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
---------------------
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: June 30
------------------
Date of reporting period: December 31, 2004
------------------
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.
SEMIANNUAL REPORT December 31, 2004
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NQF
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUF
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND
NFL
NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND
NWF
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KEEP.(R)
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Timothy R. Schwertfeger
Chairman of the Board
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Chairman's
LETTER TO SHAREHOLDERS
I am pleased to report that over the six-month period covered by this semiannual
report your Fund continued to provide you with monthly tax-free income and an
attractive total return. For more details about the management strategy and
performance of your Fund, please see the Portfolio Managers' Perspective and
Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial advisors
and investors suggest that many of you may be wondering whether long-term
interest rates will soon begin to rise substantially, how high they might go,
and whether that makes this a good time to adjust your holdings of fixed-income
investments. We can't answer that question for you - no one knows what the
future will bring.
"OUR MISSION CONTINUES TO BE TO ASSIST YOU AND YOUR FINANCIAL ADVISOR BY
OFFERING INVESTMENT SERVICES AND PRODUCTS THAT CAN HELP YOU TO SECURE YOUR
FINANCIAL OBJECTIVES."
From our experience, what we do know is that a well-balanced portfolio,
structured and carefully monitored with the help of a trusted investment
professional, can be an important component in achieving your long-term
financial goals. In fact, a well-diversified portfolio may actually help to
reduce your overall investment risk. That is one reason why we believe that a
municipal bond investment like your Nuveen Fund can be an important building
block in a comprehensive investment program designed to perform well in a
variety of market conditions.
As in past reports, I'd also like to direct your attention to the inside front
cover, which explains the quick and easy process to begin receiving these Fund
reports 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.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can help you
to secure your financial objectives. We are grateful that you have chosen us as
a partner as you pursue your financial goals, and 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
February 15, 2005
Nuveen Florida Municipal Closed-End Exchange-Traded Funds
(NQF, NUF, NFL, NWF)
Portfolio Managers'
PERSPECTIVE
Portfolio managers Dan Solender and Cathryn Steeves discuss key investment
strategies and the semiannual performance of these four Florida Funds. With
thirteen years of investment experience, including nine at Nuveen, Dan assumed
portfolio management responsibility for NQF and NUF in November 2003 and for NFL
and NWF in May 2004. In January 2005, Dan turned over management responsibility
for NQF and NUF to Cathryn, who has been with Nuveen since 1996.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
DECEMBER 31, 2004?
Between June and December 2004, the Federal Reserve announced five quarter-point
increases in the fed funds rate, raising this short-term interest rate benchmark
to 2.25% from 1%. (On February 2, 2005, after the close of this reporting
period, the Federal Reserve raised the fed funds rate by another 0.25% to
2.50%.) At the same time, long-term municipal interest rates trended lower. In
this flattening yield curve environment, our focus centered on finding bonds
that we believed had the potential to add value to the Funds' portfolios and
perform well under a variety of market scenarios.
In general, our purchase activity over this period centered on securities in the
intermediate part of the yield curve (that is, bonds that mature in 15 to 20
years). In many cases, bonds in this part of the curve offered yields similar to
those of longer-term bonds with less inherent interest rate risk (the risk that
the value of a Fund's portfolio will decline if market interest rates rise,
since bond prices move in the opposite direction of interest rates).
In addition, in NQF and NUF we took advantage of opportunities to selectively
trim some of our nonrated holdings, particularly nonrated multifamily housing
bonds. We then reinvested the proceeds from these sales largely into insured
credits. Because lower-rated bonds performed well in 2004, demand -- and bids --
for these bonds improved, and we were able to obtain what we believed were
attractive prices for the bonds we sold, while also reducing some of our more
concentrated positions and improving the Funds' diversification. At the same
time, our purchases of insured bonds enhanced the overall credit quality of
these Funds' portfolios.
One of our longer-term goals is to position each of these Funds so that they
provide return variability and interest rate risk exposure roughly comparable to
the variability and risk of the markets in which they invest. As one strategy to
reach this goal for NWF, we
4
attempted to manage some of its inherent interest rate risk by utilizing
interest rate swaps to hedge some of this risk. Our only objective with this
hedge was to reduce the duration of the Fund without having a negative impact on
its income stream or dividend-paying capability over the short-term. The cost of
the hedge is reflected as an addition or subtraction from the Fund's net asset
value as the value of the hedge fluctuates. While the hedge position did
mitigate some of the Fund's exposure to interest rate risk, it had a negative
impact on the Fund's performance for the period ended December 31, 2004, because
long-term interest rates fell and bond prices rose during the period in which
the hedge was in place. However, this loss in value was at least partly offset
by the fact that some of the municipal bonds in the Fund's portfolio, because
they had longer-than-target durations, increased in value by more as a result of
these interest rate decreases than they would have if the they had had durations
closer to the target.
HOW DID THE FUNDS PERFORM?
Individual results for the Funds, as well as for comparative indexes, are
presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 12/31/04
FLORIDA FUNDS 6-MONTH 1-YEAR 5-YEAR 10-YEAR
- --------------------------------------------------------------------------------
NQF 7.73% 6.42% 9.16% 7.50%
- --------------------------------------------------------------------------------
NUF 8.22% 6.82% 8.54% 7.56%
- --------------------------------------------------------------------------------
Lehman Brothers
Municipal
Bond Index1 5.19% 4.48% 7.20% 7.06%
- --------------------------------------------------------------------------------
Lipper Florida
Municipal Debt
Funds average2 7.47% 5.62% 9.03% 7.84%
- --------------------------------------------------------------------------------
INSURED FLORIDA FUNDS
- --------------------------------------------------------------------------------
NFL 7.45% 5.36% 9.55% 8.65%
- --------------------------------------------------------------------------------
NWF 8.27% 5.75% NA NA
- --------------------------------------------------------------------------------
Lehman Brothers
Insured Municipal
Bond Index1 5.43% 4.54% 7.70% 7.31%
- --------------------------------------------------------------------------------
Lipper Florida
Municipal Debt
Funds average2 7.47% 5.62% 9.03% 7.84%
- --------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years and ten
years are annualized.
Past performance does not guarantee future results. Returns do not reflect the
deduction of taxes that a shareholder may have to pay on Fund distributions or
upon the sale of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
1 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds, while the Lehman Insured Municipal Bond Index is an unleveraged,
unmanaged national index containing a broad range of insured municipal
bonds. Results for the Lehman indexes do not reflect any expenses.
2 The Lipper Florida Municipal Debt Funds category average is calculated
using the returns of all closed-end exchange-traded funds in this category
for each period as follows: 6 months, 18 funds; 1 year, 18 funds; 5 years,
12 funds; and 10 years, 10 funds. Fund and Lipper returns assume
reinvestment of dividends.
5
For the six months ended December 31, 2004, the cumulative returns on NAV for
NQF and NUF outperformed the return on the Lehman Brothers Municipal Bond Index,
while the two insured Funds -- NFL and NWF -- beat the return on the Lehman
Brothers Insured Municipal Bond Index. NQF, NUF and NWF also outperformed the
average return for the Lipper Florida peer group for this period, while NFL
performed in line with this measure.
One of the primary factors benefiting the six-month performances of these Funds
relative to the two unmanaged Lehman Brothers indexes was the Funds' use of
financial leverage. While leveraging can add volatility to a Fund's NAV and
share price, especially during periods of rising interest rates, this strategy
can also provide opportunities for additional income and total returns for
common shareholders when short-term interest rates remain relatively low and
long-term rates fall or remain relatively constant, as they did during this
reporting period.
As discussed earlier, one of our key strategies over this six-month period
involved working to enhance the Funds' yield curve positioning by purchasing
intermediate-term bonds. As a result of this effort, we believe that all of
these Funds were relatively well positioned for the rate environment of this
period. This also played a role in their outperformance relative to the Lehman
indexes. In contrast, NFL had a relatively large exposure to shorter duration
securities over this period. This detracted somewhat from its performance.
Among the Funds' holdings making positive contributions to their cumulative
returns during this six-month period were healthcare sector bonds, especially
hospital credits. This sector ranked second in terms of performance among the
Lehman municipal revenue sectors for this six-month period. NQF and NUF in
particular benefited from the strong performance of hospital credits, including
holdings such as Orange County Health for Adventist Health System and Pinellas
County for Baycare Health System.
Both NQF and NUF also benefited from their allocations of lower quality bonds,
which generally outperformed other credit quality sectors as the economy
improved. Among these holdings, NQF held a 1% position in bonds issued by Puerto
Rico and backed by the 1998 master tobacco settlement agreement. These bonds
produced exceptionally
6
strong results during this period, as the litigation environment seemed to
improve and a relative lack of supply faced continued strong demand.
NWF, which can invest up to 20% of its assets in uninsured investment-grade
quality securities, saw its performance for the 6-month period enhanced by its
allocation to AA and A rated bonds (2% and 9%, respectively, as of December 31,
2004).
HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
As short-term interest rates remained relatively low throughout this reporting
period, the leveraged structures of these four Funds continued to help support
their dividend-paying capabilities. The extent of this benefit is tied in part
to the short-term rates these Funds pay their MuniPreferred(R) shareholders.
During periods of low short-term rates, leveraged Funds generally pay lower
dividends to their MuniPreferred shareholders, which can leave more earnings to
support common share dividends. This strategy helped to maintain the dividend of
NFL throughout the reporting period. However, as part of our efforts to reduce
credit risk in NQF and NUF during this period, we sold selected lower-rated
bonds with higher embedded yields in order to increase the Funds' weightings in
insured credits. This reduced these Funds' income streams and led to a dividend
cut in each Fund in December 2004. In NWF, which was initially invested during
the low interest rate environment of late 2002, continued relatively low
intermediate- and long-term rates over the past two years have meant fewer
opportunities to make trades that would enhance this Fund's income. This
necessitated two dividend cuts in NWF as short-term rates rose during this
reporting period.
All of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each Fund may pay dividends at a rate that may be more or less than the amount
of net investment income actually earned by the Fund during the period. If a
Fund has cumulatively earned more than it has paid in dividends, it holds the
excess in reserve as undistributed net investment income (UNII) as part of the
Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of
its earnings, the excess constitutes negative UNII that is likewise reflected in
the Fund's NAV. Each Fund will, over time, pay all of its net investment income
as dividends to shareholders. As of December 31, 2004, NQF, NUF
7
and NFL had positive UNII balances for both financial statement and tax
purposes. NWF had a negative UNIIbalances for both financial statement and tax
purposes.
As of December 31, 2004, the Funds were trading at premiums or discounts to
their net asset values as shown in the accompanying chart.
FUND 12/31 PREM/DISC PERIOD AVG. PREM/DISC
- --------------------------------------------------------------------------------
NQF -1.49% 0.14%
- --------------------------------------------------------------------------------
NUF 0.19% -1.84%
- --------------------------------------------------------------------------------
NFL -0.50% -3.01%
- --------------------------------------------------------------------------------
NWF -6.56% -1.64%
- --------------------------------------------------------------------------------
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
DECEMBER 31, 2004?
We continued to believe that, given the current geopolitical and economic
climate, maintaining strong credit quality was an important requirement. As of
December 31, 2004, NQF and NUF continued to offer excellent credit quality, with
allocations of bonds rated AAA/U.S. guaranteed and AA comprising 84% of NQF's
portfolio and 80% in NUF. NFL continued to be 100% invested in insured and/or
U.S. guaranteed securities, while NWF, which can invest up to 20% of its assets
in uninsured investment-grade quality securities, had allocated 88% of its
portfolio to insured bonds as of December 31, 2004.
At the end of December 2004, potential call exposure in these four Funds during
2005 and 2006 ranged from 0% in NWF to 8% in both NQF and NUF to 14% in NFL. The
number of actual bond calls in all of these Funds depends largely on future
market interest rates.
8
Nuveen Florida Investment Quality Municipal Fund
NQF
Performance
OVERVIEW As of December 31, 2004
NQF
Pie Chart:
Credit Quality
(as a % of total investments)
AAA/U.S. Guaranteed 71%
AA 13%
A 10%
BBB 4%
NR 2%
Bar Chart:
2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.0845
Feb 0.0845
Mar 0.0845
Apr 0.0845
May 0.0845
Jun 0.0845
Jul 0.0845
Aug 0.0845
Sep 0.0845
Oct 0.0845
Nov 0.0845
Dec 0.0815
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/1/04 16.5
16.43
16.58
16.6
16.6
16.77
16.97
17.08
17
17.12
17.23
17.03
17.1
17.2
16.95
16.92
17.05
17.08
16.84
16.82
16.82
16.57
16.62
16.62
16.65
16.74
16.73
16.73
16.68
16.64
16.72
16.78
16.9
16.85
16.98
16.99
16.96
16.89
16.96
16.95
16.95
16.93
16.95
17.03
16.75
16.86
16.92
16.89
16.8
16.8
16.84
16.88
16.78
16.81
16.87
16.8
16.87
16.85
16.87
16.86
16.84
17.05
17.03
17
17
16.88
16.7
16.28
16.08
16.01
15.8
15.28
15.01
15.03
15.1
15.39
15.3
14.95
15.12
14.93
14.64
14.44
14.13
14.21
14.27
14.47
14.31
14.3
14.2
13.98
13.51
13.85
14.02
14.12
13.99
14.13
14.03
13.99
14.2
14.2
14.11
14.33
14.32
14.31
14.43
14.43
14.37
14.4
14.4
14.46
14.26
14.5
14.51
14.42
14.28
14.2
14.08
13.93
14.01
13.99
13.98
13.96
14.18
14.13
14.01
14.04
14.03
14.34
14.42
14.35
14.45
14.48
14.62
14.61
14.74
14.6
14.69
14.68
14.65
14.82
14.67
14.62
14.63
14.69
14.77
14.64
14.82
14.8
14.8
14.8
14.87
14.91
14.81
15.06
15.07
15.02
15.032
15.04
15.29
15.07
15.19
15.19
15.18
15.25
15.48
15.55
15.85
15.79
15.53
15.61
15.73
15.46
15.4
15.48
15.5
15.47
15.59
15.7
15.76
15.77
15.75
15.7
15.51
15.31
15.29
15.41
15.43
15.34
15.46
15.55
15.34
15.33
15.22
15.4
15.41
15.4
15.68
15.94
15.75
15.72
15.56
15.7
15.7
15.66
15.59
15.74
15.95
15.81
15.79
15.76
15.73
15.7
15.73
15.73
15.81
16.11
16.15
16.37
15.99
15.68
15.62
15.59
15.58
15.67
15.7
15.71
15.66
15.73
15.67
15.49
15.53
15.45
15.64
15.52
15.39
15.45
15.25
15.37
15.24
15.33
15.25
15.3
15.27
15.3
15.27
15.45
15.14
15.26
15.32
15.19
15.13
15.1
15.14
15.05
15.05
15.17
12/31/04 15.21
FUND SNAPSHOT
- ------------------------------------
Share Price $15.21
- ------------------------------------
Common Share
Net Asset Value $15.44
- ------------------------------------
Premium/(Discount) to NAV -1.49%
- ------------------------------------
Market Yield 6.43%
- ------------------------------------
Taxable-Equivalent Yield1 8.93%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $255,825
- ------------------------------------
Average Effective
Maturity on Securities (Years) 17.48
- ------------------------------------
Leverage-Adjusted Duration 9.16
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 12.02% 7.73%
- ------------------------------------
1-Year -2.18% 6.42%
- ------------------------------------
5-Year 10.13% 9.16%
- ------------------------------------
10-Year 8.21% 7.50%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 23.2%
- ------------------------------------
Transportation 16.4%
- ------------------------------------
Healthcare 13.2%
- ------------------------------------
U.S. Guaranteed 9.9%
- ------------------------------------
Utilities 9.4%
- ------------------------------------
Water and Sewer 8.3%
- ------------------------------------
Tax Obligation/General 7.9%
- ------------------------------------
Other 11.7%
- ------------------------------------
1 Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable equivalent
yield is lower.
9
Nuveen Florida Quality Income Municipal Fund
NUF
Performance
OVERVIEW As of December 31, 2004
Pie Chart:
Credit Quality
(as a % of total investments)
AAA/U.S. Guaranteed 68%
AA 12%
A 14%
BBB 4%
NR 2%
Bar Chart:
2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.083
Feb 0.083
Mar 0.083
Apr 0.083
May 0.083
Jun 0.083
Jul 0.083
Aug 0.083
Sep 0.083
Oct 0.083
Nov 0.083
Dec 0.08
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/1/04 16.22
16.36
16.46
16.37
16.57
16.69
16.55
16.51
16.65
16.47
16.9
16.66
16.65
16.65
16.61
16.75
16.78
16.81
16.65
16.64
16.64
16.49
16.39
16.4
16.35
16.52
16.51
16.6
16.45
16.47
16.54
16.5
16.6
16.57
16.4
16.25
16.26
16.32
16.36
16.58
16.58
16.82
16.59
16.82
16.73
16.74
16.87
16.99
16.8
16.85
16.89
16.69
16.51
16.59
16.62
16.58
16.64
16.7
16.81
16.75
16.7
16.81
16.48
16.5
16.4
16.29
15.5
15.48
15.59
15.46
15.5
15.01
14.57
14.66
15.35
15.27
15.08
14.79
14.65
14.63
14.53
14.33
14.32
14.16
14.25
14.24
14.16
14.11
14.07
13.55
13.56
13.95
13.6
13.51
13.68
13.64
13.97
14
14.05
14.02
14.22
14.15
14.2
14.3
14.18
14.18
14.3
14.29
14.25
14.17
14.18
14.26
14.12
14.1
14.1
14.1
14.01
13.88
13.9
13.86
13.71
13.71
13.8
13.77
13.74
13.74
13.84
14.03
14.32
14.37
14.3
14.54
14.54
14.55
14.53
14.5
14.46
14.54
14.45
14.48
14.41
14.32
14.38
14.29
14.32
14.41
14.51
14.56
14.56
14.57
14.65
14.73
14.7
14.83
14.88
14.92
14.8
14.73
14.82
14.79
14.71
14.69
14.8
14.81
14.84
14.87
14.93
15.02
15.17
15.23
15.32
15.08
15.12
15.19
15.07
15.33
15.43
15.6
15.3
15.31
15.41
15.25
15.3
15.23
15.2
15.24
15.2
15.1
15.15
15.17
15.12
15.08
15.14
15.14
15.15
15.46
15.28
15.33
15.29
15.26
15.17
15.32
15.16
15.19
15.13
15.22
15.27
15.45
15.5
15.62
15.7
15.6
15.8
15.8
15.68
15.95
16.01
15.72
15.2
15.12
15.11
15.22
15.24
15.69
15.85
15.72
15.66
15.53
15.46
15.39
15.34
15.39
15.56
15.37
15.53
15.22
15.15
15.21
15.29
15.12
15.23
15.3
15.16
15.11
14.88
15.06
14.81
15.03
15.1
15.1
15.14
15.09
15.09
15.2
15.1
15.29
15.55
15.5
15.62
15.7
15.6
15.8
15.8
15.68
15.95
16.01
15.72
15.2
15.12
15.11
15.22
15.24
15.69
15.85
15.72
15.66
15.53
15.46
15.39
15.34
15.39
15.56
15.37
15.53
15.22
15.15
15.21
15.29
15.12
15.23
15.3
15.16
15.11
14.88
15.06
14.81
15.03
15.1
15.1
15.14
15.09
15.09
15.2
15.1
15.29
12/31/04 15.55
FUND SNAPSHOT
- ------------------------------------
Share Price $15.55
- ------------------------------------
Common Share
Net Asset Value $15.52
- ------------------------------------
Premium/(Discount) to NAV 0.19%
- ------------------------------------
Market Yield 6.17%
- ------------------------------------
Taxable-Equivalent Yield1 8.57%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $221,856
- ------------------------------------
Average Effective
Maturity on Securities (Years) 17.65
- ------------------------------------
Leverage-Adjusted Duration 9.12
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/17/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 16.06% 8.22%
- ------------------------------------
1-Year 2.45% 6.82%
- ------------------------------------
5-Year 10.94% 8.54%
- ------------------------------------
10-Year 8.97% 7.56%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 29.1%
- ------------------------------------
Healthcare 15.9%
- ------------------------------------
Transportation 14.4%
- ------------------------------------
Utilities 7.9%
- ------------------------------------
Water and Sewer 6.6%
- ------------------------------------
Education and Civic
Organizations 6.5%
- ------------------------------------
Tax Obligation/General 6.1%
- ------------------------------------
Housing/Multifamily 6.0%
- ------------------------------------
Other 7.5%
- ------------------------------------
1 Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable equivalent
yield is lower.
10
Nuveen Insured Florida Premium Income Municipal Fund
NFL
Performance
OVERVIEW As of December 31, 2004
Pie Chart:
Credit Quality
(as a % of total investments)
Insured 91%
Insured and U.S. Guaranteed 9%
Bar Chart:
2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Jan 0.08
Feb 0.08
Mar 0.08
Apr 0.08
May 0.08
Jun 0.08
Jul 0.08
Aug 0.08
Sep 0.08
Oct 0.08
Nov 0.08
Dec 0.08
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/1/04 16.83
16.78
16.87
16.92
16.97
17.08
17.02
17.1
17.15
17.1
17.16
17.23
17.45
17.5
17.31
17.16
17
17
16.84
17.05
17.05
17.06
17
17.05
17.05
17
16.92
16.9
16.88
16.87
16.85
16.88
16.94
16.9
16.84
16.8
16.7
16.61
16.69
16.7
16.7
16.85
16.89
16.81
16.91
16.95
16.98
16.91
16.95
16.88
16.78
16.78
16.82
16.83
16.85
16.97
16.82
16.91
16.79
16.83
16.79
16.83
16.81
16.82
16.7
16.5
16.05
15.67
15.8
15.75
15.6
15.5
15.35
15.26
15.37
15.38
15.3
15.01
15.05
14.95
14.95
14.84
14.88
14.89
14.88
15.01
14.95
15
14.86
14.37
13.95
14.33
14.09
13.92
14.13
14.07
14.21
14.29
14.3
14.4
14.5
14.48
14.59
14.65
14.68
14.68
14.73
14.73
14.7
14.62
14.56
14.77
14.79
14.71
14.18
14.27
14.2
14.09
14.1
14.15
14.18
14.18
14.3
14.17
14.1
14.15
14.24
14.61
14.77
14.64
14.91
14.8
14.87
14.9
14.98
14.87
14.9
15
14.93
14.85
14.81
14.83
14.86
14.88
14.82
14.79
14.78
14.94
14.94
14.98
15.12
15.18
15.19
15.17
15.24
15.26
15.17
15.14
15.26
15.2
15.36
15.36
15.33
15.37
15.35
15.37
15.46
15.44
15.52
15.5
15.56
15.64
15.63
15.45
15.52
15.35
15.48
15.52
15.52
15.58
15.75
15.64
15.73
15.66
15.76
15.72
15.77
15.72
15.84
15.98
15.94
15.88
15.8
15.8
16.01
16.05
15.95
16.27
16.28
16.27
16.35
16.32
16.24
16.27
16.18
16.39
16.27
16.3
16.33
16.33
16.55
16.56
16.59
16.59
16.83
16.77
16.9
16.63
16.6
16.2
16.03
16.08
16.05
16.21
16.14
16.15
16.1
16.1
16.06
15.9
15.91
15.89
15.91
15.79
15.62
15.52
15.25
15.42
15.53
15.5
15.6
15.65
15.78
15.65
15.4
15.43
15.25
15.27
15.29
15.4
15.52
15.46
15.65
15.73
15.79
15.85
12/31/04 16.07
FUND SNAPSHOT
- ------------------------------------
Share Price $16.07
- ------------------------------------
Common Share
Net Asset Value $16.15
- ------------------------------------
Premium/(Discount) to NAV -0.50%
- ------------------------------------
Market Yield 5.97%
- ------------------------------------
Taxable-Equivalent Yield1 8.29%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $232,095
- ------------------------------------
Average Effective
Maturity on Securities (Years) 17.05
- ------------------------------------
Leverage-Adjusted Duration 7.58
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 17.12% 7.45%
- ------------------------------------
1-Year 0.29% 5.36%
- ------------------------------------
5-Year 11.28% 9.55%
- ------------------------------------
10-Year 10.21% 8.65%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 32.6%
- ------------------------------------
Water and Sewer 20.1%
- ------------------------------------
Transportation 12.3%
- ------------------------------------
Housing/Multifamily 10.1%
- ------------------------------------
U.S. Guaranteed 8.8%
- ------------------------------------
Healthcare 8.5%
- ------------------------------------
Other 7.6%
- ------------------------------------
1 Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable equivalent
yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1112 per share.
11
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
NWF
Performance
OVERVIEW As of December 31, 2004
Pie Chart:
Credit Quality
(as a % of total investments)
Insured 88%
AAA (uninsured) 1%
AA (uninsured) 2%
A (uninsured) 9%
Bar Chart:
2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.072
Feb 0.072
Mar 0.072
Apr 0.072
May 0.072
Jun 0.072
Jul 0.072
Aug 0.072
Sep 0.0695
Oct 0.0695
Nov 0.0695
Dec 0.0665
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/1/04 15.46
15.46
15.69
15.51
15.66
16.06
16.1
15.82
15.96
15.81
15.74
15.85
15.9
16.12
15.95
15.85
15.71
15.8
15.74
15.8
15.8
15.8
15.84
15.92
15.93
15.9
15.81
15.9
15.96
15.86
15.86
15.92
16.01
15.87
15.91
15.9
15.81
15.91
15.92
15.82
15.82
15.81
15.92
15.92
15.92
15.98
15.95
15.81
15.87
15.94
15.98
15.96
15.93
15.89
16.01
16.03
16.01
15.97
15.98
15.9
15.86
15.85
15.8
15.69
15.69
15.45
15.38
14.82
14.77
14.78
14.52
14.26
13.85
13.85
14
14.15
14.05
14.05
13.65
13.43
13.26
13.35
13.25
13.21
13.24
13.49
13.35
13.24
13.2
13.01
12.62
12.81
12.61
12.42
12.49
12.64
12.74
12.79
12.57
12.73
12.67
12.79
12.9
13.04
13.3
13.3
13.41
13.41
13.33
13.34
12.99
13.01
12.99
13.05
12.87
12.9
12.99
12.87
12.96
13.3
13.19
13.09
13
13.09
12.9
12.93
12.94
13.2
13.3
13.39
13.45
13.49
13.64
13.63
14
13.77
13.47
13.89
14.08
13.92
13.9
13.92
13.85
13.8
13.79
13.79
13.7
13.75
13.75
13.75
13.71
13.71
13.79
13.84
13.84
13.89
13.82
13.95
13.94
13.96
13.88
13.88
13.73
13.77
13.71
13.75
13.83
13.82
13.92
13.99
14.04
14.14
14.25
14.18
13.9
13.83
13.91
13.98
14
14.44
14.25
14.21
14.25
14.4
14.4
14.21
14.35
14.26
14.27
14.55
14.65
14.6
14.59
14.59
14.49
14.49
14.49
14.67
14.79
14.79
14.88
14.98
14.98
14.89
14.95
14.8
14.9
14.95
14.78
14.8
14.85
14.84
14.94
14.94
14.99
14.94
14.94
15
14.65
14.2
14.26
14.3
14.32
14.35
14.52
14.58
14.53
14.48
14.28
14.26
14.13
14.19
14.19
14.17
14.11
14
13.56
13.75
13.7
13.69
13.6
13.65
13.62
13.62
13.61
13.58
13.55
13.45
13.42
13.5
13.48
13.51
13.45
13.4
13.37
13.4
12/31/04 13.54
FUND SNAPSHOT
- ------------------------------------
Share Price $13.54
- ------------------------------------
Common Share
Net Asset Value $14.49
- ------------------------------------
Premium/(Discount) to NAV -6.56%
- ------------------------------------
Market Yield 5.89%
- ------------------------------------
Taxable-Equivalent Yield1 8.18%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $56,261
- ------------------------------------
Average Effective
Maturity on Securities (Years) 19.64
- ------------------------------------
Leverage-Adjusted Duration 7.26
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 7.76% 8.27%
- ------------------------------------
1-Year -7.08% 5.75%
- ------------------------------------
Since Inception 0.63% 6.38%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 52.1%
- ------------------------------------
Water and Sewer 12.5%
- ------------------------------------
Healthcare 10.7%
- ------------------------------------
Education and Civic
Organizations 8.2%
- ------------------------------------
Transportation 7.3%
- ------------------------------------
Tax Obligation/General 5.4%
- ------------------------------------
Other 3.8%
- ------------------------------------
1 Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable equivalent
yield is lower.
12
Shareholder
MEETING REPORT
The Shareholder Meeting was held in the Embassy Room of the Mandarin Oriental
Hotel, 222 Sansome Street, San Francisco, California on November 17, 2004.
NQF NUF
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 15,145,795 -- 13,119,888 --
Withhold 106,080 -- 145,951 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,251,875 -- 13,265,839 --
====================================================================================================================================
Lawrence H. Brown
For 15,137,208 -- 13,142,127 --
Withhold 114,667 -- 123,712 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,251,875 -- 13,265,839 --
====================================================================================================================================
Jack B. Evans
For 15,142,462 -- 13,145,377 --
Withhold 109,413 -- 120,462 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,251,875 -- 13,265,839 --
====================================================================================================================================
William C. Hunter
For 15,135,645 -- 13,134,785 --
Withhold 116,230 -- 131,054 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,251,875 -- 13,265,839 --
====================================================================================================================================
William J. Schneider
For -- 4,772 -- 4,311
Withhold -- 235 -- 15
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,007 -- 4,326
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,772 -- 4,311
Withhold -- 235 -- 15
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,007 -- 4,326
====================================================================================================================================
Judith M. Stockdale
For 15,136,595 -- 13,136,929 --
Withhold 115,280 -- 128,910 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,251,875 -- 13,265,839 --
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NFL NWF
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 13,368,229 -- 3,797,104 --
Withhold 117,380 -- 31,052 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,485,609 -- 3,828,156 --
====================================================================================================================================
Lawrence H. Brown
For 13,353,770 -- 3,797,952 --
Withhold 131,839 -- 30,204 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,485,609 -- 3,828,156 --
====================================================================================================================================
Jack B. Evans
For 13,368,425 -- 3,801,954 --
Withhold 117,184 -- 26,202 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,485,609 -- 3,828,156 --
====================================================================================================================================
William C. Hunter
For 13,366,489 -- 3,801,954 --
Withhold 119,120 -- 26,202 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,485,609 -- 3,828,156 --
====================================================================================================================================
William J. Schneider
For -- 4,215 -- 1,146
Withhold -- 8 -- 11
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,223 -- 1,157
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,215 -- 1,146
Withhold -- 8 -- 11
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,223 -- 1,157
====================================================================================================================================
Judith M. Stockdale
For 13,363,902 -- 3,800,104 --
Withhold 121,707 -- 28,052 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,485,609 -- 3,828,156 --
====================================================================================================================================
14
Nuveen Florida Investment Quality Municipal Fund (NQF)
Portfolio of
INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.8% (1.1% OF TOTAL INVESTMENTS)
$ 5,000 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 4,586,850
Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 5.7% (3.8% OF TOTAL INVESTMENTS)
1,295 Broward County Educational Facilities Authority, Florida, 4/14 at 100.00 AAA 1,437,554
Revenue Bonds, Nova Southeastern University, Series 2004A,
5.250%, 4/01/16 - AMBAC Insured
2,000 Broward County Educational Facilities Authority, Florida, 4/14 at 100.00 BBB 2,073,200
Revenue Bonds, Nova Southeastern University, Series 2004B,
5.625%, 4/01/34
3,000 Florida, Board of Education Lottery Revenue Bonds, 1/13 at 101.00 AAA 3,297,960
Series 2002C, 5.000%, 1/01/15 - MBIA Insured
Miami-Dade County Educational Facilities Authority, Florida,
Revenue Bonds, University of Miami, Series 2004A:
2,290 5.000%, 4/01/19 - AMBAC Insured 4/14 at 100.00 AAA 2,464,544
3,305 5.000%, 4/01/22 - AMBAC Insured 4/14 at 100.00 AAA 3,507,035
1,655 5.000%, 4/01/25 - AMBAC Insured 4/14 at 100.00 AAA 1,737,005
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 19.7% (13.2% OF TOTAL INVESTMENTS)
4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A 4,974,118
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2001A, 6.000%, 11/15/31
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 1,013,220
2,330 5.250%, 10/01/34 10/13 at 100.00 Baa1 2,362,597
2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 A 2,411,246
Medical Center Project, Series 2002, 5.375%, 7/01/22
3,000 Miami-Dade County Health Facility Authority, Florida, Hospital 8/11 at 101.00 AAA 3,122,640
Revenue Refunding Bonds, Miami Children's Hospital,
Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
6,000 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- 6,390,900
Improvement Bonds, Series 2001, 6.000%, 1/15/31
6,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A 6,602,940
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 A 3,950,620
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:
3,410 5.500%, 12/01/21 12/11 at 101.00 A 3,624,353
2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,427,563
7,500 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 7,792,500
Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/33
5,375 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- 5,704,649
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS)
1,090 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA 1,140,870
Housing Revenue Bonds, Emerald Palms Apartments,
Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
135 Florida Housing Finance Agency, General Mortgage Revenue 6/05 at 100.00 AAA 138,308
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
2,500 Florida Housing Finance Agency, Housing Revenue Bonds, 9/06 at 102.00 AAA 2,591,175
Mariner Club Apartments, Series 1996K-1, 6.375%, 9/01/36
(Alternative Minimum Tax) - AMBAC Insured
3,050 Florida Housing Finance Corporation, Revenue Bonds, Mission 1/12 at 100.00 AAA 3,149,522
Bay Apartments, Series 2001N, 5.500%, 7/15/29 (Alternative
Minimum Tax)
15
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.4% (2.3% OF TOTAL INVESTMENTS)
$ 4,835 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102.00 AA $ 4,983,580
Revenue Bonds, New Money and Refunding Issue,
Series 1995-2, 6.200%, 7/01/27 (Alternative Minimum Tax)
1,015 Florida Housing Finance Agency, Homeowner Mortgage 1/07 at 102.00 AA 1,045,014
Revenue Bonds, New Money and Refunding Issue,
Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax)
1,860 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102.00 AAA 1,928,467
Revenue Bonds, Series 1997-2, 5.900%, 7/01/29
(Alternative Minimum Tax) - MBIA Insured
430 Manatee County Housing Finance Authority, Florida, Single 11/05 at 102.00 Aaa 443,094
Family Mortgage Revenue Bonds, Series 1994-3,
7.600%, 11/01/26 (Alternative Minimum Tax)
340 Manatee County Housing Finance Authority, Florida, Single 5/06 at 105.00 Aaa 359,084
Family Mortgage Revenue Bonds, Series 1996-1,
7.450%, 5/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.8% (1.1% OF TOTAL INVESTMENTS)
1,750 Palm Beach County Health Facilities Authority, Florida, 11/06 at 102.00 BBB+ 1,800,855
Retirement Community Revenue Bonds, Adult Communities
Total Services Inc. Obligated Group, Series 1996,
5.625%, 11/15/20
St. John's County Industrial Development Authority, Florida,
First Mortgage Revenue Bonds, Presbyterian Retirement
Communities, Series 2004A:
1,125 5.850%, 8/01/24 8/14 at 101.00 N/R 1,210,174
1,565 5.625%, 8/01/34 8/14 at 101.00 N/R 1,642,186
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.3% (1.6% OF TOTAL INVESTMENTS)
5,400 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 5,961,276
Exempt Facilities Remarketed Revenue Bonds, National
Gypsum Company, Apollo Beach Project, Series 2000B,
7.125%, 4/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.8% (7.9% OF TOTAL INVESTMENTS)
1,920 Florida Department of Transportation, Full Faith and Credit 7/14 at 101.00 AA+ 2,138,246
Right-of-Way Acquisition and Bridge Construction Bonds,
Series 2004A, 5.250%, 7/01/19
9,230 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 9,545,851
Public Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/31 - FGIC Insured
1,500 Florida State Board of Education, Full Faith and Credit 6/12 at 101.00 AAA 1,593,915
Public Education Capital Outlay Bonds, Series 2002F,
5.000%, 6/01/22 - MBIA Insured
2,080 Florida State Board of Education, Full Faith and Credit Public 6/13 at 100.00 AAA 2,227,472
Education Capital Outlay Bonds, Series 2003J,
5.000%, 6/01/21 - AMBAC Insured
8,000 Florida State Board of Education, Full Faith and Credit, 6/12 at 100.00 AA+ 8,922,320
Public Education Capital Outlay Refunding Bonds,
Series 2002D, 5.375%, 6/01/16
Reedy Creek Improvement District, Orange and Osceola Counties,
Florida, General Obligation Bonds, Series 2004A:
3,510 5.000%, 6/01/19 - MBIA Insured 4/14 at 100.00 AAA 3,777,532
1,750 5.000%, 6/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,873,603
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.8% (23.2% OF TOTAL INVESTMENTS)
Miami-Dade County, Florida, Beacon Tradeport Community
Development District, Special Assessment Bonds, Commercial
Project, Series 2002A:
2,365 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,572,316
1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,830,509
5,625 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 6,211,294
Participation, Series 2004C, 5.250%, 7/01/18 - FSA Insured
1,000 Escambia County, Florida, Sales Tax Revenue Refunding 10/12 at 101.00 AAA 1,066,690
Bonds, Series 2002, 5.000%, 10/01/21 - AMBAC Insured
1,280 Florida Intergovernmental Finance Commission, Capital 8/11 at 100.00 Aaa 1,371,226
Revenue Bonds, Daytona Beach Community Redevelopment
Agency, Series 2001C-1, 5.000%, 2/01/20 - AMBAC Insured
5,000 Florida Ports Financing Commission, Revenue Bonds, State 6/07 at 101.00 AAA 5,130,400
Transportation Trust Fund, Series 1996, 5.375%, 6/01/27
(Alternative Minimum Tax) - MBIA Insured
1,685 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA 1,778,248
5.000%, 5/01/22 - MBIA Insured
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,000 Hernando County, Florida, Revenue Bonds, Criminal Justice No Opt. Call AAA $ 6,727,600
Complex Financing Program, Series 1986, 7.650%, 7/01/16 -
FGIC Insured
1,575 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AAA 1,661,909
Revenue Bonds, Series 2004, 5.000%, 5/01/24 -
AMBAC Insured
2,000 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA 2,110,880
Refunding and Improvement Bonds, Series 2002,
5.000%, 10/01/22 - FGIC Insured
5,015 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 5,505,116
Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured
2,195 Manatee County, Florida, Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,342,306
5.000%, 10/01/22 - FGIC Insured
Orlando Community Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, Republic Drive-Universal Boulevard - I-4
Interchange Project, Series 2002:
1,375 5.125%, 4/01/19 - AMBAC Insured 4/12 at 100.00 AAA 1,470,989
1,495 5.125%, 4/01/20 -AMBAC Insured 4/12 at 100.00 AAA 1,595,494
1,225 5.125%, 4/01/21 - AMBAC Insured 4/12 at 100.00 AAA 1,302,592
575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 600,225
Industrial Development Revenue Bonds, P.M. Wells Charter
School Project, Series 2001A, 5.000%, 8/01/23 - MBIA Insured
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Series 2004:
3,460 5.000%, 4/01/18 - MBIA Insured 4/14 at 100.00 Aaa 3,751,574
3,660 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 Aaa 3,915,614
4,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 4,238,200
4,000 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 4,107,760
Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured
2,560 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,706,662
Participation, Series 2004A, 5.000%, 8/01/23 - FGIC Insured
Pasco County School Board, Florida, Certificates of
Participation, Series 2004A:
1,000 5.000%, 8/01/19 - AMBAC Insured No Opt. Call AAA 1,073,570
2,335 5.000%, 8/01/21 - AMBAC Insured 8/14 at 100.00 AAA 2,483,880
2,500 Polk County School District, Florida, Sales Tax Revenue 10/14 at 100.00 AAA 2,778,900
Bonds, Series 2004, 5.250%, 10/01/18 - FSA Insured
2,750 St. John's County, Florida, Transportation Improvement Revenue 10/13 at 100.00 AAA 2,906,420
Bonds, Series 2003, 5.000%, 10/01/23 - AMBAC Insured
1,000 Sarasota County School Board, Florida, Certificates of No Opt. Call Aaa 1,107,210
Participation, Series 2004, 5.000%, 7/01/15 - FGIC 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 1,493,150
2,585 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,082,044
2,075 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,226,309
5.000%, 10/01/21 - FSA Insured
8,605 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 9,678,990
Bonds, Series 2002, 5.375%, 10/01/15 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 24.5% (16.4% OF TOTAL INVESTMENTS)
11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 11,917,335
Series 2001J-1, 5.250%, 10/01/26 (Alternative Minimum
Tax) - AMBAC Insured
2,150 Broward County, Florida, Airport System Revenue Bonds, 10/14 at 100.00 AAA 2,266,057
Series 2004L, 5.000%, 10/01/23 - AMBAC Insured
3,500 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 3,707,760
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 12,182,160
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 4,178,800
Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Alternative
Minimum Tax) - FSA Insured
17
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,590 Hillsborough County Aviation Authority, Florida, Revenue 10/06 at 102.00 AAA $ 2,769,383
Bonds, 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 3,756,270
Bonds, Tampa International Airport, Series 1996B,
5.875%, 10/01/23 - FGIC Insured
2,090 Lee County, Florida, Transportation Facilities Revenue Bonds, 10/14 at 100.00 AAA 2,263,386
Series 2004B, 5.000%, 10/01/19 - AMBAC Insured
1,750 Miami-Dade County Industrial Development Authority, Florida, 10/09 at 101.00 AAA 1,949,430
Industrial Development Revenue Bonds, Airis Miami II LLC -
Miami International Airport, 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 6,054,910
Miami International Airport, Series 2002, 5.750%, 10/01/18
(Alternative Minimum Tax) - FGIC Insured
Miami-Dade County Expressway Authority, Florida, Toll System
Revenue Bonds, Series 2004B:
4,135 5.000%, 7/01/19 - FGIC Insured 7/14 at 100.00 AAA 4,464,229
6,690 5.000%, 7/01/20 - FGIC Insured 7/14 at 100.00 AAA 7,184,324
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 14.8% (9.9% OF TOTAL INVESTMENTS)
7,225 Dade County, Florida, Special Obligation and Refunding Bonds, 10/08 at 48.83 AAA 3,191,283
Series 1996B, 0.000%, 10/01/20 (Pre-refunded to
10/01/08) - AMBAC Insured
20,000 Escambia County Health Facilities Authority, Florida, Revenue 11/09 at 101.00 AAA 23,094,600
Bonds, Ascension Health Credit Group, Series 1999A-2,
6.000%, 11/15/31 (Pre-refunded to 11/15/09)
6,955 Florida State Board of Education, Full Faith and Credit Public 6/05 at 101.00 AAA 7,139,586
Education Capital Outlay Bonds, Series 1993F,
6.000%, 6/01/20 (Pre-refunded to 6/01/05)
3,570 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,388,744
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.0% (9.4% OF TOTAL INVESTMENTS)
4,330 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 4,485,187
Florida, Pollution Control Revenue Bonds, Tampa Electric
Company Project, Series 2002, 5.100%, 10/01/13
1,050 Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, 10/10 at 100.00 Aaa 1,130,084
Series 2002, 5.000%, 4/01/17 - AMBAC Insured
4,250 Lakeland, Florida, Energy System Revenue Refunding Bonds, No Opt. Call AAA 4,989,415
Series 1999C, 6.050%, 10/01/11 - FSA Insured
7,345 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 8,096,320
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18
5,000 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 5,512,450
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18
5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 5,786,250
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 5,901,149
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.4% (8.3% OF TOTAL INVESTMENTS)
3,310 Cocoa, Florida, Water and Sewerage System Revenue No Opt. Call AAA 3,833,311
Refunding Bonds, Series 2003, 5.500%, 10/01/23 -
AMBAC Insured
Hollywood, Florida, Water and Sewer Revenue Refunding
and Improvement Bonds, Series 2003:
2,000 5.000%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa 2,151,660
3,390 5.000%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 3,616,079
1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, 8/05 at 102.00 AAA 1,041,870
United Water Florida Project, Series 1995, 6.350%, 8/01/25
(Alternative Minimum Tax) - AMBAC Insured
1,525 Lee County, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa 1,632,497
Bonds, Series 2003A, 5.000%, 10/01/20 - MBIA Insured
8,300 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 8,487,746
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,175 Naples, Florida, Water and Sewer Revenue Bonds, 9/12 at 100.00 Aa2 $ 1,286,518
Series 2002, 5.000%, 9/01/14
2,060 Polk County, Florida, Utility System Revenue Bonds, 10/13 at 100.00 Aaa 2,253,186
Series 2003, 5.250%, 10/01/22 - FGIC Insured
2,780 Riviera Beach, Palm Beach County, Florida, Water and 10/14 at 100.00 Aaa 2,936,874
Sewerage Revenue Bonds, Series 2004, 5.000%, 10/01/24 -
FGIC Insured
1,680 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 2,034,731
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA 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 774,241
1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,680,226
- ------------------------------------------------------------------------------------------------------------------------------------
$ 359,190 Total Long-Term Investments (cost $358,033,426) - 149.7% 382,920,166
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 4,905,193
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.6)% (132,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 255,825,359
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest.
N/R Investment is not rated.
See accompanying notes to financial statements.
19
Nuveen Florida Quality Income Municipal Fund (NUF)
Portfolio of
INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.9% (6.5% OF TOTAL
INVESTMENTS)
Broward County Educational Facilities Authority, Florida,
Revenue Bonds, Nova Southeastern University, Series 2004B:
$ 1,000 5.500%, 4/01/24 4/14 at 100.00 BBB $ 1,050,950
500 5.625%, 4/01/34 4/14 at 100.00 BBB 518,300
2,345 FSU Financial Assistance Inc., Florida, General Revenue 10/14 at 100.00 AAA 2,569,346
Bonds, Educational and Athletic Facilities Improvements,
Series 2004, 5.000%, 10/01/16 - AMBAC Insured
4,965 Florida, Board of Education Lottery Revenue Bonds, 7/11 at 101.00 AAA 5,272,433
Series 2001B, 5.000%, 7/01/20 - FGIC Insured
2,685 Florida, Board of Education Lottery Revenue Bonds, 1/13 at 101.00 AAA 2,951,674
Series 2002C, 5.000%, 1/01/15 - MBIA Insured
2,580 Florida State Education System, Housing Facility Revenue No Opt. Call AAA 2,871,746
Bonds, Florida International University, Series 2004A,
5.000%, 7/01/14 - MBIA Insured
3,905 Miami-Dade County Educational Facilities Authority, Florida, 4/14 at 100.00 AAA 4,180,810
Revenue Bonds, University of Miami, Series 2004A,
5.000%, 4/01/20 - AMBAC Insured
2,275 University of Central Florida, Certificates of Participation, 10/14 at 100.00 AAA 2,459,776
Athletic Association, Series 2004A, 5.125%, 10/01/21 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 23.9% (15.9% OF TOTAL INVESTMENTS)
1,500 Citrus County Hospital Board, Florida, Revenue Refunding 8/13 at 100.00 Baa3 1,581,570
Bonds, Citrus Memorial Hospital, Series 2002,
6.375%, 8/15/32
2,600 Highlands County Health Facilities Authority, Florida, 11/11 at 101.00 A 2,811,458
Hospital Revenue Bonds, Adventist Health System/Sunbelt
Obligated Group, Series 2001A, 6.000%, 11/15/31
Hillsborough County Industrial Development Authority, Florida,
Hospital Revenue Bonds, Tampa General Hospital, Series 2003B:
500 5.250%, 10/01/28 10/13 at 100.00 Baa1 506,610
1,590 5.250%, 10/01/34 10/13 at 100.00 Baa1 1,612,244
8,500 Jacksonville Economic Development Commission, Florida, 11/11 at 101.00 AA 8,953,475
Healthcare Facilities Revenue Bonds, Mayo Clinic,
Series 2001A, 5.500%, 11/15/36
3,430 Leesburg, Florida, Hospital Revenue Refunding Bonds, No Opt. Call A- 3,636,692
Leesburg Regional Medical Center Project, Series 2003,
5.000%, 7/01/12
9,000 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- 9,586,350
Improvement Bonds, Series 2001, 6.000%, 1/15/31
6,000 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A 6,382,020
Revenue Bonds, Orlando Regional Healthcare System,
Series 2002, 5.750%, 12/01/32
5,000 Orange County Health Facilities Authority, Florida, Hospital 11/12 at 101.00 A 5,341,600
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2002, 5.250%, 11/15/18
7,500 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 7,792,500
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 AA- 4,908,651
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 9.1% (6.0% OF TOTAL INVESTMENTS)
Broward County Housing Finance Authority, Florida, GNMA
Collateralized Multifamily Housing Revenue Refunding Bonds,
Tamarac Pointe Apartments, Series 1996:
1,500 6.250%, 7/01/26 7/06 at 102.00 AAA 1,559,940
1,000 6.300%, 1/01/32 7/06 at 102.00 AAA 1,037,700
120 Florida Housing Finance Agency, General Mortgage Revenue 6/05 at 100.00 AAA 122,940
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 10/05 at 102.00 AAA 1,028,000
Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25
(Alternative Minimum Tax) - AMBAC Insured
3,170 Florida Housing Finance Corporation, Housing Revenue 12/08 at 102.00 A+ 3,185,184
Refunding Bonds, Hunters Ridge at Deerwood Apartments,
Series 1998-0, 5.300%, 12/01/28
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 5,790 Florida Housing Finance Corporation, Housing Revenue 10/10 at 102.00 Aaa $ 6,106,366
Bonds, Villa de Mallorca Apartments, Series 2000H-1,
6.000%, 7/01/33 (Alternative Minimum Tax)
3,630 Miami-Dade County Housing Finance Authority, Florida, 1/11 at 102.00 AAA 3,784,384
Multifamily Housing Revenue Bonds, Sunset Bay Apartments,
Series 2000-5A, 5.950%, 7/01/30 (Alternative Minimum Tax) -
FSA Insured
3,240 Pinellas County Housing Finance Authority, Florida, Multifamily 1/08 at 100.00 AAA 3,410,132
Housing Revenue Bonds, Emerald Bay Apartments,
Series 1998A, 5.000%, 4/01/28 (Alternative Minimum Tax)
(Mandatory put 4/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS)
1,385 Broward County Housing Finance Authority, Florida, Single 4/09 at 25.51 Aaa 263,233
Family Mortgage Revenue Refunding Bonds, Series 2000B,
0.000%, 4/01/29 (Alternative Minimum Tax)
1,285 Broward County Housing Finance Authority, Florida, Single 4/10 at 25.36 Aaa 240,603
Family Mortgage Revenue Bonds, Series 2001C,
0.000%, 4/01/33 (Alternative Minimum Tax)
2,475 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102.00 AA 2,551,057
Revenue Bonds, New Money and Refunding Issue,
Series 1995-2, 6.200%, 7/01/27 (Alternative Minimum Tax)
385 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 407,730
Ownership Revenue Refunding Bonds, Series 1987G-1,
8.595%, 11/01/17
360 Lee County Housing Finance Authority, Florida, Single 3/07 at 105.00 Aaa 377,165
Family Mortgage Revenue Bonds, Multi-County Program,
Series 1997A, Subseries 1, 7.200%, 3/01/27 (Alternative
Minimum Tax)
135 Miami-Dade County Housing Authority, Florida, Home Owner 4/08 at 101.50 Aaa 141,314
Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19
(Alternative Minimum Tax)
1,335 Orange County Housing Finance Authority, Florida, Single 4/06 at 102.00 AAA 1,378,628
Family Mortgage Revenue Bonds, Series 1996A,
6.300%, 4/01/28 (Alternative Minimum Tax)
595 Orange County Housing Finance Authority, Florida, Single 9/07 at 102.00 AAA 597,457
Family Mortgage Revenue Bonds, Series 1997B,
5.100%, 9/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.6% (3.7% OF TOTAL INVESTMENTS)
7,285 Atlantic Beach, Florida, Health Care Facilities Revenue 10/09 at 101.00 A 7,735,359
Refunding Bonds, Fleet Landing Project, Series 1999,
5.750%, 10/01/18 - ACA Insured
1,750 Palm Beach County Health Facilities Authority, Florida, 11/06 at 102.00 BBB+ 1,800,855
Retirement Community Revenue Bonds, Adult Communities
Total Services Inc. Obligated Group, Series 1996,
5.625%, 11/15/20
St. John's County Industrial Development Authority, Florida,
First Mortgage Revenue Bonds, Presbyterian Retirement
Communities, Series 2004A:
1,125 5.850%, 8/01/24 8/14 at 101.00 N/R 1,210,174
1,570 5.625%, 8/01/34 8/14 at 101.00 N/R 1,647,432
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.3% (1.5% OF TOTAL INVESTMENTS)
4,600 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R 5,078,124
Florida, Exempt Facilities Remarketed Revenue Bonds,
National Gypsum Company, Apollo Beach Project,
Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.3% (6.1% OF TOTAL INVESTMENTS)
15,925 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA 17,083,703
Education Capital Outlay Bonds, Series 2002B,
5.000%, 6/01/20 - MBIA Insured
3,240 Reedy Creek Improvement District, Orange and Osceola 4/14 at 100.00 AAA 3,438,061
Counties, Florida, General Obligation Bonds, Series 2004A,
5.000%, 6/01/22 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 43.8% (29.1% OF TOTAL INVESTMENTS)
1,000 Alachua County School Board, Florida, Certificates of 7/11 at 101.00 Aaa 1,055,290
Participation, Series 2001, 5.000%, 7/01/21 - AMBAC Insured
1,055 Bay County School Board, Florida, Certificates of Participation, 7/14 at 100.00 Aaa 1,109,153
Series 2004, 5.000%, 7/01/24 - AMBAC Insured
Miami-Dade County, Florida, Beacon Tradeport Community
Development District, Special Assessment Bonds, Commercial
Project, Series 2002A:
1,975 5.500%, 5/01/22 - RAAI Insured 5/12 at 102.00 AA 2,139,794
850 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 915,255
21
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,870 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA $ 4,254,020
Participation, Series 2004C, 5.250%, 7/01/20 - FSA Insured
1,290 Escambia County, Florida, Tourist Development Tax Revenue 10/12 at 100.00 AAA 1,381,822
Refunding Bonds, Series 2002, 5.000%, 10/01/18 -
MBIA Insured
8,425 Florida Department of Environmental Protection, Florida 7/13 at 101.00 AAA 9,109,363
Forever Revenue Bonds, Series 2003C, 5.000%, 7/01/19 -
AMBAC Insured
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
1,040 0.000%, 11/01/25 - MBIA Insured No Opt. Call AAA 367,578
1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 526,703
3,145 Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, 10/13 at 100.00 AAA 3,428,994
Series 2003C, 5.250%, 10/01/18 (Alternative Minimum Tax) -
MBIA Insured
2,230 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA 2,364,246
Refunding and Improvement Bonds, Series 2002,
5.000%, 10/01/21 - FGIC Insured
1,000 Jacksonville, Florida, Local Government Sales Tax Revenue No Opt. Call AAA 1,155,900
Refunding Bonds, Series 2001, 5.500%, 10/01/14 -
FGIC Insured
1,430 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 1,495,265
Bonds, Series 2001, 5.000%, 10/01/23 - AMBAC Insured
2,750 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AAA 3,078,982
Refunding and Improvement Bonds, Series 2002,
5.375%, 10/01/17 - FGIC Insured
2,090 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 2,218,326
Bonds, Series 2003, 5.000%, 10/01/22 - MBIA Insured
Lake County School Board, Florida, Certificates of
Participation, Series 2004A:
1,190 5.000%, 7/01/20 - AMBAC Insured 7/14 at 100.00 AAA 1,277,929
1,280 5.000%, 7/01/21 - AMBAC Insured 7/14 at 100.00 AAA 1,369,370
1,340 5.000%, 7/01/22 - AMBAC Insured 7/14 at 100.00 AAA 1,425,961
1,410 5.000%, 7/01/23 - AMBAC Insured 7/14 at 100.00 AAA 1,493,655
1,470 5.000%, 7/01/24 - AMBAC Insured 7/14 at 100.00 AAA 1,548,968
2,220 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 2,391,140
Series 2004, 5.000%, 10/01/19 - FGIC Insured
Manatee County School District, Florida, Sales Tax Revenue
Bonds, Series 2003:
4,660 5.000%, 10/01/14 - AMBAC Insured 10/13 at 100.00 AAA 5,142,030
5,130 5.000%, 10/01/17 - AMBAC Insured 10/13 at 100.00 AAA 5,558,509
2,475 Northern Palm Beach County Improvement District, Florida, 8/10 at 102.00 AA 2,785,365
Revenue Bonds, Water Control and Improvement Development
Unit 19, Series 2000, 6.100%, 8/01/21 - RAAI Insured
2,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/05 at 101.00 AAA 2,026,360
Series 1994, 6.125%, 1/01/24 - FGIC Insured
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A:
3,265 5.125%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 3,515,523
3,400 5.125%, 1/01/23 - FGIC Insured 1/13 at 100.00 AAA 3,615,390
2,440 Orange County School Board, Florida, Certificates of 8/14 at 100.00 Aaa 2,581,764
Participation, Series 2004A, 5.000%, 8/01/22 - AMBAC Insured
1,000 Orlando Community Redevelopment Agency, Florida, Tax 4/12 at 100.00 AAA 1,069,810
Increment Revenue Bonds, Republic Drive-Universal
Boulevard - I-4 Interchange Project, Series 2002,
5.125%, 4/01/19 - AMBAC Insured
2,500 Osceola County, Florida, Transportation Revenue Bonds, 4/14 at 100.00 Aaa 2,674,600
Osceola Parkway, Series 2004, 5.000%, 4/01/21 - MBIA Insured
2,040 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,212,666
Participation, Series 2002D, 5.250%, 8/01/21 - FSA Insured
Palm Beach County School Board, Florida, Certificates of
Participation, Series 2004A:
1,000 5.000%, 8/01/20 - FGIC Insured 8/14 at 100.00 AAA 1,071,930
1,500 5.000%, 8/01/22 - FGIC Insured 8/14 at 100.00 AAA 1,593,210
1,000 Pasco County, Florida, Sales Tax Revenue Bonds, 12/13 at 100.00 Aaa 1,086,460
Series 2003, 5.000%, 12/01/17 - AMBAC Insured
2,355 Plantation, Florida, Non-Ad Valorem Revenue Refunding 8/13 at 100.00 Aaa 2,531,437
and Improvement Bonds, Series 2003, 5.000%, 8/15/19 -
FSA Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,350 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA $ 1,439,316
5.000%, 9/01/21 - MBIA Insured
1,000 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,057,240
Development, Series 2004, 5.000%, 12/01/24 - FSA Insured
11,815 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 13,289,630
Bonds, Series 2002, 5.375%, 10/01/14 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 21.7% (14.4% OF TOTAL INVESTMENTS)
2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,347,152
Series 2001J-1, 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 12,712,320
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 1,565,550
6.000%, 10/01/24 (Alternative Minimum Tax) - MBIA Insured
3,500 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/07 at 101.00 AAA 3,677,590
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 4,178,800
Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Alternative
Minimum Tax) - FSA Insured
1,000 Lee County, Florida, Transportation Facilities Revenue Bonds, No Opt. Call AAA 1,115,080
Series 2004B, 5.000%, 10/01/14 - AMBAC Insured
7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 7,638,900
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 4,092,960
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 2,117,200
System Revenue Refunding Bonds, Series 2001,
5.000%, 7/01/21 - FGIC Insured
Miami-Dade County Expressway Authority, Florida, Toll System
Revenue Bonds, Series 2004B:
3,955 5.250%, 7/01/17 - FGIC Insured 7/14 at 100.00 AAA 4,400,412
2,000 5.250%, 7/01/18 - FGIC Insured 7/14 at 100.00 AAA 2,215,160
2,000 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 AAA 2,118,660
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,500 Bradford County Health Facility Authority, Florida, Revenue No Opt. Call AAA 1,766,340
Refunding Bonds, Santa Fe Healthcare Inc., Series 1993,
6.050%, 11/15/16
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.9% (7.9% OF TOTAL INVESTMENTS)
750 Gainesville, Florida, Utilities System Revenue Bonds, 10/13 at 100.00 AA 823,298
Series 2003A, 5.250%, 10/01/21
4,800 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 4,972,032
Florida, 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 Aa2 10,257,598
Refunding Bonds, Series 2002-17 Issue 2, 5.000%, 10/01/15
3,290 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 3,639,233
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17
3,170 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 3,506,813
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17
3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 3,189,810
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.0% (6.6% OF TOTAL INVESTMENTS)
2,000 Broward County, Florida, Water and Sewer Utility Revenue 10/13 at 100.00 AAA 2,133,380
Bonds, Series 2003, 5.000%, 10/01/21 - MBIA Insured
1,365 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 1,461,219
Bonds, Lehigh Project, Series 2003, 5.000%, 10/01/20 -
AMBAC Insured
23
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
Hollywood, Florida, Water and Sewer Revenue Refunding
and Improvement Bonds, Series 2003:
$ 1,000 5.000%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa $ 1,075,830
4,000 5.000%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 4,281,960
JEA, Florida, Water and Sewerage System Revenue Bonds,
Series 2004A:
3,235 5.000%, 10/01/18 - FGIC Insured 10/13 at 100.00 AAA 3,495,223
5,090 5.000%, 10/01/19 - FGIC Insured 10/13 at 100.00 AAA 5,475,976
3,000 5.000%, 10/01/23 - FGIC Insured 10/13 at 100.00 AAA 3,170,640
1,065 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 1,127,506
Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project,
Series 2002, 5.000%, 11/01/19 (Alternative Minimum
Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 317,365 Total Long-Term Investments (cost $319,664,835) - 151.0% 335,089,342
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 3,766,394
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.7)% (117,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 221,855,736
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest.
N/R Investment is not rated.
See accompanying notes to financial statements.
24
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
Portfolio of
INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 2.5% (1.7% OF TOTAL INVESTMENTS)
$ 5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA $ 5,889,130
Revenue Bonds, University of West Florida Foundation Inc.
Project, Series 1999, 5.750%, 6/01/31 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.4% (8.5% OF TOTAL INVESTMENTS)
2,000 Brevard County Health Facilities Authority, Florida, Hospital 10/06 at 101.00 AAA 2,122,060
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 3,112,750
Florida, Industrial Development Revenue Bonds, University
Community Hospital, Series 1994, 6.500%, 8/15/19 -
MBIA Insured
5,000 Lee County Hospital Board, Florida, Fixed-Rate Hospital 4/07 at 102.00 AAA 5,404,000
Revenue Bonds, Lee Memorial Health System, Series 1997A,
5.750%, 4/01/22 - MBIA Insured
7,220 Miami-Dade County Health Facility Authority, Florida, 8/11 at 101.00 AAA 7,515,154
Hospital Revenue Refunding Bonds, Miami Children's
Hospital, Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
5,000 North Broward Hospital District, Florida, Revenue Refunding 1/07 at 101.00 AAA 5,261,850
and Improvement Bonds, Series 1997, 5.375%, 1/15/24 -
MBIA Insured
5,255 Polk County Industrial Development Authority, Florida, 3/05 at 100.50 AAA 5,323,735
Revenue Bonds, Winter Haven Hospital, Series 1985-2,
6.250%, 9/01/15 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 14.7% (10.1% OF TOTAL INVESTMENTS)
980 Broward County Housing Finance Authority, Florida, GNMA 6/07 at 102.00 AAA 1,015,809
Collateralized Multifamily Housing Revenue Refunding Bonds,
Pompano Oaks Apartments, Series 1997, 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 1,081,122
1,400 5.400%, 9/01/23 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,439,634
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 1,309,820
1,000 5.400%, 9/01/23 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,028,310
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 1,279,385
1,890 5.750%, 9/01/29 (Alternative Minimum Tax) - FSA Insured 9/07 at 101.00 AAA 1,939,027
1,400 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 102.00 AAA 1,459,136
Riverfront Apartments, 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 1,640,101
Williamsburg Village Apartments, 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 1,037,520
Turtle Creek Apartments, Series 1996C-1, 6.100%, 5/01/16
(Alternative Minimum Tax) - AMBAC Insured
Florida Housing Finance Agency, Housing Revenue Bonds,
Sterling Palms Apartments, Series 1996D-1:
975 6.300%, 12/01/16 (Alternative Minimum Tax) - AMBAC Insured 6/06 at 102.00 AAA 1,014,010
1,500 6.400%, 12/01/26 (Alternative Minimum Tax) - AMBAC Insured 6/06 at 102.00 AAA 1,554,660
750 Florida Housing Finance Agency, Housing Revenue Bonds, 12/06 at 102.00 AAA 778,358
Crossings at Indian Run Apartments, Series 1996V,
6.100%, 12/01/26 (Alternative Minimum Tax) -
AMBAC Insured
2,500 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,613,725
Housing Revenue Bonds, Raintree Apartments, Series 2000J-1,
5.950%, 3/01/35 (Alternative Minimum Tax)
2,075 Florida Housing Finance Corporation, GNMA Collateralized 12/10 at 102.00 AAA 2,190,453
Housing Revenue Bonds, Cobblestone Apartments,
Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax)
25
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
Florida Housing Finance Corporation, Housing Revenue Bonds,
Augustine Club Apartments, Series 2000D-1:
$ 1,500 5.500%, 10/01/20 - MBIA Insured 10/10 at 102.00 Aaa $ 1,608,645
4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 4,988,593
3,605 Jacksonville, Florida, GNMA Collateralized Housing Revenue 3/05 at 101.00 AAA 3,631,641
Refunding Bonds, Windermere Manor Apartments,
Series 1993A, 5.875%, 3/20/28
1,425 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 1,488,142
Multifamily Mortgage Revenue Bonds, Country Club Villas II
Project, Series 2001-1A, 5.750%, 7/01/27 (Alternative
Minimum Tax) - FSA Insured
1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,101,050
Multifamily Housing Revenue Bonds, Westlake Apartments
Phase II, Series 2002, 5.150%, 7/01/22 (Alternative
Minimum Tax) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.3% (1.0% OF TOTAL INVESTMENTS)
420 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 427,006
Family Mortgage Revenue Refunding Bonds, Series 1999B,
5.250%, 4/01/31 (Alternative Minimum Tax) - MBIA Insured
1,410 Escambia County Housing Finance Authority, Florida, 4/08 at 102.00 Aaa 1,429,712
Multi-County Single Family Mortgage Revenue Bonds,
Series 1999, 5.200%, 4/01/32 (Alternative Minimum Tax) -
MBIA Insured
6,890 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 1,225,249
Revenue Bonds, Series 2000-4, 0.000%, 7/01/30 (Alternative
Minimum Tax) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.8% (1.9% OF TOTAL INVESTMENTS)
4,940 Florida State Board of Education, Full Faith and Credit, Public 6/11 at 101.00 AAA 5,121,644
Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/29 - FGIC Insured
1,390 Venice, Florida, General Obligation Bonds, Series 2004, 2/14 at 100.00 AAA 1,464,087
5.000%, 2/01/24 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.7% (32.6% OF TOTAL INVESTMENTS)
3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 AAA 4,174,152
Participation, Series 2003, 5.250%, 7/01/19 - MBIA Insured
4,835 Cape Coral, Florida, Capital Improvement Revenue Bonds, 10/09 at 101.00 Aaa 5,295,534
Series 1999, 5.375%, 10/01/24 - FSA Insured
1,250 Dade County, Florida, Special Obligation and Refunding Bonds, 10/06 at 102.00 AAA 1,264,213
Series 1996B, 5.000%, 10/01/35 - AMBAC Insured
1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,705,975
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 1,036,460
1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,034,620
2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 AAA 2,661,875
Participation, Series 2004, 5.000%, 2/01/22 - MBIA Insured
2,230 Florida Ports Financing Commission, Revenue Bonds, State 10/09 at 101.00 AAA 2,415,893
Transportation Trust Fund - Intermodal Program, Series 1999,
5.500%, 10/01/23 (Alternative Minimum Tax) - FGIC Insured
1,435 Florida Department of Environmental Protection, Florida 7/13 at 101.00 AAA 1,551,565
Forever Revenue Bonds, Series 2003A, 5.000%, 7/01/19 -
FGIC Insured
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
3,365 5.375%, 11/01/25 - MBIA Insured 11/10 at 101.00 AAA 3,659,438
3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,574,668
1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 AAA 1,102,800
5.250%, 11/01/18 - MBIA Insured
1,080 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,161,616
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 1,097,081
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 1,618,050
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 5,559,840
Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20
(Mandatory put 12/01/11) - FGIC Insured
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AAA $ 2,121,900
Revenue Bonds, Series 2004, 5.000%, 5/01/23 -
AMBAC Insured
6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 6,186,420
Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured
1,500 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 1,653,255
Bonds, Series 2003, 5.250%, 10/01/20 - 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 1,855,529
2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,136,840
1,330 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 1,428,088
Series 2004, 5.000%, 10/01/20 - FGIC Insured
18,000 Miami-Dade County, Florida, Subordinate Special Obligation 4/08 at 49.54 AAA 7,590,780
Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured
1,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/05 at 101.00 AAA 1,013,990
Series 1994, 7.000%, 1/01/14 - FGIC Insured
3,180 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 3,435,290
Series 2002B, 5.125%, 1/01/19 - FGIC Insured
4,770 Orange County School Board, Florida, Master Lease Program, 8/07 at 101.00 Aaa 5,088,731
Certificates of Participation, Series 1997A, 5.375%, 8/01/22 -
MBIA Insured
5,820 Osceola County, Florida, Transportation Revenue Bonds, 4/14 at 100.00 Aaa 6,166,581
Osceola Parkway, Series 2004, 5.000%, 4/01/23 - MBIA Insured
6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 7,306,130
Refunding Bonds, Series 1993, 5.250%, 6/01/11 - FGIC Insured
Palm Beach County, Florida, Revenue Refunding Bonds,
Criminal Justice Facilities, Series 1993:
2,500 5.375%, 6/01/08 - FGIC Insured No Opt. Call AAA 2,739,500
4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,487,960
2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,261,069
Participation, Series 2004A, 5.000%, 8/01/24 - FGIC Insured
1,300 Plantation, Florida, Non-Ad Valorem Revenue Refunding and 8/13 at 100.00 Aaa 1,385,657
Improvement Bonds, Series 2003, 5.000%, 8/15/21 -
FSA Insured
4,260 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,478,666
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - FSA Insured
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional
Sports Facility, Series 2003:
1,405 5.125%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa 1,526,589
1,475 5.125%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 1,596,968
1,555 5.125%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 1,676,430
1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,310,201
5.000%, 4/01/22 - FGIC Insured
2,000 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,145,840
5.000%, 10/01/21 - FSA Insured
1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,887,173
Development, Series 2004, 5.000%, 12/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.0% (12.3% OF TOTAL INVESTMENTS)
9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,326,610
Series 2001J-1, 5.250%, 10/01/26 (Alternative Minimum Tax) -
AMBAC Insured
2,150 Broward County, Florida, Airport System Revenue Bonds, 10/14 at 100.00 AAA 2,266,057
Series 2004L, 5.000%, 10/01/23 - AMBAC Insured
1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 10/05 at 102.00 AAA 1,150,446
Series 1995, 5.750%, 10/01/15 - MBIA Insured
2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,154,740
Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 -
FSA Insured
3,800 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA 4,026,974
Bonds, Series 1996, 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 16,587,149
6.000%, 10/01/32 (Alternative Minimum Tax) - FSA Insured
27
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA $ 6,284,926
Miami International Airport, Series 2002, 5.750%, 10/01/19
(Alternative Minimum Tax) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 12.9% (8.8% OF TOTAL INVESTMENTS)
3,750 Broward County Health Facilities Authority, Florida, Hospital 6/05 at 100.00 AAA 3,799,350
Revenue Bonds, Holy Cross Hospital, Series 1993,
5.850%, 6/01/12 (Pre-refunded to 6/01/05) - AMBAC Insured
10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 AAA 2,753,600
Series 2001, 0.000%, 9/01/29 (Pre-refunded to 9/01/11) -
MBIA Insured
St. Lucie County, Florida, Utility System Revenue Refunding
Bonds, Series 1993:
5,000 5.500%, 10/01/15 - FGIC Insured No Opt. Call AAA 5,529,500
1,200 5.500%, 10/01/21 - FGIC Insured No Opt. Call AAA 1,328,052
7,855 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 9,656,466
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
5,000 Sunrise, Florida, Utility System Revenue Bonds, Series 1996A, 10/06 at 101.00 AAA 5,352,350
5.750%, 10/01/21 (Pre-refunded to 10/01/06) -
AMBAC Insured
1,500 Tampa, Florida, Healthcare System Revenue Bonds, Allegany 6/05 at 100.50 AAA 1,537,635
Health System - St. Joseph's Hospital, Series 1993,
5.125%, 12/01/23 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.0% (2.8% OF TOTAL INVESTMENTS)
3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 4,014,023
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 5,303,920
Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 29.4% (20.1% OF TOTAL INVESTMENTS)
Broward County, Florida, Water and Sewer Utility Revenue
Bonds, Series 2003:
4,775 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 5,093,445
4,500 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 4,732,425
Davie, Florida, Water and Sewer Revenue Refunding and
Improvement Bonds, Series 2003:
910 5.250%, 10/01/17 - AMBAC Insured 10/13 at 100.00 AAA 1,010,682
475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 AAA 525,835
Deltona, Florida, Utility Systems Water and Sewer Revenue
Bonds, Series 2003:
1,250 5.250%, 10/01/22 - MBIA Insured 10/13 at 100.00 AAA 1,367,225
1,095 5.000%, 10/01/23 - MBIA Insured 10/13 at 100.00 AAA 1,157,284
1,225 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,288,271
1,000 Florida Governmental Utility Authority, Utility System Revenue 7/09 at 101.00 Aaa 1,021,970
Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 -
AMBAC Insured
3,945 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 4,169,392
Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 -
AMBAC Insured
8,000 Indian River County, Florida, Water and Sewer Revenue 9/08 at 102.00 AAA 8,641,120
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 2,142,380
and Improvement Bonds - Unit 17, Series 1996,
5.500%, 8/01/22 - MBIA Insured
3,450 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 3,605,354
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
2,510 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/13 at 100.00 AAA 2,773,600
Series 2004A, 5.000%, 10/01/14 - FGIC Insured
1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 1,539,030
5.000%, 10/01/22 - AMBAC Insured
2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aaa 2,165,380
Series 2003, 5.125%, 10/01/20 - MBIA Insured
Marco Island, Florida, Water Utility System Revenue Bonds,
Series 2003:
1,350 5.250%, 10/01/17 - MBIA Insured 10/13 at 100.00 AAA 1,499,364
1,000 5.250%, 10/01/18 - MBIA Insured 10/13 at 100.00 AAA 1,107,020
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 AAA $ 1,873,358
Utility Corporation, Series 2003, 5.000%, 10/01/20 -
MBIA Insured
Palm Coast, Florida, Water Utility System Revenue Bonds,
Series 2003:
1,000 5.250%, 10/01/19 - MBIA Insured 10/13 at 100.00 AAA 1,105,610
500 5.250%, 10/01/20 - MBIA Insured 10/13 at 100.00 AAA 551,085
500 5.250%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 548,865
1,170 Polk County, Florida, Utility System Revenue Bonds, 10/14 at 100.00 AAA 1,236,023
Series 2004A, 5.000%, 10/01/24 - FGIC 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 1,321,982
1,980 5.250%, 5/01/17 - MBIA Insured 5/12 at 100.00 AAA 2,185,068
2,330 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 2,484,152
Series 2003, 5.000%, 9/01/21 - MBIA Insured
1,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/14 at 100.00 Aaa 1,072,420
Series 2004, 5.000%, 9/01/21 - 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 1,503,630
770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 849,024
500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 549,360
3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,275,358
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 1,400,346
Series 1996, 5.800%, 10/01/11 - AMBAC Insured
2,000 Village Center Community Development District, Florida, 10/13 at 101.00 AAA 2,168,500
Utility Revenue Bonds, Series 2003, 5.250%, 10/01/23 -
MBIA Insured
1,100 Wauchula, Florida, Utility Revenue Bonds, Series 2001A, 10/11 at 101.00 AAA 1,129,413
5.000%, 10/01/31 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 341,360 Total Long-Term Investments (cost $313,281,762) - 145.7% 338,054,654
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.3% (0.2% OF TOTAL INVESTMENTS)
700 Puerto Rico Government Development Bank, Adjustable A-1 700,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 1.920%, 12/01/15 - MBIA Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 700 Total Short-Term Investments (cost $700,000) 700,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $313,981,762) - 146.0% 338,754,654
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 4,339,861
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.8)% (111,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 232,094,515
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
+ 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.
29
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)
Portfolio of
INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.3% (8.2% OF TOTAL INVESTMENTS)
$ 2,240 FSU Financial Assistance Inc., Florida, General Revenue No Opt. Call AAA $ 2,489,984
Bonds, Educational and Athletic Facilities Improvements,
Series 2004, 5.000%, 10/01/14 - AMBAC Insured
1,985 North Miami, Florida, Educational Facilities Revenue 4/13 at 100.00 AAA 2,113,866
Refunding Bonds, Johnson and Wales University,
Series 2003A, 5.000%, 4/01/19 - XLCA Insured
Volusia County Educational Facilities Authority, Florida,
Revenue Refunding Bonds, Embry-Riddle Aeronautical University
Project, Series 2003:
1,000 5.200%, 10/15/26 - RAAI Insured 10/13 at 100.00 AA 1,042,320
1,250 5.200%, 10/15/33 - RAAI Insured 10/13 at 100.00 AA 1,286,138
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.1% (10.7% OF TOTAL INVESTMENTS)
4,000 Highlands County Health Facilities Authority, Florida, Hospital 11/13 at 100.00 A 4,336,000
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2003D, 5.875%, 11/15/29
3,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 3,189,090
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 AA- 1,539,645
Revenue Bonds, Baptist Health Systems of South Florida,
Series 2003, 5.200%, 11/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.9% (1.3% OF TOTAL INVESTMENTS)
1,010 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 1,069,630
Ownership Revenue Refunding Bonds, Series 1987G-1,
8.595%, 11/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.2% (5.4% OF TOTAL INVESTMENTS)
1,665 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA 1,710,638
Education Capital Outlay Bonds, Series 2002A,
5.000%, 6/01/32 - MBIA Insured
2,660 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 2,883,759
Texas, General Obligation Bonds, Series 2003,
5.375%, 2/15/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 78.3% (52.1% OF TOTAL INVESTMENTS)
1,000 Escambia County, Florida, Sales Tax Revenue Refunding 10/12 at 101.00 AAA 1,106,300
Bonds, Series 2002, 5.250%, 10/01/17 - AMBAC Insured
1,525 Fernandina Beach, Florida, Utility Acquisition and Improvement 9/13 at 100.00 AAA 1,611,071
Revenue Bonds, Series 2003, 5.000%, 9/01/23 - FGIC Insured
3,000 Florida Municipal Loan Council, Revenue Bonds, 12/13 at 100.00 AAA 3,099,030
Series 2003B, 5.000%, 12/01/28 - MBIA Insured
4,000 Hillsborough County School Board, Florida, Certificates 7/13 at 100.00 AAA 4,124,280
of Participation, Series 2003, 5.000%, 7/01/29 -
MBIA Insured (PLG)
2,270 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AAA 2,534,387
Refunding and Improvement Bonds, Series 2002,
5.375%, 10/01/18 - FGIC Insured
2,265 Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 10/12 at 100.00 AAA 2,409,099
5.000%, 10/01/20 - AMBAC Insured
1,000 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 1,073,750
Series 2004, 5.000%, 10/01/20 - FGIC Insured
2,000 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 2,174,860
Series 2002A, 5.125%, 1/01/17 - FGIC Insured
1,500 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 1,554,750
Series 2002B, 5.125%, 1/01/32 - FGIC Insured
3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,632,860
Participation, Series 2002A, 5.125%, 6/01/20 -
AMBAC Insured
3,335 Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, 10/14 at 100.00 AAA 3,687,076
Series 2004, 5.250%, 10/01/20 - MBIA Insured
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 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 $ 3,213,612
3,670 5.000%, 8/01/28 - FSA Insured 8/12 at 100.00 AAA 3,768,870
3,460 Palm Beach Gardens, Florida, Special Obligation Revenue 2/13 at 100.00 AAA 3,694,104
Bonds, Series 2004, 5.000%, 5/01/20 - AMBAC Insured
2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, 9/13 at 100.00 AAA 2,234,371
Series 2003, 5.000%, 9/01/23 - MBIA Insured
4,000 St. Lucie County School Board, Florida, Certificates 7/14 at 100.00 AAA 4,205,320
of Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.0% (7.3% OF TOTAL INVESTMENTS)
2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 2,052,300
Revenue Bonds, Series 2002A, 5.125%, 10/01/32 -
FSA Insured
2,105 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,267,864
Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 -
FSA Insured
1,730 Lee County, Florida, Transportation Facilities Revenue Bonds, 10/14 at 100.00 AAA 1,846,100
Series 2004B, 5.000%, 10/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.8% (2.5% OF TOTAL INVESTMENTS)
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 2,126,540
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 18.8% (12.5% OF TOTAL INVESTMENTS)
2,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 2,090,060
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 AAA 3,117,210
Series 2003, 5.000%, 10/01/27 - MBIA Insured
2,000 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 2,045,240
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
500 North Port, Florida, Utility System Revenue Bonds, 10/10 at 101.00 Aaa 517,705
Series 2000, 5.000%, 10/01/25 - FSA Insured
1,095 Palm Bay, Florida, Utility System Revenue Bonds, 10/14 at 100.00 AAA 1,210,599
Series 2004, 5.250%, 10/01/20 - MBIA Insured
1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA 1,569,674
Refunding Bonds, Series 2002, 5.000%, 5/01/23 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 79,700 Total Long-Term Investments (cost $81,538,451) - 150.4% 84,628,102
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 632,519
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.5)% (29,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 56,260,621
====================================================================================================================
31
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) (continued)
Portfolio of INVESTMENTS December 31, 2004 (Unaudited)
FORWARD SWAP CONTRACTS OUTSTANDING AT DECEMBER 31, 2004:
SWAP UNREALIZED
NOTIONAL EFFECTIVE TERMINATION APPRECIATION
AMOUNT DATE(2) DATE (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
Agreement with JPMorgan dated July 1, 2004, to pay semi-annually
the notional amount multiplied by 5.805% (annualized) and receive
quarterly the notional amount multiplied by the three-month
USD-LIBOR (United States Dollar - London Inter-Bank
Offered Rates). $3,400,000 2/02/05 2/02/25 $(282,811)
Agreement with Morgan Stanley dated July 15, 2004, to pay
semi-annually the notional amount multiplied by 5.717%
(annualized) and receive quarterly the notional amount
multiplied by the three-month USD-LIBOR (United States
Dollar - London Inter-Bank Offered Rates). 2,200,000 1/14/05 1/14/35 (163,820)
Agreement with Morgan Stanley dated December 8, 2004,
to pay semi-annually the notional amount multiplied by
5.313% (annualized) and receive quarterly the notional
amount multiplied by the three-month USD-LIBOR
(United States Dollar - London Inter-Bank Offered Rates). 700,000 7/18/05 7/18/35 (194)
- ------------------------------------------------------------------------------------------------------------------------------------
$(446,825)
- ------------------------------------------------------------------------------------------------------------------------------------
At least 80% of the Fund's net assets (including net
assets applicable to Preferred shares) are invested
in municipal securities that are either covered by
Original Issue Insurance, Secondary Market Insurance
or Portfolio Insurance which ensures the timely
payment of principal and interest. Up to 20% of the
Fund's net assets (including net assets applicable
to Preferred shares) may be invested in municipal
securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or
U.S. Government agency securities (also ensuring the
timely payment of principal and interest), or (ii)
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 unless otherwise noted.
(2) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
(PLG) Portion of security, with an aggregate market value
of $360,875, has been pledged to collateralize the
net payment obligations under forward swap
contracts.
See accompanying notes to financial statements.
32
Statement of
ASSETS AND LIABILITIES December 31, 2004 (Unaudited)
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 $358,033,426,
$319,664,835, $313,981,762 and
$81,538,451, respectively) $382,920,166 $335,089,342 $338,754,654 $84,628,102
Cash -- -- 144,223 --
Receivables:
Interest 4,869,306 4,680,742 4,240,522 1,167,861
Investments sold 700,000 165,000 186,524 5,000
Other assets 22,706 36,626 22,435 970
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 388,512,178 339,971,710 343,348,358 85,801,933
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Bank borrowings 413,273 877,643 -- 56,200
Forward swaps, at value -- -- -- 446,825
Accrued expenses:
Management fees 206,888 181,209 183,806 23,295
Other 60,850 55,400 67,799 14,833
Preferred share dividends payable 5,808 1,722 2,238 159
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 686,819 1,115,974 253,843 541,312
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $255,825,359 $221,855,736 $232,094,515 $56,260,621
====================================================================================================================================
Common shares outstanding 16,566,145 14,293,688 14,369,451 3,882,034
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.44 $ 15.52 $ 16.15 $ 14.49
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 165,661 $ 142,937 $ 143,695 $ 38,820
Paid-in surplus 231,376,814 205,962,145 203,992,898 54,741,760
Undistributed (Over-distribution of)
net investment income 2,112,275 1,662,851 2,453,885 (177,455)
Accumulated net realized gain (loss) from investments
and forward swaps (2,716,131) (1,336,704) 731,145 (985,330)
Net unrealized appreciation (depreciation)
of investments and forward swaps 24,886,740 15,424,507 24,772,892 2,642,826
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $255,825,359 $221,855,736 $232,094,515 $56,260,621
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
33
Statement of
OPERATIONS Six Months Ended December 31, 2004 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,682,388 $ 8,163,462 $ 8,547,520 $1,977,099
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,227,114 1,074,449 1,092,984 274,673
Preferred shares - auction fees 166,356 147,452 139,890 36,548
Preferred shares - dividend disbursing agent fees 10,081 15,123 10,081 5,042
Shareholders' servicing agent fees and expenses 14,417 11,175 10,786 475
Custodian's fees and expenses 53,684 40,435 37,971 11,246
Trustees' fees and expenses 4,803 4,223 4,345 1,107
Professional fees 61,276 36,788 9,783 4,805
Shareholders' reports - printing and mailing expenses 18,378 11,370 10,816 2,988
Stock exchange listing fees 5,494 5,590 5,551 166
Investor relations expense 22,373 19,445 19,734 5,021
Other expenses 11,322 11,993 10,527 5,015
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 1,595,298 1,378,043 1,352,468 347,086
Custodian fee credit (5,771) (6,468) (7,014) (2,677)
Expense reimbursement -- -- -- (136,334)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,589,527 1,371,575 1,345,454 208,075
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,092,861 6,791,887 7,202,066 1,769,024
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 78,821 (1,323,675) 1,108,195 (33,002)
Net realized gain (loss) from forward swaps -- -- -- (102,111)
Change in net unrealized appreciation (depreciation)
of investments 11,293,396 12,226,464 8,855,583 3,320,963
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- -- (446,825)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 11,372,217 10,902,789 9,963,778 2,739,025
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (630,486) (527,846) (530,250) (134,580)
From accumulated net realized gains from investments -- -- (74,233) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Preferred shareholders (630,486) (527,846) (604,483) (134,580)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $18,834,592 $17,166,830 $16,561,361 $4,373,469
====================================================================================================================================
See accompanying notes to financial statements.
34
Statement of
CHANGES IN NET ASSETS (Unaudited)
FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF)
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/04 6/30/04 12/31/04 6/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,092,861 $ 17,514,092 $ 6,791,887 $ 14,877,577
Net realized gain (loss) from investments 78,821 (2,803,982) (1,323,675) (32,845)
Net realized gain (loss) from forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation)
of investments 11,293,396 (11,261,628) 12,226,464 (11,076,128)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- -- --
Distributions to Preferred shareholders:
From net investment income (630,486) (935,071) (527,846) (760,122)
From accumulated net realized gains from investments -- (222,346) -- (126,819)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 18,834,592 2,291,065 17,166,830 2,881,663
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (8,343,902) (16,718,800) (7,072,876) (14,211,785)
From accumulated net realized gains from investments -- (3,231,994) -- (2,042,597)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (8,343,902) (19,950,794) (7,072,876) (16,254,382)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 289,622 848,891 103,211 720,589
Preferred shares offering costs -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 289,622 848,891 103,211 720,589
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares 10,780,312 (16,810,838) 10,197,165 (12,652,130)
Net assets applicable to Common shares at the beginning
of period 245,045,047 261,855,885 211,658,571 224,310,701
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $255,825,359 $245,045,047 $221,855,736 $211,658,571
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 2,112,275 $ 2,993,802 $ 1,662,851 $ 2,471,686
====================================================================================================================================
See accompanying notes to financial statements.
35
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED FLORIDA
INSURED FLORIDA PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF)
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
12/31/04 6/30/04 12/31/04 6/30/04
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,202,066 $ 14,694,385 $ 1,769,024 $ 3,621,778
Net realized gain (loss) from investments 1,108,195 1,274,638 (33,002) (853,466)
Net realized gain (loss) from forward swaps -- -- (102,111) --
Change in net unrealized appreciation (depreciation)
of investments 8,855,583 (13,917,598) 3,320,963 (2,969,559)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- (446,825) --
Distributions to Preferred shareholders:
From net investment income (530,250) (788,965) (134,580) (201,060)
From accumulated net realized gains from investments (74,233) (113,631) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 16,561,361 1,148,829 4,373,469 (402,307)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,917,713) (13,709,147) (1,626,406) (3,352,591)
From accumulated net realized gains from investments (1,576,329) (1,461,384) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (8,494,042) (15,170,531) (1,626,406) (3,352,591)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 61,945 496,462 9,908 43,015
Preferred shares offering costs -- -- -- (7,003)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 61,945 496,462 9,908 36,012
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares 8,129,264 (13,525,240) 2,756,971 (3,718,886)
Net assets applicable to Common shares at the
beginning of period 223,965,251 237,490,491 53,503,650 57,222,536
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $232,094,515 $223,965,251 $56,260,621 $53,503,650
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 2,453,885 $ 2,699,782 $ (177,455) $ (185,493)
====================================================================================================================================
See accompanying notes to financial statements.
36
Notes to
FINANCIAL STATEMENTS (Unaudited)
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). Common shares of Florida Investment
Quality (NQF), Florida Quality Income (NUF) and Insured Florida Premium Income
(NFL) are traded on the New York Stock Exchange while Common shares of Insured
Florida Tax-Free Advantage (NWF) are 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.
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 U.S.
generally accepted accounting principles.
Investment 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, evaluations of anticipated
cash flows or collateral and general market conditions. Prices of derivative
investments are also provided by an independent pricing service approved by each
Fund's Board of Trustees. If the pricing service is unable to supply a price for
a derivative investment each Fund may use a market quote provided by a major
broker/dealer in such investments. If it is determined that market prices for an
investment are unavailable or inappropriate, the Board of Trustees of the Funds,
or its designee, may establish a fair value for the investment. 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 transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any 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 delayed delivery purchase commitments. At December 31, 2004,
there were no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of the Fund's shareholders.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. 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. The investment policies of Insured Florida Tax-Free
Advantage (NWF) permit the Fund to invest in a limited amount of out-of-state
securities. Although the Fund may pursue this strategy from time to time, this
strategy will not impact the tax-exempt status of the Fund's shares or of its
distributions to its shareholders. Net realized capital gains and ordinary
income distributions paid by the Funds are subject to federal taxation.
37
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared 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 U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in one or more Series. The dividend rate on each Series is determined
every seven days, pursuant to a dutch auction process overseen by the auction
agent, and is payable weekly at 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
================================================================================
Forward Swap Transactions
The Funds may invest in certain derivative financial instruments. The Funds' use
of forward interest rate swap transactions is intended to mitigate the negative
impact that an increase in long-term interest rates could have on Common share
net asset value. Forward interest rate swap transactions involve each Fund's
agreement with the counterparty to pay, in the future, a fixed rate payment in
exchange for the counterparty paying the Fund a variable rate payment. The
amount of the payment obligation is based on the notional amount of the forward
swap contract. The Funds may close out a contract prior to the effective date at
which point a realized gain or loss would be recognized. When a forward swap is
terminated, it does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash. Each Fund intends, but is
not obligated to, terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination. To minimize such credit risk, all counterparties are required to
pledge collateral daily (based on the daily valuation of each swap) on behalf of
each Fund with a value approximately equal to the amount of any unrealized gain
above a pre-determined threshold. Reciprocally, when any of the Funds have an
unrealized loss on a swap contract, the Funds have instructed the custodian to
pledge assets of the Funds as collateral with a value approximately equal to the
amount of the unrealized loss above a pre-determined threshold. Collateral
pledges are monitored and subsequently adjusted if and when the swap valuations
fluctuate, either up or down, by at least the pre-determined threshold amount.
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.
38
Insured Florida Tax-Free Advantage (NWF) invests at least 80% of its net assets
(including net assets applicable to Preferred shares) in municipal securities
that are covered by insurance. The Fund may also invest up to 20% of its net
assets (including net assets applicable to Preferred shares) 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.
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, in contrast, 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.
Bank Borrowings
The Funds' have an unsecured bank line of credit under which outstanding
balances bear interest at a variable rate equal to the Federal Funds Rate plus
..45% per annum. As of December 31, 2004, the Funds were paying interest at
2.7625% per year on their respective outstanding borrowings. No compensating
balances are required.
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.
Indemnifications
Under the Fund's organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles 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.
2. FUND SHARES
Transactions in Common shares were as follows:
FLORIDA FLORIDA
INVESTMENT QUALITY (NQF) QUALITY INCOME (NUF)
------------------------ ------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/04 6/30/04 12/31/04 6/30/04
- ---------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment
of distributions 18,713 51,656 6,682 44,713
=========================================================================================================
INSURED FLORIDA INSURED FLORIDA
PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF)
---------------------- ------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/04 6/30/04 12/31/04 6/30/04
- ---------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment
of distributions 3,680 29,319 670 2,781
=========================================================================================================
39
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended December 31, 2004, were as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Purchases $43,278,672 $62,577,623 $20,072,579 $1,073,460
Sales and maturities 48,067,050 58,826,525 21,186,333 240,000
================================================================================
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 the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At December 31, 2004, the cost of investments was as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Cost of investments $357,800,249 $319,661,218 $313,925,355 $81,538,449
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at December 31, 2004, 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 $25,492,162 $15,487,662 $24,977,516 $3,167,073
Depreciation (372,245) (59,538) (148,217) (77,420)
- --------------------------------------------------------------------------------
Net unrealized
appreciation
of investments $25,119,917 $15,428,124 $24,829,299 $3,089,653
================================================================================
The tax components of undistributed net investment income and net realized gains
at June 30, 2004, the Funds' last fiscal year end, 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 * $4,152,700 $3,661,789 $3,661,547 $97,307
Undistributed net ordinary income ** 31,488 3,752 22,105 --
Undistributed net long-term capital gains -- -- 1,419,016 --
=========================================================================================================
* Undistributed net tax exempt income (on a tax basis) has not been reduced
for the dividend declared on June 1, 2004, paid on July 1, 2004.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
40
The tax character of distributions paid during the fiscal year ended June 30,
2004, the Funds' last fiscal year end, was 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
(NQF) (NUF) (NFL) (NWF)
- ---------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $17,592,549 $14,970,905 $14,475,786 $3,554,044
Distributions from net ordinary income ** 212,385 266,129 328,384 --
Distributions from net long-term capital gains 3,289,856 1,903,287 1,248,969 --
=========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At June 30, 2004, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY TAX-FREE
QUALITY INCOME ADVANTAGE
(NQF) (NUF) (NWF)
- --------------------------------------------------------------------------------
Expiration year:
2012 $150,118 $13,592 $837,725
================================================================================
The following Funds elected to defer net realized losses from investments
incurred from November 1, 2003 through June 30, 2004 ("post-October losses") in
accordance with Federal income tax regulations. The following post-October
losses are treated as having arisen on the first day of the current fiscal year:
INSURED
FLORIDA FLORIDA
INVESTMENT TAX-FREE
QUALITY ADVANTAGE
(NQF) (NWF)
- --------------------------------------------------------------------------------
$2,650,488 $12,492
================================================================================
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
As approved by the Board of Trustees, effective August 1, 2004, a complex-wide
management fee structure was adopted for all funds sponsored by Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
("Nuveen") and its affiliates. This fee structure separates each fund's
management fee into two components - a complex-level component, based on the
aggregate amount of all funds assets managed by the Adviser and its affiliates,
and a specific fund-level component, based only on the amount of assets within
each individual fund. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser and its
affiliates. Under no circumstances will this pricing structure result in a fund
paying management fees at a rate higher than would otherwise have been
applicable had the complex-wide management fee structure not been implemented.
As a consequence of this new management fee structure, the funds' effective
management fees were reduced by approximately .009% as of January 31, 2005.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
FLORIDA INVESTMENT QUALITY (NQF)
AVERAGE DAILY NET ASSETS FLORIDA QUALITY INCOME (NUF)
(INCLUDING NET ASSETS INSURED FLORIDA PREMIUM INCOME (NFL)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
41
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
AVERAGE DAILY NET ASSETS
(INCLUDING NET ASSETS INSURED FLORIDA TAX-FREE ADVANTAGE (NWF)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
Each Fund paid through July 31, 2004, an annual management fee, payable monthly,
at the rates set forth below, which were based upon the average daily net assets
(including net assets attributable to Preferred shares) of each Fund as follows:
FLORIDA INVESTMENT QUALITY (NQF)
AVERAGE DAILY NET ASSETS FLORIDA QUALITY INCOME (NUF)
(INCLUDING NET ASSETS INSURED FLORIDA PREMIUM INCOME (NFL)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
- --------------------------------------------------------------------------------
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
================================================================================
AVERAGE DAILY NET ASSETS
(INCLUDING NET ASSETS INSURED FLORIDA TAX-FREE ADVANTAGE (NWF)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
- --------------------------------------------------------------------------------
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
================================================================================
42
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 or its affiliates. The Board of Trustees
has adopted a deferred compensation plan for independent Trustees that enable
Trustees to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
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.
6. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on February 1, 2005, to shareholders of record
on January 15, 2005, as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Dividend per share $.0815 $.0800 $.0800 $.0665
================================================================================
Adviser Merger
Effective January 1, 2005, the Adviser and its affiliate, Nuveen Institutional
Advisory Corp. ("NIAC"), were merged into Nuveen Asset Management ("NAM"), also
a wholly owned subsidiary of Nuveen. As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NIAC or the Adviser.
Announcement Regarding Parent Company of Adviser
After the close of trading on the New York Stock Exchange on January 31, 2005,
The St. Paul Travelers Companies, Inc. announced that it intended to explore
strategic alternatives to divest its equity stake in Nuveen.
43
Financial
Highlights (Unaudited)
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:
2005(b) $14.81 $ .49 $ .68 $(.04) $ -- $1.13 $ (.50) $ -- $ (.50)
2004 15.87 1.06 (.84) (.06) (.01) .15 (1.01) (.20) (1.21)
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)
FLORIDA QUALITY
INCOME (NUF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) 14.81 .48 .77 (.04) -- 1.21 (.50) -- (.50)
2004 15.75 1.04 (.78) (.05) (.01) .20 (1.00) (.14) (1.14)
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)
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) 15.59 .50 .70 (.04) (.01) 1.15 (.48) (.11) (.59)
2004 16.57 1.02 (.88) (.05) (.01) .08 (.96) (.10) (1.06)
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)
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) 13.78 .46 .70 (.03) -- 1.13 (.42) -- (.42)
2004 14.75 .93 (.99) (.05) -- (.11) (.86) -- (.86)
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:
2005(b) $ -- $15.44 $15.2100 12.02% 7.73%
2004 -- 14.81 14.0300 (9.61) .95
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
FLORIDA QUALITY
INCOME (NUF)
- --------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) -- 15.52 15.5500 16.06 8.22
2004 -- 14.81 13.8400 (10.29) 1.29
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
INSURED FLORIDA
PREMIUM INCOME (NFL)
- --------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) -- 16.15 16.0700 17.12 7.45
2004 -- 15.59 14.2400 (11.70) .46
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
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- --------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) -- 14.49 13.5400 7.76 8.27
2004 -- 13.78 12.9400 (13.56) (.79)
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:
2005(b) $255,825 1.25%* 6.33%* 1.24%* 6.34%* 11%
2004 245,045 1.25 6.92 1.25 6.92 23
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
FLORIDA QUALITY
INCOME (NUF)
- ----------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) 221,856 1.25* 6.13* 1.24* 6.14* 18
2004 211,659 1.25 6.83 1.25 6.83 38
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
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ----------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) 232,095 1.16* 6.17* 1.15* 6.17* 6
2004 223,965 1.16 6.36 1.15 6.36 38
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
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- ----------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2005(b) 56,261 1.24* 5.82* .74* 6.32* 0
2004 53,504 1.25 6.04 .74 6.56 130
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:
2005(b) $132,000 $25,000 $73,452
2004 132,000 25,000 71,410
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
FLORIDA QUALITY
INCOME (NUF)
- ------------------------------------------------------------------
Year Ended 6/30:
2005(b) 117,000 25,000 72,405
2004 117,000 25,000 70,226
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
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ------------------------------------------------------------------
Year Ended 6/30:
2005(b) 111,000 25,000 77,274
2004 111,000 25,000 75,443
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
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- ------------------------------------------------------------------
Year Ended 6/30:
2005(b) 29,000 25,000 73,501
2004 29,000 25,000 71,124
2003(a) 29,000 25,000 74,330
==================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. 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 21, 2002 (commencement of operations) through June
30, 2003.
(b) For the six months ended December 31, 2004.
See accompanying notes to financial statements.
44-45 SPREAD
Reinvest Automatically
EASILY AND CONVENIENTLY
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
the 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.
FLEXIBLE
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.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
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.
46
Other Useful
INFORMATION
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
most recent 12-month period ended June 30, 2004, and (iii) a description of the
policies and procedures that the Funds used to determine how to vote proxies
relating to portfolio securities are available without charge, upon request, by
calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
Reference Section at 450 Fifth Street NW, Washington, D.C. 20549.
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 that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of 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 the sensitivity of a bond
or bond Fund's value to changes when interest rates change. 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 longer than the duration of
the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
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.
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
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 and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the period covered by this report.
Any future repurchases will be reported to shareholders in the next annual or
semiannual report.
47
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
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.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $115 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 fixed-income 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.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/ETF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
ESA-A-1204D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule I in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources, including shareholders, as to
suitable candidates. Suggestions should be sent in writing to Lorna Ferguson,
Vice President for Board Relations, Nuveen Investments, 333 West Wacker Drive,
Chicago, IL 60606. The nominating and governance committee sets appropriate
standards and requirements for nominations for new directors and reserves the
right to interview all candidates and to make the final selection of any new
directors.
ITEM 11. 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 the 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 Securities
Exchange Act of 1934, as amended (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 second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(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 to
this filing.
(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 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 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 the 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: March 9, 2005
-------------------------------------------------------------------
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: March 9, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: March 9, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.