UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21215
---------------------
Nuveen Insured Florida Tax-Free Advantage Municipal Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
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
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DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
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 Tax-Free Advantage 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) $ 8,605 $ 0 $ 0 $ 1,500
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
- ------------------------------------------------------------------------------------------------------------------------------------
June 30, 2006 $ 8,162 $ 0 $ 467 $ 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 $ 3,367 $ 2,400 $ 0 $ 5,767
"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 Tax-Free Advantage 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 $ 5.19 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 Tax-Free Advantage 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 Tax-Free Advantage 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.