730,511 | ||||||||||||||||||||||||||||
250 | — | 250 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 147,625 | — | 147,625 | ||||||||||||||||||||||||||||
— | 1,685 | 1,685 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 | 6/22 at 100.00 | BBB | — | 685,795 | 685,795 | ||||||||||||||||||||||||||||
2,000 | — | 2,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 0.891%, 6/01/35 — FGIC Insured (IF) | 6/15 at 100.00 | A | 88,840 | — | 88,840 | ||||||||||||||||||||||||||||
2,500 | — | 2,500 | Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 — AMBAC Insured | 9/13 at 100.00 | AA | 2,297,950 | — | 2,297,950 | ||||||||||||||||||||||||||||
4,000 | — | 4,000 | Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28 — FGIC Insured | 8/11 at 101.00 | A+ | 3,683,640 | — | 3,683,640 | ||||||||||||||||||||||||||||
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A: | ||||||||||||||||||||||||||||||||||||
1,130 | — | 1,130 | 5.250%, 6/01/19 — AMBAC Insured | 6/13 at 101.00 | AA | 1,127,311 | — | 1,127,311 | ||||||||||||||||||||||||||||
1,255 | — | 1,255 | 5.250%, 6/01/21 — AMBAC Insured | 6/13 at 101.00 | AA | 1,219,283 | — | 1,219,283 | ||||||||||||||||||||||||||||
1,210 | — | 1,210 | Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 — AMBAC Insured | 3/13 at 100.00 | AA | 1,167,892 | — | 1,167,892 | ||||||||||||||||||||||||||||
3,750 | — | 3,750 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 — MBIA Insured | 8/13 at 100.00 | AA | 3,423,975 | — | 3,423,975 | ||||||||||||||||||||||||||||
1,500 | — | 1,500 | San Diego Community College District, California, General Obligation Bonds, Series 2003A, 5.000%, 5/01/28 — FSA Insured | 5/13 at 100.00 | AAA | 1,447,470 | — | 1,447,470 | ||||||||||||||||||||||||||||
1,055 | — | 1,055 | Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 — MBIA Insured | 1/13 at 100.00 | AA | 994,105 | — | 994,105 | ||||||||||||||||||||||||||||
6,300 | — | 6,300 | University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 — AMBAC Insured (UB) | 5/13 at 100.00 | Aa1 | 5,713,407 | — | 5,713,407 |
48
Principal Amount (000) | Value | |||||||||||||||||||||||||||||||||||
National Fund | Florida Fund | Combined Fund | Optional Call | National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||
(Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||
61,910 | 1,685 | 63,595 | Total California | 56,124,578 | 685,795 | 56,810,373 | ||||||||||||||||||||||||||||||
Colorado — 6.2% (3.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003: | ||||||||||||||||||||||||||||||||||||
4,300 | — | 4,300 | 5.500%, 12/01/23 — FSA Insured | 12/13 at 100.00 | AAA | 4,356,760 | — | 4,356,760 | ||||||||||||||||||||||||||||
3,750 | — | 3,750 | 5.500%, 12/01/28 — FSA Insured | 12/13 at 100.00 | AAA | 3,751,463 | — | 3,751,463 | ||||||||||||||||||||||||||||
1,450 | — | 1,450 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 — SYNCORA GTY Insured | 8/14 at 100.00 | A | 1,382,532 | — | 1,382,532 | ||||||||||||||||||||||||||||
8,250 | — | 8,250 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 6.761%, 10/01/41 — FSA Insured (IF) | 4/18 at 100.00 | AAA | 6,593,400 | — | 6,593,400 | ||||||||||||||||||||||||||||
3,000 | — | 3,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 — MBIA Insured | No Opt. Call | AA | 655,350 | — | 655,350 | ||||||||||||||||||||||||||||
2,900 | — | 2,900 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 — MBIA Insured | No Opt. Call | AA | 471,134 | — | 471,134 | ||||||||||||||||||||||||||||
23,650 | — | 23,650 | Total Colorado | 17,210,639 | — | 17,210,639 | ||||||||||||||||||||||||||||||
District of Columbia — 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||
665 | — | 665 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 — AMBAC Insured (IF) | 10/16 at 100.00 | AA | 312,623 | — | 312,623 | ||||||||||||||||||||||||||||
Florida — 28.2% (17.8% of Total Investments) | ||||||||||||||||||||||||||||||||||||
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 — AMBAC Insured | ||||||||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | Clay County, Florida, Utility System Revenue Bonds, Series 2007: | 9/15 at 100.00 | Aa3 | — | 915,680 | 915,680 | ||||||||||||||||||||||||||||
— | 1,500 | 1,500 | 5.000%, 11/01/27 — SYNCORA GTY Insured | 11/17 at 100.00 | AAA | — | 1,419,030 | 1,419,030 | ||||||||||||||||||||||||||||
— | 3,000 | 3,000 | 5.000%, 11/01/32 — SYNCORA GTY Insured | 11/17 at 100.00 | AAA | — | 2,707,980 | 2,707,980 | ||||||||||||||||||||||||||||
— | 400 | 400 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 — MBIA Insured | 10/14 at 100.00 | AA | — | 387,316 | 387,316 | ||||||||||||||||||||||||||||
— | 1,000 | 1,000 | Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 — AMBAC Insured | 10/12 at 101.00 | AA | — | 1,028,580 | 1,028,580 | ||||||||||||||||||||||||||||
— | 2,000 | 2,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 — FSA Insured (5) | 10/12 at 100.00 | AAA | — | 1,853,460 | 1,853,460 | ||||||||||||||||||||||||||||
— | 2,105 | 2,105 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 — FSA Insured (5) | 10/13 at 100.00 | AAA | — | 2,148,089 | 2,148,089 | ||||||||||||||||||||||||||||
— | 1,525 | 1,525 | Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 — FGIC Insured | 9/13 at 100.00 | AA | — | 1,396,092 | 1,396,092 | ||||||||||||||||||||||||||||
— | 500 | 500 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 — MBIA Insured | 10/15 at 100.00 | AA | — | 441,115 | 441,115 | ||||||||||||||||||||||||||||
— | 480 | 480 | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | — | 510,610 | 510,610 | ||||||||||||||||||||||||||||
2,500 | — | 2,500 | Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 0.054%, 6/01/38 — AGC Insured (IF) | 6/18 at 101.00 | AAA | 1,530,900 | — | 1,530,900 | ||||||||||||||||||||||||||||
— | 2,240 | 2,240 | FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 — AMBAC Insured | No Opt. Call | AA | — | 2,350,298 | 2,350,298 | ||||||||||||||||||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | — | 795,360 | 795,360 | ||||||||||||||||||||||||||||
— | 350 | 350 | 5.500%, 6/01/38 — FSA Insured | 6/18 at 100.00 | AAA | — | 307,143 | 307,143 | ||||||||||||||||||||||||||||
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D: | ||||||||||||||||||||||||||||||||||||
— | 180 | 180 | 5.000%, 11/15/35 (Pre-refunded 11/15/15) — MBIA Insured | 11/15 at 100.00 | A1 | (4) | — | 192,861 | 192,861 | |||||||||||||||||||||||||||
— | 1,300 | 1,300 | 5.000%, 11/15/35 — MBIA Insured | 11/15 at 100.00 | AA | — | 1,111,708 | 1,111,708 | ||||||||||||||||||||||||||||
— | 3,500 | 3,500 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13) | 11/13 at 100.00 | N/R | (4) | — | 3,826,791 | 3,826,791 | |||||||||||||||||||||||||||
— | 1,500 | 1,500 | Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 — MBIA Insured | 7/13 at 100.00 | AA | — | 1,400,940 | 1,400,940 | ||||||||||||||||||||||||||||
— | 2,270 | 2,270 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 — FGIC Insured | 10/12 at 100.00 | AA+ | — | 2,283,325 | 2,283,325 | ||||||||||||||||||||||||||||
— | 2,265 | 2,265 | Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 — AMBAC Insured | 10/12 at 100.00 | AA | — | 2,207,378 | 2,207,378 | ||||||||||||||||||||||||||||
— | 1,730 | 1,730 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 — AMBAC Insured | 10/14 at 100.00 | AA | — | 1,685,920 | 1,685,920 | ||||||||||||||||||||||||||||
— | 500 | 500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 — MBIA Insured | 4/17 at 100.00 | AA | — | 416,565 | 416,565 |
49
Principal Amount (000) | Value | |||||||||||||||||||||||||||||||||||
National Fund | Florida Fund | Combined Fund | Optional Call | National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||
(Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||
— | 100 | 100 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 — FSA Insured | 7/18 at 100.00 | AAA | — | 88,095 | 88,095 | ||||||||||||||||||||||||||||
— | 3,000 | 3,000 | Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 — MBIA Insured | 10/13 at 100.00 | AA | — | 2,834,970 | 2,834,970 | ||||||||||||||||||||||||||||
— | 2,000 | 2,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 — FGIC Insured | 10/09 at 101.00 | A+ | — | 1,853,120 | 1,853,120 | ||||||||||||||||||||||||||||
— | 500 | 500 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2008B, 5.250%, 10/01/22 — FSA Insured | No Opt. Call | AAA | — | 497,535 | 497,535 | ||||||||||||||||||||||||||||
— | 1,985 | 1,985 | North Miami, Florida, Educational Facilities Revenue Refunding Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/19 — SYNCORA GTY Insured | 4/13 at 100.00 | BBB- | — | 1,853,633 | 1,853,633 | ||||||||||||||||||||||||||||
— | 500 | 500 | North Port, Florida, Utility System Revenue Bonds, Series 2000, 5.000%, 10/01/25 (Pre-refunded 10/01/10) — FSA Insured | 10/10 at 101.00 | Aaa | — | 528,640 | 528,640 | ||||||||||||||||||||||||||||
— | 2,000 | 2,000 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 — FGIC Insured | 1/13 at 100.00 | AA | — | 2,030,940 | 2,030,940 | ||||||||||||||||||||||||||||
— | 1,500 | 1,500 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 — FGIC Insured | 1/13 at 100.00 | AA | — | 1,355,820 | 1,355,820 | ||||||||||||||||||||||||||||
— | 3,370 | 3,370 | Osceola County School Board, Florida, Certificates of Participation, Series 2002A, 5.125%, 6/01/20 (Pre-refunded 6/01/12) — AMBAC Insured | 6/12 at 101.00 | Aa3 (4) | — | 3,597,273 | 3,597,273 | ||||||||||||||||||||||||||||
— | 3,335 | 3,335 | Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 — MBIA Insured | 10/14 at 100.00 | AA | — | 3,371,985 | 3,371,985 | ||||||||||||||||||||||||||||
— | 1,095 | 1,095 | Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 — MBIA Insured | 10/14 at 100.00 | AA | — | 1,107,144 | 1,107,144 | ||||||||||||||||||||||||||||
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D: | ||||||||||||||||||||||||||||||||||||
— | 2,670 | 2,670 | 5.000%, 8/01/28 — FSA Insured | 8/12 at 100.00 | AAA | — | 2,452,902 | 2,452,902 | ||||||||||||||||||||||||||||
— | 1,950 | 1,950 | 5.250%, 8/01/20 (Pre-refunded 8/01/12) — FSA Insured | 8/12 at 100.00 | AAA | — | 2,099,975 | 2,099,975 | ||||||||||||||||||||||||||||
— | 2,000 | 2,000 | Palm Beach Gardens, Florida, Special Obligation Revenue Bonds, Series 2004, 5.000%, 5/01/20 — AMBAC Insured | 2/13 at 100.00 | AA | — | 1,994,800 | 1,994,800 | ||||||||||||||||||||||||||||
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003: | ||||||||||||||||||||||||||||||||||||
3,000 | — | 3,000 | 5.500%, 11/15/27 (Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (4) | 3,284,010 | — | 3,284,010 | ||||||||||||||||||||||||||||
— | 2,800 | 2,800 | 5.750%, 11/15/27 (Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (4) | — | 3,094,392 | 3,094,392 | ||||||||||||||||||||||||||||
— | 2,115 | 2,115 | Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 — MBIA Insured | 9/13 at 100.00 | AA | — | 2,048,124 | 2,048,124 | ||||||||||||||||||||||||||||
— | 1,000 | 1,000 | Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 — MBIA Insured | 7/17 at 100.00 | AA | — | 840,440 | 840,440 | ||||||||||||||||||||||||||||
— | 1,500 | 1,500 | Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002, 5.000%, 5/01/23 — MBIA Insured | 5/12 at 100.00 | AA | — | 1,424,295 | 1,424,295 | ||||||||||||||||||||||||||||
— | 500 | 500 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 — FSA Insured | 7/17 at 100.00 | Aaa | — | 438,925 | 438,925 | ||||||||||||||||||||||||||||
— | 1,500 | 1,500 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) | 2/13 at 100.00 | Aaa | — | 1,615,470 | 1,615,470 | ||||||||||||||||||||||||||||
— | 1,730 | 1,730 | St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 — AMBAC Insured | 10/14 at 100.00 | AA | — | 1,616,322 | 1,616,322 | ||||||||||||||||||||||||||||
— | 4,000 | 4,000 | St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 — FSA Insured | 7/14 at 100.00 | AAA | — | 3,771,440 | 3,771,440 | ||||||||||||||||||||||||||||
— | 1,000 | 1,000 | Vista Lakes Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A2, 5.000%, 5/01/34 — RAAI Insured | 5/17 at 100.00 | A3 | — | 760,830 | 760,830 | ||||||||||||||||||||||||||||
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003: | ||||||||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 5.200%, 10/15/26 — RAAI Insured | 10/13 at 100.00 | A3 | — | 834,580 | 834,580 | ||||||||||||||||||||||||||||
— | 1,250 | 1,250 | 5.200%, 10/15/33 — RAAI Insured | 10/13 at 100.00 | A3 | — | 982,588 | 982,588 | ||||||||||||||||||||||||||||
— | 1,500 | 1,500 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2005, 5.000%, 10/15/35 — RAAI Insured | 10/15 at 100.00 | A3 | — | 1,122,510 | 1,122,510 | ||||||||||||||||||||||||||||
5,500 | 76,245 | 81,745 | Total Florida | 4,814,910 | 73,602,989 | 78,417,899 | ||||||||||||||||||||||||||||||
Georgia — 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||
1,410 | — | 1,410 | DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 — FSA Insured | 10/16 at 100.00 | AAA | 1,317,123 | — | 1,317,123 | ||||||||||||||||||||||||||||
3,825 | — | 3,825 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) — MBIA Insured | 1/13 at 100.00 | AA+ (4) | 4,096,805 | — | 4,096,805 | ||||||||||||||||||||||||||||
5,235 | — | 5,235 | Total Georgia | 5,413,928 | — | 5,413,928 | ||||||||||||||||||||||||||||||
Illinois — 3.0% (1.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: | ||||||||||||||||||||||||||||||||||||
3,285 | — | 3,285 | 5.125%, 12/01/20 — FSA Insured | 12/14 at 100.00 | Aaa | 3,327,114 | — | 3,327,114 |
50
Principal Amount (000) | Value | |||||||||||||||||||||||||||||||||||
National Fund | Florida Fund | Combined Fund | Optional Call | National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||
(Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||
2,940 | — | 2,940 | 5.125%, 12/01/23 — FSA Insured | 12/14 at 100.00 | Aaa | 2,945,204 | — | 2,945,204 | ||||||||||||||||||||||||||||
2,500 | — | 2,500 | Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23 | 7/13 at 100.00 | A- | 2,159,275 | — | 2,159,275 | ||||||||||||||||||||||||||||
8,725 | — | 8,725 | Total Illinois | 8,431,593 | — | 8,431,593 | ||||||||||||||||||||||||||||||
Indiana — 9.1% (5.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||
2,500 | — | 2,500 | Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 — AMBAC Insured | 7/13 at 100.00 | AA | 2,372,675 | — | 2,372,675 | ||||||||||||||||||||||||||||
2,190 | — | 2,190 | Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 8/01/19 — MBIA Insured | 8/13 at 100.00 | AA | 2,110,262 | — | 2,110,262 | ||||||||||||||||||||||||||||
1,860 | — | 1,860 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 — MBIA Insured | 1/17 at 100.00 | AA | 1,519,601 | — | 1,519,601 | ||||||||||||||||||||||||||||
1,000 | — | 1,000 | Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 — FGIC Insured | 8/13 at 100.00 | Aa1 | 995,010 | — | 995,010 | ||||||||||||||||||||||||||||
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003: | ||||||||||||||||||||||||||||||||||||
11,020 | — | 11,020 | 5.000%, 7/15/19 (Pre-refunded 7/15/13) — MBIA Insured | 7/13 at 100.00 | AA (4) | 11,830,740 | — | 11,830,740 | ||||||||||||||||||||||||||||
6,000 | — | 6,000 | 5.000%, 7/15/20 (Pre-refunded 7/15/13) — MBIA Insured | 7/13 at 100.00 | AA (4) | 6,441,420 | — | 6,441,420 | ||||||||||||||||||||||||||||
24,570 | — | 24,570 | Total Indiana | 25,269,708 | — | 25,269,708 | ||||||||||||||||||||||||||||||
Kansas — 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||
5,000 | — | 5,000 | Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 — AMBAC Insured | 4/13 at 102.00 | AA | 4,975,000 | — | 4,975,000 | ||||||||||||||||||||||||||||
Kentucky — 0.5% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||
985 | — | 985 | Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) — MBIA Insured | 8/13 at 100.00 | AA (4) | 1,061,072 | — | 1,061,072 | ||||||||||||||||||||||||||||
Louisiana — 1.9% (1.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||
5,785 | — | 5,785 | New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 — FGIC Insured | 12/12 at 100.00 | Baa3 | 5,267,011 | — | 5,267,011 | ||||||||||||||||||||||||||||
Massachusetts — 0.5% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||
1,125 | — | 1,125 | Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.125%, 9/01/23 | 9/13 at 100.00 | A1 | 1,086,930 | — | 1,086,930 | ||||||||||||||||||||||||||||
Michigan — 10.3% (6.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||
6,130 | — | 6,130 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) — MBIA Insured | 7/13 at 100.00 | AA (4) | 6,597,658 | — | 6,597,658 | ||||||||||||||||||||||||||||
4,465 | — | 4,465 | Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 — MBIA Insured | 7/13 at 100.00 | AA | 4,198,975 | — | 4,198,975 | ||||||||||||||||||||||||||||
1,000 | — | 1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | AA | 856,950 | — | 856,950 | ||||||||||||||||||||||||||||
10,800 | — | 10,800 | Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32 — SYNCORA GTY Insured | 12/12 at 100.00 | Baa1 | 8,827,920 | — | 8,827,920 | ||||||||||||||||||||||||||||
2,250 | — | 2,250 | Romulus Community Schools, Wayne County, Michigan, General Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25 | 5/11 at 100.00 | AA- | 2,230,403 | — | 2,230,403 | ||||||||||||||||||||||||||||
6,500 | — | 6,500 | Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 — MBIA Insured | 12/11 at 101.00 | AA | 6,016,660 | — | 6,016,660 | ||||||||||||||||||||||||||||
31,145 | — | 31,145 | Total Michigan | 28,728,566 | — | 28,728,566 | ||||||||||||||||||||||||||||||
Missouri — 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||
240 | — | 240 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 — FSA Insured | 3/14 at 100.00 | AAA | 241,090 | — | 241,090 | ||||||||||||||||||||||||||||
215 | — | 215 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/23 — FSA Insured | 3/14 at 100.00 | AAA | 216,473 | — | 216,473 | ||||||||||||||||||||||||||||
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004: | ||||||||||||||||||||||||||||||||||||
1,110 | — | 1,110 | 5.250%, 3/01/23 (Pre-refunded 3/01/14) — FSA Insured | 3/14 at 100.00 | AAA | 1,204,716 | — | 1,204,716 | ||||||||||||||||||||||||||||
1,260 | — | 1,260 | 5.250%, 3/01/24 (Pre-refunded 3/01/14) — FSA Insured | 3/14 at 100.00 | AAA | 1,367,516 | — | 1,367,516 | ||||||||||||||||||||||||||||
2,825 | — | 2,825 | Total Missouri | 3,029,795 | — | 3,029,795 | ||||||||||||||||||||||||||||||
Nebraska — 1.7% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||
5,000 | — | 5,000 | Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%, 6/15/28 — MBIA Insured | 6/13 at 100.00 | AA+ | 4,753,700 | — | 4,753,700 | ||||||||||||||||||||||||||||
New Mexico — 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||
1,975 | 1,975 | New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 — AMBAC Insured | 4/14 at 100.00 | AA | 2,003,914 | — | 2,003,914 | |||||||||||||||||||||||||||||
New York — 9.1% (5.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||
20 | — | 20 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Driver Trust 1649, 2006, 4.745%, 2/15/47 — MBIA Insured (IF) | 2/17 at 100.00 | AA | 8,238 | — | 8,238 |
51
Principal Amount (000) | Value | |||||||||||||||||||||||||||||||||||
National Fund | Florida Fund | Combined Fund | Optional Call | National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||
(Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||
1,960 | — | 1,960 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | AA | 1,394,873 | — | 1,394,873 | ||||||||||||||||||||||||||||
25,000 | — | 25,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 — MBIA Insured | 11/12 at 100.00 | AA | 21,956,499 | — | 21,956,499 | ||||||||||||||||||||||||||||
1,850 | — | 1,850 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 — FSA Insured (UB) | 3/15 at 100.00 | AAA | 1,817,459 | — | 1,817,459 | ||||||||||||||||||||||||||||
28,830 | — | 28,830 | Total New York | 25,177,069 | — | 25,177,069 | ||||||||||||||||||||||||||||||
North Carolina — 2.3% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||
8,700 | — | 8,700 | North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.375%, 10/01/33 — RAAI Insured | 10/13 at 100.00 | BBB+ | 6,434,172 | — | 6,434,172 | ||||||||||||||||||||||||||||
Ohio — 0.9% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||||||||||||||||||||
70 | — | 70 | 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 54,866 | — | 54,866 | ||||||||||||||||||||||||||||
710 | — | 710 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | 497,717 | — | 497,717 | ||||||||||||||||||||||||||||
685 | — | 685 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 456,210 | — | 456,210 | ||||||||||||||||||||||||||||
1,570 | — | 1,570 | 5.875%, 6/01/47 | 6/17 at 100.00 | BBB | 982,208 | — | 982,208 | ||||||||||||||||||||||||||||
3,035 | — | 3,035 | Total Ohio | 1,991,001 | — | 1,991,001 | ||||||||||||||||||||||||||||||
Oklahoma — 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||
1,000 | — | 1,000 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 — AMBAC Insured | 7/15 at 100.00 | AA | 967,230 | — | 967,230 | ||||||||||||||||||||||||||||
Oregon — 2.5% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||
8,350 | — | 8,350 | Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 — MBIA Insured | 1/13 at 100.00 | AA | 7,045,814 | — | 7,045,814 | ||||||||||||||||||||||||||||
Pennsylvania — 7.1% (4.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||
3,000 | — | 3,000 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13) | 8/13 at 100.00 | AAA | 3,282,540 | — | 3,282,540 | ||||||||||||||||||||||||||||
2,000 | — | 2,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 — FSA Insured (UB) | 8/13 at 100.00 | AAA | 1,736,980 | — | 1,736,980 | ||||||||||||||||||||||||||||
925 | — | 925 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 — AMBAC Insured (ETM) | 12/08 at 101.00 | AAA | 945,239 | — | 945,239 | ||||||||||||||||||||||||||||
13,000 | — | 13,000 | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) — FSA Insured | 6/13 at 100.00 | AAA | 13,872,689 | — | 13,872,689 | ||||||||||||||||||||||||||||
18,925 | — | 18,925 | Total Pennsylvania | 19,837,448 | — | 19,837,448 | ||||||||||||||||||||||||||||||
Puerto Rico — 0.7% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) — FSA Insured | 7/12 at 101.00 | AAA | — | 1,089,660 | 1,089,660 | ||||||||||||||||||||||||||||
10,000 | — | 10,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 — MBIA Insured | No Opt. Call | AA | 944,200 | — | 944,200 | ||||||||||||||||||||||||||||
10,000 | 1,000 | 11,000 | Total Puerto Rico | 944,200 | 1,089,660 | 2,033,860 | ||||||||||||||||||||||||||||||
South Carolina — 4.7% (2.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||
5,000 | — | 5,000 | Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 — FSA Insured | 11/14 at 100.00 | AAA | 4,943,800 | — | 4,943,800 | ||||||||||||||||||||||||||||
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2008, Trust 3219: | ||||||||||||||||||||||||||||||||||||
750 | — | 750 | 13.014%, 12/01/22 (IF) | 12/13 at 100.00 | AA | 618,360 | — | 618,360 | ||||||||||||||||||||||||||||
585 | — | 585 | 10.468%, 12/01/23 (IF) | 12/13 at 100.00 | AA | 497,812 | — | 497,812 | ||||||||||||||||||||||||||||
8,000 | — | 8,000 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 — AMBAC Insured | 10/12 at 100.00 | Aa3 | 6,925,600 | — | 6,925,600 | ||||||||||||||||||||||||||||
14,335 | — | 14,335 | Total South Carolina | 12,985,572 | — | 12,985,572 | ||||||||||||||||||||||||||||||
Texas — 11.2% (7.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||
7,975 | — | 7,975 | Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds, Series 2000, 5.000%, 8/15/25 | 8/10 at 100.00 | AAA | 7,920,690 | — | 7,920,690 | ||||||||||||||||||||||||||||
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003: | ||||||||||||||||||||||||||||||||||||
12,500 | — | 12,500 | 5.125%, 2/15/31 (Pre-refunded 2/15/13) — FSA Insured | 2/13 at 100.00 | AAA | 13,466,999 | — | 13,466,999 | ||||||||||||||||||||||||||||
— | 1,660 | 1,660 | 5.375%, 2/15/26 (Pre-refunded 2/15/13) — FSA Insured | 2/13 at 100.00 | AAA | — | 1,804,935 | 1,804,935 | ||||||||||||||||||||||||||||
2,000 | — | 2,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 — MBIA Insured | 5/14 at 100.00 | AA | 1,946,100 | — | 1,946,100 | ||||||||||||||||||||||||||||
5,515 | — | 5,515 | Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 — MBIA Insured | 3/12 at 100.00 | AA | 5,551,399 | — | 5,551,399 | ||||||||||||||||||||||||||||
465 | — | 465 | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18 | 2/12 at 100.00 | AAA | 475,086 | — | 475,086 |
52
Principal Amount (000) | Value | |||||||||||||||||||||||||||||||||||
National Fund | Florida Fund | Combined Fund | Optional Call | National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||
(Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||
28,455 | 1,660 | 30,115 | Total Texas | 29,360,274 | 1,804,935 | 31,165,209 | ||||||||||||||||||||||||||||||
Virginia — 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||
1,500 | — | 1,500 | Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 — AMBAC Insured | 1/13 at 100.00 | AA | 1,437,105 | — | 1,437,105 | ||||||||||||||||||||||||||||
Washington — 10.5% (6.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||
4,945 | — | 4,945 | Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 — MBIA Insured | 12/12 at 100.00 | AAA | 4,544,999 | — | 4,544,999 | ||||||||||||||||||||||||||||
5,250 | — | 5,250 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002C, 5.125%, 7/01/33 — AMBAC Insured | 7/12 at 100.00 | AA | 4,858,928 | — | 4,858,928 | ||||||||||||||||||||||||||||
7,500 | — | 7,500 | King County, Washington, Sewer Revenue Bonds, Series 2006-2, 6.563%, 1/01/31 — FSA Insured (IF) | 1/17 at 100.00 | AAA | 6,151,875 | — | 6,151,875 | ||||||||||||||||||||||||||||
2,135 | — | 2,135 | Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government Center, Series 2003, 5.000%, 7/01/23 — MBIA Insured | 7/13 at 100.00 | A1 | 1,991,635 | — | 1,991,635 | ||||||||||||||||||||||||||||
1,935 | — | 1,935 | Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 — FGIC Insured | 6/13 at 100.00 | Aa1 | 1,992,818 | — | 1,992,818 | ||||||||||||||||||||||||||||
9,670 | — | 9,670 | Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 — MBIA Insured | 6/13 at 100.00 | AA+ | 9,709,647 | — | 9,709,647 | ||||||||||||||||||||||||||||
31,435 | — | 31,435 | Total Washington | 29,249,902 | — | 29,249,902 | ||||||||||||||||||||||||||||||
West Virginia — 1.0% (0.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||
3,000 | — | 3,000 | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 — AMBAC Insured | No Opt. Call | AA | 2,910,000 | — | 2,910,000 | ||||||||||||||||||||||||||||
Wisconsin — 5.8% (3.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||
1,190 | — | 1,190 | Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 — FSA Insured | 3/14 at 100.00 | Aaa | 1,277,108 | — | 1,277,108 | ||||||||||||||||||||||||||||
4,605 | — | 4,605 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) | 9/13 at 100.00 | BBB+ (4) | 5,120,069 | — | 5,120,069 | ||||||||||||||||||||||||||||
3,000 | — | 3,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 — FGIC Insured | No Opt. Call | A1 | 3,044,310 | — | 3,044,310 | ||||||||||||||||||||||||||||
3,600 | — | 3,600 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 | 8/13 at 100.00 | A- | 2,217,024 | — | 2,217,024 | ||||||||||||||||||||||||||||
4,750 | — | 4,750 | Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 — AMBAC Insured | 2/09 at 102.00 | AA | 4,557,957 | — | 4,557,957 | ||||||||||||||||||||||||||||
17,145 | — | 17,145 | Total Wisconsin | 16,216,468 | — | 16,216,468 | ||||||||||||||||||||||||||||||
$ | 397,635 | $ | 80,590 | $ | 478,225 | Total Long-Term Investments (cost $384,085,763, $81,468,541 and $465,554,304, respectively) — 156.5% | 357,429,129 | 77,183,379 | 434,612,508 | |||||||||||||||||||||||||||
Short-Term Investments — 2.2% (1.4% of Total Investments) | ||||||||||||||||||||||||||||||||||||
2,000 | — | 2,000 | Florida Board of Education, Lottery Revenue Bonds, Series 2001B, Trust 570, Variable Rate Demand Obligations, 3.000%, 7/01/14 — FGIC Insured (6) | A-1 | 2,000,000 | — | 2,000,000 | |||||||||||||||||||||||||||||
2,000 | — | 2,000 | Maryland Health and Higher Educational Facilities Authority, Goucher College, Series 2007, Variable Rate Demand Obligations, 1.450%, 7/01/37 (6) | A-1+ | 2,000,000 | — | 2,000,000 | |||||||||||||||||||||||||||||
2,000 | — | 2,000 | Port of Tacoma, Washington, General Obligation Bonds, Tender Option Bond, Trust 2006-86, Variable Rate Demand Obligations, 3.320%, 6/01/25 — MBIA Insured (6) | Aa3 | 2,000,000 | — | 2,000,000 | |||||||||||||||||||||||||||||
$ | 6,000 | $ | — | $ | 6,000 | Total Short-Term Investments (cost $6,000,000, $0 and $6,000,000, respectively) | 6,000,000 | — | 6,000,000 | |||||||||||||||||||||||||||
Total Investments (cost $390,085,763, $81,468,541 and $471,554,304, respectively) — 158.7% | 363,429,129 | 77,183,379 | 440,612,508 | |||||||||||||||||||||||||||||||||
Floating Rate Obligations — (3.5)% | (9,600,000 | ) | — | (9,600,000 | ) | |||||||||||||||||||||||||||||||
Other Assets Less Liabilities — 3.1% | 8,046,283 | 691,380 | (260,000) (8) | 8,477,663 | ||||||||||||||||||||||||||||||||
Preferred Shares, at Liquidation Value — (58.3)% (7) | (132,800,000 | ) | (29,000,000 | ) | (161,800,000 | ) | ||||||||||||||||||||||||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 229,075,412 | $ | 48,874,759 | $ | (260,000) | $ | 277,690,171 | ||||||||||||||||||||||||||||
At least 80% of the Combined Fund’s net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 2 — Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares of the Combined Fund (Pro Forma) unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
53
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Portion of investment has been pledged to collateralize the net payment obligations under futures contracts entered into by the Florida Fund during the period. | |
(6) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(7) | Preferred Shares, at Liquidation Value as a percentage of Total Investments of the Combined Fund (Pro Forma) is 36.8%. | |
(8) | Non-recurring cost associated with the proposed Reorganization (estimated to be $260,000) which will be borne by the shareholders of the National Fund and the Florida Fund ($55,000 and $205,000, respectively). | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. | |
See accompanying notes to financial statements. |
54
National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||
(Actual) | (Actual) | (Adjustments) | (As Adjusted) | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $390,085,763, $81,468,541 and $471,554,304, respectively) | $ | 363,429,129 | $ | 77,183,379 | $ | 440,612,508 | ||||||||||
Cash | 2,896,158 | — | 2,896,158 | |||||||||||||
Receivables from dividends and interest | 6,445,289 | 1,007,663 | 7,452,952 | |||||||||||||
Other assets | 27,274 | 2,482 | 29,756 | |||||||||||||
Total assets | 372,797,850 | 78,193,524 | 450,991,374 | |||||||||||||
Liabilities | ||||||||||||||||
Floating rate obligations | 9,600,000 | — | 9,600,000 | |||||||||||||
Cash overdraft | — | 68,052 | 68,052 | |||||||||||||
Payables: | ||||||||||||||||
Common share dividends | 1,058,838 | 197,205 | 1,256,043 | |||||||||||||
Preferred share dividends | 27,732 | 4,749 | 32,481 | |||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 120,660 | 26,678 | 147,338 | |||||||||||||
Other | 115,208 | 22,081 | 137,289 | |||||||||||||
Reorganization costs | — | — | 260,000 | (a) | 260,000 | |||||||||||
Total liabilities | 10,922,438 | 318,765 | 260,000 | 11,501,203 | ||||||||||||
Preferred shares, at liquidation value | 132,800,000 | 29,000,000 | 161,800,000 | |||||||||||||
Net assets applicable to common shares | $ | 229,075,412 | $ | 48,874,759 | $ | (260,000 | ) | $ | 277,690,171 | |||||||
Common shares outstanding | 18,525,697 | 3,882,373 | 54,574 | (b) | 22,462,644 | |||||||||||
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding) | $ | 12.37 | $ | 12.59 | $ | 12.36 | ||||||||||
Net assets applicable to common shares consist of: | ||||||||||||||||
Common shares, $.01 par value per share | $ | 185,257 | $ | 38,824 | $ | 546 | (b) | $224,627 | ||||||||
Paid-in surplus | 261,630,932 | 54,746,905 | (260,546 | )(a)(b) | 316,117,291 | |||||||||||
Undistributed (Over-distribution of) net investment income | (1,056,455 | ) | (167,111 | ) | (1,223,566 | ) | ||||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (5,027,688 | ) | (1,458,697 | ) | (6,486,385 | ) | ||||||||||
Net unrealized appreciation (depreciation) of investments and dervative transactions | (26,656,634 | ) | (4,285,162 | ) | (30,941,796 | ) | ||||||||||
Net assets applicable to common shares | $ | 229,075,412 | $ | 48,874,759 | $ | (260,000 | ) | $ | 277,690,171 | |||||||
Authorized shares: | ||||||||||||||||
Common | Unlimited | Unlimited | Unlimited | |||||||||||||
Preferred | Unlimited | Unlimited | Unlimited | |||||||||||||
(a) | Non-recurring cost associated with the proposed Reorganization (estimated to be $260,000) which will be borne by the shareholders of the National Fund and the Florida Fund ($55,000 and $205,000, respectively). | |
(b) | The pro forma statements presume the issuance by the National Fund of approximately 3,936,947 common shares in exchange for the assets and liabilities of the Florida Fund after the reduction for the costs associated with the proposed reorganization. |
55
National Fund | Florida Fund | Pro Forma | Combined Fund | |||||||||||||
(Actual) | (Actual) | (Adjustments) | (As Adjusted) | |||||||||||||
Investment Income | $ | 19,814,712 | $ | 3,929,266 | $ | 23,743,978 | ||||||||||
Expenses | ||||||||||||||||
Management fees | 2,527,989 | 530,581 | (21,660 | )(a) | 3,036,910 | |||||||||||
Auction fees | 355,258 | 72,600 | 427,858 | |||||||||||||
Dividend disbursing agent fees | 20,009 | 10,000 | (10,000) | (b) | 20,009 | |||||||||||
Shareholders’ servicing agent fees and expenses | 3,839 | 752 | 4,591 | |||||||||||||
Interest expense | 166,661 | — | 166,661 | |||||||||||||
Custodian’s fees and expenses | 66,157 | 21,154 | (1,890) | (b) | 85,421 | |||||||||||
Trustees’ fees and expenses | 8,134 | 1,645 | 9,779 | |||||||||||||
Professional fees | 32,284 | 13,691 | (8,650) | (b) | 37,325 | |||||||||||
Shareholders’ reports — printing and mailing expenses | 51,802 | 14,211 | 66,013 | |||||||||||||
Stock exchange listing fees | 2,447 | 513 | 2,960 | |||||||||||||
Investor relations expense | 50,680 | 8,562 | 59,242 | |||||||||||||
Other expenses | 22,103 | 6,757 | (11,200) | (b) | 17,660 | |||||||||||
Total expenses before custodian fee credit and expense reimbursement | 3,307,363 | 680,466 | (53,400 | ) | 3,934,429 | |||||||||||
Expense reimbursement | (1,000,082 | ) | (205,471 | ) | (1,205,553 | ) | ||||||||||
Custodian fee credit | (33,990 | ) | (7,811 | ) | (41,801 | ) | ||||||||||
Net expenses | 2,273,291 | 467,184 | (53,400 | ) | 2,687,075 | |||||||||||
Net investment income | 17,541,421 | 3,462,082 | 53,400 | 21,056,903 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 1,751,437 | (238,920 | ) | 1,512,517 | ||||||||||||
Forward swaps | — | 97,716 | 97,716 | |||||||||||||
Futures | — | 84,406 | 84,406 | |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (44,503,698 | ) | (6,308,430 | ) | (50,812,128 | ) | ||||||||||
Forward swaps | — | (44,143 | ) | (44,143 | ) | |||||||||||
Net realized and unrealized gain (loss) | (42,752,261 | ) | (6,409,371 | ) | (49,161,632 | ) | ||||||||||
Distributions to Preferred Shareholders | ||||||||||||||||
From net investment income | (5,024,148 | ) | (1,087,087 | ) | (6,111,235 | ) | ||||||||||
Decrease in net assets applicable to common shares from distributions to Preferred shareholders | (5,024,148 | ) | (1,087,087 | ) | (6,111,235 | ) | ||||||||||
Net increase (decrease) in net assets applicable to common shares from operations | $ | (30,234,988 | ) | $ | (4,034,376 | ) | 53,400 | $ | (34,215,964 | ) | ||||||
(a) | Reflects the impact of applying the Combined Fund’s fund-level management fee schedule to the Combined Fund’s average net assets. | |
(b) | Reflects the anticipated reduction of certain duplicative expenses eliminated as a result of the Reorganization. |
56
57
58
Number of Shares: | ||||||||
Series T | 2,656 | |||||||
Series W | 3,816 | |||||||
6,472 | ||||||||
59
60
61
62
63
Gross Unrealized | ||||
Appreciation | 8,290,110 | |||
Depreciation | (39,105,263 | ) | ||
Net unrealized appreciation (depreciation) of investments | $ | (30,815,153 | ) | |
64
Expiration: | ||||
October 31, 2011 | $ | 791,760 | ||
October 31, 2012 | 97,429 | |||
October 31, 2013 | 4,912,308 | |||
October 31, 2014 | 194,032 | |||
October 31, 2015 | 35,274 | |||
October 31, 2016 | 378,957 | |||
Total | $ | 6,409,760 | ||
Average Daily Net Assets (including net assets attributable to Preferred shares) | Fund-Level Fee Rate | |||
For the first $125 million | 0.4500 | % | ||
For the next $125 million | 0.4375 | |||
For the next $250 million | 0.4250 | |||
For the next $500 million | 0.4125 | |||
For the next $1 billion | 0.4000 | |||
For net assets over $2 billion | 0.3750 |
Effective Rate | ||||
at Breakpoint | ||||
Complex-Level Asset Breakpoint Level (1) | Level | |||
$55 billion | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
65
Year Ending November 30, | ||||
2002* | .32 | % | ||
2003 | .32 | |||
2004 | .32 | |||
2005 | .32 | |||
2006 | .32 | |||
2007 | .32 | |||
2008 | .24 | |||
2009 | .16 | |||
2010 | .08 |
66
67
STATEMENT ESTABLISHING AND FIXING THE RIGHTS
AND PREFERENCES OF
MUNICIPAL AUCTION RATE
CUMULATIVE PREFERRED SHARES (“MUNIPREFERRED”)
DEFINITIONS | 1 | |||
“AA” Composite Commercial Paper Rate | 1 | |||
Accountant’s Confirmation | 2 | |||
Affiliate | 2 | |||
Agent Member | 2 | |||
All Hold Order | 2 | |||
Anticipation Notes | 2 | |||
Applicable Rate | 2 | |||
Auction | 2 | |||
Auction Agency Agreement | 2 | |||
Auction Agent | 2 | |||
Auction Date | 2 | |||
Auction Procedures | 2 | |||
Available MuniPreferred | 2 | |||
Benchmark Rate | 2 | |||
Beneficial Owner | 3 | |||
Bid and Bids | 3 | |||
Bidder and Bidders | 3 | |||
Board of Trustees | 3 | |||
Broker-Dealer | 3 | |||
Broker-Dealer Agreement | 3 | |||
Business Day | 3 | |||
Code | 3 | |||
Commercial Paper Dealers | 3 | |||
Common Shares | 3 | |||
Cure Date | 3 | |||
Date of Original Issue | 3 | |||
Declaration | 3 | |||
Deposit Securities | 3 | |||
Discounted Value | 4 | |||
Dividend Payment Date | 4 | |||
Dividend Period | 4 | |||
Existing Holder | 4 | |||
Failure to Deposit | 4 | |||
Federal Tax Rate Increase | 4 | |||
Fund | 4 | |||
Gross-Up Payment | 4 | |||
Hold Order and Hold Orders | 4 | |||
Holder | 4 | |||
Independent Accountant | 5 | |||
Initial Rate Period | 5 | |||
Interest Equivalent | 5 | |||
Issue Type Category | 5 |
i
Kenny Index | 5 | |||
Late Charge | 5 | |||
Liquidation Preference | 5 | |||
Market Value | 5 | |||
Maximum Potential Gross-Up Payment Liability | 5 | |||
Maximum Rate | 5 | |||
Minimum Rate Period | 6 | |||
Moody’s | 6 | |||
Moody’s Discount Factor | 6 | |||
Moody’s Eligible Asset | 6 | |||
Moody’s Exposure Period | 6 | |||
Moody’s Volatility Factor | 6 | |||
Municipal Obligations | 6 | |||
MuniPreferred | 7 | |||
MuniPreferred Basic Maintenance Amount | 7 | |||
MuniPreferred Basic Maintenance Cure Date | 7 | |||
MuniPreferred Basic Maintenance Report | 7 | |||
1940 Act | 7 | |||
1940 Act Cure Date | 7 | |||
1940 Act MuniPreferred Asset Coverage | 7 | |||
Notice Of Redemption | 7 | |||
Notice Of Special Rate Period | 7 | |||
Order and Orders | 7 | |||
Original Issue Insurance | 8 | |||
Other Issues | 8 | |||
Outstanding | 8 | |||
Permanent Insurance | 8 | |||
Person | 8 | |||
Portfolio Insurance | 8 | |||
Potential Beneficial Owner | 8 | |||
Potential Holder | 8 | |||
Preferred Shares | 8 | |||
Quarterly Valuation Date | 8 | |||
Rate Multiple | 8 | |||
Rate Period Days | 8 | |||
Receivables For Municipal Obligations Sold | 9 | |||
Redemption Price | 9 | |||
Reference Rate | 9 | |||
Registration Statement | 9 | |||
S&P | 9 | |||
S&P Discount Factor | 9 | |||
S&P Eligible Asset | 9 | |||
S&P Exposure Period | 9 | |||
S&P Volatility Factor | 9 | |||
Secondary Market Insurance | 9 | |||
Securities Depository | 9 |
ii
Sell Order and Sell Orders | 9 | |||
Special Rate Period | 9 | |||
Special Redemption Provisions | 9 | |||
Submission Deadline | 10 | |||
Submitted Bid and Submitted Bids | 10 | |||
Submitted Hold Order and Submitted Hold Orders | 10 | |||
Submitted Order and Submitted Orders | 10 | |||
Submitted Sell Order And Submitted Sell Orders | 10 | |||
Subsequent Rate Period | 10 | |||
Substitute Commercial Paper Dealer | 10 | |||
Substitute U.S. Government Securities Dealer | 10 | |||
Sufficient Clearing Bids | 10 | |||
Taxable Allocation | 10 | |||
Taxable Equivalent of the Short-Term Municipal Bond Rate | 10 | |||
Taxable Income | 11 | |||
Treasury Bill | 11 | |||
Treasury Bill Rate | 11 | |||
Treasury Note | 11 | |||
Treasury Note Rate | 11 | |||
U.S. Government Securities Dealer | 11 | |||
Valuation Date | 12 | |||
Volatility Factor | 12 | |||
Voting Period | 12 | |||
Winning Bid Rate | 12 | |||
PART I | 13 | |||
1. Number Of Authorized Shares | 13 | |||
2. Dividends | 13 | |||
(a) Ranking | 13 | |||
(b) Cumulative Cash Dividends | 13 | |||
(c) Dividends Cumulative from Date of Original Issue | 13 | |||
(d) Dividend Payment Dates And Adjustment Thereof | 13 | |||
(e) Dividend Rates and Calculation of Dividends | 14 | |||
(f) Curing a Failure to Deposit | 16 | |||
(g) Dividend Payments by Fund to Auction Agent | 16 | |||
(h) Auction Agent as Trustee of Dividend Payments by Fund | 16 | |||
(i) Dividends Paid to Holders | 16 | |||
(j) Dividends Credited Against Earliest Accumulated but Unpaid Dividends | 16 | |||
(k) Dividends Designated As Exempt-Interest Dividends | 16 | |||
3. Gross-Up Payments | 16 | |||
(a) Minimum Rate Periods and Special Rate Periods of 28 Rate Period Days or Fewer | 17 | |||
(b) Special Rate Periods of More Than 28 Rate Period Days | 17 | |||
(c) No Gross-Up Payments in the Event of a Reallocation | 17 | |||
4. Designation of Special Rate Periods | 17 | |||
(a) Length of and Preconditions for Special Rate Period | 17 |
iii
(b) Adjustment Of Length Of Special Rate Period | 17 | |||
(c) Notice of Proposed Special Rate Period | 18 | |||
(d) Notice of Special Rate Period | 18 | |||
(e) Failure to Deliver Notice of Special Rate Period | 19 | |||
5. Voting Rights | 19 | |||
(a) One Vote Per Share of MuniPreferred | 19 | |||
(b) Voting for Additional Trustees | 19 | |||
(c) Holders of MuniPreferred to Vote on Certain other Matters | 21 | |||
(d) Board may Take Certain Actions Without Shareholder Approval | 22 | |||
(e) Voting Rights Set Forth Herein Are Sole Voting Rights | 22 | |||
(f) No Preemptive Rights Or Cumulative Voting | 22 | |||
(g) Voting For Trustees Sole Remedy For Fund’s Failure To Pay Dividends | 23 | |||
(h) Holders Entitled to Vote | 23 | |||
6. 1940 Act MuniPreferred Asset Coverage | 23 | |||
7. MuniPreferred Basic Maintenance Amount | 23 | |||
8. [Reserved] | 25 | |||
9. Restrictions on Dividends and Other Distributions | 25 | |||
(a) Dividends on Preferred Shares Other Than MuniPreferred | 25 | |||
(b) Dividends and Other Distributions with Respect to Common Shares Under the 1940 Act | 25 | |||
(c) Other Restrictions on Dividends and Other Distributions | 25 | |||
10. Rating Agency Restrictions | 26 | |||
11. Redemption | 27 | |||
(a) Optional Redemption | 27 | |||
(b) Mandatory Redemption | 28 | |||
(c) Notice of Redemption | 29 | |||
(d) No Redemption Under Certain Circumstances | 29 | |||
(e) Absence of Funds Available for Redemption | 29 | |||
(f) Auction Agent as Trustee of Redemption Payments by Fund | 30 | |||
(g) Shares for Which Notice of Redemption Has Been Given are No Longer Outstanding | 30 | |||
(h) Compliance with Applicable Law | 30 | |||
(i) Only Whole Shares of MuniPreferred May Be Redeemed | 30 | |||
12. Liquidation Rights | 30 | |||
(a) Ranking | 30 | |||
(b) Distributions Upon Liquidation | 30 | |||
(c) Pro Rata Distributions | 31 | |||
(d) Rights of Junior Shares | 31 | |||
(e) Certain Events Not Constituting Liquidation | 31 | |||
13. Miscellaneous | 31 | |||
(a) Amendment of Appendix A to Add Additional Series | 31 | |||
(b) Appendix A Incorporated by Reference | 31 | |||
(c) No Fractional Shares | 31 | |||
(d) Status of Shares of MuniPreferred Redeemed, Exchanged or Otherwise Acquired by the Fund | 32 | |||
(e) Board May Resolve Ambiguities | 32 |
iv
(f) Headings Not Determinative | 32 | |||
(g) Notices | 32 | |||
PART II | 33 | |||
1. Orders | 33 | |||
2. Submission of Orders By Broker-Dealers to Auction Agent | 34 | |||
3. Determination of Sufficient Clearing Bids, Winning Bid Rate and Applicable Rate | 36 | |||
4. Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of Shares | 38 | |||
5. Notification of Allocations | 40 | |||
6. Auction Agent | 40 | |||
7. Transfer of Shares of MuniPreferred | 41 | |||
8. Global Certificate | 41 | |||
Appendix A | A-1 | |||
Section 1. Designation as to Series | A-2 | |||
Section 2. Number of Authorized Shares Per Series | A-2 | |||
Section 3. Exceptions to Certain Definitions | A-2 | |||
Section 4. Certain Definitions | A-2 | |||
Section 5. Initial Rate Periods | A-4 | |||
Section 6. Date for Purposes of Paragraph (zzz) Contained Under the Heading “Definitions” in this Statement | A-4 | |||
Section 7. Party Named for Purposes of the Definition of “Rate Multiple” in this Statement | A-4 | |||
Section 8. Additional Definitions | A-4 | |||
Section 9. Dividend Payment Dates | A-4 | |||
Section 10. Amount for Purposes of Subparagraph (c)(i) of Section 5 of Part I of this Statement | A-4 | |||
Section 11. Redemption Provisions Applicable to Initial Rate Periods | A-4 | |||
Section 12. Applicable Rate for Purposes of Subparagraph (B)(Iii) of Section 3 of Part II of this Statement | A-4 | |||
Section 13. Certain Other Restrictions and Requirements | A-5 |
v
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Deposit Securities | Moody’s Volatility Factor | |
Discounted Value | 1940 Act Cure Date | |
Escrowed Bonds | 1940 Act MuniPreferred Asset Coverage | |
Issue Type Category | Other Issues | |
Market Value | Quarterly Valuation Date | |
Maximum Potential Gross-up Payment Liability | Receivables for Municipal Obligations Sold | |
MuniPreferred Basic Maintenance Amount | S&P Discount Factor | |
MuniPreferred Basic Maintenance Cure Date | S&P Eligible Asset | |
MuniPreferred Basic Maintenance Report | S&P Exposure Period | |
Moody’s Discount Factor | S&P Volatility Factor | |
Moody’s Eligible Asset | Valuation Date | |
Moody’s Exposure Period | Volatility Factor | |
Section 13 of Appendix A hereto |
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND | ||||
By: | ||||
Kevin J. McCarthy | ||||
Vice President | ||||
ATTEST: | ||||
Virginia O’Neal | ||||
Assistant Secretary |
42
A-1
A-2
Prevailing Rating | Percentage | |||
“aa3”/AA— or higher | 110 | % | ||
“a3”/A— | 125 | % | ||
“baa3”/BBB— | 150 | % | ||
“ba3”/BB— | 200 | % | ||
Below “ba3”/BB— | 250 | % |
A-3
Party | Series of MuniPreferred | |
Salomon Smith Barney Inc. ___ | Series T and Series W Series W2 |
A-4
A-5
1
2
3
4
5
• | Leading market positions in well-established industries. | ||
• | High rates of return on funds employed. | ||
• | Conservative capitalization structures with moderate reliance on debt and ample asset protection. | ||
• | Broad margins in earnings coverage of fixed financial charges and high internal cash generation. | ||
• | Well-established access to a range of financial markets and assured sources of alternate liquidity. |
6
7
8
9
SINGLE- | FEDERAL | |||||||||||
RETURN | JOINT-RETURN | TAX | ||||||||||
BRACKET | BRACKET | RATE | 4.00% | 4.50% | 5.00% | 5.50% | ||||||
0-$8,025 | 0-$16,050 | 10.0% | 4.44% | 5.00% | 5.56% | 6.11% | ||||||
$8,025-$32,550 | $16,050-$65,100 | 15.0% | 4.71% | 5.29% | 5.88% | 6.47% | ||||||
$32,550-$78,850 | $65,100-$131,450 | 25.0% | 5.33% | 6.00% | 6.67% | 7.33% | ||||||
$78,850-$164,550 | $131,450-$200,300 | 28.0% | 5.56% | 6.25% | 6.94% | 7.64% | ||||||
$164,550-$357,700 | $200,300-$357,700 | 33.0% | 5.97% | 6.72% | 7.46% | 8.21% | ||||||
Over $357,700 | Over $357,700 | 35.0% | 6.15% | 6.92% | 7.69% | 8.46% |
6.00% | 6.50% | 7.00% | 7.50% | |||||||||
6.67% | 7.22% | 7.78% | 8.33% | |||||||||
7.06% | 7.65% | 8.24% | 8.82% | |||||||||
8.00% | 8.67% | 9.33% | 10.00% | |||||||||
8.33% | 9.03% | 9.72% | 10.42% | |||||||||
8.96% | 9.70% | 10.45% | 11.19% | |||||||||
9.23% | 10.00% | 10.77% | 11.54% |
* | Please note that the table does not reflect (i) any federal limitations on the amounts of allowable itemized deductions, phase-outs of personal or dependent exemption credits or other allowable credits, (ii) any state or local taxes imposed, or (iii) any alternative minimum taxes or any taxes other than federal personal income taxes. |
1
LETTER TO SHAREHOLDERS
Robert P. Bremner | Chairman of the Board |
Robert P. Bremner
Chairman of the Board
December 23, 2008
Nuveen Investments Municipal Closed-End Funds | NQI, NIO, NIF, | ||
NPX, NVG, NEA |
4
5
For periods ended 10/31/08
1-Year | 5-Year | 10-Year | ||||||||||
NQI | -17.24 | % | -0.12 | % | 2.98 | % | ||||||
NIO | -13.45 | % | 0.68 | % | 3.41 | % | ||||||
NIF | -11.92 | % | 1.08 | % | 3.33 | % | ||||||
NPX | -12.98 | % | 0.78 | % | 3.38 | % | ||||||
NVG | -10.64 | % | 1.98 | % | N/A | |||||||
NEA | -11.56 | % | 2.13 | % | N/A | |||||||
Lipper Insured Municipal Debt Funds Average4 | -14.93 | % | 0.50 | % | 2.97 | % | ||||||
Barclays Capital Insured Municipal Bond Index5 | -4.13 | % | 2.65 | % | 4.19 | % | ||||||
S&P National Municipal Bond Index6 | -4.15 | % | 2.75 | % | N/A |
6
7
8
9
10
Dividend and Share Price
10/31/08 | Twelve-Month Average | |||||||
Discount | Discount | |||||||
NQI | -4.54 | % | -7.09 | % | ||||
NIO | -10.01 | % | -9.50 | % | ||||
NIF | -10.77 | % | -11.44 | % | ||||
NPX | -16.07 | % | -11.82 | % | ||||
NVG | -11.13 | % | -11.28 | % | ||||
NEA | -7.84 | % | -5.33 | % |
11
NQI Performance OVERVIEW | Nuveen Insured Quality Municipal Fund, Inc. as of October 31, 2008 |
Common Share Price | $ | 11.15 | ||
Common Share Net Asset Value | $ | 11.68 | ||
Premium/(Discount) to NAV | -4.54 | % | ||
Market Yield | 6.62 | % | ||
Taxable-Equivalent Yield4 | 9.19 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 447,463 | ||
Average Effective Maturity on Securities (Years) | 15.93 | |||
Leverage-Adjusted Duration | 16.70 | |||
(Inception 12/19/90)
On Share Price | On NAV | |||||||
1-Year | -13.35 | % | -17.24 | % | ||||
5-Year | -1.74 | % | -0.12 | % | ||||
10-Year | 2.87 | % | 2.98 | % | ||||
(as a % of total investments)
California | 17.8 | % | ||
Texas | 11.2 | % | ||
Illinois | 10.9 | % | ||
New York | 9.9 | % | ||
Washington | 7.4 | % | ||
Florida | 5.0 | % | ||
Kentucky | 3.8 | % | ||
Nevada | 3.4 | % | ||
Louisiana | 2.4 | % | ||
Massachusetts | 2.3 | % | ||
Hawaii | 2.2 | % | ||
Colorado | 2.1 | % | ||
Ohio | 2.0 | % | ||
Other | 19.6 | % | ||
(as a % of total investments)
U.S. Guaranteed | 20.2 | % | ||
Transportation | 18.1 | % | ||
Tax Obligation/Limited | 17.4 | % | ||
Tax Obligation/General | 15.0 | % | ||
Health Care | 9.7 | % | ||
Utilities | 6.9 | % | ||
Other | 12.7 | % | ||
(as a % of total Insured investments)
MBIA | 32.4 | % | ||
AMBAC | 27.4 | % | ||
FSA | 21.7 | % | ||
FGIC | 16.7 | % | ||
SYNCORA | 1.6 | % | ||
AGC | 0.2 | % | ||
1 | Excluding short-term investments | |
2 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
3 | At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
4 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
12
NIO Performance OVERVIEW | Nuveen Insured Municipal Opportunity Fund, Inc. as of October 31, 2008 |
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FSA, FGIC, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. | |
4 | The Fund paid shareholders a capital gains distribution in December 2007 of $0.0019 per share. |
Common Share Price | $ | 11.15 | ||
Common Share Net Asset Value | $ | 12.39 | ||
Premium/(Discount) to NAV | -10.01 | % | ||
Market Yield | 6.35 | % | ||
Taxable-Equivalent Yield3 | 8.82 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 1,005,218 | ||
Average Effective Maturity on Securities (Years) | 14.25 | |||
Leverage-Adjusted Duration | 14.65 | |||
(Inception 9/19/91)
On Share Price | On NAV | |||||||
1-Year | -13.17 | % | -13.45 | % | ||||
5-Year | -0.83 | % | 0.68 | % | ||||
10-Year | 2.23 | % | 3.41 | % | ||||
(as a % of total investments)
California | 19.1 | % | ||
Texas | 9.4 | % | ||
Alabama | 6.8 | % | ||
Nevada | 5.1 | % | ||
Colorado | 4.7 | % | ||
Michigan | 4.4 | % | ||
New York | 4.0 | % | ||
South Carolina | 4.0 | % | ||
Florida | 3.8 | % | ||
Massachusetts | 3.6 | % | ||
Louisiana | 3.5 | % | ||
Illinois | 3.5 | % | ||
Indiana | 2.6 | % | ||
Pennsylvania | 2.0 | % | ||
Washington | 1.9 | % | ||
Oklahoma | 1.9 | % | ||
Other | 19.7 | % | ||
(as a % of total investments)
U.S. Guaranteed | 29.2 | % | ||
Tax Obligation/Limited | 17.8 | % | ||
Tax Obligation/General | 12.9 | % | ||
Transportation | 12.5 | % | ||
Utilities | 8.9 | % | ||
Water and Sewer | 7.3 | % | ||
Health Care | 5.7 | % | ||
Other | 5.7 | % | ||
(as a % of total Insured investments)
MBIA | 30.7 | % | ||
FGIC | 29.9 | % | ||
AMBAC | 22.6 | % | ||
FSA | 12.2 | % | ||
SYNCORA | 4.5 | % | ||
CIFG | 0.1 | % | ||
13
NIF Performance OVERVIEW | Nuveen Premier Insured Municipal Income Fund, Inc. as of October 31, 2008 |
Common Share Price | $ | 11.19 | ||
Common Share Net Asset Value | $ | 12.54 | ||
Premium/(Discount) to NAV | -10.77 | % | ||
Market Yield | 5.95 | % | ||
Taxable-Equivalent Yield3 | 8.26 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 243,589 | ||
Average Effective Maturity on Securities (Years) | 13.25 | |||
Leverage-Adjusted Duration | 13.96 | |||
(Inception 12/19/91)
On Share Price | On NAV | |||||||
1-Year | -11.12 | % | -11.92 | % | ||||
5-Year | -0.71 | % | 1.08 | % | ||||
10-Year | 1.94 | % | 3.33 | % | ||||
(as a % of total investments)
California | 22.7 | % | ||
Illinois | 11.5 | % | ||
Washington | 11.0 | % | ||
Colorado | 7.1 | % | ||
Texas | 6.4 | % | ||
New York | 4.4 | % | ||
Nevada | 3.1 | % | ||
Oregon | 2.6 | % | ||
Hawaii | 2.5 | % | ||
Tennessee | 2.5 | % | ||
Florida | 2.4 | % | ||
Michigan | 2.3 | % | ||
Indiana | 2.3 | % | ||
Other | 19.2 | % | ||
(as a % of total investments)
Tax Obligation/General | 24.0 | % | ||
U.S. Guaranteed | 22.0 | % | ||
Transportation | 17.0 | % | ||
Tax Obligation/Limited | 15.3 | % | ||
Health Care | 6.8 | % | ||
Utilities | 6.0 | % | ||
Water and Sewer | 5.0 | % | ||
Other | 3.9 | % | ||
(as a % of total Insured investments)
MBIA | 31.5 | % | ||
FGIC | 30.3 | % | ||
AMBAC | 21.0 | % | ||
FSA | 16.7 | % | ||
CIFG | 0.5 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
14
NPX Performance OVERVIEW | Nuveen Insured Premium Income Municipal Fund 2 as of October 31, 2008 |
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Variable Rate Demand Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Common Share Price | $ | 9.56 | ||
Common Share Net Asset Value | $ | 11.39 | ||
Premium/(Discount) to NAV | -16.07 | % | ||
Market Yield | 6.46 | % | ||
Taxable-Equivalent Yield3 | 8.97 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 425,557 | ||
Average Effective Maturity on Securities (Years) | 13.69 | |||
Leverage-Adjusted Duration | 14.28 | |||
(Inception 7/22/93)
On Share Price | On NAV | |||||||
1-Year | -17.17 | % | -12.98 | % | ||||
5-Year | -2.16 | % | 0.78 | % | ||||
10-Year | 2.22 | % | 3.38 | % | ||||
(as a % of total investments)
California | 14.3 | % | ||
Texas | 10.9 | % | ||
Pennsylvania | 8.4 | % | ||
New York | 7.2 | % | ||
Colorado | 6.7 | % | ||
Hawaii | 5.1 | % | ||
Washington | 4.4 | % | ||
New Jersey | 4.1 | % | ||
Wisconsin | 3.9 | % | ||
Louisiana | 3.1 | % | ||
North Dakota | 2.5 | % | ||
Georgia | 2.5 | % | ||
Alabama | 2.3 | % | ||
Oregon | 2.3 | % | ||
Arizona | 2.2 | % | ||
Other | 20.1 | % | ||
(as a % of total investments)
U.S. Guaranteed | 20.5 | % | ||
Utilities | 19.8 | % | ||
Tax Obligation/Limited | 13.5 | % | ||
Transportation | 10.7 | % | ||
Tax Obligation/General | 10.6 | % | ||
Water and Sewer | 8.5 | % | ||
Education and Civic Organizations | 7.4 | % | ||
Health Care | 5.7 | % | ||
Other | 3.3 | % | ||
(as a % of total Insured investments)
AMBAC | 26.6 | % | ||
MBIA | 25.7 | % | ||
FSA | 23.4 | % | ||
FGIC | 19.6 | % | ||
SYNCORA | 4.7 | % | ||
15
NVG Performance OVERVIEW | Nuveen Insured Dividend Advantage Municipal Fund as of October 31, 2008 |
Common Share Price | $ | 11.42 | ||
Common Share Net Asset Value | $ | 12.85 | ||
Premium/(Discount) to NAV | -11.13 | % | ||
Market Yield | 6.30 | % | ||
Taxable-Equivalent Yield4 | 8.75 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 383,035 | ||
Average Effective Maturity on Securities (Years) | 12.23 | |||
Leverage-Adjusted Duration | 13.31 | |||
(Inception 3/25/02)
On Share Price | On NAV | |||||||
1-Year | -12.11 | % | -10.64 | % | ||||
5-Year | 0.75 | % | 1.98 | % | ||||
Since | ||||||||
Inception | 1.90 | % | 4.13 | % | ||||
(as a % of municipal bonds)3
Texas | 15.5 | % | ||
Indiana | 11.2 | % | ||
Washington | 9.6 | % | ||
California | 9.0 | % | ||
Florida | 7.6 | % | ||
Illinois | 7.5 | % | ||
Tennessee | 7.0 | % | ||
Colorado | 3.7 | % | ||
New York | 3.1 | % | ||
Alabama | 3.0 | % | ||
Louisiana | 3.0 | % | ||
Other | 19.8 | % | ||
(as a % of total investments)3
U.S. Guaranteed | 30.0 | % | ||
Transportation | 14.1 | % | ||
Tax Obligation/General | 11.8 | % | ||
Tax Obligation/Limited | 11.3 | % | ||
Utilities | 9.5 | % | ||
Health Care | 7.3 | % | ||
Water and Sewer | 5.4 | % | ||
Education and Civic Organizations | 5.1 | % | ||
Other | 5.5 | % | ||
(as a % of total Insured investments)
MBIA | 35.2 | % | ||
AMBAC | 26.6 | % | ||
FSA | 21.4 | % | ||
FGIC | 15.3 | % | ||
CIFG | 1.4 | % | ||
SYNCORA | 0.1 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Excluding derivative transactions. | |
4 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
16
NEA Performance OVERVIEW | Nuveen Insured Tax-Free Advantage Municipal Fund as of October 31, 2008 |
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Common Share Price | $ | 11.40 | ||
Common Share Net Asset Value | $ | 12.37 | ||
Premium/(Discount) to NAV | -7.84 | % | ||
Market Yield | 6.21 | % | ||
Taxable-Equivalent Yield3 | 8.63 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 229,075 | ||
Average Effective Maturity on Securities (Years) | 15.46 | |||
Leverage-Adjusted Duration | 16.73 | |||
(Inception 11/21/02)
On Share Price | On NAV | |||||||
1-Year | -15.97 | % | -11.56 | % | ||||
5-Year | 0.30 | % | 2.13 | % | ||||
Since Inception | 0.89 | % | 2.95 | % | ||||
(as a % of total investments)
California | 15.4 | % | ||
Washington | 8.6 | % | ||
Texas | 8.1 | % | ||
Michigan | 7.9 | % | ||
Indiana | 7.0 | % | ||
New York | 6.9 | % | ||
Alabama | 6.0 | % | ||
Pennsylvania | 5.4 | % | ||
Colorado | 4.7 | % | ||
Wisconsin | 4.5 | % | ||
South Carolina | 3.6 | % | ||
Arizona | 3.5 | % | ||
Other | 18.4 | % | ||
(as a % of total investments)
U.S. Guaranteed | 25.0 | % | ||
Tax Obligation/Limited | 20.6 | % | ||
Tax Obligation/General | 16.2 | % | ||
Health Care | 11.9 | % | ||
Utilities | 9.4 | % | ||
Transportation | 6.4 | % | ||
Water and Sewer | 5.7 | % | ||
Other | 4.8 | % | ||
(as a % of total Insured investments)
MBIA | 36.5 | % | ||
AMBAC | 27.9 | % | ||
FSA | 21.7 | % | ||
FGIC | 8.7 | % | ||
SYNCORA | 3.2 | % | ||
RAAI | 2.0 | % | ||
17
NQI NIO NIF | Shareholder MEETING REPORT The annual meeting of shareholders was held in the offices of Nuveen Investments on June 30, 2008; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment | ||||
Policies and the approval of new Fundamental Investment Policies. The meeting was subsequently adjourned to July 28, 2008, and additionally adjourned to August 29, 2008. The meeting for NQI, NIO, NIF, NPX and NVG adjourned again to September 30, 2008, and additionally adjourned to October 28, 2008, for NQI, NIO, NIF and NVG. |
NQI | NIO | NIF | ||||||||||||||||||||||||
Common and | Auction Rate | Common and | Auction Rate | Common and | Auction Rate | |||||||||||||||||||||
Auction Rate | Preferred | Auction Rate | Preferred | Auction Rate | Preferred | |||||||||||||||||||||
Preferred shares | shares voting | Preferred shares | shares voting | Preferred shares | shares voting | |||||||||||||||||||||
voting together | together | voting together | together | voting together | together | |||||||||||||||||||||
as a class | as a class | as a class | as a class | as a class | as a class | |||||||||||||||||||||
To approve the elimination of the fundamental policy relating to insured/uninsured bonds. | ||||||||||||||||||||||||||
For | — | — | 38,593,073 | 10,215 | 9,158,224 | 4,125 | ||||||||||||||||||||
Against | — | — | 2,106,527 | 1,521 | 642,563 | 868 | ||||||||||||||||||||
Abstain | — | — | 1,657,725 | 440 | 327,058 | 119 | ||||||||||||||||||||
Broker Non-Votes | — | — | 10,204,329 | 10,266 | 2,826,285 | 502 | ||||||||||||||||||||
Total | — | — | 52,561,654 | 22,442 | 12,954,130 | 5,614 | ||||||||||||||||||||
To approve the fundamental policy relating to Municipal Obligations not more than 20% of Fund Assets. | ||||||||||||||||||||||||||
For | 18,053,642 | 4,457 | — | — | — | — | ||||||||||||||||||||
Against | 906,231 | 500 | — | — | — | — | ||||||||||||||||||||
Abstain | 792,845 | 192 | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | 5,238,842 | 6,109 | — | — | — | — | ||||||||||||||||||||
Total | 24,991,560 | 11,258 | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to Municipal Obligations not more than 20% of Fund Assets. | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Against | — | — | — | — | — | — | ||||||||||||||||||||
Abstain | — | — | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to tax-exempt Municipal Obligations. | ||||||||||||||||||||||||||
For | 18,017,711 | 4,376 | — | — | — | — | ||||||||||||||||||||
Against | 940,547 | 520 | — | — | — | — | ||||||||||||||||||||
Abstain | 794,460 | 253 | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | 5,238,842 | 6,109 | — | — | — | — | ||||||||||||||||||||
Total | 24,991,560 | 11,258 | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to rated portfolio insurance. | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Against | — | — | — | — | — | — | ||||||||||||||||||||
Abstain | — | — | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to tax-exempt municipal bonds. | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Against | — | — | — | — | — | — | ||||||||||||||||||||
Abstain | — | — | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
18
NQI | NIO | NIF | ||||||||||||||||||||||||
Common and | Auction Rate | Common and | Auction Rate | Common and | Auction Rate | |||||||||||||||||||||
Auction Rate | Preferred | Auction Rate | Preferred | Auction Rate | Preferred | |||||||||||||||||||||
Preferred shares | shares voting | Preferred shares | shares voting | Preferred shares | shares voting | |||||||||||||||||||||
voting together | together | voting together | together | voting together | together | |||||||||||||||||||||
as a class | as a class | as a class | as a class | as a class | as a class | |||||||||||||||||||||
To approve the new fundamental policy relating to tax-exempt securities. | ||||||||||||||||||||||||||
For | 18,262,758 | 4,452 | 39,115,864 | 10,375 | 9,217,792 | 4,008 | ||||||||||||||||||||
Against | 733,464 | 497 | 1,745,414 | 1,373 | 595,458 | 893 | ||||||||||||||||||||
Abstain | 756,496 | 200 | 1,496,047 | 428 | 314,595 | 211 | ||||||||||||||||||||
Broker Non-Votes | 5,238,842 | 6,109 | 10,204,329 | 10,266 | 2,826,285 | 502 | ||||||||||||||||||||
Total | 24,991,560 | 11,258 | 52,561,654 | 22,442 | 12,954,130 | 5,614 | ||||||||||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||||||||||||
John P. Amboian | ||||||||||||||||||||||||||
For | 24,138,594 | — | 50,851,391 | — | 12,373,855 | — | ||||||||||||||||||||
Withhold | 852,966 | — | 1,710,263 | — | 580,275 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
Robert P. Bremner | ||||||||||||||||||||||||||
For | 24,140,676 | — | 50,835,028 | — | 12,362,075 | — | ||||||||||||||||||||
Withhold | 850,884 | — | 1,726,626 | — | 592,055 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
Jack B. Evans | ||||||||||||||||||||||||||
For | 24,137,763 | — | 50,831,992 | — | 12,364,595 | — | ||||||||||||||||||||
Withhold | 853,797 | — | 1,729,662 | — | 589,535 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
William C. Hunter | ||||||||||||||||||||||||||
For | — | 10,677 | — | 21,296 | — | 5,267 | ||||||||||||||||||||
Withhold | — | 581 | — | 1,146 | — | 347 | ||||||||||||||||||||
Total | — | 11,258 | — | 22,442 | — | 5,614 | ||||||||||||||||||||
David J. Kundert | ||||||||||||||||||||||||||
For | 24,131,327 | — | 50,829,064 | — | 12,359,416 | — | ||||||||||||||||||||
Withhold | 860,233 | — | 1,732,590 | — | 594,714 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
William J. Schneider | ||||||||||||||||||||||||||
For | — | 10,677 | — | 21,297 | — | 5,266 | ||||||||||||||||||||
Withhold | — | 581 | — | 1,145 | — | 348 | ||||||||||||||||||||
Total | — | 11,258 | — | 22,442 | — | 5,614 | ||||||||||||||||||||
Judith M. Stockdale | ||||||||||||||||||||||||||
For | 24,138,923 | — | 50,826,156 | — | 12,370,934 | — | ||||||||||||||||||||
Withhold | 852,637 | — | 1,735,498 | — | 583,196 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
Carole E. Stone | ||||||||||||||||||||||||||
For | 24,127,155 | — | 50,804,301 | — | 12,368,807 | — | ||||||||||||||||||||
Withhold | 864,405 | — | 1,757,353 | — | 585,323 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
Terence J. Toth | ||||||||||||||||||||||||||
For | 24,136,883 | — | 50,807,314 | — | 12,364,670 | — | ||||||||||||||||||||
Withhold | 854,677 | — | 1,754,340 | — | 589,460 | — | ||||||||||||||||||||
Total | 24,991,560 | — | 52,561,654 | — | 12,954,130 | — | ||||||||||||||||||||
19
NPX NVG NEA | Shareholder MEETING REPORT (continued) |
NPX | NVG | NEA | ||||||||||||||||||||||||
Common and | Auction Rate | Common and | Auction Rate | Common and | Auction Rate | |||||||||||||||||||||
Auction Rate | Preferred | Auction Rate | Preferred | Auction Rate | Preferred | |||||||||||||||||||||
Preferred shares | shares voting | Preferred shares | shares voting | Preferred shares | shares voting | |||||||||||||||||||||
voting together | together | voting together | together | voting together | together | |||||||||||||||||||||
as a class | as a class | as a class | as a class | as a class | as a class | |||||||||||||||||||||
To approve the elimination of the fundamental policy relating to insured/uninsured bonds. | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Against | — | — | — | — | — | — | ||||||||||||||||||||
Abstain | — | — | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
To approve the fundamental policy relating to Municipal Obligations not more than 20% of Fund Assets. | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Against | — | — | — | — | — | — | ||||||||||||||||||||
Abstain | — | — | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to Municipal Obligations not more than 20% of Fund Assets. | ||||||||||||||||||||||||||
For | 17,552,122 | 5,467 | — | — | — | — | ||||||||||||||||||||
Against | 1,120,303 | 1,014 | — | — | — | — | ||||||||||||||||||||
Abstain | 671,386 | 228 | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | 6,050,142 | 2,357 | — | — | — | — | ||||||||||||||||||||
Total | 25,393,953 | 9,066 | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to tax-exempt Municipal Obligations. | ||||||||||||||||||||||||||
For | 17,569,702 | 5,602 | — | — | — | — | ||||||||||||||||||||
Against | 1,110,346 | 902 | — | — | — | — | ||||||||||||||||||||
Abstain | 663,763 | 205 | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | 6,050,142 | 2,357 | — | — | — | — | ||||||||||||||||||||
Total | 25,393,953 | 9,066 | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to rated portfolio insurance. | ||||||||||||||||||||||||||
For | 17,476,989 | 5,515 | — | — | — | — | ||||||||||||||||||||
Against | 1,179,386 | 968 | — | — | — | — | ||||||||||||||||||||
Abstain | 687,436 | 226 | — | — | — | — | ||||||||||||||||||||
Broker Non-Votes | 6,050,142 | 2,357 | — | — | — | — | ||||||||||||||||||||
Total | 25,393,953 | 9,066 | — | — | — | — | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to tax-exempt municipal bonds. | ||||||||||||||||||||||||||
For | — | — | 14,082,658 | 3,838 | 8,809,154 | 3,059 | ||||||||||||||||||||
Against | — | — | 1,041,372 | 504 | 405,719 | 252 | ||||||||||||||||||||
Abstain | — | — | 633,996 | 139 | 363,712 | 160 | ||||||||||||||||||||
Broker Non-Votes | — | — | 4,097,830 | 3,699 | 3,075,776 | 1,864 | ||||||||||||||||||||
Total | — | — | 19,855,856 | 8,180 | 12,654,361 | 5,335 | ||||||||||||||||||||
20
NPX | NVG | NEA | ||||||||||||||||||||||||
Common and | Auction Rate | Common and | Auction Rate | Common and | Auction Rate | |||||||||||||||||||||
Auction Rate | Preferred | Auction Rate | Preferred | Auction Rate | Preferred | |||||||||||||||||||||
Preferred shares | shares voting | Preferred shares | shares voting | Preferred shares | shares voting | |||||||||||||||||||||
voting together | together | voting together | together | voting together | together | |||||||||||||||||||||
as a class | as a class | as a class | as a class | as a class | as a class | |||||||||||||||||||||
To approve the new fundamental policy relating to tax-exempt securities. | ||||||||||||||||||||||||||
For | 17,677,608 | 5,675 | 14,205,802 | 3,849 | 8,849,483 | 3,063 | ||||||||||||||||||||
Against | 1,003,169 | 809 | 921,336 | 500 | 352,769 | 254 | ||||||||||||||||||||
Abstain | 663,034 | 225 | 630,888 | 132 | 376,333 | 154 | ||||||||||||||||||||
Broker Non-Votes | 6,050,142 | 2,357 | 4,097,830 | 3,699 | 3,075,776 | 1,864 | ||||||||||||||||||||
Total | 25,393,953 | 9,066 | 19,855,856 | 8,180 | 12,654,361 | 5,335 | ||||||||||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||||||||||||
John P. Amboian | ||||||||||||||||||||||||||
For | 24,463,837 | — | 18,937,253 | — | 12,358,285 | — | ||||||||||||||||||||
Withhold | 930,116 | — | 918,603 | — | 296,076 | — | ||||||||||||||||||||
Total | 25,393,953 | — | 19,855,856 | — | 12,654,361 | — | ||||||||||||||||||||
Robert P. Bremner | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Withhold | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
Jack B. Evans | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Withhold | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
William C. Hunter | ||||||||||||||||||||||||||
For | — | 8,622 | — | 7,781 | — | 4,928 | ||||||||||||||||||||
Withhold | — | 444 | — | 399 | — | 407 | ||||||||||||||||||||
Total | — | 9,066 | — | 8,180 | — | 5,335 | ||||||||||||||||||||
David J. Kundert | ||||||||||||||||||||||||||
For | 24,474,394 | — | 18,939,577 | — | 12,349,136 | — | ||||||||||||||||||||
Withhold | 919,559 | — | 916,279 | — | 305,225 | — | ||||||||||||||||||||
Total | 25,393,953 | — | 19,855,856 | — | 12,654,361 | — | ||||||||||||||||||||
William J. Schneider | ||||||||||||||||||||||||||
For | — | 8,622 | — | 7,777 | — | 4,923 | ||||||||||||||||||||
Withhold | — | 444 | — | 403 | — | 412 | ||||||||||||||||||||
Total | — | 9,066 | — | 8,180 | — | 5,335 | ||||||||||||||||||||
Judith M. Stockdale | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Withhold | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
Carole E. Stone | ||||||||||||||||||||||||||
For | — | — | — | — | — | — | ||||||||||||||||||||
Withhold | — | — | — | — | — | — | ||||||||||||||||||||
Total | — | — | — | — | — | — | ||||||||||||||||||||
Terence J. Toth | ||||||||||||||||||||||||||
For | 24,470,860 | — | 18,937,704 | — | 12,356,695 | — | ||||||||||||||||||||
Withhold | 923,093 | — | 918,152 | — | 297,666 | — | ||||||||||||||||||||
Total | 25,393,953 | — | 19,855,856 | — | 12,654,361 | — | ||||||||||||||||||||
21
PUBLIC ACCOUNTING FIRM
Nuveen Insured Quality Municipal Fund, Inc.
Nuveen Insured Municipal Opportunity Fund, Inc.
Nuveen Premier Insured Municipal Income Fund, Inc.
Nuveen Insured Premium Income Municipal Fund 2
Nuveen Insured Dividend Advantage Municipal Fund
Nuveen Insured Tax-Free Advantage Municipal Fund
December 23, 2008
22
NQI | Nuveen Insured Quality Municipal Fund, Inc. | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama — 1.9% (1.1% of Total Investments) | ||||||||||||||||
$ | 1,135 | Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20 (Pre-refunded 1/01/13) — MBIA Insured | 1/13 at 100.00 | AAA | $ | 1,225,267 | ||||||||||
7,500 | Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 — MBIA Insured | 6/15 at 100.00 | A2 | 7,073,100 | ||||||||||||
8,635 | Total Alabama | 8,298,367 | ||||||||||||||
Arizona — 3.0% (1.7% of Total Investments) | ||||||||||||||||
2,750 | Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032 — 11034, 8.606%, 7/01/31 — FSA Insured (IF) | 7/17 at 100.00 | Aa3 | 444,400 | ||||||||||||
9,200 | Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 — FGIC Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AA | 7,200,564 | ||||||||||||
8,755 | Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 — FGIC Insured | No Opt. Call | AA | 5,824,964 | ||||||||||||
20,705 | Total Arizona | 13,469,928 | ||||||||||||||
Arkansas — 0.9% (0.5% of Total Investments) | �� | |||||||||||||||
4,250 | University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 — MBIA Insured | 11/14 at 100.00 | Aa3 | 4,162,960 | ||||||||||||
California — 30.9% (17.8% of Total Investments) | ||||||||||||||||
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: | ||||||||||||||||
35 | 5.000%, 12/01/24 (Pre-refunded 12/01/14) — MBIA Insured | 12/14 at 100.00 | AAA | 38,190 | ||||||||||||
35 | 5.000%, 12/01/26 (Pre-refunded 12/01/14) — MBIA Insured | 12/14 at 100.00 | AAA | 38,190 | ||||||||||||
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: | ||||||||||||||||
4,010 | 5.000%, 12/01/24 — MBIA Insured | 12/14 at 100.00 | AAA | 3,953,218 | ||||||||||||
3,965 | 5.000%, 12/01/26 — MBIA Insured | 12/14 at 100.00 | AAA | 3,818,612 | ||||||||||||
1,275 | California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.250%, 10/01/23 — MBIA Insured | 10/15 at 100.00 | Aa3 | 1,268,421 | ||||||||||||
13,175 | California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California Edison Company, Series 1999A, 5.450%, 9/01/29 — MBIA Insured | 9/09 at 101.00 | AA | 11,772,258 | ||||||||||||
13,445 | California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 — AMBAC Insured | 4/12 at 100.00 | AA | 12,821,690 | ||||||||||||
7,055 | California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 (Pre-refunded 4/01/12) — AMBAC Insured | 4/12 at 100.00 | AAA | 7,539,396 | ||||||||||||
5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 — AMBAC Insured | 4/14 at 100.00 | AA | 4,625 | ||||||||||||
3,745 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AAA | 4,057,370 | ||||||||||||
8,000 | California, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 — MBIA Insured | 10/12 at 100.00 | AA | 7,361,360 | ||||||||||||
2,340 | Cerritos Public Financing Authority, California, Tax Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 — AMBAC Insured | 11/17 at 102.00 | AA | 2,160,311 |
23
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 5,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 — FGIC Insured | No Opt. Call | AA | $ | 1,992,150 | ||||||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999: | ||||||||||||||||
22,985 | 0.000%, 1/15/24 — MBIA Insured | 1/10 at 44.52 | AA | 6,952,963 | ||||||||||||
22,000 | 0.000%, 1/15/31 — MBIA Insured | 1/10 at 29.11 | AA | 3,684,560 | ||||||||||||
50,000 | 0.000%, 1/15/37 — MBIA Insured | 1/10 at 20.19 | AA | 4,949,500 | ||||||||||||
5,000 | Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 — AMBAC Insured | 3/12 at 101.00 | AA | 4,431,100 | ||||||||||||
2,125 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 0.891%, 6/01/35 — FGIC Insured (IF) | 6/15 at 100.00 | A | 94,393 | ||||||||||||
5,795 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 — FSA Insured | No Opt. Call | AAA | 2,130,706 | ||||||||||||
5,348 | Moreno Valley Public Finance Authority, California, GNMA Collateralized Assisted Living Housing Revenue Bonds, CDC Assisted Living Project, Series 2000A, 7.500%, 1/20/42 | 1/12 at 105.00 | Aaa | 5,671,394 | ||||||||||||
5,190 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 — MBIA Insured (ETM) | 2/09 at 100.00 | AA (4) | 5,568,247 | ||||||||||||
3,615 | Pasadena Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003D, 5.000%, 5/01/24 (Pre-refunded 5/01/13) — MBIA Insured | 5/13 at 100.00 | AA (4) | 3,913,274 | ||||||||||||
2,590 | Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 — SYNCORA GTY Insured | 10/14 at 100.00 | BBB | 2,322,065 | ||||||||||||
2,000 | San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 — SYNCORA GTY Insured | 9/14 at 100.00 | A3 | 1,915,760 | ||||||||||||
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A: | ||||||||||||||||
7,200 | 5.125%, 5/01/21 — MBIA Insured (Alternative Minimum Tax) | 5/11 at 100.00 | AA | 6,207,264 | ||||||||||||
12,690 | 5.250%, 5/01/31 — MBIA Insured (Alternative Minimum Tax) | 5/11 at 100.00 | AA | 10,095,403 | ||||||||||||
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2005A: | ||||||||||||||||
2,000 | 5.000%, 7/01/21 — MBIA Insured | 7/15 at 100.00 | AA+ | 2,002,100 | ||||||||||||
3,655 | 5.000%, 7/01/22 — MBIA Insured | 7/15 at 100.00 | AA+ | 3,636,871 | ||||||||||||
3,840 | 5.000%, 7/01/23 — MBIA Insured | 7/15 at 100.00 | AA+ | 3,792,614 | ||||||||||||
8,965 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 — MBIA Insured | 8/17 at 100.00 | AA | 6,831,958 | ||||||||||||
3,500 | Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 — FGIC Insured | No Opt. Call | A+ | 1,432,760 | ||||||||||||
1,000 | Sierra Joint Community College District, Tahoe Truckee, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 — FGIC Insured | 8/14 at 100.00 | A+ | 927,520 | ||||||||||||
1,575 | Sierra Joint Community College District, Western Nevada, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 — FGIC Insured | 8/14 at 100.00 | A+ | 1,460,844 | ||||||||||||
3,600 | Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 — MBIA Insured | 8/15 at 100.00 | AA | 3,372,156 | ||||||||||||
236,758 | Total California | 138,219,243 | ||||||||||||||
Colorado — 2.4% (1.4% of Total Investments) | ||||||||||||||||
2,015 | Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 — FSA Insured | 6/15 at 100.00 | AAA | 1,972,161 | ||||||||||||
Denver, Colorado, Airport Revenue Bonds, Trust 2365: | ||||||||||||||||
1,340 | 2.901%, 11/15/23 — FGIC Insured (IF) | 11/16 at 100.00 | AA | 923,662 | ||||||||||||
825 | 1.184%, 11/15/24 — FGIC Insured (IF) | 11/16 at 100.00 | AA | 558,212 | ||||||||||||
1,085 | 1.186%, 11/15/25 — FGIC Insured (IF) | 11/16 at 100.00 | AA | 699,196 |
24
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Colorado (continued) | ||||||||||||||||
$ | 9,780 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 - MBIA Insured | No Opt. Call | AA | $ | 1,837,369 | ||||||||||
10,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 - MBIA Insured | No Opt. Call | AA | 2,751,800 | ||||||||||||
1,250 | Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 — FSA Insured (UB) | 12/14 at 100.00 | Aa3 | 1,216,225 | ||||||||||||
1,000 | University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 - FGIC Insured | 6/15 at 100.00 | AA | 927,700 | ||||||||||||
27,295 | Total Colorado | 10,886,325 | ||||||||||||||
District of Columbia — 0.5% (0.3% of Total Investments) | ||||||||||||||||
1,335 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 — AMBAC Insured (IF) | 10/16 at 100.00 | AA | 627,597 | ||||||||||||
3,920 | Washington District of Columbia Convention Center Authority, Dedicated Tax Revenue Bonds, Residual Series 1730, 1731, 1736, 0.471%, 10/01/36 — AMBAC Insured (IF) | 10/16 at 100.00 | AA | 1,509,396 | ||||||||||||
5,255 | Total District of Columbia | 2,136,993 | ||||||||||||||
Florida — 8.7% (5.0% of Total Investments) | ||||||||||||||||
3,450 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 - MBIA Insured | 10/14 at 100.00 | AA | 3,317,969 | ||||||||||||
3,250 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 — AMBAC Insured | 6/13 at 101.00 | AAA | 3,234,010 | ||||||||||||
2,550 | Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 0.054%, 6/01/38 — AGC Insured (IF) | 6/18 at 101.00 | AAA | 1,561,518 | ||||||||||||
20,000 | Lee County, Florida, Airport Revenue Bonds, Series 2000A, 5.750%, 10/01/25 — FSA Insured (Alternative Minimum Tax) | 10/10 at 101.00 | AAA | 17,759,798 | ||||||||||||
4,115 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Monterey Pointe Apartments, Series 2001-2A, 5.850%, 7/01/37 — FSA Insured (Alternative Minimum Tax) | 7/11 at 100.00 | AAA | 3,474,953 | ||||||||||||
7,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 — FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 5,582,220 | ||||||||||||
3,780 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2003A, 5.000%, 8/01/16 — AMBAC Insured | 8/13 at 100.00 | AA | 3,815,154 | ||||||||||||
44,145 | Total Florida | 38,745,622 | ||||||||||||||
Georgia — 0.2% (0.1% of Total Investments) | ||||||||||||||||
1,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 - FSA Insured | 11/14 at 100.00 | AAA | 977,660 | ||||||||||||
Hawaii — 3.8% (2.2% of Total Investments) | ||||||||||||||||
1,620 | Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/21 — FSA Insured | 7/13 at 100.00 | AAA | 1,619,887 | ||||||||||||
Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B: | ||||||||||||||||
8,785 | 6.625%, 7/01/18 — FGIC Insured (Alternative Minimum Tax) | 7/10 at 101.00 | A2 | 8,806,172 | ||||||||||||
7,000 | 6.000%, 7/01/19 — FGIC Insured (Alternative Minimum Tax) | 7/10 at 101.00 | A2 | 6,658,120 | ||||||||||||
17,405 | Total Hawaii | 17,084,179 | ||||||||||||||
Illinois — 18.9% (10.9% of Total Investments) | ||||||||||||||||
9,500 | Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/15 — AMBAC Insured (Alternative Minimum Tax) | 1/10 at 101.00 | AA | 9,214,525 | ||||||||||||
2,875 | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 — MBIA Insured | 1/16 at 100.00 | AA | 2,730,589 | ||||||||||||
25,000 | Illinois Health Facilities Authority, Revenue Bonds, Iowa Health System, Series 2000, 5.875%, 2/15/30 — AMBAC Insured (ETM) | 2/10 at 101.00 | Aa3 (4) | 25,714,496 |
25
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Illinois (continued) | ||||||||||||||||
$ | 13,275 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5.250%, 5/01/26 — FSA Insured | 5/11 at 100.00 | AAA | $ | 13,214,864 | ||||||||||
15,785 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/27 — FSA Insured | 4/12 at 100.00 | AAA | 15,655,563 | ||||||||||||
18,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 — MBIA Insured | No Opt. Call | AAA | 7,250,940 | ||||||||||||
10,000 | University of Illinois, Certificates of Participation, Utility Infrastructure Projects, Series 2001B, 5.250%, 8/15/21 (Pre-refunded 8/15/11) — AMBAC Insured | 8/11 at 100.00 | AA (4) | 10,652,700 | ||||||||||||
94,435 | Total Illinois | 84,433,677 | ||||||||||||||
Indiana — 2.6% (1.5% of Total Investments) | ||||||||||||||||
3,730 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 — MBIA Insured | 1/17 at 100.00 | AA | 3,047,373 | ||||||||||||
7,790 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 — AMBAC Insured | No Opt. Call | AA+ | 8,675,723 | ||||||||||||
11,520 | Total Indiana | 11,723,096 | ||||||||||||||
Kansas — 0.6% (0.4% of Total Investments) | ||||||||||||||||
3,000 | Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 5.000%, 10/01/21 — FGIC Insured | 10/13 at 100.00 | AA | 2,881,200 | ||||||||||||
Kentucky — 6.7% (3.8% of Total Investments) | ||||||||||||||||
3,015 | Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 — MBIA Insured | 5/15 at 100.00 | AA | 2,909,897 | ||||||||||||
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C: | ||||||||||||||||
2,530 | 6.150%, 10/01/27 — MBIA Insured | 10/13 at 101.00 | AA | 2,306,196 | ||||||||||||
12,060 | 6.150%, 10/01/28 — MBIA Insured | 10/13 at 101.00 | AA | 10,930,702 | ||||||||||||
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C: | ||||||||||||||||
3,815 | 6.150%, 10/01/27 (Pre-refunded 10/01/13) — MBIA Insured | 10/13 at 101.00 | AA (4) | 4,334,298 | ||||||||||||
6,125 | 6.150%, 10/01/28 (Pre-refunded 10/01/13) — MBIA Insured | 10/13 at 101.00 | AA (4) | 6,958,735 | ||||||||||||
2,230 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) — FSA Insured | 8/15 at 100.00 | AAA | 2,413,685 | ||||||||||||
29,775 | Total Kentucky | 29,853,513 | ||||||||||||||
Louisiana — 4.2% (2.4% of Total Investments) | ||||||||||||||||
Louisiana State, Gasoline Tax Revenue Bonds, Series 2006: | ||||||||||||||||
11,325 | 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | Aa3 | 9,193,295 | ||||||||||||
8,940 | 4.500%, 5/01/41 — FGIC Insured (UB) | 5/16 at 100.00 | Aa3 | 6,854,209 | ||||||||||||
10 | Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 10.855%, 5/01/41 — FGIC Insured (IF) | 5/16 at 100.00 | Aa3 | 668 | ||||||||||||
5 | Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-3, 10.838%, 5/01/41 — FGIC Insured (IF) | 5/16 at 100.00 | Aa3 | 334 | ||||||||||||
2,910 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%, 11/01/15 — FSA Insured | 12/08 at 100.00 | AAA | 2,913,667 | ||||||||||||
23,190 | Total Louisiana | 18,962,173 | ||||||||||||||
Maine — 1.8% (1.1% of Total Investments) | ||||||||||||||||
555 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 — MBIA Insured | 7/09 at 101.00 | Aaa | 559,557 |
26
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Maine (continued) | ||||||||||||||||
$ | 7,445 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 (Pre-refunded 7/01/09) — MBIA Insured | 7/09 at 101.00 | Aaa | $ | 7,734,611 | ||||||||||
8,000 | Total Maine | 8,294,168 | ||||||||||||||
Maryland — 1.9% (1.1% of Total Investments) | ||||||||||||||||
2,100 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 — MBIA Insured | 7/16 at 100.00 | AA | 1,455,909 | ||||||||||||
7,535 | Maryland Transportation Authority, Airport Parking Revenue Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.500%, 3/01/18 — AMBAC Insured (Alternative Minimum Tax) | 3/12 at 101.00 | AA | 7,132,556 | ||||||||||||
9,635 | Total Maryland | 8,588,465 | ||||||||||||||
Massachusetts — 3.1% (1.8% of Total Investments) | ||||||||||||||||
5,000 | Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) — FGIC Insured | 7/12 at 100.00 | AAA | 5,345,450 | ||||||||||||
3,465 | Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 — FSA Insured (UB) | 2/17 at 100.00 | Aa2 | 2,673,144 | ||||||||||||
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: | ||||||||||||||||
1,250 | 5.250%, 1/01/21 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (4) | 1,300,013 | |||||||||||
1,000 | 5.250%, 1/01/22 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (4) | 1,040,010 | |||||||||||
1,195 | 5.250%, 1/01/23 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (4) | 1,242,812 | |||||||||||
2,000 | 5.250%, 1/01/24 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (4) | 2,080,020 | |||||||||||
13,910 | Total Massachusetts | 13,681,449 | ||||||||||||||
Michigan — 0.9% (0.5% of Total Investments) | ||||||||||||||||
4,750 | Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 — MBIA Insured (Alternative Minimum Tax) | 9/09 at 102.00 | AA | 3,977,460 | ||||||||||||
Mississippi — 1.4% (0.8% of Total Investments) | ||||||||||||||||
2,715 | Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 — FGIC Insured (ETM) | No Opt. Call | AA (4) | 3,258,326 | ||||||||||||
2,545 | Harrison County Wastewater Management District, Mississippi, Wastewater Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 — FGIC Insured (ETM) | No Opt. Call | N/R | (4) | 3,071,179 | |||||||||||
5,260 | Total Mississippi | 6,329,505 | ||||||||||||||
Nebraska — 2.1% (1.2% of Total Investments) | ||||||||||||||||
12,155 | Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 — FGIC Insured (UB) | 9/17 at 100.00 | AA | 9,553,222 | ||||||||||||
Nevada — 5.9% (3.4% of Total Investments) | ||||||||||||||||
33,700 | Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 — AMBAC Insured | 1/10 at 100.00 | AA | 20,258,416 | ||||||||||||
5,720 | Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) — AMBAC Insured | 6/12 at 100.00 | AA (4) | 6,114,852 | ||||||||||||
39,420 | Total Nevada | 26,373,268 | ||||||||||||||
New Jersey — 1.3% (0.7% of Total Investments) | ||||||||||||||||
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | ||||||||||||||||
1,700 | 5.000%, 7/01/22 — MBIA Insured | 7/14 at 100.00 | AA | 1,657,177 | ||||||||||||
1,700 | 5.000%, 7/01/23 — MBIA Insured | 7/14 at 100.00 | AA | 1,646,637 | ||||||||||||
2,500 | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 — FGIC Insured | 7/13 at 100.00 | AA | 2,470,425 | ||||||||||||
5,900 | Total New Jersey | 5,774,239 | ||||||||||||||
27
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New Mexico — 1.4% (0.8% of Total Investments) | ||||||||||||||||
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C: | ||||||||||||||||
$ | 1,420 | 5.000%, 6/01/22 — AMBAC Insured | 6/14 at 100.00 | AA+ | $ | 1,413,014 | ||||||||||
3,290 | 5.000%, 6/01/23 — AMBAC Insured | 6/14 at 100.00 | AA+ | 3,246,309 | ||||||||||||
1,530 | New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/23 — AMBAC Insured | 4/14 at 100.00 | AA | 1,509,835 | ||||||||||||
6,240 | Total New Mexico | 6,169,158 | ||||||||||||||
New York — 15.7% (9.1% of Total Investments) | ||||||||||||||||
11,760 | Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 (Pre-refunded 5/15/10) — AMBAC Insured | 5/10 at 101.00 | AA (4) | 12,511,346 | ||||||||||||
15,000 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 — MBIA Insured | 10/12 at 100.00 | AA | 15,560,850 | ||||||||||||
4,070 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | AA | 2,896,497 | ||||||||||||
3,300 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F, 4.250%, 5/01/33 — MBIA Insured (UB) | 11/16 at 100.00 | AA | 2,453,253 | ||||||||||||
5,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 — FGIC Insured | 6/16 at 100.00 | A-- | 4,564,700 | ||||||||||||
8,000 | Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 — FGIC Insured | 7/12 at 100.00 | AA | 7,642,160 | ||||||||||||
1,740 | New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Trust 2364, 8.714%, 11/15/44 — AMBAC Insured (IF) | 11/15 at 100.00 | A | 1,037,005 | ||||||||||||
10,150 | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 — FSA Insured | 11/08 at 100.00 | AAA | 10,151,015 | ||||||||||||
4,200 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.550%, 10/01/19 — MBIA Insured (Alternative Minimum Tax) | 10/09 at 100.00 | Aa1 | 3,963,918 | ||||||||||||
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B: | ||||||||||||||||
2,460 | 5.000%, 3/15/24 — FSA Insured (UB) | 3/15 at 100.00 | AAA | 2,433,899 | ||||||||||||
2,465 | 5.000%, 3/15/25 — FSA Insured (UB) | 3/15 at 100.00 | AAA | 2,421,641 | ||||||||||||
5,000 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Bonds, Series 2003A, 5.000%, 11/15/32 — FGIC Insured | 11/13 at 100.00 | Aa3 | 4,575,350 | ||||||||||||
73,145 | Total New York | 70,211,634 | ||||||||||||||
Ohio — 3.5% (2.0% of Total Investments) | ||||||||||||||||
7,000 | Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/19 — FGIC Insured | 6/14 at 100.00 | AA | 7,094,220 | ||||||||||||
3,065 | Hamilton County, Ohio, Sales Tax Revenue Bonds, Tender Option Bond Trust 2706, 0.472%, 12/01/32 — AMBAC Insured (IF) | 12/16 at 100.00 | A2 | 953,184 | ||||||||||||
5,000 | Lorain County, Ohio, Health Facilities Revenue Bonds, Catholic Healthcare Partners, Series 1999A, 5.500%, 9/01/29 — AMBAC Insured | 9/09 at 102.00 | AA | 4,555,150 | ||||||||||||
3,065 | Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 — FSA Insured | 12/15 at 100.00 | AAA | 3,041,461 | ||||||||||||
18,130 | Total Ohio | 15,644,015 | ||||||||||||||
Oklahoma — 0.5% (0.3% of Total Investments) | ||||||||||||||||
2,250 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 — AMBAC Insured | 7/15 at 100.00 | AA | 2,176,268 | ||||||||||||
Pennsylvania — 3.0% (1.8% of Total Investments) | ||||||||||||||||
3,000 | Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 — MBIA Insured | 12/15 at 100.00 | AA | 2,755,080 |
28
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Pennsylvania (continued) | ||||||||||||||||
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006: | ||||||||||||||||
$ | 3,260 | 5.000%, 8/01/23 — AMBAC Insured | 8/16 at 100.00 | AA | $ | 3,170,252 | ||||||||||
1,600 | 5.000%, 8/01/24 — AMBAC Insured | 8/16 at 100.00 | AA | 1,544,064 | ||||||||||||
5,400 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 — FSA Insured (UB) | 12/16 at 100.00 | Aa3 | 4,292,622 | ||||||||||||
2,000 | Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 — FGIC Insured | 12/15 at 100.00 | AA | 1,747,360 | ||||||||||||
15,260 | Total Pennsylvania | 13,509,378 | ||||||||||||||
Puerto Rico — 2.2% (1.3% of Total Investments) | ||||||||||||||||
2,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 — FGIC Insured | 7/15 at 100.00 | AA | 2,258,050 | ||||||||||||
25,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 — FGIC Insured | No Opt. Call | AA | 2,531,250 | ||||||||||||
5,000 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 — FGIC Insured | No Opt. Call | A-- | 5,027,550 | ||||||||||||
32,500 | Total Puerto Rico | 9,816,850 | ||||||||||||||
South Carolina — 2.4% (1.4% of Total Investments) | ||||||||||||||||
3,000 | Charleston County School District, South Carolina, General Obligation Bonds, Series 2004A, 5.000%, 2/01/22 — AMBAC Insured | 2/14 at 100.00 | Aa1 | 2,985,390 | ||||||||||||
10,000 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 — SYNCORA GTY Insured | 10/16 at 100.00 | A1 | 7,727,500 | ||||||||||||
13,000 | Total South Carolina | 10,712,890 | ||||||||||||||
Tennessee — 1.3% (0.7% of Total Investments) | ||||||||||||||||
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A: | ||||||||||||||||
7,500 | 0.000%, 1/01/24 — FSA Insured | 1/13 at 52.75 | AAA | 2,988,375 | ||||||||||||
5,000 | 0.000%, 1/01/25 — FSA Insured | 1/13 at 49.71 | AAA | 1,860,350 | ||||||||||||
2,750 | 0.000%, 1/01/26 — FSA Insured | 1/13 at 46.78 | AAA | 921,745 | ||||||||||||
15,250 | Total Tennessee | 5,770,470 | ||||||||||||||
Texas — 19.3% (11.2% of Total Investments) | ||||||||||||||||
8,000 | Abilene Health Facilities Development Corporation, Texas, Hospital Revenue Refunding and Improvement Bonds, Hendrick Medical Center Project, Series 1995C, 6.150%, 9/01/25 — MBIA Insured | 3/09 at 100.00 | AA | 7,215,120 | ||||||||||||
3,135 | Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/15/20 — FSA Insured (UB) | 7/14 at 100.00 | AAA | 3,176,351 | ||||||||||||
3,000 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 — FGIC Insured (Alternative Minimum Tax) | 11/11 at 100.00 | A+ | 3,004,080 | ||||||||||||
3,735 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) — FSA Insured | 2/13 at 100.00 | AAA | 4,023,940 | ||||||||||||
1,035 | Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 — AMBAC Insured | No Opt. Call | AA | 1,068,192 | ||||||||||||
285 | Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 — AMBAC Insured (ETM) | No Opt. Call | AA (4) | 292,627 | ||||||||||||
5,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 — FGIC Insured | 5/14 at 100.00 | AA | 4,657,750 | ||||||||||||
4,500 | Houston, Texas, General Obligation Public Improvement Bonds, Series 2001A, 5.000%, 3/01/22 — FSA Insured | 3/11 at 100.00 | AAA | 4,486,680 |
29
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
$ | 17,000 | Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 — FSA Insured (ETM) | No Opt. Call | AAA | $ | 17,997,048 | ||||||||||
4,685 | Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.500%, 7/01/19 — FSA Insured (Alternative Minimum Tax) | 7/10 at 100.00 | AAA | 4,319,617 | ||||||||||||
19,200 | Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31 — AMBAC Insured | 8/11 at 100.00 | AA | 15,013,248 | ||||||||||||
2,000 | Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 — AMBAC Insured | 8/11 at 100.00 | AA | 1,847,720 | ||||||||||||
22,045 | North Central Texas Health Facilities Development Corporation, Revenue Bonds, Children’s Medical Center of Dallas, Series 2002, 5.250%, 8/15/32 — AMBAC Insured | 8/12 at 101.00 | AA | 19,480,283 | ||||||||||||
93,620 | Total Texas | 86,582,656 | ||||||||||||||
Washington — 12.2% (7.0% of Total Investments) | ||||||||||||||||
10,730 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32 — MBIA Insured (Alternative Minimum Tax) | 7/11 at 101.00 | AA | 9,043,888 | ||||||||||||
15,025 | Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, Park Place Project, Series 2000A, 7.000%, 5/20/42 | 11/11 at 105.00 | AAA | 14,617,973 | ||||||||||||
4,530 | Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax) | 9/11 at 102.00 | AAA | 3,932,176 | ||||||||||||
5,000 | Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2000, 5.250%, 12/01/21 — FSA Insured | 12/10 at 100.00 | AAA | 5,024,200 | ||||||||||||
2,500 | Washington State Healthcare Facilities Authority, Revenue Bonds, Providence Services, Series 1999, 5.375%, 12/01/19 (Pre-refunded 12/01/09) — MBIA Insured | 12/09 at 101.00 | AA (4) | 2,622,575 | ||||||||||||
21,510 | Washington State, General Obligation Bonds, Series 2002, 0.000%, 6/01/28 — MBIA Insured (UB) | No Opt. Call | AA+ | 6,927,941 | ||||||||||||
10,000 | Washington State, General Obligation Bonds, Series R-2003A, 5.000%, 1/01/19 — MBIA Insured | 1/12 at 100.00 | AA+ | 10,089,600 | ||||||||||||
2,250 | Washington, Certificates of Participation, Washington Convention and Trade Center, Series 1999, 5.250%, 7/01/14 — MBIA Insured | 7/09 at 100.00 | AA | 2,283,975 | ||||||||||||
71,545 | Total Washington | 54,542,328 | ||||||||||||||
West Virginia — 3.0% (1.8% of Total Investments) | ||||||||||||||||
12,845 | West Virginia Water Development Authority, Infrastructure Revenue Bonds, Infrastructure and Jobs Development Council Program, Series 2000A, 5.500%, 10/01/39 (Pre-refunded 10/01/10) — FSA Insured | 10/10 at 100.00 | AAA | 13,595,020 | ||||||||||||
Wisconsin — 0.9% (0.5% of Total Investments) | ||||||||||||||||
1,635 | Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) — FSA Insured | 11/14 at 100.00 | Aaa | 1,765,961 | ||||||||||||
545 | Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 — FSA Insured | 11/14 at 100.00 | Aaa | 515,300 | ||||||||||||
1,675 | Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 — AMBAC Insured | 7/15 at 100.00 | AA | 1,551,617 | ||||||||||||
3,855 | Total Wisconsin | 3,832,878 | ||||||||||||||
$ | 984,038 | Total Long-Term Investments (cost $837,363,243) — 169.1% | 756,970,257 | |||||||||||||
30
Principal | ||||||||||||
Amount (000) | Description (1) | Ratings (3) | Value | |||||||||
Short-Term Investments — 4.2% (2.4% of Total Investments) | ||||||||||||
$ | 3,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005C, Variable Rate Demand Obligations, 10.500%, 3/15/32 — AMBAC Insured (5) | A-2 | $ | 3,000,000 | |||||||
5,655 | Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2001, Trust 163, Variable Rate Demand Obligations, 2.270%, 6/15/09 — MBIA Insured (5) | A-1+ | 5,655,000 | |||||||||
4,000 | Massachusetts Water Resources Authority, General Revenue Bonds, Tender Option Bond, Trust 1080, Variable Rate Demand Obligations, 3.000%, 8/01/32 — FSA Insured (5) | VMIG-1 | 4,000,000 | |||||||||
2,000 | New York City, New York, General Obligation Bonds, Fiscal Series 1995B2-B10, Variable Rate Demand Obligations, 1.200%, 8/15/22 — MBIA Insured (5) | VMIG-1 | 2,000,000 | |||||||||
1,000 | New York State Dorm Authority, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, Variable Rate Demand Obligations, 1.150%, 7/01/37 (5) | VMIG-1 | 1,000,000 | |||||||||
3,000 | Port of Tacoma, Washington, General Obligation Bonds, Tender Option Bond, Trust 2006-86, Variable Rate Demand Obligations, 3.320%, 6/01/25 — MBIA Insured (5) | Aa3 | 3,000,000 | |||||||||
$ | 18,655 | Total Short-Term Investments (cost $18,655,000) | 18,655,000 | |||||||||
Total Investments (cost $856,018,243) — 173.3% | 775,625,257 | |||||||||||
Floating Rate Obligations — (10.4)% | (46,750,000 | ) | ||||||||||
Other Assets Less Liabilities — 3.8% | 17,012,753 | |||||||||||
Auction Rate Preferred Shares, at Liquidation Value — (66.7)% (6) | (298,425,000 | ) | ||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 447,463,010 | ||||||||||
At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(6) | Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 38.5%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
31
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama — 11.4% (6.8% of Total Investments) | ||||||||||||||||
$ | 3,500 | Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds, Tender Option Bond Trust 2707, 0.596%, 1/01/43 — AMBAC Insured (IF) | 1/17 at 100.00 | A3 | $ | 1,052,660 | ||||||||||
11,175 | Hoover Board of Education, Alabama, Capital Outlay Tax Anticipation Warrants, Series 2001, 5.250%, 2/15/22 — MBIA Insured | 2/11 at 100.00 | AA | 11,197,909 | ||||||||||||
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A: | ||||||||||||||||
10,815 | 5.000%, 2/01/33 (Pre-refunded 2/01/09) — FGIC Insured | 2/09 at 101.00 | AAA | 11,004,154 | ||||||||||||
9,790 | 5.000%, 2/01/33 (Pre-refunded 2/01/09) — FGIC Insured | 2/09 at 101.00 | AAA | 9,961,227 | ||||||||||||
29,860 | 5.750%, 2/01/38 (Pre-refunded 2/01/09) — FGIC Insured | 2/09 at 101.00 | AAA | 30,454,511 | ||||||||||||
2,500 | Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded 8/01/12) — FGIC Insured | 8/12 at 100.00 | AAA | 2,681,275 | ||||||||||||
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D: | ||||||||||||||||
425 | 5.000%, 2/01/38 (Pre-refunded 8/01/12) — FGIC Insured | 8/12 at 100.00 | AAA | 449,931 | ||||||||||||
14,800 | 5.000%, 2/01/42 (Pre-refunded 8/01/12) — FGIC Insured | 8/12 at 100.00 | AAA | 15,808,176 | ||||||||||||
18,760 | Jefferson County, Alabama, Sewer Revenue Capitol Improvement Warrants, Series 2001A, 5.000%, 2/01/41 (Pre-refunded 2/01/11) — FGIC Insured | 2/11 at 101.00 | AAA | 19,775,291 | ||||||||||||
10,195 | Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 — FGIC Insured | 2/09 at 100.00 | BB | 6,888,252 | ||||||||||||
5,240 | Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2003B, 5.000%, 2/01/41 (Pre-refunded 2/01/11) — FGIC Insured | 2/11 at 101.00 | AAA | 5,554,295 | ||||||||||||
117,060 | Total Alabama | 114,827,681 | ||||||||||||||
Alaska — 1.3% (0.8% of Total Investments) | ||||||||||||||||
2,425 | Alaska Housing Finance Corporation, Collateralized Veterans Mortgage Program Bonds, First Series 1999A-1, 6.150%, 6/01/39 | 12/09 at 100.00 | AAA | 2,366,145 | ||||||||||||
11,245 | Alaska Housing Finance Corporation, General Mortgage Revenue Bonds, Series 1999A, 6.050%, 6/01/39 — MBIA Insured | 6/09 at 100.00 | AAA | 10,820,839 | ||||||||||||
13,670 | Total Alaska | 13,186,984 | ||||||||||||||
Arizona — 2.3% (1.4% of Total Investments) | ||||||||||||||||
Arizona State University, Certificates of Participation, Resh Infrastructure Projects, Series 2005A: | ||||||||||||||||
2,000 | 5.000%, 9/01/25 — AMBAC Insured | 3/15 at 100.00 | AA | 1,876,360 | ||||||||||||
2,000 | 5.000%, 9/01/27 — AMBAC Insured | 3/15 at 100.00 | AA | 1,852,520 | ||||||||||||
1,000 | Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 — AMBAC Insured | 7/15 at 100.00 | AA | 883,410 | ||||||||||||
1,000 | Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) — FSA Insured | 7/14 at 100.00 | AAA | 1,077,250 | ||||||||||||
5,200 | Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032- 11034, 8.606%, 7/01/31 — FSA Insured (IF) | 7/17 at 100.00 | AAA | 840,320 | ||||||||||||
1,150 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/27 — MBIA Insured | 7/14 at 100.00 | AA+ | 1,108,025 | ||||||||||||
13,490 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 — MBIA Insured | 7/15 at 100.00 | AA | 12,435,757 |
32
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Arizona (continued) | ||||||||||||||||
$ | 2,905 | Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 — FSA Insured | 1/09 at 100.00 | Aaa | $ | 2,919,496 | ||||||||||
28,745 | Total Arizona | 22,993,138 | ||||||||||||||
Arkansas — 0.3% (0.2% of Total Investments) | ||||||||||||||||
3,660 | Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 — AMBAC Insured | 9/15 at 100.00 | Aa3 | 3,026,966 | ||||||||||||
California — 32.0% (19.1% of Total Investments) | ||||||||||||||||
5,600 | Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 — AMBAC Insured | No Opt. Call | A | 2,802,296 | ||||||||||||
10,000 | California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 — AMBAC Insured | 6/12 at 101.00 | AA | 9,983,600 | ||||||||||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: | ||||||||||||||||
30,000 | 5.375%, 5/01/17 (Pre-refunded 5/01/12) — SYNCORA GTY Insured | 5/12 at 101.00 | Aaa | 32,741,398 | ||||||||||||
25,000 | 5.375%, 5/01/18 (Pre-refunded 5/01/12) — AMBAC Insured | 5/12 at 101.00 | Aaa | 27,284,500 | ||||||||||||
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: | ||||||||||||||||
30 | 5.000%, 12/01/24 (Pre-refunded 12/01/14) — MBIA Insured | 12/14 at 100.00 | AAA | 32,734 | ||||||||||||
25 | 5.000%, 12/01/27 (Pre-refunded 12/01/14) — MBIA Insured | 12/14 at 100.00 | AAA | 27,279 | ||||||||||||
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: | ||||||||||||||||
3,670 | 5.000%, 12/01/24 — MBIA Insured | 12/14 at 100.00 | AAA | 3,618,033 | ||||||||||||
2,795 | 5.000%, 12/01/27 — MBIA Insured | 12/14 at 100.00 | AAA | 2,704,749 | ||||||||||||
10,150 | California, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 — AMBAC Insured | 12/14 at 100.00 | AA | 9,386,619 | ||||||||||||
3,500 | Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 — FGIC Insured | 8/15 at 100.00 | A- | 3,265,395 | ||||||||||||
20,000 | Cucamonga County Water District, San Bernardino County, California, Certificates of Participation, Water Shares Purchase, Series 2000, 5.125%, 9/01/35 — FGIC Insured | 9/11 at 101.00 | A+ | 17,321,000 | ||||||||||||
5,750 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 — MBIA Insured | 6/15 at 100.00 | AA+ | 5,534,260 | ||||||||||||
2,500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 0.891%, 6/01/38 — FGIC Insured (IF) | 6/15 at 100.00 | A2 | — | ||||||||||||
1,520 | Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 — SYNCORA GTY Insured | 3/16 at 100.00 | A- | 1,284,628 | ||||||||||||
5,600 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 — FSA Insured (4) | No Opt. Call | AAA | 2,196,432 | ||||||||||||
5,000 | Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 — AMBAC Insured | 11/11 at 101.00 | AA | 4,428,350 | ||||||||||||
2,740 | Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 — FGIC Insured (Alternative Minimum Tax) | 8/16 at 102.00 | AA | 2,325,411 | ||||||||||||
20,000 | Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 — FSA Insured | 7/13 at 100.00 | AAA | 19,998,600 | ||||||||||||
3,000 | Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 — FGIC Insured | 7/16 at 100.00 | AA- | 2,895,510 | ||||||||||||
6,205 | Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 — FGIC Insured (Alternative Minimum Tax) | 11/12 at 100.00 | A+ | 5,137,864 | ||||||||||||
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001: | ||||||||||||||||
15,000 | 5.200%, 6/15/30 — AMBAC Insured | 12/11 at 101.00 | AA | 13,215,900 | ||||||||||||
5,000 | 5.125%, 6/15/33 — AMBAC Insured | 12/11 at 101.00 | AA | 4,275,100 |
33
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 2,035 | Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 — FGIC Insured | 6/15 at 100.00 | AA | $ | 1,635,163 | ||||||||||
6,000 | Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 — FSA Insured | 7/13 at 100.00 | AAA | 5,814,780 | ||||||||||||
2,970 | Riverside Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/22 — FSA Insured | 8/15 at 100.00 | AAA | 2,955,180 | ||||||||||||
2,500 | Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 — FGIC Insured | 12/15 at 100.00 | AA | 2,399,125 | ||||||||||||
13,710 | San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 — MBIA Insured (Alternative Minimum Tax) | 5/11 at 100.00 | AA | 11,334,743 | ||||||||||||
3,030 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 — AMBAC Insured | 7/11 at 100.00 | AA+ | 2,846,715 | ||||||||||||
8,470 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 (Pre-refunded 7/01/11) — AMBAC Insured | 7/11 at 100.00 | AA+ (5) | 9,018,348 | ||||||||||||
1,220 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 7/01/22 — MBIA Insured | 7/15 at 100.00 | AA+ | 1,213,949 | ||||||||||||
66,685 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) | No Opt. Call | AAA | 35,371,719 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||
31,615 | 5.250%, 1/15/30 — MBIA Insured | 1/09 at 100.00 | AA | 23,877,861 | ||||||||||||
21,500 | 0.000%, 1/15/32 — MBIA Insured | No Opt. Call | AA | 4,484,470 | ||||||||||||
12,525 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/20 (Pre-refunded 8/01/10) — MBIA Insured | 8/10 at 101.00 | AA (5) | 13,252,452 | ||||||||||||
19,595 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 — MBIA Insured | 8/17 at 100.00 | AA | 14,932,762 | ||||||||||||
11,250 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 — MBIA Insured | No Opt. Call | AA | 11,915,663 | ||||||||||||
6,785 | Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 (WI/DD, Settling 11/03/08) — FSA Insured | 6/16 at 100.00 | AAA | 5,427,593 | ||||||||||||
5,000 | Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 — AMBAC Insured | 1/14 at 100.00 | AA | 4,534,800 | ||||||||||||
397,975 | Total California | 321,474,981 | ||||||||||||||
Colorado — 7.6% (4.5% of Total Investments) | ||||||||||||||||
1,080 | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 — SYNCORA GTY Insured | 10/16 at 100.00 | BBB | 824,515 | ||||||||||||
1,900 | Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 — FSA Insured | 11/15 at 100.00 | AAA | 1,911,058 | ||||||||||||
1,000 | Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 — MBIA Insured | 6/14 at 100.00 | AA | 974,610 | ||||||||||||
4,950 | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) — SYNCORA GTY Insured | 12/13 at 100.00 | N/R (5) | 5,256,158 | ||||||||||||
1,740 | Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 — FSA Insured | 12/14 at 100.00 | Aaa | 1,665,406 | ||||||||||||
35,995 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 — MBIA Insured | No Opt. Call | AA | 13,465,010 | ||||||||||||
30,800 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35 (Pre-refunded 9/01/10) — MBIA Insured | 9/10 at 102.00 | AAA | 33,130,326 |
34
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Colorado (continued) | ||||||||||||||||
$ | 11,800 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/15 (Pre-refunded 9/01/10) — MBIA Insured | 9/10 at 74.80 | Aaa | $ | 8,369,032 | ||||||||||
10,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 — MBIA Insured | No Opt. Call | AA | 2,751,800 | ||||||||||||
4,520 | Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 — FSA Insured (UB) | 12/14 at 100.00 | AAA | 4,397,870 | ||||||||||||
2,500 | Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/24 — FGIC Insured | 12/14 at 100.00 | Aa3 | 2,501,200 | ||||||||||||
1,000 | University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 — FGIC Insured | 6/15 at 100.00 | AA | 927,700 | ||||||||||||
107,285 | Total Colorado | 76,174,685 | ||||||||||||||
District of Columbia — 1.1% (0.6% of Total Investments) | ||||||||||||||||
District of Columbia Water and Sewerage Authority, Subordinate Lien Public Utility Revenue Bonds, Series 2003: | ||||||||||||||||
5,000 | 5.125%, 10/01/24 — FGIC Insured | 10/13 at 100.00 | AA | 4,854,150 | ||||||||||||
5,000 | 5.125%, 10/01/25 — FGIC Insured | 10/13 at 100.00 | AA | 4,821,650 | ||||||||||||
2,670 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 — AMBAC Insured (IF) | 10/16 at 100.00 | AA | 1,255,194 | ||||||||||||
12,670 | Total District of Columbia | 10,930,994 | ||||||||||||||
Florida — 6.4% (3.8% of Total Investments) | ||||||||||||||||
1,000 | Hillsborough County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 — MBIA Insured | 7/15 at 100.00 | AA | 952,560 | ||||||||||||
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005: | ||||||||||||||||
645 | 5.000%, 5/01/25 — MBIA Insured | 5/15 at 102.00 | A2 | 581,784 | ||||||||||||
1,830 | 5.000%, 5/01/27 — MBIA Insured | 5/15 at 102.00 | A2 | 1,617,830 | ||||||||||||
4,425 | Jacksonville Economic Development Commission, Florida, Healthcare Facilities Revenue Bonds, Mayo Clinic, Series 2001C, 5.500%, 11/15/36 — MBIA Insured | 11/12 at 100.00 | AA | 3,929,931 | ||||||||||||
1,505 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 — AMBAC Insured | 10/14 at 100.00 | AA | 1,468,579 | ||||||||||||
2,000 | Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 — MBIA Insured | 10/13 at 100.00 | AA | 1,889,980 | ||||||||||||
2,150 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 — FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | 1,639,074 | ||||||||||||
35,920 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 — FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 28,644,761 | ||||||||||||
12,930 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005A, 5.000%, 6/01/32 — MBIA Insured | 12/15 at 100.00 | AA | 10,957,529 | ||||||||||||
5,320 | Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 — MBIA Insured | 6/15 at 100.00 | AA | 4,807,152 | ||||||||||||
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 9B, Series 2005: | ||||||||||||||||
1,290 | 5.000%, 8/01/23 — MBIA Insured | 8/15 at 102.00 | AA | 1,186,116 | ||||||||||||
2,145 | 5.000%, 8/01/29 — MBIA Insured | 8/15 at 102.00 | AA | 1,855,575 | ||||||||||||
2,320 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004, 5.000%, 4/01/23 — MBIA Insured | 4/14 at 100.00 | A2 | 2,166,022 |
35
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Florida (continued) | ||||||||||||||||
$ | 2,225 | Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 8/15/18 — FSA Insured | 8/13 at 100.00 | Aaa | $ | 2,251,277 | ||||||||||
75,705 | Total Florida | 63,948,170 | ||||||||||||||
Georgia — 1.1% (0.6% of Total Investments) | ||||||||||||||||
1,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 — FSA Insured | 11/14 at 100.00 | AAA | 977,660 | ||||||||||||
1,520 | College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 — MBIA Insured | 9/14 at 102.00 | AA | 1,510,606 | ||||||||||||
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004: | ||||||||||||||||
1,695 | 5.250%, 5/01/19 — MBIA Insured | 5/14 at 100.00 | AA | 1,735,595 | ||||||||||||
1,135 | 5.250%, 5/01/20 — MBIA Insured | 5/14 at 100.00 | AA | 1,152,854 | ||||||||||||
4,500 | 5.000%, 5/01/36 — MBIA Insured | 5/14 at 100.00 | AA | 4,042,215 | ||||||||||||
1,250 | Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Series 1996, 5.250%, 8/01/13 — MBIA Insured | 2/09 at 100.00 | AA | 1,250,025 | ||||||||||||
11,100 | Total Georgia | 10,668,955 | ||||||||||||||
Idaho — 0.3% (0.2% of Total Investments) | ||||||||||||||||
235 | Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-1, 6.750%, 7/01/22 | No Opt. Call | Aa1 | 243,606 | ||||||||||||
195 | Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax) | No Opt. Call | Aa1 | 200,060 | ||||||||||||
280 | Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax) | 1/09 at 100.00 | Aaa | 285,452 | ||||||||||||
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006: | ||||||||||||||||
1,000 | 5.000%, 7/15/23 — MBIA Insured | 7/16 at 100.00 | Aa3 | 1,006,920 | ||||||||||||
1,065 | 5.000%, 7/15/24 — MBIA Insured | 7/16 at 100.00 | Aa3 | 1,068,302 | ||||||||||||
2,775 | Total Idaho | 2,804,340 | ||||||||||||||
Illinois — 5.8% (3.5% of Total Investments) | ||||||||||||||||
1,050 | Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 — FSA Insured | 12/14 at 100.00 | AAA | 1,071,399 | ||||||||||||
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O’Hare International Airport, Series 2001E: | ||||||||||||||||
4,615 | 5.500%, 1/01/17 — AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | 4,384,481 | ||||||||||||
4,870 | 5.500%, 1/01/18 — AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | 4,562,703 | ||||||||||||
7,200 | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 — MBIA Insured | 1/16 at 100.00 | AA | 6,838,344 | ||||||||||||
10,000 | Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 — MBIA Insured | 11/08 at 101.00 | AA | 9,260,100 | ||||||||||||
2,095 | Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 — MBIA Insured | 12/08 at 100.00 | A2 | 1,983,986 | ||||||||||||
22,510 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 — FGIC Insured | 2/12 at 100.00 | AA | 21,999,473 | ||||||||||||
Schaumburg, Illinois, General Obligation Bonds, Series 2004B: | ||||||||||||||||
4,260 | 5.000%, 12/01/22 — FGIC Insured | 12/14 at 100.00 | AA+ | 4,235,122 | ||||||||||||
2,365 | 5.000%, 12/01/23 — FGIC Insured | 12/14 at 100.00 | AA+ | 2,340,215 | ||||||||||||
4,000 | Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 — MBIA Insured | No Opt. Call | AA | 1,421,560 | ||||||||||||
62,965 | Total Illinois | 58,097,383 | ||||||||||||||
36
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Indiana — 3.8% (2.3% of Total Investments) | ||||||||||||||||
$ | 2,030 | Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) — FGIC Insured | 7/13 at 100.00 | AA+ (5) | $ | 2,185,782 | ||||||||||
8,000 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 — MBIA Insured | 1/17 at 100.00 | AA | 6,535,920 | ||||||||||||
20,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 — AMBAC Insured | No Opt. Call | AA | 6,220,400 | ||||||||||||
3,250 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) — MBIA Insured | 7/12 at 100.00 | AAA | 3,492,028 | ||||||||||||
1,340 | Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) — FSA Insured | 1/14 at 100.00 | AAA | 1,436,346 | ||||||||||||
5,000 | Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10 Project, Series 2003, 5.000%, 1/15/28 — AMBAC Insured | 7/13 at 100.00 | AA | 4,728,050 | ||||||||||||
10,000 | Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 7/01/19 — MBIA Insured | 1/12 at 100.00 | Aa1 | 10,066,200 | ||||||||||||
3,705 | Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) — FSA Insured | 7/13 at 100.00 | AAA | 3,989,322 | ||||||||||||
53,325 | Total Indiana | 38,654,048 | ||||||||||||||
Kansas — 1.4% (0.8% of Total Investments) | ||||||||||||||||
2,055 | Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 — FSA Insured | 9/14 at 101.00 | AAA | 2,069,426 | ||||||||||||
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006: | ||||||||||||||||
2,145 | 5.000%, 9/01/27 — FSA Insured | 9/14 at 100.00 | Aaa | 2,144,850 | ||||||||||||
4,835 | 5.000%, 9/01/29 — FSA Insured | 9/14 at 100.00 | Aaa | 4,791,437 | ||||||||||||
5,000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Series 1999A, 5.650%, 9/01/29 (Pre-refunded 9/01/09) — AMBAC Insured | 9/09 at 100.00 | AAA | 5,165,800 | ||||||||||||
14,035 | Total Kansas | 14,171,513 | ||||||||||||||
Kentucky — 2.4% (1.4% of Total Investments) | ||||||||||||||||
3,870 | Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 — MBIA Insured | 6/14 at 100.00 | Aa3 | 3,773,560 | ||||||||||||
7,500 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 — AMBAC Insured | 7/16 at 100.00 | AA+ | 7,317,300 | ||||||||||||
12,980 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 — MBIA Insured | 11/11 at 101.00 | AA | 12,598,648 | ||||||||||||
24,350 | Total Kentucky | 23,689,508 | ||||||||||||||
Louisiana — 5.9% (3.5% of Total Investments) | ||||||||||||||||
5,000 | DeSoto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 — AMBAC Insured | 9/09 at 102.00 | AA | 5,027,350 | ||||||||||||
3,025 | Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 — MBIA Insured | 11/14 at 100.00 | AA | 3,022,036 | ||||||||||||
5,140 | Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 — MBIA Insured | 7/14 at 100.00 | AA | 4,821,012 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: | ||||||||||||||||
2,400 | 5.000%, 5/01/25 — FGIC Insured | 5/15 at 100.00 | AA | 2,301,072 | ||||||||||||
4,415 | 5.000%, 5/01/26 — FGIC Insured | 5/15 at 100.00 | AA | 4,216,678 | ||||||||||||
5,000 | 5.000%, 5/01/27 — FGIC Insured | 5/15 at 100.00 | AA | 4,739,850 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006: | ||||||||||||||||
3,300 | 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | AAA | 2,678,841 | ||||||||||||
35,725 | 4.500%, 5/01/41 — FGIC Insured (UB) | 5/16 at 100.00 | Aa3 | 27,390,000 | ||||||||||||
38 | Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 10.855%, 5/01/41 — FGIC Insured (IF) | 5/16 at 100.00 | Aa3 | 2,559 |
37
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Louisiana (continued) | ||||||||||||||||
$ | 4,950 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%, 11/01/15 — FSA Insured | 12/08 at 100.00 | AAA | $ | 4,956,237 | ||||||||||
68,993 | Total Louisiana | 59,155,635 | ||||||||||||||
Maine — 0.3% (0.2% of Total Investments) | ||||||||||||||||
3,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 7/01/28 — FSA Insured | 7/13 at 100.00 | AAA | 2,873,010 | ||||||||||||
Maryland — 0.4% (0.3% of Total Investments) | ||||||||||||||||
5,345 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 — SYNCORA GTY Insured | 9/16 at 100.00 | BBB- | 4,459,761 | ||||||||||||
Massachusetts — 5.8% (3.5% of Total Investments) | ||||||||||||||||
22,500 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.375%, 1/01/42 (Pre-refunded 1/01/12) — AMBAC Insured | 1/12 at 101.00 | AA (5) | 24,345,675 | ||||||||||||
11,000 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 — FSA Insured (UB) | 8/15 at 100.00 | AAA | 11,043,230 | ||||||||||||
7,255 | Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 — FSA Insured (UB) | 2/17 at 100.00 | AAA | 5,597,015 | ||||||||||||
15,000 | Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A (5) | 15,600,150 | ||||||||||||
1,500 | University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) — AMBAC Insured | 11/14 at 100.00 | AA (5) | 1,655,460 | ||||||||||||
57,255 | Total Massachusetts | 58,241,530 | ||||||||||||||
Michigan — 7.3% (4.4% of Total Investments) | ||||||||||||||||
5,490 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 — FSA Insured (UB) | No Opt. Call | AAA | 5,839,713 | ||||||||||||
6,000 | Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 — MBIA Insured | 10/11 at 100.00 | AA | 5,962,560 | ||||||||||||
7,420 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 — MBIA Insured | 1/09 at 100.00 | AA | 6,700,928 | ||||||||||||
Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A: | ||||||||||||||||
15,825 | 5.750%, 7/01/26 (Pre-refunded 1/01/10) — FGIC Insured | 1/10 at 101.00 | Aaa | 16,563,078 | ||||||||||||
20,000 | 5.875%, 7/01/27 (Pre-refunded 1/01/10) — FGIC Insured | 1/10 at 101.00 | Aaa | 20,961,200 | ||||||||||||
1,085 | Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, Series 2003, 5.250%, 5/01/20 — AMBAC Insured | 5/13 at 100.00 | AA | 1,101,915 | ||||||||||||
6,850 | Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 1998A, 5.375%, 12/01/15 — MBIA Insured (Alternative Minimum Tax) | 12/08 at 101.00 | AA | 6,558,670 | ||||||||||||
10,000 | Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 — MBIA Insured | 12/11 at 101.00 | AA | 9,822,600 | ||||||||||||
72,670 | Total Michigan | 73,510,664 | ||||||||||||||
Minnesota — 1.5% (0.9% of Total Investments) | ||||||||||||||||
13,020 | Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Marian Center Project, Series 2001A, 6.450%, 6/20/43 (Pre-refunded 12/20/11) | 12/11 at 102.00 | Aaa | 14,640,469 | ||||||||||||
38
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Nebraska — 2.2% (1.3% of Total Investments) | ||||||||||||||||
$ | 27,125 | Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 — FGIC Insured (UB) | 9/17 at 100.00 | AA | $ | 21,318,894 | ||||||||||
1,000 | Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 — FSA Insured | 1/15 at 100.00 | AAA | 979,310 | ||||||||||||
28,125 | Total Nebraska | 22,298,204 | ||||||||||||||
Nevada — 8.6% (5.1% of Total Investments) | ||||||||||||||||
8,475 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 — MBIA Insured | 12/12 at 100.00 | AA+ | 7,710,301 | ||||||||||||
3,630 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) — MBIA Insured | 12/12 at 100.00 | Aa1 (5) | 3,894,264 | ||||||||||||
7,370 | Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 — FGIC Insured | 7/14 at 100.00 | Aa3 | 6,775,978 | ||||||||||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: | ||||||||||||||||
15,000 | 5.625%, 1/01/34 — AMBAC Insured | 1/10 at 102.00 | AA | 9,038,250 | ||||||||||||
13,000 | 5.375%, 1/01/40 — AMBAC Insured | 1/10 at 100.00 | AA | 7,814,820 | ||||||||||||
14,985 | Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 — FGIC Insured | 6/12 at 100.00 | Baa1 | 13,253,333 | ||||||||||||
25,300 | Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 (Pre-refunded 6/01/12) — FGIC Insured | 6/12 at 100.00 | Baa1 (5) | 27,223,812 | ||||||||||||
10,000 | Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) — AMBAC Insured | 6/12 at 100.00 | AA (5) | 10,690,300 | ||||||||||||
97,760 | Total Nevada | 86,401,058 | ||||||||||||||
New Jersey — 2.5% (1.5% of Total Investments) | ||||||||||||||||
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004: | ||||||||||||||||
2,000 | 5.125%, 10/01/21 — MBIA Insured | 10/14 at 100.00 | A1 | 2,006,480 | ||||||||||||
2,250 | 5.125%, 10/01/22 — MBIA Insured | 10/14 at 100.00 | A1 | 2,244,353 | ||||||||||||
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | ||||||||||||||||
3,850 | 5.000%, 7/01/22 — MBIA Insured | 7/14 at 100.00 | AA | 3,753,019 | ||||||||||||
3,850 | 5.000%, 7/01/23 — MBIA Insured | 7/14 at 100.00 | AA | 3,729,149 | ||||||||||||
8,250 | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 — FGIC Insured | 7/13 at 100.00 | AA | 8,152,403 | ||||||||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A: | ||||||||||||||||
3,320 | 5.000%, 1/01/21 — FSA Insured (UB) | 1/15 at 100.00 | AAA | 3,346,062 | ||||||||||||
2,000 | 5.000%, 1/01/23 — FSA Insured (UB) | 7/13 at 100.00 | AAA | 1,938,660 | ||||||||||||
25,520 | Total New Jersey | 25,170,126 | ||||||||||||||
New Mexico — 0.3% (0.2% of Total Investments) | ||||||||||||||||
3,660 | San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005, 5.000%, 6/15/25 — MBIA Insured | 6/15 at 100.00 | AA | 3,508,220 | ||||||||||||
New York — 6.8% (4.0% of Total Investments) | ||||||||||||||||
1,880 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 — FGIC Insured | 2/15 at 100.00 | AA | 1,690,684 | ||||||||||||
3,335 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 — AMBAC Insured | 3/15 at 100.00 | AAA | 3,303,051 | ||||||||||||
3,820 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | AA | 2,718,579 |
39
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New York (continued) | ||||||||||||||||
$ | 6,900 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F, 4.250%, 5/01/33 — MBIA Insured (UB) | 11/16 at 100.00 | AA | $ | 5,129,529 | ||||||||||
12,500 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 — FGIC Insured | 6/16 at 100.00 | A- | 11,411,750 | ||||||||||||
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: | ||||||||||||||||
1,500 | 5.000%, 7/01/21 — FGIC Insured | 7/12 at 100.00 | AA | 1,461,450 | ||||||||||||
5,000 | 5.000%, 7/01/25 — FGIC Insured | 7/12 at 100.00 | AA | 4,776,350 | ||||||||||||
5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 — AMBAC Insured | 9/15 at 100.00 | AA | 4,856,700 | ||||||||||||
10,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 — FGIC Insured | 4/15 at 100.00 | AA | 9,337,500 | ||||||||||||
5,000 | New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 — AMBAC Insured | 1/15 at 100.00 | AA | 4,831,900 | ||||||||||||
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1: | ||||||||||||||||
1,000 | 5.000%, 3/15/23 — FGIC Insured | 3/14 at 100.00 | AAA | 989,840 | ||||||||||||
5,000 | 5.000%, 3/15/25 — FGIC Insured | 3/14 at 100.00 | AAA | 4,885,000 | ||||||||||||
3,650 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 — FSA Insured (UB) | 3/15 at 100.00 | AAA | 3,585,797 | ||||||||||||
10,000 | Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32 — MBIA Insured | 11/12 at 100.00 | AA | 9,212,400 | ||||||||||||
74,585 | Total New York | 68,190,530 | ||||||||||||||
North Carolina — 1.6% (0.9% of Total Investments) | ||||||||||||||||
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: | ||||||||||||||||
2,115 | 5.000%, 5/01/22 — FGIC Insured | 5/14 at 100.00 | AA | 2,054,363 | ||||||||||||
2,575 | 5.000%, 5/01/26 — FGIC Insured | 5/14 at 100.00 | AA | 2,332,023 | ||||||||||||
5,000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/16 — FSA Insured | 1/13 at 100.00 | AAA | 5,157,750 | ||||||||||||
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A: | ||||||||||||||||
3,205 | 5.000%, 5/01/23 — AMBAC Insured | 5/15 at 100.00 | Aa3 | 3,009,719 | ||||||||||||
3,295 | 5.000%, 5/01/24 — AMBAC Insured | 5/15 at 100.00 | Aa3 | 3,066,096 | ||||||||||||
16,190 | Total North Carolina | 15,619,951 | ||||||||||||||
North Dakota — 0.6% (0.4% of Total Investments) | ||||||||||||||||
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A: | ||||||||||||||||
2,195 | 5.000%, 12/15/22 — MBIA Insured | 12/15 at 100.00 | A1 | 2,147,039 | ||||||||||||
1,355 | 5.000%, 12/15/23 — MBIA Insured | 12/15 at 100.00 | A1 | 1,336,545 | ||||||||||||
3,000 | 5.000%, 12/15/24 — MBIA Insured | 12/15 at 100.00 | A1 | 2,938,080 | ||||||||||||
6,550 | Total North Dakota | 6,421,664 | ||||||||||||||
Ohio — 3.0% (1.8% of Total Investments) | ||||||||||||||||
2,650 | Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 — FGIC Insured | 6/14 at 100.00 | AA | 2,608,342 | ||||||||||||
2,000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/25 (Pre-refunded 12/01/14) — FSA Insured | 12/14 at 100.00 | AAA | 2,190,000 | ||||||||||||
2,385 | Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 — AMBAC Insured | 6/14 at 100.00 | AA | 2,209,464 |
40
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Ohio (continued) | ||||||||||||||||
$ | 2,205 | Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%,12/01/24 — MBIA Insured | 6/15 at 100.00 | A2 | $ | 2,136,226 | ||||||||||
6,535 | Hamilton County, Ohio, Sales Tax Revenue Bonds, Tender Option Bond Trust 2706, 0.472%, 12/01/32 — AMBAC Insured (IF) | 12/16 at 100.00 | A2 | 2,032,320 | ||||||||||||
20,100 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 5.375%, 11/15/39 — AMBAC Insured | 11/09 at 101.00 | AA | 15,846,438 | ||||||||||||
3,000 | Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) — FSA Insured | 12/13 at 100.00 | Aaa | 3,243,360 | ||||||||||||
38,875 | Total Ohio | 30,266,150 | ||||||||||||||
Oklahoma — 3.1% (1.9% of Total Investments) | ||||||||||||||||
3,500 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F,5.000%, 7/01/24 — AMBAC Insured | 7/15 at 100.00 | AA | 3,385,305 | ||||||||||||
3,050 | Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax) | No Opt. Call | AAA | 3,150,101 | ||||||||||||
21,000 | Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007,4.500%, 1/01/47 — FGIC Insured | 1/17 at 100.00 | AA | 15,009,540 | ||||||||||||
5,245 | Oklahoma State Industries Authority, Revenue Bonds, Oklahoma Medical Research Foundation, Series 2001, 5.250%, 2/01/21 — AMBAC Insured | 2/11 at 100.00 | Aa3 | 5,104,644 | ||||||||||||
4,880 | University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22— AMBAC Insured | 7/14 at 100.00 | Aa3 | 4,757,073 | ||||||||||||
37,675 | Total Oklahoma | 31,406,663 | ||||||||||||||
Oregon — 0.3% (0.2% of Total Investments) | ||||||||||||||||
2,535 | Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/25 — FSA Insured | 5/15 at 100.00 | AAA | 2,460,167 | ||||||||||||
1,040 | Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 1995A, 6.450%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa2 | 1,008,166 | ||||||||||||
3,575 | Total Oregon | 3,468,333 | ||||||||||||||
Pennsylvania — 3.4% (2.0% of Total Investments) | ||||||||||||||||
7,925 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 — FSA Insured (UB) | 6/16 at 100.00 | AAA | 7,725,766 | ||||||||||||
1,800 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 — MBIA Insured | 5/15 at 100.00 | AA | 1,695,222 | ||||||||||||
11,740 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 — FSA Insured (UB) | 12/16 at 100.00 | AAA | 9,332,478 | ||||||||||||
2,625 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 AMBAC Insured | 6/16 at 100.00 | AA | 2,507,531 | ||||||||||||
6,335 | Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 — FSA Insured | 8/15 at 100.00 | Aaa | 6,101,492 | ||||||||||||
Reading School District, Berts County, Pennsylvania, General Obligation Bonds, Series 2005: | ||||||||||||||||
3,285 | 5.000%, 1/15/22 — FSA Insured (UB) | 1/16 at 100.00 | AAA | 3,277,050 | ||||||||||||
3,450 | 5.000%, 1/15/23 — FSA Insured (UB) | 1/16 at 100.00 | AAA | 3,422,090 | ||||||||||||
37,160 | Total Pennsylvania | 34,061,629 | ||||||||||||||
41
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Puerto Rico — 1.0% (0.6% of Total Investments) | ||||||||||||||||
$ | 2,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) — SYNCORA GTY Insured | 7/15 at 100.00 | AAA | $ | 2,711,075 | ||||||||||
2,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G,5.250%, 7/01/19 — FGIC Insured | 7/13 at 100.00 | BBB+ | 1,891,180 | ||||||||||||
1,550 | Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 — CIFG Insured | No Opt. Call | BBB- | 1,432,960 | ||||||||||||
36,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A,0.000%, 8/01/42 — FGIC Insured | No Opt. Call | A+ | 3,645,000 | ||||||||||||
42,050 | Total Puerto Rico | 9,680,215 | ||||||||||||||
Rhode Island — 2.5% (1.5% of Total Investments) | ||||||||||||||||
2,195 | Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25— MBIA Insured | 1/09 at 100.00 | AA | 2,278,212 | ||||||||||||
20,475 | Rhode Island Depositors Economic Protection Corporation, Special Obligation Refunding Bonds, Series 1993B, 5.250%, 8/01/21 (Pre-refunded 2/01/11) — MBIA Insured | 2/11 at 100.00 | AA (5) | 21,589,045 | ||||||||||||
1,405 | Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 — AMBAC Insured | 9/14 at 100.00 | Aa3 | 1,423,869 | ||||||||||||
24,075 | Total Rhode Island | 25,291,126 | ||||||||||||||
South Carolina — 6.8% (4.0% of Total Investments) | ||||||||||||||||
14,650 | Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 7.194%, 2/01/38 — FSA Insured (IF) | 2/18 at 100.00 | AAA | 12,781,832 | ||||||||||||
10,000 | Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series 2002, 5.000%, 6/01/27 — MBIA Insured | 12/12 at 100.00 | AA | 9,477,800 | ||||||||||||
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A: | ||||||||||||||||
2,000 | 5.250%, 8/15/22 — MBIA Insured | 8/14 at 100.00 | AA | 1,972,840 | ||||||||||||
2,105 | 5.250%, 8/15/23 — MBIA Insured | 8/14 at 100.00 | AA | 2,068,731 | ||||||||||||
4,855 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A,0.000%, 1/01/13 — AMBAC Insured (ETM) | No Opt. Call | Aaa | 4,002,559 | ||||||||||||
2,750 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A,0.000%, 1/01/13 (Pre-refunded 7/01/09) — AMBAC Insured | 7/09 at 76.63 | Aa3(5) | 2,035,605 | ||||||||||||
7,955 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A,.000%, 1/01/13 — AMBAC Insured | No Opt. Call | AA | 6,328,680 | ||||||||||||
8,000 | South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 — AMBAC Insured | 11/12 at 100.00 | AA | 7,610,720 | ||||||||||||
10,000 | South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 — AMBAC Insured (Alternative Minimum Tax) | 11/12 at 100.00 | AA | 8,115,500 | ||||||||||||
17,500 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 — SYNCORA GTY Insured | 10/16 at 100.00 | A1 | 13,523,125 | ||||||||||||
79,815 | Total South Carolina | 67,917,392 | ||||||||||||||
Tennessee — 0.6% (0.4% of Total Investments) | ||||||||||||||||
6,455 | Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2001A, 5.500%, 3/01/18 — FSA Insured (Alternative Minimum Tax) | 3/11 at 100 .00 | AAA | 6,097,199 | ||||||||||||
Texas — 15.8% (9.4% of Total Investments) | ||||||||||||||||
22,650 | Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Industries Inc., Series 1998C, 5.125%, 5/01/19 — AMBAC Insured | 11/08 at 102.00 | AA | 21,747,171 | ||||||||||||
521 | Capital Area Housing Finance Corporation, Texas, FNMA Backed Single Family Mortgage Revenue Refunding Bonds, Series 2002A-2, 6.300%, 4/01/35 — AMBAC Insured (Alternative Minimum Tax) | 4/12 at 106.00 | Aaa | 532,477 |
42
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
$ | 12,500 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%, 11/01/35 — FGIC Insured (Alternative Minimum Tax) | 11/09 at 100.00 | A+ | $ | 10,832,000 | ||||||||||
Harris County, Texas, Toll Road Senior Lien Revenue Bonds, Series 1989: | ||||||||||||||||
9,000 | 0.000%, 8/15/18 (Pre-refunded 8/15/09) — AMBAC Insured | 8/09 at 53.84 | Aaa | 4,764,150 | ||||||||||||
39,000 | 0.000%, 8/15/19 (Pre-refunded 8/15/09) — AMBAC Insured | 8/09 at 50.26 | Aaa | 19,271,850 | ||||||||||||
7,280 | 0.000%, 8/15/20 (Pre-refunded 8/15/09) — AMBAC Insured | 8/09 at 46.91 | Aaa | 3,358,264 | ||||||||||||
5,085 | 0.000%, 8/15/21 (Pre-refunded 8/15/09) — AMBAC Insured | 8/09 at 43.80 | Aaa | 2,189,703 | ||||||||||||
25,000 | Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 — MBIA Insured | 11/11 at 100.00 | AA | 20,243,750 | ||||||||||||
4,671 | Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42 | 9/11 at 105.00 | Aaa | 4,331,185 | ||||||||||||
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A: | ||||||||||||||||
4,000 | 5.250%, 5/15/24 — FGIC Insured | 5/14 at 100.00 | AA | 3,726,200 | ||||||||||||
5,000 | 5.250%, 5/15/25 — MBIA Insured | 5/14 at 100.00 | AA | 4,865,250 | ||||||||||||
17,500 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 — AMBAC Insured | 9/11 at 100.00 | AA | 16,349,200 | ||||||||||||
23,865 | Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 — AMBAC Insured | 8/11 at 100.00 | AA | 17,704,728 | ||||||||||||
140 | Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 (Pre-refunded 5/15/11) — MBIA Insured | 5/11 at 100.00 | AA (5) | 147,816 | ||||||||||||
8,065 | Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 — MBIA Insured | 5/11 at 100.00 | AA | 7,874,101 | ||||||||||||
Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds, Series 2001B: | ||||||||||||||||
3,205 | 5.500%, 10/01/18 — FGIC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | AAA | 2,957,766 | ||||||||||||
3,375 | 5.500%, 10/01/19 — FGIC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | AAA | 3,069,090 | ||||||||||||
7,205 | San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/15 — FGIC Insured (Alternative Minimum Tax) | 7/11 at 101.00 | A+ | 6,887,548 | ||||||||||||
7,550 | Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 — MBIA Insured | 8/16 at 100.00 | AA | 6,493,378 | ||||||||||||
1,840 | Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 — AMBAC Insured | 11/09 at 100.00 | AA | 1,835,050 | ||||||||||||
207,452 | Total Texas | 159,180,677 | ||||||||||||||
Utah — 1.6% (1.0% of Total Investments) | ||||||||||||||||
2,000 | Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) — FGIC Insured | 7/13 at 100.00 | AA- (5) | 2,152,580 | ||||||||||||
15,000 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 — FSA Insured | 6/18 at 100.00 | AAA | 14,222,700 | ||||||||||||
17,000 | Total Utah | 16,375,280 | ||||||||||||||
Virginia — 1.4% (0.9% of Total Investments) | ||||||||||||||||
1,035 | Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 — FSA Insured | 6/14 at 100.00 | AAA | 1,054,593 | ||||||||||||
4,840 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2001A, 5.500%, 10/01/19 — MBIA Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | 4,518,188 | ||||||||||||
10,000 | Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2001H-1, 5.375%, 7/01/36 — MBIA Insured | 7/11 at 100.00 | AAA | 8,974,800 | ||||||||||||
15,875 | Total Virginia | 14,547,581 | ||||||||||||||
43
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||||||||||||
Washington — 2.6% (1.5% of Total Investments) | ||||||||||||||||||||||||||
$ | 2,500 | Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 — FGIC Insured | 1/15 at 100.00 | AA | $ | 2,334,200 | ||||||||||||||||||||
3,500 | King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004, 5.000%, 10/01/24 — FGIC Insured | 12/14 at 100.00 | AA+ | 3,465,770 | ||||||||||||||||||||||
3,195 | Kitsap County, Washington, Limited Tax General Obligation Bonds, Series 2000, 5.500%, 7/01/25 (Pre-refunded 7/01/10) — AMBAC Insured | 7/10 at 100.00 | AA(5) | 3,361,939 | ||||||||||||||||||||||
4,250 | Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 — FGIC Insured (ETM) | No Opt. Call | Aaa | 5,004,248 | ||||||||||||||||||||||
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006: | ||||||||||||||||||||||||||
3,890 | 5.000%, 12/01/24 — SYNCORA GTY Insured | 12/16 at 100.00 | AA | 3,703,902 | ||||||||||||||||||||||
4,085 | 5.000%, 12/01/25 — SYNCORA GTY Insured | 12/16 at 100.00 | AA | 3,860,407 | ||||||||||||||||||||||
4,290 | 5.000%, 12/01/26 — SYNCORA GTY Insured | 12/16 at 100.00 | AA | 4,027,280 | ||||||||||||||||||||||
25,710 | Total Washington | 25,757,746 | ||||||||||||||||||||||||
Wisconsin — 2.7% (1.6% of Total Investments) | ||||||||||||||||||||||||||
15,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 — MBIA Insured | 2/09 at 100.00 | AA | 12,778,800 | ||||||||||||||||||||||
290 | Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 — FGIC Insured | 5/14 at 100.00 | Aa3 | 295,404 | ||||||||||||||||||||||
2,600 | Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded 5/01/14)— FGIC Insured | 5/14 at 100.00 | Aa3(5) | 2,827,474 | ||||||||||||||||||||||
10,946 | Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 — MBIA Insured | 5/14 at 100.00 | AA | 11,018,222 | ||||||||||||||||||||||
28,836 | Total Wisconsin | 26,919,900 | ||||||||||||||||||||||||
$ | 1,962,546 | Total Long-Term Investments (cost $1,775,939,594)—165.8% | 1,666,110,059 | |||||||||||||||||||||||
Short-Term Investments — 1.7% (1.0% of Total Investments) | ||||||||||||||||||||||||||
4,240 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Revenue Bonds, Macon Trust Series S, Variable Rate Demand Obligations, 3.820%, 1/01/21 — MBIA Insured (6) | A-1+ | 4,240,000 | |||||||||||||||||||||||
7,500 | King County, Washington, Sewer Revenue Bonds, Series 2005, Trust 1200, Variable Rate Demand Obligations, 3.500%, 1/01/35 — FSA Insured (6) | A-1 | 7,500,000 | |||||||||||||||||||||||
1,645 | Massachusetts Water Resources Authority, General Revenue Bonds, Tender Option Bond, Trust 1080, 8/12 at 100.00, Variable Rate Demand Obligations, 3.000%, 8/01/32 — FSA Insured (6) | VMIG-1 | 1,645,000 | |||||||||||||||||||||||
4,060 | Mesa County Valley School District 51, Grand Junction, Colorado, General Obligation Bonds, Trust 2696, Variable Rate Demand Obligations, 2.270%, 6/01/13 — MBIA Insured (6) | VMIG-1 | 4,060,000 | |||||||||||||||||||||||
$ | 17,445 | Total Short-Term Investments (cost $17,445,000) | 17,445,000 | |||||||||||||||||||||||
Total Investments (cost $1,793,384,594)—167.5% | 1,683,555,059 | |||||||||||||||||||||||||
Floating Rate Obligations —(9.7)% | (97,378,333 | ) | ||||||||||||||||||||||||
Other Assets Less Liabilities —4.2% | 42,391,243 | |||||||||||||||||||||||||
Auction Rate Preferred Shares, at Liquidation Value —(62.0)%(7) | (623,350,000 | ) | ||||||||||||||||||||||||
Net Assets Applicable to Common Shares —100% | $ | 1,005,217,969 | ||||||||||||||||||||||||
44
At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 —Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Portion of investment has been pledged as collateral for Recourse Trusts. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(6) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(7) | Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.0%. | |
N/R | Not rated. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
45
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama — 1.2% (0.7% of Total Investments) | ||||||||||||||||
$ | 3,200 | Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 — AMBAC Insured | 8/15 at 100.00 | AA | $ | 2,990,496 | ||||||||||
Arizona — 3.0% (1.8% of Total Investments) | ||||||||||||||||
4,370 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 — MBIA Insured | 7/15 at 100.00 | AA | 4,028,485 | ||||||||||||
5,000 | Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 — FGIC Insured | No Opt. Call | AA | 3,320,600 | ||||||||||||
9,370 | Total Arizona | 7,349,085 | ||||||||||||||
Arkansas — 1.6% (0.9% of Total Investments) | ||||||||||||||||
4,020 | Northwest Community College District, Arkansas, General Obligation Bonds, Series 2005, 5.000%, 5/15/23 — AMBAC Insured | 5/15 at 100.00 | AA | 3,855,461 | ||||||||||||
California — 37.3% (22.3% of Total Investments) | ||||||||||||||||
ABAG Finance Authority for Non-Profit Corporations, California, Insured Certificates of Participation, Children’s Hospital Medical Center of Northern California, Series 1999: | ||||||||||||||||
6,750 | 5.875%, 12/01/19 (Pre-refunded 12/01/09) — AMBAC Insured | 12/09 at 101.00 | AA(4) | 7,112,003 | ||||||||||||
10,000 | 6.000%, 12/01/29 (Pre-refunded 12/01/09) — AMBAC Insured | 12/09 at 101.00 | AA(4) | 10,540,700 | ||||||||||||
10 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) — MBIA Insured | 12/14 at 100.00 | AAA | 10,911 | ||||||||||||
990 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 — MBIA Insured | 12/14 at 100.00 | AAA | 953,449 | ||||||||||||
1,250 | California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 — MBIA Insured (Alternative Minimum Tax) | 4/11 at 102.00 | AA | 1,182,938 | ||||||||||||
4,775 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 — FGIC Insured (ETM) | No Opt. Call | AA | 1,902,503 | ||||||||||||
1,005 | Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 — FSA Insured | 10/14 at 100.00 | AAA | 968,096 | ||||||||||||
1,150 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 — FSA Insured | No Opt. Call | AAA | 482,000 | ||||||||||||
50 | Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt Mortgage Obligation Bonds, Series 1994A-I, 7.150%, 12/30/24 (Alternative Minimum Tax) | No Opt. Call | AAA | 51,365 | ||||||||||||
35 | Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt Mortgage Obligation Bonds, Series 1994A-III, 7.450%, 6/30/25 (Alternative Minimum Tax) | No Opt. Call | AAA | 36,052 | ||||||||||||
4,225 | La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM) | No Opt. Call | AAA | 5,390,086 | ||||||||||||
5,000 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 — MBIA Insured | No Opt. Call | AA | 5,815,700 | ||||||||||||
8,880 | Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) | No Opt. Call | AAA | 10,742,314 | ||||||||||||
10,190 | San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 8.300%, 9/01/14 (Alternative Minimum Tax) (ETM) | No Opt. Call | AAA | 11,583,686 | ||||||||||||
9,340 | San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) | No Opt. Call | AAA | 11,243,305 |
46
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 4,300 | San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.125%, 5/01/19 — MBIA Insured (Alternative Minimum Tax) | 5/11 at 100.00 | AA | $ | 3,839,083 | ||||||||||
29,000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/31 — MBIA Insured | No Opt. Call | AA | 6,485,270 | ||||||||||||
2,000 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 — MBIA Insured | 8/14 at 100.00 | AA | 1,993,180 | ||||||||||||
4,475 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 — MBIA Insured | 8/17 at 100.00 | AA | 3,410,263 | ||||||||||||
4,455 | San Mateo County Community College District, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/21 — MBIA Insured | No Opt. Call | Aa1 | 2,159,784 | ||||||||||||
1,815 | University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 — MBIA Insured | 5/13 at 101.00 | Aa1 | 1,587,272 | ||||||||||||
3,600 | Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 — MBIA Insured | 8/15 at 100.00 | AA | 3,372,156 | ||||||||||||
�� | ||||||||||||||||
113,295 | Total California | 90,862,116 | ||||||||||||||
Colorado — 11.8% (7.1% of Total Investments) | ||||||||||||||||
1,500 | Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2003A, 5.125%, 12/01/21 — FSA Insured | 12/13 at 100.00 | AAA | 1,508,265 | ||||||||||||
5,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 6.761%, 10/01/41 — FSA Insured (IF) | 4/18 at 100.00 | AAA | 4,395,600 | ||||||||||||
2,500 | Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/18 — FGIC Insured (Alternative Minimum Tax) | 11/12 at 100.00 | A+ | 2,312,475 | ||||||||||||
6,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/29 (Pre-refunded 9/01/10) — MBIA Insured | 9/10 at 102.00 | AAA | 6,453,960 | ||||||||||||
20,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 — MBIA Insured | No Opt. Call | AA | 4,369,000 | ||||||||||||
4,405 | Garfield, Eagle and Pitkin Counties School District RE-1, Roaring Fork, Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 — FSA Insured | 12/14 at 100.00 | AAA | 4,332,978 | ||||||||||||
2,065 | Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 — FSA Insured (UB) | 12/14 at 100.00 | AAA | 2,009,204 | ||||||||||||
1,390 | Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 — MBIA Insured | 12/14 at 100.00 | AA | 1,382,994 | ||||||||||||
1,000 | University of Colorado, Enterprise System Revenue Bonds, Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) — FGIC Insured | 6/12 at 100.00 | AA- (4) | 1,065,870 | ||||||||||||
1,000 | University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 — FGIC Insured | 6/15 at 100.00 | AA | 927,700 | ||||||||||||
45,360 | Total Colorado | 28,758,046 | ||||||||||||||
District of Columbia — 0.1% (0.1% of Total Investments) | ||||||||||||||||
665 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 — AMBAC Insured (IF) | 10/16 at 100.00 | AA | 312,623 | ||||||||||||
Florida — 4.0% (2.4% of Total Investments) | ||||||||||||||||
2,285 | Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23 — MBIA Insured | 2/15 at 100.00 | AA | 2,121,737 | ||||||||||||
1,500 | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/19 — FGIC Insured | 10/13 at 100.00 | AA | 1,509,030 | ||||||||||||
4,240 | Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2003-1, 5.250%, 10/01/17 — MBIA Insured | 10/13 at 100.00 | AA | 4,291,050 |
47
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Florida (continued) | ||||||||||||||||
$ | 2,000 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 — MBIA Insured | 10/15 at 100.00 | AA | $ | 1,898,340 | ||||||||||
10,025 | Total Florida | 9,820,157 | ||||||||||||||
Georgia — 3.6% (2.1% of Total Investments) | ||||||||||||||||
2,950 | Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/25 — FSA Insured | 1/15 at 100.00 | AAA | 2,882,652 | ||||||||||||
6,500 | Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 1999, 5.500%, 8/01/25 — MBIA Insured | 8/09 at 102.00 | AA | 5,829,590 | ||||||||||||
9,450 | Total Georgia | 8,712,242 | ||||||||||||||
Hawaii — 4.2% (2.5% of Total Investments) | ||||||||||||||||
2,250 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 — AMBAC Insured (Alternative Minimum Tax) | 1/09 at 101.00 | AA | 2,158,650 | ||||||||||||
8,030 | Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B, 6.500%, 7/01/15 — FGIC Insured (Alternative Minimum Tax) | 7/10 at 101.00 | A2 | 8,095,364 | ||||||||||||
10,280 | Total Hawaii | 10,254,014 | ||||||||||||||
Illinois — 19.2% (11.5% of Total Investments) | ||||||||||||||||
4,000 | Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 — FGIC Insured | 12/12 at 100.00 | A- | 3,897,280 | ||||||||||||
8,200 | Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 — MBIA Insured | No Opt. Call | AA | 8,714,714 | ||||||||||||
10,000 | Chicago, Illinois, General Obligation Refunding Bonds, Series 2000D, 5.500%, 1/01/35 — FGIC Insured | 1/10 at 101.00 | AA | 9,768,700 | ||||||||||||
1,450 | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 — MBIA Insured | 1/16 at 100.00 | AA | 1,377,167 | ||||||||||||
23,110 | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 — Elgin, Series 2002, 0.000%, 1/01/17 — FSA Insured | No Opt. Call | AAA | 15,207,994 | ||||||||||||
2,500 | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 — FGIC Insured | 2/17 at 100.00 | A+ | 2,127,600 | ||||||||||||
5,010 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 — MBIA Insured | No Opt. Call | AA | 2,433,307 | ||||||||||||
3,225 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1992A, 9.000%, 6/01/09 — AMBAC Insured | No Opt. Call | AA | 3,357,064 | ||||||||||||
57,495 | Total Illinois | 46,883,826 | ||||||||||||||
Indiana — 3.9% (2.3% of Total Investments) | ||||||||||||||||
2,130 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 MBIA Insured | 1/17 at 100.00 | AA | 1,740,189 | ||||||||||||
Indiana University, Parking Facility Revenue Bonds, Series 2004: | ||||||||||||||||
1,015 | 5.250%, 11/15/19 — AMBAC Insured | 11/14 at 100.00 | Aa1 | 1,044,567 | ||||||||||||
1,060 | 5.250%, 11/15/20 — AMBAC Insured | 11/14 at 100.00 | Aa1 | 1,081,391 | ||||||||||||
1,100 | 5.250%, 11/15/21 — AMBAC Insured | 11/14 at 100.00 | Aa1 | 1,114,157 | ||||||||||||
9,255 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 — AMBAC Insured | No Opt. Call | AA | 3,513,476 | ||||||||||||
1,000 | Metropolitan School District Steuben County K-5 Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 — FSA Insured | 7/14 at 102.00 | AAA | 1,020,680 | ||||||||||||
15,560 | Total Indiana | 9,514,460 | ||||||||||||||
Iowa — 1.3% (0.7% of Total Investments) | ||||||||||||||||
3,345 | Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical Center, Series 2003, 5.000%, 6/15/17 — AMBAC Insured | 6/13 at 100.00 | Aa3 | 3,045,121 | ||||||||||||
48
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Kansas 0.6% (0.3% of Total Investments) | ||||||||||||||||
$ | 1,385 | Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006, 5.000%, 9/01/31 — FSA Insured | 9/14 at 100.00 | Aaa | $ | 1,348,131 | ||||||||||
Louisiana — 2.8% (1.7% of Total Investments) | ||||||||||||||||
1,000 | Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 — MBIA Insured | 7/14 at 100.00 | AA | 937,940 | ||||||||||||
7,160 | Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | AAA | 5,812,273 | ||||||||||||
8,160 | Total Louisiana | 6,750,213 | ||||||||||||||
Maryland — 2.2% (1.3% of Total Investments) | ||||||||||||||||
1,200 | Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 — CIFG Insured | 6/16 at 100.00 | Baa2 | 1,002,144 | ||||||||||||
5,000 | Maryland Transportation Authority, Airport Parking Revenue Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/21 — AMBAC Insured (Alternative Minimum Tax) | 3/12 at 101.00 | AA | 4,322,500 | ||||||||||||
6,200 | Total Maryland | 5,324,644 | ||||||||||||||
Massachusetts — 2.4% (1.4% of Total Investments) | ||||||||||||||||
4,400 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 — FSA Insured (UB) | 8/15 at 100.00 | AAA | 4,417,292 | ||||||||||||
1,725 | Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 — FSA Insured (UB) | 2/17 at 100.00 | AAA | 1,330,786 | ||||||||||||
6,125 | Total Massachusetts | 5,748,078 | ||||||||||||||
Michigan — 3.9% (2.3% of Total Investments) | ||||||||||||||||
6,500 | Michigan Higher Education Student Loan Authority, Revenue Bonds, Series 2000 XII-T, 5.300%, 9/01/10 — AMBAC Insured (Alternative Minimum Tax) | No Opt. Call | AA | |||||||||||||
3,810 | Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.500%, 2/20/43 (Alternative Minimum Tax) | 8/12 at 102.00 | Aaa | 3,013,291 | ||||||||||||
10,310 | Total Michigan | 9,567,306 | ||||||||||||||
Minnesota — 2.0% (1.2% of Total Investments) | ||||||||||||||||
4,860 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2001B, 5.750%, 1/01/15 — FGIC Insured (Alternative Minimum Tax) | 1/11 at 100.00 | AA | 4,822,335 | ||||||||||||
145 | Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 — MBIA Insured | 2/09 at 100.00 | Aa1 | 145,358 | ||||||||||||
5,005 | Total Minnesota | 4,967,693 | ||||||||||||||
Missouri — 0.8% (0.5% of Total Investments) | ||||||||||||||||
2,000 | Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/21 — MBIA Insured | 10/13 at 100.00 | AA | �� | 1,951,600 | |||||||||||
Nevada — 5.2% (3.1% of Total Investments) | ||||||||||||||||
2,100 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 — MBIA Insured | 12/12 at 100.00 | AA+ | 1,910,517 | ||||||||||||
900 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) — MBIA Insured | 12/12 at 100.00 | Aa1 (4) | 965,520 | ||||||||||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: | ||||||||||||||||
160 | 0.000%, 1/01/28 — AMBAC Insured | No Opt. Call | A | 23,022 | ||||||||||||
2,000 | 5.375%, 1/01/40 — AMBAC Insured | 1/10 at 100.00 | AA | 1,202,280 |
49
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Nevada (continued) | ||||||||||||||||
$ | 7,990 | Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) — AMBAC Insured | 6/12 at 100.00 | AA (4) | $ | 8,575,188 | ||||||||||
13,150 | Total Nevada | 12,676,527 | ||||||||||||||
New Jersey — 1.0% (0.6% of Total Investments) | ||||||||||||||||
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | ||||||||||||||||
1,200 | 5.000%, 7/01/22 — MBIA Insured | 7/14 at 100.00 | AA | 1,169,772 | ||||||||||||
1,200 | 5.000%, 7/01/23 — MBIA Insured | 7/14 at 100.00 | AA | 1,162,332 | ||||||||||||
2,400 | Total New Jersey | 2,332,104 | ||||||||||||||
New York — 7.3% (4.4% of Total Investments) | ||||||||||||||||
1,000 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 — FGIC Insured | 2/15 at 100.00 | AA 8 | 99,300 | ||||||||||||
20 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Driver Trust 1649, 2006, 4.745%, 2/15/47 — MBIA Insured (IF) | 2/17 at 100.00 | AA 8 | ,238 | ||||||||||||
2,125 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | AA 1 | ,512,299 | ||||||||||||
5,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 — FGIC Insured | 6/16 at 100.00 | A- | 4,564,700 | ||||||||||||
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.250%, 11/15/27 (Pre-refunded 11/15/12) — MBIA Insured | 11/12 at 100.00 | AAA | 10,851,700 | ||||||||||||
18,145 | Total New York | 17,836,237 | ||||||||||||||
North Carolina — 2.1% (1.3% of Total Investments) | ||||||||||||||||
3,100 | North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 — FSA Insured | 10/13 at 100.00 | AAA | 2,295,085 | ||||||||||||
3,050 | Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/22 — AMBAC Insured | 5/15 at 100.00 | Aa3 | 2,886,551 | ||||||||||||
6,150 | Total North Carolina | 5,181,636 | ||||||||||||||
Ohio — 0.2% (0.1% of Total Investments) | ||||||||||||||||
1,535 | Hamilton County, Ohio, Sales Tax Revenue Bonds, Tender Option Bond Trust 2706, 0.472%, 12/01/32 — AMBAC Insured (IF) | 12/16 at 100.00 | A2 | 477,370 | ||||||||||||
Oklahoma — 1.7% (1.0% of Total Investments) | ||||||||||||||||
3,500 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 — AMBAC Insured | 7/15 at 100.00 | AA | 3,385,305 | ||||||||||||
640 | Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax) | No Opt. Call | AAA | 661,005 | ||||||||||||
4,140 | Total Oklahoma | 4,046,310 | ||||||||||||||
Oregon — 4.3% (2.6% of Total Investments) | ||||||||||||||||
Oregon Health Sciences University, Revenue Bonds, Series 2002A: | ||||||||||||||||
5,000 | 5.000%, 7/01/26 — MBIA Insured | 1/13 at 100.00 | AA | 4,459,500 | ||||||||||||
7,000 | 5.000%, 7/01/32 — MBIA Insured | 1/13 at 100.00 | AA | 5,906,670 | ||||||||||||
12,000 | Total Oregon | 10,366,170 | ||||||||||||||
Pennsylvania — 3.5% (2.1% of Total Investments) | ||||||||||||||||
1,500 | Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 — MBIA Insured | 12/15 at 100.00 | AA | 1,377,540 | ||||||||||||
4,000 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 — FSA Insured (UB) | 6/16 at 100.00 | AAA | 3,899,440 | ||||||||||||
2,680 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 — FSA Insured (UB) | 12/16 at 100.00 | AAA | 2,130,412 |
50
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Pennsylvania (continued) | ||||||||||||||||
$ | 1,050 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 - AMBAC Insured | 6/16 at 100.00 | AA | $ | 1,003,013 | ||||||||||
9,230 | Total Pennsylvania | 8,410,405 | ||||||||||||||
Puerto Rico — 2.3% (1.4% of Total Investments) | ||||||||||||||||
2,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 - FGIC Insured | 7/15 at 100.00 | AA | 2,258,050 | ||||||||||||
1,000 | Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 — CIFG Insured | No Opt. Call | BBB- | 924,490 | ||||||||||||
5,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 — FGIC Insured | No Opt. Call | AA | 506,250 | ||||||||||||
2,000 | Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 — MBIA Insured | No Opt. Call | AA | 1,987,600 | ||||||||||||
10,500 | Total Puerto Rico | 5,676,390 | ||||||||||||||
Tennessee — 4.2% (2.5% of Total Investments) | ||||||||||||||||
3,000 | Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 - AMBAC Insured | 6/15 at 100.00 | Aa3 | 2,871,450 | ||||||||||||
2,055 | Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 - FSA Insured | 10/14 at 100.00 | AAA | 2,044,725 | ||||||||||||
5,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Credit Group, Series 1999A, 6.000%, 11/15/30 (Pre-refunded 11/15/09) — AMBAC Insured | 11/09 at 101.00 | AAA | 5,268,200 | ||||||||||||
10,055 | Total Tennessee | 10,184,375 | ||||||||||||||
Texas — 10.7% (6.4% of Total Investments) | ||||||||||||||||
12,500 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 — FGIC Insured (Alternative Minimum Tax) | 11/09 at 100.00 | A+ | 9,911,500 | ||||||||||||
North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003: | ||||||||||||||||
4,565 | 5.250%, 12/15/20 — FGIC Insured | 12/13 at 100.00 | A+ | 4,450,099 | ||||||||||||
4,800 | 5.250%, 12/15/21 — FGIC Insured | 12/13 at 100.00 | A+ | 4,632,912 | ||||||||||||
7,600 | San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/16 - FGIC Insured (Alternative Minimum Tax) | 7/11 at 101.00 | A+ | 7,185,800 | ||||||||||||
29,465 | Total Texas | 26,180,311 | ||||||||||||||
Washington — 18.3% (11.0% of Total Investments) | ||||||||||||||||
5,000 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 — MBIA Insured (Alternative Minimum Tax) | 7/11 at 101.00 | AA | 4,107,000 | ||||||||||||
King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002: | ||||||||||||||||
10,060 | 5.000%, 12/01/19 — FGIC Insured | 12/12 at 100.00 | AA+ | 10,174,282 | ||||||||||||
12,785 | 5.000%, 12/01/20 — FGIC Insured | 12/12 at 100.00 | AA+ | 12,850,076 | ||||||||||||
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003: | ||||||||||||||||
2,755 | 5.250%, 12/01/18 — FGIC Insured | 6/13 at 100.00 | Aa1 | 2,830,432 | ||||||||||||
2,990 | 5.250%, 12/01/19 — FGIC Insured | 6/13 at 100.00 | Aa1 | 3,054,494 | ||||||||||||
4,715 | Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%, 4/01/17 — FGIC Insured (Alternative Minimum Tax) | 10/11 at 100.00 | AA | 4,497,403 | ||||||||||||
895 | Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 — MBIA Insured (Alternative Minimum Tax) | 3/10 at 101.00 | AAA | 804,748 | ||||||||||||
1,265 | Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/18 — FGIC Insured | 12/12 at 100.00 | AA | 1,285,948 |
51
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Washington (continued) | ||||||||||||||||
$ | 5,000 | Washington, General Obligation Bonds, Series 2001C, 5.250%, 1/01/26 — FSA Insured | 1/11 at 100.00 | AAA | $ | 5,009,750 | ||||||||||
45,465 | Total Washington | 44,614,133 | ||||||||||||||
$ | 483,485 | Total Long-Term Investments (cost $428,549,805) — 166.7% | 405,997,280 | |||||||||||||
Short-Term Investments — 0.7% (0.4% of Total Investments) | ||||||||||||||||
$ | 1,660 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Enhanced Revenue Bonds, Trust 1220, Variable Rate Demand Obligations, 6.640%, 6/01/35 — FGIC Insured (5) | VMIG-1 | 1,660,000 | ||||||||||||
Total Short-Term Investments (cost $1,660,000) | 1,660,000 | |||||||||||||||
Total Investments (cost $430,209,805) — 167.4% | 407,657,280 | |||||||||||||||
Floating Rate Obligations — (6.3)% | (15,345,000 | ) | ||||||||||||||
Other Assets Less Liabilities — 2.5% | 6,226,586 | |||||||||||||||
Auction Rate Preferred Shares, at Liquidation Value — (63.6)% (6) | (154,950,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 243,588,866 | ||||||||||||||
At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 -Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(6) | Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 38.0%. (ETM) Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
52
NPX | Nuveen Insured Premium Income Municipal Fund 2 | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama — 3.8% (2.3% of Total Investments) | ||||||||||||||||
$ | 3,750 | Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 - MBIA Insured | 6/15 at 100.00 | A2 | $ | 3,536,550 | ||||||||||
Jefferson County, Alabama, General Obligation Warrants, Series 2004A: | ||||||||||||||||
1,395 | 5.000%, 4/01/22 — MBIA Insured | 4/14 at 100.00 | AA | 1,187,940 | ||||||||||||
1,040 | 5.000%, 4/01/23 — MBIA Insured | 4/14 at 100.00 | AA | 874,359 | ||||||||||||
11,135 | Limestone County Water and Sewer Authority, Alabama, Water Revenue Bonds, Series 2007, 4.500%, 12/01/37 — SYNCORA GTY Insured | 3/17 at 100.00 | BBB- | 8,093,809 | ||||||||||||
2,590 | Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 — FSA Insured | 3/15 at 100.00 | AAA | 2,536,050 | ||||||||||||
19,910 | Total Alabama | 16,228,708 | ||||||||||||||
Arizona — 2.6% (1.6% of Total Investments) | ||||||||||||||||
12,365 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 — MBIA Insured (UB) | 7/15 at 100.00 | AAA | 11,236,817 | ||||||||||||
Arkansas — 3.2% (1.9% of Total Investments) | ||||||||||||||||
7,745 | Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 — FSA Insured | 6/14 at 100.00 | AAA | 7,610,082 | ||||||||||||
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B: | ||||||||||||||||
2,000 | 5.000%, 11/01/27 — MBIA Insured | 11/14 at 100.00 | Aa3 | 1,924,060 | ||||||||||||
2,000 | 5.000%, 11/01/28 — MBIA Insured | 11/14 at 100.00 | Aa3 | 1,902,880 | ||||||||||||
2,480 | University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 - AMBAC Insured | 12/13 at 100.00 | Aa3 | 2,241,796 | ||||||||||||
14,225 | Total Arkansas | 13,678,818 | ||||||||||||||
California — 23.8% (14.3% of Total Investments) | ||||||||||||||||
22,880 | Alameda Corridor Transportation Authority, California, User Fee Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 — MBIA Insured (UB) | No Opt. Call | AA | 5,166,533 | ||||||||||||
20 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 (Pre-refunded 12/01/14) — MBIA Insured | 12/14 at 100.00 | AAA | 21,823 | ||||||||||||
1,980 | California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 — MBIA Insured (4) | 12/14 at 100.00 | AAA | 1,951,963 | ||||||||||||
1,800 | California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 — MBIA Insured | 10/15 at 100.00 | Aa3 | 1,609,200 | ||||||||||||
31,200 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 — MBIA Insured | 1/10 at 24.23 | AA | 5,983,848 | ||||||||||||
1,735 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 — AMBAC Insured | 9/15 at 100.00 | AA | 1,566,028 | ||||||||||||
1,750 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 0.891%, 6/01/35 — FGIC Insured (IF) | 6/15 at 100.00 | A | 77,735 | ||||||||||||
1,870 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 — FSA Insured | No Opt. Call | AAA | 783,773 |
53
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 6,520 | Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 5.000%, 7/01/22 — AMBAC Insured | 7/15 at 100.00 | AA | $ | 6,487,661 | ||||||||||
4,000 | Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 — FGIC Insured | 7/16 at 100.00 | AA- | 3,860,680 | ||||||||||||
15,000 | Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/30 (Pre-refunded 8/01/13) — FGIC Insured | 8/13 at 100.00 | AAA | 16,446,899 | ||||||||||||
1,750 | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 — MBIA Insured (ETM) | 8/13 at 100.00 | AA+ (5) | 1,645,613 | ||||||||||||
8,250 | Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 — MBIA Insured | 8/13 at 100.00 | AA+ | 7,457,423 | ||||||||||||
750 | Orange County Water District, California, Revenue Certificates of Participation, Series 2005B, 5.000%, 8/15/24 — MBIA Insured | 2/15 at 100.00 | AA+ | 729,983 | ||||||||||||
1,435 | Pasadena Area Community College District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) - - FGIC Insured | 6/13 at 100.00 | AA- (5) | 1,554,765 | ||||||||||||
12,265 | Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 (Pre-refunded 12/01/09) - AMBAC Insured | 12/09 at 102.00 | AA (5) | 13,062,224 | ||||||||||||
735 | Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 — AMBAC Insured | 12/09 at 102.00 | AA | 758,366 | ||||||||||||
San Diego County, California, Certificates of Participation, Edgemoor Facility Project and Regional System, Series 2005: | ||||||||||||||||
1,675 | 5.000%, 2/01/24 — AMBAC Insured | 2/15 at 100.00 | AA+ | 1,550,012 | ||||||||||||
720 | 5.000%, 2/01/25 — AMBAC Insured | 2/15 at 100.00 | AA+ | 660,557 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||
3,825 | 0.000%, 1/15/32 — MBIA Insured | No Opt. Call | AA | 797,819 | ||||||||||||
26,900 | 0.000%, 1/15/34 — MBIA Insured | No Opt. Call | AA | 4,865,941 | ||||||||||||
2,000 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 — MBIA Insured | 8/14 at 100.00 | AA | 1,993,180 | ||||||||||||
7,845 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 — MBIA Insured | 8/17 at 100.00 | AA | 5,978,439 | ||||||||||||
5,000 | Torrance, California, Certificates of Participation, Series 2005B, 5.000%, 6/01/24 — AMBAC Insured | No Opt. Call | AA | 4,842,000 | ||||||||||||
12,500 | University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured (UB) | 5/13 at 100.00 | Aa1 | 11,336,125 | ||||||||||||
174,405 | Total California | 101,188,590 | ||||||||||||||
Colorado — 11.2% (6.7% of Total Investments) | ||||||||||||||||
1,940 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams School District 12 — Pinnacle School, Series 2003, 5.250%, 6/01/23 — SYNCORA GTY Insured | 6/13 at 100.00 | A | 1,865,368 | ||||||||||||
3,405 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 — SYNCORA GTY Insured | 12/13 at 100.00 | A | 3,271,115 | ||||||||||||
3,500 | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Healthcare Inc., Series 1999A, 5.750%, 12/01/23 (Pre-refunded 12/01/09) — FSA Insured | 12/09 at 101.00 | Aaa | 3,687,320 | ||||||||||||
17,145 | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) — SYNCORA GTY Insured | 12/13 at 100.00 | N/R | (5) | 18,205,417 | |||||||||||
6,100 | Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 - FSA Insured | 12/13 at 100.00 | AAA | 6,223,098 | ||||||||||||
12,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 - MBIA Insured | No Opt. Call | AA | 2,621,400 |
54
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Colorado (continued) | ||||||||||||||||
$ | 1,325 | El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series 2002B, 5.000%, 12/01/27 — AMBAC Insured | 12/12 at 100.00 | AA | $ | 1,226,606 | ||||||||||
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004: | ||||||||||||||||
2,500 | 5.000%, 12/15/22 — FSA Insured (UB) | 12/14 at 100.00 | AAA | 2,462,575 | ||||||||||||
5,125 | 5.000%, 12/15/23 — FSA Insured (UB) | 12/14 at 100.00 | AAA | 5,018,349 | ||||||||||||
2,000 | 5.000%, 12/15/24 — FSA Insured (UB) | 12/14 at 100.00 | AAA | 1,945,960 | ||||||||||||
1,000 | University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 - FGIC Insured | 6/15 at 100.00 | AA | 927,700 | ||||||||||||
56,040 | Total Colorado | 47,454,908 | ||||||||||||||
District of Columbia — 0.1% (0.1% of Total Investments) | ||||||||||||||||
1,065 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 - - AMBAC Insured (IF) | 10/16 at 100.00 | AA | 500,667 | ||||||||||||
Florida — 0.9% (0.6% of Total Investments) | ||||||||||||||||
4,000 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 — AMBAC Insured | 6/13 at 101.00 | AAA | 3,980,320 | ||||||||||||
Georgia — 4.2% (2.5% of Total Investments) | ||||||||||||||||
4,000 | Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 — MBIA Insured | 7/14 at 100.00 | A1 | 3,927,160 | ||||||||||||
1,925 | Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 5/01/23 - MBIA Insured | 5/14 at 100.00 | AA | 1,903,498 | ||||||||||||
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A: | ||||||||||||||||
1,775 | 5.000%, 11/01/21 — MBIA Insured | 11/13 at 100.00 | AA | 1,743,405 | ||||||||||||
2,580 | 5.000%, 11/01/22 — MBIA Insured | 11/13 at 100.00 | AA | 2,514,133 | ||||||||||||
4,500 | South Fulton Municipal Regional Water and Sewerage Authority, Georgia, Water and Sewerage Revenue Bonds, Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) — MBIA Insured | 1/13 at 100.00 | A2 | (5) | 4,819,770 | |||||||||||
3,000 | Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2002, 5.200%, 10/01/22 — AMBAC Insured | 10/12 at 101.00 | AA | 2,843,250 | ||||||||||||
17,780 | Total Georgia | 17,751,216 | ||||||||||||||
Hawaii — 8.6% (5.1% of Total Investments) | ||||||||||||||||
2,375 | Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/19 — FSA Insured | 7/13 at 100.00 | AAA | 2,405,590 | ||||||||||||
20,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Refunding Bonds, Hawaiian Electric Company Inc., Series 2000, 5.700%, 7/01/20 — AMBAC Insured (Alternative Minimum Tax) | 7/10 at 101.00 | AA | 18,399,597 | ||||||||||||
Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B: | ||||||||||||||||
6,105 | 6.100%, 7/01/16 — FGIC Insured (Alternative Minimum Tax) | 7/10 at 101.00 | A2 | 6,049,261 | ||||||||||||
9,500 | 6.625%, 7/01/17 — FGIC Insured (Alternative Minimum Tax) | 7/10 at 101.00 | A2 | 9,555,195 | ||||||||||||
37,980 | Total Hawaii | 36,409,643 | ||||||||||||||
Idaho — 0.1% (0.0% of Total Investments) | ||||||||||||||||
290 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1998E, 5.450%, 7/01/18 — AMBAC Insured (Alternative Minimum Tax) | 1/09 at 100.75 | Aaa | 284,876 | ||||||||||||
Illinois — 3.5% (2.1% of Total Investments) | ||||||||||||||||
1,015 | Chicago Park District, Illinois, Limited Tax General Obligation Park Bonds, Series 2001C, 5.500%, 1/01/18 — FGIC Insured | 7/11 at 100.00 | AA | 1,041,380 | ||||||||||||
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A: | ||||||||||||||||
2,365 | 6.125%, 4/01/12 — FSA Insured (ETM) | No Opt. Call | AAA | 2,500,680 | ||||||||||||
5,000 | 6.250%, 4/01/18 — FSA Insured (ETM) | No Opt. Call | AAA | 5,606,250 |
55
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Illinois (continued) | ||||||||||||||||
$ | 1,950 | Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 — MBIA Insured (ETM) | No Opt. Call | AA (5) | $ | 2,246,420 | ||||||||||
4,000 | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 — FGIC Insured | 2/17 at 100.00 | A+ | 3,404,160 | ||||||||||||
165 | Peoria, Moline and Freeport, Illinois, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative Minimum Tax) | 4/09 at 102.00 | AAA | 167,308 | ||||||||||||
14,495 | Total Illinois | 14,966,198 | ||||||||||||||
Indiana — 1.7% (1.0% of Total Investments) | ||||||||||||||||
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004: | ||||||||||||||||
2,105 | 5.000%, 8/01/23 — FSA Insured | 8/14 at 100.00 | AAA | 2,085,339 | ||||||||||||
2,215 | 5.000%, 8/01/24 — FSA Insured | 8/14 at 100.00 | AAA | 2,179,272 | ||||||||||||
3,730 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 - MBIA Insured | 1/17 at 100.00 | AA | 3,047,373 | ||||||||||||
8,050 | Total Indiana | 7,311,984 | ||||||||||||||
Kansas — 0.3% (0.2% of Total Investments) | ||||||||||||||||
1,500 | Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/27 — FSA Insured | 9/14 at 101.00 | AAA | 1,485,450 | ||||||||||||
Kentucky — 1.2% (0.7% of Total Investments) | ||||||||||||||||
6,010 | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 — MBIA Insured | No Opt. Call | AA | 1,529,605 | ||||||||||||
3,575 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2005B, 5.000%, 7/01/25 — AMBAC Insured | 7/15 at 100.00 | AA+ | 3,487,913 | ||||||||||||
9,585 | Total Kentucky | 5,017,518 | ||||||||||||||
Louisiana — 5.1% (3.1% of Total Investments) | ||||||||||||||||
4,455 | Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 — MBIA Insured | 7/14 at 100.00 | AA | 4,178,523 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: | ||||||||||||||||
1,200 | 5.000%, 5/01/25 — FGIC Insured | 5/15 at 100.00 | AA | 1,150,536 | ||||||||||||
2,210 | 5.000%, 5/01/26 — FGIC Insured | 5/15 at 100.00 | AA | 2,110,727 | ||||||||||||
2,500 | 5.000%, 5/01/27 — FGIC Insured | 5/15 at 100.00 | AA | 2,369,925 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006: | ||||||||||||||||
1,320 | 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | AAA | 1,071,536 | ||||||||||||
14,265 | 4.500%, 5/01/41 — FGIC Insured (UB) | 5/16 at 100.00 | AA | 10,936,833 | ||||||||||||
25,950 | Total Louisiana | 21,818,080 | ||||||||||||||
Maryland — 0.8% (0.5% of Total Investments) | ||||||||||||||||
1,865 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 — SYNCORA GTY Insured | 9/16 at 100.00 | BBB- | 1,585,810 | ||||||||||||
2,580 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 — MBIA Insured | 7/16 at 100.00 | AA | 1,788,688 | ||||||||||||
4,445 | Total Maryland | 3,374,498 | ||||||||||||||
Massachusetts — 2.1% (1.3% of Total Investments) | ||||||||||||||||
3,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 — AMBAC Insured | No Opt. Call | AA | 2,828,730 |
56
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Massachusetts (continued) | ||||||||||||||||
$ | 290 | Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 — AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | $ | 204,079 | ||||||||||
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: | ||||||||||||||||
3,650 | 5.250%, 1/01/22 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (5) | 3,796,037 | |||||||||||
2,000 | 5.250%, 1/01/24 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (5) | 2,080,020 | |||||||||||
8,940 | Total Massachusetts | 8,908,866 | ||||||||||||||
Michigan — 0.8% (0.5% of Total Investments) | ||||||||||||||||
3,170 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1997A, 6.000%, 4/01/16 — AMBAC Insured (Alternative Minimum Tax) | 4/09 at 100.00 | AA | 3,164,199 | ||||||||||||
Minnesota — 0.2% (0.1% of Total Investments) | ||||||||||||||||
885 | Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 - MBIA Insured | 2/09 at 100.00 | Aa1 | 887,186 | ||||||||||||
Missouri — 0.5% (0.3% of Total Investments) | ||||||||||||||||
1,000 | Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 — MBIA Insured | 3/16 at 100.00 | Aa2 | 1,004,760 | ||||||||||||
450 | Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16 — FSA Insured (Alternative Minimum Tax) | 12/08 at 100.00 | AAA | 450,023 | ||||||||||||
750 | Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 - MBIA Insured | 10/13 at 100.00 | AA | 649,275 | ||||||||||||
2,200 | Total Missouri | 2,104,058 | ||||||||||||||
Nebraska — 2.8% (1.7% of Total Investments) | ||||||||||||||||
1,000 | Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 - FSA Insured | 1/15 at 100.00 | AAA | 979,310 | ||||||||||||
12,520 | Nebraska Public Power District, Power Supply System Revenue Bonds, Series 2006A, 5.000%, 1/01/41 — FGIC Insured | 1/16 at 100.00 | AA | 10,282,300 | ||||||||||||
865 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 14.495%, 2/01/49 — AMBAC Insured (IF) | 2/17 at 100.00 | AAA | 768,674 | ||||||||||||
14,385 | Total Nebraska | 12,030,284 | ||||||||||||||
Nevada — 2.5% (1.5% of Total Investments) | ||||||||||||||||
5,000 | Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Series 2000C, 5.950%, 12/01/38 — AMBAC Insured (Alternative Minimum Tax) | 7/10 at 102.00 | Aa3 | 3,567,050 | ||||||||||||
3,280 | Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/24 - FGIC Insured | 7/14 at 100.00 | Aa3 | 3,037,936 | ||||||||||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: | ||||||||||||||||
5,055 | 0.000%, 1/01/27 — AMBAC Insured | No Opt. Call | A | 807,587 | ||||||||||||
5,500 | 5.625%, 1/01/32 — AMBAC Insured | 1/10 at 102.00 | AA | 3,316,115 | ||||||||||||
18,835 | Total Nevada | 10,728,688 | ||||||||||||||
New Jersey — 5.2% (3.1% of Total Investments) | ||||||||||||||||
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004: | ||||||||||||||||
2,000 | 5.125%, 10/01/21 — MBIA Insured | 10/14 at 100.00 | A1 | 2,006,480 | ||||||||||||
2,250 | 5.125%, 10/01/22 — MBIA Insured | 10/14 at 100.00 | A1 | 2,244,353 | ||||||||||||
1,560 | Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 — MBIA Insured | 1/15 at 100.00 | Aa2 | 1,564,009 |
57
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New Jersey (continued) | ||||||||||||||||
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: | ||||||||||||||||
$ | 1,475 | 5.000%, 7/01/22 — MBIA Insured | 7/14 at 100.00 | AA | $ | 1,437,845 | ||||||||||
1,475 | 5.000%, 7/01/23 — MBIA Insured | 7/14 at 100.00 | AA | 1,428,700 | ||||||||||||
New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Series 2006C: | ||||||||||||||||
25,000 | 0.000%, 12/15/35 — AMBAC Insured (UB) | No Opt. Call | AA | 4,807,500 | ||||||||||||
10,000 | 0.000%, 12/15/36 — AMBAC Insured (UB) | No Opt. Call | AA | 1,799,800 | ||||||||||||
3,075 | New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 — FSA Insured | No Opt. Call | AAA | 3,297,446 | ||||||||||||
3,315 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 - FSA Insured (UB) | 1/15 at 100.00 | AAA | 3,316,525 | ||||||||||||
50,150 | Total New Jersey | 21,902,658 | ||||||||||||||
New Mexico — 1.0% (0.6% of Total Investments) | ||||||||||||||||
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C: | ||||||||||||||||
1,415 | 5.000%, 6/01/22 — AMBAC Insured | 6/14 at 100.00 | AA+ | 1,408,038 | ||||||||||||
1,050 | 5.000%, 6/01/24 — AMBAC Insured | 6/14 at 100.00 | AA+ | 1,028,811 | ||||||||||||
2,000 | New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 — MBIA Insured | 6/15 at 100.00 | Aa3 | 1,949,220 | ||||||||||||
4,465 | Total New Mexico | 4,386,069 | ||||||||||||||
New York — 11.5% (6.9% of Total Investments) | ||||||||||||||||
1,120 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 — FGIC Insured | 2/15 at 100.00 | AA | 1,007,216 | ||||||||||||
1,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 — AMBAC Insured | 3/15 at 100.00 | AAA | 990,420 | ||||||||||||
120 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Driver Trust 1649, 2006, 4.745%, 2/15/47 — MBIA Insured (IF) | 2/17 at 100.00 | AA | 49,426 | ||||||||||||
3,705 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | AA | 2,636,737 | ||||||||||||
2,700 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006F, 4.250%, 5/01/33 — MBIA Insured (UB) | 11/16 at 100.00 | AA | 2,007,207 | ||||||||||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: | ||||||||||||||||
10,675 | 5.000%, 12/01/23 — FGIC Insured | 6/16 at 100.00 | A- | 9,925,081 | ||||||||||||
5,000 | 5.000%, 12/01/25 — FGIC Insured | 6/16 at 100.00 | A- | 4,564,700 | ||||||||||||
1,755 | Nassau County, New York, General Obligation Improvement Bonds, Series 2000E, 6.000%, 3/01/16 (Pre-refunded 3/01/10) — FSA Insured | 3/10 at 100.00 | AAA | 1,839,767 | ||||||||||||
7,500 | Nassau Health Care Corporation, New York, County Guaranteed Revenue Bonds, Series 1999, 5.750%, 8/01/29 (Pre-refunded 8/01/09) — FSA Insured | 8/09 at 102.00 | AAA | 7,850,325 | ||||||||||||
5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 - FSA Insured | 11/14 at 100.00 | AAA | 4,860,350 | ||||||||||||
1,540 | New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Trust 2364, 8.714%, 11/15/44 — AMBAC Insured (IF) | 11/15 at 100.00 | A2 | 917,809 | ||||||||||||
8,495 | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 — FSA Insured | 11/08 at 100.00 | AAA | 8,495,850 | ||||||||||||
3,770 | New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/25 - FSA Insured | 7/15 at 100.00 | AAA | 3,732,639 | ||||||||||||
52,380 | Total New York | 48,877,527 | ||||||||||||||
North Carolina — 1.9% (1.2% of Total Investments) | ||||||||||||||||
1,250 | Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 - MBIA Insured | 7/15 at 100.00 | A1 | 1,159,313 |
58
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
North Carolina (continued) | ||||||||||||||||
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: | ||||||||||||||||
$ | 2,225 | 5.000%, 5/01/23 — FGIC Insured | 5/14 at 100.00 | AA | $ | 2,068,560 | ||||||||||
2,335 | 5.000%, 5/01/24 — FGIC Insured | 5/14 at 100.00 | AA | 2,150,185 | ||||||||||||
2,900 | Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/21 — AMBAC Insured | 5/15 at 100.00 | Aa3 | 2,769,413 | ||||||||||||
8,710 | Total North Carolina | 8,147,471 | ||||||||||||||
North Dakota — 4.2% (2.5% of Total Investments) | ||||||||||||||||
10,715 | Fargo, North Dakota, Health System Revenue Bonds, MeritCare Obligated Group, Series 2000A, 5.600%, 6/01/21 — FSA Insured | 6/10 at 101.00 | AAA | 10,735,359 | ||||||||||||
8,000 | North Dakota, Student Loan Trust Revenue Bonds, Series 2000B, 5.850%, 12/01/25 — AMBAC Insured (Alternative Minimum Tax) | 12/10 at 100.00 | AA | 7,222,000 | ||||||||||||
18,715 | Total North Dakota | 17,957,359 | ||||||||||||||
Ohio — 0.4% (0.2% of Total Investments) | ||||||||||||||||
2,700 | Hamilton County, Ohio, Sales Tax Revenue Bonds, Tender Option Bond Trust 2706, 0.472%, 12/01/32 — AMBAC Insured (IF) | 12/16 at 100.00 | A2 | 839,673 | ||||||||||||
700 | Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 — AMBAC Insured | 12/13 at 100.00 | AA+ | 691,117 | ||||||||||||
3,400 | Total Ohio | 1,530,790 | ||||||||||||||
Oklahoma — 0.3% (0.2% of Total Investments) | ||||||||||||||||
1,500 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 — AMBAC Insured | 7/15 at 100.00 | AA | 1,450,845 | ||||||||||||
Oregon — 3.7% (2.3% of Total Investments) | ||||||||||||||||
1,520 | Portland Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Lovejoy Station Apartments, Series 2000, 6.000%, 7/01/33 — MBIA Insured (Alternative Minimum Tax) | 7/10 at 100.00 | A2 | 1,334,423 | ||||||||||||
Portland, Oregon, Airport Way Urban Renewal and Redevelopment Bonds, Series 2000A: | ||||||||||||||||
4,405 | 5.700%, 6/15/17 (Pre-refunded 6/15/10) — AMBAC Insured | 6/10 at 101.00 | Aa3 (5) | 4,686,215 | ||||||||||||
3,665 | 5.750%, 6/15/18 (Pre-refunded 6/15/10) — AMBAC Insured | 6/10 at 101.00 | Aa3 (5) | 3,901,869 | ||||||||||||
4,265 | 5.750%, 6/15/19 (Pre-refunded 6/15/10) — AMBAC Insured | 6/10 at 101.00 | Aa3 (5) | 4,540,647 | ||||||||||||
1,375 | 5.750%, 6/15/20 (Pre-refunded 6/15/10) — AMBAC Insured | 6/10 at 101.00 | Aa3 (5) | 1,463,866 | ||||||||||||
15,230 | Total Oregon | 15,927,020 | ||||||||||||||
Pennsylvania — 13.9% (8.4% of Total Investments) | ||||||||||||||||
12,620 | Allegheny County Hospital Development Authority, Pennsylvania, Insured Revenue Bonds, West Penn Allegheny Health System, Series 2000A, 6.500%, 11/15/30 (Pre-refunded 11/15/10) - MBIA Insured | 11/10 at 102.00 | AAA | 13,732,452 | ||||||||||||
2,000 | Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 — MBIA Insured | 12/15 at 100.00 | AA | 1,836,720 | ||||||||||||
9,485 | Berks County Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Reading Hospital and Medical Center, Series 1999, 6.000%, 11/01/19 (Pre-refunded 11/01/09) — FSA Insured | 11/09 at 102.00 | AAA | 10,033,707 | ||||||||||||
4,235 | Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 — AMBAC Insured | 8/16 at 100.00 | AA | 4,086,944 | ||||||||||||
5,780 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 — MBIA Insured | 5/15 at 100.00 | AA | 5,443,546 | ||||||||||||
4,585 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 — FSA Insured (UB) | 12/16 at 100.00 | AAA | 3,644,754 | ||||||||||||
1,050 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 - AMBAC Insured | 6/16 at 100.00 | AA | 1,003,013 |
59
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Pennsylvania (continued) | ||||||||||||||||
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1: | ||||||||||||||||
$ | 5,235 | 5.000%, 9/01/24 — FSA Insured (UB) | 9/14 at 100.00 | AAA | $ | 4,907,708 | ||||||||||
3,000 | 5.000%, 9/01/25 — FSA Insured (UB) | 9/14 at 100.00 | AAA | 2,795,940 | ||||||||||||
2,360 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured (ETM) | 12/08 at 101.00 | AAA | 2,411,637 | ||||||||||||
3,785 | Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 — FSA Insured (UB) | 1/16 at 100.00 | AAA | 3,710,663 | ||||||||||||
1,705 | Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 - AMBAC Insured | 6/15 at 100.00 | Aa3 | 1,664,660 | ||||||||||||
3,650 | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) - FSA Insured | 6/13 at 100.00 | AAA | 3,895,025 | ||||||||||||
59,490 | Total Pennsylvania | 59,166,769 | ||||||||||||||
Puerto Rico — 0.5% (0.3% of Total Investments) | ||||||||||||||||
2,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 - FGIC Insured | 7/15 at 100.00 | AA | 2,258,050 | ||||||||||||
South Carolina — 0.4% (0.3% of Total Investments) | ||||||||||||||||
1,955 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 — FSA Insured | 12/16 at 100.00 | AAA | 1,814,533 | ||||||||||||
Texas — 18.1% (10.9% of Total Investments) | ||||||||||||||||
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Industries Inc., Series 1998C: | ||||||||||||||||
10,000 | 5.125%, 5/01/19 — AMBAC Insured | 11/08 at 102.00 | AA | 9,601,400 | ||||||||||||
9,000 | 5.125%, 11/01/20 — AMBAC Insured | 11/08 at 102.00 | Aaa | 8,457,750 | ||||||||||||
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004: | ||||||||||||||||
3,475 | 5.000%, 7/15/22 — FSA Insured (UB) | 7/14 at 100.00 | AAA | 3,393,616 | ||||||||||||
3,645 | 5.000%, 7/15/23 — FSA Insured (UB) | 7/14 at 100.00 | AAA | 3,537,655 | ||||||||||||
4,645 | Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Tender Option Bond Trust 2845, 6.500%, 10/01/32 — AMBAC Insured (IF) | 10/17 at 100.00 | AAA | 2,571,054 | ||||||||||||
12,500 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 — FGIC Insured (Alternative Minimum Tax) | 11/09 at 100.00 | A+ | 9,911,500 | ||||||||||||
5,000 | Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 - MBIA Insured | 2/17 at 100.00 | AA | 4,161,050 | ||||||||||||
4,485 | Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 — FSA Insured | 5/12 at 100.00 | AAA | 4,484,910 | ||||||||||||
10,000 | Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 — AMBAC Insured | 5/13 at 100.00 | AA | 9,093,200 | ||||||||||||
4,151 | Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42 | 7/12 at 105.00 | Aaa | 3,994,341 | ||||||||||||
Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Cook Children’s Healthcare System, Series 2000A: | ||||||||||||||||
6,725 | 5.750%, 12/01/17 (Pre-refunded 12/01/10) — FSA Insured | 12/10 at 101.00 | AAA | 7,239,866 | ||||||||||||
1,170 | 5.750%, 12/01/24 (Pre-refunded 12/01/10) — FSA Insured | 12/10 at 101.00 | AAA | 1,259,575 | ||||||||||||
6,330 | 5.750%, 12/01/24 (Pre-refunded 12/01/10) — FSA Insured | 12/10 at 101.00 | AAA | 6,814,625 | ||||||||||||
2,300 | Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%, 3/15/18 - FSA Insured | 3/12 at 100.00 | AAA | 2,329,601 | ||||||||||||
83,426 | Total Texas | 76,850,143 | ||||||||||||||
Utah — 2.5% (1.5% of Total Investments) | ||||||||||||||||
8,600 | Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/18 — FSA Insured (UB) | 7/13 at 100.00 | AAA | 8,760,562 |
60
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Utah (continued) | ||||||||||||||||
$ | 2,385 | Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 – MBIA Insured | 12/13 at 100.00 | AA | $ | 1,998,916 | ||||||||||
10,985 | Total Utah | 10,759,478 | ||||||||||||||
Vermont – 0.3% (0.2% of Total Investments) | ||||||||||||||||
1,320 | Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Fletcher Allen Health Care Inc., Series 2000A, 6.000%, 12/01/23 – AMBAC Insured | 12/10 at 101.00 | AA | 1,259,504 | ||||||||||||
Virginia – 3.5% (2.1% of Total Investments) | ||||||||||||||||
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005: | ||||||||||||||||
5,880 | 5.000%, 6/15/20 – MBIA Insured | 6/15 at 100.00 | AA | 5,850,482 | ||||||||||||
5,000 | 5.000%, 6/15/22 – MBIA Insured | 6/15 at 100.00 | AA | 4,893,400 | ||||||||||||
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A: | ||||||||||||||||
1,150 | 5.250%, 12/15/22 – FSA Insured | 6/14 at 100.00 | AAA | 1,161,063 | ||||||||||||
500 | 5.250%, 12/15/23 – FSA Insured | 6/14 at 100.00 | AAA | 503,595 | ||||||||||||
2,250 | Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1997B, 6.050%, 5/01/17 – MBIA Insured (Alternative Minimum Tax) | 1/09 at 101.00 | Aa1 | 2,251,328 | ||||||||||||
14,780 | Total Virginia | 14,659,868 | ||||||||||||||
Washington – 7.4% (4.4% of Total Investments) | ||||||||||||||||
10,000 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 – MBIA Insured (Alternative Minimum Tax) | 7/11 at 101.00 | AA | 8,214,000 | ||||||||||||
1,370 | Clark County School District 101, La Center, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 – FSA Insured | 12/12 at 100.00 | Aaa | 1,349,532 | ||||||||||||
5,230 | Douglas County Public Utility District 1, Washington, Revenue Bonds, Wells Hydroelectric, Series 1999A, 6.125%, 9/01/29 – MBIA Insured (Alternative Minimum Tax) | 9/09 at 102.00 | AA | 4,773,630 | ||||||||||||
1,545 | Tacoma, Washington, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – MBIA Insured | 12/14 at 100.00 | AA | 1,564,730 | ||||||||||||
3,950 | Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services, Series 1998, 5.125%, 11/15/22 – AMBAC Insured | 11/08 at 101.00 | Aa3 | 3,280,633 | ||||||||||||
6,200 | Washington State, General Obligation Purpose Bonds, Series 2003A, 5.000%, 7/01/20 – FGIC Insured | 7/12 at 100.00 | AA+ | 6,249,104 | ||||||||||||
10,855 | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 5,980,671 | ||||||||||||
39,150 | Total Washington | 31,412,300 | ||||||||||||||
West Virginia – 1.9% (1.1% of Total Investments) | ||||||||||||||||
8,000 | Pleasants County, West Virginia, Pollution Control Revenue Bonds, Monongahela Power Company Pleasants Station Project, Series 1995C, 6.150%, 5/01/15 – AMBAC Insured | 11/08 at 100.00 | AAA | 8,020,880 | ||||||||||||
Wisconsin – 6.6% (3.9% of Total Investments) | ||||||||||||||||
7,000 | La Crosse, Wisconsin, Resource Recovery Revenue Refunding Bonds, Northern States Power Company Project, Series 1996, 6.000%, 11/01/21 – MBIA Insured (Alternative Minimum Tax) | No Opt. Call | Aaa | 6,525,750 | ||||||||||||
12,750 | Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 2000A, 5.750%, 12/01/25 – FGIC Insured (Alternative Minimum Tax) | 12/10 at 100.00 | A1 | 11,163,645 | ||||||||||||
6,250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Sinai Samaritan Medical Center Inc., Series 1996, 5.750%, 8/15/16 – MBIA Insured | 2/09 at 100.00 | AA | 6,214,563 | ||||||||||||
4,225 | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured | 5/16 at 100.00 | AA | 4,002,689 | ||||||||||||
30,225 | Total Wisconsin | 27,906,647 | ||||||||||||||
$ | 856,881 | Total Long-Term Investments (cost $752,113,187) – 163.3% | 694,799,483 | |||||||||||||
61
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | ||||||||||||
Amount (000) | Description (1) | Ratings (3) | Value | |||||||||
Short-Term Investments – 3.0% (1.8% of Total Investments) | ||||||||||||
$ | 2,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005C, Variable Rate Demand Obligations, 10.500%, 3/15/32 – AMBAC Insured (6) | A-2 | $ | 2,000,000 | |||||||
6,855 | New Jersey State Transportation Trust Fund Authority, Revenue Bonds, Variable Rate Demand Obligations, Series 2006C, ROCS 684Z, 2.720%, 12/15/36 – AMBAC Insured (6) | VMIG-1 | 6,855,000 | |||||||||
4,120 | Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Variable Rate Demand Obligations, Series 2005, ROCS 674, 2.020%, 7/01/27 – MBIA Insured (6) | VMIG-1 | 4,120,000 | |||||||||
$ | 12,975 | Total Short-Term Investments (cost $12,975,000) | 12,975,000 | |||||||||
Total Investments (cost $765,088,187) – 166.3% | 707,774,483 | |||||||||||
Floating Rate Obligations – (18.0)% | (76,590,000 | ) | ||||||||||
Other Assets Less Liabilities – 3.2% | 13,372,186 | |||||||||||
Variable Rate Demand Preferred Shares, at Liquidation Value – (51.5)% (7) | (219,000,000 | ) | ||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 425,556,669 | ||||||||||
At least 80% of the Fund’s net assets (including net assets attributable to Variable Rate Demand Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Portion of investment has been pledged as collateral for Recourse Trusts. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(6) | Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(7) | Variable Rate Demand Preferred Shares, at Liquidation Value, as a percentage of Total Investments is 30.9%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
62
NVG | Nuveen Insured Dividend Advantage Municipal Fund | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Municipal Bonds – 158.3% (98.6% of Total Investments) | ||||||||||||||||
Alabama – 4.8% (3.0% of Total Investments) | ||||||||||||||||
$ | 5,310 | Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5.300%, 5/01/32 – MBIA Insured | 5/12 at 101.00 | AA | $ | 5,036,854 | ||||||||||
3,045 | Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 – MBIA Insured | 3/12 at 101.00 | AA | 3,061,260 | ||||||||||||
10,000 | Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded 2/01/09) – FGIC Insured | 2/09 at 101.00 | AAA | 10,189,800 | ||||||||||||
18,355 | Total Alabama | 18,287,914 | ||||||||||||||
Alaska – 4.2% (2.6% of Total Investments) | ||||||||||||||||
15,000 | Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) – AMBAC Insured | 10/12 at 100.00 | AA (4) | 16,154,549 | ||||||||||||
Arizona – 2.1% (1.3% of Total Investments) | ||||||||||||||||
5,000 | Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AA | 3,913,350 | ||||||||||||
6,000 | Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured | No Opt. Call | AA | 4,008,000 | ||||||||||||
11,000 | Total Arizona | 7,921,350 | ||||||||||||||
California – 13.1% (8.2% of Total Investments) | ||||||||||||||||
2,000 | Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | AA | 1,000,820 | ||||||||||||
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A: | ||||||||||||||||
1,485 | 5.000%, 10/01/26 – MBIA Insured | 10/15 at 100.00 | Aa3 | 1,412,369 | ||||||||||||
1,565 | 5.000%, 10/01/27 – MBIA Insured | 10/15 at 100.00 | Aa3 | 1,477,141 | ||||||||||||
California, General Obligation Bonds, Series 2000: | ||||||||||||||||
375 | 5.250%, 9/01/17 (Pre-refunded 9/01/10) – MBIA Insured | 9/10 at 100.00 | AA (4) | 393,705 | ||||||||||||
190 | 5.250%, 9/01/17 (Pre-refunded 9/01/10) – MBIA Insured | 9/10 at 100.00 | AA (4) | 200,389 | ||||||||||||
10,000 | California, General Obligation Refunding Bonds, Series 2002, 5.000%, 2/01/23 – MBIA Insured | 2/12 at 100.00 | AA | 9,789,800 | ||||||||||||
8,890 | California, General Obligation Veterans Welfare Bonds, Series 1997BH, 5.400%, 12/01/14 (Alternative Minimum Tax) | 12/08 at 101.00 | AA- | 8,922,271 | ||||||||||||
3,000 | California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 – MBIA Insured (Alternative Minimum Tax) | 12/08 at 100.00 | AA | 2,684,070 | ||||||||||||
2,425 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/15 at 100.00 | AA | 2,188,829 | ||||||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||
365 | 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 215,533 | ||||||||||||
1,000 | 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 658,280 | ||||||||||||
4,670 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 0.891%, 6/01/35 – FGIC Insured (IF) | 6/15 at 100.00 | A | 207,441 | ||||||||||||
1,990 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – FSA Insured | No Opt. Call | AAA | 731,683 |
63
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 7,935 | Los Angeles, California, Certificates of Participation, Series 2002, 5.300%, 4/01/32 – AMBAC Insured | 4/12 at 100.00 | AA | $ | 7,612,125 | ||||||||||
2,220 | Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 – MBIA Insured | 7/10 at 100.00 | AAA | 2,093,060 | ||||||||||||
2,320 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001P, 5.250%, 8/15/18 – FSA Insured (5) | 8/11 at 100.00 | AAA | 2,360,043 | ||||||||||||
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A: | ||||||||||||||||
1,000 | 3.000%, 6/15/25 – FSA Insured | 6/17 at 100.00 | AAA | 678,700 | ||||||||||||
1,180 | 3.000%, 6/15/26 – FSA Insured | 6/17 at 100.00 | AAA | 808,229 | ||||||||||||
6,720 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – MBIA Insured | 8/17 at 100.00 | AA | 5,121,110 | ||||||||||||
1,690 | Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – MBIA Insured | 8/15 at 100.00 | AA | 1,583,040 | ||||||||||||
61,020 | Total California | 50,138,638 | ||||||||||||||
Colorado – 5.9% (3.7% of Total Investments) | ||||||||||||||||
17,300 | Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 – MBIA Insured | 8/15 at 100.00 | AA | 16,500,220 | ||||||||||||
750 | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured | 10/16 at 100.00 | BBB | 604,523 | ||||||||||||
17,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – MBIA Insured | No Opt. Call | AA | 5,461,930 | ||||||||||||
35,050 | Total Colorado | 22,566,673 | ||||||||||||||
District of Columbia – 1.4% (0.9% of Total Investments) | ||||||||||||||||
6,805 | District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured | 4/17 at 100.00 | AA | 5,012,223 | ||||||||||||
935 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 – AMBAC Insured (IF) | 10/16 at 100.00 | AA | 439,553 | ||||||||||||
7,740 | Total District of Columbia | 5,451,776 | ||||||||||||||
Florida – 12.1% (7.5% of Total Investments) | ||||||||||||||||
Florida Municipal Loan Council, Revenue Bonds, Series 2003B: | ||||||||||||||||
2,305 | 5.250%, 12/01/17 – MBIA Insured | 12/13 at 100.00 | AA | 2,326,068 | ||||||||||||
1,480 | 5.250%, 12/01/18 – MBIA Insured | 12/13 at 100.00 | AA | 1,481,036 | ||||||||||||
11,600 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | 10,032,028 | ||||||||||||
8,155 | Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 2001, 5.625%, 10/01/13 – MBIA Insured (Alternative Minimum Tax) | 10/11 at 100.00 | A2 | 8,214,368 | ||||||||||||
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002: | ||||||||||||||||
7,165 | 5.625%, 10/01/15 – FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 6,951,340 | ||||||||||||
5,600 | 5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 5,416,712 | ||||||||||||
10,000 | 5.125%, 10/01/21 – FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 8,532,400 | ||||||||||||
2,000 | 5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 1,706,080 | ||||||||||||
1,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) | 8/17 at 100.00 | AA- | 786,750 | ||||||||||||
1,000 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – MBIA Insured | 10/15 at 100.00 | AA | 949,170 | ||||||||||||
50,305 | Total Florida | 46,395,952 | ||||||||||||||
Georgia – 2.3% (1.4% of Total Investments) | ||||||||||||||||
6,925 | Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – MBIA Insured | 12/15 at 100.00 | AA | 6,426,677 |
64
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Georgia (continued) | ||||||||||||||||
$ | 1,000 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – FSA Insured | 11/14 at 100.00 | AAA | $ | 977,660 | ||||||||||
1,695 | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002B-2, 5.500%, 6/01/32 (Alternative Minimum Tax) | 12/11 at 100.00 | AAA | 1,401,680 | ||||||||||||
9,620 | Total Georgia | 8,806,017 | ||||||||||||||
Idaho – 1.1% (0.7% of Total Investments) | ||||||||||||||||
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006: | ||||||||||||||||
3,000 | 5.000%, 7/15/23 – MBIA Insured | 7/16 at 100.00 | Aa3 | 3,020,760 | ||||||||||||
1,130 | 5.000%, 7/15/24 – MBIA Insured | 7/16 at 100.00 | Aa3 | 1,133,503 | ||||||||||||
4,130 | Total Idaho | 4,154,263 | ||||||||||||||
Illinois – 12.1% (7.5% of Total Investments) | ||||||||||||||||
10,000 | Bolingbrook, Illinois, General Obligation Bonds, Series 2002A, 5.375%, 1/01/38 (Pre-refunded | 1/12 at 100.00 | A2 | (4) | 10,713,500 | |||||||||||
1/01/12) – FGIC Insured | ||||||||||||||||
1,305 | Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 – MBIA Insured | 1/11 at 101.00 | AA | 1,251,887 | ||||||||||||
Chicago, Illinois, General Obligation Bonds, Series 2001A: | ||||||||||||||||
50 | 5.500%, 1/01/38 (Pre-refunded 1/01/11) – MBIA Insured | 1/11 at 101.00 | AA (4) | 53,435 | ||||||||||||
3,645 | 5.500%, 1/01/38 (Pre-refunded 1/01/11) – MBIA Insured | 1/11 at 101.00 | AA (4) | 3,889,835 | ||||||||||||
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001C: | ||||||||||||||||
4,250 | 5.500%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | 4,086,673 | ||||||||||||
4,485 | 5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | 4,260,974 | ||||||||||||
4,730 | 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | 4,431,537 | ||||||||||||
2,930 | 5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AA | 2,708,023 | ||||||||||||
3,600 | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – MBIA Insured | 1/16 at 100.00 | AA | 3,419,172 | ||||||||||||
3,000 | Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 2002A, 5.750%, 1/01/17 – MBIA Insured (Alternative Minimum Tax) | 1/12 at 100.00 | AA | 2,891,910 | ||||||||||||
4,000 | Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 2002, 5.000%, 12/01/21 – MBIA Insured | 12/12 at 101.00 | AA | 3,877,720 | ||||||||||||
480 | DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C, 5.250%, 10/01/22 – FSA Insured | 10/13 at 100.00 | Aaa | 485,150 | ||||||||||||
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C: | ||||||||||||||||
770 | 5.250%, 10/01/22 (Pre-refunded 10/01/13) – FSA Insured | 10/13 at 100.00 | Aaa | 839,616 | ||||||||||||
250 | 5.250%, 10/01/22 (Pre-refunded 10/01/13) – FSA Insured | 10/13 at 100.00 | Aaa | 272,603 | ||||||||||||
3,500 | Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured | 2/17 at 100.00 | A+ | 2,978,640 | ||||||||||||
46,995 | Total Illinois | 46,160,675 | ||||||||||||||
Indiana – 18.0% (11.2% of Total Investments) | ||||||||||||||||
3,380 | Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 – AMBAC Insured | 7/13 at 100.00 | AA | 3,295,230 | ||||||||||||
Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment District, Series 2002D: | ||||||||||||||||
2,500 | 5.375%, 4/01/23 (Pre-refunded 4/01/12) – AMBAC Insured | 4/12 at 100.00 | AA (4) | 2,686,750 | ||||||||||||
7,075 | 5.250%, 4/01/26 (Pre-refunded 4/01/12) – AMBAC Insured | 4/12 at 100.00 | AA (4) | 7,575,061 | ||||||||||||
7,000 | 5.250%, 4/01/30 (Pre-refunded 4/01/12) – AMBAC Insured | 4/12 at 100.00 | AA (4) | 7,494,760 | ||||||||||||
10,000 | Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital, Series 2002, 5.250%, 7/01/32 – AMBAC Insured | 7/12 at 100.00 | AA | 8,766,400 | ||||||||||||
3,200 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – MBIA Insured | 1/17 at 100.00 | AA | 2,614,368 |
65
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Indiana (continued) | ||||||||||||||||
$ | 25,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – MBIA Insured | 7/12 at 100.00 | AAA | $ | 26,861,745 | ||||||||||
Northern Wells Community School Building Corporation, Wells County, Indiana, First Mortgage Bonds, Series 2001: | ||||||||||||||||
420 | 5.250%, 1/15/19 (Pre-refunded 7/15/12) – FGIC Insured | 7/12 at 100.00 | AA+ (4) | 452,004 | ||||||||||||
430 | 5.250%, 7/15/19 (Pre-refunded 7/15/12) – FGIC Insured | 7/12 at 100.00 | AA+ (4) | 462,766 | ||||||||||||
1,675 | 5.400%, 7/15/23 (Pre-refunded 7/15/12) – FGIC Insured | 7/12 at 100.00 | AA+ (4) | 1,811,362 | ||||||||||||
6,960 | Valparaiso Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series 2002, 5.000%, 7/15/24 – MBIA Insured | 1/13 at 100.00 | AA+ | 6,847,944 | ||||||||||||
67,640 | Total Indiana | 68,868,390 | ||||||||||||||
Louisiana – 4.8% (3.0% of Total Investments) | ||||||||||||||||
10,000 | Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series 2007, 4.500%, 7/01/37 – CIFG Insured | 7/17 at 100.00 | Baa2 | 6,933,900 | ||||||||||||
1,500 | Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – MBIA Insured | 7/14 at 100.00 | AA | 1,406,910 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006: | ||||||||||||||||
770 | 4.750%, 5/01/39 – FSA Insured (UB) | 5/16 at 100.00 | AAA | 625,063 | ||||||||||||
8,270 | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | AA | 6,340,527 | ||||||||||||
3 | Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-3, 10.838%, 5/01/41 – FGIC Insured (IF) | 5/16 at 100.00 | AA | 223 | ||||||||||||
3,085 | New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 – MBIA Insured | 9/12 at 100.00 | AA | 2,925,629 | ||||||||||||
23,628 | Total Louisiana | 18,232,252 | ||||||||||||||
Massachusetts – 0.6% (0.3% of Total Investments) | ||||||||||||||||
2,775 | Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 – FSA Insured (UB) | 2/17 at 100.00 | AAA | 2,140,829 | ||||||||||||
Michigan – 0.3% (0.2% of Total Investments) | ||||||||||||||||
1,500 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | Aa2 | 1,285,425 | ||||||||||||
Missouri – 0.4% (0.3% of Total Investments) | ||||||||||||||||
1,600 | St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 – FSA Insured | 3/14 at 100.00 | AAA | 1,641,744 | ||||||||||||
Nebraska – 2.1% (1.3% of Total Investments) | ||||||||||||||||
6,360 | Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32 | 9/15 at 100.00 | AA | 5,860,804 | ||||||||||||
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A: | ||||||||||||||||
1,000 | 5.250%, 4/01/20 – FSA Insured | 4/13 at 100.00 | AAA | 1,008,570 | ||||||||||||
1,000 | 5.250%, 4/01/21 – FSA Insured | 4/13 at 100.00 | AAA | 1,000,730 | ||||||||||||
8,360 | Total Nebraska | 7,870,104 | ||||||||||||||
Nevada – 2.4% (1.5% of Total Investments) | ||||||||||||||||
8,750 | Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, Series 2001A, 5.250%, 7/01/34 (Pre-refunded 7/01/11) – FSA Insured | 7/11 at 100.00 | AAA | 9,309,563 | ||||||||||||
New Jersey – 0.6% (0.3% of Total Investments) | ||||||||||||||||
2,150 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.250%, 12/15/20 | No Opt. Call | AA- | 2,175,069 | ||||||||||||
66
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New York – 5.0% (3.1% of Total Investments) | ||||||||||||||||
$ | 1,120 | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured | 2/15 at 100.00 | AA | $ | 1,007,216 | ||||||||||
3,660 | Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 – AMBAC Insured | 2/15 at 100.00 | AA | 3,547,089 | ||||||||||||
3,130 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – MBIA Insured (UB) | 2/17 at 100.00 | AA | 2,227,527 | ||||||||||||
2,400 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – MBIA Insured (UB) | 11/16 at 100.00 | AA | 1,784,184 | ||||||||||||
1,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured | 11/15 at 100.00 | AA | 1,326,240 | ||||||||||||
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/30 – FSA Insured | 11/12 at 100.00 | AAA | 9,233,600 | ||||||||||||
21,810 | Total New York | 19,125,856 | ||||||||||||||
North Carolina – 0.6% (0.3% of Total Investments) | ||||||||||||||||
2,125 | North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 – FSA Insured | 10/13 at 100.00 | AAA | 2,077,145 | ||||||||||||
Ohio – 0.5% (0.3% of Total Investments) | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||
70 | 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 54,866 | ||||||||||||
710 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | 497,717 | ||||||||||||
685 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 456,210 | ||||||||||||
1,570 | 5.875%, 6/01/47 | 6/17 at 100.00 | BBB | 982,208 | ||||||||||||
3,035 | Total Ohio | 1,991,001 | ||||||||||||||
Oklahoma – 0.4% (0.3% of Total Investments) | ||||||||||||||||
2,000 | Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37 | 2/17 at 100.00 | AA- | 1,653,940 | ||||||||||||
Oregon – 1.5% (1.0% of Total Investments) | ||||||||||||||||
Oregon, General Obligation Veterans Welfare Bonds, Series 82: | ||||||||||||||||
4,530 | 5.375%, 12/01/31 | 12/11 at 100.00 | AA | 4,074,191 | ||||||||||||
2,115 | 5.500%, 12/01/42 | 12/11 at 100.00 | AA | 1,862,744 | ||||||||||||
6,645 | Total Oregon | 5,936,935 | ||||||||||||||
Pennsylvania – 3.6% (2.3% of Total Investments) | ||||||||||||||||
4,500 | Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13 – MBIA Insured (Alternative Minimum Tax) | No Opt. Call | AA | 4,539,330 | ||||||||||||
4,130 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – FSA Insured (UB) | 12/16 at 100.00 | AAA | 3,283,061 | ||||||||||||
1,050 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured | 6/16 at 100.00 | AA | 1,003,013 | ||||||||||||
2,000 | Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – FSA Insured | 11/13 at 100.00 | AAA | 2,037,120 | ||||||||||||
2,000 | Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – FSA Insured (UB) | 1/16 at 100.00 | AAA | 2,037,160 | ||||||||||||
1,000 | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – FSA Insured | 6/13 at 100.00 | AAA | 1,067,130 | ||||||||||||
14,680 | Total Pennsylvania | 13,966,814 | ||||||||||||||
67
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Puerto Rico – 0.4% (0.3% of Total Investments) | ||||||||||||||||
$ | 1,225 | Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured | No Opt. Call | BBB– | $ | 1,132,500 | ||||||||||
5,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured | No Opt. Call | A+ | 506,250 | ||||||||||||
6,225 | Total Puerto Rico | 1,638,750 | ||||||||||||||
South Carolina – 1.6% (1.0% of Total Investments) | ||||||||||||||||
1,950 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – FSA Insured | 12/16 at 100.00 | AAA | 1,809,893 | ||||||||||||
Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003: | ||||||||||||||||
1,000 | 5.500%, 4/01/17 – MBIA Insured | 4/13 at 100.00 | AA | 1,036,410 | ||||||||||||
2,300 | 5.000%, 4/01/21 – MBIA Insured | 4/13 at 100.00 | AA | 2,245,881 | ||||||||||||
1,000 | Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 – FSA Insured | 10/15 at 100.00 | AAA | 1,003,610 | ||||||||||||
6,250 | Total South Carolina | 6,095,794 | ||||||||||||||
Tennessee – 11.2% (6.9% of Total Investments) | ||||||||||||||||
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004: | ||||||||||||||||
1,495 | 5.000%, 10/01/19 – FSA Insured | 10/14 at 100.00 | AAA | 1,518,651 | ||||||||||||
1,455 | 5.000%, 10/01/20 – FSA Insured | 10/14 at 100.00 | AAA | 1,465,301 | ||||||||||||
1,955 | 5.000%, 10/01/21 – FSA Insured | 10/14 at 100.00 | AAA | 1,954,922 | ||||||||||||
10,000 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28 (Pre-refunded 11/01/12) – AMBAC Insured | 11/12 at 100.00 | AA (4) | 10,747,700 | ||||||||||||
10,000 | Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29 (Pre-refunded 11/01/12) – AMBAC Insured | 11/12 at 100.00 | AA (4) | 10,747,700 | ||||||||||||
15,195 | Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2002A, 5.250%, 5/01/32 (Pre-refunded 5/01/12) – FSA Insured | 5/12 at 100.00 | AAA | 16,262,904 | ||||||||||||
40,100 | Total Tennessee | 42,697,178 | ||||||||||||||
Texas – 24.8% (15.5% of Total Investments) | ||||||||||||||||
3,500 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – FGIC Insured (Alternative Minimum Tax) | 11/11 at 100.00 | A+ | 3,504,760 | ||||||||||||
10,000 | Gainesville Hospital District, Texas, Limited Tax General Obligation Bonds, Series 2002, 5.375%, 8/15/32 (Pre-refunded 8/15/11) – MBIA Insured | 8/11 at 100.00 | A2 | (4) | 10,622,400 | |||||||||||
1,210 | Galveston, Texas, General Obligation Bonds, Series 2001, 5.250%, 5/01/21 – AMBAC Insured | 5/11 at 100.00 | AAA | 1,212,807 | ||||||||||||
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003: | ||||||||||||||||
2,240 | 5.000%, 11/15/16 – MBIA Insured | 11/13 at 100.00 | AA | 2,261,795 | ||||||||||||
2,355 | 5.000%, 11/15/17 – MBIA Insured | 11/13 at 100.00 | AA | 2,365,974 | ||||||||||||
13,000 | Houston Area Water Corporation, Texas, Contract Revenue Bonds, Northeast Water Purification Plant, Series 2002, 5.125%, 3/01/32 (Pre-refunded 3/01/12) – FGIC Insured | 3/12 at 100.00 | N/R | (4) | 13,850,459 | |||||||||||
1,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured | 5/14 at 100.00 | AA | 931,550 | ||||||||||||
4,345 | San Antonio, Texas, Water System Senior Lien Revenue Refunding Bonds, Series 2002, 5.500%, 5/15/17 – FSA Insured | 5/12 at 100.00 | AAA | 4,593,100 | ||||||||||||
5,510 | Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax) | 7/11 at 100.00 | AAA | 5,240,396 | ||||||||||||
8,350 | Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 – MBIA Insured (Alternative Minimum Tax) | 3/12 at 100.00 | AAA | 6,873,637 | ||||||||||||
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002: | ||||||||||||||||
3,520 | 5.125%, 11/01/20 – MBIA Insured | 5/12 at 100.00 | A2 | 3,077,008 | ||||||||||||
3,520 | 5.125%, 11/01/21 – MBIA Insured | 5/12 at 100.00 | A2 | 3,025,194 |
68
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A: | ||||||||||||||||
$ | 9,400 | 5.375%, 1/01/23 – MBIA Insured | 1/12 at 102.00 | A2 | $ | 7,230,480 | ||||||||||
11,665 | 5.500%, 1/01/33 – MBIA Insured | 1/12 at 102.00 | A2 | 8,251,938 | ||||||||||||
5,000 | Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17 | 1/10 at 100.00 | AAA | 5,118,550 | ||||||||||||
9,145 | Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A-1, 5.250%, 12/01/22 (Alternative Minimum Tax) | 6/12 at 100.00 | Aa1 | 8,336,216 | ||||||||||||
Williamson County, Texas, General Obligation Bonds, Series 2002: | ||||||||||||||||
3,000 | 5.250%, 2/15/22 (Pre-refunded 2/15/12) – FSA Insured | 2/12 at 100.00 | AAA | 3,205,890 | ||||||||||||
5,000 | 5.250%, 2/15/25 (Pre-refunded 2/15/12) – FSA Insured | 2/12 at 100.00 | AAA | 5,343,150 | ||||||||||||
101,760 | Total Texas | 95,045,304 | ||||||||||||||
Utah – 1.6% (1.0% of Total Investments) | ||||||||||||||||
7,290 | Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 7.752%, 6/15/36 – FSA Insured (IF) | 6/18 at 100.00 | AAA | 6,279,679 | ||||||||||||
Washington – 15.4% (9.6% of Total Investments) | ||||||||||||||||
5,385 | Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 – AMBAC Insured | 7/16 at 100.00 | AA | 4,334,225 | ||||||||||||
6,600 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 – FSA Insured | 7/12 at 100.00 | AAA | 6,713,586 | ||||||||||||
7,675 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 – MBIA Insured | 7/12 at 100.00 | Aaa | 8,056,908 | ||||||||||||
2,500 | Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15 – FGIC Insured (Alternative Minimum Tax) | 11/12 at 100.00 | AA | 2,441,450 | ||||||||||||
2,200 | Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 – FSA Insured | 12/13 at 100.00 | AAA | 2,263,096 | ||||||||||||
3,255 | Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 – FSA Insured | 6/13 at 100.00 | Aaa | 3,401,833 | ||||||||||||
10,000 | University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 – AMBAC Insured | 6/17 at 100.00 | AA+ | 8,940,400 | ||||||||||||
Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002: | ||||||||||||||||
2,000 | 5.500%, 6/01/17 – AMBAC Insured | 6/12 at 100.00 | Aa3 | 2,069,700 | ||||||||||||
4,325 | 5.125%, 6/01/22 – AMBAC Insured | 6/12 at 100.00 | Aa3 | 4,252,167 | ||||||||||||
15,000 | Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured | 8/13 at 102.00 | AA | 11,403,150 | ||||||||||||
5,170 | Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/20 – FSA Insured | 6/12 at 100.00 | Aaa | 5,193,317 | ||||||||||||
64,110 | Total Washington | 59,069,832 | ||||||||||||||
Wisconsin – 3.4% (2.1% of Total Investments) | ||||||||||||||||
11,950 | Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) – AMBAC Insured | 7/12 at 100.00 | AA+ (4) | 12,801,438 | ||||||||||||
$ | 663,598 | Total Municipal Bonds (cost $641,787,614) | 605,940,849 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||||
Investment Companies – 0.3% (0.2% of Total Investments) | ||||||||||||||||
21,650 | BlackRock MuniHoldings Fund Inc. | 232,305 | ||||||||||||||
13,600 | BlackRock MuniEnhanced Fund Inc. | 99,280 | ||||||||||||||
7,920 | Dreyfus Strategic Municipal Fund | 48,312 | ||||||||||||||
7,600 | Morgan Stanley Dean Witter Insured Municipal Income Trust | 81,776 |
69
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Shares | Description (1) | Value | ||||||
Investment Companies (continued) | ||||||||
9,668 | Morgan Stanley Quality Municipal Income Trust | $ | 89,139 | |||||
26,280 | PIMCO Municipal Income Fund II | 243,616 | ||||||
9,500 | Van Kampen Advantage Municipal Income Fund II | 79,800 | ||||||
28,680 | Van Kampen Investment Grade Municipal Trust | 289,955 | ||||||
6,240 | Van Kampen Municipal Trust | 63,337 | ||||||
Total Investment Companies (cost $1,690,861) | 1,227,520 | |||||||
Total Long-Term Investments (cost $643,478,475) – 158.6% | 607,168,369 | |||||||
Principal | ||||||||||||
Amount (000) | Description (1) | Ratings (3) | Value | |||||||||
Short-Term Investments – 1.8% (1.2% of Total Investments) | ||||||||||||
2,075 | New Jersey Housing and Mortgage Finance Agency, Capital Fund Program Revenue Bonds, | VMIG-1 | 2,075,000 | |||||||||
Tender Option Bond, Trust 2008-3034X, Variable Rate Demand Obligations, 2.720%, 5/01/27 – FSA Insured (6) | ||||||||||||
5,000 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Refunding Series 2008 Trust 3301, | A-1+ | 5,000,000 | |||||||||
Variable Rate Demand Obligations, 2.720%, 8/15/26 – FSA Insured (6) | ||||||||||||
$ | 7,075 | Total Short-Term Investments (cost $7,075,000) | 7,075,000 | |||||||||
Total Investments (cost $650,553,475) – 160.4% | 614,243,369 | |||||||||||
Floating Rate Obligations – (4.5)% | (17,343,334 | ) | ||||||||||
Other Assets Less Liabilities – 3.4% | 13,110,160 | |||||||||||
Auction Rate Preferred Shares, at Liquidation Value – (59.3)% (7) | (226,975,000 | ) | ||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 383,035,195 | ||||||||||
Forward Swaps outstanding at October 31, 2008: |
Fund | Fixed Rate | Unrealized | ||||||||||||||||||||||||||||||
Notional | Pay/Receive | Floating Rate | Fixed Rate | Payment | Effective | Termination | Appreciation | |||||||||||||||||||||||||
Counterparty | Amount | Floating Rate | Index | (Annualized) | Frequency | Date (8) | Date | (Depreciation) | ||||||||||||||||||||||||
Goldman Sachs | $ | 25,250,000 | Pay | 3-Month USD-LIBOR | 5.052 | % | Semi-Annually | 7/29/09 | 7/29/24 | $ | 1,124,391 | |||||||||||||||||||||
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate). |
At least 80% of the Fund’s net assets (including net assets attributable to Auction Rate Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Portion of investment has been pledged as collateral for Recourse Trusts. (6) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(7) | Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.0%. | |
(8) | Effective Date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. | |
N/R | Not rated. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
70
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund | ||||
Portfolio of INVESTMENTS | |||||
October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama — 9.5% (6.0% of Total Investments) | ||||||||||||||||
$ | 1,000 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB) | 11/16 at 100.00 | Aa1 | $ | 826,500 | ||||||||||
5,655 | Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27 | 6/13 at 101.00 | Baa3 | 4,670,973 | ||||||||||||
3,100 | Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22 (Pre-refunded 5/14/12) — MBIA Insured | 5/12 at 102.00 | AA (4) | 3,343,815 | ||||||||||||
6,280 | Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D, 5.000%, 2/01/32 (Pre-refunded 8/01/12) — FGIC Insured | 8/12 at 100.00 | AAA | 6,707,794 | ||||||||||||
1,750 | Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/01/21 — AMBAC Insured | 5/12 at 101.00 | AA | 1,750,000 | ||||||||||||
4,500 | Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 — AMBAC Insured | 7/13 at 100.00 | Aa3 | 4,412,565 | ||||||||||||
22,285 | Total Alabama | 21,711,647 | ||||||||||||||
Arizona — 5.5% (3.5% of Total Investments) | ||||||||||||||||
10,000 | Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service Company — Palo Verde Project, Series 2002A, 5.050%, 5/01/29 — AMBAC Insured | 11/12 at 100.00 | AA | 8,305,200 | ||||||||||||
6,545 | Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 — FGIC Insured | No Opt. Call | AA | 4,372,060 | ||||||||||||
16,545 | Total Arizona | 12,677,260 | ||||||||||||||
California — 24.5% (15.4% of Total Investments) | ||||||||||||||||
26,300 | California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 — AMBAC Insured | 12/12 at 100.00 | AA | 23,721,021 | ||||||||||||
250 | California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 — SYNCORA GTY Insured | 4/12 at 100.00 | A1 | 236,765 | ||||||||||||
5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 — AMBAC Insured | 4/14 at 100.00 | AA | 4,625 | ||||||||||||
7,495 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AAA | 8,120,158 | ||||||||||||
2,910 | Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 — MBIA Insured | 8/12 at 102.00 | AA | 2,730,511 | ||||||||||||
250 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 147,625 | ||||||||||||
2,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 0.891%, 6/01/35 — FGIC Insured (IF) | 6/15 at 100.00 | A | 88,840 | ||||||||||||
2,500 | Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 — AMBAC Insured | 9/13 at 100.00 | AA | 2,297,950 | ||||||||||||
4,000 | Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28 — FGIC Insured | 8/11 at 101.00 | A+ | 3,683,640 | ||||||||||||
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A: | ||||||||||||||||
1,130 | 5.250%, 6/01/19 — AMBAC Insured | 6/13 at 101.00 | AA | 1,127,311 | ||||||||||||
1,255 | 5.250%, 6/01/21 — AMBAC Insured | 6/13 at 101.00 | AA | 1,219,283 | ||||||||||||
1,210 | Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 — AMBAC Insured | 3/13 at 100.00 | AA | 1,167,892 |
71
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 3,750 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 — MBIA Insured | 8/13 at 100.00 | AA | $ | 3,423,975 | ||||||||||
1,500 | San Diego Community College District, California, General Obligation Bonds, Series 2003A, 5.000%, 5/01/28 — FSA Insured | 5/13 at 100.00 | AAA | 1,447,470 | ||||||||||||
1,055 | Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 — MBIA Insured | 1/13 at 100.00 | AA | 994,105 | ||||||||||||
6,300 | University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 — AMBAC Insured (UB) | 5/13 at 100.00 | Aa1 | 5,713,407 | ||||||||||||
61,910 | Total California | 56,124,578 | ||||||||||||||
Colorado — 7.5% (4.7% of Total Investments) | ||||||||||||||||
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003: | ||||||||||||||||
4,300 | 5.500%, 12/01/23 — FSA Insured | 12/13 at 100.00 | AAA | 4,356,760 | ||||||||||||
3,750 | 5.500%, 12/01/28 — FSA Insured | 12/13 at 100.00 | AAA | 3,751,463 | ||||||||||||
1,450 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 — SYNCORA GTY Insured | 8/14 at 100.00 | A | 1,382,532 | ||||||||||||
8,250 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 6.761%, 10/01/41 — FSA Insured (IF) | 4/18 at 100.00 | AAA | 6,593,400 | ||||||||||||
3,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 — MBIA Insured | No Opt. Call | AA | 655,350 | ||||||||||||
2,900 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 — MBIA Insured | No Opt. Call | AA | 471,134 | ||||||||||||
23,650 | Total Colorado | 17,210,639 | ||||||||||||||
District of Columbia — 0.1% (0.1% of Total Investments) | ||||||||||||||||
665 | Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 1.947%, 10/01/30 — AMBAC Insured (IF) | 10/16 at 100.00 | AA | 312,623 | ||||||||||||
Florida — 2.1% (1.3% of Total Investments) | ||||||||||||||||
2,500 | Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 0.054%, 6/01/38 — AGC Insured (IF) | 6/18 at 101.00 | AAA | 1,530,900 | ||||||||||||
3,000 | Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/27 (Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (4) | 3,284,010 | ||||||||||||
5,500 | Total Florida | 4,814,910 | ||||||||||||||
Georgia — 2.4% (1.5% of Total Investments) | ||||||||||||||||
1,410 | DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 — FSA Insured | 10/16 at 100.00 | AAA | 1,317,123 | ||||||||||||
3,825 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) — MBIA Insured | 1/13 at 100.00 | AA+ (4) | 4,096,805 | ||||||||||||
5,235 | Total Georgia | 5,413,928 | ||||||||||||||
Illinois — 3.7% (2.3% of Total Investments) | ||||||||||||||||
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: | ||||||||||||||||
3,285 | 5.125%, 12/01/20 — FSA Insured | 12/14 at 100.00 | Aaa | 3,327,114 | ||||||||||||
2,940 | 5.125%, 12/01/23 — FSA Insured | 12/14 at 100.00 | Aaa | 2,945,204 | ||||||||||||
2,500 | Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23 | 7/13 at 100.00 | A-- | 2,159,275 | ||||||||||||
8,725 | Total Illinois | 8,431,593 | ||||||||||||||
Indiana — 11.0% (7.0% of Total Investments) | ||||||||||||||||
2,500 | Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 — AMBAC Insured | 7/13 at 100.00 | AA | 2,372,675 |
72
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Indiana (continued) | ||||||||||||||||
$ | 2,190 | Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 8/01/19 — MBIA Insured | 8/13 at 100.00 | AA | $ | 2,110,262 | ||||||||||
1,860 | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 — MBIA Insured | 1/17 at 100.00 | AA | 1,519,601 | ||||||||||||
1,000 | Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 — FGIC Insured | 8/13 at 100.00 | Aa1 | 995,010 | ||||||||||||
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003: | ||||||||||||||||
11,020 | 5.000%, 7/15/19 (Pre-refunded 7/15/13) — MBIA Insured | 7/13 at 100.00 | AA (4) | 11,830,740 | ||||||||||||
6,000 | 5.000%, 7/15/20 (Pre-refunded 7/15/13) — MBIA Insured | 7/13 at 100.00 | AA (4) | 6,441,420 | ||||||||||||
24,570 | Total Indiana | 25,269,708 | ||||||||||||||
Kansas — 2.2% (1.4% of Total Investments) | ||||||||||||||||
5,000 | Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 — AMBAC Insured | 4/13 at 102.00 | AA | 4,975,000 | ||||||||||||
Kentucky — 0.5% (0.3% of Total Investments) | ||||||||||||||||
985 | Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) — MBIA Insured | 8/13 at 100.00 | AA (4) | 1,061,072 | ||||||||||||
Louisiana — 2.3% (1.4% of Total Investments) | ||||||||||||||||
5,785 | New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 — FGIC Insured | 12/12 at 100.00 | Baa3 | 5,267,011 | ||||||||||||
Massachusetts — 0.5% (0.3% of Total Investments) | ||||||||||||||||
1,125 | Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.125%, 9/01/23 | 9/13 at 100.00 | A1 | 1,086,930 | ||||||||||||
Michigan — 12.5% (7.9% of Total Investments) | ||||||||||||||||
6,130 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) — MBIA Insured | 7/13 at 100.00 | AA (4) | 6,597,658 | ||||||||||||
4,465 | Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 — MBIA Insured | 7/13 at 100.00 | AA | 4,198,975 | ||||||||||||
1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | AA | 856,950 | ||||||||||||
10,800 | Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32 — SYNCORA GTY Insured | 12/12 at 100.00 | Baa1 | 8,827,920 | ||||||||||||
2,250 | Romulus Community Schools, Wayne County, Michigan, General Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25 | 5/11 at 100.00 | AA-- | 2,230,403 | ||||||||||||
6,500 | Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 — MBIA Insured | 12/11 at 101.00 | AA | 6,016,660 | ||||||||||||
31,145 | Total Michigan | 28,728,566 | ||||||||||||||
Missouri — 1.3% (0.8% of Total Investments) | ||||||||||||||||
240 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 — FSA Insured | 3/14 at 100.00 | AAA | 241,090 | ||||||||||||
215 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/23 — FSA Insured | 3/14 at 100.00 | AAA | 216,473 | ||||||||||||
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004: | ||||||||||||||||
1,110 | 5.250%, 3/01/23 (Pre-refunded 3/01/14) — FSA Insured | 3/14 at 100.00 | AAA | 1,204,716 | ||||||||||||
1,260 | 5.250%, 3/01/24 (Pre-refunded 3/01/14) — FSA Insured | 3/14 at 100.00 | AAA | 1,367,516 | ||||||||||||
2,825 | Total Missouri | 3,029,795 | ||||||||||||||
73
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | ||||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||||||||||
Nebraska — 2.1% (1.3% of Total Investments) | |||||||||||||||||
$ | 5,000 | Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%, 6/15/28 — MBIA Insured | 6/13 at 100.00 | AA+ | $ | 4,753,700 | |||||||||||
New Mexico — 0.9% (0.6% of Total Investments) | |||||||||||||||||
1,975 | New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 — AMBAC Insured | 4/14 at 100.00 | AA | 2,003,914 | |||||||||||||
New York — 11.0% (6.9% of Total Investments) | |||||||||||||||||
20 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Driver Trust 1649, 2006, 4.745%, 2/15/47 — MBIA Insured (IF) | 2/17 at 100.00 | AA | 8,238 | |||||||||||||
1,960 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | AA | 1,394,873 | |||||||||||||
25,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 — MBIA Insured | 11/12 at 100.00 | AA | 21,956,499 | |||||||||||||
1,850 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 — FSA Insured (UB) | 3/15 at 100.00 | AAA | 1,817,459 | |||||||||||||
28,830 | Total New York | 25,177,069 | |||||||||||||||
North Carolina — 2.8% (1.8% of Total Investments) | |||||||||||||||||
8,700 | North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.375%, 10/01/33 — RAAI Insured | 10/13 at 100.00 | BBB+ | 6,434,172 | |||||||||||||
Ohio — 0.9% (0.5% of Total Investments) | |||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||||||||||
70 | 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 54,866 | |||||||||||||
710 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | 497,717 | |||||||||||||
685 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 456,210 | |||||||||||||
1,570 | 5.875%, 6/01/47 | 6/17 at 100.00 | BBB | 982,208 | |||||||||||||
3,035 | Total Ohio | 1,991,001 | |||||||||||||||
Oklahoma — 0.4% (0.3% of Total Investments) | |||||||||||||||||
1,000 | Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 — AMBAC Insured | 7/15 at 100.00 | AA | 967,230 | |||||||||||||
Oregon — 3.1% (1.9% of Total Investments) | |||||||||||||||||
8,350 | Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 — MBIA Insured | 1/13 at 100.00 | AA | 7,045,814 | |||||||||||||
Pennsylvania — 8.7% (5.4% of Total Investments) | |||||||||||||||||
3,000 | Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13) | 8/13 at 100.00 | AAA | 3,282,540 | |||||||||||||
2,000 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 — FSA Insured (UB) | 8/13 at 100.00 | AAA | 1,736,980 | |||||||||||||
925 | Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 — AMBAC Insured (ETM) | 12/08 at 101.00 | AAA | 945,239 | |||||||||||||
13,000 | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) — FSA Insured | 6/13 at 100.00 | AAA | 13,872,689 | |||||||||||||
18,925 | Total Pennsylvania | 19,837,448 | |||||||||||||||
Puerto Rico — 0.4% (0.3% of Total Investments) | |||||||||||||||||
10,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 — MBIA Insured | No Opt. Call | AA | 944,200 | |||||||||||||
South Carolina — 5.6% (3.6% of Total Investments) | |||||||||||||||||
5,000 | Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 — FSA Insured | 11/14 at 100.00 | AAA | 4,943,800 |
74
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
South Carolina (continued) | ||||||||||||||||
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2008, Trust 3219: | ||||||||||||||||
$ | 750 | 13.014%, 12/01/22 (IF) | 12/13 at 100.00 | AA | $ | 618,360 | ||||||||||
585 | 10.468%, 12/01/23 (IF) | 12/13 at 100.00 | AA | 497,812 | ||||||||||||
8,000 | South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 — AMBAC Insured | 10/12 at 100.00 | Aa3 | 6,925,600 | ||||||||||||
14,335 | Total South Carolina | 12,985,572 | ||||||||||||||
Texas — 12.8% (8.1% of Total Investments) | ||||||||||||||||
7,975 | Fort Bend Independent School District, Fort Bend County, Texas, General Obligation Bonds, Series 2000, 5.000%, 8/15/25 | 8/10 at 100.00 | AAA | 7,920,690 | ||||||||||||
12,500 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) — FSA Insured | 2/13 at 100.00 | AAA | 13,466,999 | ||||||||||||
2,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 — MBIA Insured | 5/14 at 100.00 | AA | 1,946,100 | ||||||||||||
5,515 | Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 — MBIA Insured | 3/12 at 100.00 | AA | 5,551,399 | ||||||||||||
465 | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18 | 2/12 at 100.00 | AAA | 475,086 | ||||||||||||
28,455 | Total Texas | 29,360,274 | ||||||||||||||
Virginia — 0.6% (0.4% of Total Investments) | ||||||||||||||||
1,500 | Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 — AMBAC Insured | 1/13 at 100.00 | AA 1 | ,437,105 | ||||||||||||
Washington — 12.8% (8.0% of Total Investments) | ||||||||||||||||
4,945 | Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 — MBIA Insured | 12/12 at 100.00 | AAA | 4,544,999 | ||||||||||||
5,250 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002C, 5.125%, 7/01/33 — AMBAC Insured | 7/12 at 100.00 | AA | 4,858,928 | ||||||||||||
7,500 | King County, Washington, Sewer Revenue Bonds, Series 2006-2, 6.563%, 1/01/31 — FSA Insured (IF) | 1/17 at 100.00 | AAA | 6,151,875 | ||||||||||||
2,135 | Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government Center, Series 2003, 5.000%, 7/01/23 — MBIA Insured | 7/13 at 100.00 | A1 | 1,991,635 | ||||||||||||
1,935 | Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 — FGIC Insured | 6/13 at 100.00 | Aa1 | 1,992,818 | ||||||||||||
9,670 | Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 — MBIA Insured | 6/13 at 100.00 | AA+ | 9,709,647 | ||||||||||||
31,435 | Total Washington | 29,249,902 | ||||||||||||||
West Virginia — 1.3% (0.8% of Total Investments) | ||||||||||||||||
3,000 | West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 — AMBAC Insured | No Opt. Call | AA | 2,910,000 | ||||||||||||
Wisconsin — 7.1% (4.5% of Total Investments) | ||||||||||||||||
1,190 | Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 — FSA Insured | 3/14 at 100.00 | Aaa | 1,277,108 | ||||||||||||
4,605 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) | 9/13 at 100.00 | BBB+ (4) | 5,120,069 | ||||||||||||
3,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 — FGIC Insured | No Opt. Call | A1 | 3,044,310 | ||||||||||||
3,600 | Wisconsin Health and Educational Facilities Authority, Revenue | |||||||||||||||
Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 | 8/13 at 100.00 | A-- | 2,217,024 |
75
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Wisconsin (continued) | ||||||||||||||||
$ | 4,750 | Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 — AMBAC Insured | 2/09 at 102.00 | AA | $ | 4,557,957 | ||||||||||
17,145 | Total Wisconsin | 16,216,468 | ||||||||||||||
$ | 397,635 | Total Long-Term Investments (cost $384,085,763) — 156.1% | 357,429,129 | |||||||||||||
Short-Term Investments — 2.6% (1.7% of Total Investments) | ||||||||||||||||
2,000 | Florida Board of Education, Lottery Revenue Bonds, Series 2001B, Trust 570, Variable Rate Demand Obligations, 3.000%, 7/01/14 — FGIC Insured (5) | A-1 | 2,000,000 | |||||||||||||
2,000 | Maryland Health and Higher Educational Facilities Authority, Goucher College, Series 2007, Variable Rate Demand Obligations, 1.450%, 7/01/37 (5) | A-1+ | 2,000,000 | |||||||||||||
2,000 | Port of Tacoma, Washington, General Obligation Bonds, Tender Option Bond, Trust 2006-86, Variable Rate Demand Obligations, 3.320%, 6/01/25 — MBIA Insured (5) | Aa3 | 2,000,000 | |||||||||||||
$ | 6,000 | Total Short-Term Investments (cost $6,000,000) | 6,000,000 | |||||||||||||
Total Investments (cost $390,085,763) — 158.7% | 363,429,129 | |||||||||||||||
Floating Rate Obligations — (4.2)% | (9,600,000 | ) | ||||||||||||||
Other Assets Less Liabilities — 3.5% | 8,046,283 | |||||||||||||||
Auction Rate Preferred Shares, at Liquidation Value — (58.0)% (6) | (132,800,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 229,075,412 | ||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AGC, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
(6) | Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 36.5%. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
76
Statement of | |||||
ASSETS & LIABILITIES | |||||
October 31, 2008 |
Insured | Insured | |||||||||||||||||||||||
Insured | Insured | Premier | Insured | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Insured Income | Premium Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Investments, at value (cost $856,018,243, $1,793,384,594, $430,209,805, $765,088,187, $650,553,475 and $390,085,763, respectively) | $ | 775,625,257 | $ | 1,683,555,059 | $ | 407,657,280 | $ | 707,774,483 | $ | 614,243,369 | $ | 363,429,129 | ||||||||||||
Cash | 7,632,112 | 24,694,557 | 320,850 | 274,739 | 3,949,053 | 2,896,158 | ||||||||||||||||||
Unrealized appreciation on forward swaps | — | — | — | — | 1,124,391 | — | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Dividends and Interest | 11,712,921 | 27,871,203 | 6,900,471 | 13,024,538 | 9,798,593 | 6,445,289 | ||||||||||||||||||
Investments sold | 315,000 | 560,000 | 301,383 | 50,032 | 371,509 | — | ||||||||||||||||||
Deferred offering costs | — | — | — | 2,515,094 | — | — | ||||||||||||||||||
Other assets | 97,081 | 185,630 | 54,183 | 75,865 | 52,965 | 27,274 | ||||||||||||||||||
Total assets | 795,382,371 | 1,736,866,449 | 415,234,167 | 723,714,751 | 629,539,880 | 372,797,850 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Unrealized depreciation on Recourse Trusts | — | 23,850 | — | — | — | — | ||||||||||||||||||
Variable Rate Demand Preferred shares, at liquidation value | — | — | — | 219,000,000 | — | — | ||||||||||||||||||
Floating rate obligations | 46,750,000 | 97,378,333 | 15,345,000 | 76,590,000 | 17,343,334 | 9,600,000 | ||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Investments purchased | — | 5,214,363 | — | — | — | — | ||||||||||||||||||
Common share dividends | 1,987,121 | 4,136,839 | 942,947 | 1,711,395 | 1,730,177 | 1,058,838 | ||||||||||||||||||
Auction Rate Preferred share dividends | 80,800 | 141,765 | 39,356 | — | 54,516 | 27,732 | ||||||||||||||||||
Offering costs | — | — | — | 252,314 | — | — | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 394,947 | 842,533 | 213,044 | 339,643 | 220,990 | 120,660 | ||||||||||||||||||
Other | 281,493 | 560,797 | 154,954 | 264,730 | 180,668 | 115,208 | ||||||||||||||||||
Total liabilities | 49,494,361 | 108,298,480 | 16,695,301 | 298,158,082 | 19,529,685 | 10,922,438 | ||||||||||||||||||
Auction Rate Preferred shares, at liquidation value | 298,425,000 | 623,350,000 | 154,950,000 | — | 226,975,000 | 132,800,000 | ||||||||||||||||||
Net assets applicable to Common shares | �� | $ | 447,463,010 | $ | 1,005,217,969 | $ | 243,588,866 | $ | 425,556,669 | $ | 383,035,195 | $ | 229,075,412 | |||||||||||
Common shares outstanding | 38,295,278 | 81,138,036 | 19,419,608 | 37,353,512 | 29,813,300 | 18,525,697 | ||||||||||||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) | $ | 11.68 | $ | 12.39 | $ | 12.54 | $ | 11.39 | $ | 12.85 | $ | 12.37 | ||||||||||||
Net assets applicable to Common shares consist of: | ||||||||||||||||||||||||
Common shares, $.01 par value per share | $ | 382,953 | $ | 811,380 | $ | 194,196 | $ | 373,535 | $ | 298,133 | $ | 185,257 | ||||||||||||
Paid-in surplus | 534,535,198 | 1,128,874,275 | 269,465,714 | 491,625,646 | 423,568,038 | 261,630,932 | ||||||||||||||||||
Undistributed (Over-distribution of) net investment income | (1,704,040 | ) | (2,109,393 | ) | (488,406 | ) | (1,790,058 | ) | (853,988 | ) | (1,056,455 | ) | ||||||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (5,358,115 | ) | (12,504,908 | ) | (3,030,113 | ) | (7,338,750 | ) | (4,791,273 | ) | (5,027,688 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | (80,392,986 | ) | (109,853,385 | ) | (22,552,525 | ) | (57,313,704 | ) | (35,185,715 | ) | (26,656,634 | ) | ||||||||||||
Net assets applicable to Common shares | $ | 447,463,010 | $ | 1,005,217,969 | $ | 243,588,866 | $ | 425,556,669 | $ | 383,035,195 | $ | 229,075,412 | ||||||||||||
Authorized shares: | ||||||||||||||||||||||||
Common | 200,000,000 | 200,000,000 | 200,000,000 | Unlimited | Unlimited | Unlimited | ||||||||||||||||||
Auction Rate Preferred and Variable Rate Demand Preferred | 1,000,000 | 1,000,000 | 1,000,000 | Unlimited | Unlimited | Unlimited | ||||||||||||||||||
77
Statement of | |||||
OPERATIONS | |||||
Year Ended October 31, 2008 |
Insured | Insured | |||||||||||||||||||||||
Insured | Insured | Premier | Insured | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Insured Income | Premium Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Investment Income | $ | 45,694,660 | $ | 95,322,713 | $ | 22,538,840 | $ | 40,377,143 | $ | 33,934,835 | $ | 19,814,712 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fees | 5,210,119 | 10,976,183 | 2,720,299 | 4,609,202 | 4,109,277 | 2,527,989 | ||||||||||||||||||
Auction fees | 786,770 | 1,663,913 | 399,923 | 615,859 | 579,990 | 355,258 | ||||||||||||||||||
Dividend disbursing agent fees | 50,000 | 69,996 | 30,000 | 53,542 | 30,000 | 20,009 | ||||||||||||||||||
Shareholders’ servicing agent fees and expenses | 67,996 | 110,001 | 27,362 | 39,156 | 6,726 | 3,839 | ||||||||||||||||||
Interest expense | 1,399,649 | 2,785,237 | 488,067 | 4,309,811 | 646,976 | 166,661 | ||||||||||||||||||
Custodian’s fees and expenses | 138,371 | 266,698 | 85,173 | 139,665 | 123,872 | 66,157 | ||||||||||||||||||
Directors’/Trustees’ fees and expenses | 17,834 | 37,489 | 8,965 | 15,719 | 13,945 | 8,134 | ||||||||||||||||||
Professional fees | 59,041 | 113,791 | 28,529 | 31,212 | 45,361 | 32,284 | ||||||||||||||||||
Shareholders’ reports — printing and mailing expenses | 106,632 | 236,259 | 53,774 | 93,706 | 81,115 | 51,802 | ||||||||||||||||||
Stock exchange listing fees | 13,248 | 28,052 | 9,293 | 12,914 | 3,939 | 2,447 | ||||||||||||||||||
Investor relations expense | 108,405 | 231,260 | 56,168 | 89,805 | 81,368 | 50,680 | ||||||||||||||||||
Portfolio insurance expense | — | 9,119 | — | — | — | — | ||||||||||||||||||
Other expenses | 46,231 | 67,900 | 28,253 | 428,298 | 25,915 | 22,103 | ||||||||||||||||||
Total expenses before custodian fee credit and expense reimbursement | 8,004,296 | 16,595,898 | 3,935,806 | 10,438,889 | 5,748,484 | 3,307,363 | ||||||||||||||||||
Custodian fee credit | (101,791 | ) | (213,160 | ) | (74,118 | ) | (107,031 | ) | (101,140 | ) | (33,990 | ) | ||||||||||||
Expense reimbursement | — | — | — | — | (1,475,511 | ) | (1,000,082 | ) | ||||||||||||||||
Net expenses | 7,902,505 | 16,382,738 | 3,861,688 | 10,331,858 | 4,171,833 | 2,273,291 | ||||||||||||||||||
Net investment income | 37,792,155 | 78,939,975 | 18,677,152 | 30,045,285 | 29,763,002 | 17,541,421 | ||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | (4,746,677 | ) | (12,623,776 | ) | (2,431,194 | ) | (7,350,763 | ) | (1,658,018 | ) | 1,751,437 | |||||||||||||
Forward swaps | — | — | — | 5,200 | — | — | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments | (115,993,313 | ) | (199,798,296 | ) | (43,684,607 | ) | (79,485,056 | ) | (66,810,547 | ) | (44,503,698 | ) | ||||||||||||
Forward swaps | — | — | — | (165,919 | ) | 1,124,391 | — | |||||||||||||||||
Net realized and unrealized gain (loss) | (120,739,990 | ) | (212,422,072 | ) | (46,115,801 | ) | (86,996,538 | ) | (67,344,174 | ) | (42,752,261 | ) | ||||||||||||
Distributions to Auction Rate Preferred Shareholders | ||||||||||||||||||||||||
From net investment income | (11,668,364 | ) | (24,746,755 | ) | (5,924,805 | ) | (7,428,415 | ) | (8,645,473 | ) | (5,024,148 | ) | ||||||||||||
From accumulated net realized gains | — | (61,352 | ) | — | — | — | — | |||||||||||||||||
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders | (11,668,364 | ) | (24,808,107 | ) | (5,924,805 | ) | (7,428,415 | ) | (8,645,473 | ) | (5,024,148 | ) | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | $ | (94,616,199 | ) | $ | (158,290,204 | ) | $ | (33,363,454 | ) | $ | (64,379,668 | ) | $ | (46,226,645 | ) | $ | (30,234,988 | ) | ||||||
78
Statement of | |
CHANGES in NET ASSETS |
Insured Quality (NQI) | Insured Opportunity (NIO) | |||||||||||||||
Year | Year | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 37,792,155 | $ | 37,781,613 | $ | 78,939,975 | $ | 79,137,275 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (4,746,677 | ) | 402,678 | (12,623,776 | ) | 213,800 | ||||||||||
Forward swaps | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (115,993,313 | ) | (19,111,081 | ) | (199,798,296 | ) | (36,626,210 | ) | ||||||||
Forward swaps | — | — | — | — | ||||||||||||
Distributions to Auction Rate Preferred shareholders: | ||||||||||||||||
From net investment income | (11,668,364 | ) | (11,240,731 | ) | (24,746,755 | ) | (23,971,401 | ) | ||||||||
From accumulated net realized gains | — | — | (61,352 | ) | (491,009 | ) | ||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (94,616,199 | ) | 7,832,479 | (158,290,204 | ) | 18,262,455 | ||||||||||
Distributions to Common Shareholders | ||||||||||||||||
From net investment income | (27,878,967 | ) | (27,802,379 | ) | (56,634,349 | ) | (59,595,899 | ) | ||||||||
From accumulated net realized gains | — | — | (154,162 | ) | (1,541,606 | ) | ||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (27,878,967 | ) | (27,802,379 | ) | (56,788,511 | ) | (61,137,505 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares | (122,495,166 | ) | (19,969,900 | ) | (215,078,715 | ) | (42,875,050 | ) | ||||||||
Net assets applicable to Common shares at the beginning of year | 569,958,176 | 589,928,076 | 1,220,296,684 | 1,263,171,734 | ||||||||||||
Net assets applicable to Common shares at the end of year | $ | 447,463,010 | $ | 569,958,176 | $ | 1,005,217,969 | $ | 1,220,296,684 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of year | $ | (1,704,040 | ) | $ | 171,284 | $ | (2,109,393 | ) | $ | 454,850 | ||||||
79
Statement of | |
CHANGES in NET ASSETS (continued) |
Premier Insured | Insured Premium | |||||||||||||||
Income (NIF) | Income 2 (NPX) | |||||||||||||||
Year | Year | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 18,677,152 | $ | 18,776,763 | $ | 30,045,285 | $ | 32,219,139 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (2,431,194 | ) | (437,572 | ) | (7,350,763 | ) | 670,365 | |||||||||
Forward swaps | — | — | 5,200 | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (43,684,607 | ) | (8,470,828 | ) | (79,485,056 | ) | (15,396,052 | ) | ||||||||
Forward swaps | — | — | (165,919 | ) | 165,919 | |||||||||||
Distributions to Auction Rate Preferred shareholders: | ||||||||||||||||
From net investment income | (5,924,805 | ) | (5,720,025 | ) | (7,428,415 | ) | (9,604,218 | ) | ||||||||
From accumulated net realized gains | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (33,363,454 | ) | 4,148,338 | (64,379,668 | ) | 8,055,153 | ||||||||||
Distributions to Common Shareholders | ||||||||||||||||
From net investment income | (12,447,970 | ) | (13,749,084 | ) | (23,084,472 | ) | (24,018,307 | ) | ||||||||
From accumulated net realized gains | — | — | — | — | ||||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (12,447,970 | ) | (13,749,084 | ) | (23,084,472 | ) | (24,018,307 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares | (45,811,424 | ) | (9,600,746 | ) | (87,464,140 | ) | (15,963,154 | ) | ||||||||
Net assets applicable to Common shares at the beginning of year | 289,400,290 | 299,001,036 | 513,020,809 | 528,983,963 | ||||||||||||
Net assets applicable to Common shares at the end of year | $ | 243,588,866 | $ | 289,400,290 | $ | 425,556,669 | $ | 513,020,809 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of year | $ | (488,406 | ) | $ | (789,440 | ) | $ | (1,790,058 | ) | $ | (1,335,549 | ) | ||||
80
Insured Dividend | Insured Tax-Free | |||||||||||||||
Advantage (NVG) | Advantage (NEA) | |||||||||||||||
Year | Year | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 29,763,002 | $ | 29,786,960 | $ | 17,541,421 | $ | 17,879,592 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (1,658,018 | ) | 1,658,186 | 1,751,437 | 683,061 | |||||||||||
Forward swaps | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (66,810,547 | ) | (12,888,832 | ) | (44,503,698 | ) | (4,723,249 | ) | ||||||||
Forward swaps | 1,124,391 | — | — | — | ||||||||||||
Distributions to Auction Rate Preferred shareholders: | ||||||||||||||||
From net investment income | (8,645,473 | ) | (8,411,541 | ) | (5,024,148 | ) | (4,960,330 | ) | ||||||||
From accumulated net realized gains | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (46,226,645 | ) | 10,144,773 | (30,234,988 | ) | 8,879,074 | ||||||||||
Distributions to Common Shareholders | ||||||||||||||||
From net investment income | (20,720,244 | ) | (22,283,514 | ) | (13,115,689 | ) | (13,111,078 | ) | ||||||||
From accumulated net realized gains | — | — | — | — | ||||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (20,720,244 | ) | (22,283,514 | ) | (13,115,689 | ) | (13,111,078 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions | — | 84,005 | 34,771 | 117,345 | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | 84,005 | 34,771 | 117,345 | ||||||||||||
Net increase (decrease) in net assets applicable to Common shares | (66,946,889 | ) | (12,054,736 | ) | (43,315,906 | ) | (4,114,659 | ) | ||||||||
Net assets applicable to Common shares at the beginning of year | 449,982,084 | 462,036,820 | 272,391,318 | 276,505,977 | ||||||||||||
Net assets applicable to Common shares at the end of year | $ | 383,035,195 | $ | 449,982,084 | $ | 229,075,412 | $ | 272,391,318 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of year | $ | (853,988 | ) | $ | (1,234,207 | ) | $ | (1,056,455 | ) | $ | (507,596 | ) | ||||
81
Statement of | |||
CASH FLOWS |
Insured | ||||
Premium Income 2 | ||||
(NPX) | ||||
Cash Flows from Operating Activities: | ||||
Net Increase (Decrease) in Net Assets Applicable to Common shares from Operations | $ | (64,379,668 | ) | |
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities: | ||||
Purchases of investments | (66,664,771 | ) | ||
Proceeds from sales and maturities of investments | 147,494,953 | |||
Proceeds from (Purchases of) short-term investments, net | (11,875,000 | ) | ||
Proceeds from terminated forward swaps | 5,200 | |||
Amortization (Accretion) of premiums and discounts, net | 340,855 | |||
(Increase) Decrease in receivable for dividends and interest | 824,822 | |||
(Increase) Decrease in receivable for investments sold | 95 | |||
(Increase) Decrease in other assets | 2,930 | |||
Increase (Decrease) in Auction Rate Preferred share dividends payable | (92,718 | ) | ||
Increase (Decrease) in accrued management fees | (65,949 | ) | ||
Increase (Decrease) in accrued other liabilities | (54,626 | ) | ||
Net realized (gain) loss from investments | 7,350,763 | |||
Net realized (gain) loss from forward swaps | (5,200 | ) | ||
Change in net unrealized (appreciation) depreciation of investments | 79,485,056 | |||
Change in net unrealized (appreciation) depreciation of forward swaps | 165,919 | |||
Net cash provided by (used in) operating activities | 92,532,661 | |||
Cash Flows from Financing Activities: | ||||
Increase (Decrease) in floating rate obligations | (17,310,000 | ) | ||
Cash distributions paid to Common shareholders | (23,073,630 | ) | ||
Increase (Decrease) in Variable Rate Demand Preferred shares | 219,000,000 | |||
(Increase) Decrease in deferred offering costs | (2,515,094 | ) | ||
Increase (Decrease) in offering costs payable | 252,314 | |||
Increase (Decrease) in Auction Rate Preferred shares | (268,900,000 | ) | ||
Net cash provided by (used in) financing activities | (92,546,410 | ) | ||
Net Increase (Decrease) in Cash | (13,749 | ) | ||
Cash at the beginning of year | 288,488 | |||
Cash at the End of Year | $ | 274,739 | ||
82
Notes to | |||
FINANCIAL STATEMENTS |
Advantage (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
83
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Distributions to Common 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 U.S. generally accepted accounting principles.
84
Premier | Insured | Insured | ||||||||||||||||||
Insured | Insured | Insured | Dividend | Tax-Free | ||||||||||||||||
Quality | Opportunity | Income | Advantage | Advantage | ||||||||||||||||
(NQI) | (NIO) | (NIF) | (NVG) | (NEA) | ||||||||||||||||
Number of shares: | ||||||||||||||||||||
Series M | 2,440 | 3,666 | — | 3,079 | — | |||||||||||||||
Series T | 2,440 | 3,666 | — | 3,000 | 2,656 | |||||||||||||||
Series W | 2,440 | 3,667 | 808 | — | 2,656 | |||||||||||||||
Series W2 | — | 2,934 | — | — | — | |||||||||||||||
Series TH | 2,177 | 3,667 | 2,695 | 3,000 | — | |||||||||||||||
Series TH2 | — | 3,668 | — | — | — | |||||||||||||||
Series F | 2,440 | 3,666 | 2,695 | — | — | |||||||||||||||
Total | 11,937 | 24,934 | 6,198 | 9,079 | 5,312 | |||||||||||||||
85
Notes to | |||
FINANCIAL STATEMENTS (continued) |
86
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Maximum exposure | $ | 27,461,650 | $ | 27,560,000 | $ | 3,070,000 | $ | 20,675,000 | $ | 13,995,000 | $ | 6,000,000 | ||||||||||||
87
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Average floating rate obligations | $ | 48,736,268 | $ | 97,301,667 | $ | 17,333,169 | $ | 85,695,182 | $ | 23,142,186 | $ | 5,441,257 | ||||||||||||
Average annual interest rate and fees | 2.87 | % | 2.86 | % | 2.82 | % | 2.87 | % | 2.80 | % | 3.06 | % | ||||||||||||
88
Transactions in Common shares were as follows:
Insured | Insured | Premier Insured | ||||||||||||||||||||||
Quality (NQI) | Opportunity (NIO) | Income (NIF) | ||||||||||||||||||||||
Year | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||||||||
Common shares issued to shareholders due to reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Insured | Insured | Insured | ||||||||||||||||||||||
Premium Income 2 (NPX) | Dividend Advantage (NVG) | Tax-Free Advantage (NEA) | ||||||||||||||||||||||
Year | Year | Year | Year | Year | Year | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||||||||
Common shares issued to shareholders due to reinvestment of distributions | — | — | — | 5,478 | 2,432 | 7,983 | ||||||||||||||||||
Insured Quality (NQI) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Auction Rate Preferred shares redeemed: | ||||||||||||||||
Series M | 160 | $ | 4,000,000 | — | $ | — | ||||||||||
Series T | 160 | 4,000,000 | — | — | ||||||||||||
Series W | 160 | 4,000,000 | — | — | ||||||||||||
Series TH | 143 | 3,575,000 | — | — | ||||||||||||
Series F | 160 | 4,000,000 | — | — | ||||||||||||
Total | 783 | $ | 19,575,000 | — | $ | — | ||||||||||
89
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Insured Opportunity (NIO) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Auction Rate Preferred shares redeemed: | ||||||||||||||||
Series M | 334 | $ | 8,350,000 | — | $ | — | ||||||||||
Series T | 334 | 8,350,000 | — | — | ||||||||||||
Series W | 333 | 8,325,000 | — | — | ||||||||||||
Series W2 | 266 | 6,650,000 | — | — | ||||||||||||
Series TH | 333 | 8,325,000 | — | — | ||||||||||||
Series TH2 | 332 | 8,300,000 | — | — | ||||||||||||
Series F | 334 | 8,350,000 | — | — | ||||||||||||
Total | 2,266 | $ | 56,650,000 | — | $ | — | ||||||||||
Premier Insured Income (NIF) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Auction Rate Preferred shares redeemed: | ||||||||||||||||
Series W | 32 | $ | 800,000 | — | $ | — | ||||||||||
Series TH | 105 | 2,625,000 | — | — | ||||||||||||
Series F | 105 | 2,625,000 | — | — | ||||||||||||
Total | 242 | $ | 6,050,000 | — | $ | — | ||||||||||
Insured Premium Income 2 (NPX) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Auction Rate Preferred shares redeemed: | ||||||||||||||||
Series M | 2,080 | $ | 52,000,000 | — | $ | — | ||||||||||
Series T | 2,200 | 55,000,000 | — | — | ||||||||||||
Series W | 2,080 | 52,000,000 | — | — | ||||||||||||
Series TH | 2,200 | 55,000,000 | — | — | ||||||||||||
Series F | 2,196 | 54,900,000 | — | — | ||||||||||||
Total | 10,756 | $ | 268,900,000 | — | $ | — | ||||||||||
90
Insured Dividend Advantage (NVG) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Auction Rate Preferred shares redeemed: | ||||||||||||||||
Series M | 81 | $ | 2,025,000 | — | $ | — | ||||||||||
Series T | 80 | 2,000,000 | — | — | ||||||||||||
Series TH | 80 | 2,000,000 | — | — | ||||||||||||
Total | 241 | $ | 6,025,000 | — | $ | — | ||||||||||
Insured Tax-Free Advantage (NEA) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Auction Rate Preferred shares redeemed: | ||||||||||||||||
Series T | 224 | $ | 5,600,000 | — | $ | — | ||||||||||
Series W | 224 | 5,600,000 | — | — | ||||||||||||
Total | 448 | $ | 11,200,000 | — | $ | — | ||||||||||
Insured | ||||||||||||||||
Premium Income 2 (NPX) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Variable Rate Demand Preferred shares issued: | ||||||||||||||||
Series 1 | 2,190 | $ | 219,000,000 | — | $ | — | ||||||||||
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Purchases | $ | 62,048,094 | $ | 173,907,420 | $ | 26,027,390 | $ | 66,664,771 | $ | 50,123,194 | $ | 33,461,104 | ||||||||||||
Sales and maturities | 118,008,608 | 257,711,388 | 31,211,414 | 147,494,953 | 68,646,367 | 45,977,127 | ||||||||||||||||||
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Cost of investments | $ | 809,453,159 | $ | 1,695,008,170 | $ | 414,738,710 | $ | 688,703,987 | $ | 633,004,647 | $ | 380,355,345 | ||||||||||||
91
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 11,540,654 | $ | 43,655,181 | $ | 8,958,804 | $ | 10,292,120 | $ | 16,341,271 | $ | 7,079,467 | ||||||||||||
Depreciation | (92,127,352 | ) | (152,484,662 | ) | (31,396,537 | ) | (67,937,531 | ) | (52,441,388 | ) | (33,609,579 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments | $ | (80,586,698 | ) | $ | (108,829,481 | ) | $ | (22,437,733 | ) | $ | (57,645,411 | ) | $ | (36,100,117 | ) | $ | (26,530,112 | ) | ||||||
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Undistributed net tax-exempt income * | $ | 200,116 | $ | 725,061 | $ | 523,065 | $ | — | $ | 765,434 | $ | — | ||||||||||||
Undistributed net ordinary income ** | 360 | 120,852 | 271 | 48,735 | 308 | — | ||||||||||||||||||
Undistributed net long-term capital gains | — | — | — | — | — | — | ||||||||||||||||||
* | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2008, paid on November 3, 2008. | |
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
2008 | (NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | ||||||||||||||||||
Distributions from net tax-exempt income *** | $ | 39,541,469 | $ | 81,436,577 | $ | 18,358,222 | $ | 32,147,770 | $ | 29,301,122 | $ | 18,112,355 | ||||||||||||
Distributions from net ordinary income ** | — | 4,243 | — | 290,759 | — | 49,701 | ||||||||||||||||||
Distributions from net long-term capital gains **** | — | 211,271 | — | — | — | — | ||||||||||||||||||
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
2007 | (NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | ||||||||||||||||||
Distributions from net tax-exempt income | $ | 39,047,625 | $ | 83,864,627 | $ | 19,606,912 | $ | 33,728,035 | $ | 30,917,881 | $ | 18,104,469 | ||||||||||||
Distributions from net ordinary income ** | — | — | — | — | — | — | ||||||||||||||||||
Distributions from net long-term capital gains | — | 2,032,615 | — | — | — | — | ||||||||||||||||||
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. | |
*** | The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2008, as Exempt Interest Dividends. | |
**** | The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2008. |
92
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Expiration: | ||||||||||||||||||||||||
October 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | 160,392 | $ | 4,675,683 | ||||||||||||
October 31, 2014 | 731,585 | — | 164,691 | — | 1,187,192 | — | ||||||||||||||||||
October 31, 2015 | — | — | 437,571 | — | — | 35,274 | ||||||||||||||||||
October 31, 2016 | 3,901,375 | 11,531,354 | 2,437,248 | 6,922,132 | 3,430,093 | 378,957 | ||||||||||||||||||
Total | $ | 4,632,960 | $ | 11,531,354 | $ | 3,039,510 | $ | 6,922,132 | $ | 4,777,677 | $ | 5,089,914 | ||||||||||||
Insured Quality (NQI) | ||||
Insured Opportunity (NIO) | ||||
Premier Insured Income (NIF) | ||||
Insured Premium Income 2 (NPX) | ||||
Average Daily Net Assets (including net assets attributable to Auction Rate Preferred shares or VRDP shares) | Fund-Level Fee Rate | |||
For the first $125 million | .4500 | % | ||
For the next $125 million | .4375 | |||
For the next $250 million | .4250 | |||
For the next $500 million | .4125 | |||
For the next $1 billion | .4000 | |||
For the next $3 billion | .3875 | |||
For net assets over $5 billion | .3750 | |||
Insured Dividend Advantage (NVG) | ||||
Insured Tax-Free Advantage (NEA) | ||||
Average Daily Net Assets (including net assets attributable to Auction Rate Preferred shares or VRDP shares) | Fund-Level Fee Rate | |||
For the first $125 million | .4500 | % | ||
For the next $125 million | .4375 | |||
For the next $250 million | .4250 | |||
For the next $500 million | .4125 | |||
For the next $1 billion | .4000 | |||
For net assets over $2 billion | .3750 | |||
93
FINANCIAL STATEMENTS (continued)
Complex-Level Asset Breakpoint Level (1) | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 | |||
(1) | The complex-level component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock (Auction Rate Preferred shares or VRDP shares) issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds. |
Year Ending | Year Ending | |||||||||||
March 31, | March 31, | |||||||||||
2002* | .30 | % | 2008 | .25 | % | |||||||
2003 | .30 | 2009 | .20 | |||||||||
2004 | .30 | 2010 | .15 | |||||||||
2005 | .30 | 2011 | .10 | |||||||||
2006 | .30 | 2012 | .05 | |||||||||
2007 | .30 | |||||||||||
* | From the commencement of operations. |
94
Year Ending | Year Ending | |||||||||||
November 30, | November 30, | |||||||||||
2002* | .32 | % | 2007 | .32 | % | |||||||
2003 | .32 | 2008 | .24 | |||||||||
2004 | .32 | 2009 | .16 | |||||||||
2005 | .32 | 2010 | .08 | |||||||||
2006 | .32 | |||||||||||
* | From the commencement of operations. |
Premier | Insured | Insured | Insured | |||||||||||||||||||||
Insured | Insured | Insured | Premium | Dividend | Tax-Free | |||||||||||||||||||
Quality | Opportunity | Income | Income 2 | Advantage | Advantage | |||||||||||||||||||
(NQI) | (NIO) | (NIF) | (NPX) | (NVG) | (NEA) | |||||||||||||||||||
Dividend per share | $ | .0615 | $ | .0590 | $ | .0555 | $ | .0515 | $ | .0600 | $ | .0590 | ||||||||||||
95
Financial | |||
HIGHLIGHTS |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | Offering | ||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Costs and | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Auction Rate | Ending | ||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | |||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Auction Rate | Auction Rate | Common | Common | Share | Share | Ending | |||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Preferred | Preferred | Share- | Share- | Underwriting | Net Asset | Market | |||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | Shareholders† | Shareholders† | Total | holders | holders | Total | Discounts | Value | Value | |||||||||||||||||||||||||||||||||||||
Insured Quality (NQI) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 14.88 | $ | .99 | $ | (3.16 | ) | $ | (.30 | ) | $ | — | $ | (2.47 | ) | $ | (.73 | ) | $ | — | $ | (.73 | ) | $ | — | $ | 11.68 | $ | 11.15 | |||||||||||||||||||
2007 | 15.40 | .99 | (.49 | ) | (.29 | ) | — | .21 | (.73 | ) | — | (.73 | ) | — | 14.88 | 13.61 | ||||||||||||||||||||||||||||||||
2006 | 15.31 | .99 | .24 | (.25 | ) | (.01 | ) | .97 | (.80 | ) | (.08 | ) | (.88 | ) | — | 15.40 | 14.83 | |||||||||||||||||||||||||||||||
2005 | 15.85 | 1.03 | (.39 | ) | (.16 | ) | — | .48 | (.97 | ) | (.05 | ) | (1.02 | ) | — | 15.31 | 15.31 | |||||||||||||||||||||||||||||||
2004 | 15.72 | 1.08 | .20 | (.08 | ) | — | 1.20 | (1.02 | ) | (.05 | ) | (1.07 | ) | — | 15.85 | 16.00 | ||||||||||||||||||||||||||||||||
Insured Opportunity (NIO) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 15.04 | .97 | (2.62 | ) | (.30 | ) | — | * | (1.95 | ) | (.70 | ) | — | * | (.70 | ) | — | 12.39 | 11.15 | |||||||||||||||||||||||||||||
2007 | 15.57 | .98 | (.45 | ) | (.30 | ) | (.01 | ) | .22 | (.73 | ) | (.02 | ) | (.75 | ) | — | 15.04 | 13.56 | ||||||||||||||||||||||||||||||
2006 | 15.46 | .98 | .34 | (.24 | ) | (.03 | ) | 1.05 | (.80 | ) | (.14 | ) | (.94 | ) | — | 15.57 | 14.75 | |||||||||||||||||||||||||||||||
2005 | 16.06 | 1.01 | (.50 | ) | (.16 | ) | — | .35 | (.92 | ) | (.03 | ) | (.95 | ) | — | 15.46 | 14.52 | |||||||||||||||||||||||||||||||
2004 | 15.89 | 1.05 | .20 | (.08 | ) | — | 1.17 | (.97 | ) | (.03 | ) | (1.00 | ) | — | 16.06 | 16.05 | ||||||||||||||||||||||||||||||||
Auction Rate Preferred Shares | Variable Rate Demand Preferred Shares | |||||||||||||||||||||||
at End of Period | at End of Period | |||||||||||||||||||||||
Aggregate | Liquidation | Aggregate | Liquidation | |||||||||||||||||||||
Amount | and Market | Asset | Amount | and Market | Asset | |||||||||||||||||||
Outstanding | Value | Coverage | Outstanding | Value | Coverage | |||||||||||||||||||
(000) | Per Share | Per Share | (000) | Per Share | Per Share | |||||||||||||||||||
Insured Quality (NQI) | ||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||
2008 | $ | 298,425 | $ | 25,000 | $ | 62,485 | $ | — | $ | — | $ | — | ||||||||||||
2007 | 318,000 | 25,000 | 69,808 | — | — | — | ||||||||||||||||||
2006 | 318,000 | 25,000 | 71,378 | — | — | — | ||||||||||||||||||
2005 | 318,000 | 25,000 | 71,052 | — | — | — | ||||||||||||||||||
2004 | 318,000 | 25,000 | 72,565 | — | — | — | ||||||||||||||||||
Insured Opportunity (NIO) | ||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||
2008 | 623,350 | 25,000 | 65,315 | — | — | — | ||||||||||||||||||
2007 | 680,000 | 25,000 | 69,864 | — | — | — | ||||||||||||||||||
2006 | 680,000 | 25,000 | 71,440 | — | — | — | ||||||||||||||||||
2005 | 680,000 | 25,000 | 71,126 | — | — | — | ||||||||||||||||||
2004 | 680,000 | 25,000 | 72,904 | — | — | — | ||||||||||||||||||
96
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | |||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement*** | ||||||||||||||||||||||||||||||||||||
Based | Ending | |||||||||||||||||||||||||||||||||||||
on | Net | |||||||||||||||||||||||||||||||||||||
Based | Common | Assets | ||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | |||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | |||||||||||||||||||||||||||||
Value** | Value** | Shares (000) | Interest††(a) | Interest††(a) | Income†† | Interest††(a) | Interest††(a) | Income†† | Rate | |||||||||||||||||||||||||||||
(13.35 | )% | (17.24 | )% | $ | 447,463 | 1.49 | % | 1.23 | % | 7.03 | % | 1.47 | % | 1.21 | % | 7.05 | % | 7 | % | |||||||||||||||||||
(3.48 | ) | 1.38 | 569,958 | 1.52 | 1.18 | 6.53 | 1.50 | 1.16 | 6.55 | 5 | ||||||||||||||||||||||||||||
2.76 | 6.53 | **** | 589,928 | 1.20 | 1.20 | 6.49 | 1.20 | 1.20 | 6.49 | 13 | ||||||||||||||||||||||||||||
2.11 | 3.09 | 585,777 | 1.19 | 1.19 | 6.58 | 1.19 | 1.19 | 6.58 | 21 | |||||||||||||||||||||||||||||
4.37 | 7.90 | 605,028 | 1.19 | 1.19 | 6.88 | 1.19 | 1.19 | 6.88 | 8 | |||||||||||||||||||||||||||||
(13.17 | ) | (13.45 | ) | 1,005,218 | 1.43 | 1.19 | 6.76 | 1.41 | 1.17 | 6.78 | 9 | |||||||||||||||||||||||||||
(3.18 | ) | 1.49 | 1,220,297 | 1.41 | 1.16 | 6.39 | 1.40 | 1.14 | 6.41 | 5 | ||||||||||||||||||||||||||||
8.26 | 7.05 | **** | 1,263,172 | 1.17 | 1.17 | 6.38 | 1.17 | 1.17 | 6.38 | 13 | ||||||||||||||||||||||||||||
(3.72 | ) | 2.21 | 1,254,638 | 1.16 | 1.16 | 6.35 | 1.16 | 1.16 | 6.35 | 25 | ||||||||||||||||||||||||||||
9.47 | 7.64 | 1,302,985 | 1.16 | 1.16 | 6.59 | 1.16 | 1.16 | 6.59 | 8 | |||||||||||||||||||||||||||||
* | Rounds to less than $.01 per share. | |
** | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in calculation. Total returns are not annualized. | ||
*** | After custodian fee credit and expense reimbursement, where applicable. | |
**** | During the fiscal year ended October 31, 2006, Insured Quality (NQI) and Insured Opportunity (NIO) received payments from the Adviser of $27,762 and $42,338, respectively, to offset losses realized on the disposal of investments purchased in violation of each Fund’s investment restrictions. This reimbursement did not have an impact on the Funds’ Total Return on Common Share Net Asset Value. | |
† | The amounts shown are based on Common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; income ratios reflect income earned on assets attributable to Auction Rate Preferred shares or VRDP shares, where applicable. | |
(a) | Interest expense arises from payments to Variable Rate Demand Preferred shareholders and the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, where applicable. |
97
Financial | |||
HIGHLIGHTS (continued) |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | Offering | ||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Costs and | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Auction Rate | Ending | ||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | |||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Auction Rate | Auction Rate | Common | Common | Share | Share | Ending | |||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Preferred | Preferred | Share- | Share- | Underwriting | Net Asset | Market | |||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | Shareholders† | Shareholders† | Total | holders | holders | Total | Discounts | Value | Value | |||||||||||||||||||||||||||||||||||||
Premier Insured Income (NIF) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 14.90 | $ | .96 | $ | (2.37 | ) | $ | (.31 | ) | $ | — | $ | (1.72 | ) | $ | (.64 | ) | $ | — | $ | (.64 | ) | $ | — | $ | 12.54 | $ | 11.19 | |||||||||||||||||||
2007 | 15.40 | .97 | (.47 | ) | (.29 | ) | — | .21 | (.71 | ) | — | (.71 | ) | — | 14.90 | 13.25 | ||||||||||||||||||||||||||||||||
2006 | 15.33 | .98 | .25 | (.25 | ) | (.02 | ) | .96 | (.79 | ) | (.10 | ) | (.89 | ) | — | 15.40 | 14.60 | |||||||||||||||||||||||||||||||
2005 | 16.00 | 1.01 | (.49 | ) | (.16 | ) | (.01 | ) | .35 | (.93 | ) | (.09 | ) | (1.02 | ) | — | 15.33 | 14.40 | ||||||||||||||||||||||||||||||
2004 | 15.69 | 1.03 | .36 | (.08 | ) | — | 1.31 | (.98 | ) | (.02 | ) | (1.00 | ) | — | 16.00 | 15.64 | ||||||||||||||||||||||||||||||||
Insured Premium Income 2 (NPX) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 13.73 | .80 | (2.32 | ) | (.20 | ) | — | (1.72 | ) | (.62 | ) | — | (.62 | ) | — | 11.39 | 9.56 | |||||||||||||||||||||||||||||||
2007 | 14.16 | .86 | (.39 | ) | (.26 | ) | — | .21 | (.64 | ) | — | (.64 | ) | — | 13.73 | 12.18 | ||||||||||||||||||||||||||||||||
2006 | 13.93 | .86 | .28 | (.23 | ) | — | .91 | (.68 | ) | — | (.68 | ) | — | 14.16 | 13.03 | |||||||||||||||||||||||||||||||||
2005 | 14.45 | .89 | (.44 | ) | (.14 | ) | — | .31 | (.83 | ) | — | (.83 | ) | — | 13.93 | 12.83 | ||||||||||||||||||||||||||||||||
2004 | 14.24 | .93 | .23 | (.07 | ) | — | 1.09 | (.88 | ) | — | (.88 | ) | — | 14.45 | 14.11 | |||||||||||||||||||||||||||||||||
Auction Rate Preferred Shares | Variable Rate Demand Preferred Shares | |||||||||||||||||||||||
at End of Period | at End of Period | |||||||||||||||||||||||
Aggregate | Liquidation | Aggregate | Liquidation | |||||||||||||||||||||
Amount | and Market | Asset | Amount | and Market | Asset | |||||||||||||||||||
Outstanding | Value | Coverage | Outstanding | Value | Coverage | |||||||||||||||||||
(000) | Per Share | Per Share | (000) | Per Share | Per Share | |||||||||||||||||||
Premier Insured Income (NIF) | ||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||
2008 | $ | 154,950 | $ | 25,000 | $ | 64,301 | $ | — | $ | — | $ | — | ||||||||||||
2007 | 161,000 | 25,000 | 69,938 | — | — | — | ||||||||||||||||||
2006 | 161,000 | 25,000 | 71,429 | — | — | — | ||||||||||||||||||
2005 | 161,000 | 25,000 | 71,215 | — | — | — | ||||||||||||||||||
2004 | 161,000 | 25,000 | 73,240 | — | — | — | ||||||||||||||||||
Insured Premium Income 2 (NPX) | ||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||
2008 | — | — | — | 219,000 | 100,000 | 294,318 | ||||||||||||||||||
2007 | 268,900 | 25,000 | 72,696 | — | — | — | ||||||||||||||||||
2006 | 268,900 | 25,000 | 74,180 | — | — | — | ||||||||||||||||||
2005 | 268,900 | 25,000 | 73,392 | — | — | — | ||||||||||||||||||
2004 | 268,900 | 25,000 | 75,176 | — | — | — | ||||||||||||||||||
98
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | |||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement** | ||||||||||||||||||||||||||||||||||||
Based | Ending | |||||||||||||||||||||||||||||||||||||
on | Net | |||||||||||||||||||||||||||||||||||||
Based | Common | Assets | ||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | |||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | |||||||||||||||||||||||||||||
Value* | Value* | Shares (000) | Interest††(a) | Interest††(a) | Income†† | Interest††(a) | Interest††(a) | Income†† | Rate | |||||||||||||||||||||||||||||
(11.12 | )% | (11.92 | )% | $ | 243,589 | 1.42 | % | 1.25 | % | 6.72 | % | 1.40 | % | 1.22 | % | 6.75 | % | 6 | % | |||||||||||||||||||
(4.66 | ) | 1.40 | 289,400 | 1.38 | 1.21 | 6.41 | 1.36 | 1.19 | 6.43 | 9 | ||||||||||||||||||||||||||||
7.68 | 6.46 | 299,001 | 1.22 | 1.22 | 6.44 | 1.21 | 1.21 | 6.44 | 8 | |||||||||||||||||||||||||||||
(1.66 | ) | 2.16 | 297,624 | 1.20 | 1.20 | 6.39 | 1.20 | 1.20 | 6.40 | 20 | ||||||||||||||||||||||||||||
7.55 | 8.62 | 310,666 | 1.21 | 1.21 | 6.53 | 1.20 | 1.20 | 6.53 | 13 | |||||||||||||||||||||||||||||
(17.17 | ) | (12.98 | ) | 425,557 | 2.13 | 1.25 | 6.12 | 2.11 | 1.23 | 6.14 | 8 | |||||||||||||||||||||||||||
(1.77 | ) | 1.55 | 513,021 | 1.76 | 1.16 | 6.19 | 1.74 | 1.14 | 6.21 | 5 | ||||||||||||||||||||||||||||
7.11 | 6.75 | 528,984 | 1.16 | 1.16 | 6.14 | 1.16 | 1.16 | 6.15 | 15 | |||||||||||||||||||||||||||||
(3.32 | ) | 2.14 | 520,508 | 1.16 | 1.16 | 6.20 | 1.16 | 1.16 | 6.20 | 23 | ||||||||||||||||||||||||||||
6.42 | 7.89 | 539,697 | 1.16 | 1.16 | 6.52 | 1.16 | 1.16 | 6.53 | 14 | |||||||||||||||||||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in calculation. 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 Auction Rate Preferred shareholders; income ratios reflect income earned on assets attributable to Auction Rate Preferred shares or VRDP shares, where applicable. | |
(a) | Interest expense arises from payments to Variable Rate Demand Preferred shareholders and the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, where applicable. |
99
Financial | |||
HIGHLIGHTS (continued) |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | Offering | ||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Costs and | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Auction Rate | Ending | ||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | |||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Auction Rate | Auction Rate | Common | Common | Share | Share | Ending | |||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Preferred | Preferred | Share- | Share- | Underwriting | Net Asset | Market | |||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | Shareholders† | Shareholders† | Total | holders | holders | Total | Discounts | Value | Value | |||||||||||||||||||||||||||||||||||||
Insured Dividend Advantage (NVG) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 15.09 | $ | 1.00 | $ | (2.25 | ) | $ | (.29 | ) | $ | — | $ | (1.54 | ) | $ | (.70 | ) | $ | — | $ | (.70 | ) | $ | — | $ | 12.85 | $ | 11.42 | |||||||||||||||||||
2007 | 15.50 | 1.00 | (.38 | ) | (.28 | ) | — | .34 | (.75 | ) | — | (.75 | ) | — | 15.09 | 13.71 | ||||||||||||||||||||||||||||||||
2006 | 15.23 | 1.01 | .33 | (.25 | ) | — | 1.09 | (.82 | ) | — | (.82 | ) | — | 15.50 | 14.89 | |||||||||||||||||||||||||||||||||
2005 | 15.78 | 1.00 | (.38 | ) | (.15 | ) | (.01 | ) | .46 | (.89 | ) | (.12 | ) | (1.01 | ) | — | 15.23 | 14.17 | ||||||||||||||||||||||||||||||
2004 | 15.41 | 1.02 | .42 | (.07 | ) | — | 1.37 | (.93 | ) | (.07 | ) | (1.00 | ) | — | 15.78 | 14.89 | ||||||||||||||||||||||||||||||||
Insured Tax-Free Advantage (NEA) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 14.71 | .95 | (2.31 | ) | (.27 | ) | — | (1.63 | ) | (.71 | ) | — | (.71 | ) | — | 12.37 | 11.40 | |||||||||||||||||||||||||||||||
2007 | 14.93 | .97 | (.21 | ) | (.27 | ) | — | .49 | (.71 | ) | — | (.71 | ) | — | 14.71 | 14.30 | ||||||||||||||||||||||||||||||||
2006 | 14.56 | .97 | .38 | (.24 | ) | — | 1.11 | (.74 | ) | — | (.74 | ) | — | 14.93 | 14.35 | |||||||||||||||||||||||||||||||||
2005 | 14.75 | .97 | (.19 | ) | (.15 | ) | — | .63 | (.81 | ) | (.01 | ) | (.82 | ) | — | 14.56 | 13.41 | |||||||||||||||||||||||||||||||
2004 | 14.54 | .99 | .21 | (.07 | ) | — | 1.13 | (.92 | ) | (.01 | ) | (.93 | ) | .01 | 14.75 | 14.91 | ||||||||||||||||||||||||||||||||
Auction Rate Preferred Shares | Variable Rate Demand Preferred Shares | |||||||||||||||||||||||
at End of Period | at End of Period | |||||||||||||||||||||||
Aggregate | Liquidation | Aggregate | Liquidation | |||||||||||||||||||||
Amount | and Market | Asset | Amount | and Market | Asset | |||||||||||||||||||
Outstanding | Value | Coverage | Outstanding | Value | Coverage | |||||||||||||||||||
(000) | Per Share | Per Share | (000) | Per Share | Per Share | |||||||||||||||||||
Insured Dividend Advantage (NVG) | ||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||
2008 | $ | 226,975 | $ | 25,000 | $ | 67,189 | $ | — | $ | — | $ | — | ||||||||||||
2007 | 233,000 | 25,000 | 73,281 | — | — | — | ||||||||||||||||||
2006 | 233,000 | 25,000 | 74,575 | — | — | — | ||||||||||||||||||
2005 | 233,000 | 25,000 | 73,714 | — | — | — | ||||||||||||||||||
2004 | 233,000 | 25,000 | 75,471 | — | — | — | ||||||||||||||||||
Insured Tax-Free Advantage (NEA) | ||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||
2008 | 132,800 | 25,000 | 68,124 | — | — | — | ||||||||||||||||||
2007 | 144,000 | 25,000 | 72,290 | — | — | — | ||||||||||||||||||
2006 | 144,000 | 25,000 | 73,005 | — | — | — | ||||||||||||||||||
2005 | 144,000 | 25,000 | 71,808 | — | — | — | ||||||||||||||||||
2004 | 144,000 | 25,000 | 72,415 | — | — | — | ||||||||||||||||||
100
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | |||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement** | ||||||||||||||||||||||||||||||||||||
Based | Ending | |||||||||||||||||||||||||||||||||||||
on | Net | |||||||||||||||||||||||||||||||||||||
Based | Common | Assets | ||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | |||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | |||||||||||||||||||||||||||||
Value* | Value* | Shares (000) | Interest††(a) | Interest††(a) | Income†† | Interest††(a) | Interest††(a) | Income†† | Rate | |||||||||||||||||||||||||||||
(12.11 | )% | (10.64 | )% | $383,035 | 1.32 | % | 1.17 | % | 6.48 | % | .96 | % | .81 | % | 6.84 | % | 7 | % | ||||||||||||||||||||
(3.12 | ) | 2.25 | 449,982 | 1.31 | 1.14 | 6.15 | .88 | .71 | 6.58 | 12 | ||||||||||||||||||||||||||||
11.09 | 7.39 | 462,037 | 1.15 | 1.15 | 6.15 | .70 | .70 | 6.60 | 15 | |||||||||||||||||||||||||||||
2.00 | 2.93 | 454,018 | 1.15 | 1.15 | 5.96 | .70 | .70 | 6.42 | 2 | |||||||||||||||||||||||||||||
7.61 | 9.19 | 470,389 | 1.15 | 1.15 | 6.09 | .70 | .70 | 6.54 | 11 | |||||||||||||||||||||||||||||
(15.97 | ) | (11.56 | ) | 229,075 | 1.26 | 1.19 | 6.27 | .86 | .80 | 6.67 | 8 | |||||||||||||||||||||||||||
4.59 | 3.35 | 272,391 | 1.19 | 1.17 | 6.04 | .69 | .67 | 6.54 | 6 | |||||||||||||||||||||||||||||
12.82 | 7.82 | 276,506 | 1.19 | 1.19 | 6.12 | .69 | .69 | 6.61 | — | |||||||||||||||||||||||||||||
(4.68 | ) | 4.33 | 269,614 | 1.19 | 1.19 | 6.06 | .70 | .70 | 6.55 | 1 | ||||||||||||||||||||||||||||
7.41 | 8.07 | 273,112 | 1.20 | 1.20 | 6.24 | .71 | .71 | 6.73 | 13 | |||||||||||||||||||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in calculation. 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 Auction Rate Preferred shareholders; income ratios reflect income earned on assets attributable to Auction Rate Preferred shares or VRDP shares, where applicable. | |
(a) | Interest expense arises from payments to Variable Rate Demand Preferred shareholders and the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, where applicable. |
101
Number | Principal | |||||||||||||
Year First | of Portfolios | Occupation(s) | ||||||||||||
Name, | Elected or | in Fund Complex | Including other | |||||||||||
Birthdate | Position(s) Held | Appointed | Overseen by | Directorships | ||||||||||
& Address | with the Funds | and Term(1) | Board Member | During Past 5 Years | ||||||||||
Independent Board Members: | ||||||||||||||
n | ROBERT P. BREMNER 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | Chairman of the Board and Board member | 1997 | 186 | Private Investor and Management Consultant. | |||||||||
n | JACK B. EVANS 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | Board member | 1999 | 186 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of Iowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | |||||||||
n | WILLIAM C. HUNTER 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | Board member | 2004 | 186 | Dean, Tippie College of Business, University of Iowa (since July 2006); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director, SS&C Technologies, Inc. (May 2005-October 2005). | |||||||||
n | DAVID J. KUNDERT 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | Board member | 2005 | 186 | Director, Northwestern Mutual Wealth Management Company; Retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation. | |||||||||
n | WILLIAM J. SCHNEIDER 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | Board member | 1997 | 186 | Chairman, formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Partners Ltd., a real estate investment company; Director, Dayton Development Coalition; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. |
102
Number | Principal | ||||||||||||||
Year First | of Portfolios | Occupation(s) | |||||||||||||
Name, | Elected or | in Fund Complex | Including other | ||||||||||||
Birthdate | Position(s) Held | Appointed | Overseen by | Directorships | |||||||||||
& Address | with the Funds | and Term(1) | Board Member | During Past 5 Years | |||||||||||
Independent Board Members: | |||||||||||||||
n | JUDITH M. STOCKDALE 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | Board member | 1997 | 186 | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994). | ||||||||||
n | CAROLE E. STONE 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | Board member | 2007 | 186 | Director, Chicago Board Options Exchange (since 2006); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair New York Racing Association Oversight Board (2005-2007); formerly, Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004) and Director, Local Government Assistance Corporation (2000-2004). | ||||||||||
n | TERENCE J. TOTH 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2008 | 186 | Director, Legal & General Investment Management (since 2008); Private Investor (since 2007); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2007-2004); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (Since 2004); Chicago Fellowship Boards (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | ||||||||||
Interested Board Member: | |||||||||||||||
n | JOHN P. AMBOIAN(2)(3) 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2008 | 186 | Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Rittenhouse Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) |
103
Number | ||||||||||||||
of Portfolios | ||||||||||||||
Name, | Year First | in Fund Complex | Principal | |||||||||||
Birthdate | Position(s) Held | Elected or | Overseen | Occupation(s) | ||||||||||
and Address | with the Funds | Appointed(4) | by Officer | During Past 5 Years | ||||||||||
Officers of the Funds: | ||||||||||||||
n | GIFFORD R. ZIMMERMAN 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 1988 | 186 | Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Symphony Asset Management LLC, and NWQ Investment Management Company, LLC (since 2003), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since 2003); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Chartered Financial Analyst. | |||||||||
n | WILLIAM ADAMS IV 6/9/55 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | 120 | Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999), prior thereto, Managing Director of Structured Investments. | |||||||||
n | CEDRIC H. ANTOSIEWICZ 1/11/62 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | 120 | Managing Director, (since 2004) previously, Vice President (1993-2004) of Nuveen Investments, LLC. | |||||||||
n | MICHAEL T. ATKINSON 2/3/66 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2000 | 186 | Vice President (since 2002) of Nuveen Investments, LLC. | |||||||||
n | LORNA C. FERGUSON 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | 186 | Managing Director (since 2004), formerly, Vice President of Nuveen Investments, LLC; Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005), formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) | |||||||||
n | STEPHEN D. FOY 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | 186 | Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; formerly, Vice President and Funds Controller (1998-2004) of Nuveen Investments, Inc.; Certified Public Accountant. | |||||||||
n | WALTER M. KELLY 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | 186 | Senior Vice President (since 2008), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2008) of Nuveen Asset Management. | |||||||||
DAVID J. LAMB 3/22/63 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2000 | 186 | Vice President (since 2000) of Nuveen Investments, LLC; Certified Public Accountant. |
104
Number | ||||||||||||||
of Portfolios | ||||||||||||||
Name, | Year First | in Fund Complex | Principal | |||||||||||
Birthdate | Position(s) Held | Elected or | Overseen | Occupation(s) | ||||||||||
and Address | with the Funds | Appointed(4) | by Officer | During Past 5 Years | ||||||||||
Officers of the Funds: | ||||||||||||||
n | TINA M. LAZAR 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | 186 | Vice President of Nuveen Investments, LLC (since 1999). | |||||||||
n | LARRY W. MARTIN 7/27/51 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | 186 | Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) | |||||||||
n | KEVIN J. MCCARTHY 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | 186 | Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Vice President, and Assistant Secretary, Nuveen Asset Management, Rittenhouse Asset Management, Inc., Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | |||||||||
n | JOHN V. MILLER 4/10/67 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | 186 | Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst. | |||||||||
n | CHRISTOPHER M. ROHRBACHER 8/1/71 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | 186 | Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008). | |||||||||
n | JAMES F. RUANE 7/3/62 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | 186 | Vice President, Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant. | |||||||||
n | MARK L. WINGET 12/21/68 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | 186 | Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007). |
(1) | For Insured Premium Income 2 (NPX), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA), Board Members serve three year terms, except for two board members who are elected by the holders of Preferred Shares. The Board of Trustees for NAD, NXZ and NZF is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For Insured Quality (NQI), Insured Opportunity (NIO) and Premier Insured Income (NIF), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. | |
(2) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. | |
(3) | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005. | |
(4) | Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
105
106
107
Annual Investment Management Agreement | |||
Approval Process (continued) |
108
109
Annual Investment Management Agreement | |||
Approval Process (continued) |
110
EASILY and CONVENIENTLY
111
112
113
TERMS USED in this REPORT
n | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed”, with current holders receiving a formula-based interest rate until the next scheduled auction. | |
n | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. | |
n | Average Effective Maturity: The average of the number of years to maturity of the bonds in a Fund’s portfolio, computed by weighting each bond’s time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio’s residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. | |
n | Inverse Floaters: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. | |
n | Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds. | |
n | Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price. | |
n | Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. | |
n | Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. | |
n | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
114
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
State Street Bank & Trust Company
Boston, MA
Shareholder Services
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
Chapman and Cutler LLP
Chicago, IL
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
115
Fund details
Daily financial news
Investor education
Interactive planning tools
LETTER TO SHAREHOLDERS
Timothy R. Schwertfeger | Chairman of the Board | ||||||
Timothy R. Schwertfeger
Chairman of the Board
June 16, 2008
Nuveen Investments Municipal Closed-End Funds | NQF, NUF, NFL, NWF |
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1 | Duration is a measure of a bond’s price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations. | |
2 | Advance refundings, also known as pre-refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers. |
6
1-Year | 5-Year | 10-Year | ||||||||||
Florida Funds | ||||||||||||
NQF | -1.26 | % | 3.80 | % | 5.45 | % | ||||||
NUF | -1.48 | % | 3.94 | % | 5.17 | % | ||||||
Lipper Florida | ||||||||||||
Municipal Debt Funds | ||||||||||||
Average4 | -1.35 | % | 3.97 | % | 4.93 | % | ||||||
Lehman Brothers | ||||||||||||
Municipal Bond Index5 | 2.79 | % | 4.03 | % | 5.16 | % | ||||||
Insured Florida Funds | ||||||||||||
NFL | 0.47 | % | 3.71 | % | 5.45 | % | ||||||
NWF | 1.61 | % | 4.55 | % | N/A | |||||||
Lipper Florida | ||||||||||||
Municipal Debt Funds | ||||||||||||
Average4 | -1.35 | % | 3.97 | % | 4.93 | % | ||||||
Lehman Brothers Insured | ||||||||||||
Municipal Bond Index5 | 2.24 | % | 3.98 | % | 5.29 | % |
* | Annualized | |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. | ||
For additional information, see the individual Performance Overview for your Fund in this report. | ||
3 | An inverse floating rate security is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in This Report sections of this shareholder report. | |
4 | The Lipper Florida Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 1 year, 16; 5 years, 13; and 10 years, 9. Fund and Lipper returns assume reinvestment of dividends. | |
5 | The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds, and the Lehman Brothers Insured Municipal Bond Index is an unleveraged, unmanaged national index containing a broad range of insured municipal bonds. Results for the Lehman indexes do not reflect any expenses. |
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Dividend and Share Price
Long-Term Capital Gains | ||||
(per share) | ||||
NUF | $ | 0.0072 | ||
NFL | $ | 0.0640 |
11
4/30/08 | Twelve Month Average | |||||||
Discount | Discount | |||||||
NQF | -10.70 | % | -10.38 | % | ||||
NUF | -11.76 | % | -10.82 | % | ||||
NFL | -10.04 | % | -9.41 | % | ||||
NWF | -11.02 | % | -8.88 | % |
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NQF | Nuveen Florida | ||
Performance | Investment Quality | ||
OVERVIEW | Municipal Fund | ||
as of April 30, 2008 |
Common Share Price | $ | 12.77 | ||
Common Share | ||||
Net Asset Value | $ | 14.30 | ||
Premium/(Discount) to NAV | -10.70 | % | ||
Market Yield | 5.07 | % | ||
Taxable-Equivalent Yield2 | 7.04 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 234,106 | ||
Average Effective Maturity on Securities (Years) | 15.20 | |||
Leverage-Adjusted Duration | 9.96 | |||
(Inception 2/21/91)
On Share Price | On NAV | |||||||
1-Year | -4.79 | % | -1.26 | % | ||||
5-Year | 0.69 | % | 3.80 | % | ||||
10-Year | 3.28 | % | 5.45 | % | ||||
(as a % of total investments)
Tax Obligation/Limited | 30.7 | % | ||
Transportation | 20.1 | % | ||
U.S. Guaranteed | 17.7 | % | ||
Water and Sewer | 7.9 | % | ||
Health Care | 7.2 | % | ||
Tax Obligation/General | 5.9 | % | ||
Utilities | 5.2 | % | ||
Other | 5.3 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
13
NUF | Nuveen Florida | ||
Performance | Quality Income | ||
OVERVIEW | Municipal Fund | ||
as of April 30, 2008 |
Common Share Price | $ | 12.75 | ||
Common Share Net Asset Value | $ | 14.45 | ||
Premium/(Discount) to NAV | -11.76 | % | ||
Market Yield | 4.99 | % | ||
Taxable-Equivalent Yield2 | 6.93 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 204,552 | ||
Average Effective Maturity on Securities (Years) | 15.02 | |||
Leverage-Adjusted Duration | 9.51 | |||
(Inception 10/17/91)
On Share Price | On NAV | |||||||
1-Year | -4.54 | % | -1.48 | % | ||||
5-Year | 0.43 | % | 3.94 | % | ||||
10-Year | 3.65 | % | 5.17 | % | ||||
(as a % of total investments)
Tax Obligation/Limited | 29.1 | % | ||
Transportation | 16.6 | % | ||
U.S. Guaranteed | 9.2 | % | ||
Education and Civic Organizations | 8.3 | % | ||
Health Care | 7.5 | % | ||
Water and Sewer | 7.1 | % | ||
Tax Obligation/General | 6.3 | % | ||
Utilities | 5.8 | % | ||
Housing/Multifamily | 5.1 | % | ||
Other | 5.0 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. | |
3 | The Fund paid shareholders a capital gains distribution in December 2007 of $0.0072 per share. |
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NFL | Nuveen Insured | ||
Performance | Florida Premium | ||
OVERVIEW | Income Municipal Fund | ||
as of April 30, 2008 |
Common Share Price | $ | 13.26 | ||
Common Share Net Asset Value | $ | 14.74 | ||
Premium/(Discount) to NAV | -10.04 | % | ||
Market Yield | 5.20 | % | ||
Taxable-Equivalent Yield2 | 7.22 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 209,621 | ||
Average Effective Maturity on Securities (Years) | 14.50 | |||
Leverage-Adjusted Duration | 7.63 | |||
(Inception 12/17/92)
On Share Price | On NAV | |||||||
1-Year | -4.90 | % | 0.47 | % | ||||
5-Year | 1.14 | % | 3.71 | % | ||||
10-Year | 4.88 | % | 5.45 | % | ||||
(as a % of total investments)
Tax Obligation/Limited | 41.2 | % | ||
Water and Sewer | 23.1 | % | ||
U.S. Guaranteed | 11.1 | % | ||
Housing/Multifamily | 6.9 | % | ||
Utilities | 4.9 | % | ||
Other | 12.8 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. | |
3 | The Fund paid shareholders a capital gains distribution in December 2007 of $0.0640 per share. |
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NWF | Nuveen Insured Florida | ||
Performance | Tax-Free Advantage | ||
OVERVIEW | Municipal Fund | ||
as of April 30, 2008 |
Common Share Price | $ | 12.59 | ||
Common Share Net Asset Value | $ | 14.15 | ||
Premium/(Discount) to NAV | -11.02 | % | ||
Market Yield | 4.91 | % | ||
Taxable-Equivalent Yield2 | 6.82 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 54,926 | ||
Average Effective Maturity on Securities (Years) | 14.35 | |||
Leverage-Adjusted Duration | 8.53 | |||
(Inception 11/21/02)
On Share Price | On NAV | |||||||
1-Year | -3.45 | % | 1.61 | % | ||||
5-Year | 1.37 | % | 4.55 | % | ||||
Since | ||||||||
Inception | 1.98 | % | 4.95 | % | ||||
(as a % of total investments)
Tax Obligation/Limited | 37.0 | % | ||
U.S. Guaranteed | 21.7 | % | ||
Water and Sewer | 18.0 | % | ||
Education and Civic Organizations | 9.7 | % | ||
Transportation | 8.1 | % | ||
Other | 5.5 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
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INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Nuveen Florida Investment Quality Municipal Fund
Nuveen Florida Quality Income Municipal Fund
Nuveen Insured Florida Premium Income Municipal Fund
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
June 23, 2008
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NQF | Nuveen Florida Investment Quality Municipal Fund | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Consumer Staples — 2.1% (1.3% of Total Investments) | ||||||||||||||||
$ | 5,000 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 | 5/12 at 100.00 | BBB | $ | 4,905,000 | ||||||||||
Education and Civic Organizations — 1.1% (0.7% of Total Investments) | ||||||||||||||||
2,000 | Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B, 5.625%, 4/01/34 | 4/14 at 100.00 | BBB | 1,955,880 | ||||||||||||
575 | Osceola County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 — MBIA Insured | 8/11 at 101.00 | AAA | 589,105 | ||||||||||||
2,575 | Total Education and Civic Organizations | 2,544,985 | ||||||||||||||
Energy — 0.3% (0.2% of Total Investments) | ||||||||||||||||
900 | Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax) | 1/15 at 100.00 | BBB | 776,223 | ||||||||||||
Health Care — 11.3% (7.2% of Total Investments) | ||||||||||||||||
1,000 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34 | 4/16 at 100.00 | A | 940,520 | ||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||
1,000 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 979,380 | ||||||||||||
3,625 | 5.000%, 6/01/38 | 6/16 at 100.00 | BBB+ | 3,233,174 | ||||||||||||
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: | ||||||||||||||||
1,000 | 5.250%, 10/01/28 | 10/13 at 100.00 | A3 | 998,710 | ||||||||||||
2,330 | 5.250%, 10/01/34 | 10/13 at 100.00 | A3 | 2,261,871 | ||||||||||||
1,185 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 | 10/16 at 100.00 | A3 | 1,136,379 | ||||||||||||
3,235 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Medical Center, Series 2006, 5.000%, 11/15/26 | 11/16 at 100.00 | A2 | 3,173,600 | ||||||||||||
225 | Lee Memorial Health System, Florida, Health Park Project Revenue Bonds, Auction Rate Securities, Series 2003A, 4.490%, 4/01/33 — AMBAC Insured | No Opt. Call | AAA | 225,000 | ||||||||||||
2,000 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 — MBIA Insured | 4/17 at 100.00 | AAA | 2,007,060 | ||||||||||||
2,345 | Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22 | 7/12 at 100.00 | BBB+ | 2,350,018 | ||||||||||||
3,750 | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 | 10/17 at 100.00 | A2 | 3,545,063 | ||||||||||||
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: | ||||||||||||||||
3,410 | 5.500%, 12/01/21 | 12/11 at 101.00 | BBB+ | 3,416,650 | ||||||||||||
2,340 | 5.625%, 12/01/31 | 12/11 at 101.00 | BBB+ | 2,241,252 | ||||||||||||
27,445 | Total Health Care | 26,508,677 | ||||||||||||||
Housing/Multifamily — 0.5% (0.3% of Total Investments) | ||||||||||||||||
1,050 | Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald | 5/10 at 101.00 | AAA | 1,058,432 | ||||||||||||
Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) |
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Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Housing/Multifamily (continued) | ||||||||||||||||
$ | 135 | Florida Housing Finance Agency, General Mortgage Revenue Refunding Bonds, Series 1992A, 6.400%, 6/01/24 | 6/08 at 100.00 | AA | $ | 138,961 | ||||||||||
1,185 | Total Housing/Multifamily | 1,197,393 | ||||||||||||||
Housing/Single Family — 0.9% (0.6% of Total Investments) | ||||||||||||||||
360 | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, New Money and Refunding Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) | 7/08 at 101.00 | AA+ | 364,892 | ||||||||||||
870 | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 — MBIA Insured (Alternative Minimum Tax) | 7/08 at 101.00 | AAA | 890,262 | ||||||||||||
985 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) | 1/16 at 100.00 | AA+ | 871,627 | ||||||||||||
2,215 | Total Housing/Single Family | 2,126,781 | ||||||||||||||
Long-Term Care — 1.1% (0.7% of Total Investments) | ||||||||||||||||
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: | ||||||||||||||||
1,125 | 5.850%, 8/01/24 | 8/14 at 101.00 | N/R | 1,154,126 | ||||||||||||
1,565 | 5.625%, 8/01/34 | 8/14 at 101.00 | N/R | 1,511,790 | ||||||||||||
2,690 | Total Long-Term Care | 2,665,916 | ||||||||||||||
Materials — 2.3% (1.5% of Total Investments) | ||||||||||||||||
5,400 | Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) | 4/10 at 101.00 | N/R | 5,259,600 | ||||||||||||
Tax Obligation/General — 9.3% (5.9% of Total Investments) | ||||||||||||||||
1,500 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/22 — MBIA Insured | 6/12 at 101.00 | AAA | 1,557,870 | ||||||||||||
2,080 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/21 — AMBAC Insured | 6/13 at 100.00 | AAA | 2,173,018 | ||||||||||||
9,230 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31 — FGIC Insured | 6/11 at 101.00 | AAA | 9,394,478 | ||||||||||||
8,000 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Refunding Bonds, Series 2002D, 5.375%, 6/01/16 (4) | 6/12 at 100.00 | AAA | 8,622,480 | ||||||||||||
20,810 | Total Tax Obligation/General | 21,747,846 | ||||||||||||||
Tax Obligation/Limited — 48.2% (30.7% of Total Investments) | ||||||||||||||||
5,625 | Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/18 — FSA Insured | 7/14 at 100.00 | AAA | 5,989,894 | ||||||||||||
1,665 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 — MBIA Insured | 10/14 at 100.00 | AAA | 1,724,058 | ||||||||||||
230 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 — MBIA Insured | 10/15 at 100.00 | AAA | 232,691 | ||||||||||||
1,280 | Florida Intergovernmental Finance Commission, Capital Revenue Bonds, Daytona Beach Community Redevelopment Agency, Series 2001C-1, 5.000%, 2/01/20 — AMBAC Insured | 8/11 at 100.00 | Aaa | 1,309,325 | ||||||||||||
1,685 | Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 — MBIA Insured | 5/13 at 100.00 | AAA | 1,739,880 | ||||||||||||
5,000 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 — MBIA Insured (Alternative Minimum Tax) | 6/08 at 100.50 | AAA | 5,004,200 | ||||||||||||
3,000 | Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 — MBIA Insured | 8/15 at 101.00 | AAA | 3,098,070 | ||||||||||||
5,000 | Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 — FGIC Insured | No Opt. Call | Baa3 | 6,348,750 |
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NQF | Nuveen Florida Investment Quality Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 1,575 | Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/24 — AMBAC Insured | 11/13 at 101.00 | AAA | $ | 1,625,243 | ||||||||||
2,190 | Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 — FGIC Insured | 10/15 at 100.00 | AA+ | 2,256,948 | ||||||||||||
5,015 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/21 — MBIA Insured | 10/13 at 100.00 | AAA | 5,267,706 | ||||||||||||
2,000 | Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/22 — FGIC Insured | 10/12 at 100.00 | A+ | 2,050,080 | ||||||||||||
3,000 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 — AMBAC Insured | 11/16 at 100.00 | AAA | 2,995,890 | ||||||||||||
Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: | ||||||||||||||||
2,090 | 5.250%, 5/01/16 — RAAI Insured | 5/12 at 102.00 | AA | 2,152,825 | ||||||||||||
1,700 | 5.625%, 5/01/32 — RAAI Insured | 5/12 at 102.00 | AA | 1,706,426 | ||||||||||||
1,215 | North Dade Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.350%, 5/01/38 | 5/17 at 100.00 | N/R | 940,799 | ||||||||||||
Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard — I-4 Interchange Project, Series 2002: | ||||||||||||||||
1,495 | 5.125%, 4/01/20 — AMBAC Insured | 4/12 at 100.00 | AAA | 1,556,235 | ||||||||||||
1,225 | 5.125%, 4/01/21 — AMBAC Insured | 4/12 at 100.00 | AAA | 1,266,454 | ||||||||||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: | ||||||||||||||||
3,745 | 5.000%, 4/01/22 — MBIA Insured | 4/14 at 100.00 | Aaa | 3,878,622 | ||||||||||||
2,000 | 5.000%, 4/01/23 — MBIA Insured | 4/14 at 100.00 | Aaa | 2,032,680 | ||||||||||||
4,335 | Palm Beach County School Board, Florida, Certificates of Participation, Drivers Trust 2089, 12.197%, 8/01/31 — FSA Insured (IF) | 8/16 at 100.00 | AAA | 4,776,390 | ||||||||||||
4,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 — FSA Insured | 8/12 at 100.00 | AAA | 4,048,560 | ||||||||||||
2,560 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/23 — FGIC Insured | 8/14 at 100.00 | AA— | 2,587,187 | ||||||||||||
5,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 — MBIA Insured | 8/17 at 100.00 | AAA | 5,062,450 | ||||||||||||
4,490 | Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park Project, Series 2005A, 5.000%, 6/01/25 — AMBAC Insured | 6/15 at 100.00 | AAA | 4,567,497 | ||||||||||||
2,500 | Polk County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/18 — FSA Insured | 10/14 at 100.00 | AAA | 2,716,575 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 — MBIA Insured | 7/17 at 100.00 | AAA | 1,012,410 | ||||||||||||
820 | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 — RAAI Insured | 5/18 at 100.00 | AA | 800,755 | ||||||||||||
2,750 | Saint Johns County, Florida, Transportation Improvement Revenue Bonds, Series 2003, 5.000%, 10/01/23 — AMBAC Insured | 10/13 at 100.00 | AAA | 2,820,703 | ||||||||||||
3,000 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 — FSA Insured | 7/17 at 100.00 | Aaa | 3,050,580 | ||||||||||||
635 | Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36 | 5/15 at 100.00 | N/R | 511,264 | ||||||||||||
10,000 | South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%, 10/01/36 — AMBAC Insured (UB) | 10/16 at 100.00 | AAA | 10,054,300 | ||||||||||||
3,750 | South Florida Water Management District, Certificates of Participation, Series 2006, Trust 1036, 11.867%, 10/01/36 — AMBAC Insured (IF) | 10/16 at 100.00 | AAA | 3,831,375 |
20
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: | ||||||||||||||||
$ | 1,250 | 5.750%, 10/01/20 — MBIA Insured | No Opt. Call | AAA | $ | 1,383,300 | ||||||||||
2,835 | 5.750%, 10/01/25 — MBIA Insured | No Opt. Call | AAA | 3,108,719 | ||||||||||||
8,605 | Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002, 5.375%, 10/01/15 — FSA Insured | 10/12 at 100.00 | AAA | 9,335,994 | ||||||||||||
108,265 | Total Tax Obligation/Limited | 112,844,835 | ||||||||||||||
Transportation — 31.6% (20.1% of Total Investments) | ||||||||||||||||
9,000 | Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1, 5.250%, 10/01/26 — AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AAA | 9,003,060 | ||||||||||||
2,150 | Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 — AMBAC Insured | 10/14 at 100.00 | AAA | 2,186,486 | ||||||||||||
6,000 | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003C, 5.000%, 7/01/33 | 7/13 at 101.00 | Aa2 | 6,085,440 | ||||||||||||
12,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 1999A, 5.125%, 10/01/28 — FGIC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | Aa3 | 11,551,079 | ||||||||||||
4,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 — FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | 4,041,520 | ||||||||||||
2,500 | Lee County, Florida, Airport Revenue Bonds, Series 2006, 5.000%, 10/01/33 — FSA Insured | 10/15 at 100.00 | AAA | 2,535,475 | ||||||||||||
6,690 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B, 5.000%, 7/01/20 — FGIC Insured | 7/14 at 100.00 | A | 6,955,727 | ||||||||||||
3,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2005B, 4.500%, 7/01/29 — AMBAC Insured | No Opt. Call | AAA | 3,000,000 | ||||||||||||
1,750 | Miami-Dade County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Airis Miami II LLC — Miami International Airport, Series 1999, 6.000%, 10/15/25 — AMBAC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | AAA | 1,778,648 | ||||||||||||
5,390 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/18 — FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 5,507,556 | ||||||||||||
16,825 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/38 — CIFG Insured (Alternative Minimum Tax) | 10/15 at 100.00 | A+ | 15,426,167 | ||||||||||||
5,360 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 — AMBAC Insured | 7/15 at 101.00 | AAA | 5,778,241 | ||||||||||||
74,665 | Total Transportation | 73,849,399 | ||||||||||||||
U.S. Guaranteed — 27.7% (17.7% of Total Investments) (5) | ||||||||||||||||
7,225 | Dade County, Florida, Special Obligation and Refunding Bonds, Series 1996B, 0.000%, 10/01/20 (Pre-refunded 10/01/08) — AMBAC Insured | 10/08 at 48.83 | AAA | 3,499,935 | ||||||||||||
12,800 | Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 1999A-2, 6.000%, 11/15/31 (Pre-refunded 11/15/09) | 11/09 at 101.00 | AAA | 13,590,527 | ||||||||||||
4,600 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) | 11/11 at 101.00 | A1 | (5) | 5,118,144 | |||||||||||
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A: | ||||||||||||||||
2,290 | 5.000%, 4/01/19 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AAA | 2,504,802 | ||||||||||||
3,305 | 5.000%, 4/01/22 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AAA | 3,615,009 | ||||||||||||
3,000 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Refunding Bonds, Miami Children’s Hospital, Series 2001A, 5.125%, 8/15/26 (Pre-refunded 8/15/11) — AMBAC Insured | 8/11 at 101.00 | AAA | 3,245,610 | ||||||||||||
1,175 | Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 5.000%, 9/01/14 (Pre-refunded 9/01/12) | 9/12 at 100.00 | Aa2 (5) | 1,273,571 |
21
��
NQF | Nuveen Florida Investment Quality Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed (5) (continued) | ||||||||||||||||
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: | ||||||||||||||||
$ | 5,450 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A(5) | $ | 5,965,134 | ||||||||||
550 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A(5) | 602,443 | ||||||||||||
6,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) | 11/10 at 101.00 | A+(5) | 6,617,100 | ||||||||||||
3,695 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/27 (Pre-refunded 12/01/12) | 12/12 at 100.00 | N/R(5) | 4,114,678 | ||||||||||||
4,295 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 (Pre-refunded 10/01/12) | 10/12 at 100.00 | Aa1 (5) | 4,706,074 | ||||||||||||
3,570 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 — MBIA Insured (ETM) | No Opt. Call | AAA | 4,100,788 | ||||||||||||
5,375 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) | 5/12 at 101.00 | AA—(5) | 5,957,166 | ||||||||||||
63,330 | Total U.S. Guaranteed | 64,910,981 | ||||||||||||||
Utilities — 8.2% (5.2% of Total Investments) | ||||||||||||||||
4,330 | Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 | 10/12 at 100.00 | Baa2 | 4,398,068 | ||||||||||||
1,050 | Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, Series 2002, 5.000%, 4/01/17 — AMBAC Insured | 10/10 at 100.00 | Aaa | 1,091,822 | ||||||||||||
4,250 | Lakeland, Florida, Energy System Revenue Refunding Bonds, Series 1999C, 6.050%, 10/01/11 — FGIC Insured | No Opt. Call | AAA | 4,699,480 | ||||||||||||
5,000 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10 | No Opt. Call | Aa1 | 5,402,750 | ||||||||||||
2,720 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18 | 10/11 at 101.00 | Aa1 | 2,877,706 | ||||||||||||
705 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 | 10/12 at 100.00 | Aa1 | 746,940 | ||||||||||||
18,055 | Total Utilities | 19,216,766 | ||||||||||||||
Water and Sewer — 12.4% (7.9% of Total Investments) | ||||||||||||||||
3,310 | Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 — AMBAC Insured | No Opt. Call | AAA | 3,465,570 | ||||||||||||
1,000 | Jacksonville, Florida, Water and Sewer Revenue Bonds, United Water Florida Project, Series 1995, 6.350%, 8/01/25 — AMBAC Insured (Alternative Minimum Tax) | 8/08 at 100.00 | AAA | 1,000,770 | ||||||||||||
1,525 | Lee County, Florida, Water and Sewer Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/20 — MBIA Insured | 10/13 at 100.00 | Aaa | 1,587,662 | ||||||||||||
3,300 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 — FGIC Insured | 10/09 at 101.00 | A+ | 3,300,891 | ||||||||||||
2,750 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 9.470%, 10/01/36 (IF) | 10/16 at 100.00 | AAA | 2,948,990 | ||||||||||||
5,000 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 | 10/16 at 100.00 | AAA | 5,134,600 | ||||||||||||
2,060 | Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 — FGIC Insured | 10/13 at 100.00 | A2 | 2,158,715 | ||||||||||||
2,780 | Riviera Beach, Palm Beach County, Florida, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 10/01/24 — FGIC Insured | 10/14 at 100.00 | Baa3 | 2,770,631 | ||||||||||||
2,275 | Sarasota County, Florida, Utility System Revenue Bonds, Series 2005A, 5.000%, 10/01/27 — FGIC Insured | 10/15 at 100.00 | AA— | 2,312,970 | ||||||||||||
1,680 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 — MBIA Insured | No Opt. Call | AAA | 1,898,215 |
22
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001: | ||||||||||||||||
$ | 700 | 5.250%, 4/01/16 — MBIA Insured | 4/11 at 101.00 | AAA | $ | 742,266 | ||||||||||
1,585 | 5.000%, 4/01/20 — MBIA Insured | 4/11 at 101.00 | AAA | 1,639,651 | ||||||||||||
27,965 | Total Water and Sewer | 28,960,931 | ||||||||||||||
$ | 360,500 | Total Investments (cost $357,343,421) — 157.0% | 367,515,333 | |||||||||||||
Floating Rate Obligations — (2.8)% | (6,660,000 | ) | ||||||||||||||
Other Assets Less Liabilities — 2.2% | 5,251,004 | |||||||||||||||
Preferred Shares, at Liquidation Value — (56.4)% (6) | (132,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 234,106,337 | ||||||||||||||
Fund | Fixed Rate | Unrealized | ||||||||||||||||||||||||||||||
Notional | Pay/Receive | Floating Rate | Fixed Rate | Payment | Effective | Termination | Appreciation | |||||||||||||||||||||||||
Counterparty | Amount | Floating Rate | Index | (Annualized) | Frequency | Date (7) | Date | (Depreciation) | ||||||||||||||||||||||||
Morgan Stanley | $ | 7,000,000 | Receive | 3-Month USD-LIBOR | 5.823 | % | Semi-Annually | 6/04/08 | 6/04/18 | $ | (821,435 | ) | ||||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Portion of investment, with an aggregate market value of $873,026, has been pledged to collateralize the net payment obligations under forward swap contracts. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(6) | Preferred Shares, at Liquidation Value as a percentage of total investments is (35.9)%. | |
(7) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. |
23
NUF | Nuveen Florida Quality Income Municipal Fund | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Education and Civic Organizations — 12.9% (8.3% of Total Investments) | ||||||||||||||||
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B: | ||||||||||||||||
$ | 1,000 | 5.500%, 4/01/24 | 4/14 at 100.00 | BBB | $ | 1,003,960 | ||||||||||
500 | 5.625%, 4/01/34 | 4/14 at 100.00 | BBB | 488,970 | ||||||||||||
2,000 | Florida Board of Education, Lottery Revenue Bonds, Series 2001B, 5.000%, 7/01/20 — FGIC Insured | 7/11 at 101.00 | AAA | 2,061,660 | ||||||||||||
14,985 | Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 — FGIC Insured | 7/15 at 101.00 | AA | 15,255,627 | ||||||||||||
2,580 | Florida State Education System, Housing Facility Revenue Bonds, Florida International University, Series 2004A, 5.000%, 7/01/14 — MBIA Insured | No Opt. Call | AAA | 2,822,907 | ||||||||||||
2,345 | FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 — AMBAC Insured | 10/14 at 100.00 | AAA | 2,493,181 | ||||||||||||
2,275 | University of Central Florida, Certificates of Participation, Athletic Association, Series 2004A, 5.125%, 10/01/21 — FGIC Insured | 10/14 at 100.00 | Baa3 | 2,313,698 | ||||||||||||
25,685 | Total Education and Civic Organizations | �� | 26,440,003 | |||||||||||||
Health Care — 11.7% (7.5% of Total Investments) | ||||||||||||||||
1,000 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34 | 4/16 at 100.00 | A | 940,520 | ||||||||||||
1,500 | Citrus County Hospital Board, Florida, Revenue Refunding Bonds, Citrus Memorial Hospital, Series 2002, 6.375%, 8/15/32 | 8/13 at 100.00 | Baa3 | 1,544,160 | ||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||
1,000 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 979,380 | ||||||||||||
3,240 | 5.000%, 6/01/38 | 6/16 at 100.00 | BBB+ | 2,889,788 | ||||||||||||
1,000 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005C, 5.000%, 11/15/31 | 11/15 at 100.00 | A+ | 957,950 | ||||||||||||
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: | ||||||||||||||||
500 | 5.250%, 10/01/28 | 10/13 at 100.00 | A3 | 499,355 | ||||||||||||
1,590 | 5.250%, 10/01/34 | 10/13 at 100.00 | A3 | 1,543,508 | ||||||||||||
1,180 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 | 10/16 at 100.00 | A3 | 1,131,585 | ||||||||||||
2,000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24 | 10/13 at 100.00 | A3 | 2,014,900 | ||||||||||||
3,000 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Medical Center, Series 2006, 5.000%, 11/15/32 | 11/16 at 100.00 | A2 | 2,826,150 | ||||||||||||
1,500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 — MBIA Insured | 4/17 at 100.00 | AAA | 1,505,295 | ||||||||||||
3,430 | Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/12 | No Opt. Call | BBB+ | 3,543,019 | ||||||||||||
3,750 | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 | 10/17 at 100.00 | A2 | 3,545,063 | ||||||||||||
24,690 | Total Health Care | 23,920,673 | ||||||||||||||
24
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Housing/Multifamily — 8.0% (5.1% of Total Investments) | ||||||||||||||||
Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Tamarac Pointe Apartments, Series 1996: | ||||||||||||||||
$ | 1,500 | 6.250%, 7/01/26 | 7/08 at 100.00 | AAA | $ | 1,502,970 | ||||||||||
1,000 | 6.300%, 1/01/32 | 7/08 at 100.00 | AAA | 1,001,650 | ||||||||||||
120 | Florida Housing Finance Agency, General Mortgage Revenue Refunding Bonds, Series 1992A, 6.400%, 6/01/24 | 6/08 at 100.00 | AA | 123,521 | ||||||||||||
1,000 | Florida Housing Finance Agency, Housing Revenue Bonds, Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25 — AMBAC Insured (Alternative Minimum Tax) | 10/08 at 100.00 | AAA | 1,000,400 | ||||||||||||
5,790 | Florida Housing Finance Corporation, FNMA Revenue Bonds, Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) | 10/10 at 102.00 | Aaa | 5,852,185 | ||||||||||||
3,170 | Florida Housing Finance Corporation, Housing Revenue Refunding Bonds, Hunters Ridge at Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 | 12/08 at 102.00 | AA | 3,108,344 | ||||||||||||
3,630 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 — FSA Insured (Alternative Minimum Tax) | 1/11 at 102.00 | AAA | 3,696,139 | ||||||||||||
16,210 | Total Housing/Multifamily | 16,285,209 | ||||||||||||||
Housing/Single Family — 0.8% (0.5% of Total Investments) | ||||||||||||||||
390 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Bonds, Series 2001C, 0.000%, 4/01/33 (Alternative Minimum Tax) | 4/10 at 25.36 | Aaa | 84,962 | ||||||||||||
270 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) | 4/09 at 25.51 | Aaa | 64,913 | ||||||||||||
215 | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | 229,689 | ||||||||||||
980 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) | 1/16 at 100.00 | AA+ | 867,202 | ||||||||||||
30 | Miami-Dade County Housing Authority, Florida, Home Owner Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19 (Alternative Minimum Tax) | 10/08 at 101.50 | Aaa | 30,018 | ||||||||||||
425 | Orange County Housing Finance Authority, Florida, Single Family Mortgage Revenue Bonds, Series 1996A, 6.300%, 4/01/28 (Alternative Minimum Tax) | 10/08 at 100.00 | AAA | 425,208 | ||||||||||||
2,310 | Total Housing/Single Family | 1,701,992 | ||||||||||||||
Long-Term Care — 4.8% (3.1% of Total Investments) | ||||||||||||||||
7,285 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 1999, 5.750%, 10/01/18 — ACA Insured | 10/09 at 101.00 | N/R | 7,147,751 | ||||||||||||
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: | ||||||||||||||||
1,125 | 5.850%, 8/01/24 | 8/14 at 101.00 | N/R | 1,154,126 | ||||||||||||
1,570 | 5.625%, 8/01/34 | 8/14 at 101.00 | N/R | 1,516,620 | ||||||||||||
9,980 | Total Long-Term Care | 9,818,497 | ||||||||||||||
Materials — 2.2% (1.4% of Total Investments) | ||||||||||||||||
4,600 | Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) | 4/10 at 101.00 | N/R | 4,480,400 | ||||||||||||
Tax Obligation/General — 9.8% (6.3% of Total Investments) | ||||||||||||||||
15,925 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 — MBIA Insured | 6/12 at 101.00 | AAA | 16,603,085 | ||||||||||||
3,240 | Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2004A, 5.000%, 6/01/22 — MBIA Insured | 4/14 at 100.00 | AAA | 3,362,440 | ||||||||||||
19,165 | Total Tax Obligation/General | 19,965,525 | ||||||||||||||
25
NUF | Nuveen Florida Quality Income Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited — 45.3% (29.1% of Total Investments) | ||||||||||||||||
$ | 1,000 | Alachua County School Board, Florida, Certificates of Participation, Series 2001, 5.000%, 7/01/21 — AMBAC Insured | 7/11 at 101.00 | Aaa | $ | 1,027,170 | ||||||||||
1,055 | Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24 — AMBAC Insured | 7/14 at 100.00 | Aaa | 1,062,163 | ||||||||||||
3,870 | Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/20 — FSA Insured | 7/14 at 100.00 | AAA | 4,078,941 | ||||||||||||
1,500 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 — MBIA Insured | 10/14 at 100.00 | AAA | 1,553,205 | ||||||||||||
1,290 | Escambia County, Florida, Tourist Development Revenue Refunding Bonds, Series 2002, 5.000%, 10/01/18 — MBIA Insured | 10/12 at 100.00 | AAA | 1,338,827 | ||||||||||||
4,000 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 — MBIA Insured | 10/15 at 100.00 | AAA | 4,046,800 | ||||||||||||
8,425 | Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2003C, 5.000%, 7/01/19 — AMBAC Insured | 7/13 at 101.00 | AAA | 8,799,154 | ||||||||||||
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | ||||||||||||||||
1,040 | 0.000%, 11/01/25 — MBIA Insured | No Opt. Call | AAA | 410,665 | ||||||||||||
1,590 | 0.000%, 11/01/26 — MBIA Insured | No Opt. Call | AAA | 592,164 | ||||||||||||
3,000 | Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 — MBIA Insured | 8/15 at 101.00 | AAA | 3,098,070 | ||||||||||||
1,430 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 10/01/23 — AMBAC Insured | 10/11 at 100.00 | AAA | 1,462,247 | ||||||||||||
2,090 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/22 — MBIA Insured | 10/13 at 100.00 | AAA | 2,167,142 | ||||||||||||
3,145 | Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 — MBIA Insured (Alternative Minimum Tax) | 10/13 at 100.00 | AAA | 3,177,331 | ||||||||||||
2,230 | Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/21 — FGIC Insured | 10/12 at 100.00 | A+ | 2,283,587 | ||||||||||||
2,750 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/17 — FGIC Insured | 10/12 at 100.00 | AA+ | 2,897,923 | ||||||||||||
1,000 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding Bonds, Series 2001, 5.500%, 10/01/14 — FGIC Insured | No Opt. Call | AA+ | 1,117,110 | ||||||||||||
Lake County School Board, Florida, Certificates of Participation, Series 2004A: | ||||||||||||||||
1,190 | 5.000%, 7/01/20 — AMBAC Insured | 7/14 at 100.00 | AAA | 1,229,758 | ||||||||||||
1,340 | 5.000%, 7/01/22 — AMBAC Insured | 7/14 at 100.00 | AAA | 1,372,763 | ||||||||||||
1,470 | 5.000%, 7/01/24 — AMBAC Insured | 7/14 at 100.00 | AAA | 1,494,079 | ||||||||||||
5,130 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/17 — AMBAC Insured | 10/13 at 100.00 | AAA | 5,443,494 | ||||||||||||
Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: | ||||||||||||||||
1,975 | 5.500%, 5/01/22 ��� RAAI Insured | 5/12 at 102.00 | AA | 2,015,409 | ||||||||||||
850 | 5.625%, 5/01/32 — RAAI Insured | 5/12 at 102.00 | AA | 853,213 | ||||||||||||
1,200 | North Dade Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.350%, 5/01/38 | 5/17 at 100.00 | N/R | 929,184 | ||||||||||||
2,475 | Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 19, Series 2000, 6.100%, 8/01/21 — RAAI Insured | 8/10 at 102.00 | AA | 2,595,830 | ||||||||||||
2,000 | Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994, 6.125%, 1/01/24 — FGIC Insured | 7/08 at 100.00 | Baa3 | 2,003,820 | ||||||||||||
2,440 | Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 — AMBAC Insured | 8/14 at 100.00 | Aaa | 2,476,454 |
26
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: | ||||||||||||||||
$ | 1,665 | 5.125%, 1/01/20 — FGIC Insured | 1/13 at 100.00 | AA | $ | 1,730,668 | ||||||||||
3,400 | 5.125%, 1/01/23 — FGIC Insured | 1/13 at 100.00 | AA | 3,526,786 | ||||||||||||
2,040 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/21 — FSA Insured | 8/12 at 100.00 | AAA | 2,146,019 | ||||||||||||
1,500 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 — FGIC Insured | 8/14 at 100.00 | AA— | 1,522,410 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 — MBIA Insured | 7/17 at 100.00 | AAA | 1,012,410 | ||||||||||||
1,350 | Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 — MBIA Insured | 9/13 at 100.00 | AAA | 1,388,394 | ||||||||||||
820 | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 — RAAI Insured | 5/18 at 100.00 | AA | 800,755 | ||||||||||||
2,000 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 — FSA Insured | 7/17 at 100.00 | Aaa | 2,033,720 | ||||||||||||
5,000 | Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 — AMBAC Insured | 6/16 at 100.00 | AAA | 5,029,500 | ||||||||||||
11,815 | Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002, 5.375%, 10/01/14 — FSA Insured | 10/12 at 100.00 | AAA | 12,818,682 | ||||||||||||
1,000 | Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 — FSA Insured | 12/14 at 100.00 | Aaa | 1,036,260 | ||||||||||||
91,075 | Total Tax Obligation/Limited | 92,572,107 | ||||||||||||||
Transportation — 25.9% (16.6% of Total Investments) | ||||||||||||||||
2,225 | Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1, 5.250%, 10/01/21 — AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AAA | 2,234,212 | ||||||||||||
4,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 — FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | 4,041,520 | ||||||||||||
2,500 | Lee County, Florida, Airport Revenue Bonds, Series 2006, 5.000%, 10/01/33 — FSA Insured | 10/15 at 100.00 | AAA | 2,535,475 | ||||||||||||
1,000 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 — AMBAC Insured | No Opt. Call | AAA | 1,078,690 | ||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: | ||||||||||||||||
3,955 | 5.250%, 7/01/17 — FGIC Insured | 7/14 at 100.00 | A | 4,239,009 | ||||||||||||
2,000 | 5.250%, 7/01/18 — FGIC Insured | 7/14 at 100.00 | A | 2,105,640 | ||||||||||||
2,000 | 5.000%, 7/01/23 — FGIC Insured | 7/14 at 100.00 | A | 2,021,000 | ||||||||||||
4,500 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 5.000%, 7/01/37 — AMBAC Insured | 7/16 at 100.00 | AAA | 4,502,700 | ||||||||||||
2,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 — FGIC Insured | 7/11 at 101.00 | A3 | 2,033,320 | ||||||||||||
7,500 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 — FGIC Insured (Alternative Minimum Tax) | 10/08 at 101.00 | A2 | 7,175,700 | ||||||||||||
4,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 5.000%, 10/01/23 — MBIA Insured (Alternative Minimum Tax) | 10/08 at 101.00 | AAA | 3,915,680 | ||||||||||||
12,820 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/38 — CIFG Insured (Alternative Minimum Tax) | 10/15 at 100.00 | A+ | 11,754,143 | ||||||||||||
5,000 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 — AMBAC Insured | 7/15 at 101.00 | AAA | 5,390,150 | ||||||||||||
53,500 | Total Transportation | 53,027,239 | ||||||||||||||
27
NUF | Nuveen Florida Quality Income Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed — 14.3% (9.2% of Total Investments) (4) | ||||||||||||||||
$ | 1,500 | Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) | No Opt. Call | AAA | $ | 1,679,940 | ||||||||||
750 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2003A, 5.250%, 10/01/21 (Pre-refunded 10/01/13) | 10/13 at 100.00 | AA(4) | 831,435 | ||||||||||||
2,600 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) | 11/11 at 101.00 | A1(4) | 2,892,864 | ||||||||||||
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: | ||||||||||||||||
8,175 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A(4) | 8,947,701 | ||||||||||||
825 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A(4) | 903,664 | ||||||||||||
5,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 (Pre-refunded 11/15/12) | 11/12 at 101.00 | A2(4) | 5,501,150 | ||||||||||||
3,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/32 (Pre-refunded 12/01/12) — Insured | 12/12 at 100.00 | N/R (4) | 3,340,740 | ||||||||||||
4,625 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) | 5/12 at 101.00 | AA—(4) | 5,125,934 | ||||||||||||
26,475 | Total U.S. Guaranteed | 29,223,428 | ||||||||||||||
Utilities — 9.0% (5.8% of Total Investments) | ||||||||||||||||
4,800 | Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 | 10/12 at 100.00 | Baa2 | 4,875,456 | ||||||||||||
9,440 | JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/15 | 10/11 at 100.00 | Aa2 | 9,892,929 | ||||||||||||
1,220 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 | 10/11 at 101.00 | Aa1 | 1,311,842 | ||||||||||||
445 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17 | 10/12 at 100.00 | Aa1 | 478,446 | ||||||||||||
650 | Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 — AMBAC Insured | 10/15 at 100.00 | AAA | 660,849 | ||||||||||||
1,170 | Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 — AMBAC Insured | 10/15 at 100.00 | AAA | 1,209,499 | ||||||||||||
17,725 | Total Utilities | 18,429,021 | ||||||||||||||
Water and Sewer — 11.0% (7.1% of Total Investments) | ||||||||||||||||
1,500 | Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 10/01/20 — FSA Insured | 10/13 at 100.00 | Aaa | 1,572,540 | ||||||||||||
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: | ||||||||||||||||
3,235 | 5.000%, 10/01/18 — FGIC Insured | 10/13 at 100.00 | AA— | 3,404,805 | ||||||||||||
5,090 | 5.000%, 10/01/19 — FGIC Insured | 10/13 at 100.00 | AA— | 5,321,748 | ||||||||||||
3,000 | 5.000%, 10/01/23 — FGIC Insured | 10/13 at 100.00 | AA— | 3,097,530 | ||||||||||||
1,065 | Lee County Industrial Development Authority, Florida, Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 — MBIA Insured (Alternative Minimum Tax) | 11/12 at 100.00 | AAA | 1,057,460 |
28
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
$ | 2,750 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 9.470%, 10/01/36 (IF) | 10/16 at 100.00 | AAA | $ | 2,948,990 | ||||||||||
5,000 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 | 10/16 at 100.00 | AAA | 5,134,600 | ||||||||||||
21,640 | Total Water and Sewer | 22,537,673 | ||||||||||||||
$ | 313,055 | Total Investments (cost $313,165,665) — 155.7% | 318,401,767 | |||||||||||||
Other Assets Less Liabilities — 1.5% | 3,150,692 | |||||||||||||||
Preferred Shares, at Liquidation Value — (57.2)% (5) | (117,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 204,552,459 | ||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Preferred Shares, at Liquidation Value as a percentage of total investments is (36.7)%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. |
29
NFL | Nuveen Insured Florida Premium Income Municipal Fund | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Education and Civic Organizations — 4.8% (3.2% of Total Investments) | ||||||||||||||||
$ | 10,255 | Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 — CIFG Insured | 4/16 at 100.00 | A1 | $ | 10,017,289 | ||||||||||
Health Care — 2.8% (1.9% of Total Investments) | ||||||||||||||||
2,000 | Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Holmes Regional Medical Center Project, Series 1996, 5.625%, 10/01/14 — MBIA Insured | 10/08 at 100.00 | AAA | 2,004,700 | ||||||||||||
2,500 | Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 — MBIA Insured | No Opt. Call | AAA | 2,931,375 | ||||||||||||
1,000 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 — MBIA Insured | 4/17 at 100.00 | AAA | 1,003,530 | ||||||||||||
5,500 | Total Health Care | 5,939,605 | ||||||||||||||
Housing/Multifamily — 10.4% (6.9% of Total Investments) | ||||||||||||||||
975 | Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27 (Alternative Minimum Tax) | 6/08 at 101.00 | Aaa | 980,938 | ||||||||||||
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon Manor Isles Project, Series 1998B: | ||||||||||||||||
1,260 | 5.350%, 9/01/18 — FSA Insured (Alternative Minimum Tax) | 9/08 at 101.00 | AAA | 1,264,234 | ||||||||||||
1,000 | 5.400%, 9/01/23 — FSA Insured (Alternative Minimum Tax) | 9/08 at 101.00 | AAA | 1,001,430 | ||||||||||||
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1: | ||||||||||||||||
1,040 | 5.350%, 9/01/18 — FSA Insured (Alternative Minimum Tax) | 9/08 at 101.00 | AAA | 1,043,494 | ||||||||||||
1,400 | 5.400%, 9/01/23 — FSA Insured (Alternative Minimum Tax) | 9/08 at 101.00 | AAA | 1,402,002 | ||||||||||||
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A: | ||||||||||||||||
1,230 | 5.650%, 9/01/17 — FSA Insured (Alternative Minimum Tax) | 9/08 at 100.00 | AAA | 1,233,272 | ||||||||||||
1,890 | 5.750%, 9/01/29 — FSA Insured (Alternative Minimum Tax) | 9/08 at 100.00 | AAA | 1,891,361 | ||||||||||||
1,395 | Florida Housing Finance Agency, Housing Revenue Bonds, Riverfront Apartments, Series 1997A, 6.250%, 4/01/37 — AMBAC Insured (Alternative Minimum Tax) | 10/08 at 101.00 | AAA | 1,402,938 | ||||||||||||
1,000 | Florida Housing Finance Agency, Housing Revenue Bonds, Turtle Creek Apartments, Series 1996C-1, 6.100%, 5/01/16 — AMBAC Insured (Alternative Minimum Tax) | 5/08 at 100.00 | AAA | 1,000,750 | ||||||||||||
2,045 | Florida Housing Finance Corporation, GNMA Collateralized Housing Revenue Bonds, Cobblestone Apartments, Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax) | 12/10 at 102.00 | Aaa | 2,114,244 | ||||||||||||
2,475 | Florida Housing Finance Corporation, GNMA Collateralized Housing Revenue Bonds, Raintree Apartments, Series 2000J-1, 5.950%, 3/01/35 (Alternative Minimum Tax) | 9/10 at 102.00 | AAA | 2,555,339 | ||||||||||||
3,330 | Jacksonville, Florida, GNMA Collateralized Housing Revenue Refunding Bonds, Windermere Manor Apartments, Series 1993A, 5.875%, 3/20/28 | 9/08 at 100.00 | AAA | 3,371,958 | ||||||||||||
1,425 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 — FSA Insured (Alternative Minimum Tax) | 6/11 at 100.00 | AAA | 1,438,523 | ||||||||||||
1,065 | Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 — FSA Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AAA | 1,063,860 | ||||||||||||
21,530 | Total Housing/Multifamily | 21,764,343 | ||||||||||||||
30
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Housing/Single Family — 0.7% (0.5% of Total Investments) | ||||||||||||||||
$ | 30 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 1999B, 5.250%, 4/01/31 — MBIA Insured (Alternative Minimum Tax) | 4/09 at 101.00 | Aaa | $ | 28,990 | ||||||||||
670 | Escambia County Housing Finance Authority, Florida, Multi-County Single Family Mortgage Revenue Bonds, Series 1999, 5.200%, 4/01/32 — MBIA Insured (Alternative Minimum Tax) | 10/08 at 102.00 | Aaa | 640,828 | ||||||||||||
3,745 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-4, 0.000%, 7/01/30 — FSA Insured (Alternative Minimum Tax) | 1/10 at 24.65 | Aaa | 835,360 | ||||||||||||
4,445 | Total Housing/Single Family | 1,505,178 | ||||||||||||||
Tax Obligation/General — 4.0% (2.6% of Total Investments) | ||||||||||||||||
4,940 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 — FGIC Insured | 6/11 at 101.00 | AAA | 5,039,096 | ||||||||||||
1,895 | Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 — AMBAC Insured | 6/15 at 100.00 | AAA | 1,918,593 | ||||||||||||
1,390 | Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 — AMBAC Insured | 2/14 at 100.00 | AAA | 1,414,909 | ||||||||||||
8,225 | Total Tax Obligation/General | 8,372,598 | ||||||||||||||
Tax Obligation/Limited — 62.2% (41.2% of Total Investments) | ||||||||||||||||
3,820 | Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 — MBIA Insured | 7/13 at 100.00 | AAA | 3,992,664 | ||||||||||||
1,500 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 — MBIA Insured | 10/14 at 100.00 | AAA | 1,553,205 | ||||||||||||
3,000 | Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 — AMBAC Insured | 6/15 at 100.00 | AAA | 3,082,710 | ||||||||||||
1,555 | DeSoto County, Florida, Capital Improvement Revenue Bonds, Series 2002, 5.250%, 10/01/20 — MBIA Insured | 4/12 at 101.00 | AAA | 1,640,276 | ||||||||||||
Destin, Florida, Capital Improvement Revenue Bonds, Series 2002: | ||||||||||||||||
1,000 | 5.000%, 8/01/27 — MBIA Insured | 8/12 at 101.00 | Aaa | 1,048,340 | ||||||||||||
1,000 | 5.125%, 8/01/31 — MBIA Insured | 8/12 at 101.00 | Aaa | 1,016,710 | ||||||||||||
2,500 | Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 — MBIA Insured | 2/15 at 100.00 | AAA | 2,547,125 | ||||||||||||
2,500 | Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 — FSA Insured | 8/15 at 100.00 | AAA | 2,530,125 | ||||||||||||
1,200 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 — MBIA Insured | 10/15 at 100.00 | AAA | 1,214,040 | ||||||||||||
1,435 | Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2003A, 5.000%, 7/01/19 — FGIC Insured | 7/13 at 101.00 | AA– | 1,508,285 | ||||||||||||
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | ||||||||||||||||
3,365 | 5.375%, 11/01/25 — MBIA Insured | 11/10 at 101.00 | AAA | 3,509,527 | ||||||||||||
3,345 | 5.375%, 11/01/30 — MBIA Insured | 11/10 at 101.00 | AAA | 3,420,831 | ||||||||||||
1,000 | Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 — MBIA Insured | 11/11 at 101.00 | AAA | 1,048,510 | ||||||||||||
2,230 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund — Intermodal Program, Series 1999, 5.500%, 10/01/23 — FGIC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | AA+ | 2,239,522 | ||||||||||||
5,200 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) — FGIC Insured | 12/11 at 101.00 | Baa3 | 5,434,988 | ||||||||||||
1,080 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 (Mandatory put 12/01/10) — FGIC Insured | 6/08 at 100.50 | Baa3 | 1,088,111 | ||||||||||||
1,020 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 (Mandatory put 12/01/08) — FGIC Insured | 6/08 at 100.50 | Baa3 | 1,027,660 | ||||||||||||
1,500 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) — FGIC Insured | 12/10 at 101.00 | Baa3 | 1,544,565 |
31
NFL | Nuveen Insured Florida Premium Income Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 6,000 | Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 — MBIA Insured | 7/13 at 100.00 | AAA | $ | 6,056,700 | ||||||||||
2,000 | Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/23 — AMBAC Insured | 11/13 at 101.00 | AAA | 2,074,100 | ||||||||||||
1,000 | Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 — FGIC Insured | 10/15 at 100.00 | AA+ | 1,030,570 | ||||||||||||
2,595 | Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 — MBIA Insured | 7/15 at 100.00 | AAA | 2,683,230 | ||||||||||||
1,000 | Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005, 5.000%, 5/01/25 — MBIA Insured | 5/15 at 102.00 | Aaa | 1,039,680 | ||||||||||||
1,500 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 — MBIA Insured | 10/13 at 100.00 | AAA | 1,587,120 | ||||||||||||
1,280 | Lake County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 7/01/21 — AMBAC Insured | 7/14 at 100.00 | AAA | 1,315,802 | ||||||||||||
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B: | ||||||||||||||||
1,730 | 5.000%, 10/01/18 — AMBAC Insured | 10/12 at 100.00 | AAA | 1,799,736 | ||||||||||||
2,000 | 5.000%, 10/01/19 — AMBAC Insured | 10/12 at 100.00 | AAA | 2,078,160 | ||||||||||||
1,230 | Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 — FGIC Insured | 10/14 at 100.00 | A3 | 1,286,236 | ||||||||||||
2,000 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 — AMBAC Insured | 11/16 at 100.00 | AAA | 1,997,260 | ||||||||||||
18,000 | Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 — MBIA Insured | 6/08 at 50.20 | AAA | 8,960,940 | ||||||||||||
1,000 | Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 — FGIC Insured | 8/17 at 100.00 | AA– | 1,003,600 | ||||||||||||
3,180 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 — FGIC Insured | 1/13 at 100.00 | AA | 3,317,758 | ||||||||||||
2,500 | Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 — XLCA Insured | 10/16 at 100.00 | A+ | 2,499,900 | ||||||||||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: | ||||||||||||||||
2,500 | 5.000%, 4/01/21 — MBIA Insured | 4/14 at 100.00 | Aaa | 2,601,125 | ||||||||||||
5,500 | 5.000%, 4/01/23 — MBIA Insured | 4/14 at 100.00 | Aaa | 5,589,870 | ||||||||||||
2,150 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 — FGIC Insured | 8/14 at 100.00 | AA– | 2,167,050 | ||||||||||||
3,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 — MBIA Insured | 8/17 at 100.00 | AAA | 3,037,470 | ||||||||||||
4,115 | Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993, 5.250%, 6/01/11 — FGIC Insured | No Opt. Call | Baa3 | 4,263,263 | ||||||||||||
Palm Beach County, Florida, Revenue Refunding Bonds, Criminal Justice Facilities, Series 1993: | ||||||||||||||||
2,500 | 5.375%, 6/01/08 — FGIC Insured | No Opt. Call | Baa3 | 2,507,550 | ||||||||||||
4,000 | 5.375%, 6/01/10 — FGIC Insured | No Opt. Call | Baa3 | 4,231,400 | ||||||||||||
1,300 | Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 8/15/21 — FSA Insured | 8/13 at 100.00 | Aaa | 1,351,441 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 — MBIA Insured | 7/17 at 100.00 | AAA | 1,012,410 | ||||||||||||
3,500 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 — FSA Insured | 7/17 at 100.00 | Aaa | 3,559,010 | ||||||||||||
4,260 | St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 — FSA Insured | 7/14 at 100.00 | AAA | 4,368,758 |
32
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003: | ||||||||||||||||
$ | 1,405 | 5.125%, 10/01/19 — FSA Insured | 10/13 at 100.00 | Aaa | $ | 1,490,059 | ||||||||||
1,475 | 5.125%, 10/01/20 — FSA Insured | 10/13 at 100.00 | Aaa | 1,563,780 | ||||||||||||
1,555 | 5.125%, 10/01/21 — FSA Insured | 10/13 at 100.00 | Aaa | 1,636,327 | ||||||||||||
1,245 | Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 5.000%, 4/01/22 — FGIC Insured | 4/12 at 100.00 | A+ | 1,272,925 | ||||||||||||
4,275 | Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 — FSA Insured | 8/15 at 100.00 | Aaa | 4,400,386 | ||||||||||||
2,000 | Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 — FSA Insured | 10/14 at 100.00 | AAA | 2,091,440 | ||||||||||||
3,000 | Volusia County, Florida, School Board Certificates of Participation, Series 2007, Trust 1035, 12.153%, 8/01/32 — FSA Insured (IF) | 8/17 at 100.00 | AAA | 3,112,440 | ||||||||||||
1,785 | Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 — FSA Insured | 12/14 at 100.00 | Aaa | 1,849,724 | ||||||||||||
135,830 | Total Tax Obligation/Limited | 130,284,414 | ||||||||||||||
Transportation — 7.0% (4.6% of Total Investments) | ||||||||||||||||
2,150 | Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 — AMBAC Insured | 10/14 at 100.00 | AAA | 2,186,486 | ||||||||||||
3,500 | Broward County, Florida, Airport System Revenue Bonds, Series 2004M-1, 6.370%, 10/01/29 — AMBAC Insured (Alternative Minimum Tax) | 5/08 at 100.00 | AAA | 3,500,000 | ||||||||||||
1,100 | Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 — MBIA Insured | 10/08 at 100.00 | AAA | 1,102,750 | ||||||||||||
2,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 — FSA Insured | 10/13 at 100.00 | AAA | 2,112,980 | ||||||||||||
5,615 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/19 — FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 5,726,626 | ||||||||||||
14,365 | Total Transportation | 14,628,842 | ||||||||||||||
U.S. Guaranteed — 16.8% (11.1% of Total Investments) (4) | ||||||||||||||||
5,325 | Escambia County Housing Finance Authority, Florida, Dormitory Revenue Bonds, University of West Florida Foundation Inc., Series 1999, 5.750%, 6/01/31 (Pre-refunded 6/01/09) — MBIA Insured | 6/09 at 101.00 | AAA | 5,583,689 | ||||||||||||
3,945 | Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) — AMBAC Insured | 10/13 at 100.00 | AAA | 4,324,430 | ||||||||||||
4,750 | Florida Housing Finance Corporation, Housing Revenue Bonds, Augustine Club Apartments, Series 2000D-1, 5.750%, 10/01/30 (Pre-refunded 10/01/10) — MBIA Insured | 10/10 at 102.00 | Aaa | 5,199,018 | ||||||||||||
10,000 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) — MBIA Insured | 9/11 at 34.97 | AAA | 3,168,100 | ||||||||||||
1,830 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) — MBIA Insured | 9/13 at 100.00 | AAA | 2,003,685 | ||||||||||||
5,715 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 — MBIA Insured (ETM) | No Opt. Call | AAA | 6,564,706 | ||||||||||||
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: | ||||||||||||||||
5,000 | 5.500%, 10/01/15 — FGIC Insured (ETM) | No Opt. Call | Baa3 (4) | 5,455,750 | ||||||||||||
1,200 | 5.500%, 10/01/21 — FGIC Insured (ETM) | No Opt. Call | Baa3 (4) | 1,350,204 | ||||||||||||
1,500 | Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System — St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 — MBIA Insured (ETM) | 6/08 at 100.00 | AAA | 1,520,085 | ||||||||||||
39,265 | Total U.S. Guaranteed | 35,169,667 | ||||||||||||||
Utilities — 7.4% (4.9% of Total Investments) | ||||||||||||||||
3,000 | Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 — MBIA Insured | 10/17 at 100.00 | AAA | 3,026,820 | ||||||||||||
8,000 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 — AMBAC Insured | No Opt. Call | AAA | 6,276,720 |
33
NFL | Nuveen Insured Florida Premium Income Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Utilities (continued) | ||||||||||||||||
$ | 3,525 | Palm Beach County Solid Waste Authority, Florida, Revenue Refunding Bonds, Series 1997A, 6.000%, 10/01/09 — AMBAC Insured | No Opt. Call | AAA | $ | 3,701,990 | ||||||||||
2,500 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 — MBIA Insured | 10/15 at 100.00 | AAA | 2,555,850 | ||||||||||||
17,025 | Total Utilities | 15,561,380 | ||||||||||||||
Water and Sewer — 34.8% (23.1% of Total Investments) | ||||||||||||||||
1,250 | Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 — AMBAC Insured | 9/15 at 100.00 | Aaa | 1,265,225 | ||||||||||||
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003: | ||||||||||||||||
5,000 | 5.000%, 10/01/21 — MBIA Insured | 10/13 at 100.00 | AAA | 5,178,450 | ||||||||||||
4,500 | 5.000%, 10/01/24 — MBIA Insured | 10/13 at 100.00 | AAA | 4,630,950 | ||||||||||||
Clay County, Florida, Utility System Revenue Bonds, Series 2007: | ||||||||||||||||
5,110 | 5.000%, 11/01/27 — XLCA Insured | 11/17 at 100.00 | AAA | 5,281,798 | ||||||||||||
12,585 | 5.000%, 11/01/32 — XLCA Insured | 11/17 at 100.00 | AAA | 12,874,578 | ||||||||||||
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003: | ||||||||||||||||
910 | 5.250%, 10/01/17 — AMBAC Insured | 10/13 at 100.00 | AAA | 978,523 | ||||||||||||
475 | 5.250%, 10/01/18 — AMBAC Insured | 10/13 at 100.00 | AAA | 505,680 | ||||||||||||
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003: | ||||||||||||||||
1,250 | 5.250%, 10/01/22 — MBIA Insured | 10/13 at 100.00 | AAA | 1,298,250 | ||||||||||||
1,095 | 5.000%, 10/01/23 — MBIA Insured | 10/13 at 100.00 | AAA | 1,119,977 | ||||||||||||
1,225 | 5.000%, 10/01/24 — MBIA Insured | 10/13 at 100.00 | AAA | 1,248,814 | ||||||||||||
1,000 | Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 — AMBAC Insured | 7/09 at 101.00 | Aaa | 1,008,970 | ||||||||||||
8,000 | Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1993A, 5.250%, 9/01/24 — FGIC Insured | 9/08 at 102.00 | Baa3 | 8,132,880 | ||||||||||||
1,000 | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 — FGIC Insured | 10/13 at 100.00 | AA– | 1,071,400 | ||||||||||||
1,500 | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2007B, 5.000%, 10/01/24 — MBIA Insured | 10/14 at 100.00 | AAA | 1,536,315 | ||||||||||||
1,450 | Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 — AMBAC Insured | 10/13 at 100.00 | AAA | 1,507,797 | ||||||||||||
2,000 | Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 — MBIA Insured | 10/13 at 100.00 | Aaa | 2,095,080 | ||||||||||||
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003: | ||||||||||||||||
1,350 | 5.250%, 10/01/17 — MBIA Insured | 10/13 at 100.00 | AAA | 1,451,655 | ||||||||||||
1,000 | 5.250%, 10/01/18 — MBIA Insured | 10/13 at 100.00 | AAA | 1,057,580 | ||||||||||||
1,750 | Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 — MBIA Insured | 10/13 at 100.00 | AAA | 1,809,885 | ||||||||||||
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003: | ||||||||||||||||
1,000 | 5.250%, 10/01/19 — MBIA Insured | 10/13 at 100.00 | AAA | 1,053,110 | ||||||||||||
500 | 5.250%, 10/01/20 — MBIA Insured | 10/13 at 100.00 | AAA | 524,330 | ||||||||||||
500 | 5.250%, 10/01/21 — MBIA Insured | 10/13 at 100.00 | AAA | 520,400 | ||||||||||||
1,170 | Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 — FGIC Insured | 10/14 at 100.00 | A2 | 1,182,110 | ||||||||||||
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002: | ||||||||||||||||
1,190 | 5.250%, 5/01/15 — MBIA Insured | 5/12 at 100.00 | AAA | 1,263,494 | ||||||||||||
1,980 | 5.250%, 5/01/17 — MBIA Insured | 5/12 at 100.00 | AAA | 2,102,285 | ||||||||||||
1,000 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 — MBIA Insured | 9/14 at 100.00 | Aaa | 1,028,350 | ||||||||||||
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002: | ||||||||||||||||
1,360 | 5.250%, 1/01/17 — FGIC Insured | 1/13 at 100.00 | Baa3 | 1,443,572 | ||||||||||||
770 | 5.250%, 1/01/18 — FGIC Insured | 1/13 at 100.00 | Baa3 | 813,436 | ||||||||||||
500 | 5.250%, 1/01/20 — FGIC Insured | 1/13 at 100.00 | Baa3 | 523,640 |
34
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
$ | 3,530 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 — MBIA Insured | No Opt. Call | AAA | $ | 3,988,512 | ||||||||||
1,300 | Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1996, 5.800%, 10/01/11 — AMBAC Insured | 10/08 at 100.00 | AAA | 1,316,276 | ||||||||||||
2,000 | Village Center Community Development District, Florida, Utility Revenue Bonds, Series 2003, 5.250%, 10/01/23 — MBIA Insured | 10/13 at 101.00 | AAA | 2,109,540 | ||||||||||||
1,100 | Wauchula, Florida, Utility Revenue Bonds, Series 2001A, 5.000%, 10/01/31 — FSA Insured | 10/11 at 101.00 | AAA | 1,140,513 | ||||||||||||
70,350 | Total Water and Sewer | 73,063,375 | ||||||||||||||
$ | 326,790 | Total Investments (cost $307,747,896) — 150.9% | 316,306,691 | |||||||||||||
Other Assets Less Liabilities — 2.1% | 4,314,613 | |||||||||||||||
Preferred Shares, at Liquidation Value — (53.0)% (5) | (111,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 209,621,304 | ||||||||||||||
Fund | Fixed Rate | Unrealized | ||||||||||||||||||||||||||||||
Notional | Pay/Receive | Floating Rate | Fixed Rate | Payment | Effective | Termination | Appreciation | |||||||||||||||||||||||||
Counterparty | Amount | Floating Rate | Index | (Annualized) | Frequency | Date (6) | Date | (Depreciation) | ||||||||||||||||||||||||
Royal Bank of Canada | $ | 1,500,000 | Pay | SIFM | 4.335 | % | Quarterly | 8/06/08 | 8/06/37 | $ | 133,108 | |||||||||||||||||||||
As of April 30, 2008, all of the bonds in the Portfolio of Investments are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Preferred Shares, at Liquidation Value as a percentage of total investments is (35.1)%. | |
(6) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. |
35
NWF | Nuveen Insured Florida Tax-Free Advantage Municipal Fund | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Consumer Staples — 1.9% (1.2% of Total Investments) | ||||||||||||||||
$ | 1,685 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 | 6/22 at 100.00 | BBB | $ | 1,033,444 | ||||||||||
Education and Civic Organizations — 14.7% (9.7% of Total Investments) | ||||||||||||||||
2,240 | FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 — AMBAC Insured | No Opt. Call | AAA | 2,416,266 | ||||||||||||
1,985 | North Miami, Florida, Educational Facilities Revenue Refunding Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/19 — XLCA Insured | 4/13 at 100.00 | A- | 2,021,981 | ||||||||||||
1,500 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2005, 5.000%, 10/15/35 — RAAI Insured | 10/15 at 100.00 | AA | 1,412,535 | ||||||||||||
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003: | ||||||||||||||||
1,000 | 5.200%, 10/15/26 — RAAI Insured | 10/13 at 100.00 | AA | 1,003,460 | ||||||||||||
1,250 | 5.200%, 10/15/33 — RAAI Insured | 10/13 at 100.00 | AA | 1,207,213 | ||||||||||||
7,975 | Total Education and Civic Organizations | 8,061,455 | ||||||||||||||
Health Care — 5.4% (3.6% of Total Investments) | ||||||||||||||||
1,000 | Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 979,380 | ||||||||||||
1,480 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 — MBIA Insured | 11/15 at 100.00 | AAA | 1,482,723 | ||||||||||||
500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 — MBIA Insured | 4/17 at 100.00 | AAA | 501,765 | ||||||||||||
2,980 | Total Health Care | 2,963,868 | ||||||||||||||
Housing/Single Family — 1.0% (0.7% of Total Investments) | ||||||||||||||||
545 | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | 582,234 | ||||||||||||
Tax Obligation/Limited — 56.0% (37.0% of Total Investments) | ||||||||||||||||
400 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 — MBIA Insured | 10/14 at 100.00 | AAA | 414,188 | ||||||||||||
1,000 | Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 — AMBAC Insured | 10/12 at 101.00 | AAA | 1,074,820 | ||||||||||||
500 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 — MBIA Insured | 10/15 at 100.00 | AAA | 505,850 | ||||||||||||
1,500 | Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 — MBIA Insured | 7/13 at 100.00 | AAA | 1,514,175 | ||||||||||||
2,270 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 — FGIC Insured | 10/12 at 100.00 | AA+ | 2,375,918 | ||||||||||||
2,265 | Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 — AMBAC Insured | 10/12 at 100.00 | AAA | 2,336,868 | ||||||||||||
2,000 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 — FGIC Insured | 1/13 at 100.00 | AA | 2,109,680 | ||||||||||||
1,500 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 — FGIC Insured | 1/13 at 100.00 | AA | 1,530,135 | ||||||||||||
3,335 | Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 — MBIA Insured | 10/14 at 100.00 | AAA | 3,583,291 |
36
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 2,670 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 — FSA Insured | 8/12 at 100.00 | AAA | $ | 2,702,414 | ||||||||||
2,000 | Palm Beach Gardens, Florida, Special Obligation Revenue Bonds, Series 2004, 5.000%, 5/01/20 — AMBAC Insured | 2/13 at 100.00 | AAA | 2,076,540 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 — MBIA Insured | 7/17 at 100.00 | AAA | 1,012,410 | ||||||||||||
2,115 | Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 — MBIA Insured | 9/13 at 100.00 | AAA | 2,178,704 | ||||||||||||
500 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 — FSA Insured | 7/17 at 100.00 | Aaa | 508,430 | ||||||||||||
1,730 | St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 — AMBAC Insured | 10/14 at 100.00 | AAA | 1,780,620 | ||||||||||||
4,000 | St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 — FSA Insured | 7/14 at 100.00 | AAA | 4,102,120 | ||||||||||||
1,000 | Vista Lakes Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A2, 5.000%, 5/01/34 — RAAI Insured | 5/17 at 100.00 | AA | 941,800 | ||||||||||||
29,785 | Total Tax Obligation/Limited | 30,747,963 | ||||||||||||||
Transportation — 12.3% (8.1% of Total Investments) | ||||||||||||||||
2,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 — FSA Insured | 10/12 at 100.00 | AAA | 2,029,900 | ||||||||||||
2,105 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 — FSA Insured | 10/13 at 100.00 | AAA | 2,223,911 | ||||||||||||
1,730 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 — AMBAC Insured | 10/14 at 100.00 | AAA | 1,786,467 | ||||||||||||
700 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2005B, 4.500%, 7/01/29 — AMBAC Insured | No Opt. Call | AAA | 700,000 | ||||||||||||
6,535 | Total Transportation | 6,740,278 | ||||||||||||||
U.S. Guaranteed — 32.8% (21.7% of Total Investments) (4) | ||||||||||||||||
1,660 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.375%, 2/15/26 (Pre-refunded 2/15/13) — FSA Insured | 2/13 at 100.00 | AAA | 1,832,175 | ||||||||||||
3,500 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13) | 11/13 at 100.00 | N/R | (4) | 3,971,555 | |||||||||||
500 | North Port, Florida, Utility System Revenue Bonds, Series 2000, 5.000%, 10/01/25 (Pre-refunded 10/01/10) — FSA Insured | 10/10 at 101.00 | Aaa | 533,320 | ||||||||||||
3,370 | Osceola County School Board, Florida, Certificates of Participation, Series 2002A, 5.125%, 6/01/20 (Pre-refunded 6/01/12) — AMBAC Insured | 6/12 at 101.00 | Aaa | 3,663,291 | ||||||||||||
1,950 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) — FSA Insured | 8/12 at 100.00 | AAA | 2,129,966 | ||||||||||||
2,800 | Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003, 5.750%, 11/15/27 (Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (4) | 3,148,404 | ||||||||||||
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) — FSA Insured | 7/12 at 101.00 | AAA | 1,099,140 | ||||||||||||
1,500 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) | 2/13 at 100.00 | Aaa | 1,638,840 | ||||||||||||
16,280 | Total U.S. Guaranteed | 18,016,691 | ||||||||||||||
37
NWF | Nuveen Insured Florida Tax-Free Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS April 30, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer — 27.2% (18.0% of Total Investments) | ||||||||||||||||
$ | 1,000 | Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 — AMBAC Insured | 9/15 at 100.00 | Aaa | $ | 1,008,490 | ||||||||||
Clay County, Florida, Utility System Revenue Bonds, Series 2007: | ||||||||||||||||
1,500 | 5.000%, 11/01/27 — XLCA Insured | 11/17 at 100.00 | AAA | 1,550,430 | ||||||||||||
3,000 | 5.000%, 11/01/32 — XLCA Insured | 11/17 at 100.00 | AAA | 3,069,030 | ||||||||||||
1,525 | Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 — FGIC Insured | 9/13 at 100.00 | Baa3 | 1,569,469 | ||||||||||||
3,000 | Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 — MBIA Insured | 10/13 at 100.00 | AAA | 3,036,780 | ||||||||||||
2,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 — FGIC Insured | 10/09 at 101.00 | A+ | 2,000,540 | ||||||||||||
1,095 | Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 — MBIA Insured | 10/14 at 100.00 | AAA | 1,172,230 | ||||||||||||
1,500 | Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002, 5.000%, 5/01/23 — MBIA Insured | 5/12 at 100.00 | AAA | 1,537,125 | ||||||||||||
14,620 | Total Water and Sewer | 14,944,094 | ||||||||||||||
$ | 80,405 | Total Investments (cost $81,330,985) — 151.3% | 83,090,027 | |||||||||||||
Other Assets Less Liabilities — 1.5% | 836,048 | |||||||||||||||
Preferred Shares, at Liquidation Value — (52.8)% (5) | (29,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 54,926,075 | ||||||||||||||
Fund | Fixed Rate | Unrealized | ||||||||||||||||||||||||||||||
Notional | Pay/Receive | Floating Rate | Fixed Rate | Payment | Effective | Termination | Appreciation | |||||||||||||||||||||||||
Counterparty | Amount | Floating Rate | Index | (Annualized) | Frequency | Date (6) | Date | (Depreciation) | ||||||||||||||||||||||||
Royal Bank of Canada | $ | 1,400,000 | Pay | SIFM | 4.335 | % | Quarterly | 8/06/08 | 8/06/37 | $ | 124,234 | |||||||||||||||||||||
As of April 30, 2008, at least 80% of the Fund’s net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund’s net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody’s, Standard & Poor’s or Fitch) or unrated but judged to be of comparable quality by the Adviser. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of April 30, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Preferred Shares, at Liquidation Value as a percentage of total investments is (34.9)%. | |
(6) | Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. | |
N/R | Not rated. |
38
Statement of | |
ASSETS & LIABILITIES |
Florida | Florida | Insured Florida | Insured Florida | |||||||||||||
Investment Quality | Quality Income | Premium Income | Tax-Free Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $357,343,421, $313,165,665, $307,747,896 and $81,330,985, respectively) | $ | 367,515,333 | $ | 318,401,767 | $ | 316,306,691 | $ | 83,090,027 | ||||||||
Cash | — | 235,517 | 451,727 | — | ||||||||||||
Unrealized appreciation on forward swaps | — | — | 133,108 | 124,234 | ||||||||||||
Receivables: | ||||||||||||||||
Interest | 4,393,907 | 3,832,866 | 3,535,264 | 1,001,405 | ||||||||||||
Investments sold | 2,915,000 | 5,000 | 1,225,000 | — | ||||||||||||
Other assets | 43,023 | 47,812 | 33,675 | 7,291 | ||||||||||||
Total assets | 374,867,263 | 322,522,962 | 321,685,465 | 84,222,957 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | 169,472 | — | — | 39,242 | ||||||||||||
Floating rate obligations | 6,660,000 | — | — | — | ||||||||||||
Unrealized depreciation on forward swaps | 821,435 | — | — | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 187,007 | 164,911 | 164,447 | 27,254 | ||||||||||||
Other | 90,722 | 80,735 | 85,822 | 19,198 | ||||||||||||
Common share dividends payable | 808,066 | 681,903 | 745,095 | 191,793 | ||||||||||||
Preferred share dividends payable | 24,224 | 42,954 | 68,797 | 19,395 | ||||||||||||
Total liabilities | 8,760,926 | 970,503 | 1,064,161 | 296,882 | ||||||||||||
Preferred shares, at liquidation value | 132,000,000 | 117,000,000 | 111,000,000 | 29,000,000 | ||||||||||||
Net assets applicable to Common shares | $ | 234,106,337 | $ | 204,552,459 | $ | 209,621,304 | $ | 54,926,075 | ||||||||
Common shares outstanding | 16,368,802 | 14,154,895 | 14,218,896 | 3,882,373 | ||||||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) | $ | 14.30 | $ | 14.45 | $ | 14.74 | $ | 14.15 | ||||||||
Net assets applicable to Common shares consist of: | ||||||||||||||||
Common shares, $.01 par value per share | $ | 163,688 | $ | 141,549 | $ | 142,189 | $ | 38,824 | ||||||||
Paid-in surplus | 228,858,884 | 204,131,712 | 201,990,758 | 54,746,905 | ||||||||||||
Undistributed (Over-distribution of) net investment income | (180,543 | ) | (593,166 | ) | 44,139 | (109,308 | ) | |||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (4,086,169 | ) | (4,363,738 | ) | (1,247,685 | ) | (1,633,622 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | 9,350,477 | 5,236,102 | 8,691,903 | 1,883,276 | ||||||||||||
Net assets applicable to Common shares | $ | 234,106,337 | $ | 204,552,459 | $ | 209,621,304 | $ | 54,926,075 | ||||||||
Authorized shares: | ||||||||||||||||
Common | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
Preferred | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
39
Statement of | |
OPERATIONS |
Florida | Florida | Insured Florida | Insured Florida | |||||||||||||
Investment Quality | Quality Income | Premium Income | Tax-Free Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Investment Income | $ | 19,962,764 | $ | 17,204,414 | $ | 16,519,364 | $ | 3,941,370 | ||||||||
Expenses | ||||||||||||||||
Management fees | 2,316,451 | 2,044,726 | 2,031,193 | 534,685 | ||||||||||||
Preferred shares — auction fees | 330,455 | 292,903 | 277,882 | 72,600 | ||||||||||||
Preferred shares — dividend disbursing agent fees | 20,021 | 30,044 | 20,007 | 10,018 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 18,710 | 13,591 | 13,529 | 722 | ||||||||||||
Interest expense on floating rate obligations | 1,126,637 | 1,169,400 | 406,494 | — | ||||||||||||
Custodian’s fees and expenses | 94,129 | 73,903 | 75,950 | 25,079 | ||||||||||||
Trustees’ fees and expenses | 8,937 | 7,601 | 7,523 | 1,917 | ||||||||||||
Professional fees | 26,917 | 24,266 | 24,340 | 12,397 | ||||||||||||
Shareholders’ reports — printing and mailing expenses | 39,506 | 33,150 | 37,100 | 12,140 | ||||||||||||
Stock exchange listing fees | 9,515 | 9,515 | 9,530 | 403 | ||||||||||||
Investor relations expense | 30,372 | 26,810 | 27,101 | 7,270 | ||||||||||||
Other expenses | 21,586 | 20,355 | 20,177 | 6,138 | ||||||||||||
Total expenses before custodian fee credit and expense reimbursement | 4,043,236 | 3,746,264 | 2,950,826 | 683,369 | ||||||||||||
Custodian fee credit | (28,875 | ) | (20,247 | ) | (25,835 | ) | (10,091 | ) | ||||||||
Expense reimbursement | — | — | — | (241,661 | ) | |||||||||||
Net expenses | 4,014,361 | 3,726,017 | 2,924,991 | 431,617 | ||||||||||||
Net investment income | 15,948,403 | 13,478,397 | 13,594,373 | 3,509,753 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (2,926,121 | ) | (4,195,080 | ) | (957,893 | ) | (199,637 | ) | ||||||||
Forward swaps | 287,000 | — | 34,700 | 13,880 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (11,368,478 | ) | (8,376,881 | ) | (7,864,803 | ) | (1,564,997 | ) | ||||||||
Forward swaps | (682,435 | ) | — | 133,108 | 124,234 | |||||||||||
Net realized and unrealized gain (loss) | (14,690,034 | ) | (12,571,961 | ) | (8,654,888 | ) | (1,626,520 | ) | ||||||||
Distributions to Preferred Shareholders | ||||||||||||||||
From net investment income | (4,781,885 | ) | (4,355,779 | ) | (3,851,736 | ) | (1,045,304 | ) | ||||||||
From accumulated net realized gains | — | (44,456 | ) | (327,094 | ) | — | ||||||||||
Decrease in net assets applicable to Common shares from distributions to Preferred shareholders | (4,781,885 | ) | (4,400,235 | ) | (4,178,830 | ) | (1,045,304 | ) | ||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | $ | (3,523,516 | ) | $ | (3,493,799 | ) | $ | 760,655 | $ | 837,929 | ||||||
40
Statement of | |
CHANGES in NET ASSETS |
Florida Investment Quality (NQF) | Florida Quality Income (NUF) | |||||||||||||||||||||||
Ten Months | Ten Months | |||||||||||||||||||||||
Year Ended | Ended | Year Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||
4/30/08 | 4/30/07 | 6/30/06 | 4/30/08 | 4/30/07 | 6/30/06 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 15,948,403 | $ | 13,103,664 | $ | 15,600,126 | $ | 13,478,397 | $ | 11,152,781 | $ | 13,225,877 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | (2,926,121 | ) | 674,291 | 501,480 | (4,195,080 | ) | 273,077 | 859,292 | ||||||||||||||||
Forward swaps | 287,000 | — | — | — | 25,000 | — | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments | (11,368,478 | ) | 7,272,314 | (14,732,365 | ) | (8,376,881 | ) | 6,745,764 | (12,303,508 | ) | ||||||||||||||
Forward swaps | (682,435 | ) | (139,000 | ) | — | — | — | — | ||||||||||||||||
Distributions to Preferred shareholders: | ||||||||||||||||||||||||
From net investment income | (4,781,885 | ) | (3,844,551 | ) | (3,430,679 | ) | (4,355,779 | ) | (3,401,825 | ) | (3,035,981 | ) | ||||||||||||
From accumulated net realized gains | — | — | — | (44,456 | ) | — | — | |||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (3,523,516 | ) | 17,066,718 | (2,061,438 | ) | (3,493,799 | ) | 14,794,797 | (1,254,320 | ) | ||||||||||||||
Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | (10,949,281 | ) | (9,504,640 | ) | (13,251,988 | ) | (9,321,243 | ) | (7,852,127 | ) | (11,076,970 | ) | ||||||||||||
From accumulated net realized gains | — | — | — | (101,970 | ) | — | — | |||||||||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (10,949,281 | ) | (9,504,640 | ) | (13,251,988 | ) | (9,423,213 | ) | (7,852,127 | ) | (11,076,970 | ) | ||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||
Common shares: | ||||||||||||||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | 155,702 | — | — | 42,933 | ||||||||||||||||||
Repurchased | (2,896,057 | ) | — | — | (1,977,228 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | (2,896,057 | ) | — | 155,702 | (1,977,228 | ) | — | 42,933 | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares | (17,368,854 | ) | 7,562,078 | (15,157,724 | ) | (14,894,240 | ) | 6,942,670 | (12,288,357 | ) | ||||||||||||||
Net assets applicable to Common shares at the beginning of period | 251,475,191 | 243,913,113 | 259,070,837 | 219,446,699 | 212,504,029 | 224,792,386 | ||||||||||||||||||
Net assets applicable to Common shares at the end of period | $ | 234,106,337 | $ | 251,475,191 | $ | 243,913,113 | $ | 204,552,459 | $ | 219,446,699 | $ | 212,504,029 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (180,543 | ) | $ | (395,050 | ) | $ | (149,523 | ) | $ | (593,166 | ) | $ | (393,598 | ) | $ | (292,353 | ) | ||||||
41
Statement of | |
CHANGES in NET ASSETS (continued) |
Insured Florida Premium Income (NFL) | Insured Florida Tax-Free Advantage (NWF) | |||||||||||||||||||||||||
Ten Months | Ten Months | |||||||||||||||||||||||||
Year Ended | Ended | Year Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||
4/30/08 | 4/30/07 | 6/30/06 | 4/30/08 | 4/30/07 | 6/30/06 | |||||||||||||||||||||
Operations | ||||||||||||||||||||||||||
Net investment income | $ | 13,594,373 | $ | 11,399,002 | $ | 13,821,853 | $ | 3,509,753 | $ | 2,926,874 | $ | 3,506,557 | ||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||
Investments | (957,893 | ) | 1,215,018 | 938,575 | (199,637 | ) | 2,259 | (4,419 | ) | |||||||||||||||||
Forward swaps | 34,700 | — | — | 13,880 | 53,678 | 137,974 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||
Investments | (7,864,803 | ) | 4,061,415 | (13,926,918 | ) | (1,564,997 | ) | 2,125,216 | (3,311,864 | ) | ||||||||||||||||
Forward swaps | 133,108 | — | — | 124,234 | (228,722 | ) | 418,597 | |||||||||||||||||||
Distributions to Preferred shareholders: | ||||||||||||||||||||||||||
From net investment income | (3,851,736 | ) | (3,147,762 | ) | (2,768,590 | ) | (1,045,304 | ) | (819,179 | ) | (728,881 | ) | ||||||||||||||
From accumulated net realized gains | (327,094 | ) | (76,901 | ) | (281,644 | ) | — | — | — | |||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | 760,655 | 13,450,772 | (2,216,724 | ) | 837,929 | 4,060,126 | 17,964 | |||||||||||||||||||
Distributions to Common Shareholders | ||||||||||||||||||||||||||
From net investment income | (9,893,964 | ) | (8,995,875 | ) | (11,855,911 | ) | (2,457,543 | ) | (2,139,189 | ) | (2,694,347 | ) | ||||||||||||||
From accumulated net realized gains | (910,585 | ) | (300,815 | ) | (2,071,689 | ) | — | — | — | |||||||||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (10,804,549 | ) | (9,296,690 | ) | (13,927,600 | ) | (2,457,543 | ) | (2,139,189 | ) | (2,694,347 | ) | ||||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||||
Common shares: | ||||||||||||||||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | 268,943 | — | — | 5,148 | ||||||||||||||||||||
Repurchased | (2,392,636 | ) | — | — | — | — | — | |||||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | (2,392,636 | ) | — | 268,943 | — | — | 5,148 | |||||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares | (12,436,530 | ) | 4,154,082 | (15,875,381 | ) | (1,619,614 | ) | 1,920,937 | (2,671,235 | ) | ||||||||||||||||
Net assets applicable to Common shares at the beginning of period | 222,057,834 | 217,903,752 | 233,779,133 | 56,545,689 | 54,624,752 | 57,295,987 | ||||||||||||||||||||
Net assets applicable to Common shares at the end of period | $ | 209,621,304 | $ | 222,057,834 | $ | 217,903,752 | $ | 54,926,075 | $ | 56,545,689 | $ | 54,624,752 | ||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 44,139 | $ | 207,417 | $ | 952,052 | $ | (109,308 | ) | $ | (116,044 | ) | $ | (84,550 | ) | |||||||||||
42
Statement of | |
CASH FLOWS |
Florida | Florida | |||||||
Investment Quality | Quality Income | |||||||
(NQF) | (NUF) | |||||||
Cash Flows from Operating Activities: | ||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ | (3,523,516 | ) | $ | (3,493,799 | ) | ||
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities: | ||||||||
Purchases of investments | (92,441,985 | ) | (92,557,648 | ) | ||||
Proceeds from sales of investments | 145,204,816 | 139,489,193 | ||||||
Cash settlement of forward swaps | 287,000 | — | ||||||
Amortization/(Accretion) of premiums and discounts, net | (1,266,713 | ) | (3,584,646 | ) | ||||
(Increase) Decrease in receivable for interest | 129,758 | 143,896 | ||||||
(Increase) Decrease in receivable for investments sold | (2,800,000 | ) | 30,000 | |||||
(Increase) Decrease in other assets | (2,128 | ) | (1,818 | ) | ||||
Increase (Decrease) in payable for investments purchased | (1,268,163 | ) | (1,268,163 | ) | ||||
Increase (Decrease) in accrued management fees | (8,140 | ) | (6,744 | ) | ||||
Increase (Decrease) in accrued other liabilities | (13,468 | ) | (5,852 | ) | ||||
Increase (Decrease) in Preferred shares dividends payable | (30,003 | ) | (9,742 | ) | ||||
Net realized (gain) loss from investments | 2,926,121 | 4,195,080 | ||||||
Net realized (gain) loss from forward swaps | (287,000 | ) | — | |||||
Change in net unrealized (appreciation) depreciation of investments | 11,368,478 | 8,376,881 | ||||||
Change in net unrealized (appreciation) depreciation of forward swaps | 682,435 | — | ||||||
Net cash provided by (used in) operating activities | 58,957,492 | 51,306,638 | ||||||
Cash Flows from Financing Activities: | ||||||||
Increase (Decrease) in floating rate obligations | (46,175,000 | ) | (41,110,000 | ) | ||||
Increase (Decrease) in cash overdraft balance | 169,472 | — | ||||||
Cash distributions paid to Common shareholders | (10,141,215 | ) | (8,741,310 | ) | ||||
Cost of Common shares repurchases | (2,896,057 | ) | (1,977,228 | ) | ||||
Net cash provided by (used in) financing activities | (59,042,800 | ) | (51,828,538 | ) | ||||
Net Increase (Decrease) in Cash | (85,308 | ) | (521,900 | ) | ||||
Cash at the beginning of year | 85,308 | 757,417 | ||||||
Cash at the End of Year | $ | — | $ | 235,517 | ||||
Cash paid for interest on floating rate obligations was $1,126,637 and $1,169,400 for Florida Investment Quality (NQF) and Florida Quality Income (NUF), respectively.
43
Notes to | |
FINANCIAL STATEMENTS |
44
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Number of shares: | ||||||||||||||||
Series M | — | 1,700 | — | — | ||||||||||||
Series T | 3,080 | — | — | — | ||||||||||||
Series W | — | — | 1,640 | 1,160 | ||||||||||||
Series TH | — | 1,700 | 2,800 | — | ||||||||||||
Series F | 2,200 | 1,280 | — | — | ||||||||||||
Total | 5,280 | 4,680 | 4,440 | 1,160 | ||||||||||||
45
Notes to | |
FINANCIAL STATEMENTS (continued) |
46
Insured | ||||||||||||
Florida | Florida | Florida | ||||||||||
Investment | Quality | Premium | ||||||||||
Quality | Income | Income | ||||||||||
(NQF) | (NUF) | (NFL) | ||||||||||
Average floating rate obligations | $ | 32,117,268 | $ | 32,024,781 | $ | 10,609,495 | ||||||
Average annual interest rate and fees | 3.51 | % | 3.65 | % | 3.83 | % | ||||||
47
Notes to | |
FINANCIAL STATEMENTS (continued) |
48
Florida | Florida | |||||||||||||||||||||||
Investment Quality (NQF) | Quality Income (NUF) | |||||||||||||||||||||||
Year | Ten Months | Year | Ten Months | |||||||||||||||||||||
Ended | Ended | Year Ended | Ended | Ended | Year Ended | |||||||||||||||||||
4/30/08 | 4/30/07 | 6/30/06 | 4/30/08 | 4/30/07 | 6/30/06 | |||||||||||||||||||
Common shares: | ||||||||||||||||||||||||
Issued to shareholders due to reinvestment of distributions | — | — | 9,854 | — | — | 2,715 | ||||||||||||||||||
Repurchased | (218,700 | ) | — | — | (147,700 | ) | — | — | ||||||||||||||||
Weighted average price per Common share repurchased | $ | 13.22 | — | — | $ | 13.37 | — | — | ||||||||||||||||
Weighted average discount per Common share repurchased | 9.68 | % | — | — | 10.16 | % | — | — | ||||||||||||||||
Insured Florida | Insured Florida | |||||||||||||||||||||||
Premium Income (NFL) | Tax-Free Advantage (NWF) | |||||||||||||||||||||||
Year | Ten Months | Year | Ten Months | |||||||||||||||||||||
Ended | Ended | Year Ended | Ended | Ended | Year Ended | |||||||||||||||||||
4/30/08 | 4/30/07 | 6/30/06 | 4/30/08 | 4/30/07 | 6/30/06 | |||||||||||||||||||
Common shares: | ||||||||||||||||||||||||
Issued to shareholders due to reinvestment of distributions | — | — | 16,602 | — | — | 339 | ||||||||||||||||||
Repurchased | (174,500 | ) | — | — | — | — | — | |||||||||||||||||
Weighted average price per Common share repurchased | $ | 13.69 | — | — | — | — | — | |||||||||||||||||
Weighted average discount per Common share repurchased | 8.80 | % | — | — | — | — | — | |||||||||||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Purchases | $ | 92,441,985 | $ | 92,557,648 | $ | 93,494,168 | $ | 25,622,747 | ||||||||
Sales and maturities | 145,204,816 | 139,489,193 | 117,015,159 | 24,233,262 | ||||||||||||
49
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Cost of investments | $ | 350,381,272 | $ | 313,153,422 | $ | 307,540,957 | $ | 81,330,973 | ||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 13,741,849 | $ | 8,182,091 | $ | 10,259,396 | $ | 2,395,269 | ||||||||
Depreciation | (3,267,713 | ) | (2,933,746 | ) | (1,493,662 | ) | (636,215 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 10,474,136 | $ | 5,248,345 | $ | 8,765,734 | $ | 1,759,054 | ||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Undistributed net tax-exempt income * | $ | 362,721 | $ | 187,753 | $ | 626,360 | $ | 110,019 | ||||||||
Undistributed net ordinary income ** | 62,652 | — | — | — | ||||||||||||
Undistributed net long-term capital gains | — | — | — | — | ||||||||||||
* | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2008, paid on May 1, 2008. | |
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
50
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
Year Ended April 30, 2008 | (NQF) | (NUF) | (NFL) | (NWF) | ||||||||||||
Distributions from net tax-exempt income*** | $ | 15,831,036 | $ | 13,723,665 | $ | 13,780,200 | $ | 3,509,003 | ||||||||
Distributions from net ordinary income ** | — | — | — | — | ||||||||||||
Distributions from net long-term capital gains**** | — | 145,959 | 1,237,160 | — | ||||||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
Ten Months Ended April 30, 2007 | (NQF) | (NUF) | (NFL) | (NWF) | ||||||||||||
Distributions from net tax-exempt income | $ | 13,350,222 | $ | 11,250,793 | $ | 12,143,430 | $ | 2,962,418 | ||||||||
Distributions from net ordinary income ** | — | — | — | — | ||||||||||||
Distributions from net long-term capital gains | — | — | 377,716 | — | ||||||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
Year Ended June 30, 2006 | (NQF) | (NUF) | (NFL) | (NWF) | ||||||||||||
Distributions from net tax-exempt income | $ | 16,916,047 | $ | 14,335,500 | $ | 14,787,761 | $ | 3,426,176 | ||||||||
Distributions from net ordinary income ** | — | — | — | — | ||||||||||||
Distributions from net long-term capital gains | — | — | 2,353,333 | — | ||||||||||||
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. | |
*** | The Funds hereby designate these amounts paid during the fiscal year ended April 30, 2008, as Exempt Interest Dividends. | |
**** | The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended April 30, 2008. |
Insured | ||||||||
Florida | Florida | |||||||
Investment | Tax-Free | |||||||
Quality | Advantage | |||||||
(NQF) | (NWF) | |||||||
Expiration: | ||||||||
April 30, 2012 | $ | — | $ | 791,760 | ||||
April 30, 2013 | 1,449,778 | 97,429 | ||||||
April 30, 2014 | — | 236,625 | ||||||
April 30, 2015 | — | 194,032 | ||||||
April 30, 2016 | 197,103 | — | ||||||
Total | $ | 1,646,881 | $ | 1,319,846 | ||||
51
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Total | $ | 2,439,288 | $ | 4,363,738 | $ | 1,150,460 | $ | 313,774 | ||||||||
Florida Investment Quality (NQF) | ||||
Florida Quality Income (NUF) | ||||
Insured Florida Premium Income (NFL) | ||||
Average Daily Net Assets (including net assets attributable to Preferred shares) | Fund-Level Fee Rate | |||
For the first $125 million | .4500 | % | ||
For the next $125 million | .4375 | |||
For the next $250 million | .4250 | |||
For the next $500 million | .4125 | |||
For the next $1 billion | .4000 | |||
For the next $3 billion | .3875 | |||
For net assets over $5 billion | .3750 | |||
Insured Florida Tax-Free Advantage (NWF) | ||||
Average Daily Net Assets (including net assets attributable to Preferred shares) | Fund-Level Fee Rate | |||
For the first $125 million | .4500 | % | ||
For the next $125 million | .4375 | |||
For the next $250 million | .4250 | |||
For the next $500 million | .4125 | |||
For the next $1 billion | .4000 | |||
For net assets over $2 billion | .3750 | |||
52
Complex-Level Asset Breakpoint Level(1) | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 | |||
Complex-Level Asset Breakpoint Level(1) | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1698 | |||
$125 billion | .1617 | |||
$200 billion | .1536 | |||
$250 billion | .1509 | |||
$300 billion | .1490 | |||
(1) | The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets (“Managed Assets” means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen-sponsored funds in the U.S. |
53
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Year Ending | Year Ending | |||||||||||
November 30, | November 30, | |||||||||||
2002* | .32 | % | 2007 | .32 | % | |||||||
2003 | .32 | 2008 | .24 | |||||||||
2004 | .32 | 2009 | .16 | |||||||||
2005 | .32 | 2010 | .08 | |||||||||
2006 | .32 | |||||||||||
* | From the commencement of operations. |
54
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Dividend per share | $ | .0540 | $ | .0530 | $ | .0575 | $ | .0515 | ||||||||
55
Financial | |||
HIGHLIGHTS |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Offering | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Costs and | Ending | ||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | |||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Preferred | Preferred | Common | Common | Share | Share | Ending | |||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Share- | Share- | Share- | Share- | Underwriting | Net Asset | Market | |||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | holders† | holders† | Total | holders | holders | Total | Discounts | Value | Value | |||||||||||||||||||||||||||||||||||||
Florida Investment Quality (NQF) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 15.16 | $ | .97 | $ | (.87 | ) | $ | (.29 | ) | $ | — | $ | (.19 | ) | $ | (.67 | ) | $ | — | $ | (.67 | ) | $ | — | $ | 14.30 | $ | 12.77 | |||||||||||||||||||
2007(b) | 14.70 | .79 | .47 | (.23 | ) | — | 1.03 | (.57 | ) | — | (.57 | ) | — | 15.16 | 14.11 | |||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 15.63 | .94 | (.86 | ) | (.21 | ) | — | (.13 | ) | (.80 | ) | — | (.80 | ) | — | 14.70 | 13.02 | |||||||||||||||||||||||||||||||
2005 | 14.81 | .96 | .94 | (.11 | ) | — | 1.79 | (.97 | ) | — | (.97 | ) | — | 15.63 | 15.48 | |||||||||||||||||||||||||||||||||
2004 | 15.87 | 1.06 | (.84 | ) | (.06 | ) | (.01 | ) | .15 | (1.01 | ) | (.20 | ) | (1.21 | ) | — | 14.81 | 14.03 | ||||||||||||||||||||||||||||||
2003 | 15.19 | 1.10 | .76 | (.07 | ) | (.01 | ) | 1.78 | (.97 | ) | (.13 | ) | (1.10 | ) | — | 15.87 | 16.75 | |||||||||||||||||||||||||||||||
Florida Quality Income (NUF) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 15.34 | .95 | (.86 | ) | (.31 | ) | — | * | (.22 | ) | (.66 | ) | (.01 | ) | (.67 | ) | — | 14.45 | 12.75 | |||||||||||||||||||||||||||||
2007(b) | 14.86 | .78 | .49 | (.24 | ) | — | 1.03 | (.55 | ) | — | (.55 | ) | — | 15.34 | 14.04 | |||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 15.72 | .92 | (.80 | ) | (.21 | ) | — | (.09 | ) | (.77 | ) | — | (.77 | ) | — | 14.86 | 13.07 | |||||||||||||||||||||||||||||||
2005 | 14.81 | .94 | 1.04 | (.11 | ) | — | 1.87 | (.96 | ) | — | (.96 | ) | — | 15.72 | 15.27 | |||||||||||||||||||||||||||||||||
2004 | 15.75 | 1.04 | (.78 | ) | (.05 | ) | (.01 | ) | .20 | (1.00 | ) | (.14 | ) | (1.14 | ) | — | 14.81 | 13.84 | ||||||||||||||||||||||||||||||
2003 | 15.23 | 1.08 | .71 | (.07 | ) | (.02 | ) | 1.70 | (1.00 | ) | (.18 | ) | (1.18 | ) | — | 15.75 | 16.60 | |||||||||||||||||||||||||||||||
Floating Rate Obligations | ||||||||||||||||||||
Preferred Shares at End of Period | at End of Period | |||||||||||||||||||
Aggregate | Liquidation | Aggregate | ||||||||||||||||||
Amount | and Market | Asset | Amount | Asset | ||||||||||||||||
Outstanding | Value | Coverage | Outstanding | Coverage | ||||||||||||||||
(000) | Per Share | Per Share | (000) | Per $1,000 | ||||||||||||||||
Florida Investment Quality (NQF) | ||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||
2008 | $ | 132,000 | $ | 25,000 | $ | 69,338 | $ | 6,660 | $ | 55,971 | ||||||||||
2007(b) | 132,000 | 25,000 | 72,628 | 52,835 | 8,258 | |||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||
2006 | 132,000 | 25,000 | 71,196 | — | — | |||||||||||||||
2005 | 132,000 | 25,000 | 74,066 | — | — | |||||||||||||||
2004 | 132,000 | 25,000 | 71,410 | — | — | |||||||||||||||
2003 | 132,000 | 25,000 | 74,594 | — | — | |||||||||||||||
Florida Quality Income (NUF) | ||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||
2008 | 117,000 | 25,000 | 68,708 | — | — | |||||||||||||||
2007(b) | 117,000 | 25,000 | 71,890 | 41,110 | 9,184 | |||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||
2006 | 117,000 | 25,000 | 70,407 | — | — | |||||||||||||||
2005 | 117,000 | 25,000 | 73,033 | — | — | |||||||||||||||
2004 | 117,000 | 25,000 | 70,226 | — | — | |||||||||||||||
2003 | 117,000 | 25,000 | 72,930 | — | — | |||||||||||||||
56
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | |||||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement*** | ||||||||||||||||||||||||||||||||||||||
Based | Ending | |||||||||||||||||||||||||||||||||||||||
on | Net | |||||||||||||||||||||||||||||||||||||||
Based | Common | Assets | ||||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | |||||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | |||||||||||||||||||||||||||||||
Value** | Value** | Shares (000) | Interest | ††(a) | Interest | ††(a) | Income | †† | Interest | ††(a) | Interest | ††(a) | Income | †† | Rate | |||||||||||||||||||||||||
(4.79 | )% | (1.26 | )% | $ | 234,106 | 1.68 | % | 1.21 | % | 6.62 | % | 1.67 | % | 1.20 | % | 6.63 | % | 23 | % | |||||||||||||||||||||
12.93 | 7.08 | 251,475 | 1.73 | **** | 1.21 | **** | 6.24 | **** | 1.72 | **** | 1.19 | **** | 6.25 | **** | 13 | |||||||||||||||||||||||||
(11.13 | ) | (.85 | ) | 243,913 | 1.20 | 1.20 | 6.21 | 1.19 | 1.19 | 6.22 | 6 | |||||||||||||||||||||||||||||
17.51 | 12.40 | 259,071 | 1.23 | 1.23 | 6.26 | 1.22 | 1.22 | 6.27 | 15 | |||||||||||||||||||||||||||||||
(9.61 | ) | .95 | 245,045 | 1.25 | 1.25 | 6.92 | 1.25 | 1.25 | 6.92 | 23 | ||||||||||||||||||||||||||||||
13.28 | 12.02 | 261,856 | 1.20 | 1.20 | 7.00 | 1.19 | 1.19 | 7.01 | 16 | |||||||||||||||||||||||||||||||
(4.54 | ) | (1.48 | ) | 204,552 | 1.78 | 1.22 | 6.38 | 1.77 | 1.21 | 6.39 | 26 | |||||||||||||||||||||||||||||
11.75 | 6.97 | 219,447 | 1.78 | **** | 1.23 | **** | 6.09 | **** | 1.76 | **** | 1.21 | **** | 6.11 | **** | 7 | |||||||||||||||||||||||||
(9.64 | ) | (.55 | ) | 212,504 | 1.22 | 1.22 | 6.06 | 1.21 | 1.21 | 6.06 | 8 | |||||||||||||||||||||||||||||
17.42 | 12.89 | 224,792 | 1.24 | 1.24 | 6.07 | 1.23 | 1.23 | 6.07 | 20 | |||||||||||||||||||||||||||||||
(10.29 | ) | 1.29 | 211,659 | 1.25 | 1.25 | 6.83 | 1.25 | 1.25 | 6.83 | 38 | ||||||||||||||||||||||||||||||
11.56 | 11.45 | 224,311 | 1.24 | 1.24 | 6.92 | 1.23 | 1.23 | 6.94 | 28 | |||||||||||||||||||||||||||||||
* | Distributions from Capital Gains to Preferred Shareholders rounds to less than $.01 per share. | |
** | Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
*** | After custodian fee credit and expense reimbursement, where applicable. | |
**** | Annualized. | |
† | 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) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 — Inverse Floating Rate Securities. | |
(b) | For the ten months ended April 30, 2007. |
57
Financial | |||
HIGHLIGHTS (continued) |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Offering | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Costs and | Ending | ||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | |||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Preferred | Preferred | Common | Common | Share | Share | Ending | |||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Share- | Share- | Share- | Share- | Underwriting | Net Asset | Market | |||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | holders† | holders† | Total | holders | holders | Total | Discounts | Value | Value | |||||||||||||||||||||||||||||||||||||
Insured Florida Premium Income (NFL) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 15.43 | $ | .95 | $ | (.60 | ) | $ | (.27 | ) | $ | (.02 | ) | $ | .06 | (.69 | ) | $ | (.06 | ) | $ | (.75 | ) | $ | — | $ | 14.74 | $ | 13.26 | |||||||||||||||||||
2007(b) | 15.14 | .79 | .38 | (.22 | ) | (.01 | ) | .94 | (.63 | ) | (.02 | ) | (.65 | ) | — | 15.43 | 14.74 | |||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 16.26 | .96 | (.91 | ) | (.19 | ) | (.02 | ) | (.16 | ) | (.82 | ) | (.14 | ) | (.96 | ) | — | 15.14 | 13.74 | |||||||||||||||||||||||||||||
2005 | 15.59 | .99 | .86 | (.11 | ) | (.01 | ) | 1.73 | (.95 | ) | (.11 | ) | (1.06 | ) | — | 16.26 | 16.74 | |||||||||||||||||||||||||||||||
2004 | 16.57 | 1.02 | (.88 | ) | (.05 | ) | (.01 | ) | .08 | (.96 | ) | (.10 | ) | (1.06 | ) | — | 15.59 | 14.24 | ||||||||||||||||||||||||||||||
2003 | 15.66 | 1.04 | .89 | (.08 | ) | — | 1.85 | (.93 | ) | (.01 | ) | (.94 | ) | — | 16.57 | 17.22 | ||||||||||||||||||||||||||||||||
Insured Florida Tax-Free Advantage (NWF) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 14.56 | .90 | (.41 | ) | (.27 | ) | — | .22 | (.63 | ) | — | (.63 | ) | — | 14.15 | 12.59 | ||||||||||||||||||||||||||||||||
2007(b) | 14.07 | .75 | .50 | (.21 | ) | — | 1.04 | (.55 | ) | — | (.55 | ) | — | 14.56 | 13.69 | |||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 14.76 | .90 | (.71 | ) | (.19 | ) | — | — | (.69 | ) | — | (.69 | ) | — | 14.07 | 13.37 | ||||||||||||||||||||||||||||||||
2005 | 13.78 | .90 | .98 | (.10 | ) | — | 1.78 | (.80 | ) | — | (.80 | ) | — | 14.76 | 14.26 | |||||||||||||||||||||||||||||||||
2004 | 14.75 | .93 | (.99 | ) | (.05 | ) | — | (.11 | ) | (.86 | ) | — | (.86 | ) | — | 13.78 | 12.94 | |||||||||||||||||||||||||||||||
2003(c) | 14.33 | .40 | .70 | (.03 | ) | — | 1.07 | (.43 | ) | — | (.43 | ) | (.22 | ) | 14.75 | 15.87 | ||||||||||||||||||||||||||||||||
Floating Rate Obligations | ||||||||||||||||||||
Preferred Shares at End of Period | at End of Period | |||||||||||||||||||
Aggregate | Liquidation | Aggregate | ||||||||||||||||||
Amount | and Market | Asset | Amount | Asset | ||||||||||||||||
Outstanding | Value | Coverage | Outstanding | Coverage | ||||||||||||||||
(000) | Per Share | Per Share | (000) | Per $ 1,000 | ||||||||||||||||
Insured Florida Premium Income (NFL) | ||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||
2008 | $ | 111,000 | $ | 25,000 | $ | 72,212 | $ | — | $ | — | ||||||||||
2007(b) | 111,000 | 25,000 | 75,013 | 17,990 | 19,513 | |||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||
2006 | 111,000 | 25,000 | 74,077 | — | — | |||||||||||||||
2005 | 111,000 | 25,000 | 77,653 | — | — | |||||||||||||||
2004 | 111,000 | 25,000 | 75,443 | — | — | |||||||||||||||
2003 | 111,000 | 25,000 | 78,489 | — | — | |||||||||||||||
Insured Florida Tax-Free Advantage (NWF) | ||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||
2008 | 29,000 | 25,000 | 72,350 | — | — | |||||||||||||||
2007(b) | 29,000 | 25,000 | 73,746 | — | — | |||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||
2006 | 29,000 | 25,000 | 72,090 | — | — | |||||||||||||||
2005 | 29,000 | 25,000 | 74,393 | — | — | |||||||||||||||
2004 | 29,000 | 25,000 | 71,124 | — | — | |||||||||||||||
2003(c) | 29,000 | 25,000 | 74,330 | — | — | |||||||||||||||
58
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | |||||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement** | ||||||||||||||||||||||||||||||||||||||
Based | Ending | |||||||||||||||||||||||||||||||||||||||
on | Net | |||||||||||||||||||||||||||||||||||||||
Based | Common | Assets | ||||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | |||||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | |||||||||||||||||||||||||||||||
Value* | Value* | Shares (000) | Interest | ††(a) | Interest | ††(a) | Income | †† | Interest | ††(a) | Interest | ††(a) | Income | †† | Rate | |||||||||||||||||||||||||
(4.90 | )% | .47 | % | $ | 209,621 | 1.37 | % | 1.19 | % | 6.32 | % | 1.36 | % | 1.17 | % | 6.33 | % | 28 | % | |||||||||||||||||||||
12.05 | 6.24 | 222,058 | 1.25 | *** | 1.18 | *** | 6.13 | *** | 1.24 | *** | 1.17 | *** | 6.14 | *** | 6 | |||||||||||||||||||||||||
(12.56 | ) | (.95 | ) | 217,904 | 1.18 | 1.18 | 6.13 | 1.17 | 1.17 | 6.14 | 9 | |||||||||||||||||||||||||||||
25.54 | 11.33 | 233,779 | 1.16 | 1.16 | 6.14 | 1.16 | 1.16 | 6.15 | 12 | |||||||||||||||||||||||||||||||
(11.70 | ) | .46 | 223,965 | 1.16 | 1.16 | 6.36 | 1.15 | 1.15 | 6.36 | 38 | ||||||||||||||||||||||||||||||
16.05 | 12.10 | 237,490 | 1.18 | 1.18 | 6.41 | 1.16 | 1.16 | 6.42 | 14 | |||||||||||||||||||||||||||||||
(3.45 | ) | 1.61 | 54,926 | 1.24 | 1.24 | 5.89 | .78 | .78 | 6.35 | 29 | ||||||||||||||||||||||||||||||
6.65 | 7.46 | 56,546 | 1.25 | *** | 1.25 | *** | 5.73 | *** | .76 | *** | .76 | *** | 6.23 | *** | 2 | |||||||||||||||||||||||||
(1.43 | ) | .03 | 54,625 | 1.26 | 1.26 | 5.77 | .76 | .76 | 6.27 | 5 | ||||||||||||||||||||||||||||||
16.62 | 13.18 | 57,296 | 1.24 | 1.24 | 5.77 | .75 | .75 | 6.26 | 7 | |||||||||||||||||||||||||||||||
(13.56 | ) | (.79 | ) | 53,504 | 1.25 | 1.25 | 6.04 | .74 | .74 | 6.56 | 130 | |||||||||||||||||||||||||||||
8.82 | 6.08 | 57,223 | 1.15 | * | 1.15 | * | 4.18 | * | .67 | * | .67 | * | 4.66 | * | 46 | |||||||||||||||||||||||||
* | Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
** | After custodian fee credit and expense reimbursement, where applicable. | |
*** | Annualized. | |
† | 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) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 — Inverse Floating Rate Securities. | |
(b) | For the ten months ended April 30, 2007. | |
(c) | For the period November 21, 2002 (commencement of operations) through June 30, 2003. |
59
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at eight. None of the board members who are not “interested” persons of the Funds has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below. |
Name, | Position(s) Held | Year First | Number | Principal | ||||||||
Birthdate | with the Funds | Elected or | of Portfolios | Occupation(s) | ||||||||
& Address | Appointed | in Fund Complex | Including other | |||||||||
and Term(2) | Overseen by | Directorships | ||||||||||
Board Member | During Past 5 Years | |||||||||||
Board member who is an interested person of the Funds: | ||||||||||||
n | TIMOTHY R. SCHWERTFEGER(1) 3/28/49 333 W. Wacker Drive Chicago, IL 60606 | Chairman of the Board and Board Member | 1994 Annual | 185 | Former director (1994-November 12, 2007), Chairman (1996-June 30, 2007), Non-Executive Chairman (July 1, 2007-November 12, 2007) and Chief Executive Officer (1996-June 30, 2007) of Nuveen Investments, Inc., Nuveen Asset Management and certain other subsidiaries of Nuveen Investments, Inc.; formerly, Director (1992-2006) of Institutional Capital Corporation. | |||||||
Board members who are not interested persons of the Funds: | ||||||||||||
n | ROBERT P. BREMNER 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | Lead Independent Board member | 1997 Class III | 185 | Private Investor and Management Consultant. | |||||||
n | JACK B. EVANS 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | Board member | 1999 Class III | 185 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of Iowa; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | |||||||
n | WILLIAM C. HUNTER 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | Board member | 2004 Class II | 185 | Dean, Tippie College of Business, University of Iowa (since July 2006); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director, SS&C Technologies, Inc. (May 2005-October 2005). |
60
Name, | Position(s) Held | Year First | Number | Principal | ||||||||||
Birthdate | with the Funds | Elected or | of Portfolios | Occupation(s) | ||||||||||
& Address | Appointed | in Fund Complex | Including other | |||||||||||
and Term(2) | Overseen by | Directorships | ||||||||||||
Board Member | During Past 5 Years | |||||||||||||
Board members who are not interested persons of the Funds: | ||||||||||||||
n | DAVID J. KUNDERT 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | Board member | 2005 Class II | 183 | Director, Northwestern Mutual Wealth Management Company; Retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation. | |||||||||
n | WILLIAM J. SCHNEIDER 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | Board member | 1997 Annual | 185 | Chairman, formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Partners Ltd., a real estate investment company; Director, Dayton Development Coalition; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | |||||||||
n | JUDITH M. STOCKDALE 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | Board member | 1997 Class I | 185 | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994). | |||||||||
n | CAROLE E. STONE 6/28/47 333 West Wacker Drive Chicago, IL 60606 | Board member | 2007 Class I | 185 | Director, Chicago Board Options Exchange (since 2006); Chair New York Racing Association Oversight Board (since 2005); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004) and Director, Local Government Assistance Corporation (2000-2004). | |||||||||
Officers of the Fund: | ||||||||||||||
n | GIFFORD R. ZIMMERMAN 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 1988 | 185 | Managing Director (since 2002), Assistant Secretary and Associate General Counsel, formerly, Vice President and Assistant General Counsel, of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Symphony Asset Management LLC, and NWQ Investment Management Company, LLC (since 2003), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006); Nuveen HydePark Group LLC and Richards & Tierney, Inc. (since 2007); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since 2003); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002- 2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Chartered Financial Analyst. | |||||||||
n | WILLIAM ADAMS IV 6/9/55 333 West Wacker Drive Chicago, IL 60606 | Vice President | 2007 | 120 | Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999), prior thereto, Managing Director of Structured Investments. |
61
Name, | Position(s) Held | Year First | Number | Principal | ||||||||||
Birthdate | with the Funds | Elected or | of Portfolios | Occupation(s) | ||||||||||
and Address | Appointed(4) | in Fund Complex | During Past 5 Years | |||||||||||
Overseen | ||||||||||||||
by Officer | ||||||||||||||
Officers of the Fund: | ||||||||||||||
n | CEDRIC H. ANTOSIEWICZ 1/11/62 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | 120 | Managing Director, (since 2004) previously, Vice President (1993-2004) of Nuveen Investments, LLC. | |||||||||
n | MICHAEL T. ATKINSON 2/3/66 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2000 | 185 | Vice President (since 2002) of Nuveen Investments, LLC. | |||||||||
n | LORNA C. FERGUSON 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | 185 | Managing Director (since 2004), formerly, Vice President of Nuveen Investments, LLC, Managing Director (2004) formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director (since 2005) of Nuveen Asset Management. | |||||||||
n | STEPHEN D. FOY 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | 185 | Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; formerly, Vice President and Funds Controller (1998-2004) of Nuveen Investments, Inc.; Certified Public Accountant. | |||||||||
n | WALTER M. KELLY 2/24/70 333 West Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | 185 | Senior Vice President (since 2008), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2008) of Nuveen Asset Management. | |||||||||
n | DAVID J. LAMB 3/22/63 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2000 | 185 | Vice President (since 2000) of Nuveen Investments, LLC; Certified Public Accountant. | |||||||||
n | TINA M. LAZAR 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | 185 | Vice President of Nuveen Investments, LLC (since 1999). | |||||||||
n | LARRY W. MARTIN 7/27/51 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | 185 | Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Richards & Tierney, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) |
62
Name, | Position(s) Held | Year First | Number | Principal | ||||||||||
Birthdate | with the Funds | Elected or | of Portfolios | Occupation(s) | ||||||||||
and Address | Appointed(4) | in Fund Complex | During Past 5 Years | |||||||||||
Overseen | ||||||||||||||
by Officer | ||||||||||||||
Officers of the Fund: | ||||||||||||||
n | KEVIN J. MCCARTHY 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | 185 | Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Vice President, and Assistant Secretary, Nuveen Asset Management, Rittenhouse Asset Management, Inc., Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Richards & Tierney, Inc. (since 2007); Managing Director (since 2008), formerly, Vice President (2007-2008) and Assistant General Counsel, Nuveen Investments, Inc. prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | |||||||||
n | JOHN V. MILLER 4/10/67 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant | 2007 | 185 | Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Investments, LLC; Chartered Financial Analyst. | |||||||||
n | CHRISTOPHER M. ROHRBACHER 8/1/71 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | 185 | Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); Vice President and Assistant General Counsel, Nuveen Investment, Inc. (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008). | |||||||||
n | JAMES F. RUANE 7/3/62 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | 185 | Vice President, Nuveen Investments since 2007; prior thereto, Partner, Deloitte & Touche USA LLP (since 2005), formerly, senior tax manager (since 2002); Certified Public Accountant. | |||||||||
n | MARK L. WINGET 12/21/68 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | 185 | Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); Vice President and Assistant General Counsel, Nuveen Investments Inc. (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007). |
(1) | Mr. Schwertfeger is an “interested person’’ of the Funds, as defined in the Investment Company Act of 1940, by reason of being the former Chairman and Chief Executive Officer of Nuveen Investments, Inc. and having previously served in various other capacities with Nuveen Investments, Inc. and its subsidiaries. It is expected that Mr. Schwertfeger will resign from the Board of Trustees by the end of the second quarter of 2008. | |
(2) | Board Members serve three year terms, except for two board members who are elected by the holders of Preferred Shares. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. | |
(3) | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005. | |
(4) | Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
63
EASILY and CONVENIENTLY
64
65
TERMS USED in this REPORT
n | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed”, with current holders receiving a formula-based interest rate until the next scheduled auction. | |
n | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. | |
n | Average Effective Maturity: The average of the number of years to maturity of the bonds in a Fund’s portfolio, computed by weighting each bond’s time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio’s residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. | |
n | Inverse Floaters: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. | |
n | Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds. | |
n | Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price. | |
n | Net Asset Value (NAV): A Fund’s common share NAV per share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. | |
n | Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. | |
n | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
66
Other Useful INFORMATION |
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carole E. Stone
333 West Wacker Drive
Chicago, IL 60606
Boston, MA
Shareholder Services
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
Chicago, IL
Public Accounting Firm
Chicago, IL
67
Learn more about Nuveen Funds at: | www.nuveen.com/etf | ||
Share prices | |||
Fund details | |||
Daily financial news | |||
Investor education | |||
Interactive planning tools |
Nuveen Investments Semi-Annual Report October 31, 2008 Municipal Closed-End Funds NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND NQF NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND NUF NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND NFL NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND NWF It’s not what you earn, it’s what you keep.® |
Life is complex. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Investments Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! www.investordelivery.com www.nuveen.com/accountaccess If you receive your Nuveen Fund If you receive your Nuveen Fund dividends OR dividends and statements from your and statements directly from Nuveen. financial advisor or brokerage account. |
LETTER TO SHAREHOLDERS
Robert P. Bremner | Chairman of the Board | ||||||
Robert P. Bremner
Chairman of the Board
December 23, 2008
Nuveen Investments Municipal Closed-End Funds | NQF, NUF, NFL, NWF |
1 | Duration is a measure of a bond’s price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations. | |
2 | An inverse floating rate security is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this shareholder report. |
4
For periods ended 10/31/08
Six-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Florida Funds | ||||||||||||||||
NQF | -14.42 | % | -15.09 | % | 0.51 | % | 3.35 | % | ||||||||
NUF | -12.30 | % | -13.34 | % | 1.14 | % | 3.31 | % | ||||||||
Lipper Other States | ||||||||||||||||
Municipal Debt Funds | ||||||||||||||||
Average3 | -13.01 | % | -13.59 | % | 1.15 | % | 3.31 | % | ||||||||
Barclays Capital | ||||||||||||||||
Municipal Bond Index4 | -4.70 | % | -3.30 | % | 2.73 | % | 4.14 | % | ||||||||
Insured Florida Funds | ||||||||||||||||
NFL | -9.29 | % | -9.41 | % | 1.57 | % | 3.76 | % | ||||||||
NWF | -8.95 | % | -7.59 | % | 2.66 | % | N/A | |||||||||
Lipper Single-State Insured | ||||||||||||||||
Municipal Debt Funds | ||||||||||||||||
Average5 | -12.53 | % | -13.34 | % | 1.19 | % | 3.52 | % | ||||||||
Barclays Capital Insured | ||||||||||||||||
Municipal Bond Index4 | -4.97 | % | -4.13 | % | 2.65 | % | 4.19 | % | ||||||||
S&P National Municipal Bond Index6 | -5.19 | % | -4.15 | % | 2.75 | % | N/A |
* | Six-month returns are cumulative; returns for one-year, five-year and ten-year are annualized. |
3 | The Lipper Other States Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6 months, 46; 1 year, 46; 5 years, 46; and 10 years, 18. Fund and Lipper returns assume reinvestment of dividends. Shareholders should note that the performance of the Lipper Other States category represents the overall average of returns for funds from ten different states with a wide variety of municipal market conditions, making direct comparisons less meaningful. | |
4 | The Barclays Capital (formerly Lehman Brothers) Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds, and the Barclays Capital Insured Municipal Bond Index is an unleveraged, unmanaged national index containing a broad range of insured municipal bonds. Results for the Barclays Capital indexes do not reflect any expenses. | |
5 | The Lipper Single-State Insured Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6 months, 44; 1 year, 44 funds; 5 years, 44 funds; and 10 years, 24 funds. The performance of the Lipper Single-State Insured Municipal Debt Funds Average represents the overall average of returns for funds from eight different states with a wide variety of municipal market conditions. Fund and Lipper returns assume reinvestment of dividends. | |
6 | The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. |
5
6
7 | Pre-refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers. |
7
8
9
Dividend and Share Price
10/31/08 | Six-Month Average | |||||||
Discount | Discount | |||||||
NQF | -20.10 | % | - 13.82 | % | ||||
NUF | -19.47 | % | - 13.00 | % | ||||
NFL | -19.77 | % | - 11.31 | % | ||||
NWF | -18.59 | % | - 13.52 | % |
10
NQF | Nuveen Florida | ||
Performance | Investment Quality | ||
OVERVIEW | Municipal Fund | ||
as of October 31, 2008 |
Common Share Price | $ | 9.54 | ||
Common Share | ||||
Net Asset Value | $ | 11.94 | ||
Premium/(Discount) to NAV | -20.10 | % | ||
Market Yield | 7.17 | % | ||
Taxable-Equivalent Yield2 | 9.96 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 195,492 | ||
Average Effective Maturity on Securities (Years) | 14.65 | |||
Leverage-Adjusted Duration | 14.81 | |||
(Inception 2/21/91)
On Share Price | On NAV | ||||||||
6-Month | |||||||||
Cumulative | -23.09 | % | -14.42 | % | |||||
1-Year | -22.99 | % | -15.09 | % | |||||
5-Year | -4.32 | % | 0.51 | % | |||||
10-Year | -0.21 | % | 3.35 | % | |||||
(as a % of total investments)
Tax Obligation/Limited | 33.1 | % | ||
U.S. Guaranteed | 19.0 | % | ||
Transportation | 15.6 | % | ||
Water and Sewer | 8.3 | % | ||
Health Care | 8.0 | % | ||
Tax Obligation/General | 5.4 | % | ||
Other | 10.6 | % | ||
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
11
NUF | Nuveen Florida | ||
Performance | Quality Income | ||
OVERVIEW | Municipal Fund | ||
as of October 31, 2008 |
Common Share Price | $ | 9.97 | ||
Common Share Net Asset Value | $ | 12.38 | ||
Premium/(Discount) to NAV | -19.47 | % | ||
Market Yield | 6.50 | % | ||
Taxable-Equivalent Yield2 | 9.03 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 175,295 | ||
Average Effective Maturity on Securities (Years) | 14.14 | |||
Leverage-Adjusted Duration | 12.86 |
(Inception 10/17/91)
On Share Price | On NAV | |||||||
6-Month Cumulative | -19.62 | % | -12.30 | % | ||||
1-Year | -20.53 | % | -13.34 | % | ||||
5-Year | -3.27 | % | 1.14 | % | ||||
10-Year | 0.75 | % | 3.31 | % |
(as a % of total investments)
Tax Obligation/Limited | 31.5 | % | ||
Transportation | 13.1 | % | ||
U.S. Guaranteed | 10.0 | % | ||
Education and Civic Organizations | 8.3 | % | ||
Health Care | 7.3 | % | ||
Water and Sewer | 7.2 | % | ||
Utilities | 6.1 | % | ||
Tax Obligation/General | 6.0 | % | ||
Housing/Multifamily | 5.0 | % | ||
Other | 5.5 | % |
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. | |
3 | The Fund paid shareholders a capital gains distribution in December 2007 of $0.0072 per share. |
12
NFL | Nuveen Insured | ||
Performance | Florida Premium | ||
OVERVIEW | Income Municipal Fund | ||
as of October 31, 2008 |
Common Share Price | $ | 10.47 | ||
Common Share Net Asset Value | $ | 13.05 | ||
Premium/(Discount) to NAV | -19.77 | % | ||
Market Yield | 6.36 | % | ||
Taxable-Equivalent Yield3 | 8.83 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 185,567 | ||
Average Effective Maturity on Securities (Years) | 13.98 | |||
Leverage-Adjusted Duration | 13.17 |
(Inception 12/17/92)
On Share Price | On NAV | |||||||
6-Month Cumulative | -18.76 | % | -9.29 | % | ||||
1-Year | -17.97 | % | -9.41 | % | ||||
5-Year | -3.02 | % | 1.57 | % | ||||
10-Year | 1.99 | % | 3.76 | % |
(as a % of total investments)
Tax Obligation/Limited | 42.0 | % | ||
Water and Sewer | 23.6 | % | ||
U.S. Guaranteed | 11.9 | % | ||
Housing/Multifamily | 6.8 | % | ||
Utilities | 5.0 | % | ||
Other | 10.7 | % |
(as a % of total Insured investments)
MBIA | 37.5 | % | ||
FGIC | 19.5 | % | ||
FSA | 18.2 | % | ||
AMBAC | 14.0 | % | ||
SYNCORA | 7.4 | % | ||
CIFG | 3.4 | % |
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. | |
4 | The Fund paid shareholders a capital gains distribution in December 2007 of $0.0640 per share. |
13
NWF | Nuveen Insured Florida | ||
Performance | Tax-Free Advantage | ||
OVERVIEW | Municipal Fund | ||
as of October 31, 2008 |
Common Share Price | $ | 10.25 | ||
Common Share Net Asset Value | $ | 12.59 | ||
Premium/(Discount) to NAV | -18.59 | % | ||
Market Yield | 6.20 | % | ||
Taxable-Equivalent Yield3 | 8.61 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 48,875 | ||
Average Effective Maturity on Securities (Years) | 13.52 | |||
Leverage-Adjusted Duration | 12.71 |
(Inception 11/21/02)
On Share Price | On NAV | |||||||
6-Month Cumulative | -16.37 | % | -8.95 | % | ||||
1-Year | -16.82 | % | -7.59 | % | ||||
5-Year | -2.27 | % | 2.66 | % | ||||
Since Inception | -1.20 | % | 2.89 | % |
(as a % of total investments)
Tax Obligation/Limited | 36.9 | % | ||
U.S. Guaranteed | 23.1 | % | ||
Water and Sewer | 18.3 | % | ||
Education and Civic Organizations | 9.3 | % | ||
Transportation | 7.4 | % | ||
Other | 5.0 | % |
(as a % of total Insured investments)
MBIA | 26.8 | % | ||
AMBAC | 20.6 | % | ||
FSA | 20.2 | % | ||
FGIC | 15.6 | % | ||
SYNCORA | 10.4 | % | ||
RAAI | 6.4 | % |
1 | The percentages shown in the foregoing chart may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
2 | At least 80% of the Fund’s net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 — Insurance, for more information. | |
3 | Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
14
NQF | Nuveen Florida Investment Quality Municipal Fund | ||
Portfolio of INVESTMENTS | |||
October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions | (2) | Ratings | (3) | Value | ||||||||||
Consumer Staples — 1.9% (1.1% of Total Investments) | ||||||||||||||||
$ | 5,000 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 | 5/12 at 100.00 | BBB | $ | 3,627,800 | ||||||||||
Education and Civic Organizations — 1.1% (0.7% of Total Investments) | ||||||||||||||||
2,000 | Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B, 5.625%, 4/01/34 | 4/14 at 100.00 | BBB | 1,573,060 | ||||||||||||
575 | Osceola County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 — MBIA Insured | 8/11 at 101.00 | AA | 528,695 | ||||||||||||
2,575 | Total Education and Civic Organizations | 2,101,755 | ||||||||||||||
Energy — 0.3% (0.2% of Total Investments) | ||||||||||||||||
900 | Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax) | 1/15 at 100.00 | BBB | 605,250 | ||||||||||||
Health Care — 13.1% (8.0% of Total Investments) | ||||||||||||||||
1,000 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34 | 4/16 at 100.00 | A2 | 668,860 | ||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||
1,000 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 795,360 | ||||||||||||
3,625 | 5.000%, 6/01/38 | 6/16 at 100.00 | BBB+ | 2,480,298 | ||||||||||||
3,075 | 5.500%, 6/01/38 — FSA Insured | 6/18 at 100.00 | AAA | 2,698,466 | ||||||||||||
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: | ||||||||||||||||
1,000 | 5.250%, 10/01/28 | 10/13 at 100.00 | A3 | 764,080 | ||||||||||||
2,330 | 5.250%, 10/01/34 | 10/13 at 100.00 | A3 | 1,670,960 | ||||||||||||
1,185 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 | 10/16 at 100.00 | A3 | 832,901 | ||||||||||||
3,235 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Medical Center, Series 2006, 5.000%, 11/15/26 | 11/16 at 100.00 | A2 | 2,500,655 | ||||||||||||
2,000 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 — MBIA Insured | 4/17 at 100.00 | AA | 1,666,260 | ||||||||||||
2,345 | Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series 2002, 5.375%, 7/01/22 | 7/12 at 100.00 | BBB+ | 2,001,903 | ||||||||||||
3,750 | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 | 10/17 at 100.00 | A2 | 2,652,488 | ||||||||||||
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: | ||||||||||||||||
3,410 | 5.500%, 12/01/21 | 12/11 at 101.00 | BBB- | 2,822,593 | ||||||||||||
5,340 | 5.625%, 12/01/31 | 12/11 at 101.00 | BBB- | 3,968,902 | ||||||||||||
33,295 | Total Health Care | 25,523,726 | ||||||||||||||
Housing/Multifamily — 0.4% (0.3% of Total Investments) | ||||||||||||||||
980 | Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) | 5/10 at 101.00 | AAA | 891,555 | ||||||||||||
15
NQF | Nuveen Florida Investment Quality Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions | (2) | Ratings | (3) | Value | ||||||||||
Housing/Single Family — 2.8% (1.8% of Total Investments) | ||||||||||||||||
$ | 345 | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, New Money and Refunding Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) | 1/09 at 100.00 | AA+ | $ | 348,002 | ||||||||||
790 | Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 — MBIA Insured (Alternative Minimum Tax) | 1/09 at 101.00 | AA+ | 787,685 | ||||||||||||
930 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) | 1/16 at 100.00 | AA+ | 659,407 | ||||||||||||
5,000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2007-3, 5.150%, 7/01/38 (Alternative Minimum Tax) | 1/17 at 100.00 | AA+ | 3,784,750 | ||||||||||||
7,065 | Total Housing/Single Family | 5,579,844 | ||||||||||||||
Long-Term Care — 1.1% (0.7% of Total Investments) | ||||||||||||||||
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: | ||||||||||||||||
1,125 | 5.850%, 8/01/24 | 8/14 at 101.00 | N/R | 948,364 | ||||||||||||
1,565 | 5.625%, 8/01/34 | 8/14 at 101.00 | N/R | 1,168,570 | ||||||||||||
2,690 | Total Long-Term Care | 2,116,934 | ||||||||||||||
Materials — 1.8% (1.1% of Total Investments) | ||||||||||||||||
5,400 | Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) | 4/10 at 101.00 | N/R | 3,623,670 | ||||||||||||
Tax Obligation/General — 8.8% (5.4% of Total Investments) | ||||||||||||||||
185 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/22 — MBIA Insured | 6/12 at 101.00 | AAA | 184,090 | ||||||||||||
9,230 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31— FGIC Insured | 6/11 at 101.00 | AAA | 8,571,163 | ||||||||||||
8,000 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Refunding Bonds, Series 2002D, 5.375%, 6/01/16 | 6/12 at 100.00 | AAA | 8,417,600 | ||||||||||||
�� | ||||||||||||||||
17,415 | Total Tax Obligation/General | 17,172,853 | ||||||||||||||
Tax Obligation/Limited — 53.9% (33.1% of Total Investments) | ||||||||||||||||
1,665 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 — MBIA Insured | 10/14 at 100.00 | AA | 1,612,203 | ||||||||||||
230 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 — MBIA Insured | 10/15 at 100.00 | AA | 202,913 | ||||||||||||
1,280 | Florida Intergovernmental Finance Commission, Capital Revenue Bonds, Daytona Beach Community Redevelopment Agency, Series 2001C-1, 5.000%, 2/01/20 — AMBAC Insured | 8/11 at 100.00 | Aa3 | 1,264,730 | ||||||||||||
1,685 | Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 — MBIA Insured | 5/13 at 100.00 | AA | 1,576,469 | ||||||||||||
5,000 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 — MBIA Insured (Alternative Minimum Tax) | 12/08 at 100.50 | AA | 4,178,050 | ||||||||||||
2,980 | Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 — MBIA Insured | 8/15 at 101.00 | AA+ | 2,897,961 | ||||||||||||
5,000 | Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 — FGIC Insured | No Opt. Call | AA | 5,783,050 | ||||||||||||
1,535 | Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/24 — AMBAC Insured | 11/13 at 101.00 | AA+ | 1,488,305 | ||||||||||||
2,170 | Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 — FGIC Insured | 10/15 at 100.00 | AA+ | 2,067,489 |
16
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions | (2) | Ratings | (3) | Value | ||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 4,990 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/21 — MBIA Insured | 10/13 at 100.00 | AA | $ | 5,000,479 | ||||||||||
2,000 | Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/22 — FGIC Insured | 10/12 at 100.00 | A+ | 1,941,360 | ||||||||||||
3,000 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 — AMBAC Insured | 11/16 at 100.00 | AA | 2,628,360 | ||||||||||||
Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: | ||||||||||||||||
2,090 | 5.250%, 5/01/16 — RAAI Insured | 5/12 at 102.00 | BBB+ | 2,037,855 | ||||||||||||
1,700 | 5.625%, 5/01/32 — RAAI Insured | 5/12 at 102.00 | BBB+ | 1,461,966 | ||||||||||||
10,900 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 — FSA Insured | 7/18 at 100.00 | AAA | 9,602,355 | ||||||||||||
1,215 | North Dade Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.350%, 5/01/38 | 5/17 at 100.00 | N/R | 857,486 | ||||||||||||
Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard — I-4 Interchange Project, Series 2002: | ||||||||||||||||
1,495 | 5.125%, 4/01/20 — AMBAC Insured | 4/12 at 100.00 | AA | 1,473,995 | ||||||||||||
1,225 | 5.125%, 4/01/21 — AMBAC Insured | 4/12 at 100.00 | AA | 1,191,509 | ||||||||||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: | ||||||||||||||||
3,745 | 5.000%, 4/01/22 — MBIA Insured | 4/14 at 100.00 | A2 | 3,651,974 | ||||||||||||
2,000 | 5.000%, 4/01/23 — MBIA Insured | 4/14 at 100.00 | A2 | 1,867,260 | ||||||||||||
6,090 | Palm Beach County School Board, Florida, Certificates of Participation, Drivers Trust 2089, 9.181%, 8/01/31 — FSA Insured (IF) | 8/16 at 100.00 | AAA | 4,522,425 | ||||||||||||
4,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 — FSA Insured | 8/12 at 100.00 | AAA | 3,674,760 | ||||||||||||
2,560 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/23 — FGIC Insured | 8/14 at 100.00 | AA | 2,377,779 | ||||||||||||
5,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 — MBIA Insured | 8/17 at 100.00 | AA | 4,514,200 | ||||||||||||
4,490 | Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park Project, Series 2005A, 5.000%, 6/01/25 — AMBAC Insured | 6/15 at 100.00 | AA+ | 4,205,828 | ||||||||||||
2,500 | Polk County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/18 — FSA Insured | 10/14 at 100.00 | AAA | 2,567,600 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 — MBIA Insured | 7/17 at 100.00 | AA | 840,440 | ||||||||||||
820 | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 — RAAI Insured | 5/18 at 100.00 | A— | 685,241 | ||||||||||||
2,750 | Saint Johns County, Florida, Transportation Improvement Revenue Bonds, Series 2003, 5.000%, 10/01/23 — AMBAC Insured | 10/13 at 100.00 | AA | 2,651,825 | ||||||||||||
3,000 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 — FSA Insured | 7/17 at 100.00 | Aaa | 2,633,550 | ||||||||||||
635 | Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36 | 5/15 at 100.00 | N/R | 456,006 | ||||||||||||
7,500 | South Florida Water Management District, Certificates of Participation, Series 2006, Trust 1036, 6.508%, 10/01/36 — AMBAC Insured (IF) | 10/16 at 100.00 | AA+ | 5,945,250 | ||||||||||||
5,000 | South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%, 10/01/36 — AMBAC Insured | 10/16 at 100.00 | AA+ | 4,481,550 |
17
NQF | Nuveen Florida Investment Quality Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions | (2) | Ratings | (3) | Value | ||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: | ||||||||||||||||
$ | 1,250 | 5.750%, 10/01/20 — MBIA Insured | No Opt. Call | AA | $ | 1,263,363 | ||||||||||
2,785 | 5.750%, 10/01/25 — MBIA Insured | No Opt. Call | AA | 2,725,930 | ||||||||||||
8,605 | Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002, 5.375%, 10/01/15 — FSA Insured | 10/12 at 100.00 | AAA | 9,012,877 | ||||||||||||
113,890 | Total Tax Obligation/Limited | 105,344,393 | ||||||||||||||
Transportation — 25.4% (15.6% of Total Investments) | ||||||||||||||||
8,900 | Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1, 5.250%, 10/01/26 — AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | 7,338,851 | ||||||||||||
2,150 | Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 — AMBAC Insured | 10/14 at 100.00 | AA | 1,991,889 | ||||||||||||
6,000 | Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2003C, 5.000%, 7/01/33 | 7/13 at 101.00 | Aa2 | 5,446,920 | ||||||||||||
12,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 1999A, 5.125%, 10/01/28 — FGIC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | Aa3 | 9,547,080 | ||||||||||||
4,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 — FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | 3,459,320 | ||||||||||||
2,500 | Lee County, Florida, Airport Revenue Bonds, Series 2006, 5.000%, 10/01/33 — FSA Insured | 10/15 at 100.00 | AAA | 2,250,150 | ||||||||||||
6,690 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B, 5.000%, 7/01/20 — FGIC Insured | 7/14 at 100.00 | AA | 6,608,114 | ||||||||||||
1,750 | Miami-Dade County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Airis Miami II LLC — Miami International Airport, Series 1999, 6.000%, 10/15/25 — AMBAC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | Aaa | 1,587,443 | ||||||||||||
5,390 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/18 — FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 5,078,781 | ||||||||||||
1,325 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/38 — CIFG Insured (Alternative Minimum Tax) | 10/15 at 100.00 | A2 | 948,939 | ||||||||||||
5,360 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 — AMBAC Insured | 7/15 at 101.00 | AA | 5,438,042 | ||||||||||||
56,065 | Total Transportation | 49,695,529 | ||||||||||||||
U.S. Guaranteed — 30.9% (19.0% of Total Investments) (4) | ||||||||||||||||
12,800 | Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 1999A-2, 6.000%, 11/15/31 (Pre-refunded 11/15/09) | 11/09 at 101.00 | AAA | 13,456,636 | ||||||||||||
4,600 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) | 11/11 at 101.00 | A1(4) | 5,040,634 | ||||||||||||
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A: | ||||||||||||||||
2,290 | 5.000%, 4/01/19 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AA (4) | 2,451,674 | ||||||||||||
3,305 | 5.000%, 4/01/22 (Pre-refunded 4/01/14) — AMBAC Insured | 4/14 at 100.00 | AA (4) | 3,538,333 | ||||||||||||
3,000 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Refunding Bonds, Miami Children’s Hospital, Series 2001A, 5.125%, 8/15/26 (Pre-refunded 8/15/11) — AMBAC Insured | 8/11 at 101.00 | AAA | 3,188,580 | ||||||||||||
1,175 | Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 5.000%, 9/01/14 (Pre-refunded 9/01/12) | 9/12 at 100.00 | Aa2 (4) | 1,256,463 | ||||||||||||
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: | ||||||||||||||||
5,450 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A | (4) | 5,864,527 | |||||||||||
550 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A | (4) | 591,833 |
18
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions | (2) | Ratings | (3) | Value | ||||||||||
U.S. Guaranteed (4) (continued) | ||||||||||||||||
$ | 6,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) | 11/10 at 101.00 | A1 (4) | $ | 6,521,100 | ||||||||||
3,695 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/27 (Pre-refunded 12/01/12) | 12/12 at 100.00 | AAA | 4,041,332 | ||||||||||||
4,295 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 (Pre-refunded 10/01/12) | 10/12 at 100.00 | Aa1 (4) | 4,619,058 | ||||||||||||
3,570 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 — MBIA Insured (ETM) | No Opt. Call | AAA | 3,954,560 | ||||||||||||
5,375 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) | 5/12 at 101.00 | AA — (4) | 5,846,764 | ||||||||||||
56,105 | Total U.S. Guaranteed | 60,371,494 | ||||||||||||||
Utilities — 7.7% (4.7% of Total Investments) | ||||||||||||||||
4,330 | Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 | 10/12 at 100.00 | Baa2 | 4,070,113 | ||||||||||||
1,050 | Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, Series 2002, 5.000%, 4/01/17 — AMBAC Insured | 10/10 at 100.00 | Aa3 | 1,062,359 | ||||||||||||
4,250 | Lakeland, Florida, Energy System Revenue Refunding Bonds, Series 1999C, 6.050%, 10/01/11 — FGIC Insured | No Opt. Call | AAA | 4,568,623 | ||||||||||||
5,000 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10 | No Opt. Call | Aa1 | 5,294,500 | ||||||||||||
14,630 | Total Utilities | 14,995,595 | ||||||||||||||
Water and Sewer — 13.4% (8.3% of Total Investments) | ||||||||||||||||
3,010 | Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%, 10/01/23 — AMBAC Insured | No Opt. Call | AA | 2,878,252 | ||||||||||||
1,000 | Jacksonville, Florida, Water and Sewer Revenue Bonds, United Water Florida Project, Series 1995, 6.350%, 8/01/25 — AMBAC Insured (Alternative Minimum Tax) | 2/09 at 100.00 | AA | 941,590 | ||||||||||||
1,525 | Lee County, Florida, Water and Sewer Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/20 — MBIA Insured | 10/13 at 100.00 | A2 | 1,520,867 | ||||||||||||
3,300 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 — FGIC Insured | 10/09 at 101.00 | A+ | 3,057,648 | ||||||||||||
3,270 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 9.486%,10/01/36 (IF) | 10/16 at 100.00 | Aaa | 2,500,471 | ||||||||||||
5,000 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 | 10/16 at 100.00 | AAA | 4,621,200 | ||||||||||||
2,060 | Polk County, Florida, Utility System Revenue Bonds, Series 2003, 5.250%, 10/01/22 — FGIC Insured | 10/13 at 100.00 | A2 | 2,018,100 | ||||||||||||
2,780 | Riviera Beach, Palm Beach County, Florida, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 10/01/24 — FGIC Insured | 10/14 at 100.00 | N/R | 2,518,541 |
19
NQF | Nuveen Florida Investment Quality Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions | (2) | Ratings | (3) | Value | ||||||||||
Water and Sewer (continued) | ||||||||||||||||
$ | 2,275 | Sarasota County, Florida, Utility System Revenue Bonds, Series 2005A, 5.000%, 10/01/27 — FGIC Insured | 10/15 at 100.00 | AA | $ | 2,109,380 | ||||||||||
1,680 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 — MBIA Insured | No Opt. Call | AA | 1,794,694 | ||||||||||||
Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001: | ||||||||||||||||
700 | 5.250%, 4/01/16 — MBIA Insured | 4/11 at 101.00 | AA | 710,052 | ||||||||||||
1,585 | 5.000%, 4/01/20 — MBIA Insured | 4/11 at 101.00 | AA | 1,545,914 | ||||||||||||
28,185 | Total Water and Sewer | 26,216,709 | ||||||||||||||
$ | 344,195 | Total Investments (cost $343,875,448) — 162.6% | 317,867,107 | |||||||||||||
Other Assets Less Liabilities — 4.9% | 9,624,499 | |||||||||||||||
Preferred Shares, at Liquidation Value — (67.5)% (5) | (132,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 195,491,606 | ||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 41.5%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. |
20
NUF | Nuveen Florida Quality Income Municipal Fund | |
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Education and Civic Organizations - 13.7% (8.3% of Total Investments) | ||||||||||||||||
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B: | ||||||||||||||||
$ | 1,000 | 5.500%, 4/01/24 | 4/14 at 100.00 | BBB | $ | 839,890 | ||||||||||
500 | 5.625%, 4/01/34 | 4/14 at 100.00 | BBB | 393,265 | ||||||||||||
2,000 | Florida Board of Education, Lottery Revenue Bonds, Series 2001B, 5.000%, 7/01/20 - FGIC Insured | 7/11 at 101.00 | AAA | 1,989,380 | ||||||||||||
14,985 | Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%, 7/01/30 - FGIC Insured | 7/15 at 101.00 | AA | 13,705,431 | ||||||||||||
2,580 | Florida State Education System, Housing Facility Revenue Bonds, Florida International University, Series 2004A, 5.000%, 7/01/14 - MBIA Insured | No Opt. Call | AA | 2,633,380 | ||||||||||||
2,345 | FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 - AMBAC Insured | 10/14 at 100.00 | AA | 2,417,507 | ||||||||||||
2,275 | University of Central Florida, Certificates of Participation, Athletic Association, Series 2004A, 5.125%, 10/01/21 - FGIC Insured | 10/14 at 100.00 | AA | 2,025,273 | ||||||||||||
25,685 | Total Education and Civic Organizations | 24,004,126 | ||||||||||||||
Health Care - 12.1% (7.3% of Total Investments) | ||||||||||||||||
1,000 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34 | 4/16 at 100.00 | A2 | 668,860 | ||||||||||||
1,500 | Citrus County Hospital Board, Florida, Revenue Refunding Bonds, Citrus Memorial Hospital, Series 2002, 6.375%, 8/15/32 | 8/13 at 100.00 | Baa3 | 1,331,955 | ||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||
1,000 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 795,360 | ||||||||||||
3,240 | 5.000%, 6/01/38 | 6/16 at 100.00 | BBB+ | 2,216,873 | ||||||||||||
2,310 | 5.500%, 6/01/38 - FSA Insured | 6/18 at 100.00 | AAA | 2,027,141 | ||||||||||||
1,000 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005C, 5.000%, 11/15/31 | 11/15 at 100.00 | A+ | 767,180 | ||||||||||||
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: | ||||||||||||||||
500 | 5.250%, 10/01/28 | 10/13 at 100.00 | A3 | 382,040 | ||||||||||||
1,590 | 5.250%, 10/01/34 | 10/13 at 100.00 | A3 | 1,140,269 | ||||||||||||
1,180 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 | 10/16 at 100.00 | A3 | 829,387 | ||||||||||||
2,000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Refunding Bonds, Tampa General Hospital, Series 2003A, 5.250%, 10/01/24 | 10/13 at 100.00 | A3 | 1,599,980 | ||||||||||||
3,000 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Medical Center, Series 2006, 5.000%, 11/15/32 | 11/16 at 100.00 | A2 | 2,146,980 | ||||||||||||
1,500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 - MBIA Insured | 4/17 at 100.00 | AA | 1,249,695 | ||||||||||||
3,430 | Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/12 | No Opt. Call | BBB+ | 3,352,379 | ||||||||||||
3,750 | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 | 10/17 at 100.00 | A2 | 2,652,488 | ||||||||||||
27,000 | Total Health Care | 21,160,587 | ||||||||||||||
21
NUF | Nuveen Florida Quality Income Municipal Fund (continued) | |
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Housing/Multifamily - 8.2% (5.0% of Total Investments) | ||||||||||||||||
Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing | ||||||||||||||||
Revenue Refunding Bonds, Tamarac Pointe Apartments, Series 1996: | ||||||||||||||||
$ | 1,500 | 6.250%, 7/01/26 | 1/09 at 100.00 | AAA | $ | 1,500,045 | ||||||||||
1,000 | 6.300%, 1/01/32 | 1/09 at 100.00 | AAA | 999,880 | ||||||||||||
1,000 | Florida Housing Finance Agency, Housing Revenue Bonds, Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25 – AMBAC Insured (Alternative Minimum Tax) | 4/09 at 100.00 | AA | 938,040 | ||||||||||||
5,790 | Florida Housing Finance Corporation, FNMA Revenue Bonds, Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) | 10/10 at 102.00 | Aaa | 5,095,316 | ||||||||||||
3,170 | Florida Housing Finance Corporation, Housing Revenue Refunding Bonds, Hunters Ridge at Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 | 12/08 at 102.00 | AA | 2,696,148 | ||||||||||||
3,630 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 – FSA Insured (Alternative Minimum Tax) | 1/11 at 102.00 | AAA | 3,229,865 | ||||||||||||
16,090 | Total Housing/Multifamily | 14,459,294 | ||||||||||||||
Housing/Single Family – 2.7% (1.6% of Total Investments) | ||||||||||||||||
370 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Bonds, Series 2001C, 0.000%, 4/01/33 (Alternative Minimum Tax) | 4/10 at 25.36 | Aaa | 60,155 | ||||||||||||
260 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) | 4/09 at 25.51 | Aaa | 64,956 | ||||||||||||
185 | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | 196,797 | ||||||||||||
930 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) | 1/16 at 100.00 | AA+ | 659,407 | ||||||||||||
5,000 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2007-3, 5.150%, 7/01/38 (Alternative Minimum Tax) | 1/17 at 100.00 | AA+ | 3,784,750 | ||||||||||||
30 | Miami-Dade County Housing Authority, Florida, Home Owner Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19 (Alternative Minimum Tax) | 4/09 at 100.75 | Aaa | 29,596 | ||||||||||||
6,775 | Total Housing/Single Family | 4,795,661 | ||||||||||||||
Long-Term Care – 4.6% (2.8% of Total Investments) | ||||||||||||||||
7,285 | Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 1999, 5.750%, 10/01/18 – ACA Insured | 10/09 at 101.00 | N/R | 5,966,196 | ||||||||||||
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: | ||||||||||||||||
1,125 | 5.850%, 8/01/24 | 8/14 at 101.00 | N/R | 948,364 | ||||||||||||
1,570 | 5.625%, 8/01/34 | 8/14 at 101.00 | N/R | 1,172,303 | ||||||||||||
9,980 | Total Long-Term Care | |||||||||||||||
8,086,863 | ||||||||||||||||
Materials – 1.8% (1.1% of Total Investments) | ||||||||||||||||
4,600 | Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) | 4/10 at 101.00 | N/R | 3,086,830 | ||||||||||||
Tax Obligation/General – 9.8% (6.0% of Total Investments) | ||||||||||||||||
13,925 | Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 – MBIA Insured | 6/12 at 101.00 | AAA | 14,003,673 | ||||||||||||
3,240 | Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2004A, 5.000%, 6/01/22 – MBIA Insured | 4/14 at 100.00 | AA | 3,192,793 | ||||||||||||
17,165 | Total Tax Obligation/General | 17,196,466 | ||||||||||||||
22
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited – 51.8% (31.5% of Total Investments) | ||||||||||||||||
$ | 1,000 | Alachua County School Board, Florida, Certificates of Participation, Series 2001, 5.000%, 7/01/21 – AMBAC Insured | 7/11 at 101.00 | Aa3 | $ | 978,820 | ||||||||||
1,055 | Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | Aa3 | 960,715 | ||||||||||||
3,870 | Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%, 7/01/20 – FSA Insured | 7/14 at 100.00 | AAA | 3,829,829 | ||||||||||||
1,500 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – MBIA Insured | 10/14 at 100.00 | AA | 1,452,435 | ||||||||||||
1,290 | Escambia County, Florida, Tourist Development Revenue Refunding Bonds, Series 2002, 5.000%, 10/01/18 – MBIA Insured | 10/12 at 100.00 | AA | 1,298,604 | ||||||||||||
4,000 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – MBIA Insured | 10/15 at 100.00 | AA | 3,528,920 | ||||||||||||
8,425 | Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2003C, 5.000%, 7/01/19 – AMBAC Insured Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | 7/13 at 101.00 | AA | 8,436,795 | ||||||||||||
1,040 | 0.000%, 11/01/25 – MBIA Insured | No Opt. Call | AA | 357,562 | ||||||||||||
1,590 | 0.000%, 11/01/26 – MBIA Insured | No Opt. Call | AA | 508,037 | ||||||||||||
3,000 | Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 – MBIA Insured | 8/15 at 101.00 | AA+ | 2,917,410 | ||||||||||||
1,430 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 10/01/23 – AMBAC Insured | 10/11 at 100.00 | AA | 1,384,655 | ||||||||||||
2,090 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/22 – MBIA Insured | 10/13 at 100.00 | AA | 2,036,747 | ||||||||||||
3,145 | Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series 2003C, 5.250%, 10/01/18 – MBIA Insured (Alternative Minimum Tax) | 10/13 at 100.00 | AA | 2,869,309 | ||||||||||||
2,230 | Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/21 – FGIC Insured | 10/12 at 100.00 | A+ | 2,167,895 | ||||||||||||
2,750 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/17 – FGIC Insured | 10/12 at 100.00 | AA+ | 2,792,488 | ||||||||||||
1,000 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding Bonds, Series 2001, 5.500%, 10/01/14 – FGIC Insured Lake County School Board, Florida, Certificates of Participation, Series 2004A: | No Opt. Call | AA+ | 1,069,060 | ||||||||||||
1,190 | 5.000%, 7/01/20 – AMBAC Insured | 7/14 at 100.00 | AA | 1,142,138 | ||||||||||||
1,340 | 5.000%, 7/01/22 – AMBAC Insured | 7/14 at 100.00 | AA | 1,260,163 | ||||||||||||
1,470 | 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | AA | 1,358,456 | ||||||||||||
5,130 | Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 10/01/17 – AMBAC Insured | 10/13 at 100.00 | AA | 5,193,304 | ||||||||||||
Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: | ||||||||||||||||
1,975 | 5.500%, 5/01/22 – RAAI Insured | 5/12 at 102.00 | BBB+ | 1,805,901 | ||||||||||||
850 | 5.625%, 5/01/32 – RAAI Insured | 5/12 at 102.00 | BBB+ | 730,983 | ||||||||||||
5,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – FSA Insured | 7/18 at 100.00 | AAA | 4,404,750 | ||||||||||||
1,200 | North Dade Community Development District, Florida, Special Assessment Bonds, Series 2007A, 5.350%, 5/01/38 | 5/17 at 100.00 | N/R | 846,900 | ||||||||||||
2,475 | Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 19, Series 2000, 6.100%, 8/01/21 – RAAI Insured | 8/10 at 102.00 | BBB+ | 2,418,446 | ||||||||||||
2,000 | Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994, 6.125%, 1/01/24 – FGIC Insured | 1/09 at 100.00 | AA | 1,999,980 |
23
NUF | Nuveen Florida Quality Income Municipal Fund (continued) | |
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 2,440 | Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – AMBAC Insured | 8/14 at 100.00 | Aa3 | $ | 2,294,015 | ||||||||||
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: | ||||||||||||||||
1,665 | 5.125%, 1/01/20 – FGIC Insured | 1/13 at 100.00 | AA | 1,644,687 | ||||||||||||
3,400 | 5.125%, 1/01/23 – FGIC Insured | 1/13 at 100.00 | AA | 3,278,654 | ||||||||||||
2,040 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/21 – FSA Insured | 8/12 at 100.00 | AAA | 2,043,958 | ||||||||||||
1,500 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/22 – FGIC Insured | 8/14 at 100.00 | AA | 1,404,795 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – MBIA Insured | 7/17 at 100.00 | AA | 840,440 | ||||||||||||
1,350 | Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 – MBIA Insured | 9/13 at 100.00 | AA | 1,317,452 | ||||||||||||
820 | Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured | 5/18 at 100.00 | A- | 685,241 | ||||||||||||
2,000 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 – FSA Insured | 7/17 at 100.00 | AAA | 1,755,700 | ||||||||||||
5,000 | Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 – AMBAC Insured | 6/16 at 100.00 | AA | 4,471,450 | ||||||||||||
11,815 | Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002, 5.375%, 10/01/14 – FSA Insured | 10/12 at 100.00 | AAA | 12,388,500 | ||||||||||||
1,000 | Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – FSA Insured | 12/14 at 100.00 | AAA | 950,100 | ||||||||||||
96,075 | Total Tax Obligation/Limited | 90,825,294 | ||||||||||||||
Transportation – 21.5% (13.1% of Total Investments) | ||||||||||||||||
2,225 | Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1, 5.250%, 10/01/21 – AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | 1,934,971 | ||||||||||||
4,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – FSA Insured (Alternative Minimum Tax) | 10/12 at 100.00 | AAA | 3,459,320 | ||||||||||||
2,500 | Lee County, Florida, Airport Revenue Bonds, Series 2006, 5.000%, 10/01/33 – FSA Insured | 10/15 at 100.00 | AAA | 2,250,150 | ||||||||||||
1,000 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: | No Opt. Call | AA | 1,029,610 | ||||||||||||
3,955 | 5.250%, 7/01/17 – FGIC Insured | 7/14 at 100.00 | AA | 4,080,492 | ||||||||||||
2,000 | 5.250%, 7/01/18 – FGIC Insured | 7/14 at 100.00 | AA | 2,023,180 | ||||||||||||
2,000 | 5.000%, 7/01/23 – FGIC Insured | 7/14 at 100.00 | AA | 1,858,180 | ||||||||||||
4,500 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 5.000%, 7/01/37 – AMBAC Insured | 7/16 at 100.00 | AA | 3,811,680 | ||||||||||||
2,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 – FGIC Insured | 7/11 at 101.00 | A3 | 1,916,520 | ||||||||||||
7,500 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998A, 5.000%, 10/01/24 – FGIC Insured (Alternative Minimum Tax) | 4/09 at 101.00 | AA | 6,054,900 | ||||||||||||
4,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 1998C, 5.000%, 10/01/23 – MBIA Insured (Alternative Minimum Tax) | 4/09 at 101.00 | AA | 3,282,520 | ||||||||||||
1,320 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/38 – CIFG Insured (Alternative Minimum Tax) | 10/15 at 100.00 | A2 | 945,358 | ||||||||||||
5,000 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005, 5.000%, 7/01/16 – AMBAC Insured | 7/15 at 101.00 | AA | 5,072,800 | ||||||||||||
42,000 | Total Transportation | 37,719,681 | ||||||||||||||
24
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed – 16.4% (10.0% of Total Investments) (4) | ||||||||||||||||
$ | 1,500 | Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) | No Opt. Call | AAA | $ | 1,653,015 | ||||||||||
750 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2003A, 5.250%, 10/01/21 (Pre-refunded 10/01/13) | 10/13 at 100.00 | AA (4) | 817,808 | ||||||||||||
2,600 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) | 11/11 at 101.00 | A1 | (4) | 2,849,054 | |||||||||||
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: | ||||||||||||||||
8,175 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A | (4) | 8,796,791 | |||||||||||
825 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A | (4) | 887,750 | |||||||||||
5,000 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 (Pre-refunded 11/15/12) | 11/12 at 101.00 | A2 | (4) | 5,414,550 | |||||||||||
Healthcare System, Series 2002, 5.750%, 12/01/32 (Pre-refunded 12/01/12) – Insured | AAA | |||||||||||||||
4,625 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) | 5/12 at 101.00 | AA- (4) | 5,030,936 | ||||||||||||
26,475 | Total U.S. Guaranteed | 28,731,094 | ||||||||||||||
Utilities – 10.1% (6.1% of Total Investments) | ||||||||||||||||
4,800 | Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 | 10/12 at 100.00 | Baa2 | 4,511,904 | ||||||||||||
9,440 | JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/15 | 10/11 at 100.00 | AA2 | 9,692,426 | ||||||||||||
1,220 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 | 10/11 at 101.00 | AA1 | 1,263,408 | ||||||||||||
445 | Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17 | 10/12 at 100.00 | AA1 | 460,833 | ||||||||||||
650 | Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | AA | 595,049 | ||||||||||||
1,170 | Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured | 10/15 at 100.00 | AA | 1,132,326 | ||||||||||||
17,725 | Total Utilities | 17,655,946 | ||||||||||||||
25
NUF | Nuveen Florida Quality Income Municipal Fund (continued) | |
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer – 11.9% (7.2% of Total Investments) | ||||||||||||||||
$ | 1,500 | Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 10/01/20 – FSA Insured | 10/13 at 100.00 | AAA | $ | 1,481,400 | ||||||||||
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: | ||||||||||||||||
3,235 | 5.000%, 10/01/18 – FGIC Insured | 10/13 at 100.00 | AA | 3,274,208 | ||||||||||||
5,090 | 5.000%, 10/01/19 – FGIC Insured | 10/13 at 100.00 | AA | 5,120,642 | ||||||||||||
3,000 | 5.000%, 10/01/23 – FGIC Insured | 10/13 at 100.00 | AA | 2,904,870 | ||||||||||||
1,065 | Lee County Industrial Development Authority, Florida, Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 – MBIA Insured (Alternative Minimum Tax) | 11/12 at 100.00 | AA | 934,122 | ||||||||||||
3,275 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622, 9.486%,10/01/36 (IF) | 10/16 at 100.00 | AAA | 2,504,294 | ||||||||||||
5,000 | Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31 | 10/16 at 100.00 | AAA | 4,621,200 | ||||||||||||
22,165 | Total Water and Sewer | 20,840,736 | ||||||||||||||
$ | 311,735 | Total Investments (cost $311,873,702) – 164.6% | 288,562,578 | |||||||||||||
Other Assets Less Liabilities – 2.1% | 3,732,249 | |||||||||||||||
Preferred Shares, at Liquidation Value – (66.7)% (5) | (117,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 175,294,827 | ||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(5) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 40.5%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. |
26
NFL | Nuveen Insured Florida Premium Income Municipal Fund | |
Portfolio of INVESTMENTS | ||
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Education and Civic Organizations – 4.6% (2.9% of Total Investments) | ||||||||||||||||
$ | 10,255 | Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured | 4/16 at 100.00 | N/R | $ | 8,458,427 | ||||||||||
Health Care – 3.9% (2.5% of Total Investments) | ||||||||||||||||
2,000 | Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Holmes Regional Medical Center Project, Series 1996, 5.625%, 10/01/14 – MBIA Insured | 4/09 at 100.00 | AA | 2,000,300 | ||||||||||||
1,915 | Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – FSA Insured | 6/18 at 100.00 | AAA | 1,680,508 | ||||||||||||
2,500 | Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – MBIA Insured | No Opt. Call | AA | 2,764,450 | ||||||||||||
1,000 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – MBIA Insured | 4/17 at 100.00 | AA | 833,130 | ||||||||||||
7,415 | Total Health Care | 7,278,388 | ||||||||||||||
Housing/Multifamily – 10.7% (6.8% of Total Investments) | ||||||||||||||||
975 | Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27 (Alternative Minimum Tax) | 12/08 at 101.00 | AAA | 893,217 | ||||||||||||
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon | ||||||||||||||||
Manor Isles Project, Series 1998B: | ||||||||||||||||
1,260 | 5.350%, 9/01/18 – FSA Insured (Alternative Minimum Tax) | 3/09 at 100.00 | AAA | 1,191,393 | ||||||||||||
1,000 | 5.400%, 9/01/23 – FSA Insured (Alternative Minimum Tax) | 3/09 at 100.00 | AAA | 887,050 | ||||||||||||
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1: | ||||||||||||||||
1,040 | 5.350%, 9/01/18 – FSA Insured (Alternative Minimum Tax) | 3/09 at 100.00 | AAA | 983,372 | ||||||||||||
1,400 | 5.400%, 9/01/23 – FSA Insured (Alternative Minimum Tax) | 3/09 at 100.00 | AAA | 1,241,870 | ||||||||||||
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A: | ||||||||||||||||
1,230 | 5.650%, 9/01/17 – FSA Insured (Alternative Minimum Tax) | 3/09 at 100.00 | AAA | 1,206,716 | ||||||||||||
1,890 | 5.750%, 9/01/29 – FSA Insured (Alternative Minimum Tax) (4) | 3/09 at 100.00 | AAA | 1,653,334 | ||||||||||||
1,395 | Florida Housing Finance Agency, Housing Revenue Bonds, Riverfront Apartments, Series 1997A, 6.250%, 4/01/37 – AMBAC Insured (Alternative Minimum Tax) | 4/09 at 100.00 | AA | 1,243,154 | ||||||||||||
950 | Florida Housing Finance Agency, Housing Revenue Bonds, Turtle Creek Apartments, Series 1996C-1, 6.100%, 5/01/16 – AMBAC Insured (Alternative Minimum Tax) | 11/08 at 100.00 | AA | 949,972 | ||||||||||||
2,040 | Florida Housing Finance Corporation, GNMA Collateralized Housing Revenue Bonds, Cobblestone Apartments, Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax) | 12/10 at 102.00 | AAA | 1,907,318 | ||||||||||||
2,475 | Florida Housing Finance Corporation, GNMA Collateralized Housing Revenue Bonds, Raintree Apartments, Series 2000J-1, 5.950%, 3/01/35 (Alternative Minimum Tax) | 9/10 at 102.00 | AAA | 2,135,059 | ||||||||||||
3,290 | Jacksonville, Florida, GNMA Collateralized Housing Revenue Refunding Bonds, Windermere Manor Apartments, Series 1993A, 5.875%, 3/20/28 | 3/09 at 100.00 | AAA | 3,330,105 | ||||||||||||
1,425 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 – FSA Insured (Alternative Minimum Tax) | 6/11 at 100.00 | AAA | 1,269,347 |
27
NFL | Nuveen Insured Florida Premium Income Municipal Fund (continued) | |
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Housing/Multifamily (continued) | ||||||||||||||||
$ | 1,065 | Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – FSA Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AAA | $ | 930,299 | ||||||||||
21,435 | Total Housing/Multifamily | 19,822,206 | ||||||||||||||
Housing/Single Family – 0.7% (0.4% of Total Investments) | ||||||||||||||||
30 | Broward County Housing Finance Authority, Florida, Single Family Mortgage Revenue Refunding Bonds, Series 1999B, 5.250%, 4/01/31 – MBIA Insured (Alternative Minimum Tax) | 4/09 at 101.00 | BBB+ | 24,102 | ||||||||||||
670 | Escambia County Housing Finance Authority, Florida, Multi-County Single Family Mortgage Revenue Bonds, Series 1999, 5.200%, 4/01/32 – MBIA Insured (Alternative Minimum Tax) | 4/09 at 101.00 | AAA | 530,138 | ||||||||||||
3,495 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-4 , 0.000%, 7/01/30 – FSA Insured (Alternative Minimum Tax) | 1/10 at 24.65 | AAA | 808,079 | ||||||||||||
4,195 | Total Housing/Single Family | 1,362,319 | ||||||||||||||
Tax Obligation/General – 2.2% (1.4% of Total Investments) | ||||||||||||||||
940 | Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 – FGIC Insured | 6/11 at 101.00 | AAA | 891,299 | ||||||||||||
1,895 | Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured | 6/15 at 100.00 | AA | 1,788,766 | ||||||||||||
1,390 | Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured | 2/14 at 100.00 | AA | 1,322,891 | ||||||||||||
4,225 | Total Tax Obligation/General | 4,002,956 | ||||||||||||||
Tax Obligation/Limited – 65.7% (42.0% of Total Investments) | ||||||||||||||||
3,820 | Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 – MBIA Insured | 7/13 at 100.00 | AA | 3,790,471 | ||||||||||||
1,500 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – MBIA Insured | 10/14 at 100.00 | AA | 1,452,435 | ||||||||||||
3,000 | Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured | 6/15 at 100.00 | AA | 2,822,070 | ||||||||||||
1,555 | DeSoto County, Florida, Capital Improvement Revenue Bonds, Series 2002, 5.250%, 10/01/20 – MBIA Insured | 4/12 at 101.00 | AA | 1,549,480 | ||||||||||||
Destin, Florida, Capital Improvement Revenue Bonds, Series 2002: | ||||||||||||||||
1,000 | 5.000%, 8/01/27 – MBIA Insured | 8/12 at 101.00 | A2 | 995,350 | ||||||||||||
1,000 | 5.125%, 8/01/31 – MBIA Insured | 8/12 at 101.00 | A2 | 929,520 | ||||||||||||
2,500 | Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – MBIA Insured | 2/15 at 100.00 | AA | 2,323,175 | ||||||||||||
2,500 | Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 – FSA Insured | 8/15 at 100.00 | AAA | 2,237,350 | ||||||||||||
1,200 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – MBIA Insured | 10/15 at 100.00 | AA | 1,058,676 | ||||||||||||
1,435 | Florida Department of Environmental Protection, Florida Forever Revenue Bonds, Series 2003A, 5.000%, 7/01/19 – FGIC Insured | 7/13 at 101.00 | AA | 1,444,758 | ||||||||||||
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | ||||||||||||||||
3,365 | 5.375%, 11/01/25 – MBIA Insured | 11/10 at 101.00 | AA | 3,190,828 | ||||||||||||
3,345 | 5.375%, 11/01/30 – MBIA Insured | 11/10 at 101.00 | AA | 3,076,162 | ||||||||||||
1,000 | Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – MBIA Insured | 11/11 at 101.00 | AA | 1,000,820 | ||||||||||||
2,230 | Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund – Intermodal Program, Series 1999, 5.500%, 10/01/23 – FGIC Insured (Alternative Minimum Tax) | 10/09 at 101.00 | AA+ | 1,934,391 | ||||||||||||
5,200 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) – FGIC Insured | 12/11 at 101.00 | N/R | 5,264,896 |
28
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 1,080 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 (Mandatory put 12/01/10) – FGIC Insured | 12/08 at 100.00 | N/R | $ | 1,081,944 | ||||||||||
1,020 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 (Mandatory put 12/01/08) – FGIC Insured | 12/08 at 100.00 | N/R | 1,021,836 | ||||||||||||
1,500 | Gulf Breeze, Florida, Local Government Loan Program, Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) – FGIC Insured | 12/10 at 101.00 | Baa3 | 1,509,825 | ||||||||||||
6,000 | Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 – MBIA Insured | 7/13 at 100.00 | AA | 5,603,760 | ||||||||||||
2,000 | Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/23 – AMBAC Insured | 11/13 at 101.00 | AA+ | 1,951,660 | ||||||||||||
1,000 | Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured | 10/15 at 100.00 | AA+ | 952,760 | ||||||||||||
2,595 | Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 – MBIA Insured | 7/15 at 100.00 | AA | 2,440,390 | ||||||||||||
1,000 | Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005, 5.000%, 5/01/25 – MBIA Insured | 5/15 at 102.00 | A2 | 901,990 | ||||||||||||
1,480 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 – MBIA Insured | 10/13 at 100.00 | AA | 1,492,032 | ||||||||||||
1,280 | Lake County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 7/01/21 – AMBAC Insured | 7/14 at 100.00 | AA | 1,214,234 | ||||||||||||
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B: | ||||||||||||||||
1,730 | 5.000%, 10/01/18 – AMBAC Insured | 10/12 at 100.00 | AA | 1,702,597 | ||||||||||||
2,000 | 5.000%, 10/01/19 – AMBAC Insured | 10/12 at 100.00 | AA | 1,980,040 | ||||||||||||
1,230 | Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 – FGIC Insured | 10/14 at 100.00 | A3 | 1,198,709 | ||||||||||||
2,000 | Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%, 11/01/31 – AMBAC Insured | 11/16 at 100.00 | AA | 1,752,240 | ||||||||||||
18,000 | Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 – MBIA Insured | 4/09 at 52.08 | AA | 8,149,320 | ||||||||||||
4,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – FSA Insured | 7/18 at 100.00 | AAA | 3,523,800 | ||||||||||||
1,000 | Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured | 8/17 at 100.00 | AA | 879,040 | ||||||||||||
3,180 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured | 1/13 at 100.00 | AA | 3,181,526 | ||||||||||||
2,500 | Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured | 10/16 at 100.00 | A+ | 2,179,475 | ||||||||||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: | ||||||||||||||||
2,500 | 5.000%, 4/01/21 – MBIA Insured | 4/14 at 100.00 | A2 | 2,461,300 | ||||||||||||
5,500 | 5.000%, 4/01/23 – MBIA Insured | 4/14 at 100.00 | A2 | 5,134,965 | ||||||||||||
2,150 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 – FGIC Insured | 8/14 at 100.00 | AA | 1,977,936 | ||||||||||||
3,000 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – MBIA Insured | 8/17 at 100.00 | AA | 2,708,520 | ||||||||||||
4,115 | Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993, 5.250%, 6/01/11 – FGIC Insured | No Opt. Call | AA | 4,174,462 | ||||||||||||
4,000 | Palm Beach County, Florida, Revenue Refunding Bonds, Criminal Justice Facilities, Series 1993, 5.375%, 6/01/10 – FGIC Insured | No Opt. Call | AA | 4,104,400 |
29
NFL | Nuveen Insured Florida Premium Income Municipal Fund (continued) | |
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 1,300 | Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003, 5.000%, 8/15/21 – FSA Insured | 8/13 at 100.00 | Aaa | $ | 1,279,408 | ||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – MBIA Insured | 7/17 at 100.00 | AA | 840,440 | ||||||||||||
3,500 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 – FSA Insured | 7/17 at 100.00 | Aaa | 3,072,475 | ||||||||||||
4,260 | St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – FSA Insured | 7/14 at 100.00 | AAA | 4,016,584 | ||||||||||||
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003: | ||||||||||||||||
1,475 | 5.125%, 10/01/20 – FSA Insured | 10/13 at 100.00 | Aaa | 1,480,974 | ||||||||||||
1,555 | 5.125%, 10/01/21 – FSA Insured | 10/13 at 100.00 | Aaa | 1,548,391 | ||||||||||||
1,245 | Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 5.000%, 4/01/22 – FGIC Insured | 4/12 at 100.00 | A+ | 1,209,405 | ||||||||||||
4,275 | Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 – FSA Insured | 8/15 at 100.00 | Aaa | 4,021,322 | ||||||||||||
2,000 | Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – FSA Insured | 10/14 at 100.00 | AAA | 1,968,160 | ||||||||||||
6,000 | Volusia County, Florida, School Board Certificates of Participation, Series 2007, Trust 1035,6.906%, 8/01/32 – FSA Insured (IF) | 8/17 at 100.00 | Aa3 | 4,541,160 | ||||||||||||
1,785 | Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – FSA Insured | 12/14 at 100.00 | Aaa | 1,695,929 | ||||||||||||
138,905 | Total Tax Obligation/Limited | 122,023,391 | ||||||||||||||
Transportation – 5.6% (3.5% of Total Investments) | ||||||||||||||||
2,150 | Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured | 10/14 at 100.00 | AA | 1,991,889 | ||||||||||||
1,100 | Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – MBIA Insured | 4/09 at 100.00 | AA | 1,102,420 | ||||||||||||
2,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – FSA Insured | 10/13 at 100.00 | AAA | 2,040,940 | ||||||||||||
5,615 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax) | 10/12 at 100.00 | A2 | 5,217,739 | ||||||||||||
10,865 | Total Transportation | 10,352,988 | ||||||||||||||
U.S. Guaranteed – 18.6% (11.9% of Total Investments) (5) | ||||||||||||||||
5,325 | Escambia County Housing Finance Authority, Florida, Dormitory Revenue Bonds, University of West Florida Foundation Inc., Series 1999, 5.750%, 6/01/31 (Pre-refunded 6/01/09) – MBIA Insured | 6/09 at 101.00 | AA (5) | 5,505,518 | ||||||||||||
3,945 | Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured | 10/13 at 100.00 | AA (5) | 4,257,207 | ||||||||||||
4,750 | Florida Housing Finance Corporation, Housing Revenue Bonds, Augustine Club Apartments, Series 2000D-1, 5.750%, 10/01/30 (Pre-refunded 10/01/10) – MBIA Insured | 10/10 at 102.00 | Aaa | 5,137,458 | ||||||||||||
10,000 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) – MBIA Insured | 9/11 at 34.97 | AA (5) | 3,184,900 | ||||||||||||
1,830 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – MBIA Insured | 9/13 at 100.00 | AA (5) | 1,973,124 | ||||||||||||
5,715 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – MBIA Insured (ETM) | No Opt. Call | AAA | 6,330,620 | ||||||||||||
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: | ||||||||||||||||
5,000 | 5.500%, 10/01/15 – FGIC Insured (ETM) | No Opt. Call | N/R | (5) | 5,377,800 | |||||||||||
1,200 | 5.500%, 10/01/21 – FGIC Insured (ETM) | No Opt. Call | N/R | (5) | 1,260,624 |
30
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
U.S. Guaranteed (5) (continued) | ||||||||||||||||
$ | 1,500 | Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – MBIA Insured (ETM) | 12/08 at 100.00 | AA (5) | $ | 1,520,595 | ||||||||||
39,265 | Total U.S. Guaranteed | 34,547,846 | ||||||||||||||
Utilities – 7.9% (5.0% of Total Investments) | ||||||||||||||||
3,000 | Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – MBIA Insured | 10/17 at 100.00 | AA | 2,539,740 | ||||||||||||
8,000 | Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured | No Opt. Call | AA | 6,187,360 | ||||||||||||
3,525 | Palm Beach County Solid Waste Authority, Florida, Revenue Refunding Bonds, Series 1997A, 6.000%, 10/01/09 – AMBAC Insured | No Opt. Call | AA | 3,651,054 | ||||||||||||
2,500 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – MBIA Insured | 10/15 at 100.00 | AA | 2,342,725 | ||||||||||||
17,025 | Total Utilities | 14,720,879 | ||||||||||||||
Water and Sewer – 37.1% (23.6% of Total Investments) | ||||||||||||||||
1,250 | Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured | 9/15 at 100.00 | Aa3 | 1,154,525 | ||||||||||||
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003: | ||||||||||||||||
5,000 | 5.000%, 10/01/21 – MBIA Insured | 10/13 at 100.00 | AA | 4,920,400 | ||||||||||||
4,500 | 5.000%, 10/01/24 – MBIA Insured | 10/13 at 100.00 | AA | 4,327,785 | ||||||||||||
Clay County, Florida, Utility System Revenue Bonds, Series 2007: | ||||||||||||||||
5,110 | 5.000%, 11/01/27 – SYNCORA GTY Insured | 11/17 at 100.00 | AAA | 4,834,162 | ||||||||||||
12,585 | 5.000%, 11/01/32 – SYNCORA GTY Insured | 11/17 at 100.00 | AAA | 11,359,974 | ||||||||||||
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003: | ||||||||||||||||
910 | 5.250%, 10/01/17 – AMBAC Insured | 10/13 at 100.00 | AA | 919,573 | ||||||||||||
475 | 5.250%, 10/01/18 – AMBAC Insured | 10/13 at 100.00 | AA | 480,510 | ||||||||||||
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003: | ||||||||||||||||
1,250 | 5.250%, 10/01/22 – MBIA Insured | 10/13 at 100.00 | AA | 1,204,525 | ||||||||||||
1,095 | 5.000%, 10/01/23 – MBIA Insured | 10/13 at 100.00 | AA | 1,020,704 | ||||||||||||
1,225 | 5.000%, 10/01/24 – MBIA Insured | 10/13 at 100.00 | AA | 1,131,177 | ||||||||||||
1,000 | Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 – AMBAC Insured | 7/09 at 101.00 | Aa3 | 865,350 | ||||||||||||
8,000 | Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1993A, 5.250%, 9/01/24 – FGIC Insured | 3/09 at 102.00 | AA | 7,603,120 | ||||||||||||
1,000 | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 – FGIC Insured | 10/13 at 100.00 | AA | 1,034,720 | ||||||||||||
1,500 | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2007B, 5.000%, 10/01/24 – MBIA Insured | 10/14 at 100.00 | AA | 1,425,645 | ||||||||||||
1,450 | Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured | 10/13 at 100.00 | AA | 1,428,511 | ||||||||||||
2,000 | Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 – MBIA Insured | 10/13 at 100.00 | Aa3 | 2,008,100 | ||||||||||||
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003: | ||||||||||||||||
1,350 | 5.250%, 10/01/17 – MBIA Insured | 10/13 at 100.00 | AA | 1,388,583 | ||||||||||||
1,000 | 5.250%, 10/01/18 – MBIA Insured | 10/13 at 100.00 | AA | 1,019,020 | ||||||||||||
2,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2008B, 5.250%, 10/01/22 – FSA Insured | No Opt. Call | AAA | 1,990,140 | ||||||||||||
1,750 | Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 – MBIA Insured | 10/13 at 100.00 | AA | 1,731,363 | ||||||||||||
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003: | ||||||||||||||||
1,000 | 5.250%, 10/01/19 – MBIA Insured | 10/13 at 100.00 | AA | 1,012,910 | ||||||||||||
500 | 5.250%, 10/01/20 – MBIA Insured | 10/13 at 100.00 | AA | 502,770 | ||||||||||||
500 | 5.250%, 10/01/21 – MBIA Insured | 10/13 at 100.00 | AA | 499,510 |
31
NFL | Nuveen Insured Florida Premium Income Municipal Fund (continued) Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer (continued) | ||||||||||||||||
$ | 1,170 | Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002: | 10/14 at 100.00 | A2 | $ | 1,075,803 | ||||||||||
1,190 | 5.250%, 5/01/15 – MBIA Insured | 5/12 at 100.00 | AA | 1,217,798 | ||||||||||||
1,980 | 5.250%, 5/01/17 – MBIA Insured | 5/12 at 100.00 | AA | 1,996,276 | ||||||||||||
1,000 | Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 – MBIA Insured | 9/14 at 100.00 | A2 | 947,540 | ||||||||||||
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002: | ||||||||||||||||
1,360 | 5.250%, 1/01/17 – FGIC Insured | 1/13 at 100.00 | AA | 1,373,573 | ||||||||||||
770 | 5.250%, 1/01/18 – FGIC Insured | 1/13 at 100.00 | AA | 777,685 | ||||||||||||
500 | 5.250%, 1/01/20 – FGIC Insured | 1/13 at 100.00 | AA | 498,290 | ||||||||||||
3,530 | Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – MBIA Insured | No Opt. Call | AA | 3,770,993 | ||||||||||||
1,300 | Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1996, 5.800%, 10/01/11 – AMBAC Insured | 4/09 at 100.00 | AA | 1,302,340 | ||||||||||||
2,000 | Village Center Community Development District, Florida, Utility Revenue Bonds, Series 2003, 5.250%, 10/01/23 – MBIA Insured | 10/13 at 101.00 | AA | 1,947,480 | ||||||||||||
71,250 | Total Water and Sewer | 68,770,855 | ||||||||||||||
$ | 324,835 | Total Investments (cost $306,183,861) – 157.0% | 291,340,255 | |||||||||||||
Other Assets Less Liabilities – 2.8% | 5,226,933 | |||||||||||||||
Preferred Shares, at Liquidation Value – (59.8)% (6) | (111,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 185,567,188 | ||||||||||||||
At least 80% of the Fund’s net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and | ||
Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Portion of investment has been pledged to collateralize the net payment obligations under futures contracts entered into by the Fund during the period. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(6) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 38.1%. | |
N/R | Not rated. | |
(ETM) | Escrowed to maturity. | |
(IF) | Inverse floating rate investment. | |
See accompanying notes to financial statements. |
32
NWF | Nuveen Insured Florida Tax-Free Advantage Municipal Fund | ||
Portfolio of INVESTMENTS |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Consumer Staples – 1.4% (0.9% of Total Investments) | ||||||||||||||||
$ | 1,685 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 | 6/22 at 100.00 | BBB | $ | 685,795 | ||||||||||
Education and Civic Organizations – 14.6% (9.3% of Total Investments) | ||||||||||||||||
2,240 | FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured | No Opt. Call | AA | 2,350,298 | ||||||||||||
1,985 | North Miami, Florida, Educational Facilities Revenue Refunding Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/19 – SYNCORA GTY Insured | 4/13 at 100.00 | BBB- | 1,853,633 | ||||||||||||
1,500 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2005, 5.000%, 10/15/35 – RAAI Insured | 10/15 at 100.00 | A3 | 1,122,510 | ||||||||||||
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003: | ||||||||||||||||
1,000 | 5.200%, 10/15/26 – RAAI Insured | 10/13 at 100.00 | A3 | 834,580 | ||||||||||||
1,250 | 5.200%, 10/15/33 – RAAI Insured | 10/13 at 100.00 | A3 | 982,588 | ||||||||||||
7,975 | Total Education and Civic Organizations | 7,143,609 | ||||||||||||||
Health Care – 5.4% (3.4% of Total Investments) | ||||||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||
1,000 | 5.250%, 6/01/26 | 6/16 at 100.00 | BBB+ | 795,360 | ||||||||||||
350 | 5.500%, 6/01/38 – FSA Insured | 6/18 at 100.00 | AAA | 307,143 | ||||||||||||
1,300 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 – MBIA Insured | 11/15 at 100.00 | AA | 1,111,708 | ||||||||||||
500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – MBIA Insured | 4/17 at 100.00 | AA | 416,565 | ||||||||||||
3,150 | Total Health Care | 2,630,776 | ||||||||||||||
Housing/Single Family – 1.0% (0.7% of Total Investments) | ||||||||||||||||
480 | Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 | No Opt. Call | AAA | 510,610 | ||||||||||||
Tax Obligation/Limited – 58.4% (36.9% of Total Investments) | ||||||||||||||||
400 | Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – MBIA Insured | 10/14 at 100.00 | AA | 387,316 | ||||||||||||
1,000 | Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 – AMBAC Insured | 10/12 at 101.00 | AA | 1,028,580 | ||||||||||||
500 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – MBIA Insured | 10/15 at 100.00 | AA | 441,115 | ||||||||||||
1,500 | Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 – MBIA Insured | 7/13 at 100.00 | AA | 1,400,940 | ||||||||||||
2,270 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 – FGIC Insured | 10/12 at 100.00 | AA+ | 2,283,325 | ||||||||||||
2,265 | Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 – AMBAC Insured | 10/12 at 100.00 | AA | 2,207,378 | ||||||||||||
100 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – FSA Insured | 7/18 at 100.00 | AAA | 88,095 |
33
NWF | Nuveen Insured Florida Tax-Free Advantage Municipal Fund (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 (Unaudited) |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Tax Obligation/Limited (continued) | ||||||||||||||||
$ | 2,000 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured | 1/13 at 100.00 | AA | $ | 2,030,940 | ||||||||||
1,500 | Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 – FGIC Insured | 1/13 at 100.00 | AA | 1,355,820 | ||||||||||||
3,335 | Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – MBIA Insured | 10/14 at 100.00 | AA | 3,371,985 | ||||||||||||
2,670 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 – FSA Insured | 8/12 at 100.00 | AAA | 2,452,902 | ||||||||||||
2,000 | Palm Beach Gardens, Florida, Special Obligation Revenue Bonds, Series 2004, 5.000%, 5/01/20- AMBAC Insured | 2/13 at 100.00 | AA | 1,994,800 | ||||||||||||
1,000 | Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – MBIA Insured | 7/17 at 100.00 | AA | 840,440 | ||||||||||||
2,115 | Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 – MBIA Insured | 9/13 at 100.00 | AA | 2,048,124 | ||||||||||||
500 | School Board of Duval County, Florida, Certificates of Participation, Master Lease Program, Series 2008, 5.000%, 7/01/33 – FSA Insured | 7/17 at 100.00 | Aaa | 438,925 | ||||||||||||
1,730 | St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – AMBAC Insured | 10/14 at 100.00 | AA | 1,616,322 | ||||||||||||
4,000 | St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – FSA Insured | 7/14 at 100.00 | AAA | 3,771,440 | ||||||||||||
1,000 | Vista Lakes Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A2, 5.000%, 5/01/34 – RAAI Insured | 5/17 at 100.00 | A3 | 760,830 | ||||||||||||
29,885 | Total Tax Obligation/Limited | 28,519,277 | ||||||||||||||
Transportation – 11.6% (7.4% of Total Investments) | ||||||||||||||||
2,000 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 – FSA Insured (4) | 10/12 at 100.00 | AAA | 1,853,460 | ||||||||||||
2,105 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – FSA Insured (4) | 10/13 at 100.00 | AAA | 2,148,089 | ||||||||||||
1,730 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured | 10/14 at 100.00 | AA | 1,685,920 | ||||||||||||
5,835 | Total Transportation | 5,687,469 | ||||||||||||||
U.S. Guaranteed – 36.5% (23.1% of Total Investments) (5) | ||||||||||||||||
1,660 | Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.375%, 2/15/26 (Pre-refunded 2/15/13) – FSA Insured | 2/13 at 100.00 | AAA | 1,804,935 | ||||||||||||
180 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – MBIA Insured | 11/15 at 100.00 | A1 | (5) | 192,861 | |||||||||||
3,500 | Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13) | 11/13 at 100.00 | N/R | (5) | 3,826,791 | |||||||||||
500 | North Port, Florida, Utility System Revenue Bonds, Series 2000, 5.000%, 10/01/25 (Pre-refunded 10/01/10) – FSA Insured | 10/10 at 101.00 | Aaa | 528,640 | ||||||||||||
3,370 | Osceola County School Board, Florida, Certificates of Participation, Series 2002A, 5.125%, 6/01/20 (Pre-refunded 6/01/12) – AMBAC Insured | 6/12 at 101.00 | Aa3 (5) | 3,597,273 | ||||||||||||
1,950 | Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) – FSA Insured | 8/12 at 100.00 | AAA | 2,099,975 | ||||||||||||
2,800 | Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003, 5.750%, 11/15/27 (Pre-refunded 5/15/13) | 5/13 at 100.00 | Aa3 (5) | 3,094,392 | ||||||||||||
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) – FSA Insured | 7/12 at 101.00 | AAA | 1,089,660 | ||||||||||||
1,500 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) | 2/13 at 100.00 | Aaa | 1,615,470 | ||||||||||||
16,460 | Total U.S. Guaranteed | 17,849,997 | ||||||||||||||
34
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Water and Sewer – 29.0% (18.3% of Total Investments) | ||||||||||||||||
$ | 1,000 | Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured | 9/15 at 100.00 | Aa3 | $ | 915,680 | ||||||||||
Clay County, Florida, Utility System Revenue Bonds, Series 2007: | ||||||||||||||||
1,500 | 5.000%, 11/01/27 – SYNCORA GTY Insured | 11/17 at 100.00 | AAA | 1,419,030 | ||||||||||||
3,000 | 5.000%, 11/01/32 – SYNCORA GTY Insured | 11/17 at 100.00 | AAA | 2,707,980 | ||||||||||||
1,525 | Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 – FGIC Insured | 9/13 at 100.00 | AA | 1,396,092 | ||||||||||||
3,000 | Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – MBIA Insured | 10/13 at 100.00 | AA | 2,834,970 | ||||||||||||
2,000 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured | 10/09 at 101.00 | A+ | 1,853,120 | ||||||||||||
500 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2008B, 5.250%, 10/01/22 – FSA Insured | No Opt. Call | AAA | 497,535 | ||||||||||||
1,095 | Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – MBIA Insured | 10/14 at 100.00 | AA | 1,107,144 | ||||||||||||
1,500 | Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002, 5.000%, 5/01/23 – MBIA Insured | 5/12 at 100.00 | AA | 1,424,295 | ||||||||||||
15,120 | Total Water and Sewer | 14,155,846 | ||||||||||||||
$ | 80,590 | Total Investments (cost $81,468,541) – 157.9% | 77,183,379 | |||||||||||||
Other Assets Less Liabilities – 1.4% | 691,380 | |||||||||||||||
Preferred Shares, at Liquidation Value – (59.3)% (6) | (29,000,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 48,874,759 | ||||||||||||||
At least 80% of the Fund’s net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are covered by insurance or backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – Insurance, for more information. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. | |
The Portfolio of Investments may reflect the ratings on certain bonds insured by ACA, AMBAC, CIFG, FGIC, FSA, MBIA, RAAI and SYNCORA as of October 31, 2008. Please see the Portfolio Manager’s Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. | ||
(4) | Portion of investment has been pledged to collateralize the net payment obligations under futures contracts entered into by the Fund during the period. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. | |
(6) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 37.6%. | |
N/R | Not rated. |
35
Statement of | ||
ASSETS & LIABILITIES |
Florida | Florida | Insured Florida | Insured Florida | |||||||||||||
Investment Quality | Quality Income | Premium Income | Tax-Free Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
�� | ||||||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $343,875,448, $311,873,702, $306,183,861 and $81,468,541, respectively) | $ | 317,867,107 | $ | 288,562,578 | $ | 291,340,255 | $ | 77,183,379 | ||||||||
Cash | 6,319,276 | 400,695 | 2,679,264 | — | ||||||||||||
Receivables: | ||||||||||||||||
Interest | 4,460,336 | 3,915,755 | 3,439,450 | 1,007,663 | ||||||||||||
Investments sold | — | 376,969 | 50,000 | — | ||||||||||||
Other assets | 40,373 | 30,013 | 40,888 | 2,482 | ||||||||||||
Total assets | 328,687,092 | 293,286,010 | 297,549,857 | 78,193,524 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | — | — | 68,052 | ||||||||||||
Payables: | ||||||||||||||||
Common share dividends | 857,185 | 698,435 | 721,338 | 197,205 | ||||||||||||
Preferred share dividends | 44,457 | 34,170 | 12,467 | 4,749 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 176,911 | 158,271 | 159,331 | 26,678 | ||||||||||||
Other | 116,933 | 100,307 | 89,533 | 22,081 | ||||||||||||
Total liabilities | 1,195,486 | 991,183 | 982,669 | 318,765 | ||||||||||||
Preferred shares, at liquidation value | 132,000,000 | 117,000,000 | 111,000,000 | 29,000,000 | ||||||||||||
Net assets applicable to Common shares | $ | 195,491,606 | $ | 175,294,827 | $ | 185,567,188 | $ | 48,874,759 | ||||||||
Common shares outstanding | 16,368,802 | 14,154,895 | 14,218,896 | 3,882,373 | ||||||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) | $ | 11.94 | $ | 12.38 | $ | 13.05 | $ | 12.59 | ||||||||
Net assets applicable to Common shares consist of: | ||||||||||||||||
Common shares, $.01 par value per share | $ | 163,688 | $ | 141,549 | $ | 142,189 | $ | 38,824 | ||||||||
Paid-in surplus | 228,858,884 | 204,131,712 | 201,990,758 | 54,746,905 | ||||||||||||
Undistributed (Over-distribution of) net investment income | 49,866 | (829,788 | ) | (368,571 | ) | (167,111 | ) | |||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (7,572,491 | ) | (4,837,522 | ) | (1,353,582 | ) | (1,458,697 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | (26,008,341 | ) | (23,311,124 | ) | (14,843,606 | ) | (4,285,162 | ) | ||||||||
Net assets applicable to Common shares | $ | 195,491,606 | $ | 175,294,827 | $ | 185,567,188 | $ | 48,874,759 | ||||||||
Authorized shares: | ||||||||||||||||
Common | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
Preferred | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
36
Statement of | ||
OPERATIONS |
Florida | Florida | Insured Florida | Insured Florida | |||||||||||||
Investment Quality | Quality Income | Premium Income | Tax-Free Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Investment Income | $ | 9,618,344 | $ | 7,831,514 | $ | 7,833,736 | $ | 1,956,179 | ||||||||
Expenses | ||||||||||||||||
Management fees | 1,123,922 | 994,418 | 993,966 | 264,046 | ||||||||||||
Preferred shares – auction fees | 166,356 | 147,452 | 139,890 | 36,548 | ||||||||||||
Preferred shares – dividend disbursing agent fees | 10,064 | 15,080 | 10,075 | 5,027 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 8,219 | 5,718 | 5,907 | 387 | ||||||||||||
Interest expense on floating rate obligations | 43,764 | — | — | — | ||||||||||||
Custodian’s fees and expenses | 34,630 | 42,679 | 29,502 | 10,126 | ||||||||||||
Trustees’ fees and expenses | 3,374 | 3,051 | 3,095 | 877 | ||||||||||||
Professional fees | 14,452 | 13,301 | 12,034 | 6,830 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 22,221 | 20,661 | 18,225 | 7,357 | ||||||||||||
Stock exchange listing fees | 4,635 | 4,635 | 4,635 | 276 | ||||||||||||
Investor relations expense | 22,059 | 19,155 | 17,911 | 5,173 | ||||||||||||
Other expenses | 9,784 | 9,449 | 9,336 | 7,592 | ||||||||||||
Total expenses before custodian fee credit and expense reimbursement | 1,463,480 | 1,275,599 | 1,244,576 | 344,239 | ||||||||||||
Custodian fee credit | (20,219 | ) | (3,502 | ) | (25,565 | ) | (3,591 | ) | ||||||||
Expense reimbursement | — | — | — | (99,248 | ) | |||||||||||
Net expenses | 1,443,261 | 1,272,097 | 1,219,011 | 241,400 | ||||||||||||
Net investment income | 8,175,083 | 6,559,417 | 6,614,725 | 1,714,779 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (2,721,322 | ) | (473,784 | ) | (734,015 | ) | (7,197 | ) | ||||||||
Forward Swaps | (765,000 | ) | — | 104,696 | 97,716 | |||||||||||
Futures | — | — | 523,422 | 84,406 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (36,180,253 | ) | (28,547,226 | ) | (23,402,401 | ) | (6,044,204 | ) | ||||||||
Forward swaps | 821,435 | — | (133,108 | ) | (124,234 | ) | ||||||||||
Net realized and unrealized gain (loss) | (38,845,140 | ) | (29,021,010 | ) | (23,641,406 | ) | (5,993,513 | ) | ||||||||
Distributions to Preferred Shareholders | ||||||||||||||||
From net investment income | (2,542,969 | ) | (2,266,472 | ) | (2,150,354 | ) | (561,282 | ) | ||||||||
Decrease in net assets applicable to Common shares from distributions to Preferred shareholders | (2,542,969 | ) | (2,266,472 | ) | (2,150,354 | ) | (561,282 | ) | ||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | $ | (33,213,026 | ) | $ | (24,728,065 | ) | $ | (19,177,035 | ) | $ | (4,840,016 | ) | ||||
37
Statement of | ||
CHANGES in NET ASSETS (Unaudited) |
Florida Investment Quality (NQF) | Florida Quality Income (NUF) | |||||||||||||||
Six Months | Year | Six Months | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
10/31/08 | 4/30/08 | 10/31/08 | 4/30/08 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 8,175,083 | $ | 15,948,403 | $ | 6,559,417 | $ | 13,478,397 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (2,721,322 | ) | (2,926,121 | ) | (473,784 | ) | (4,195,080 | ) | ||||||||
Forward swaps | (765,000 | ) | 287,000 | — | — | |||||||||||
Futures | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (36,180,253 | ) | (11,368,478 | ) | (28,547,226 | ) | (8,376,881 | ) | ||||||||
Forward swaps | 821,435 | (682,435 | ) | — | — | |||||||||||
Distributions to Preferred shareholders: | ||||||||||||||||
From net investment income | (2,542,969 | ) | (4,781,885 | ) | (2,266,472 | ) | (4,355,779 | ) | ||||||||
From accumulated net realized gains | — | — | — | (44,456 | ) | |||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (33,213,026 | ) | (3,523,516 | ) | (24,728,065 | ) | (3,493,799 | ) | ||||||||
Distributions to Common Shareholders | ||||||||||||||||
From net investment income | (5,401,705 | ) | (10,949,281 | ) | (4,529,567 | ) | (9,321,243 | ) | ||||||||
From accumulated net realized gains | — | — | — | (101,970 | ) | |||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (5,401,705 | ) | (10,949,281 | ) | (4,529,567 | ) | (9,423,213 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Common shares repurchased | — | (2,896,057 | ) | — | (1,977,228 | ) | ||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | (2,896,057 | ) | — | (1,977,228 | ) | ||||||||||
Net increase (decrease) in net assets applicable to Common shares | (38,614,731 | ) | (17,368,854 | ) | (29,257,632 | ) | (14,894,240 | ) | ||||||||
Net assets applicable to Common shares at the beginning of period | 234,106,337 | 251,475,191 | 204,552,459 | 219,446,699 | ||||||||||||
Net assets applicable to Common shares at the end of period | $ | 195,491,606 | $ | 234,106,337 | $ | 175,294,827 | $ | 204,552,459 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 49,866 | $ | (180,543 | ) | $ | (829,788 | ) | $ | (593,166 | ) | |||||
38
Insured Florida Premium | Insured Florida | |||||||||||||||
Income (NFL) | Tax-Free Advantage (NWF) | |||||||||||||||
Six Months | Year | Six Months | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
10/31/08 | 4/30/08 | 10/31/08 | 4/30/08 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 6,614,725 | $ | 13,594,373 | $ | 1,714,779 | $ | 3,509,753 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (734,015 | ) | (957,893 | ) | (7,197 | ) | (199,637 | ) | ||||||||
Forward swaps | 104,696 | 34,700 | 97,716 | 13,880 | ||||||||||||
Futures | 523,422 | — | 84,406 | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (23,402,401 | ) | (7,864,803 | ) | (6,044,204 | ) | (1,564,997 | ) | ||||||||
Forward swaps | (133,108 | ) | 133,108 | (124,234 | ) | 124,234 | ||||||||||
Distributions to Preferred shareholders: | ||||||||||||||||
From net investment income | (2,150,354 | ) | (3,851,736 | ) | (561,282 | ) | (1,045,304 | ) | ||||||||
From accumulated net realized gains | — | (327,094 | ) | — | — | |||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (19,177,035 | ) | 760,655 | (4,840,016 | ) | 837,929 | ||||||||||
Distributions to Common Shareholders | ||||||||||||||||
From net investment income | (4,877,081 | ) | (9,893,964 | ) | (1,211,300 | ) | (2,457,543 | ) | ||||||||
From accumulated net realized gains | — | (910,585 | ) | — | — | |||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (4,877,081 | ) | (10,804,549 | ) | (1,211,300 | ) | (2,457,543 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Common shares repurchased | — | (2,392,636 | ) | — | — | |||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | (2,392,636 | ) | — | — | |||||||||||
Net increase (decrease) in net assets applicable to Common shares | (24,054,116 | ) | (12,436,530 | ) | (6,051,316 | ) | (1,619,614 | ) | ||||||||
Net assets applicable to Common shares at the beginning of period | 209,621,304 | 222,057,834 | 54,926,075 | 56,545,689 | ||||||||||||
Net assets applicable to Common shares at the end of period | $ | 185,567,188 | $ | 209,621,304 | $ | 48,874,759 | $ | 54,926,075 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (368,571 | ) | $ | 44,139 | $ | (167,111 | ) | $ | (109,308 | ) | |||||
39
Notes to | ||
FINANCIAL STATEMENTS (Unaudited) |
40
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Number of shares: | ||||||||||||||||
Series M | — | 1,700 | — | — | ||||||||||||
Series T | 3,080 | — | — | — | ||||||||||||
Series W | — | — | 1,640 | 1,160 | ||||||||||||
Series TH | — | 1,700 | 2,800 | — | ||||||||||||
Series F | 2,200 | 1,280 | — | — | ||||||||||||
Total | 5,280 | 4,680 | 4,440 | 1,160 | ||||||||||||
41
Notes to | ||
FINANCIAL STATEMENTS (continued) (Unaudited) |
42
Insured | ||||||||||||
Florida | Florida | Florida | ||||||||||
Investment | Quality | Premium | ||||||||||
Quality | Income | Income | ||||||||||
(NQF) | (NUF) | (NFL) | ||||||||||
Maximum exposure | $ | — | $ | — | $ | — | ||||||
Florida | ||||
Investment | ||||
Quality | ||||
(NQF) | ||||
Average floating rate obligations | $ | 3,434,185 | ||
Average annual interest rate and fees | 2.53 | % | ||
43
Notes to | ||
FINANCIAL STATEMENTS (continued) (Unaudited) |
44
Level 1 – | Quoted prices in active markets for identical securities. |
Level 2 – | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
Level 3 – | Significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Florida Investment Quality (NQF) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | — | $ | 317,867,107 | $ | — | $ | 317,867,107 | ||||||||
Florida Quality Income (NUF) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | — | $ | 288,562,578 | $ | — | $ | 288,562,578 | ||||||||
Insured Florida Premium Income (NFL) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | — | $ | 291,340,255 | $ | — | $ | 291,340,255 | ||||||||
Insured Florida Tax-Free Advantage (NWF) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | — | $ | 77,183,379 | $ | — | $ | 77,183,379 | ||||||||
Florida | Florida | |||||||||||||||
Investment Quality (NQF) | Quality Income (NUF) | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
10/31/08 | 4/30/08 | 10/31/08 | 4/30/08 | |||||||||||||
Common shares: | ||||||||||||||||
Issued to shareholders due to reinvestment of distributions | — | — | — | — | ||||||||||||
Repurchased | — | (218,700 | ) | — | (147,700 | ) | ||||||||||
Weighted average price per Common share repurchased | — | $ | 13.22 | — | $ | 13.37 | ||||||||||
Weighted average discount per Common share repurchased | — | 9.68 | % | — | 10.16 | % | ||||||||||
Insured Florida | Insured Florida | |||||||||||||||
Premium Income (NFL) | Tax-Free Advantage (NWF) | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
10/31/08 | 4/30/08 | 10/31/08 | 4/30/08 | |||||||||||||
Common shares: | ||||||||||||||||
Issued to shareholders due to reinvestment of distributions | — | — | — | — | ||||||||||||
Repurchased | — | (174,500 | ) | — | — | |||||||||||
Weighted average price per Common share repurchased | — | $ | 13.69 | — | — | |||||||||||
Weighted average discount per Common share repurchased | — | 8.80 | % | — | — | |||||||||||
45
Notes to | ||
FINANCIAL STATEMENTS (continued) (Unaudited) |
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Purchases | $ | 34,105,338 | $ | 12,047,018 | $ | 12,326,778 | $ | 978,197 | ||||||||
Sales and maturities | 44,737,438 | 12,524,820 | 13,400,988 | 765,000 | ||||||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Cost of investments | $ | 343,552,958 | $ | 311,849,450 | $ | 305,957,431 | $ | 81,468,420 | ||||||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 7,053,109 | $ | 2,810,251 | $ | 4,082,904 | $ | 1,210,643 | ||||||||
Depreciation | (32,738,960 | ) | (26,097,123 | ) | (18,700,080 | ) | (5,495,684 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | (25,685,851 | ) | $ | (23,286,872 | ) | $ | (14,617,176 | ) | $ | (4,285,041 | ) | ||||
46
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Undistributed net tax-exempt income * | $ | 362,721 | $ | 187,753 | $ | 626,360 | $ | 110,019 | ||||||||
Undistributed net ordinary income ** | 62,652 | — | — | — | ||||||||||||
Undistributed net long-term capital gains | — | — | — | — | ||||||||||||
* | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 1, 2008, paid on May 1, 2008. | |
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Distributions from net tax-exempt income | $ | 15,831,036 | $ | 13,723,665 | $ | 13,780,200 | $ | 3,509,003 | ||||||||
Distributions from net ordinary income ** | — | — | — | — | ||||||||||||
Distributions from net long-term capital gains | — | 145,959 | 1,237,160 | — | ||||||||||||
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
Insured | ||||||||
Florida | Florida | |||||||
Investment | Tax-Free | |||||||
Quality | Advantage | |||||||
(NQF) | (NWF) | |||||||
Expiration: | ||||||||
April 30, 2012 | $ | — | $ | 791,760 | ||||
April 30, 2013 | 1,449,778 | 97,429 | ||||||
April 30, 2014 | — | 236,625 | ||||||
April 30, 2015 | — | 194,032 | ||||||
April 30, 2016 | 197,103 | — | ||||||
Total | $ | 1,646,881 | $ | 1,319,846 | ||||
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Total | $ | 2,439,288 | $ | 4,363,738 | $ | 1,150,460 | $ | 313,774 | ||||||||
47
Notes to | ||
FINANCIAL STATEMENTS (continued) (Unaudited) |
Florida Investment Quality (NQF) | ||||
Florida Quality Income (NUF) | ||||
Insured Florida Premium Income (NFL) | ||||
Average Daily Net Assets (including net assets attributable to Preferred shares) | Fund-Level Fee Rate | |||
For the first $125 million | .4500 | % | ||
For the next $125 million | .4375 | |||
For the next $250 million | .4250 | |||
For the next $500 million | .4125 | |||
For the next $1 billion | .4000 | |||
For the next $3 billion | .3875 | |||
For net assets over $5 billion | .3750 | |||
Insured Florida Tax-Free Advantage (NWF) | ||||
Average Daily Net Assets (including net assets attributable to Preferred shares) | Fund-Level Fee Rate | |||
For the first $125 million | .4500 | % | ||
For the next $125 million | .4375 | |||
For the next $250 million | .4250 | |||
For the next $500 million | .4125 | |||
For the next $1 billion | .4000 | |||
For net assets over $2 billion | .3750 | |||
Complex-Level Asset Breakpoint Level (1) | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 | |||
(1) | The complex-level component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds but to exclude assets attributable to investments in other Nuveen funds. |
48
Year Ending | Year Ending | |||||||||||
November 30, | November 30, | |||||||||||
2002* | .32 | % | 2007 | .32 | % | |||||||
2003 | .32 | 2008 | .24 | |||||||||
2004 | .32 | 2009 | .16 | |||||||||
2005 | .32 | 2010 | .08 | |||||||||
2006 | .32 | |||||||||||
* | From the commencement of operations. |
Insured | Insured | |||||||||||||||
Florida | Florida | Florida | Florida | |||||||||||||
Investment | Quality | Premium | Tax-Free | |||||||||||||
Quality | Income | Income | Advantage | |||||||||||||
(NQF) | (NUF) | (NFL) | (NWF) | |||||||||||||
Dividend per share | $ | .0570 | $ | .0540 | $ | .0555 | $ | .0530 |
49
Financial | ||
HIGHLIGHTS (Unaudited) |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Offering | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Costs and | Ending | ||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | |||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Preferred | Preferred | Common | Common | Share | Share | Ending | |||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Share- | Share- | Share- | Share- | Underwriting | Net Asset | Market | |||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | holders† | holders† | Total | holders | holders | Total | Discounts | Value | Value | |||||||||||||||||||||||||||||||||||||
Florida Investment Quality (NQF) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2009(c) | $ | 14.30 | $ | .50 | $ | (2.37 | ) | $ | (.16 | ) | $ | — | $ | (2.03 | ) | $ | (.33 | ) | $ | — | $ | (.33 | ) | $ | — | 11.94 | $ | 9.54 | ||||||||||||||||||||
2008 | 15.16 | .97 | (.87 | ) | (.29 | ) | — | (.19 | ) | (.67 | ) | — | (.67 | ) | — | 14.30 | 12.77 | |||||||||||||||||||||||||||||||
2007(b) | 14.70 | .79 | .47 | (.23 | ) | — | 1.03 | (.57 | ) | — | (.57 | ) | — | 15.16 | 14.11 | |||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 15.63 | .94 | (.86 | ) | (.21 | ) | — | (.13 | ) | (.80 | ) | — | (.80 | ) | — | 14.70 | 13.02 | |||||||||||||||||||||||||||||||
2005 | 14.81 | .96 | .94 | (.11 | ) | — | 1.79 | (.97 | ) | — | (.97 | ) | — | 15.63 | 15.48 | |||||||||||||||||||||||||||||||||
2004 | 15.87 | 1.06 | (.84 | ) | (.06 | ) | (.01 | ) | .15 | (1.01 | ) | (.20 | ) | (1.21 | ) | — | 14.81 | 14.03 | ||||||||||||||||||||||||||||||
Florida Quality Income (NUF) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2009(c) | 14.45 | .46 | (2.05 | ) | (.16 | ) | — | (1.75 | ) | (.32 | ) | — | (.32 | ) | — | 12.38 | 9.97 | |||||||||||||||||||||||||||||||
2008 | 15.34 | .95 | (.86 | ) | (.31 | ) | — | * | (.22 | ) | (.66 | ) | (.01 | ) | (.67 | ) | — | 14.45 | 12.75 | |||||||||||||||||||||||||||||
2007(b) | 14.86 | .78 | .49 | (.24 | ) | — | 1.03 | (.55 | ) | — | (.55 | ) | — | 15.34 | 14.04 | |||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 15.72 | .92 | (.80 | ) | (.21 | ) | — | (.09 | ) | (.77 | ) | — | (.77 | ) | — | 14.86 | 13.07 | |||||||||||||||||||||||||||||||
2005 | 14.81 | .94 | 1.04 | (.11 | ) | — | 1.87 | (.96 | ) | — | (.96 | ) | — | 15.72 | 15.27 | |||||||||||||||||||||||||||||||||
2004 | 15.75 | 1.04 | (.78 | ) | (.05 | ) | (.01 | ) | .20 | (1.00 | ) | (.14 | ) | (1.14 | ) | — | 14.81 | 13.84 | ||||||||||||||||||||||||||||||
Preferred Shares at End of Period | ||||||||||||
Aggregate | Liquidation | |||||||||||
Amount | and Market | Asset | ||||||||||
Outstanding | Value | Coverage | ||||||||||
(000) | Per Share | Per Share | ||||||||||
Florida Investment Quality (NQF) | ||||||||||||
Year Ended 4/30: | ||||||||||||
2009(c) | $ | 132,000 | $ | 25,000 | $ | 62,025 | ||||||
2008 | 132,000 | 25,000 | 69,338 | |||||||||
2007(b) | 132,000 | 25,000 | 72,628 | |||||||||
Year Ended 6/30: | ||||||||||||
2006 | 132,000 | 25,000 | 71,196 | |||||||||
2005 | 132,000 | 25,000 | 74,066 | |||||||||
2004 | 132,000 | 25,000 | 71,410 | |||||||||
Florida Quality Income (NUF) | ||||||||||||
Year Ended 4/30: | ||||||||||||
2009(c) | 117,000 | 25,000 | 62,456 | |||||||||
2008 | 117,000 | 25,000 | 68,708 | |||||||||
2007(b) | 117,000 | 25,000 | 71,890 | |||||||||
Year Ended 6/30: | ||||||||||||
2006 | 117,000 | 25,000 | 70,407 | |||||||||
2005 | 117,000 | 25,000 | 73,033 | |||||||||
2004 | 117,000 | 25,000 | 70,226 | |||||||||
50
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement*** | |||||||||||||||||||||||||||||||||||||||||||||||
Based | Ending | ||||||||||||||||||||||||||||||||||||||||||||||||
on | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
Based | Common | Assets | |||||||||||||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | ||||||||||||||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | ||||||||||||||||||||||||||||||||||||||||
Value** | Value** | Shares (000) | Interest††(a) | Interest††(a) | Income†† | Interest††(a) | Interest††(a) | Income†† | Rate | ||||||||||||||||||||||||||||||||||||||||
(23.09 | )% | (14.42 | )% | $ | 195,492 | 1.30 | %**** | 1.26 | %**** | 7.24 | %**** | 1.28 | %**** | 1.24 | %**** | 7.25 | %**** | 10 | % | ||||||||||||||||||||||||||||||
(4.79 | ) | (1.26 | ) | 234,106 | 1.68 | 1.21 | 6.62 | 1.67 | 1.20 | 6.63 | 23 | ||||||||||||||||||||||||||||||||||||||
12.93 | 7.08 | 251,475 | 1.73 | **** | 1.21 | **** | 6.24 | **** | 1.72 | **** | 1.19 | **** | 6.25 | **** | 13 | ||||||||||||||||||||||||||||||||||
(11.13 | ) | (.85 | ) | 243,913 | 1.20 | 1.20 | 6.21 | 1.19 | 1.19 | 6.22 | 6 | ||||||||||||||||||||||||||||||||||||||
17.51 | 12.40 | 259,071 | 1.23 | 1.23 | 6.26 | 1.22 | 1.22 | 6.27 | 15 | ||||||||||||||||||||||||||||||||||||||||
(9.61 | ) | .95 | 245,045 | 1.25 | 1.25 | 6.92 | 1.25 | 1.25 | 6.92 | 23 | |||||||||||||||||||||||||||||||||||||||
(19.62 | ) | (12.30 | ) | 175,295 | 1.29 | **** | 1.29 | **** | 6.61 | **** | 1.28 | **** | 1.28 | **** | 6.61 | **** | 4 | ||||||||||||||||||||||||||||||||
(4.54 | ) | (1.48 | ) | 204,552 | 1.78 | 1.22 | 6.38 | 1.77 | 1.21 | 6.39 | 26 | ||||||||||||||||||||||||||||||||||||||
11.75 | 6.97 | 219,447 | 1.78 | **** | 1.23 | **** | 6.09 | **** | 1.76 | **** | 1.21 | **** | 6.11 | **** | 7 | ||||||||||||||||||||||||||||||||||
(9.64 | ) | (.55 | ) | 212,504 | 1.22 | 1.22 | 6.06 | 1.21 | 1.21 | 6.06 | 8 | ||||||||||||||||||||||||||||||||||||||
17.42 | 12.89 | 224,792 | 1.24 | 1.24 | 6.07 | 1.23 | 1.23 | 6.07 | 20 | ||||||||||||||||||||||||||||||||||||||||
(10.29 | ) | 1.29 | 211,659 | 1.25 | 1.25 | 6.83 | 1.25 | 1.25 | 6.83 | 38 | |||||||||||||||||||||||||||||||||||||||
* | Rounds to less than $.01 per share. | |
** | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
*** | After custodian fee credit and expense reimbursement, where applicable. | |
**** | Annualized. | |
† | 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) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities. | |
(b) | For the ten months ended April 30, 2007. | |
(c) | For the six months ended October 31, 2008. |
51
Financial | |||
HIGHLIGHTS (continued) (Unaudited) |
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | Offering | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Costs and | Ending | |||||||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Preferred | Common | ||||||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Preferred | Preferred | Common | Common | Share | Share | Ending | ||||||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Share- | Share- | Share- | Share- | Underwriting | Net Asset | Market | ||||||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | holders† | holders† | Total | holders | holders | Total | Discounts | Value | Value | ||||||||||||||||||||||||||||||||||||||
Insured Florida Premium Income (NFL) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2009(c) | $ | 14.74 | $ | .47 | $ | (1.67 | ) | $ | (.15 | ) | $ | — | $ | (1.35 | ) | $ | (.34 | ) | $ | — | $ | (.34 | ) | $ | — | $ | 13.05 | $ | 10.47 | ||||||||||||||||||||
2008 | 15.43 | .95 | (.60 | ) | (.27 | ) | (.02 | ) | .06 | (.69 | ) | (.06 | ) | (.75 | ) | — | 14.74 | 13.26 | |||||||||||||||||||||||||||||||
2007(b) | 15.14 | .79 | .38 | (.22 | ) | (.01 | ) | .94 | (.63 | ) | (.02 | ) | (.65 | ) | — | 15.43 | 14.74 | ||||||||||||||||||||||||||||||||
Year Ended 6/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 16.26 | .96 | (.91 | ) | (.19 | ) | (.02 | ) | (.16 | ) | (.82 | ) | (.14 | ) | (.96 | ) | — | 15.14 | 13.74 | ||||||||||||||||||||||||||||||
2005 | 15.59 | .99 | .86 | (.11 | ) | (.01 | ) | 1.73 | (.95 | ) | (.11 | ) | (1.06 | ) | — | 16.26 | 16.74 | ||||||||||||||||||||||||||||||||
2004 | 16.57 | 1.02 | (.88 | ) | (.05 | ) | (.01 | ) | .08 | (.96 | ) | (.10 | ) | (1.06 | ) | — | 15.59 | 14.24 | |||||||||||||||||||||||||||||||
Insured Florida Tax-Free Advantage (NWF) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2009(c) | 14.15 | .44 | (1.55 | ) | (.14 | ) | — | (1.25 | ) | (.31 | ) | — | (.31 | ) | — | 12.59 | 10.25 | ||||||||||||||||||||||||||||||||
2008 | 14.56 | .90 | (.41 | ) | (.27 | ) | — | .22 | (.63 | ) | — | (.63 | ) | — | 14.15 | 12.59 | |||||||||||||||||||||||||||||||||
2007(b) | 14.07 | .75 | .50 | (.21 | ) | — | 1.04 | (.55 | ) | — | (.55 | ) | — | 14.56 | 13.69 | ||||||||||||||||||||||||||||||||||
Year Ended 6/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 14.76 | .90 | (.71 | ) | (.19 | ) | — | — | (.69 | ) | — | (.69 | ) | — | 14.07 | 13.37 | |||||||||||||||||||||||||||||||||
2005 | 13.78 | .90 | .98 | (.10 | ) | — | 1.78 | (.80 | ) | — | (.80 | ) | — | 14.76 | 14.26 | ||||||||||||||||||||||||||||||||||
2004 | 14.75 | .93 | (.99 | ) | (.05 | ) | — | (.11 | ) | (.86 | ) | — | (.86 | ) | — | 13.78 | 12.94 | ||||||||||||||||||||||||||||||||
Preferred Shares at End of Period | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate | Liquidation | ||||||||||||||||||||||||||||||||||||||||||||||||
Amount | and Market | Asset | |||||||||||||||||||||||||||||||||||||||||||||||
Outstanding | Value | Coverage | |||||||||||||||||||||||||||||||||||||||||||||||
(000) | Per Share | Per Share | |||||||||||||||||||||||||||||||||||||||||||||||
Insured Florida Premium Income (NFL) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2009(c) | $ | 111,000 | $ | 25,000 | $ | 66,794 | |||||||||||||||||||||||||||||||||||||||||||
2008 | 111,000 | 25,000 | 72,212 | ||||||||||||||||||||||||||||||||||||||||||||||
2007(b) | 111,000 | 25,000 | 75,013 | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 6/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 111,000 | 25,000 | 74,077 | ||||||||||||||||||||||||||||||||||||||||||||||
2005 | 111,000 | 25,000 | 77,653 | ||||||||||||||||||||||||||||||||||||||||||||||
2004 | 111,000 | 25,000 | 75,443 | ||||||||||||||||||||||||||||||||||||||||||||||
Insured Florida Tax-Free Advantage (NWF) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 4/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2009(c) | 29,000 | 25,000 | 67,133 | ||||||||||||||||||||||||||||||||||||||||||||||
2008 | 29,000 | 25,000 | 72,350 | ||||||||||||||||||||||||||||||||||||||||||||||
2007(b) | 29,000 | 25,000 | 73,746 | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 6/30: | |||||||||||||||||||||||||||||||||||||||||||||||||
2006 | 29,000 | 25,000 | 72,090 | ||||||||||||||||||||||||||||||||||||||||||||||
2005 | 29,000 | 25,000 | 74,393 | ||||||||||||||||||||||||||||||||||||||||||||||
2004 | 29,000 | 25,000 | 71,124 | ||||||||||||||||||||||||||||||||||||||||||||||
52
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets | Ratios to Average Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Applicable to Common Shares | Applicable to Common Shares | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Returns | Before Credit/Reimbursement | After Credit/Reimbursement** | |||||||||||||||||||||||||||||||||||||||||||||||
Based | Ending | ||||||||||||||||||||||||||||||||||||||||||||||||
on | Net | ||||||||||||||||||||||||||||||||||||||||||||||||
Based | Common | Assets | |||||||||||||||||||||||||||||||||||||||||||||||
on | Share Net | Applicable | Expenses | Expenses | Net | Expenses | Expenses | Net | Portfolio | ||||||||||||||||||||||||||||||||||||||||
Market | Asset | to Common | Including | Excluding | Investment | Including | Excluding | Investment | Turnover | ||||||||||||||||||||||||||||||||||||||||
Value* | Value* | Shares (000) | Interest††(a) | Interest††(a) | Income†† | Interest††(a) | Interest††(a) | Income†† | Rate | ||||||||||||||||||||||||||||||||||||||||
(18.76 | )% | (9.29 | )% | $ | 185,567 | 1.22 | %*** | 1.22 | %*** | 6.45 | %*** | 1.19 | %*** | 1.19 | %*** | 6.48 | %*** | 4 | % | ||||||||||||||||||||||||||||||
(4.90 | ) | .47 | 209,621 | 1.37 | 1.19 | 6.32 | 1.36 | 1.17 | 6.33 | 28 | |||||||||||||||||||||||||||||||||||||||
12.05 | 6.24 | 222,058 | 1.25 | *** | 1.18 | *** | 6.13 | *** | 1.24 | *** | 1.17 | *** | 6.14 | *** | 6 | ||||||||||||||||||||||||||||||||||
(12.56 | ) | (.95 | ) | 217,904 | 1.18 | 1.18 | 6.13 | 1.17 | 1.17 | 6.14 | 9 | ||||||||||||||||||||||||||||||||||||||
25.54 | 11.33 | 233,779 | 1.16 | 1.16 | 6.14 | 1.16 | 1.16 | 6.15 | 12 | ||||||||||||||||||||||||||||||||||||||||
(11.70 | ) | .46 | 223,965 | 1.16 | 1.16 | 6.36 | 1.15 | 1.15 | 6.36 | 38 | |||||||||||||||||||||||||||||||||||||||
(16.37 | ) | (8.95 | ) | 48,875 | 1.29 | *** | 1.29 | *** | 6.03 | *** | .90 | *** | .90 | *** | 6.42 | *** | 1 | ||||||||||||||||||||||||||||||||
(3.45 | ) | 1.61 | 54,926 | 1.24 | 1.24 | 5.89 | .78 | .78 | 6.35 | 29 | |||||||||||||||||||||||||||||||||||||||
6.65 | 7.46 | 56,546 | 1.25 | *** | 1.25 | *** | 5.73 | *** | .76 | *** | .76 | *** | 6.23 | *** | 2 | ||||||||||||||||||||||||||||||||||
(1.43 | ) | .03 | 54,625 | 1.26 | 1.26 | 5.77 | .76 | .76 | 6.27 | 5 | |||||||||||||||||||||||||||||||||||||||
16.62 | 13.18 | 57,296 | 1.24 | 1.24 | 5.77 | .75 | .75 | 6.26 | 7 | ||||||||||||||||||||||||||||||||||||||||
(13.56 | ) | (.79 | ) | 53,504 | 1.25 | 1.25 | 6.04 | .74 | .74 | 6.56 | 130 | ||||||||||||||||||||||||||||||||||||||
* | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. | |
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. | ||
** | After custodian fee credit and expense reimbursement, where applicable. | |
*** | Annualized. | |
† | 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) | Interest expense arises from the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 – Inverse Floating Rate Securities. | |
(b) | For the ten months ended April 30, 2007. | |
(c) | For the six months ended October 31, 2008. |
53
Annual Investment Management Agreement | |||
Approval PROCESS |
54
55
Annual Investment Management Agreement | |||
Approval Process (continued) |
56
57
Annual Investment Management Agreement | |||
Approval Process (continued) |
58
59
EASILY and CONVENIENTLY
60
61
TERMS USED in this REPORT
§ | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed”, with current holders receiving a formula-based interest rate until the next scheduled auction. | |
§ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. | |
§ | Average Effective Maturity: The average of the number of years to maturity of the bonds in a Fund’s portfolio, computed by weighting each bond’s time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio’s residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. | |
§ | Inverse Floaters: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. | |
§ | Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds. | |
§ | Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price. | |
§ | Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. | |
§ | Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. | |
§ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
62
Other Useful INFORMATION |
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
333 West Wacker Drive
Chicago, IL 60606
Boston, MA
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
Chicago, IL
Chicago, IL
63
Learn more about Nuveen Funds at: | www.nuveen.com/etf | ||
Share prices | |||
Fund details | |||
Daily financial news | |||
Investor education | |||
Interactive planning tools | |||
ESA-A-1008D |
(1 | )(a) | Declaration of Trust of Registrant, dated July 29, 2002.(1) | ||
2 | (a) | By-Laws of Registrant (1) | ||
(2 | )(b) | Amended and Restated By-Laws of Registrant, dated October 22, 2002.(3) | ||
(2 | )(c) | Amended and Restated By-Laws of Registrant, dated February 20, 2006.(5) | ||
(3 | ) | Not Applicable. | ||
(4 | ) | Form of Agreement and Plan of Reorganization is filed herein as Appendix A to Part A of this Registration Statement. | ||
(5 | ) | Form of Share Certificate (Preferred Shares).(5) | ||
(6 | ) | Investment Management Agreement between Registrant and Nuveen Asset Management, dated November 13, 2007.(5) | ||
(7 | ) | Not Applicable. | ||
(8 | ) | Not Applicable. | ||
(9 | ) | Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company, dated February 25, 2005.(5) | ||
(10 | ) | Not Applicable | ||
(11 | ) | Opinion and Consent of Vedder Price P.C.(5) | ||
(12 | ) | Form of Opinion and Consent of Vedder Price P.C. supporting tax matters and consequences.(5) | ||
(13 | ) | Not Applicable. | ||
(14 | ) | Consent of Independent Public Accountants.(5) | ||
(15 | ) | Not Applicable. | ||
(16 | ) | Original Powers of Attorney, dated February 27, 2009.(4) | ||
(17 | )(a) | Form of Proxy.(5) | ||
(17 | )(b) | Terms and Conditions of the Dividend Reinvestment Plan, dated November 20, 2002.(2) |
6
(1) | Incorporated by reference to Registrant’s initial registration statement on Form N-2 (File No. 333-100320), as filed on October 4, 2002. | |
(2) | Incorporated by reference to Pre Effective Amendment No. 2 to Registrant’s registration statement on Form N-2, as filed on November 20, 2002. | |
(3) | Incorporated by reference to Post Effective Amendment No. 1 to Registrant’s registration statement on Form N-2 (File No. 333-100320), as filed on November 25, 2002. | |
(4) | Incorporated by reference to Registrant’s initial registration statement on Form N-14 (File No. 333-157992), as filed on March 16, 2009. | |
(5) | Filed herewith. | |
(1) | Registrant undertakes to suspend the offering of its shares until it amends its prospectus if (1) subsequent to the effective date of its Registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of the Registration Statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus. | |
(2) | Not Applicable. | |
(3) | Not Applicable. | |
(4) | Not Applicable. | |
(5) | The Registrant undertakes that: |
(6) | The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information. |
NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND | ||
/s/ Kevin J. McCarthy | ||
Kevin J. McCarthy | ||
Vice President and Secretary |
Signature | Title | Date | ||
/s/ Stephen D. Foy | Vice President and Controller (principal | April 16, 2009 | ||
Stephen D. Foy | financial and accounting officer) | |||
/s/ Gifford R. Zimmerman | Chief Administrative Officer (principal executive officer) | April 16, 2009 | ||
Robert P. Bremner* | Chairman and Trustee | |||
John P. Amboian* | Trustee | |||
Jack B. Evans* | Trustee | |||
William C. Hunter* | Trustee | |||
David J. Kundert* | Trustee | By /s/ Kevin J. McCarthy | ||
William J. Schneider* | Trustee | Kevin J. McCarthy | ||
Judith M. Stockdale* | Trustee | Attorney-in-Fact | ||
Carole E. Stone* | Trustee | April 16, 2009 | ||
Terence J. Toth* | Trustee |
* | An original power of attorney authorizing, among others, Kevin J. McCarthy, Larry W. Martin and Gifford R. Zimmerman to execute this registration statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this registration statement is filed, has been executed and is incorporated by reference herein. | |
Exhibit | ||
Number | Exhibit | |
(2)(c) | Amended and Restated By-Laws of Registrant, dated February 20, 2006. | |
(5) | Form of Share Certificate (Preferred Shares). | |
(6) | Investment Management Agreement between Registrant and Nuveen Asset Management, dated November 13, 2007. | |
(9) | Amended and Restated Master Custodian Agreement between Registrant and State Street Bank and Trust Company, dated February 25, 2005. | |
(11) | Opinion and Consent of Vedder Price P.C. | |
(12) | Opinion and Consent of Vedder Price P.C. supporting tax matters and consequences. | |
(14) | Consent of Independent Public Accountants. | |
(17)(a) | Form of Proxy. |