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, 2005
------------------
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, 2005
Nuveen Investments
Municipal Exchange-Traded
Closed-End Funds
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NQF
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUF
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND
NFL
NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND
NWF
Photo of: Man, woman and child at the beach.
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DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU
KEEP.(R)
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
I am pleased to report that over the 6-month period covered by this report your
Fund continued to provide you with attractive monthly tax-free income. For more
details about the management strategy and performance of your Fund, please read
the Portfolio Manager's Comments, the Dividend and Share Price Information, and
the Performance Overview sections of this report.
Portfolio diversification is a recognized way to try to reduce some of the risk
that comes with investing. Since one part of your portfolio may be going up when
another is going down, portfolio diversification may help smooth your investment
returns over time. In addition to providing regular tax-free monthly income, a
municipal bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Your financial advisor can explain these
potential advantages in more detail. I urge you to contact him or her soon for
more information on this important investment strategy.
"IN ADDITION TO PROVIDING REGULAR TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND
INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER
PORTFOLIO DIVERSIFICATION."
As you look through this report, be sure to review the inside front cover. This
contains information on how you can receive future Fund reports and other Fund
information faster by using e-mails and the Internet. Sign up is quick and easy
- - just follow the step-by-step instructions.
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, 2006
Nuveen Florida Municipal Exchange-Traded Closed-End Funds
(NQF, NUF, NFL, NWF)
Portfolio Manager's
COMMENTS
Portfolio manager Cathryn Steeves discusses key investment strategies and the
semiannual performance of these four Nuveen Florida Funds. Cathryn, who joined
Nuveen in 1996, assumed portfolio management responsibility for NQF and NUF in
January 2005 and for NFL and NWF in May 2005.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FLORIDA FUNDS DURING THE SIX-MONTH
PERIOD ENDED DECEMBER 31, 2005?
Over this period, shorter-term interest rates rose faster than longer-term
rates. As a result, bond valuations generally declined and the yield curve
flattened (shorter-term rates approached the levels of longer-term rates). In
this environment, one of our key strategies continued to be careful duration
management. (Duration is a measure of a bond's price sensitivity as interest
rates change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.)
In this environment, our purchase activity during this period tended to focus on
bonds that mature in about 25 years. As the yield curve flattened, we believed
these bonds generally offered more attractive opportunities and the best values,
while also contributing to the Funds' strategic duration positioning.
Our purchases also continued to emphasize attractively priced premium bonds.
(Premium bonds are priced above their par value because their coupons are higher
than prevailing interest rates at the time of purchase.) Premium bonds have been
in great demand recently because, historically, they have held their value
better when interest rates rise than bonds whose coupon payments are closer to
the prevailing rate level.
Although our main focuses were on longer maturities and premium bonds, we also
kept an opportunistic eye out for any type of issuance that we believed could
add value, and we found the healthcare sector to be particularly attractive
during this period. In addition, the majority of our new purchases were highly
rated and/or insured, reflecting the overall high credit quality of new issue
supply. Although issuance in Florida during the second half of 2005 was down
slightly from the previous six-month period, the municipal market in
Florida--which ranked as the fourth largest state issuer behind California, New
York, and Texas--continued to provide ample opportunities to find the types of
bonds we were seeking.
4
To help us maintain the Funds' durations within our preferred range, we
selectively sold holdings with shorter maturities, including pre-refunded bonds,
and reinvested the proceeds in bonds with longer maturities. Proceeds from
called bonds also were reinvested in bonds with longer maturities.
In NWF, we also continued to use forward interest rate swaps, a type of
derivative financial instrument, to help us reduce the interest rate risk, or
volatility, of this Fund. As discussed in our last shareholder report, we began
using this hedging strategy in late 2004. These hedges were not an attempt to
profit from correctly predicting the timing and direction of interest rate
movements. Instead, our sole objective was to reduce NWF's duration without
having a negative impact on the Fund's income stream or common share dividends
over the short term. During this reporting period, this hedging strategy
performed as expected and had a positive impact on NWF's performance.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for comparative indexes and
averages, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 12/31/05
6-MONTH 1-YEAR 5-YEAR 10-YEAR
- --------------------------------------------------------------------------------
FLORIDA FUNDS
- --------------------------------------------------------------------------------
NQF -0.16% 4.17% 7.31% 6.30%
- --------------------------------------------------------------------------------
NUF 0.04% 4.36% 7.18% 6.10%
- --------------------------------------------------------------------------------
Lehman Brothers Municipal
Bond Index1 0.60% 3.51% 5.59% 5.72%
- --------------------------------------------------------------------------------
INSURED FLORIDA FUNDS
- --------------------------------------------------------------------------------
NFL -0.30% 3.30% 6.64% 6.21%
- --------------------------------------------------------------------------------
NWF 0.43% 4.99% NA NA
- --------------------------------------------------------------------------------
Lehman Brothers Insured
Municipal Bond Index1 0.61% 3.66% 5.78% 5.88%
- --------------------------------------------------------------------------------
Lipper Florida
Municipal Debt Funds
Average2 0.41% 4.67% 6.51% 5.92%
- --------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
1 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds, and the Lehman Brothers Insured Municipal Bond Index is an
unleveraged, unmanaged national index containing a broad range of insured
municipal bonds. Results for the Lehman indexes do not reflect any
expenses.
2 The Lipper Florida Municipal Debt Funds category average is calculated
using the returns of all exchange-traded closed-end 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, 2005, the cumulative returns on net asset
value (NAV) for NQF and NUF underperformed the return on the Lehman Brothers
Municipal Bond Index, and the performances of NFL and NWF trailed the return for
the Lehman Brothers Insured Municipal Bond Index. NWF bested the average return
for the Lipper Florida peer group over the six-month reporting period, while the
other three Funds lagged this Lipper average.
One of the factors affecting the Funds' six-month performance relative to that
of the unleveraged Lehman Brothers index was the Funds' use of financial
leverage. While leveraging provides opportunities for additional income and
total returns for common shareholders when interest rates fall or remain
consistently low (as has been the case over the past several years), this
benefit is reduced when interest rates rise. With the increase in both
short-term and long-term rates over this six-month period, the decline in value
of the bonds in these Funds' portfolios was exacerbated by the effect of
leveraging. In addition, the extent of the leverage benefit is tied in part to
the short-term rates the 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. When short-term interest rates rise, as they did during
this reporting period, the Funds' borrowing costs also rise, impacting the
Funds' expenses, income streams and total returns. However, we remain convinced
that leveraging is likely to benefit the performance of these Funds over the
long term.
During this period, both NQF and NUF benefited from their allocations of
lower-quality credits, as bonds rated BBB or lower and non-rated bonds generally
outperformed higher-rated securities. This was largely the result of investor
demand for the higher yields typically associated with lower-quality bonds,
which drove up the value of these bonds.
NWF is required to invest predominantly in insured or U.S. guaranteed bonds, but
may invest up to 20% of its assets in uninsured investment-grade quality
securities. Over this period, NWF benefited from its 9% allocation of A rated
bonds and 2% allocation to non-rated bonds. (As an all-insured Fund, NFL only
held insured or U.S. guaranteed bonds.) As
6
mentioned earlier, the hedging strategy we employed in NWF also was a major
contributor to this Fund's return for the period.
Among the holdings making positive contributions to all of the Funds' cumulative
returns for this period were industrial development and healthcare bonds, which
ranked as the top two sectors in terms of performance among the Lehman Brothers
municipal index revenue sectors for the period. However, NFL's performance was
hampered by its relatively smaller weighting in healthcare, and by its 100% high
quality portfolio, as lower-rated healthcare bonds generally posted the best
performance in this sector. Housing bonds, particularly those issued for
multifamily housing, were also some of the best performing credits in the Funds'
portfolios, as rising interest rates lessened the incidence and impact of
prepayments and calls on these bonds.
During this six-month period, the Funds' holdings of pre-refunded bonds tended
to underperform the general municipal market. Both NQF and NFL had relatively
heavy weightings in these pre-refunded bonds, which negatively impacted their
performances. As of December 31, 2005, NQF also held 1.3% of its portfolio in
tobacco bonds issued by Puerto Rico, which slightly underperformed the market
over this period.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
DECEMBER 31, 2005?
As of December 31, 2005, NQF and NUF continued to offer excellent credit
quality, with NQF allocating 81% of its portfolio to bonds rated AAA/U.S.
guaranteed and AA, and NUF allocating 80% to these credit categories. 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 86% of its portfolio to
insured bonds.
As of December 31, 2005, potential call exposure during 2006 and 2007 ranged
from 2% in NWF to 6% in NQF, 9% in NUF and 12% in NFL. The number of actual bond
calls in all of these Funds depends largely on future market interest rates.
7
Dividend and Share Price
INFORMATION
All of these Funds use leverage to potentially enhance the income available to
pay common shareholders. The extent of this benefit is tied in part to the
short-term rates these leveraged 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. However, when short-term interest rates rise, as
they did during this reporting period, the Funds' borrowing costs also rise.
While leveraging still provided an income benefit for common shareholders, the
extent of this benefit was reduced. This resulted in a single monthly dividend
reduction in NFL and NWF and two reductions in NQF and NUF over the six-month
period ended December 31, 2005.
In addition, due to normal portfolio activity, common shareholders of NFL
received a long-term capital gains distribution of $0.1440 per share at the end
of December 2005. This relatively large distribution, which represented an
important part of NFL's total return for this period, was generated by bond
calls and the sale of appreciated securities. This had a slight negative impact
on the Fund's earning power per common share and was a minor factor in the per
share dividend reduction noted above.
All of the Funds in this report 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, 2005, NQF and
NFL had positive UNII balances for both financial statement and tax purposes,
while NUF and NWF had positive UNII balances for tax purposes and negative UNII
balances for financial statement purposes.
As of December 31, 2005, the Funds' share prices were trading at discounts to
their NAVs as shown in the accompanying chart:
12/31/05 6-MONTH AVERAGE
DISCOUNT DISCOUNT
- --------------------------------------------------------------------------------
NQF -7.51% -1.11%
- --------------------------------------------------------------------------------
NUF -9.34% -4.66%
- --------------------------------------------------------------------------------
NFL -3.90% -1.86%
- --------------------------------------------------------------------------------
NWF -8.29% -3.09%
- --------------------------------------------------------------------------------
8
Nuveen Florida Investment Quality Municipal Fund
NQF
Performance
OVERVIEW As of December 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 73%
AA 8%
A 12%
BBB 4%
N/R 3%
Bar Chart:
2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.08
Feb 0.08
Mar 0.077
Apr 0.077
May 0.077
Jun 0.073
Jul 0.073
Aug 0.073
Sep 0.069
Oct 0.069
Nov 0.069
Dec 0.0655
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/05 15.31
15.26
15.35
15.65
15.46
15.7
15.46
15.34
15.27
15.19
15.29
15.28
15.39
15.52
15.4
15.42
15.51
15.59
15.83
16.05
16.04
16.15
16.11
16.38
16.2
16.11
16.31
16.26
16.11
15.87
15.91
15.7
15.65
15.93
15.74
15.72
15.89
15.94
15.97
15.93
15.86
15.81
16
15.95
15.97
16
15.9
15.63
15.51
15.33
15.35
15.23
15.26
15.18
15
14.5
14.5
14.32
14.27
14.35
14.55
14.64
14.79
14.75
14.85
15.05
14.85
14.88
14.97
14.84
14.75
14.8
14.82
14.83
14.77
14.73
14.82
14.78
14.74
14.73
14.82
14.83
14.83
14.99
14.99
14.92
14.97
14.93
15.03
15.22
15.15
15.2
15.29
15.32
15.27
15.58
15.44
15.42
15.59
15.56
15.63
15.61
15.71
15.79
15.83
15.83
15.92
15.95
15.94
15.85
15.76
15.61
15.51
15.58
15.45
15.52
15.49
15.4
15.49
15.59
15.53
15.54
15.52
15.49
15.48
15.48
15.46
15.4
15.58
15.61
15.64
15.57
15.63
15.65
15.61
15.6
15.58
15.63
15.75
15.75
15.94
15.85
15.85
15.9
16.09
16.1
16.1
16.05
16.02
16.1
15.95
16.03
15.83
15.78
15.95
15.81
15.86
15.98
16.01
15.95
15.88
15.86
15.89
15.86
15.87
15.81
15.92
15.8
15.82
15.98
15.91
16.04
15.95
16.13
16.25
16.3
16.32
16.28
16.04
16.1
15.84
15.74
15.88
15.73
15.68
15.68
15.39
15.3
15.4
15.38
15.54
15.43
15.4
15.24
15.05
15.14
15.02
14.95
14.76
14.52
14.41
14.33
14.28
14.33
14.35
14.4
14.42
14.42
14.31
14.34
14.34
14.29
14.27
14.27
14.25
14.31
14.3
14.38
14.33
14.14
14.2
14.19
14.04
14.07
14.27
14.17
14.2
14.22
14.27
14.23
14.25
14.23
14.3
14.2
14.21
14.17
14.18
14.16
14.15
14.18
14.2
14.02
14.07
14.05
14
13.82
13.85
13.85
13.99
13.88
13.84
13.91
14.01
14.04
12/31/05 14.04
(Sidebar)
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.04
- ------------------------------------
Common Share
Net Asset Value $15.18
- ------------------------------------
Premium/(Discount) to NAV -7.51%
- ------------------------------------
Market Yield 5.64%
- ------------------------------------
Taxable-Equivalent Yield1 7.83%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $251,791
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.09
- ------------------------------------
Leverage-Adjusted Duration 8.32
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) -6.72% -0.16%
- ------------------------------------
1-Year -2.15% 4.17%
- ------------------------------------
5-Year 6.85% 7.31%
- ------------------------------------
10-Year 5.26% 6.30%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 25.2%
- ------------------------------------
Transportation 15.5%
- ------------------------------------
U.S. Guaranteed 12.2%
- ------------------------------------
Health Care 11.2%
- ------------------------------------
Utilities 9.3%
- ------------------------------------
Water and Sewer 9.0%
- ------------------------------------
Tax Obligation/General 7.9%
- ------------------------------------
Other 9.7%
- ------------------------------------
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%. When
comparing this Fund to 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, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 69%
AA 11%
A 15%
BBB 3%
N/R 2%
Bar Chart:
2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.08
Feb 0.08
Mar 0.076
Apr 0.076
May 0.076
Jun 0.072
Jul 0.072
Aug 0.072
Sep 0.068
Oct 0.068
Nov 0.068
Dec 0.0635
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/05 15.41
15.55
15.8
15.68
15.72
15.71
15.9
15.69
15.68
15.68
15.58
15.65
15.6
15.66
15.67
15.6
15.63
15.69
15.69
15.76
15.71
15.72
15.72
15.8
15.84
15.94
15.93
16
15.76
15.9
15.9
15.9
15.73
15.67
15.65
16
15.75
15.77
15.99
16
16.04
16.04
15.96
15.88
15.97
15.89
15.79
15.85
15.5
15.29
15.16
15.09
14.92
14.7
14.49
13.98
14
14.03
14.11
14.2
14.4
14.49
14.67
14.6
14.51
14.54
14.59
14.6
14.65
14.67
14.58
14.66
14.62
14.66
14.71
14.67
14.65
14.55
14.63
14.76
14.93
14.84
14.84
15.03
15.02
15.05
15.05
15.02
15.06
15.24
15.2
15.15
15.12
15.13
15.19
15.26
15.25
15.26
15.4
15.59
15.65
15.62
15.67
15.66
15.87
16
15.9
15.92
16.04
15.98
15.85
15.76
15.74
15.64
15.45
15.46
15.45
15.4
15.4
15.45
15.34
15.35
15.32
15.25
15.29
15.27
15.21
15.19
15.34
15.24
15.21
15.14
15.1
14.97
14.97
14.96
14.89
14.88
14.87
14.75
14.8
14.9
14.92
15
15.09
15.1
15.1
15.03
15
15.01
15.07
15.09
15.14
15.1
15.2
15.15
15.28
15.19
15.25
15.26
15.29
15.23
15.2
15.32
15.37
15.48
15.71
15.85
15.75
15.9
15.81
15.99
15.84
15.76
15.82
15.55
15.55
15.5
15.29
15.11
14.97
14.96
14.95
14.9
14.78
14.74
14.69
14.59
14.64
14.65
14.63
14.66
14.58
14.62
14.59
14.54
14.53
14.44
14.47
14.38
14.2
14.12
14.11
14.13
14.14
14.28
14.29
14.24
14.15
14.17
14.25
14.25
14.45
14.45
14.34
14.45
14.34
14.28
14.15
14.02
14.06
14.09
14.05
14.01
14.01
14.02
13.98
14.02
14.06
14.02
14.09
14.07
14.07
14.02
14.03
13.83
13.8
13.84
13.84
13.89
13.84
13.66
13.73
13.66
13.7
13.62
13.52
13.52
13.55
13.62
13.66
13.7
13.8
13.88
12/31/05 13.88
(Sidebar)
FUND SNAPSHOT
- ------------------------------------
Common Share Price $13.88
- ------------------------------------
Common Share
Net Asset Value $15.31
- ------------------------------------
Premium/(Discount) to NAV -9.34%
- ------------------------------------
Market Yield 5.49%
- ------------------------------------
Taxable-Equivalent Yield1 7.63%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $218,995
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.17
- ------------------------------------
Leverage-Adjusted Duration 8.19
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/17/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) -6.52% 0.04%
- ------------------------------------
1-Year -5.43% 4.36%
- ------------------------------------
5-Year 5.23% 7.18%
- ------------------------------------
10-Year 5.64% 6.10%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 27.9%
- ------------------------------------
Transportation 14.5%
- ------------------------------------
Health Care 14.1%
- ------------------------------------
Utilities 8.4%
- ------------------------------------
Housing/Multifamily 7.7%
- ------------------------------------
Water and Sewer 6.8%
- ------------------------------------
Tax Obligation/General 6.2%
- ------------------------------------
Education and Civic
Organizations 5.3%
- ------------------------------------
Other 9.1%
- ------------------------------------
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%. When
comparing this Fund to 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, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 92%
U.S. Guaranteed 8%
Bar Chart:
2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Jan 0.08
Feb 0.08
Mar 0.077
Apr 0.077
May 0.077
Jun 0.073
Jul 0.073
Aug 0.073
Sep 0.0695
Oct 0.0695
Nov 0.0695
Dec 0.0695
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/05 16.02
16.08
16.4
16.35
16.33
16.33
16.5
16
15.94
15.92
15.8
15.85
16.06
16.28
16.43
16.5
16.71
16.58
16.51
16.85
16.43
16.4
16.3
16.44
16.44
16.5
16.55
16.65
16.52
16.5
16.5
16.4
16.24
16.45
16.58
16.4
16.5
16.44
16.42
16.25
16.25
16.27
16.15
16.19
16.19
15.97
15.85
15.78
15.39
15.15
15.19
15.25
15.25
15.24
15.15
15.04
14.77
14.87
14.92
14.9
15.05
15.19
15.36
15.45
15.48
15.54
15.52
15.69
15.66
15.56
15.57
15.76
15.92
15.84
15.56
15.4
15.52
15.5
15.39
15.58
15.7
15.94
15.94
15.9
15.95
15.88
15.89
15.97
15.85
15.91
15.8
15.74
15.74
15.83
15.71
15.85
15.94
15.97
16.05
16.15
16.08
16.15
16.22
16.27
16.39
16.34
16.25
16.35
16.31
16.42
16.32
16.31
16.26
16.33
16.33
16.27
16.33
16.4
16.38
16.36
16.39
16.47
16.49
16.47
16.65
16.74
16.63
16.6
16.82
16.7
16.85
16.7
16.67
16.41
16.33
16.31
16.37
16.29
16.27
16.23
16.24
16.22
16.18
16.3
16.35
16.25
16.25
16.17
16.17
16.2
16.15
16.06
16.02
16.01
16.11
16.01
16.03
16.06
16.1
16.05
16.1
16.02
16.05
15.99
16.05
16.09
16.16
16.23
16.22
16.3
16.3
16.27
16.23
16.14
16.11
16.15
16.08
15.96
15.92
15.64
15.57
15.51
15.61
15.53
15.44
15.27
15.25
15.19
15.31
15.33
15.41
15.26
15.34
15.5
15.45
15.51
15.42
15.53
15.48
15.42
15.48
15.22
15.06
14.9
14.9
15.11
15.06
15.16
14.83
15
15.02
15.19
15.31
15.23
15.18
15.05
15.2
15.22
15.03
15
14.94
14.85
14.81
14.85
14.91
14.68
14.72
14.77
14.77
14.8
14.85
14.81
14.77
14.8
14.83
14.76
14.79
14.83
14.94
14.99
15.03
14.77
14.83
14.84
14.93
14.83
14.71
14.83
14.8
14.82
14.86
14.92
14.99
15.03
12/31/05 15.03
(Sidebar)
FUND SNAPSHOT
- ------------------------------------
Common Share Price $15.03
- ------------------------------------
Common Share
Net Asset Value $15.64
- ------------------------------------
Premium/(Discount) to NAV -3.90%
- ------------------------------------
Market Yield 5.55%
- ------------------------------------
Taxable-Equivalent Yield1 7.71%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $224,985
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.46
- ------------------------------------
Leverage-Adjusted Duration 7.83
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) -6.85% -0.30%
- ------------------------------------
1-Year -0.15% 3.30%
- ------------------------------------
5-Year 8.07% 6.64%
- ------------------------------------
10-Year 7.60% 6.21%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 35.1%
- ------------------------------------
Water and Sewer 20.9%
- ------------------------------------
Transportation 12.6%
- ------------------------------------
Housing/Multifamily 9.7%
- ------------------------------------
U.S. Guaranteed 7.7%
- ------------------------------------
Health Care 5.6%
- ------------------------------------
Other 8.4%
- ------------------------------------
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%. When
comparing this Fund to investments that generate qualified dividend income,
the taxable equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2005 of $0.1440 per share.
11
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
NWF
Performance
OVERVIEW As of December 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 82%
U.S. Guaranteed 4%
AAA (Uninsured) 1%
AA (Uninsured) 2%
A (Uninsured) 9%
N/R (Uninsured) 2%
Bar Chart:
2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.0665
Feb 0.0665
Mar 0.0625
Apr 0.0625
May 0.0625
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.0575
Oct 0.0575
Nov 0.0575
Dec 0.0575
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/05 13.56
13.5
13.48
13.53
13.45
13.55
13.56
13.59
13.67
13.5
13.61
13.66
13.67
13.58
13.67
13.74
13.83
13.84
13.83
13.86
13.79
13.92
14.02
14.17
14.21
14.17
14.18
14.02
14.17
14.18
14.1
14.1
14.08
13.8
13.89
13.86
13.86
14.02
13.94
13.88
13.86
13.9
13.9
14.02
14.02
13.88
13.9
13.84
13.66
13.46
13.41
13.55
13.5
13.47
13.25
13.2
13.19
13.02
13.05
13.16
13.19
13.25
13.42
13.46
13.69
13.68
13.33
13.44
13.52
13.31
13.4
13.4
13.32
13.42
13.23
13.4
13.4
13.32
13.32
13.4
13.54
13.61
13.61
13.64
13.56
13.52
13.5
13.58
13.59
13.6
13.54
13.53
13.66
13.74
13.75
13.93
13.92
13.91
13.94
13.95
14.16
14.11
14.08
14.2
14.34
14.39
14.37
14.41
14.42
14.34
14.22
14.2
14.07
14.04
14.05
13.92
13.91
13.8
13.84
13.94
13.93
13.9
14.1
14.36
14.4
14.26
14.26
14.23
14.29
14.42
14.42
14.42
14.52
14.62
14.6
14.51
14.69
14.94
15.32
15.3
14.95
14.83
14.77
14.8
15
15.34
15.34
15.16
15.08
15.01
14.94
14.91
14.92
14.8
14.85
14.59
14.67
14.58
14.68
14.82
14.84
14.82
14.67
14.61
14.5
14.55
14.53
14.55
14.56
14.59
14.59
14.6
14.53
14.68
14.5
14.46
14.41
14.38
14.36
14.15
14.17
14.25
14.07
14.28
14.03
13.95
13.91
13.92
14
14.01
14.04
14.03
14.08
14
14.07
14.05
14.06
13.89
13.76
13.71
13.79
13.58
13.5
13.57
13.46
13.75
13.7
13.56
13.53
13.57
13.58
13.78
13.8
13.65
13.6
13.58
13.6
13.7
13.56
13.41
13.43
13.32
13.39
13.3
13.29
13.29
13.32
13.3
13.29
13.29
13.19
13.15
13.26
13.19
13.09
13.14
13.21
13.22
13.2
13.21
13.18
13.1
13.1
13.13
13.19
13.14
13.14
13.14
13.19
13.27
13.22
13.29
13.28
13.27
12/31/05 13.27
(Sidebar)
FUND SNAPSHOT
- ------------------------------------
Common Share Price $13.27
- ------------------------------------
Common Share
Net Asset Value $14.47
- ------------------------------------
Premium/(Discount) to NAV -8.29%
- ------------------------------------
Market Yield 5.20%
- ------------------------------------
Taxable-Equivalent Yield1 7.22%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $56,195
- ------------------------------------
Average Effective
Maturity on Securities (Years) 18.62
- ------------------------------------
Leverage-Adjusted Duration 7.28
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) -4.60% 0.43%
- ------------------------------------
1-Year 3.23% 4.99%
- ------------------------------------
Since
Inception 1.46% 5.93%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 45.9%
- ------------------------------------
Water and Sewer 15.7%
- ------------------------------------
Health Care 10.7%
- ------------------------------------
Education and Civic
Organizations 9.8%
- ------------------------------------
Transportation 7.2%
- ------------------------------------
Other 10.7%
- ------------------------------------
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%. When
comparing this Fund to investments that generate qualified dividend income,
the taxable equivalent yield is lower.
12
Shareholder
MEETING REPORT
Approval of the new investment management agreement and sub-advisory agreements
were the proposals voted upon at the July 26, 2005, shareholder meeting held at
The Northern Trust Bank.
Approval of the Board Members was the proposal voted upon at the November 15,
2005, shareholder meeting held at the offices of Nuveen Investments.
NQF NUF
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred
shares voting shares voting
together together
as a class as a class
====================================================================================================================================
For 15,241,608 13,071,165
Against 129,543 163,854
Abstain 190,984 144,992
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,562,135 13,380,011
====================================================================================================================================
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 15,363,579 -- 13,153,273 --
Withhold 72,274 -- 172,729 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 -- 13,326,002 --
====================================================================================================================================
Lawrence H. Brown
For 15,350,251 -- 13,144,397 --
Withhold 85,602 -- 181,605 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 -- 13,326,002 --
====================================================================================================================================
Jack B. Evans
For 15,360,006 -- 13,156,437 --
Withhold 75,847 -- 169,565 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 -- 13,326,002 --
====================================================================================================================================
William C. Hunter
For 15,360,006 -- 13,154,424 --
Withhold 75,847 -- 171,578 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 -- 13,326,002 --
====================================================================================================================================
David J. Kundert
For 15,353,923 -- 13,150,948 --
Withhold 81,930 -- 175,054 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 -- 13,326,002 --
====================================================================================================================================
William J. Schneider
For -- 5,034 -- 4,118
Withhold -- 25 -- 16
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,059 -- 4,134
====================================================================================================================================
Timothy R. Schwertfeger
For -- 5,034 -- 4,118
Withhold -- 25 -- 16
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,059 -- 4,134
====================================================================================================================================
Judith M. Stockdale
For 15,349,160 13,154,201 --
Withhold 86,693 171,801 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 13,326,002 --
====================================================================================================================================
Eugene S. Sunshine
For 15,349,156 -- 13,154,424 --
Withhold 86,697 -- 171,578 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,435,853 -- 13,326,002 --
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NFL NWF
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred
shares voting shares voting
together together
as a class as a class
====================================================================================================================================
For 13,297,551 3,740,610
Against 109,207 26,724
Abstain 183,128 79,324
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,589,886 3,846,658
====================================================================================================================================
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 13,193,004 -- 3,701,465 --
Withhold 105,382 -- 42,266 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,298,386 -- 3,743,731 --
====================================================================================================================================
Lawrence H. Brown
For 13,188,445 -- 3,701,129 --
Withhold 109,941 -- 42,602 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,398,386 -- 3,743,731 --
====================================================================================================================================
Jack B. Evans
For 13,188,404 -- 3,705,465 --
Withhold 109,982 -- 38,266 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,298,386 -- 3,743,731 --
====================================================================================================================================
William C. Hunter
For 13,193,004 -- 3,706,131 --
Withhold 105,382 -- 37,600 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,298,386 -- 3,743,731 --
====================================================================================================================================
David J. Kundert
For 13,192,304 -- 3,701,281 --
Withhold 106,082 -- 42,450 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,298,386 -- 3,743,731 --
====================================================================================================================================
William J. Schneider
For -- 4,294 -- 1,159
Withhold -- 27 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,321 -- 1,159
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,294 -- 1,159
Withhold -- 27 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,321 -- 1,159
====================================================================================================================================
Judith M. Stockdale
For 13,190,390 3,705,631 --
Withhold 107,996 38,100 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,298,386 3,743,731 --
====================================================================================================================================
Eugene S. Sunshine
For 13,192,304 -- 3,704,781 --
Withhold 106,082 -- 38,950 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,298,386 -- 3,743,731 --
====================================================================================================================================
14
Nuveen Florida Investment Quality Municipal Fund (NQF)
Portfolio of
INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.0% (1.3% OF TOTAL INVESTMENTS)
$ 5,000 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 5,022,300
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 1,412,975
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 2,095,640
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 3,239,130
Series 2002C, 5.000%, 1/01/15 - MBIA Insured
1,000 Florida Board of Education, Lottery Revenue Bonds, No Opt. Call AAA 1,085,600
Series 2005A, 5.250%, 7/01/11 - AMBAC 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 2,437,064
3,305 5.000%, 4/01/22 - AMBAC Insured 4/14 at 100.00 AAA 3,495,864
575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 598,357
Industrial Development Revenue Bonds, P.M. Wells Charter
School Project, Series 2001A, 5.000%, 8/01/23 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
13,465 Total Education and Civic Organizations 14,364,630
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.8% (11.2% OF TOTAL INVESTMENTS)
1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,008,310
Bonds, Health First Inc., Project, Series 2005, 5.000%, 4/01/34
3,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 3,045,390
Revenue Bonds, Adventist Health System, Series 2005B,
5.000%, 11/15/30
4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ 4,961,928
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 A3 1,035,640
2,330 5.250%, 10/01/34 10/13 at 100.00 A3 2,408,451
2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 A 2,443,467
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 3,140,340
Revenue Refunding Bonds, Miami Children's Hospital,
Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
550 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- 587,252
Improvement Bonds, Series 2001, 6.000%, 1/15/31
3,695 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A 3,945,373
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 3,578,659
2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,460,159
7,500 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 7,915,275
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- 5,762,215
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
40,145 Total Health Care 42,292,459
- ------------------------------------------------------------------------------------------------------------------------------------
15
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.5% (1.1% OF TOTAL INVESTMENTS)
$ 1,090 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA $ 1,129,142
Housing Revenue Bonds, Emerald Palms Apartments,
Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
135 Florida Housing Finance Agency, General Mortgage Revenue 6/06 at 100.00 AA 136,268
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
2,500 Florida Housing Finance Agency, Housing Revenue Bonds, 9/06 at 102.00 AAA 2,568,875
Mariner Club Apartments, Series 1996K-1, 6.375%, 9/01/36 -
AMBAC Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
3,725 Total Housing/Multifamily 3,834,285
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.9% (0.7% OF TOTAL INVESTMENTS)
650 Florida Housing Finance Agency, Homeowner Mortgage 1/07 at 102.00 AA 660,920
Revenue Bonds, New Money and Refunding Issue,
Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax)
1,385 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102.00 AAA 1,430,567
Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 - MBIA
Insured (Alternative Minimum Tax)
170 Manatee County Housing Finance Authority, Florida, Single 5/06 at 105.00 Aaa 171,853
Family Mortgage Revenue Bonds, Series 1996-1,
7.450%, 5/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
2,205 Total Housing/Single Family 2,263,340
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.8% (1.2% OF TOTAL INVESTMENTS)
1,750 Palm Beach County Health Facilities Authority, Florida, 11/06 at 102.00 BBB+ 1,802,185
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 1,214,843
1,565 5.625%, 8/01/34 8/14 at 101.00 N/R 1,627,209
- ------------------------------------------------------------------------------------------------------------------------------------
4,440 Total Long-Term Care 4,644,237
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.4% (1.6% OF TOTAL INVESTMENTS)
5,400 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 6,017,922
Exempt Facilities Remarketed Revenue Bonds, National
Gypsum Company, Apollo Beach Project, Series 2000B,
7.125%, 4/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.9% (7.9% OF TOTAL INVESTMENTS)
1,920 Florida Department of Transportation, Full Faith and Credit 7/14 at 101.00 AAA 2,108,314
Right-of-Way Acquisition and Bridge Construction Bonds,
Series 2004A, 5.250%, 7/01/19
1,500 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA 1,591,875
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 2,209,646
Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/21 -
AMBAC Insured
9,230 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 9,639,719
Public Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/31 - FGIC Insured
8,000 Florida State Board of Education, Full Faith and Credit, Public 6/12 at 100.00 AAA 8,733,440
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 3,735,412
1,750 5.000%, 6/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,859,848
- ------------------------------------------------------------------------------------------------------------------------------------
27,990 Total Tax Obligation/General 29,878,254
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.6% (25.2% OF TOTAL INVESTMENTS)
5,625 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 6,108,581
Participation, Series 2004C, 5.250%, 7/01/18 - FSA Insured
1,665 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,763,485
Series 2005, 5.000%, 10/01/23 - MBIA Insured
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Escambia County, Florida, Sales Tax Revenue Refunding Bonds, 10/12 at 101.00 AAA $ 1,063,090
Series 2002, 5.000%, 10/01/21 - AMBAC Insured
1,280 Florida Intergovernmental Finance Commission, Capital Revenue 8/11 at 100.00 Aaa 1,344,346
Bonds, Daytona Beach Community Redevelopment Agency,
Series 2001C-1, 5.000%, 2/01/20 - AMBAC Insured
1,685 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA 1,787,819
5.000%, 5/01/22 - MBIA Insured
5,000 Florida Ports Financing Commission, Revenue Bonds, State 6/07 at 101.00 AAA 5,146,450
Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 -
MBIA Insured (Alternative Minimum Tax)
5,000 Hernando County, Florida, Revenue Bonds, Criminal Justice No Opt. Call AAA 6,538,000
Complex Financing Program, Series 1986, 7.650%, 7/01/16 -
FGIC Insured
1,575 Hillsborough County, Florida, Community Investment Tax Revenue 11/13 at 101.00 AAA 1,665,342
Bonds, Series 2004, 5.000%, 5/01/24 - AMBAC Insured
2,190 Hillsborough County, Florida, Revenue Refunding Bonds, 10/15 at 100.00 AAA 2,318,991
Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 - FGIC Insured
5,015 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 5,463,893
Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured
2,000 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA 2,111,760
Refunding and Improvement Bonds, Series 2002,
5.000%, 10/01/22 - FGIC Insured
2,195 Manatee County, Florida, Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,331,463
5.000%, 10/01/22 - FGIC Insured
Miami-Dade County, Florida, Beacon Tradeport Community
Development District, Special Assessment Bonds, Commercial
Project, Series 2002A:
2,330 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,490,304
1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,830,934
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 1,468,761
1,495 5.125%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,587,137
1,225 5.125%, 4/01/21 - AMBAC Insured 4/12 at 100.00 AAA 1,300,497
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 3,694,692
3,660 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 Aaa 3,887,103
2,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 2,112,640
4,000 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 4,141,560
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 2,693,990
Participation, Series 2004A, 5.000%, 8/01/23 - FGIC Insured
4,490 Palm Beach County, Florida, Public Improvement Revenue Bonds, 6/15 at 100.00 AAA 4,736,501
Biomedical Research Park Project, Series 2005, 5.000%, 6/01/25 -
AMBAC Insured
Pasco County School Board, Florida, Certificates of Participation,
Series 2004A:
1,000 5.000%, 8/01/19 - AMBAC Insured No Opt. Call AAA 1,060,460
2,335 5.000%, 8/01/21 - AMBAC Insured 8/14 at 100.00 AAA 2,467,535
2,500 Polk County School District, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 2,736,425
Series 2004, 5.250%, 10/01/18 - FSA Insured
1,000 Sarasota County School Board, Florida, Certificates of No Opt. Call Aaa 1,085,410
Participation, Series 2004, 5.000%, 7/01/15 - FGIC Insured
650 Sonoma Bay Community Development District, Florida, 5/15 at 100.00 N/R 653,965
Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36
2,750 St. John's County, Florida, Transportation Improvement Revenue 10/13 at 100.00 AAA 2,916,925
Bonds, Series 2003, 5.000%, 10/01/23 - AMBAC Insured
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax
Payments Special Purpose Bonds, Stadium Project, Series 1995:
1,250 5.750%, 10/01/20 - MBIA Insured No Opt. Call AAA 1,477,300
2,585 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,113,193
17
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 8,605 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA $ 9,432,886
Bonds, Series 2002, 5.375%, 10/01/15 - FSA Insured
2,075 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,210,269
5.000%, 10/01/21 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
87,275 Total Tax Obligation/Limited 94,741,707
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 23.2% (15.5% OF TOTAL INVESTMENTS)
11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 11,993,234
Series 2001J-1, 5.250%, 10/01/26 - AMBAC Insured
(Alternative Minimum Tax)
2,150 Broward County, Florida, Airport System Revenue Bonds, 10/14 at 100.00 AAA 2,261,069
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 3,622,115
5.750%, 10/01/26 - MBIA Insured (Alternative Minimum Tax)
12,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/09 at 101.00 AAA 12,257,159
Revenue Bonds, Series 1999A, 5.125%, 10/01/28 -
FGIC Insured (Alternative Minimum Tax)
4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,156,680
Revenue Bonds, Series 2002B, 5.125%, 10/01/21 -
FSA Insured (Alternative Minimum Tax)
2,590 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/06 at 102.00 AAA 2,686,892
Tampa International Airport, Series 1996A, 6.000%, 10/01/23 -
FGIC Insured (Alternative Minimum Tax)
2,090 Lee County, Florida, Transportation Facilities Revenue Bonds, 10/14 at 100.00 AAA 2,234,168
Series 2004B, 5.000%, 10/01/19 - AMBAC 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 4,407,538
6,690 5.000%, 7/01/20 - FGIC Insured 7/14 at 100.00 AAA 7,121,037
1,750 Miami-Dade County Industrial Development Authority, Florida, 10/09 at 101.00 AAA 1,896,913
Industrial Development Revenue Bonds, Airis Miami II LLC -
Miami International Airport, Series 1999, 6.000%, 10/15/25 -
AMBAC Insured (Alternative Minimum Tax)
5,390 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 5,878,065
Miami International Airport, Series 2002, 5.750%, 10/01/18 -
FGIC Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
55,795 Total Transportation 58,514,870
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED(4) - 18.3% (12.2% OF TOTAL INVESTMENTS)
7,225 Dade County, Florida, Special Obligation and Refunding Bonds, 10/08 at 48.83 AAA 3,210,356
Series 1996B, 0.000%, 10/01/20 (Pre-refunded 10/01/08) -
AMBAC Insured
20,000 Escambia County Health Facilities Authority, Florida, Revenue 11/09 at 101.00 AAA 22,005,397
Bonds, Ascension Health Credit Group, Series 1999A-2,
6.000%, 11/15/31 (Pre-refunded 11/15/09)
3,500 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/06 at 102.00 AAA 3,637,095
Tampa International Airport, Series 1996B, 5.875%, 10/01/23
(Pre-refunded 10/01/06) - FGIC Insured
5,450 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A-(4) 6,099,477
Improvement Bonds, Series 2001, 6.000%, 1/15/31
(Pre-refunded 1/15/11)
6,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A+(4) 6,831,840
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10)
3,570 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 4,175,401
and Improvement Bonds, Series 1992, 6.000%, 10/01/19 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
45,745 Total U.S. Guaranteed 45,959,566
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.0% (9.3% OF TOTAL INVESTMENTS)
4,330 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa2 4,515,930
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 1,110,102
Series 2002, 5.000%, 4/01/17 - AMBAC Insured
4,250 Lakeland, Florida, Energy System Revenue Refunding Bonds, No Opt. Call AAA 4,791,153
Series 1999C, 6.050%, 10/01/11 - FGIC Insured
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 $ 5,547,250
Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10
7,345 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 7,933,555
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 5,401,650
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18
5,550 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 5,888,106
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
32,525 Total Utilities 35,187,746
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.5% (9.0% OF TOTAL INVESTMENTS)
3,310 Cocoa, Florida, Water and Sewerage System Revenue Refunding No Opt. Call AAA 3,807,493
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 2,138,260
3,390 5.000%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 3,603,875
1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, United 2/06 at 102.00 AAA 1,022,260
Water Florida Project, Series 1995, 6.350%, 8/01/25 -
AMBAC Insured (Alternative Minimum Tax)
1,525 Lee County, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa 1,623,820
Bonds, Series 2003A, 5.000%, 10/01/20 - MBIA Insured
8,300 Miami-Dade County, Florida, Water and Sewer System Revenue 10/09 at 101.00 AAA 8,550,660
Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured
1,175 Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 9/12 at 100.00 Aa2 1,265,064
5.000%, 9/01/14
2,060 Polk County, Florida, Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 Aaa 2,241,527
5.250%, 10/01/22 - FGIC Insured
2,780 Riviera Beach, Palm Beach County, Florida, Water and Sewerage 10/14 at 100.00 Aaa 2,934,012
Revenue Bonds, Series 2004, 5.000%, 10/01/24 - FGIC Insured
2,275 Sarasota County, Florida, Utility System Revenue Bonds, 10/15 at 100.00 AAA 2,407,132
Series 2005A, 5.000%, 10/01/27 - FGIC Insured
1,680 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 1,959,938
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 753,620
1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,671,826
- ------------------------------------------------------------------------------------------------------------------------------------
31,780 Total Water and Sewer 33,979,487
- ------------------------------------------------------------------------------------------------------------------------------------
$ 355,490 Total Investments (cost $354,600,822) - 149.6% 376,700,803
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.8% 7,089,701
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.4)% (132,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 251,790,504
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below Baa by Moody's Investor
Service, Inc. or BBB by Standard & Poor's Group are
considered to be below investment grade.
(4) Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
19
Nuveen Florida Quality Income Municipal Fund (NUF)
Portfolio of
INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.0% (5.3% OF TOTAL INVESTMENTS)
Broward County Educational Facilities Authority, Florida, Revenue
Bonds, Nova Southeastern
University, Series 2004B:
$ 1,000 5.500%, 4/01/24 4/14 at 100.00 BBB $ 1,052,590
500 5.625%, 4/01/34 4/14 at 100.00 BBB 523,910
2,685 Florida Board of Education, Lottery Revenue Bonds, 1/13 at 101.00 AAA 2,899,021
Series 2002C, 5.000%, 1/01/15 - MBIA Insured
1,000 Florida Board of Education, Lottery Revenue Bonds, No Opt. Call AAA 1,085,600
Series 2005A, 5.250%, 7/01/11 - AMBAC Insured
2,580 Florida State Education System, Housing Facility Revenue No Opt. Call AAA 2,813,929
Bonds, Florida International University, Series 2004A,
5.000%, 7/01/14 - MBIA Insured
2,345 FSU Financial Assistance Inc., Florida, General Revenue Bonds, 10/14 at 100.00 AAA 2,526,480
Educational and Athletic Facilities Improvements, Series 2004,
5.000%, 10/01/16 - AMBAC Insured
3,905 Miami-Dade County Educational Facilities Authority, Florida, 4/14 at 100.00 AAA 4,150,117
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 2,431,952
Athletic Association, Series 2004A, 5.125%, 10/01/21 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
16,290 Total Education and Civic Organizations 17,483,599
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.3% (14.1% OF TOTAL INVESTMENTS)
1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,008,310
Bonds, Health First Inc., Project, Series 2005, 5.000%, 4/01/34
1,500 Citrus County Hospital Board, Florida, Revenue Refunding 8/13 at 100.00 Baa3 1,637,760
Bonds, Citrus Memorial Hospital, Series 2002, 6.375%, 8/15/32
1,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 1,012,780
Revenue Bonds, Adventist Health System, Series 2005C,
5.000%, 11/15/31
2,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ 2,804,568
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 A3 517,820
1,590 5.250%, 10/01/34 10/13 at 100.00 A3 1,643,535
8,500 Jacksonville Economic Development Commission, Florida, 11/11 at 101.00 AA 8,975,235
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- 3,572,860
Leesburg Regional Medical Center Project, Series 2003,
5.000%, 7/01/12
825 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- 880,877
Improvement Bonds, Series 2001, 6.000%, 1/15/31
5,000 Orange County Health Facilities Authority, Florida, Hospital 11/12 at 101.00 A+ 5,338,150
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2002, 5.250%, 11/15/18
6,000 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A 6,380,940
Revenue Bonds, Orlando Regional Healthcare System,
Series 2002, 5.750%, 12/01/32
7,500 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 7,915,275
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- 4,958,185
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
44,070 Total Health Care 46,646,295
- ------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 11.6% (7.7% 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 $ 1,541,025
1,000 6.300%, 1/01/32 7/06 at 102.00 AAA 1,026,430
4,965 Florida Board of Education, Lottery Revenue Bonds, 7/11 at 101.00 AAA 5,246,813
Series 2001B, 5.000%, 7/01/20 - FGIC Insured
120 Florida Housing Finance Agency, General Mortgage Revenue 6/06 at 100.00 AA 121,127
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 4/06 at 102.00 AAA 1,020,510
Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25 -
AMBAC Insured (Alternative Minimum Tax)
5,790 Florida Housing Finance Corporation, FNMA Revenue Bonds, 10/10 at 102.00 Aaa 6,105,960
Villa de Mallorca Apartments, Series 2000H-1,
6.000%, 7/01/33 (Alternative Minimum Tax)
3,170 Florida Housing Finance Corporation, Housing Revenue 12/08 at 102.00 A+ 3,196,311
Refunding Bonds, Hunters Ridge at Deerwood Apartments,
Series 1998-0, 5.300%, 12/01/28
3,630 Miami-Dade County Housing Finance Authority, Florida, 1/11 at 102.00 AAA 3,827,036
Multifamily Housing Revenue Bonds, Sunset Bay Apartments,
Series 2000-5A, 5.950%, 7/01/30 - FSA Insured (Alternative
Minimum Tax)
3,240 Pinellas County Housing Finance Authority, Florida, Multifamily 1/08 at 100.00 AAA 3,323,754
Housing Revenue Bonds, Emerald Bay Apartments,
Series 1998A, 5.000%, 4/01/28 (Mandatory put 4/01/08)
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
24,415 Total Housing/Multifamily 25,408,966
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.9% (0.6% OF TOTAL INVESTMENTS)
830 Broward County Housing Finance Authority, Florida, Single 4/10 at 25.36 Aaa 165,095
Family Mortgage Revenue Bonds, Series 2001C,
0.000%, 4/01/33 (Alternative Minimum Tax)
735 Broward County Housing Finance Authority, Florida, 4/09 at 25.51 Aaa 149,117
Single Family Mortgage Revenue Refunding Bonds,
Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax)
330 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 352,519
Ownership Revenue Refunding Bonds, Series 1987G-1,
8.595%, 11/01/17
215 Lee County Housing Finance Authority, Florida, Single Family 3/07 at 105.00 Aaa 216,337
Mortgage Revenue Bonds, Multi-County Program,
Series 1997A, Subseries 1, 7.200%, 3/01/27
(Alternative Minimum Tax)
50 Miami-Dade County Housing Authority, Florida, Home 4/08 at 101.50 Aaa 51,710
Owner Mortgage Revenue Bonds, Series 1999A-1,
5.550%, 10/01/19 (Alternative Minimum Tax)
980 Orange County Housing Finance Authority, Florida, Single 4/06 at 102.00 AAA 1,002,315
Family Mortgage Revenue Bonds, Series 1996A,
6.300%, 4/01/28 (Alternative Minimum Tax)
35 Orange County Housing Finance Authority, Florida, 9/07 at 102.00 AAA 35,084
Single Family Mortgage Revenue Bonds, Series 1997B,
5.100%, 9/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
3,175 Total Housing/Single Family 1,972,177
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.6% (3.7% OF TOTAL INVESTMENTS)
7,285 Atlantic Beach, Florida, Healthcare Facilities Revenue 10/09 at 101.00 A 7,676,642
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+ 1,802,185
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 1,214,843
1,570 5.625%, 8/01/34 8/14 at 101.00 N/R 1,632,407
- ------------------------------------------------------------------------------------------------------------------------------------
11,730 Total Long-Term Care 12,326,077
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.3% (1.5% OF TOTAL INVESTMENTS)
4,600 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R 5,126,378
Florida, Exempt Facilities Remarketed Revenue Bonds,
National Gypsum Company, Apollo Beach Project,
Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
21
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.3% (6.2% OF TOTAL INVESTMENTS)
$ 15,925 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA $ 16,940,217
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 3,427,110
Counties, Florida, General Obligation Bonds, Series 2004A,
5.000%, 6/01/22 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
19,165 Total Tax Obligation/General 20,367,327
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.1% (27.9% OF TOTAL INVESTMENTS)
1,000 Alachua County School Board, Florida, Certificates of 7/11 at 101.00 Aaa 1,051,970
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 1,107,518
Series 2004, 5.000%, 7/01/24 - AMBAC Insured
3,870 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,199,801
Participation, Series 2004C, 5.250%, 7/01/20 - FSA Insured
1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,588,725
Series 2005, 5.000%, 10/01/23 - MBIA Insured
1,290 Escambia County, Florida, Tourist Development Revenue 10/12 at 100.00 AAA 1,377,243
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 9,001,523
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 414,960
1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 602,499
1,430 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 1,509,222
Bonds, Series 2001, 5.000%, 10/01/23 - AMBAC Insured
2,090 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 2,219,852
Bonds, Series 2003, 5.000%, 10/01/22 - MBIA Insured
3,145 Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, 10/13 at 100.00 AAA 3,351,752
Series 2003C, 5.250%, 10/01/18 - MBIA Insured (Alternative
Minimum Tax)
2,230 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA 2,360,700
Refunding and Improvement Bonds, Series 2002,
5.000%, 10/01/21 - FGIC Insured
2,750 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AAA 2,992,853
Refunding and Improvement Bonds, Series 2002,
5.375%, 10/01/17 - FGIC Insured
1,000 Jacksonville, Florida, Local Government Sales Tax Revenue No Opt. Call AAA 1,129,090
Refunding Bonds, Series 2001, 5.500%, 10/01/14 - FGIC 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 1,261,412
1,340 5.000%, 7/01/22 - AMBAC Insured 7/14 at 100.00 AAA 1,413,539
1,470 5.000%, 7/01/24 - AMBAC Insured 7/14 at 100.00 AAA 1,543,177
2,220 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 2,361,370
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 5,040,349
5,130 5.000%, 10/01/17 - AMBAC Insured 10/13 at 100.00 AAA 5,504,131
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 2,127,272
850 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 915,467
2,475 Northern Palm Beach County Improvement District, Florida, 8/10 at 102.00 AA 2,718,293
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, 1/06 at 100.00 AAA 2,004,660
Series 1994, 6.125%, 1/01/24 - FGIC Insured
2,440 Orange County School Board, Florida, Certificates of 8/14 at 100.00 Aaa 2,574,908
Participation, Series 2004A, 5.000%, 8/01/22 - AMBAC Insured
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A:
$ 3,265 5.125%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA $ 3,503,900
3,400 5.125%, 1/01/23 - FGIC Insured 1/13 at 100.00 AAA 3,648,778
1,000 Orlando Community Redevelopment Agency, Florida, 4/12 at 100.00 AAA 1,068,190
Tax Increment Revenue Bonds, Republic Drive-Universal
Boulevard - I-4 Interchange Project, Series 2002,
5.125%, 4/01/19 - AMBAC Insured
2,040 Palm Beach County School Board, Florida, Certificates 8/12 at 100.00 AAA 2,185,064
of 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 1,060,460
1,500 5.000%, 8/01/22 - FGIC Insured 8/14 at 100.00 AAA 1,582,935
1,000 Pasco County, Florida, Sales Tax Revenue Bonds, 12/13 at 100.00 Aaa 1,074,300
Series 2003, 5.000%, 12/01/17 - AMBAC Insured
2,355 Plantation, Florida, Non-Ad Valorem Revenue Refunding 8/13 at 100.00 Aaa 2,516,647
and Improvement Bonds, Series 2003, 5.000%, 8/15/19 -
FSA Insured
1,350 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 1,434,848
5.000%, 9/01/21 - MBIA Insured
11,815 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 12,988,702
Bonds, Series 2002, 5.375%, 10/01/14 - FSA Insured
1,000 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,057,830
Development, Series 2004, 5.000%, 12/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
87,890 Total Tax Obligation/Limited 92,493,940
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 21.9% (14.5% OF TOTAL INVESTMENTS)
2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,325,303
Series 2001J-1, 5.250%, 10/01/21 - AMBAC Insured
(Alternative Minimum Tax)
12,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 12,418,680
5.750%, 10/01/26 - MBIA Insured (Alternative Minimum Tax)
3,500 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/07 at 101.00 AAA 3,605,280
Revenue Bonds, Series 1997, 5.250%, 10/01/23 - FGIC
Insured (Alternative Minimum Tax)
4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,156,680
Revenue Bonds, Series 2002B, 5.125%, 10/01/21 - FSA
Insured (Alternative Minimum Tax)
1,800 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA 1,863,000
Bonds, Series 1996, 5.625%, 11/01/18 - MBIA Insured
(Alternative Minimum Tax)
1,000 Lee County, Florida, Transportation Facilities Revenue Bonds, No Opt. Call AAA 1,092,090
Series 2004B, 5.000%, 10/01/14 - AMBAC 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 4,324,753
2,000 5.250%, 7/01/18 - FGIC Insured 7/14 at 100.00 AAA 2,180,960
2,000 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 AAA 2,112,680
2,000 Miami-Dade County Expressway Authority, Florida, Toll System 7/11 at 101.00 Aaa 2,113,520
Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 -
FGIC Insured
7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 7,634,250
Miami International Airport, Series 1998A,
5.000%, 10/01/24 - FGIC Insured (Alternative Minimum Tax)
4,000 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 4,080,160
Miami International Airport, Series 1998C, 5.000%, 10/01/23 -
MBIA Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
45,980 Total Transportation 47,907,356
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED(4) - 5.0% (3.3% OF TOTAL INVESTMENTS)
1,500 Bradford County Health Facility Authority, Florida, Revenue No Opt. Call AAA 1,713,825
Refunding Bonds, Santa Fe Healthcare Inc., Series 1993,
6.050%, 11/15/16
8,175 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A-(4) 9,149,215
Improvement Bonds, Series 2001, 6.000%, 1/15/31
(Pre-refunded 1/15/11)
- ------------------------------------------------------------------------------------------------------------------------------------
9,675 Total U.S. Guaranteed 10,863,040
- ------------------------------------------------------------------------------------------------------------------------------------
23
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.8% (8.4% OF TOTAL INVESTMENTS)
$ 750 Gainesville, Florida, Utilities System Revenue Bonds, 10/13 at 100.00 AA $ 818,182
Series 2003A, 5.250%, 10/01/21
4,800 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 5,006,112
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 10,021,410
Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/15
3,290 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 3,553,628
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 3,424,646
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 3,182,760
Series 2002II, 5.125%, 7/01/26 - FSA Insured
650 Reedy Creek Improvement District, Florida, Utility Revenue 10/15 at 100.00 AAA 686,686
Bonds, Series 2005-1, 5.000%, 10/01/25 - AMBAC Insured
1,170 Tallahassee, Florida, Consolidated Utility System Revenue 10/15 at 100.00 AAA 1,240,832
Bonds, Series 2005, 5.000%, 10/01/25 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
26,270 Total Utilities 27,934,256
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.3% (6.8% OF TOTAL INVESTMENTS)
1,365 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 1,453,452
Bonds, Lehigh Project, Series 2003, 5.000%, 10/01/20 -
AMBAC Insured
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 1,069,130
4,000 5.000%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 4,259,200
2,450 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 2,503,410
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
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 3,463,100
5,090 5.000%, 10/01/19 - FGIC Insured 10/13 at 100.00 AAA 5,441,872
3,000 5.000%, 10/01/23 - FGIC Insured 10/13 at 100.00 AAA 3,182,100
1,065 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 1,107,089
Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project,
Series 2002, 5.000%, 11/01/19 - MBIA Insured (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
21,205 Total Water and Sewer 22,479,353
- ------------------------------------------------------------------------------------------------------------------------------------
$ 314,465 Total Investments (cost $317,134,723) - 151.1% 331,008,764
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 4,985,781
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.4)% (117,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 218,994,545
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below Baa by Moody's Investor
Service, Inc. or BBB by Standard & Poor's Group are
considered to be below investment grade.
(4) Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
24
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
Portfolio of
INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 3.3% (2.3% OF TOTAL INVESTMENTS)
$ 5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA $ 5,728,316
Revenue Bonds, University of West Florida Foundation Inc.,
Series 1999, 5.750%, 6/01/31 - MBIA Insured
1,750 Volusia County Educational Facilities Authority, Florida, Revenue 10/15 at 100.00 AA 1,807,348
Bonds, Embry-Riddle Aeronautical University, Series 2005,
5.000%, 10/15/25 - RAAI Insured
- ------------------------------------------------------------------------------------------------------------------------------------
7,075 Total Education and Civic Organizations 7,535,664
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 8.2% (5.6% OF TOTAL INVESTMENTS)
2,000 Brevard County Health Facilities Authority, Florida, Hospital 10/06 at 101.00 AAA 2,052,860
Revenue Bonds, Holmes Regional Medical Center Project,
Series 1996, 5.625%, 10/01/14 - MBIA Insured
2,500 Hillsborough County Industrial Development Authority, Florida, No Opt. Call AAA 3,052,350
Industrial Development Revenue Bonds, University Community
Hospital, Series 1994, 6.500%, 8/15/19 - MBIA Insured
7,220 Miami-Dade County Health Facility Authority, Florida, Hospital 8/11 at 101.00 AAA 7,557,752
Revenue Refunding Bonds, Miami Children's Hospital,
Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
2,500 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 6/15 at 100.00 AAA 2,630,325
Jackson Health System, Series 2005B, 5.000%, 6/01/22 -
MBIA Insured
3,015 North Broward Hospital District, Florida, Revenue Refunding 1/07 at 101.00 AAA 3,097,581
and Improvement Bonds, Series 1997, 5.375%, 1/15/24 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,235 Total Health Care 18,390,868
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 14.3% (9.7% OF TOTAL INVESTMENTS)
975 Broward County Housing Finance Authority, Florida, GNMA 6/07 at 102.00 AAA 1,006,951
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 Bonds, Saxon Manor Isles Project, Series 1998B:
1,260 5.350%, 9/01/18 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,290,517
1,000 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,022,360
Collier County Housing Finance Authority, Florida, Multifamily
Housing Revenue Refunding Bonds, Saxon Manor Isles Project,
Series 1998A, Subseries 1:
1,040 5.350%, 9/01/18 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,065,189
1,400 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,431,304
Dade County Housing Finance Authority, Florida, Multifamily
Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series
1997A:
1,230 5.650%, 9/01/17 - FSA Insured (Alternative Minimum Tax) 9/07 at 101.00 AAA 1,262,103
1,890 5.750%, 9/01/29 - FSA Insured (Alternative Minimum Tax) 9/07 at 101.00 AAA 1,931,731
750 Florida Housing Finance Agency, Housing Revenue Bonds, 12/06 at 102.00 AAA 772,027
Crossings at Indian Run Apartments, Series 1996V,
6.100%, 12/01/26 - AMBAC Insured (Alternative Minimum Tax)
1,400 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 102.00 AAA 1,447,446
Riverfront Apartments, Series 1997A, 6.250%, 4/01/37 -
AMBAC Insured (Alternative Minimum Tax)
Florida Housing Finance Agency, Housing Revenue Bonds,
Sterling Palms Apartments, Series 1996D-1:
915 6.300%, 12/01/16 - AMBAC Insured (Alternative Minimum Tax) 6/06 at 102.00 AAA 937,848
1,500 6.400%, 12/01/26 - AMBAC Insured (Alternative Minimum Tax) 6/06 at 102.00 AAA 1,540,365
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 5/06 at 102.00 AAA 1,023,580
Turtle Creek Apartments, Series 1996C-1, 6.100%, 5/01/16 -
AMBAC Insured (Alternative Minimum Tax)
2,065 Florida Housing Finance Corporation, GNMA Collateralized 12/10 at 102.00 Aaa 2,180,124
Housing Revenue Bonds, Cobblestone Apartments,
Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax)
2,490 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,615,222
Housing Revenue Bonds, Raintree Apartments, Series 2000J-1,
5.950%, 3/01/35 (Alternative Minimum Tax)
25
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) 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 $ 1,586,400
4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 4,987,690
3,530 Jacksonville, Florida, GNMA Collateralized Housing Revenue 3/06 at 100.00 AAA 3,533,142
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 1,487,828
Multifamily Mortgage Revenue Bonds, Country Club
Villas II Project, Series 2001-1A, 5.750%, 7/01/27 - FSA Insured
(Alternative Minimum Tax)
1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,093,925
Multifamily Housing Revenue Bonds, Westlake Apartments
Phase II, Series 2002, 5.150%, 7/01/22 - FSA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
31,185 Total Housing/Multifamily 32,215,752
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.0% (0.7% OF TOTAL INVESTMENTS)
200 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 203,794
Family Mortgage Revenue Refunding Bonds, Series 1999B,
5.250%, 4/01/31 - MBIA Insured (Alternative Minimum Tax)
1,025 Escambia County Housing Finance Authority, Florida, 4/08 at 102.00 Aaa 1,040,016
Multi-County Single Family Mortgage Revenue Bonds,
Series 1999, 5.200%, 4/01/32 - MBIA Insured
(Alternative Minimum Tax)
5,080 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 983,132
Revenue Bonds, Series 2000-4 , 0.000%, 7/01/30 -
FSA Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
6,305 Total Housing/Single Family 2,226,942
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.8% (2.6% OF TOTAL INVESTMENTS)
4,940 Florida State Board of Education, Full Faith and Credit, Public 6/11 at 101.00 AAA 5,170,550
Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/29 - FGIC Insured
1,895 Reedy Creek Improvement District, Orange and Osceola 6/15 at 100.00 AAA 2,003,565
Counties, Florida, General Obligation Bonds, Series 2005B,
5.000%, 6/01/25 - AMBAC Insured
1,390 Venice, Florida, General Obligation Bonds, Series 2004, 2/14 at 100.00 AAA 1,464,059
5.000%, 2/01/24 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,225 Total Tax Obligation/General 8,638,174
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 51.7% (35.1% OF TOTAL INVESTMENTS)
3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 AAA 4,142,332
Participation, Series 2003, 5.250%, 7/01/19 - MBIA Insured
1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,588,725
Series 2005, 5.000%, 10/01/23 - MBIA Insured
1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,673,989
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 1,057,000
1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,057,990
2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 AAA 2,644,850
Participation, Series 2004, 5.000%, 2/01/22 - MBIA Insured
2,500 Flagler County School Board, Florida, Certificates of 8/15 at 100.00 AAA 2,605,275
Participation, Master Lease Revenue Program, Series 2005A,
5.000%, 8/01/30 - FSA Insured
1,435 Florida Department of Environmental Protection, Florida Forever 7/13 at 101.00 AAA 1,533,197
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 3,610,039
3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,580,923
1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 AAA 1,078,490
5.250%, 11/01/18 - MBIA Insured
2,230 Florida Ports Financing Commission, Revenue Bonds, State 10/09 at 101.00 AAA 2,366,565
Transportation Trust Fund - Intermodal Program, Series 1999,
5.500%, 10/01/23 - FGIC Insured (Alternative Minimum Tax)
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 AAA $ 5,458,960
Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20
(Mandatory put 12/01/11) - FGIC Insured
1,080 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,116,137
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 1,054,129
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 1,597,665
Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20
(Mandatory put 12/01/19) - FGIC Insured
6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 6,229,860
Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured
2,000 Hillsborough County School District, Florida, Sales Tax Revenue 10/15 at 100.00 AAA 2,147,540
Bonds, Series 2005, 5.000%, 10/01/20 - AMBAC Insured
2,000 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AAA 2,119,260
Revenue Bonds, Series 2004, 5.000%, 5/01/23 - AMBAC Insured
1,000 Hillsborough County, Florida, Revenue Refunding Bonds, 10/15 at 100.00 AAA 1,058,900
Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 -
FGIC Insured
1,000 Indian Trace Development District, Florida, Water Management 5/15 at 102.00 Aaa 1,064,540
Special Benefit Assessment Bonds, Series 2005,
5.000%, 5/01/25 - MBIA Insured
1,500 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 1,634,265
Bonds, Series 2003, 5.250%, 10/01/20 - MBIA Insured
1,280 Lake County School Board, Florida, Certificates of Participation, 7/14 at 100.00 AAA 1,353,997
Series 2004A, 5.000%, 7/01/21 - AMBAC Insured
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
1,730 5.000%, 10/01/18 - AMBAC Insured 10/12 at 100.00 AAA 1,847,000
2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,132,080
1,330 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 1,415,692
Series 2004, 5.000%, 10/01/20 - FGIC Insured
18,000 Miami-Dade County, Florida, Subordinate Special Obligation 4/08 at 49.54 AAA 8,031,780
Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured
915 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/06 at 100.00 AAA 917,827
Series 1994, 7.000%, 1/01/14 - FGIC Insured
495 Orange County School Board, Florida, Master Lease Program, 8/07 at 101.00 Aaa 513,736
Certificates of Participation, Series 1997A, 5.375%, 8/01/22 -
MBIA Insured
3,180 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 3,412,681
Series 2002B, 5.125%, 1/01/19 - FGIC Insured
1,050 Osceola County School Board, Florida, Certificates of 12/14 at 100.00 AAA 1,117,137
Participation, Series 2005C, 5.000%, 6/01/19 - FGIC Insured
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Series 2004:
2,500 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 Aaa 2,655,125
5,500 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 5,809,760
2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,257,801
Participation, Series 2004A, 5.000%, 8/01/24 - FGIC Insured
6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 6,907,420
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 2,619,500
4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,318,120
1,300 Plantation, Florida, Non-Ad Valorem Revenue Refunding 8/13 at 100.00 Aaa 1,381,575
and 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 4,472,063
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - FSA Insured
27
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional
Sports Facility, Series 2003:
$ 1,405 5.125%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa $ 1,517,161
1,475 5.125%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 1,592,749
1,555 5.125%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 1,678,700
1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,313,126
5.000%, 4/01/22 - FGIC Insured
4,275 Volusia County School Board, Florida, Certificates of 8/15 at 100.00 Aaa 4,495,889
Participation, Series 2005B, 5.000%, 8/01/24 - FSA Insured
2,000 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,130,380
5.000%, 10/01/21 - FSA Insured
1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,888,227
Development, Series 2004, 5.000%, 12/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
119,980 Total Tax Obligation/Limited 116,200,157
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.6% (12.6% OF TOTAL INVESTMENTS)
9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,386,010
Series 2001J-1, 5.250%, 10/01/26 - AMBAC Insured
(Alternative Minimum Tax)
2,150 Broward County, Florida, Airport System Revenue Bonds, 10/14 at 100.00 AAA 2,261,069
Series 2004L, 5.000%, 10/01/23 - AMBAC Insured
1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 4/06 at 102.00 AAA 1,124,244
Series 1995, 5.750%, 10/01/15 - MBIA Insured
2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,121,800
Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 -
FSA Insured
2,000 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA 2,070,000
Bonds, Series 1996, 5.625%, 11/01/18 - MBIA Insured
(Alternative Minimum Tax)
15,025 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 16,406,697
6.000%, 10/01/32 - FSA Insured (Alternative Minimum Tax)
2,295 Miami-Dade County Expressway Authority, Florida, Toll System No Opt. Call AAA 2,402,567
Revenue Bonds, Series 2004B, 5.000%, 7/01/29 - FGIC Insured
5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,109,682
Miami International Airport, Series 2002, 5.750%, 10/01/19 -
FGIC Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
39,185 Total Transportation 41,882,069
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED(4) - 11.4% (7.7% OF TOTAL INVESTMENTS)
1,000 Indian Trail Water Control District, Florida, Water Control 8/07 at 101.00 AAA 1,044,420
and Improvement Bonds - Unit 17, Series 1996,
5.500%, 8/01/22 (Pre-refunded 8/01/07) - MBIA Insured
4,275 Orange County School Board, Florida, Master Lease Program, 8/07 at 101.00 Aaa 4,438,091
Certificates of Participation, Series 1997A, 5.375%, 8/01/22
(Pre-refunded 8/01/07) - MBIA Insured
10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 AAA 2,830,800
Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) -
MBIA Insured
7,855 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 9,187,051
and Improvement Bonds, Series 1992, 6.000%, 10/01/19 -
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 5,294,000
1,200 5.500%, 10/01/21 - FGIC Insured No Opt. Call AAA 1,271,520
1,500 Tampa, Florida, Healthcare System Revenue Bonds, 3/06 at 100.00 AAA 1,508,175
Allegany Health System - St. Joseph's Hospital, Series 1993,
5.125%, 12/01/23 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
30,830 Total U.S. Guaranteed 25,574,057
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.2% (2.8% OF TOTAL INVESTMENTS)
8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 5,579,280
Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured
3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 3,832,838
Refunding Bonds, Series 1997A, 6.000%, 10/01/09 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,525 Total Utilities 9,412,118
- ------------------------------------------------------------------------------------------------------------------------------------
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 30.7% (20.9% OF TOTAL INVESTMENTS)
$ 1,250 Bay County, Florida, Water System Revenue Bonds, 9/15 at 100.00 Aaa $ 1,327,200
Series 2005, 5.000%, 9/01/24 - AMBAC Insured
Broward County, Florida, Water and Sewer Utility Revenue
Bonds, Series 2003:
6,775 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 7,202,435
4,500 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 4,771,305
1,200 Callaway-Bay County, Florida, Wastewater System Revenue 9/14 at 100.00 Aaa 1,266,852
Bonds, Series 2004, 5.000%, 9/01/23 - MBIA Insured
Davie, Florida, Water and Sewerage Revenue Refunding
and Improvement Bonds, Series 2003:
910 5.250%, 10/01/17 - AMBAC Insured 10/13 at 100.00 AAA 993,365
475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 AAA 517,850
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 1,360,150
1,095 5.000%, 10/01/23 - MBIA Insured 10/13 at 100.00 AAA 1,161,466
1,225 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,298,855
3,945 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 4,184,461
Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 -
AMBAC Insured
1,000 Florida Governmental Utility Authority, Utility System Revenue 7/09 at 101.00 Aaa 1,029,010
Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 -
AMBAC Insured
8,000 Indian River County, Florida, Water and Sewer Revenue Bonds, 9/08 at 102.00 AAA 8,482,400
Series 1993A, 5.250%, 9/01/24 - FGIC Insured
1,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 1,021,800
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 2,718,355
Series 2004A, 5.000%, 10/01/14 - FGIC Insured
1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 1,585,350
Series 2005, 5.000%, 10/01/24 - MBIA Insured
1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 1,540,088
5.000%, 10/01/22 - AMBAC Insured
2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aaa 2,159,660
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 1,473,674
1,000 5.250%, 10/01/18 - MBIA Insured 10/13 at 100.00 AAA 1,090,210
1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 AAA 1,863,400
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 1,089,510
500 5.250%, 10/01/20 - MBIA Insured 10/13 at 100.00 AAA 544,755
500 5.250%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 544,755
1,170 Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 10/14 at 100.00 AAA 1,236,573
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 1,292,007
1,980 5.250%, 5/01/17 - MBIA Insured 5/12 at 100.00 AAA 2,130,401
2,330 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 2,476,441
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 1,064,680
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 1,474,158
770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 833,656
500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 541,015
3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,118,204
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
29
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/06 at 102.00 AAA $ 1,350,063
Series 1996, 5.800%, 10/01/11 - AMBAC Insured
2,000 Village Center Community Development District, Florida, 10/13 at 101.00 AAA 2,176,480
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 1,149,555
5.000%, 10/01/31 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
64,415 Total Water and Sewer 69,070,139
- ------------------------------------------------------------------------------------------------------------------------------------
$ 335,960 Total Investments (cost $312,472,299) - 147.2% 331,145,940
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 4,839,359
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.3)% (111,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 224,985,299
====================================================================================================================
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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or Moody's
rating. Ratings below Baa by Moody's Investor Service, Inc.
or BBB by Standard & Poor's Group are considered to be below
investment grade.
(4) 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.
See accompanying notes to financial statements.
30
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)
Portfolio of
INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.9% (9.8% OF TOTAL INVESTMENTS)
$ 2,240 FSU Financial Assistance Inc., Florida, General Revenue Bonds, No Opt. Call AAA $ 2,439,293
Educational and Athletic Facilities Improvements, Series 2004,
5.000%, 10/01/14 - AMBAC Insured
1,985 North Miami, Florida, Educational Facilities Revenue Refunding 4/13 at 100.00 AAA 2,088,974
Bonds, Johnson and Wales University, Series 2003A,
5.000%, 4/01/19 - XLCA Insured
1,500 Volusia County Educational Facilities Authority, Florida, Revenue 10/15 at 100.00 AA 1,533,705
Bonds, Embry-Riddle Aeronautical University, Series 2005,
5.000%, 10/15/35 (WI/DD, Settling 1/03/06) - RAAI Insured
Volusia County Educational Facilities Authority, Florida,
Revenue Refunding Bonds, Embry-Riddle Aeronautical University,
Series 2003:
1,000 5.200%, 10/15/26 - RAAI Insured 10/13 at 100.00 AA 1,044,040
1,250 5.200%, 10/15/33 - RAAI Insured 10/13 at 100.00 AA 1,293,925
- ------------------------------------------------------------------------------------------------------------------------------------
7,975 Total Education and Civic Organizations 8,399,937
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.3% (10.7% OF TOTAL INVESTMENTS)
4,000 Highlands County Health Facilities Authority, Florida, Hospital 11/13 at 100.00 A+ 4,334,880
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 3,239,820
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- 1,563,315
Revenue Bonds, Baptist Health Systems of South Florida,
Series 2003, 5.200%, 11/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
8,500 Total Health Care 9,138,015
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.7% (1.0% OF TOTAL INVESTMENTS)
875 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 934,710
Ownership Revenue Refunding Bonds, Series 1987G-1,
8.595%, 11/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.1% (3.4% OF TOTAL INVESTMENTS)
2,660 Grand Prairie Independent School District, Dallas County, Texas, 2/13 at 100.00 AAA 2,882,961
General Obligation Bonds, Series 2003, 5.375%, 2/15/26 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 69.8% (45.9% OF TOTAL INVESTMENTS)
400 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 423,660
Series 2005, 5.000%, 10/01/23 - MBIA Insured
1,000 Escambia County, Florida, Sales Tax Revenue Refunding Bonds, 10/12 at 101.00 AAA 1,088,040
Series 2002, 5.250%, 10/01/17 - AMBAC Insured
1,525 Fernandina Beach, Florida, Utility Acquisition and Improvement 9/13 at 100.00 AAA 1,617,339
Revenue Bonds, Series 2003, 5.000%, 9/01/23 - FGIC Insured
3,000 Florida Municipal Loan Council, Revenue Bonds, Series 2003B, 12/13 at 100.00 AAA 3,130,380
5.000%, 12/01/28 - MBIA Insured
1,500 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 1,557,465
Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured
2,270 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AAA 2,470,464
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 2,397,752
5.000%, 10/01/20 - AMBAC Insured
1,330 Mira Lago West Community Development District, Florida, 5/15 at 101.00 N/R 1,341,651
Capital Improvement Revenue Bonds, Series 2005,
5.375%, 5/01/36
2,000 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 2,148,880
Series 2002A, 5.125%, 1/01/17 - FGIC Insured
1,500 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 1,576,095
Series 2002B, 5.125%, 1/01/32 - FGIC Insured
3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,610,787
Participation, Series 2002A, 5.125%, 6/01/20 -
AMBAC Insured
31
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) (continued)
Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,335 Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, 10/14 at 100.00 AAA $ 3,647,823
Series 2004, 5.250%, 10/01/20 - MBIA Insured
3,670 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 3,799,881
Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured
2,000 Palm Beach Gardens, Florida, Special Obligation Revenue 2/13 at 100.00 AAA 2,126,880
Bonds, Series 2004, 5.000%, 5/01/20 - AMBAC Insured
2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 2,243,063
5.000%, 9/01/23 - MBIA Insured
1,730 St. John's County, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 1,823,247
Series 2004A, 5.000%, 10/01/24 - AMBAC Insured
4,000 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,199,120
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
37,010 Total Tax Obligation/Limited 39,202,527
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.9% (7.2% OF TOTAL INVESTMENTS)
2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 2,075,840
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 2,233,195
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 1,837,554
Series 2004B, 5.000%, 10/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
5,835 Total Transportation 6,146,589
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED(4) - 5.7% (3.8% OF TOTAL INVESTMENTS)
2,950 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 3,230,339
Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded
8/01/12) - FSA 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 2,121,840
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 23.8% (15.7% OF TOTAL INVESTMENTS)
1,000 Bay County, Florida, Water System Revenue Bonds, 9/15 at 100.00 Aaa 1,060,120
Series 2005, 5.000%, 9/01/25 - AMBAC Insured
2,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 2,043,600
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
1,670 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 1,762,518
Series 2005, 5.000%, 10/01/25 - MBIA Insured
3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 AAA 3,144,060
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 2,060,400
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
500 North Port, Florida, Utility System Revenue Bonds, Series 2000, 10/10 at 101.00 Aaa 523,605
5.000%, 10/01/25 - FSA Insured
1,095 Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 1,197,710
5.250%, 10/01/20 - MBIA Insured
1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA 1,581,944
Refunding Bonds, Series 2002, 5.000%, 5/01/23 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,765 Total Water and Sewer 13,373,957
- ------------------------------------------------------------------------------------------------------------------------------------
$ 80,570 Total Investments (cost $82,385,237) - 152.0% 85,430,875
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.4)% (235,546)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.6)% (29,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 56,195,329
====================================================================================================================
32
FORWARD SWAPS OUTSTANDING AT DECEMBER 31, 2005:
FIXED RATE FLOATING RATE
PAID FIXED RATE RECEIVED FLOATING RATE UNREALIZED
NOTIONAL BY THE FUND PAYMENT BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(5) DATE (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
Citigroup Inc. $ 700,000 4.699% Semi-Annually 3 Month USD-LIBOR Quarterly 2/27/06 2/27/26 $31,309
JPMorgan 2,700,000 5.075 Semi-Annually 3 Month USD-LIBOR Quarterly 2/22/06 2/22/26 (6,091)
JPMorgan 2,000,000 4.833 Semi-Annually 3 Month USD-LIBOR Quarterly 2/09/06 2/09/36 73,856
- ------------------------------------------------------------------------------------------------------------------------------------
$99,074
====================================================================================================================================
USD-LIBOR (United States - London Inter-Bank Offered Rates)
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in
municipal securities that are either (i) backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) rated, at the
time of investment, within the four highest grades (Baa or
BBB or better by Moody's, 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) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or Moody's
rating. Ratings below Baa by Moody's Investor Service, Inc.
or BBB by Standard & Poor's Group are considered to be below
investment grade.
(4) 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.
(5) Effective date represents that date on which both the Fund
and counterparty commence interest payment accruals on each
forward swap contract.
WI/DD Security purchased on a when-issued or delayed delivery
basis.
N/R Investment is not rated.
See accompanying notes to financial statements.
33
Statement of
ASSETS AND LIABILITIES December 31, 2005 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $354,600,822, $317,134,723,
$312,472,299 and $82,385,237, respectively) $376,700,803 $331,008,764 $331,145,940 $85,430,875
Cash -- -- -- 111,131
Receivables:
Interest 4,833,430 4,810,253 4,183,351 1,127,621
Investments sold 3,928,862 1,616,600 1,947,569 5,000
Unrealized appreciation on forward swaps -- -- -- 99,074
Other assets 24,921 26,663 26,666 563
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 385,488,016 337,462,280 337,303,526 86,774,264
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Bank borrowings 1,383,832 1,192,361 1,068,979 --
Payable for investments purchased -- -- -- 1,537,490
Accrued expenses:
Management fees 203,355 178,496 179,075 23,003
Other 83,053 72,122 64,886 16,061
Preferred share dividends payable 27,272 24,756 5,287 2,381
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,697,512 1,467,735 1,318,227 1,578,935
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $251,790,504 $218,994,545 $224,985,299 $56,195,329
====================================================================================================================================
Common shares outstanding 16,587,502 14,302,595 14,386,727 3,882,373
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.18 $ 15.31 $ 15.64 $ 14.47
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 165,875 $ 143,026 $ 143,867 $ 38,824
Paid-in surplus 231,752,755 206,107,461 204,275,330 54,746,903
Undistributed (Over-distribution of) net investment income 209,162 (9,606) 1,487,010 (83,049)
Accumulated net realized gain (loss) from investments
and derivative transactions (2,437,269) (1,120,377) 405,451 (1,652,061)
Net unrealized appreciation (depreciation) of investments
and derivative transactions 22,099,981 13,874,041 18,673,641 3,144,712
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $251,790,504 $218,994,545 $224,985,299 $56,195,329
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
34
Statement of
OPERATIONS Six Months Ended December 31, 2005 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $9,314,489 $7,934,551 $8,281,599 $1,961,123
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,216,654 1,066,837 1,074,918 274,821
Preferred shares - auction fees 166,541 147,616 140,046 36,589
Preferred shares - dividend disbursing agent fees 10,082 22,603 10,082 5,041
Shareholders' servicing agent fees and expenses 12,778 9,943 9,195 532
Custodian's fees and expenses 47,088 39,081 46,198 16,864
Trustees' fees and expenses 3,964 3,355 3,391 960
Professional fees 11,571 10,059 10,471 6,152
Shareholders' reports - printing and mailing expenses 19,565 17,008 13,961 6,143
Stock exchange listing fees 5,149 5,290 5,271 167
Investor relations expense 23,559 20,650 20,874 5,416
Other expenses 11,311 11,530 11,379 6,550
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 1,528,262 1,353,972 1,345,786 359,235
Custodian fee credit (13,171) (6,694) (4,920) (4,915)
Expense reimbursement -- -- -- (137,410)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,515,091 1,347,278 1,340,866 216,910
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,799,398 6,587,273 6,940,733 1,744,213
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 188,280 60,298 1,284,392 (15,067)
Net realized gain (loss) from forward swaps -- -- -- 533
Change in net unrealized appreciation (depreciation)
of investments (6,900,461) (5,296,687) (7,615,460) (1,465,049)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- -- 288,949
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (6,712,181) (5,236,389) (6,331,068) (1,190,634)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (1,533,049) (1,306,530) (1,113,477) (304,455)
From accumulated net realized gains -- -- (281,649) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Preferred shareholders (1,533,049) (1,306,530) (1,395,126) (304,455)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ (445,832) $ 44,354 $ (785,461) $ 249,124
====================================================================================================================================
See accompanying notes to financial statements.
35
Statement of
CHANGES IN NET ASSETS (Unaudited)
FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF)
-------------------------------- --------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/05 6/30/05 12/31/05 6/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,799,398 $ 15,980,969 $ 6,587,273 $ 13,414,949
Net realized gain (loss) from investments 188,280 173,273 60,298 (1,167,083)
Net realized gain (loss) from forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation)
of investments (6,900,461) 15,407,096 (5,296,687) 15,972,684
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- -- --
Distributions to Preferred shareholders:
From net investment income (1,533,049) (1,892,045) (1,306,530) (1,638,023)
From accumulated net realized gains -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations (445,832) 29,669,293 44,354 26,582,527
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,990,205) (16,116,436) (5,885,127) (13,650,082)
From accumulated net realized gains -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (6,990,205) (16,116,436) (5,885,127) (13,650,082)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 155,704 472,933 42,932 201,370
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 155,704 472,933 42,932 201,370
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares (7,280,333) 14,025,790 (5,797,841) 13,133,815
Net assets applicable to Common shares at the
beginning of period 259,070,837 245,045,047 224,792,386 211,658,571
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $251,790,504 $259,070,837 $218,994,545 $224,792,386
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 209,162 $ 933,018 $ (9,606) $ 594,778
====================================================================================================================================
See accompanying notes to financial statements.
36
INSURED FLORIDA INSURED FLORIDA
PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF)
-------------------------------- --------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/05 6/30/05 12/31/05 6/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,940,733 $ 14,245,500 $ 1,744,213 $ 3,512,261
Net realized gain (loss) from investments 1,284,392 1,839,639 (15,067) 140,285
Net realized gain (loss) from forward swaps -- -- 533 (927,595)
Change in net unrealized appreciation (depreciation)
of investments (7,615,460) 10,371,791 (1,465,049) 4,741,998
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- 288,949 (189,875)
Distributions to Preferred shareholders:
From net investment income (1,113,477) (1,580,948) (304,455) (393,068)
From accumulated net realized gains from investments (281,649) (80,509) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations (785,461) 24,795,473 249,124 6,884,006
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,099,246) (13,587,141) (1,354,928) (3,101,579)
From accumulated net realized gains (2,071,684) (1,576,378) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (8,170,930) (15,163,519) (1,354,928) (3,101,579)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 162,557 181,928 5,146 9,910
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 162,557 181,928 5,146 9,910
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares (8,793,834) 9,813,882 (1,100,658) 3,792,337
Net assets applicable to Common shares at the
beginning of period 233,779,133 223,965,251 57,295,987 53,503,650
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $224,985,299 $233,779,133 $56,195,329 $57,295,987
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 1,487,010 $ 1,759,000 $ (83,049) $ (167,879)
====================================================================================================================================
See accompanying notes to financial statements.
37
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The Florida 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 or certain U.S. territories.
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 market 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 municipal bond or derivative investment, each Fund may use
a market price or fair market value quote provided by a major broker/dealer in
such investments. If it is determined that the market price or fair market value
for an investment is 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 investments are valued at amortized cost, which approximates
market value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any investments 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, 2005,
Insured Florida Tax-Free Advantage (NWF) had an outstanding delayed delivery
purchase commitment of $1,537,490. There were no such outstanding purchase
commitments in any of the other 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.
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.
38
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 paid by the Funds on each
Series is determined every seven days, pursuant to a dutch auction process
overseen by the auction agent, and is payable 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 are authorized to 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 accruals for which would begin at a specified date in the
future (the "effective date"). The amount of the payment obligation is based on
the notional amount of the forward swap contract, and would increase or decrease
in value based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date were to increase or
decrease. 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 ordinarily does not involve the delivery of securities or other
underlying assets or principal, but rather is settled in cash on a net basis.
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.
Insured Florida Tax-Free Advantage (NWF) invests at least 80% of its net assets
(including net assets attributable 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 attributable 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) 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.
39
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Bank Borrowings
The Funds' have an unsecured bank line of credit under which outstanding
balances bear interest at a variable rate. As of December 31, 2005, the Funds
were paying interest at 4.45% 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 Funds' organizational documents, their 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 INVESTMENT FLORIDA
QUALITY (NQF) QUALITY INCOME (NUF)
---------------------- ------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/05 6/30/05 12/31/05 6/30/05
- ---------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment
of distributions 9,854 30,216 2,715 12,874
=========================================================================================================
INSURED FLORIDA INSURED FLORIDA
PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF)
---------------------- ------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/05 6/30/05 12/31/05 6/30/05
- ---------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment
of distributions 9,933 11,023 339 670
=========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended December 31, 2005, were as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Purchases $4,717,650 $3,249,027 $13,583,763 $2,861,228
Sales and maturities 7,595,560 4,436,526 18,488,579 1,627,402
================================================================================
40
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, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions.
At December 31, 2005, 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 $354,328,022 $317,130,227 $312,396,772 $82,926,391
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at December 31, 2005, 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 $22,710,839 $14,036,988 $19,055,398 $3,103,181
Depreciation (338,058) (158,451) (306,230) (598,697)
- --------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation)
of investments $22,372,781 $13,878,537 $18,749,168 $2,504,484
================================================================================
The tax components of undistributed net investment income and net realized gains
at June 30, 2005, 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 * $1,923,322 $1,649,456 $2,637,928 $64,613
Undistributed net ordinary income ** -- -- -- --
Undistributed net long-term capital gains -- -- 1,619,961 --
=========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on June 1, 2005, paid on July 1, 2005.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal year ended June 30,
2005, 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 $18,170,882 $15,425,361 $15,228,310 $3,544,955
Distributions from net ordinary income ** -- -- 151,001 --
Distributions from net long-term capital gains -- -- 1,527,991 --
=========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
41
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
At June 30, 2005, 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
2013 2,475,431 1,167,083 35,264
- --------------------------------------------------------------------------------
Total $2,625,549 $1,180,675 $872,989
================================================================================
Insured Florida Tax-Free Advantage (NWF) elected to defer $223,382 of net
realized losses from investments incurred from November 1, 2004 through June 30,
2005 ("post-October losses") in accordance with Federal income tax regulations.
Post-October losses were treated as having arisen on the first day of the
current fiscal year.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., 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.
The annual fund-level fee, payable monthly, for each Fund 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
================================================================================
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
================================================================================
42
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 stated in the table below. As
of December 31, 2005, the complex-level fee rate was .1895%.
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.
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 EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on February 1, 2006, to shareholders of record
on January 15, 2006, as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Dividend per share $.0660 $.0635 $.0695 $.0575
================================================================================
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 Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
FLORIDA INVESTMENT
QUALITY (NQF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) $15.63 $ .47 $ (.41) $(.09) $ -- $ (.03) $ (.42) $ -- $ (.42)
2005 14.81 .96 .94 (.11) -- 1.79 (.97) -- (.97)
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)
FLORIDA QUALITY
INCOME (NUF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) 15.72 .46 (.37) (.09) -- -- (.41) -- (.41)
2005 14.81 .94 1.04 (.11) -- 1.87 (.96) -- (.96)
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)
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) 16.26 .48 (.44) (.08) (.02) (.06) (.42) (.14) (.56)
2005 15.59 .99 .86 (.11) (.01) 1.73 (.95) (.11) (1.06)
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)
INSURED FLORIDA
TAX-FREE ADVANTAGE (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) 14.76 .45 (.31) (.08) -- .06 (.35) -- (.35)
2005 13.78 .90 .98 (.10) -- 1.78 (.80) -- (.80)
2004 14.75 .93 (.99) (.05) -- (.11) (.86) -- (.86)
2003(b) 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:
2006(a) $ -- $15.18 $14.04 (6.72)% (.16)%
2005 -- 15.63 15.48 17.51 12.40
2004 -- 14.81 14.03 (9.61) .95
2003 -- 15.87 16.75 13.28 12.02
2002 -- 15.19 15.83 13.27 9.77
2001 -- 14.76 14.89 12.03 10.11
FLORIDA QUALITY
INCOME (NUF)
- ---------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) -- 15.31 13.88 (6.52) .04
2005 -- 15.72 15.27 17.42 12.89
2004 -- 14.81 13.84 (10.29) 1.29
2003 -- 15.75 16.60 11.56 11.45
2002 -- 15.23 15.99 13.80 8.15
2001 -- 15.02 14.97 12.58 9.37
INSURED FLORIDA
PREMIUM INCOME (NFL)
- ---------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) -- 15.64 15.03 (6.85) (.30)
2005 -- 16.26 16.74 25.54 11.33
2004 -- 15.59 14.24 (11.70) .46
2003 -- 16.57 17.22 16.05 12.10
2002 -- 15.66 15.71 14.29 8.13
2001 -- 15.30 14.54 18.32 13.09
INSURED FLORIDA
TAX-FREE ADVANTAGE (NWF)
- ---------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) -- 14.47 13.27 (4.60) .43
2005 -- 14.76 14.26 16.62 13.18
2004 -- 13.78 12.94 (13.56) (.79)
2003(b) (.22) 14.75 15.87 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:
2006(a) $251,791 1.20%* 6.11%* 1.19%* 6.12%* 1%
2005 259,071 1.23 6.26 1.22 6.27 15
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
FLORIDA QUALITY
INCOME (NUF)
- --------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) 218,995 1.22* 5.95* 1.22* 5.96* 1
2005 224,792 1.24 6.07 1.23 6.07 20
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
INSURED FLORIDA
PREMIUM INCOME (NFL)
- --------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) 224,985 1.17* 6.04* 1.17* 6.04* 4
2005 233,779 1.16 6.14 1.16 6.15 12
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
INSURED FLORIDA
TAX-FREE ADVANTAGE (NWF)
- --------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2006(a) 56,195 1.27* 5.66* .77* 6.16* 2
2005 57,296 1.24 5.77 .75 6.26 7
2004 53,504 1.25 6.04 .74 6.56 130
2003(b) 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:
2006(a) $132,000 $25,000 $72,688
2005 132,000 25,000 74,066
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
FLORIDA QUALITY
INCOME (NUF)
- --------------------------------------------------------------------
Year Ended 6/30:
2006(a) 117,000 25,000 71,794
2005 117,000 25,000 73,033
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
INSURED FLORIDA
PREMIUM INCOME (NFL)
- --------------------------------------------------------------------
Year Ended 6/30:
2006(a) 111,000 25,000 75,672
2005 111,000 25,000 77,653
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
INSURED FLORIDA
TAX-FREE ADVANTAGE (NWF)
- --------------------------------------------------------------------
Year Ended 6/30:
2006(a) 29,000 25,000 73,444
2005 29,000 25,000 74,393
2004 29,000 25,000 71,124
2003(b) 29,000 25,000 74,330
====================================================================
* Annualized.
** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. 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.
(a) For the six months ended December 31, 2005.
(b) For the period November 21, 2002 (commencement of operations) through June
30, 2003.
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 EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Closed-End 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
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
12-month period ended June 30, 2005, 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
References 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 expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's 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 Company
Boston, MA
TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust Company
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 $135 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
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/ETF o Interactive planning tools
Logo: NUVEEN Investments
ESA-A-1205D
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 Portfolio of Investments 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.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
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 8, 2006
-------------------------------------------------------------------
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 8, 2006
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: March 8, 2006
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.