UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21215
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Nuveen Insured Florida Tax-Free Advantage Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: June 30, 2003
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Date of reporting period: June 30, 2003
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
ANNUAL REPORT June 30, 2003
Photo of: Child and man exploring.
Photo of: 3 adults and 2 children walking.
FLORIDA
NQF
NUF
NFL
NWF
Dependable,
tax-free income
because
it's not what you earn,
it's what you keep.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
ELECTRONICALLY
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your Nuveen Fund information is available. Click on the link and you will be
taken directly to the report. Your Fund report can be viewed and saved on your
computer. Your report will arrive faster via e-mail than by traditional mail.
Registering is easy and only takes a few minutes (see instructions at right).
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SOME COMMON CONCERNS:
WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES?
No, your e-mail address is strictly confidential and will not be used for
anything other than notification of shareholder information.
WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
MAIL DELIVERY AGAIN?
If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
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IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM
2 Refer to the address sheet that accompanied this report. Enter the personal
13-CHARACTER ENROLLMENT NUMBER imprinted near your name.
3 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g.
yourID@providerID.com), and a personal, 4-digit PIN number of your choice.
(Pick a number that's easy to remember.)
4 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
5 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
6 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Timothy R. Schwertfeger
Chairman of the Board
Photo of: Timothy R. Schwertfeger
Sidebar text: "NO ONE KNOWS WHAT THE FUTURE WILL BRING, WHICH IS WHY WE THINK A
WELL-BALANCED PORTFOLIO... IS AN IMPORTANT COMPONENT IN ACHIEVING YOUR LONG-TERM
FINANCIAL GOALS."
Dear
SHAREHOLDER
Once again, I am pleased to report that over the most recent reporting period
your Fund continued to provide you with tax-free monthly income and an
attractive total return. For more specific information about the performance of
your Fund, please see the Portfolio Managers' Comments and Performance Overview
sections of this report.
With interest rates at historically low levels, many have begun to wonder
whether interest rates will rise, and whether that possibility should cause them
to adjust their holdings of fixed-income investments. No one knows what the
future will bring, which is why we think a well-balanced portfolio that is
structured and carefully monitored with the help of an investment professional
is an important component in achieving your long-term financial goals. A
well-diversified portfolio may actually help to reduce your overall investment
risk, and we believe that municipal bond investments like your Nuveen Fund can
be important building blocks in a portfolio crafted to perform well through a
variety of market conditions.
I'd also like to direct your attention to the inside front cover of this report,
which explains the quick and easy process to begin receiving Fund reports like
this via e-mail and the internet. Thousands of Nuveen Fund shareholders already
have signed-up, and they are getting their Fund information faster and more
conveniently than ever. I urge you to consider joining them.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
August 15, 2003
1
Nuveen Florida Municipal Closed-End Exchange-Traded Funds
(NQF, NUF, NFL, NWF )
Portfolio Managers'
COMMENTS
Portfolio managers Rick Huber and Tom O'Shaughnessy review economic and market
conditions, key investment strategies, and the recent performance of the Funds.
Rick, who has 18 years of investment experience, assumed responsibility for NQF
and NUF in January 2003. A 20-year veteran of Nuveen, Tom managed NFL from 1992
to 1995 and again since 1998, and has managed NWF since its inception in
November 2002.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
TWELVE-MONTH PERIOD ENDED JUNE 30, 2003?
As has been the case for some time, we believe the two biggest influences on the
general economy and the municipal market for this reporting period were the slow
pace of economic recovery and historically low interest rates. We don't yet see
a change in this pattern. In late June 2003, the Federal Reserve, citing a U.S.
economy that "has yet to exhibit sustainable growth," cut the fed funds rate by
25 basis points to 1.0%, its lowest level since 1958. A few days later, the GDP
for the first quarter of 2003 was revised downward to 1.4%.
In addition to historically low interest rates and sluggish economic growth, the
core rate of inflation continued to hover around 1.5% throughout the second
quarter of 2003, the smallest year-over-year increase in 37 years. This
combination of low interest rates, slow economic recovery and the lack of
inflationary pressures created conditions that helped many municipal bonds
perform well over the period covered by this report.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN FLORIDA?
The Florida economic picture was brighter than in many other parts of the
country over the period covered by this report. The state's service-based
economy remained healthy and its travel and tourism industries continued to show
improvement. Although job losses in the trade, manufacturing and transportation
sectors weighed on the state's economy, Florida's overall job growth rate ranked
fourth in the nation for the twelve months ended June 30, 2003. In contrast to
many other states, Florida's revenue base remained relatively stable, helped by
the state's reliance on sales taxes, rather than a personal income tax.
Florida's $22 billion budget for fiscal 2004 was balanced and enacted on
schedule, and the state's rainy day fund remained fully funded through 2004.
While additional state and local borrowing is anticipated as Florida responds to
the demands of a rapidly growing population, we believe debt levels have
remained manageable. During the first six months of 2003, Florida issued $12
billion in new municipal bonds, up 40% over the same period in 2002. As of June
30, 2003, the state's credit rating remained at Aa2/AA+, with a stable outlook,
from Moody's and Standard & Poor's, respectively.
HOW DID THE FUNDS PERFORM OVER THE TWELVE-MONTH PERIOD ENDED JUNE 30, 2003?
Individual results for the Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
2
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
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1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
6/30/03 EQUIVALENT3 6/30/03 6/30/03 6/30/03
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NQF 5.98% 8.31% 12.02% 8.74% 12.32%
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NUF 6.00% 8.33% 11.45% 8.74% 12.32%
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NFL 5.51% 7.65% 12.10% 9.78% 12.32%
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NWF 5.44% 7.56% NA - -
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Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the twelve months ended June 30, 2003, the three Funds with at least one
year of performance history all outperformed their respective national,
unleveraged Lehman Brothers Indexes. Much of this outperformance is attributable
to the length of the Fund's durations.4 During periods of declining interest
rates, such as that we experienced over most of the past 12 months, longer
duration investments generally can be expected to perform well.
As of June 30, 2003, the durations of NQF and NUF were 10.14 and 10.03,
respectively, compared with 7.94 for their relevant Lehman index. NFL, which
began this twelve-month reporting period with a duration of 10.72, saw its
duration shorten to 8.61 by June 30, 2003 (compared with 8.72 for the insured
Lehman index). However, NFL's performance for this period was helped by the fact
that its duration remained longer than that of the index over much of this time.
The performance of these Funds also benefited from their use of leverage, a
strategy that can provide the opportunity for additional income for common
shareholders, especially during periods of low short-term interest rates as was
the case for the twelve months ended June 30, 2003.
In addition to duration and leverage, factors such as call exposure, portfolio
trading activity and the price movement of specific sectors and holdings also
had some impact on the Funds' relative performances during this period. For
example, NUF's holdings of several bonds with relatively short call positions
contributed to this Fund's slight lag in performance behind NQF and NFL.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at historically low levels, the
dividend-payment capabilities of these Funds benefited from their use of
leverage. The extent of this benefit is tied in part to the short-term rates the
Funds pay their MuniPreferred(R) shareholders. Low short-term rates can enable
the Funds to reduce the amount of income paid to MuniPreferred shareholders,
which can potentially leave more earnings to support common share dividends.
During the twelve months ended June 30, 2003, the continued low level of
short-term interest rates enabled us to implement four dividend increases in NQF
and two increases in NFL. As of June 2003, NUF had paid shareholders steady or
increasing dividends for 37 consecutive months. NWF, which was introduced in
November 2002, declared its first monthly dividend in January 2003.
Over the course of this reporting period, strong investor demand and favorable
market conditions
1 The total annual returns on common share net asset value (NAV) for NQF and NUF
are compared with the total annual return of the Lehman Brothers Municipal
Bond Index, an unleveraged, unmanaged national index comprising a broad range
of investment-grade municipal bonds. The total annual return on NAV for NFL is
compared with the total annual return of the Lehman Insured Municipal Bond
Index, an unleveraged, unmanaged national index comprising a broad range of
insured municipal bonds. Results for the Lehman indexes do not reflect any
expenses.
2 The total returns of the Nuveen Florida Funds are compared with the average
annualized return of the 14 funds in the Lipper Florida Municipal Debt Funds
category. Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a federal income tax rate of 28%.
4 Duration is a measure of a Fund's NAV volatility in reaction to interest rate
movements. Fund duration, also known as leverage-adjusted duration, takes into
account the leveraging process for a Fund and therefore is generally longer
than the duration of the actual portfolio of individual bonds that make up the
Fund. References to duration in this commentary are intended to indicate Fund
duration unless otherwise noted.
3
helped to boost the share prices and net asset values of these Funds. As of June
30, 2003, all four Funds continued to trade at premiums to their common share
NAVs (see charts on individual Performance Overview pages).
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE TWELVE MONTHS
ENDED JUNE 30, 2003?
Over this reporting period, we continued to place strong emphasis on
diversifying the portfolios of these Funds, enhancing their call protection
whenever possible, and supporting their dividend-paying capabilities.
Strategically, our focus centered on systematically shortening the Funds'
durations, which we believe will enhance our ability to manage the Funds'
interest rate risk over time. Interest rate risk is the risk that the value of
the bonds in a Fund's portfolio will decline if interest rates rise (since bond
prices move in the opposite direction of interest rates). The longer the
duration of a Fund's portfolio, the greater its interest rate risk.
In line with our desire to shorten durations, we concentrated on finding value
in the long-intermediate part of the yield curve (i.e., bonds that mature in
about 15 years). In many cases, bonds in this part of the curve were offering
yields similar to those of longer-term bonds but, in our opinion, had less
inherent interest rate risk. In the older Funds, especially NFL, general market
trends over the reporting period caused a number of holdings to be priced to
call dates, rather than to maturity. This also served to shorten duration.
In general, continued strong municipal bond issuance in Florida over the
reporting period created a number of opportunities to purchase the types of bond
structures we favor. Issuance was especially heavy in the limited tax obligation
and healthcare sectors, and we purchased attractive offerings in both. The
hospital segment, in particular, provided several opportunities to buy uninsured
issues for NQF, NUF and NWF. Over the period, the healthcare sector outperformed
the revenue segment as a whole as well as the broader municipal market, as
measured by the Lehman Index. NQF and NUF also continued to hold substantial
positions in utility bonds in anticipation of tightening spreads and, therefore,
the potential for increasing prices.
As of June 30, 2003, NQF held just over 1% of its portfolio in Puerto Rican
bonds backed by the 1998 master tobacco settlement agreement. In the spring of
2003 the prices of these bonds weakened as the result of lawsuits involving the
major tobacco companies as well as the increased issuance of such bonds by
states planning to use the proceeds to help close budget gaps. Although the
sector as a whole produced negative returns over the twelve-month reporting
period, tobacco bonds showed some recovery late in the period. Our strategy is
to maintain our current tobacco holdings while we continue to regularly evaluate
the situation.
4
Over the period, we tended to reduce our exposure to industrial development
bonds and the transportation sector. We sold some airline-backed and airport
bonds in the three older Funds, as well as $12 million of Las Vegas monorail
bonds in NQF. In the non-insured Funds, that was part of an effort to improve
overall liquidity and, in some instances, credit quality. In NFL, we also began
to gradually cut our holdings of AMT (alternative minimum tax) bonds, following
a consistent widening of spreads relative to Treasuries over the period.
In November 2002, we introduced the Nuveen Insured Florida Tax-Free Advantage
Municipal Fund (NWF), which is now fully invested and, as mentioned earlier,
declared its first monthly dividend in January 2003. Although this Fund can
invest up to 20% of its assets in uninsured investment-grade quality (rated BBB
or higher) securities, 86% of NWF's portfolio was invested in insured bonds as
of June 30, 2003. In addition, NWF cannot hold any AMT bonds. As of June 30,
2003, 7% of NWF's assets were invested in Puerto Rico bonds, a level that is
fairly typical for a new Nuveen Fund. As we find attractive yield opportunities,
we anticipate investing up to an additional 10% of the Fund's assets in other
state or territorial bonds as part of our efforts to develop its dividend-paying
capabilities.
As of June 30, 2003, the call exposure of NQF, NUF, and NFL ranged from 7% to
12% through 2005. The number of actual calls will depend largely on market
interest rates in coming months. The recently introduced NWF will not face any
significant call exposure for several years.
Given the current geopolitical and economic climate, we believe that maintaining
strong credit quality remains a vital requirement. As of June 30, 2003, both of
the non-insured Funds offered excellent credit quality, with allocations of
bonds rated AAA/U.S. guaranteed and AA at 72% in NQF and 71% in NUF, while NFL
is 100% invested in insured and/or U.S. guaranteed bonds. NWF holds 86% of its
portfolio in insured bonds.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THE FUNDS IN
PARTICULAR?
Nationally, we think the supply of new municipal bonds should remain strong, as
issuers continue to take advantage of the low rate environment. In addition,
many states continue to face budget problems and the ongoing need to raise money
to cover the costs of essential services, including infrastructure and
healthcare. In Florida, much of the concern about funding at the state level
involves the need to increase spending for education.
In the months ahead, our primary goal will be to continue managing the Funds'
durations. In NWF, this will be carefully balanced against the need to develop
the Fund's dividend-paying potential. We also plan to enhance each Fund's
diversification by watching for attractive opportunities to reduce allocations
of limited tax obligation, healthcare, and--in NWF--water and sewer bonds.
5
Nuveen Florida Investment Quality Municipal Fund
Performance
OVERVIEW As of June 30, 2003
NQF
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 56%
AA 16%
A 15%
BBB 3%
NR 10%
PORTFOLIO STATISTICS
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Share Price $16.75
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Common Share Net Asset Value $15.87
- --------------------------------------------------
Market Yield 5.98%
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Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.31%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $261,856
- --------------------------------------------------
Average Effective Maturity (Years) 20.88
- --------------------------------------------------
Leverage-Adjusted Duration 10.14
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 2/21/91)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 13.28% 12.02%
- --------------------------------------------------
5-Year 5.93% 7.01%
- --------------------------------------------------
10-Year 6.59% 6.61%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Healthcare 17%
- --------------------------------------------------
Tax Obligation/Limited 17%
- --------------------------------------------------
Utilities 13%
- --------------------------------------------------
Transportation 12%
- --------------------------------------------------
U.S. Guaranteed 11%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Jul 0.079
Aug 0.079
Sep 0.08
Oct 0.08
Nov 0.08
Dec 0.081
Jan 0.081
Feb 0.081
Mar 0.0825
Apr 0.0825
May 0.0825
Jun 0.0835
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
7/1/02 15.83
15.79
15.87
15.69
15.9
16.12
15.81
15.76
15.92
16.1
15.98
16.18
16.75
16.8
16.39
15.54
15.09
15.25
15.38
15.08
15.14
15.12
15.49
15.55
15.21
15.77
16.01
15.4
15.44
15.65
15.8
16.16
15.81
15.99
15.95
16.14
16.27
15.8
16.1
16.55
16.74
16.61
16.7
16.73
16.85
16.85
17.05
17.33
16.7
6/30/03 16.89
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
28%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.1282 per share.
6
Nuveen Florida Quality Income Municipal Fund
Performance
OVERVIEW As of June 30, 2003
NUF
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 56%
AA 15%
A 15%
BBB 4%
NR 8%
BB or lower 2%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $16.60
- --------------------------------------------------
Common Share Net Asset Value $15.75
- --------------------------------------------------
Market Yield 6.00%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.33%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $224,311
- --------------------------------------------------
Average Effective Maturity (Years) 21.57
- --------------------------------------------------
Leverage-Adjusted Duration 10.03
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 10/17/91)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 11.56% 11.45%
- --------------------------------------------------
5-Year 7.06% 6.26%
- --------------------------------------------------
10-Year 7.06% 6.36%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Healthcare 23%
- --------------------------------------------------
Transportation 16%
- --------------------------------------------------
Tax Obligation/Limited 13%
- --------------------------------------------------
Housing/Multifamily 12%
- --------------------------------------------------
Utilities 11%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Jul 0.083
Aug 0.083
Sep 0.083
Oct 0.083
Nov 0.083
Dec 0.083
Jan 0.083
Feb 0.083
Mar 0.083
Apr 0.083
May 0.083
Jun 0.083
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
7/1/02 16.26
16.28
16.29
16.04
16.07
16.2
16.2
16.1
16.2
16.28
16.4
16.6
16.77
16.88
16.6
15.59
15.37
15.63
15.46
15.59
15.32
15.5
15.68
15.84
15.75
16
16.42
15.75
15.78
15.91
16.1
16.27
16.25
16.5
16.25
16.2
16.05
16.01
16.08
16.32
16.3
16.72
16.49
16.6
16.65
16.9
17.04
17.51
16.62
6/30/03 16.43
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
28%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.1775 per share.
7
Nuveen Insured Florida Premium Income Municipal Fund
Performance
OVERVIEW As of June 30, 2003
NFL
Pie Chart:
CREDIT QUALITY
Insured 84%
Insured and U.S. Guaranteed 16%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $17.22
- --------------------------------------------------
Common Share Net Asset Value $16.57
- --------------------------------------------------
Market Yield 5.51%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.65%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $237,490
- --------------------------------------------------
Average Effective Maturity (Years) 17.93
- --------------------------------------------------
Leverage-Adjusted Duration 8.61
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 16.05% 12.10%
- --------------------------------------------------
5-Year 9.95% 6.98%
- --------------------------------------------------
10-Year 7.53% 7.00%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 25%
- --------------------------------------------------
Transportation 18%
- --------------------------------------------------
U.S. Guaranteed 16%
- --------------------------------------------------
Housing Multifamily 11%
- --------------------------------------------------
Water and Sewer 10%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Jul 0.0765
Aug 0.0765
Sep 0.0775
Oct 0.0775
Nov 0.0775
Dec 0.0775
Jan 0.0775
Feb 0.0775
Mar 0.079
Apr 0.079
May 0.079
Jun 0.079
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
7/1/02 16.06
16.1
16
15.75
15.83
16.23
16.3
16.19
16.16
16.39
16.3
16.5
17
17.32
17.26
15.62
15.37
15.7
15.75
15.85
15.6
15.71
15.98
16.14
15.71
16.15
16.23
16.12
15.95
16.07
16.55
16.74
16.7
16.92
17.05
16.88
16.88
16.52
16.43
16.6
16.9
16.64
16.9
16.87
16.76
16.95
17.24
17.4
17.4
6/30/03 17.35
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
28%.
2 The Fund also paid shareholders a capital gains distribution in December 2002
of $0.0088 per share.
8
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
Performance
OVERVIEW As of June 30, 2003
NWF
Pie Chart:
CREDIT QUALITY
Insured 86%
AAA (uninsured) 3%
AA (uninsured) 3%
A (uninsured) 7%
BBB (uninsured) 1%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $15.87
- --------------------------------------------------
Common Share Net Asset Value $14.75
- --------------------------------------------------
Market Yield 5.44%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.56%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $57,223
- --------------------------------------------------
Average Effective Maturity (Years) 19.65
- --------------------------------------------------
Leverage-Adjusted Duration 10.82
- --------------------------------------------------
CUMULATIVE TOTAL RETURN (Inception 11/21/02)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
Since Inception 8.82% 6.08%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 37%
- --------------------------------------------------
Water and Sewer 22%
- --------------------------------------------------
Transportation 13%
- --------------------------------------------------
Healthcare 12%
- --------------------------------------------------
Utilities 7%
- --------------------------------------------------
Bar Chart:
2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.072
Feb 0.072
Mar 0.072
Apr 0.072
May 0.072
Jun 0.072
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
11/22/02 15
15.15
15
15.1
15.15
15.01
15.01
15
15.06
15.24
15.05
15
14.75
15.05
15.05
15
15.23
15.13
15.15
15.44
15.59
15.34
15.45
15.75
15.62
15.85
15.9
15.81
6/30/03 15.77
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is
calculated using the current market yield and a federal income tax rate of
28%.
9
Report of
INDEPENDENT AUDITORS
THE BOARDS OF TRUSTEES AND SHAREHOLDERS
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
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen Florida Investment Quality Municipal
Fund, Nuveen Florida Quality Income Municipal Fund, Nuveen Insured Florida
Premium Income Municipal Fund, and Nuveen Insured Florida Tax-Free Advantage
Municipal Fund as of June 30, 2003, and the related statements of operations,
changes in net assets and the financial highlights for the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 2003, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income
Municipal Fund, Nuveen Insured Florida Premium Income Municipal Fund, and Nuveen
Insured Florida Tax-Free Advantage Municipal Fund as of June 30, 2003, the
results of their operations, changes in their net assets and their financial
highlights for the periods indicated therein in conformity with accounting
principles generally accepted in the United States.
Ernst & Young LLP
Chicago, Illinois
August 8, 2003
10
Nuveen Florida Investment Quality Municipal Fund (NQF)
Portfolio of
INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 5.1%
$ 13,000 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R $ 13,385,580
Exempt Facilities Revenue Bonds, National Gypsum Company-
Apollo Beach Project, Series 2000B, 7.125%, 4/01/30
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.7%
5,000 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- 4,331,850
Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 25.2%
4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A 4,936,858
Revenue Bonds, Adventist Health System Sunbelt Obligated
Group, Series 2001A, 6.000%, 11/15/31
500 Highlands County Health Facilities Authority, Florida, Hospital 11/12 at 100.00 A 505,355
Revenue Bonds, Adventist Health System Sunbelt
Obligated Group, Series 2002B, 5.250%, 11/15/23
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 Baa1 976,000
2,580 5.250%, 10/01/34 10/13 at 100.00 Baa1 2,515,190
2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 A 2,415,842
Medical Center Project, Series 2002, 5.375%, 7/01/22
Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg
Regional Medical Center, Series 2003:
3,890 5.000%, 7/01/15 (DD, settling 7/01/03) 7/13 at 100.00 A 4,112,702
1,675 5.000%, 7/01/16 (DD, settling 7/01/03) 7/13 at 100.00 A 1,746,657
1,000 Miami Beach Health Facilities Authority, Florida, Hospital 11/11 at 101.00 BB 947,080
Revenue Bonds, Mount Sinai Medical Center of Florida
Project, Series 2001A, 6.800%, 11/15/31
3,000 Miami-Dade County Health Facilities Authority, Florida, 8/11 at 101.00 AAA 3,153,810
Hospital Revenue Bonds, Miami Children's Hospital Refunding,
Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
6,000 North Broward Hospital District, Florida, Improvement Revenue 1/11 at 101.00 A- 6,346,560
Bonds, Series 2001, 6.000%, 1/15/31
6,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A 6,561,600
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2000, 6.500%, 11/15/30
3,695 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A2 3,891,057
Revenue Bonds, Orlando Regional Healthcare System,
Series 2002, 5.750%, 12/01/27
Palm Beach County Health Facilities Authority, Florida, Hospital
Revenue Refunding Bonds, BRCH Corporation Obligated
Group, Series 2001:
2,500 5.500%, 12/01/21 12/11 at 101.00 A 2,607,200
2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,422,906
10,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 10,186,200
Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/33
4,250 St. John's County Industrial Development Authority, Florida, 8/03 at 101.00 A2 4,299,768
Hospital Revenue Bonds, Flagler Hospital Project, Series 1992,
6.000%, 8/01/22
5,375 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 Aa3 5,690,943
Bonds, Series 2002, 5.625%, 5/01/32
2,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 AAA 2,647,600
Revenue Bonds, Baptist Health Systems of South Florida,
Series 2003, 5.250%, 11/15/33 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 13.5%
10,985 Broward County Housing Finance Authority, Florida, Multifamily 7/09 at 102.00 N/R 10,794,081
Housing Revenue Bonds, Pier Club Apartments Project,
Series 1999, 7.000%, 7/01/34
1,090 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA 1,144,140
Housing Revenue Bonds, Emerald Palms Apartments Project,
Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
11
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 1,430 Florida Housing Finance Agency, General Mortgage Revenue 12/03 at 102.00 AAA $ 1,460,316
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
2,500 Florida Housing Finance Agency, Housing Revenue Bonds, 9/06 at 102.00 AAA 2,634,375
Mariner Club Apartments Project, Series 1996K-1,
6.375%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured
10,000 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 9,165,500
Pembroke Apartments, Series 2001B, 7.750%, 2/01/41
10,300 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 7,004,000
River Run Apartments, Series 2001, 7.750%, 2/01/41
3,050 Florida Housing Finance Corporation, Revenue Bonds, 1/12 at 100.00 AAA 3,176,392
Mission Bay Apartments, Series 2001N, 5.500%, 7/15/29
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.4%
400 Clay County Housing Finance Authority, Florida, Single Family 4/07 at 102.00 Aaa 425,500
Mortgage Revenue Bonds, Multi-County Program,
Series 1997, 5.950%, 10/01/19 (Alternative Minimum Tax)
30 Dade County Housing Finance Authority, Florida, Single Family 4/05 at 102.00 AAA 31,325
Mortgage Revenue Bonds, Series 1995, 6.550%, 10/01/27
(Alternative Minimum Tax)
6,935 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102.00 AA 7,265,106
Revenue Bonds, New Money and Refunding Issue,
Series 1995-2, 6.200%, 7/01/27 (Alternative Minimum Tax)
1,620 Florida Housing Finance Agency, Homeowner Mortgage 1/07 at 102.00 AA 1,701,065
Revenue Bonds, New Money and Refunding Issue,
Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax)
2,745 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102.00 AAA 2,883,348
Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 (Alternative
Minimum Tax) - MBIA Insured
905 Manatee County Housing Finance Authority, Florida, 11/05 at 102.00 Aaa 948,549
Single Family Mortgage Revenue Bonds, Series 1994,
Subseries 3, 7.600%, 11/01/26 (Alternative Minimum Tax)
805 Manatee County Housing Finance Authority, Florida, 5/06 at 105.00 Aaa 876,492
Single Family Mortgage Revenue Bonds, Series 1996,
Subseries 1, 7.450%, 5/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.7%
2,810 Broward County, Florida, General Obligation Bonds, No Opt. Call AA+ 2,969,496
Series 1986 Refunding, 12.500%, 1/01/04
9,230 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 9,701,561
Public Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/31 - FGIC Insured
3,750 Florida State Board of Education, Full Faith and Credit, 6/07 at 101.00 AA+ 3,676,088
Public Education Capital Outlay Bonds, Series 1996B,
4.500%, 6/01/27
8,000 Florida State Board of Education, Full Faith and Credit, 6/12 at 100.00 AA+ 9,019,600
Public Education Capital Outlay Refunding Bonds,
Series 2002D, 5.375%, 6/01/16
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 24.7%
Miami-Dade County, Florida, Beacon Tradeport Community
Development District, Special Assessment Bonds, Commercial
Project, Series 2002A:
2,375 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,565,451
1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,831,461
7,315 Dade County, Florida, Special Obligation and Refunding Bonds, 10/06 at 102.00 AAA 7,487,341
Series 1996B, 5.000%, 10/01/35 - AMBAC Insured
Florida Intergovernmental Finance Commission, Capital
Revenue Bonds, Daytona Beach Community Redevelopment
Agency, Series 2001C-1:
1,280 5.000%, 2/01/20 - AMBAC Insured 8/11 at 100.00 Aaa 1,349,722
5,000 5.125%, 2/01/31 - AMBAC Insured 8/11 at 100.00 Aaa 5,210,200
5,000 Florida Ports Financing Commission, Revenue Bonds, 6/07 at 101.00 AAA 5,157,200
State Transportation Trust Fund, Series 1996,
5.375%, 6/01/27 (Alternative Minimum Tax) -
MBIA Insured
Florida Department of Environmental Protection, Forever
Revenue Bonds, Series 2003A:
2,180 5.000%, 7/01/15 - FGIC Insured 7/13 at 101.00 AAA 2,448,750
2,540 5.000%, 7/01/16 - FGIC Insured 7/13 at 101.00 AAA 2,823,693
12
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,685 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA $ 1,776,630
5.000%, 5/01/22 - MBIA Insured
5,000 Hernando County, Florida, Criminal Justice Complex No Opt. Call AAA 6,989,700
Financing Program, Series 1986, 7.650%, 7/01/16 -
FGIC Insured
5,015 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 5,478,085
Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured
Manchester Housing and Redevelopment Authority,
New Hampshire, Revenue Bonds, Series 2000B:
5,140 0.000%, 1/01/21 - ACA Insured 1/10 at 46.78 A 1,895,992
4,640 0.000%, 1/01/25 - ACA Insured 1/10 at 35.11 A 1,290,662
5,140 0.000%, 1/01/28 - ACA Insured 1/10 at 28.27 A 1,183,279
575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 602,566
Industrial Development Revenue Bonds, P.M. Wells
Charter School Project, Series 2001A, 5.000%, 8/01/23 -
MBIA Insured
2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 2,234,899
5.000%, 9/01/23 - MBIA Insured
Tampa Sports Authority, Florida, Special Purpose Bonds, State
Sales Tax Payment, Tampa Bay Arena Project, Series 1995:
1,250 5.750%, 10/01/20 - MBIA Insured No Opt. Call AAA 1,511,025
2,585 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,103,680
8,605 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 9,837,494
Bonds, Series 2002, 5.375%, 10/01/15 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.8%
11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 11,851,785
Series 2001-J1, 5.250%, 10/01/26 (Alternative Minimum
Tax) - AMBAC Insured
3,500 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 3,740,275
5.750%, 10/01/26 (Alternative Minimum Tax) - MBIA Insured
12,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/09 at 101.00 AAA 12,197,400
Revenue Bonds, Series 1999A, 5.125%, 10/01/28
(Alternative Minimum Tax) - FGIC Insured
4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,142,800
Revenue Bonds, Series 2002B, 5.125%, 10/01/21
(Alternative Minimum Tax) - FSA Insured
2,590 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/06 at 102.00 AAA 2,852,471
Tampa International Airport, Series 1996A,
6.000%, 10/01/23 (Alternative Minimum Tax) - FGIC Insured
3,500 Hillsborough County Aviation Authority, Florida, Revenue 10/06 at 102.00 AAA 3,926,545
Bonds, Tampa International Airport, Series 1996B,
5.875%, 10/01/23 - FGIC Insured
1,750 Miami-Dade County Industrial Development Authority, 10/09 at 101.00 AAA 1,945,265
Florida, Industrial Development Revenue Bonds,
Airis Miami II LLC - Miami International Airport Project,
Series 1999, 6.000%, 10/15/25 (Alternative
Minimum Tax) - AMBAC Insured
5,390 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,022,517
Miami International Airport, Series 2002, 5.750%, 10/01/18
(Alternative Minimum Tax) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.6%
2,395 Dade County, Florida, Special Obligation Bonds, Courthouse 4/04 at 102.00 A3*** 2,539,059
Center Project, Series 1994, 6.300%, 4/01/14
(Pre-refunded to 4/01/04)
7,225 Dade County, Florida, Special Obligation and Refunding 10/08 at 48.84 AAA 3,105,450
Bonds, Series 1996B, 0.000%, 10/01/20 (Pre-refunded
to 10/01/08) - AMBAC Insured
20,000 Escambia County, Florida, Health Facilities Authority, Revenue 11/09 at 101.00 AAA 24,257,000
Bonds, Ascension Health Credit Group, Series 1999A2,
6.000%, 11/15/31 (Pre-refunded to 11/15/09)
6,955 Florida State Board of Education, Full Faith and Credit 6/05 at 101.00 AAA 7,654,186
Public Education, Capital Outlay Bonds, Series 1993F,
6.000%, 6/01/20 (Pre-refunded to 6/01/05)
1,400 Pembroke Pines, Florida, Capital Improvement Revenue 10/04 at 102.00 AAA 1,514,842
Bonds, Series 1995, 6.000%, 10/01/25 (Pre-refunded to
10/01/04) - AMBAC Insured
3,570 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,448,720
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
13
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 18.7%
Hillsborough County Industrial Development Authority, Florida,
Pollution Control Revenue Bonds, Tampa Electric Company Project,
Series 2002:
$ 4,330 5.100%, 10/01/13 10/12 at 100.00 Baa1 $ 4,317,703
5,000 5.500%, 10/01/23 10/12 at 100.00 Baa1 5,070,100
2,050 Jacksonville Beach, Florida, Utility Revenue Refunding 10/10 at 100.00 Aaa 2,204,816
Bonds, Series 2002, 5.000%, 4/01/17 - AMBAC Insured
6,500 JEA, Florida, Electric System Revenue Bonds, 10/03 at 100.00 AA 6,554,470
Series 2000-3C, 5.625%, 10/01/35
4,250 Lakeland, Florida, Energy System Refunding Revenue No Opt. Call AAA 5,161,030
Bonds, Series 1999C, 6.050%, 10/01/11 - FSA Insured
7,345 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 8,105,575
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18
5,000 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa2 5,521,800
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18
5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 6,007,750
Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10
5,550 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 5,945,660
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.6%
3,310 Cocoa, Florida, Water and Sewer Revenue Bonds, No Opt. Call AAA 3,870,383
Series 2003 Refunding, 5.500%, 10/01/23 - AMBAC Insured
835 Florida Keys Aqueduct Authority, Water Revenue Bonds, 7/03 at 100.00 AAA 838,749
Series 1991, 6.750%, 9/01/21 (Pre-refunded to 7/28/03) -
AMBAC Insured
1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, 8/05 at 102.00 AAA 1,092,650
United Water Florida Project, Series 1995, 6.350%, 8/01/25
(Alternative Minimum Tax) - AMBAC Insured
8,300 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 8,625,360
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
1,175 Naples, Florida, Water and Sewer Revenue Bonds, 9/12 at 100.00 Aa2 1,323,461
Series 2002, 5.000%, 9/01/14
2,060 Polk County, Florida, Utility System Revenue Bonds, 10/13 at 100.00 Aaa 2,235,883
Series 2003, 5.250%, 10/01/22 - FGIC Insured
1,680 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 2,064,686
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
5,000 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/18 at 100.00 AAA 5,318,400
Series 1998, 5.000%, 10/01/28 - AMBAC Insured
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 777,525
1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,688,324
- ------------------------------------------------------------------------------------------------------------------------------------
$ 383,420 Total Long-Term Investments (cost $365,403,190) - 149.0% 390,258,162
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 3,597,723
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.4)% (132,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $261,855,885
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis.
See accompanying notes to financial statements.
14
Nuveen Florida Quality Income Municipal Fund (NUF)
Portfolio of
INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 4.6%
$ 10,000 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 10,296,600
Florida, Exempt Facilities, Revenue Bonds, National Gypsum
Company-Apollo Beach Project, Series 2000B,
7.125%, 4/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 35.2%
1,500 Citrus County Hospital Board, Florida, Revenue Bonds, 8/13 at 100.00 Baa3 1,557,660
Citrus Memorial Hospital, Series 2002 Refunding,
6.375%, 8/15/32
2,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A 2,790,398
Revenue Bonds, Adventist Health System Sunbelt Obligated
Group, Series 2001A, 6.000%, 11/15/31
1,000 Highlands County Health Facilities Authority, Florida, Hospital 11/12 at 100.00 A 1,010,710
Revenue Bonds, Adventist Health System Sunbelt
Obligated Group, Series 2002B, 5.250%, 11/15/23
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 Baa1 976,000
2,590 5.250%, 10/01/34 10/13 at 100.00 Baa1 2,524,939
8,500 Jacksonville Economic Development Commission, Florida, 11/11 at 101.00 AA 8,969,455
Mayo Foundation Healthcare Facilities Revenue Bonds,
Mayo Clinic, Jacksonville, Series 2001A, 5.500%, 11/15/36
10,395 Jacksonville, Florida, Hospital Revenue Bonds, University 8/03 at 101.00 AAA 10,540,114
Medical Center, Inc. Project, Series 1992,
6.600%, 2/01/21 - CONNIE LEE/AMBAC Insured
5,000 Jacksonville Health Facilities Authority, Florida, Revenue 11/12 at 101.00 AA 5,171,550
Bonds, Ascension Health, Series 2002A, 5.250%, 11/15/32
1,500 Leesburg, Florida, Hospital Revenue Refunding Bonds, 8/03 at 102.00 A 1,537,560
Leesburg Regional Medical Center Project, Series 1993A,
6.250%, 7/01/09 (Pre-refunded to 8/05/03)
1,500 Leesburg, Florida, Hospital Revenue Bonds, Leesburg 7/12 at 100.00 A 1,540,155
Regional Medical Center Project, Series 2002,
5.500%, 7/01/32
4,500 Miami Beach Health Facilities Authority, Florida, 11/11 at 101.00 BB 4,298,445
Hospital Revenue Bonds, Mount Sinai Medical
Center of Florida Project, Series 2001A, 6.700%, 11/15/19
9,000 North Broward Hospital District, Florida, Improvement 1/11 at 101.00 A- 9,519,840
Revenue Bonds, Series 2001, 6.000%, 1/15/31
6,000 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A2 6,277,140
Revenue Bonds, Orlando Regional Healthcare System,
Series 2002, 5.750%, 12/01/32
7,000 Orange County Health Facilities Authority, Florida, Hospital 11/12 at 101.00 A 7,278,880
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2002, 5.250%, 11/15/18
10,000 Pinellas County Health Facilities Authority, Florida, 5/13 at 100.00 A1 10,186,200
Revenue Bonds, Baycare Health System, Series 2003,
5.500%, 11/15/33
4,625 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 Aa3 4,896,858
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 17.5%
Broward County Housing Finance Authority, Florida, Multifamily
Housing Revenue Refunding Bonds, Tamarac Pointe Apartments
Project, Series 1996, GNMA Collateralized:
1,500 6.250%, 7/01/26 7/06 at 102.00 AAA 1,587,255
1,000 6.300%, 1/01/32 7/06 at 102.00 AAA 1,055,400
9,600 Broward County Housing Finance Authority, Florida, 6/09 at 102.00 N/R 8,843,808
Multifamily Housing Revenue Bonds, Pembroke Gardens
Project, Series 1999, 6.150%, 6/01/39 (Alternative Minimum
Tax) (Mandatory put 6/01/29)
1,245 Florida Housing Finance Agency, General Mortgage Revenue 12/03 at 102.00 AAA 1,271,394
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 10/05 at 102.00 AAA 1,042,630
Holly Cove Apartment Project, Series 1995F, 6.150%, 10/01/25
(Alternative Minimum Tax) - AMBAC Insured
15
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 3,170 Florida Housing Finance Corporation, Housing Revenue 12/08 at 102.00 A+ $ 3,197,896
Refunding Bonds, Hunters Ridge at Deerwood Apartments,
Series 1998-0, 5.300%, 12/01/28
5,790 Florida Housing Finance Corporation, Housing Revenue 10/10 at 102.00 Aaa 6,183,257
Bonds, Villa de Mallorca Apartments, Series 2000H-1,
6.000%, 7/01/33 (Alternative Minimum Tax)
7,455 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 6,832,880
Pembroke Apartments, Series 2001B, 7.750%, 2/01/41
2,580 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 1,754,400
River Run Apartments, Series 2001, 7.750%, 2/01/41
3,630 Miami-Dade County Housing Finance Authority, Florida, 1/11 at 102.00 AAA 3,911,107
Multifamily Revenue Bonds, Sunset Bay Apartments Project,
Series 2000-5A, 5.950%, 7/01/30 (Alternative Minimum
Tax) - FSA Insured
3,240 Pinellas County Housing Finance Authority, Florida, 1/08 at 100.00 AAA 3,530,272
Multifamily Housing Revenue Bonds, Emerald Bay
Apartments Projects, Series 1998A, 5.000%, 4/01/28
(Alternative Minimum Tax) (Mandatory put 4/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.4%
4,790 Broward County Housing Finance Authority, Florida, Single 4/09 at 25.51 Aaa 842,513
Family Mortgage Revenue Refunding Bonds, Series 2000B,
0.000%, 4/01/29 (Alternative Minimum Tax)
2,185 Broward County Housing Finance Authority, Florida, 4/10 at 25.36 Aaa 381,938
Single Family Mortgage Revenue Bonds, Series 2001C,
0.000%, 4/01/33 (Alternative Minimum Tax)
150 Dade County Housing Finance Authority, Florida, Single 4/05 at 102.00 AAA 156,623
Family Mortgage Revenue Bonds, Series 1995,
6.550%, 10/01/27 (Alternative Minimum Tax)
3,545 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102.00 AA 3,713,742
Revenue Bonds, New Money and Refunding Issue,
Series 1995-2, 6.200%, 7/01/27 (Alternative Minimum Tax)
760 Florida Housing Finance Agency, Home Ownership Revenue No Opt. Call AAA 865,754
Refunding Bonds, Series 1987-G1, 8.595%, 11/01/17
1,205 Lee County Housing Finance Authority, Florida, Single Family 3/07 at 105.00 Aaa 1,314,510
Mortgage Revenue Bonds, Multi-County Program,
Series 1997A, Subseries 1, 7.200%, 3/01/27 (Alternative
Minimum Tax)
500 Miami-Dade County Housing Authority, Florida, Home 4/08 at 101.50 Aaa 527,170
Owner Mortgage Revenue Bonds, Series 1999A-1,
5.550%, 10/01/19 (Alternative Minimum Tax)
2,590 Orange County Housing Finance Authority, Florida, 4/06 at 102.00 AAA 2,717,558
Single Family Mortgage Revenue Bonds, GNMA/FNMA
Mortgage-Backed Securities, Series 1996A,
6.300%, 4/01/28 (Alternative Minimum Tax)
1,555 Orange County Housing Finance Authority, Florida, 9/07 at 102.00 AAA 1,564,610
Single Family Mortgage Revenue Bonds, Series 1997B,
5.100%, 9/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.0%
7,285 Atlantic Beach, Florida, Healthcare Facilities Revenue 10/09 at 101.00 A 7,674,310
Refunding Bonds, Fleet Landing Project, Series 1999,
5.750%, 10/01/18 - ACA Insured
Jacksonville Health Facilities Authority, Florida, Industrial
Development Revenue Bonds, National Benevolent Association -
Cypress Village Florida Project, Series 2000A:
500 7.050%, 3/01/24 3/10 at 101.00 Ba2 354,150
1,250 7.100%, 3/01/30 3/10 at 101.00 Ba2 868,137
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.6%
4,940 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 5,199,844
Public Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/29 - FGIC Insured
3,000 Florida State Board of Education, Full Faith and Credit, 6/08 at 101.00 AA+ 2,981,790
Public Education Capital Outlay Refunding Bonds,
Series 1998D, 4.500%, 6/01/24
3,000 Florida State Board of Education, Full Faith and Credit, 6/09 at 101.00 AAA 3,000,780
Public Education Capital Outlay Refunding Bonds,
Series 1999A, 4.500%, 6/01/23 - FGIC Insured
15,925 Florida State Board of Education, Full Faith and Credit, 6/12 at 101.00 AAA 17,076,218
Public Education Education Capital Outlay Refunding Bonds,
Series 2002B, 5.000%, 6/01/20 - MBIA Insured
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 19.5%
$ 850 Miami-Dade County, Florida, Beacon Tradeport Community 5/12 at 102.00 AA $ 915,731
Development District, Special Assessment Bonds,
Commercial Project, Series 2002A, 5.625%, 5/01/32 -
RAAI Insured
5,760 Escambia County, Florida, Capital Improvement Revenue 10/12 at 100.00 AAA 6,001,286
Bonds, Series 2002, 5.000%, 10/01/32 - MBIA Insured
5,000 Florida Department of Environmental Protection, Forever 7/13 at 101.00 AAA 5,616,400
Revenue Bonds, Series 2003A, 5.000%, 7/01/15 - FGIC Insured
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
1,040 0.000%, 11/01/25 - MBIA Insured No Opt. Call AAA 338,052
1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 490,356
1,700 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA 1,772,624
5.000%, 5/01/28 - MBIA Insured
3,145 Jacksonville, Florida, Excise Tax Revenue Refunding 10/13 at 100.00 AAA 3,380,938
Bonds, Series 2003C, 5.250%, 10/01/18 (Alternative
Minimum Tax) (WI, settling 7/03/03) - MBIA Insured
1,430 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 1,498,325
Bonds, Series 2001, 5.000%, 10/01/23 - AMBAC Insured
2,750 Jacksonville, Florida, Sales Tax Revenue Bonds, Local 10/12 at 100.00 AAA 3,090,780
Government Refunding and Improvement, Series 2002,
5.375%, 10/01/17 - FGIC Insured
2,475 Northern Palm Beach County Improvement District, 8/10 at 102.00 AA 2,732,771
Florida, Water Control and Improvement Bonds, Unit
Development No. 19, Series 2000, 6.100%, 8/01/21 -
RAAI Insured
2,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/04 at 102.00 AAA 2,081,500
Series 1994, 6.125%, 1/01/24 - FGIC Insured
2,040 Palm Beach County School Board, Florida, Certificates 8/12 at 100.00 AAA 2,207,545
of Participation, Series 2002D, 5.250%, 8/01/21 -
FSA Insured
11,815 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 13,607,926
Bonds, Series 2002, 5.375%, 10/01/14 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 24.6%
2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,325,147
Series 2001-J1, 5.250%, 10/01/21 (Alternative
Minimum Tax) - AMBAC Insured
12,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 12,823,800
5.750%, 10/01/26 (Alternative Minimum Tax) - MBIA Insured
1,500 Dade County, Florida, Aviation Revenue Bonds, Series 1995B, 10/05 at 102.00 AAA 1,634,610
6.000%, 10/01/24 (Alternative Minimum Tax) - MBIA Insured
15,000 Dallas and Fort Worth, Texas, Joint Revenue Bonds, Dallas- 11/09 at 100.00 AAA 16,788,000
Fort Worth International Airport, Series 2000A,
6.125%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured
3,500 Greater Orlando Aviation Authority, Florida, Airport 10/07 at 101.00 AAA 3,578,260
Facilities Revenue Bonds, Series 1997, 5.250%, 10/01/23
(Alternative Minimum Tax) - FGIC Insured
4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,142,800
Revenue Bonds, Series 2002B, 5.125%, 10/01/21
(Alternative Minimum Tax) - FSA Insured
7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 7,600,950
Miami International Airport, Series 1998A, 5.000%, 10/01/24
(Alternative Minimum Tax) - FGIC Insured
4,000 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 4,066,600
Miami International Airport, Series 1998C, 5.000%, 10/01/23
(Alternative Minimum Tax) - MBIA Insured
2,000 Miami-Dade County Expressway Authority, Florida, Toll 7/11 at 101.00 Aaa 2,121,220
System Refunding Revenue Bonds, Series 2001,
5.000%, 7/01/21 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 3.8%
1,500 Bradford County Health Facilities Authority, Florida, Health No Opt. Call AAA 1,827,750
Facilities Revenue Refunding Bonds, SantaFe Health Care
Facilities Project, Series 1993, 6.050%, 11/15/16
2,000 Florida Department of Corrections, Certificates of 8/04 at 102.00 AA*** 2,148,180
Participation, Gadsden County Facility, Series 1994,
6.000%, 3/01/14 (Pre-refunded to 8/01/04)
2,300 Sarasota County, Florida, Utility System Revenue Bonds, 10/04 at 102.00 AAA 2,502,929
Series 1994, 6.500%, 10/01/22 (Pre-refunded to 10/01/04) -
FGIC Insured
2,000 Seminole County School Board, Florida, Certificates of 7/04 at 102.00 AAA 2,142,980
Participation, Series 1994A, 6.125%, 7/01/19 (Pre-refunded
to 7/01/04) - MBIA Insured
17
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.6%
$ 10,000 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa1 $ 9,971,600
Pollution Control Revenue Bonds, Tampa Electric Company
Project, Series 2002, 5.100%, 10/01/13
9,440 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 AA 10,370,218
Refunding Bonds, Series 2002-17 Issue 2, 5.000%, 10/01/15
2,145 Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, 10/10 at 100.00 Aaa 2,291,010
Series 2002, 5.000%, 4/01/18 - AMBAC Insured
3,290 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 3,647,919
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17
Orlando Utilities Commission, Florida, Water and Electric
Revenue Refunding Bonds, Series 2002C:
3,170 5.250%, 10/01/17 10/12 at 100.00 Aa2 3,519,049
4,130 5.000%, 10/01/27 10/12 at 100.00 Aa2 4,303,006
3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 3,213,870
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.9%
3,310 Cocoa, Florida, Water and Sewer Revenue Bonds, No Opt. Call AAA 3,870,383
Series 2003 Refunding, 5.500%, 10/01/23 - AMBAC Insured
5,000 Davie, Florida, Water and Sewer Improvement and Refunding 10/03 at 101.00 AAA 5,119,850
Revenue Bonds, Series 1992, 6.250%, 10/01/17 -
AMBAC Insured
1,065 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 1,133,991
Utilities Revenue Bonds, Bonita Springs Utilities Inc.
Project, Series 2002, 5.000%, 11/01/19 (Alternative
Minimum Tax) - MBIA Insured
5,000 Lee County, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa 5,244,250
Bonds, Series 2003A, 5.000%, 10/01/27 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 330,770 Total Long-Term Investments (cost $323,670,885) - 150.7% 337,945,056
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 3,365,645
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.2)% (117,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $224,310,701
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
18
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
Portfolio of
INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 3.9%
$ 5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA $ 5,962,828
Revenue Bonds, University of West Florida Foundation, Inc.
Project, Series 1999, 5.750%, 6/01/31 - MBIA Insured
1,985 North Miami, Florida, Educational Facilities Revenue 4/13 at 100.00 AAA 2,126,471
Refunding Bonds, Johnson and Wales University,
Series 2003A, 5.000%, 4/01/19 - XLCA Insured
1,100 Village Center Community Development District, Florida, 11/13 at 101.00 AAA 1,149,049
Recreational Revenue Bonds, Series 2003A,
5.000%, 11/01/32 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.3%
2,000 Brevard County Health Facilities Authority, Florida, Hospital 10/06 at 101.00 AAA 2,148,680
Revenue Bonds, Holmes Regional Medical Center Project,
Series 1996, 5.625%, 10/01/14 - MBIA Insured
2,500 Hillsborough County Industrial Development Authority, No Opt. Call AAA 3,194,075
Florida, Industrial Development Revenue Bonds, University
Community Hospital, Series 1994, 6.500%, 8/15/19 -
MBIA Insured
5,000 Lee County Hospital Board of Directors, Florida, Fixed-Rate 4/07 at 102.00 AAA 5,507,850
Hospital Revenue Bonds, Lee Memorial Health System,
Series 1997A, 5.750%, 4/01/22 - MBIA Insured
7,220 Miami-Dade County Health Facilities Authority, Florida, 8/11 at 101.00 AAA 7,590,169
Hospital Revenue Bonds, Miami Children's Hospital
Refunding, Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
5,000 North Broward Hospital District, Florida, Refunding and 1/07 at 101.00 AAA 5,235,700
Improvement Revenue Bonds, Series 1997, 5.375%, 1/15/24 -
MBIA Insured
5,445 Polk County Industrial Development Authority, Florida, 9/03 at 102.00 AAA 5,599,148
Industrial Development Revenue Bonds, Winter Haven
Hospital Project, Series 1985-2, 6.250%, 9/01/15 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 16.8%
980 Broward County Housing Finance Authority, Florida, 6/07 at 102.00 AAA 1,029,118
Multifamily Housing Revenue Refunding Bonds, Pompano
Oaks Apartments Project, Series 1997, GNMA Collateralized,
6.000%, 12/01/27 (Alternative Minimum Tax)
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 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,085,531
1,400 5.400%, 9/01/23 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,446,774
Collier County Housing Finance Authority, Florida, Multifamily
Housing Revenue Bonds, Saxon Manor Isles Project, Series 1998B:
1,260 5.350%, 9/01/18 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,315,163
1,000 5.400%, 9/01/23 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,033,410
Dade County Housing Finance Authority, Florida, Multifamily
Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series
1997A:
1,230 5.650%, 9/01/17 (Alternative Minimum Tax) - FSA Insured 9/07 at 101.00 AAA 1,293,357
1,890 5.750%, 9/01/29 (Alternative Minimum Tax) - FSA Insured 9/07 at 101.00 AAA 1,960,686
1,400 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 102.00 AAA 1,482,838
Riverfront Apartments Project, Series 1997A, 6.250%, 4/01/37
(Alternative Minimum Tax) - AMBAC Insured
1,590 Florida Housing Finance Agency, Housing Revenue Bonds, 12/05 at 102.00 AAA 1,666,304
Williamsburg Village Apartments Project, Series 1995E,
6.100%, 12/01/20 (Alternative Minimum Tax) - AMBAC Insured
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 5/06 at 102.00 AAA 1,056,420
Turtle Creek Apartments Project, Series 1996-C1,
6.100%, 5/01/16 (Alternative Minimum Tax) -
AMBAC Insured
Florida Housing Finance Agency, Housing Revenue Bonds,
Sterling Palms Apartments Project, Series 1996D-1:
1,000 6.300%, 12/01/16 (Alternative Minimum Tax) - AMBAC Insured 6/06 at 102.00 AAA 1,061,720
1,500 6.400%, 12/01/26 (Alternative Minimum Tax) - AMBAC Insured 6/06 at 102.00 AAA 1,581,360
19
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 750 Florida Housing Finance Agency, Housing Revenue Bonds, 12/06 at 102.00 AAA $ 788,317
The Crossings at Indian Run Apartments Project, Series 1996V,
6.100%, 12/01/26 (Alternative Minimum Tax) - AMBAC Insured
2,535 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,658,860
Housing Revenue Bonds, Raintree Apartments, Series 2000J-1,
5.950%, 3/01/35 (Alternative Minimum Tax)
2,105 Florida Housing Finance Corporation, GNMA Collateralized 12/10 at 102.00 AAA 2,250,077
Housing Revenue Bonds, Cobblestone Apartments,
Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax)
Florida Housing Finance Corporation, Housing Revenue Bonds,
Augustine Club Apartments, 2000 Series D-1:
1,500 5.500%, 10/01/20 - MBIA Insured 10/10 at 102.00 Aaa 1,593,135
4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 5,034,382
3,605 Jacksonville, Florida, GNMA Collateralized Housing Revenue 9/03 at 102.00 AAA 3,650,603
Refunding Bonds, Windermere Manor Apartments Project,
Series 1993A, 5.875%, 3/20/28
1,425 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 1,503,646
Multifamily Mortgage Revenue Bonds, Country Club
Villas II Project, Series 2001-1A, 5.750%, 7/01/27
(Alternative Minimum Tax) - FSA Insured
4,950 Nevada Housing Division, Multi-Unit Housing Bonds, 4/10 at 100.00 AAA 5,223,389
Whispering Palms Project, Series 2000A, 6.300%, 4/01/32
(Alternative Minimum Tax) - FSA Insured
1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,098,899
Multifamily Housing Revenue Bonds, Westlake Apartments
Project - Phase II, Series 2002, 5.150%, 7/01/22 (Alternative
Minimum Tax) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.2%
2,065 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 2,117,678
Family Mortgage Revenue Refunding Bonds, Series 199B,
5.250%, 4/01/31 (Alternative Minimum Tax) - MBIA Insured
2,165 Duval County Housing Finance Authority, Florida, Single 10/04 at 102.00 Aaa 2,246,902
Family Mortgage Revenue Bonds, GNMA Mortgage-Back
Securities Program, Series 1994, 6.700%, 10/01/26
(Alternative Minimum Tax)
2,475 Escambia County Housing Finance Authority, Florida, Single 4/08 at 102.00 Aaa 2,529,054
Family Mortgage Revenue Bonds, Multi County Program,
Series 1999, 5.200%, 4/01/32 (Alternative Minimum Tax) -
MBIA Insured
12,215 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 2,030,377
Revenue Bonds, Series 2000-4, 0.000%, 7/01/30 (Alternative
Minimum Tax) - FSA Insured
4,095 Florida Housing Finance Corporation, Homeowner Mortgage 1/09 at 31.28 AAA 933,824
Revenue Bonds, Series 1999-2, 0.000%, 7/01/30 (Alternative
Minimum Tax) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 0.4%
3,195 Galveston County, Texas, Unlimited Tax Road Bonds, No Opt. Call Aaa 999,907
Series 2001, 0.000%, 2/01/26 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.4%
4,835 Cape Coral, Florida, Capital Improvement Revenue Bonds, 10/09 at 101.00 Aaa 5,174,369
Series 1999, 5.375%, 10/01/24 - FSA Insured
2,250 Dade County, Florida, Special Obligation and Refunding 10/06 at 102.00 AAA 2,303,010
Bonds, Series 1996B, 5.000%, 10/01/35 - AMBAC Insured
1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,702,569
Series 2002, 5.250%, 10/01/20 - MBIA Insured
Destin, Florida, Capital Improvement Revenue Bonds,
Series 2002:
1,000 5.000%, 8/01/27 - MBIA Insured 8/12 at 101.00 Aaa 1,048,080
1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,054,750
1,910 Escambia County, Florida, Capital Improvement Revenue 10/12 at 100.00 AAA 1,995,912
Bonds, Series 2002, 5.000%, 10/01/27 - MBIA Insured
1,000 Escambia County, Florida, Sales Tax Revenue Bonds, 10/12 at 101.00 AAA 1,120,470
Series 2002 Refunding, 5.250%, 10/01/17 - AMBAC Insured
500 Escambia County, Florida, Tourist Development Tax Revenue 10/12 at 100.00 AAA 537,320
Bonds, Series 2002 Refunding, 5.000%, 10/01/19 -
MBIA Insured
2,230 Florida Ports Financing Commission, Revenue Bonds, 10/09 at 101.00 AAA 2,352,851
State Transportation Trust Fund - Intermodal Program,
Series 1999, 5.500%, 10/01/23 (Alternative Minimum
Tax) - FGIC Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
$ 3,365 5.375%, 11/01/25 - MBIA Insured 11/10 at 101.00 AAA $ 3,589,984
3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,550,918
Florida Municipal Loan Council, Revenue Bonds, Series 2001A:
1,000 5.250%, 11/01/18 - MBIA Insured 11/11 at 101.00 AAA 1,104,360
2,000 4.750%, 11/01/21 - MBIA Insured 11/11 at 101.00 AAA 2,061,520
1,080 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,226,686
Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15
(Mandatory put 12/01/10) - FGIC Insured
1,020 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,158,536
Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15
(Mandatory put 12/01/08) - FGIC Insured
1,500 Gulf Breeze, Florida, Local Government Loan Program, 12/10 at 101.00 AAA 1,684,785
Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20
(Mandatory put 12/01/19) - FGIC Insured
5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 AAA 5,728,892
Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20
(Mandatory put 12/01/11) - FGIC Insured
1,765 Julington Creek Plantation Community Development District, 5/12 at 101.00 AAA 1,844,637
Florida, Special Assessment Revenue Bonds, Series 2002,
4.750%, 5/01/19 - MBIA Insured
2,265 Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 10/12 at 100.00 AAA 2,419,609
5.000%, 10/01/20 - AMBAC Insured
5,000 Miami-Dade County School Board, Florida, Certificates 8/13 at 100.00 AAA 5,630,350
of Participation, Series 2003D, 5.000%, 8/01/14 - FGIC Insured
18,000 Miami-Dade County, Florida, Subordinate Special Obligation 4/08 at 49.54 AAA 6,935,400
Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured
1,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/04 at 102.00 AAA 1,047,660
Series 1994, 7.000%, 1/01/14 - FGIC Insured
4,770 Orange County School Board, Florida, Master Lease 8/07 at 101.00 Aaa 5,126,367
Program, Certificates of Participation, Series 1997A,
5.375%, 8/01/22 - MBIA Insured
6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 7,480,915
Refunding Bonds, Series 1993, 5.250%, 6/01/11 - FGIC Insured
Palm Beach County, Florida, Criminal Justice Facilities, Revenue
Refunding Bonds, Series 1993:
2,500 5.375%, 6/01/08 - FGIC Insured No Opt. Call AAA 2,861,600
4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,628,200
8,830 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 9,202,096
Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured
Pasco County, Florida, Sales Tax Revenue Bonds, Series 2003:
1,365 5.000%, 12/01/18 - AMBAC Insured 12/13 at 100.00 Aaa 1,490,676
1,435 5.000%, 12/01/19 - AMBAC Insured 12/13 at 100.00 Aaa 1,555,612
1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,311,184
5.000%, 4/01/22 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 27.1%
9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,275,310
Series 2001-J1, 5.250%, 10/01/26 (Alternative Minimum Tax) -
AMBAC Insured
3,000 Dade County, Florida, Aviation Revenue Refunding Bonds, 10/03 at 102.00 AAA 3,090,240
Series 1993Y, 5.500%, 10/01/11 - FGIC Insured
1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 10/05 at 102.00 AAA 1,215,566
Series 1995, 5.750%, 10/01/15 - MBIA Insured
15,000 Dallas and Fort Worth, Texas, Joint Revenue Bonds, 11/09 at 100.00 AAA 16,788,000
Dallas-Fort Worth International Airport, Series 2000A,
6.125%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured
5,000 Director of Nevada State Department of Business No Opt. Call AAA 1,501,300
and Industry, Revenue Bonds, Las Vegas Monorail Project,
1st Tier Series 2000, 0.000%, 1/01/27 - AMBAC Insured
3,295 Greater Orlando Aviation Authority, Florida, Airport 10/07 at 101.00 AAA 3,368,676
Facilities Revenue Bonds, Series 1997, 5.250%, 10/01/23
(Alternative Minimum Tax) - FGIC Insured
2,105 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,296,239
Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17
(WI, settling 7/03/03) - FSA Insured
21
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 3,800 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA $ 4,118,288
Bonds, 5.625%, 11/01/18 (Alternative Minimum Tax) -
MBIA Insured
15,025 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 16,482,876
6.000%, 10/01/32 (Alternative Minimum Tax) - FSA Insured
5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,228,439
Miami International Airport, Series 2002, 5.750%, 10/01/19
(Alternative Minimum Tax) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.0%
3,750 Broward County Health Facilities Authority, Florida, Hospital 6/05 at 100.00 AAA 3,835,988
Revenue Bonds, Holy Cross Hospital, Inc., Series 1993,
5.850%, 6/01/12 (Pre-refunded to 6/01/05) - AMBAC Insured
2,700 Cocoa, Florida, Water and Sewer System Revenue Bonds, 10/07 at 101.00 AAA 3,166,749
Series 1997, 5.875%, 10/01/26 (Pre-refunded to 10/01/07) -
FGIC Insured
4,500 Florida Department of Environmental Protection, 7/05 at 101.00 AAA 4,946,490
Preservation 2000 Revenue Bonds, Series 1995A,
5.750%, 7/01/11 (Pre-refunded to 7/01/05) -
AMBAC Insured
2,350 Jacksonville Port Authority, Florida, Airport Revenue 10/03 at 102.00 AAA 2,419,678
Refunding Bonds, Series 1993, 5.250%, 10/01/17
(Alternative Minimum Tax) (Pre-refunded to 10/01/03) -
AMBAC Insured
1,025 Jacksonville, Florida, Sales Tax Revenue Bonds, River City 10/05 at 101.00 AAA 1,131,293
Renaissance Project, Series 1995, 5.500%, 10/01/10
(Pre-refunded to 10/01/05) - FGIC Insured
990 Orange County, Florida, Tourist Development Tax Revenue 10/03 at 101.00 AAA 1,012,186
Bonds, Series 1992A, 6.250%, 10/01/13 - AMBAC Insured
St. Lucie County, Florida, Utility System Revenue Refunding
Bonds, Series 1993:
5,000 5.500%, 10/01/15 - FGIC Insured 10/03 at 102.00 AAA 5,293,350
1,200 5.500%, 10/01/21 - FGIC Insured 10/03 at 102.00 AAA 1,267,692
7,855 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 9,788,430
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
Sunrise, Florida, Utility System Revenue Bonds, Series 1996A:
6,900 5.750%, 10/01/16 (Pre-refunded to 10/01/06) - AMBAC Insured 10/06 at 101.00 AAA 7,896,705
8,700 5.750%, 10/01/21 (Pre-refunded to 10/01/06) - AMBAC Insured 10/06 at 101.00 AAA 9,956,715
1,500 Tampa, Florida, Allegany Health System Revenue Bonds, 12/03 at 102.00 AAA 1,526,535
St. Joseph Hospital, Inc., Series 1993, 5.125%, 12/01/23 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9%
1,500 Florida Municipal Power Agency, Revenue Refunding Bonds, 10/03 at 100.00 AAA 1,512,870
Tri-City Project, Series 1992, 5.500%, 10/01/19 -
AMBAC Insured
1,585 Florida Municipal Power Agency, Revenue Refunding Bonds, 10/13 at 100.00 Aaa 1,728,997
Tri-City Project, Series 2003A, 5.000%, 10/01/18 (WI,
settling 7/09/03) - FSA Insured
2,000 Fort Pierce Utilities Authority, Florida, Utility Revenue 10/13 at 100.00 AAA 2,262,920
Refunding Bonds, Series 2003, 5.000%, 10/01/14 (WI,
settling 7/03/03) - AMBAC Insured
3,500 Lee County, Florida, Solid Waste System Revenue Refunding 10/11 at 100.00 Aaa 3,943,345
Bonds, Series 2001, 5.625%, 10/01/13 (Alternative
Minimum Tax) - MBIA Insured
3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 4,206,770
Refunding Bonds, Series 1997A, 6.000%, 10/01/09 -
AMBAC Insured
8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 5,069,760
Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 16.2%
Clay County, Florida, Utility System Revenue Refunding
Bonds, Series 2003B:
590 5.000%, 11/01/14 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 658,894
620 5.000%, 11/01/15 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 682,806
670 5.000%, 11/01/17 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 724,317
755 5.000%, 11/01/18 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 808,696
Clay County, Florida, Utility System Revenue Refunding
Bonds, Series 2003C:
1,090 5.000%, 11/01/14 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 1,217,279
1,145 5.000%, 11/01/15 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 1,260,989
510 5.000%, 11/01/17 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 551,346
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,000 Florida Governmental Utility Authority, Utility Revenue 7/09 at 101.00 Aaa $ 1,038,250
Bonds, Golden Gate Utility System, Series 1999,
5.000%, 7/01/29 - AMBAC Insured
8,000 Indian River County, Florida, Water and Sewer Revenue 9/08 at 102.00 AAA 8,452,000
Bonds, Series 1993A, 5.250%, 9/01/24 - FGIC Insured
2,000 Indian Trail Water Control District, Florida, Water Control 8/07 at 101.00 AAA 2,180,500
and Improvement Bonds, Unit of Development No. 17,
Series 1996, 5.500%, 8/01/22 - MBIA Insured
3,450 JEA, Florida, Water and Sewer System Revenue Bonds, 4/07 at 100.00 AAA 3,648,927
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
560 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 592,278
Utilities Revenue Bonds, Bonita Springs Utilities Inc.
Project, Series 2002, 5.000%, 11/01/20 (Alternative
Minimum Tax) - MBIA Insured
2,250 Port Orange, Florida, Water and Sewer Junior Lien Revenue 10/03 at 101.00 AAA 2,289,398
Refunding Bonds, Series 1993, 5.250%, 10/01/21 -
AMBAC Insured
1,980 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA 2,196,038
Refunding Bonds, Series 2002, 5.250%, 5/01/17 -
MBIA Insured
10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 AAA 2,276,000
Series 2001, 0.000%, 9/01/29 - MBIA Insured
Sebring, Florida, Water and Wastewater Revenue Refunding
Bonds, Series 2002:
1,360 5.250%, 1/01/17 - FGIC Insured 1/13 at 100.00 AAA 1,517,787
770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 854,792
500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 546,730
3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,338,299
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/06 at 102.00 AAA 1,490,749
Series 1996, 5.800%, 10/01/11 - AMBAC Insured
1,100 Wauchula, Florida, Utility Revenue Bonds, Series 2001A, 10/11 at 101.00 AAA 1,147,519
5.000%, 10/01/31 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 365,925 Total Long-Term Investments (cost $322,085,112) - 148.2% 351,920,020
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.9%
3,000 Alachua County Health Facilities Authority, Florida, VMIG-1 3,000,000
Continuing Care Retirement Community Revenue Bonds,
Oak Hammock Project, Variable Rate Demand Obligations,
Series 2002A, 1.000%, 10/01/32+
1,500 Capital Projects Finance Authority, Florida, Continuing VMIG-1 1,500,000
Care Retirement Community Revenue Bonds, Glenridge on
Palmer Ranch, Variable Rate Demand Bonds, Series 2002C,
1.000%, 6/01/12+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 4,500 Total Short-Term Investments (cost $4,500,000) 4,500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $326,585,112) - 150.1% 356,420,020
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (3.4)% (7,929,529)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (46.7)% (111,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $237,490,491
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
All of the bonds in the portfolio, excluding temporary
investments in short-term municipal securities, 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.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
23
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)
Portfolio of
INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 17.8%
$ 1,000 Citrus County Hospital Board, Florida, Revenue Bonds, 8/13 at 100.00 Baa3 $ 1,038,440
Citrus Memorial Hospital, Series 2002 Refunding,
6.375%, 8/15/32
1,300 Escambia County Health Facilities Authority, Florida, Revenue No Opt. Call AA 1,453,933
Bonds, Ascension Health Credit Group, Series 2003A,
5.250%, 11/15/13
Leesburg, Florida, Hospital Revenue Refunding Bonds,
Leesburg Regional Medical Center, Series 2003:
1,750 5.000%, 7/01/17 (DD, settling 7/01/03) 7/13 at 100.00 A 1,809,168
1,200 5.000%, 7/01/18 (DD, settling 7/01/03) 7/13 at 100.00 A 1,230,396
3,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 3,146,070
Bonds, Baycare Health System, Series 2003,
5.750%, 11/15/27
1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 Aa3 1,521,075
Revenue Bonds, Baptist Health Systems of South Florida,
Series 2003, 5.200%, 11/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.0%
2,025 Florida Housing Finance Agency, Home Ownership Revenue No Opt. Call AAA 2,306,779
Refunding Bonds, Series 1987-G1, 8.595%, 11/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.5%
1,500 State of Florida, Full Faith and Credit, State Board of 6/12 at 101.00 AAA 1,588,365
Education, Public Education Capital Outlay Bonds,
Series 2002F, 5.000%, 6/01/22 - MBIA Insured
3,665 State of Florida, Full Faith and Credit, State Board of 6/12 at 101.00 AAA 3,828,386
Education, Public Education Capital Outlay Bonds,
Series 2002A, 5.000%, 6/01/32 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 56.2%
5,000 Broward County Board of Education, Florida, Certificates 7/13 at 100.00 AAA 5,321,850
of Participation, Series 2003, 5.000%, 7/01/21 -
MBIA Insured
1,000 Collier County, Florida, Gas Tax Revenue Bonds, 6/13 at 100.00 AAA 1,107,100
Series 2003 Refunding, 5.250%, 6/01/19 - AMBAC Insured
2,000 Dade County, Florida, Special Obligation and Refunding 10/06 at 102.00 AAA 2,047,120
Bonds, Series 1996B, 5.000%, 10/01/35 - AMBAC Insured
2,270 Jacksonville, Florida, Sales Tax Revenue Bonds, Local 10/12 at 100.00 AAA 2,538,132
Government Refunding and Improvement, Series 2002,
5.375%, 10/01/18 - FGIC Insured
1,235 Julington Creek Plantation Community Development 5/12 at 101.00 AAA 1,287,055
District, Florida, Special Assessment Revenue Bonds,
Series 2002, 5.000%, 5/01/29 - MBIA Insured
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
1,730 5.000%, 10/01/18 - AMBAC Insured 10/12 at 100.00 AAA 1,874,420
2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,152,480
3,180 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 3,461,812
Series 2002B, 5.125%, 1/01/19 - FGIC Insured
3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,644,824
Participation, Series 2002A, 5.125%, 6/01/20 -
AMBAC Insured
Palm Beach County School Board, Florida, Certificates of
Participation, Series 2002D:
2,950 5.250%, 8/01/20 - FSA Insured 8/12 at 100.00 AAA 3,212,314
3,670 5.000%, 8/01/28 - FSA Insured 8/12 at 100.00 AAA 3,824,654
1,500 Puerto Rico Highway and Transportation Authority, 7/13 at 100.00 AAA 1,661,805
Transportation Revenue Bonds, Series 2003G,
5.250%, 7/01/20 - FGIC Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 20.4%
$ 2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA $ 2,101,040
Revenue Bonds, Series 2002A, 5.125%, 10/01/32 -
FSA Insured
1,500 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 1,625,715
Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/18
(WI, settling 7/03/03) - FSA Insured
1,500 Orlando-Orange County Expressway Authority, Florida, 7/13 at 100.00 AAA 1,689,570
Expressway Revenue Bonds, Series 2003A Refunding,
5.250%, 7/01/16 - AMBAC Insured
6,000 Orange-Orlando County Expressway Authority, Florida, 7/13 at 100.00 AAA 6,283,800
Expressway Revenue Bonds, Series 2003B,
5.000%, 7/01/28 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.5%
1,400 Florida Municipal Power Agency, Revenue Refunding 10/13 at 100.00 Aaa 1,516,102
Bonds, Tri-City Project, Series 2003A, 5.000%, 10/01/19
(WI, settling 7/09/03) - FSA Insured
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 2,142,580
Series 2002II, 5.125%, 7/01/26 - FSA Insured
2,000 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call AAA 2,339,560
Refunding Bonds, 2002 Series JJ, 5.250%, 7/01/15 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 33.8%
JEA, Florida, Water and Sewer System Revenue Bonds,
Series 2002A:
2,000 5.375%, 10/01/30 - MBIA Insured 4/07 at 100.00 AAA 2,115,320
4,000 5.500%, 10/01/41 - MBIA Insured 4/07 at 100.00 AAA 4,313,280
2,000 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 2,078,400
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
750 North Port, Florida, Utility System Revenue Bonds, 10/10 at 101.00 Aaa 781,597
Series 2000, 5.000%, 10/01/25 - FSA Insured
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 1,340,785
1,500 5.000%, 5/01/23 - MBIA Insured 5/12 at 100.00 AAA 1,575,870
2,330 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 2,485,830
Series 2003, 5.000%, 9/01/21 - MBIA Insured
4,000 Sunrise, Florida, Utility System Revenue Bonds, No Opt. Call AAA 4,663,520
Series 1998A Refunding, 5.500%, 10/01/15 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 81,015 Total Long-Term Investments (cost $84,370,900) - 152.2% 87,109,147
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (1.5)% (886,611)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.7)% (29,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $57,222,536
====================================================================================================================
At least 80% of the Fund's net assets 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 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)
municipal bonds that are rated, at the time of
investment, within the four highest grades (Baa or
BBB or better by Moody's, S&P 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.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
(DD) Security purchased on a delayed delivery basis.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
25
Statement of
ASSETS AND LIABILITIES June 30, 2003
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $365,403,190,
$323,670,885, $326,585,112 and $84,370,900,
respectively) $390,258,162 $337,945,056 $356,420,020 $87,109,147
Cash 2,370,862 -- 297,261 1,038,811
Receivables:
Interest 5,655,640 4,488,027 4,143,944 1,061,515
Investments sold 1,845,000 8,528,568 326,738 10,369,981
Other assets 20,157 31,091 21,262 6,581
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 400,149,821 350,992,742 361,209,225 99,586,035
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 836,343 -- --
Payable for investments purchased 5,961,266 8,547,342 12,406,302 13,286,043
Accrued expenses:
Management fees 209,015 181,782 185,300 24,799
Organization and offering costs -- -- -- 5,000
Other 109,652 103,703 113,954 43,721
Preferred share dividends payable 14,003 12,871 13,178 3,936
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 6,293,936 9,682,041 12,718,734 13,363,499
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $261,855,885 $224,310,701 $237,490,491 $57,222,536
====================================================================================================================================
Common shares outstanding 16,495,776 14,242,293 14,336,452 3,878,583
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.87 $ 15.75 $ 16.57 $ 14.75
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 164,958 $ 142,423 $ 143,365 $ 38,786
Paid-in surplus 230,246,431 205,140,993 203,434,885 54,680,629
Undistributed (Over-distribution of) net investment income 3,136,957 2,585,269 2,503,509 (253,061)
Accumulated net realized gain from investments 3,452,567 2,167,845 1,573,824 17,935
Net unrealized appreciation of investments 24,854,972 14,274,171 29,834,908 2,738,247
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $261,855,885 $224,310,701 $237,490,491 $57,222,536
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
26
Statement of
OPERATIONS Year Ended June 30, 2003
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE
(NQF) (NUF) (NFL) (NWF)*
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $21,229,125 $18,112,831 $17,631,901 $1,771,241
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,488,103 2,164,622 2,193,146 301,148
Preferred shares - auction fees 330,385 292,844 278,120 31,617
Preferred shares - dividend disbursing agent fees 20,000 30,000 20,000 4,521
Shareholders' servicing agent fees and expenses 40,980 32,621 29,639 2,141
Custodian's fees and expenses 99,180 96,492 91,394 14,669
Trustees' fees and expenses 4,299 4,847 3,485 827
Professional fees 17,966 17,544 18,011 10,433
Shareholders' reports - printing and mailing expenses 26,991 31,977 26,275 9,898
Stock exchange listing fees 16,300 16,295 16,268 170
Investor relations expense 47,903 42,482 38,317 4,115
Other expenses 24,007 24,440 21,180 1,424
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,116,114 2,754,164 2,735,835 380,963
Custodian fee credit (32,219) (34,916) (29,647) (10,278)
Expense reimbursement -- -- -- (148,257)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,083,895 2,719,248 2,706,188 222,428
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,145,230 15,393,583 14,925,713 1,548,813
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 3,875,859 3,463,251 2,057,125 17,814
Change in net unrealized appreciation (depreciation)
of investments 8,853,791 6,508,220 10,662,174 2,738,247
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 12,729,650 9,971,471 12,719,299 2,756,061
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (1,204,511) (1,022,349) (1,147,462) (126,559)
From accumulated net realized gains from investments (226,303) (275,955) (14,829) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Preferred shareholders (1,430,814) (1,298,304) (1,162,291) (126,559)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from operations $29,444,066 $24,066,750 $26,482,721 $4,178,315
====================================================================================================================================
*For the period November 22, 2002 (commencement of operations) through June 30,
2003.
See accompanying notes to financial statements.
27
Statement of
CHANGES IN NET ASSETS
FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF)
--------------------------------- --------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
6/30/03 6/30/02 6/30/03 6/30/02
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 18,145,230 $ 18,618,829 $ 15,393,583 $ 16,780,301
Net realized gain from investments 3,875,859 1,901,333 3,463,251 1,608,721
Change in net unrealized appreciation
(depreciation) of investments 8,853,791 4,563,999 6,508,220 313,706
Distributions to Preferred shareholders:
From net investment income (1,204,511) (1,871,953) (1,022,349) (1,699,118)
From accumulated net realized gains from investments (226,303) (307,378) (275,955) (185,755)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations 29,444,066 22,904,830 24,066,750 16,817,855
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (16,027,701) (15,039,072) (14,168,989) (13,311,602)
From accumulated net realized gains from investments (2,098,066) (914,570) (2,512,996) (548,021)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (18,125,767) (15,953,642) (16,681,985) (13,859,623)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 704,166 659,265 874,329 467,585
Preferred shares offering costs -- -- 7,500 --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 704,166 659,265 881,829 467,585
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares 12,022,465 7,610,453 8,266,594 3,425,817
Net assets applicable to Common shares at the
beginning of period 249,833,420 242,222,967 216,044,107 212,618,290
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $261,855,885 $249,833,420 $224,310,701 $216,044,107
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 3,136,957 $ 2,380,247 $ 2,585,269 $ 2,412,995
====================================================================================================================================
See accompanying notes to financial statements.
28
INSURED FLORIDA
TAX-FREE
INSURED FLORIDA PREMIUM INCOME (NFL) ADVANTAGE (NWF)
------------------------------------ ---------------
FOR THE PERIOD
11/22/02
(COMMENCEMENT
OF OPERATIONS)
YEAR ENDED YEAR ENDED THROUGH
6/30/03 6/30/02 6/30/03
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 14,925,713 $ 15,300,279 $ 1,548,813
Net realized gain from investments 2,057,125 354,115 17,814
Change in net unrealized appreciation (depreciation) of investments 10,662,174 3,412,639 2,738,247
Distributions to Preferred shareholders:
From net investment income (1,147,462) (1,701,785) (126,559)
From accumulated net realized gains from investments (14,829) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations 26,482,721 17,365,248 4,178,315
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (13,374,479) (12,243,326) (1,675,194)
From accumulated net realized gains from investments (125,967) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (13,500,446) (12,243,326) (1,675,194)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- 55,321,650
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 547,078 197,256 24,090
Preferred shares offering costs -- -- (726,600)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 547,078 197,256 54,619,140
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares 13,529,353 5,319,178 57,122,261
Net assets applicable to Common shares at the beginning of period 223,961,138 218,641,960 100,275
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $237,490,491 $223,961,138 $57,222,536
====================================================================================================================================
Undistributed (Over-distribution of) net investment income at
the end of period $ 2,503,509 $ 2,085,424 $ (253,061)
====================================================================================================================================
See accompanying notes to financial statements.
29
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state Funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen Florida Investment Quality
Municipal Fund (NQF), Nuveen Florida Quality Income Municipal Fund (NUF), Nuveen
Insured Florida Premium Income Municipal Fund (NFL) and Nuveen Insured Florida
Tax-Free Advantage Municipal Fund (NWF). Florida Investment Quality (NQF),
Florida Quality Income (NUF) and Insured Florida Premium Income (NFL) are traded
on the New York Stock Exchange while Insured Florida Tax-Free Advantage (NWF) is
traded on the American Stock Exchange. The Funds are registered under the
Investment Company Act of 1940, as amended, as closed-end management investment
companies.
Prior to the commencement of operations of Insured Florida Tax-Free Advantage
(NWF), the Fund had no operations other than those related to organizational
matters, the initial capital contribution of $100,275 by Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
(formerly, The John Nuveen Company), and the recording of the organization
expenses ($11,500) and its reimbursement by Nuveen Investments, LLC (formerly,
Nuveen Investments), also a wholly owned subsidiary of Nuveen Investments, Inc.
Each Fund seeks to provide current income exempt from regular federal income
tax, and in the case of Insured Florida Tax-Free Advantage (NWF) the alternative
minimum tax applicable to individuals, by investing primarily in a diversified
portfolio of municipal obligations issued by state and local government
authorities within the state of Florida.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers and general market
conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Trustees of the Funds, or its
designee, may establish a fair value for the security. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are valued at amortized cost, which approximates market
value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and/or delayed delivery purchase commitments. At June 30, 2003,
Florida Investment Quality (NQF), Florida Quality Income (NUF), Insured Florida
Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) had
outstanding delayed delivery and/or when-issued purchase commitments of
$5,961,266, $3,284,103, $12,406,302, and $13,286,043, respectively.
30
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal income
tax, and in the case of Insured Florida Tax-Free Advantage (NWF) the alternative
minimum tax applicable to individuals, to retain such tax-exempt status when
distributed to shareholders of the Funds. All monthly tax-exempt income
dividends paid during the fiscal year ended June 30, 2003, have been designated
Exempt Interest Dividends.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared and paid monthly.
Net realized capital gains and/or market discount from investment transactions,
if any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each Series may change every seven days, as set pursuant to a dutch auction
process by the auction agent, and is payable at or near the end of each rate
period. The number of Preferred shares outstanding, by Series and in total, for
each Fund is as follows:
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
================================================================================
Effective January 17, 2003, Insured Florida Tax-Free Advantage (NWF) issued
1,160 Series W, $25,000 stated value Preferred shares.
Insurance
Insured Florida Premium Income (NFL) invests in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. Government or U.S. Government agency securities, both
of which ensure the timely payment of principal and interest.
Insured Florida Tax-Free Advantage (NWF) invests at least 80% of its net assets
in municipal securities that are covered by insurance. The Fund may also invest
up to 20% of its net assets in municipal securities which are either (i) backed
by an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities, or (ii) municipal bonds that are rated, at the time of
investment, within the four highest grades (Baa or BBB or better by Moody's, S&P
or Fitch) or unrated but judged to be of comparable quality by the Adviser.
31
Notes to
FINANCIAL STATEMENTS (continued)
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance is effective only while the municipal securities are held by the
Funds. Accordingly, neither the prices used in determining the market value of
the underlying municipal securities nor the Common share net asset value of the
Funds include value, if any, attributable to the Portfolio Insurance. Each
policy of the Portfolio Insurance does, however, give the Funds the right to
obtain permanent insurance with respect to the municipal security covered by the
Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap, and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the fiscal year ended June 30, 2003.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for Insured Florida
Tax-Free Advantage (NWF). Insured Florida Tax-Free Advantage's (NWF) share of
Common share offering costs ($116,100) were recorded as a reduction of the
proceeds from the sale of Common shares.
Costs incurred by Insured Florida Tax-Free Advantage (NWF) in connection with
its offering of Preferred shares ($726,600) were recorded as a reduction to
paid-in surplus.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
32
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
FLORIDA FLORIDA
INVESTMENT QUALITY (NQF) QUALITY INCOME (NUF)
- ---------------------------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
6/30/03 6/30/02 6/30/03 6/30/02
- ---------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment
of distributions 43,415 43,293 53,877 30,277
- ---------------------------------------------------------------------------------------------------------
43,415 43,293 53,877 30,277
=========================================================================================================
Preferred shares sold -- -- -- --
=========================================================================================================
INSURED FLORIDA
INSURED FLORIDA TAX-FREE
PREMIUM INCOME (NFL) ADVANTAGE (NWF)
- ---------------------------------------------------------------------------------------------------------
FOR THE
PERIOD 11/22/02
(COMMENCEMENT
YEAR ENDED YEAR ENDED OF OPERATIONS)
6/30/03 6/30/02 THROUGH 6/30/03
- ---------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- 3,870,000
Shares issued to shareholders
due to reinvestment
of distributions 32,881 12,642 1,583
- ---------------------------------------------------------------------------------------------------------
32,881 12,642 3,871,583
=========================================================================================================
Preferred shares sold -- -- 1,160
=========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities for the period ended June 30, 2003, were as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)*
- --------------------------------------------------------------------------------
Purchases $62,468,936 $93,965,253 $57,493,474 $115,168,355
Sales and maturities 63,366,397 90,531,388 46,899,576 30,661,835
================================================================================
* For the period November 22, 2002 (commencement of operations) through June
30, 2003.
33
Notes to
FINANCIAL STATEMENTS (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At June 30, 2003, the cost of investments were as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Cost of investments $365,192,177 $323,652,562 $326,417,665 $84,370,900
================================================================================
Gross unrealized appreciation and gross unrealized depreciation on investments
at June 30, 2003, were as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- -----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $30,163,474 $17,439,660 $30,281,497 $2,840,266
Depreciation (5,097,489) (3,147,166) (279,142) (102,019)
- -----------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments $25,065,985 $14,292,494 $30,002,355 $2,738,247
===========================================================================================================
The tax components of undistributed net investment income and net realized gains
at June 30, 2003, were as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ---------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $4,269,443 $3,761,927 $3,479,482 $30,133
Undistributed net ordinary income * 212,386 266,129 328,384 17,935
Undistributed net long-term capital gains 3,288,083 1,901,716 1,247,778 --
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
34
The tax character of distributions paid during the fiscal years ended June 30,
2003 and June 30, 2002, were designated for purposes of the dividends paid
deduction as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
2003 (NQF) (NUF) (NFL) (NWF)
- ---------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $17,151,125 $15,182,483 $14,483,420 $1,518,559
Distributions from net ordinary income * 271,066 62,185 -- --
Distributions from net long-term capital gains 2,068,358 2,736,853 140,796 --
=========================================================================================================
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
2002 (NQF) (NUF) (NFL)
- ---------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $16,851,028 $14,915,192 $13,822,033
Distributions from net ordinary income * -- 166,206 --
Distributions from net long-term capital gains 1,221,948 567,570 --
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' (excluding Insured Florida Tax-Free Advantage (NWF)) investment
management agreements with the Adviser, each Fund pays an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets (including net assets attributable to Preferred shares) of each
Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
Under Insured Florida Tax-Free Advantage's (NWF) investment management agreement
with the Adviser, the Fund pays an annual management fee, payable monthly, at
the rates set forth below, which are based upon the average daily net assets
(including net assets attributable to Preferred shares) of the Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
35
Notes to
FINANCIAL STATEMENTS (continued)
For the first eight years of Insured Florida Tax-Free Advantage's (NWF)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts, and for the time periods set
forth below:
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.
The Adviser has not agreed to reimburse Insured Florida Tax-Free Advantage (NWF)
for any portion of its fees and expenses beyond November 30, 2010.
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 Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid August 1, 2003, to shareholders of record on
July 15, 2003, as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Dividend per share $.0835 $.0830 $.0790 $.0720
================================================================================
36
Financial
HIGHLIGHTS
37
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ -------------------------------
Distributions Distributions
from Net from Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
FLORIDA INVESTMENT
QUALITY (NQF)
Year Ended 6/30:
2003 $15.19 $1.10 $ .76 $(.07) $(.01) $1.78 $ (.97) $(.13) $(1.10)
2002 14.76 1.13 .41 (.11) (.02) 1.41 (.92) (.06) (.98)
2001 14.24 1.19 .52 (.30) -- 1.41 (.89) -- (.89)
2000 15.03 1.21 (.71) (.29) (.01) .20 (.94) (.03) (.97)
1999 15.66 1.16 (.59) (.20) (.01) .36 (.96) (.03) (.99)
FLORIDA QUALITY
INCOME (NUF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2003 15.23 1.08 .71 (.07) (.02) 1.70 (1.00) (.18) (1.18)
2002 15.02 1.18 .14 (.12) (.01) 1.19 (.94) (.04) (.98)
2001 14.57 1.20 .43 (.30) -- 1.33 (.88) -- (.88)
2000 15.37 1.19 (.77) (.29) -- .13 (.91) -- (.91)
1999 15.96 1.14 (.61) (.22) -- .31 (.90) -- (.90)
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2003 15.66 1.04 .89 (.08) -- 1.85 (.93) (.01) (.94)
2002 15.30 1.07 .27 (.12) -- 1.22 (.86) -- (.86)
2001 14.25 1.09 1.02 (.28) -- 1.83 (.78) -- (.78)
2000 14.86 1.06 (.59) (.28) -- .19 (.80) -- (.80)
1999 15.49 1.03 (.67) (.23) -- .13 (.76) -- (.76)
INSURED FLORIDA
TAX-FREE ADVANTAGE (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2003(a) 14.33 .40 .70 (.03) -- 1.07 (.43) -- (.43)
====================================================================================================================================
Total Returns
-----------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
==================================================================================
FLORIDA INVESTMENT
QUALITY (NQF)
Year Ended 6/30:
2003 $ -- $15.87 $16.7500 13.28% 12.02%
2002 -- 15.19 15.8300 13.27 9.77
2001 -- 14.76 14.8900 12.03 10.11
2000 (.02) 14.24 14.1250 (5.54) 1.39
1999 -- 15.03 16.0000 (1.80) 2.22
FLORIDA QUALITY
INCOME (NUF)
- ----------------------------------------------------------------------------------
Year Ended 6/30:
2003 -- 15.75 16.6000 11.56 11.45
2002 -- 15.23 15.9900 13.80 8.15
2001 -- 15.02 14.9700 12.58 9.37
2000 (.02) 14.57 14.1250 (4.28) .87
1999 -- 15.37 15.7500 2.79 1.88
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ----------------------------------------------------------------------------------
Year Ended 6/30:
2003 -- 16.57 17.2200 16.05 12.10
2002 -- 15.66 15.7100 14.29 8.13
2001 -- 15.30 14.5400 18.32 13.09
2000 -- 14.25 13.0000 (5.17) 1.47
1999 -- 14.86 14.5625 7.98 .73
INSURED FLORIDA
TAX-FREE ADVANTAGE
(NWF)
- ----------------------------------------------------------------------------------
Year Ended 6/30:
2003(a) (.22) 14.75 15.8700 8.82 6.08
==================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------ -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=======================================================================================================================
FLORIDA INVESTMENT
QUALITY (NQF)
Year Ended 6/30:
2003 $261,856 1.20% 7.00% 1.19% 7.01% 16%
2002 249,833 1.26 7.53 1.23 7.56 34
2001 242,223 1.33 8.10 1.29 8.14 28
2000 233,290 1.26 8.45 1.24 8.48 16
1999 245,644 1.15 7.38 1.15 7.39 17
FLORIDA QUALITY
INCOME (NUF)
- -----------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2003 224,311 1.24 6.92 1.23 6.94 28
2002 216,044 1.28 7.81 1.26 7.83 30
2001 212,618 1.33 8.00 1.25 8.08 20
2000 206,212 1.26 8.08 1.23 8.10 20
1999 217,433 1.19 7.13 1.19 7.13 16
INSURED FLORIDA
PREMIUM INCOME (NFL)
- -----------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2003 237,490 1.18 6.41 1.16 6.42 14
2002 223,961 1.21 6.89 1.21 6.89 8
2001 218,642 1.27 7.22 1.26 7.23 20
2000 203,591 1.30 7.53 1.29 7.54 22
1999 212,428 1.20 6.58 1.20 6.58 11
INSURED FLORIDA
TAX-FREE ADVANTAGE
(NWF)
- -----------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2003(a) 57,223 1.15* 4.18* .67* 4.66* 46
=======================================================================================================================
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 6/30:
2003 $132,000 $25,000 $74,594
2002 132,000 25,000 72,317
2001 132,000 25,000 70,876
2000 132,000 25,000 69,184
1999 110,000 25,000 80,828
FLORIDA QUALITY
INCOME (NUF)
- ---------------------------------------------------------------------
Year Ended 6/30:
2003 117,000 25,000 72,930
2002 117,000 25,000 71,163
2001 117,000 25,000 70,431
2000 117,000 25,000 69,062
1999 105,000 25,000 76,770
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ---------------------------------------------------------------------
Year Ended 6/30:
2003 111,000 25,000 78,489
2002 111,000 25,000 75,442
2001 111,000 25,000 74,244
2000 111,000 25,000 70,854
1999 111,000 25,000 72,844
INSURED FLORIDA
TAX-FREE ADVANTAGE
(NWF)
- ---------------------------------------------------------------------
Year Ended 6/30:
2003(a) 29,000 25,000 74,330
=====================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the period November 22, 2002 (commencement of operations) through June
30, 2003.
See accompanying notes to financial statements.
38-39 spread
Trustees
AND OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board of
Trustees of the Funds. The number of trustees of the Funds is currently set at
eight. None of the trustees 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 trustees 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 OF
PORTFOLIOS
IN FUND
YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX
NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN
AND ADDRESS WITH THE FUND APPOINTED(2) DURING PAST 5 YEARS BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
TRUSTEE WHO IS AN INTERESTED PERSON OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger (1) Chairman of the 1994 Chairman and Director (since 1996) of Nuveen 140
3/28/49 Board and Investments, Inc. and Nuveen Investments, LLC;
333 W. Wacker Drive Trustee Director (since 1992) and Chairman (since 1996) of
Chicago, IL 60606 Nuveen Advisory Corp. and Nuveen Institutional
Advisory Corp.; Chairman and Director (since 1997)
of Nuveen Asset Management, Inc.; Director (since 1996)
of Institutional Capital Corporation; Chairman and
Director (since 1999) of Rittenhouse Asset Management,
Inc.; Chairman of Nuveen Investments Advisers Inc.
(since 2002).
TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
William E. Bennett Trustee 2001 Private Investor; previously, President and Chief 140
10/16/46 Executive Officer, Draper & Kramer, Inc., a private
333 W. Wacker Drive company that handles mortgage banking, real estate
Chicago, IL 60606 development, pension advisory and real estate
management (1995-1998). Prior thereto, Executive Vice
President and Chief Credit Officer of First Chicago
Corporation and its principal subsidiary, The First
National Bank of Chicago.
- ------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Trustee 1997 Private Investor and Management Consultant. 134
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Trustee 1993 Retired (since 1989) as Senior Vice President of The 134
7/29/34 Northern Trust Company; Director of the United Way of
333 W. Wacker Drive Highland Park-Highwood (since 2002).
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri Trustee 1994 Retired, formerly, Executive Director (since 1998) 134
1/26/33 of Manitoga/The Russel Wright Design Center; prior
333 W. Wacker Drive thereto, President and Chief Executive Officer of
Chicago, IL 60606 Blanton-Peale Institute (since 1990); prior thereto,
Vice President, Metropolitan Life Insurance Co.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers Trustee 1991 Adjunct Professor of Business and Economics, 134
4/3/33 University of Dubuque, Iowa; formerly (1991-2000)
333 W. Wacker Drive Adjunct Professor, Lake Forest Graduate School of
Chicago, IL 60606 Management, Lake Forest, Illinois; prior thereto,
Executive Director, Towers Perrin Australia, a
management consulting firm; Chartered Financial
Analyst; Certified Management Consultant; Director,
Executive Service Corps of Chicago, a not-for-profit
organization.
- ------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Trustee 1997 Senior Partner and Chief Operating Officer, 134
9/24/44 Miller-Valentine Group, Vice President,
333 W. Wacker Drive Miller-Valentine Realty, a development and contract
Chicago, IL 60606 company; Chair, MiamiValley Hospital; Chair, Miami
Valley Economic Development Coalition; formerly,
Member, Community Advisory Board, National City Bank,
Dayton, Ohio and Business Advisory Council, Cleveland
Federal Reserve Bank.
- ------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Trustee 1997 Executive Director, Gaylord and Dorothy Donnelley 134
12/29/47 Foundation (since 1994); prior thereto, Executive
333 W. Wacker Drive Director, Great Lakes Protection Fund (from 1990
Chicago, IL 60606 to 1994).
40
NUMBER OF
PORTFOLIOS
IN FUND
YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX
NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN
AND ADDRESS WITH THE FUND APPOINTED(3) DURING PAST 5 YEARS BY OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary 140
9/9/56 Administrative and Associate General Counsel, formerly, Vice President
333 W. Wacker Drive Officer and Assistant General Counsel of Nuveen Investments,
Chicago, IL 60606 LLC; Managing Director (since 2002), General Counsel and
Assistant Secretary, formerly, Vice President of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.;
Managing Director (since 2002), Assistant Secretary and
Associate General Counsel, formerly, Vice President
(since 2000), of Nuveen Asset Management, Inc.; Assistant
Secretary of Nuveen Investments, Inc. (since 1994);
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. (since May 2003); Chartered
Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant 140
2/3/66 and Assistant Vice President (since 2000), previously, Associate of
333 W. Wacker Drive Secretary Nuveen Investments, LLC.
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Paul L. Brennan Vice President 1999 Vice President (since 2002), formerly, Assistant 122
11/10/66 Vice President (since 1997), of Nuveen Advisory Corp.;
333 W. Wacker Drive prior thereto, portfolio manager of Flagship Financial
Chicago, IL 60606 Inc.; Chartered Financial Analyst and Certified Public
Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC (since 140
11/28/67 and Treasurer 1999), prior thereto, Assistant Vice President
333 W. Wacker Drive (since 1997); Vice President and Treasurer of Nuveen
Chicago, IL 60606 Investments, Inc. (since 1999); Vice President and
Treasurer of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp. (since 1999); Vice
President and Treasurer of Nuveen Asset Management,
Inc. (since 2002) and of Nuveen Investments Advisers
Inc. (since 2002); Assistant Treasurer of NWQ
Investment Management Company, LLC (since 2002);
Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Susan M. DeSanto Vice President 2001 Vice President of Nuveen Advisory Corp. (since 2001); 140
9/8/54 previously, Vice President of Van Kampen Investment
333 W. Wacker Drive Advisory Corp. (since 1998); Vice President of Nuveen
Chicago, IL 60606 Institutional Advisory Corp. (since 2002); prior
thereto, Assistant Vice President of Van Kampen
Investment Advisory Corp. (since 1994).
- ------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 2000 Vice President (since 2002) and Assistant General 140
9/24/64 and Secretary Counsel (since 1998); formerly, Assistant Vice
333 W. Wacker Drive President (since 1998) of Nuveen Investments, LLC;
Chicago, IL 60606 Vice President (since 2002) and Assistant Secretary
(since 1998), formerly Assistant Vice President of
Nuveen Advisory Corp. and Nuveen Institutional
Advisory Corp.
41
Trustees
AND OFFICERS (CONTINUED)
NUMBER OF
PORTFOLIOS
IN FUND
YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX
NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN
AND ADDRESS WITH THE FUND APPOINTED(3) DURING PAST 5 YEARS BY OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Vice President of Nuveen Investments, LLC; Vice 140
10/24/45 President (since 1998) of Nuveen Advisory Corp. and
333 W. Wacker Drive Nuveen Institutional Advisory Corp.
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002) of Nuveen Investments, 140
3/2/64 LLC; Managing Director (since 2001), formerly Vice
333 W. Wacker Drive President of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp. (since 1995); Managing
Director of Nuveen Asset Management, Inc. (since 2001);
Vice President of Nuveen Investment Advisers Inc.
(since 2002); Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller 140
5/31/54 and Controller (since 1998) of Nuveen Investments, LLC and Vice
333 W. Wacker Drive President and Funds Controller (since 1998) of Nuveen
Chicago, IL 60606 Investments, Inc.; Certified Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
J. Thomas Futrell Vice President 1988 Vice President of Nuveen Advisory Corp.; 122
7/5/55 Chartered Financial Analyst.
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Richard A. Huber Vice President 1997 Vice President of Nuveen Institutional Advisory Corp. 122
3/26/63 (since 1998) and Nuveen Advisory Corp. (since 1997);
333 W. Wacker Drive prior thereto, Vice President and Portfolio Manager of
Chicago, IL 60606 Flagship Financial, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Steven J. Krupa Vice President 1990 Vice President of Nuveen Advisory Corp. 122
8/21/57
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 140
3/22/63 LLC, previously Assistant Vice President (since 1999);
333 W. Wacker Drive prior thereto, Associate of Nuveen Investments, LLC;
Chicago, IL 60606 Certified Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President (since 1999), previously, Assistant 140
8/27/61 Vice President (since 1993) of Nuveen Investments, LLC.
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant 140
7/27/51 and Assistant General Counsel of Nuveen Investments, LLC; Vice
333 W. Wacker Drive Secretary President and Assistant Secretary of Nuveen Advisory
Chicago, IL 60606 Corp. and Nuveen Institutional Advisory Corp.;
Assistant Secretary of Nuveen Investments, Inc.
and (since 1997) Nuveen Asset Management, Inc.;
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);
Assistant Secretary of NWQ Investment Management
Company, LLC (since 2002).
42
NUMBER OF
PORTFOLIOS
IN FUND
YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX
NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN
AND ADDRESS WITH THE FUND APPOINTED(3) DURING PAST 5 YEARS BY OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
Edward F. Neild, IV Vice President 1996 Managing Director (since 2002) of Nuveen Investments, 140
7/7/65 LLC; Managing Director (since 1997), formerly Vice
333 W. Wacker Drive President (since 1996) of Nuveen Advisory Corp. and
Chicago, IL 60606 Nuveen Institutional Advisory Corp.; Managing Director
of Nuveen Asset Management, Inc. (since 1999).
Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas J. O'Shaughnessy Vice President 1999 Vice President (since 2002), formerly, Assistant 122
9/4/60 Vice President (since 1998), of Nuveen Advisory Corp.;
333 W. Wacker Drive prior thereto, portfolio manager.
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas C. Spalding Vice President 1982 Vice President of Nuveen Advisory Corp. and Nuveen 122
7/31/51 Institutional Advisory Corp.; Chartered Financial
333 W. Wacker Drive Analyst.
Chicago, IL 60606
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and trustee of the
Adviser.
(2) Trustees serve a one-year term until his/her successor is elected. The year
first elected or appointed represents the year in which the Trustee was
first elected or appointed to any fund in the Nuveen Complex.
(3) Officers serve a one-year term 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.
43
Build Your Wealth
AUTOMATICALLY
SIDEBAR TEXT: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
44
Fund
INFORMATION
BOARD OF TRUSTEES
William E. Bennett
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman andCutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
GLOSSARY OF TERMS USED IN THIS REPORT
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 (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (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.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond 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 generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
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 is calculated by subtracting the liabilities
of 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.
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.
- ---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the six-month period ended June 30, 2003. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
45
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $80 billion in assets, Nuveen Investments offers access to
a number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style
equities; Rittenhouse, a leader in growth-style equities; and Symphony, a
leading institutional manager of market-neutral alternative investment
portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
EAN-A-0603D
ITEM 2. CODE OF ETHICS.
Not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
In the rare event that a municipal issuer held by the Fund were to issue a proxy
or that the Fund were to receive a proxy issued by a cash management security,
Nuveen Advisory Corp. (the "Adviser") would either engage an independent third
party to determine how the proxy should be voted or vote the proxy with the
consent, or based on the instructions, of the Fund's Board of Directors or
Trustees or its representative. A member of the Adviser's legal department would
oversee the administration of the voting, and ensure that records were
maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on
Form N-PX, and the results provided to the Board of Directors or Trustees and
made available to shareholders as required by applicable rules.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certification required by Rule 30a-2(b) under the Act (17 CFR
270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of he Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured Florida Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: September 9, 2003
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: September 9, 2003
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: September 9, 2003
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.