As filed with the Securities and Exchange Commission on April 16, 2009 | File No. 333-157997 | |
UNDER THE
SECURITIES ACT OF 1933
Chicago, Illinois 60606
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 |
Proposed | ||||||||||||||||||||||
Maximum | Proposed | |||||||||||||||||||||
Offering | Maximum | Amount of | ||||||||||||||||||||
Amount Being | Price Per | Aggregate | Registration | |||||||||||||||||||
Title of Securities Being Registered | Registered (1) | Unit(1)(2) | Offering Price(1) | Fee(1)(3) | ||||||||||||||||||
Common Stock, $.01 Par Value Per Share | 33,000,000 Shares | $ | 11.77 | $ | 388,410,000.00 | (2) | $ | 21,673.28 | ||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series M2 | 1,571 Shares | $ | 25,000.00 | $ | 39,275,000.00 | $ | 2,191.55 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series T2 | 2,760 Shares | $ | 25,000.00 | $ | 69,000,000.00 | $ | 3,850.20 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series TH2 | 1,570 Shares | $ | 25,000.00 | $ | 39,250,000.00 | $ | 2,190.15 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series F3 | 1,970 Shares | $ | 25,000.00 | $ | 49,250,000.00 | $ | 2,748.15 | |||||||||||||||
Municipal Auction Rate Cumulative Preferred Stock, Series F4 | 1,182 Shares | $ | 25,000.00 | $ | 29,550,000.00 | $ | 1,648.89 | |||||||||||||||
(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 stock on April 14, 2009. | |
(3) | Transmitted prior to Filing. A registration Fee of $58.24 was previously paid in connection with the initial filing. | |
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. (NPM),
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF) AND
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
SHAREHOLDERS
Q. | Why am I receiving this Proxy Statement/Prospectus? |
A. | The Board of Directors of the Nuveen Premium Income Municipal Fund 2, Inc. (the “National Fund”) and the Board of Trustees of the Nuveen Florida Investment Quality Municipal Fund and the Nuveen Florida Quality Income Municipal Fund (each a “Florida Fund” and collectively, the “Florida Funds”) 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 Directors of the National Fund and the Board of Trustees of each Florida Fund (each a “Board”) recommended merging the Florida Funds into the National Fund? |
A. | This recommendation reflects various considerations, among them: (i) the price level at which the Florida Funds’ common shares have traded over time in relation to their underlying net asset values 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 Funds’ 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. Each Board believes the proposed merger is in the best interests of the National Fund and the Florida Funds. |
Q. | What are the proposed mergers’ potential benefits to me as a Fund shareholder? | |
A. | Each Board believes the proposed mergers offer the following potential benefits to National Fund and Florida Funds 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 the Florida Funds’ policies of concentrating their investment portfolios in Florida state-specific municipal securities in comparison to the National Fund’s policy of investing in a nationally diversified portfolio of municipal securities. | |
Q. | What specific proposals will I be asked to vote on in connection with the proposed mergers? | |
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 each Florida Fund would (i) transfer all of its assets to the National Fund in exchange solely for National Fund shares of common stock (“common shares”) and shares of Municipal Auction Rate Cumulative Preferred stock (“MuniPreferred”) 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 shareholders of the Florida Fund and (iii) be liquidated, dissolved and terminated in accordance with the Florida Fund’s Declaration of Trust (collectively, the “Reorganizations”). |
(ii) | Approve Issuance of Common Shares (National Fund). To approve the issuance of additional National Fund common shares in connection with each Reorganization. |
Q. | How does the Board recommend that I vote? | |
A. | After careful consideration, the Board agreed unanimously that each Reorganization is in the best interests of the Funds and recommends that you vote “FOR” your Fund’s proposal(s). | |
Q. | Will the Florida Funds shareholders receive new shares in exchange for their current shares? |
A. | Yes. Upon approval of each Reorganization, common shareholders of the Florida Funds, approving the Reorganizations, in exchange for their Fund shares will receive common shares of the National Fund of equivalent total value. Upon approval of its Reorganization, shareholders of the Nuveen Florida Investment Quality Municipal Fund’s MuniPreferred, Series T and Series F, will receive in exchange one share of the National Fund’s MuniPreferred, Series T2 and Series F3, for each share of the Nuveen Florida Investment Quality Municipal Fund’s MuniPreferred, Series T and Series F, respectively, held. Upon approval of its Reorganization, shareholders of the Nuveen Florida Quality Income Municipal Fund’s MuniPreferred, Series M, Series TH and Series F, will receive in exchange one share of the National Fund’s MuniPreferred, Series M2, Series TH2 and Series F4, for each share of the Nuveen Florida Quality Income Municipal Fund’s MuniPreferred, Series M, Series TH and Series F, respectively, held. |
Q. | Is a Reorganization a taxable event for a Florida Funds’ shareholders? |
A. | No. The Reorganizations are 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 your Reorganization. |
Q. | What will happen if shareholders do not approve each proposal? |
A. | If both proposals are not approved with respect to each Reorganization, neither Reorganization will occur. If a Reorganization does not occur, the Board will take such actions as it deems to be in the best interests of that 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 a Reorganization? | |
A. | No. However, the expenses associated with a Reorganization will be allocated between the Funds involved and paid out of such Funds’ net assets. Fund shareholders will indirectly bear the costs of their Reorganization. | |
Q. | What is the timetable for the Reorganizations? |
A. | If Fund shareholders approve each respective proposal at the special shareholders meeting on May 15, 2009, each 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 Reorganizations. |
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
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 FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
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NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
SUMMARY | 1 | |
Proposal 1: The Reorganizations | 1 | |
Background and Reasons for the Reorganizations | 1 | |
Certain Federal Income Tax Consequences of the Reorganizations | 4 | |
Comparison of the Acquiring Fund and the Acquired Funds | 4 | |
Capitalization | 8 | |
Comparative Performance Information | 9 | |
Proposal 2: Issuance of Additional Acquiring Fund Common Shares | 11 | |
RISK FACTORS | 11 | |
Differences in Risks | 12 | |
Similarity of Risks | 15 | |
THE SPECIAL MEETING | 24 | |
General | 24 | |
Voting; Proxies | 24 | |
PROPOSAL NO. 1 — THE REORGANIZATIONS (ACQUIRED FUND SHAREHOLDERS AND ACQUIRING FUND MUNIPREFERRED SHAREHOLDERS ONLY) | 25 | |
General | 25 | |
Terms of the Reorganizations | 26 | |
Reasons for the Reorganizations | 27 | |
Votes Required | 31 | |
Description of Common Shares Issued by the Acquiring Fund | 31 | |
Comparison of Rights of Holders of Common Shares of the Acquiring Fund and the Acquired Funds | 34 | |
Description of MuniPreferred Issued by the Acquiring Fund | 34 | |
The Auction | 45 | |
Comparison of Rights of Holders of MuniPreferred of the Acquiring Fund and the Acquired Funds | 49 | |
Comparison of the Investment Objectives and Policies of the Acquiring Fund and the Acquired Funds | 49 | |
How the Funds Manage Risk | 58 | |
Certain Provisions in the Acquiring Fund’s Articles of Incorporation | 63 | |
Expenses Associated with the Reorganizations | 64 | |
Dissenting Shareholders’ Rights of Appraisal | 64 | |
Certain Federal Income Tax Consequences of the Reorganizations | 64 |
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PROPOSAL NO. 2. — ISSUANCE OF ADDITIONAL ACQUIRING FUND COMMON SHARES (ACQUIRING FUND COMMON SHAREHOLDERS ONLY) | 66 | |
MANAGEMENT OF THE FUNDS | 67 | |
Board Members and Officers | 67 | |
Investment Adviser | 68 | |
Portfolio Management | 70 | |
ADDITIONAL INFORMATION ABOUT THE FUNDS | 71 | |
General History | 71 | |
Shareholders of the Acquiring Funds and the Acquired Fund | 73 | |
Repurchase of Common Shares; Conversion to Open-End Fund | 75 | |
Custodian, Transfer Agent, Dividend Disbursing Agent and Redemption Agent | 76 | |
Federal Income Tax Matters Associated with Investment in the Funds | 76 | |
NET ASSET VALUE | 79 | |
LEGAL OPINIONS | 79 | |
EXPERTS | 80 | |
SHAREHOLDER PROPOSALS | 80 | |
GENERAL | 80 |
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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 Funds; | |
• | 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; |
• | the investment performance of the Funds; | |
• | the anticipated tax-free nature of the Reorganizations; | |
• | the expected costs of the Reorganizations and the extent to which the Funds would bear any such costs; | |
• | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of the Funds; and | |
• | any potential benefits of the Reorganizations to the adviser as a result of the Reorganizations. |
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• | Expected lower fees and operating expenses. After each 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 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 each 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 each 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 each Acquired Fund, the Board of the Acquired Fund also considered that a potential broader investor base of a national fund may also promote a higher common share price to net asset value. | |
• | Expanded MuniPreferred refinancing opportunities. After each Reorganization, the larger asset size of the combined fund may increase the ability to refinance MuniPreferred with tender option bonds (“TOBs”). The greater portfolio diversification of the Acquiring Fund compared to each 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, each 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 each Acquired Fund to invest primarily in Florida municipal bonds was eliminated and the continuation of such policy is no longer necessary. With each Reorganization, the Acquired Fund common shareholders would be invested in a more diversified portfolio and their exposure to Florida obligations would decrease. In addition, the 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, |
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the Boards believe that the Acquiring Fund’s use of leverage would continue to provide common shareholders of each Acquired Fund 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 to $5 billion | 0.3875 | % | ||
$5 billion and over | 0.3750 | % | ||
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Florida | Florida | |||||||||||||||
Acquiring | Investment | Quality | Combined Fund — | |||||||||||||
Credit Rating | Fund | Quality | Income | Pro-Forma(1) | ||||||||||||
Aaa/AAA* | 31.0 | % | 41.4 | % | 32.8 | % | 33.3 | % | ||||||||
Aa/AA | 34.5 | 32.9 | 41.0 | 37.2 | ||||||||||||
A/A | 16.9 | 15.4 | 16.2 | 15.7 | ||||||||||||
Baa/BBB | 12.6 | 7.9 | 6.4 | 9.8 | ||||||||||||
Below investment grade | 0.6 | — | — | 0.4 | ||||||||||||
Unrated | 4.4 | 2.4 | 3.6 | 3.6 | ||||||||||||
TOTAL | 100.0 | % | 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. |
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Weighted Average | Weighted Average | |||||||
Fund | Leverage Adjusted Duration | Maturity | ||||||
Acquiring | 13.91 | 16.34 | ||||||
Florida Investment Quality | 13.41 | 17.44 | ||||||
Florida Quality Income | 11.03 | 15.56 | ||||||
Combined Fund — Pro-Forma(1) | 13.23 | 16.42 | ||||||
(1) | Reflects the effect of the Reorganization. |
Florida | Florida | Combined | ||||||||||||||
Acquiring | Investment | Quality | Fund — | |||||||||||||
Fund | Quality | Income | Pro Forma(1) | |||||||||||||
Preferred shares, $25,000 stated value per share, at liquidation value; 11,342 shares outstanding for Acquiring Fund; 5,280 shares outstanding for Florida Investment Quality; 4,680 shares outstanding for Florida Quality Income; 21,302 shares outstanding for Combined Fund — Pro Forma | $ | 283,550,000 | $ | 132,000,000 | $ | 117,000,000 | $ | 532,550,000 | ||||||||
Common Shareholders’ Equity: | ||||||||||||||||
Common Shares, $.01 par value per share; 40,796,161 shares outstanding for Acquiring Fund; 16,368,802 shares outstanding for Florida Investment Quality Fund; 14,154,895 shares outstanding for Florida Quality Income; 72,423,204 shares outstanding for Combined Fund — Pro Forma | $ | 407,962 | $ | 163,688 | $ | 141,549 | $ | 724,232 | (2) | |||||||
Paid-in surplus | 566,753,019 | 228,858,884 | 204,131,712 | 999,237,582 | (3) | |||||||||||
Undistributed (Over-distribution of) net investment income | (287,678 | ) | 49,866 | (829,788 | ) | (1,117,466 | )(4) | |||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (9,579,670 | ) | (7,572,491 | ) | (4,837,522 | ) | (21,989,683 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | (79,691,013 | ) | (26,008,341 | ) | (23,311,124 | ) | (129,010,478 | ) | ||||||||
Net assets applicable to common shares | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | 847,844,187 | ||||||||
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Florida | Florida | Combined | ||||||||||||||
Acquiring | Investment | Quality | Fund — | |||||||||||||
Fund | Quality | Income | Pro Forma(1) | |||||||||||||
Net asset value per common share outstanding (net assets applicable to common shares divided by common shares outstanding) | $ | 11.71 | $ | 11.94 | $ | 12.38 | $ | 11.71 | ||||||||
Authorized shares: | ||||||||||||||||
Common | 200,000,000 | Unlimited | Unlimited | 200,000,000 | ||||||||||||
Preferred | 1,000,000 | Unlimited | Unlimited | 1,000,000 | ||||||||||||
(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 16,686,173 and 14,940,870 Acquiring Fund Common Shares in exchange for the net assets of Florida Investment Quality and Florida Quality Income, respectively, which numbers are 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 distributions referred to in (3) below and the Reorganization costs referred to on (4) below. |
(3) | Includes the impact of estimated Reorganization costs of $495,000 which will be borne by the shareholders of the Acquiring Fund, Florida Investment Quality and Florida Quality Income ($10,000, $100,000 and $385,000, respectively). |
(4) | Assumes that Florida Investment Quality distributes all of its undistributed net investment income ($49,866) to its shareholders prior to the reorganization. |
Average Annual Total Return | Average Annual Total Return | |||||||||||||||||||||||||||||||
on Net Asset Value | on Market Value | |||||||||||||||||||||||||||||||
One | Three | Five | Ten | One | Three | Five | Ten | |||||||||||||||||||||||||
Year | Years | Years | Years | Year | Years | Years | Years | |||||||||||||||||||||||||
Acquiring Fund | −15.93 | % | −3.76 | % | 0.12 | % | 2.93 | % | −21.06 | % | −4.65 | % | −1.10 | % | 1.40 | % | ||||||||||||||||
Florida Investment Quality | −14.63 | % | −3.27 | % | 0.06 | % | 3.36 | % | 25.42 | % | −8.70 | % | −6.14 | % | −0.45 | % | ||||||||||||||||
Florida Quality Income | −12.47 | % | −2.29 | % | 0.79 | % | 3.41 | % | 22.24 | % | −6.92 | % | −4.82 | % | 0.24 | % | ||||||||||||||||
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Florida | Florida | |||||||||||||||
Acquiring | Investment | Quality | Combined Fund — | |||||||||||||
Fund | Quality | Income | Pro-Forma | |||||||||||||
10/31/08 | 4/30/08 | 4/30/08 | 10/31/08(2) | |||||||||||||
Annual Expenses (as a percentage of net assets applicable to common shares) | ||||||||||||||||
Management | ||||||||||||||||
Fund-Level Fees | 0.67 | % | 0.68 | % | 0.68 | % | 0.66 | % | ||||||||
Complex-Level Fees | 0.29 | % | 0.28 | % | 0.29 | % | 0.29 | % | ||||||||
Interest and Related Expenses from Inverse Floaters(3) | 0.34 | % | 0.47 | % | 0.55 | % | 0.26 | % | ||||||||
Other Expenses | 0.26 | % | 0.25 | % | 0.26 | % | 0.24 | % | ||||||||
Total Annual Expenses | 1.56 | % | 1.68 | % | 1.78 | % | 1.45 | % | ||||||||
Income Dividends and Capital Gain Distributions on Preferred Shares | 2.15 | % | 1.99 | % | 2.09 | % | 2.16 | % | ||||||||
Net Annual Expenses and Income Dividends and Capital Gain Distributions on Preferred Shares(4) | 3.71 | % | 3.67 | % | 3.87 | % | 3.61 | % | ||||||||
(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 Florida Investment Quality and Florida Quality Income). The pro forma combined figures assume the consummation of the Reorganization on October 31, 2008 and reflect average net asset levels for both the Acquiring Fund, Florida Investment Quality and Florida Quality Income 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. |
(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 Expense from Inverse Floaters incurred in the future may be higher or lower. |
(4) | 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 0.02%, 0.01%, 0.01% and 0.02% for the Acquiring Fund, the Florida Investment Quality Fund, the Florida Quality Income Fund, and the Combined Fund Pro-Forma, respectively. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Acquiring Fund | $ | 37 | $ | 113 | $ | 192 | $ | 396 | ||||||||
Florida Investment Quality | $ | 37 | $ | 112 | $ | 190 | $ | 392 | ||||||||
Florida Quality Income | $ | 39 | $ | 118 | $ | 199 | $ | 410 | ||||||||
Combined Fund — Pro-Forma | $ | 36 | $ | 111 | $ | 187 | $ | 387 | ||||||||
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16
17
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20
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(ACQUIRED FUND SHAREHOLDERS AND ACQUIRING FUND
MUNIPREFERRED SHAREHOLDERS ONLY)
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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 Funds; |
• | 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; |
• | the investment performance of the Funds; |
• | the anticipated tax-free nature of the Reorganizations; |
• | the expected costs of the Reorganizations and the extent to which the Funds would bear any such costs; |
• | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of the Funds; and |
• | any potential benefits of the Reorganizations to NAM as a result of the Reorganizations. |
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29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
Value of Fund assets less liabilities not constituting senior securities | $1,380,394,187 | |||||
= 259 | % | |||||
Senior securities representing indebtedness plus liquidation value of the shares of MuniPreferred | $532,550,000 | |||||
45
• | 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. |
46
47
48
49
50
51
52
53
54
55
56
57
58
(1) | Issue senior securities, as defined in the 1940 Act, other than preferred stock [shares], except to the extent such issuance might be involved with respect to borrowings described under subparagraph (3) below or with respect to transactions involving futures contracts or the writing of options within the limits described [in Portfolio Investments above]; | |
(2) | Make short sales of securities or purchase any securities on margin (except for such short-term credits as are necessary for the clearance of transactions), or write or purchase put or call options, except to the extent that the purchase of a standby commitment may be considered the purchase of a put, and except for transactions involving options within the limits described [in Portfolio Investments above]; | |
(3) | Borrow money, except from banks for temporary or emergency purposes or for repurchase of [the Fund’s] shares, and then only in an amount not exceeding one-third of the value of its total assets including the amount borrowed; while any such borrowings exceed 5% of its total assets, no additional purchases of investment securities will be made; | |
(4) | Underwrite any issue of securities, except to the extent that the purchase of [m]unicipal [o]bligations in accordance with its investment objective[s], policies and limitations may be deemed to be an underwriting; | |
(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 [m]unicipal [o]bligations other than those [m]unicipal [o]bligations backed only by the assets and revenues of non-governmental users, nor shall it apply to [m]unicipal [o]bligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; | |
(6) | Purchase or sell real estate, but this shall not prevent the Fund from investing in [m]unicipal [o]bligations secured by real estate or interests therein; | |
(7) | Purchase or sell commodities or commodities contracts, except for transactions involving futures contracts within the limits described [in Portfolio Investments]; | |
(8) | Make loans, other than by entering into repurchase agreements and through the purchase of [m]unicipal [o]bligations or temporary investments in accordance with its investment objective[s], policies and limitations; | |
(9) | Invest in securities other than [Florida] [m]unicipal [o]bligations and temporary investments as described [in Portfolio Investments]; and purchase financial futures and options except within the limits described [in Portfolio Investments]; |
(10) | Invest more than 5% of its total assets in securities of any one issuer, except that this limitation shall not apply to securities of the U.S. Government, its agencies and instrumentalities or to the investment of 25% of its total assets; |
59
(11) | Pledge, mortgage or hypothecate its assets, except that, to secure borrowings permitted by subparagraph (3) above, it may pledge securities having a market value at the time of pledge not exceeding 20% of the value of its total assets; | |
(12) | Invest more than 10% of its total assets in repurchase agreements maturing in more than seven days; and | |
(13) | Purchase or retain the securities of any issuer other than [its own securities] if, to [its] knowledge, those of its directors [trustees], or those officers and directors of the [investment adviser] who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities. |
60
(1) | Sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold at no added cost, and provided that transactions in options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short; | |
(2) | Purchase securities of open-end or closed-end investment companies except in compliance with the Investment Company Act of 1940 or any exemptive relief obtained thereunder; | |
(3) | Enter into futures contracts or related options or forward contracts, if more than 30% of the Fund’s net assets would be represented by futures contracts or more than 5% of the Fund’s net assets would be committed to initial margin deposits and premiums on futures contracts and related options; | |
(4) | Purchase securities when borrowings exceed 5% of its total assets if and so long as MuniPreferred shares are outstanding; and | |
(5) | Purchase securities of companies for the purpose of exercising control, except that the Fund may invest up to 5% of its net assets in tax-exempt or taxable fixed-income or equity securities, for the purpose of acquiring control of an issuer whose municipal bonds (a) the Fund already owns and (b) have deteriorated or are expected shortly to deteriorate significantly in credit quality, provided NAM determines that such investment should enable the Fund to better maximize the value of its existing investment in such issuer. |
61
62
63
64
65
ACQUIRING FUND COMMON SHARES
(ACQUIRING FUND COMMON SHAREHOLDERS ONLY)
66
67
68
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 to $5 billion | 0.3875 | % | ||
$5 billion and over | 0.3750 | % | ||
Complex-Level Fee Rates | ||||
Complex-Level Asset | Effective Rate at | |||
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 | % | ||
69
(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. |
70
(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 stock | 200,000,000 | — | 40,794,161 | |||||||||
Preferred stock | 1,000,000 | — | 11,342 | |||||||||
Florida Investment Quality: | ||||||||||||
Common shares | Unlimited | — | 16,325,802 | |||||||||
Preferred shares | Unlimited | — | 4,730 | |||||||||
Florida Quality Income: | ||||||||||||
Common shares | Unlimited | — | 14,111,195 | |||||||||
Preferred shares | Unlimited | — | 4,323 | |||||||||
Acquiring Fund | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 11.74 | 8.26 | 13.04 | 10.72 | -6 | % | -23 | % | ||||||||||||||||
October 2008 | 12.86 | 7.73 | 14.11 | 10.81 | -7 | % | -32 | % | ||||||||||||||||
July 2008 | 13.59 | 12.39 | 14.45 | 13.63 | -5 | % | -12 | % | ||||||||||||||||
April 2008 | 14.15 | 12.41 | 14.91 | 13.26 | -4 | % | -11 | % | ||||||||||||||||
January 2008 | 14.09 | 12.51 | 15.14 | 14.49 | -5 | % | -14 | % | ||||||||||||||||
October 2007 | 13.90 | 12.98 | 15.01 | 14.15 | -5 | % | -12 | % | ||||||||||||||||
July 2007 | 14.42 | 13.53 | 15.33 | 14.60 | -6 | % | -9 | % | ||||||||||||||||
April 2007 | 14.62 | 14.09 | 15.52 | 15.15 | -5 | % | -8 | % | ||||||||||||||||
January 2007 | 14.25 | 13.89 | 15.60 | 15.18 | -7 | % | -10 | % | ||||||||||||||||
71
Florida Investment Quality | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 11.22 | 8.62 | 13.53 | 11.62 | -15 | % | -30 | % | ||||||||||||||||
October 2008 | 12.32 | 7.76 | 14.37 | 11.39 | -13 | % | -38 | % | ||||||||||||||||
July 2008 | 12.90 | 12.07 | 14.64 | 13.97 | -11 | % | -16 | % | ||||||||||||||||
April 2008 | 13.64 | 12.36 | 15.16 | 13.75 | -8 | % | -14 | % | ||||||||||||||||
January 2008 | 13.77 | 12.53 | 15.39 | 14.72 | -10 | % | -15 | % | ||||||||||||||||
October 2007 | 13.66 | 12.78 | 15.11 | 14.42 | -9 | % | -12 | % | ||||||||||||||||
July 2007 | 14.23 | 13.34 | 15.36 | 14.71 | -7 | % | -11 | % | ||||||||||||||||
April 2007 | 14.20 | 13.92 | 15.51 | 15.19 | -7 | % | -9 | % | ||||||||||||||||
January 2007 | 14.00 | 13.58 | 15.64 | 15.25 | -9 | % | -12 | % | ||||||||||||||||
Florida Quality Income | ||||||||||||||||||||||||
Premium/ | ||||||||||||||||||||||||
Market Price | Net Asset Value | Discount | ||||||||||||||||||||||
Quarter Ended | High | Low | High | Low | High | Low | ||||||||||||||||||
January 2009 | 10.78 | 8.31 | 13.03 | 10.99 | -0.14 | -0.29 | ||||||||||||||||||
October 2008 | 12.23 | 7.62 | 14.19 | 10.84 | -0.13 | -0.37 | ||||||||||||||||||
July 2008 | 12.83 | 11.84 | 14.48 | 13.75 | -0.11 | -0.16 | ||||||||||||||||||
April 2008 | 13.32 | 12.14 | 14.85 | 13.44 | -0.08 | -0.14 | ||||||||||||||||||
January 2008 | 13.47 | 12.25 | 15.08 | 14.50 | -0.10 | -0.16 | ||||||||||||||||||
October 2007 | 13.74 | 12.69 | 14.89 | 14.19 | -0.07 | -0.12 | ||||||||||||||||||
July 2007 | 14.21 | 13.17 | 15.17 | 14.56 | -0.06 | -0.10 | ||||||||||||||||||
April 2007 | 14.20 | 13.88 | 15.36 | 15.04 | -0.06 | -0.09 | ||||||||||||||||||
January 2007 | 14.03 | 13.57 | 15.53 | 15.09 | -0.07 | -0.11 | ||||||||||||||||||
72
Shareholder | Amount of | Percentage | ||||||||
Fund and Class | Name and Address | Shares Owned | Owned | |||||||
Premium Income Municipal Fund 2 Inc. (NPM) — Auction Rate Preferred Shares | Citigroup Global Markets Inc.(a) 388 Greenwich Street New York, NY 10013 | 940 | 8.3% | |||||||
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 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 | 1,153 | 10.2% | ||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. 4 World Financial Center 250 Vesey Street New York, NY 10080 | 786 | 6.9% |
73
Shareholder | Amount of | Percentage | ||||||||
Fund and Class | Name and Address | Shares Owned | Owned | |||||||
Florida Investment Quality Municipal Fund (NQF) — Auction Rate Preferred Shares | Citigroup Global Markets Inc.(a) 388 Greenwich Street New York, NY 10013 | 485 | 9.2% | |||||||
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 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 | 1,319 | 30.0% | ||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. 4 World Financial Center 250 Vesey Street New York, NY 10080 | 1,097 | 24.9% | ||||||||
Bank of America, N.A. 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 | 222 | 5.0% | ||||||||
UBS AG Bahnhoftstrasse 45 PO Box CH-8021 Zurich, Switzerland | 538 | 12.9% |
74
Shareholder | Amount of | Percentage | ||||||||
Fund and Class | Name and Address | Shares Owned | Owned | |||||||
Florida Quality Income Municipal Fund (NUF) — Auction Rate Preferred Shares | Citigroup Global Markets Inc.(a) 388 Greenwich Street New York, NY 10013 | 584 | 12.5% | |||||||
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 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 | 870 | 20.7% | ||||||||
Merrill Lynch, Pierce, Fenner & Smith, Inc. 4 World Financial Center 250 Vesey Street New York, NY 10080 | 376 | 9.0% | ||||||||
Bank of America, N.A. 100 North Tryon Street, Floor 25 Bank of America Corporate Center Charlotte, NC 28255 | 494 | 11.8% | ||||||||
UBS AG Bahnhoftstrasse 45 PO Box CH-8021 Zurich, Switzerland | 560 | 13.76% | ||||||||
— Common Shares (NUF) | Western Investment LLC 7050 S. Union Park Center Suite 590 Midvale, UT 84047 | 819,211 | 5.8% | |||||||
Arthur D. Lipson 7050 S. Union Park Center Suite 590 Midvale, UT 84047 | 819,212 | 5.8% | ||||||||
* | The information contained in this table is based on Schedule 13G filings made on or before April 1, 2009. |
(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. |
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AGREEMENT AND PLAN OF REORGANIZATION
A-1
TRANSFER OF ASSETS OF EACH ACQUIRED FUND IN EXCHANGE FOR ACQUIRING FUND SHARES
AND THE ASSUMPTION OF THE ACQUIRED FUND LIABILITIES AND TERMINATION AND
LIQUIDATION OF THE ACQUIRED FUND
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary | ||
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary | ||
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND By: Name: Gifford R. Zimmerman Title: Chief Administrative Officer | ||
ACKNOWLEDGED: By: Name: Mark L. Winget Title: Vice President and Assistant Secretary |
A-18
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.85 | $ | 15.45 | $ | 15.07 | $ | 15.53 | $ | 15.09 | $ | 15.27 | $ | 15.53 | $ | 14.75 | $ | 14.61 | $ | 16.15 | ||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.97 | 0.97 | 0.97 | 0.98 | 1.02 | 1.08 | 1.17 | 1.21 | 1.22 | 1.18 | ||||||||||||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (3.10 | ) | (0.55 | ) | 0.49 | (0.24 | ) | 0.48 | (0.10 | ) | (0.30 | ) | 0.73 | 0.20 | (1.48 | ) | ||||||||||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.29 | ) | (0.30 | ) | (0.25 | ) | (0.16 | ) | (0.08 | ) | (0.07 | ) | (0.11 | ) | (0.27 | ) | (0.34 | ) | (0.24 | ) | ||||||||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||||
Total | (2.43 | ) | 0.11 | 1.20 | 0.57 | 1.42 | 0.90 | 0.75 | 1.67 | 1.08 | (0.55 | ) | ||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.69 | ) | (0.69 | ) | (0.76 | ) | (0.93 | ) | (0.98 | ) | (0.98 | ) | (0.96 | ) | (0.89 | ) | (0.92 | ) | (0.94 | ) | ||||||||||||||||||||
Capital Gains to Common Shareholders | (0.02 | ) | (0.02 | ) | (0.06 | ) | (0.10 | ) | — | (0.10 | ) | (0.05 | ) | — | (0.02 | ) | (0.04 | ) | ||||||||||||||||||||||
Total | (0.71 | ) | (0.71 | ) | (0.82 | ) | (1.03 | ) | (0.98 | ) | (1.08 | ) | (1.01 | ) | (0.89 | ) | (0.94 | ) | (0.98 | ) | ||||||||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | — | — | — | (0.01 | ) | |||||||||||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 11.71 | $ | 14.85 | $ | 15.45 | $ | 15.07 | $ | 15.53 | $ | 15.09 | $ | 15.27 | $ | 15.53 | $ | 14.75 | $ | 14.61 | ||||||||||||||||||||
Ending Market Value | $ | 10.28 | $ | 13.25 | $ | 14.05 | $ | 13.97 | $ | 14.57 | $ | 14.25 | $ | 14.40 | $ | 14.61 | $ | 13.25 | $ | 14.50 | ||||||||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||||||||||||||
Based on Market Value* | (17.95 | )% | (0.81 | )% | 6.71 | % | 2.98 | % | 9.48 | % | 6.57 | % | 5.59 | % | 17.31 | % | (2.03 | )% | (8.59 | )% | ||||||||||||||||||||
Based on Common Share Net Asset Value* | (16.96 | )% | 0.71 | % | 8.24 | % | 3.71 | % | 9.77 | % | 6.07 | % | 5.03 | % | 11.63 | % | 7.71 | % | (3.66 | )% |
B-1
Year Ended October 31, | ||||||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 477,603 | $ | 605,817 | $ | 634,981 | $ | 619,282 | $ | 637,981 | $ | 619,916 | $ | 627,659 | $ | 638,365 | $ | 605,973 | $ | 600,481 | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares Before Credit/Refund††: | ||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(a) | 1.56 | % | 1.62 | % | 1.20 | % | 1.20 | % | 1.21 | % | 1.22 | % | 1.22 | % | 1.23 | % | 1.23 | % | 1.15 | % | ||||||||||||||||||||
Expenses Excluding Interest(a) | 1.22 | % | 1.19 | % | 1.20 | % | 1.20 | % | 1.21 | % | 1.22 | % | 1.22 | % | 1.23 | % | 1.23 | % | 1.15 | % | ||||||||||||||||||||
Net Investment Income | 6.93 | % | 6.44 | % | 6.42 | % | 6.40 | % | 6.75 | % | 7.06 | % | 7.70 | % | 7.93 | % | 8.38 | % | 7.60 | % | ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Refund††**: | ||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(a) | 1.54 | % | 1.60 | % | 1.20 | % | 1.19 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.15 | % | ||||||||||||||||||||
Expenses Excluding Interest(a) | 1.20 | % | 1.18 | % | 1.20 | % | 1.19 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.21 | % | 1.22 | % | 1.15 | % | ||||||||||||||||||||
Net Investment Income | 6.95 | % | 6.45 | % | 6.43 | % | 6.40 | % | 6.76 | % | 7.07 | % | 7.71 | % | 7.95 | % | 8.39 | % | 7.60 | % | ||||||||||||||||||||
Portfolio Turnover Rate | 8 | % | 12 | % | 15 | % | 15 | % | 23 | % | 21 | % | 21 | % | 12 | % | 7 | % | 5 | % | ||||||||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 283,550 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | $ | 347,000 | ||||||||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||||||||
Asset Coverage Per Share | $ | 67,109 | $ | 68,647 | $ | 70,748 | $ | 69,617 | $ | 70,964 | $ | 69,663 | $ | 70,220 | $ | 70,992 | $ | 68,658 | $ | 68,262 | ||||||||||||||||||||
* | 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 legal fee refund, where applicable. | |
† | The amounts shown are based on common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to preferred shares. | |
(a) | 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, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.30 | $ | 15.16 | $ | 14.70 | $ | 15.63 | $ | 14.81 | $ | 15.87 | $ | 15.19 | $ | 14.76 | $ | 14.24 | $ | 15.03 | $ | 15.66 | $ | 15.55 | ||||||||||||||||||||||||
Investment Operations: | �� | |||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.50 | 0.97 | 0.79 | 0.94 | 0.96 | 1.06 | 1.10 | 1.13 | 1.19 | 1.21 | 1.16 | 1.18 | ||||||||||||||||||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (2.37 | ) | (0.87 | ) | 0.47 | (0.86 | ) | 0.94 | (0.84 | ) | 0.76 | 0.41 | 0.52 | (0.71 | ) | (0.59 | ) | 0.23 | ||||||||||||||||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.16 | ) | (0.29 | ) | (0.23 | ) | (0.21 | ) | (0.11 | ) | (0.06 | ) | (0.07 | ) | (0.11 | ) | (0.30 | ) | (0.29 | ) | (0.20 | ) | (0.22 | ) | ||||||||||||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | — | — | — | — | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||
Total | (2.03 | ) | (0.19 | ) | 1.03 | (0.13 | ) | 1.79 | 0.15 | 1.78 | 1.41 | 1.41 | 0.20 | 0.36 | 1.17 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.33 | ) | (0.67 | ) | (0.57 | ) | (0.80 | ) | (0.97 | ) | (1.01 | ) | (0.97 | ) | (0.92 | ) | (0.89 | ) | (0.94 | ) | (0.96 | ) | (0.99 | ) | ||||||||||||||||||||||||
Capital Gains to Common Shareholders | — | — | — | — | — | (0.20 | ) | (0.13 | ) | (0.06 | ) | — | (0.03 | ) | (0.03 | ) | (0.07 | ) | ||||||||||||||||||||||||||||||
Total | (0.33 | ) | (0.67 | ) | (0.57 | ) | (0.80 | ) | (0.97 | ) | (1.21 | ) | (1.10 | ) | (0.98 | ) | (0.89 | ) | (0.97 | ) | (0.99 | ) | (1.06 | ) | ||||||||||||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | — | — | — | (0.02 | ) | — | — | |||||||||||||||||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 11.94 | $ | 14.30 | $ | 15.16 | $ | 14.70 | $ | 15.63 | $ | 14.81 | $ | 15.87 | $ | 15.19 | $ | 14.76 | $ | 14.24 | $ | 15.03 | $ | 15.66 | ||||||||||||||||||||||||
Ending Market Value | $ | 9.54 | $ | 12.77 | $ | 14.11 | $ | 13.02 | $ | 15.48 | $ | 14.03 | $ | 16.75 | $ | 15.83 | $ | 14.89 | $ | 14.13 | $ | 16.00 | $ | 17.25 | ||||||||||||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on Market Value* | (23.09 | )% | (4.79 | )% | 12.93 | % | (11.13 | )% | 17.51 | % | (9.61 | )% | 13.28 | % | 13.27 | % | 12.03 | % | (5.54 | )% | (1.80 | )% | 9.08 | % | ||||||||||||||||||||||||
Based on Common Share Net Asset Value* | (14.42 | )% | (1.26 | )% | 7.08 | % | (0.85 | )% | 12.40 | % | 0.95 | % | 12.02 | % | 9.77 | % | 10.11 | % | 1.39 | % | 2.22 | % | 7.70 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 195,492 | $ | 234,106 | $ | 251,475 | $ | 243,913 | $ | 259,071 | $ | 245,045 | $ | 261,856 | $ | 249,833 | $ | 242,223 | $ | 233,290 | $ | 245,644 | $ | 254,755 | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares Before Credit/Reimbursement††: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(c) | 1.30 | %*** | 1.68 | % | 1.73 | %*** | 1.20 | % | 1.23 | % | 1.25 | % | 1.20 | % | 1.26 | % | 1.33 | % | 1.26 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(c) | 1.26 | %*** | 1.21 | % | 1.21 | %*** | 1.20 | % | 1.23 | % | 1.25 | % | 1.20 | % | 1.26 | % | 1.33 | % | 1.26 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Net Investment Income | 7.24 | %*** | 6.62 | % | 6.24 | %*** | 6.21 | % | 6.26 | % | 6.92 | % | 7.00 | % | 7.53 | % | 8.10 | % | 8.45 | % | 7.38 | % | 7.55 | % | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement††**: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(c) | 1.28 | %*** | 1.67 | % | 1.72 | %*** | 1.19 | % | 1.22 | % | 1.25 | % | 1.19 | % | 1.23 | % | 1.29 | % | 1.24 | % | 1.15 | % | 1.14 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(c) | 1.24 | %*** | 1.20 | % | 1.19 | %*** | 1.19 | % | 1.22 | % | 1.25 | % | 1.19 | % | 1.23 | % | 1.29 | % | 1.24 | % | 1.15 | % | 1.14 | % |
B-3
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 7.25 | %*** | 6.63 | % | 6.25 | %*** | 6.22 | % | 6.27 | % | 6.92 | % | 7.01 | % | 7.56 | % | 8.14 | % | 8.48 | % | 7.39 | % | 7.55 | % | ||||||||||||||||||||||||
Portfolio Turnover Rate | 10 | % | 23 | % | 13 | % | 6 | % | 15 | % | 23 | % | 16 | % | 34 | % | 28 | % | 16 | % | 17 | % | 9 | % | ||||||||||||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 132,000 | $ | 110,000 | $ | 110,000 | ||||||||||||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||||||||||||
Asset Coverage Per Share | $ | 62,025 | $ | 69,338 | $ | 72,628 | $ | 71,196 | $ | 74,066 | $ | 71,410 | $ | 74,594 | $ | 72,317 | $ | 70,876 | $ | 69,184 | $ | 80,828 | $ | 82,899 | ||||||||||||||||||||||||
* | 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) | 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
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning Common Share Net Asset Value | $ | 14.45 | $ | 15.34 | $ | 14.86 | $ | 15.72 | $ | 14.81 | $ | 15.75 | $ | 15.23 | $ | 15.02 | $ | 14.57 | $ | 15.37 | $ | 15.96 | $ | 15.66 | ||||||||||||||||||||||||
Investment Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | 0.46 | 0.95 | 0.78 | 0.92 | 0.94 | 1.04 | 1.08 | 1.18 | 1.20 | 1.19 | 1.14 | 1.16 | ||||||||||||||||||||||||||||||||||||
Net Realized/Unrealized Gain (Loss) | (2.05 | ) | (0.86 | ) | 0.49 | (0.80 | ) | 1.04 | (0.78 | ) | 0.71 | 0.14 | 0.43 | (0.77 | ) | (0.61 | ) | 0.31 | ||||||||||||||||||||||||||||||
Distributions from Net Investment Income to Preferred Shareholders† | (0.16 | ) | (0.31 | ) | (0.24 | ) | (0.21 | ) | (0.11 | ) | (0.05 | ) | (0.07 | ) | (0.12 | ) | (0.30 | ) | (0.29 | ) | (0.22 | ) | (0.25 | ) | ||||||||||||||||||||||||
Distributions from Capital Gains to Preferred Shareholders† | — | — | * | — | — | — | (0.01 | ) | (0.02 | ) | (0.01 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | (1.75 | ) | (0.22 | ) | 1.03 | (0.09 | ) | 1.87 | 0.20 | 1.70 | 1.19 | 1.33 | 0.13 | 0.31 | 1.22 | |||||||||||||||||||||||||||||||||
Less Distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income to Common Shareholders | (0.32 | ) | (0.66 | ) | (0.55 | ) | (0.77 | ) | (0.96 | ) | (1.00 | ) | (1.00 | ) | (0.94 | ) | (0.88 | ) | (0.91 | ) | (0.90 | ) | (0.92 | ) | ||||||||||||||||||||||||
Capital Gains to Common Shareholders | — | (0.01 | ) | — | — | — | (0.14 | ) | (0.18 | ) | (0.04 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | (0.32 | ) | (0.67 | ) | (0.55 | ) | (0.77 | ) | (0.96 | ) | (1.14 | ) | (1.18 | ) | (0.98 | ) | (0.88 | ) | (0.91 | ) | (0.90 | ) | (0.92 | ) | ||||||||||||||||||||||||
Offering Costs and Preferred Share Underwriting Discounts | — | — | — | — | — | — | — | — | — | (0.02 | ) | — | — | |||||||||||||||||||||||||||||||||||
Ending Common Share Net Asset Value | $ | 12.38 | $ | 14.45 | $ | 15.34 | $ | 14.86 | $ | 15.72 | $ | 14.81 | $ | 15.75 | $ | 15.23 | $ | 15.02 | $ | 14.57 | $ | 15.37 | $ | 15.96 | ||||||||||||||||||||||||
Ending Market Value | $ | 9.97 | $ | 12.75 | $ | 14.04 | $ | 13.07 | $ | 15.27 | $ | 13.84 | $ | 16.60 | $ | 15.99 | $ | 14.97 | $ | 14.13 | $ | 15.75 | $ | 16.19 | ||||||||||||||||||||||||
Total Returns: | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on Market Value** | (19.62 | )% | (4.54 | )% | 11.75 | % | (9.64 | )% | 17.42 | % | (10.29 | )% | 11.56 | % | 13.80 | % | 12.58 | % | (4.28 | )% | 2.79 | % | 7.07 | % | ||||||||||||||||||||||||
Based on Common Share Net Asset Value** | (12.30 | )% | (1.48 | )% | 6.97 | % | (0.55 | )% | 12.89 | % | 1.29 | % | 11.45 | % | 8.15 | % | 9.37 | % | 0.87 | % | 1.88 | % | 7.98 | % | ||||||||||||||||||||||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Ending Net Assets Applicable to Common Shares (000) | $ | 175,295 | $ | 204,552 | $ | 219,447 | $ | 212,504 | $ | 224,792 | $ | 211,659 | $ | 224,311 | $ | 216,044 | $ | 212,618 | $ | 206,212 | $ | 217,433 | $ | 224,973 | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares Before Credit/Reimbursement††: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(c) | 1.29 | %**** | 1.78 | % | 1.78 | %**** | 1.22 | % | 1.24 | % | 1.25 | % | 1.24 | % | 1.28 | % | 1.33 | % | 1.26 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(c) | 1.29 | %**** | 1.22 | % | 1.23 | %**** | 1.22 | % | 1.24 | % | 1.25 | % | 1.24 | % | 1.28 | % | 1.33 | % | 1.26 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Net Investment Income | 6.61 | %**** | 6.38 | % | 6.09 | %**** | 6.06 | % | 6.07 | % | 6.83 | % | 6.92 | % | 7.81 | % | 8.00 | % | 8.08 | % | 7.13 | % | 7.26 | % | ||||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement††***: | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Including Interest(c) | 1.28 | %**** | 1.77 | % | 1.76 | %**** | 1.21 | % | 1.23 | % | 1.25 | % | 1.23 | % | 1.26 | % | 1.25 | % | 1.23 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Expenses Excluding Interest(c) | 1.28 | %**** | 1.21 | % | 1.21 | %**** | 1.21 | % | 1.23 | % | 1.25 | % | 1.23 | % | 1.26 | % | 1.25 | % | 1.23 | % | 1.19 | % | 1.18 | % | ||||||||||||||||||||||||
Net Investment Income | 6.61 | %**** | 6.39 | % | 6.11 | %**** | 6.06 | % | 6.07 | % | 6.83 | % | 6.94 | % | 7.83 | % | 8.08 | % | 8.10 | % | 7.13 | % | 7.26 | % |
B-5
Year Ended April 30, | Year Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2009(a) | 2008 | 2007(b) | 2006 | 2005 | 2004 | 2003 | 2002(c) | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||||||||||||||||||||
Per Share Operating Performance | (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover Rate | 4 | % | 26 | % | 7 | % | 8 | % | 20 | % | 38 | % | 28 | % | 30 | % | 20 | % | 20 | % | 16 | % | 10 | % | ||||||||||||||||||||||||
Preferred Shares at End of Period: | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Outstanding (000) | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 117,000 | $ | 105,000 | $ | 105,000 | ||||||||||||||||||||||||
Liquidation and Market Value Per Share | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | $ | 25,000 | ||||||||||||||||||||||||
Asset Coverage Per Share | $ | 62,456 | $ | 68,708 | $ | 71,890 | $ | 70,407 | $ | 73,033 | $ | 70,226 | $ | 72,930 | $ | 71,163 | $ | 70,431 | $ | 69,062 | $ | 76,770 | $ | 78,565 | ||||||||||||||||||||||||
* | 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) | For the six months ended October 31, 2008. | |
(b) | For the ten months ended April 30, 2007. |
(c) | 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-6
www.nuveen.com | XXX0609 |
RELATING TO THE ACQUISITION OF THE ASSETS AND LIABILITIES OF
(each a “Florida Fund” or an “Acquired Fund” and, collectively, the “Florida Funds” or the
“Acquired Funds”)
(the “National Fund” or the “Acquiring Fund” and, together with the Florida Funds, the “Funds”
and each a “Fund”)
Page | ||||
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Additional Information on Municipal Bond Insurance | 3 | |||
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(1) | Issue senior securities, as defined in the 1940 Act, other than preferred stock [shares], except to the extent such issuance might be involved with respect to borrowings described under subparagraph (3) below or with respect to transactions involving futures contracts or the writing of options within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(2) | Make short sales of securities or purchase any securities on margin (except for such short-term credits as are necessary for the clearance of transactions), or write or purchase put or call options, except to the extent that the purchase of a standby commitment may be considered the purchase of a put, and except for transactions involving options within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(3) | Borrow money, except from banks for temporary or emergency purposes or for repurchase of [the Fund’s] shares, and then only in an amount not exceeding one-third of the value of its total assets including the amount borrowed; while any such borrowings exceed 5% of its total assets, no additional purchases of investment securities will be made; | ||
(4) | Underwrite any issue of securities, except to the extent that the purchase of [m]unicipal [o]bligations in accordance with its investment objective[s], policies and limitations may be deemed to be an underwriting; | ||
(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 [m]unicipal [o]bligations other than those [m]unicipal [o]bligations backed only by the assets and revenues of non-governmental users, nor shall it apply to [m]unicipal [o]bligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; | ||
(6) | Purchase or sell real estate, but this shall not prevent the Fund from investing in [m]unicipal [o]bligations secured by real estate or interests therein; | ||
(7) | Purchase or sell commodities or commodities contracts, except for transactions involving futures contracts within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(8) | Make loans, other than by entering into repurchase agreements and through the purchase of [m]unicipal [o]bligations or temporary investments in accordance with its investment objective[s], policies and limitations; |
3
(9) | Invest in securities other than [Florida] [m]unicipal [o]bligations and temporary investments as described [in Portfolio Investments]; and purchase financial futures and options except within the limits described in the [Fund’s] Proxy Statement/Prospectus; | ||
(10) | Invest more than 5% of its total assets in securities of any one issuer, except that this limitation shall not apply to securities of the U.S. Government, its agencies and instrumentalities or to the investment of 25% of its total assets; | ||
(11) | Pledge, mortgage or hypothecate its assets, except that, to secure borrowings permitted by subparagraph (3) above, it may pledge securities having a market value at the time of pledge not exceeding 20% of the value of its total assets; | ||
(12) | Invest more than 10% of its total assets in repurchase agreements maturing in more than seven days; and | ||
(13) | Purchase or retain the securities of any issuer other than [its own securities] if, to [its] knowledge, those of its directors [trustees], or those officers and directors of the [investment adviser] who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities. |
4
(1) | Sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold at no added cost, and provided that transactions in options, futures contracts, options on futures contracts, or other derivative instruments are not deemed to constitute selling securities short; | ||
(2) | Purchase securities of open-end or closed-end investment companies except in compliance with the Investment Company Act of 1940 or any exemptive relief obtained thereunder; | ||
(3) | Enter into futures contracts or related options or forward contracts, if more than 30% of the Fund’s net assets would be represented by futures contracts or more than 5% of the Fund’s net assets would be committed to initial margin deposits and premiums on futures contracts and related options; | ||
(4) | Purchase securities when borrowings exceed 5% of its total assets if and so long as MuniPreferred shares are outstanding; and | ||
(5) | Purchase securities of companies for the purpose of exercising control, except that the Fund may invest up to 5% of its net assets in tax-exempt or taxable fixed-income or equity securities, for the purpose of acquiring control of an issuer whose municipal bonds (a) the Fund already owns and (b) have deteriorated or are expected shortly to deteriorate significantly in credit quality, provided NAM determines that such investment should enable the Fund to better maximize the value of its existing investment in such issuer. |
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Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Independent Board Members: | ||||||||||||
Robert P. Bremner 333 West Wacker Drive Chicago, IL 60606 (8/22/40) | Chairman of the Board and Board Member | Class III/Annual Length of service Since 1996 | Private Investor and Management Consultant. | 193 | N/A | |||||||
Jack B. Evans 333 West Wacker Drive Chicago, IL 60606 (10/22/48) | Board Member | Class III/Annual 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 | 193 | See Principal Occupation description |
20
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
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. | ||||||||||||
William C. Hunter 333 West Wacker Drive Chicago, IL 60606 (3/6/48) | Board Member | 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 | |||||||
David J. Kundert 333 West Wacker Drive Chicago, IL 60606 (10/28/42) | Board Member | Class II/Annual Length of service-Since 2005 | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan | 193 | See Principal Occupation Description |
21
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
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. | ||||||||||||
William J. Schneider 333 West Wacker Drive Chicago, IL 60606 (9/24/44) | Board Member | 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) | Board Member | Class I/Annual 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 |
22
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Carole E. Stone 333 West Wacker Drive Chicago, IL 60606 (6/28/47) | Board Member | Class I/Annual 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 | |||||||
Terence J. Toth 333 West Wacker Drive Chicago, IL 60606 (9/29/59) | Board Member | Class II/Annual 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: | 193 | N/A |
23
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board 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 Board (1997-2004). |
24
Number | ||||||||||||
of | ||||||||||||
Portfolios | ||||||||||||
in Fund | ||||||||||||
Term of Office | Complex | Other | ||||||||||
Name, Business | Position(s) | and Length of | Principal | Overseen | Directorships | |||||||
Address and | Held with | Time Served | Occupation(s) During | by Board | Held by | |||||||
Birthdate | Funds | with Funds | Past Five Years | Member | Board Member | |||||||
Interested Board Members: | ||||||||||||
John P. Amboian* 333 West Wacker Drive Chicago, IL 60606 (6/14/61) | Board Member | Class II/Annual 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 Funds, 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. |
25
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
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 |
26
�� | ||||||||||
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
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 | ||||||
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 2002 | 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 |
27
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
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) Tina M. Lazar 333 West Wacker Drive Chicago, IL 60606 (8/27/61) | Vice President Vice President | Term-Until July 2009- Length of Service-Since 2000 Term-Until July 2009-Length of Service-Since 2002 | Vice President of Nuveen Investments, LLC (since 2000) and Nuveen Asset Management (since 2005); Certified Public Accountant. Vice President of Nuveen Investments, LLC (since 1999) and Nuveen Asset Management (since 2005). | 193 193 |
28
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
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 1998 | 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 |
29
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
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 |
30
Number of | ||||||||||
Term of Office | Portfolios | |||||||||
Name, Business | Position(s) | and Length of | in Fund | |||||||
Address and | Held with | Time Served with | Principal Occupation(s) | Complex | ||||||
Birthdate | Funds | Funds | During Past Five Years | Overseen | ||||||
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. |
31
32
Aggregate Dollar Range | ||||||
of Equity Securities in | ||||||
All Registered | ||||||
Dollar Range | Dollar Range | Investment Companies | ||||
of Equity | of Equity | Overseen by Board | ||||
Securities in | Securities in | Member in | ||||
the Acquiring | the Acquired | Family of Investment | ||||
Name of Board Member | 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 |
33
Aggregate | ||||||||||||||||
Aggregate | Compensation | Aggregate | Total | |||||||||||||
Compensation | from Florida | Compensation | Compensation | |||||||||||||
from National | Investment | from Florida | from Funds and | |||||||||||||
Fund (1) | Quality (1) | Quality Income (1) | Fund Complex (2) | |||||||||||||
Robert P. Bremner | $ | 2,758 | $ | 1,130 | $ | 995 | $ | 216,138 | ||||||||
Jack B. Evans | 2,383 | 1,059 | 933 | 189,578 | ||||||||||||
William C. Hunter | 1,559 | 838 | 738 | 120,659 | ||||||||||||
David J. Kundert | 1,541 | 904 | 796 | 128,240 | ||||||||||||
William J. Schneider | 1,903 | 971 | 856 | 140,917 | ||||||||||||
Judith M. Stockdale | 2,032 | 937 | 826 | 160,362 | ||||||||||||
Carole E. Stone | 2,196 | 900 | 793 | 171,750 | ||||||||||||
Terence J. Toth(3) | 330 | — | — | 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 | ||||||||||||
Florida Investment | Florida Quality | |||||||||||
National Fund | Quality | Income | ||||||||||
Robert P. Bremner | $ | 291 | $ | 157 | $ | 139 | ||||||
Jack B. Evans | 435 | 248 | 219 | |||||||||
William C. Hunter | 1,559 | 838 | 738 | |||||||||
David J. Kundert | 1,541 | 904 | 796 | |||||||||
William J. Schneider | 1,903 | 971 | 856 | |||||||||
Judith M. Stockdale | 524 | 360 | 317 | |||||||||
Carole E. Stone | — | — | — | |||||||||
Terence J. Toth | 330 | — | — |
(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 the Nuveen Funds, effective July 1, 2008. | |
34
35
Number of | ||||||||
Type of Account Managed | Accounts | Assets* | ||||||
Registered Investment Company | 15 | $ 12.21 billion | ||||||
Other Pooled Investment Vehicles | 0 | $ 0 | ||||||
Other Accounts | 1 | $ .859 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 | $ 5.8 billion | ||||||
Other Pooled Investment Vehicles | 0 | $ 0 | ||||||
Other Accounts | 3 | $.17 million |
* | None of the assets in these accounts are subject to an advisory fee based on performance. |
36
Acquiring Fund | 10/31/2008 | 10/31/2007 | 10/31/2006 | |||||||||
Gross Advisory Fees | $ | 5,512,651.00 | $ | 5,873,685.00 | $ | 5,920,769.00 | ||||||
Waiver | $ | — | $ | — | $ | — | ||||||
Net Advisory Fees | $ | 5,512,651.00 | $ | 5,873,685.00 | $ | 5,920,769.00 |
Florida Investment Quality | 4/30/2008 | 4/30/2007* | 6/30/2006 | 6/30/2005 | ||||||||||||
Gross Advisory Fees | $ | 2,316,451.00 | $ | 1,987,765.00 | $ | 2,400,004.00 | $ | 2,437,207.00 | ||||||||
Waiver | $ | — | $ | — | $ | — | $ | — | ||||||||
Net Advisory Fees | $ | 2,316,451.00 | $ | 1,987,765.00 | $ | 2,400,004.00 | $ | 2,437,207.00 |
* | For the ten months ended 4/30/2007 |
Florida Quality Income | 4/30/2008 | 4/30/2007* | 6/30/2006 | 6/30/2005 | ||||||||||||
Gross Advisory Fees | $ | 2,044,726.00 | $ | 1,747,151.00 | $ | 2,106,269.00 | $ | 2,134,796.00 | ||||||||
Waiver | $ | — | $ | — | $ | — | $ | — | ||||||||
Net Advisory Fees | $ | 2,044,726.00 | $ | 1,747,151.00 | $ | 2,106,269.00 | $ | 2,134,796.00 |
* | For the ten months ended 4/30/2007 |
37
38
39
40
41
42
43
44
45
46
Nuveen Florida Quality Income Municipal Fund (NUF) into Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
Pro Forma Portfolio of Investments (Unaudited)
October 31, 2008
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Alabama — 2.6% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
$ | 6,995 | $ | — | $ | — | $ | 6,995 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | AA | $ | 5,718,343 | $ | — | $ | — | $ | 5,718,343 | ||||||||||||||||||||||
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: | ||||||||||||||||||||||||||||||||||||||||
3,600 | — | — | 3,600 | 5.250%,11/15/20 | 11/15 at 100.00 | Baa1 | 3,080,916 | — | — | 3,080,916 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.000%,11/15/30 | 11/15 at 100.00 | Baa1 | 721,450 | — | — | 721,450 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Tender Option Bond Trust 2707, 0.596%, 1/01/39 — AMBAC Insured (IF) | 1/17 at 100.00 | A+ | 1,527,360 | — | — | 1,527,360 | ||||||||||||||||||||||||||||||
1,960 | — | — | 1,960 | Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 | 6/15 at 100.00 | BBB | 1,361,122 | — | — | 1,361,122 | ||||||||||||||||||||||||||||||
1,690 | — | — | 1,690 | Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) | 11/14 at 100.00 | A3 (4) | 1,838,196 | — | — | 1,838,196 | ||||||||||||||||||||||||||||||
8,255 | — | — | 8,255 | University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 — FGIC Insured | 3/14 at 100.00 | A1 | 7,937,595 | — | — | 7,937,595 | ||||||||||||||||||||||||||||||
27,500 | — | — | 27,500 | Total Alabama | 22,184,982 | — | — | 22,184,982 | ||||||||||||||||||||||||||||||||
Arizona — 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: | ||||||||||||||||||||||||||||||||||||||||
200 | — | — | 200 | 5.250%,12/01/24 | 12/15 at 100.00 | BBB | 162,202 | — | — | 162,202 | ||||||||||||||||||||||||||||||
265 | — | — | 265 | 5.250%,12/01/25 | 12/15 at 100.00 | BBB | 211,550 | — | — | 211,550 | ||||||||||||||||||||||||||||||
1,265 | — | — | 1,265 | 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 | 1,271,312 | — | — | 1,271,312 | ||||||||||||||||||||||||||||||
2,750 | — | — | 2,750 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%,12/01/37 | No Opt. Call | AA— | 1,665,043 | — | — | 1,665,043 | ||||||||||||||||||||||||||||||
4,480 | — | — | 4,480 | Total Arizona | 3,310,107 | — | — | 3,310,107 | ||||||||||||||||||||||||||||||||
Arkansas — 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25 | 2/15 at 100.00 | Baa1 | 776,720 | — | — | 776,720 | ||||||||||||||||||||||||||||||
California — 10.0% (6.0% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,690 | — | — | 5,690 | California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 — AMBAC Insured | 6/12 at 101.00 | AA | 5,680,668 | — | — | 5,680,668 | ||||||||||||||||||||||||||||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | 6.000%, 5/01/15 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 4,448,160 | — | — | 4,448,160 | ||||||||||||||||||||||||||||||
5,500 | — | — | 5,500 | 5.375%, 5/01/21 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 6,002,590 | — | — | 6,002,590 | ||||||||||||||||||||||||||||||
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A: | ||||||||||||||||||||||||||||||||||||||||
3,255 | — | — | 3,255 | 0.000%, 10/01/23 — MBIA Insured | No Opt. Call | A2 | 1,343,729 | — | — | 1,343,729 | ||||||||||||||||||||||||||||||
5,890 | — | — | 5,890 | 0.000%, 10/01/24 — MBIA Insured | No Opt. Call | A2 | 2,270,359 | — | — | 2,270,359 | ||||||||||||||||||||||||||||||
7,615 | — | — | 7,615 | 0.000%, 10/01/25 — MBIA Insured | No Opt. Call | A2 | 2,742,009 | — | — | 2,742,009 | ||||||||||||||||||||||||||||||
3,740 | — | — | 3,740 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 | 11/15 at 100.00 | A2 | 3,168,341 | — | — | 3,168,341 | ||||||||||||||||||||||||||||||
795 | — | — | 795 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.475%, 11/15/42 (IF) | 11/16 at 100.00 | AA— | 459,264 | — | — | 459,264 | ||||||||||||||||||||||||||||||
2,055 | — | — | 2,055 | California Infrastructure Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/21 | 10/14 at 100.00 | AA+ | 2,048,136 | — | — | 2,048,136 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 | 7/15 at 100.00 | BBB | 648,320 | — | — | 648,320 | ||||||||||||||||||||||||||||||
4,955 | — | — | 4,955 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.640%, 11/15/48 (IF) | 5/18 at 100.00 | AA— | 3,311,796 | — | — | 3,311,796 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 | No Opt. Call | AA+ | 2,672,600 | �� | — | — | 2,672,600 | |||||||||||||||||||||||||||||
8,000 | — | — | 8,000 | California, General Obligation Bonds, Series 2004, 5.125%, 2/01/25 | 2/14 at 100.00 | A+ | 7,696,323 | — | — | 7,696,323 | ||||||||||||||||||||||||||||||
1,900 | — | — | 1,900 | Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 | 6/14 at 102.00 | A2 | 1,738,807 | — | — | 1,738,807 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 — AMBAC Insured | 10/15 at 100.00 | AA | 2,330,378 | — | — | 2,330,378 | ||||||||||||||||||||||||||||||
30,000 | — | — | 30,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) | No Opt. Call | AAA | 15,912,898 | — | — | 15,912,898 |
47
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
1,385 | — | — | 1,385 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/15 at 100.00 | AA | 1,250,117 | — | — | 1,250,117 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 658,280 | — | — | 658,280 | ||||||||||||||||||||||||||||||
Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A: | ||||||||||||||||||||||||||||||||||||||||
1,420 | — | — | 1,420 | 5.000%,9/01/25 | 9/15 at 102.00 | N/R | 1,047,491 | — | — | 1,047,491 | ||||||||||||||||||||||||||||||
435 | — | — | 435 | 5.100%,9/01/30 | 9/15 at 102.00 | N/R | 308,828 | — | — | 308,828 | ||||||||||||||||||||||||||||||
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | ||||||||||||||||||||||||||||||||||||||||
250 | — | — | 250 | 5.000%,9/01/21 | 9/15 at 102.00 | Baa3 | 206,880 | — | — | 206,880 | ||||||||||||||||||||||||||||||
275 | — | — | 275 | 5.000%,9/01/23 | 9/15 at 102.00 | Baa3 | 220,479 | — | — | 220,479 | ||||||||||||||||||||||||||||||
2,220 | — | 2,220 | San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured | 9/14 at 100.00 | A3 | 2,158,040 | — | 2,158,040 | ||||||||||||||||||||||||||||||||
960 | — | — | 960 | San Francisco Redevelopment Agency, California, Hotel Tax Revenue Bonds, Series 1994, 6.750%, 7/01/25 – FSA Insured | 1/09 at 100.00 | AAA | 976,090 | — | — | 976,090 | ||||||||||||||||||||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||||||||||||||||||||||||||
4,595 | — | — | 4,595 | 0.000%, 1/15/32 – MBIA Insured | No Opt. Call | AA | 958,425 | — | — | 958,425 | ||||||||||||||||||||||||||||||
32,400 | — | — | 32,400 | 0.000%, 1/15/34 – MBIA Insured | No Opt. Call | AA | 5,860,836 | — | — | 5,860,836 | ||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | 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 | 5,979,540 | — | — | 5,979,540 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | 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 | 2,720,880 | — | — | 2,720,880 | ||||||||||||||||||||||||||||||
143,335 | — | — | 143,335 | Total California | 84,820,264 | — | — | 84,820,264 | ||||||||||||||||||||||||||||||||
Colorado – 1.4% (0.8% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,700 | — | — | 1,700 | Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/22 – FGIC Insured | 12/14 at 100.00 | AA | 1,656,344 | — | — | 1,656,344 | ||||||||||||||||||||||||||||||
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
1,745 | — | — | 1,745 | 5.250%,6/01/23 | 6/16 at 100.00 | A– | 1,473,670 | — | — | 1,473,670 | ||||||||||||||||||||||||||||||
475 | — | — | 475 | 5.000%,6/01/29 | 6/16 at 100.00 | A– | 358,701 | — | — | 358,701 | ||||||||||||||||||||||||||||||
400 | — | — | 400 | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25 | 3/15 at 100.00 | BBB+ | 293,072 | — | — | 293,072 | ||||||||||||||||||||||||||||||
15 | — | — | 15 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1995D, 7.375%, 6/01/26 (Alternative Minimum Tax) | 12/08 at 103.50 | Aaa | 15,387 | — | — | 15,387 | ||||||||||||||||||||||||||||||
355 | — | — | 355 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | 377,986 | — | — | 377,986 | ||||||||||||||||||||||||||||||
6,925 | — | — | 6,925 | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured | 11/16 at 100.00 | BBB– | 5,775,312 | — | — | 5,775,312 | ||||||||||||||||||||||||||||||
1,700 | — | — | 1,700 | Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) | 4/09 at 101.00 | AA | 1,513,136 | — | — | 1,513,136 | ||||||||||||||||||||||||||||||
13,315 | — | — | 13,315 | Total Colorado | 11,463,608 | — | — | 11,463,608 | ||||||||||||||||||||||||||||||||
Connecticut – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/21 – FGIC Insured | 1/14 at 100.00 | AA | 4,999,650 | — | — | 4,999,650 | ||||||||||||||||||||||||||||||
District of Columbia – 1.7% (1.0% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | ||||||||||||||||||||||||||||||||||||||||
11,720 | — | — | 11,720 | 0.000%, 4/01/27 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 39.61 | AA (4) | 4,291,278 | — | — | 4,291,278 | ||||||||||||||||||||||||||||||
13,780 | — | — | 13,780 | 0.000%, 4/01/28 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 37.21 | AA (4) | 4,740,182 | — | — | 4,740,182 | ||||||||||||||||||||||||||||||
15,855 | — | — | 15,855 | 0.000%, 4/01/29 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 35.07 | AA (4) | 5,139,874 | — | — | 5,139,874 | ||||||||||||||||||||||||||||||
1,335 | — | — | 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 | — | — | 627,597 | ||||||||||||||||||||||||||||||
42,690 | — | — | 42,690 | Total District of Columbia | 14,798,931 | — | — | 14,798,931 | ||||||||||||||||||||||||||||||||
Florida – 72.4% (43.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,000 | 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 | 978,820 | ||||||||||||||||||||||||||||||
— | — | 7,285 | 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 | 5,966,196 | ||||||||||||||||||||||||||||||
— | — | 1,055 | 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 | 960,715 | ||||||||||||||||||||||||||||||
— | — | 1,500 | 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 | 1,653,015 | ||||||||||||||||||||||||||||||
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
4,230 | — | — | 4,230 | 5.000%,4/01/24 | 4/16 at 100.00 | A2 | 3,051,311 | — | 3,051,311 | |||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 2,000 | 5.000%,4/01/34 | 4/16 at 100.00 | A2 | — | 668,860 | 668,860 | 1,337,720 |
48
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | 5.500%,4/01/24 | 4/14 at 100.00 | BBB | — | — | 839,890 | 839,890 | ||||||||||||||||||||||||||||||
— | 2,000 | 500 | 2,500 | 5.625%,4/01/34 | 4/14 at 100.00 | BBB | — | 1,573,060 | 393,265 | 1,966,325 | ||||||||||||||||||||||||||||||
Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1: | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,225 | 2,225 | 5.250%, 10/01/21 - AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | — | — | 1,934,971 | 1,934,971 | ||||||||||||||||||||||||||||||
— | 8,900 | — | 8,900 | 5.250%, 10/01/26 - AMBAC Insured (Alternative Minimum Tax) | 10/11 at 101.00 | AA | — | 7,338,851 | — | 7,338,851 | ||||||||||||||||||||||||||||||
— | 2,150 | — | 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 | — | 1,991,889 | ||||||||||||||||||||||||||||||
Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Tamarac Pointe Apartments, Series 1996: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | 6.250%,7/01/26 | 1/09 at 100.00 | AAA | — | — | 1,500,045 | 1,500,045 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | 6.300%,1/01/32 | 1/09 at 100.00 | AAA | — | — | 999,880 | 999,880 | ||||||||||||||||||||||||||||||
— | 980 | — | 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 | — | 891,555 | ||||||||||||||||||||||||||||||
— | — | 370 | 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 | 60,155 | ||||||||||||||||||||||||||||||
— | — | 260 | 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 | 64,956 | ||||||||||||||||||||||||||||||
— | — | 3,870 | 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 | 3,829,829 | ||||||||||||||||||||||||||||||
— | — | 1,500 | 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 | 1,331,955 | ||||||||||||||||||||||||||||||
— | 3,010 | — | 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 | — | 2,878,252 | ||||||||||||||||||||||||||||||
— | 1,665 | 1,500 | 3,165 | 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 | 1,452,435 | 3,064,638 | ||||||||||||||||||||||||||||||
— | — | 1,290 | 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 | 1,298,604 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Escambia County Health Facilities Authority, Florida, Health Facility Revenue Refunding Bonds, Baptist Hospital and Baptist Manor, Series 1998, 5.125%, 10/01/19 | 10/10 at 100.00 | Baa1 | 2,144,450 | — | 2,144,450 | |||||||||||||||||||||||||||||||
— | 12,800 | — | 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 | — | 13,456,636 | ||||||||||||||||||||||||||||||
— | 230 | 4,000 | 4,230 | Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – MBIA Insured | 10/15 at 100.00 | AA | — | 202,913 | 3,528,920 | 3,731,833 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 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 | 1,989,380 | ||||||||||||||||||||||||||||||
— | — | 8,425 | 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 | AA | — | — | 8,436,795 | 8,436,795 | ||||||||||||||||||||||||||||||
— | — | 185 | 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 | 196,797 | ||||||||||||||||||||||||||||||
— | 345 | — | 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 | — | 348,002 | ||||||||||||||||||||||||||||||
— | 790 | — | 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 | — | 787,685 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 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 | 938,040 | ||||||||||||||||||||||||||||||
— | — | 5,790 | 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 | 5,095,316 | ||||||||||||||||||||||||||||||
555 | — | — | 555 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-11, 5.850%, 1/01/22 – FSA Insured (Alternative Minimum Tax) | 1/10 at 100.00 | AAA | 521,484 | — | 521,484 | |||||||||||||||||||||||||||||||
— | 930 | 930 | 1,860 | 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 | 659,407 | 1,318,814 | ||||||||||||||||||||||||||||||
— | 5,000 | 5,000 | 10,000 | 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 | 3,784,750 | 7,569,500 | ||||||||||||||||||||||||||||||
— | — | 3,170 | 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 | 2,696,148 | ||||||||||||||||||||||||||||||
— | 1,280 | — | 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 | — | 1,264,730 | ||||||||||||||||||||||||||||||
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,040 | 1,040 | 0.000%, 11/01/25 – MBIA Insured | No Opt. Call | AA | — | — | 357,562 | 357,562 | ||||||||||||||||||||||||||||||
— | — | 1,590 | 1,590 | 0.000%, 11/01/26 – MBIA Insured | No Opt. Call | AA | — | — | 508,037 | 508,037 | ||||||||||||||||||||||||||||||
— | 1,685 | — | 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 | — | 1,576,469 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 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 | — | 4,178,050 | ||||||||||||||||||||||||||||||
— | 9,230 | — | 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 | — | 8,571,163 | ||||||||||||||||||||||||||||||
— | — | 13,925 | 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 | 14,003,673 | ||||||||||||||||||||||||||||||
— | 8,000 | — | 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 | — | 8,417,600 |
49
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | 185 | — | 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 | — | 184,090 | ||||||||||||||||||||||||||||||
— | — | 14,985 | 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 | 13,705,431 | ||||||||||||||||||||||||||||||
— | 2,980 | 3,000 | 5,980 | 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 | 2,917,410 | 5,815,371 | ||||||||||||||||||||||||||||||
— | — | 2,580 | 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 | 2,633,380 | ||||||||||||||||||||||||||||||
— | 6,000 | — | 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 | — | 5,446,920 | ||||||||||||||||||||||||||||||
— | — | 2,345 | 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 | 2,417,507 | ||||||||||||||||||||||||||||||
— | — | 750 | 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 | 817,808 | ||||||||||||||||||||||||||||||
— | 12,000 | — | 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 | — | 9,547,080 | ||||||||||||||||||||||||||||||
— | 4,000 | 4,000 | 8,000 | 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 | 3,459,320 | 6,918,640 | ||||||||||||||||||||||||||||||
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006: | ||||||||||||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 2,000 | 5.250%,6/01/26 | 6/16 at 100.00 | BBB+ | — | 795,360 | 795,360 | 1,590,720 | ||||||||||||||||||||||||||||||
— | 3,625 | 3,240 | 6,865 | 5.000%,6/01/38 | 6/16 at 100.00 | BBB+ | — | 2,480,298 | 2,216,873 | 4,697,171 | ||||||||||||||||||||||||||||||
— | 3,075 | 2,310 | 5,385 | 5.500%, 6/01/38 – FSA Insured | 6/18 at 100.00 | AAA | — | 2,698,466 | 2,027,141 | 4,725,607 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 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 | — | 5,783,050 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 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 | 767,180 | ||||||||||||||||||||||||||||||
— | 4,600 | 2,600 | 7,200 | 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 | 2,849,054 | 7,889,688 | ||||||||||||||||||||||||||||||
— | 1,535 | — | 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 | — | 1,488,305 | ||||||||||||||||||||||||||||||
— | 2,170 | — | 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 | — | 2,067,489 | ||||||||||||||||||||||||||||||
3,600 | 5,400 | 4,600 | 13,600 | 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 | 2,415,780 | 3,623,670 | 3,086,830 | 9,126,280 | ||||||||||||||||||||||||||||||
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: | ||||||||||||||||||||||||||||||||||||||||
— | 1,000 | 500 | 1,500 | 5.250%,10/01/28 | 10/13 at 100.00 | A3 | — | 764,080 | 382,040 | 1,146,120 | ||||||||||||||||||||||||||||||
— | 2,330 | 1,590 | 3,920 | 5.250%,10/01/34 | 10/13 at 100.00 | A3 | — | 1,670,960 | 1,140,269 | 2,811,229 | ||||||||||||||||||||||||||||||
— | 1,185 | 1,180 | 2,365 | 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 | 829,387 | 1,662,288 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 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 | 1,599,980 | ||||||||||||||||||||||||||||||
— | 4,330 | 4,800 | 9,130 | 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 | 4,511,904 | 8,582,017 | ||||||||||||||||||||||||||||||
— | — | 1,500 | 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 | 1,481,400 | ||||||||||||||||||||||||||||||
— | 1,050 | — | 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 | — | 1,062,359 | ||||||||||||||||||||||||||||||
— | — | 1,430 | 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 | 1,384,655 | ||||||||||||||||||||||||||||||
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003: | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,090 | 2,090 | 5.000%, 10/01/22 - MBIA Insured | 10/13 at 100.00 | AA | — | — | 2,036,747 | 2,036,747 | ||||||||||||||||||||||||||||||
— | 4,990 | — | 4,990 | 5.250%, 10/01/21 - MBIA Insured | 10/13 at 100.00 | AA | — | 5,000,479 | — | 5,000,479 |
50
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | — | 3,145 | 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 | 2,869,309 | ||||||||||||||||||||||||||||||
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002: | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,230 | 2,230 | 5.000%, 10/01/21 – FGIC Insured | 10/12 at 100.00 | A+ | — | — | 2,167,895 | 2,167,895 | ||||||||||||||||||||||||||||||
— | 2,000 | — | 2,000 | 5.000%, 10/01/22 – FGIC Insured | 10/12 at 100.00 | A+ | — | 1,941,360 | — | 1,941,360 | ||||||||||||||||||||||||||||||
— | — | 2,750 | 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 | 2,792,488 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Jacksonville, Florida, Local Government Sales Tax Revenue Refunding Bonds, Series 2001, 5.500%, 10/01/14 – FGIC Insured | No Opt. Call | AA+ | — | — | 1,069,060 | 1,069,060 | ||||||||||||||||||||||||||||||
— | 1,000 | — | 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 | — | 941,590 | ||||||||||||||||||||||||||||||
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 3,235 | 3,235 | 5.000%, 10/01/18 – FGIC Insured | 10/13 at 100.00 | AA | — | — | 3,274,208 | 3,274,208 | ||||||||||||||||||||||||||||||
— | — | 5,090 | 5,090 | 5.000%, 10/01/19 – FGIC Insured | 10/13 at 100.00 | AA | — | — | 5,120,642 | 5,120,642 | ||||||||||||||||||||||||||||||
— | — | 3,000 | 3,000 | 5.000%, 10/01/23 – FGIC Insured | 10/13 at 100.00 | AA | — | — | 2,904,870 | 2,904,870 | ||||||||||||||||||||||||||||||
— | — | 9,440 | 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 | 9,692,426 | ||||||||||||||||||||||||||||||
— | 4,250 | — | 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 | — | 4,568,623 | ||||||||||||||||||||||||||||||
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Medical Center, Series 2006: | ||||||||||||||||||||||||||||||||||||||||
— | 3,235 | — | 3,235 | 5.000%,11/15/26 | 11/16 at 100.00 | A2 | — | 2,500,655 | — | 2,500,655 | ||||||||||||||||||||||||||||||
— | — | 3,000 | 3,000 | 5.000%,11/15/32 | 11/16 at 100.00 | A2 | — | — | 2,146,980 | 2,146,980 | ||||||||||||||||||||||||||||||
— | 2,000 | 1,500 | 3,500 | Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – MBIA Insured | 4/17 at 100.00 | AA | — | 1,666,260 | 1,249,695 | 2,915,955 | ||||||||||||||||||||||||||||||
— | 2,345 | — | 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 | — | 2,001,903 | ||||||||||||||||||||||||||||||
— | — | 3,430 | 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 | 3,352,379 | ||||||||||||||||||||||||||||||
Lake County School Board, Florida, Certificates of Participation, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,190 | 1,190 | 5.000%, 7/01/20 – AMBAC Insured | 7/14 at 100.00 | AA | — | — | 1,142,138 | 1,142,138 | ||||||||||||||||||||||||||||||
— | — | 1,340 | 1,340 | 5.000%, 7/01/22 – AMBAC Insured | 7/14 at 100.00 | AA | — | — | 1,260,163 | 1,260,163 | ||||||||||||||||||||||||||||||
— | — | 1,470 | 1,470 | 5.000%, 7/01/24 – AMBAC Insured | 7/14 at 100.00 | AA | — | — | 1,358,456 | 1,358,456 | ||||||||||||||||||||||||||||||
— | 2,500 | 2,500 | 5,000 | Lee County, Florida, Airport Revenue Bonds, Series 2006, 5.000%, 10/01/33 – FSA Insured | 10/15 at 100.00 | AAA | — | 2,250,150 | 2,250,150 | 4,500,300 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 1,000 | Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 – AMBAC Insured | No Opt. Call | AA | — | — | 1,029,610 | 1,029,610 | ||||||||||||||||||||||||||||||
— | 1,525 | — | 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 | — | 1,520,867 | ||||||||||||||||||||||||||||||
— | — | 1,065 | 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 | 934,122 | ||||||||||||||||||||||||||||||
— | — | 5,130 | 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 | 5,193,304 | ||||||||||||||||||||||||||||||
— | 3,750 | 3,750 | 7,500 | 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 | 2,652,488 | 5,304,976 | ||||||||||||||||||||||||||||||
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | 2,290 | — | 2,290 | 5.000%, 4/01/19 (Pre-refunded 4/01/14) – AMBAC Insured | 4/14 at 100.00 | AA (4) | — | 2,451,674 | — | 2,451,674 | ||||||||||||||||||||||||||||||
— | 3,305 | — | 3,305 | 5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured | 4/14 at 100.00 | AA (4) | — | 3,538,333 | — | 3,538,333 | ||||||||||||||||||||||||||||||
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: | ||||||||||||||||||||||||||||||||||||||||
— | — | 3,955 | 3,955 | 5.250%, 7/01/17 – FGIC Insured | 7/14 at 100.00 | AA | — | — | 4,080,492 | 4,080,492 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | 5.250%, 7/01/18 – FGIC Insured | 7/14 at 100.00 | AA | — | — | 2,023,180 | 2,023,180 | ||||||||||||||||||||||||||||||
— | 6,690 | — | 6,690 | 5.000%, 7/01/20 – FGIC Insured | 7/14 at 100.00 | AA | — | 6,608,114 | — | 6,608,114 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 2,000 | 5.000%, 7/01/23 – FGIC Insured | 7/14 at 100.00 | AA | — | — | 1,858,180 | 1,858,180 | ||||||||||||||||||||||||||||||
— | — | 4,500 | 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 | 3,811,680 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 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 | 1,916,520 | ||||||||||||||||||||||||||||||
— | — | 7,500 | 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 | 6,054,900 | ||||||||||||||||||||||||||||||
— | — | 4,000 | 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 | 3,282,520 | ||||||||||||||||||||||||||||||
— | 5,390 | — | 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 | — | 5,078,781 | ||||||||||||||||||||||||||||||
— | 1,325 | 1,320 | 2,645 | 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 | 945,358 | 1,894,297 | ||||||||||||||||||||||||||||||
Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
— | 2,090 | — | 2,090 | 5.250%, 5/01/16 – RAAI Insured | 5/12 at 102.00 | BBB+ | — | 2,037,855 | — | 2,037,855 | ||||||||||||||||||||||||||||||
— | — | 1,975 | 1,975 | 5.500%, 5/01/22 – RAAI Insured | 5/12 at 102.00 | BBB+ | — | — | 1,805,901 | 1,805,901 | ||||||||||||||||||||||||||||||
1,700 | 1,700 | 850 | 4,250 | 5.625%, 5/01/32 – RAAI Insured | 5/12 at 102.00 | BBB+ | 1,461,966 | 1,461,966 | 730,983 | 3,654,915 | ||||||||||||||||||||||||||||||
— | 10,900 | 5,000 | 15,900 | 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 | 4,404,750 | 14,007,105 | ||||||||||||||||||||||||||||||
— | 3,300 | — | 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 | — | 3,057,648 | ||||||||||||||||||||||||||||||
— | 3,000 | — | 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 | — | 3,188,580 | ||||||||||||||||||||||||||||||
— | — | 30 | 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 | 29,596 | ||||||||||||||||||||||||||||||
— | — | 3,630 | 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 | 3,229,865 | ||||||||||||||||||||||||||||||
— | 1,750 | — | 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 | — | 1,587,443 |
51
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | 3,000 | — | 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 | — | 2,628,360 | ||||||||||||||||||||||||||||||
— | 1,175 | — | 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 | — | 1,256,463 | ||||||||||||||||||||||||||||||
North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
— | 5,450 | 8,175 | 13,625 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A (4) | — | 5,864,527 | 8,796,791 | 14,661,318 | ||||||||||||||||||||||||||||||
— | 550 | 825 | 1,375 | 6.000%, 1/15/31 (Pre-refunded 1/15/11) | 1/11 at 101.00 | A (4) | — | 591,833 | 887,750 | 1,479,583 | ||||||||||||||||||||||||||||||
— | 1,215 | 1,200 | 2,415 | 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 | 846,900 | 1,704,386 | ||||||||||||||||||||||||||||||
— | — | 2,475 | 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 | 2,418,446 | ||||||||||||||||||||||||||||||
— | — | 2,000 | 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 | 1,999,980 | ||||||||||||||||||||||||||||||
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,665 | 1,665 | 5.125%, 1/01/20 – FGIC Insured | 1/13 at 100.00 | AA | — | — | 1,644,687 | 1,644,687 | ||||||||||||||||||||||||||||||
— | — | 3,400 | 3,400 | 5.125%, 1/01/23 – FGIC Insured | 1/13 at 100.00 | AA | — | — | 3,278,654 | 3,278,654 | ||||||||||||||||||||||||||||||
— | 6,000 | — | 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 | — | 6,521,100 | ||||||||||||||||||||||||||||||
— | — | 5,000 | 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 | 5,414,550 | ||||||||||||||||||||||||||||||
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional Healthcare System, Series 2002: | ||||||||||||||||||||||||||||||||||||||||
— | 3,695 | — | 3,695 | 5.750%, 12/01/27 (Pre-refunded 12/01/12) | 12/12 at 100.00 | AAA | — | 4,041,332 | — | 4,041,332 | ||||||||||||||||||||||||||||||
— | — | 3,000 | 3,000 | 5.750%, 12/01/32 (Pre-refunded 12/01/12) – Insured | 12/12 at 100.00 | AAA | — | — | 3,281,190 | 3,281,190 | ||||||||||||||||||||||||||||||
— | — | 2,440 | 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 | 2,294,015 | ||||||||||||||||||||||||||||||
Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard – I-4 Interchange Project, Series 2002: | ||||||||||||||||||||||||||||||||||||||||
— | 1,495 | — | 1,495 | 5.125%, 4/01/20 – AMBAC Insured | 4/12 at 100.00 | AA | — | 1,473,995 | — | 1,473,995 | ||||||||||||||||||||||||||||||
— | 1,225 | — | 1,225 | 5.125%, 4/01/21 – AMBAC Insured | 4/12 at 100.00 | AA | — | 1,191,509 | — | 1,191,509 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 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 | — | 5,294,500 | ||||||||||||||||||||||||||||||
— | — | 1,220 | 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 | 1,263,408 | ||||||||||||||||||||||||||||||
Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C: | ||||||||||||||||||||||||||||||||||||||||
— | — | 445 | 445 | 5.250%,10/01/17 | 10/12 at 100.00 | Aa1 | — | — | 460,833 | 460,833 | ||||||||||||||||||||||||||||||
— | 4,295 | — | 4,295 | 5.250%, 10/01/18 (Pre-refunded 10/01/12) | 10/12 at 100.00 | Aa1 (4) | — | 4,619,058 | — | 4,619,058 | ||||||||||||||||||||||||||||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: | ||||||||||||||||||||||||||||||||||||||||
— | 3,745 | — | 3,745 | 5.000%, 4/01/22 – MBIA Insured | 4/14 at 100.00 | A2 | — | 3,651,974 | — | 3,651,974 | ||||||||||||||||||||||||||||||
— | 2,000 | — | 2,000 | 5.000%, 4/01/23 – MBIA Insured | 4/14 at 100.00 | A2 | — | 1,867,260 | — | 1,867,260 | ||||||||||||||||||||||||||||||
— | 575 | — | 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 | — | 528,695 | ||||||||||||||||||||||||||||||
— | 4,490 | — | 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 | — | 4,205,828 | ||||||||||||||||||||||||||||||
5,000 | 5,000 | 10,000 | 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 | 4,621,200 | 9,242,400 | |||||||||||||||||||||||||||||||
— | 3,270 | 3,275 | 6,545 | 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 | 2,504,294 | 5,004,765 | ||||||||||||||||||||||||||||||
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
— | 3,410 | — | 3,410 | 5.500%,12/01/21 | 12/11 at 101.00 | BBB– | — | 2,822,593 | — | 2,822,593 | ||||||||||||||||||||||||||||||
— | 5,340 | — | 5,340 | 5.625%,12/01/31 | 12/11 at 101.00 | BBB– | — | 3,968,902 | — | 3,968,902 | ||||||||||||||||||||||||||||||
— | 6,090 | — | 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 | — | 4,522,425 | ||||||||||||||||||||||||||||||
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D: | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,040 | 2,040 | 5.250%, 8/01/21 – FSA Insured | 8/12 at 100.00 | AAA | — | — | 2,043,958 | 2,043,958 | ||||||||||||||||||||||||||||||
— | 4,000 | — | 4,000 | 5.000%, 8/01/28 – FSA Insured | 8/12 at 100.00 | AAA | — | 3,674,760 | — | 3,674,760 | ||||||||||||||||||||||||||||||
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,500 | 1,500 | 5.000%, 8/01/22 – FGIC Insured | 8/14 at 100.00 | AA | — | — | 1,404,795 | 1,404,795 | ||||||||||||||||||||||||||||||
— | 2,560 | — | 2,560 | 5.000%, 8/01/23 – FGIC Insured | 8/14 at 100.00 | AA | — | 2,377,779 | — | 2,377,779 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 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 | — | 4,514,200 | ||||||||||||||||||||||||||||||
— | 2,060 | — | 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 | — | 2,018,100 | ||||||||||||||||||||||||||||||
— | 2,500 | — | 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 | — | 2,567,600 | ||||||||||||||||||||||||||||||
— | — | 1,350 | 1,350 | Port Saint Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/21 – MBIA Insured | 9/13 at 100.00 | AA | — | — | 1,317,452 | 1,317,452 | ||||||||||||||||||||||||||||||
— | 1,000 | 1,000 | 2,000 | 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 | 1,680,880 | ||||||||||||||||||||||||||||||
— | — | 650 | 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 | 595,049 |
52
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
— | — | 3,240 | 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 | 3,192,793 | ||||||||||||||||||||||||||||||
— | 820 | 820 | 1,640 | 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 | 685,241 | 1,370,482 | ||||||||||||||||||||||||||||||
— | 2,780 | — | 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 | — | 2,518,541 | ||||||||||||||||||||||||||||||
— | 2,750 | — | 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 | — | 2,651,825 | ||||||||||||||||||||||||||||||
— | 2,275 | — | 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 | — | 2,109,380 | ||||||||||||||||||||||||||||||
— | 3,000 | 2,000 | 5,000 | 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 | 1,755,700 | 4,389,250 | ||||||||||||||||||||||||||||||
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992: | ||||||||||||||||||||||||||||||||||||||||
— | 3,570 | — | 3,570 | 6.000%, 10/01/19 – MBIA Insured (ETM) | No Opt. Call | AAA | — | 3,954,560 | — | 3,954,560 | ||||||||||||||||||||||||||||||
— | 1,680 | — | 1,680 | 6.000%, 10/01/19 – MBIA Insured | No Opt. Call | AA | — | 1,794,694 | — | 1,794,694 | ||||||||||||||||||||||||||||||
— | 635 | — | 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 | — | 456,006 | ||||||||||||||||||||||||||||||
— | 5,375 | 4,625 | 10,000 | 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 | 5,030,936 | 10,877,700 | ||||||||||||||||||||||||||||||
— | 7,500 | — | 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 | — | 5,945,250 | ||||||||||||||||||||||||||||||
— | 5,000 | — | 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 | — | 4,481,550 | ||||||||||||||||||||||||||||||
2,455 | — | — | 2,455 | 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– | 1,931,471 | — | 1,931,471 | |||||||||||||||||||||||||||||||
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
— | 1,125 | 1,125 | 2,250 | 5.850%,8/01/24 | 8/14 at 101.00 | N/R | — | 948,364 | 948,364 | 1,896,728 | ||||||||||||||||||||||||||||||
— | 1,565 | 1,570 | 3,135 | 5.625%,8/01/34 | 8/14 at 101.00 | N/R | — | 1,168,570 | 1,172,303 | 2,340,873 | ||||||||||||||||||||||||||||||
— | — | 5,000 | 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 | 4,471,450 | ||||||||||||||||||||||||||||||
— | — | 1,170 | 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 | 1,132,326 | ||||||||||||||||||||||||||||||
— | 5,360 | 5,000 | 10,360 | 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 | 5,072,800 | 10,510,842 | ||||||||||||||||||||||||||||||
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: | ||||||||||||||||||||||||||||||||||||||||
— | 1,250 | — | 1,250 | 5.750%, 10/01/20 – MBIA Insured | No Opt. Call | AA | — | 1,263,363 | — | 1,263,363 | ||||||||||||||||||||||||||||||
— | 2,785 | — | 2,785 | 5.750%, 10/01/25 – MBIA Insured | No Opt. Call | AA | — | 2,725,930 | — | 2,725,930 | ||||||||||||||||||||||||||||||
— | — | 2,275 | 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 | 2,025,273 | ||||||||||||||||||||||||||||||
Volusia County School Board, Florida, Sales Tax Revenue Bonds, Series 2002: | ||||||||||||||||||||||||||||||||||||||||
— | — | 11,815 | 11,815 | 5.375%, 10/01/14 – FSA | 10/12 at 100.00 | AAA | — | �� | 12,388,500 | 12,388,500 | ||||||||||||||||||||||||||||||
— | 8,605 | — | 8,605 | 5.375%, 10/01/15 – FSA | 10/12 at 100.00 | AAA | — | 9,012,877 | — | 9,012,877 | ||||||||||||||||||||||||||||||
— | — | 1,000 | 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 | 950,100 | ||||||||||||||||||||||||||||||
Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
— | 700 | — | 700 | 5.250%, 4/01/16 – MBIA Insured | 4/11 at 101.00 | AA | — | 710,052 | — | 710,052 | ||||||||||||||||||||||||||||||
— | 1,585 | — | 1,585 | 5.000%, 4/01/20 – MBIA Insured | 4/11 at 101.00 | AA | — | 1,545,914 | — | 1,545,914 | ||||||||||||||||||||||||||||||
15,040 | 338,295 | 311,735 | 663,845 | Total Florida | 11,526,462 | 313,634,057 | 288,562,578 | 613,723,097 | ||||||||||||||||||||||||||||||||
Georgia – 1.1% (0.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
500 | — | — | 500 | Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health University Medical Center Inc., Series 2004A, 5.375%, 1/01/26 | 1/14 at 100.00 | BBB | 332,595 | — | — | 332,595 | ||||||||||||||||||||||||||||||
10 | — | — | 10 | Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 5.250%, 11/01/15 (Pre-refunded 11/01/13) – MBIA Insured | 11/13 at 100.00 | AAA | 10,914 | — | — | 10,914 | ||||||||||||||||||||||||||||||
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A: | ||||||||||||||||||||||||||||||||||||||||
3,405 | — | — | 3,405 | 5.250%, 11/01/15 – MBIA Insured | 11/13 at 100.00 | AA | 3,565,205 | — | — | 3,565,205 | ||||||||||||||||||||||||||||||
3,365 | — | — | 3,365 | 5.000%, 11/01/18 – MBIA Insured | 11/13 at 100.00 | AA | 3,402,049 | — | — | 3,402,049 | ||||||||||||||||||||||||||||||
2,235 | — | — | 2,235 | Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured | 12/14 at 100.00 | AA | 2,031,771 | — | — | 2,031,771 | ||||||||||||||||||||||||||||||
9,515 | — | — | 9,515 | Total Georgia | 9,342,534 | — | — | 9,342,534 | ||||||||||||||||||||||||||||||||
Idaho – 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
150 | — | — | 150 | Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax) | 1/09 at 100.00 | Aaa | 152,594 | — | — | 152,594 | ||||||||||||||||||||||||||||||
3,150 | — | — | 3,150 | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | 3/12 at 105.00 | Aaa | 3,050,460 | — | — | 3,050,460 |
53
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | �� | Investment | Quality | ||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
200 | — | — | 200 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa1 | 203,480 | — | — | 203,480 | ||||||||||||||||||||||||||||||
165 | — | — | 165 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax) | 1/10 at 100.00 | Aa2 | 167,643 | — | — | 167,643 | ||||||||||||||||||||||||||||||
295 | — | — | 295 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax) | 7/10 at 100.00 | Aaa | 295,074 | — | — | 295,074 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/30 | 9/16 at 100.00 | BBB— | 725,420 | — | — | 725,420 | ||||||||||||||||||||||||||||||
4,960 | — | — | 4,960 | Total Idaho | 4,594,671 | — | — | 4,594,671 | ||||||||||||||||||||||||||||||||
Illinois — 8.6% (5.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 — FGIC Insured | No Opt. Call | AA | 2,571,950 | — | — | 2,571,950 | ||||||||||||||||||||||||||||||
22,670 | — | — | 22,670 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 — FGIC Insured | No Opt. Call | AA | 8,981,401 | — | — | 8,981,401 | ||||||||||||||||||||||||||||||
1,175 | — | — | 1,175 | Chicago, Illinois, GNMA Collateralized Multifamily Housing Revenue Bonds, Bryn Mawr-Belle Shores Project, Series 1997, 5.800%, 6/01/23 (Alternative Minimum Tax) | 6/09 at 102.00 | Aaa | 1,079,508 | — | — | 1,079,508 | ||||||||||||||||||||||||||||||
2,875 | — | — | 2,875 | Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14 | 1/09 at 100.00 | N/R | 2,876,495 | — | — | 2,876,495 | ||||||||||||||||||||||||||||||
2,815 | — | — | 2,815 | Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14 | 1/09 at 100.00 | N/R | 2,818,744 | — | — | 2,818,744 | ||||||||||||||||||||||||||||||
4,865 | — | — | 4,865 | Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 — FGIC Insured (ETM) | No Opt. Call | Aa3 (4) | 2,404,526 | — | — | 2,404,526 | ||||||||||||||||||||||||||||||
2,575 | — | — | 2,575 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 — MBIA Insured | No Opt. Call | A2 | 1,272,694 | — | — | 1,272,694 | ||||||||||||||||||||||||||||||
3,615 | — | — | 3,615 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 — MBIA Insured (ETM) | No Opt. Call | A2 (4) | 1,933,121 | — | — | 1,933,121 | ||||||||||||||||||||||||||||||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | ||||||||||||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | 5.250%,11/15/14 | 5/14 at 100.00 | A | 1,929,780 | — | — | 1,929,780 | ||||||||||||||||||||||||||||||
4,420 | — | — | 4,420 | 5.250%,11/15/15 | 5/14 at 100.00 | A | 4,196,083 | — | — | 4,196,083 | ||||||||||||||||||||||||||||||
395 | — | — | 395 | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BBB— | 305,758 | — | — | 305,758 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 | 5/12 at 100.00 | Baa3 | 771,390 | — | — | 771,390 | ||||||||||||||||||||||||||||||
3,090 | — | — | 3,090 | Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33 | 7/13 at 100.00 | A— | 2,795,987 | — | — | 2,795,987 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 | No Opt. Call | Aa3 | 3,177,210 | — | — | 3,177,210 | ||||||||||||||||||||||||||||||
Illinois Housing Development Authority, Housing Finance Bonds, Series 2000A: | ||||||||||||||||||||||||||||||||||||||||
260 | — | — | 260 | 5.750%, 9/01/10 (Alternative Minimum Tax) | 3/10 at 100.00 | AA | 264,917 | — | — | 264,917 | ||||||||||||||||||||||||||||||
1,245 | — | — | 1,245 | 6.200%, 9/01/20 (Alternative Minimum Tax) | 3/10 at 100.00 | AA | 1,164,648 | — | — | 1,164,648 | ||||||||||||||||||||||||||||||
11,000 | — | — | 11,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 — FGIC Insured | No Opt. Call | AA | 11,472,010 | — | — | 11,472,010 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 2/01/18 — FGIC Insured | 2/12 at 100.00 | AA | 2,051,480 | — | — | 2,051,480 | ||||||||||||||||||||||||||||||
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B: | ||||||||||||||||||||||||||||||||||||||||
3,230 | — | — | 3,230 | 0.000%, 11/01/19 — FSA Insured | No Opt. Call | Aaa | 1,790,324 | — | — | 1,790,324 | ||||||||||||||||||||||||||||||
1,740 | — | — | 1,740 | 0.000%, 11/01/21 — FSA Insured | No Opt. Call | Aaa | 844,370 | — | — | 844,370 | ||||||||||||||||||||||||||||||
4,020 | — | — | 4,020 | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, School Refunding Bonds, Series 2002, 5.250%, 12/01/20 — FSA Insured (UB) | No Opt. Call | AAA | 4,207,573 | — | — | 4,207,573 | ||||||||||||||||||||||||||||||
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | ||||||||||||||||||||||||||||||||||||||||
855 | — | — | 855 | 5.250%,1/01/25 | 1/16 at 100.00 | AA | 793,320 | — | — | 793,320 | ||||||||||||||||||||||||||||||
1,750 | — | — | 1,750 | 5.250%,1/01/30 | 1/16 at 100.00 | AA | 1,578,185 | — | — | 1,578,185 | ||||||||||||||||||||||||||||||
17,945 | — | — | 17,945 | McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 — FGIC Insured | No Opt. Call | N/R | 7,809,126 | — | — | 7,809,126 | ||||||||||||||||||||||||||||||
2,910 | — | — | 2,910 | McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 — FGIC Insured | No Opt. Call | A1 | 1,420,837 | — | — | 1,420,837 | ||||||||||||||||||||||||||||||
2,540 | — | — | 2,540 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 — MBIA Insured | 6/12 at 101.00 | AAA | 2,431,110 | — | — | 2,431,110 | ||||||||||||||||||||||||||||||
108,990 | — | — | 108,990 | Total Illinois | 72,942,547 | — | — | 72,942,547 | ||||||||||||||||||||||||||||||||
Indiana — 1.8% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Ball State University, Indiana, Student Fee Revenue Bonds, Series 2002K, 5.750%, 7/01/20 (Pre-refunded 1/01/12) — FGIC Insured | 1/12 at 100.00 | A+ (4) | 1,082,600 | — | — | 1,082,600 | ||||||||||||||||||||||||||||||
3,500 | — | — | 3,500 | Indiana Bond Bank, Special Program Bonds, East Chicago Facilities Building Corporation, Series 2000A, 6.125%, 2/01/25 (Pre-refunded 2/01/10) — AMBAC Insured | 2/10 at 101.00 | AA (4) | 3,702,300 | — | — | 3,702,300 | ||||||||||||||||||||||||||||||
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2000: | ||||||||||||||||||||||||||||||||||||||||
805 | — | — | 805 | 5.375%, 12/01/25 (Pre-refunded 12/01/10) | 12/10 at 100.00 | AA+ (4) | 851,529 | — | — | 851,529 |
54
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
4,195 | — | — | 4,195 | 5.375%, 12/01/25 (Pre-refunded 12/01/10) | 12/10 at 100.00 | AA+ (4) | 4,437,471 | — | — | 4,437,471 | ||||||||||||||||||||||||||||||
Indiana University, Student Fee Revenue Bonds, Series 2004P: | ||||||||||||||||||||||||||||||||||||||||
2,750 | — | — | 2,750 | 5.000%, 8/01/22 — AMBAC Insured | 8/14 at 100.00 | Aa1 | 2,727,670 | — | — | 2,727,670 | ||||||||||||||||||||||||||||||
1,600 | — | — | 1,600 | 5.000%, 8/01/24 — AMBAC Insured | 8/14 at 100.00 | Aa1 | 1,567,440 | — | — | 1,567,440 | ||||||||||||||||||||||||||||||
1,550 | — | — | 1,550 | St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/23 | 2/15 at 100.00 | BBB– | 1,261,173 | — | — | 1,261,173 | ||||||||||||||||||||||||||||||
15,400 | — | — | 15,400 | Total Indiana | 15,630,183 | — | — | 15,630,183 | ||||||||||||||||||||||||||||||||
Iowa — 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, 6.250%, 7/01/25 | 7/10 at 100.00 | A1 | 2,001,340 | — | — | 2,001,340 | ||||||||||||||||||||||||||||||
8,000 | — | — | 8,000 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | 4,704,080 | — | — | 4,704,080 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25 (Pre-refunded 6/01/11) | 6/11 at 101.00 | AAA | 2,114,960 | — | — | 2,114,960 | ||||||||||||||||||||||||||||||
12,000 | — | — | 12,000 | Total Iowa | 8,820,380 | — | — | 8,820,380 | ||||||||||||||||||||||||||||||||
Kansas — 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
95 | — | — | 95 | Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax) | No Opt. Call | Aaa | 96,720 | — | — | 96,720 | ||||||||||||||||||||||||||||||
Louisiana — 3.6% (2.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
275 | — | — | 275 | Bossier Public Trust Financing Authority, Louisiana, Single Family Mortgage Revenue Refunding Bonds, Series 1995B, 6.125%, 8/01/28 | 2/09 at 100.00 | AAA | 282,189 | — | — | 282,189 | ||||||||||||||||||||||||||||||
2,105 | — | — | 2,105 | East Baton Rouge Parish Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994C, 6.350%, 10/01/28 (Alternative Minimum Tax) | 4/09 at 100.50 | Aaa | 2,123,061 | — | — | 2,123,061 | ||||||||||||||||||||||||||||||
4,350 | — | — | 4,350 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006, 5.000%, 6/01/22 — AMBAC Insured | 6/16 at 100.00 | AA | 4,092,002 | — | — | 4,092,002 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 | 8/15 at 100.00 | A+ | 3,162,280 | — | — | 3,162,280 | ||||||||||||||||||||||||||||||
2,700 | — | — | 2,700 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 | 5/17 at 100.00 | A3 | 2,103,867 | — | — | 2,103,867 | ||||||||||||||||||||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: | ||||||||||||||||||||||||||||||||||||||||
14,550 | — | — | 14,550 | 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | AAA | 11,811,254 | — | — | 11,811,254 | ||||||||||||||||||||||||||||||
5,920 | — | — | 5,920 | 4.500%, 5/01/41 — FGIC Insured (UB) | 5/16 at 100.00 | Aa3 | 4,538,804 | — | — | 4,538,804 | ||||||||||||||||||||||||||||||
2,485 | — | — | 2,485 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%, 11/01/15 — FSA Insured | 12/08 at 100.00 | AAA | 2,488,131 | — | — | 2,488,131 | ||||||||||||||||||||||||||||||
36,385 | — | — | 36,385 | Total Louisiana | 30,601,588 | — | — | 30,601,588 | ||||||||||||||||||||||||||||||||
Maryland — 0.5% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,865 | — | — | 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 | — | — | 1,585,810 | ||||||||||||||||||||||||||||||
1,205 | — | — | 1,205 | 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 | 1,006,320 | — | — | 1,006,320 | ||||||||||||||||||||||||||||||
1,390 | — | — | 1,390 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.250%, 7/01/19 (Pre-refunded 7/01/14) | 7/14 at 100.00 | A2 (4) | 1,494,375 | — | — | 1,494,375 | ||||||||||||||||||||||||||||||
4,460 | — | — | 4,460 | Total Maryland | 4,086,505 | — | — | 4,086,505 | ||||||||||||||||||||||||||||||||
Massachusetts — 4.5% (2.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,920 | — | — | 1,920 | Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,816,608 | — | — | 1,816,608 | ||||||||||||||||||||||||||||||
1,595 | — | — | 1,595 | Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,392,770 | — | — | 1,392,770 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34 | 10/14 at 100.00 | BBB | 777,570 | — | — | 777,570 | ||||||||||||||||||||||||||||||
9,175 | — | — | 9,175 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 5.700%, 10/01/25 — RAAI Insured | 10/11 at 101.00 | BBB+ | 7,369,360 | — | — | 7,369,360 | ||||||||||||||||||||||||||||||
1,100 | — | — | 1,100 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 1999A, 5.625%, 7/01/20 | 1/09 at 101.00 | BBB | 967,450 | — | — | 967,450 | ||||||||||||||||||||||||||||||
2,645 | — | — | 2,645 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 — FGIC Insured | 5/12 at 100.00 | N/R | 2,158,267 | — | — | 2,158,267 | ||||||||||||||||||||||||||||||
105 | — | — | 105 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) — FGIC Insured | 5/12 at 100.00 | N/R (4) | 111,927 | — | — | 111,927 | ||||||||||||||||||||||||||||||
3,795 | — | — | 3,795 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 — FSA Insured (UB) | 2/17 at 100.00 | AAA | 2,927,729 | — | — | 2,927,729 | ||||||||||||||||||||||||||||||
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E: | ||||||||||||||||||||||||||||||||||||||||
11,400 | — | — | 11,400 | 5.250%, 1/01/21 (Pre-refunded 1/01/13) — FSA Insured | 1/13 at 100.00 | AAA | 12,064,618 | — | — | 12,064,618 | ||||||||||||||||||||||||||||||
1,850 | — | — | 1,850 | 5.250%, 1/01/21 (Pre-refunded 1/01/13) — FSA Insured | 1/13 at 100.00 | AAA | 1,957,855 | — | — | 1,957,855 | ||||||||||||||||||||||||||||||
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: | ||||||||||||||||||||||||||||||||||||||||
2,250 | — | — | 2,250 | 5.250%, 1/01/21 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A (4) | 2,340,023 | — | — | 2,340,023 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | 5.250%, 1/01/24 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A (4) | 4,160,040 | — | — | 4,160,040 | ||||||||||||||||||||||||||||||
40,835 | — | — | 40,835 | Total Massachusetts | 38,044,217 | — | — | 38,044,217 | ||||||||||||||||||||||||||||||||
55
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Michigan – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001: | ||||||||||||||||||||||||||||||||||||||||
7,660 | — | — | 7,660 | 0.000%,12/01/21 | No Opt. Call | AAA | 3,756,924 | — | — | 3,756,924 | ||||||||||||||||||||||||||||||
7,955 | — | — | 7,955 | 0.000%,12/01/22 | No Opt. Call | AAA | 3,659,539 | — | — | 3,659,539 | ||||||||||||||||||||||||||||||
8,260 | — | — | 8,260 | 0.000%,12/01/23 | No Opt. Call | AAA | 3,564,520 | — | — | 3,564,520 | ||||||||||||||||||||||||||||||
8,575 | — | — | 8,575 | 0.000%,12/01/24 | No Opt. Call | AAA | 3,456,411 | — | — | 3,456,411 | ||||||||||||||||||||||||||||||
1,200 | — | — | 1,200 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 7/15 at 100.00 | BBB | 947,796 | — | — | 947,796 | ||||||||||||||||||||||||||||||
1,500 | — | — | 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 | — | — | 1,285,425 | ||||||||||||||||||||||||||||||
1,220 | — | — | 1,220 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.375%, 8/15/09 | 2/09 at 100.00 | BB | 1,211,875 | — | — | 1,211,875 | ||||||||||||||||||||||||||||||
340 | — | — | 340 | Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 | 6/16 at 100.00 | Baa3 | 214,129 | — | — | 214,129 | ||||||||||||||||||||||||||||||
3,270 | — | — | 3,270 | Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/22 | 5/13 at 100.00 | AA– | 3,254,141 | — | — | 3,254,141 | ||||||||||||||||||||||||||||||
39,980 | — | — | 39,980 | Total Michigan | 21,350,760 | — | — | 21,350,760 | ||||||||||||||||||||||||||||||||
Minnesota – 2.6% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
8,165 | — | — | 8,165 | Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 | 7/14 at 100.00 | A– | 6,996,344 | — | — | 6,996,344 | ||||||||||||||||||||||||||||||
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003: | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 6.000%,12/01/18 | 12/13 at 100.00 | Baa1 | 960,660 | — | — | 960,660 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | 5.875%,12/01/29 | 12/13 at 100.00 | Baa1 | 897,162 | — | — | 897,162 | ||||||||||||||||||||||||||||||
2,400 | — | — | 2,400 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) – FGIC Insured | 1/11 at 100.00 | AAA | 2,529,672 | — | — | 2,529,672 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Subordinate Airport Revenue Bonds, Series 2001C, 5.250%, 1/01/26 (Pre-refunded 1/01/11) – FGIC Insured | 1/11 at 100.00 | A (4) | 3,162,090 | — | — | 3,162,090 | ||||||||||||||||||||||||||||||
310 | — | — | 310 | Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – MBIA Insured | 2/09 at 100.00 | Aa1 | 310,766 | — | — | 310,766 | ||||||||||||||||||||||||||||||
530 | — | — | 530 | Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1996G, 6.250%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | AA+ | 534,240 | — | — | 534,240 | ||||||||||||||||||||||||||||||
810 | — | — | 810 | Minnesota Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) | 7/09 at 100.00 | AA+ | 813,645 | — | — | 813,645 | ||||||||||||||||||||||||||||||
1,015 | — | — | 1,015 | Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax) | 1/11 at 101.00 | AA+ | 1,022,937 | — | — | 1,022,937 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19 | 10/14 at 100.00 | A3 | 966,500 | — | — | 966,500 | ||||||||||||||||||||||||||||||
1,540 | — | — | 1,540 | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1992B, 5.750%, 1/01/11 (ETM) | 1/09 at 100.00 | Aaa | 1,581,087 | — | — | 1,581,087 | ||||||||||||||||||||||||||||||
1,620 | — | — | 1,620 | St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%, 7/01/25 (Pre-refunded 7/01/14) | 7/14 at 100.00 | N/R (4) | 1,779,473 | — | — | 1,779,473 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 | 11/15 at 100.00 | Baa3 | 806,060 | — | — | 806,060 | ||||||||||||||||||||||||||||||
23,440 | — | — | 23,440 | Total Minnesota | 22,360,636 | — | — | 22,360,636 | ||||||||||||||||||||||||||||||||
Mississippi – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,675 | — | — | 3,675 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) | 9/14 at 100.00 | AA | 3,247,451 | — | — | 3,247,451 | ||||||||||||||||||||||||||||||
Missouri – 2.7% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24 | 2/14 at 100.00 | N/R | 1,713,420 | — | — | 1,713,420 | ||||||||||||||||||||||||||||||
200 | — | — | 200 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 | 3/16 at 100.00 | BBB+ | 169,840 | — | — | 169,840 | ||||||||||||||||||||||||||||||
2,885 | — | — | 2,885 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 | 2/15 at 102.00 | BBB+ | 2,487,245 | — | — | 2,487,245 | ||||||||||||||||||||||||||||||
9,000 | — | — | 9,000 | Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 – FGIC Insured | 9/12 at 100.00 | A+ | 9,054,180 | — | — | 9,054,180 | ||||||||||||||||||||||||||||||
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: | ||||||||||||||||||||||||||||||||||||||||
780 | — | — | 780 | 6.000%,6/01/20 | No Opt. Call | BBB+ | 701,579 | — | — | 701,579 | ||||||||||||||||||||||||||||||
1,225 | — | — | 1,225 | 5.000%,6/01/35 | 6/15 at 100.00 | BBB+ | 823,617 | — | — | 823,617 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24 | 5/13 at 100.00 | AA | 2,227,425 | — | — | 2,227,425 | ||||||||||||||||||||||||||||||
1,200 | — | — | 1,200 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.125%, 2/15/18 | 2/14 at 100.00 | BBB+ | 1,087,560 | — | — | 1,087,560 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/21 – AMBAC Insured | 6/11 at 101.00 | AA | 1,176,988 | — | — | 1,176,988 |
56
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: | ||||||||||||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | 5.250%, 6/01/21 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA (4) | 1,337,675 | — | — | 1,337,675 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | 5.250%, 6/01/28 (Pre-refunded 6/01/11) – AMBAC Insured | 6/11 at 101.00 | AA (4) | 2,134,060 | — | — | 2,134,060 | ||||||||||||||||||||||||||||||
24,290 | — | — | 24,290 | Total Missouri | 22,913,589 | — | — | 22,913,589 | ||||||||||||||||||||||||||||||||
Nebraska – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
1,470 | — | — | 1,470 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A, 5.250%, 4/01/23 – FSA Insured | 4/13 at 100.00 | AAA | 1,455,285 | — | — | 1,455,285 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 14.495%, 2/01/49 – AMBAC Insured (IF) | 2/17 at 100.00 | AAA | 933,072 | — | — | 933,072 | ||||||||||||||||||||||||||||||
2,520 | — | — | 2,520 | Total Nebraska | 2,388,357 | — | — | 2,388,357 | ||||||||||||||||||||||||||||||||
Nevada – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
10,410 | — | — | 10,410 | Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 (Pre-refunded 6/15/12) – MBIA Insured | 6/12 at 100.00 | AA (4) | 11,277,986 | — | — | 11,277,986 | ||||||||||||||||||||||||||||||
5,795 | — | — | 5,795 | Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 – AMBAC Insured | 7/13 at 100.00 | AA | 5,613,095 | — | — | 5,613,095 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured | 7/14 at 100.00 | Aa3 | 3,677,600 | — | — | 3,677,600 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 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 | 601,140 | — | — | 601,140 | ||||||||||||||||||||||||||||||
21,205 | — | — | 21,205 | Total Nevada | 21,169,821 | — | — | 21,169,821 | ||||||||||||||||||||||||||||||||
New Jersey – 4.1% (2.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,480 | — | — | 5,480 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 – FSA Insured | 12/13 at 100.00 | Aaa | 5,544,828 | — | — | 5,544,828 | ||||||||||||||||||||||||||||||
135 | — | — | 135 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 (Pre-refunded 12/15/13) – FSA Insured | 12/13 at 100.00 | Aaa | 146,718 | — | — | 146,718 | ||||||||||||||||||||||||||||||
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | ||||||||||||||||||||||||||||||||||||||||
1,325 | — | — | 1,325 | 5.250%,9/01/24 | 9/15 at 100.00 | AA– | 1,326,405 | — | — | 1,326,405 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.250%,9/01/26 | 9/15 at 100.00 | AA– | 993,060 | — | — | 993,060 | ||||||||||||||||||||||||||||||
520 | — | — | 520 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | Baa2 | 404,326 | — | — | 404,326 | ||||||||||||||||||||||||||||||
3,675 | — | — | 3,675 | New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40 – AMBAC Insured (Alternative Minimum Tax) | 11/08 at 100.75 | Aaa | 3,091,925 | — | — | 3,091,925 | ||||||||||||||||||||||||||||||
3,400 | — | — | 3,400 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | 3,730,310 | — | — | 3,730,310 | ||||||||||||||||||||||||||||||
3,425 | — | — | 3,425 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.250%, 12/15/20 | No Opt. Call | AA– | 3,464,936 | — | — | 3,464,936 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured | 7/13 at 100.00 | AA | 3,952,680 | — | — | 3,952,680 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – FSA Insured (UB) | 1/15 at 100.00 | AAA | 3,009,270 | — | — | 3,009,270 | ||||||||||||||||||||||||||||||
10,500 | — | — | 10,500 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 | 6/17 at 100.00 | BBB | 6,594,735 | — | — | 6,594,735 | ||||||||||||||||||||||||||||||
3,185 | — | — | 3,185 | Union County Utilities Authority, New Jersey, Solid Waste Facility Subordinate Lease Revenue Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.350%, 6/01/23 – AMBAC Insured (Alternative Minimum Tax) | 12/08 at 101.00 | AA | 2,735,883 | — | — | 2,735,883 | ||||||||||||||||||||||||||||||
39,645 | — | — | 39,645 | Total New Jersey | 34,995,076 | — | — | 34,995,076 | ||||||||||||||||||||||||||||||||
New York – 6.5% (3.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/28 – FGIC Insured | 2/15 at 100.00 | AA | 4,265,500 | — | — | 4,265,500 | ||||||||||||||||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 1999: | ||||||||||||||||||||||||||||||||||||||||
1,975 | — | — | 1,975 | 6.375%, 7/01/16 – RAAI Insured | 7/09 at 101.00 | BBB+ | 2,035,001 | — | — | 2,035,001 | ||||||||||||||||||||||||||||||
2,080 | — | — | 2,080 | 6.375%, 7/01/17 – RAAI Insured | 7/09 at 101.00 | BBB+ | 2,143,190 | — | — | 2,143,190 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 | 7/14 at 100.00 | AA– | 1,528,935 | — | — | 1,528,935 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/30 | 10/15 at 100.00 | A | 1,133,963 | — | — | 1,133,963 | ||||||||||||||||||||||||||||||
150 | — | — | 150 | 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 | 61,782 | — | — | 61,782 | ||||||||||||||||||||||||||||||
4,580 | — | — | 4,580 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – MBIA Insured (UB) | 2/17 at 100.00 | AA | 3,259,449 | — | — | 3,259,449 | ||||||||||||||||||||||||||||||
3,300 | — | — | 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 | — | — | 2,453,253 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 (UB) | 2/14 at 100.00 | AAA | 2,504,400 | — | — | 2,504,400 | ||||||||||||||||||||||||||||||
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3218: | ||||||||||||||||||||||||||||||||||||||||
1,720 | — | — | 1,720 | 12.996%, 8/01/23 (IF) | 8/13 at 100.00 | AAA | 1,708,132 | — | — | 1,708,132 | ||||||||||||||||||||||||||||||
1,815 | — | — | 1,815 | 13.003%, 8/01/24 (IF) | 8/13 at 100.00 | AAA | 1,767,592 | — | — | 1,767,592 | ||||||||||||||||||||||||||||||
35 | — | — | 35 | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | No Opt. Call | AA | 35,543 | — | — | 35,543 |
57
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
2,150 | — | — | 2,150 | New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 | 3/15 at 100.00 | AA | 2,032,739 | — | — | 2,032,739 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB) | 4/15 at 100.00 | AA | 4,757,150 | — | — | 4,757,150 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | New York City, New York, General Obligation Bonds, Series 2008, Trust 3217, 13.994%, 8/15/20 (IF) | 8/14 at 100.00 | AA | 988,780 | — | — | 988,780 | ||||||||||||||||||||||||||||||
1,855 | — | — | 1,855 | 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 | 1,105,543 | — | — | 1,105,543 | ||||||||||||||||||||||||||||||
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C: | ||||||||||||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | 5.250%,6/01/20 | 6/13 at 100.00 | A+ | 6,014,220 | — | — | 6,014,220 | ||||||||||||||||||||||||||||||
5,100 | — | — | 5,100 | 5.250%,6/01/21 | 6/13 at 100.00 | A+ | 5,076,540 | — | — | 5,076,540 | ||||||||||||||||||||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: | ||||||||||||||||||||||||||||||||||||||||
3,400 | — | — | 3,400 | 5.500%,6/01/16 | 6/10 at 100.00 | AA– | 3,429,002 | — | — | 3,429,002 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | 5.500%,6/01/19 | 6/13 at 100.00 | AA– | 2,015,180 | — | — | 2,015,180 | ||||||||||||||||||||||||||||||
6,250 | — | — | 6,250 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax) | No Opt. Call | AA | 5,907,313 | — | — | 5,907,313 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Rensselaer County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26 | 3/16 at 100.00 | A | 929,720 | — | — | 929,720 | ||||||||||||||||||||||||||||||
59,660 | — | — | 59,660 | Total New York | 55,152,927 | — | — | 55,152,927 | ||||||||||||||||||||||||||||||||
North Carolina – 1.0% (0.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,195 | — | — | 3,195 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas Healthcare System Revenue Bonds, Series 2008, Trust 1149, 6.780%, 1/15/47 (IF) | 1/18 at 100.00 | AA– | 1,964,669 | — | — | 1,964,669 | ||||||||||||||||||||||||||||||
2,105 | — | — | 2,105 | Durham Urban Redevelopment Authority, North Carolina, FHA-Insured Mortgage Loan Revenue Bonds, Durham Hosiery Mill, Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax) | 2/09 at 104.00 | AAA | 2,017,327 | — | — | 2,017,327 | ||||||||||||||||||||||||||||||
470 | — | — | 470 | North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996JJ, 6.450%, 9/01/27 (Alternative Minimum Tax) | 3/09 at 100.00 | AA | 474,376 | — | — | 474,376 | ||||||||||||||||||||||||||||||
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | 5.000%,2/01/21 | 2/14 at 100.00 | AA+ | 1,254,138 | — | — | 1,254,138 | ||||||||||||||||||||||||||||||
2,445 | — | — | 2,445 | 5.000%,2/01/22 | 2/14 at 100.00 | AA+ | 2,437,298 | — | — | 2,437,298 | ||||||||||||||||||||||||||||||
9,465 | — | — | 9,465 | Total North Carolina | 8,147,808 | — | — | 8,147,808 | ||||||||||||||||||||||||||||||||
North Dakota – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
610 | — | — | 610 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2000C, 6.150%, 7/01/31 (Alternative Minimum Tax) | 7/10 at 100.00 | Aa1 | 619,931 | — | — | 619,931 | ||||||||||||||||||||||||||||||
Ohio – 2.8% (1.6% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||||||||||||||||||||||||||
90 | — | — | 90 | 5.125%,6/01/24 | 6/17 at 100.00 | BBB | 70,542 | — | — | 70,542 | ||||||||||||||||||||||||||||||
900 | — | — | 900 | 5.875%,6/01/30 | 6/17 at 100.00 | BBB | 630,909 | — | — | 630,909 | ||||||||||||||||||||||||||||||
845 | — | — | 845 | 5.750%,6/01/34 | 6/17 at 100.00 | BBB | 562,770 | — | — | 562,770 | ||||||||||||||||||||||||||||||
1,965 | — | — | 1,965 | 5.875%,6/01/47 | 6/17 at 100.00 | BBB | 1,229,324 | — | — | 1,229,324 | ||||||||||||||||||||||||||||||
3,000 | — | — | 3,000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/24 (Pre-refunded 12/01/14) – FSA Insured | 12/14 at 100.00 | AAA | 3,285,000 | — | — | 3,285,000 | ||||||||||||||||||||||||||||||
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2003C: | ||||||||||||||||||||||||||||||||||||||||
2,330 | — | — | 2,330 | 5.250%, 5/15/17 – MBIA Insured | 5/13 at 100.00 | AA | 2,334,777 | — | — | 2,334,777 | ||||||||||||||||||||||||||||||
4,105 | — | — | 4,105 | 5.250%, 5/15/18 – MBIA Insured | 5/13 at 100.00 | AA | 4,079,056 | — | — | 4,079,056 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Courtyards of Kettering, Series 1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax) | 1/09 at 101.00 | Aa2 | 1,602,340 | — | — | 1,602,340 | ||||||||||||||||||||||||||||||
5,550 | — | — | 5,550 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) | 3/09 at 102.00 | N/R | 4,448,769 | — | — | 4,448,769 | ||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998B, 6.625%, 9/01/20 (Alternative Minimum Tax) | 9/09 at 102.00 | N/R | 5,145,420 | — | — | 5,145,420 | ||||||||||||||||||||||||||||||
26,785 | — | — | 26,785 | Total Ohio | 23,388,907 | — | — | 23,388,907 | ||||||||||||||||||||||||||||||||
Oklahoma – 2.5% (1.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
500 | — | — | 500 | 5.375%,9/01/29 | 9/16 at 100.00 | BBB | 384,080 | — | — | 384,080 | ||||||||||||||||||||||||||||||
750 | — | — | 750 | 5.375%,9/01/36 | 9/16 at 100.00 | BBB | 547,103 | — | — | 547,103 | ||||||||||||||||||||||||||||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | ||||||||||||||||||||||||||||||||||||||||
5,020 | — | — | 5,020 | 5.000%,2/15/37 | 2/17 at 100.00 | AA– | 4,151,389 | — | — | 4,151,389 | ||||||||||||||||||||||||||||||
1,020 | — | — | 1,020 | 5.000%,2/15/42 | 2/17 at 100.00 | AA– | 824,180 | — | — | 824,180 | ||||||||||||||||||||||||||||||
10,000 | — | — | 10,000 | Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured | 1/17 at 100.00 | AA | 7,147,400 | — | — | 7,147,400 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds, Series 2001A-1, 5.625%, 6/01/31 (Alternative Minimum Tax) | 6/11 at 102.00 | AAA | 4,195,450 | — | — | 4,195,450 | ||||||||||||||||||||||||||||||
99 | — | — | 99 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 7.261%, 12/15/36 (IF) | 12/16 at 100.00 | AA | 54,982 | — | — | 54,982 | ||||||||||||||||||||||||||||||
5,460 | — | — | 5,460 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) | 12/16 at 100.00 | AA | 4,246,187 | — | — | 4,246,187 | ||||||||||||||||||||||||||||||
27,849 | — | — | 27,849 | Total Oklahoma | 21,550,771 | — | — | 21,550,771 | ||||||||||||||||||||||||||||||||
58
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
Oregon – 0.2% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
7,860 | — | — | 7,860 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence Health System, Series 2004, 5.500%, 10/01/21 (UB) | 10/14 at 100.00 | AA | 7,566,586 | — | — | 7,566,586 | ||||||||||||||||||||||||||||||
Pennsylvania – 1.5% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,500 | — | — | 3,500 | Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – MBIA Insured | 12/15 at 100.00 | AA | 3,214,260 | — | — | 3,214,260 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 – FSA Insured | 3/15 at 100.00 | Aaa | 1,554,105 | — | — | 1,554,105 | ||||||||||||||||||||||||||||||
500 | — | — | 500 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB | 323,625 | — | — | 323,625 | ||||||||||||||||||||||||||||||
1,050 | — | — | 1,050 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | No Opt. Call | AA | 1,006,856 | — | — | 1,006,856 | ||||||||||||||||||||||||||||||
5,850 | — | — | 5,850 | 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 | 4,650,341 | — | — | 4,650,341 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | AA | 953,870 | — | — | 953,870 | ||||||||||||||||||||||||||||||
1,050 | — | — | 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 | — | — | 1,003,013 | ||||||||||||||||||||||||||||||
14,450 | — | — | 14,450 | Total Pennsylvania | 12,706,070 | — | — | 12,706,070 | ||||||||||||||||||||||||||||||||
Puerto Rico – 0.4% (0.3% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
— | 5,000 | — | 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 | — | 3,627,800 | ||||||||||||||||||||||||||||||
Rhode Island – 1.6% (0.9% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | ||||||||||||||||||||||||||||||||||||||||
9,710 | — | — | 9,710 | 6.000%,6/01/23 | 6/12 at 100.00 | BBB | 8,682,294 | — | — | 8,682,294 | ||||||||||||||||||||||||||||||
6,000 | — | — | 6,000 | 6.125%,6/01/32 | 6/12 at 100.00 | BBB | 4,683,660 | — | — | 4,683,660 | ||||||||||||||||||||||||||||||
15,710 | — | — | 15,710 | Total Rhode Island | 13,365,954 | — | — | 13,365,954 | ||||||||||||||||||||||||||||||||
South Carolina – 6.7% (4.0% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
14,000 | — | — | 14,000 | Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 | 12/13 at 100.00 | A– | 13,313,298 | — | — | 13,313,298 | ||||||||||||||||||||||||||||||
15,445 | — | — | 15,445 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/17 (Pre-refunded 12/01/12) | 12/12 at 101.00 | AA (4) | 17,220,397 | — | — | 17,220,397 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 5/01/25 – AMBAC Insured | 5/13 at 100.00 | AA | 2,209,325 | — | — | 2,209,325 | ||||||||||||||||||||||||||||||
7,600 | — | — | 7,600 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 4.000%, 1/01/23 – MBIA Insured | 1/09 at 100.00 | AA | 6,528,248 | — | — | 6,528,248 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) | 11/12 at 100.00 | A– (4) | 1,366,200 | — | — | 1,366,200 | ||||||||||||||||||||||||||||||
4,750 | — | — | 4,750 | South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 | 11/12 at 100.00 | A– | 4,054,648 | — | — | 4,054,648 | ||||||||||||||||||||||||||||||
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C: | ||||||||||||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | 6.875%, 8/01/27 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 1,698,044 | — | — | 1,698,044 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ (4) | 5,553,644 | — | — | 5,553,644 | ||||||||||||||||||||||||||||||
4,475 | — | — | 4,475 | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) | 5/12 at 100.00 | BBB (4) | 4,654,134 | — | — | 4,654,134 | ||||||||||||||||||||||||||||||
56,520 | — | — | 56,520 | Total South Carolina | 56,597,938 | — | — | 56,597,938 | ||||||||||||||||||||||||||||||||
Tennessee – 0.6% (0.4% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
3,200 | — | — | 3,200 | Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 | 7/16 at 100.00 | BBB+ | 2,254,720 | — | — | 2,254,720 | ||||||||||||||||||||||||||||||
1,500 | — | — | 1,500 | Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 6.000%, 3/01/19 – AMBAC Insured (Alternative Minimum Tax) | 3/10 at 101.00 | AA | 1,453,770 | — | — | 1,453,770 | ||||||||||||||||||||||||||||||
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||||||||||||||||||||||||||||||||||
800 | — | — | 800 | 5.500%,11/01/37 | 11/17 at 100.00 | N/R | 593,344 | — | — | 593,344 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.500%,11/01/46 | 11/17 at 100.00 | N/R | 719,410 | — | — | 719,410 | ||||||||||||||||||||||||||||||
6,500 | — | — | 6,500 | Total Tennessee | 5,021,244 | — | — | 5,021,244 | ||||||||||||||||||||||||||||||||
Texas – 7.6% (4.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,810 | — | — | 5,810 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) | 2/17 at 100.00 | AAA | 4,480,963 | — | — | 4,480,963 | ||||||||||||||||||||||||||||||
5,110 | — | — | 5,110 | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) | 4/13 at 101.00 | Caa1 | 3,801,993 | — | — | 3,801,993 | ||||||||||||||||||||||||||||||
10,000 | — | — | 10,000 | Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) (Alternative Minimum Tax) | 5/12 at 101.00 | A– | 8,790,900 | — | — | 8,790,900 | ||||||||||||||||||||||||||||||
3,345 | — | — | 3,345 | Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2001, 5.625%, 2/15/19 (Pre-refunded 2/15/12) | 2/12 at 100.00 | AA (4) | 3,616,781 | — | — | 3,616,781 |
59
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Gulf Coast Industrial Development Authority, Texas, Waste Disposal Revenue Bonds, Valero Refining and Marketing Company Project, Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax) | 6/10 at 100.00 | BBB | 3,204,250 | — | — | 3,204,250 | ||||||||||||||||||||||||||||||
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A: | ||||||||||||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.000%,12/01/20 | 12/14 at 100.00 | A | 869,800 | — | — | 869,800 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | 5.000%,12/01/21 | 12/14 at 100.00 | A | 851,010 | — | — | 851,010 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | 5.125%,12/01/22 | 12/14 at 100.00 | A | 2,134,300 | — | — | 2,134,300 | ||||||||||||||||||||||||||||||
2,800 | — | — | 2,800 | Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 5.250%, 11/15/30 – MBIA Insured | 11/11 at 100.00 | AA | 2,416,400 | — | — | 2,416,400 | ||||||||||||||||||||||||||||||
4,000 | — | — | 4,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured | 5/14 at 100.00 | AA | 3,726,200 | — | — | 3,726,200 | ||||||||||||||||||||||||||||||
10,850 | — | — | 10,850 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | AA | 3,875,620 | — | — | 3,875,620 | ||||||||||||||||||||||||||||||
725 | — | — | 725 | Keller Independent School District, Tarrant County, Texas, Unlimited Tax General Obligation Refunding Bonds, Series 2001, 5.250%, 8/15/26 | 8/11 at 100.00 | AAA | 727,175 | — | — | 727,175 | ||||||||||||||||||||||||||||||
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: | ||||||||||||||||||||||||||||||||||||||||
800 | — | — | 800 | 5.250%,8/15/21 | No Opt. Call | BBB– | 682,272 | — | — | 682,272 | ||||||||||||||||||||||||||||||
1,250 | — | — | 1,250 | 5.125%,8/15/26 | No Opt. Call | BBB– | 979,775 | — | — | 979,775 | ||||||||||||||||||||||||||||||
3,100 | — | — | 3,100 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/38 | 1/18 at 100.00 | A3 | 2,617,144 | — | — | 2,617,144 | ||||||||||||||||||||||||||||||
2,000 | — | — | 2,000 | Pearland Independent School District, Brazoria County, Texas, Unlimited Tax Schoolhouse Bonds, Series 2001A, 5.250%, 2/15/22 (Pre-refunded 2/15/11) | 2/11 at 100.00 | AAA | 2,110,560 | — | — | 2,110,560 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 | 11/15 at 100.00 | Caa1 | 566,540 | — | — | 566,540 | ||||||||||||||||||||||||||||||
3,935 | — | — | 3,935 | Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) | 2/11 at 100.00 | AAA | 4,141,981 | — | — | 4,141,981 | ||||||||||||||||||||||||||||||
7,100 | — | — | 7,100 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA– | 5,770,170 | — | — | 5,770,170 | ||||||||||||||||||||||||||||||
3,755 | — | — | 3,755 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 10.466%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 3,097,086 | — | — | 3,097,086 | ||||||||||||||||||||||||||||||
3,900 | — | — | 3,900 | Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2001C-1, 5.200%, 12/01/21 (Alternative Minimum Tax) | 12/11 at 101.00 | Aa1 | 3,548,844 | — | — | 3,548,844 | ||||||||||||||||||||||||||||||
2,905 | — | — | 2,905 | Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001, 0.000%, 2/15/25 | 2/11 at 44.73 | AAA | 1,066,048 | — | — | 1,066,048 | ||||||||||||||||||||||||||||||
4,040 | — | — | 4,040 | Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001, 0.000%, 2/15/25 (Pre-refunded 2/15/11) | 2/11 at 44.73 | AAA | 1,680,761 | — | — | 1,680,761 | ||||||||||||||||||||||||||||||
85,925 | — | — | 85,925 | Total Texas | 64,756,573 | — | — | 64,756,573 | ||||||||||||||||||||||||||||||||
Utah – 0.1% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
170 | — | — | 170 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C, 5.600%, 7/01/18 (Alternative Minimum Tax) | 1/09 at 101.50 | AAA | 167,977 | — | — | 167,977 | ||||||||||||||||||||||||||||||
95 | — | — | 95 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997E-2, 5.875%, 1/01/19 (Alternative Minimum Tax) | 1/09 at 101.00 | AAA | 94,869 | — | — | 94,869 | ||||||||||||||||||||||||||||||
265 | — | — | 265 | Total Utah | 262,846 | — | — | 262,846 | ||||||||||||||||||||||||||||||||
Virgin Islands – 0.2% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
— | 900 | — | 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 | — | 605,250 | ||||||||||||||||||||||||||||||
Washington – 6.3% (3.7% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
15,000 | — | — | 15,000 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002A, 5.450%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AA | 11,763,748 | — | — | 11,763,748 | ||||||||||||||||||||||||||||||
7,500 | — | — | 7,500 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured | 7/12 at 100.00 | Aaa | 7,936,500 | — | — | 7,936,500 | ||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB) | 7/13 at 100.00 | Aaa | 5,257,450 | — | — | 5,257,450 | ||||||||||||||||||||||||||||||
10,080 | — | — | 10,080 | King County School District 401, Highline, Washington, General Obligation Bonds, Series 2002, 5.500%, 12/01/16 – FGIC Insured | 6/12 at 100.00 | AA+ | 10,610,006 | — | — | 10,610,006 | ||||||||||||||||||||||||||||||
6,965 | — | — | 6,965 | Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.250%, 9/01/22 – FGIC Insured | 9/12 at 100.00 | AA | 6,648,023 | — | — | 6,648,023 | ||||||||||||||||||||||||||||||
2,820 | — | — | 2,820 | Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/19 – MBIA Insured | 12/14 at 100.00 | A2 | 2,825,809 | — | — | 2,825,809 | ||||||||||||||||||||||||||||||
2,500 | — | — | 2,500 | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.125%, 12/01/22 – MBIA Insured | 12/11 at 100.00 | AA | 2,505,175 | — | — | 2,505,175 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | No Opt. Call | N/R | 712,520 | — | — | 712,520 | ||||||||||||||||||||||||||||||
4,905 | — | — | 4,905 | Washington, Various Purpose General Obligation Bonds, Series 1999B, 5.000%, 1/01/19 | 1/09 at 100.00 | AA+ | 4,916,821 | — | — | 4,916,821 | ||||||||||||||||||||||||||||||
55,770 | — | — | 55,770 | Total Washington | 53,176,052 | — | — | 53,176,052 | ||||||||||||||||||||||||||||||||
West Virginia – 0.9% (0.5% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,000 | — | — | 5,000 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 | 10/11 at 100.00 | BBB | 4,303,600 | — | — | 4,303,600 |
60
Principal | ||||||||||||||||||||||||||||||||||||||||
Amount (000) | Value | |||||||||||||||||||||||||||||||||||||||
Florida | Florida | Florida | ||||||||||||||||||||||||||||||||||||||
Investment | Florida Quality | Investment | Quality | |||||||||||||||||||||||||||||||||||||
National Fund | Quality Fund | Income Fund | Combined Fund | Optional Call | National Fund | Quality Fund | Income Fund | Pro Forma | Combined Fund | |||||||||||||||||||||||||||||||
(Actual) | (Actual) | (Actual) | (Pro Forma) | Description (1) | Provisions (2) | Ratings (3) | (Actual) | (Actual) | (Actual) | Adjustments | (Pro Forma) | |||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Pleasants County, West Virginia, Pollution Control Revenue Bonds, West Penn Power Company Pleasants Station Project, Series 1999E, 5.500%, 4/01/29 – AMBAC Insured (Alternative Minimum Tax) | 4/09 at 101.00 | Aa3 | 839,190 | — | — | 839,190 | ||||||||||||||||||||||||||||||
2,355 | — | — | 2,355 | West Virginia University, Unlimited Tax General Revenue Bonds, Student Fees, Series 2004C, 5.000%, 10/01/24 – FGIC Insured | 10/14 at 100.00 | A+ | 2,257,574 | — | — | 2,257,574 | ||||||||||||||||||||||||||||||
8,355 | — | — | 8,355 | Total West Virginia | 7,400,364 | — | — | 7,400,364 | ||||||||||||||||||||||||||||||||
Wisconsin – 1.9% (1.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
5,105 | — | — | 5,105 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29 | 2/09 at 101.00 | BBB+ | 4,138,675 | — | — | 4,138,675 | ||||||||||||||||||||||||||||||
315 | — | — | 315 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 | 5/16 at 100.00 | BBB | 224,841 | — | — | 224,841 | ||||||||||||||||||||||||||||||
1,000 | — | — | 1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 | 5/14 at 100.00 | BBB+ | 882,040 | — | — | 882,040 | ||||||||||||||||||||||||||||||
3,215 | — | — | 3,215 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.625%, 2/15/17 – MBIA Insured | 2/09 at 100.00 | AA | 3,068,203 | — | — | 3,068,203 | ||||||||||||||||||||||||||||||
4,530 | — | — | 4,530 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34 | 8/16 at 100.00 | A– | 2,836,822 | — | — | 2,836,822 | ||||||||||||||||||||||||||||||
5,300 | — | — | 5,300 | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) | 5/16 at 100.00 | AA | 5,021,114 | — | — | 5,021,114 | ||||||||||||||||||||||||||||||
19,465 | — | — | 19,465 | Total Wisconsin | 16,171,695 | — | — | 16,171,695 | ||||||||||||||||||||||||||||||||
Wyoming – 0.3% (0.1% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
2,750 | — | — | 2,750 | Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) | 12/15 at 100.00 | BBB | 1,796,795 | — | — | 1,796,795 | ||||||||||||||||||||||||||||||
$ | 1,037,694 | $ | 344,195 | $ | 311,735 | $ | 1,693,624 | Total Long-Term Investments (cost $893,839,233, $343,875,448, $311,873,702 and $1,549,588,383, respectively) – 167.5% | 814,148,220 | 317,867,107 | 288,562,578 | 1,420,577,905 | ||||||||||||||||||||||||||||
Short-Term Investments – 0.4% (0.2% of Total Investments) | ||||||||||||||||||||||||||||||||||||||||
$ | 3,000 | $ | — | $ | — | $ | 3,000 | Red River Authority, Texas, Pollution Control Revenue Bonds, Southwestern Public Service Company, Series 1996, Variable Rate Demand Obligations, 8.300%, 7/01/16 – AMBAC Insured (5) | VMIG-1 | 3,000,000 | — | — | 3,000,000 | |||||||||||||||||||||||||||
Total Short-Term Investments (cost $3,000,000, $0, $0 and $3,000,000, respectively) | 3,000,000 | — | — | 3,000,000 | ||||||||||||||||||||||||||||||||||||
Total Investments (cost $896,839,233, $343,875,448, $311,873,702 and $1,552,588,383, respectively) – 167.9% | 817,148,220 | 317,867,107 | 288,562,578 | 1,423,577,905 | ||||||||||||||||||||||||||||||||||||
Floating Rate Obligations – (8.2)% | (69,424,000 | ) | — | — | (69,424,000 | ) | ||||||||||||||||||||||||||||||||||
Other Assets Less Liabilities – 3.1% | 13,428,400 | 9,624,499 | 3,732,249 | (544,866 | ) (7) | 26,240,282 | ||||||||||||||||||||||||||||||||||
Preferred Shares, at Liquidation Value – (62.8)% (6) | (283,550,000 | ) | (132,000,000 | ) | (117,000,000 | ) | (532,550,000 | ) | ||||||||||||||||||||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | (544,866 | ) | $ | 847,844,187 | |||||||||||||||||||||||||||||
(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. | |
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. | ||
(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) | Preferred Shares, at Liquidation Value as a percentage of Total Investments of the Combined Fund is 37.4%. | |
(7) | Non-recurring costs associated with the proposed Reorganization (estimated to be $495,000) which will be borne by the shareholders of the National Fund, Florida Investment Quality Fund and Florida Quality Income Fund ($10,000, $100,000, and $385,000, respectively) and the distribution of the Florida Investment Quality Fund undistributed net investment income balance ($49,866). | |
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. |
61
October 31, 2008
Florida Investment | ||||||||||||||||||||
National Fund | Quality | Florida Quality Income | Pro Forma | Combined Fund | ||||||||||||||||
(Actual) | (Actual) | (Actual) | (Adjustments) | (As Adjusted) | ||||||||||||||||
Assets | ||||||||||||||||||||
Investments at value (cost $896,839,233, $343,875,448, $311,873,702 and $1,552, 588,383, respectively) | $ | 817,148,220 | $ | 317,867,107 | $ | 288,562,578 | $ | 1,423,577,905 | ||||||||||||
Cash | 1,923,437 | 6,319,276 | 400,695 | 8,643,408 | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Interest | 14,010,261 | 4,460,336 | 3,915,755 | 22,386,352 | ||||||||||||||||
Investments sold | 280,153 | — | 376,969 | 657,122 | ||||||||||||||||
Other assets | 84,917 | 40,373 | 30,013 | 155,303 | ||||||||||||||||
Total assets | 833,446,988 | 328,687,092 | 293,286,010 | 1,455,420,090 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Floating rate obligations | 69,424,000 | — | — | 69,424,000 | ||||||||||||||||
Payables: | ||||||||||||||||||||
Common share dividends | 2,051,500 | 857,185 | 698,435 | 49,866 | (a) | 3,656,986 | ||||||||||||||
Preferred share dividends | 78,741 | 44,457 | 34,170 | 157,368 | ||||||||||||||||
Accrued expenses: | ||||||||||||||||||||
Management fees | 404,657 | 176,911 | 158,271 | 739,839 | ||||||||||||||||
Other | 335,470 | 116,933 | 100,307 | 552,710 | ||||||||||||||||
Reorganization costs | — | — | — | 495,000 | (b) | 495,000 | ||||||||||||||
Total liabilities | 72,294,368 | 1,195,486 | 991,183 | 544,866 | 75,025,903 | |||||||||||||||
Preferred shares, at liquidation value | 283,550,000 | 132,000,000 | 117,000,000 | 532,550,000 | ||||||||||||||||
Net assets applicable to common shares | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | (544,866 | ) | $ | 847,844,187 | |||||||||
Common shares outstanding | 40,796,161 | 16,368,802 | 14,154,895 | 1,103,346 | (c) | 72,423,204 | ||||||||||||||
Net asste value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding) | $ | 11.71 | $ | 11.94 | $ | 12.38 | $ | 11.71 | ||||||||||||
Net assets applicable to common shares consist of: | ||||||||||||||||||||
Common shares, $.01 par value per share | $ | 407,962 | $ | 163,688 | $ | 141,549 | $ | 11,033 | (c) | $ | 724,232 | |||||||||
Paid-in surplus | 566,753,019 | 228,858,884 | 204,131,712 | (506,033 | )(b)(c) | 999,237,582 | ||||||||||||||
Undistributed (Over-distribution of) net investment income | (287,678 | ) | 49,866 | (829,788 | ) | (49,866 | )(a) | (1,117,466 | ) | |||||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (9,579,670 | ) | (7,572,491 | ) | (4,837,522 | ) | (21,989,683 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments and dervative transactions | (79,691,013 | ) | (26,008,341 | ) | (23,311,124 | ) | (129,010,478 | ) | ||||||||||||
Net assets applicable to common shares | $ | 477,602,620 | $ | 195,491,606 | $ | 175,294,827 | $ | (544,866 | ) | $ | 847,844,187 | |||||||||
Authorized shares: | ||||||||||||||||||||
Common | 200,000,000 | Unlimited | Unlimited | 200,000,000 | ||||||||||||||||
Preferred | 1,000,000 | Unlimited | Unlimited | 1,000,000 | ||||||||||||||||
(a) | Assumes Florida Investment Quality distributes all of its undistributed net investment income ($49,866) to its shareholders prior to the reorganization. | |
(b) | Non-recurring cost associated with the proposed Reorganization (estimated to be $495,000) which will be borne by the shareholders of the National Fund, Florida Investment Quality and Florida Quality Income ($10,000, $100,000 and $385,000, respectively). | |
(c) | The pro forma statements presume the issuance by the National Fund of approximately 16,686,173 and 14,940,870 common shares in exchange for the assets and liabilities of Florida Investment Quality and Florida Quality Income respectively, after the reduction for the costs associated with the proposed reorganization. | |
62
Year Ended October 31, 2008
National Fund | Florida Investment Quality Fund | Florida Quality Income Fund | Pro Forma | Combined Fund | ||||||||||||||||
(Actual) | (Actual) | (Actual) | (Adjustments) | (As Adjusted) | ||||||||||||||||
Investment Income | $ | 48,566,161 | $ | 19,291,950 | $ | 16,190,796 | $ | 84,048,907 | ||||||||||||
Expenses | ||||||||||||||||||||
Management fees | 5,512,651 | 2,268,871 | 2,006,810 | (257,956 | )(a) | 9,530,376 | ||||||||||||||
Auction fees | 822,579 | 330,455 | 292,903 | 1,445,937 | ||||||||||||||||
Dividend disbursing agent fees | 60,000 | 20,000 | 30,000 | (50,000 | )(b) | 60,000 | ||||||||||||||
Shareholders’ servicing agent fees and expenses | 51,501 | 17,486 | 12,346 | 81,333 | ||||||||||||||||
Interest expense on floating rate obligations | 1,964,810 | 270,909 | 356,691 | 2,592,410 | ||||||||||||||||
Custodian’s fees and expenses | 150,028 | 89,111 | 83,535 | (3,780 | )(b) | 318,894 | ||||||||||||||
Directors/Trustees’ fees and expenses | 18,745 | 7,506 | 6,521 | 32,772 | ||||||||||||||||
Professional fees | 60,512 | 28,197 | 26,067 | (18,129 | )(b) | 96,647 | ||||||||||||||
Shareholders’ reports — printing and mailing expenses | 107,079 | 44,215 | 38,530 | 189,824 | ||||||||||||||||
Stock exchange listing fees | 14,122 | 9,293 | 9,293 | (7,768 | )(b) | 24,940 | ||||||||||||||
Investor relations expense | 114,280 | 36,493 | 32,135 | 182,908 | ||||||||||||||||
Other expenses | 47,191 | 20,641 | 19,998 | (22,400 | )(b) | 65,430 | ||||||||||||||
Total expenses before custodian fee credit | 8,923,498 | 3,143,177 | 2,914,829 | (360,033 | ) | 14,621,471 | ||||||||||||||
Custodian fee credit | (120,607 | ) | (42,403 | ) | (16,758 | ) | (179,768 | ) | ||||||||||||
Net expenses | 8,802,891 | 3,100,774 | 2,898,071 | (360,033 | ) | 14,441,703 | ||||||||||||||
Net investment income | 39,763,270 | 16,191,176 | 13,292,725 | 360,033 | 69,607,204 | |||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments | (6,788,025 | ) | (5,163,341 | ) | (4,837,989 | ) | (16,789,355 | ) | ||||||||||||
Forward swaps | (2,800,000 | ) | (765,000 | ) | — | (3,565,000 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments | (117,638,815 | ) | (40,784,084 | ) | (31,242,092 | ) | (189,664,991 | ) | ||||||||||||
Forward swaps | 791,405 | 364,596 | — | 1,156,001 | ||||||||||||||||
Net realized and unrealized gain (loss) | (126,435,435 | ) | (46,347,829 | ) | (36,080,081 | ) | (208,863,345 | ) | ||||||||||||
Distributions to Preferred Shareholders | ||||||||||||||||||||
From net investment income | (11,883,074 | ) | (4,918,937 | ) | (4,422,946 | ) | (21,224,957 | ) | ||||||||||||
From accumulated net realized gains | (408,199 | ) | — | (44,456 | ) | (452,655 | ) | |||||||||||||
Decrease in net assets applicable to common shares from distributions to preferred shareholders | (12,291,273 | ) | (4,918,937 | ) | (4,467,402 | ) | (21,677,612 | ) | ||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations | $ | (98,963,438 | ) | $ | (35,075,590 | ) | $ | (27,254,758 | ) | 360,033 | (160,933,753 | ) | ||||||||
(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. |
63
64
65
Number of Shares: | ||||
Series M | 3,334 | |||
Series T | 5,531 | |||
Series W | 1,634 | |||
Series TH | 4,152 | |||
Series F | 5,115 | |||
Series F2 | 1,536 | |||
21,302 | ||||
66
67
68
69
70
Gross unrealized: | ||||
Appreciation | 23,917,993 | |||
Depreciation | (152,410,548 | ) | ||
Net unrealized appreciation | ||||
(depreciation) of investments | $ | (128,492,555 | ) | |
71
Expiration: | ||||
October 31, 2012 | $ | 1,449,778 | ||
October 31, 2013 | — | |||
October 31, 2014 | — | |||
October 31, 2015 | 197,103 | |||
October 31, 2016 | 9,320,812 | |||
Total | $ | 10,967,693 | ||
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 the next $3 billion | 0.3875 | |||
For net assets over $5 billion | 0.3750 | |||
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. | |
72
73
STATEMENT ESTABLISHING AND FIXING THE RIGHTS
AND PREFERENCES OF
MUNICIPAL AUCTION RATE
CUMULATIVE PREFERRED STOCK (“MUNIPREFERRED®”)
TABLE OF CONTENTS
Page | ||||||||||
DEFINITIONS | 1 | |||||||||
“AA” Composite Commercial Paper Rate | 1 | |||||||||
Accountant’s Confirmation | 2 | |||||||||
Affiliate | 2 | |||||||||
Agent Member | 2 | |||||||||
Anticipation Notes | 2 | |||||||||
Applicable Rate | 2 | |||||||||
Articles | 2 | |||||||||
Auction | 2 | |||||||||
Auction Agency Agreement | 2 | |||||||||
Auction Agent | 3 | |||||||||
Auction Date | 3 | |||||||||
Auction Procedures | 3 | |||||||||
Available MuniPreferred | 3 | |||||||||
Benchmark Rate | 3 | |||||||||
Beneficial Owner | 3 | |||||||||
Bid and Bids | 3 | |||||||||
Bidder and Bidders | 3 | |||||||||
Board of Directors | 3 | |||||||||
Broker Dealer | 3 | |||||||||
Broker Dealer Agreement | 3 | |||||||||
Business Day | 3 | |||||||||
Code | 4 | |||||||||
Commercial Paper Dealers | 4 | |||||||||
Common Stock | 4 | |||||||||
Cure Date | 4 | |||||||||
Date of Original Issue | 4 | |||||||||
Deposit Securities | 4 | |||||||||
Discounted Value | 4 | |||||||||
Dividend Payment Date | 4 | |||||||||
Dividend Period | 4 | |||||||||
Existing Holder | 4 | |||||||||
Failure to Deposit | 5 | |||||||||
Federal Tax Rate Increase | 5 | |||||||||
Fund | 5 | |||||||||
Gross up Payment | 5 | |||||||||
Hold Order and Hold Orders | 5 | |||||||||
Holder | 5 | |||||||||
Independent Accountant | 5 | |||||||||
Initial Rate Period | 5 | |||||||||
Interest Equivalent | 5 | |||||||||
Issue Type Category | 5 | |||||||||
Kenny Index | 6 |
i
(continued)
Page | ||||||||||
Late Charge | 6 | |||||||||
Liquidation Preference | 6 | |||||||||
Market Value | 6 | |||||||||
Maximum Potential Gross up Payment Liability | 6 | |||||||||
Maximum Rate | 6 | |||||||||
Minimum Rate Period | 7 | |||||||||
Moody’s | 7 | |||||||||
Moody’s Discount Factor | 7 | |||||||||
Moody’s Eligible Asset | 7 | |||||||||
Moody’s Exposure Period | 7 | |||||||||
Moody’s Volatility Factor | 7 | |||||||||
Municipal Obligations shall mean Municipal Obligations | 9 | |||||||||
MuniPreferred | 8 | |||||||||
MuniPreferred Basic Maintenance Amount | 8 | |||||||||
MuniPreferred Basic Maintenance Cure Date | 9 | |||||||||
MuniPreferred Basic Maintenance Report | 9 | |||||||||
1940 Act | 10 | |||||||||
1940 Act Cure Date | 10 | |||||||||
1940 Act MuniPreferred Asset Coverage | 10 | |||||||||
Notice of Redemption | 10 | |||||||||
Notice of Special Rate Period | 10 | |||||||||
Order and Orders | 10 | |||||||||
Original Issue Insurance | 10 | |||||||||
Other Issues | 10 | |||||||||
Outstanding | 10 | |||||||||
Permanent Insurance | 10 | |||||||||
Person | 10 | |||||||||
Portfolio Insurance | 11 | |||||||||
Potential Beneficial Owner | 11 | |||||||||
Potential Holder | 11 | |||||||||
Preferred Stock | 11 | |||||||||
Quarterly Valuation Date | 11 | |||||||||
Rate Multiple | 11 | |||||||||
Rate Period | 11 | |||||||||
Rate Period Days | 11 | |||||||||
Receivables for Municipal Obligations Sold | 11 | |||||||||
Redemption Price | 12 | |||||||||
Reference Rate | 12 | |||||||||
Registration Statement | 12 | |||||||||
S&P | 12 | |||||||||
S&P Discount Factor | 12 | |||||||||
S&P Eligible Asset | 12 | |||||||||
S&P Exposure Period | 12 |
ii
(continued)
Page | ||||||||||
S&P Volatility Factor | 12 | |||||||||
Secondary Market Insurance | 12 | |||||||||
Securities Depository | 12 | |||||||||
Sell Order and Sell Orders | 12 | |||||||||
Special Rate Period | 13 | |||||||||
Special Redemption Provisions | 13 | |||||||||
Submission Deadline | 13 | |||||||||
Submitted Bid and Submitted Bids | 13 | |||||||||
Submitted Hold Order and Submitted Hold Orders | 13 | |||||||||
Submitted Order and Submitted Orders | 13 | |||||||||
Subsequent Rate Period | 13 | |||||||||
Substitute Commercial Paper Dealer | 13 | |||||||||
Substitute U.S. Government Securities Dealer | 13 | |||||||||
Sufficient Clearing Bids | 14 | |||||||||
Taxable Allocation | 14 | |||||||||
Taxable Equivalent of the Short Term Municipal Bond Rate | 14 | |||||||||
Taxable Income | 14 | |||||||||
Treasury Bill | 14 | |||||||||
Treasury Bill Rate | 14 | |||||||||
Treasury Note | 15 | |||||||||
Treasury Note Rate | 15 | |||||||||
U.S. Government Securities Dealer | 15 | |||||||||
Valuation Date | 15 | |||||||||
Volatility Factor | 15 | |||||||||
Voting Period | 15 | |||||||||
Winning Bid Rate | 15 | |||||||||
PART I. | 15 | |||||||||
1. | Number of Authorized Shares | 15 | ||||||||
2. | Dividends | 15 | ||||||||
(a) | Ranking | 15 | ||||||||
(b) | Cumulative Cash Dividends | 15 | ||||||||
(c) | Dividends Cumulative From Date of Original Issue | 15 | ||||||||
(d) | Dividend Payment Dates and Adjustment Thereof | 16 | ||||||||
(e) | Dividend Rates and Calculation of Dividends | 16 | ||||||||
(i) | Dividend Rates | 16 | ||||||||
(ii) | Calculation of Dividends | 18 | ||||||||
(f) | Curing a Failure to Deposit | 18 | ||||||||
(g) | Dividend Payments by Fund to Auction Agent | 19 | ||||||||
(h) | Auction Agent as Trustee of Dividend Payments by Fund | 19 | ||||||||
(i) | Dividends Paid to Holders | 19 | ||||||||
(j) | Dividends Credited Against Earliest Accumulated But Unpaid Dividends | 19 |
iii
(continued)
Page | ||||||||||
(k) | Dividends Designated as Exempt Interest Dividends | 19 | ||||||||
3. | Gross up Payments | 19 | ||||||||
(a) | Minimum Rate Periods and Special Rate Periods of 28 Rate Period Days or Fewer | 19 | ||||||||
(b) | Special Rate Periods of More Than 28 Rate Period Days | 20 | ||||||||
(c) | No Gross up Payments In the Event of a Reallocation | 20 | ||||||||
4. | Designation of Special Rate Periods | 20 | ||||||||
(a) | Length of and Preconditions for Special Rate Period | 20 | ||||||||
(b) | Adjustment of Length of Special Rate Period | 20 | ||||||||
(c) | Notice of Proposed Special Rate Period | 21 | ||||||||
(d) | Notice of Special Rate Period | 21 | ||||||||
(e) | Failure to Deliver Notice of Special Rate Period | 22 | ||||||||
5. | Voting Rights | 22 | ||||||||
(a) | One Vote Per Share of MuniPreferred | 22 | ||||||||
(b) | Voting For Additional Directors | 23 | ||||||||
(i) | Voting Period | 23 | ||||||||
(ii) | Notice of Special Meeting | 23 | ||||||||
(iii) | Terms of Office of Existing Directors | 24 | ||||||||
(iv) | Terms of Office of Certain Directors | 24 | ||||||||
to Terminate Upon Termination of Voting Period | ||||||||||
(c) | Holders of MuniPreferred To Vote On Certain Other Matters | 24 | ||||||||
(i) | Increases in Capitalization | 24 | ||||||||
(ii) | 1940 Act Matters | 25 | ||||||||
(d) | Board May Take Certain Actions Without Shareholder Approval | 25 | ||||||||
(e) | Voting Rights Set Forth Herein Are Sole Voting Rights | 26 | ||||||||
(f) | No Preemptive Rights or Cumulative Voting | 26 | ||||||||
(g) | Voting for Directors Sole Remedy for Fund’s Failure to Pay Dividends | 26 | ||||||||
(h) | Holders Entitled to Vote | 26 | ||||||||
6. | 1940 Act MuniPreferred Asset Coverage | 27 | ||||||||
7. | MuniPreferred Basic Maintenance Amount | 27 | ||||||||
8. | [Reserved] | 29 | ||||||||
9. | Restrictions on Dividends and Other Distributions | 29 | ||||||||
(a) | Dividends on Preferred Stock Other Than MuniPreferred | 29 | ||||||||
(b) | Dividends and Other Distributions With Respect to Common Stock Under the 1940 Act | 29 | ||||||||
(c) | Other Restrictions On Dividends and Other Distributions | 29 | ||||||||
10. | Rating Agency Restrictions | 30 | ||||||||
11. | Redemption | 31 | ||||||||
(a) | Optional Redemption | 31 | ||||||||
(b) | Mandatory Redemption | 32 | ||||||||
(c) | Notice of Redemption | 33 | ||||||||
(d) | No Redemption Under Certain Circumstances | 34 |
iv
Page | ||||||||||
(e) | Absence of Funds Available for Redemption | 34 | ||||||||
(f) | Auction Agent as Trustee of Redemption Payments by Fund | 34 | ||||||||
(g) | Shares for Which Notice of Redemption Has Been Given Are No Longer Outstanding | 34 | ||||||||
(h) | Compliance With Applicable Law | 35 | ||||||||
(i) | Only Whole Shares of MuniPreferred May Be Redeemed | 35 | ||||||||
12. | Liquidation Rights | 35 | ||||||||
(a) | Ranking | 35 | ||||||||
(b) | Distributions Upon Liquidation | 35 | ||||||||
(c) | Pro Rata Distributions | 35 | ||||||||
(d) | Rights of Junior Stock | 36 | ||||||||
(e) | Certain Events Not Constituting Liquidation | 36 | ||||||||
13. | Miscellaneous | 36 | ||||||||
(a) | Amendment of Appendix A to Add Additional Series | 36 | ||||||||
(b) | Appendix A Incorporated By Reference | 36 | ||||||||
(c) | No Fractional Shares | 36 | ||||||||
(d) | Status of Shares of MuniPreferred Redeemed, Exchanged or Otherwise Acquired by the Fund | 36 | ||||||||
(e) | Board May Resolve Ambiguities | 37 | ||||||||
(f) | Headings Not Determinative | 37 | ||||||||
(g) | Notices | 37 | ||||||||
PART II. | 37 | |||||||||
1. | Orders | 37 | ||||||||
2. | Submission of Orders by Broker Dealers to Auction Agent | 39 | ||||||||
3. | Determination of Sufficient Clearing Bids, Winning Bid Rate and Applicable Rate | 41 | ||||||||
4. | Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of Shares | 42 | ||||||||
5. | Notification of Allocations | 45 | ||||||||
6. | Auction Agent | 45 | ||||||||
7. | Transfer of Shares of MuniPreferred | 46 | ||||||||
8. | Global Certificate | 46 | ||||||||
APPENDIX A | 48 | |||||||||
Section 1. | Designation As To Series | 48 | ||||||||
Section 2. | Number of Authorized Shares Per Series | 49 | ||||||||
Section 3. | Exceptions to Certain Definitions | 49 | ||||||||
Section 4. | Certain Definitions | 49 | ||||||||
Section 5. | Initial Rate Periods | 55 | ||||||||
Section 6. | Date for Purposes of Paragraph (yyy) Contained Under the Heading “Definitions” in this Statement | 56 | ||||||||
Section 7. | Party Named for Purposes of the Definition of “Rate Multiple” in this Statement | 56 | ||||||||
Section 8. | Additional Definitions | 56 |
v
(continued)
Page | ||||||||||
Section 9. | Dividend Payment Dates | 56 | ||||||||
Section 10. | Amount for Purposes of Subparagraph (c)(i) of Section 5 of Part I of this Statement | 57 | ||||||||
Section 11. | Redemption Provisions Applicable to Initial Rate Periods | 57 | ||||||||
Section 12. | Applicable Rate for Purposes of Subparagraph(b)(iii) of Section 3 of Part II of this Statement | 57 |
vi
2
3
4
5
6
7
Federal Volatility | ||||
Tax Rate Increase | Factor | |||
5% | 295 | % | ||
10% | 317 | % | ||
15% | 341 | % | ||
20% | 369 | % | ||
25% | 400 | % | ||
30% | 436 | % | ||
35% | 477 | % | ||
40% | 525 | % |
8
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11
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14
15
16
17
18
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21
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Deposit Securities | Issue Type Category | |
Discounted Value | Market Value | |
Escrowed Bonds | Maximum Potential Gross-up | |
Payment Liability | S&P Eligible Asset | |
MuniPreferred Basic Maintenance Amount | S&P Exposure Period | |
S&P Volatility Factor | ||
MuniPreferred Basic Maintenance Cure Date | Valuation Date | |
Volatility Factor | ||
MuniPreferred Basic Maintenance Report | ||
Moody’s Discount Factor | ||
Moody’s Eligible Asset | ||
Moody’s Exposure Period | ||
Moody’s Volatility Factor | ||
1940 Act Cure Date | ||
1940 Act MuniPreferred Asset Coverage | ||
Other Issues | ||
Quarterly Valuation Date | ||
Receivables for Municipal | ||
Obligations Sold | ||
S&P Discount Factor |
26
27
28
29
30
31
32
33
34
35
36
37
38
39
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41
42
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46
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. | ||||
By: | ||||
Kevin J. McCarthy | ||||
Vice President | ||||
ATTEST: | ||||
Virginia O’Neal Assistant Secretary |
47
48
49
50
51
Rating Category | ||||||||||||||||||||||||||||
(V)MIG | SP-1 | |||||||||||||||||||||||||||
Exposure Period | Aaa* | Aa* | A* | Baa* | Other** | -1*** | +*** | |||||||||||||||||||||
7 weeks | 151 | % | 159 | % | 168 | % | 202 | % | 229 | % | 136 | % | 148 | % | ||||||||||||||
8 weeks or less but greater than seven weeks | 154 | 164 | 173 | 205 | 235 | 137 | 149 | |||||||||||||||||||||
9 weeks or less but greater than eight weeks | 158 | 169 | 179 | 209 | 242 | 138 | 150 |
* | Moody’s rating. | |
** | Municipal Obligations not rated by Moody’s but rated BBB by S&P. | |
*** | Municipal Obligations rated MIG-1 or VMIG-1 or, if not rated by Moody’s, rated SP-1+ by S&P, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long term rating. |
52
53
Prevailing Rating | Percentage | |
“aa3”/AA- or higher | 110% | |
“a3”/A- | 125% | |
“baa3”/BBB- | 150% | |
“ba3”/BB- | 200% | |
Below “ba3”/BB- | 250% |
54
Rating Category | ||||||||||||||||
Exposure Period | AAA* | AA* | A* | BBB* | ||||||||||||
40 Business Days | 190 | % | 195 | % | 210 | % | 250 | % | ||||||||
22 Business Days | 170 | 175 | 190 | 230 | ||||||||||||
10 Business Days | 155 | 160 | 175 | 215 | ||||||||||||
7 Business Days | 150 | 155 | 170 | 210 | ||||||||||||
3 Business Days | 130 | 135 | 150 | 190 |
* | S&P rating. |
55
56
Party: | Series of MuniPreferred: | |||
Series M | ||||
Series M2 | ||||
Series T | ||||
Series T2 |
57
Party: | Series of MuniPreferred: | |||
Series W | ||||
Series TH | ||||
Series TH2 | ||||
Series F | ||||
Series F2 | ||||
Series F3 | ||||
Series F4 |
58
59
B-1
B-2
B-3
B-4
B-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. |
B-6
B-7
B-8
B-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 | % |
C-1
Nuveen Investments Annual Report October 31, 2008 Municipal Closed-End Funds NUVEEN PREMIUM INCOME MUNICIPAL FUND, INC. NPI NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. NPM NUVEEN PREMIUM INCOME MUNICIPAL FUND 4, INC. NPT It’s not what you earn, it’s what you keep.® NUVEEN Investment |
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. NUVEEN Investment |
LETTER TO SHAREHOLDERS
Chairman’s 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 | NPI, NPM, NPT |
4
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 | 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. |
5
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 General Leveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 1 year, 54 funds; 5 years, 52 funds; and 10 years, 38 funds. Fund and Lipper returns assume reinvestment of dividends. | |
5 | The Barclays Capital (formerly Lehman Brothers) Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds. Results for the Barclays Capital index do not reflect any expenses. | |
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. |
1-Year | 5-Year | 10-Year | ||||||||||
NPI | -15.39 | % | 0.93 | % | 2.96 | % | ||||||
NPM | -16.96 | % | 0.60 | % | 2.89 | % | ||||||
NPT | -15.97 | % | 1.10 | % | 2.24 | % | ||||||
Lipper General Leveraged Municipal Debt Funds Average4 | -19.05 | % | 0.29 | % | 2.87 | % | ||||||
Barclays Capital Municipal Bond Index5 | -3.30 | % | 2.73 | % | 4.14 | % | ||||||
S&P National Municipal Bond Index6 | -4.15 | % | 2.75 | % | N/A |
6
7
8
9
Dividend and Share Price
Short-Term Capital Gains | ||||||||
Long-Term Capital Gains | and/or Ordinary Income | |||||||
(per share) | (per share) | |||||||
NPI | — | $ | 0.0009 | |||||
NPM | $ | 0.0215 | $ | 0.0040 | ||||
NPT | — | $ | 0.0036 |
10
10/31/08 | Twelve-Month | |||||||
Discount | Average Discount | |||||||
NPI | -7.84 | % | -8.32 | % | ||||
NPM | -12.21 | % | -9.57 | % | ||||
NPT | -12.75 | % | -12.40 | % |
11
NPI | Nuveen Premium | ||||
Performance | Income Municipal | ||||
OVERVIEW | Fund, Inc. | ||||
as of October 31, 2008 |
Common Share Price | $ | 10.93 | ||
Common Share Net Asset Value | $ | 11.86 | ||
Premium/(Discount) to NAV | -7.84 | % | ||
Market Yield | 6.59 | % | ||
Taxable-Equivalent Yield3 | 9.15 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 756,782 | ||
Average Effective Maturity on Securities (Years) | 14.56 | |||
Leverage-Adjusted Duration | 13.97 | |||
(Inception 7/18/88)
On Share Price | On NAV | |||||||
1-Year | -13.10 | % | -15.39 | % | ||||
5-Year | 0.79 | % | 0.93 | % | ||||
10-Year | 2.84 | % | 2.96 | % | ||||
(as a % of total investments)2
California | 13.1 | % | ||
Texas | 10.3 | % | ||
New York | 8.2 | % | ||
New Jersey | 6.2 | % | ||
Illinois | 5.9 | % | ||
South Carolina | 4.2 | % | ||
Florida | 3.6 | % | ||
Colorado | 3.3 | % | ||
Minnesota | 3.1 | % | ||
Pennsylvania | 3.0 | % | ||
Massachusetts | 3.0 | % | ||
Nevada | 2.8 | % | ||
Washington | 2.6 | % | ||
Michigan | 2.6 | % | ||
District of Columbia | 2.5 | % | ||
Louisiana | 2.4 | % | ||
Wisconsin | 2.4 | % | ||
Alabama | 2.3 | % | ||
Other | 18.5 | % | ||
(as a % of total investments)2
U.S. Guaranteed | 26.0 | % | ||
Health Care | 15.0 | % | ||
Tax Obligation/Limited | 14.2 | % | ||
Tax Obligation/General | 11.5 | % | ||
Transportation | 11.1 | % | ||
Utilities | 5.8 | % | ||
Education and Civic Organizations | 4.0 | % | ||
Other | 12.4 | % | ||
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 | Excluding derivative transactions. | |
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 net ordinary income distributions in December 2007 of $0.0009 per share. |
12
NPM | Nuveen Premium | ||||
Performance | Income Municipal | ||||
OVERVIEW | Fund 2, Inc. | ||||
as of October 31, 2008 |
Common Share Price | $ | 10.28 | ||
Common Share Net Asset Value | $ | 11.71 | ||
Premium/(Discount) to NAV | -12.21 | % | ||
Market Yield | 6.71 | % | ||
Taxable-Equivalent Yield2 | 9.32 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 477,603 | ||
Average Effective Maturity on Securities (Years) | 14.16 | |||
Leverage-Adjusted Duration | 15.51 | |||
(Inception 7/23/92)
On Share Price | On NAV | |||||||
1-Year | -17.95 | % | -16.96 | % | ||||
5-Year | -0.42 | % | 0.60 | % | ||||
10-Year | 1.47 | % | 2.89 | % | ||||
(as a % of total investments)
California | 10.4 | % | ||
Illinois | 8.9 | % | ||
Texas | 8.3 | % | ||
South Carolina | 6.9 | % | ||
New York | 6.7 | % | ||
Washington | 6.5 | % | ||
Massachusetts | 4.7 | % | ||
New Jersey | 4.3 | % | ||
Louisiana | 3.7 | % | ||
Ohio | 2.9 | % | ||
Missouri | 2.8 | % | ||
Minnesota | 2.7 | % | ||
Alabama | 2.7 | % | ||
Oklahoma | 2.6 | % | ||
Michigan | 2.6 | % | ||
Nevada | 2.6 | % | ||
Wisconsin | 2.0 | % | ||
Other | 18.7 | % | ||
(as a % of total investments)
U.S. Guaranteed | 19.2 | % | ||
Health Care | 17.2 | % | ||
Tax Obligation/Limited | 15.4 | % | ||
Tax Obligation/General | 15.0 | % | ||
Utilities | 11.1 | % | ||
Transportation | 5.5 | % | ||
Education and Civic Organizations | 4.9 | % | ||
Other | 11.7 | % | ||
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 capital gains and net ordinary income distributions in December 2007 of $0.0255 per share. |
13
NPT | Nuveen Premium | ||||
Performance | Income Municipal | ||||
OVERVIEW | Fund 4, Inc. | ||||
as of October 31, 2008 |
Common Share Price | $ | 9.24 | ||
Common Share Net Asset Value | $ | 10.59 | ||
Premium/(Discount) to NAV | -12.75 | % | ||
Market Yield | 6.69 | % | ||
Taxable-Equivalent Yield2 | 9.29 | % | ||
Net Assets Applicable to Common Shares ($000) | $ | 457,866 | ||
Average Effective Maturity on Securities (Years) | 15.01 | |||
Leverage-Adjusted Duration | 15.50 | |||
(Inception 2/19/93)
On Share Price | On NAV | |||||||
1-Year | -17.19 | % | -15.97 | % | ||||
5-Year | -0.23 | % | 1.10 | % | ||||
10-Year | 1.37 | % | 2.24 | % | ||||
(as a % of total investments)
Texas | 12.1 | % | ||
Illinois | 9.2 | % | ||
California | 8.8 | % | ||
Indiana | 6.1 | % | ||
Washington | 6.1 | % | ||
New York | 5.3 | % | ||
Louisiana | 4.1 | % | ||
Michigan | 4.0 | % | ||
Florida | 3.9 | % | ||
New Jersey | 3.1 | % | ||
Colorado | 3.0 | % | ||
Alabama | 3.0 | % | ||
South Carolina | 2.7 | % | ||
Ohio | 2.0 | % | ||
North Carolina | 1.9 | % | ||
Rhode Island | 1.8 | % | ||
Wisconsin | 1.8 | % | ||
Pennsylvania | 1.7 | % | ||
Other | 19.4 | % | ||
(as a % of total investments)
U.S. Guaranteed | 21.4 | % | ||
Tax Obligation/Limited | 15.6 | % | ||
Health Care | 15.2 | % | ||
Tax Obligation/General | 13.1 | % | ||
Utilities | 9.0 | % | ||
Transportation | 7.0 | % | ||
Water and Sewer | 5.6 | % | ||
Other | 13.1 | % | ||
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 net ordinary income distributions in December 2007 of $0.0036 per share. |
14
NPI NPM NPT | Shareholder MEETING REPORT The annual meeting of shareholders was held on July 29, 2008, at The Northern Trust Company, 50 South La Salle | ||
Street, Chicago, IL 60675; 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 August 29, 2008, and additionally adjourned to September 30, 2008, October 28, 2008 and November 25, 2008. |
NPI | NPM | NPT | ||||||||||||||||||||||||
Common and | Common and | Common and | ||||||||||||||||||||||||
Preferred | Preferred | Preferred | Preferred | Preferred | Preferred | |||||||||||||||||||||
shares voting | shares voting | shares voting | shares voting | shares voting | shares voting | |||||||||||||||||||||
together | together | together | together | 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 Fund’s fundamental policy relating to investments in municipal securities and below investment grade securities. | ||||||||||||||||||||||||||
For | 32,486,062 | 3,973 | 19,162,094 | 3,218 | 22,123,453 | 2,954 | ||||||||||||||||||||
Against | 2,304,118 | 829 | 1,364,811 | 520 | 2,058,177 | 386 | ||||||||||||||||||||
Abstain | 1,199,485 | 125 | 644,829 | 179 | 825,332 | 165 | ||||||||||||||||||||
Broker Non-Votes | 10,550,299 | 11,669 | 5,840,427 | 8,071 | 6,899,268 | 8,302 | ||||||||||||||||||||
Total | 46,539,964 | 16,596 | 27,012,161 | 11,988 | 31,906,230 | 11,807 | ||||||||||||||||||||
To approve the new fundamental policy relating to investments in municipal securities for the Fund. | ||||||||||||||||||||||||||
For | 32,686,225 | 4,158 | 19,246,953 | 3,363 | 22,184,144 | 3,058 | ||||||||||||||||||||
Against | 2,052,573 | 659 | 1,274,613 | 378 | 1,940,047 | 283 | ||||||||||||||||||||
Abstain | 1,250,867 | 110 | 650,168 | 176 | 882,771 | 164 | ||||||||||||||||||||
Broker Non-Votes | 10,550,299 | 11,669 | 5,840,427 | 8,071 | 6,899,268 | 8,302 | ||||||||||||||||||||
Total | 46,539,964 | 16,596 | 27,012,161 | 11,988 | 31,906,230 | 11,807 | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to investing in other investment companies. | ||||||||||||||||||||||||||
For | 32,340,936 | 4,133 | 19,076,745 | 3,334 | 21,792,708 | 3,034 | ||||||||||||||||||||
Against | 2,282,901 | 690 | 1,397,958 | 407 | 2,330,331 | 301 | ||||||||||||||||||||
Abstain | 1,365,828 | 104 | 697,031 | 176 | 883,923 | 170 | ||||||||||||||||||||
Broker Non-Votes | 10,550,299 | 11,669 | 5,840,427 | 8,071 | 6,899,268 | 8,302 | ||||||||||||||||||||
Total | 46,539,964 | 16,596 | 27,012,161 | 11,988 | 31,906,230 | 11,807 | ||||||||||||||||||||
�� | ||||||||||||||||||||||||||
To approve the elimination of the fundamental policy relating to derivatives and short sales. | ||||||||||||||||||||||||||
For | 32,119,814 | 3,940 | 19,028,570 | 3,159 | 21,727,935 | 2,959 | ||||||||||||||||||||
Against | 2,525,662 | 868 | 1,406,219 | 552 | 2,404,022 | 397 | ||||||||||||||||||||
Abstain | 1,344,189 | 119 | 736,945 | 206 | 875,005 | 149 | ||||||||||||||||||||
Broker Non-Votes | 10,550,299 | 11,669 | 5,840,427 | 8,071 | 6,899,268 | 8,302 | ||||||||||||||||||||
Total | 46,539,964 | 16,596 | 27,012,161 | 11,988 | 31,906,230 | 11,807 | ||||||||||||||||||||
To approve the elimination of the fundamental policy relating to commodities. | ||||||||||||||||||||||||||
For | 32,130,877 | 3,948 | 18,969,653 | 3,181 | 21,438,602 | 2,959 | ||||||||||||||||||||
Against | 2,490,475 | 847 | 1,482,706 | 533 | 2,651,920 | 394 | ||||||||||||||||||||
Abstain | 1,368,313 | 132 | 719,375 | 203 | 916,440 | 152 | ||||||||||||||||||||
Broker Non-Votes | 10,550,299 | 11,669 | 5,840,427 | 8,071 | 6,899,268 | 8,302 | ||||||||||||||||||||
Total | 46,539,964 | 16,596 | 27,012,161 | 11,988 | 31,906,230 | 11,807 | ||||||||||||||||||||
15
NPI NPM NPT | Shareholder MEETING REPORT (continued) |
NPI | NPM | NPT | ||||||||||||||||||||||||
Common and | Common and | Common and | ||||||||||||||||||||||||
Preferred | Preferred | Preferred | Preferred | Preferred | Preferred | |||||||||||||||||||||
shares voting | shares voting | shares voting | shares voting | shares voting | shares voting | |||||||||||||||||||||
together | together | together | together | 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 commodities. | ||||||||||||||||||||||||||
For | 32,236,711 | 4,005 | 18,967,381 | 3,303 | 21,480,076 | 2,987 | ||||||||||||||||||||
Against | 2,395,532 | 803 | 1,489,999 | 483 | 2,646,851 | 371 | ||||||||||||||||||||
Abstain | 1,357,422 | 119 | 714,354 | 131 | 880,035 | 147 | ||||||||||||||||||||
Broker Non-Votes | 10,550,299 | 11,669 | 5,840,427 | 8,071 | 6,899,268 | 8,302 | ||||||||||||||||||||
Total | 46,539,964 | 16,596 | 27,012,161 | 11,988 | 31,906,230 | 11,807 | ||||||||||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||||||||||||
John P. Amboian | ||||||||||||||||||||||||||
For | 44,554,451 | — | 25,865,281 | — | 29,902,663 | — | ||||||||||||||||||||
Withhold | 1,985,270 | — | 1,146,854 | — | 2,001,260 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
Robert P. Bremner | ||||||||||||||||||||||||||
For | 44,532,645 | — | 25,842,212 | — | 29,906,777 | — | ||||||||||||||||||||
Withhold | 2,007,076 | — | 1,169,923 | — | 1,997,146 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
Jack B. Evans | ||||||||||||||||||||||||||
For | 44,549,539 | — | 25,836,629 | — | 29,905,751 | — | ||||||||||||||||||||
Withhold | 1,990,182 | — | 1,175,506 | — | 1,998,172 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
William C. Hunter | ||||||||||||||||||||||||||
For | — | 15,725 | — | 11,580 | — | 11,414 | ||||||||||||||||||||
Withhold | — | 828 | — | 382 | — | 386 | ||||||||||||||||||||
Total | — | 16,553 | — | 11,962 | — | 11,800 | ||||||||||||||||||||
David J. Kundert | ||||||||||||||||||||||||||
For | 44,539,857 | — | 25,834,078 | — | 29,899,070 | — | ||||||||||||||||||||
Withhold | 1,999,864 | — | 1,178,057 | — | 2,004,853 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
William J. Schneider | ||||||||||||||||||||||||||
For | — | 15,725 | — | 11,580 | — | 11,410 | ||||||||||||||||||||
Withhold | — | 828 | — | 382 | — | 390 | ||||||||||||||||||||
Total | — | 16,553 | — | 11,962 | — | 11,800 | ||||||||||||||||||||
Judith M. Stockdale | ||||||||||||||||||||||||||
For | 44,531,026 | — | 25,853,740 | — | 29,906,876 | — | ||||||||||||||||||||
Withhold | 2,008,695 | — | 1,158,395 | — | 1,997,047 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
Carole E. Stone | ||||||||||||||||||||||||||
For | 44,524,443 | — | 25,869,062 | — | 29,894,432 | — | ||||||||||||||||||||
Withhold | 2,015,278 | — | 1,143,073 | — | 2,009,491 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
Terence J. Toth | ||||||||||||||||||||||||||
For | 44,538,235 | — | 25,860,896 | — | 29,903,977 | — | ||||||||||||||||||||
Withhold | 2,001,486 | — | 1,151,239 | — | 1,999,946 | — | ||||||||||||||||||||
Total | 46,539,721 | — | 27,012,135 | — | 31,903,923 | — | ||||||||||||||||||||
16
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Nuveen Premium Income Municipal Fund, Inc.
Nuveen Premium Income Municipal Fund 2, Inc.
Nuveen Premium Income Municipal Fund 4, Inc.
December 23, 2008
17
NPI | Nuveen Premium Income Municipal Fund, Inc. | ||||
Portfolio of INVESTMENTS | |||||
October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama — 3.7% (2.3% of Total Investments) | ||||||||||||||||
$ | 4,050 | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2000, 6.125%, 12/01/16 | 6/10 at 102.00 | A– | $ | 3,829,437 | ||||||||||
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2: | ||||||||||||||||
1,435 | 5.000%, 11/15/36 (UB) | 11/16 at 100.00 | AA | 1,186,028 | ||||||||||||
4,000 | 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | AA | 3,269,960 | ||||||||||||
6,000 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006D, 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | AA | 4,904,940 | ||||||||||||
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: | ||||||||||||||||
6,000 | 5.250%, 11/15/20 | 11/15 at 100.00 | Baa1 | 5,134,841 | ||||||||||||
1,300 | 5.000%, 11/15/30 | 11/15 at 100.00 | Baa1 | 937,885 | ||||||||||||
4,000 | 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 | 1,203,040 | ||||||||||||
2,890 | Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 | 6/15 at 100.00 | BBB | 2,006,961 | ||||||||||||
5,020 | DCH Health Care Authority, Alabama, Healthcare Facilities Revenue Bonds, Series 2002, 5.250%, 6/01/18 | 6/12 at 101.00 | A+ | 4,801,881 | ||||||||||||
1,000 | Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) | 11/14 at 100.00 | A3 | (4) | 1,087,690 | |||||||||||
35,695 | Total Alabama | 28,362,663 | ||||||||||||||
Alaska — 2.1% (1.3% of Total Investments) | ||||||||||||||||
Anchorage, Alaska, General Obligation Refunding Bonds, Series 2003A: | ||||||||||||||||
2,000 | 5.250%, 9/01/17 (Pre-refunded 9/01/13) — FGIC Insured (5) | 9/13 at 100.00 | AA (4) | 2,178,620 | ||||||||||||
2,035 | 5.250%, 9/01/18 (Pre-refunded 9/01/13) — FGIC Insured | 9/13 at 100.00 | AA (4) | 2,216,746 | ||||||||||||
5,000 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31 (Pre-refunded 6/01/10) | 6/10 at 100.00 | AAA | 5,295,700 | ||||||||||||
10,500 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 6/14 at 100.00 | Baa3 | 6,193,530 | ||||||||||||
19,535 | Total Alaska | 15,884,596 | ||||||||||||||
Arizona — 1.4% (0.8% of Total Investments) | ||||||||||||||||
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: | ||||||||||||||||
500 | 5.250%, 12/01/24 | 12/15 at 100.00 | BBB | 405,505 | ||||||||||||
660 | 5.250%, 12/01/25 | 12/15 at 100.00 | BBB | 526,878 | ||||||||||||
2,910 | 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 | 2,924,521 | ||||||||||||
4,100 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%,12/01/37 | No Opt. Call | AA– | 2,482,427 | ||||||||||||
4,130 | University of Arizona, Certificates of Participation, Series 2002B, 5.125%, 6/01/18 — AMBAC Insured | 6/12 at 100.00 | AA | 4,169,483 | ||||||||||||
12,300 | Total Arizona | 10,508,814 | ||||||||||||||
18
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Arkansas — 1.0% (0.6% of Total Investments) | ||||||||||||||||
$ | 480 | Paragould, Arkansas, Water, Sewer and Electric Revenue Bonds, Series 2000, 5.650%, 12/01/25 (Pre-refunded 12/01/10) — AMBAC Insured | 12/10 at 100.00 | AA (4) | $ | 511,517 | ||||||||||
5,245 | University of Arkansas, Fayetteville, Athletic Facilities Revenue Bonds, Razorback Stadium, Series 1999, 5.050%, 9/15/20 — AMBAC Insured | 9/09 at 100.00 | Aa3 | 5,134,750 | ||||||||||||
2,000 | Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25 | 2/15 at 100.00 | Baa1 | 1,553,440 | ||||||||||||
7,725 | Total Arkansas | 7,199,707 | ||||||||||||||
California — 21.7% (13.1% of Total Investments) | ||||||||||||||||
9,200 | Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 — AMBAC Insured | No Opt. Call | AA | 4,603,772 | ||||||||||||
10,000 | Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 2007A-1, 4.375%, 3/01/37 — FGIC Insured | 9/17 at 100.00 | AA | 7,391,000 | ||||||||||||
4,000 | California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%, 5/01/15 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 4,448,160 | ||||||||||||
5,400 | California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28 (UB) | 10/15 at 100.00 | Aa1 | 4,913,352 | ||||||||||||
1,500 | California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30 | 11/15 at 100.00 | A2 | 1,331,475 | ||||||||||||
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A: | ||||||||||||||||
3,700 | 5.000%, 3/01/28 | 3/13 at 100.00 | A | 3,068,854 | ||||||||||||
7,000 | 5.000%, 3/01/33 | 3/13 at 100.00 | A | 5,524,400 | ||||||||||||
5,425 | California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) | No Opt. Call | A | 5,252,811 | ||||||||||||
8,560 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 | 11/15 at 100.00 | A2 | 7,251,604 | ||||||||||||
8,570 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 | 4/16 at 100.00 | A+ | 6,792,668 | ||||||||||||
955 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.475%, 11/15/42 (IF) | 11/16 at 100.00 | AA– | 551,695 | ||||||||||||
11,395 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 1993E, 5.500%, 6/01/15 | No Opt. Call | A | 11,857,751 | ||||||||||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | ||||||||||||||||
1,640 | 5.250%, 7/01/30 | 7/15 at 100.00 | BBB | 1,192,346 | ||||||||||||
2,730 | 5.000%, 7/01/39 | 7/15 at 100.00 | BBB | 1,769,914 | ||||||||||||
5,000 | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 — FGIC Insured | 7/18 at 100.00 | AA– | 4,451,400 | ||||||||||||
6,605 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.640%, 11/15/48 (IF) | 5/18 at 100.00 | AA– | 4,414,614 | ||||||||||||
4,000 | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 California, General Obligation Bonds, Series 2004: | No Opt. Call | AA+ | 4,276,160 | ||||||||||||
2,000 | 5.125%, 2/01/25 | 2/14 at 100.00 | A+ | 1,924,080 | ||||||||||||
10,000 | 5.125%, 2/01/26 | 2/14 at 100.00 | A+ | 9,563,300 | ||||||||||||
3,575 | Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 | 6/14 at 102.00 | A2 | 3,271,697 | ||||||||||||
4,890 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 — MBIA Insured | No Opt. Call | AA | 1,688,028 |
19
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||
$ | 7,000 | 5.000%, 6/01/33 | 6/17 at 100.00 | BBB | $ | 4,364,920 | ||||||||||
3,000 | 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 1,771,500 | ||||||||||||
2,000 | 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 1,316,560 | ||||||||||||
5,000 | Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 — FSA Insured | No Opt. Call | AAA | 1,961,100 | ||||||||||||
5,470 | 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 | 4,642,334 | ||||||||||||
930 | Martinez, California, Home Mortgage Revenue Bonds, Series 1983A, 10.750%, 2/01/16 (ETM) | No Opt. Call | AAA | 1,170,135 | ||||||||||||
18,140 | Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) | No Opt. Call | AAA | 22,039,207 | ||||||||||||
5,000 | Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) | 7/14 at 100.00 | A3 | (4) | 5,549,700 | |||||||||||
2,000 | Redwood City School District, San Mateo County, California, General Obligation Bonds, Series 2002, 5.000%, 7/15/27 — FGIC Insured | 7/12 at 100.00 | A+ | 1,855,240 | ||||||||||||
3,700 | Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/22 — MBIA Insured | 8/13 at 100.00 | AA | 3,532,834 | ||||||||||||
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | ||||||||||||||||
400 | 5.000%, 9/01/21 | 9/15 at 102.00 | Baa3 | 331,008 | ||||||||||||
445 | 5.000%, 9/01/23 | 9/15 at 102.00 | Baa3 | 356,774 | ||||||||||||
3,500 | San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 — MBIA Insured | 9/14 at 100.00 | AA | 3,267,845 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||
10,450 | 0.000%, 1/15/31 — MBIA Insured | No Opt. Call | AA | 2,336,934 | ||||||||||||
7,150 | 0.000%, 1/15/32 — MBIA Insured | No Opt. Call | AA | 1,491,347 | ||||||||||||
50,400 | 0.000%, 1/15/34 — MBIA Insured | No Opt. Call | AA | 9,116,856 | ||||||||||||
24,025 | 0.000%, 1/15/36 — MBIA Insured | No Opt. Call | AA | 3,774,568 | ||||||||||||
264,755 | Total California | 164,417,943 | ||||||||||||||
Colorado — 5.4% (3.3% of Total Investments) | ||||||||||||||||
2,500 | Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/21 — FGIC Insured | 12/14 at 100.00 | AA | 2,452,850 | ||||||||||||
690 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley School, Series 2005, 5.125%, 9/15/20 — SYNCORA GTY Insured | 9/15 at 100.00 | A | 671,598 | ||||||||||||
2,125 | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 | 6/16 at 100.00 | A– | 1,604,715 | ||||||||||||
1,000 | Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25 | 9/14 at 100.00 | A3 | 833,390 | ||||||||||||
800 | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25 | 3/15 at 100.00 | BBB+ | 586,144 | ||||||||||||
70 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997B-2, 7.000%, 5/01/26 (Alternative Minimum Tax) | 11/08 at 105.00 | Aaa | 70,993 | ||||||||||||
95 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1997C-2, 6.875%, 11/01/28 (Alternative Minimum Tax) | 11/08 at 105.00 | Aaa | 96,111 | ||||||||||||
445 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 7.250%, 10/01/31 (Alternative Minimum Tax) | 4/10 at 105.00 | AA | 466,133 |
20
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Colorado (continued) | ||||||||||||||||
$ | 8,385 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | $ | 8,927,929 | ||||||||||
19,810 | Denver, Colorado, Excise Tax Revenue Bonds, Convention Center, Series 2001A, 5.500%, 9/01/18 (Pre-refunded 3/01/11) — FSA Insured | 3/11 at 100.00 | AAA | 21,068,331 | ||||||||||||
20,500 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 - MBIA Insured | No Opt. Call | AA | 3,851,335 | ||||||||||||
24 | El Paso County, Colorado, FNMA Mortgage-Backed Single Family Revenue Refunding Bonds, Series 1992A-2, 8.750%, 6/01/11 | No Opt. Call | Aaa | 25,663 | ||||||||||||
56,444 | Total Colorado | 40,655,192 | ||||||||||||||
Connecticut - 0.6% (0.3% of Total Investments) | ||||||||||||||||
1,930 | Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16 | No Opt. Call | AA | 2,118,175 | ||||||||||||
2,310 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 11/15/30 - MBIA Insured | 11/15 at 100.00 | AA | 2,166,272 | ||||||||||||
4,240 | Total Connecticut | 4,284,447 | ||||||||||||||
District of Columbia - 4.1% (2.5% of Total Investments) | ||||||||||||||||
4,460 | District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) | 12/08 at 100.00 | AAA | 4,499,293 | ||||||||||||
9,505 | District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 - MBIA Insured | No Opt. Call | AA | 10,261,408 | ||||||||||||
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | ||||||||||||||||
14,105 | 0.000%, 4/01/24 (Pre-refunded 4/01/11) — MBIA Insured | 4/11 at 47.66 | AA | (4) | 6,213,676 | |||||||||||
7,625 | 0.000%, 4/01/25 (Pre-refunded 4/01/11) — MBIA Insured | 4/11 at 44.82 | AA | (4) | 3,159,419 | |||||||||||
16,665 | 0.000%, 4/01/32 (Pre-refunded 4/01/11) — MBIA Insured | 4/11 at 29.23 | AA | (4) | 4,503,550 | |||||||||||
2,130 | 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 | 1,001,334 | ||||||||||||
3,335 | Washington DC Convention Center Authority, Dedicated Tax Revenue Bonds, Residual Series 1730,1731, 1736, 0.469%, 10/01/30 - AMBAC Insured (IF) | 10/16 at 100.00 | AA | 1,567,817 | ||||||||||||
57,825 | Total District of Columbia | 31,206,497 | ||||||||||||||
Florida - 5.9% (3.6% of Total Investments) | ||||||||||||||||
4,225 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24 | 4/16 at 100.00 | A2 | 3,047,704 | ||||||||||||
8,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.375%, 10/01/16 - MBIA Insured (Alternative Minimum Tax) | 10/13 at 100.00 | AA | 7,596,320 | ||||||||||||
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 | ||||||||||||
19,750 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006, 4.500%, 7/01/33 - AMBAC Insured | 7/16 at 100.00 | AA | 15,567,543 | ||||||||||||
5,000 | 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) | 5,434,250 | |||||||||||
6,910 | 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– | 5,436,443 | ||||||||||||
1,785 | Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 - MBIA Insured | 10/15 at 100.00 | AA | 1,694,268 | ||||||||||||
2,375 | Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/22 - FSA Insured | 8/15 at 100.00 | Aaa | 2,264,373 | ||||||||||||
53,445 | Total Florida | 44,664,571 | ||||||||||||||
21
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Georgia - 1.9% (1.1% of Total Investments) | ||||||||||||||||
$ | 2,625 | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004, 5.250%, 5/01/24 - MBIA Insured | 5/14 at 100.00 | AA | $ | 2,594,865 | ||||||||||
6,025 | Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding Certificates, Series 2003, 5.250%, 1/01/20 - FSA Insured | 1/14 at 100.00 | AAA | 6,139,053 | ||||||||||||
4,845 | Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992P, 6.250%, 7/01/20 - AMBAC Insured | No Opt. Call | AA | 5,302,271 | ||||||||||||
13,495 | Total Georgia | 14,036,189 | ||||||||||||||
Hawaii - 1.3% (0.8% of Total Investments) | ||||||||||||||||
10,000 | Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/21 - MBIA Insured | 9/13 at 100.00 | AA | 10,105,500 | ||||||||||||
Idaho - 0.8% (0.5% of Total Investments) | ||||||||||||||||
5,000 | Boise City, Idaho, Airport Revenue Certificates of Participation, Series 2000, 5.500%, 9/01/25 - FGIC Insured (Alternative Minimum Tax) | 9/10 at 100.00 | A1 | 4,273,350 | ||||||||||||
2,185 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/30 | 9/16 at 100.00 | BBB– | 1,585,043 | ||||||||||||
7,185 | Total Idaho | 5,858,393 | ||||||||||||||
Illinois - 9.8% (5.9% of Total Investments) | ||||||||||||||||
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1: | ||||||||||||||||
8,890 | 0.000%, 12/01/16 - FGIC Insured | No Opt. Call | AA | 6,013,018 | ||||||||||||
10,000 | 0.000%, 12/01/20 - FGIC Insured | No Opt. Call | AA | 5,143,900 | ||||||||||||
10,130 | 0.000%, 12/01/24 - FGIC Insured | No Opt. Call | AA | 4,026,169 | ||||||||||||
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A: | ||||||||||||||||
15,000 | 0.000%, 12/01/21 - FGIC Insured | No Opt. Call | AA | 7,245,300 | ||||||||||||
10,000 | 0.000%, 12/01/23 - FGIC Insured | No Opt. Call | AA | 4,246,400 | ||||||||||||
110 | Chicago, Illinois, FNMA/GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1997B, 6.950%, 9/01/28 (Alternative Minimum Tax) | 3/09 at 104.00 | Aaa | 112,486 | ||||||||||||
8,740 | Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds, Illinois Power Company, Series 1994A, 5.700%, 2/01/24 - MBIA Insured | 2/09 at 100.00 | AA | 8,403,597 | ||||||||||||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | ||||||||||||||||
1,050 | 5.250%, 11/15/22 | 5/14 at 100.00 | A | 890,715 | ||||||||||||
3,000 | 5.250%, 11/15/23 | 5/14 at 100.00 | A | 2,509,290 | ||||||||||||
985 | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BBB– | 762,459 | ||||||||||||
1,225 | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 | 5/12 at 100.00 | Baa3 | 944,953 | ||||||||||||
9,820 | Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/27 - AMBAC Insured | 2/09 at 100.50 | AA | 9,951,195 | ||||||||||||
1,000 | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/30 | 1/16 at 100.00 | AA | 901,820 | ||||||||||||
10,040 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1992A, 0.000%, 6/15/15 - FGIC Insured | No Opt. Call | AA | 7,432,512 | ||||||||||||
9,200 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1999A, 5.500%, 12/15/24 - FGIC Insured | 12/09 at 101.00 | AAA | 9,291,172 | ||||||||||||
3,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) | No Opt. Call | AAA | 3,529,710 | ||||||||||||
3,000 | Upper Illinois River Valley Development Authority, Healthcare Facilities Revenue Bonds, Morris Hospital, Series 2001, 6.625%, 12/01/31 | 12/11 at 101.00 | BBB+ | 2,803,800 | ||||||||||||
105,190 | Total Illinois | 74,208,496 | ||||||||||||||
22
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Indiana - 1.4% (0.9% of Total Investments) | ||||||||||||||||
$ | 2,005 | Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 8/01/22 - FSA Insured | 8/14 at 100.00 | AAA | $ | 1,996,559 | ||||||||||
7,965 | Wawasee Community School Corporation, Indiana, First Mortgage Bonds, New Elementary and Remodeling Building Corporation, Series 2000, 5.750%, 1/15/20 (Pre-refunded 1/15/12) | 1/12 at 101.00 | AA+ | (4) | 8,701,683 | |||||||||||
9,970 | Total Indiana | 10,698,242 | ||||||||||||||
Iowa - 1.6% (1.0% of Total Investments) | ||||||||||||||||
2,000 | Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, 6.250%, 7/01/25 | 7/10 at 100.00 | A1 | 2,001,340 | ||||||||||||
3,570 | Iowa Finance Authority, Industrial Remarketed Revenue Refunding Bonds, Urbandale Hotel Corporation, Series 1989A, 8.500%, 8/01/16 (Alternative Minimum Tax) (ETM) | No Opt. Call | AAA | 4,265,329 | ||||||||||||
10,000 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | 5,880,100 | ||||||||||||
15,570 | Total Iowa | 12,146,769 | ||||||||||||||
Kansas - 0.8% (0.5% of Total Investments) | ||||||||||||||||
6,000 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/21 (UB) | 3/14 at 100.00 | AAA | 6,041,460 | ||||||||||||
Kentucky - 0.4% (0.3% of Total Investments) | ||||||||||||||||
Marshall County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004: | ||||||||||||||||
1,210 | 5.000%, 6/01/19 - AMBAC Insured | 6/14 at 100.00 | Aa3 | 1,198,190 | ||||||||||||
1,270 | 5.000%, 6/01/20 - AMBAC Insured | 6/14 at 100.00 | Aa3 | 1,238,352 | ||||||||||||
1,335 | 5.000%, 6/01/21 - AMBAC Insured | 6/14 at 100.00 | Aa3 | 1,283,095 | ||||||||||||
3,815 | Total Kentucky | 3,719,637 | ||||||||||||||
Louisiana - 4.0% (2.4% of Total Investments) | ||||||||||||||||
2,915 | Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 12/01/19 (Pre-refunded 12/01/12) — AMBAC Insured | 12/12 at 100.00 | AA | (4) | 3,146,830 | |||||||||||
170 | Louisiana Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000A, 7.450%, 12/01/31 (Alternative Minimum Tax) | 9/09 at 101.00 | Aaa | 174,406 | ||||||||||||
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994: | ||||||||||||||||
555 | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R | (4) | 667,543 | |||||||||||
4,950 | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R | (4) | 5,953,019 | |||||||||||
2,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 | 8/15 at 100.00 | A+ | 1,581,140 | ||||||||||||
5,800 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 | 5/17 at 100.00 | A3 | 4,519,418 | ||||||||||||
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: | ||||||||||||||||
930 | 4.750%,5/01/39 - FSA Insured (UB) | 5/16 at 100.00 | AAA | 754,946 | ||||||||||||
10,105 | 4.500%, 5/01/41 - FGIC Insured (UB) | 5/16 at 100.00 | AA | 7,747,402 | ||||||||||||
33,335 | Total Louisiana | 30,175,892 | ||||||||||||||
23
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Maryland - 1.0% (0.6% of Total Investments) | ||||||||||||||||
$ | 2,200 | Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 - SYNCORA GTY Insured | 9/16 at 100.00 | BBB– | $ | 1,855,062 | ||||||||||
3,560 | 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 | 2,468,112 | ||||||||||||
3,600 | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.200%, 7/01/30 (Alternative Minimum Tax) | 7/10 at 100.00 | Aaa | 3,303,252 | ||||||||||||
9,360 | Total Maryland | 7,626,426 | ||||||||||||||
Massachusetts - 5.0% (3.0% of Total Investments) | ||||||||||||||||
840 | Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A, 5.250%, 7/01/30 | 7/10 at 100.00 | AAA | 812,507 | ||||||||||||
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2000A: | ||||||||||||||||
7,900 | 5.250%, 7/01/30 (Pre-refunded 7/01/10) | 7/10 at 100.00 | Aa1 | (4) | 8,285,994 | |||||||||||
1,260 | 5.250%, 7/01/30 (Pre-refunded 7/01/10) | 7/10 at 100.00 | Aa1 | (4) | 1,321,564 | |||||||||||
8,505 | Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2001A, 5.850%, 7/01/35 - AMBAC Insured (Alternative Minimum Tax) | 1/11 at 100.00 | AA | 7,212,920 | ||||||||||||
2,825 | Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) | 12/08 at 102.00 | BBB | 2,643,098 | ||||||||||||
5,625 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2847, 7.405%, 8/01/36 (IF) | 8/16 at 100.00 | AAA | 2,967,075 | ||||||||||||
5,960 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 - MBIA Insured | 8/17 at 100.00 | AA | 6,013,580 | ||||||||||||
5,535 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 - FSA Insured (UB) | 2/17 at 100.00 | AAA | 4,270,086 | ||||||||||||
3,820 | Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) — FGIC Insured | 1/14 at 100.00 | A | (4) | 3,972,838 | |||||||||||
42,270 | Total Massachusetts | 37,499,662 | ||||||||||||||
Michigan - 4.3% (2.6% of Total Investments) | ||||||||||||||||
Detroit, Michigan, General Obligation Bonds, Series 2003A: | ||||||||||||||||
3,565 | 5.250%, 4/01/22 - SYNCORA GTY Insured | 4/13 at 100.00 | BBB | 3,317,696 | ||||||||||||
1,275 | 5.250%, 4/01/23 - SYNCORA GTY Insured | 4/13 at 100.00 | BBB | 1,175,423 | ||||||||||||
3,000 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 7/15 at 100.00 | BBB | 2,369,490 | ||||||||||||
6,600 | Michigan Housing Development Authority, Limited Obligation Multifamily Mortgage Revenue Refunding Bonds, Forest Hills Regency Square Project, Series 1999A, 5.750%, 7/01/29 | 1/09 at 101.00 | AAA | 6,175,818 | ||||||||||||
10,000 | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/23 - MBIA Insured | 10/13 at 100.00 | AA | 9,682,500 | ||||||||||||
4,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) | 12/16 at 100.00 | Aa2 | 3,427,800 | ||||||||||||
850 | Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 | 6/16 at 100.00 | Baa3 | 535,322 | ||||||||||||
6,390 | Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Airport, Series 2002D, 5.500%, 12/01/19 - FGIC Insured (Alternative Minimum Tax) | 12/12 at 100.00 | AA | 5,803,845 | ||||||||||||
35,680 | Total Michigan | 32,487,894 | ||||||||||||||
24
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Minnesota - 5.1% (3.1% of Total Investments) | ||||||||||||||||
$ | 13,650 | Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 | 7/14 at 100.00 | A– | $ | 11,696,276 | ||||||||||
2,000 | Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine Health System — St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 (Pre-refunded 2/15/14) | 2/14 at 100.00 | A– | (4) | 2,152,500 | |||||||||||
Eden Prairie, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rolling Hills Project, Series 2001A: | ||||||||||||||||
1,000 | 6.150%,8/20/31 | 8/11 at 105.00 | Aaa | 1,003,550 | ||||||||||||
2,000 | 6.200%,2/20/43 | 8/11 at 105.00 | Aaa | 1,971,800 | ||||||||||||
90 | Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A, 5.750%, 11/15/26 - MBIA Insured | 11/08 at 101.00 | AAA | 79,324 | ||||||||||||
1,500 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/24 | 10/14 at 100.00 | A3 | 1,366,950 | ||||||||||||
1,545 | St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 | 11/15 at 100.00 | Baa3 | 1,245,363 | ||||||||||||
16,750 | St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 - FSA Insured | 11/15 at 103.00 | AAA | 18,980,095 | ||||||||||||
38,535 | Total Minnesota | 38,495,858 | ||||||||||||||
Mississippi - 0.8% (0.5% of Total Investments) | ||||||||||||||||
6,875 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, 2004B-1, 5.000%, 9/01/24 (UB) | 9/14 at 100.00 | AA | 6,075,163 | ||||||||||||
Missouri - 1.8% (1.1% of Total Investments) | ||||||||||||||||
2,000 | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services — Heisinger Project, Series 2004, 5.250%, 2/01/24 | 2/14 at 100.00 | N/R | 1,713,420 | ||||||||||||
500 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 | 3/16 at 100.00 | BBB+ | 424,600 | ||||||||||||
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: | ||||||||||||||||
1,565 | 6.000%,6/01/20 | No Opt. Call | BBB+ | 1,407,655 | ||||||||||||
1,260 | 5.000%,6/01/35 | 6/15 at 100.00 | BBB+ | 847,148 | ||||||||||||
1,500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/21 - AMBAC Insured | 6/11 at 101.00 | AA | 1,412,385 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: | ||||||||||||||||
1,500 | 5.250%, 6/01/21 (Pre-refunded 6/01/11) — AMBAC Insured | 6/11 at 101.00 | AA | (4) | 1,605,210 | |||||||||||
4,150 | 5.250%, 6/01/28 (Pre-refunded 6/01/11) — AMBAC Insured | 6/11 at 101.00 | AA | (4) | 4,428,175 | |||||||||||
115 | Missouri Housing Development Commission, GNMA/FNMA Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1996C, 7.450%, 9/01/27 (Alternative Minimum Tax) | 3/09 at 103.00 | AAA | 116,601 | ||||||||||||
2,005 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1999B-1, 6.700%, 9/01/30 (Alternative Minimum Tax) | 3/09 at 103.00 | AAA | 2,016,549 | ||||||||||||
14,595 | Total Missouri | 13,971,743 | ||||||||||||||
Nebraska - 0.1% (0.1% of Total Investments) | ||||||||||||||||
1,620 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 14.495%, 2/01/49 - AMBAC Insured (IF) | 2/17 at 100.00 | AAA | 1,439,597 | ||||||||||||
25
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Nevada - 4.7% (2.8% of Total Investments) | ||||||||||||||||
$ | 10,410 | Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 (Pre-refunded 6/15/12) — MBIA Insured | 6/12 at 100.00 | AA– | $ | 11,277,986 | ||||||||||
15,000 | Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2001, 5.250%, 6/01/26 (Pre-refunded 6/01/11) — FGIC Insured | 6/11 at 100.00 | AA+ | (4) | 15,912,450 | |||||||||||
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: | ||||||||||||||||
6,425 | 0.000%, 1/01/29 - AMBAC Insured | No Opt. Call | AA | 832,359 | ||||||||||||
12,000 | 5.375%, 1/01/40 - AMBAC Insured | 1/10 at 100.00 | AA | 7,213,680 | ||||||||||||
43,835 | Total Nevada | 35,236,475 | ||||||||||||||
New Hampshire - 0.1% (0.1% of Total Investments) | ||||||||||||||||
405 | New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Revenue Bonds, Series 1996B, 6.400%, 1/01/27 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa2 | 408,637 | ||||||||||||
New Jersey - 10.2% (6.2% of Total Investments) | ||||||||||||||||
10,150 | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Bonds, Port District Project, Series 1999B, 5.625%, 1/01/26 - FSA Insured | 1/10 at 100.00 | AAA | 10,153,045 | ||||||||||||
8,000 | Essex County Improvement Authority, New Jersey, General Obligation Guaranteed Lease Revenue Bonds, County Correctional Facility Project, Series 2000, 6.000%, 10/01/25 (Pre-refunded 10/01/10) — FGIC Insured | 10/10 at 100.00 | A1 | (4) | 8,524,480 | |||||||||||
500 | Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/15 | No Opt. Call | N/R | 423,695 | ||||||||||||
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | ||||||||||||||||
3,655 | 5.250%, 9/01/24 | 9/15 at 100.00 | AA– | 3,658,874 | ||||||||||||
2,000 | 5.250%, 9/01/26 | 9/15 at 100.00 | AA– | 1,986,120 | ||||||||||||
800 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | Baa2 | 622,040 | ||||||||||||
3,820 | New Jersey Housing and Mortgage Finance Agency, Home Buyer Program Revenue Bonds, Series 1997U, 5.850%, 4/01/29 - MBIA Insured (Alternative Minimum Tax) | 4/09 at 100.75 | Aaa | 3,388,531 | ||||||||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C: | ||||||||||||||||
5,410 | 5.500%, 6/15/20 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | 5,935,582 | ||||||||||||
9,250 | 5.500%, 6/15/23 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | 10,148,638 | ||||||||||||
3,850 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.250%, 12/15/20 | No Opt. Call | AA– | 3,894,891 | ||||||||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 2000A: | ||||||||||||||||
3,915 | 6.000%, 1/01/14 - MBIA Insured (ETM) | No Opt. Call | AA– | 4,378,614 | ||||||||||||
7,585 | 6.000%, 1/01/14 - MBIA Insured (ETM) | No Opt. Call | AA– | 8,483,216 | ||||||||||||
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 | ||||||||||||
9,130 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 - FSA Insured (UB) | 1/15 at 100.00 | AAA | 9,134,200 | ||||||||||||
5,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23 | 6/17 at 100.00 | BBB | 4,046,200 | ||||||||||||
75,565 | Total New Jersey | 77,248,551 | ||||||||||||||
New Mexico - 0.8% (0.5% of Total Investments) | ||||||||||||||||
525 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2000D-2, 6.850%, 9/01/31 (Alternative Minimum Tax) | 3/10 at 102.50 | AAA | 528,728 | ||||||||||||
5,585 | Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 - FSA Insured | No Opt. Call | AAA | 5,848,891 | ||||||||||||
6,110 | Total New Mexico | 6,377,619 | ||||||||||||||
26
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New York - 13.6% (8.2% of Total Investments) | ||||||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2004A: | ||||||||||||||||
$ | 1,000 | 5.250%, 7/01/22 | 7/14 at 100.00 | Aa3 | $ | 1,003,080 | ||||||||||
500 | 5.250%, 7/01/24 | 7/14 at 100.00 | Aa3 | 497,850 | ||||||||||||
1,025 | Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2004A, 5.250%, 7/01/20 (Pre-refunded 7/01/14) | 7/14 at 100.00 | AAA | 1,122,221 | ||||||||||||
1,995 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/20 | 7/14 at 100.00 | AA– | 2,019,698 | ||||||||||||
2,335 | 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 | 2,312,631 | ||||||||||||
6,915 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2006A, 4.500%, 2/15/47 - MBIA Insured (UB) | 2/17 at 100.00 | AA | 4,921,198 | ||||||||||||
6,000 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 | No Opt. Call | AA– | 4,891,500 | ||||||||||||
5,100 | 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 | 3,791,391 | ||||||||||||
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006A: | ||||||||||||||||
7,000 | 5.000%, 12/01/23 - FGIC Insured | 6/16 at 100.00 | A– | 6,508,250 | ||||||||||||
5,000 | 5.000%, 12/01/24 - FGIC Insured | 6/16 at 100.00 | A– | 4,604,700 | ||||||||||||
3,900 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 - AMBAC Insured | 11/15 at 100.00 | AA | 3,448,224 | ||||||||||||
5,780 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30 | 11/15 at 100.00 | A | 5,255,523 | ||||||||||||
3,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 - FGIC Insured | 11/12 at 100.00 | AA | 2,865,300 | ||||||||||||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, United Jewish Appeal — Federation of Jewish Philanthropies of New York Inc., Series 2004A: | ||||||||||||||||
2,185 | 5.250%, 7/01/20 | 7/14 at 100.00 | Aa1 | 2,226,624 | ||||||||||||
2,050 | 5.250%, 7/01/21 | 7/14 at 100.00 | Aa1 | 2,074,867 | ||||||||||||
2,420 | 5.250%, 7/01/22 | 4/14 at 100.00 | Aa1 | 2,451,145 | ||||||||||||
1,370 | 5.250%, 7/01/24 | 4/14 at 100.00 | Aa1 | 1,380,576 | ||||||||||||
12,500 | New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 5.250%,10/15/22 (UB) | 10/13 at 100.00 | AA | 12,380,500 | ||||||||||||
525 | New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 | 6/13 at 100.00 | AAA | 527,714 | ||||||||||||
4,475 | New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/23 (Pre-refunded 6/01/13) | 6/13 at 100.00 | AAA | 4,940,132 | ||||||||||||
7,960 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB) | 4/15 at 100.00 | AA | 7,573,383 | ||||||||||||
1,500 | New York City, New York, General Obligation Bonds, Series 2008, Trust 3217, 13.994%, 8/15/20 (IF) | 8/14 at 100.00 | AA | 1,483,170 | ||||||||||||
2,880 | 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 | 1,716,422 | ||||||||||||
650 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 | 6/10 at 101.00 | BBB | 582,004 | ||||||||||||
1,350 | New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 (Pre-refunded 6/01/10) | 6/10 at 101.00 | AAA | 1,432,364 | ||||||||||||
7,400 | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16 | 6/10 at 100.00 | AA– | 7,463,122 | ||||||||||||
6,460 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/26 - FGIC Insured | 3/14 at 100.00 | AAA | 6,284,159 |
27
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New York(continued) | ||||||||||||||||
$ | 4,750 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fifth Series 2004, 5.000%, 9/15/28 - SYNCORA GTY Insured | 3/14 at 101.00 | AA– | $ | 4,531,025 | ||||||||||
2,720 | Rensselaer County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26 | 3/16 at 100.00 | A | 2,528,838 | ||||||||||||
110,745 | Total New York | 102,817,611 | ||||||||||||||
North Carolina - 1.8% (1.1% of Total Investments) | ||||||||||||||||
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G: | ||||||||||||||||
5,785 | 5.250%, 6/01/22 (UB) | 6/13 at 100.00 | AA+ | 5,832,032 | ||||||||||||
3,475 | 5.250%, 6/01/23 (UB) | 6/13 at 100.00 | AA+ | 3,497,344 | ||||||||||||
5,130 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas Health Care System Revenue Bonds, Series 2008, Trust 1149, 6.780%, 1/15/47 (IF) | 1/18 at 100.00 | AA– | 3,154,540 | ||||||||||||
1,050 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 | 1/17 at 100.00 | AA– | 897,929 | ||||||||||||
1,000 | Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax) | 8/15 at 100.00 | N/R | 589,320 | ||||||||||||
16,440 | Total North Carolina | 13,971,165 | ||||||||||||||
North Dakota - 1.4% (0.8% of Total Investments) | ||||||||||||||||
9,650 | Dickinson, North Dakota, Health Care Facilities Revenue Bonds, BHS Long-Term Care Inc., Series 1990, 7.625%, 2/15/20 (Pre-refunded 2/15/10) — RAAI Insured | 2/10 at 102.00 | Aa2 | (4) | 10,484,532 | |||||||||||
Ohio - 3.3% (2.0% of Total Investments) | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||
275 | 5.125%,6/01/24 | 6/17 at 100.00 | BBB | 215,545 | ||||||||||||
2,850 | 5.875%,6/01/30 | 6/17 at 100.00 | BBB | 1,997,879 | ||||||||||||
2,745 | 5.750%,6/01/34 | 6/17 at 100.00 | BBB | 1,828,170 | ||||||||||||
6,285 | 5.875%,6/01/47 | 6/17 at 100.00 | BBB | 3,931,959 | ||||||||||||
4,265 | Franklin County, Ohio, Hospital Revenue and Improvement Bonds, Children’s Hospital Project, Series 2001, 5.500%, 5/01/28 (Pre-refunded 5/01/11) — AMBAC Insured | 5/11 at 101.00 | Aa2 | (4) | 4,580,098 | |||||||||||
2,720 | Ohio State University, General Receipts Bonds, Series 2003B, 5.250%, 6/01/20 | 6/13 at 100.00 | AA | 2,763,003 | ||||||||||||
665 | Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System Obligated Group, Series 2000A, 6.125%, 11/15/16 | 11/10 at 101.00 | A– | 670,639 | ||||||||||||
1,335 | Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds, MedCentral Health System Obligated Group, Series 2000A, 6.125%, 11/15/16 (Pre-refunded 11/15/10) | 11/10 at 101.00 | A– | (4) | 1,441,066 | |||||||||||
7,000 | Steubenville, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Trinity Health System, Series 2000, 6.500%, 10/01/30 (Pre-refunded 10/01/10) | 10/10 at 100.00 | A3 | (4) | 7,535,010 | |||||||||||
28,140 | Total Ohio | 24,963,369 | ||||||||||||||
Oklahoma - 2.7% (1.6% of Total Investments) | ||||||||||||||||
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: | ||||||||||||||||
500 | 5.375%,9/01/29 | 9/16 at 100.00 | BBB | 384,080 | ||||||||||||
1,050 | 5.375%,9/01/36 | 9/16 at 100.00 | BBB | 765,944 | ||||||||||||
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 |
28
Principal | Optional Call | ||||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||||||||||
Oklahoma(continued) | |||||||||||||||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | |||||||||||||||||
$ | 8,150 | 5.000%,2/15/37 | 2/17 at 100.00 | AA– | $ | 6,739,806 | |||||||||||
1,335 | 5.000%,2/15/42 | 2/17 at 100.00 | AA– | 1,078,707 | |||||||||||||
10,035 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) | 12/16 at 100.00 | AA | 7,804,120 | |||||||||||||
143 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 7.262%, 12/15/36 (IF) | 12/16 at 100.00 | AA | 79,418 | |||||||||||||
24,713 | Total Oklahoma | 20,237,380 | |||||||||||||||
Oregon - 0.5% (0.3% of Total Investments) | |||||||||||||||||
1,060 | Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/24 - FSA Insured | 5/15 at 100.00 | AAA | 1,034,327 | |||||||||||||
2,500 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004A, 5.000%, 11/15/21 (Pre-refunded 11/15/14) | 11/14 at 100.00 | AAA | 2,691,225 | |||||||||||||
3,560 | Total Oregon | 3,725,552 | |||||||||||||||
Pennsylvania - 5.0% (3.0% of Total Investments) | |||||||||||||||||
980 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB | 634,305 | |||||||||||||
Lancaster Higher Education Authority, Pennsylvania, Revenue Bonds, Franklin and Marshall College, Series 2003C: | |||||||||||||||||
1,340 | 5.250%,4/15/15 | 4/13 at 100.00 | A+ | 1,382,920 | |||||||||||||
1,960 | 5.250%,4/15/17 | 4/13 at 100.00 | A+ | 1,995,437 | |||||||||||||
1,000 | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | AA | 953,870 | |||||||||||||
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 | |||||||||||||
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1: | |||||||||||||||||
4,505 | 5.000%, 9/01/21 - FSA Insured (UB) | 9/14 at 100.00 | AAA | 4,332,594 | |||||||||||||
4,735 | 5.000%, 9/01/22 - FSA Insured (UB) | 9/14 at 100.00 | AAA | 4,510,561 | |||||||||||||
8,405 | Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Mortgage Revenue Bonds, Cricket Court Apartments, Series 1998A, 6.200%, 4/01/25 (Alternative Minimum Tax) | 4/09 at 102.00 | N/R | 6,616,500 | |||||||||||||
14,000 | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.250%, 6/01/24 (Pre-refunded 6/01/13) — FSA Insured | 6/13 at 100.00 | AAA | 15,087,100 | |||||||||||||
39,550 | Total Pennsylvania | 38,020,818 | |||||||||||||||
Puerto Rico - 0.3% (0.2% of Total Investments) | |||||||||||||||||
2,500 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%,8/01/57 | 8/17 at 100.00 | A+ | 2,173,450 | |||||||||||||
South Carolina - 7.0% (4.2% of Total Investments) | |||||||||||||||||
8,610 | Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/24 | 12/14 at 100.00 | AA– | 8,213,854 | |||||||||||||
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2008, Trust 3219: | |||||||||||||||||
1,275 | 13.987%, 12/01/18 (IF) | 12/13 at 100.00 | AA | 1,327,530 | |||||||||||||
895 | 14.059%, 12/01/20 (IF) | 12/13 at 100.00 | AA | 881,879 | |||||||||||||
465 | 14.041%, 12/01/21 (IF) | 12/13 at 100.00 | AA | 446,047 | |||||||||||||
Lexington County Health Service District, South Carolina, Hospital Revenue Bonds, Series 2004: | |||||||||||||||||
1,805 | 6.000%, 5/01/19 (Pre-refunded 5/01/14) | 5/14 at 100.00 | A+ | (4) | 1,998,731 | ||||||||||||
2,400 | 5.500%, 5/01/24 (Pre-refunded 5/01/14) | 5/14 at 100.00 | A+ | (4) | 2,598,576 |
29
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
South Carolina (continued) | ||||||||||||||||
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C: | ||||||||||||||||
$ | 13,345 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ | (4) | $ | 14,798,938 | |||||||||
1,655 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ | (4) | 1,862,074 | |||||||||||
4,150 | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/30 (ETM) | No Opt. Call | BBB | (4) | 4,544,997 | |||||||||||
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B: | ||||||||||||||||
7,975 | 6.000%, 5/15/22 (Pre-refunded 5/15/12) | 5/12 at 100.00 | BBB | (4) | 8,294,239 | |||||||||||
7,500 | 6.375%, 5/15/28 (Pre-refunded 5/15/16) | 5/16 at 100.00 | BBB | (4) | 8,037,075 | |||||||||||
50,075 | Total South Carolina | 53,003,940 | ||||||||||||||
Tennessee - 1.4% (0.8% of Total Investments) | ||||||||||||||||
6,400 | Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 | 7/16 at 100.00 | BBB+ | 4,509,440 | ||||||||||||
6,100 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40 | 1/17 at 31.68 | A– | 572,058 | ||||||||||||
410 | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36 | 9/16 at 100.00 | BBB+ | 269,571 | ||||||||||||
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||||||||||
1,300 | 5.500%,11/01/37 | 11/17 at 100.00 | N/R | 964,184 | ||||||||||||
3,000 | 5.500%,11/01/46 | 11/17 at 100.00 | N/R | 2,158,230 | ||||||||||||
1,965 | Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2004, 5.000%, 7/01/34 (Alternative Minimum Tax) | 7/13 at 100.00 | AA | 1,770,052 | ||||||||||||
19,175 | Total Tennessee | 10,243,535 | ||||||||||||||
Texas - 17.1% (10.3% of Total Investments) | ||||||||||||||||
5,000 | Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) | 12/12 at 100.00 | CCC+ | 1,706,000 | ||||||||||||
3,203 | Austin Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Revenue Bonds, Fairway Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) | 12/10 at 105.00 | Aaa | 3,182,245 | ||||||||||||
8,840 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) | 2/17 at 100.00 | AAA | 6,817,850 | ||||||||||||
2,150 | Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) | 10/13 at 101.00 | Caa1 | 1,384,622 | ||||||||||||
175 | Clear Creek Independent School District, Galveston and Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 6.000%, 2/15/16 | 2/10 at 100.00 | AAA | 181,388 | ||||||||||||
650 | Harlingen Housing Finance Corporation, Texas, GNMA/FNMA Single Family Mortgage Revenue Bonds, Series 2000A, 6.700%, 9/01/33 (Alternative Minimum Tax) | 9/10 at 105.00 | AAA | 664,073 | ||||||||||||
2,395 | Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured | No Opt. Call | AA | 2,471,808 | ||||||||||||
580 | Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured (ETM) | No Opt. Call | AA | (4) | 595,521 | |||||||||||
19,125 | Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 2000, 6.000%, 2/15/15 (Pre-refunded 8/15/10) — MBIA Insured | 8/10 at 100.00 | AA | (4) | 20,046,443 | |||||||||||
4,000 | 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 | 3,239,000 |
30
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
$ | 5,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 – MBIA Insured | 5/14 at 100.00 | AA | $ | 4,865,250 | ||||||||||
6,000 | Houston, Texas, General Obligation Public Improvement Bonds, Series 2001B, 5.500%, 3/01/15 – FSA Insured | 3/11 at 100.00 | AAA | 6,260,040 | ||||||||||||
13,975 | Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 | 8/16 at 100.00 | AAA | 11,790,847 | ||||||||||||
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: | ||||||||||||||||
2,000 | 5.250%, 8/15/21 | No Opt. Call | BBB– | 1,705,680 | ||||||||||||
2,800 | 5.125%, 8/15/26 | No Opt. Call | BBB– | 2,194,696 | ||||||||||||
1,505 | Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/23 – AMBAC Insured | 5/13 at 100.00 | AA | 1,495,895 | ||||||||||||
245 | Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, 5.250%, 5/15/24 (Pre-refunded 5/15/13) – AMBAC Insured | 5/13 at 100.00 | AA | (4) | 265,950 | |||||||||||
3,155 | Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2003, 5.250%, 5/15/24 – AMBAC Insured | 5/13 at 100.00 | AA | 3,105,561 | ||||||||||||
5,650 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/38 | 1/18 at 100.00 | A3 | 4,769,956 | ||||||||||||
11,000 | Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender Option Bond Trust 1124, 6.314%, 2/15/32 (IF) | 2/17 at 100.00 | AAA | 7,788,660 | ||||||||||||
2,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 | 11/15 at 100.00 | Caa1 | 1,133,080 | ||||||||||||
12,130 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA- | 9,858,051 | ||||||||||||
10,810 | Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1, 7.625%, 12/20/32 | 12/10 at 105.00 | Aaa | 10,893,994 | ||||||||||||
4,000 | Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Adventist Health System – Sunbelt Obligated Group, Series 2000, 6.700%, 11/15/30 (Pre-refunded 11/15/10) | 11/10 at 101.00 | A+ | (4) | 4,373,240 | |||||||||||
5,000 | Tarrant Regional Water District, Texas, Water Revenue Refunding and Improvement Bonds, Series 1999, 5.250%, 3/01/17 – FSA Insured | 3/13 at 100.00 | AAA | 5,221,850 | ||||||||||||
2,985 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 10.466%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 2,461,998 | ||||||||||||
25,000 | Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series 2002A, 0.000%, 8/15/24 – AMBAC Insured | No Opt. Call | AA | 8,698,000 | ||||||||||||
2,500 | Tomball Hospital Authority, Texas, Hospital Revenue Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 | 7/15 at 100.00 | Baa3 | 2,071,425 | ||||||||||||
161,873 | Total Texas | 129,243,123 | ||||||||||||||
Utah – 0.1% (0.1% of Total Investments) | ||||||||||||||||
470 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 5.750%, 7/01/28 (Alternative Minimum Tax) | 1/09 at 101.00 | AAA | 467,876 | ||||||||||||
Virginia - 0.6% (0.4% of Total Investments) | ||||||||||||||||
4,725 | Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue Bonds, Mayfair Apartments I and II, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) | 10/14 at 100.00 | N/R | 4,174,018 | ||||||||||||
31
NPI | Nuveen Premium Income Municipal Fund, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Washington – 3.3% (2.0% of Total Investments) | ||||||||||||||||
$ | 2,500 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured | 7/12 at 100.00 | Aaa | $ | 2,645,500 | ||||||||||
3,125 | Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/20 – MBIA Insured | 6/14 at 100.00 | A2 | 3,092,031 | ||||||||||||
5,000 | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.250%, 12/01/26 – MBIA Insured | 12/11 at 100.00 | AA | 4,936,550 | ||||||||||||
4,750 | 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 | 3,945,065 | ||||||||||||
1,770 | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 | 6/13 at 100.00 | BBB | 1,574,840 | ||||||||||||
6,480 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – MBIA Insured | No Opt. Call | AA+ | 2,707,214 | ||||||||||||
11,000 | Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured | No Opt. Call | AA+ | 6,060,560 | ||||||||||||
34,625 | Total Washington | 24,961,760 | ||||||||||||||
Wisconsin – 3.9% (2.4% of Total Investments) | ||||||||||||||||
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2003A: | ||||||||||||||||
1,000 | 5.125%, 8/01/22 (Pre-refunded 8/01/13) – AMBAC Insured | 8/13 at 100.00 | AA | (4) | 1,081,310 | |||||||||||
750 | 5.125%, 8/01/23 (Pre-refunded 8/01/13) – AMBAC Insured | 8/13 at 100.00 | AA | (4) | 810,983 | |||||||||||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian Healthcare Inc., Series 2001, 6.000%, 7/01/21 | 7/11 at 100.00 | A– | 972,290 | ||||||||||||
9,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33 | 4/13 at 100.00 | BBB+ | 8,001,990 | ||||||||||||
2,175 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., Series 2001, 6.125%, 10/01/16 | 10/11 at 100.00 | BBB | 2,116,493 | ||||||||||||
790 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 | 5/16 at 100.00 | BBB | 563,886 | ||||||||||||
6,025 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 6.000%, 9/01/22 (Pre-refunded 9/01/13) | 9/13 at 100.00 | BBB+ | (4) | 6,732,275 | |||||||||||
4,995 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2007, 5.000%, 9/01/33 | 9/17 at 100.00 | BBB+ | 3,511,235 | ||||||||||||
2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34 | 8/16 at 100.00 | A– | 1,252,460 | ||||||||||||
2,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.250%, 8/15/25 | 8/13 at 100.00 | A– | 1,400,560 | ||||||||||||
Wisconsin, General Obligation Bonds, Series 2004-3: | ||||||||||||||||
175 | 5.250%, 5/01/19 – FGIC Insured | 5/14 at 100.00 | Aa3 | 179,702 | ||||||||||||
1,265 | 5.250%, 5/01/21 – FGIC Insured | 5/14 at 100.00 | AA | 1,280,041 | ||||||||||||
1,545 | Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/19 (Pre-refunded 5/01/14) – FGIC Insured | 5/14 at 100.00 | Aa3 | (4) | 1,680,172 | |||||||||||
32,720 | Total Wisconsin | 29,583,397 | ||||||||||||||
Wyoming – 0.3% (0.2% of Total Investments) | ||||||||||||||||
3,900 | Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) | 12/15 at 100.00 | BBB | 2,548,182 | ||||||||||||
$ | 1,534,235 | Total Long-Term Investments (cost $1,361,823,561) – 164.1% | 1,241,662,341 | |||||||||||||
32
Principal | ||||||||||||
Amount (000) | Description (1) | Ratings (3) | Value | |||||||||
Short-Term Investments – 1.0% (0.6% of Total Investments) | ||||||||||||
$ | 7,751 | King County, Washington, Sewer Revenue Bonds, Series 2001, Trust 554, Variable Rate Demand Obligations, 3.000%, 1/01/19 – FGIC Insured (6) | AA+ | $ | 7,778,372 | |||||||
Total Short-Term Investments (cost $7,778,372) | 7,778,372 | |||||||||||
Total Investments (cost $1,369,601,933) – 165.1% | 1,249,440,713 | |||||||||||
Floating Rate Obligations – (13.1)% | (98,904,000 | ) | ||||||||||
Other Assets Less Liabilities – 2.9% | 21,695,289 | |||||||||||
Preferred Shares, at Liquidation Value – (54.9)% (7) | (415,450,000 | ) | ||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 756,782,002 | ||||||||||
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) | ||||||||||||||||||||||||
Royal Bank of Canada | $ | 23,000,000 | Receive | 3-Month USD-LIBOR | 5.320 | % | Semi-Annually | 1/15/09 | 1/15/38 | $ | (3,082,340 | ) | ||||||||||||||||||||
(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 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) | Portion of investment has been pledged to collateralize the net payment obligations under forward swap contracts. | |
(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 is 33.3%. | |
(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. | |
(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. |
33
NPM | Nuveen Premium Income Municipal Fund 2, Inc. | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama – 4.6% (2.7% of Total Investments) | ||||||||||||||||
$ | 6,995 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | AA | $ | 5,718,343 | ||||||||||
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: | ||||||||||||||||
3,600 | 5.250%, 11/15/20 | 11/15 at 100.00 | Baa1 | 3,080,916 | ||||||||||||
1,000 | 5.000%, 11/15/30 | 11/15 at 100.00 | Baa1 | 721,450 | ||||||||||||
4,000 | Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds, Tender Option Bond Trust 2707, 0.596%, 1/01/39 – AMBAC Insured (IF) | 1/17 at 100.00 | A+ | 1,527,360 | ||||||||||||
1,960 | Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 | 6/15 at 100.00 | BBB | 1,361,122 | ||||||||||||
1,690 | Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) | 11/14 at 100.00 | A3 | (4) | 1,838,196 | |||||||||||
8,255 | University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 – FGIC Insured | 3/14 at 100.00 | A1 | 7,937,595 | ||||||||||||
27,500 | Total Alabama | 22,184,982 | ||||||||||||||
Arizona – 0.7% (0.4% of Total Investments) | ||||||||||||||||
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: | ||||||||||||||||
200 | 5.250%, 12/01/24 | 12/15 at 100.00 | BBB | 162,202 | ||||||||||||
265 | 5.250%, 12/01/25 | 12/15 at 100.00 | BBB | 211,550 | ||||||||||||
1,265 | 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 | 1,271,312 | ||||||||||||
2,750 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%,12/01/37 | No Opt. Call | AA– | 1,665,043 | ||||||||||||
4,480 | Total Arizona | 3,310,107 | ||||||||||||||
Arkansas – 0.2% (0.1% of Total Investments) | ||||||||||||||||
1,000 | Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/25 | 2/15 at 100.00 | Baa1 | 776,720 | ||||||||||||
California – 17.8% (10.4% of Total Investments) | ||||||||||||||||
5,690 | California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 – AMBAC Insured | 6/12 at 101.00 | AA | 5,680,668 | ||||||||||||
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: | ||||||||||||||||
4,000 | 6.000%, 5/01/15 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 4,448,160 | ||||||||||||
5,500 | 5.375%, 5/01/21 (Pre-refunded 5/01/12) | 5/12 at 101.00 | Aaa | 6,002,590 | ||||||||||||
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A: | ||||||||||||||||
3,255 | 0.000%, 10/01/23 – MBIA Insured | No Opt. Call | A2 | 1,343,729 | ||||||||||||
5,890 | 0.000%, 10/01/24 – MBIA Insured | No Opt. Call | A2 | 2,270,359 | ||||||||||||
7,615 | 0.000%, 10/01/25 – MBIA Insured | No Opt. Call | A2 | 2,742,009 | ||||||||||||
3,740 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 | 11/15 at 100.00 | A2 | 3,168,341 |
34
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 795 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.475%, 11/15/42 (IF) | 11/16 at 100.00 | AA– | $ | 459,264 | ||||||||||
2,055 | California Infrastructure Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/21 | 10/14 at 100.00 | AA+ | 2,048,136 | ||||||||||||
1,000 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 | 7/15 at 100.00 | BBB | 648,320 | ||||||||||||
4,955 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.640%, 11/15/48 (IF) | 5/18 at 100.00 | AA– | 3,311,796 | ||||||||||||
2,500 | California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 | No Opt. Call | AA+ | 2,672,600 | ||||||||||||
8,000 | California, General Obligation Bonds, Series 2004, 5.125%, 2/01/25 | 2/14 at 100.00 | A+ | 7,696,323 | ||||||||||||
1,900 | Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 | 6/14 at 102.00 | A2 | 1,738,807 | ||||||||||||
2,500 | Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured | 10/15 at 100.00 | AA | 2,330,378 | ||||||||||||
30,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) | No Opt. Call | AAA | 15,912,898 | ||||||||||||
1,385 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/15 at 100.00 | AA | 1,250,117 | ||||||||||||
1,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 658,280 | ||||||||||||
Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A: | ||||||||||||||||
1,420 | 5.000%, 9/01/25 | 9/15 at 102.00 | N/R | 1,047,491 | ||||||||||||
435 | 5.100%, 9/01/30 | 9/15 at 102.00 | N/R | 308,828 | ||||||||||||
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: | ||||||||||||||||
250 | 5.000%, 9/01/21 | 9/15 at 102.00 | Baa3 | 206,880 | ||||||||||||
275 | 5.000%, 9/01/23 | 9/15 at 102.00 | Baa3 | 220,479 | ||||||||||||
2,220 | San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured | 9/14 at 100.00 | A3 | 2,158,040 | ||||||||||||
960 | San Francisco Redevelopment Agency, California, Hotel Tax Revenue Bonds, Series 1994, 6.750%, 7/01/25 – FSA Insured | 1/09 at 100.00 | AAA | 976,090 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||
4,595 | 0.000%, 1/15/32 – MBIA Insured | No Opt. Call | AA | 958,425 | ||||||||||||
32,400 | 0.000%, 1/15/34 – MBIA Insured | No Opt. Call | AA | 5,860,836 | ||||||||||||
6,000 | 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 | 5,979,540 | ||||||||||||
3,000 | 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 | 2,720,880 | ||||||||||||
143,335 | Total California | 84,820,264 | ||||||||||||||
Colorado – 2.4% (1.4% of Total Investments) | ||||||||||||||||
1,700 | Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/22 – FGIC Insured | 12/14 at 100.00 | AA | 1,656,344 | ||||||||||||
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005: | ||||||||||||||||
1,745 | 5.250%, 6/01/23 | 6/16 at 100.00 | A– | 1,473,670 | ||||||||||||
475 | 5.000%, 6/01/29 | 6/16 at 100.00 | A– | 358,701 | ||||||||||||
400 | Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25 | 3/15 at 100.00 | BBB+ | 293,072 |
35
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Colorado (continued) | ||||||||||||||||
$ | 15 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1995D, 7.375%, 6/01/26 (Alternative Minimum Tax) | 12/08 at 103.50 | Aaa | $ | 15,387 | ||||||||||
355 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | 377,986 | ||||||||||||
6,925 | Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured | 11/16 at 100.00 | BBB- | 5,775,312 | ||||||||||||
1,700 | Denver, Colorado, FHA-Insured Multifamily Housing Revenue Bonds, Boston Lofts Project, Series 1997A, 5.750%, 10/01/27 (Alternative Minimum Tax) | 4/09 at 101.00 | AA | 1,513,136 | ||||||||||||
13,315 | Total Colorado | 11,463,608 | ||||||||||||||
Connecticut – 1.0% (0.6% of Total Investments) | ||||||||||||||||
5,000 | Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/21 – FGIC Insured | 1/14 at 100.00 | AA | 4,999,650 | ||||||||||||
District of Columbia – 3.1% (1.8% of Total Investments) | ||||||||||||||||
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | ||||||||||||||||
11,720 | 0.000%, 4/01/27 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 39.61 | AA | (4) | 4,291,278 | |||||||||||
13,780 | 0.000%, 4/01/28 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 37.21 | AA | (4) | 4,740,182 | |||||||||||
15,855 | 0.000%, 4/01/29 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 35.07 | AA | (4) | 5,139,874 | |||||||||||
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 | ||||||||||||
42,690 | Total District of Columbia | 14,798,931 | ||||||||||||||
Florida – 2.4% (1.4% of Total Investments) | ||||||||||||||||
4,230 | Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24 | 4/16 at 100.00 | A2 | 3,051,311 | ||||||||||||
2,500 | Escambia County Health Facilities Authority, Florida, Health Facility Revenue Refunding Bonds, Baptist Hospital and Baptist Manor, Series 1998, 5.125%, 10/01/19 | 10/10 at 100.00 | Baa1 | 2,144,450 | ||||||||||||
555 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-11, 5.850%, 1/01/22 – FSA Insured (Alternative Minimum Tax) | 1/10 at 100.00 | AAA | 521,484 | ||||||||||||
3,600 | 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 | 2,415,780 | ||||||||||||
1,700 | Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured | 5/12 at 102.00 | BBB+ | 1,461,966 | ||||||||||||
2,455 | 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– | 1,931,471 | ||||||||||||
15,040 | Total Florida | 11,526,462 | ||||||||||||||
Georgia – 2.0% (1.1% of Total Investments) | ||||||||||||||||
500 | Chatham County Hospital Authority, Savannah, Georgia, Hospital Revenue Bonds, Memorial Health University Medical Center Inc., Series 2004A, 5.375%, 1/01/26 | 1/14 at 100.00 | BBB | 332,595 | ||||||||||||
10 | Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 5.250%, 11/01/15 (Pre-refunded 11/01/13) – MBIA Insured | 11/13 at 100.00 | AAA | 10,914 | ||||||||||||
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A: | ||||||||||||||||
3,405 | 5.250%, 11/01/15 – MBIA Insured | 11/13 at 100.00 | AA | 3,565,205 | ||||||||||||
3,365 | 5.000%, 11/01/18 – MBIA Insured | 11/13 at 100.00 | AA | 3,402,049 | ||||||||||||
2,235 | Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured | 12/14 at 100.00 | AA | 2,031,771 | ||||||||||||
9,515 | Total Georgia | 9,342,534 | ||||||||||||||
36
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Idaho – 1.0% (0.6% of Total Investments) | ||||||||||||||||
$ | 150 | Idaho Housing Agency, Senior Lien Single Family Mortgage Bonds, Series 1995F, 6.450%, 7/01/27 (Alternative Minimum Tax) | 1/09 at 100.00 | Aaa | $ | 152,594 | ||||||||||
3,150 | Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 | 3/12 at 105.00 | Aaa | 3,050,460 | ||||||||||||
200 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996G, 6.350%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa1 | 203,480 | ||||||||||||
165 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%, 7/01/22 (Alternative Minimum Tax) | 1/10 at 100.00 | Aa2 | 167,643 | ||||||||||||
295 | Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax) | 7/10 at 100.00 | Aaa | 295,074 | ||||||||||||
1,000 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/30 | 9/16 at 100.00 | BBB– | 725,420 | ||||||||||||
4,960 | Total Idaho | 4,594,671 | ||||||||||||||
Illinois – 15.3% (8.9% of Total Investments) | ||||||||||||||||
5,000 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | AA | 2,571,950 | ||||||||||||
22,670 | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 – FGIC Insured | No Opt. Call | AA | 8,981,401 | ||||||||||||
1,175 | Chicago, Illinois, GNMA Collateralized Multifamily Housing Revenue Bonds, Bryn Mawr-Belle Shores Project, Series 1997, 5.800%, 6/01/23 (Alternative Minimum Tax) | 6/09 at 102.00 | Aaa | 1,079,508 | ||||||||||||
2,875 | Chicago, Illinois, Tax Increment Allocation Bonds, Read-Dunning Redevelopment Project, Series 1996B, 7.250%, 1/01/14 | 1/09 at 100.00 | N/R | 2,876,495 | ||||||||||||
2,815 | Chicago, Illinois, Tax Increment Allocation Bonds, Sanitary Drainage and Ship Canal Redevelopment Project, Series 1997A, 7.750%, 1/01/14 | 1/09 at 100.00 | N/R | 2,818,744 | ||||||||||||
4,865 | Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured (ETM) | No Opt. Call | Aa3 | (4) | 2,404,526 | |||||||||||
2,575 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – MBIA Insured | No Opt. Call | A2 | 1,272,694 | ||||||||||||
3,615 | Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – MBIA Insured (ETM) | No Opt. Call | A2 | (4) | 1,933,121 | |||||||||||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: | ||||||||||||||||
2,000 | 5.250%, 11/15/14 | 5/14 at 100.00 | A | 1,929,780 | ||||||||||||
4,420 | 5.250%, 11/15/15 | 5/14 at 100.00 | A | 4,196,083 | ||||||||||||
395 | Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25 | 1/16 at 100.00 | BBB– | 305,758 | ||||||||||||
1,000 | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 | 5/12 at 100.00 | Baa3 | 771,390 | ||||||||||||
3,090 | Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 6.000%, 7/01/33 | 7/13 at 100.00 | A– | 2,795,987 | ||||||||||||
3,000 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 | No Opt. Call | Aa3 | 3,177,210 | ||||||||||||
Illinois Housing Development Authority, Housing Finance Bonds, Series 2000A: | ||||||||||||||||
260 | 5.750%, 9/01/10 (Alternative Minimum Tax) | 3/10 at 100.00 | AA | 264,917 | ||||||||||||
1,245 | 6.200%, 9/01/20 (Alternative Minimum Tax) | 3/10 at 100.00 | AA | 1,164,648 | ||||||||||||
11,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured | No Opt. Call | AA | 11,472,010 | ||||||||||||
2,000 | Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.500%, 2/01/18 – FGIC Insured | 2/12 at 100.00 | AA | 2,051,480 |
37
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | �� | Description (1) | Provisions (2) | Ratings (3) | Value | |||||||||||
Illinois (continued) | ||||||||||||||||
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B: | ||||||||||||||||
$ | 3,230 | 0.000%, 11/01/19 – FSA Insured | No Opt. Call | Aaa | $ | 1,790,324 | ||||||||||
1,740 | 0.000%, 11/01/21 – FSA Insured | No Opt. Call | Aaa | 844,370 | ||||||||||||
4,020 | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, School Refunding Bonds, Series 2002, 5.250%, 12/01/20 – FSA Insured (UB) | No Opt. Call | AAA | 4,207,573 | ||||||||||||
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | ||||||||||||||||
855 | 5.250%, 1/01/25 | 1/16 at 100.00 | AA | 793,320 | ||||||||||||
1,750 | 5.250%, 1/01/30 | 1/16 at 100.00 | AA | 1,578,185 | ||||||||||||
17,945 | McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured | No Opt. Call | N/R | 7,809,126 | ||||||||||||
2,910 | McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured | No Opt. Call | A1 | 1,420,837 | ||||||||||||
2,540 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 – MBIA Insured | 6/12 at 101.00 | AAA | 2,431,110 | ||||||||||||
108,990 | Total Illinois | 72,942,547 | ||||||||||||||
Indiana – 3.3% (1.9% of Total Investments) | ||||||||||||||||
1,000 | Ball State University, Indiana, Student Fee Revenue Bonds, Series 2002K, 5.750%, 7/01/20 (Pre-refunded 1/01/12) – FGIC Insured | 1/12 at 100.00 | A+ | (4) | 1,082,600 | |||||||||||
3,500 | Indiana Bond Bank, Special Program Bonds, East Chicago Facilities Building Corporation, Series 2000A, 6.125%, 2/01/25 (Pre-refunded 2/01/10) – AMBAC Insured | 2/10 at 101.00 | AA | (4) | 3,702,300 | |||||||||||
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2000: | ||||||||||||||||
805 | 5.375%, 12/01/25 (Pre-refunded 12/01/10) | 12/10 at 100.00 | AA+ | (4) | 851,529 | |||||||||||
4,195 | 5.375%, 12/01/25 (Pre-refunded 12/01/10) | 12/10 at 100.00 | AA+ | (4) | 4,437,471 | |||||||||||
Indiana University, Student Fee Revenue Bonds, Series 2004P: | ||||||||||||||||
2,750 | 5.000%, 8/01/22 – AMBAC Insured | 8/14 at 100.00 | Aa1 | 2,727,670 | ||||||||||||
1,600 | 5.000%, 8/01/24 – AMBAC Insured | 8/14 at 100.00 | Aa1 | 1,567,440 | ||||||||||||
1,550 | St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/23 | 2/15 at 100.00 | BBB– | 1,261,173 | ||||||||||||
15,400 | Total Indiana | 15,630,183 | ||||||||||||||
Iowa – 1.8% (1.1% of Total Investments) | ||||||||||||||||
2,000 | Iowa Finance Authority, Healthcare Revenue Bonds, Genesis Medical Center, Series 2000, 6.250%, 7/01/25 | 7/10 at 100.00 | A1 | 2,001,340 | ||||||||||||
8,000 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/15 at 100.00 | BBB | 4,704,080 | ||||||||||||
2,000 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25 (Pre-refunded 6/01/11) | 6/11 at 101.00 | AAA | 2,114,960 | ||||||||||||
12,000 | Total Iowa | |||||||||||||||
8,820,380 | ||||||||||||||||
Kansas – 0.0% (0.0% of Total Investments) | ||||||||||||||||
95 | Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax) | No Opt. Call | Aaa | 96,720 | ||||||||||||
Louisiana – 6.4% (3.7% of Total Investments) | ||||||||||||||||
275 | Bossier Public Trust Financing Authority, Louisiana, Single Family Mortgage Revenue Refunding Bonds, Series 1995B, 6.125%, 8/01/28 | 2/09 at 100.00 | AAA | 282,189 | ||||||||||||
2,105 | East Baton Rouge Parish Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994C, 6.350%, 10/01/28 (Alternative Minimum Tax) | 4/09 at 100.50 | Aaa | 2,123,061 |
38
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Louisiana (continued) | ||||||||||||||||
$ | 4,350 | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006, 5.000%, 6/01/22 – AMBAC Insured | 6/16 at 100.00 | AA | $ | 4,092,002 | ||||||||||
4,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 | 8/15 at 100.00 | A+ | 3,162,280 | ||||||||||||
2,700 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 | 5/17 at 100.00 | A3 | 2,103,867 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: | ||||||||||||||||
14,550 | 4.750%, 5/01/39 – FSA Insured (UB) | 5/16 at 100.00 | AAA | 11,811,254 | ||||||||||||
5,920 | 4.500%, 5/01/41 – FGIC Insured (UB) | 5/16 at 100.00 | Aa3 | 4,538,804 | ||||||||||||
2,485 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%, 11/01/15 – FSA Insured | 12/08 at 100.00 | AAA | 2,488,131 | ||||||||||||
36,385 | Total Louisiana | 30,601,588 | ||||||||||||||
Maryland – 0.9% (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 | ||||||||||||
1,205 | 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 | 1,006,320 | ||||||||||||
1,390 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.250%, 7/01/19 (Pre-refunded 7/01/14) | 7/14 at 100.00 | A2 | (4) | 1,494,375 | |||||||||||
4,460 | Total Maryland | 4,086,505 | ||||||||||||||
Massachusetts – 8.0% (4.7% of Total Investments) | ||||||||||||||||
1,920 | Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,816,608 | ||||||||||||
1,595 | Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | N/R | 1,392,770 | ||||||||||||
1,000 | Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.700%, 10/01/34 | 10/14 at 100.00 | BBB | 777,570 | ||||||||||||
9,175 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 5.700%, 10/01/25 – RAAI Insured | 10/11 at 101.00 | BBB+ | 7,369,360 | ||||||||||||
1,100 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 1999A, 5.625%, 7/01/20 | 1/09 at 101.00 | BBB | 967,450 | ||||||||||||
2,645 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 – FGIC Insured | 5/12 at 100.00 | N/R | 2,158,267 | ||||||||||||
105 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured | 5/12 at 100.00 | N/R | (4) | 111,927 | |||||||||||
3,795 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – FSA Insured (UB) | 2/17 at 100.00 | AAA | 2,927,729 | ||||||||||||
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002E: | ||||||||||||||||
11,400 | 5.250%, 1/01/21 (Pre-refunded 1/01/13) – FSA Insured | 1/13 at 100.00 | AAA | 12,064,618 | ||||||||||||
1,850 | 5.250%, 1/01/21 (Pre-refunded 1/01/13) – FSA Insured | 1/13 at 100.00 | AAA | 1,957,855 | ||||||||||||
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: | ||||||||||||||||
2,250 | 5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured | 1/14 at 100.00 | A | (4) | 2,340,023 | |||||||||||
4,000 | 5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured | 1/14 at 100.00 | A | (4) | 4,160,040 | |||||||||||
40,835 | Total Massachusetts | 38,044,217 | ||||||||||||||
39
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Michigan – 4.5% (2.6% of Total Investments) | ||||||||||||||||
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001: | ||||||||||||||||
$ | 7,660 | 0.000%, 12/01/21 | No Opt. Call | AAA | $ | 3,756,924 | ||||||||||
7,955 | 0.000%, 12/01/22 | No Opt. Call | AAA | 3,659,539 | ||||||||||||
8,260 | 0.000%, 12/01/23 | No Opt. Call | AAA | 3,564,520 | ||||||||||||
8,575 | 0.000%, 12/01/24 | No Opt. Call | AAA | 3,456,411 | ||||||||||||
1,200 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 | 7/15 at 100.00 | BBB | 947,796 | ||||||||||||
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 | ||||||||||||
1,220 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.375%, 8/15/09 | 2/09 at 100.00 | BB | 1,211,875 | ||||||||||||
340 | Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 | 6/16 at 100.00 | Baa3 | 214,129 | ||||||||||||
3,270 | Romulus Community Schools, Wayne County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/22 | 5/13 at 100.00 | AA– | 3,254,141 | ||||||||||||
39,980 | Total Michigan | 21,350,760 | ||||||||||||||
Minnesota – 4.7% (2.7% of Total Investments) | ||||||||||||||||
8,165 | Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 | 7/14 at 100.00 | A– | 6,996,344 | ||||||||||||
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003: | ||||||||||||||||
1,000 | 6.000%, 12/01/18 | 12/13 at 100.00 | Baa1 | 960,660 | ||||||||||||
1,050 | 5.875%, 12/01/29 | 12/13 at 100.00 | Baa1 | 897,162 | ||||||||||||
2,400 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) – FGIC Insured | 1/11 at 100.00 | AAA | 2,529,672 | ||||||||||||
3,000 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Subordinate Airport Revenue Bonds, Series 2001C, 5.250%, 1/01/26 (Pre-refunded 1/01/11) – FGIC Insured | 1/11 at 100.00 | A | (4) | 3,162,090 | |||||||||||
310 | Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 –MBIA Insured | 2/09 at 100.00 | Aa1 | 310,766 | ||||||||||||
530 | Minnesota Housing Finance Agency, Single Family Mortgage Bonds, Series 1996G, 6.250%, 7/01/26 (Alternative Minimum Tax) | 1/09 at 100.00 | AA+ | 534,240 | ||||||||||||
810 | Minnesota Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) | 7/09 at 100.00 | AA+ | 813,645 | ||||||||||||
1,015 | Minnesota Housing Finance Agency, Single Family Remarketed Mortgage Bonds, Series 1998H-2, 6.050%, 7/01/31 (Alternative Minimum Tax) | 1/11 at 101.00 | AA+ | 1,022,937 | ||||||||||||
1,000 | Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19 | 10/14 at 100.00 | A3 | 966,500 | ||||||||||||
1,540 | Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1992B, 5.750%, 1/01/11 (ETM) | 1/09 at 100.00 | Aaa | 1,581,087 | ||||||||||||
1,620 | St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%, 7/01/25 (Pre-refunded 7/01/14) | 7/14 at 100.00 | N/R | (4) | 1,779,473 | |||||||||||
1,000 | St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 | 11/15 at 100.00 | Baa3 | 806,060 | ||||||||||||
23,440 | Total Minnesota | 22,360,636 | ||||||||||||||
Mississippi – 0.7% (0.4% of Total Investments) | ||||||||||||||||
3,675 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) | 9/14 at 100.00 | AA | 3,247,451 | ||||||||||||
40
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Missouri - 4.8% (2.8% of Total Investments) | ||||||||||||||||
$ | 2,000 | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services - Heisinger Project, Series 2004, 5.250%, 2/01/24 | 2/14 at 100.00 | N/R | $ | 1,713,420 | ||||||||||
200 | Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 | 3/16 at 100.00 | BBB+ | 169,840 | ||||||||||||
2,885 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 | 2/15 at 102.00 | BBB+ | 2,487,245 | ||||||||||||
9,000 | Kansas City, Missouri, Airport Revenue Bonds, General Improvement Projects, Series 2003B, 5.250%, 9/01/17 - FGIC Insured | 9/12 at 100.00 | A+ | 9,054,180 | ||||||||||||
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: | ||||||||||||||||
780 | 6.000%, 6/01/20 | No Opt. Call | BBB+ | 701,579 | ||||||||||||
1,225 | 5.000%, 6/01/35 | 6/15 at 100.00 | BBB+ | 823,617 | ||||||||||||
2,500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24 | 5/13 at 100.00 | AA | 2,227,425 | ||||||||||||
1,200 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.125%, 2/15/18 | 2/14 at 100.00 | BBB+ | 1,087,560 | ||||||||||||
1,250 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/21 - AMBAC Insured | 6/11 at 101.00 | AA | 1,176,988 | ||||||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2001A: | ||||||||||||||||
1,250 | 5.250%, 6/01/21 (Pre-refunded 6/01/11) — AMBAC Insured | 6/11 at 101.00 | AA | (4) | 1,337,675 | |||||||||||
2,000 | 5.250%, 6/01/28 (Pre-refunded 6/01/11) — AMBAC Insured | 6/11 at 101.00 | AA | (4) | 2,134,060 | |||||||||||
24,290 | Total Missouri | 22,913,589 | ||||||||||||||
Nebraska - 0.5% (0.3% of Total Investments) | ||||||||||||||||
1,470 | Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A, 5.250%, 4/01/23 - FSA Insured | 4/13 at 100.00 | AAA | 1,455,285 | ||||||||||||
1,050 | Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, Trust 11673, 14.495%, 2/01/49 - AMBAC Insured (IF) | 2/17 at 100.00 | AAA | 933,072 | ||||||||||||
2,520 | Total Nebraska | 2,388,357 | ||||||||||||||
Nevada - 4.4% (2.6% of Total Investments) | ||||||||||||||||
10,410 | Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.500%, 6/15/18 (Pre-refunded 6/15/12) — MBIA Insured | 6/12 at 100.00 | AA | (4) | 11,277,986 | |||||||||||
5,795 | Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 - AMBAC Insured | 7/13 at 100.00 | AA | 5,613,095 | ||||||||||||
4,000 | Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 - FGIC Insured | 7/14 at 100.00 | Aa3 | 3,677,600 | ||||||||||||
1,000 | 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 | 601,140 | ||||||||||||
21,205 | Total Nevada | 21,169,821 | ||||||||||||||
New Jersey - 7.3% (4.3% of Total Investments) | ||||||||||||||||
5,480 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 - FSA Insured | 12/13 at 100.00 | Aaa | 5,544,828 | ||||||||||||
135 | Essex County Improvement Authority, New Jersey, Lease Revenue Bonds, Series 2003, 5.125%, 12/15/20 (Pre-refunded 12/15/13) — FSA Insured | 12/13 at 100.00 | Aaa | 146,718 | ||||||||||||
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: | ||||||||||||||||
1,325 | 5.250%, 9/01/24 | 9/15 at 100.00 | AA– | 1,326,405 | ||||||||||||
1,000 | 5.250%, 9/01/26 | 9/15 at 100.00 | AA– | 993,060 |
41
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New Jersey (continued) | ||||||||||||||||
$ | 520 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | Baa2 | $ | 404,326 | ||||||||||
3,675 | New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.650%, 5/01/40 - AMBAC Insured (Alternative Minimum Tax) | 11/08 at 100.75 | Aaa | 3,091,925 | ||||||||||||
3,400 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13) | 6/13 at 100.00 | AAA | 3,730,310 | ||||||||||||
3,425 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006A, 5.250%, 12/15/20 | No Opt. Call | AA– | 3,464,936 | ||||||||||||
4,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 - FGIC Insured | 7/13 at 100.00 | AA | 3,952,680 | ||||||||||||
3,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 - FSA Insured (UB) | 1/15 at 100.00 | AAA | 3,009,270 | ||||||||||||
10,500 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 | 6/17 at 100.00 | BBB | 6,594,735 | ||||||||||||
3,185 | Union County Utilities Authority, New Jersey, Solid Waste Facility Subordinate Lease Revenue Bonds, Ogden Martin Systems of Union Inc., Series 1998A, 5.350%, 6/01/23 - AMBAC Insured (Alternative Minimum Tax) | 12/08 at 101.00 | AA | 2,735,883 | ||||||||||||
39,645 | Total New Jersey | 34,995,076 | ||||||||||||||
New York - 11.5% (6.7% of Total Investments) | ||||||||||||||||
5,000 | Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/28 - FGIC Insured | 2/15 at 100.00 | AA | 4,265,500 | ||||||||||||
Dormitory Authority of the State of New York, Revenue Bonds, Marymount Manhattan College, Series 1999: | ||||||||||||||||
1,975 | 6.375%, 7/01/16 - RAAI Insured | 7/09 at 101.00 | BBB+ | 2,035,001 | ||||||||||||
2,080 | 6.375%, 7/01/17 - RAAI Insured | 7/09 at 101.00 | BBB+ | 2,143,190 | ||||||||||||
1,500 | Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 | 7/14 at 100.00 | AA- | 1,528,935 | ||||||||||||
1,250 | Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/30 | 10/15 at 100.00 | A | 1,133,963 | ||||||||||||
150 | 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 | 61,782 | ||||||||||||
4,580 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured (UB) | 2/17 at 100.00 | AA | 3,259,449 | ||||||||||||
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 | ||||||||||||
2,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 (UB) | 2/14 at 100.00 | AAA | 2,504,400 | ||||||||||||
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Tender Option Bond Trust 3218: | ||||||||||||||||
1,720 | 12.996%, 8/01/23 (IF) | 8/13 at 100.00 | AAA | 1,708,132 | ||||||||||||
1,815 | 13.003%, 8/01/24 (IF) | 8/13 at 100.00 | AAA | 1,767,592 | ||||||||||||
35 | New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 | No Opt. Call | AA | 35,543 | ||||||||||||
2,150 | New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25 | 3/15 at 100.00 | AA | 2,032,739 | ||||||||||||
5,000 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB) | 4/15 at 100.00 | AA | 4,757,150 | ||||||||||||
1,000 | New York City, New York, General Obligation Bonds, Series 2008, Trust 3217, 13.994%, 8/15/20 (IF) | 8/14 at 100.00 | AA | 988,780 | ||||||||||||
1,855 | 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 | 1,105,543 |
42
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New York (continued) | ||||||||||||||||
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C: | ||||||||||||||||
$ | 6,000 | 5.250%, 6/01/20 | 6/13 at 100.00 | A+ | $ | 6,014,220 | ||||||||||
5,100 | 5.250%, 6/01/21 | 6/13 at 100.00 | A+ | 5,076,540 | ||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: | ||||||||||||||||
3,400 | 5.500%, 6/01/16 | 6/10 at 100.00 | AA– | 3,429,002 | ||||||||||||
2,000 | 5.500%, 6/01/19 | 6/13 at 100.00 | AA– | 2,015,180 | ||||||||||||
6,250 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – MBIA Insured (Alternative Minimum Tax) | No Opt. Call | AA | 5,907,313 | ||||||||||||
1,000 | Rensselaer County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26 | 3/16 at 100.00 | A | 929,720 | ||||||||||||
59,660 | Total New York | 55,152,927 | ||||||||||||||
North Carolina – 1.7% (1.0% of Total Investments) | ||||||||||||||||
3,195 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas Healthcare System Revenue Bonds, Series 2008, Trust 1149, 6.780%, 1/15/47 (IF) | 1/18 at 100.00 | AA- | 1,964,669 | ||||||||||||
2,105 | Durham Urban Redevelopment Authority, North Carolina, FHA-Insured Mortgage Loan Revenue Bonds, Durham Hosiery Mill, Series 1987, 7.500%, 8/01/29 (Alternative Minimum Tax) | 2/09 at 104.00 | AAA | 2,017,327 | ||||||||||||
470 | North Carolina Housing Finance Agency, Single Family Revenue Bonds, Series 1996JJ, 6.450%, 9/01/27 (Alternative Minimum Tax) | 3/09 at 100.00 | AA | 474,376 | ||||||||||||
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A: | ||||||||||||||||
1,250 | 5.000%, 2/01/21 | 2/14 at 100.00 | AA+ | 1,254,138 | ||||||||||||
2,445 | 5.000%, 2/01/22 | 2/14 at 100.00 | AA+ | 2,437,298 | ||||||||||||
9,465 | Total North Carolina | 8,147,808 | ||||||||||||||
North Dakota – 0.1% (0.1% of Total Investments) | ||||||||||||||||
610 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2000C, 6.150%, 7/01/31 (Alternative Minimum Tax) | 7/10 at 100.00 | Aa1 | 619,931 | ||||||||||||
Ohio – 4.9% (2.9% of Total Investments) | ||||||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||||||
90 | 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 70,542 | ||||||||||||
900 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | 630,909 | ||||||||||||
845 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 562,770 | ||||||||||||
1,965 | 5.875%, 6/01/47 | 6/17 at 100.00 | BBB | 1,229,324 | ||||||||||||
3,000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/24 (Pre-refunded 12/01/14) – FSA Insured | 12/14 at 100.00 | AAA | 3,285,000 | ||||||||||||
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2003C: | ||||||||||||||||
2,330 | 5.250%, 5/15/17 – MBIA Insured | 5/13 at 100.00 | AA | 2,334,777 | ||||||||||||
4,105 | 5.250%, 5/15/18 – MBIA Insured | 5/13 at 100.00 | AA | 4,079,056 | ||||||||||||
2,000 | Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Courtyards of Kettering, Series 1998B-1, 5.550%, 1/01/40 (Alternative Minimum Tax) | 1/09 at 101.00 | Aa2 | 1,602,340 | ||||||||||||
5,550 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) | 3/09 at 102.00 | N/R | 4,448,769 | ||||||||||||
6,000 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998B, 6.625%, 9/01/20 (Alternative Minimum Tax) | 9/09 at 102.00 | N/R | 5,145,420 | ||||||||||||
26,785 | Total Ohio | 23,388,907 | ||||||||||||||
43
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Oklahoma – 4.5% (2.6% of Total Investments) | ||||||||||||||||
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: | ||||||||||||||||
$ | 500 | 5.375%, 9/01/29 | 9/16 at 100.00 | BBB | $ | 384,080 | ||||||||||
750 | 5.375%, 9/01/36 | 9/16 at 100.00 | BBB | 547,103 | ||||||||||||
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: | ||||||||||||||||
5,020 | 5.000%, 2/15/37 | 2/17 at 100.00 | AA– | 4,151,389 | ||||||||||||
1,020 | 5.000%, 2/15/42 | 2/17 at 100.00 | AA– | 824,180 | ||||||||||||
10,000 | Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured | 1/17 at 100.00 | AA | 7,147,400 | ||||||||||||
5,000 | Oklahoma State Student Loan Authority, Senior Lien Revenue Bonds, Series 2001A-1, 5.625%, 6/01/31 (Alternative Minimum Tax) | 6/11 at 102.00 | AAA | 4,195,450 | ||||||||||||
99 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 7.261%, 12/15/36 (IF) | 12/16 at 100.00 | AA | 54,982 | ||||||||||||
5,460 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) | 12/16 at 100.00 | AA | 4,246,187 | ||||||||||||
27,849 | Total Oklahoma | 21,550,771 | ||||||||||||||
Oregon – 1.6% (1.0% of Total Investments) | ||||||||||||||||
7,860 | Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence Health System, Series 2004, 5.500%, 10/01/21 (UB) | 10/14 at 100.00 | AA | 7,566,586 | ||||||||||||
Pennsylvania – 2.7% (1.6% of Total Investments) | ||||||||||||||||
3,500 | Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – MBIA Insured | 12/15 at 100.00 | AA | 3,214,260 | ||||||||||||
1,500 | Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds, Series 2005, 6.000%, 3/01/28 – FSA Insured | 3/15 at 100.00 | Aaa | 1,554,105 | ||||||||||||
500 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB | 323,625 | ||||||||||||
1,050 | Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured | No Opt. Call | AA | 1,006,856 | ||||||||||||
5,850 | 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 | 4,650,341 | ||||||||||||
1,000 | Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29 | 9/15 at 100.00 | AA | 953,870 | ||||||||||||
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 | ||||||||||||
14,450 | Total Pennsylvania | 12,706,070 | ||||||||||||||
Rhode Island – 2.8% (1.6% of Total Investments) | ||||||||||||||||
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: | ||||||||||||||||
9,710 | 6.000%, 6/01/23 | 6/12 at 100.00 | BBB | 8,682,294 | ||||||||||||
6,000 | 6.125%, 6/01/32 | 6/12 at 100.00 | BBB | 4,683,660 | ||||||||||||
15,710 | Total Rhode Island | 13,365,954 | ||||||||||||||
44
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
South Carolina – 11.9% (6.9% of Total Investments) | ||||||||||||||||
$ | 14,000 | Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 | 12/13 at 100.00 | A– | $ | 13,313,298 | ||||||||||
15,445 | Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.875%, 12/01/17 (Pre-refunded 12/01/12) | 12/12 at 101.00 | AA | (4) | 17,220,397 | |||||||||||
2,500 | Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 5/01/25 – AMBAC Insured | 5/13 at 100.00 | AA | 2,209,325 | ||||||||||||
7,600 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 4.000%, 1/01/23 – MBIA Insured | 1/09 at 100.00 | AA | 6,528,248 | ||||||||||||
1,250 | South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) | 11/12 at 100.00 | A– | (4) | 1,366,200 | |||||||||||
4,750 | South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 | 11/12 at 100.00 | A– | 4,054,648 | ||||||||||||
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C: | ||||||||||||||||
1,335 | 6.875%, 8/01/27 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ | (4) | 1,508,857 | |||||||||||
165 | 6.875%, 8/01/27 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ | (4) | 189,187 | |||||||||||
4,450 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ | (4) | 4,934,828 | |||||||||||
550 | 6.375%, 8/01/34 (Pre-refunded 8/01/13) | 8/13 at 100.00 | BBB+ | (4) | 618,816 | |||||||||||
4,475 | Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) | 5/12 at 100.00 | BBB | (4) | 4,654,134 | |||||||||||
56,520 | Total South Carolina | 56,597,938 | ||||||||||||||
Tennessee – 1.1% (0.6% of Total Investments) | ||||||||||||||||
3,200 | Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 | 7/16 at 100.00 | BBB+ | 2,254,720 | ||||||||||||
1,500 | Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 1999D, 6.000%, 3/01/19 – AMBAC Insured (Alternative Minimum Tax) | 3/10 at 101.00 | AA | 1,453,770 | ||||||||||||
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||||||||||
800 | 5.500%, 11/01/37 | 11/17 at 100.00 | N/R | 593,344 | ||||||||||||
1,000 | 5.500%, 11/01/46 | 11/17 at 100.00 | N/R | 719,410 | ||||||||||||
6,500 | Total Tennessee | 5,021,244 | ||||||||||||||
Texas – 13.6% (7.9% of Total Investments) | ||||||||||||||||
5,810 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) | 2/17 at 100.00 | AAA | 4,480,963 | ||||||||||||
5,110 | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) | 4/13 at 101.00 | Caa1 | 3,801,993 | ||||||||||||
10,000 | Brazos River Harbor Navigation District, Brazoria County, Texas, Environmental Facilities Revenue Bonds, Dow Chemical Company Project, Series 2002A-6, 6.250%, 5/15/33 (Mandatory put 5/15/17) (Alternative Minimum Tax) | 5/12 at 101.00 | A– | 8,790,900 | ||||||||||||
3,345 | Fort Worth, Texas, Water and Sewerage Revenue Bonds, Series 2001, 5.625%, 2/15/19 (Pre-refunded 2/15/12) | 2/12 at 100.00 | AA | (4) | 3,616,781 | |||||||||||
5,000 | Gulf Coast Industrial Development Authority, Texas, Waste Disposal Revenue Bonds, Valero Refining and Marketing Company Project, Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax) | 6/10 at 100.00 | BBB | 3,204,250 | ||||||||||||
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A: | ||||||||||||||||
1,000 | 5.000%, 12/01/20 | 12/14 at 100.00 | A | 869,800 | ||||||||||||
1,000 | 5.000%, 12/01/21 | 12/14 at 100.00 | A | 851,010 | ||||||||||||
2,500 | 5.125%, 12/01/22 | 12/14 at 100.00 | A | 2,134,300 |
45
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
$ | 2,800 | Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 5.250%, 11/15/30 – MBIA Insured | 11/11 at 100.00 | AA | $ | 2,416,400 | ||||||||||
4,000 | Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured | 5/14 at 100.00 | AA | 3,726,200 | ||||||||||||
10,850 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured | No Opt. Call | AA | 3,875,620 | ||||||||||||
725 | Keller Independent School District, Tarrant County, Texas, Unlimited Tax General Obligation Refunding Bonds, Series 2001, 5.250%, 8/15/26 | 8/11 at 100.00 | AAA | 727,175 | ||||||||||||
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: | ||||||||||||||||
800 | 5.250%, 8/15/21 | No Opt. Call | BBB– | 682,272 | ||||||||||||
1,250 | 5.125%, 8/15/26 | No Opt. Call | BBB– | 979,775 | ||||||||||||
3,100 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/38 | 1/18 at 100.00 | A3 | 2,617,144 | ||||||||||||
2,000 | Pearland Independent School District, Brazoria County, Texas, Unlimited Tax Schoolhouse Bonds, Series 2001A, 5.250%, 2/15/22 (Pre-refunded 2/15/11) | 2/11 at 100.00 | AAA | 2,110,560 | ||||||||||||
1,000 | Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 | 11/15 at 100.00 | Caa1 | 566,540 | ||||||||||||
3,935 | Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) | 2/11 at 100.00 | AAA | 4,141,981 | ||||||||||||
7,100 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA– | 5,770,170 | ||||||||||||
3,755 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 10.466%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 3,097,086 | ||||||||||||
3,900 | Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2001C-1, 5.200%, 12/01/21 (Alternative Minimum Tax) | 12/11 at 101.00 | Aa1 | 3,548,844 | ||||||||||||
2,905 | Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001, 0.000%, 2/15/25 | 2/11 at 44.73 | AAA | 1,066,048 | ||||||||||||
4,040 | Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001, 0.000%, 2/15/25 (Pre-refunded 2/15/11) | 2/11 at 44.73 | AAA | 1,680,761 | ||||||||||||
85,925 | Total Texas | 64,756,573 | ||||||||||||||
Utah – 0.0% (0.0% of Total Investments) | ||||||||||||||||
170 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C, 5.600%, 7/01/18 (Alternative Minimum Tax) | 1/09 at 101.50 | AAA | 167,977 | ||||||||||||
95 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997E-2, 5.875%, 1/01/19 (Alternative Minimum Tax) | 1/09 at 101.00 | AAA | 94,869 | ||||||||||||
265 | Total Utah | 262,846 | ||||||||||||||
46
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Washington – 11.1% (6.5% of Total Investments) | ||||||||||||||||
$ | 15,000 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002A, 5.450%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax) | 7/12 at 100.00 | AA | $ | 11,763,748 | ||||||||||
7,500 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 – MBIA Insured | 7/12 at 100.00 | Aaa | 7,936,500 | ||||||||||||
5,000 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB) | 7/13 at 100.00 | Aaa | 5,257,450 | ||||||||||||
10,080 | King County School District 401, Highline, Washington, General Obligation Bonds, Series 2002, 5.500%, 12/01/16 – FGIC Insured | 6/12 at 100.00 | AA+ | 10,610,006 | ||||||||||||
6,965 | Port of Seattle, Washington, Revenue Bonds, Series 1999A, 5.250%, 9/01/22 – FGIC Insured | 9/12 at 100.00 | AA | 6,648,023 | ||||||||||||
2,820 | Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A, 5.375%, 12/01/19 – MBIA Insured | 12/14 at 100.00 | A2 | 2,825,809 | ||||||||||||
2,500 | Snohomish County, Washington, Limited Tax General Obligation Bonds, Series 2001, 5.125%, 12/01/22 – MBIA Insured | 12/11 at 100.00 | AA | 2,505,175 | ||||||||||||
1,000 | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | No Opt. Call | N/R | 712,520 | ||||||||||||
4,905 | Washington, Various Purpose General Obligation Bonds, Series 1999B, 5.000%, 1/01/19 | 1/09 at 100.00 | AA+ | 4,916,821 | ||||||||||||
55,770 | Total Washington | 53,176,052 | ||||||||||||||
West Virginia – 1.5% (1.0% of Total Investments) | ||||||||||||||||
5,000 | Mason County, West Virginia, Pollution Control Revenue Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 | 10/11 at 100.00 | BBB | 4,303,600 | ||||||||||||
1,000 | Pleasants County, West Virginia, Pollution Control Revenue Bonds, West Penn Power Company Pleasants Station Project, Series 1999E, 5.500%, 4/01/29 – AMBAC Insured (Alternative Minimum Tax) | 4/09 at 101.00 | Aa3 | 839,190 | ||||||||||||
2,355 | West Virginia University, Unlimited Tax General Revenue Bonds, Student Fees, Series 2004C, 5.000%, 10/01/24 – FGIC Insured | 10/14 at 100.00 | A+ | 2,257,574 | ||||||||||||
8,355 | Total West Virginia | 7,400,364 | ||||||||||||||
Wisconsin – 3.4% (2.0% of Total Investments) | ||||||||||||||||
5,105 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29 | 2/09 at 101.00 | BBB+ | 4,138,675 | ||||||||||||
315 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 | 5/16 at 100.00 | BBB | 224,841 | ||||||||||||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 | 5/14 at 100.00 | BBB+ | 882,040 | ||||||||||||
3,215 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.625%, 2/15/17 – MBIA Insured | 2/09 at 100.00 | AA | 3,068,203 | ||||||||||||
4,530 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34 | 8/16 at 100.00 | A– | 2,836,822 | ||||||||||||
5,300 | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB) | 5/16 at 100.00 | AA | 5,021,114 | ||||||||||||
19,465 | Total Wisconsin | 16,171,695 | ||||||||||||||
47
NPM | Nuveen Premium Income Municipal Fund 2, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Wyoming – 0.3% (0.2% of Total Investments) | ||||||||||||||||
$ | 2,750 | Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) | 12/15 at 100.00 | BBB | $ | 1,796,795 | ||||||||||
$ | 1,037,694 | Total Long-Term Investments (cost $893,839,233) – 170.5% | 814,148,220 | |||||||||||||
Short-Term Investments – 0.6% (0.4% of Total Investments) | ||||||||||||||||
$ | 3,000 | Red River Authority, Texas, Pollution Control Revenue Bonds, Southwestern Public Service Company, Series 1996, Variable Rate Demand Obligations, 8.300%, 7/01/16 – AMBAC Insured (5) | VMIG-1 | 3,000,000 | ||||||||||||
Total Short-Term Investments (cost $3,000,000) | 3,000,000 | |||||||||||||||
Total Investments (cost $896,839,233) – 171.1% | 817,148,220 | |||||||||||||||
Floating Rate Obligations – (14.5)% | (69,424,000 | ) | ||||||||||||||
Other Assets Less Liabilities – 2.8% | 13,428,400 | |||||||||||||||
Preferred Shares, at Liquidation Value – (59.4)% (6) | (283,550,000 | ) | ||||||||||||||
Net Assets Applicable to Common Shares – 100% | $ | 477,602,620 | ||||||||||||||
(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 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) | 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) | Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.7%. | |
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. |
48
NPT | Nuveen Premium Income Municipal Fund 4, Inc. Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Alabama – 5.3% (3.0% of Total Investments) | ||||||||||||||||
$ | 5,150 | Alabama 21st Century Authority, Tobacco Settlement Revenue Bonds, Series 2001, 5.750%, 12/01/16 | 12/11 at 101.00 | A– | $ | 4,751,957 | ||||||||||
2,395 | Alabama Housing Finance Authority, FNMA Multifamily Housing Revenue Bonds, South Bay Apartments, Series 2000K, 5.950%, 2/01/33 (Alternative Minimum Tax) | 2/11 at 102.00 | AAA | 2,095,649 | ||||||||||||
11,895 | Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, Series 1995, 5.000%, 11/01/25 (ETM) | 11/08 at 100.00 | Aaa | 11,841,116 | ||||||||||||
5,000 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB) | 11/16 at 100.00 | Aa1 | 4,087,450 | ||||||||||||
1,000 | Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30 | 11/15 at 100.00 | Baa1 | 721,450 | ||||||||||||
1,000 | Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 | 6/15 at 100.00 | BBB | 694,450 | ||||||||||||
26,440 | Total Alabama | 24,192,072 | ||||||||||||||
Alaska – 1.1% (0.6% of Total Investments) | ||||||||||||||||
1,665 | Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured | 12/14 at 100.00 | AA | 1,533,282 | ||||||||||||
3,065 | Alaska Municipal Bond Bank Authority, General Obligation Bonds, Series 2003E, 5.250%, 12/01/26 (Pre-refunded 12/01/13) – MBIA Insured | 12/13 at 100.00 | AA | (4) | 3,347,777 | |||||||||||
4,730 | Total Alaska | 4,881,059 | ||||||||||||||
Arizona – 1.2% (0.7% of Total Investments) | ||||||||||||||||
5,000 | Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/31 – MBIA Insured | 7/13 at 100.00 | A2 | 4,378,850 | ||||||||||||
2,000 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007, 5.000%, 12/01/37 | No Opt. Call | AA– | 1,210,940 | ||||||||||||
7,000 | Total Arizona | 5,589,790 | ||||||||||||||
Arkansas – 0.0% (0.0% of Total Investments) | ||||||||||||||||
28 | Lonoke County Residential Housing Facilities Board, Arkansas, FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 4/01/11 | 4/09 at 100.00 | Aaa | 28,287 | ||||||||||||
California – 15.4% (8.8% of Total Investments) | ||||||||||||||||
10,000 | Anaheim Public Finance Authority, California, Public Improvement Project Lease Bonds, Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured | 9/17 at 100.00 | AA | 7,391,000 | ||||||||||||
17,000 | California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33 | 3/13 at 100.00 | A | 13,416,398 | ||||||||||||
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 | 4/16 at 100.00 | A+ | 3,963,050 | ||||||||||||
920 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.475%, 11/15/42 (IF) | 11/16 at 100.00 | AA– | 531,476 |
49
NPT | Nuveen Premium Income Municipal Fund 4, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
California (continued) | ||||||||||||||||
$ | 2,000 | California Infrastructure Economic Development Bank, Revenue Bonds, Kaiser Hospital Assistance LLC, Series 2001A, 5.550%, 8/01/31 | 8/11 at 102.00 | A+ | $ | 1,749,120 | ||||||||||
1,560 | California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 11.640%, 11/15/48 (IF) | 5/18 at 100.00 | AA– | 1,042,664 | ||||||||||||
19,545 | California, General Obligation Bonds, Series 2005, 5.000%, 6/01/33 – CIFG Insured | 6/15 at 100.00 | A+ | 17,627,438 | ||||||||||||
4,780 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/14 (ETM) | No Opt. Call | AAA | 3,903,348 | ||||||||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | ||||||||||||||||
610 | 5.125%, 6/01/47 | 6/17 at 100.00 | BBB | 360,205 | ||||||||||||
1,000 | 5.750%, 6/01/47 | 6/17 at 100.00 | BBB | 658,280 | ||||||||||||
1,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) | 6/13 at 100.00 | AAA | 1,129,930 | ||||||||||||
3,190 | Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27 | No Opt. Call | AAA | 1,060,675 | ||||||||||||
11,310 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2006A, 4.250%, 7/01/31 – FSA Insured (UB) | 7/16 at 100.00 | AAA | 8,909,792 | ||||||||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | ||||||||||||||||
4,430 | 0.000%, 1/15/32 – MBIA Insured | No Opt. Call | AA | 924,009 | ||||||||||||
31,300 | 0.000%, 1/15/34 – MBIA Insured | No Opt. Call | AA | 5,661,857 | ||||||||||||
1,945 | South Gate Public Financing Authority, California, Water Revenue Refunding Bonds, Series 1996A, 6.000%, 10/01/12 – FGIC Insured | No Opt. Call | AA | 2,022,781 | ||||||||||||
115,590 | Total California | 70,352,023 | ||||||||||||||
Colorado – 5.3% (3.0% of Total Investments) | ||||||||||||||||
2,000 | Colorado Health Facilities Authority, Revenue Refunding Bonds, Catholic Health Initiatives, Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11) | 9/11 at 100.00 | AA | (4) | 2,123,000 | |||||||||||
425 | Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 6.750%, 10/01/21 | 10/09 at 105.00 | Aa2 | 447,636 | ||||||||||||
2,695 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13 (Alternative Minimum Tax) | No Opt. Call | A+ | 2,869,501 | ||||||||||||
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A: | ||||||||||||||||
2,940 | 5.000%, 12/01/20 (Pre-refunded 12/01/13) – SYNCORA GTY Insured | 12/13 at 100.00 | N/R | (4) | 3,121,839 | |||||||||||
10,000 | 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured | 12/13 at 100.00 | N/R | (4) | 10,618,500 | |||||||||||
4,345 | El Paso County School District 20, Academy, Colorado, General Obligation Bonds, Series 2002, 5.250%, 12/15/17 – FGIC Insured | 12/12 at 100.00 | Aa3 | 4,449,541 | ||||||||||||
755 | Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 – FSA Insured (UB) | 12/14 at 100.00 | AAA | 743,698 | ||||||||||||
23,160 | Total Colorado | 24,373,715 | ||||||||||||||
District of Columbia – 1.8% (1.0% of Total Investments) | ||||||||||||||||
5 | District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/09 – CAPMAC Insured | |||||||||||||||
District of Columbia, Revenue Bonds, Georgetown University, Series 2001A: | 12/08 at 100.00 | AAA | 5,016 | |||||||||||||
9,670 | 0.000%, 4/01/26 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 42.15 | AA | (4) | 3,767,239 | |||||||||||
15,235 | 0.000%, 4/01/30 (Pre-refunded 4/01/11) – MBIA Insured | 4/11 at 32.93 | AA | (4) | 4,637,382 | |||||||||||
24,910 | Total District of Columbia | 8,409,637 | ||||||||||||||
50
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Florida — 6.8% (3.9% of Total Investments) | ||||||||||||||||
$ | 5,000 | Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/28 — MBIA Insured | 7/13 at 100.00 | AA | $ | 4,458,600 | ||||||||||
5,000 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2003A, 5.250%, 10/01/18 — MBIA Insured (Alternative Minimum Tax) | 10/13 at 100.00 | AA | 4,561,700 | ||||||||||||
5,000 | Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) | 12/08 at 100.00 | BB+ | 4,510,250 | ||||||||||||
1,380 | Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.850%, 7/01/20 — FSA Insured (Alternative Minimum Tax) | 1/11 at 102.00 | AAA | 1,299,339 | ||||||||||||
3,385 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/37 — SYNCORA GTY Insured (Alternative Minimum Tax) | 10/15 at 100.00 | A2 | 2,439,874 | ||||||||||||
5,455 | 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– | 4,291,721 | ||||||||||||
11,000 | Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 — AMBAC Insured | 10/18 at 100.00 | AA | 9,603,770 | ||||||||||||
36,220 | Total Florida | 31,165,254 | ||||||||||||||
Georgia — 2.9% (1.7% of Total Investments) | ||||||||||||||||
4,400 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 — FGIC Insured | No Opt. Call | AA | 4,165,700 | ||||||||||||
2,880 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 8.250%, 1/01/11 | No Opt. Call | A+ | 3,145,795 | ||||||||||||
5,500 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 — FGIC Insured (ETM) | No Opt. Call | AAA | 5,908,320 | ||||||||||||
12,780 | Total Georgia | 13,219,815 | ||||||||||||||
Hawaii — 1.2% (0.7% of Total Investments) | ||||||||||||||||
3,720 | Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13 | No Opt. Call | AA | 3,954,360 | ||||||||||||
1,580 | Honolulu City and County, Hawaii, General Obligation Refunding and Improvement Bonds, Series 1993B, 5.000%, 10/01/13 (ETM) | No Opt. Call | Aaa | 1,705,784 | ||||||||||||
5,300 | Total Hawaii | 5,660,144 | ||||||||||||||
Idaho — 0.1% (0.1% of Total Investments) | ||||||||||||||||
750 | Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/37 | 9/16 at 100.00 | BBB— | 517,088 | ||||||||||||
Illinois — 16.2% (9.2% of Total Investments) | ||||||||||||||||
4,000 | Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 — MBIA Insured | No Opt. Call | AA | 4,251,080 | ||||||||||||
5,550 | Chicago, Illinois, Revenue Bonds, Midway Airport, Series 2001A, 5.125%, 1/01/26 — FSA Insured (Alternative Minimum Tax) | 1/11 at 101.00 | AAA | 4,543,119 | ||||||||||||
5,000 | Chicago, Illinois, Sales Tax Revenue Bonds, Series 1998, 5.250%, 1/01/28 — FGIC Insured | 1/09 at 101.50 | AAA | 4,904,900 | ||||||||||||
1,665 | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.000%, 1/01/33 — FGIC Insured | 1/16 at 100.00 | A1 | 1,436,778 | ||||||||||||
Cook County School District 99, Cicero, Illinois, General Obligation School Bonds, Series 1997: | ||||||||||||||||
1,455 | 8.500%, 12/01/13 — FGIC Insured | No Opt. Call | N/R | 1,740,835 | ||||||||||||
1,685 | 8.500%, 12/01/15 — FGIC Insured | No Opt. Call | N/R | 2,117,455 | ||||||||||||
6,010 | Illinois Development Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, Greek American Nursing Home Committee, Series 2000A, 7.600%, 4/20/40 | 4/11 at 105.00 | Aaa | 6,657,698 |
51
NPT | Nuveen Premium Income Municipal Fund 4, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Illinois (continued) | ||||||||||||||||
$ | 1,385 | Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program — Kankakee County, Series 2005B, 5.000%, 12/01/18 — AMBAC Insured | 12/14 at 100.00 | Aa3 | $ | 1,366,303 | ||||||||||
2,515 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.250%, 8/15/34 (Pre-refunded 8/15/14) | 8/14 at 100.00 | AA+ (4) | 2,717,684 | ||||||||||||
5,565 | Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 | 8/17 at 100.00 | A– | 3,850,090 | ||||||||||||
4,000 | Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37 | 8/13 at 100.00 | AAA | 3,514,800 | ||||||||||||
4,000 | Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 5.500%, 5/15/32 | 5/12 at 100.00 | Baa3 | 3,085,560 | ||||||||||||
4,075 | Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 7.000%, 4/01/14 | No Opt. Call | Aa3 | 4,524,799 | ||||||||||||
9,795 | Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, School Refunding Bond, Series 2002, 5.250%, 12/01/19 — FSA Insured (UB) | No Opt. Call | AAA | 10,354,001 | ||||||||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | ||||||||||||||||
9,500 | 0.000%, 6/15/24 — MBIA Insured | 6/22 at 101.00 | AAA | 5,902,350 | ||||||||||||
4,540 | 5.000%, 12/15/28 — MBIA Insured | 6/12 at 101.00 | AAA | 4,345,370 | ||||||||||||
36,040 | 0.000%, 6/15/40 — MBIA Insured | No Opt. Call | AAA | 5,291,393 | ||||||||||||
3,050 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 — AMBAC Insured | No Opt. Call | AA | 3,499,967 | ||||||||||||
109,830 | Total Illinois | 74,104,182 | ||||||||||||||
Indiana — 10.7% (6.1% of Total Investments) | ||||||||||||||||
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: | ||||||||||||||||
1,950 | 0.000%, 2/01/24 | No Opt. Call | AA | 758,336 | ||||||||||||
2,705 | 0.000%, 2/01/25 | No Opt. Call | AA | 1,001,337 | ||||||||||||
3,000 | Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 | 8/16 at 100.00 | Baa2 | 2,003,220 | ||||||||||||
3,965 | Indiana Educational Facilities Authority, Revenue Bonds, Butler University, Series 2001, 5.500%, 2/01/26 — MBIA Insured | 2/11 at 100.00 | AA | 3,857,073 | ||||||||||||
1,500 | Indiana Educational Facilities Authority, Revenue Bonds, University of Indianapolis, Series 1999, 5.750%, 10/01/19 — FSA Insured | 10/09 at 101.00 | AAA | 1,545,180 | ||||||||||||
22,000 | Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligated Group, Series 2000A, 5.500%, 2/15/30 (Pre-refunded 8/15/10) — MBIA Insured | 8/10 at 101.50 | AA (4) | 23,505,014 | ||||||||||||
3,000 | Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 — FSA Insured | No Opt. Call | AAA | 3,309,030 | ||||||||||||
2,800 | Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 — AMBAC Insured | 5/15 at 100.00 | AA | 2,324,504 | ||||||||||||
4,000 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/23 — FSA Insured | 6/13 at 100.00 | AAA | 3,959,040 | ||||||||||||
6,000 | Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/24 (Pre-refunded 6/01/13) — FSA Insured | 6/13 at 100.00 | AAA | 6,452,880 | ||||||||||||
420 | Marion County Convention and Recreational Facilities Authority, Indiana, Excise Tax Lease Rental Revenue Bonds, Series 1997A, 5.000%, 6/01/27 — MBIA Insured | 6/09 at 100.00 | AA | 371,167 | ||||||||||||
51,340 | Total Indiana | 49,086,781 | ||||||||||||||
52
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Iowa — 0.2% (0.1% of Total Investments) | ||||||||||||||||
$ | 1,000 | Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/20 | 7/16 at 100.00 | BBB-- | $ | 782,430 | ||||||||||
Kansas — 2.1% (1.2% of Total Investments) | ||||||||||||||||
2,000 | Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2000A, 5.500%, 9/01/25 — AMBAC Insured | 9/10 at 100.00 | AA | 1,793,180 | ||||||||||||
6,825 | Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Series 2000, 3.500%, 9/01/16 | 9/10 at 100.00 | AA | 6,453,106 | ||||||||||||
1,750 | Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 — MBIA Insured | 6/14 at 100.00 | AA | 1,515,255 | ||||||||||||
10,575 | Total Kansas | 9,761,541 | ||||||||||||||
Louisiana — 7.2% (4.1% of Total Investments) | ||||||||||||||||
1,750 | Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37 | 6/12 at 105.00 | Aaa | 1,786,365 | ||||||||||||
5,150 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32 | 8/15 at 100.00 | A+ | 4,043,111 | ||||||||||||
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 | ||||||||||||
3,800 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 | 5/17 at 100.00 | A3 | 2,960,998 | ||||||||||||
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006: | ||||||||||||||||
1,480 | 4.750%, 5/01/39 — FSA Insured (UB) | 5/16 at 100.00 | AAA | 1,201,420 | ||||||||||||
15,820 | 4.500%, 5/01/41 — FGIC Insured (UB) | 5/16 at 100.00 | Aa3 | 12,129,036 | ||||||||||||
170 | 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 | 11,349 | ||||||||||||
3,795 | Orleans Levee District, Louisiana, Levee District General Obligation Bonds, Series 1986, 5.950%, 11/01/14 — FSA Insured | 12/08 at 100.00 | AAA | 3,800,465 | ||||||||||||
41,965 | Total Louisiana | 32,866,644 | ||||||||||||||
Maryland — 2.2% (1.3% of Total Investments) | ||||||||||||||||
2,015 | Maryland Community Development Administration, Housing Revenue Bonds, Series 1996A, 5.875%, 7/01/16 | 1/09 at 100.00 | Aa2 | 2,015,907 | ||||||||||||
2,900 | Maryland Community Development Administration, Housing Revenue Bonds, Series 1997A, 6.000%, 7/01/39 (Alternative Minimum Tax) | 1/09 at 101.00 | Aa2 | 2,503,251 | ||||||||||||
50 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 | 8/14 at 100.00 | A– | 42,645 | ||||||||||||
2,210 | 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 | 1,532,171 | ||||||||||||
1,935 | Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series 1996B, 6.400%, 7/01/28 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa2 | 1,962,400 | ||||||||||||
2,315 | Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2000B, 6.125%, 7/01/20 (Alternative Minimum Tax) | 7/10 at 100.00 | Aaa | 2,245,434 | ||||||||||||
11,425 | Total Maryland | 10,301,808 | ||||||||||||||
53
NPT | Nuveen Premium Income Municipal Fund 4, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Massachusetts — 1.4% (0.8% of Total Investments) | ||||||||||||||||
$ | 3,585 | Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%, 3/01/35 — ACA Insured | 3/15 at 100.00 | BBB | $ | 2,499,462 | ||||||||||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26 | 10/12 at 102.00 | BB– | 653,690 | ||||||||||||
1,000 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.375%, 7/01/35 | 7/15 at 100.00 | BBB– | 694,160 | ||||||||||||
3,465 | Massachusetts Water Resources Authority, General Revenue Bonds, 4.500%, 8/01/46 — FSA Insured (UB) | 2/17 at 100.00 | AAA | 2,673,144 | ||||||||||||
9,050 | Total Massachusetts | 6,520,456 | ||||||||||||||
Michigan — 7.0% (4.0% of Total Investments) | ||||||||||||||||
6,000 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 — MBIA Insured | 7/15 at 100.00 | AA | 5,128,440 | ||||||||||||
8,915 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 — MBIA Insured | 7/27 at 100.00 | AA | 8,051,047 | ||||||||||||
5,400 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 — FGIC Insured | 7/16 at 100.00 | AA | 4,299,426 | ||||||||||||
5,000 | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 — MBIA Insured | 10/13 at 100.00 | AA | 4,667,550 | ||||||||||||
10,500 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.250%, 8/15/23 | 2/09 at 101.00 | BB | 7,492,485 | ||||||||||||
1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/30 | 5/15 at 100.00 | BBB | 732,350 | ||||||||||||
2,000 | 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 | 1,713,900 | ||||||||||||
38,815 | Total Michigan | 32,085,198 | ||||||||||||||
Minnesota — 1.3% (0.8% of Total Investments) | ||||||||||||||||
650 | Minneapolis-St. Paul Housing Finance Board, Minnesota, FNMA/GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1997, 5.800%, 11/01/30 (Alternative Minimum Tax) | 11/08 at 101.00 | AAA | 648,479 | ||||||||||||
3,500 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/25 (Pre-refunded 1/01/11) — FGIC Insured | 1/11 at 100.00 | AAA | 3,689,105 | ||||||||||||
2,875 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 | 8/16 at 100.00 | N/R | 1,739,001 | ||||||||||||
7,025 | Total Minnesota | 6,076,585 | ||||||||||||||
Mississippi — 1.9% (1.1% of Total Investments) | ||||||||||||||||
2,975 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) | 9/14 at 100.00 | AA | 2,628,889 | ||||||||||||
5,180 | Mississippi, General Obligation Refunding Bonds, Series 2002A, 5.500%, 12/01/18 | No Opt. Call | AA | 5,541,771 | ||||||||||||
1,000 | Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company, Series 2006A, 4.800%, 8/01/30 | 8/11 at 100.00 | BBB | 628,100 | ||||||||||||
9,155 | Total Mississippi | 8,798,760 | ||||||||||||||
54
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Missouri — 0.8% (0.5% of Total Investments) | ||||||||||||||||
$ | 1,450 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 | 6/17 at 100.00 | N/R | $ | 1,009,708 | ||||||||||
3,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/24 | 5/13 at 100.00 | AA | 2,672,910 | ||||||||||||
4,450 | Total Missouri | 3,682,618 | ||||||||||||||
Nebraska — 1.9% (1.1% of Total Investments) | ||||||||||||||||
9,000 | NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan Program, Series 1993A-5A, 6.250%, 6/01/18 — MBIA Insured (Alternative Minimum Tax) | No Opt. Call | A2 | 8,920,890 | ||||||||||||
Nevada — 2.8% (1.6% of Total Investments) | ||||||||||||||||
4,500 | Clark County School District, Nevada, General Obligation School Improvement Bonds, Series 1991A, 7.000%, 6/01/10 — MBIA Insured | No Opt. Call | AA | 4,800,690 | ||||||||||||
7,000 | Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Series 2003, 5.000%, 7/01/23 — AMBAC Insured | 7/13 at 100.00 | AA | 6,780,270 | ||||||||||||
5,425 | Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 0.000%, 1/01/25 — AMBAC Insured | No Opt. Call | AA | 1,062,269 | ||||||||||||
16,925 | Total Nevada | 12,643,229 | ||||||||||||||
New Jersey — 5.4% (3.1% of Total Investments) | ||||||||||||||||
500 | Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38 | 1/18 at 100.00 | N/R | 338,525 | ||||||||||||
1,100 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10) | 7/10 at 101.00 | BBB– (4) | 1,199,638 | ||||||||||||
880 | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 — MBIA Insured | No Opt. Call | AA | 999,997 | ||||||||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | ||||||||||||||||
300 | 6.500%, 1/01/16 — MBIA Insured (ETM) | No Opt. Call | AA (4) | 350,688 | ||||||||||||
2,345 | 6.500%, 1/01/16 — MBIA Insured (ETM) | No Opt. Call | AA (4) | 2,616,950 | ||||||||||||
11,070 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) | 6/12 at 100.00 | AAA | 11,806,266 | ||||||||||||
3,995 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 (Pre-refunded 6/01/13) | 6/13 at 100.00 | AAA | 4,572,118 | ||||||||||||
5,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 | 6/17 at 100.00 | BBB | 2,753,100 | ||||||||||||
25,190 | Total New Jersey | 24,637,282 | ||||||||||||||
New York — 9.3% (5.3% of Total Investments) | ||||||||||||||||
855 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32 | 4/17 at 100.00 | N/R | 580,690 | ||||||||||||
1,200 | Hempstead Industrial Development Agency, New York, Resource Recovery Revenue Refunding Bonds, American Ref-Fuel Company of Hempstead LP, Series 2001, 5.000%, 12/01/10 (Mandatory put 6/01/10) | No Opt. Call | Baa3 | 1,165,860 | ||||||||||||
4,070 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2006A, 4.500%, 2/15/47 — MBIA Insured (UB) | 2/17 at 100.00 | A3 | 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 |
55
NPT | Nuveen Premium Income Municipal Fund 4, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
New York (continued) | ||||||||||||||||
$ | 6,740 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 1998C, 5.000%, 5/01/26 | 5/10 at 100.00 | AAA | $ | 6,578,779 | ||||||||||
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2000C: | ||||||||||||||||
3,630 | 5.875%, 11/01/16 (Pre-refunded 5/01/10) | 5/10 at 101.00 | AAA | 3,858,073 | ||||||||||||
220 | 5.875%, 11/01/16 (Pre-refunded 5/01/10) | 5/10 at 101.00 | AAA | 233,823 | ||||||||||||
5,000 | 5.500%, 11/01/24 (Pre-refunded 5/01/10) | 5/10 at 101.00 | AAA | 5,286,650 | ||||||||||||
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: | ||||||||||||||||
10,800 | 5.500%, 6/01/16 | 6/10 at 100.00 | AA– | 10,892,124 | ||||||||||||
2,500 | 5.500%, 6/01/18 | 6/12 at 100.00 | AA– | 2,521,675 | ||||||||||||
6,250 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 — MBIA Insured (Alternative Minimum Tax) | No Opt. Call | AA | 5,907,313 | ||||||||||||
44,565 | Total New York | 42,374,737 | ||||||||||||||
North Carolina — 3.3% (1.9% of Total Investments) | ||||||||||||||||
750 | Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31 | 1/17 at 100.00 | AA– | 641,378 | ||||||||||||
2,445 | North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/21 | 2/14 at 100.00 | AA+ | 2,453,093 | ||||||||||||
2,000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1992, 6.000%, 1/01/11 — MBIA Insured | No Opt. Call | AA | 2,085,060 | ||||||||||||
10,000 | North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/18 — MBIA Insured | 1/13 at 100.00 | AA | 9,949,000 | ||||||||||||
15,195 | Total North Carolina | 15,128,531 | ||||||||||||||
Ohio — 3.5% (2.0% of Total Investments) | ||||||||||||||||
5,890 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 | 6/17 at 100.00 | BBB | 4,616,582 | ||||||||||||
8,065 | Cleveland, Ohio, Airport System Revenue Bonds, Series 2001A, 5.000%, 1/01/31 — FSA Insured | 1/10 at 101.00 | AAA | 7,311,810 | ||||||||||||
3,000 | Franklin County, Ohio, Development Revenue Bonds, American Chemical Society, Series 1999, 5.800%, 10/01/14 | 10/09 at 101.00 | A+ | 3,057,210 | ||||||||||||
1,000 | Franklin County, Ohio, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Hamilton Creek Apartments Project, Series 1994A, 5.550%, 7/01/24 (Alternative Minimum Tax) | 1/09 at 100.00 | Aa2 | 884,950 | ||||||||||||
17,955 | Total Ohio | 15,870,552 | ||||||||||||||
Oklahoma — 1.8% (1.0% of Total Investments) | ||||||||||||||||
260 | Oklahoma Housing Finance Agency, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000C-2, 6.200%, 9/01/28 (Alternative Minimum Tax) | 3/10 at 101.00 | Aaa | 242,052 | ||||||||||||
5,615 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) | 12/16 at 100.00 | AA | 4,366,730 | ||||||||||||
88 | Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 7.262%, 12/15/36 (IF) | 12/16 at 100.00 | AA | 48,873 | ||||||||||||
3,340 | Tulsa Industrial Authority, Oklahoma, Hospital Revenue Refunding Bonds, Hillcrest Medical Center, Series 1996, 6.500%, 6/01/09 — CONNIE LEE/AMBA Insured (ETM) | No Opt. Call | AA (4) | 3,433,253 | ||||||||||||
9,303 | Total Oklahoma | 8,090,908 | ||||||||||||||
56
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Pennsylvania — 2.9% (1.7% of Total Investments) | ||||||||||||||||
$ | 500 | Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 | 3/17 at 100.00 | BBB | $ | 323,625 | ||||||||||
1,800 | Pennsylvania Economic Development Financing Authority, Senior Lien Resource Recovery Revenue Bonds, Northampton Generating Project, Series 1994A, 6.400%, 1/01/09 (Alternative Minimum Tax) | 12/08 at 100.00 | B– | 1,779,192 | ||||||||||||
5,410 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 3212, 11.325%, 10/01/38 (IF) | 10/17 at 100.00 | AA+ | 4,238,519 | ||||||||||||
5,490 | 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 | 4,364,165 | ||||||||||||
2,600 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 — AMBAC Insured | 12/14 at 100.00 | AA | 2,605,200 | ||||||||||||
15,800 | Total Pennsylvania | 13,310,701 | ||||||||||||||
Puerto Rico — 2.9% (1.6% of Total Investments) | ||||||||||||||||
12,390 | Puerto Rico, General Obligation and Public Improvement Refunding Bonds, Series 1997, 6.500%, 7/01/13 — MBIA Insured | No Opt. Call | AA | 13,143,434 | ||||||||||||
Rhode Island — 3.2% (1.8% of Total Investments) | ||||||||||||||||
20,000 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 | 6/12 at 100.00 | BBB | 14,605,798 | ||||||||||||
South Carolina — 4.8% (2.7% of Total Investments) | ||||||||||||||||
4,120 | Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/23 — MBIA Insured | 8/14 at 100.00 | AA | 4,050,619 | ||||||||||||
3,000 | Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 — FGIC Insured | 6/14 at 100.00 | A+ | 2,459,040 | ||||||||||||
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991: | ||||||||||||||||
5,000 | 6.250%, 1/01/21 — FGIC Insured | No Opt. Call | AA | 5,202,800 | ||||||||||||
5,750 | 4.000%, 1/01/23 — MBIA Insured | 1/09 at 100.00 | AA | 4,939,135 | ||||||||||||
5,085 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1998A, 5.500%, 1/01/13 — MBIA Insured | No Opt. Call | AA | 5,266,128 | ||||||||||||
22,955 | Total South Carolina | 21,917,722 | ||||||||||||||
South Dakota — 0.4% (0.2% of Total Investments) | ||||||||||||||||
1,750 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 | 11/14 at 100.00 | AA– | 1,600,935 | ||||||||||||
Tennessee — 0.6% (0.3% of Total Investments) | ||||||||||||||||
5,075 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41 | 1/17 at 30.07 | A– | 441,271 | ||||||||||||
680 | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36 | 9/16 at 100.00 | BBB+ | 447,093 | ||||||||||||
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: | ||||||||||||||||
860 | 5.500%, 11/01/37 | 11/17 at 100.00 | N/R | 637,845 | ||||||||||||
1,500 | 5.500%, 11/01/46 | 11/17 at 100.00 | N/R | 1,079,115 | ||||||||||||
8,115 | Total Tennessee | 2,605,324 | ||||||||||||||
57
NPT | Nuveen Premium Income Municipal Fund 4, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas — 21.1% (12.1% of Total Investments) | ||||||||||||||||
$ | 3,000 | Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) | 12/12 at 100.00 | CCC+ | $ | 1,023,600 | ||||||||||
5,440 | Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) | 2/17 at 100.00 | AAA | 4,195,600 | ||||||||||||
4,000 | Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 — FGIC Insured | 1/15 at 100.00 | AA | 3,157,400 | ||||||||||||
2,250 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2004B, 5.000%, 11/01/27 — FSA Insured (Alternative Minimum Tax) | 11/14 at 100.00 | AAA | 1,779,075 | ||||||||||||
8,000 | Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.875%, 11/01/19 — FGIC Insured (Alternative Minimum Tax) | 11/11 at 100.00 | A+ | 7,484,400 | ||||||||||||
6,000 | Garland Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Legacy Pointe Apartments, Series 2000, 7.500%, 6/01/40 (Alternative Minimum Tax) | 12/11 at 101.00 | N/R | 5,721,660 | ||||||||||||
7,000 | Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 — MBIA Insured | 11/13 at 100.00 | AA | 6,292,090 | ||||||||||||
28,305 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/28 — AMBAC Insured | No Opt. Call | AA | 8,239,869 | ||||||||||||
7,500 | 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 | 7,939,875 | ||||||||||||
33,505 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/39 | 8/14 at 25.08 | AAA | 4,731,241 | ||||||||||||
54 | Midland Housing Finance Corporation, Texas, Single Family Mortgage Revenue Refunding Bonds, Series 1992A, 8.450%, 12/01/11 | 11/08 at 100.00 | Aaa | 55,154 | ||||||||||||
Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001: | ||||||||||||||||
730 | 5.500%, 2/15/21 | 2/11 at 100.00 | AAA | 739,760 | ||||||||||||
760 | 5.500%, 2/15/23 | 2/11 at 100.00 | AAA | 768,064 | ||||||||||||
Montgomery Independent School District, Montgomery County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001: | ||||||||||||||||
1,570 | 5.500%, 2/15/21 (Pre-refunded 2/15/11) | 2/11 at 100.00 | Aaa | 1,667,952 | ||||||||||||
1,640 | 5.500%, 2/15/23 (Pre-refunded 2/15/11) | 2/11 at 100.00 | Aaa | 1,742,320 | ||||||||||||
Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding Bonds, Series 2001: | ||||||||||||||||
3,025 | 5.000%, 2/15/26 | 8/11 at 100.00 | Aaa | 2,980,049 | ||||||||||||
2,300 | 5.125%, 2/15/31 | 8/11 at 100.00 | Aaa | 2,207,471 | ||||||||||||
700 | Mt. Pleasant Independent School District, Titus County, Texas, General Obligation Refunding Bonds, Series 2001, 5.125%, 2/15/31 (Pre-refunded 8/15/11) | 8/11 at 100.00 | Aaa | 741,811 | ||||||||||||
2,500 | North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 5.750%, 1/01/38 | 1/18 at 100.00 | A3 | 2,110,600 | ||||||||||||
6,000 | Raven Hills Higher Education Corporation, Texas, Student Housing Revenue Bonds, Angelo State University — Texan Hall LLC, Series 2002A, 5.000%, 8/01/25 (Pre-refunded 8/01/12) — MBIA Insured | 8/12 at 100.00 | A2 | (4) | 6,393,360 | |||||||||||
3,410 | Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/12) (5) | 12/12 at 100.00 | AAA | 3,921,807 | ||||||||||||
1,800 | Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 — RAAI Insured | 10/12 at 100.00 | A3 | 1,708,704 |
58
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Texas (continued) | ||||||||||||||||
$ | 4,700 | Spring Branch Independent School District, Harris County, Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/26 (Pre-refunded 2/01/11) | 2/11 at 100.00 | AAA | $ | 4,947,220 | ||||||||||
550 | Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 7.369%, 2/15/36 (IF) | 2/17 at 100.00 | AA– | 362,511 | ||||||||||||
5,200 | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) | 2/17 at 100.00 | AA– | 4,226,040 | ||||||||||||
3,395 | Texas State, General Obligation Bonds, Series 2008, Trust 3213, 10.466%, 4/01/33 (IF) | 4/17 at 100.00 | Aa1 | 2,800,162 | ||||||||||||
8,500 | Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) | 11/08 at 100.00 | Aaa | 8,701,705 | ||||||||||||
151,834 | Total Texas | 96,639,500 | ||||||||||||||
Utah — 2.4% (1.4% of Total Investments) | ||||||||||||||||
4,845 | Bountiful, Davis County, Utah, Hospital Revenue Refunding Bonds, South Davis Community Hospital Project, Series 1998, 5.750%, 12/15/18 | 12/08 at 101.00 | N/R | 3,908,025 | ||||||||||||
4,995 | Intermountain Power Agency, Utah, Power Supply Revenue Bonds, Series 1996A, 6.150%, 7/01/14 (ETM) | 1/09 at 100.00 | Aa3 (4) | 5,055,140 | ||||||||||||
490 | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000G, 5.875%, 7/01/27 (Alternative Minimum Tax) | 7/10 at 100.00 | AA | 489,971 | ||||||||||||
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001C: | ||||||||||||||||
1,285 | 5.500%, 1/01/18 (Alternative Minimum Tax) | 1/11 at 100.00 | AA– | 1,264,671 | ||||||||||||
475 | 5.650%, 1/01/21 (Alternative Minimum Tax) | 1/11 at 100.00 | Aaa | 435,005 | ||||||||||||
12,090 | Total Utah | 11,152,812 | ||||||||||||||
Virginia — 1.6% (0.9% of Total Investments) | ||||||||||||||||
8,190 | Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.000%, 1/15/35 — AMBAC Insured | 1/13 at 100.00 | AA | 7,383,285 | ||||||||||||
Washington — 10.7% (6.1% of Total Investments) | ||||||||||||||||
1,855 | Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 1999A, 6.200%, 7/01/34 (Alternative Minimum Tax) | 7/09 at 101.00 | AA | 1,802,652 | ||||||||||||
2,500 | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station — Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 — MBIA Insured | 7/12 at 100.00 | Aaa | 2,645,500 | ||||||||||||
220 | Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/34 (Pre-refunded 1/01/15) — FGIC Insured | 1/15 at 100.00 | Aa2 (4) | 237,202 | ||||||||||||
5,780 | Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/34 — FGIC Insured | 1/15 at 100.00 | Aa2 | 5,157,378 | ||||||||||||
1,500 | Snohomish County School District 6, Mukilteo, Washington, Unlimited Tax General Obligation and Refunding Bonds, Series 1993, 5.700%, 12/01/12 — FGIC Insured | No Opt. Call | AA | 1,615,801 | ||||||||||||
8,155 | Tacoma, Washington, Electric System Revenue Refunding Bonds, Series 2001A, 5.750%, 1/01/20 (Pre-refunded 1/01/11) — FSA Insured | 1/11 at 101.00 | AAA | 8,757,900 | ||||||||||||
4,705 | Tacoma, Washington, Sewerage Revenue Refunding Bonds, Series 1994B, 8.000%, 12/01/08 — FGIC Insured | No Opt. Call | AA | 4,724,997 | ||||||||||||
11,000 | Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1993B, 7.000%, 7/01/09 | No Opt. Call | Aaa | 11,374,771 |
59
NPT | Nuveen Premium Income Municipal Fund 4, Inc. (continued) | ||
Portfolio of INVESTMENTS October 31, 2008 |
Principal | Optional Call | |||||||||||||||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | ||||||||||||
Washington (continued) | ||||||||||||||||
$ | 2,000 | Washington State Healthcare Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%,12/01/32 | No Opt. Call | N/R | $ | 1,425,041 | ||||||||||
1,000 | 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 | 760,211 | ||||||||||||
5,500 | Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish Health Services, Series 1998, 5.500%, 11/15/14 — AMBAC Insured | 11/08 at 101.00 | Aa3 | 5,387,526 | ||||||||||||
1,460 | Washington State Healthcare Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 — ACA Insured | 8/17 at 100.00 | BBB | 1,075,495 | ||||||||||||
4,305 | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 | 6/13 at 100.00 | BBB | 3,830,332 | ||||||||||||
49,980 | Total Washington | 48,794,806 | ||||||||||||||
Wisconsin — 3.1% (1.8% of Total Investments) | ||||||||||||||||
500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Medical College of Wisconsin Inc., Series 1996, 5.500%, 12/01/26 — MBIA Insured | 12/08 at 100.00 | AA | 497,146 | ||||||||||||
7,500 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Healthcare Inc., Series 2002A, 5.250%, 2/15/32 — MBIA Insured | 2/12 at 101.00 | AA | 6,584,626 | ||||||||||||
4,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34 | 8/16 at 100.00 | A– | 2,504,921 | ||||||||||||
5,000 | Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 — FGIC Insured (UB) | 5/16 at 100.00 | AA | 4,736,900 | ||||||||||||
17,000 | Total Wisconsin | 14,323,593 | ||||||||||||||
$ | 1,009,775 | Total Long-Term Investments (cost $868,421,745) — 173.8% | 795,599,926 | |||||||||||||
60
Principal | ||||||||||||
Amount (000) | Description (1) | Ratings (3) | Value | |||||||||
Short-Term Investments — 1.3% (0.7% of Total Investments) | ||||||||||||
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 | ||||||||
4,000 | Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Series 2008, Trust 2917, Variable Rate Demand Obligations, 5.690%, 10/01/28 (6) | A-1 | 4,000,000 | |||||||||
$ | 6,000 | Total Short-Term Investments (cost $6,000,000) | 6,000,000 | |||||||||
Total Investments (cost $874,421,745) — 175.1% | 801,599,926 | |||||||||||
Floating Rate Obligations — (13.1)% | (60,118,000 | ) | ||||||||||
Other Assets Less Liabilities — 4.0% | 18,584,301 | |||||||||||
Preferred Shares, at Liquidation Value — (66.0)% (7) | (302,200,000 | ) | ||||||||||
Net Assets Applicable to Common Shares — 100% | $ | 457,866,227 | ||||||||||
(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 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) | The issuer has received a formal adverse determination from the Internal Revenue Service (the “IRS”) regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. | |
(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 is 37.7%. | |
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. |
61
Statement of | |
ASSETS & LIABILITIES |
Premium Income | Premium Income 2 | Premium Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $1,369,601,933, $896,839,233, and $874,421,745, respectively) | $ | 1,249,440,713 | $ | 817,148,220 | $ | 801,599,926 | ||||||
Cash | 6,940,478 | 1,923,437 | 6,848,909 | |||||||||
Receivables: | ||||||||||||
Interest | 21,249,020 | 14,010,261 | 14,320,501 | |||||||||
Investments sold | 1,035,000 | 280,153 | 40,908 | |||||||||
Other assets | 137,708 | 84,917 | 118,762 | |||||||||
Total assets | 1,278,802,919 | 833,446,988 | 822,929,006 | |||||||||
Liabilities | ||||||||||||
Floating rate obligations | 98,904,000 | 69,424,000 | 60,118,000 | |||||||||
Unrealized depreciation on forward swaps | 3,082,340 | — | — | |||||||||
Payables: | ||||||||||||
Common share dividends | 3,238,256 | 2,051,500 | 2,010,543 | |||||||||
Preferred share dividends | 144,146 | 78,741 | 82,146 | |||||||||
Accrued expenses: | ||||||||||||
Management fees | 614,189 | 404,657 | 404,311 | |||||||||
Other | 587,986 | 335,470 | 247,779 | |||||||||
Total liabilities | 106,570,917 | 72,294,368 | 62,862,779 | |||||||||
Preferred shares, at liquidation value | 415,450,000 | 283,550,000 | 302,200,000 | |||||||||
Net assets applicable to Common shares | $ | 756,782,002 | $ | 477,602,620 | $ | 457,866,227 | ||||||
Common shares outstanding | 63,785,430 | 40,796,161 | 43,236,703 | |||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) | $ | 11.86 | $ | 11.71 | $ | 10.59 | ||||||
Net assets applicable to Common shares consist of: | ||||||||||||
Common shares, $.01 par value per share | $ | 637,854 | $ | 407,962 | $ | 432,367 | ||||||
Paid-in surplus | 901,373,271 | 566,753,019 | 586,866,480 | |||||||||
Undistributed (Over-distribution of) net investment income | 175,312 | (287,678 | ) | 659,055 | ||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (22,160,875 | ) | (9,579,670 | ) | (57,269,856 | ) | ||||||
Net unrealized appreciation (depreciation) of investments and derivative transactions | (123,243,560 | ) | (79,691,013 | ) | (72,821,819 | ) | ||||||
Net assets applicable to Common shares | $ | 756,782,002 | $ | 477,602,620 | $ | 457,866,227 | ||||||
Authorized shares: | ||||||||||||
Common | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Preferred | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||
62
Statement of | |
OPERATIONS |
Premium Income | Premium Income 2 | Premium Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Investment Income | $ | 75,183,816 | $ | 48,566,161 | $ | 47,913,957 | ||||||
Expenses | ||||||||||||
Management fees | 8,366,121 | 5,512,651 | 5,336,511 | |||||||||
Preferred shares — auction fees | 1,234,958 | 822,579 | 820,387 | |||||||||
Preferred shares — dividend disbursing agent fees | 60,000 | 60,000 | 80,000 | |||||||||
Shareholders’ servicing agent fees and expenses | 124,266 | 51,501 | 61,947 | |||||||||
Interest expense on floating rate obligations | 2,775,047 | 1,964,810 | 2,004,389 | |||||||||
Custodian’s fees and expenses | 229,882 | 150,028 | 155,153 | |||||||||
Directors’ fees and expenses | 28,407 | 18,745 | 18,241 | |||||||||
Professional fees | 85,450 | 60,512 | 58,728 | |||||||||
Shareholders’ reports — printing and mailing expenses | 157,603 | 107,079 | 112,602 | |||||||||
Stock exchange listing fees | 22,053 | 14,122 | 14,948 | |||||||||
Investor relations expense | 173,474 | 114,280 | 114,436 | |||||||||
Other expenses | 46,713 | 47,191 | 46,086 | |||||||||
Total expenses before custodian fee credit | 13,303,974 | 8,923,498 | 8,823,428 | |||||||||
Custodian fee credit | (185,299 | ) | (120,607 | ) | (72,605 | ) | ||||||
Net expenses | 13,118,675 | 8,802,891 | 8,750,823 | |||||||||
Net investment income | 62,065,141 | 39,763,270 | 39,163,134 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (11,854,156 | ) | (6,788,025 | ) | (7,460,410 | ) | ||||||
Forward swaps | (526,200 | ) | (2,800,000 | ) | — | |||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||
Investments | (167,308,446 | ) | (117,638,815 | ) | (107,428,586 | ) | ||||||
Forward swaps | (3,340,935 | ) | 791,405 | — | ||||||||
Net realized and unrealized gain (loss) | (183,029,737 | ) | (126,435,435 | ) | (114,888,996 | ) | ||||||
Distributions to Preferred Shareholders | ||||||||||||
From net investment income | (18,128,385 | ) | (11,883,074 | ) | (12,256,484 | ) | ||||||
From accumulated net realized gains | — | (408,199 | ) | — | ||||||||
Decrease in net assets applicable to Common shares from distributions to Preferred shareholders | (18,128,385 | ) | (12,291,273 | ) | (12,256,484 | ) | ||||||
Net increase (decrease) in net assets applicable to Common shares from operations | $ | (139,092,981 | ) | $ | (98,963,438 | ) | $ | (87,982,346 | ) | |||
63
Statement of | |
CHANGES in NET ASSETS |
Premium Income (NPI) | Premium Income 2 (NPM) | Premium Income 4 (NPT) | ||||||||||||||||||||||
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 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 62,065,141 | $ | 62,570,194 | $ | 39,763,270 | $ | 40,002,526 | $ | 39,163,134 | $ | 38,765,346 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | (11,854,156 | ) | 1,507,533 | (6,788,025 | ) | 195,490 | (7,460,410 | ) | 1,759,555 | |||||||||||||||
Forward swaps | (526,200 | ) | — | (2,800,000 | ) | — | — | — | ||||||||||||||||
Futures | — | — | — | 1,150,416 | — | — | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments | (167,308,446 | ) | (36,823,378 | ) | (117,638,815 | ) | (24,279,042 | ) | (107,428,586 | ) | (21,333,407 | ) | ||||||||||||
Forward swaps | (3,340,935 | ) | 258,595 | 791,405 | (791,405 | ) | — | — | ||||||||||||||||
Distributions to Preferred Shareholders: | ||||||||||||||||||||||||
From net investment income | (18,128,385 | ) | (18,733,665 | ) | (11,883,074 | ) | (12,176,545 | ) | (12,256,484 | ) | (12,206,944 | ) | ||||||||||||
From accumulated net realized gains | — | — | (408,199 | ) | (242,538 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares from operations | (139,092,981 | ) | 8,779,279 | (98,963,438 | ) | 3,858,902 | (87,982,346 | ) | 6,984,550 | |||||||||||||||
Distributions to Common Shareholders | ||||||||||||||||||||||||
From net investment income | (45,345,066 | ) | (45,160,091 | ) | (28,251,619 | ) | (28,315,494 | ) | (25,578,850 | ) | (27,498,549 | ) | ||||||||||||
From accumulated net realized gains | — | — | (938,312 | ) | (706,808 | ) | — | — | ||||||||||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders | (45,345,066 | ) | (45,160,091 | ) | (29,189,931 | ) | (29,022,302 | ) | (25,578,850 | ) | (27,498,549 | ) | ||||||||||||
Capital Share Transactions | ||||||||||||||||||||||||
Common shares repurchased | — | — | (60,864 | ) | (4,000,767 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions | — | — | (60,864 | ) | (4,000,767 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets applicable to Common shares | (184,438,047 | ) | (36,380,812 | ) | (128,214,233 | ) | (29,164,167 | ) | (113,561,196 | ) | (20,513,999 | ) | ||||||||||||
Net assets applicable to Common shares at the beginning of year | 941,220,049 | 977,600,861 | 605,816,853 | 634,981,020 | 571,427,423 | 591,941,422 | ||||||||||||||||||
Net assets applicable to Common shares at the end of year | $ | 756,782,002 | $ | 941,220,049 | $ | 477,602,620 | $ | 605,816,853 | $ | 457,866,227 | $ | 571,427,423 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of year | $ | 175,312 | $ | 1,696,530 | $ | (287,678 | ) | $ | 95,004 | $ | 659,055 | $ | (637,865 | ) | ||||||||||
64
Statement of | |
CASH FLOWS |
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations | $ | (139,092,981 | ) | $ | (98,963,438 | ) | $ | (87,982,346 | ) | |||
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 | (161,616,744 | ) | (71,896,636 | ) | (93,598,412 | ) | ||||||
Proceeds from sales and maturities of investments | 284,798,833 | 129,747,899 | 152,587,972 | |||||||||
Proceeds from (Purchases of) short-term investments, net | (7,778,372 | ) | (3,000,000 | ) | (6,000,000 | ) | ||||||
Proceeds from terminated forward swaps | (526,200 | ) | (2,800,000 | ) | — | |||||||
Amortization (Accretion) of premiums and discounts, net | (1,677,015 | ) | (2,837,950 | ) | (1,277,935 | ) | ||||||
(Increase) Decrease in receivable for interest | 1,327,194 | 551,881 | 574,514 | |||||||||
(Increase) Decrease in receivable for investments sold | 1,185,621 | 7,708,946 | 1,483,841 | |||||||||
(Increase) Decrease in other assets | 5,564 | 3,820 | 3,433 | |||||||||
Increase (Decrease) in payable for investments purchased | (1,480,711 | ) | (2,057,093 | ) | — | |||||||
Increase (Decrease) in payable for Preferred share dividends | (23,889 | ) | (36,300 | ) | (30,789 | ) | ||||||
Increase (Decrease) in accrued management fees | (133,319 | ) | (87,631 | ) | (65,913 | ) | ||||||
Increase (Decrease) in accrued other liabilities | 117,045 | 155,576 | 46,394 | |||||||||
Net realized (gain) loss from investments | 11,854,156 | 6,788,025 | 7,460,410 | |||||||||
Net realized (gain) loss from forward swaps | 526,200 | 2,800,000 | — | |||||||||
Net realized (gain) loss from paydowns | 520 | — | 766 | |||||||||
Change in net unrealized (appreciation) depreciation of investments | 167,308,446 | 117,638,815 | 107,428,586 | |||||||||
Change in net unrealized (appreciation) depreciation of forward swaps | 3,340,935 | (791,405 | ) | — | ||||||||
Net cash provided by (used in) operating activities | 158,135,283 | 82,924,509 | 80,630,521 | |||||||||
Cash Flows from Financing Activities: | ||||||||||||
Increase (Decrease) in cash overdraft balance | (182,572 | ) | — | — | ||||||||
Increase (Decrease) in floating rate obligations | 3,780,000 | 6,774,000 | (12,305,000 | ) | ||||||||
Cash distributions paid to Common shareholders | (45,242,233 | ) | (29,201,347 | ) | (25,444,162 | ) | ||||||
Increase (Decrease) in Preferred shares | (109,550,000 | ) | (63,450,000 | ) | (36,200,000 | ) | ||||||
Cost of Common share repurchases | — | (60,864 | ) | — | ||||||||
Net cash provided by (used in) financing activities | (151,194,805 | ) | (85,938,211 | ) | (73,949,162 | ) | ||||||
Net Increase (Decrease) in Cash | 6,940,478 | (3,013,702 | ) | 6,681,359 | ||||||||
Cash at the beginning of year | — | 4,937,139 | 167,550 | |||||||||
Cash at the End of Year | $ | 6,940,478 | $ | 1,923,437 | $ | 6,848,909 | ||||||
65
Notes to | |
FINANCIAL STATEMENTS |
66
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Number of shares: | ||||||||||||
Series M | 3,007 | 1,634 | 1,965 | |||||||||
Series M2 | 1,582 | — | — | |||||||||
Series T | 3,007 | 2,451 | 1,787 | |||||||||
Series T2 | — | — | 1,186 | |||||||||
Series W | 3,007 | 1,634 | 1,501 | |||||||||
Series W2 | — | — | 464 | |||||||||
Series TH | 3,008 | 2,452 | 2,393 | |||||||||
Series F | 3,007 | 1,635 | 1,607 | |||||||||
Series F2 | — | 1,536 | 1,185 | |||||||||
Total | 16,618 | 11,342 | 12,088 | |||||||||
67
Notes to | |
FINANCIAL STATEMENTS (continued) |
68
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Maximum exposure | $ | 16,635,000 | $ | 13,570,000 | $ | — | ||||||
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Average floating rate obligations | $ | 97,116,660 | $ | 68,897,498 | $ | 71,322,092 | ||||||
Average annual interest rate and fees | 2.86 | % | 2.85 | % | 2.81 | % | ||||||
69
Notes to | |
FINANCIAL STATEMENTS (continued) |
Premium | Premium | Premium | ||||||||||||||||||||||
Income (NPI) | Income 2 (NPM) | Income 4 (NPT) | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||||||||
Common shares repurchased | — | — | (4,800 | ) | (292,700 | ) | — | — | ||||||||||||||||
Weighted average price per Common share repurchased | — | — | $ | 12.66 | $ | 13.65 | — | — | ||||||||||||||||
Weighted average discount per Common share repurchased | — | — | 12.81 | % | 7.30 | % | — | — | ||||||||||||||||
Premium | Premium | |||||||||||||||||||||||||||||||
Income (NPI) | Income 2 (NPM) | |||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
10/31/08 | 10/31/07 | 10/31/08 | 10/31/07 | |||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Preferred shares redeemed: | ||||||||||||||||||||||||||||||||
Series M | 793 | $ | 19,825,000 | — | $ | — | 366 | $ | 9,150,000 | — | $ | — | ||||||||||||||||||||
Series M2 | 418 | 10,450,000 | — | — | — | — | — | — | ||||||||||||||||||||||||
Series T | 793 | 19,825,000 | — | — | 549 | 13,725,000 | — | — | ||||||||||||||||||||||||
Series W | 793 | 19,825,000 | — | — | 366 | 9,150,000 | — | — | ||||||||||||||||||||||||
Series TH | 792 | 19,800,000 | — | — | 548 | 13,700,000 | — | — | ||||||||||||||||||||||||
Series F | 793 | 19,825,000 | — | — | 365 | 9,125,000 | — | — | ||||||||||||||||||||||||
Series F2 | — | — | — | — | 344 | 8,600,000 | — | — | ||||||||||||||||||||||||
Total | 4,382 | $ | 109,550,000 | — | $ | — | 2,538 | $ | 63,450,000 | — | $ | — | ||||||||||||||||||||
70
Premium | ||||||||||||||||
Income 4 (NPT) | ||||||||||||||||
Year Ended | Year Ended | |||||||||||||||
10/31/08 | 10/31/07 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Preferred shares redeemed: | ||||||||||||||||
Series M | 235 | $ | 5,875,000 | — | $ | — | ||||||||||
Series T | 213 | 5,325,000 | — | — | ||||||||||||
Series T2 | 142 | 3,550,000 | — | — | ||||||||||||
Series W | 179 | 4,475,000 | — | — | ||||||||||||
Series W2 | 56 | 1,400,000 | — | — | ||||||||||||
Series TH | 287 | 7,175,000 | — | — | ||||||||||||
Series F | 193 | 4,825,000 | — | — | ||||||||||||
Series F2 | 143 | 3,575,000 | — | — | ||||||||||||
Total | 1,448 | $ | 36,200,000 | — | $ | — | ||||||||||
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Purchases | $ | 161,616,744 | $ | 71,896,636 | $ | 93,598,412 | ||||||
Sales and maturities | 284,798,833 | 129,747,899 | 152,587,972 | |||||||||
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Cost of investments | $ | 1,270,131,999 | $ | 827,189,072 | $ | 814,189,276 | ||||||
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 28,325,602 | $ | 14,054,633 | $ | 15,091,968 | ||||||
Depreciation | (148,033,146 | ) | (93,574,465 | ) | (87,765,691 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | (119,707,544 | ) | $ | (79,519,832 | ) | $ | (72,673,723 | ) | |||
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Undistributed net tax-exempt income * | $ | 2,961,599 | $ | 1,706,806 | $ | 2,485,185 | ||||||
Undistributed net ordinary income ** | 860 | — | 18,210 | |||||||||
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. |
71
Notes to | |||
FINANCIAL STATEMENTS (continued) |
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
2008 | (NPI) | (NPM) | (NPT) | |||||||||
Distributions from net tax-exempt income*** | $ | 63,352,587 | $ | 40,025,218 | $ | 37,511,796 | ||||||
Distributions from net ordinary income ** | 80,967 | 234,668 | 224,617 | |||||||||
Distributions from net long-term capital gains**** | — | 1,257,894 | — | |||||||||
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
2007 | (NPI) | (NPM) | (NPT) | |||||||||
Distributions from net tax-exempt income | $ | 63,910,797 | $ | 40,521,587 | $ | 39,978,752 | ||||||
Distributions from net ordinary income ** | — | — | — | |||||||||
Distributions from net long-term capital gains | — | 949,346 | — | |||||||||
** | 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. |
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Expiration: | ||||||||||||
October 31, 2010 | $ | — | $ | — | $ | 18,079,555 | ||||||
October 31, 2011 | 5,278,912 | — | 24,792,603 | |||||||||
October 31, 2013 | — | — | 6,161,830 | |||||||||
October 31, 2014 | 4,614,516 | — | 806,337 | |||||||||
October 31, 2016 | 11,536,998 | 9,320,812 | 7,113,122 | |||||||||
Total | $ | 21,430,426 | $ | 9,320,812 | $ | 56,953,447 | ||||||
72
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 | |||
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. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors who are affiliated with the Adviser or to its Officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent Directors that enables Directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. |
73
Notes to | |||
FINANCIAL STATEMENTS (continued) |
In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of October 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.
The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on December 1, 2008, to shareholders of record on November 15, 2008, as follows:
Premium | Premium | Premium | ||||||||||
Income | Income 2 | Income 4 | ||||||||||
(NPI) | (NPM) | (NPT) | ||||||||||
Dividend per share | $ | .0600 | $ | .0575 | $ | .0515 | ||||||
74
Financial | ||
HIGHLIGHTS |
75
Financial | |||
HIGHLIGHTS |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | |||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | ||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Ending | |||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Common | ||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Preferred | Preferred | Common | Common | Share | Ending | ||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Share- | Share- | Share- | Share- | Net Asset | Market | ||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | holders† | holders† | Total | holders | holders | Total | Value | Value | ||||||||||||||||||||||||||||||||||
Premium Income (NPI) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 14.76 | $ | .97 | $ | (2.88 | ) | $ | (.28 | ) | $ | — | $ | (2.19 | ) | $ | (.71 | ) | $ | — | $ | (.71 | ) | $ | 11.86 | $ | 10.93 | |||||||||||||||||
2007 | 15.33 | .98 | (.55 | ) | (.29 | ) | — | .14 | (.71 | ) | — | (.71 | ) | 14.76 | 13.30 | |||||||||||||||||||||||||||||
2006 | 14.85 | 1.00 | .49 | (.26 | ) | — | 1.23 | (.75 | ) | — | (.75 | ) | 15.33 | 14.13 | ||||||||||||||||||||||||||||||
2005 | 15.20 | .98 | (.26 | ) | (.16 | ) | — | .56 | (.91 | ) | — | (.91 | ) | 14.85 | 13.87 | |||||||||||||||||||||||||||||
2004 | 14.87 | 1.01 | .36 | (.08 | ) | — | 1.29 | (.96 | ) | — | (.96 | ) | 15.20 | 14.30 | ||||||||||||||||||||||||||||||
Premium Income 2 (NPM) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||
2008 | 14.85 | .97 | (3.10 | ) | (.29 | ) | (.01 | ) | (2.43 | ) | (.69 | ) | (.02 | ) | (.71 | ) | 11.71 | 10.28 | ||||||||||||||||||||||||||
2007 | 15.45 | .97 | (.55 | ) | (.30 | ) | (.01 | ) | .11 | (.69 | ) | (.02 | ) | (.71 | ) | 14.85 | 13.25 | |||||||||||||||||||||||||||
2006 | 15.07 | .97 | .49 | (.25 | ) | (.01 | ) | 1.20 | (.76 | ) | (.06 | ) | (.82 | ) | 15.45 | 14.05 | ||||||||||||||||||||||||||||
2005 | 15.53 | .98 | (.24 | ) | (.16 | ) | (.01 | ) | .57 | (.93 | ) | (.10 | ) | (1.03 | ) | 15.07 | 13.97 | |||||||||||||||||||||||||||
2004 | 15.09 | 1.02 | .48 | (.08 | ) | — | 1.42 | (.98 | ) | — | (.98 | ) | 15.53 | 14.57 | ||||||||||||||||||||||||||||||
Preferred Shares at End of Period | ||||||||||||
Aggregate | Liquidation | |||||||||||
Amount | and Market | Asset | ||||||||||
Outstanding | Value | Coverage | ||||||||||
(000) | Per Share | Per Share | ||||||||||
Premium Income (NPI) | ||||||||||||
Year Ended 10/31: | ||||||||||||
2008 | $ | 415,450 | $ | 25,000 | $ | 70,540 | ||||||
2007 | 525,000 | 25,000 | 69,820 | |||||||||
2006 | 525,000 | 25,000 | 71,552 | |||||||||
2005 | 525,000 | 25,000 | 70,116 | |||||||||
2004 | 525,000 | 25,000 | 71,169 | |||||||||
Premium Income 2 (NPM) | ||||||||||||
Year Ended 10/31: | ||||||||||||
2008 | 283,550 | 25,000 | 67,109 | |||||||||
2007 | 347,000 | 25,000 | 68,647 | |||||||||
2006 | 347,000 | 25,000 | 70,748 | |||||||||
2005 | 347,000 | 25,000 | 69,617 | |||||||||
2004 | 347,000 | 25,000 | 70,964 | |||||||||
76
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/Refund | After Credit/Refund** | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(13.10 | )% | (15.39 | )% | $ | 756,782 | 1.49 | % | 1.18 | % | 6.95 | % | 1.47 | % | 1.16 | % | 6.97 | % | 11 | % | |||||||||||||||||||||
(1.02 | ) | .93 | 941,220 | 1.56 | 1.17 | 6.52 | 1.54 | 1.16 | 6.54 | 14 | ||||||||||||||||||||||||||||||
7.52 | 8.53 | 977,601 | 1.19 | 1.19 | 6.64 | 1.16 | 1.16 | 6.68 | 15 | |||||||||||||||||||||||||||||||
3.37 | 3.71 | 947,446 | 1.19 | 1.19 | 6.44 | 1.18 | 1.18 | 6.45 | 20 | |||||||||||||||||||||||||||||||
8.82 | 9.00 | 969,539 | 1.21 | 1.21 | 6.76 | 1.20 | 1.20 | 6.76 | 17 | |||||||||||||||||||||||||||||||
(17.95 | ) | (16.96 | ) | 477,603 | 1.56 | 1.22 | 6.93 | 1.54 | 1.20 | 6.95 | 8 | |||||||||||||||||||||||||||||
(.81 | ) | .71 | 605,817 | 1.62 | 1.19 | 6.44 | 1.60 | 1.18 | 6.45 | 12 | ||||||||||||||||||||||||||||||
6.71 | 8.24 | 634,981 | 1.20 | 1.20 | 6.42 | 1.20 | 1.20 | 6.43 | 15 | |||||||||||||||||||||||||||||||
2.98 | 3.71 | 619,282 | 1.20 | 1.20 | 6.40 | 1.19 | 1.19 | 6.40 | 15 | |||||||||||||||||||||||||||||||
9.48 | 9.77 | 637,981 | 1.21 | 1.21 | 6.75 | 1.21 | 1.21 | 6.76 | 23 | |||||||||||||||||||||||||||||||
* | 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 legal fee refund, where applicable. | |
† | The amounts shown are based on Common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. | |
(a) | 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. |
77
Financial | |||
HIGHLIGHTS (continued) |
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | |||||||||||||||||||||||||||||||||||||||||||
from Net | from | Net | ||||||||||||||||||||||||||||||||||||||||||
Beginning | Investment | Capital | Investment | Capital | Ending | |||||||||||||||||||||||||||||||||||||||
Common | Net | Income to | Gains to | Income to | Gains to | Common | ||||||||||||||||||||||||||||||||||||||
Share | Net | Realized/ | Preferred | Preferred | Common | Common | Share | Ending | ||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Share- | Share- | Share- | Share- | Net Asset | Market | ||||||||||||||||||||||||||||||||||||
Value | Income | Gain (Loss) | holders | † | holders | † | Total | holders | holders | Total | Value | Value | ||||||||||||||||||||||||||||||||
Premium Income 4 (NPT) | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31: | ||||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 13.22 | $ | .91 | $ | (2.67 | ) | $ | (.28 | ) | $ | — | $ | (2.04 | ) | $ | (.59 | ) | $ | — | $ | (.59 | ) | $ | 10.59 | $ | 9.24 | |||||||||||||||||
2007 | 13.69 | .90 | (.45 | ) | (.28 | ) | — | .17 | (.64 | ) | — | (.64 | ) | 13.22 | 11.77 | |||||||||||||||||||||||||||||
2006 | 13.38 | .90 | .35 | (.25 | ) | — | 1.00 | (.69 | ) | — | (.69 | ) | 13.69 | 12.80 | ||||||||||||||||||||||||||||||
2005 | 13.54 | .91 | (.10 | ) | (.16 | ) | — | .65 | (.81 | ) | — | (.81 | ) | 13.38 | 12.31 | |||||||||||||||||||||||||||||
2004 | 13.15 | .94 | .40 | (.08 | ) | — | 1.26 | (.87 | ) | — | (.87 | ) | 13.54 | 12.74 | ||||||||||||||||||||||||||||||
Preferred Shares at End of Period | ||||||||||||
Aggregate | Liquidation | |||||||||||
Amount | and Market | Asset | ||||||||||
Outstanding | Value | Coverage | ||||||||||
(000) | Per Share | Per Share | ||||||||||
Premium Income 4 (NPT) | ||||||||||||
Year Ended 10/31: | ||||||||||||
2008 | $ | 302,200 | $ | 25,000 | $ | 62,878 | ||||||
2007 | 338,400 | 25,000 | 67,215 | |||||||||
2006 | 338,400 | 25,000 | 68,731 | |||||||||
2005 | 338,400 | 25,000 | 67,739 | |||||||||
2004 | 338,400 | 25,000 | 68,239 | |||||||||
78
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/Refund | After Credit/Refund** | ||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(17.19 | )% | (15.97 | )% | $ | 457,866 | 1.62 | % | 1.25 | % | 7.19 | % | 1.61 | % | 1.24 | % | 7.21 | % | 10 | % | |||||||||||||||||||||
(3.30 | ) | 1.25 | 571,427 | 1.69 | 1.23 | 6.68 | 1.68 | 1.22 | 6.69 | 14 | ||||||||||||||||||||||||||||||
9.89 | 7.72 | 591,941 | 1.25 | 1.25 | 6.70 | 1.23 | 1.23 | 6.71 | 9 | |||||||||||||||||||||||||||||||
3.07 | 4.87 | 578,517 | 1.26 | 1.26 | 6.63 | 1.22 | 1.22 | 6.66 | 7 | |||||||||||||||||||||||||||||||
8.98 | 9.90 | 585,284 | 1.30 | 1.30 | 7.10 | 1.29 | 1.29 | 7.10 | 6 | |||||||||||||||||||||||||||||||
* | 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 legal fee refund, where applicable. | |
† | The amounts shown are based on Common share equivalents. | |
†† | Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. | |
(a) | 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. |
79
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 nine. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) 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. |
Number | Principal | |||||||||||||
Year First | of Portfolios | Occupation(s) | ||||||||||||
Name, | Elected or | in Fund Complex | Including other | |||||||||||
Birthdate & Address | | | | | Position(s) Held with the Funds | Appointed and Term(1) | Overseen by Board Member | Directorships During Past 5 Years | |||||||||
Independent Board Members: | ||||||||||||||
§ 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. | |||||||||
§ 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. | |||||||||
§ 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). | |||||||||
§ 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. | |||||||||
§ 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. |
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Number | Principal | |||||||||||||
Year First | of Portfolios | Occupation(s) | ||||||||||||
Name, | Elected or | in Fund Complex | Including other | |||||||||||
Birthdate & Address | | | | | Position(s) Held with the Funds | Appointed and Term(1) | Overseen by Board Member | Directorships During Past 5 Years | |||||||||
Independent Board Members: | ||||||||||||||
§ 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). | |||||||||
§ 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). | |||||||||
§ 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: | ||||||||||||||
§ 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) |
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Number | ||||||||||||||
of Portfolios | ||||||||||||||
Name, | Year First | in Fund Complex | Principal | |||||||||||
Birthdate and Address | | | | | Position(s) Held with the Funds | Elected or Appointed(4) | Overseen by Officer | Occupation(s) During Past 5 Years | |||||||||
Officers of the Funds: | ||||||||||||||
§ 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. | |||||||||
§ 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. | |||||||||
§ 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. | |||||||||
§ 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. | |||||||||
§ 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) | |||||||||
§ 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. | |||||||||
§ 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. |
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Number | ||||||||||||||
of Portfolios | ||||||||||||||
Name, | Year First | in Fund Complex | Principal | |||||||||||
Birthdate and Address | | | | | Position(s) Held with the Funds | Elected or Appointed(4) | Overseen by Officer | Occupation(s) During Past 5 Years | |||||||||
Officers of the Funds: | ||||||||||||||
§ 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). | |||||||||
§ 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) | |||||||||
§ 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). | |||||||||
§ 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. | |||||||||
§ 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). | |||||||||
§ 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. | |||||||||
§ 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) | 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. |
83
Management Agreement
84
85
Annual Investment Management Agreement | |
Approval Process (continued) |
86
87
Annual Investment Management Agreement | |
Approval Process (continued) |
88
89
90
91
92
93
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. |
94
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
95
Share prices 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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5
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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8
9
10
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 | % |
12
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. |
14
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. |
15
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. |
16
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) |
18
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 |
19
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. |
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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). |
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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. |
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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) |
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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.® |
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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 | ||
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ESA-A-1008D |
(1)(a) | Articles of Incorporation of Registrant, as amended dated January 6, 1994.(1) | |
(2)(a) | By-Laws of Registrant.(1) | |
(2)(b) | Amended and Restated By-Laws of Registrant, dated February 20, 2006.(3) | |
(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 Specimen Certificate of Shares of the Registrant.(3) | |
(6)(a) | Investment Management Agreement between Registrant and Nuveen Asset Management, dated November 13, 2007.(3) | |
(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.(3) | |
(10) | Not Applicable. | |
(11) | Opinion and Consent of Vedder Price P.C.(3) | |
(12) | Form of Opinion and Consent of Vedder Price P.C. supporting tax matters and consequences.(3) | |
(13) | Not Applicable. | |
(14) | Consent of Independent Public Accountants.(3) | |
(15) | Not Applicable. | |
(16) | Original Powers of Attorney, dated February 27, 2009.(2) | |
(17)(a) | Form of Proxy.(3) | |
(17)(b) | Terms and Conditions of the Dividend Reinvestment Plan.(1) |
(1) | Incorporated by reference to Registrant’s registration statement on Form N-2 (File No. 333-78911), as filed on May 20, 1999. | |
(2) | Incorporated by reference to Registrant’s initial registration statement on Form N-14 (File No. 333-157997), as filed on March 16, 2009. | |
(3) | 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) | 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. |
(7) | Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding (is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
NUVEEN PREMIUM INCOME MUNICIPAL FUND 2, INC. | ||||
/s/ Kevin J. McCarthy Vice President and Secretary |
Signature | Title | Date | ||||
/s/ Stephen D. Foy | Vice President and Controller (principal financial and accounting officer) | April 16, 2009 | ||||
/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 | |||||
By /s/ Kevin J. McCarthy | ||||||
David J. Kundert* | Trustee | Kevin J. McCarthy | ||||
William J. Schneider* | Trustee | Attorney-in-Fact April 16, 2009 | ||||
Judith M. Stockdale* | Trustee | |||||
Carole E. Stone* | Trustee | |||||
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)(b) | Amendment and Restated By-Laws of Registrant, dated February 20, 2006. | |
(5) | Form of Specimen Certificate of Shares of the Registrant. | |
(6)(a) | 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) | Form of Opinion and Consent of Veddor Price P.C. supporting tax matters and consequences | |
(14) | Consent of Independent Public Accountants. | |
(17)(a) | Form of Proxy. |