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 811-7120
---------------------
Nuveen Insured Florida Premium Income 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, 2006
------------------
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, 2006
Nuveen Investments
Municipal Closed-End Funds
NUVEEN FLORIDA
INVESTMENT QUALITY
MUNICIPAL FUND
NQF
NUVEEN FLORIDA
QUALITY INCOME
MUNICIPAL FUND
NUF
NUVEEN INSURED
FLORIDA PREMIUM
INCOME MUNICIPAL
FUND
NFL
NUVEEN INSURED
FLORIDA TAX-FREE
ADVANTAGE
MUNICIPAL FUND
NWF
Photo of: Woman and man at the beach.
Photo of: A child.
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
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Photo of: Man and child
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the six-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.
For some time, I've used these letters to remind you that municipal bonds
can be an important building block in a well balanced investment portfolio.
In addition to providing attractive tax-free monthly income, a municipal
bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a
recognized way to try to reduce some of the risk that comes with investing.
For more information about this important investment strategy, I encourage
you to contact your personal financial advisor.
"IN ADDITION TO PROVIDING ATTRACTIVE TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND
INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER
PORTFOLIO DIVERSIFICATION."
We also are pleased to be able to offer you a choice concerning how you
receive your shareholder reports and other Fund information. As an
alternative to mailed copies, you can sign up to receive future Fund
reports and other Fund information by e-mail and the Internet. The inside
front cover of this report contains information on how you can sign up.
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. 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.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
February 15, 2007
Nuveen Investments Florida Municipal Closed-End Funds
(NQF, NUF, NFL, NWF)
Portfolio Manager's
COMMENTS
Portfolio manager Cathryn Steeves discusses key investment strategies and the
six month 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, 2006?
As the yield curve flattened during this six-month period, we continued to
emphasize a disciplined approach to duration1 management and yield curve
positioning. In selecting new additions for our portfolios, our activity focused
mainly on attractively priced bonds in the longer range of the yield curve. We
believe these bonds generally offered better value and reward opportunities more
commensurate with their risk levels. In addition, to help maintain the Funds'
durations within our preferred strategic range, we also were selectively selling
holdings with shorter durations in all the Funds.
During this six-month period we found opportunities in health care and
land-secured bonds. These bonds generally had attractive prices. At the same
time, we maintained the Funds' weightings of lower-quality bonds (with the
exception of NFL, whose portfolio consists only of insured or U.S. guaranteed
bonds). However, since lower-quality bonds performed well over this period, we
generally found few attractive purchase opportunities.
In NQF and NUF, our duration management strategies over the past six months also
included the use of forward interest rate swaps, a type of derivative financial
instrument. Our objective was to reduce the duration (and resulting pricing
sensitivity) of the Funds without having a negative impact on income or common
shares dividends over the short term. This strategy has been effective in
helping to reduce the net asset value (NAV) volatility of these Funds, and the
swaps remained in place as of December 31, 2006. In NWF, we removed an interest
rate hedge during the period as we had shortened the duration in line with our
strategic range. In NQF, NUF and NFL, we also purchased inverse floaters which
had the benefit of increasing the Funds' distributable income.
1 Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
4
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen Florida Funds, as well as relevant index and
peer group information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 12/31/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
- --------------------------------------------------------------------------------
FLORIDA FUNDS
- --------------------------------------------------------------------------------
NQF 6.24% 5.50% 7.40% 6.38%
- --------------------------------------------------------------------------------
NUF 6.07% 5.45% 7.25% 6.16%
- --------------------------------------------------------------------------------
Lehman Brothers Municipal
Bond Index3 4.55% 4.84% 5.53% 5.76%
- --------------------------------------------------------------------------------
INSURED FLORIDA FUNDS
- --------------------------------------------------------------------------------
NFL 5.17% 4.48% 6.65% 6.43%
- --------------------------------------------------------------------------------
NWF 6.30% 5.88% NA NA
- --------------------------------------------------------------------------------
Lehman Brothers Insured
Municipal Bond Index3 5.18% 5.44% 5.73% 5.83%
- --------------------------------------------------------------------------------
Lipper Florida
Municipal Debt Funds
Average4 5.69% 5.73% 6.83% 6.05%
- --------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one, five, 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.
For the six months ended December 31, 2006, the total returns on NAV for NQF,
NUF and NWF outperformed the return on Lehman Brothers Municipal Bond Index and
the Lehman Brothers Insured Municipal Bond Index, respectively. NFL performed in
line with the Lehman Brothers Insured Municipal Bond Index. NQF, NUF and NWF
also outperformed the average return for the Lipper Florida fund peer group,
while NFL underperformed the peer group.
As the yield curve continued to flatten over the course of this period, bonds
with shorter maturities generally underperformed longer maturity bonds,
generally benefiting the Nuveen Florida Funds. They had limited exposure to the
shortest maturities which was positive, and generally had an emphasis on
intermediate duration bonds which also was favorable. On the other hand, the
Funds had limited exposure to the very longest part of the curve, which had a
slight countervailing negative impact. NWF did see some benefit from the longer
duration that typically is found in newer Funds.
2 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.
3 The Lipper Florida Municipal Debt Funds category average is calculated
using the returns of all closed-end funds in this category for each period
as follows: 6 months, 19 funds, 1 year, 19 funds; 5 years, 14 funds; and 10
years, 11 funds. Fund and Lipper returns assume reinvestment of dividends.
5
With bonds rated BBB or lower and non-rated bonds generally outperforming other
credit quality sectors during this period, most of these Funds benefited from
their allocations of lower-quality credits. The performance of this sector was
largely the result of investor demand for the higher yields typically associated
with lower-quality bonds, which drove up their value and tightened credit
spreads. In this environment, we maintained the Funds' weightings of
lower-quality bonds. (As a 100% insured Fund, NFL did not hold any lower-quality
credits, which hurt its performance for this period.) Among the lower-rated
holdings making contributions to the Funds' total returns for this period were
health care bonds (including hospitals). On the other hand, housing bonds
underperformed over the period, which had a slightly negative impact on the
Funds' performance over this six-month period.
Another factor in the performance of these Funds over this six-month period,
especially relative to that of the unleveraged Lehman Brothers Municipal Bond
Index, was the use of financial leverage. While leverage can add volatility to a
Fund's NAV and share price, this strategy can also provide opportunities for
additional income and total return for common shareholders. The Funds' leverage
strategy positively impacted their results over this period.
6
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report use leverage to potentially
enhance opportunities for additional income for common shareholders. While the
Fund's leverage strategy continued to produce incremental income, the extent of
this benefit was reduced during this period as short-term rates rose, causing
the Funds' borrowing cost to rise, reducing some of the benefits of leverage.
This resulted in one monthly dividend reduction in NQF, NUF and NWF. However,
our duration lengthening strategies allowed us to raise the dividends in NQF and
NUF as the period continued. NFL's dividend remained unchanged throughout the
six-month period.
In addition, due to normal portfolio activity, common shareholders of NFL
received a long-term capital gain distribution of $0.0209 per share in December
2006. This distribution was generated by bonds calls and the sale of appreciated
securities. This had a slight negative impact on the Fund's earning power per
common share.
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, 2006, NFL had positive UNIIbalances for both financial
statement and, based on our best estimate, tax purposes, while NQF, NUF, and NWF
had positive UNIIbalances for tax purposes, based on our best estimate, and
negative UNIIbalances for financial statement purposes.
7
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
12/31/06 6-MONTH AVERAGE
DISCOUNT DISCOUNT
- --------------------------------------------------------------------------------
NQF -9.56% -10.41%
- --------------------------------------------------------------------------------
NUF -10.30% -11.43%
- --------------------------------------------------------------------------------
NFL -5.67% -5.57%
- --------------------------------------------------------------------------------
NWF -8.62% -7.50%
- --------------------------------------------------------------------------------
8
Nuveen Florida Investment Quality Municipal Fund
NQF
Performance
OVERVIEW As of December 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 82%
AA 7%
A 4%
BBB 4%
N/R 3%
Bar Chart:
2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.066
Feb 0.066
Mar 0.0625
Apr 0.0625
May 0.0625
Jun 0.058
Jul 0.058
Aug 0.058
Sep 0.056
Oct 0.056
Nov 0.0575
Dec 0.0575
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/06 14.14
14.22
14.34
14.51
14.7
14.55
14.61
14.27
14.61
14.25
14.25
14.1
14.15
14.02
13.96
13.66
13.59
13.63
13.61
13.57
13.53
13.48
13.56
13.38
13.05
13.06
13.02
13.18
13
13.02
13.33
13.36
13.48
13.61
13.51
13.74
13.71
13.53
13.56
13.65
13.65
13.48
13.39
13.54
13.57
13.89
13.8
13.81
13.83
13.97
13.95
13.86
13.72
13.81
14.08
14.1
14.15
14.15
14.15
14.15
14.1
14.0201
14.09
14.05
14.05
14.03
13.96
13.88
13.75
13.61
13.66
13.64
13.6
13.5401
13.52
13.59
13.59
13.57
13.57
13.54
13.63
13.63
13.6
13.59
13.57
13.59
13.61
13.65
13.58
13.57
13.55
13.57
13.51
13.6
13.47
13.49
13.53
13.5
13.48
13.42
13.4
13.48
13.42
13.45
13.51
13.56
13.4701
13.36
13.41
13.3301
13.38
13.36
13.28
13.21
13.09
13.05
13.06
13.1
13.09
13.04
13.06
12.9999
13
12.96
13.01
13.02
13.07
13.08
13.13
13.18
13.16
13.16
13.07
13.01
13
13
12.96
12.95
12.98
13.02
13.03
13.09
13.15
13.22
13.33
13.31
13.31
13.33
13.33
13.3601
13.42
13.49
13.5
13.6
13.48
13.55
13.55
13.63
13.62
13.61
13.49
13.4801
13.54
13.49
13.51
13.56
13.57
13.68
13.76
13.74
13.74
13.63
13.6
13.71
13.66
13.63
13.53
13.55
13.53
13.54
13.51
13.6
13.53
13.56
13.58
13.64
13.68
13.65
13.65
13.65
13.66
13.71
13.74
13.67
13.65
13.63
13.65
13.53
13.55
13.48
13.41
13.42
13.45
13.43
13.39
13.45
13.48
13.49
13.54
13.54
13.56
13.62
13.67
13.68
13.57
13.58
13.65
13.7
13.78
13.89
13.84
13.82
13.82
13.8399
13.8
13.8
13.82
13.81
13.83
13.7
13.75
13.83
13.92
13.97
14
14.02
14
13.97
13.95
14
14.03
13.91
13.85
13.86
13.8799
13.84
13.76
13.68
13.72
13.77
13.8001
13.72
13.81
12/31/06 13.81
FUND SNAPSHOT
- ------------------------------------
Common Share Price $13.81
- ------------------------------------
Common Share
Net Asset Value $15.27
- ------------------------------------
Premium/(Discount) to NAV -9.56%
- ------------------------------------
Market Yield 5.00%
- ------------------------------------
Taxable-Equivalent Yield1 6.94%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $253,265
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.30
- ------------------------------------
Leverage-Adjusted Duration 9.07
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/21/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 8.75% 6.24%
- ------------------------------------
1-Year 3.60% 5.50%
- ------------------------------------
5-Year 4.35% 7.40%
- ------------------------------------
10-Year 4.83% 6.38%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 31.7%
- ------------------------------------
Transportation 23.1%
- ------------------------------------
U.S. Guaranteed 14.0%
- ------------------------------------
Health Care 7.3%
- ------------------------------------
Water and Sewer 6.7%
- ------------------------------------
Utilities 5.9%
- ------------------------------------
Tax Obligation/General 5.1%
- ------------------------------------
Other 6.2%
- ------------------------------------
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, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 78%
AA 10%
A 5%
BBB 4%
N/R 3%
Bar Chart:
2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.0635
Feb 0.0635
Mar 0.06
Apr 0.06
May 0.06
Jun 0.056
Jul 0.056
Aug 0.056
Sep 0.0535
Oct 0.0535
Nov 0.055
Dec 0.055
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/06 13.94
14.01
14.15
14.17
14.27
14.29
14.48
14.39
14.52
14.01
13.85
13.77
13.92
13.81
13.9
13.65
13.7
13.62
13.54
13.35
13.4
13.43
13.46
13.35
13.1
12.98
13.07
12.99
12.96
13.19
13.34
13.36
13.34
13.54
13.47
13.71
13.6
13.47
13.59
13.73
13.67
13.48
13.46
13.6
13.67
13.69
13.77
13.77
13.77
13.89
13.97
13.86
13.8
13.84
13.77
13.81
13.92
13.87
13.84
13.86
13.75
13.81
13.76
13.89
13.98
13.92
13.9
13.83
13.58
13.53
13.65
13.57
13.61
13.6
13.6
13.7
13.6
13.48
13.6
13.49
13.62
13.62
13.6
13.5
13.52
13.46
13.54
13.53
13.56
13.46
13.4
13.35
13.42
13.45
13.32
13.42
13.4
13.5
13.5
13.44
13.38
13.43
13.4
13.49
13.54
13.46
13.55
13.48
13.38
13.31
13.35
13.35
13.3
13.13
13.06
13.1
13.09
13.1
13.04
13.01
12.98
12.9
12.94
12.9
12.97
13.07
13.14
13
12.96
12.99
12.97
13.04
12.98
13.07
12.96
13.02
13.02
13
13.03
13.19
13.16
13.19
13.23
13.28
13.34
13.31
13.34
13.35
13.34
13.36
13.35
13.33
13.31
13.36
13.3399
13.35
13.36
13.41
13.51
13.54
13.57
13.56
13.48
13.48
13.47
13.47
13.5
13.61
13.68
13.71
13.62
13.54
13.52
13.6
13.56
13.61
13.48
13.41
13.47
13.43
13.5001
13.59
13.56
13.59
13.6
13.71
13.73
13.77
13.73
13.73
13.73
13.74
13.71
13.7
13.67
13.69
13.67
13.59
13.49
13.48
13.45
13.49
13.47
13.46
13.46
13.53
13.5
13.52
13.57
13.6
13.64
13.72
13.76
13.7604
13.67
13.59
13.64
13.61
13.63
13.69
13.61
13.67
13.75
13.77
13.77
13.79
13.77
13.77
13.77
13.75
13.8
13.86
13.88
13.89
13.92
13.92
13.9699
13.99
13.97
13.99
14.01
13.93
13.86
13.86
13.82
13.82
13.8
13.81
13.8
13.82
13.87
13.78
13.84
12/31/06 13.84
FUND SNAPSHOT
- ------------------------------------
Common Share Price $13.84
- ------------------------------------
Common Share
Net Asset Value $15.43
- ------------------------------------
Premium/(Discount) to NAV -10.30%
- ------------------------------------
Market Yield 4.77%
- ------------------------------------
Taxable-Equivalent Yield1 6.63%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $220,623
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.92
- ------------------------------------
Leverage-Adjusted Duration 8.31
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/17/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 8.45% 6.07%
- ------------------------------------
1-Year 4.83% 5.45%
- ------------------------------------
5-Year 4.30% 7.25%
- ------------------------------------
10-Year 5.15% 6.16%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 26.0%
- ------------------------------------
Transportation 23.1%
- ------------------------------------
Health Care 9.1%
- ------------------------------------
Education and Civic
Organizations 8.5%
- ------------------------------------
U.S. Guaranteed 7.4%
- ------------------------------------
Utilities 6.2%
- ------------------------------------
Tax Obligation/General 5.5%
- ------------------------------------
Housing/Multifamily 5.4%
- ------------------------------------
Other 8.8%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. 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, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 89%
U.S. Guaranteed 8%
FHA/FNMA/GNMA Guaranteed 3%
Bar Chart:
2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Jan 0.0695
Feb 0.0695
Mar 0.066
Apr 0.066
May 0.066
Jun 0.063
Jul 0.063
Aug 0.063
Sep 0.063
Oct 0.063
Nov 0.063
Dec 0.063
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/06 15.15
15.47
15.64
15.81
15.92
16.04
16.23
16.1
16.2
15.65
15.5
15.48
15.32
15.19
15.28
15.32
15.01
15.06
14.86
14.5
14.34
14.02
14.11
14.2
13.99
13.9
13.74
13.9
13.9
14.1
14.35
14.71
14.56
14.61
14.58
14.6
14.53
14.46
14.75
14.65
14.75
14.68
14.62
14.89
14.83
14.99
14.97
15.12
15.01
15.05
15.04
14.7
14.56
14.64
15.41
15.32
15.32
15.27
15.1
15.13
15.06
15.19
15.2
15.31
15.29
15.29
15.28
15.32
15.3
15.19
15.32
15.35
15.24
15.18
15.04
15.01
14.98
14.87
14.86
14.85
15.06
15.06
14.89
14.75
14.81
14.8
14.86
14.79
14.71
14.63
14.49
14.5
14.43
14.48
14.35
14.45
14.34
14.39
14.23
14.19
13.99
14.02
13.82
13.98
14
14.11
14.15
14.18
14.17
14.13
14.2
14.17
14.15
14.05
13.97
13.99
14.01
14.02
13.95
13.88
13.9
13.86
13.85
13.82
13.77
13.74
13.9
13.92
13.85
13.9
13.85
13.88
13.85
13.9
13.9
13.95
13.98
14.18
14.07
14.1
14.16
14.19
14.311
14.37
14.35
14.4
14.42
14.54
14.59
14.71
14.61
14.43
14.42
14.59
14.56
14.6
14.55
14.55
14.52
14.61
14.55
14.55
14.57
14.6
14.58
14.58
14.6
14.6
14.62
14.6
14.62
14.4
14.43
14.53
14.53
14.63
14.55
14.51
14.46
14.57
14.65
14.79
14.75
14.75
14.61
14.74
14.76
14.59
14.65
14.65
14.65
14.73
14.85
14.77
14.75
14.81
14.79
14.77
14.66
14.68
14.69
14.66
14.67
14.59
14.62
14.7492
14.78
14.8
14.85
14.89
14.86
14.87
14.93
14.89
14.83
14.86
14.95
15.04
15.01
14.99
14.97
15
14.96
14.95
14.97
15.03
15.09
15.12
15.005
15.02
15.03
15.0299
15.05
15.05
15.09
15.09
15.15
15.1
15.04
15.04
14.97
14.77
14.68
14.7
14.76
14.62
14.6
14.6
14.56
14.55
14.59
14.61
14.64
12/31/06 14.64
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.64
- ------------------------------------
Common Share
Net Asset Value $15.52
- ------------------------------------
Premium/(Discount) to NAV -5.67%
- ------------------------------------
Market Yield 5.16%
- ------------------------------------
Taxable-Equivalent Yield1 7.17%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $223,429
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.62
- ------------------------------------
Leverage-Adjusted Duration 7.14
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 9.47% 5.17%
- ------------------------------------
1-Year 2.77% 4.48%
- ------------------------------------
5-Year 5.70% 6.65%
- ------------------------------------
10-Year 7.07% 6.43%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 41.3%
- ------------------------------------
Water and Sewer 19.1%
- ------------------------------------
Transportation 11.1%
- ------------------------------------
Housing/Multifamily 8.8%
- ------------------------------------
U.S. Guaranteed 8.5%
- ------------------------------------
Other 11.2%
- ------------------------------------
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 paid shareholders a capital gains distribution in December 2006 of
$0.0209 per share.
11
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
NWF
Performance
OVERVIEW As of December 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 82%
U.S. Guaranteed 12%
FHA/FNMA/GNMA Guaranteed 1%
AA (Uninsured) 2%
BBB (Uninsured) 1%
N/R (Uninsured) 2%
Bar Chart:
2006 Monthly Tax-Free Dividends Per Share
Jan 0.0575
Feb 0.0575
Mar 0.0575
Apr 0.0575
May 0.0575
Jun 0.0575
Jul 0.0575
Aug 0.0575
Sep 0.0545
Oct 0.0545
Nov 0.0545
Dec 0.0545
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/01/06 13.45
13.71
13.76
13.6
13.77
13.73
13.75
13.72
13.68
13.72
13.7
13.75
13.86
13.81
13.89
13.74
13.85
13.64
13.5
13.17
13.06
13
13.23
13.55
13.35
13.2
13.37
13.46
13.33
13.32
13.48
13.78
13.51
13.5
13.49
13.44
13.27
13.24
13.36
13.65
13.36
13.3
13.18
13.21
13.31
13.5
13.43
13.4
13.4
13.48
13.56
13.45
13.33
13.36
13.77
13.8
13.86
13.83
13.7
13.72
13.69
13.81
13.68
13.68
13.92
13.9
13.89
13.95
13.95
13.75
13.74
13.8
13.86
13.71
13.79
13.85
13.7508
13.7
13.75
13.7
13.64
13.64
13.68
13.57
13.68
13.68
13.5
13.38
13.31
13.23
13.17
13.17
13.11
13.1
13.13
12.96
13.06
12.96
13.2
12.98
12.96
13
13
13
13.06
13.23
13.4
13.7
13.51
13.51
13.55
13.73
13.47
13.47
13.31
13.35
13.25
13.2101
13.23
13.2
13.2
13.35
13.31
13.42
13.28
13.37
13.5
13.59
13.47
13.46
13.4
13.41
13.21
13.25
13.33
13.29
13.09
13.1
13.29
13.32
13.47
13.44
13.53
13.6
13.48
13.44
13.5
13.51
13.6
13.78
13.61
13.53
13.44
13.55
13.51
13.47
13.46
13.5
13.5
13.5
13.43
13.18
13.21
13.23
13.49
13.57
13.51
13.46
13.52
13.44
13.33
13.26
13.23
13.27
13.25
13.25
13.2
13.2
13.24
13.25
13.22
13.45
13.3889
13.36
13.38
13.52
13.63
13.65
13.65
13.65
13.65
13.66
13.55
13.51
13.36
13.4
13.45
13.42
13.49
13.3
13.15
13.24
13.34
13.32
13.18
13.19
13.2
13.24
13.18
13.21
13.24
13.27
13.32
13.4
13.31
13.36
13.53
13.5
13.51
13.5
13.5
13.5
13.47
13.41
13.43
13.44
13.41
13.4001
13.4
13.41
13.4
13.36
13.42
13.48
13.49
13.5799
13.52
13.53
13.56
13.52
13.52
13.41
13.45
13.45
13.42
13.31
13.32
13.34
13.33
13.37
13.33
13.31
13.36
12/31/06 13.36
FUND SNAPSHOT
- ------------------------------------
Common Share Price $13.36
- ------------------------------------
Common Share
Net Asset Value $14.62
- ------------------------------------
Premium/(Discount) to NAV -8.62%
- ------------------------------------
Market Yield 4.90%
- ------------------------------------
Taxable-Equivalent Yield1 6.81%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $56,742
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.51
- ------------------------------------
Leverage-Adjusted Duration 8.11
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 2.43% 6.30%
- ------------------------------------
1-Year 5.84% 5.88%
- ------------------------------------
Since
Inception 2.50% 5.92%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 46.9%
- ------------------------------------
Water and Sewer 13.7%
- ------------------------------------
U.S. Guaranteed 11.7%
- ------------------------------------
Education and Civic
Organizations 10.0%
- ------------------------------------
Transportation 7.3%
- ------------------------------------
Other 10.4%
- ------------------------------------
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.
12
Shareholder
MEETING REPORT
The shareholder meeting was held in the offices of Nuveen Investments on
November 14, 2006.
NQF NUF
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 15,096,556 -- 12,829,108 --
Withhold 320,655 -- 301,328 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
Lawrence H. Brown
For 15,090,556 -- 12,840,857 --
Withhold 326,655 -- 289,579 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
Jack B. Evans
For 15,094,535 -- 12,843,940 --
Withhold 322,676 -- 286,496 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
William C. Hunter
For 15,102,412 -- 12,829,179 --
Withhold 314,799 -- 301,257 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
David J. Kundert
For 15,099,619 -- 12,829,466 --
Withhold 317,592 -- 300,970 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
William J. Schneider
For -- 5,219 -- 4,527
Withhold -- 8 -- 9
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,227 -- 4,536
====================================================================================================================================
Timothy R. Schwertfeger
For -- 5,219 -- 4,527
Withhold -- 8 -- 9
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,227 -- 4,536
====================================================================================================================================
Judith M. Stockdale
For 15,096,829 -- 12,829,476 --
Withhold 320,382 -- 300,960 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
Eugene S. Sunshine
For 15,106,391 -- 12,829,179 --
Withhold 310,820 -- 301,257 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,417,211 -- 13,130,436 --
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NFL NWF
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 13,372,655 -- 3,796,635 --
Withhold 152,286 -- 37,956 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
Lawrence H. Brown
For 13,359,958 -- 3,796,135 --
Withhold 164,983 -- 38,456 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
Jack B. Evans
For 13,379,845 -- 3,796,633 --
Withhold 145,096 -- 37,958 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
William C. Hunter
For 13,376,105 -- 3,803,135 --
Withhold 148,836 -- 31,456 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
David J. Kundert
For 13,376,101 -- 3,794,635 --
Withhold 148,840 -- 39,956 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
William J. Schneider
For -- 4,258 -- 1,159
Withhold -- 53 -- 1
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,311 -- 1,160
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,254 -- 1,159
Withhold -- 57 -- 1
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,311 -- 1,160
====================================================================================================================================
Judith M. Stockdale
For 13,370,028 -- 3,795,745 --
Withhold 154,913 -- 38,846 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
Eugene S. Sunshine
For 13,372,455 -- 3,794,635 --
Withhold 152,486 -- 39,956 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13,524,941 -- 3,834,591 --
====================================================================================================================================
14
Nuveen Florida Investment Quality Municipal Fund (NQF)
Portfolio of
INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1% (1.2% OF TOTAL INVESTMENTS)
$ 5,000 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 5,239,850
Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 3.4% (2.0% OF TOTAL INVESTMENTS)
2,000 Broward County Educational Facilities Authority, Florida, 4/14 at 100.00 BBB 2,133,360
Revenue Bonds, Nova Southeastern University, Series 2004B,
5.625%, 4/01/34
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 2,443,980
3,305 5.000%, 4/01/22 - AMBAC Insured 4/14 at 100.00 AAA 3,507,960
575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 599,282
Industrial Development Revenue Bonds, P.M. Wells Charter
School Project, Series 2001A, 5.000%, 8/01/23 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,170 Total Education and Civic Organizations 8,684,582
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.4% (7.3% OF TOTAL INVESTMENTS)
1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,038,520
Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/34
Halifax Hospital Medical Center, Florida, Revenue Bonds,
Series 2006:
1,000 5.250%, 6/01/26 6/16 at 100.00 BBB+ 1,057,440
3,385 5.000%, 6/01/38 6/16 at 100.00 BBB+ 3,465,360
3,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 3,114,210
Revenue Bonds, Adventist Health System, Series 2005B,
5.000%, 11/15/30
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 1,053,020
2,330 5.250%, 10/01/34 10/13 at 100.00 A3 2,443,238
1,185 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 1,249,014
Hospital Revenue Bonds, Tampa General Hospital, Series 2006,
5.250%, 10/01/41
2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 BBB+ 2,451,041
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 3,141,480
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- 588,357
Improvement Bonds, Series 2001, 6.000%, 1/15/31
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 3,586,331
2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,466,898
5,375 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- 5,779,308
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
29,920 Total Health Care 31,434,217
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 0.6% (0.3% OF TOTAL INVESTMENTS)
1,090 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA 1,127,289
Housing Revenue Bonds, Emerald Palms Apartments,
Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
135 Florida Housing Finance Agency, General Mortgage Revenue 6/07 at 100.00 AA 137,804
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
1,225 Total Housing/Multifamily 1,265,093
- ------------------------------------------------------------------------------------------------------------------------------------
15
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.0% (0.6% OF TOTAL INVESTMENTS)
$ 460 Florida Housing Finance Agency, Homeowner Mortgage Revenue 1/07 at 102.00 AA $ 464,973
Bonds, New Money and Refunding Issue, Series 1996-2,
6.350%, 7/01/28 (Alternative Minimum Tax)
1,160 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102.00 AAA 1,171,472
Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 - MBIA
Insured (Alternative Minimum Tax)
1,000 Florida Housing Finance Corporation, Homeowner Mortgage 1/16 at 100.00 Aa1 998,540
Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
2,620 Total Housing/Single Family 2,634,985
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.1% (0.7% OF TOTAL INVESTMENTS)
St. John's County Industrial Development Authority, Florida,
First Mortgage Revenue Bonds, Presbyterian Retirement
Communities, Series 2004A:
1,125 5.850%, 8/01/24 8/14 at 101.00 N/R 1,229,018
1,565 5.625%, 8/01/34 8/14 at 101.00 N/R 1,647,272
- ------------------------------------------------------------------------------------------------------------------------------------
2,690 Total Long-Term Care 2,876,290
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.3% (1.4% OF TOTAL INVESTMENTS)
5,400 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 5,930,928
Exempt Facilities Remarketed Revenue Bonds, National
Gypsum Company, Apollo Beach Project, Series 2000B,
7.125%, 4/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.8% (5.1% OF TOTAL INVESTMENTS)
1,500 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA 1,585,905
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 2,220,150
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 9,734,604
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, 6/12 at 100.00 AAA 8,622,480
Public Education Capital Outlay Refunding Bonds,
Series 2002D, 5.375%, 6/01/16
- ------------------------------------------------------------------------------------------------------------------------------------
20,810 Total Tax Obligation/General 22,163,139
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 54.2% (31.7% OF TOTAL INVESTMENTS)
2,675 Bartram Springs Community Development District, Duval 5/16 at 100.00 N/R 2,656,596
County, Florida, Special Assessment Bonds, Series 2006,
4.750%, 5/01/34
5,625 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 6,109,256
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 1,767,564
Series 2005, 5.000%, 10/01/23 - MBIA Insured
1,280 Florida Intergovernmental Finance Commission, Capital Revenue 8/11 at 100.00 Aaa 1,335,898
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 1,780,371
5.000%, 5/01/22 - MBIA Insured
5,000 Florida Ports Financing Commission, Revenue Bonds, State 6/07 at 101.00 AAA 5,078,950
Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 -
MBIA Insured (Alternative Minimum Tax)
3,000 Florida State Department of Management Services, Certificates 8/15 at 101.00 AAA 3,201,150
of Participation, Series 2006A, 5.000%, 8/01/23 - MBIA Insured
5,000 Hernando County, Florida, Revenue Bonds, Criminal Justice No Opt. Call AAA 6,526,100
Complex Financing Program, Series 1986, 7.650%, 7/01/16 -
FGIC Insured
1,575 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AAA 1,674,005
Revenue Bonds, Series 2004, 5.000%, 5/01/24 -
AMBAC Insured
2,190 Hillsborough County, Florida, Revenue Refunding Bonds, 10/15 at 100.00 AAA 2,334,474
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 5,436,611
Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA $ 2,108,100
Refunding and Improvement Bonds, Series 2002,
5.000%, 10/01/22 - FGIC Insured
3,000 Miami-Dade County School Board, Florida, Certificates 11/16 at 100.00 AAA 3,177,990
of Participation, Series 2006B, 5.000%, 11/01/31 -
AMBAC Insured
Miami-Dade County, Florida, Beacon Tradeport Community
Development District, Special Assessment Bonds, Commercial
Project, Series 2002A:
2,275 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,442,417
1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,848,053
1,000 Orange County School Board, Florida, Certificates of 8/16 at 100.00 AAA 1,058,930
Participation, Series 2006A, 5.000%, 8/01/30 - FGIC Insured
Orlando Community Redevelopment Agency, Florida, Tax Increment
Revenue Bonds, Republic Drive-Universal Boulevard - I-4
Interchange Project, Series 2002:
1,495 5.125%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,585,193
1,225 5.125%, 4/01/21 - AMBAC Insured 4/12 at 100.00 AAA 1,300,093
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Series 2004:
3,745 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 Aaa 3,974,980
2,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 2,118,940
4,000 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 4,154,760
Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured
2,560 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,704,589
Participation, Series 2004A, 5.000%, 8/01/23 - FGIC Insured
4,490 Palm Beach County, Florida, Public Improvement Revenue 6/15 at 100.00 AAA 4,766,988
Bonds, Biomedical Research Park Project, Series 2005A,
5.000%, 6/01/25 - AMBAC Insured
2,500 Polk County School District, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 2,736,100
Series 2004, 5.250%, 10/01/18 - FSA Insured
650 Sonoma Bay Community Development District, Florida, Special 5/15 at 100.00 N/R 658,418
Assessment Bonds, Series 2005A, 5.450%, 5/01/36
South Florida Water Management District, Certificates of
Participation, Series 2006:
15,000 5.000%, 10/01/31 - AMBAC Insured (UB) 10/16 at 100.00 AAA 15,908,250
30,000 5.000%, 10/01/36 - AMBAC Insured (UB) 10/16 at 100.00 AAA 31,742,850
2,750 St. John's County, Florida, Transportation Improvement 10/13 at 100.00 AAA 2,914,560
Revenue 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 1,474,375
2,835 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,447,388
8,605 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 9,332,553
Bonds, Series 2002, 5.375%, 10/01/15 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
127,790 Total Tax Obligation/Limited 137,356,502
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 39.6% (23.1% OF TOTAL INVESTMENTS)
11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 12,068,905
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 2,270,723
Series 2004L, 5.000%, 10/01/23 - AMBAC Insured
3,500 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 4/07 at 102.00 AAA 3,574,760
5.750%, 10/01/26 - MBIA Insured (Alternative Minimum Tax)
6,000 Florida State Turnpike Authority, Turnpike Revenue Bonds, 7/13 at 101.00 Aa2 6,296,400
Department of Transportation, Series 2003C, 5.000%, 7/01/33
12,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/09 at 101.00 AAA 12,330,360
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 4,184,880
Revenue Bonds, Series 2002B, 5.125%, 10/01/21 -
FSA Insured (Alternative Minimum Tax)
17
Nuveen Florida Investment Quality Municipal Fund (NQF) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,500 Lee County, Florida, Airport Revenue Bonds, Series 2006, 10/15 at 100.00 AAA $ 2,632,925
5.000%, 10/01/33 - FSA Insured
6,690 Miami-Dade County Expressway Authority, Florida, Toll System 7/14 at 100.00 AAA 7,126,790
Revenue Bonds, Series 2004B, 5.000%, 7/01/20 - FGIC Insured
17,430 Miami-Dade County Expressway Authority, Florida, Toll System 7/16 at 100.00 AAA 18,576,894
Revenue Bonds, Series 2006, 5.000%, 7/01/31 -
AMBAC Insured (UB)
1,750 Miami-Dade County Industrial Development Authority, Florida, 10/09 at 101.00 AAA 1,863,680
Industrial Development Revenue Bonds, Airis Miami II LLC -
Miami International Airport, Series 1999, 6.000%, 10/15/25 -
AMBAC Insured (Alternative Minimum Tax)
16,825 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/15 at 100.00 AAA 17,638,152
Miami International Airport, Series 2005A, 5.000%, 10/01/38 -
CIFG Insured (Alternative Minimum Tax) (UB)
5,390 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 5,886,203
Miami International Airport, Series 2002, 5.750%, 10/01/18 -
FGIC Insured (Alternative Minimum Tax)
5,360 Tampa-Hillsborough County Expressway Authority, Florida, 7/15 at 101.00 AAA 5,848,350
Revenue Bonds, Series 2005, 5.000%, 7/01/16 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
95,095 Total Transportation 100,299,022
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 24.0% (14.0% OF TOTAL INVESTMENTS) (4)
7,225 Dade County, Florida, Special Obligation and Refunding Bonds, 10/08 at 48.83 AAA 3,313,457
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 21,446,597
Bonds, Ascension Health Credit Group, Series 1999A-2,
6.000%, 11/15/31 (Pre-refunded 11/15/09)
375 Florida Housing Finance Agency, Housing Revenue Bonds, 3/07 at 102.00 AAA 383,831
Mariner Club Apartments, Series 1996K-1, 6.375%, 9/01/36
(Pre-refunded 3/01/07) - AMBAC Insured (Alternative
Minimum Tax)
4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ (4) 5,105,402
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2001A, 6.000%, 11/15/31
(Pre-refunded 11/15/11)
5,450 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- (4) 5,966,987
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) 6,640,860
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10)
3,695 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A (4) 4,072,740
Revenue Bonds, Orlando Regional Healthcare System,
Series 2002, 5.750%, 12/01/27 (Pre-refunded 12/01/12)
4,625 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 (4) 4,985,103
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18
(Pre-refunded 10/01/11)
4,295 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 (4) 4,649,767
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18
(Pre-refunded 10/01/12)
3,570 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 4,185,397
and Improvement Bonds, Series 1992, 6.000%, 10/01/19 -
MBIA Insured (ETM)
- ------------------------------------------------------------------------------------------------------------------------------------
59,835 Total U.S. Guaranteed 60,750,141
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.1% (5.9% OF TOTAL INVESTMENTS)
1,000 Florida Municipal Power Agency, Power Supply Revenue Bonds, No Opt. Call Aaa 1,057,720
All Requirements Project, Series 2006A, 5.000%, 10/01/11 -
FSA Insured
4,330 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 4,512,293
Florida, Pollution Control Revenue Bonds, Tampa Electric
Company Project, Series 2002, 5.100%, 10/01/13
1,050 Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, 10/10 at 100.00 Aaa 1,094,216
Series 2002, 5.000%, 4/01/17 - AMBAC Insured
4,250 Lakeland, Florida, Energy System Revenue Refunding Bonds, No Opt. Call AAA 4,682,565
Series 1999C, 6.050%, 10/01/11 - FGIC Insured
5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 5,406,750
Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10
2,720 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 2,913,310
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 5,550 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA $ 5,913,470
Series 2002II, 5.125%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
23,900 Total Utilities 25,580,324
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.5% (6.7% OF TOTAL INVESTMENTS)
3,310 Cocoa, Florida, Water and Sewerage System Revenue No Opt. Call AAA 3,897,955
Refunding Bonds, Series 2003, 5.500%, 10/01/23 -
AMBAC Insured
1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, 2/07 at 101.00 AAA 1,012,040
United 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 1,628,822
Bonds, Series 2003A, 5.000%, 10/01/20 - MBIA Insured
8,300 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 8,545,680
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
1,175 Naples, Florida, Water and Sewer Revenue Bonds, 9/12 at 100.00 Aa2 1,251,833
Series 2002, 5.000%, 9/01/14
705 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 756,416
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18
2,060 Polk County, Florida, Utility System Revenue Bonds, 10/13 at 100.00 Aaa 2,224,903
Series 2003, 5.250%, 10/01/22 - FGIC Insured
2,780 Riviera Beach, Palm Beach County, Florida, Water and 10/14 at 100.00 Aaa 2,949,358
Sewerage 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 2,421,624
Series 2005A, 5.000%, 10/01/27 - FGIC Insured
1,680 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 1,958,930
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
Winter Springs, Florida, Water and Sewer Revenue
Refunding Bonds, Series 2001:
700 5.250%, 4/01/16 - MBIA Insured 4/11 at 101.00 AAA 747,733
1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,670,257
- ------------------------------------------------------------------------------------------------------------------------------------
27,095 Total Water and Sewer 29,065,551
- ------------------------------------------------------------------------------------------------------------------------------------
$ 409,550 Total Investments (cost $410,029,395) - 171.1% 433,280,624
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (20.9)% (52,835,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 4,819,659
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.1)% (132,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 253,265,283
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT DECEMBER 31, 2006:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) DATE (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $6,000,000 Receive BMA 3.941% Quarterly 11/06/07 11/06/32 $50,003
====================================================================================================================================
BMA - The daily arithmetic average of the weekly BMA(Bond Market Association)
Municipal Swap Index.
(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 BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
19
Nuveen Florida Quality Income Municipal Fund (NUF)
Portfolio of
INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.3% (8.5% OF TOTAL INVESTMENTS)
Broward County Educational Facilities Authority, Florida, Revenue
Bonds, Nova Southeastern University, Series 2004B:
$ 1,000 5.500%, 4/01/24 4/14 at 100.00 BBB $ 1,065,700
500 5.625%, 4/01/34 4/14 at 100.00 BBB 533,340
2,000 Florida Board of Education, Lottery Revenue Bonds, 7/11 at 101.00 AAA 2,112,420
Series 2001B, 5.000%, 7/01/20 - FGIC Insured
14,985 Florida State Board of Education, State University System 7/15 at 101.00 AAA 15,964,869
Revenue Bonds, Series 2006A, 5.000%, 7/01/30 -
FGIC Insured (UB)
2,580 Florida State Education System, Housing Facility Revenue No Opt. Call AAA 2,790,141
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 2,522,563
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 4,157,458
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 2,438,595
Athletic Association, Series 2004A, 5.125%, 10/01/21 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
29,590 Total Education and Civic Organizations 31,585,086
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.4% (9.1% OF TOTAL INVESTMENTS)
1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,038,520
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 1,650,975
Bonds, Citrus Memorial Hospital, Series 2002, 6.375%, 8/15/32
Halifax Hospital Medical Center, Florida, Revenue Bonds,
Series 2006:
1,000 5.250%, 6/01/26 6/16 at 100.00 BBB+ 1,057,440
3,000 5.000%, 6/01/38 6/16 at 100.00 BBB+ 3,071,220
1,000 Highlands County Health Facilities Authority, Florida, 11/15 at 100.00 A+ 1,036,580
Hospital Revenue Bonds, Adventist Health System,
Series 2005C, 5.000%, 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 526,510
1,590 5.250%, 10/01/34 10/13 at 100.00 A3 1,667,274
1,180 Hillsborough County Industrial Development Authority, 10/16 at 100.00 A3 1,243,744
Florida, Hospital Revenue Bonds, Tampa General Hospital,
Series 2006, 5.250%, 10/01/41
2,000 Hillsborough County Industrial Development Authority, 10/13 at 100.00 A3 2,120,460
Florida, Hospital Revenue Refunding Bonds, Tampa
General Hospital, Series 2003A, 5.250%, 10/01/24
8,500 Jacksonville Economic Development Commission, Florida, 11/11 at 101.00 AA 9,130,785
Healthcare Facilities Revenue Bonds, Mayo Clinic,
Series 2001A, 5.500%, 11/15/36
2,000 Lakeland, Florida, Hospital System Revenue Bonds, Lakeland 11/16 at 100.00 A2 2,070,060
Regional Medical Center, Series 2006, 5.000%, 11/15/32
3,430 Leesburg, Florida, Hospital Revenue Refunding Bonds, No Opt. Call BBB+ 3,563,633
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- 882,536
Improvement Bonds, Series 2001, 6.000%, 1/15/31
4,625 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- 4,972,893
Bonds, Series 2002, 5.625%, 5/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
32,150 Total Health Care 34,032,630
- ------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 9.1% (5.4% OF TOTAL INVESTMENTS)
Broward County Housing Finance Authority, Florida, GNMA
Collateralized Multifamily Housing Revenue Refunding Bonds,
Tamarac Pointe Apartments, Series 1996:
$ 1,500 6.250%, 7/01/26 1/07 at 102.00 AAA $ 1,531,845
1,000 6.300%, 1/01/32 1/07 at 102.00 AAA 1,021,090
120 Florida Housing Finance Agency, General Mortgage Revenue 6/07 at 100.00 AA 122,492
Refunding Bonds, Series 1992A, 6.400%, 6/01/24
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 101.00 AAA 1,009,820
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 6,103,123
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 AA 3,204,363
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 3,830,848
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, 1/08 at 100.00 AAA 3,273,793
Multifamily Housing Revenue Bonds, Emerald Bay Apartments,
Series 1998A, 5.000%, 4/01/28 (Mandatory put 4/01/08)
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
19,450 Total Housing/Multifamily 20,097,374
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.1% (0.5% OF TOTAL INVESTMENTS)
585 Broward County Housing Finance Authority, Florida, 4/10 at 25.36 Aaa 124,043
Single Family Mortgage Revenue Bonds, Series 2001C,
0.000%, 4/01/33 (Alternative Minimum Tax)
425 Broward County Housing Finance Authority, Florida, 4/09 at 25.51 Aaa 93,011
Single Family Mortgage Revenue Refunding Bonds,
Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax)
285 Florida Housing Finance Agency, GNMA Collateralized No Opt. Call AAA 300,507
Home Ownership Revenue Refunding Bonds, Series 1987G-1,
8.595%, 11/01/17
1,000 Florida Housing Finance Corporation, Homeowner Mortgage 1/16 at 100.00 Aa1 998,540
Revenue Bonds, Series 2006-6, 4.625%, 7/01/31
(Alternative Minimum Tax)
85 Lee County Housing Finance Authority, Florida, Single 3/07 at 105.00 Aaa 86,295
Family Mortgage Revenue Bonds, Multi-County Program,
Series 1997A, Subseries 1, 7.200%, 3/01/27
(Alternative Minimum Tax)
30 Miami-Dade County Housing Authority, Florida, Home Owner 4/08 at 101.50 Aaa 30,554
Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19
(Alternative Minimum Tax)
670 Orange County Housing Finance Authority, Florida, Single 4/07 at 101.00 AAA 681,705
Family Mortgage Revenue Bonds, Series 1996A,
6.300%, 4/01/28 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
3,080 Total Housing/Single Family 2,314,655
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.8% (2.8% OF TOTAL INVESTMENTS)
7,285 Atlantic Beach, Florida, Healthcare Facilities Revenue 10/09 at 101.00 A 7,612,315
Refunding Bonds, Fleet Landing Project, Series 1999,
5.750%, 10/01/18 - ACA Insured
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 1,229,018
1,570 5.625%, 8/01/34 8/14 at 101.00 N/R 1,652,535
- ------------------------------------------------------------------------------------------------------------------------------------
9,980 Total Long-Term Care 10,493,868
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.4% (1.4% OF TOTAL INVESTMENTS)
4,600 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R 5,052,272
Florida, Exempt Facilities Remarketed Revenue Bonds,
National Gypsum Company, Apollo Beach Project,
Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.2% (5.5% OF TOTAL INVESTMENTS)
15,925 Florida State Board of Education, Full Faith and Credit 6/12 at 101.00 AAA 16,954,550
Public Education Capital Outlay Bonds, Series 2002B,
5.000%, 6/01/20 - MBIA Insured
21
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 3,240 Reedy Creek Improvement District, Orange and Osceola 4/14 at 100.00 AAA $ 3,434,756
Counties, Florida, General Obligation Bonds, Series 2004A,
5.000%, 6/01/22 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
19,165 Total Tax Obligation/General 20,389,306
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 44.0% (26.0% OF TOTAL INVESTMENTS)
1,000 Alachua County School Board, Florida, Certificates of 7/11 at 101.00 Aaa 1,048,980
Participation, Series 2001, 5.000%, 7/01/21 - AMBAC Insured
2,675 Bartram Springs Community Development District, Duval 5/16 at 100.00 N/R 2,656,596
County, Florida, Special Assessment Bonds, Series 2006,
4.750%, 5/01/34
1,055 Bay County School Board, Florida, Certificates of Participation, 7/14 at 100.00 Aaa 1,113,373
Series 2004, 5.000%, 7/01/24 - AMBAC Insured
3,870 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,190,088
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 1,592,400
Series 2005, 5.000%, 10/01/23 - MBIA Insured
1,290 Escambia County, Florida, Tourist Development Revenue 10/12 at 100.00 AAA 1,366,884
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 9,045,628
Forever Revenue Bonds, Series 2003C, 5.000%, 7/01/19 -
AMBAC Insured (UB)
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
1,040 0.000%, 11/01/25 - MBIA Insured No Opt. Call AAA 461,469
1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 673,127
3,000 Florida State Department of Management Services, 8/15 at 101.00 AAA 3,201,150
Certificates of Participation, Series 2006A, 5.000%, 8/01/23 -
MBIA Insured
1,430 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 1,496,323
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 2,215,066
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 3,360,149
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 2,362,908
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 2,972,585
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 1,115,340
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 1,262,935
1,340 5.000%, 7/01/22 - AMBAC Insured 7/14 at 100.00 AAA 1,417,680
1,470 5.000%, 7/01/24 - AMBAC Insured 7/14 at 100.00 AAA 1,551,335
5,130 Manatee County School District, Florida, Sales Tax Revenue 10/13 at 100.00 AAA 5,485,560
Bonds, Series 2003, 5.000%, 10/01/17 - AMBAC Insured
Miami-Dade County, Florida, Beacon Tradeport Community
Development District, Special Assessment Bonds, Commercial
Project, Series 2002A:
1,975 5.500%, 5/01/22 - RAAI Insured 5/12 at 102.00 AA 2,141,532
850 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 924,027
2,475 Northern Palm Beach County Improvement District, Florida, 8/10 at 102.00 AA 2,690,424
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, 1/07 at 100.00 AAA 2,003,940
Series 1994, 6.125%, 1/01/24 - FGIC Insured
8,000 Orange County School Board, Florida, Certificates of 8/16 at 100.00 AAA 8,471,440
Participation, Series 2006A, 5.000%, 8/01/30 -
FGIC Insured (UB)
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,440 Orange County School Board, Florida, Certificates of 8/14 at 100.00 Aaa $ 2,582,716
Participation, Series 2004A, 5.000%, 8/01/22 -
AMBAC Insured
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A:
1,665 5.125%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 1,779,236
3,400 5.125%, 1/01/23 - FGIC Insured 1/13 at 100.00 AAA 3,613,588
2,040 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,175,966
Participation, Series 2002D, 5.250%, 8/01/21 - FSA Insured
1,500 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 1,587,735
Participation, Series 2004A, 5.000%, 8/01/22 - FGIC Insured
1,350 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 1,440,923
5.000%, 9/01/21 - MBIA Insured
5,000 Sumter County, Florida, Capital Improvement Revenue Bonds, 6/16 at 100.00 AAA 5,306,450
Series 2006, 5.000%, 6/01/36 - AMBAC Insured
11,815 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 12,813,958
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 1,062,060
Development, Series 2004, 5.000%, 12/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
92,730 Total Tax Obligation/Limited 97,183,571
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 39.0% (23.1% OF TOTAL INVESTMENTS)
2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,347,308
Series 2001J-1, 5.250%, 10/01/21 - AMBAC Insured
(Alternative Minimum Tax)
12,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 4/07 at 102.00 AAA 12,256,320
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 3,566,710
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 4,184,880
Revenue Bonds, Series 2002B, 5.125%, 10/01/21 -
FSA Insured (Alternative Minimum Tax)
2,500 Lee County, Florida, Airport Revenue Bonds, Series 2006, 10/15 at 100.00 AAA 2,632,925
5.000%, 10/01/33 - FSA Insured
1,000 Lee County, Florida, Transportation Facilities Revenue Bonds, No Opt. Call AAA 1,083,390
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 4,326,454
2,000 5.250%, 7/01/18 - FGIC Insured 7/14 at 100.00 AAA 2,183,740
2,000 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 AAA 2,119,920
17,430 Miami-Dade County Expressway Authority, Florida, 7/16 at 100.00 AAA 18,576,894
Toll System Revenue Bonds, Series 2006, 5.000%, 7/01/31 -
AMBAC Insured (UB)
2,000 Miami-Dade County Expressway Authority, Florida, 7/11 at 101.00 Aaa 2,112,420
Toll System Revenue Refunding Bonds, Series 2001,
5.000%, 7/01/21 - FGIC Insured
12,820 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/15 at 100.00 AAA 13,439,591
Miami International Airport, Series 2005A,
5.000%, 10/01/38 - CIFG Insured (Alternative
Minimum Tax) (UB)
7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 7,656,975
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 4,084,400
Miami International Airport, Series 1998C, 5.000%, 10/01/23 -
MBIA Insured (Alternative Minimum Tax)
5,000 Tampa-Hillsborough County Expressway Authority, Florida, 7/15 at 101.00 AAA 5,455,550
Revenue Bonds, Series 2005, 5.000%, 7/01/16 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
81,930 Total Transportation 86,027,477
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.4% (7.4% OF TOTAL INVESTMENTS) (4)
1,500 Bradford County Health Facility Authority, Florida, Revenue No Opt. Call AAA 1,697,370
Refunding Bonds, Santa Fe Healthcare Inc., Series 1993,
6.050%, 11/15/16 (ETM)
23
Nuveen Florida Quality Income Municipal Fund (NUF) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 2,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ (4) $ 2,885,662
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11)
8,175 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- (4) 8,950,481
Improvement Bonds, Series 2001, 6.000%, 1/15/31
(Pre-refunded 1/15/11)
5,000 Orange County Health Facilities Authority, Florida, Hospital 11/12 at 101.00 A+ (4) 5,417,150
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2002, 5.250%, 11/15/18 (Pre-refunded 11/15/12)
3,000 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A (4) 3,306,690
Revenue Bonds, Orlando Regional Healthcare System,
Series 2002, 5.750%, 12/01/32 (Pre-refunded 12/01/12)
2,070 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 (4) 2,231,170
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17
(Pre-refunded 10/01/11)
2,725 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 (4) 2,950,085
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17
(Pre-refunded 10/01/12)
- ------------------------------------------------------------------------------------------------------------------------------------
25,070 Total U.S. Guaranteed 27,438,608
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.5% (6.2% OF TOTAL INVESTMENTS)
1,000 Florida Municipal Power Agency, Power Supply Revenue Bonds, No Opt. Call Aaa 1,057,720
All Requirements Project, Series 2006A, 5.000%, 10/01/11 -
FSA Insured
750 Gainesville, Florida, Utilities System Revenue Bonds, 10/13 at 100.00 AA 811,890
Series 2003A, 5.250%, 10/01/21
4,800 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa2 5,002,080
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 9,915,493
Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/15
1,220 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 1,307,254
Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17
3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 3,196,470
Series 2002II, 5.125%, 7/01/26 - FSA Insured
650 Reedy Creek Improvement District, Florida, Utility Revenue 10/15 at 100.00 AAA 692,881
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 1,248,952
Bonds, Series 2005, 5.000%, 10/01/25 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
22,030 Total Utilities 23,232,740
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.9% (4.1% OF TOTAL INVESTMENTS)
1,500 Hollywood, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa 1,602,120
and Improvement Bonds, Series 2003, 5.000%, 10/01/20 -
FSA 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 3,455,239
5,090 5.000%, 10/01/19 - FGIC Insured 10/13 at 100.00 AAA 5,436,527
3,000 5.000%, 10/01/23 - FGIC Insured 10/13 at 100.00 AAA 3,175,890
1,065 Lee County Industrial Development Authority, Florida, Utilities 11/12 at 100.00 AAA 1,120,199
Revenue Bonds, Bonita Springs Utilities Inc. Project,
Series 2002, 5.000%, 11/01/19 - MBIA Insured (Alternative
Minimum Tax)
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 445 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 $ 477,692
Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
14,335 Total Water and Sewer 15,267,667
- ------------------------------------------------------------------------------------------------------------------------------------
$ 354,110 Total Investments (cost $358,247,187) - 169.1% 373,115,254
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (18.6)% (41,110,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 5,617,879
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.0)% (117,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 220,623,133
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT DECEMBER 31, 2006:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) DATE (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
JPMorgan $7,500,000 Receive BMA 3.941% Quarterly 11/06/07 11/06/32 $62,504
====================================================================================================================================
BMA - The daily arithmetic average of the weekly BMA(Bond Market Association)
Municipal Swap Index.
(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 BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
25
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
Portfolio of
INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 7.0% (4.6% OF TOTAL INVESTMENTS)
$ 2,000 Brevard County Health Facilities Authority, Florida, Hospital 4/07 at 101.00 AAA $ 2,022,780
Revenue Bonds, Holmes Regional Medical Center Project,
Series 1996, 5.625%, 10/01/14 - MBIA Insured
2,500 Hillsborough County Industrial Development Authority, No Opt. Call AAA 3,036,375
Florida, 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 7,560,495
Revenue Refunding Bonds, Miami Children's Hospital,
Series 2001A, 5.125%, 8/15/26 - AMBAC Insured
3,015 North Broward Hospital District, Florida, Revenue Refunding 1/07 at 101.00 AAA 3,048,527
and Improvement Bonds, Series 1997, 5.375%, 1/15/24 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,735 Total Health Care 15,668,177
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 13.3% (8.8% OF TOTAL INVESTMENTS)
975 Broward County Housing Finance Authority, Florida, GNMA 6/07 at 102.00 AAA 999,219
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 1,282,919
1,000 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,016,770
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 1,058,918
1,400 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,423,478
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 1,251,045
1,890 5.750%, 9/01/29 - FSA Insured (Alternative Minimum Tax) 9/07 at 101.00 AAA 1,921,355
750 Florida Housing Finance Agency, Housing Revenue Bonds, 6/07 at 102.00 AAA 765,683
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 1,432,396
Riverfront Apartments, Series 1997A, 6.250%, 4/01/37 -
AMBAC Insured (Alternative Minimum Tax)
1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 5/07 at 101.00 AAA 1,017,260
Turtle Creek Apartments, Series 1996C-1, 6.100%, 5/01/16 -
AMBAC Insured (Alternative Minimum Tax)
2,055 Florida Housing Finance Corporation, GNMA Collateralized 12/10 at 102.00 Aaa 2,169,053
Housing Revenue Bonds, Cobblestone Apartments,
Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax)
2,480 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,652,434
Housing Revenue Bonds, Raintree Apartments, Series 2000J-1,
5.950%, 3/01/35 (Alternative Minimum Tax)
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 1,585,395
4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 4,992,488
3,455 Jacksonville, Florida, GNMA Collateralized Housing Revenue 3/07 at 100.00 AAA 3,458,420
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 1,487,230
Multifamily Mortgage Revenue Bonds, Country Club Villas II
Project, Series 2001-1A, 5.750%, 7/01/27 - FSA Insured
(Alternative Minimum Tax)
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA $ 1,093,830
Multifamily Housing Revenue Bonds, Westlake Apartments
Phase II, Series 2002, 5.150%, 7/01/22 - FSA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
28,675 Total Housing/Multifamily 29,607,893
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.6% (0.4% OF TOTAL INVESTMENTS)
70 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 71,583
Family Mortgage Revenue Refunding Bonds, Series 1999B,
5.250%, 4/01/31 - MBIA Insured (Alternative Minimum Tax)
745 Escambia County Housing Finance Authority, Florida, 4/08 at 102.00 Aaa 758,589
Multi-County Single Family Mortgage Revenue Bonds,
Series 1999, 5.200%, 4/01/32 - MBIA Insured (Alternative
Minimum Tax)
2,000 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 405,180
Revenue Bonds, Series 2000-4 , 0.000%, 7/01/30 -
FSA Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
2,815 Total Housing/Single Family 1,235,352
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.9% (2.6% OF TOTAL INVESTMENTS)
4,940 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 5,210,070
Public 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 2,016,072
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 1,470,175
5.000%, 2/01/24 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,225 Total Tax Obligation/General 8,696,317
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 62.4% (41.3% OF TOTAL INVESTMENTS)
3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 AAA 4,126,326
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 1,592,400
Series 2005, 5.000%, 10/01/23 - MBIA Insured
3,000 Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 3,200,460
5.000%, 6/01/22 - AMBAC Insured
1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,673,786
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 1,053,540
1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,063,200
2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 AAA 2,654,375
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 2,630,900
Participation, Master Lease Revenue Program, Series 2005A,
5.000%, 8/01/30 - FSA Insured
1,435 Florida Department of Environmental Protection, Florida 7/13 at 101.00 AAA 1,540,716
Forever Revenue Bonds, Series 2003A, 5.000%, 7/01/19 -
FGIC Insured
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
3,365 5.375%, 11/01/25 - MBIA Insured 11/10 at 101.00 AAA 3,577,870
3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,550,450
1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 AAA 1,070,220
5.250%, 11/01/18 - MBIA Insured
2,230 Florida Ports Financing Commission, Revenue Bonds, 10/09 at 101.00 AAA 2,341,366
State Transportation Trust Fund - Intermodal Program,
Series 1999, 5.500%, 10/01/23 - FGIC Insured
(Alternative Minimum Tax)
5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 AAA 5,406,700
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, 3/07 at 101.00 AAA 1,092,668
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, 3/07 at 101.00 AAA 1,031,965
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 1,604,100
Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20
(Mandatory put 12/01/19) - FGIC Insured
27
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA $ 6,269,040
Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured
2,000 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AAA 2,127,100
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 1,065,970
Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 -
FGIC Insured
2,595 Indian River County School Board, Florida, Certificates of 7/15 at 100.00 AAA 2,762,248
Participation, Series 2005, 5.000%, 7/01/22 - MBIA Insured
1,000 Indian Trace Development District, Florida, Water Management 5/15 at 102.00 Aaa 1,073,860
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 1,626,105
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 1,355,904
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 1,833,108
2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,119,200
1,230 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 1,310,823
Series 2004, 5.000%, 10/01/20 - FGIC Insured
2,000 Miami-Dade County School Board, Florida, Certificates of 11/16 at 100.00 AAA 2,118,660
Participation, Series 2006B, 5.000%, 11/01/31 - AMBAC Insured
18,000 Miami-Dade County, Florida, Subordinate Special Obligation 4/08 at 49.54 AAA 8,451,900
Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured
825 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/07 at 100.00 AAA 827,178
Series 1994, 7.000%, 1/01/14 - FGIC Insured
1,000 Orange County School Board, Florida, Certificates of 8/16 at 100.00 AAA 1,058,930
Participation, Series 2006A, 5.000%, 8/01/30 - FGIC Insured
Orange County School Board, Florida, Master Lease Program,
Certificates of Participation, Series 1997A:
4,275 5.375%, 8/01/22 - MBIA Insured 8/07 at 101.00 Aaa 4,355,627
495 5.375%, 8/01/22 - MBIA Insured 8/07 at 101.00 Aaa 504,380
3,180 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 3,398,180
Series 2002B, 5.125%, 1/01/19 - FGIC Insured
2,500 Orange County, Florida, Tourist Development Tax Revenue 10/16 at 100.00 AAA 2,651,375
Bonds, Series 2006, 5.000%, 10/01/31 - XLCA 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 2,656,750
5,500 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 5,827,085
2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,269,992
Participation, Series 2004A, 5.000%, 8/01/24 - FGIC Insured
6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 6,745,245
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 2,562,475
4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,223,520
1,300 Plantation, Florida, Non-Ad Valorem Revenue Refunding 8/13 at 100.00 Aaa 1,387,061
and Improvement Bonds, Series 2003, 5.000%, 8/15/21 -
FSA Insured
10,000 South Florida Water Management District, Certificates of 10/16 at 100.00 AAA 10,580,950
Participation, Series 2006, 5.000%, 10/01/36 -
AMBAC Insured (UB)
4,260 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,495,706
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - FSA Insured
28
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 $ 1,511,878
1,475 5.125%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 1,587,203
1,555 5.125%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 1,673,289
1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,307,026
5.000%, 4/01/22 - FGIC Insured
4,275 Volusia County School Board, Florida, Certificates of 8/15 at 100.00 Aaa 4,539,879
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 2,130,060
5.000%, 10/01/21 - FSA Insured
1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,895,777
Development, Series 2004, 5.000%, 12/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
142,110 Total Tax Obligation/Limited 139,514,526
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.7% (11.1% OF TOTAL INVESTMENTS)
9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,445,230
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 2,270,723
Series 2004L, 5.000%, 10/01/23 - AMBAC Insured
1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 4/07 at 101.00 AAA 1,112,782
Series 1995, 5.750%, 10/01/15 - MBIA Insured
2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,122,120
Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 -
FSA Insured
15,025 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 16,249,084
6.000%, 10/01/32 - FSA Insured (Alternative Minimum Tax)
5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AAA 6,131,917
International Airport, Series 2002, 5.750%, 10/01/19 -
FGIC Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
34,890 Total Transportation 37,331,856
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.8% (8.5% OF TOTAL INVESTMENTS) (4)
5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA 5,643,968
Revenue Bonds, University of West Florida Foundation Inc.,
Series 1999, 5.750%, 6/01/31 (Pre-refunded 6/01/09) -
MBIA Insured
10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 AAA 2,946,500
Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) -
MBIA Insured
2,330 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 2,512,532
Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) -
MBIA Insured
7,855 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 9,209,045
and Improvement Bonds, Series 1992, 6.000%, 10/01/19 -
MBIA Insured (ETM)
St. Lucie County, Florida, Utility System Revenue Refunding
Bonds, Series 1993:
5,000 5.500%, 10/01/15 - FGIC Insured (ETM) No Opt. Call AAA 5,481,350
1,200 5.500%, 10/01/21 - FGIC Insured (ETM) No Opt. Call AAA 1,375,188
1,500 Tampa, Florida, Healthcare System Revenue Bonds, Allegany 3/07 at 100.00 AAA 1,509,660
Health System - St. Joseph's Hospital, Series 1993,
5.125%, 12/01/23 - MBIA Insured (ETM)
- ------------------------------------------------------------------------------------------------------------------------------------
33,210 Total U.S. Guaranteed 28,678,243
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.5% (3.6% OF TOTAL INVESTMENTS)
8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 5,926,960
Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured
3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 3,731,988
Refunding Bonds, Series 1997A, 6.000%, 10/01/09 -
AMBAC Insured
2,500 Tallahassee, Florida, Energy System Revenue Bonds, 10/15 at 100.00 AAA 2,651,675
Series 2005, 5.000%, 10/01/29 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,025 Total Utilities 12,310,623
- ------------------------------------------------------------------------------------------------------------------------------------
29
Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 28.8% (19.1% OF TOTAL INVESTMENTS)
$ 1,250 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 Aaa $ 1,335,575
5.000%, 9/01/24 - AMBAC Insured
Broward County, Florida, Water and Sewer Utility Revenue
Bonds, Series 2003:
5,000 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 5,340,400
4,500 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 4,769,280
1,200 Callaway-Bay County, Florida, Wastewater System Revenue 9/14 at 100.00 Aaa 1,271,628
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 987,068
475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 AAA 514,933
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 1,350,063
1,095 5.000%, 10/01/23 - MBIA Insured 10/13 at 100.00 AAA 1,160,525
1,225 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,298,304
3,945 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 4,181,069
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 1,027,970
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 8,336,000
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 1,003,620
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 2,692,477
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 1,591,380
Series 2005, 5.000%, 10/01/24 - MBIA Insured
1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 1,536,768
5.000%, 10/01/22 - AMBAC Insured
2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aaa 2,152,140
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 1,464,332
1,000 5.250%, 10/01/18 - MBIA Insured 10/13 at 100.00 AAA 1,084,070
1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 AAA 1,869,140
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 1,084,070
500 5.250%, 10/01/20 - MBIA Insured 10/13 at 100.00 AAA 542,035
500 5.250%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 541,260
1,170 Polk County, Florida, Utility System Revenue Bonds, 10/14 at 100.00 AAA 1,242,879
Series 2004A, 5.000%, 10/01/24 - FGIC Insured
Port St. Lucie, Florida, Stormwater Utility System Revenue
Refunding Bonds, Series 2002:
1,190 5.250%, 5/01/15 - MBIA Insured 5/12 at 100.00 AAA 1,277,191
1,980 5.250%, 5/01/17 - MBIA Insured 5/12 at 100.00 AAA 2,117,947
1,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/14 at 100.00 Aaa 1,065,790
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 1,463,863
770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 828,381
500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 537,910
3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,116,086
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 - MBIA Insured
1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 4/07 at 102.00 AAA 1,328,119
Series 1996, 5.800%, 10/01/11 - AMBAC Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,000 Village Center Community Development District, Florida, 10/13 at 101.00 AAA $ 2,161,900
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 1,149,940
5.000%, 10/01/31 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
60,310 Total Water and Sewer 64,424,113
- ------------------------------------------------------------------------------------------------------------------------------------
$ 338,995 Total Investments (cost $318,893,344) - 151.0% 337,467,100
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.0)% (6,665,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 3,626,523
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.7)% (111,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 223,428,623
====================================================================================================================
All of the bonds in the Portfolio of Investments are
either covered by Original Issue Insurance, Secondary
Market Insurance or Portfolio Insurance, or are backed
by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, any of
which ensure the timely payment of principal and
interest.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: 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 BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust
reflected as a financing transaction pursuant to the
provisions of SFAS No. 140.
See accompanying notes to financial statements.
31
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF)
Portfolio of
INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.9% (10.0% OF TOTAL INVESTMENTS)
$ 2,240 FSU Financial Assistance Inc., Florida, General Revenue Bonds, No Opt. Call AAA $ 2,420,522
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 2,090,979
Bonds, Johnson and Wales University, Series 2003A,
5.000%, 4/01/19 - XLCA Insured
1,500 Volusia County Educational Facilities Authority, Florida, 10/15 at 100.00 AA 1,567,740
Revenue Bonds, Embry-Riddle Aeronautical University,
Series 2005, 5.000%, 10/15/35 - 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 1,054,460
1,250 5.200%, 10/15/33 - RAAI Insured 10/13 at 100.00 AA 1,313,863
- ------------------------------------------------------------------------------------------------------------------------------------
7,975 Total Education and Civic Organizations 8,447,564
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 4.6% (3.1% OF TOTAL INVESTMENTS)
1,000 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/16 at 100.00 BBB+ 1,057,440
Series 2006, 5.250%, 6/01/26
1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 AA- 1,569,375
Revenue Bonds, Baptist Health Systems of South Florida,
Series 2003, 5.200%, 11/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Health Care 2,626,815
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.5% (0.8% OF TOTAL INVESTMENTS)
740 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 780,263
Ownership Revenue Refunding Bonds, Series 1987G-1,
8.595%, 11/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.0% (3.4% OF TOTAL INVESTMENTS)
2,660 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 2,864,394
Texas, General Obligation Bonds, Series 2003,
5.375%, 2/15/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 70.1% (46.9% OF TOTAL INVESTMENTS)
575 Bartram Springs Community Development District, 5/16 at 100.00 N/R 571,044
Duval County, Florida, Special Assessment Bonds,
Series 2006, 4.750%, 5/01/34
400 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 424,640
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 1,082,590
Series 2002, 5.250%, 10/01/17 - AMBAC Insured
1,525 Fernandina Beach, Florida, Utility Acquisition and Improvement 9/13 at 100.00 AAA 1,615,280
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 3,145,530
5.000%, 12/01/28 - MBIA Insured
1,500 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 1,567,260
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 2,452,531
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 2,399,994
5.000%, 10/01/20 - AMBAC Insured
1,330 Mira Lago West Community Development District, Florida, 5/15 at 101.00 N/R 1,337,661
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 2,138,320
Series 2002A, 5.125%, 1/01/17 - FGIC Insured
1,500 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 1,587,660
Series 2002B, 5.125%, 1/01/32 - FGIC Insured
3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,603,204
Participation, Series 2002A, 5.125%, 6/01/20 -
AMBAC Insured
32
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 $ 3,638,285
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 3,811,992
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 2,128,760
Bonds, Series 2004, 5.000%, 5/01/20 - AMBAC Insured
2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, 9/13 at 100.00 AAA 2,240,208
Series 2003, 5.000%, 9/01/23 - MBIA Insured
1,730 St. John's County, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 1,833,022
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 4,221,320
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
37,585 Total Tax Obligation/Limited 39,799,301
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.9% (7.3% OF TOTAL INVESTMENTS)
2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 2,086,840
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 2,233,531
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 1,842,502
Series 2004B, 5.000%, 10/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
5,835 Total Transportation 6,162,873
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.5% (11.7% OF TOTAL INVESTMENTS) (4)
4,000 Highlands County Health Facilities Authority, Florida, Hospital 11/13 at 100.00 A+ (4) 4,517,400
Revenue Bonds, Adventist Health System/Sunbelt Obligated
Group, Series 2003D, 5.875%, 11/15/29
(Pre-refunded 11/15/13)
1,950 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,102,802
Participation, Series 2002D, 5.250%, 8/01/20
(Pre-refunded 8/01/12) - FSA Insured
3,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 Aa3 (4) 3,334,710
Bonds, Baycare Health System, Series 2003,
5.750%, 11/15/27 (Pre-refunded 5/15/13)
- ------------------------------------------------------------------------------------------------------------------------------------
8,950 Total U.S. Guaranteed 9,954,912
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.7% (3.1% OF TOTAL INVESTMENTS)
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 2,130,980
Series 2002II, 5.125%, 7/01/26 - FSA Insured
500 Tallahassee, Florida, Energy System Revenue Bonds, 10/15 at 100.00 AAA 530,335
Series 2005, 5.000%, 10/01/29 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Utilities 2,661,315
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 20.4% (13.7% OF TOTAL INVESTMENTS)
1,000 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 Aaa 1,066,950
5.000%, 9/01/25 - AMBAC Insured
2,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 2,007,240
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 AAA 3,170,430
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 2,059,200
Revenue Bonds, Series 1999A, 5.000%, 10/01/29 -
FGIC Insured
500 North Port, Florida, Utility System Revenue Bonds, 10/10 at 101.00 Aaa 522,300
Series 2000, 5.000%, 10/01/25 - FSA Insured
1,095 Palm Bay, Florida, Utility System Revenue Bonds, 10/14 at 100.00 AAA 1,194,579
Series 2004, 5.250%, 10/01/20 - MBIA Insured
33
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) (continued)
Portfolio of INVESTMENTS December 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA $ 1,575,810
Refunding Bonds, Series 2002, 5.000%, 5/01/23 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,095 Total Water and Sewer 11,596,509
- ------------------------------------------------------------------------------------------------------------------------------------
$ 79,840 Total Investments (cost $81,366,519) - 149.6% 84,893,946
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 848,310
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.1)% (29,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 56,742,256
====================================================================================================================
At least 80% of the Fund's net assets (including net
assets attributable to Preferred shares) are invested
in municipal securities that are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance which ensures the timely payment of
principal and interest. Up to 20% of the Fund's net
assets (including net assets attributable to Preferred
shares) may be invested in municipal securities that
are (i) either backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities (also ensuring the timely payment of
principal and interest), or (ii) rated, at the time of
investment, within the four highest grades (Baa or BBB
or better by Moody's, 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 BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
See accompanying notes to financial statements.
34
Statement of
ASSETS AND LIABILITIES December 31, 2006 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $410,029,395, $358,247,187,
$318,893,344 and $81,366,519, respectively) $433,280,624 $373,115,254 $337,467,100 $84,893,946
Cash 263,981 1,038,669 -- --
Receivables:
Interest 4,744,374 4,775,042 4,220,369 1,095,022
Investments sold 100,000 5,000 578,899 5,000
Unrealized appreciation on forward swaps 50,003 62,504 -- --
Other assets 30,996 39,460 32,008 790
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 438,469,978 379,035,929 342,298,376 85,994,758
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Bank borrowings -- -- 907,818 197,392
Floating rate obligations 52,835,000 41,110,000 6,665,000 --
Accrued expenses:
Management fees 204,420 179,480 177,818 22,990
Other 90,154 59,827 78,351 19,566
Preferred share dividends payable 75,121 63,489 40,766 12,554
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 53,204,695 41,412,796 7,869,753 252,502
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $253,265,283 $220,623,133 $223,428,623 $56,742,256
====================================================================================================================================
Common shares outstanding 16,587,502 14,302,595 14,393,396 3,882,373
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.27 $ 15.43 $ 15.52 $ 14.62
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 165,875 $ 143,026 $ 143,934 $ 38,824
Paid-in surplus 231,752,754 206,107,463 204,381,649 54,746,905
Undistributed (Over-distribution of) net investment income (319,585) (423,094) 484,552 (113,826)
Accumulated net realized gain (loss) from investments
and derivative transactions (1,634,993) (134,833) (155,268) (1,457,074)
Net unrealized appreciation (depreciation) of investments
and derivative transactions 23,301,232 14,930,571 18,573,756 3,527,427
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $253,265,283 $220,623,133 $223,428,623 $56,742,256
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
35
Statement of
OPERATIONS Six Months Ended December 31, 2006 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,764,782 $ 8,431,164 $ 8,201,282 $1,965,802
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,203,663 1,057,768 1,052,116 273,313
Preferred shares - auction fees 166,356 147,452 139,890 36,548
Preferred shares - dividend disbursing agent fees 10,082 15,123 10,082 5,041
Shareholders' servicing agent fees and expenses 9,911 7,535 7,748 367
Floating rate obligations interest expense and fees 430,614 481,756 48,665 --
Custodian's fees and expenses 80,692 71,879 51,378 13,317
Trustees' fees and expenses 4,271 4,180 3,627 980
Professional fees 12,307 11,047 10,602 6,315
Shareholders' reports - printing and mailing expenses 19,792 16,732 16,146 5,593
Stock exchange listing fees 4,982 4,968 4,982 166
Investor relations expense 23,616 20,598 20,706 5,405
Other expenses 11,623 12,358 12,048 8,001
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 1,977,909 1,851,396 1,377,990 355,046
Custodian fee credit (11,748) (19,069) (10,900) (5,059)
Expense reimbursement -- -- -- (137,512)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,966,161 1,832,327 1,367,090 212,475
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,798,621 6,598,837 6,834,192 1,753,327
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 489,076 186,493 158,514 (6,780)
Net realized gain (loss) from forward swaps -- -- -- 53,678
Change in net unrealized appreciation (depreciation)
of investments 8,983,153 8,000,848 6,211,573 2,328,604
Change in net unrealized appreciation (depreciation)
of forward swaps 50,003 62,504 -- (228,722)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 9,522,232 8,249,845 6,370,087 2,146,780
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (2,279,170) (2,024,023) (1,860,987) (489,771)
From accumulated net realized gains -- -- (76,894) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Preferred shareholders (2,279,170) (2,024,023) (1,937,881) (489,771)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $15,041,683 $12,824,659 $11,266,398 $3,410,336
====================================================================================================================================
See accompanying notes to financial statements.
36
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
12/31/06 6/30/06 12/31/06 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,798,621 $ 15,600,126 $ 6,598,837 $ 13,225,877
Net realized gain (loss) from investments 489,076 501,480 186,493 859,292
Net realized gain (loss) from forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation)
of investments 8,983,153 (14,732,365) 8,000,848 (12,303,508)
Change in net unrealized appreciation (depreciation)
of forward swaps 50,003 -- 62,504 --
Distributions to Preferred shareholders:
From net investment income (2,279,170) (3,430,679) (2,024,023) (3,035,981)
From accumulated net realized gains -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 15,041,683 (2,061,438) 12,824,659 (1,254,320)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,689,513) (13,251,988) (4,705,555) (11,076,970)
From accumulated net realized gains -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (5,689,513) (13,251,988) (4,705,555) (11,076,970)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- 155,702 -- 42,933
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions -- 155,702 -- 42,933
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares 9,352,170 (15,157,724) 8,119,104 (12,288,357)
Net assets applicable to Common shares at the
beginning of period 243,913,113 259,070,837 212,504,029 224,792,386
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $253,265,283 $243,913,113 $220,623,133 $212,504,029
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ (319,585) $ (149,523) $ (423,094) $ (292,353)
====================================================================================================================================
See accompanying notes to financial statements.
37
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED FLORIDA INSURED FLORIDA
PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF)
-------------------------------- --------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/06 6/30/06 12/31/06 6/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,834,192 $ 13,821,853 $ 1,753,327 $ 3,506,557
Net realized gain (loss) from investments 158,514 938,575 (6,780) (4,419)
Net realized gain (loss) from forward swaps -- -- 53,678 137,974
Change in net unrealized appreciation (depreciation)
of investments 6,211,573 (13,926,918) 2,328,604 (3,311,864)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- (228,722) 418,597
Distributions to Preferred shareholders:
From net investment income (1,860,987) (2,768,590) (489,771) (728,881)
From accumulated net realized gains (76,894) (281,644) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations 11,266,398 (2,216,724) 3,410,336 17,964
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,440,705) (11,855,911) (1,292,832) (2,694,347)
From accumulated net realized gains (300,822) (2,071,689) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (5,741,527) (13,927,600) (1,292,832) (2,694,347)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- 268,943 -- 5,148
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions -- 268,943 -- 5,148
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares 5,524,871 (15,875,381) 2,117,504 (2,671,235)
Net assets applicable to Common shares at the
beginning of period 217,903,752 233,779,133 54,624,752 57,295,987
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $223,428,623 $217,903,752 $56,742,256 $54,624,752
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 484,552 $ 952,052 $ (113,826) $ (84,550)
====================================================================================================================================
See accompanying notes to financial statements.
38
Statement of
CASH FLOWS Six Months Ended December 31, 2006 (Unaudited)
FLORIDA
QUALITY INCOME
(NUF)
- ------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 12,824,659
Adjustments to reconcile the net increase (decrease) in
net assets applicable to Common shares from operations
to net cash provided by (used in) operating activities:
Purchases of investments (62,468,320)
Proceeds from sales of investments 21,899,852
Amortization/(Accretion) of premiums and discounts, net 437,863
(Increase) Decrease in receivable for interest 105,973
(Increase) Decrease in receivable for investments sold (5,000)
(Increase) Decrease in other assets (4,233)
Increase (Decrease) in floating rate obligations 41,110,000
Increase (Decrease) in accrued management fees 8,376
Increase (Decrease) in accrued other liabilities (5,097)
Increase (Decrease) in Preferred shares dividends payable 28,254
Net realized (gain) loss from investments (186,493)
Change in net unrealized (appreciation) depreciation of investments (8,000,848)
Change in net unrealized (appreciation) depreciation of forward swaps (62,504)
- ------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 5,682,482
- ------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions paid to Common shareholders (4,705,555)
- ------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (4,705,555)
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH 976,927
Cash at the beginning of period 61,742
- ------------------------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF PERIOD $ 1,038,669
====================================================================================================================================
See accompanying notes to financial statements.
39
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 may establish fair 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
forward swap contracts 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 a forward swap contract, 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/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/delayed delivery purchase commitments. At December 31, 2006, there were
no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Federal 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.
40
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
=========================================================================================================
Inverse Floating Rate Securities
Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). An investment in an externally-deposited
inverse floater is identified in the Portfolio of Investments as an "Inverse
floating rate investment". An investment in a self-deposited inverse floater is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Floating
rate obligations interest expense and fees" in the Statement of Operations.
41
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
During the six months ended December 31, 2006, Florida Investment Quality (NQF),
Florida Quality Income (NUF) and Insured Florida Premium Income (NFL) invested
in externally deposited inverse floaters and/or self-deposited inverse floaters.
Insured Florida Tax-Free Advantage (NWF) did not invest in any such instruments
during the six months ended December 31, 2006.
The average floating rate obligations outstanding and average annual interest
rate related to self-deposited inverse floaters during the six months ended
December 31, 2006, were as follows:
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
(NQF) (NUF) (NFL)
- --------------------------------------------------------------------------------------------------------
Average floating rate obligations $22,291,821 $25,014,783 $2,500,000
Average annual interest rate 3.83% 3.82% 3.86%
========================================================================================================
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 help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed 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 the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
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 reduce 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 predetermined threshold amount.
Insurance
Insured Florida Premium Income (NFL) invests only 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
42
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Bank Borrowings
The Funds have an unsecured bank line of credit under which outstanding balances
bear interest at a variable rate. As of December 31, 2006, the Funds were paying
an annualized interest rate of 5.67% 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 FLORIDA
INVESTMENT QUALITY (NQF) QUALITY INCOME (NUF)
------------------------ ------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/06 6/30/06 12/31/06 6/30/06
- ---------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 9,854 -- 2,715
=========================================================================================================
INSURED FLORIDA INSURED FLORIDA
PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF)
------------------------ ------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
12/31/06 6/30/06 12/31/06 6/30/06
- ---------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 16,602 -- 339
=========================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended December 31, 2006, were
as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- ----------------------------------------------------------------------------------------------------------
Purchases $100,119,120 $62,468,320 $10,574,400 $575,000
Sales and maturities 47,936,940 21,899,852 5,211,167 55,000
==========================================================================================================
43
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount, timing differences in recognizing
certain gains and losses on investment transactions and the treatment of
investments in inverse floating rate transactions subject to SFAS No.140. To the
extent that differences arise that are permanent in nature, such amounts are
reclassified within the capital accounts on the Statement of Assets and
Liabilities presented in the annual report, based on their Federal tax basis
treatment; temporary differences do not require reclassification. Temporary and
permanent differences do not impact the net asset values of the Funds.
At December 31, 2006, 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 $356,878,764 $317,149,691 $312,150,630 $81,448,740
===========================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at December 31, 2006, 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 $23,586,916 $14,910,562 $18,836,543 $3,583,236
Depreciation (19,864) (37,162) (184,799) (138,030)
- -----------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $23,567,052 $14,873,400 $18,651,744 $3,445,206
===========================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at June 30, 2006, the Funds' last tax 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 * $565,717 $538,929 $1,630,527 $144,993
Undistributed net ordinary income ** -- -- -- --
Undistributed net long-term capital gains -- -- 248,732 --
===========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on June 1, 2006, paid on July 3, 2006.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
44
The tax character of distributions paid during the Funds' last tax year ended
June 30, 2006, 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 $16,916,047 $14,335,500 $14,787,761 $3,426,176
Distributions from net ordinary income ** -- -- -- --
Distributions from net long-term capital gains -- -- 2,353,333 --
===========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At June 30, 2006, the Funds' last tax 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 $ -- $ -- $ 837,725
2013 2,124,069 321,326 97,429
2014 -- -- 236,626
- ----------------------------------------------------------------------------------------------------------
Total $2,124,069 $321,326 $1,171,780
==========================================================================================================
Insured Florida Tax-Free Advantage (NWF) elected to defer net realized losses
from investments incurred from November 1, 2005 through June 30, 2006
("post-October losses") in accordance with Federal income tax regulations.
Post-October losses of $249,969 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. ("Nuveen") 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
================================================================================
45
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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, 2006, the complex-level fee rate was .1845%.
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
preferred stock issued by or borrowings 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 its 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 enables
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.
46
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Interpretation No. 48
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. Recent SEC guidance allows funds
to delay implementing FIN 48 into NAV calculations until the fund's last NAV
calculation in the first required financial statement reporting period. As a
result, the Funds must begin to incorporate FIN 48 into their NAV calculations
on June 29, 2007. At this time, management is continuing to evaluate the
implications of FIN 48 and does not expect the adoption of FIN 48 will have a
significant impact on the net assets or results of operations of the Funds.
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of December 31, 2006, the Funds do not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
7. 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, 2007, to shareholders of record
on January 15, 2007, as follows:
INSURED INSURED
FLORIDA FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM TAX-FREE
QUALITY INCOME INCOME ADVANTAGE
(NQF) (NUF) (NFL) (NWF)
- --------------------------------------------------------------------------------
Dividend per share $.0575 $.0550 $.0630 $.0545
================================================================================
47
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:
2007(b) $14.70 $ .47 $ .58 $(.14) $ -- $ .91 $ (.34) $ -- $ (.34)
2006 15.63 .94 (.86) (.21) -- (.13) (.80) -- (.80)
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)
FLORIDA QUALITY INCOME (NUF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(b) 14.86 .46 .58 (.14) -- .90 (.33) -- (.33)
2006 15.72 .92 (.80) (.21) -- (.09) (.77) -- (.77)
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)
====================================================================================================================================
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:
2007(b) $ -- $15.27 $13.81 8.75% 6.24%
2006 -- 14.70 13.02 (11.13) (.85)
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
FLORIDA QUALITY INCOME (NUF)
- -----------------------------------------------------------------------------------------
Year Ended 6/30:
2007(b) -- 15.43 13.84 8.45 6.07
2006 -- 14.86 13.07 (9.64) (.55)
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
=========================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- --------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
FLORIDA
INVESTMENT
QUALITY (NQF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(b) $253,265 1.56%* 1.22%* 6.15%* 1.55%* 1.21%* 6.16%* 12%
2006 243,913 1.20 1.20 6.21 1.19 1.19 6.22 6
2005 259,071 1.23 1.23 6.26 1.22 1.22 6.27 15
2004 245,045 1.25 1.25 6.92 1.25 1.25 6.92 23
2003 261,856 1.20 1.20 7.00 1.19 1.19 7.01 16
2002 249,833 1.26 1.26 7.53 1.23 1.23 7.56 34
FLORIDA
QUALITY
INCOME (NUF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(b) 220,623 1.68* 1.24* 5.96* 1.66* 1.22* 5.98* 6
2006 212,504 1.22 1.22 6.06 1.21 1.21 6.06 8
2005 224,792 1.24 1.24 6.07 1.23 1.23 6.07 20
2004 211,659 1.25 1.25 6.83 1.25 1.25 6.83 38
2003 224,311 1.24 1.24 6.92 1.23 1.23 6.94 28
2002 216,044 1.28 1.28 7.81 1.26 1.26 7.83 30
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- --------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
FLORIDA INVESTMENT QUALITY (NQF)
- --------------------------------------------------------------------------------
Year Ended 6/30:
2007(b) $132,000 $25,000 $72,967 $52,835 $8,292
2006 132,000 25,000 71,196 -- --
2005 132,000 25,000 74,066 -- --
2004 132,000 25,000 71,410 -- --
2003 132,000 25,000 74,594 -- --
2002 132,000 25,000 72,317 -- --
FLORIDA QUALITY INCOME (NUF)
- --------------------------------------------------------------------------------
Year Ended 6/30:
2007(b) 117,000 25,000 72,142 41,110 9,213
2006 117,000 25,000 70,407 -- --
2005 117,000 25,000 73,033 -- --
2004 117,000 25,000 70,226 -- --
2003 117,000 25,000 72,930 -- --
2002 117,000 25,000 71,163 -- --
================================================================================
* 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) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended December 31, 2006.
See accompanying notes to financial statements.
48-49 spread
FINANCIAL HIGHLIGHTS (Unaudited) (continued)
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
====================================================================================================================================
INSURED FLORIDA
PREMIUM
INCOME (NFL)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) $15.14 $ .47 $.45 $(.13) $(.01) $ .78 $(.38) $(.02) $ (.40)
2006 16.26 .96 (.91) (.19) (.02) (.16) (.82) (.14) (.96)
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)
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) 14.07 .45 .56 (.13) -- .88 (.33) -- (.33)
2006 14.76 .90 (.71) (.19) -- -- (.69) -- (.69)
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**
======================================================================================
INSURED FLORIDA
PREMIUM
INCOME (NFL)
- --------------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) $ -- $15.52 $14.64 9.47% 5.17%
2006 -- 15.14 13.74 (12.56) (.95)
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
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- --------------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) -- 14.62 13.36 2.43 6.30
2006 -- 14.07 13.37 (1.43) .03
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
-----------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
INSURED FLORIDA
PREMIUM
INCOME (NFL)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) $223,429 1.23%* 1.18%* 6.07%* 1.22%* 1.17%* 6.08%* 2%
2006 217,904 1.18 1.18 6.13 1.17 1.17 6.14 9
2005 233,779 1.16 1.16 6.14 1.16 1.16 6.15 12
2004 223,965 1.16 1.16 6.36 1.15 1.15 6.36 38
2003 237,490 1.18 1.18 6.41 1.16 1.16 6.42 14
2002 223,961 1.21 1.21 6.89 1.21 1.21 6.89 8
INSURED FLORIDA
TAX-FREE
ADVANTAGE (NWF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) 56,742 1.25* 1.25* 5.68* .75* .75* 6.18* --
2006 54,625 1.26 1.26 5.77 .76 .76 6.27 5
2005 57,296 1.24 1.24 5.77 .75 .75 6.26 7
2004 53,504 1.25 1.25 6.04 .74 .74 6.56 130
2003(b) 57,223 1.15* 1.15* 4.18* .67* .67* 4.66* 46
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
INSURED FLORIDA PREMIUM INCOME (NFL)
- --------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) $111,000 $25,000 $75,322 $6,665 $51,177
2006 111,000 25,000 74,077 -- --
2005 111,000 25,000 77,653 -- --
2004 111,000 25,000 75,443 -- --
2003 111,000 25,000 78,489 -- --
2002 111,000 25,000 75,442 -- --
INSURED FLORIDA TAX-FREE ADVANTAGE (NWF)
- --------------------------------------------------------------------------------
Year Ended 6/30:
2007(c) 29,000 25,000 73,916 -- --
2006 29,000 25,000 72,090 -- --
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) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 -Inverse Floating Rate Securities.
(b) For the period November 21, 2002 (commencement of operations) through June
30, 2003.
(c) For the six months ended December 31, 2006.
See accompanying notes to financial statements.
50-51 spread
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen 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.
52
Automatic Dividend
REINVESTMENT PLAN
NOTICE OF AMENDMENT TO THE TERMS AND CONDITIONS
These Funds are amending the terms and conditions of their Automatic Dividend
Reinvestment Plan (the "Plan") as further described below effective with the
close of business on April 2, 2007. THESE CHANGES ARE INTENDED TO ENABLE PLAN
PARTICIPANTS UNDER CERTAIN CIRCUMSTANCES TO REINVEST FUND DISTRIBUTIONS AT A
LOWER AGGREGATE COST THAN IS POSSIBLE UNDER THE EXISTING PLAN. Shareholders who
do not wish to continue as participants under the amended Plan may withdraw from
the Plan by notifying the Plan Agent prior to the effective date of the
amendments. Participants should refer to their Plan document for notification
instructions, or may simply call Nuveen at (800) 257-8787.
Fund shareholders who elect to participate in the Plan are able to have Fund
distributions consisting of income dividends, realized capital gains and returns
of capital automatically reinvested in additional Fund shares. Under the Plan's
existing terms, the Plan Agent purchases Fund shares in the open market if the
Fund's shares are trading at a discount to their net asset value on the payable
date for the distribution. If the Fund's shares are trading at or above their
net asset value on the payable date for the distribution, the Plan Agent
purchases newly-issued Fund shares directly from the Fund at a price equal to
the greater of the shares' net asset value or 95% of the shares' market value.
Under the Plan's amended terms, if the Plan Agent begins purchasing Fund shares
on the open market while shares are trading below net asset value, but the
Fund's shares subsequently trade at or above their net asset value before the
Plan Agent is able to complete its purchases, the Plan Agent may cease
open-market purchases and may invest the uninvested portion of the distribution
in newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value. This change will permit Plan
participants under these circumstances to reinvest Fund distributions at a lower
aggregate cost than is possible under the existing Plan.
53
Notes
54
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, 2006, 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.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
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 the number of years to maturity of
the bonds in a Fund's portfolio, computed by weighting each bond's time to
maturity (the date the security comes due) by the market value of the security.
This figure does not account for the likelihood of prepayments or the exercise
of call provisions unless an escrow account has been established to redeem the
bond before maturity. The market value weighting for an investment in an inverse
floating rate security is the value of the portfolio's residual interest in the
inverse floating rate trust, and does not include the value of the floating rate
securities issued by the trust.
INVERSE FLOATERS: Inverse floating rate securities are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose
trust created by a broker-dealer. This trust, in turn, (a) issues floating rate
certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an "inverse floater") to an investor (such as a Fund) interested
in gaining investment exposure to a long-term municipal bond. The income
received by the holder of the inverse floater varies inversely with the
short-term rate paid to the floating rate certificates' holders, and in most
circumstances the holder of the inverse floater bears substantially all of the
underlying bond's downside investment risk. The holder of the inverse floater
typically also benefits disproportionately from any potential appreciation of
the underlying bond's value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's 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
Carol E. Stone
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.
55
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 $162 billion in assets, as of December 31 2006, 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
six distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader
in value-style equities; Rittenhouse, a leader in growth-style equities;
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/CEF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
ESA-A-1206D
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 Premium Income Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: March 9, 2007
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: March 9, 2007
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: March 9, 2007
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.