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) Kevin J. McCarthy 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: April 30 ------------------ Date of reporting period: April 30, 2007 ------------------ 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. ANNUAL REPORT April 30, 2007 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 Photo of: Woman Photo of: Woman Photo of: Man and child NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. ---------------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX ---------------------------- IT'S FAST, EASY & FREE: WWW.INVESTORDELIVERY.COM if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) Logo: NUVEEN Investments 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 period covered by this report your Fund continued to provide you with attractive monthly tax-free income. You may notice that this report is coming at a slightly different time of year than in the past. This is because the fiscal year reporting period for these Funds has been changed to April 30. This change was made to take advantage of administrative efficiencies that may help to keep fund expenses lower over the long term. There have been no changes to the investment objectives of the Funds, portfolio management strategies or their dividend policies. For more details about the management strategy and performance of your Fund, please read the Portfolio Managers' 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 June 15, 2007 Nuveen Investments Municipal Closed-End Funds (NQF, NUF, NFL, NWF) Portfolio Manager's COMMENTS Portfolio managers Cathryn Steeves and Dan Close review economic and municipal market conditions at both the national and state levels, key investment strategies and the annual 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 and Daniel, who joined Nuveen in 2000, assumed portfolio management responsibility for the Florida Funds in March 2007 WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE REPORTING PERIOD ENDED APRIL 30, 2007? Slowing economic growth, higher energy prices and a slumping housing market all contributed to a slowdown in economic growth over much of this abbreviated reporting period. The U.S. gross domestic product expanded at an annual rate of 2.0% in the third quarter 2006 and 2.5% in the fourth quarter. In the first quarter of 2007, the rate of GDP growth slowed even further to an annualized 0.6%, the weakest quarterly number in four years. Given the growing economic uncertainty, the Federal Reserve kept the closely watched Fed Funds rate unchanged at 5.25%, the first sustained break in what had been a steady stream of rate increases that began in June 2004. This pause, combined with the slowing economy, helped create a generally positive atmosphere for fixed income investments over this period. While taxable and tax-free bonds of varying maturities all tended to perform well, bonds with relatively longer durations1 often outperformed shorter duration bonds over this ten-month period. As one measure of the municipal market performance, the yield on the widely followed Bond Buyer 25 Revenue Bond Index fell to 4.45% at the end of April 2007, a decline of 86 basis points from the end of June 2006. As bond yields decline, bond prices and total returns rise. Over the 10 months ended April 2007, municipal bond issuance nationwide totaled $340 billion, up 13% from the previous 12 months. This total reflected very strong supply during the first four months of 2007, when $135 billion in new municipal securities came to market, an increase of 37% from the same four-month period in 2006. A major factor in the 2007 volume was an increase in advance refundings2 driven by attractive borrowing rates for issuers. Strong demand for municipal bonds easily absorbed the increase in issuance, as retail investors, institutional investors such as hedge funds and arbitragers, and overseas investors all continued to participate in the market. 1 Duration is a measure of a bond's price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations. 2 Advance refundings, also known as pre-refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers. 4 HOW WERE THE ECONOMIC AND MARKET ENVIRONMENTS IN FLORIDA DURING THIS PERIOD? Florida's economy continued to be led by professional and business services, government activities, and retail trade. While fairly diversified, the state's economy depended more on professional and business services and leisure and hospitality services and less on manufacturing than the national average. Tourism remained strong, with a relatively weak dollar attracting overseas visitors. Florida led the region in job growth during the period - as of April 2007, the state's unemployment rate was 3.4%, well below the national average of 4.5%. Even though the state's population continues to grow, Florida is currently creating new employment at about twice the national rate. As of April 30, 2007, Standard & Poor's rated Florida's general obligation debt AAA, while Moody's gave it a Aa1 rating. Municipal issuance within the state totaled more than $30 billion for the 12 months ended April 30, 2007, a 68% increase over the prior 12 months. WHAT KEY STRATEGIES WERE USED TO MANAGE THE FLORIDA FUNDS DURING THIS REPORTING PERIOD? As the yield curve flattened during this 10-month period, we continued to emphasize a disciplined approach to duration management and yield curve positioning. In selecting new additions for our portfolios, our purchase activity focused mainly on bonds in the longer range of the yield curve. We believed these bonds generally offered better value and reward opportunities. To help us maintain the Funds' durations within our preferred strategic range, we were selectively selling holdings with shorter durations in all the Funds. Selling these shorter bonds and reinvesting further out on the yield curve also helped to improve the Funds' overall call protection profile. During this 10-month period, we continued to find opportunities in health care and land-secured bonds. Adding positions in these two sectors helped maintain the Fund's weightings in uninsured and lower-quality bonds (with the exception of NFL, whose portfolio consists only of insured or U.S. guaranteed bonds). In NWF, we added both a non-rated community development district and a California tobacco settlement bond to help diversify the Fund's holdings. 5 Our duration management strategies over the past 10 months included the use of inverse floating rate trusts3, a type of derivative financial instrument, in all Funds (with the exception of NWF). The inverse floaters had the dual benefit of increasing the Funds' distributable income and bringing their durations closer to our preferred strategic target. In past shareholder reports, we had discussed the use of forward interest rate swaps, another type of derivative instrument, as a duration management tool. During this reporting period, all of these Funds (with the exception of NFL) employed forward interest rate swaps. 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 4/30/07 CUMULATIVE ANNUALIZED ---------- ------------------------------------- 10-MONTH 1-YEAR 5-YEAR 10-YEAR - -------------------------------------------------------------------------------- FLORIDA FUNDS - -------------------------------------------------------------------------------- NQF 7.08% 6.57% 6.75% 6.43% - -------------------------------------------------------------------------------- NUF 6.97% 6.73% 6.79% 6.22% - -------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index4 5.71% 5.78% 5.16% 5.81% - -------------------------------------------------------------------------------- INSURED FLORIDA FUNDS - -------------------------------------------------------------------------------- NFL 6.24% 6.02% 6.19% 6.59% - -------------------------------------------------------------------------------- NWF 7.46% 7.12% NA NA - -------------------------------------------------------------------------------- Lehman Brothers Insured Municipal Bond Index4 6.03% 6.04% 5.40% 6.03% - -------------------------------------------------------------------------------- Lipper Florida Municipal Debt Funds Average5 6.73% 6.29% 6.44% 6.15% - -------------------------------------------------------------------------------- Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. 3 A financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen funds, that index is typically The Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA.) Inverse floaters, including those inverse floating rate securities the Funds invested in during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in This Report sections of this shareholder report. 4 The 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 Brothers Indexes do not reflect any expenses. 5 The Lipper Florida Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 10-Months, 17; 1 Year 17; 5 Years, 13; and 10 Years, 9. Fund and Lipper returns assume reinvestment of dividends. 6 For the 10 months ended April 30, 2007, the total returns on NAV for NQF, NUF, NFL and NWF outperformed the return on the Lehman Brothers Municipal Bond Index, and the Lehman Insured Municipal Bond Index, respectively. NQF, NUF and NWF also outperformed the average return for the Lipper Florida peer group, while NFL underperformed the peer group. One factor in the performance of these Funds, especially in relation to the returns for the unleveraged Lehman Brothers indexes, 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. 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 to 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. (As a Fund with 100% of the portfolio consisting of insured or U.S. Guaranteed bonds, NFL did not hold any lower-quality credits, which hurt its performance for this period.) The Funds' relative underweight to the underperforming housing sector had a positive impact on performance while an overweight in high quality pre-refunded bonds negatively impact the Funds' performance. 7 Dividend and Share Price INFORMATION As previously noted, NQF, NUF, NFL, and NWF use leverage to potentially enhance opportunities for additional income for common shareholders. While leverage continued to produce incremental income for these Funds, the extent of this benefit was reduced during this period by rising short-term rates, which increased the Funds' borrowing costs. Older, higher-yielding bonds that matured or were called also had an impact on the Funds' income streams, as proceeds were reinvested into bonds currently available in the market, which generally offered lower yields. The combination of these factors resulted in two monthly dividend reductions in NQF, NUF and NFL and one monthly dividend decrease in NWF during the twelve month period ended April 30, 2007. However, we subsequently increased the dividends of NQF and NUF effective November 2006. In addition, due to normal portfolio activity, common shareholders of NFL received a capital gains distribution of $0.0209 per share at the end of December 2006. 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 April 30, 2007, NFL had positive UNII balances for both financial statement and tax purposes, while NQF, NUF and NWF had positive UNII balances for tax purposes and negative UNII balances for financial statement purposes. At the end of the reporting period, the Funds' share prices were trading at discounts to their NAVs as shown in the accompanying chart: 4/30/07 10-MONTH AVERAGE (4/30/07) DISCOUNT DISCOUNT - -------------------------------------------------------------------------------- NQF -6.93% -9.42% - -------------------------------------------------------------------------------- NUF -8.47% -10.41% - -------------------------------------------------------------------------------- NFL -4.47% -4.84% - -------------------------------------------------------------------------------- NWF -5.98% -7.18% - -------------------------------------------------------------------------------- 8 Nuveen Florida Investment Quality Municipal Fund NQF Performance OVERVIEW As of April 30, 2007 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 81% AA 6% A 5% BBB 5% N/R 3% Bar Chart: 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE May 0.0625 Jun 0.058 Jul 0.058 Aug 0.058 Sep 0.056 Oct 0.056 Nov 0.0575 Dec 0.0575 Jan 0.0575 Feb 0.0575 Mar 0.0575 Apr 0.0575 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/01/06 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 13.81 13.81 13.88 13.81 13.85 13.86 13.91 13.87 13.86 13.8 13.87 13.86 13.93 13.89 13.9 13.92 13.91 13.85 13.83 13.93 13.99 13.99 14.01 14 13.92 13.92 13.95 13.93 13.99 13.9301 13.9 13.99 13.96 13.9 13.88 13.93 13.93 14 14.06 14.05 14.12 14.0901 14.09 14.18 14.16 14.17 14.17 14.2 14.15 14.1 14.13 14.09 14.11 14.13 14.1599 14.07 13.98 14.02 14.01 14.02 14 14.02 14.02 14.04 14.06 14.12 14.14 14.06 14.14 14.06 14.01 13.97 14.05 14 14.01 14.0499 14 14 14.05 14 14.01 14.02 4/30/07 14.11 FUND SNAPSHOT - ------------------------------------ Common Share Price $14.11 - ------------------------------------ Common Share Net Asset Value $15.16 - ------------------------------------ Premium/(Discount) to NAV -6.93% - ------------------------------------ Market Yield 4.89% - ------------------------------------ Taxable-Equivalent Yield1 6.79% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $251,475 - ------------------------------------ Average Effective Maturity on Securities (Years) 15.49 - ------------------------------------ Leverage-Adjusted Duration 8.45 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 2/21/91) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 10-Month (Cumulative) 12.93% 7.08% - ------------------------------------ 1-Year 8.86% 6.57% - ------------------------------------ 5-Year 4.57% 6.75% - ------------------------------------ 10-Year 5.10% 6.43% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 31.7% - ------------------------------------ Transportation 23.1% - ------------------------------------ U.S. Guaranteed 18.0% - ------------------------------------ Water and Sewer 6.4% - ------------------------------------ Health Care 6.3% - ------------------------------------ Tax Obligation/General 5.1% - ------------------------------------ Other 9.4% - ------------------------------------ 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. 9 Nuveen Florida Quality Income Municipal Fund NUF Performance OVERVIEW As of April 30, 2007 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 76% AA 9% A 7% BBB 5% N/R 3% Bar Chart: 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE May 0.06 Jun 0.056 Jul 0.056 Aug 0.056 Sep 0.0535 Oct 0.0535 Nov 0.055 Dec 0.055 Jan 0.055 Feb 0.055 Mar 0.055 Apr 0.055 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/01/06 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 13.84 13.84 13.94 13.88 13.84 13.88 13.8599 13.85 13.89 13.85 13.85 13.93 13.88 13.88 13.87 13.9 13.83 13.77 13.86 13.89 13.96 14.03 14.04 14.04 14.02 14.02 13.99 14.03 14.03 14.07 14.05 14.0401 14.04 14.0499 13.99 13.93 13.95 14 14.03 14.04 14.06 14.1 14.08 14.12 14.19 14.21 14.16 14.13 14.07 14.1 14.07 14.02 14.02 14.08 14.09 14.13 14.05 14.1 14.04 14.02 14.03 14.09 14.09 14.07 14.12 14.16 14.11 14.1 14.14 14.08 14.04 14.04 14.02 14 13.96 13.99 14 14 14.03 14.01 14.01 14.02 4/30/07 14.04 FUND SNAPSHOT - ------------------------------------ Common Share Price $14.04 - ------------------------------------ Common Share Net Asset Value $15.34 - ------------------------------------ Premium/(Discount) to NAV -8.47% - ------------------------------------ Market Yield 4.70% - ------------------------------------ Taxable-Equivalent Yield1 6.35% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $219,447 - ------------------------------------ Average Effective Maturity on Securities (Years) 15.38 - ------------------------------------ Leverage-Adjusted Duration 8.59 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 10/17/91) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 10-Month (Cumulative) 11.75% 6.97% - ------------------------------------ 1-Year 8.17% 6.73% - ------------------------------------ 5-Year 4.16% 6.79% - ------------------------------------ 10-Year 5.26% 6.22% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 26.1% - ------------------------------------ Transportation 22.9% - ------------------------------------ U.S. Guaranteed 10.1% - ------------------------------------ Health Care 9.3% - ------------------------------------ Education and Civic Organizations 7.3% - ------------------------------------ Tax Obligation/General 5.4% - ------------------------------------ Housing/Multifamily 5.4% - ------------------------------------ Utilities 5.0% - ------------------------------------ Other 8.5% - ------------------------------------ 1 Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. 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 April 30, 2007 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 92% U.S. Guaranteed 8% Bar Chart: 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.066 Jun 0.063 Jul 0.063 Aug 0.063 Sep 0.063 Oct 0.063 Nov 0.063 Dec 0.063 Jan 0.063 Feb 0.063 Mar 0.0605 Apr 0.0605 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/01/06 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 14.64 14.56 14.75 14.75 14.81 14.87 14.84 14.86 14.83 14.83 14.83 14.91 14.91 14.88 14.94 14.96 14.85 14.81 14.86 14.95 14.96 15.02 15.02 15.01 15.06 15.01 15.01 14.98 15.06 15 14.97 15.1 15.08 15.08 14.98 14.95 14.93 15.04 14.99 15.02 15.03 14.89 14.87 14.9 14.87 14.9304 14.92 14.98 14.83 14.82 14.8 14.82 14.86 14.88 14.87 14.87 14.91 14.86 14.86 14.88 14.87 14.93 14.93 14.89 14.87 14.96 14.97 14.95 14.98 14.88 14.8499 14.8 14.77 14.76 14.65 14.69 14.68 14.65 14.65 14.68 14.72 14.66 4/30/07 14.74 FUND SNAPSHOT - ------------------------------------ Common Share Price $14.74 - ------------------------------------ Common Share Net Asset Value $15.43 - ------------------------------------ Premium/(Discount) to NAV -4.47% - ------------------------------------ Market Yield 4.93% - ------------------------------------ Taxable-Equivalent Yield1 6.85% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $222,058 - ------------------------------------ Average Effective Maturity on Securities (Years) 15.70 - ------------------------------------ Leverage-Adjusted Duration 7.86 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 10-Month (Cumulative) 12.05% 6.24% - ------------------------------------ 1-Year 3.17% 6.02% - ------------------------------------ 5-Year 5.63% 6.19% - ------------------------------------ 10-Year 6.82% 6.59% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 46.3% - ------------------------------------ Water and Sewer 17.2% - ------------------------------------ Transportation 10.7% - ------------------------------------ Housing/Multifamily 8.5% - ------------------------------------ U.S. Guaranteed 7.3% - ------------------------------------ Other 10.0% - ------------------------------------ 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 April 30, 2007 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 78% U.S. Guaranteed 16% AAA (Uninsured) 1% BBB (Uninsured) 3% N/R (Uninsured) 2% Bar Chart: 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE May 0.0575 Jun 0.0575 Jul 0.0575 Aug 0.0575 Sep 0.0545 Oct 0.0545 Nov 0.0545 Dec 0.0545 Jan 0.0545 Feb 0.0545 Mar 0.0545 Apr 0.0545 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/01/06 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 13.36 13.4 13.49 13.4145 13.41 13.47 13.42 13.35 13.35 13.345 13.36 13.39 13.43 13.47 13.4 13.43 13.39 13.36 13.36 13.45 13.5 13.52 13.55 13.55 13.51 13.5 13.53 13.49 13.49 13.49 13.5 13.5375 13.59 13.59 13.59 13.6096 13.51 13.62 13.66 13.66 13.67 13.7 13.96 14.45 13.93 13.88 13.8 13.84 13.8 13.7 13.72 13.68 13.66 13.68 13.71 13.66 13.63 13.53 13.5 13.53 13.55 13.56 13.56 13.62 13.63 13.62 13.63 13.61 13.69 13.65 13.68 13.53 13.53 13.54 13.58 13.61 13.6501 13.74 13.84 13.76 13.8 13.82 4/30/07 13.69 FUND SNAPSHOT - ------------------------------------ Common Share Price $13.69 - ------------------------------------ Common Share Net Asset Value $14.56 - ------------------------------------ Premium/(Discount) to NAV -5.98% - ------------------------------------ Market Yield 4.78% - ------------------------------------ Taxable-Equivalent Yield1 6.64% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $56,546 - ------------------------------------ Average Effective Maturity on Securities (Years) 14.95 - ------------------------------------ Leverage-Adjusted Duration 8.05 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 10-Month (Cumulative) 6.65% 7.46% - ------------------------------------ 1-Year 5.44% 7.12% - ------------------------------------ Since Inception 3.25% 5.72% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Tax Obligation/Limited 46.9% - ------------------------------------ U.S. Guaranteed 15.8% - ------------------------------------ Water and Sewer 11.3% - ------------------------------------ Education and Civic Organizations 9.9% - ------------------------------------ Transportation 7.3% - ------------------------------------ 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. 12 Report of INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM THE BOARD OF TRUSTEES AND SHAREHOLDERS NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income Municipal Fund, Nuveen Insured Florida Premium Income Municipal Fund and Nuveen Insured Florida Tax Free Advantage Municipal Fund (the Funds) as of April 30, 2007, and the related statements of operations, statements of changes in net assets and financial highlights, and the statement of cash flows for Nuveen Florida Investment Quality Municipal Fund and Nuveen Florida Quality Income Municipal Fund, for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds' internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of April 30, 2007, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income Municipal Fund, Nuveen Insured Florida Premium Income Municipal Fund and Nuveen Insured Florida Tax-Free Advantage Municipal Fund at April 30, 2007, the results of their operations, changes in their net assets and their financial highlights, and cash flows for Nuveen Florida Investment Quality Municipal Fund and Nuveen Florida Quality Income Municipal Fund, for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles. /s/ Ernst & Young LLP Chicago, Illinois June 20, 2007 13 Nuveen Florida Investment Quality Municipal Fund (NQF) Portfolio of INVESTMENTS April 30, 2007 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 $ 5,245,700 Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 1.1% (0.6% OF TOTAL INVESTMENTS) 2,000 Broward County Educational Facilities Authority, Florida, 4/14 at 100.00 BBB 2,131,200 Revenue Bonds, Nova Southeastern University, Series 2004B, 5.625%, 4/01/34 575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 596,856 Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 2,575 Total Education and Civic Organizations 2,728,056 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY - 0.4% (0.2% OF TOTAL INVESTMENTS) 900 Virgin Islands Public Finance Authority, Revenue Bonds, Refinery 1/15 at 100.00 BBB 905,067 Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 10.8% (6.3% OF TOTAL INVESTMENTS) 1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,023,810 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+ 1,049,680 3,385 5.000%, 6/01/38 6/16 at 100.00 BBB+ 3,440,480 3,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 3,078,570 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 1,037,140 2,330 5.250%, 10/01/34 10/13 at 100.00 A3 2,403,465 1,185 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 1,229,983 Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 3,500 Lee Memorial Health System, Florida, Hospital Revenue Bonds, 4/17 at 100.00 A 3,593,520 Series 2007A, 5.000%, 4/01/32 2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 BBB+ 2,426,512 Medical Center Project, Series 2002, 5.375%, 7/01/22 1,250 Marion County Hospital District, Florida, Revenue Bonds, 10/17 at 100.00 A2 1,273,850 Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 (WI/DD, Settling 5/09/07) 550 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A2 586,196 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 3,594,958 2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,481,453 - ------------------------------------------------------------------------------------------------------------------------------------ 26,295 Total Health Care 27,219,617 - ------------------------------------------------------------------------------------------------------------------------------------ 15 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 0.5% (0.3% OF TOTAL INVESTMENTS) $ 1,080 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA $ 1,111,244 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 137,645 Refunding Bonds, Series 1992A, 6.400%, 6/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 1,215 Total Housing/Multifamily 1,248,889 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.0% (0.6% OF TOTAL INVESTMENTS) 445 Florida Housing Finance Agency, Homeowner Mortgage Revenue 7/07 at 102.00 Aa3 449,330 Bonds, New Money and Refunding Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) 1,025 Florida Housing Finance Agency, Homeowner Mortgage Revenue 7/07 at 102.00 AAA 1,040,816 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 991,310 Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,470 Total Housing/Single Family 2,481,456 - ------------------------------------------------------------------------------------------------------------------------------------ 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 1,220,411 1,565 5.625%, 8/01/34 8/14 at 101.00 N/R 1,646,004 - ------------------------------------------------------------------------------------------------------------------------------------ 2,690 Total Long-Term Care 2,866,415 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 2.3% (1.4% OF TOTAL INVESTMENTS) 5,400 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 5,857,920 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 1,576,140 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 2,211,123 Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/21 - AMBAC Insured 9,230 Florida State Board of Education, Full Faith and Credit, Public 6/11 at 101.00 AAA 9,675,717 Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31 - FGIC Insured 8,000 Florida State Board of Education, Full Faith and Credit, Public 6/12 at 100.00 AAA 8,583,600 Education Capital Outlay Refunding Bonds, Series 2002D, 5.375%, 6/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ 20,810 Total Tax Obligation/General 22,046,580 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 54.7% (31.7% OF TOTAL INVESTMENTS) 2,645 Bartram Springs Community Development District, Duval County, 5/16 at 100.00 N/R 2,564,751 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 6,062,850 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 1,759,422 Series 2005, 5.000%, 10/01/23 - MBIA Insured 1,280 Florida Intergovernmental Finance Commission, Capital Revenue 8/11 at 100.00 Aaa 1,332,954 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 1,769,536 5.000%, 5/01/22 - MBIA Insured 5,000 Florida Ports Financing Commission, Revenue Bonds, State 6/07 at 101.00 AAA 5,055,050 Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 - MBIA Insured (Alternative Minimum Tax) 15 Nuveen Florida Investment Quality Municipal Fund (NQF) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,000 Florida State Department of Management Services, Certificates 8/15 at 101.00 AAA $ 3,185,790 of Participation, Series 2006A, 5.000%, 8/01/23 - MBIA Insured 5,000 Hernando County, Florida, Revenue Bonds, Criminal Justice No Opt. Call AAA 6,467,050 Complex Financing Program, Series 1986, 7.650%, 7/01/16 - FGIC Insured 1,575 Hillsborough County, Florida, Community Investment Tax Revenue 11/13 at 101.00 AAA 1,666,271 Bonds, Series 2004, 5.000%, 5/01/24 - AMBAC Insured 2,190 Hillsborough County, Florida, Revenue Refunding Bonds, Tampa 10/15 at 100.00 AAA 2,325,057 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 5,418,206 Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured 2,000 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding 10/12 at 100.00 AAA 2,098,500 and Improvement Bonds, Series 2002, 5.000%, 10/01/22 - FGIC Insured 3,000 Miami-Dade County School Board, Florida, Certificates of 11/16 at 100.00 AAA 3,168,390 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: 2,195 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,345,818 1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,838,703 1,000 Orange County School Board, Florida, Certificates of 8/16 at 100.00 AAA 1,054,860 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 1,580,664 1,225 5.125%, 4/01/21 -AMBAC Insured 4/12 at 100.00 AAA 1,296,320 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 3,976,254 2,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 2,109,280 4,000 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 4,142,520 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 2,692,454 Participation, Series 2004A, 5.000%, 8/01/23 - FGIC Insured 4,490 Palm Beach County, Florida, Public Improvement Revenue Bonds, 6/15 at 100.00 AAA 4,748,175 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 2,717,225 Series 2004, 5.250%, 10/01/18 - FSA Insured 820 Rivercrest Community Development District, Florida, Special 5/18 at 100.00 AA 862,181 Assessment Bonds, Series 2007, 5.000%, 5/01/30 - RAAI Insured 645 Sonoma Bay Community Development District, Florida, Special 5/15 at 100.00 N/R 655,236 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 15,883,200 30,000 5.000%, 10/01/36 - AMBAC Insured (UB) 10/16 at 100.00 AAA 31,694,700 2,750 St. John's County, Florida, Transportation Improvement Revenue 10/13 at 100.00 AAA 2,896,300 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 1,454,300 2,835 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,404,353 8,605 Volusia County School Board, Florida, Sales Tax Revenue Bonds, 10/12 at 100.00 AAA 9,289,958 Series 2002, 5.375%, 10/01/15 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 128,495 Total Tax Obligation/Limited 137,516,328 - ------------------------------------------------------------------------------------------------------------------------------------ 16 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 39.7% (23.1% OF TOTAL INVESTMENTS) $ 11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA $ 12,017,040 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 2,260,704 Series 2004L, 5.000%, 10/01/23 - AMBAC Insured 3,500 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/07 at 101.00 AAA 3,574,445 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 6,277,140 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 12,296,640 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 4,165,720 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 2,625,150 5.000%, 10/01/33 - FSA Insured 6,690 Miami-Dade County Expressway Authority, Florida, Toll System 7/14 at 100.00 AAA 7,120,234 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 18,515,192 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 1,849,663 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, Miami 10/15 at 100.00 AAA 17,576,573 International Airport, Series 2005A, 5.000%, 10/01/38 - CIFG Insured (UB) 5,390 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AAA 5,835,753 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 5,821,657 Revenue Bonds, Series 2005, 5.000%, 7/01/16 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 95,095 Total Transportation 99,935,911 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 30.9% (18.0% OF TOTAL INVESTMENTS) (4) 7,225 Dade County, Florida, Special Obligation and Refunding Bonds, 10/08 at 48.83 AAA 3,348,860 Series 1996B, 0.000%, 10/01/20 (Pre-refunded 10/01/08) - AMBAC Insured 19,000 Escambia County Health Facilities Authority, Florida, Revenue 11/09 at 101.00 AAA 20,178,376 Bonds, Ascension Health Credit Group, Series 1999A-2, 6.000%, 11/15/31 (Pre-refunded 11/15/09) 4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ (4) 5,066,302 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A: 2,290 5.000%, 4/01/19 (Pre-refunded 4/01/14) - AMBAC Insured 4/14 at 100.00 AAA 2,459,368 3,305 5.000%, 4/01/22 (Pre-refunded 4/01/14) - AMBAC Insured 4/14 at 100.00 AAA 3,549,438 3,000 Miami-Dade County Health Facility Authority, Florida, Hospital 8/11 at 101.00 AAA 3,190,590 Revenue Refunding Bonds, Miami Children's Hospital, Series 2001A, 5.125%, 8/15/26 (Pre-refunded 8/15/11) - AMBAC Insured 5,450 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A2 (4) 5,922,897 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) 6,589,740 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) 4,059,327 Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/27 (Pre-refunded 12/01/12) 17 Nuveen Florida Investment Quality Municipal Fund (NQF) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (4) (continued) $ 2,625 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 (4) $ 2,813,396 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) 4,622,365 Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 (Pre-refunded 10/01/12) 5,550 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 5,990,504 Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) - FSA Insured 3,570 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 4,136,809 and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured (ETM) 5,375 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- (4) 5,881,916 Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) - ------------------------------------------------------------------------------------------------------------------------------------ 75,980 Total U.S. Guaranteed 77,809,888 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.7% (4.4% OF TOTAL INVESTMENTS) 4,330 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa2 4,519,957 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 1,092,746 Series 2002, 5.000%, 4/01/17 - AMBAC Insured 4,250 Lakeland, Florida, Energy System Revenue Refunding Bonds, No Opt. Call AAA 4,651,795 Series 1999C, 6.050%, 10/01/11 - FGIC Insured 5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 5,366,850 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 2,903,736 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18 705 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 754,442 Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 - ------------------------------------------------------------------------------------------------------------------------------------ 18,055 Total Utilities 19,289,526 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 11.2% (6.4% OF TOTAL INVESTMENTS) 3,310 Cocoa, Florida, Water and Sewerage System Revenue Refunding No Opt. Call AAA 3,843,671 Bonds, Series 2003, 5.500%, 10/01/23 - AMBAC Insured 1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, United 8/07 at 100.00 AAA 1,006,070 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 1,624,308 Bonds, Series 2003A, 5.000%, 10/01/20 - MBIA Insured 8,300 Miami-Dade County, Florida, Water and Sewer System Revenue 10/09 at 101.00 AAA 8,523,104 Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 1,175 Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 9/12 at 100.00 Aa2 1,246,135 5.000%, 9/01/14 2,060 Polk County, Florida, Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 Aaa 2,209,268 5.250%, 10/01/22 - FGIC Insured 2,780 Riviera Beach, Palm Beach County, Florida, Water and Sewerage 10/14 at 100.00 Aaa 2,935,847 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 2,413,639 Series 2005A, 5.000%, 10/01/27 - FGIC Insured 18 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 1,680 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA $ 1,940,954 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 744,709 1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,666,992 - ------------------------------------------------------------------------------------------------------------------------------------ 26,390 Total Water and Sewer 28,154,697 - ------------------------------------------------------------------------------------------------------------------------------------ $ 411,370 Total Investments (cost $411,765,660) - 172.3% 433,306,050 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (21.0)% (52,835,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.2% 3,004,141 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.5)% (132,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 251,475,191 ==================================================================================================================== FORWARD SWAPS OUTSTANDING AT APRIL 30, 2007: 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 $15,500,000 Receive SIFM 3.698% Quarterly 2/04/08 2/02/13 $(170,323) JPMorgan 6,000,000 Receive SIFM 3.941 Quarterly 11/06/07 11/06/32 31,323 - ------------------------------------------------------------------------------------------------------------------------------------ $(139,000) ==================================================================================================================================== SIFM - The daily arithmetic average of the weekly SIFM (The Securities Industry and Financial Markets) 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 (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's 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. WI/DD Purchased on a when-issued or delayed delivery basis. (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 April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.5% (7.3% OF TOTAL INVESTMENTS) Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B: $ 1,000 5.500%, 4/01/24 4/14 at 100.00 BBB $ 1,064,970 500 5.625%, 4/01/34 4/14 at 100.00 BBB 532,800 2,000 Florida Board of Education, Lottery Revenue Bonds, Series 2001B, 7/11 at 101.00 AAA 2,108,340 5.000%, 7/01/20 - FGIC Insured 14,985 Florida State Board of Education, State University System Revenue 7/15 at 101.00 AAA 15,917,966 Bonds, Series 2006A, 5.000%, 7/01/30 - FGIC Insured (UB) 2,580 Florida State Education System, Housing Facility Revenue No Opt. Call AAA 2,778,454 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 2,511,284 Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 - AMBAC Insured 2,275 University of Central Florida, Certificates of Participation, 10/14 at 100.00 AAA 2,425,059 Athletic Association, Series 2004A, 5.125%, 10/01/21 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 25,685 Total Education and Civic Organizations 27,338,873 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 15.8% (9.3% OF TOTAL INVESTMENTS) 1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,023,810 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 1,645,185 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+ 1,049,680 3,000 5.000%, 6/01/38 6/16 at 100.00 BBB+ 3,049,170 1,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 1,024,700 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 518,570 1,590 5.250%, 10/01/34 10/13 at 100.00 A3 1,640,133 1,180 Hillsborough County Industrial Development Authority, 10/16 at 100.00 A3 1,224,793 Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 2,000 Hillsborough County Industrial Development Authority, Florida, 10/13 at 100.00 A3 2,077,660 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 9,067,460 Healthcare Facilities Revenue Bonds, Mayo Clinic, Series 2001A, 5.500%, 11/15/36 3,000 Lakeland, Florida, Hospital System Revenue Bonds, Lakeland 11/16 at 100.00 A2 3,077,790 Regional Medical Center, Series 2006, 5.000%, 11/15/32 3,500 Lee Memorial Health System, Florida, Hospital Revenue Bonds, 4/17 at 100.00 A 3,593,520 Series 2007A, 5.000%, 4/01/32 3,430 Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg No Opt. Call BBB+ 3,552,108 Regional Medical Center Project, Series 2003, 5.000%, 7/01/12 1,250 Marion County Hospital District, Florida, Revenue Bonds, 10/17 at 100.00 A2 1,273,850 Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 (WI/DD, Settling 5/09/07) 825 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A2 879,293 Improvement Bonds, Series 2001, 6.000%, 1/15/31 - ------------------------------------------------------------------------------------------------------------------------------------ 33,275 Total Health Care 34,697,722 - ------------------------------------------------------------------------------------------------------------------------------------ 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 7/07 at 101.00 AAA $ 1,529,040 1,000 6.300%, 1/01/32 7/07 at 101.00 AAA 1,017,610 120 Florida Housing Finance Agency, General Mortgage Revenue 6/07 at 100.00 AA 122,351 Refunding Bonds, Series 1992A, 6.400%, 6/01/24 1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 10/07 at 100.00 AAA 1,005,260 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 6,077,010 Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) 3,170 Florida Housing Finance Corporation, Housing Revenue Refunding 12/08 at 102.00 AA 3,205,789 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 3,812,553 Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 - FSA Insured (Alternative Minimum Tax) 3,240 Pinellas County Housing Finance Authority, Florida, Multifamily 1/08 at 100.00 AAA 3,261,773 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 20,031,386 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.0% (0.6% OF TOTAL INVESTMENTS) 530 Broward County Housing Finance Authority, Florida, Single 4/10 at 25.36 Aaa 114,300 Family Mortgage Revenue Bonds, Series 2001C, 0.000%, 4/01/33 (Alternative Minimum Tax) 380 Broward County Housing Finance Authority, Florida, 4/09 at 25.51 Aaa 85,017 Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) 260 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 273,655 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 991,310 Revenue Bonds, Series 2006-6, 4.625%, 7/01/31 (Alternative Minimum Tax) 70 Lee County Housing Finance Authority, Florida, Single Family 9/07 at 105.00 Aaa 70,982 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 30,399 Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19 (Alternative Minimum Tax) 535 Orange County Housing Finance Authority, Florida, Single 10/07 at 101.00 AAA 540,885 Family Mortgage Revenue Bonds, Series 1996A, 6.300%, 4/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,805 Total Housing/Single Family 2,106,548 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 4.8% (2.8% OF TOTAL INVESTMENTS) 7,285 Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding 10/09 at 101.00 A 7,600,950 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 1,220,411 1,570 5.625%, 8/01/34 8/14 at 101.00 N/R 1,651,263 - ------------------------------------------------------------------------------------------------------------------------------------ 9,980 Total Long-Term Care 10,472,624 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 2.3% (1.3% OF TOTAL INVESTMENTS) 4,600 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R 4,990,080 Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 21 Nuveen Florida Quality Income Municipal Fund (NUF) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.3% (5.4% OF TOTAL INVESTMENTS) $ 15,925 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA $ 16,910,914 Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 - MBIA Insured 3,240 Reedy Creek Improvement District, Orange and Osceola 4/14 at 100.00 AAA 3,440,070 Counties, Florida, General Obligation Bonds, Series 2004A, 5.000%, 6/01/22 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 19,165 Total Tax Obligation/General 20,350,984 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 44.5% (26.1% OF TOTAL INVESTMENTS) 1,000 Alachua County School Board, Florida, Certificates of 7/11 at 101.00 Aaa 1,045,280 Participation, Series 2001, 5.000%, 7/01/21 - AMBAC Insured 2,645 Bartram Springs Community Development District, Duval County, 5/16 at 100.00 N/R 2,564,751 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 1,108,394 Series 2004, 5.000%, 7/01/24 - AMBAC Insured 3,870 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,159,979 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 1,585,065 Series 2005, 5.000%, 10/01/23 - MBIA Insured 1,290 Escambia County, Florida, Tourist Development Revenue 10/12 at 100.00 AAA 1,364,162 Refunding Bonds, Series 2002, 5.000%, 10/01/18 - MBIA Insured 8,425 Florida Department of Environmental Protection, Florida Forever 7/13 at 101.00 AAA 9,007,252 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 467,366 1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 683,000 3,000 Florida State Department of Management Services, Certificates 8/15 at 101.00 AAA 3,185,790 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 1,491,476 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 2,201,188 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 3,347,224 Series 2003C, 5.250%, 10/01/18 - MBIA Insured (Alternative Minimum Tax) 2,230 Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding 10/12 at 100.00 AAA 2,358,203 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 2,953,555 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 1,109,660 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 1,257,021 1,340 5.000%, 7/01/22 - AMBAC Insured 7/14 at 100.00 AAA 1,410,363 1,470 5.000%, 7/01/24 - AMBAC Insured 7/14 at 100.00 AAA 1,544,397 5,130 Manatee County School District, Florida, Sales Tax Revenue 10/13 at 100.00 AAA 5,484,534 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 2,129,761 850 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 919,352 22 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,475 Northern Palm Beach County Improvement District, Florida, 8/10 at 102.00 AA $ 2,671,045 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, 7/07 at 100.00 AAA 2,003,780 Series 1994, 6.125%, 1/01/24 - FGIC Insured 8,000 Orange County School Board, Florida, Certificates of 8/16 at 100.00 AAA 8,438,880 Participation, Series 2006A, 5.000%, 8/01/30 - FGIC Insured (UB) 2,440 Orange County School Board, Florida, Certificates of 8/14 at 100.00 Aaa 2,569,369 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 1,772,542 3,400 5.125%, 1/01/23 - FGIC Insured 1/13 at 100.00 AAA 3,588,598 2,040 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,167,541 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 1,579,530 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 1,436,873 5.000%, 9/01/21 - MBIA Insured 825 Rivercrest Community Development District, Florida, Special 5/18 at 100.00 AA 867,438 Assessment Bonds, Series 2007, 5.000%, 5/01/30 - RAAI Insured 5,000 Sumter County, Florida, Capital Improvement Revenue Bonds, 6/16 at 100.00 AAA 5,285,850 Series 2006, 5.000%, 6/01/36 - AMBAC Insured 11,815 Volusia County School Board, Florida, Sales Tax Revenue Bonds, 10/12 at 100.00 AAA 12,755,474 Series 2002, 5.375%, 10/01/14 - FSA Insured 1,000 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,057,130 Development, Series 2004, 5.000%, 12/01/24 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 93,525 Total Tax Obligation/Limited 97,571,823 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 39.1% (22.9% OF TOTAL INVESTMENTS) 2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,335,761 Series 2001J-1, 5.250%, 10/01/21 - AMBAC Insured (Alternative Minimum Tax) 12,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/07 at 101.00 AAA 12,255,240 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 3,550,995 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 4,165,720 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 2,625,150 5.000%, 10/01/33 - FSA Insured 1,000 Lee County, Florida, Transportation Facilities Revenue Bonds, No Opt. Call AAA 1,078,930 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 4,313,046 2,000 5.250%, 7/01/18 - FGIC Insured 7/14 at 100.00 AAA 2,168,640 2,000 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 AAA 2,110,080 17,430 Miami-Dade County Expressway Authority, Florida, Toll System 7/16 at 100.00 AAA 18,515,192 Revenue Bonds, Series 2006, 5.000%, 7/01/31 - AMBAC Insured (UB) 2,000 Miami-Dade County Expressway Authority, Florida, Toll System 7/11 at 101.00 Aaa 2,108,340 Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 - FGIC Insured 12,820 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/15 at 100.00 AAA 13,392,669 International Airport, 5.000%, 10/01/38 - CIFG Insured (Alternative Minimum Tax) (UB) 23 Nuveen Florida Quality Income Municipal Fund (NUF) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/08 at 101.00 AAA $ 7,637,700 International Airport, Series 1998A, 5.000%, 10/01/24 - FGIC Insured (Alternative Minimum Tax) 4,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/08 at 101.00 AAA 4,074,560 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 5,430,650 Revenue Bonds, Series 2005, 5.000%, 7/01/16 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 81,930 Total Transportation 85,762,673 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 17.2% (10.1% OF TOTAL INVESTMENTS) (4) 1,500 Bradford County Health Facility Authority, Florida, Revenue No Opt. Call AAA 1,689,255 Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM) 750 Gainesville, Florida, Utilities System Revenue Bonds, 10/13 at 100.00 AA (4) 815,190 Series 2003A, 5.250%, 10/01/21 (Pre-refunded 10/01/13) 2,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ (4) 2,863,562 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 (Pre-refunded 11/15/11) 3,905 Miami-Dade County Educational Facilities Authority, Florida, 4/14 at 100.00 AAA 4,193,814 Revenue Bonds, University of Miami, Series 2004A, 5.000%, 4/01/20 (Pre-refunded 4/01/14) - AMBAC Insured 8,175 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A2 (4) 8,884,345 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) 5,406,250 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) 3,295,800 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) 2,218,564 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 (Pre-refunded 10/01/11) 3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 3,238,110 Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) - FSA Insured 4,625 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- (4) 5,061,184 Bonds, Series 2002, 5.625%, 5/01/32 (Pre-refunded 5/01/12) - ------------------------------------------------------------------------------------------------------------------------------------ 34,625 Total U.S. Guaranteed 37,666,074 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 8.4% (5.0% OF TOTAL INVESTMENTS) 4,800 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa2 5,010,576 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 9,874,334 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 1,302,301 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 445 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 475,020 Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17 650 Reedy Creek Improvement District, Florida, Utility Revenue 10/15 at 100.00 AAA 690,086 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 1,243,874 Bonds, Series 2005, 5.000%, 10/01/25 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 17,725 Total Utilities 18,596,191 - ------------------------------------------------------------------------------------------------------------------------------------ 24 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.6% (3.8% OF TOTAL INVESTMENTS) $ 1,500 Hollywood, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa $ 1,597,680 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 3,445,663 5,090 5.000%, 10/01/19 - FGIC Insured 10/13 at 100.00 AAA 5,421,461 3,000 5.000%, 10/01/23 - FGIC Insured 10/13 at 100.00 AAA 3,156,120 1,065 Lee County Industrial Development Authority, Florida, Utilities 11/12 at 100.00 AAA 1,114,725 Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 13,890 Total Water and Sewer 14,735,649 - ------------------------------------------------------------------------------------------------------------------------------------ $ 356,655 Total Investments (cost $360,707,644) - 170.6% 374,320,627 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (18.7)% (41,110,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.4% 3,236,072 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.3)% (117,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 219,446,699 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's 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. WI/DD Purchased on a when-issued or delayed delivery basis. (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 April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 1.8% (1.2% OF TOTAL INVESTMENTS) $ 3,420 Tampa, Florida, Revenue Bonds, University of Tampa, 4/16 at 100.00 Aaa $ 4,027,358 Series 2006, Residual 1741, 6.594%, 4/01/35 - CIFG Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 3.6% (2.3% OF TOTAL INVESTMENTS) 2,000 Brevard County Health Facilities Authority, Florida, Hospital 10/07 at 100.00 AAA 2,014,000 Revenue Bonds, Holmes Regional Medical Center Project, Series 1996, 5.625%, 10/01/14 - MBIA Insured 2,500 Hillsborough County Industrial Development Authority, Florida, No Opt. Call AAA 3,008,675 Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 - MBIA Insured 3,015 North Broward Hospital District, Florida, Revenue Refunding 7/07 at 101.00 AAA 3,048,255 and Improvement Bonds, Series 1997, 5.375%, 1/15/24 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 7,515 Total Health Care 8,070,930 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 13.3% (8.5% OF TOTAL INVESTMENTS) 975 Broward County Housing Finance Authority, Florida, GNMA 6/07 at 102.00 Aaa 995,300 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 1,279,102 1,000 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,013,180 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 1,055,766 1,400 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,418,452 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 1,246,457 1,890 5.750%, 9/01/29 - FSA Insured (Alternative Minimum Tax) 9/07 at 101.00 AAA 1,913,927 750 Florida Housing Finance Agency, Housing Revenue Bonds, 6/07 at 102.00 AAA 763,830 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, 10/07 at 102.00 AAA 1,429,344 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 1,010,980 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 2,159,600 Housing Revenue Bonds, Cobblestone Apartments, Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax) 2,475 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,645,528 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 1,581,330 4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 4,987,120 3,415 Jacksonville, Florida, GNMA Collateralized Housing Revenue 9/07 at 100.00 AAA 3,445,052 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 1,477,027 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 $ 1,089,740 Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 - FSA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 28,630 Total Housing/Multifamily 29,511,735 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.7% (0.5% OF TOTAL INVESTMENTS) 30 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 30,598 Family Mortgage Revenue Refunding Bonds, Series 1999B, 5.250%, 4/01/31 - MBIA Insured (Alternative Minimum Tax) 715 Escambia County Housing Finance Authority, Florida, 4/08 at 102.00 Aaa 725,940 Multi-County Single Family Mortgage Revenue Bonds, Series 1999, 5.200%, 4/01/32 - MBIA Insured (Alternative Minimum Tax) 4,135 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 851,934 Revenue Bonds, Series 2000-4 , 0.000%, 7/01/30 - FSA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,880 Total Housing/Single Family 1,608,472 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.9% (2.5% OF TOTAL INVESTMENTS) 4,940 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 5,178,553 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 2,007,961 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 1,463,475 5.000%, 2/01/24 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,225 Total Tax Obligation/General 8,649,989 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 72.5% (46.3% OF TOTAL INVESTMENTS) 3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 AAA 4,112,077 Participation, Series 2003, 5.250%, 7/01/19 - MBIA Insured 3,350 Broward County School Board, Florida, Certificates of 2/17 at 100.00 AAA 3,941,041 Participation, Series 2007A, ROLS R-858-1, 6.778%, 7/01/32 - FGIC Insured (IF) 5,000 Broward County School Board, Florida, Certificates of 7/17 at 100.00 AAA 5,287,700 Participation, Series 2007A, 5.000%, 7/01/32 - FGIC Insured (UB) 1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,585,065 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 3,183,060 5.000%, 6/01/22 - AMBAC Insured 1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,669,261 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 1,053,930 1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,055,970 2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 AAA 2,640,325 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 2,621,225 Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 - FSA Insured 1,435 Florida Department of Environmental Protection, Florida Forever 7/13 at 101.00 AAA 1,534,159 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 3,553,171 3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,526,433 1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 AAA 1,066,860 5.250%, 11/01/18 - MBIA Insured 2,230 Florida Ports Financing Commission, Revenue Bonds, State 10/09 at 101.00 AAA 2,326,492 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 5,387,148 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, 6/07 at 101.00 AAA 1,092,604 Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 (Mandatory put 12/01/10) - FGIC Insured 27 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,020 Gulf Breeze, Florida, Local Government Loan Program, 6/07 at 101.00 AAA $ 1,031,903 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 1,593,900 Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) - FGIC Insured 6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 6,249,900 Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured 2,000 Hillsborough County, Florida, Community Investment Tax Revenue 11/13 at 101.00 AAA 2,117,240 Bonds, Series 2004, 5.000%, 5/01/23 - AMBAC Insured 1,000 Hillsborough County, Florida, Revenue Refunding Bonds, 10/15 at 100.00 AAA 1,061,670 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 2,747,275 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 1,069,430 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 1,620,600 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 1,349,645 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 1,829,458 2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,114,980 1,230 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 1,311,500 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 2,112,260 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 8,573,759 Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured 825 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 7/07 at 100.00 AAA 827,137 Series 1994, 7.000%, 1/01/14 - FGIC Insured 1,000 Orange County School Board, Florida, Certificates of 8/16 at 100.00 AAA 1,054,860 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 4,332,926 495 5.375%, 8/01/22 - MBIA Insured 8/07 at 101.00 Aaa 501,678 3,180 Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 1/13 at 100.00 AAA 3,385,396 5.125%, 1/01/19 - FGIC Insured 2,500 Orange County, Florida, Tourist Development Tax Revenue Bonds, 10/16 at 100.00 AAA 2,643,225 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 2,654,375 5,500 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 5,800,520 2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,259,887 Participation, Series 2004A, 5.000%, 8/01/24 - FGIC Insured 6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 6,709,949 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 2,545,575 4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,197,760 28 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,300 Plantation, Florida, Non-Ad Valorem Revenue Refunding and 8/13 at 100.00 Aaa $ 1,383,135 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 10,564,900 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 4,475,599 Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 - FSA Insured St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003: 1,405 5.125%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa 1,506,399 1,475 5.125%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 1,581,451 1,555 5.125%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 1,667,224 1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,301,187 5.000%, 4/01/22 - FGIC Insured 4,275 Volusia County School Board, Florida, Certificates of 8/15 at 100.00 Aaa 4,518,803 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 2,131,200 5.000%, 10/01/21 - FSA Insured 12,000 Volusia County, Florida, School Board Certificates of 8/17 at 100.00 Aaa 12,714,360 Participation, Series 2007, 5.000%, 8/01/32 - FSA Insured (UB) 1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,886,977 Development, Series 2004, 5.000%, 12/01/24 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 162,460 Total Tax Obligation/Limited 161,064,564 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 16.7% (10.7% OF TOTAL INVESTMENTS) 9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,404,639 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 2,260,704 Series 2004L, 5.000%, 10/01/23 - AMBAC Insured 1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 10/07 at 100.00 AAA 1,109,053 Series 1995, 5.750%, 10/01/15 - MBIA Insured 2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,113,340 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 16,129,637 6.000%, 10/01/32 - FSA Insured (Alternative Minimum Tax) 5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,079,361 Miami International Airport, Series 2002, 5.750%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 34,890 Total Transportation 37,096,734 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 11.5% (7.3% OF TOTAL INVESTMENTS) (4) 5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA 5,597,427 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 2,974,100 Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) - MBIA Insured 1,830 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 1,961,577 Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) - MBIA Insured 5,715 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 6,622,371 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 5,462,350 1,200 5.500%, 10/01/21 - FGIC Insured (ETM) No Opt. Call AAA 1,365,312 1,500 Tampa, Florida, Healthcare System Revenue Bonds, Allegany 6/07 at 100.00 AAA 1,508,460 Health System - St. Joseph's Hospital, Series 1993, 5.125%, 12/01/23 - MBIA Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 30,570 Total U.S. Guaranteed 25,491,597 - ------------------------------------------------------------------------------------------------------------------------------------ 29 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.6% (3.5% OF TOTAL INVESTMENTS) $ 8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA $ 5,980,480 Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured 3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 3,703,788 Refunding Bonds, Series 1997A, 6.000%, 10/01/09 - AMBAC Insured 2,500 Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 10/15 at 100.00 AAA 2,643,250 5.000%, 10/01/29 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 14,025 Total Utilities 12,327,518 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 27.2% (17.2% OF TOTAL INVESTMENTS) 1,250 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 Aaa 1,329,150 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 5,325,600 4,500 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 4,739,400 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 986,285 475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 AAA 513,190 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 1,340,575 1,095 5.000%, 10/01/23 - MBIA Insured 10/13 at 100.00 AAA 1,153,254 1,225 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,290,170 3,945 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 4,154,874 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 1,025,190 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 8,295,039 Series 1993A, 5.250%, 9/01/24 - FGIC Insured 1,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/13 at 100.00 AAA 1,068,350 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 1,586,055 Series 2007B, 5.000%, 10/01/24 - MBIA Insured 1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 1,527,140 5.000%, 10/01/22 - AMBAC Insured 2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aaa 2,144,340 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 1,463,171 1,000 5.250%, 10/01/18 - MBIA Insured 10/13 at 100.00 AAA 1,080,400 1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 AAA 1,863,960 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 1,080,400 500 5.250%, 10/01/20 - MBIA Insured 10/13 at 100.00 AAA 540,200 500 5.250%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 537,405 1,170 Polk County, Florida, Utility System Revenue Bonds, 10/14 at 100.00 AAA 1,237,123 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 1,271,122 1,980 5.250%, 5/01/17 - MBIA Insured 5/12 at 100.00 AAA 2,104,780 1,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/14 at 100.00 Aaa 1,064,950 Series 2004, 5.000%, 9/01/21 - MBIA Insured 30 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) 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 $ 1,462,530 770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 825,409 500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 535,980 3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,078,315 Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured 1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/07 at 101.00 AAA 1,328,080 Series 1996, 5.800%, 10/01/11 - AMBAC Insured 2,000 Village Center Community Development District, Florida, Utility 10/13 at 101.00 AAA 2,153,400 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 1,148,994 5.000%, 10/01/31 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 56,600 Total Water and Sewer 60,254,831 - ------------------------------------------------------------------------------------------------------------------------------------ $ 351,215 Total Investments (cost $331,680,130) - 156.8% 348,103,728 =============----------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (8.1)% (17,990,000) -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 2,944,106 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.0)% (111,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 222,057,834 ==================================================================================================================== All of the bonds in the Portfolio of Investments, are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's 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. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. See accompanying notes to financial statements. 31 Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.3% (1.5% OF TOTAL INVESTMENTS) $ 1,685 Golden State Tobacco Securitization Corporation, California, 6/22 at 100.00 BBB $ 1,297,433 Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 14.9% (9.9% OF TOTAL INVESTMENTS) 2,240 FSU Financial Assistance Inc., Florida, General Revenue Bonds, No Opt. Call AAA 2,410,800 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 2,080,439 Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/19 - XLCA Insured 1,500 Volusia County Educational Facilities Authority, Florida, Revenue 10/15 at 100.00 AA 1,560,270 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 1,050,090 1,250 5.200%, 10/15/33 - RAAI Insured 10/13 at 100.00 AA 1,308,450 - ------------------------------------------------------------------------------------------------------------------------------------ 7,975 Total Education and Civic Organizations 8,410,049 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 1.9% (1.2% OF TOTAL INVESTMENTS) 1,000 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/16 at 100.00 BBB+ 1,049,680 Series 2006, 5.250%, 6/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.2% (0.8% OF TOTAL INVESTMENTS) 665 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 699,926 Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 5.1% (3.4% OF TOTAL INVESTMENTS) 2,660 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 2,885,169 Texas, General Obligation Bonds, Series 2003, 5.375%, 2/15/26 (Pre-refunded 2/15/13) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 70.1% (46.9% OF TOTAL INVESTMENTS) 570 Bartram Springs Community Development District, Duval County, 5/16 at 100.00 N/R 552,706 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 422,684 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 1,075,590 Series 2002, 5.250%, 10/01/17 - AMBAC Insured 1,525 Fernandina Beach, Florida, Utility Acquisition and Improvement 9/13 at 100.00 AAA 1,605,169 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 3,135,870 5.000%, 12/01/28 - MBIA Insured 1,500 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 1,562,475 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 2,446,424 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 2,395,215 5.000%, 10/01/20 - AMBAC Insured 1,330 Mira Lago West Community Development District, Florida, 5/15 at 101.00 N/R 1,342,276 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 2,137,060 Series 2002A, 5.125%, 1/01/17 - FGIC Insured 32 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,500 Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 1/13 at 100.00 AAA $ 1,576,995 5.125%, 1/01/32 - FGIC Insured 3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,593,600 Participation, Series 2002A, 5.125%, 6/01/20 - AMBAC Insured 3,335 Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, 10/14 at 100.00 AAA 3,618,075 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 3,800,762 Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured 2,000 Palm Beach Gardens, Florida, Special Obligation Revenue Bonds, 2/13 at 100.00 AAA 2,122,780 Series 2004, 5.000%, 5/01/20 - AMBAC Insured 2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 2,226,186 5.000%, 9/01/23 - MBIA Insured 1,730 St. John's County, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 1,824,718 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 4,202,440 Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 37,580 Total Tax Obligation/Limited 39,641,025 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.9% (7.3% OF TOTAL INVESTMENTS) 2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 2,079,440 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 2,224,290 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 1,843,488 Series 2004B, 5.000%, 10/01/22 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,835 Total Transportation 6,147,218 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 23.7% (15.8% OF TOTAL INVESTMENTS) (4) 4,000 Highlands County Health Facilities Authority, Florida, Hospital 11/13 at 100.00 A+ (4) 4,475,439 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 2,094,417 Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) - FSA Insured 2,800 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 Aa3 (4) 3,096,212 Bonds, Baycare Health System, Series 2003, 5.750%, 11/15/27 (Pre-refunded 5/15/13) 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 2,158,740 Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) - FSA Insured 1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 AA- (4) 1,569,450 Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) - ------------------------------------------------------------------------------------------------------------------------------------ 12,250 Total U.S. Guaranteed 13,394,258 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 0.8% (0.7% OF TOTAL INVESTMENTS) 500 Tallahassee, Florida, Energy System Revenue Bonds, 10/15 at 100.00 AAA 528,650 Series 2005, 5.000%, 10/01/29 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 16.9% (11.3% OF TOTAL INVESTMENTS) 1,000 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 Aaa 1,062,590 5.000%, 9/01/25 - AMBAC Insured 3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 AAA 3,144,030 Series 2003, 5.000%, 10/01/27 - MBIA Insured 2,000 Miami-Dade County, Florida, Water and Sewer System Revenue 10/09 at 101.00 AAA 2,053,760 Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 33 Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) (continued) Portfolio of INVESTMENTS April 30, 2007 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 500 North Port, Florida, Utility System Revenue Bonds, Series 2000, 10/10 at 101.00 Aaa $ 521,325 5.000%, 10/01/25 - FSA Insured 1,095 Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 1,187,944 5.250%, 10/01/20 - MBIA Insured 1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA 1,568,790 Refunding Bonds, Series 2002, 5.000%, 5/01/23 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 9,095 Total Water and Sewer 9,538,439 - ------------------------------------------------------------------------------------------------------------------------------------ $ 79,245 Total Long-Term Investments (cost $80,267,808) - 147.8% 83,591,847 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 1.8% (1.2% OF TOTAL INVESTMENTS) 1,000 Puerto Rico Government Development Bank, Adjustable A-1+ 1,000,000 Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 3.710%, 12/01/15 - MBIA Insured (5) =============----------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $1,000,000) 1,000,000 -------------------------------------------------------------------------------------------------------------------- Total Investments (cost $81,267,808) - 149.6% 84,591,847 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.7% 953,842 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.3)% (29,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 56,545,689 ==================================================================================================================== 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 (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings (not covered by the report of independent registered public accounting firm): Using the higher of Standard & Poor's 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) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. N/R Not rated. See accompanying notes to financial statements. 34 Statement of ASSETS AND LIABILITIES April 30, 2007 FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE (NQF) (NUF) (NFL) (NWF) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $411,765,660, $360,707,644, $331,680,130 and $81,267,808, respectively) $433,306,050 $374,320,627 $348,103,728 $84,591,847 Cash 85,308 757,417 -- 30,739 Receivables: Interest 4,523,665 3,976,762 3,208,965 969,628 Investments sold 115,000 35,000 -- 10,000 Other assets 40,895 45,994 31,838 7,162 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 438,070,918 379,135,800 351,344,531 85,609,376 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- 7,622 -- Floating rate obligations 52,835,000 41,110,000 17,990,000 -- Payable for investments purchased 1,268,163 1,268,163 -- -- Unrealized depreciation on forward swaps 139,000 -- -- -- Accrued expenses: Management fees 195,147 171,655 170,013 21,967 Other 104,190 86,587 69,497 27,817 Preferred share dividends payable 54,227 52,696 49,565 13,903 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 54,595,727 42,689,101 18,286,697 63,687 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $251,475,191 $219,446,699 $222,057,834 $56,545,689 ==================================================================================================================================== 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) $ 15.16 $ 15.34 $ 15.43 $ 14.56 ==================================================================================================================================== 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 (395,050) (393,598) 207,417 (116,044) Accumulated net realized gain (loss) from investments and derivative transactions (1,449,778) (23,175) 901,236 (1,448,035) Net unrealized appreciation (depreciation) of investments and derivative transactions 21,401,390 13,612,983 16,423,598 3,324,039 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $251,475,191 $219,446,699 $222,057,834 $56,545,689 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 35 Statement of OPERATIONS FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF) ---------------------------------- ---------------------------------- FOR THE FOR THE TEN MONTHS YEAR ENDED TEN MONTHS YEAR ENDED ENDED 4/30/07 6/30/06 ENDED 4/30/07 6/30/06 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $16,706,597 $ 18,590,597 $14,362,063 $ 15,875,022 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,987,765 2,400,004 1,747,151 2,106,269 Preferred shares - auction fees 274,849 330,395 243,616 292,974 Preferred shares - dividend disbursing agent fees 16,658 20,000 24,986 30,000 Shareholders' servicing agent fees and expenses 16,990 25,968 12,190 19,689 Floating rate obligations interest expense and fees 1,101,402 -- 1,005,403 -- Custodian's fees and expenses 97,140 94,947 91,625 84,372 Trustees' fees and expenses 7,451 7,986 6,743 6,917 Professional fees 22,274 23,475 21,307 20,934 Shareholders' reports - printing and mailing expenses 34,688 35,214 30,511 30,822 Stock exchange listing fees 8,149 10,049 8,135 10,176 Investor relations expense 39,147 39,284 34,143 34,569 Other expenses 19,682 24,078 19,140 24,483 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 3,626,195 3,011,400 3,244,950 2,661,205 Custodian fee credit (23,262) (20,929) (35,668) (12,060) Expense reimbursement -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 3,602,933 2,990,471 3,209,282 2,649,145 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 13,103,664 15,600,126 11,152,781 13,225,877 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 674,291 501,480 273,077 859,292 Net realized gain (loss) from forward swaps -- -- 25,000 -- Change in net unrealized appreciation (depreciation) of investments 7,272,314 (14,732,365) 6,745,764 (12,303,508) Change in net unrealized appreciation (depreciation) of forward swaps (139,000) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) 7,807,605 (14,230,885) 7,043,841 (11,444,216) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (3,844,551) (3,430,679) (3,401,825) (3,035,981) From accumulated net realized gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (3,844,551) (3,430,679) (3,401,825) (3,035,981) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $17,066,718 $ (2,061,438) $14,794,797 $ (1,254,320) ==================================================================================================================================== See accompanying notes to financial statements. 36 INSURED FLORIDA INSURED FLORIDA PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF) ------------------------------------ ---------------------------------- FOR THE FOR THE TEN MONTHS YEAR ENDED TEN MONTHS YEAR ENDED ENDED 4/30/07 6/30/06 ENDED 4/30/07 6/30/06 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $13,693,356 $ 16,457,213 $3,281,791 $ 3,932,174 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,734,982 2,112,959 451,598 543,254 Preferred shares - auction fees 231,122 277,832 60,384 72,587 Preferred shares - dividend disbursing agent fees 16,658 20,000 8,329 10,000 Shareholders' servicing agent fees and expenses 12,289 18,474 617 1,084 Floating rate obligations interest expense and fees 130,861 -- -- -- Custodian's fees and expenses 69,872 90,431 18,497 29,616 Trustees' fees and expenses 6,606 7,198 1,571 1,951 Professional fees 21,130 21,112 11,854 12,624 Shareholders' reports - printing and mailing expenses 30,213 31,482 10,128 11,118 Stock exchange listing fees 8,157 10,172 275 330 Investor relations expense 34,323 34,752 8,958 10,822 Other expenses 19,771 22,246 16,904 12,008 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 2,315,984 2,646,658 589,115 705,394 Custodian fee credit (21,630) (11,298) (6,669) (7,904) Expense reimbursement -- -- (227,529) (271,873) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 2,294,354 2,635,360 354,917 425,617 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 11,399,002 13,821,853 2,926,874 3,506,557 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 1,215,018 938,575 2,259 (4,419) Net realized gain (loss) from forward swaps -- -- 53,678 137,974 Change in net unrealized appreciation (depreciation) of investments 4,061,415 (13,926,918) 2,125,216 (3,311,864) Change in net unrealized appreciation (depreciation) of forward swaps -- -- (228,722) 418,597 - ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) 5,276,433 (12,988,343) 1,952,431 (2,759,712) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (3,147,762) (2,768,590) (819,179) (728,881) From accumulated net realized gains (76,901) (281,644) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (3,224,663) (3,050,234) (819,179) (728,881) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $13,450,772 $ (2,216,724) $4,060,126 $ 17,964 ==================================================================================================================================== See accompanying notes to financial statements. 37 Statement of CHANGES IN NET ASSETS FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF) ------------------------------------------------ ----------------------------------------------- FOR THE TEN FOR THE TEN MONTHS ENDED YEAR ENDED YEAR ENDED MONTHS ENDED YEAR ENDED YEAR ENDED 4/30/07 6/30/06 6/30/05 4/30/07 6/30/06 6/30/05 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 13,103,664 $ 15,600,126 $ 15,980,969 $ 11,152,781 $ 13,225,877 $ 13,414,949 Net realized gain (loss) from investments 674,291 501,480 173,273 273,077 859,292 (1,167,083) Net realized gain (loss) from forward swaps -- -- -- 25,000 -- -- Change in net unrealized appreciation (depreciation) of investments 7,272,314 (14,732,365) 15,407,096 6,745,764 (12,303,508) 15,972,684 Change in net unrealized appreciation (depreciation) of forward swaps (139,000) -- -- -- -- -- Distributions to Preferred shareholders: From net investment income (3,844,551) (3,430,679) (1,892,045) (3,401,825) (3,035,981) (1,638,023) From accumulated net realized gains -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 17,066,718 (2,061,438) 29,669,293 14,794,797 (1,254,320) 26,582,527 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (9,504,640) (13,251,988) (16,116,436) (7,852,127) (11,076,970) (13,650,082) From accumulated net realized gains -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (9,504,640) (13,251,988) (16,116,436) (7,852,127) (11,076,970) (13,650,082) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 155,702 472,933 -- 42,933 201,370 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions -- 155,702 472,933 -- 42,933 201,370 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 7,562,078 (15,157,724) 14,025,790 6,942,670 (12,288,357) 13,133,815 Net assets applicable to Common shares at the beginning of period 243,913,113 259,070,837 245,045,047 212,504,029 224,792,386 211,658,571 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $251,475,191 $243,913,113 $259,070,837 $219,446,699 $212,504,029 $224,792,386 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ (395,050) $ (149,523) $ 933,018 $ (393,598) $ (292,353) $ 594,778 ==================================================================================================================================== See accompanying notes to financial statements. 38 INSURED FLORIDA INSURED FLORIDA PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF) ------------------------------------------------ ------------------------------------------------ FOR THE TEN FOR THE TEN MONTHS ENDED YEAR ENDED YEAR ENDED MONTHS ENDED YEAR ENDED YEAR ENDED 4/30/07 6/30/06 6/30/05 4/30/07 6/30/06 6/30/05 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 11,399,002 $ 13,821,853 $ 14,245,500 $ 2,926,874 $ 3,506,557 $ 3,512,261 Net realized gain (loss) from investments 1,215,018 938,575 1,839,639 2,259 (4,419) 140,285 Net realized gain (loss) from forward swaps -- -- -- 53,678 137,974 (927,595) Change in net unrealized appreciation (depreciation) of investments 4,061,415 (13,926,918) 10,371,791 2,125,216 (3,311,864) 4,741,998 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- (228,722) 418,597 (189,875) Distributions to Preferred shareholders: From net investment income (3,147,762) (2,768,590) (1,580,948) (819,179) (728,881) (393,068) From accumulated net realized gains (76,901) (281,644) (80,509) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 13,450,772 (2,216,724) 24,795,473 4,060,126 17,964 6,884,006 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (8,995,875) (11,855,911) (13,587,141) (2,139,189) (2,694,347) (3,101,579) From accumulated net realized gains (300,815) (2,071,689) (1,576,378) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (9,296,690) (13,927,600) (15,163,519) (2,139,189) (2,694,347) (3,101,579) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 268,943 181,928 -- 5,148 9,910 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions -- 268,943 181,928 -- 5,148 9,910 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 4,154,082 (15,875,381) 9,813,882 1,920,937 (2,671,235) 3,792,337 Net assets applicable to Common shares at the beginning of period 217,903,752 233,779,133 223,965,251 54,624,752 57,295,987 53,503,650 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $222,057,834 $217,903,752 $233,779,133 $56,545,689 $54,624,752 $57,295,987 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 207,417 $ 952,052 $ 1,759,000 $ (116,044) $ (84,550) $ (167,879) ==================================================================================================================================== See accompanying notes to financial statements. 39 Statement of CASH FLOWS For the Period July 1, 2006 through April 30, 2007 FLORIDA FLORIDA INVESTMENT QUALITY QUALITY INCOME (NQF) (NUF) - ------------------------------------------------------------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 17,066,718 $ 14,794,797 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 (106,784,034) (69,266,453) Proceeds from sales and maturities of investments 52,850,720 26,112,159 Proceeds from sales of forward swaps -- 25,000 Amortization/(Accretion) of premiums and discounts, net 465,297 649,816 (Increase) Decrease in receivable for interest 299,965 904,253 (Increase) Decrease in receivable for investments sold 145,000 (35,000) (Increase) Decrease in other assets (9,641) (10,767) (Increase) Decrease in payable for investments purchased 1,268,163 1,268,163 Increase (Decrease) in accrued management fees 510 551 Increase (Decrease) in accrued other liabilities 25,116 21,663 Increase (Decrease) in Preferred shares dividends payable 7,262 17,461 Net realized (gain) loss from investments (674,291) (273,077) Net realized (gain) loss from forward swaps -- (25,000) Change in net unrealized (appreciation) depreciation of investments (7,272,314) (6,745,764) Change in net unrealized (appreciation) depreciation of forward swaps 139,000 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net cash provided by (used in) operating activities (42,472,529) (32,562,198) - ------------------------------------------------------------------------------------------------------------------------------------ CASH FLOWS FROM FINANCING ACTIVITIES: Increase in floating rate obligations 52,835,000 41,110,000 Cash distributions paid to Common shareholders (9,504,640) (7,852,127) - ------------------------------------------------------------------------------------------------------------------------------------ Net cash provided by (used in) financing activities 43,330,360 33,257,873 - ------------------------------------------------------------------------------------------------------------------------------------ NET INCREASE (DECREASE) IN CASH 857,831 695,675 Cash at the beginning of period (772,523) 61,742 - ------------------------------------------------------------------------------------------------------------------------------------ CASH AT THE END OF PERIOD $ 85,308 $ 757,417 ==================================================================================================================================== See accompanying notes to financial statements. 40 Notes to FINANCIAL STATEMENTS 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. In February 2007, the Board of Trustees of the Funds approved a change in the Funds' fiscal year end from June 30 to April 30. 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 April 30, 2007, Florida Investment Quality (NQF) and Florida Quality Income (NUF) each had outstanding when-issued/delayed delivery purchase commitments of $1,268,163. There were no such outstanding purchase commitments in Insured Florida Premium Income (NFL) or Insured Florida Tax-Free Advantage (NWF). 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. 41 Notes to FINANCIAL STATEMENTS (continued) Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Preferred Shares The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Preferred shares are issued in one or more Series. The dividend rate 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. 42 During the ten months ended April 30, 2007, 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 ten months ended April 30, 2007. The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the ten months ended April 30, 2007, were as follows: INSURED FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM QUALITY INCOME INCOME (NQF) (NUF) (NFL) - ------------------------------------------------------------------------------------------------------------- Average floating rate obligations $34,348,339 $31,368,158 $4,055,395 Average annual interest rate and fees 3.85% 3.85% 3.87% ============================================================================================================= Forward Swap Transactions The Funds are authorized to invest in certain derivative financial instruments. Each Fund's 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 Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance, in contrast, is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. 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. 43 Notes to FINANCIAL STATEMENTS (continued) 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) -------------------------------------- ----------------------------------------- FOR THE TEN FOR THE TEN MONTHS ENDED YEAR ENDED YEAR ENDED MONTHS ENDED YEAR ENDED YEAR ENDED 4/30/07 6/30/06 6/30/05 4/30/07 6/30/06 6/30/05 - ------------------------------------------------------------------------------------------------------------------------ Common shares issued to shareholders due to reinvestment of distributions -- 9,854 30,216 -- 2,715 12,874 ======================================================================================================================== INSURED FLORIDA INSURED FLORIDA PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF) -------------------------------------- ----------------------------------------- FOR THE TEN FOR THE TEN MONTHS ENDED YEAR ENDED YEAR ENDED MONTHS ENDED YEAR ENDED YEAR ENDED 4/30/07 6/30/06 6/30/05 4/30/07 6/30/06 6/30/05 - ------------------------------------------------------------------------------------------------------------------------ Common shares issued to shareholders due to reinvestment of distributions -- 16,602 11,023 -- 339 670 ======================================================================================================================== 3. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the ten months ended April 30, 2007, were as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - ----------------------------------------------------------------------------------------------------------- Purchases $106,784,034 $69,266,453 $38,639,684 $1,824,647 Sales and maturities 52,850,720 26,112,159 21,684,726 2,356,166 =========================================================================================================== 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. 44 At April 30, 2007, 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 $358,600,392 $319,591,894 $313,534,106 $81,350,028 =========================================================================================================== Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2007, were as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - ----------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $22,009,489 $13,795,326 $16,807,491 $3,385,564 Depreciation (138,548) (176,742) (204,407) (143,745) - ----------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $21,870,941 $13,618,584 $16,603,084 $3,241,819 =========================================================================================================== The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at April 30, 2007, the Funds' 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 * $282,408 $440,138 $851,071 $109,448 Undistributed net ordinary income ** -- -- -- -- Undistributed net long-term capital gains -- -- 998,461 -- =========================================================================================================== * Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on April 2, 2007, paid on May 1, 2007. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the ten months ended April 30, 2007, and during the tax years ended June 30, 2006 and June 30, 2005, 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 2007 (NQF) (NUF) (NFL) (NWF) - ----------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income *** $13,350,222 $11,250,793 $12,143,430 $2,962,418 Distributions from net ordinary income ** -- -- -- -- Distributions from net long-term capital gains **** -- -- 377,716 -- =========================================================================================================== INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE 2006 (NQF) (NUF) (NFL) (NWF) - ----------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $16,916,047 $14,335,500 $14,787,761 $3,426,176 Distributions from net ordinary income ** -- -- -- -- Distributions from net long-term capital gains -- -- 2,353,333 -- =========================================================================================================== 45 Notes to FINANCIAL STATEMENTS (continued) INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE 2005 (NQF) (NUF) (NFL) (NWF) - ----------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $18,170,882 $15,425,361 $15,228,310 $3,544,955 Distributions from net ordinary income ** -- -- 151,001 -- Distributions from net long-term capital gains -- -- 1,527,991 -- =========================================================================================================== ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. *** The Funds hereby designate these amounts paid during the ten months ended April 30, 2007, as Exempt Interest Dividends. **** The Funds hereby designate these amounts paid during the ten months ended April 30, 2007, as a long-term capital gain dividends pursuant to Internal Revenue Code Section 852(b)(3). At April 30, 2007, 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 1,449,778 23,175 97,429 2014 -- -- 236,625 2015 -- -- 194,032 - -------------------------------------------------------------------------------- Total $1,449,778 $23,175 $1,365,811 ================================================================================ 5. MANAGEMENT FEES 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 the Adviser, 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 ================================================================================ 46 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 ================================================================================ 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 April 30, 2007, the complex-level fee rate was .1824%. 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. 47 Notes to FINANCIAL STATEMENTS (continued) 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 Funds' 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 October 31, 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 April 30, 2007, 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 EVENTS Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on June 1, 2007, to shareholders of record on May 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 $.0605 $.0545 =========================================================================================================== 48 Agreement and Plan of Merger On June 20, 2007, Nuveen Investments announced that it had entered into a definitive Agreement and Plan of Merger ("Merger Agreement") with an investor group majority-led by Madison Dearborn Partners, LLC. Madison Dearborn Partners, LLC is a private equity investment firm based in Chicago, Illinois. The investor group includes affiliates of Merrill Lynch, Wachovia, Citigroup, Deutsche Bank and Morgan Stanley. It is anticipated that Merrill Lynch and its affiliates will be indirect "affiliated persons" (as that term is defined in the Investment Company Act of 1940) of the Funds. Under the terms of the merger, each outstanding share of Nuveen Investments' common stock (other than dissenting shares) will be converted into the right to receive a specified amount of cash, without interest. The merger is expected to be completed by the end of the year, subject to customary conditions, including obtaining the approval of Nuveen Investments shareholders, obtaining necessary fund and client consents sufficient to satisfy the terms of the Merger Agreement, and expiration of certain regulatory waiting periods. The obligations of Madison Dearborn Partners, LLC to consummate the merger are not conditioned on its obtaining financing. The Merger Agreement includes a "go shop" provision through July 19, 2007 during which Nuveen Investments may actively solicit and negotiate competing takeover proposals. The consummation of the merger will be deemed to be an "assignment" (as defined in the 1940 Act) of the investment management agreement between each Fund and the Adviser, and will result in the automatic termination of each Fund's agreement. Prior to the consummation of the merger, it is anticipated that the Board of Trustees of each Fund will consider a new investment management agreement with the Adviser. If approved by the Board, the new agreement would be presented to the Fund's shareholders for approval, and, if so approved by shareholders, would take effect upon consummation of the merger. There can be no assurance that the merger described above will be consummated as contemplated or that necessary shareholder approvals will be obtained. 49 Financial HIGHLIGHTS 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 4/30: 2007(b) $14.70 $ .79 $ .47 $(.23) $ -- $1.03 $ (.57) $ -- $ (.57) Year Ended 6/30: 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 4/30: 2007(b) 14.86 .78 .49 (.24) -- 1.03 (.55) -- (.55) Year Ended 6/30: 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 4/30: 2007(b) $ -- $15.16 $14.11 12.93% 7.08% Year Ended 6/30: 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 4/30: 2007(b) -- 15.34 14.04 11.75 6.97 Year Ended 6/30: 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 4/30: 2007(b) $251,475 1.73%* 1.21%* 6.24%* 1.72%* 1.19%* 6.25%* 13% Year Ended 6/30: 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 4/30: 2007(b) 219,447 1.78%* 1.23* 6.09* 1.76%* 1.21* 6.11* 7% Year Ended 6/30: 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 4/30: 2007(b) $132,000 $25,000 $72,628 $52,835 $8,258 Year Ended 6/30: 2006 132,000 25,000 71,196 -- -- 2005 132,000 25,000 74,066 -- -- 2004 132,000 25,000 71,410 -- -- 2003 132,000 25,000 74,594 -- -- 2002 132,000 25,000 72,317 -- -- FLORIDA QUALITY INCOME (NUF) - -------------------------------------------------------------------------------- Year Ended 4/30: 2007(b) 117,000 25,000 71,890 41,110 9,184 Year Ended 6/30: 2006 117,000 25,000 70,407 -- -- 2005 117,000 25,000 73,033 -- -- 2004 117,000 25,000 70,226 -- -- 2003 117,000 25,000 72,930 -- -- 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 ten months ended April 30, 2007. See accompanying notes to financial statements. 50-51 spread Financial HIGHLIGHTS (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 4/30: 2007(b) $15.14 $ .79 $ .38 $(.22) $(.01) $ .94 $(.63) $(.02) $ (.65) Year Ended 6/30: 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 4/30: 2007(b) 14.07 .75 .50 (.21) -- 1.04 (.55) -- (.55) Year Ended 6/30: 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(c) 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 4/30: 2007(b) $ -- $15.43 $14.74 12.05% 6.24% Year Ended 6/30: 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 4/30: 2007(b) -- 14.56 13.69 6.65 7.46 Year Ended 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(c) (.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 4/30: 2007(b) $222,058 1.25%* 1.18%* 6.13%* 1.24%* 1.17%* 6.14%* 6% Year Ended 6/30: 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 4/30: 2007(b) 56,546 1.25%* 1.25* 5.73* .76%* .76* 6.23* 2 Year Ended 6/30: 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(c) 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 4/30: 2007(b) $111,000 $25,000 $75,013 $17,990 $19,513 Year Ended 6/30: 2006 111,000 25,000 74,077 -- -- 2005 111,000 25,000 77,653 -- -- 2004 111,000 25,000 75,443 -- -- 2003 111,000 25,000 78,489 -- -- 2002 111,000 25,000 75,442 -- -- INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) - -------------------------------------------------------------------------------- Year Ended 4/30: 2007(b) 29,000 25,000 73,746 -- -- Year Ended 6/30: 2006 29,000 25,000 72,090 -- -- 2005 29,000 25,000 74,393 -- -- 2004 29,000 25,000 71,124 -- -- 2003(c) 29,000 25,000 74,330 -- -- ================================================================================ * 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 ten months ended April 30, 2007. (c) For the period November 21, 2002 (commencement of operations) through June 30, 2003. See accompanying notes to financial statements. 52-53 spread Board Members AND OFFICERS The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at ten. None of the board members who are not "interested" persons of the Funds has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below. NUMBER OF YEAR FIRST PORTFOLIOS ELECTED PRINCIPAL OCCUPATION(S) IN FUND COMPLEX NAME, BIRTHDATE POSITION(S) HELD OR APPOINTED INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY AND ADDRESS WITH THE FUNDS AND CLASS(2) DURING PAST 5 YEARS BOARD MEMBER - ------------------------------------------------------------------------------------------------------------------------------------ BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ Timothy R. Schwertfeger(1) Chairman of 1994 Chairman (since 1996) and Director of Nuveen Investments, 175 3/28/49 the Board Class I Inc., Nuveen Investments, LLC; Chairman and Director 333 W. Wacker Drive and Board (since 1997) of Nuveen Asset Management; Chairman and Chicago, IL 60606 Member Director of Rittenhouse Asset Management, Inc. (since 1999); Chairman of Nuveen Investments Advisers Inc. (since 2002); formerly, Chairman and Director (1996-2004) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); formerly, Director (1996-2006) of Institutional Capital Corporation. BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner Lead Independent 1997 Private Investor and Management Consultant. 175 8/22/40 Board member Class III 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown Board member 1993 Retired (since 1989) as Senior Vice President of The 175 7/29/34 Class I Northern Trust Company; Director (since 2002) Community 333 W. Wacker Drive (retiring Board for Highland Park and Highwood, United Way of the Chicago, IL 60606 6/30/07) Advisory North Shore; Director (since 2006) of the Michael Rolfe Pancreatic Cancer Foundation. - ------------------------------------------------------------------------------------------------------------------------------------ Jack B. Evans Board member 1999 President, The Hall-Perrine Foundation, a private 175 10/22/48 Class III philanthropic corporation (since 1996); Director and Vice 333 W. Wacker Drive Chairman, United Fire Group, a publicly held company; Chicago, IL 60606 Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. - ------------------------------------------------------------------------------------------------------------------------------------ William C. Hunter Board member 2004 Dean, Tippie College of Business, University of Iowa 175 3/6/48 Class II (since July 2006); formerly, Dean and Distinguished 333 W. Wacker Drive Professor of Finance, School of Business at the Chicago, IL 60606 University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995- 2003); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director, SS&C Technologies, Inc. (May 2005- October 2005). - ------------------------------------------------------------------------------------------------------------------------------------ David J. Kundert Board member 2005 Director, Northwestern Mutual Wealth Management 173 10/28/42 Class II Company; Retired (since 2004) as Chairman, JPMorgan 333 W. Wacker Drive Fleming Asset Management, President and CEO, Banc One Chicago, IL 60606 Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors, Milwaukee Repertory Theater. 54 NUMBER OF YEAR FIRST PORTFOLIOS ELECTED PRINCIPAL OCCUPATION(S) IN FUND COMPLEX NAME, BIRTHDATE POSITION(S) HELD OR APPOINTED INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY AND ADDRESS WITH THE FUNDS AND CLASS(2) DURING PAST 5 YEARS BOARD MEMBER - ------------------------------------------------------------------------------------------------------------------------------------ BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider Board member 1997 Chairman of Miller-Valentine Partners Ltd., a real 175 9/24/44 Class III estate investment company; formerly, Senior Partner and 333 W. Wacker Drive Chief Operating Officer (retired, 2004) of Chicago, IL 60606 Miller-Valentine Group; formerly, Vice President, Miller-Valentine Realty; Board Member, Chair of the Finance Committee and member of the Audit Committee of Premier Health Partners, the not-for- profit company of Miami Valley Hospital; Vice President, Dayton Philharmonic Orchestra Association; Board Member, Regional Leaders Forum, which promotes cooperation on economic development issues; Director, Dayton Development Coalition; formerly, Member, Community Advisory Board, National City Bank, Dayton, Ohio and Business Advisory Council, Cleveland Federal Reserve Bank. - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale Board member 1997 Executive Director, Gaylord and Dorothy Donnelley 175 12/29/47 Class I Foundation (since 1994); prior thereto, Executive Director, 333 W. Wacker Drive Great Lakes Protection Fund (from 1990 to 1994). Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Carole E. Stone Board member 2007 Director, Chicago Board Options Exchange (since 2006); 175 6/28/47 Class I Chair New York Racing Association Oversight Board 333 West Wacker Drive (since 2005); Commissioner, New York State Commission Chicago, IL 60606 on Public Authority Reform (since 2005); formerly Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004) and Director, Local Government Assistance Corporation (2000-2004). - ------------------------------------------------------------------------------------------------------------------------------------ Eugene S. Sunshine Board member 2005 Senior Vice President for Business and Finance, 175 1/22/50 Class II Northwestern University (since 1997); Director (since 2003), 333 W. Wacker Drive Chicago Board Options Exchange; Chairman (since 1997), Chicago, IL 60606 Board of Directors, Rubicon, a pure captive insurance company owned by Northwestern University; Director (since 1997), Evanston Chamber of Commerce and Evanston Inventure, a business development organization; Director (since 2006), Pathways, a provider of therapy and related information for physically disabled infants and young children; formerly, Director (2003-2006), National Mentor Holdings, a privately-held, national provider of home and community-based services. 55 Board Members AND OFFICERS (CONTINUED) NUMBER OF PORTFOLIOS YEAR FIRST IN FUND COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY AND ADDRESS WITH THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUND: - ------------------------------------------------------------------------------------------------------------------------------------ Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary 175 9/9/56 Administrative and Associate General Counsel, formerly, Vice President 333 W. Wacker Drive Officer and Assistant General Counsel, of Nuveen Investments, LLC; Chicago, IL 60606 Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary, formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director (since 2002) and Assistant Secretary and Associate General Counsel, formerly, Vice President (since 1997), of Nuveen Asset Management; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002); Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc., Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC and Santa Barbara Asset Management, LLC; (since 2006); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Williams Adams IV Vice President 2007 Executive Vice President, U.S. Structured Products of 118 6/9/55 Nuveen Investments, LLC, (since 1999), prior thereto, 333 West Wacker Drive Managing Director of Structured Investments. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Julia L. Antonatos Vice President 2004 Managing Director (since 2005), formerly Vice President 175 9/22/63 (since 2002) of Nuveen Investments, LLC; Chartered 333 W. Wacker Drive Financial Analyst. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Cedric H. Antosiewicz Vice President 2007 Managing Director, (since 2004) previously, Vice 118 1/11/62 President (1993-2004) of Nuveen Investments, LLC. 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Michael T. Atkinson Vice President 2000 Vice President (since 2002) of Nuveen Investments, LLC. 175 2/3/66 and Assistant 333 W. Wacker Drive Secretary Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Peter H. D'Arrigo Vice President 1999 Vice President and Treasurer of Nuveen Investments, LLC 175 11/28/67 and of Nuveen Investments, Inc. (since 1999); Vice 333 W. Wacker Drive President and Treasurer of Nuveen Asset Management Chicago, IL 60606 (since 2002) and of Nuveen Investments Advisers Inc. (since 2002); Assistant Treasurer of NWQ Investment Management Company, LLC. (since 2002); Vice President and Treasurer of Nuveen Rittenhouse Asset Management, Inc. (since 2003); Treasurer of Symphony Asset Management LLC (since 2003) and Santa Barbara Asset Management, LLC (since 2006); Assistant Treasurer, Tradewinds Global Investors, LLC (since 2006); formerly, Vice President and Treasurer (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Chartered Financial Analyst. 56 NUMBER OF PORTFOLIOS YEAR FIRST IN FUND COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY AND ADDRESS WITH THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ Lorna C. Ferguson Vice President 1998 Managing Director (since 2004), formerly, Vice 175 10/24/45 President of Nuveen Investments, LLC, Managing 333 W. Wacker Drive Director (2004) formerly, Vice President (1998-2004) Chicago, IL 60606 of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director (since 2005) of Nuveen Asset Management. - ------------------------------------------------------------------------------------------------------------------------------------ William M. Fitzgerald Vice President 1995 Managing Director (since 2002), formerly, Vice 175 3/2/64 President of Nuveen Investments, LLC; Managing 333 W. Wacker Drive Director (1997-2004) of Nuveen Advisory Corp. and Chicago, IL 60606 Nuveen Institutional Advisory Corp.(3); Managing Director (since 2001) of Nuveen Asset Management; Vice President (since 2002) of Nuveen Investments Advisers Inc.; Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller 175 5/31/54 and Controller (since 1998) of Nuveen Investments, LLC; formerly, 333 W. Wacker Drive Vice President and Funds Controller (1998-2004) of Chicago, IL 60606 Nuveen Investments, Inc.; Certified Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ Walter M. Kelly Chief Compliance 2003 Assistant Vice President and Assistant Secretary of 175 2/24/70 Officer and the Nuveen Funds (2003-2006); Assistant Vice President 333 West Wacker Drive Vice President and Assistant General Counsel (since 2003) of Nuveen Chicago, IL 60606 Investments, LLC; previously, Associate (2001-2003) at the law firm of Vedder, Price, Kaufman & Kammholz. - ------------------------------------------------------------------------------------------------------------------------------------ David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 175 3/22/63 LLC; Certified Public Accountant. 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Tina M. Lazar Vice President 2002 Vice President of Nuveen Investments, LLC (since 1999). 175 8/27/61 333 W. Wacker Drive Chicago, IL 60606 57 Board Members AND OFFICERS (CONTINUED) NUMBER OF PORTFOLIOS YEAR FIRST IN FUND COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY AND ADDRESS WITH THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant 175 7/27/51 and Assistant General Counsel of Nuveen Investments, LLC; formerly, 333 W. Wacker Drive Secretary Vice President and Assistant Secretary of Nuveen Chicago, IL 60606 Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003) and Tradewinds Global Investors, LLC and Santa Barbara Asset Management, LLC (since 2006). - ------------------------------------------------------------------------------------------------------------------------------------ Kevin J. McCarthy Vice President 2007 Vice President and Assistant General Counsel, Nuveen 175 3/26/66 and Secretary Investments, LLC (since 2007); prior thereto, Partner, 333 W. Wacker Drive Bell, Boyd &Lloyd LLP (1997-2007) Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ John V. Miller Vice President 2007 Managing Director (since 2007), formerly, Vice President 175 4/10/67 (2002-2007) of Nuveen Investments, LLC; Chartered 333 W. Wacker Drive Financial Analyst. Chicago, IL 60606 (1) Mr. Schwertfeger is an "interested person'' of the Funds, as defined in the Investment Company Act of 1940, because he is an officer and board member of the Adviser. (2) Board members serve three year terms. The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each class being elected to serve until the third succeeding annual shareholders meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. (3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005. (4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 58 Notes 59 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 greater of the net asset value or 95% of 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. 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 on the last business day immediately prior to the purchase date. 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. 60 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. 61 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. 62 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 For Funds listed on the New York Stock Exchange, each Fund's Chief Executive Officer has submitted to the 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. INVESTMENT POLICY CHANGE In February 2007, the Board of Trustees voted to remove investment policy restrictions that limited the territorial bond holdings of these Funds to a maximum of 10 percent of net assets. This change will give the Funds' portfolio managers greater flexibility to achieve its investment objectives. 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 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. 63 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 $166 billion in assets, as of March 31, 2007, 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: NWQ, specializing in value-style equities; Nuveen, managing fixed-income investments; Santa Barbara, committed to growth equities; Tradewinds, specializing in global value equities; Rittenhouse, focused on "blue-chip" growth equities; and Symphony, with expertise in alternative investments as well as equity and income 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 EAN-A-0407D ITEM 2. CODE OF ETHICS. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/etf. (To view the code, click on the Investor Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's Board of Directors or Trustees determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Jack B. Evans, Chairman of the Audit Committee, who is "independent" for purposes of Item 3 of Form N-CSR. Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Nuveen Insured Florida Premium Income Municipal Fund The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND (4) - ------------------------------------------------------------------------------------------------------------------------------------ April 30, 2007 (5) $ 15,099 $ 0 $ 0 $ 1,500 - ------------------------------------------------------------------------------------------------------------------------------------ Percentage approved 0% 0% 0% 0% pursuant to pre-approval exception - ------------------------------------------------------------------------------------------------------------------------------------ June 30, 2006 $ 14,396 $ 0 $ 400 $ 2,900 - ------------------------------------------------------------------------------------------------------------------------------------ Percentage approved 0% 0% 0% 0% pursuant to pre-approval exception - ------------------------------------------------------------------------------------------------------------------------------------ (1) "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements. (2) "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements and are not reported under "Audit Fees". (3) "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. (4) "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit Related Fees", and "Tax Fees". (5) Fund changed fiscal year from June to April starting in (2007.) SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling, controlled by or under common control with NAM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years. The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed. FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND SERVICE PROVIDERS SERVICE PROVIDERS (1) SERVICE PROVIDERS - ----------------------------------------------------------------------------------------------------------------------------- April 30, 2007 (2) $ 0 $ 0 $ 0 - ----------------------------------------------------------------------------------------------------------------------------- Percentage approved 0% 0% 0% pursuant to pre-approval exception - ----------------------------------------------------------------------------------------------------------------------------- June 30, 2006 $ 0 $ 2,400 $ 0 - ----------------------------------------------------------------------------------------------------------------------------- Percentage approved 0% 0% 0% pursuant to pre-approval exception - ----------------------------------------------------------------------------------------------------------------------------- (1) The amounts reported for the Fund under the column heading "Tax Fees" represents amounts billed to the Adviser exclusively for the preparation for the Fund's tax return, the cost of which is borne by the Adviser. In the aggregate, for all Nuveen funds for which Ernst & Young LLP serves as independent registered public accounting firm, these fees amounted to $161,400 in 2006. Beginning with fund fiscal years ending August 31, 2006, Ernst & Young LLP will no longer prepare the fund tax returns. (2) Fund changed fiscal year from June to April starting in (2007.) NON-AUDIT SERVICES The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the de minimis exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence. FISCAL YEAR ENDED TOTAL NON-AUDIT FEES BILLED TO ADVISER AND AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL - ------------------------------------------------------------------------------------------------------------------------------ April 30, 2007 (1) $ 1,500 $ 0 $ 0 $ 1,500 June 30, 2006 $ 3,300 $ 2,400 $ 0 $ 5,700 "Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax Fees" billed to Adviser in their respective amounts from the previous table. (1) Fund changed fiscal year from June to April starting in (2007.) Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. The registrant's Board of Directors or Trustees has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Lawrence H. Brown, Jack B. Evans, William J. Schneider, Eugene S. Sunshine and effective January 1, 2007, David J. Kundert. 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. The registrant invests its assets primarily in municipal bonds and cash management securities. On rare occasions the registrant may acquire, directly or through a special purpose vehicle, equity securities of a municipal bond issuer whose bonds the registrant already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality. The purpose of acquiring equity securities generally will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer's credit problem. In the course of exercising control of a distressed municipal issuer, NAM may pursue the registrant's interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. NAM does not consider such activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but nevertheless provides reports to the registrant's Board of Trustees on its control activities on a quarterly basis. In the rare event that a municipal issuer were to issue a proxy or that the registrant were to receive a proxy issued by a cash management security, NAM would either engage an independent third party to determine how the proxy should be voted or vote the proxy with the consent, or based on the instructions, of the registrant's Board of Trustees or its representative. A member of NAM's legal department would oversee the administration of the voting, and ensure that records were maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on Form N-PX, and the results provided to the registrant's Board of Trustees and made available to shareholders as required by applicable rules. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. THE PORTFOLIO MANAGER The following individual has primary responsibility for the day-to-day implementation of the registrant's investment strategies: NAME FUND Daniel J. Close Nuveen Insured Florida Premium Income Municipal Fund Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts: TYPE OF ACCOUNT NUMBER OF PORTFOLIO MANAGER MANAGED ACCOUNTS ASSETS* - -------------------------------------------------------------------------------- Daniel J. Close Registered Investment Company 25 $ 4.94 billion Other Pooled Investment Vehicles 0 $0 Other Accounts 6 $.12 million * Assets are as of April 30, 2007. None of the assets in these accounts are subject to an advisory fee based on performance. Compensation. Each portfolio manager's compensation consists of three basic elements--base salary, cash bonus and long-term incentive compensation. The compensation strategy is to annually compare overall compensation, including these three elements, to the market in order to create a compensation structure that is competitive and consistent with similar financial services companies. As discussed below, several factors are considered in determining each portfolio manager's total compensation. In any year these factors may include, among others, the effectiveness of the investment strategies recommended by the portfolio manager's investment team, the investment performance of the accounts managed by the portfolio manager, and the overall performance of Nuveen Investments, Inc. (the parent company of NAM). Although investment performance is a factor in determining the portfolio manager's compensation, it is not necessarily a decisive factor. The portfolio manager's performance is evaluated in part by comparing manager's performance against a specified investment benchmark. This fund-specific benchmark is a customized subset (limited to bonds in each Fund's specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor's Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million. As of April 30, 2007, the S&P/Investortools Municipal Bond index was comprised of 50,300 securities with an aggregate current market value of $ 985.260 billion. Base salary. Each portfolio manager is paid a base salary that is set at a level determined by NAM in accordance with its overall compensation strategy discussed above. NAM is not under any current contractual obligation to increase a portfolio manager's base salary. Cash bonus. Each portfolio manager is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by each portfolio manager's supervisors, along with reviews submitted by his peers. These reviews and evaluations often take into account a number of factors, including the effectiveness of the investment strategies recommended to the NAM's investment team, the performance of the accounts for which he/she serves as portfolio manager relative to any benchmarks established for those accounts, his/her effectiveness in communicating investment performance to stockholders and their representatives, and his/her contribution to the NAM investment process and to the execution of investment strategies. The cash bonus component is also impacted by the overall performance of Nuveen Investments, Inc. in achieving its business objectives. Long-term incentive compensation. Each portfolio manager is eligible to receive bonus compensation in the form of equity-based awards issued in securities issued by Nuveen Investments, Inc. The amount of such compensation is dependent upon the same factors articulated for cash bonus awards but also factors in his long-term potential with the firm. Material Conflicts of Interest. Each portfolio manager's simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. NAM, however, believes that such potential conflicts are mitigated by the fact that the NAM has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager, although the allocation procedures may provide allocation preferences to funds with special characteristics (such as favoring state funds versus national funds for allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct that sets forth policies regarding conflicts of interest. Beneficial Ownership of Securities. As of the April 30, 2007, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by NAM's municipal investment team. - ------------------------------------------------------------------------------------------------------------------------------------ DOLLAR RANGE OF EQUITY DOLLAR RANGE SECURITIES BENEFICIALLY OF EQUITY OWNED IN THE REMAINDER OF SECURITIES NUVEEN FUNDS MANAGED BENEFICIALLY BY NAM'S MUNICIPAL NAME OF PORTFOLIO MANAGER FUND OWNED IN FUND INVESTMENT TEAM - ------------------------------------------------------------------------------------------------------------------------------------ Daniel J. Close Nuveen Insured Florida Premium Income Municipal Fund $ 0 $0 - ------------------------------------------------------------------------------------------------------------------------------------ PORTFOLIO MANAGER BIO: Daniel J. Close, CFA, Assistant Vice President, Nuveen Asset Management. Mr. Close joined Nuveen Investments in 2000 as a member of Nuveen's product management and development team, where he was responsible for the oversight and development of Nuveen's mutual fund product line. He then served as a research analyst for Nuveen's municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University, and his MBA from Northwestern University's Kellogg School of Management. 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 registrants 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. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/etf and there were no amendments during the period covered by this report. (To view the code, click on the Investor Resources drop down menu box, click on Fund Governance and then Code of Conduct.) (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/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy Vice President and Secretary Date: July 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: July 9, 2007 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 9, 2007 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.