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 811-21213
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Nuveen Insured Tax-Free Advantage Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31
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Date of reporting period: April 30, 2009
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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.
[LOGO: NUVEEN Investments]
Closed-End Funds
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Semi-Annual Report
April 30, 2009
- ------------------ --------------------- ----------------- --------------------
NUVEEN INSURED NUVEEN INSURED NUVEEN PREMIER NUVEEN INSURED
QUALITY MUNICIPAL MUNICIPAL OPPORTUNITY INSURED MUNICIPAL PREMIUM INCOME
FUND, INC. FUND, INC. INCOME FUND, INC. MUNICIPAL FUND 2
NQI NIO NIF NPX
- ------------------ ------------------
NUVEEN INSURED NUVEEN INSURED
DIVIDEND ADVANTAGE TAX-FREE ADVANTAGE
MUNICIPAL FUND MUNICIPAL FUND
NVG NEA
[April 09]
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[LOGO: NUVEEN Investments]
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BERMNER]
DEAR SHAREHOLDER,
The problems in the U.S. financial system and the slowdown in global economic
activity continue to create a very difficult environment for the U.S. economy.
The administration, the Federal Reserve System and Congress have initiated a
variety of programs directed at restoring liquidity to the financial markets,
providing financial support for critical financial institutions and stimulating
economic activity. There are encouraging signs that these initiatives are
beginning to have a constructive impact. It is not possible to predict whether
the actions taken to date will be sufficient to restore more normal conditions
in the financial markets or enable the economy to stabilize and set a course
toward recovery. However, the speed and scope of the government's actions are
very encouraging and more importantly, reflect a commitment to act decisively to
meet the economic challenges we face.
The performance information in the attached report reflects the impact of many
forces at work in the equity and fixed income markets. The comments by the
portfolio manager describe the strategies being used to pursue your Fund's
long-term investment goals. Parts of the financial markets continue to
experience serious dislocations and thorough research and strong investment
disciplines have never been more important in identifying risks and
opportunities. I hope you will read this information carefully.
Your Board is particularly sensitive to our shareholders' concerns in these
uncertain times. We believe that frequent and thorough communication is
essential in this regard and encourage you to visit the Nuveen website:
www.nuveen.com for recent developments in all Nuveen funds. We also encourage
you to communicate with your financial consultant for answers to your questions
and to seek advice on your long-term investment strategy in the current market
environment.
Nuveen continues to work on resolving the issues related to the auction rate
preferred shares situation, but the unsettled conditions in the credit markets
have slowed progress. Nuveen is actively pursuing a number of solutions, all
with the goal of providing liquidity for preferred shareholders while preserving
the potential benefits of leverage for common shareholders. We appreciate the
patience you have shown as we work through the many issues involved.
On behalf of myself and the other members of your Fund's Board, we look forward
to continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
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Robert P. Bremner
Chairman of the Nuveen Fund Board
June 19, 2009
Nuveen Investments 3
Portfolio Manager's Comments
Nuveen Investments Municipal Closed-End Funds NQI, NIO, NIF, NPX, NVG, NEA
Portfolio manager Paul Brennan reviews key investment strategies and the
six-month performance of these six insured Funds. With 20 years of industry
experience, including 12 years at Nuveen, Paul assumed portfolio management
responsibility for all these funds in 2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THE SIX-MONTH ENDED
APRIL 30, 2009?
During this time, the municipal market remained under pressure from price
volatility, reduced liquidity and fundamental economic concerns. After a very
difficult start to the period, market conditions began to show signs of
improvement in mid-December 2008, and municipal bonds were on an improving trend
during the first four months of 2009. In this environment, we continued to focus
on finding bonds that offered relative value while seeking to manage liquidity
and invest for the long term.
Much of our investment activity during this period was driven by opportunities
created by market conditions. We sought to capitalize on this environment by
continuing to take a bottom-up approach to finding undervalued sectors and
individual credits with the potential to perform well over the long term. This
was true in both the new issuance and secondary markets. In the primary market,
we found bonds with better structures (such as, higher coupons or longer call
protection) than we have seen in a long time, as market conditions required
issuers to enhance offerings to make them more attractive to buyers. In the
secondary markets, we were able to purchase bonds at discounted prices as the
result of selling by some municipal market participants, particularly in
November and December 2008. Although some bonds were offered at extremely
discounted prices during this period, our emphasis was always on carefully
selecting securities we believed offered exceptional value. In general, the
bonds we purchased were ones where we were already familiar with the credit
being offered or where we were adding to positions or sectors currently held in
the portfolio.
All the Funds now have the ability to own uninsured bonds. However, the majority
of the Funds' holdings continued to focus on insured securities, especially
those issued by essential service providers, including water and sewer,
utilities and state and local general obligation bonds. In most cases, we
purchased credits with longer maturities to take advantage of the spreads
offered by the extremely steep yield curve. However, our investment activity was
somewhat limited by the smaller supply of appropriate insured paper currently
available in the market, as the number of suitable insurers as well as the
CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF
SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS
RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND
OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGER AS OF THE DATE
OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY
FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS AND THE VIEWS EXPRESSED
HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND OTHER
FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY
FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN.
4 Nuveen Investments
amount of insured new issuance continued to decline. Insured issues comprised
18% of new supply in 2008, compared with 47% in 2007.
Some of the needed liquidity for new purchases was generated by proceeds from
bond redemptions. In addition, we monitored the types of credits and bond
structures that were attractive to the retail market and took advantage of
strong bids to sell bonds into relatively consistent retail demand. The bonds we
sold tended to have shorter maturities, as these generally offered more
liquidity and were in greater demand by retail buyers. Selling shorter duration1
bonds and reinvesting further out on the yield curve also helped to improve the
Funds' total return potential and overall call protection profiles.
We continued to use inverse floating rate securities2 in all six Funds. We
employed inverse floaters for a variety of reasons, including duration
management, income enhancement, and as a form of leverage. NVG also invested in
additional types of derivatives3 intended to help manage its duration and common
share net asset value (NAV) volatility without having a negative impact on its
income stream or common share dividends over the short term. As of April 30,
2009, the inverse floaters remained in place in all six Funds, while we had
removed the derivative positions from NVG.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as relevant index and peer group
information, are presented in the accompanying table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED
4/30/09
SIX-MONTH 1-YEAR 5-YEAR 10-YEAR
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NQI 12.26% -5.01% 2.01% 4.03%
NIO 11.74% -2.25% 2.81% 4.45%
NIF 13.08% 1.25% 3.38% 4.49%
NPX 10.95% -2.32% 2.72% 4.33%
NVG 12.52% 0.23% 4.05% N/A
NEA 12.57% -0.76% 4.18% N/A
Lipper Insured Municipal Debt
Funds Average(4) 13.36% -3.22% 2.69% 4.09%
Barclays Capital Insured Municipal
Bond Index(5) 9.07% 3.65% 4.23% 4.93%
S&P Insured Municipal Bond Index(6) 8.59% 1.65% 3.91% 7.77%
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For the six months ended April 30, 2009, the cumulative returns on common share
NAV for all six Funds outperformed the returns on both the Barclays Capital
Insured Municipal Bond Index and the Standard & Poor's Insured Municipal Bond
Index, while the funds underperformed the returns for the Lipper Insured
Municipal Debt Funds Average.
Key management factors that influenced the Funds' returns during this six-month
period included duration and yield curve positioning, the use of derivatives,
credit and sector allocations and individual security selection. In addition,
the use of leverage was an important factor affecting the Funds' performances
over this period. The impact of leverage is discussed in more detail on page 7.
* Six-month returns are cumulative; returns for one-year,five-year,and
ten-year are annualized.
Past performance is not predictive of future results. Current performance
may be higher or lower than the data shown. Returns do not reflect the
deduction of taxes that shareholders may have to pay on Fund distributions
or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
(1) 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) An inverse floating rate security, also known as inverse floaters, is 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, the index typically used is 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 in which the
Funds invested during the reporting period, are further defined within the
Notes to Financial Statements and Glossary of Terms Used in this Report
sections of this report.
(3) Each Fund may invest in derivative instruments such as forwards, futures,
options, and swap transactions. For additional information on the
derivative instruments in which each Fund was invested during and at the
end of the reporting period, see the Portfolio of Investments, Financial
Statements, and Notes to Financial Statements sections of this report.
(4) The Lipper Insured Municipal Debt Funds Average is calculated using the
returns of all closed-end funds in this category for each period as
follows: six-months, 23 funds; 1-year, 23 funds; 5-year, 21 funds; and
10-year, 16 funds. Fund and Lipper returns assume reinvestment of
dividends.
(5) The Barclays Capital (formerly Lehman Brothers) Insured Municipal Bond
Index is an unleveraged, unmanaged national index comprising a broad range
of insured municipal bonds. Results for the Barclays Capital index do not
reflect any expenses.
(6) The Standard & Poor's (S&P) Insured Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the Insured U.S. municipal bond market.
5 Nuveen Investments
Over this period, the municipal bond yield curve remained steep with longer-term
yields significantly higher than shorter-term yields. Bonds in the Barclays
Capital Municipal Bond Index maturing in ten years or more, especially bonds
with maturities of approximately 15 years and 22 years or longer, benefited the
most from this interest rate environment. While NEA and NQI had relatively
better overall duration and yield curve positioning for these market conditions,
all six Funds had significant exposure to the longer part of the yield curve,
which benefited their performances.
As mentioned earlier, all of these Funds continued to use inverse floating rate
securities. During this period, these instruments generally had a positive
impact on the Funds' overall performances while also helping to support their
income streams. In addition, NVG, which had a duration that was shorter than our
strategic target, used derivative positions during part of this period to
synthetically extend its duration closer to our target. These derivative
positions, which boosted the Fund's interest rate sensitivity, performed well
and made a positive contribution to NVG's total return performance.
Credit quality exposure was also an important positive performance factor.
Risk-averse investors put a priority on higher quality investments, causing
bonds with higher credit to perform very well, and the performances of these
insured Funds generally benefited from their higher quality holdings.
The "essential service" sectors provided the biggest boost to the Funds' returns
during this period and mostly included the general obligation/tax-supported,
utility and health care sectors. On the whole, the Funds had good weightings in
these top-performing sectors.
The Funds' significant allocation to the pre-refunded7 sector generally
detracted from the Funds' performances. Backed by U.S. Treasuries, these bonds
which had been the top-performing segment of the municipal market last year,
provide higher credit quality and an element of safety and resilience, making
them attractive holdings during periods of market distress. However, the shorter
effective maturities of these bonds hampered their performance during this
period. As of April 30, 2009, NIF had the smallest allocation of pre-refunded
bonds among these six Funds, which benefited this Fund by limiting the impact of
these underperforming holdings.
Individual security selection was also a factor in the insured Funds'
performances during this period. The Funds' returns, as well as their
allocations to various credit quality sectors, were impacted to varying degrees
by downgrades of municipal bond insurers, and the subsequent impact on the
ratings and values of insured bonds. See page 7 for more information on
municipal bond insurers. Overall, NIF had stronger results from its security
selection for this period, while NPX was more negatively impacted by weaker
security selection than the other Funds in this report.
(7) Pre-refundings, also known as advance 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.
6 Nuveen Investments
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
In addition to the factors previously discussed, one of the primary reasons for
the strong six-month returns recorded by Funds was the Funds' use of financial
leverage. This positive contribution to performance stands in sharp contrast to
the preceding six-month period, when leverage had a generally detrimental impact
on the Funds' returns. This can be seen by comparing the six-month and one-year
Fund returns shown on page 5.
Financial leverage offers opportunities to generate additional income and total
return for common shareholders under a variety of market conditions. However,
leverage may work to the common shareholders' disadvantage during periods when
bond prices are extraordinarily volatile or in sharp decline. During the six
months covered by this report, overall conditions within the municipal bond
market were relatively favorable, in contrast to the relatively unfavorable
market conditions during the fall of 2008.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES
Another factor that had an impact on the performance of these Funds was their
positions in bonds backed by municipal bond insurers that experienced downgrades
in their credit ratings. During the period covered by this report, all bond
insurers experienced one or more rating reductions by at least one or more
rating agencies. At the time this report was prepared, there are no longer any
bond insurers rated AAA by all three of the major rating agencies (Moody's
Investor Service, S&P and Fitch) and at least one rating agency has placed each
insurer on "negative credit watch," "credit watch evolving," "credit outlook
developing," or "rating withdrawn," which may presage one or more rating
reductions for any insurer in the future. As concern increased about the balance
sheets of insurers, prices on insured bonds - especially those bonds issued by
weaker underlying credits - declined, detracting from the Funds' performances.
By the end of this period, most insured bonds were being valued according to
their fundamentals as if they were uninsured. On the whole, the holdings of all
of these Funds continued to be well diversified and it is important to note that
municipal bonds historically have had a very low rate of default.
Nuveen Investments 7
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES MARKETS
As noted in the last shareholder report, beginning in February 2008, more shares
were submitted for sale in the regularly scheduled auctions for the auction rate
preferred shares issued by these Funds than there were offers to buy. This meant
that these auctions "failed to clear," and that many, or all, of the Funds'
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This decline in liquidity in auction rate
preferred shares did not lower the credit quality of these shares, and auction
rate preferred shareholders unable to sell their shares received distributions
at the "maximum rate" applicable to failed auctions, as calculated in accordance
with the pre-established terms of the auction rate preferred shares.
These developments generally have not affected the portfolio management or
investment policies of these Funds. However, one continuing implication for
common shareholders of these auction failures is that the Funds' cost of
leverage will likely be higher, at least temporarily, than it otherwise would
have been had the auctions continued to be successful. As a result, the Funds'
future common share earnings may be lower than they otherwise might have been.
As noted in the last shareholder report, the Funds' Board of Directors/Trustees
authorized a plan to use tender option bonds (TOBs), also known as floating rate
securities, to refinance a portion of the Funds' outstanding auction rate
preferred shares. As of April 30, 2009, the amount of auction rate preferred
securities redeemed by the Funds are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
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NQI $ 72,150,000 22.7%
NIO $ 106,700,000 15.7%
NIF $ 21,700,000 13.5%
NPX $ 268,900,000 100.0%
NVG $ 22,200,000 9.5%
NEA $ 11,200,000 7.8%
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Subsequent to the reporting period, NIF, NVG and NEA noticed for redemption an
additional $9,175,000, $8,150,000 and $4,150,000 action rate preferred
securities, respectively.
As noted in the last shareholder report, all of NPX's redemptions were achieved
through the issuance of variable rate demand preferred shares (VRDP) in
conjunction with the proceeds from the creation of TOBs. VRDP is a new
instrument designed to replace the auction rate preferred shares used as
leverage in Nuveen closed-end funds. VRDP is offered only to qualified
institutional buyers, defined pursuant to Rule 144A under the Securities Act of
1933. As of April 30, 2009, NPX has $219 million of VRDP.
While the Funds' Board of Directors/Trustees and management continue to work to
resolve this situation, the Funds cannot provide any assurance on when the
remaining outstanding auction rate preferred shares might be redeemed.
8 Nuveen Investments
As of April 30, 2009, sixty-seven Nuveen closed-end municipal funds have
redeemed and/or noticed for redemption at par a portion of their outstanding
auction rate preferred shares. These redemptions bring the total amount of
Nuveen's municipal closed-end funds' auction rate preferred share redemptions to
approximately $2.1 billion of the original $11 billion outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
Nuveen Investments 9
Common Share Dividend
and Share Price Information
During the six-month period ended April 30, 2009, NIF had one monthly dividend
increase, while the dividends of NQI, NIO, NPX, NVG and NEA remained stable
throughout the period.
Due to normal portfolio activity, common shareholders of NIO received a net
ordinary income distribution of $0.0010 per share at the end of December 2008.
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, 2009, all six of
the Funds in this report had positive UNII balances, based on our best estimate,
for tax purposes and positive UNII balances for financial statement purposes.
COMMON SHARE REPURCHASE AND SHARE PRICE INFORMATION
The Funds' Board of Directors/Trustees approved an open-market share repurchase
program on July 30, 2008, under which each Fund may repurchase an aggregate of
up to 10% of its outstanding common shares. Since the inception of this program,
NQI, NIO, NIF, and NPX have not repurchased any of their outstanding common
shares.
As of April 30, 2009, NVG and NEA repurchased common shares as shown in the
accompanying table.
COMMON SHARES % OF OUTSTANDING
FUND REPURCHASED COMMON SHARES
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NVG 10,400 0.0%
NEA 19,300 0.1%
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10 Nuveen Investments
During the six-month reporting period, NVG's and NEA's common shares were
repurchased at a weighted average price and a weighted average discount per
common share as shown in the accompanying table.
WEIGHTED AVERAGE WEIGHTED AVERAGE
PRICE PER SHARE DISCOUNT PER SHARE
FUND REPURCHASED REPURCHASED
- --------------------------------------------------------------------------------
NVG $ 11.53 16.82%
NEA $ 10.98 18.03%
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As of April 30, 2009, the Funds' common share prices were trading at discounts
to their common share NAVs as shown in the accompanying table.
4/30/09 SIX-MONTH
FUND DISCOUNT AVERAGE DISCOUNT
- --------------------------------------------------------------------------------
NQI -4.56% - 7.24%
NIO -9.80% - 12.56%
NIF -8.18% - 12.94%
NPX -9.83% - 14.28%
NVG -9.87% - 12.76%
NEA -7.53% - 12.10%
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Nuveen Investments 11
NQI Performance OVERVIEW | Nuveen Insured Quality Municipal Fund, Inc.
as of April 30, 2009
FUND SNAPSHOT
- --------------------------------------------------------------------------------
Common Share Price $ 12.14
- --------------------------------------------------------------------------------
Common Share Net Asset Value $ 12.72
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Premium/(Discount) to NAV -4.56%
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Market Yield 6.08%
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Taxable-Equivalent Yield(3) 8.44%
- --------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $487,180
- --------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.28
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 12.23
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/19/90)
ON SHARE PRICE ON NAV
- --------------------------------------------------------------------------------
6-Month (Cumulative) 12.50% 12.26%
- --------------------------------------------------------------------------------
1-Year -3.57% -5.01%
- --------------------------------------------------------------------------------
5-Year 2.10% 2.01%
- --------------------------------------------------------------------------------
10-Year 3.54% 4.03%
- --------------------------------------------------------------------------------
STATES
(as a % of total investments)
- --------------------------------------------------------------------------------
California 18.1%
- --------------------------------------------------------------------------------
Texas 12.0%
- --------------------------------------------------------------------------------
Illinois 11.0%
- --------------------------------------------------------------------------------
New York 9.2%
- --------------------------------------------------------------------------------
Washington 7.4%
- --------------------------------------------------------------------------------
Florida 5.6%
- --------------------------------------------------------------------------------
Kentucky 3.9%
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Ohio 3.0%
- --------------------------------------------------------------------------------
Louisiana 2.8%
- --------------------------------------------------------------------------------
Hawaii 2.3%
- --------------------------------------------------------------------------------
Arizona 2.1%
- --------------------------------------------------------------------------------
Nevada 2.1%
- --------------------------------------------------------------------------------
Colorado 2.0%
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Other 18.5%
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INDUSTRIES
(as a % of total investments)
- --------------------------------------------------------------------------------
U.S. Guaranteed 19.8%
- --------------------------------------------------------------------------------
Transportation 19.5%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 17.7%
- --------------------------------------------------------------------------------
Tax Obligation/General 13.9%
- --------------------------------------------------------------------------------
Health Care 10.3%
- --------------------------------------------------------------------------------
Utilities 7.3%
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Other 11.5%
- --------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
- --------------------------------------------------------------------------------
MBIA 33.1%
- --------------------------------------------------------------------------------
AMBAC 21.5%
- --------------------------------------------------------------------------------
FSA 21.3%
- --------------------------------------------------------------------------------
FGIC 20.5%
- --------------------------------------------------------------------------------
Other 3.6%
- --------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1,2)
[PIE CHART]
Insured 77%
U.S. Guaranteed 20%
GNMA Guaranteed 3%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
May $ 0.0605
Jun 0.0605
Jul 0.0605
Aug 0.0605
Sep 0.0615
Oct 0.0615
Nov 0.0615
Dec 0.0615
Jan 0.0615
Feb 0.0615
Mar 0.0615
Apr 0.0615
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH ]
5/01/08 $ 13.41
13.49
13.58
13.51
13.57
13.65
13.7
13.45
13.19
13.05
13.1
12.6
12.71
12.6
12.6
12.55
12.43
12.36
12.46
12.52
12.3
11.87
11.2
10.8
8.18
9.83
11.15
11.15
11.79
10.95
10.13
10.43
9.92
8.78
9.86
9.89
10.37
11.33
11.58
11.4
11.57
12.09
12.04
11.06
11.84
11.44
11.6
11.72
12.1
12.02
11.84
11.93
12.17
4/30/09 12.14
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities that
guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) 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 Nuveen Investments
NIO Performance OVERVIEW | Nuveen Insured Municipal Opportunity Fund, Inc.
as of April 30, 2009
Credit Quality (as a % of total investments)(1,2)
[PIE CHART]
Insured 74%
U.S. Guaranteed 26%
2008-2009 Monthly Tax-Free Dividends Per Common Share(4)
[BAR CHART]
May $ 0.058
Jun 0.058
Jul 0.058
Aug 0.058
Sep 0.059
Oct 0.059
Nov 0.059
Dec 0.059
Jan 0.059
Feb 0.059
Mar 0.059
Apr 0.059
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
5/01/08 $ 13.55
13.59
13.84
13.8
13.71
13.84
13.62
13.25
12.93
12.81
12.87
12.75
12.69
12.66
12.63
12.75
12.73
12.54
12.61
12.69
12.41
11.87
11.32
10.8
8.769
10.49
10.93
11.15
11.32
11.4199
9.46
10.5
9.8999
8.93
10.01
10.51
10.97
11.77
12.01
11.45
11.7
12.03
12
11.24
11.87
11.1
11.64
11.78
11.72
11.78
11.69
11.82
12.09
4/30/09 12.15
FUND SNAPSHOT
- --------------------------------------------------------------------------------
Common Share Price $ 12.15
- --------------------------------------------------------------------------------
Common Share Net Asset Value $ 13.47
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.80%
- --------------------------------------------------------------------------------
Market Yield 5.83%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 8.10%
- --------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $1,092,846
- --------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.81
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 11.46
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 9/19/91)
- --------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------------------------------------
6-Month (Cumulative) 12.41% 11.74%
- --------------------------------------------------------------------------------
1-Year -5.18% -2.25%
- --------------------------------------------------------------------------------
5-Year 2.85% 2.81%
- --------------------------------------------------------------------------------
10-Year 3.34% 4.45%
- --------------------------------------------------------------------------------
STATES
(as a % of total investments)
- --------------------------------------------------------------------------------
California 19.2%
- --------------------------------------------------------------------------------
Texas 9.5%
- --------------------------------------------------------------------------------
Michigan 4.7%
- --------------------------------------------------------------------------------
Nevada 4.6%
- --------------------------------------------------------------------------------
New York 4.3%
- --------------------------------------------------------------------------------
Colorado 4.2%
- --------------------------------------------------------------------------------
South Carolina 4.2%
- --------------------------------------------------------------------------------
Alabama 4.0%
- --------------------------------------------------------------------------------
Florida 3.9%
- --------------------------------------------------------------------------------
Illinois 3.7%
- --------------------------------------------------------------------------------
Louisiana 3.7%
- --------------------------------------------------------------------------------
Massachusetts 3.5%
- --------------------------------------------------------------------------------
Ohio 2.7%
- --------------------------------------------------------------------------------
Indiana 2.4%
- --------------------------------------------------------------------------------
Washington 2.2%
- --------------------------------------------------------------------------------
Pennsylvania 2.1%
- --------------------------------------------------------------------------------
Oklahoma 1.9%
- --------------------------------------------------------------------------------
Other 19.2%
- --------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
- --------------------------------------------------------------------------------
U.S. Guaranteed 25.6%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 19.7%
- --------------------------------------------------------------------------------
Tax Obligation/General 14.1%
- --------------------------------------------------------------------------------
Transportation 12.0%
- --------------------------------------------------------------------------------
Utilities 9.8%
- --------------------------------------------------------------------------------
Water and Sewer 6.9%
- --------------------------------------------------------------------------------
Health Care 6.1%
- --------------------------------------------------------------------------------
Other 5.8%
- --------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
- --------------------------------------------------------------------------------
MBIA 32.3%
- --------------------------------------------------------------------------------
FGIC 25.3%
- --------------------------------------------------------------------------------
AMBAC 21.2%
- --------------------------------------------------------------------------------
FSA 15.9%
- --------------------------------------------------------------------------------
SYNCORA 2.6%
- --------------------------------------------------------------------------------
Other 2.7%
- --------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities that
guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) 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.
(4) The Fund paid shareholders a net ordinary income distribution in December
2008 of $0.0010 per share.
Nuveen Investments 13
NIF Performance OVERVIEW | Nuveen Premier Insured Municipal Income Fund, Inc.
as of April 30, 2009
FUND SNAPSHOT
- --------------------------------------------------------------------------------
Common Share Price $ 12.69
- --------------------------------------------------------------------------------
Common Share Net Asset Value $ 13.82
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.18%
- --------------------------------------------------------------------------------
Market Yield 5.67%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.88%
- --------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $268,380
- --------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 13.00
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.59
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/19/91)
- --------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------------------------------------
6-Month (Cumulative) 16.73% 13.08%
- --------------------------------------------------------------------------------
1-Year 2.74% 1.25%
- --------------------------------------------------------------------------------
5-Year 3.52% 3.38%
- --------------------------------------------------------------------------------
10-Year 3.77% 4.49%
- --------------------------------------------------------------------------------
STATES
(as a % of total investments)
- --------------------------------------------------------------------------------
California 21.3%
- --------------------------------------------------------------------------------
Illinois 11.8%
- --------------------------------------------------------------------------------
Washington 11.0%
- --------------------------------------------------------------------------------
Texas 6.8%
- --------------------------------------------------------------------------------
Colorado 6.6%
- --------------------------------------------------------------------------------
New York 4.5%
- --------------------------------------------------------------------------------
Nevada 3.0%
- --------------------------------------------------------------------------------
Indiana 2.5%
- --------------------------------------------------------------------------------
Oregon 2.5%
- --------------------------------------------------------------------------------
Hawaii 2.4%
- --------------------------------------------------------------------------------
Tennessee 2.4%
- --------------------------------------------------------------------------------
Florida 2.4%
- --------------------------------------------------------------------------------
Michigan 2.3%
- --------------------------------------------------------------------------------
Pennsylvania 2.1%
- --------------------------------------------------------------------------------
Other 18.4%
- --------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
- --------------------------------------------------------------------------------
Tax Obligation/General 24.0%
- --------------------------------------------------------------------------------
U.S. Guaranteed 21.6%
- --------------------------------------------------------------------------------
Transportation 16.6%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 14.9%
- --------------------------------------------------------------------------------
Health Care 7.8%
- --------------------------------------------------------------------------------
Utilities 6.2%
- --------------------------------------------------------------------------------
Water and Sewer 5.1%
- --------------------------------------------------------------------------------
Other 3.8%
- --------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
- --------------------------------------------------------------------------------
FGIC 34.4%
- --------------------------------------------------------------------------------
MBIA 28.3%
- --------------------------------------------------------------------------------
FSA 19.8%
- --------------------------------------------------------------------------------
AMBAC 16.7%
- --------------------------------------------------------------------------------
Other 0.8%
- --------------------------------------------------------------------------------
Credit Quality (as a % of total investments)(1,2)
[PIE CHART]
Insured 77%
U.S. Guaranteed 22%
GNMA Guaranteed 1%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
May $ 0.053
Jun 0.053
Jul 0.053
Aug 0.053
Sep 0.0555
Oct 0.0555
Nov 0.0555
Dec 0.0555
Jan 0.0555
Feb 0.0555
Mar 0.06
Apr 0.06
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
5/01/08 $ 13.11
13.08
13.07
13.08
13.08
13.08
12.95
12.79
12.55
12.52
12.65
12.41
12.32
12.27
12.41
12.36
12.41
12.27
12.44
12.39
12.34
11.96
10.93
10.86
8.236
9.9299
11.33
11.19
11.2
10.98
9.72
10.25
9.96
8.9
10.06
10.54
11.13
12
11.99
11.9
12.28
12.44
12.63
11.38
12.13
11.79
11.83
12.02
12.13
12.4512
12.49
12.41
12.62
4/30/09 12.69
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities that
guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) 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.
14 Nuveen Investments
NPX Performance OVERVIEW | Nuveen Insured Premium Income Municipal Fund 2
as of April 30, 2009
Credit Quality (as a % of total investments)(1,2)
[PIE CHART]
Insured 79%
U.S. Guaranteed 20%
GNMA Guaranteed 1%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
May $ 0.0515
Jun 0.0515
Jul 0.0515
Aug 0.0515
Sep 0.0515
Oct 0.0515
Nov 0.0515
Dec 0.0515
Jan 0.0515
Feb 0.0515
Mar 0.0515
Apr 0.0515
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
5/01/08 $ 11.96
11.98
12.05
12.19
12.23
12.17
12.06
11.69
11.46
11.53
11.67
11.53
11.4
11.39
11.29
11.43
11.46
11.26
11.35
11.35
11.15
10.7911
10.28
9.8401
7.6
8.58
10
9.5599
10.0596
9.71
8.69
9.09
8.27
8.08
8.86
9.15
9.66
10.44
10.44
10.46
10.53
10.95
10.94
10.08
10.61
10.4
10.29
10.44
10.63
10.6206
10.75
10.84
10.99
4/30/09 11.1
FUND SNAPSHOT
- --------------------------------------------------------------------------------
Common Share Price $11.10
- --------------------------------------------------------------------------------
Common Share Net Asset Value $12.31
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.83%
- --------------------------------------------------------------------------------
Market Yield 5.57%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.74%
- --------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $459,701
- --------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.18
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 11.68
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 7/22/93)
- --------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------------------------------------
6-Month (Cumulative) 19.63% 10.95%
- --------------------------------------------------------------------------------
1-Year -1.24% -2.32%
- --------------------------------------------------------------------------------
5-Year 2.91% 2.72%
- --------------------------------------------------------------------------------
10-Year 4.22% 4.33%
- --------------------------------------------------------------------------------
STATES
(as a % of total investments)
- --------------------------------------------------------------------------------
California 14.4%
- --------------------------------------------------------------------------------
Texas 11.2%
- --------------------------------------------------------------------------------
Pennsylvania 8.4%
- --------------------------------------------------------------------------------
New York 7.1%
- --------------------------------------------------------------------------------
Colorado 6.7%
- --------------------------------------------------------------------------------
Hawaii 5.1%
- --------------------------------------------------------------------------------
Washington 4.8%
- --------------------------------------------------------------------------------
Wisconsin 4.2%
- --------------------------------------------------------------------------------
Louisiana 3.3%
- --------------------------------------------------------------------------------
New Jersey 3.1%
- --------------------------------------------------------------------------------
North Dakota 2.6%
- --------------------------------------------------------------------------------
Georgia 2.5%
- --------------------------------------------------------------------------------
Oregon 2.2%
- --------------------------------------------------------------------------------
Illinois 2.1%
- --------------------------------------------------------------------------------
Alabama 2.1%
- --------------------------------------------------------------------------------
Nebraska 2.0%
- --------------------------------------------------------------------------------
Other 18.2%
- --------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
- --------------------------------------------------------------------------------
Utilities 20.4%
- --------------------------------------------------------------------------------
U.S. Guaranteed 20.3%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 15.1%
- --------------------------------------------------------------------------------
Tax Obligation/General 10.9%
- --------------------------------------------------------------------------------
Transportation 10.0%
- --------------------------------------------------------------------------------
Education and Civic Organizations 7.6%
- --------------------------------------------------------------------------------
Water and Sewer 7.0%
- --------------------------------------------------------------------------------
Health Care 5.7%
- --------------------------------------------------------------------------------
Other 3.0%
- --------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
- --------------------------------------------------------------------------------
AMBAC 27.3%
- --------------------------------------------------------------------------------
MBIA 26.5%
- --------------------------------------------------------------------------------
FSA 22.3%
- --------------------------------------------------------------------------------
FGIC 20.9%
- --------------------------------------------------------------------------------
Other 3.0%
- --------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) Primarily all of the Fund's net assets (including net assets attributable
to Variable Rate Demand Preferred shares) are invested in municipal
securities that guarantee the timely payment of principal and interest. See
Notes to Financial Statements, Footnote 1 -Insurance, for more information.
(3) 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.
Nuveen Investments 15
NVG Performance OVERVIEW | Nuveen Insured Dividend Advantage Municipal Fund
as of April 30, 2009
FUND SNAPSHOT
- --------------------------------------------------------------------------------
Common Share Price $ 12.69
- --------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.08
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.87%
- --------------------------------------------------------------------------------
Market Yield 5.67%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.88%
- --------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $419,494
- --------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 12.31
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.74
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
- --------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------------------------------------
6-Month (Cumulative) 14.53% 12.52%
- --------------------------------------------------------------------------------
1-Year -0.12% 0.23%
- --------------------------------------------------------------------------------
5-Year 4.38% 4.05%
- --------------------------------------------------------------------------------
Since
Inception 3.73% 5.58%
- --------------------------------------------------------------------------------
STATES
(as a % of municipal bonds)
- --------------------------------------------------------------------------------
Texas 14.7%
- --------------------------------------------------------------------------------
Indiana 11.0%
- --------------------------------------------------------------------------------
Washington 10.3%
- --------------------------------------------------------------------------------
California 9.9%
- --------------------------------------------------------------------------------
Florida 7.7%
- --------------------------------------------------------------------------------
Illinois 7.4%
- --------------------------------------------------------------------------------
Tennessee 6.9%
- --------------------------------------------------------------------------------
New York 3.5%
- --------------------------------------------------------------------------------
Colorado 3.4%
- --------------------------------------------------------------------------------
Alaska 2.6%
- --------------------------------------------------------------------------------
Pennsylvania 2.3%
- --------------------------------------------------------------------------------
Wisconsin 2.1%
- --------------------------------------------------------------------------------
Other 18.2%
- --------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
- --------------------------------------------------------------------------------
U.S. Guaranteed 27.9%
- --------------------------------------------------------------------------------
Transportation 15.1%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 14.5%
- --------------------------------------------------------------------------------
Tax Obligation/General 11.9%
- --------------------------------------------------------------------------------
Utilities 9.0%
- --------------------------------------------------------------------------------
Health Care 7.1%
- --------------------------------------------------------------------------------
Water and Sewer 5.5%
- --------------------------------------------------------------------------------
Other 9.0%
- --------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
- --------------------------------------------------------------------------------
MBIA 34.8%
- --------------------------------------------------------------------------------
FSA 22.6%
- --------------------------------------------------------------------------------
AMBAC 20.4%
- --------------------------------------------------------------------------------
FGIC 18.9%
- --------------------------------------------------------------------------------
Other 3.3%
- --------------------------------------------------------------------------------
Credit Quality (as a % of municipal bonds)(1,2)
[PIE CHART]
Insured 65%
U.S. Guaranteed 27%
AAA (Uninsured) 2%
AA (Uninsured) 6%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
May $ 0.0575
Jun 0.0575
Jul 0.0575
Aug 0.0575
Sep 0.06
Oct 0.06
Nov 0.06
Dec 0.06
Jan 0.06
Feb 0.06
Mar 0.06
Apr 0.06
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
5/01/08 $ 13.48
13.56
13.64
13.52
13.47
13.62
13.54
13.11
12.94
12.94
12.91
12.84
12.782
12.6804
12.67
12.63
12.67
12.61
12.66
12.77
12.6045
12.1
11.3
11.14
8.35
9.89
11.45
11.42
11.62
11.17
9.97
11
9.83
9.45
10.96
10.75
11.6
12.55
12.7
12.13
12.52
12.88
12.63
11.61
12.21
11.72
11.97
12.1
12.4
12.29
12.41
12.395
12.61
4/30/09 12.69
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) 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.
16 Nuveen Investments
NEA Performance OVERVIEW | Nuveen Insured Tax-Free Advantage Municipal Fund
as of April 30, 2009
Credit Quality (as a % of total investments)(1,2)
[PIE CHART]
Insured 67%
U.S. Guaranteed 25%
AAA (Uninsured) 2%
AA (Uninsured) 3%
A (Uninsured) 1%
BBB (Uninsured) 2%
2008-2009 Monthly Tax-Free Dividends Per Common Share
[BAR CHART]
May $ 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.059
Oct 0.059
Nov 0.059
Dec 0.059
Jan 0.059
Feb 0.059
Mar 0.059
Apr 0.059
Common Share Price Performance -- Weekly Closing Price
[LINE GRAPH]
5/01/08 $ 13.92
13.99
14.18
14.35
14.223
14.27
14.3402
13.95
13.66
13.35
13.3899
13.19
13
12.86
12.88
12.93
13.098
13.5124
13.2001
13.19
13.01
12.3
10.958
11.12
8.177
9.7
11.32
11.4
11.6
10.4501
9.94
11.4086
9.57
8.93
10.056
10.4
10.97
12.1
11.76
11.54
11.92
12.37
12.08
11.03
11.84
11.54
11.68
11.58
11.87
12.01
12.2
12.01
12.33
4/30/09 12.53
FUND SNAPSHOT
- --------------------------------------------------------------------------------
Common Share Price $12.53
- --------------------------------------------------------------------------------
Common Share Net Asset Value $13.55
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.53%
- --------------------------------------------------------------------------------
Market Yield 5.65%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.85%
- --------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $250,712
- --------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.34
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 12.70
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- --------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------------------------------------
6-Month (Cumulative) 13.30% 12.57%
- --------------------------------------------------------------------------------
1-Year -5.34% -0.76%
- --------------------------------------------------------------------------------
5-Year 4.06% 4.18%
- --------------------------------------------------------------------------------
Since Inception 2.80% 4.62%
- --------------------------------------------------------------------------------
STATES
(as a % of total investments)
- --------------------------------------------------------------------------------
California 16.6%
- --------------------------------------------------------------------------------
Washington 8.3%
- --------------------------------------------------------------------------------
Texas 7.9%
- --------------------------------------------------------------------------------
Michigan 7.8%
- --------------------------------------------------------------------------------
New York 7.1%
- --------------------------------------------------------------------------------
Indiana 6.9%
- --------------------------------------------------------------------------------
Alabama 5.7%
- --------------------------------------------------------------------------------
Pennsylvania 5.5%
- --------------------------------------------------------------------------------
South Carolina 4.6%
- --------------------------------------------------------------------------------
Wisconsin 4.2%
- --------------------------------------------------------------------------------
Colorado 4.2%
- --------------------------------------------------------------------------------
Arizona 3.5%
- --------------------------------------------------------------------------------
Other 17.7%
- --------------------------------------------------------------------------------
INDUSTRIES
(as a % of total investments)
- --------------------------------------------------------------------------------
U.S. Guaranteed 24.6%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 23.0%
- --------------------------------------------------------------------------------
Tax Obligation/General 15.5%
- --------------------------------------------------------------------------------
Health Care 10.7%
- --------------------------------------------------------------------------------
Utilities 9.3%
- --------------------------------------------------------------------------------
Transportation 6.5%
- --------------------------------------------------------------------------------
Water and Sewer 5.9%
- --------------------------------------------------------------------------------
Other 4.5%
- --------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
- --------------------------------------------------------------------------------
MBIA 33.3%
- --------------------------------------------------------------------------------
AMBAC 32.4%
- --------------------------------------------------------------------------------
FSA 16.1%
- --------------------------------------------------------------------------------
FGIC 10.9%
- --------------------------------------------------------------------------------
SYNCORA 4.3%
- --------------------------------------------------------------------------------
Other 3.0%
- --------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) 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.
Nuveen Investments 17
NQI | Nuveen Insured Quality Municipal Fund, Inc.
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.6% (1.0% OF TOTAL INVESTMENTS)
$ 1,135 Birmingham Waterworks and Sewerage Board, Alabama, Water and 1/13 at 100.00 AAA $ 1,286,171
Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20
(Pre-refunded 1/01/13) - MBIA Insured
7,250 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/15 at 100.00 A2 6,359,700
Series 2005A, 5.000%, 6/01/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,385 Total Alabama 7,645,871
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 3.4% (2.1% OF TOTAL INVESTMENTS)
2,750 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 1,684,430
Longs, Series 11032- 11034, 10.519%, 7/01/31 - FSA
Insured (IF)
9,200 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/12 at 100.00 AA- 8,173,372
Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 -
FGIC Insured (Alternative Minimum Tax)
8,755 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 6,929,407
Plaza, Series 2005B, 0.000%, 7/01/39 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
20,705 Total Arizona 16,787,209
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,250 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aa3 2,331,248
Sciences Campus, Series 2004B, 5.000%, 11/01/24 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 29.0% (18.1% OF TOTAL INVESTMENTS)
California Department of Water Resources, Water System
Revenue Bonds, Central Valley Project, Series 2005:
4,010 5.000%, 12/01/24 - MBIA Insured (UB) 12/14 at 100.00 AAA 4,201,077
3,965 5.000%, 12/01/26 - MBIA Insured (UB) 12/14 at 100.00 AAA 4,111,348
13,025 California Pollution Control Financing Authority, Revenue 9/09 at 101.00 AA- 12,217,711
Refunding Bonds, Southern California Edison Company,
Series 1999A, 5.450%, 9/01/29 - MBIA Insured
13,445 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 A+ 13,118,152
5.000%, 4/01/27 - AMBAC Insured
7,055 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 AAA 7,805,723
5.000%, 4/01/27 (Pre-refunded 4/01/12) - AMBAC Insured
5 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 A+ 4,696
5.000%, 4/01/31 - AMBAC Insured
3,745 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 AAA 4,295,328
5.000%, 4/01/31 (Pre-refunded
4/01/14) - AMBAC Insured
8,000 California, General Obligation Bonds, Series 2002, 5.000%, 10/12 at 100.00 AA- 7,456,560
10/01/32 - MBIA Insured
2,340 Cerritos Public Financing Authority, California, Tax 11/17 at 102.00 A 2,157,012
Allocation Revenue Bonds, Los Cerritos Redevelopment
Projects, Series 2002A, 5.000%, 11/01/24 - AMBAC Insured
5,000 Clovis Unified School District, Fresno County, California, No Opt. Call AA (4) 2,425,800
General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 -
FGIC Insured (ETM)
Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Revenue Refunding Bonds, Series 1999:
22,985 0.000%, 1/15/24 - MBIA Insured 1/10 at 44.52 AA- 6,066,201
22,000 0.000%, 1/15/31 - MBIA Insured 1/10 at 29.11 AA- 2,805,880
50,000 0.000%, 1/15/37 - MBIA Insured 1/10 at 20.19 AA- 3,469,000
5,000 Garden Grove, California, Certificates of Participation, 3/12 at 101.00 A 4,647,000
Financing Project, Series 2002A, 5.125%, 3/01/32 - AMBAC
Insured
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 8,500 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- $ 7,036,895
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2005A, 5.000%, 6/01/35 - FGIC Insured
5,795 Kern Community College District, California, General No Opt. Call AAA 2,384,874
Obligation Bonds, Series 2006, 0.000%, 11/01/25 - FSA
Insured
5,328 Moreno Valley Public Finance Authority, California, GNMA 1/12 at 105.00 Aaa 5,741,613
Collateralized Assisted Living Housing Revenue Bonds, CDC
Assisted Living Project, Series 2000A, 7.500%, 1/20/42
5,190 Ontario Redevelopment Financing Authority, San Bernardino 8/09 at 100.00 AA- (4) 5,529,011
County, California, Revenue Bonds, Redevelopment Project
1, Series 1993, 5.850%, 8/01/22 - MBIA Insured (ETM)
2,590 Riverside County Public Financing Authority, California, Tax 10/14 at 100.00 BBB 2,274,952
Allocation Bonds, Multiple Projects, Series 2004, 5.000%,
10/01/25 - SYNCORA GTY Insured
2,000 San Diego Redevelopment Agency, California, Subordinate Lien 9/14 at 100.00 A3 1,859,080
Tax Allocation Bonds, Centre City Project, Series 2004A,
5.000%, 9/01/21 - SYNCORA GTY Insured
San Francisco Airports Commission, California, Revenue
Refunding Bonds, San Francisco International Airport, Second
Series 2001, Issue 27A:
7,200 5.125%, 5/01/21 - MBIA Insured (Alternative Minimum Tax) 5/11 at 100.00 AA- 6,840,000
12,690 5.250%, 5/01/31 - MBIA Insured (Alternative Minimum Tax) 5/11 at 100.00 AA- 11,169,992
San Francisco Bay Area Rapid Transit District, California,
Sales Tax Revenue Bonds, Series 2005A:
2,000 5.000%, 7/01/21 - MBIA Insured 7/15 at 100.00 AA+ 2,125,140
3,655 5.000%, 7/01/22 - MBIA Insured 7/15 at 100.00 AA+ 3,848,386
3,840 5.000%, 7/01/23 - MBIA Insured 7/15 at 100.00 AA+ 4,004,160
8,965 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 AA- 6,581,744
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - MBIA Insured
3,500 Saugus Union School District, Los Angeles County, No Opt. Call AA- 1,586,095
California, General Obligation Bonds, Series 2006,
0.000%, 8/01/23 - FGIC Insured
1,000 Sierra Joint Community College District, Tahoe Truckee, 8/14 at 100.00 AA- 996,370
California, General Obligation Bonds, School Facilities
Improvement District 1, Series 2005A, 5.000%, 8/01/27 -
FGIC Insured
1,525 Sierra Joint Community College District, Western Nevada, 8/14 at 100.00 AA- 1,519,464
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2005A, 5.000%, 8/01/27 -
FGIC Insured
3,170 Ventura County Community College District, California, 8/15 at 100.00 AA 3,190,034
General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
237,523 Total California 141,469,298
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 3.2% (2.0% OF TOTAL INVESTMENTS)
2,015 Board of Trustees of the University of Northern Colorado, 6/15 at 100.00 AAA 2,093,041
Revenue Bonds, Series 2005, 5.000%, 6/01/22 - FSA Insured
1,000 Denver City and County, Colorado, Airport Revenue Bonds, 11/16 at 100.00 AA- 1,023,310
Series 2006, 5.000%, 11/15/24 - FGIC Insured
5,365 Denver, Colorado, Airport Revenue Refunding Bonds, Series 11/16 at 100.00 A+ 5,462,697
2006A, 5.000%, 11/15/23 - FGIC Insured (UB)
1,085 Denver, Colorado, Airport Revenue Bonds, Trust 2365, 11/16 at 100.00 A+ 1,150,295
12.488%, 11/15/25 - FGIC Insured (IF)
9,780 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 1,433,552
Bonds, Series 2000B, 0.000%, 9/01/32 - MBIA Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue No Opt. Call AA- 2,228,600
Bonds, Series 2004A, 0.000%, 9/01/27 - MBIA Insured
1,250 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 1,286,963
Obligation Bonds, Series 2004, 5.000%, 12/15/24 - FSA
Insured (UB)
950 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 961,885
Series 2005, 5.000%, 6/01/30 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
31,445 Total Colorado 15,640,343
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 19
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT(000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.9% (0.5% OF TOTAL INVESTMENTS)
$ 1,335 Washington Convention Center Authority, District of 10/16 at 100.00 AAA $ 1,114,271
Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series
2007, Residuals 1606, 10.676%, 10/01/30 - BHAC Insured
(IF)
3,920 Washington District of Columbia Convention Center Authority, 10/16 at 100.00 AAA 3,090,567
Dedicated Tax Revenue Bonds, Residual Series 1730,1731,
1736, 10.629%, 10/01/36 - BHAC Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
5,255 Total District of Columbia 4,204,838
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 9.0% (5.6% OF TOTAL INVESTMENTS)
3,450 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 3,510,444
Series 2005, 5.000%, 10/01/24 - MBIA Insured
3,150 Florida State Board of Education, Full Faith and Credit 6/13 at 101.00 AAA 3,326,936
Public Education Capital Outlay Bonds, Series 2003J,
5.000%, 6/01/22 - AMBAC Insured
2,550 Florida State Board of Education, Public Education Capital 6/18 at 101.00 AAA 2,514,912
Outlay Bonds, Series 2008, Trust 2929, 15.858%, 6/01/38 -
AGC Insured (IF)
20,000 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 20,110,799
5.750%, 10/01/25 - FSA Insured (Alternative Minimum Tax)
4,115 Miami-Dade County Housing Finance Authority, Florida, 7/11 at 100.00 AAA 4,126,234
Multifamily Housing Revenue Bonds, Monterey Pointe
Apartments, Series 2001-2A, 5.850%, 7/01/37 - FSA Insured
(Alternative Minimum Tax)
7,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AA- 6,323,030
International Airport, Series 2002, 5.375%, 10/01/32 -
FGIC Insured (Alternative Minimum Tax)
3,730 Palm Beach County School Board, Florida, Certificates of 8/13 at 100.00 AA- 3,941,566
Participation, Series 2003A, 5.000%, 8/01/16 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
43,995 Total Florida 43,853,921
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.2% (0.1% OF TOTAL INVESTMENTS)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,039,440
2004, 5.000%, 11/01/22 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 3.6% (2.3% OF TOTAL INVESTMENTS)
1,620 Hawaii County, Hawaii, General Obligation Bonds, Series 7/13 at 100.00 AAA 1,700,384
2003A, 5.000%, 7/15/21 - FSA Insured
Hawaii Department of Transportation, Airport System Revenue
Refunding Bonds, Series 2000B:
8,785 6.625%, 7/01/18 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 AA- 8,974,405
7,000 6.000%, 7/01/19 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 AA- 7,057,260
- ------------------------------------------------------------------------------------------------------------------------------------
17,405 Total Hawaii 17,732,049
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 17.6% (11.0% OF TOTAL INVESTMENTS)
9,500 Chicago, Illinois, Second Lien General Airport Revenue 1/10 at 101.00 AA- 9,571,820
Refunding Bonds, O'Hare International Airport, Series
1999, 5.500%, 1/01/15 - AMBAC Insured (Alternative
Minimum Tax)
1,775 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 AA- 1,792,768
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - MBIA Insured
25,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa 2/10 at 101.00 Aa3 (4) 26,140,249
Health System, Series 2000, 5.875%, 2/15/30 - AMBAC
Insured (ETM)
13,275 Illinois, General Obligation Bonds, Illinois FIRST Program, 5/11 at 100.00 AAA 13,532,402
Series 2001, 5.250%, 5/01/26 - FSA Insured
15,785 Illinois, General Obligation Bonds, Illinois FIRST Program, 4/12 at 100.00 AAA 16,185,623
Series 2002, 5.250%, 4/01/27 - FSA Insured
18,000 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 7,710,660
Revenue Bonds, McCormick Place Expansion Project, Series
2002A, 0.000%, 12/15/24 - MBIA Insured
10,000 University of Illinois, Certificates of Participation, 8/11 at 100.00 AA- (4) 10,785,200
Utility Infrastructure Projects, Series 2001B, 5.250%,
8/15/21 (Pre-refunded 8/15/11) - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
93,335 Total Illinois 85,718,722
- ------------------------------------------------------------------------------------------------------------------------------------
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 2.6% (1.6% OF TOTAL INVESTMENTS)
$ 3,680 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- $ 3,438,923
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
7,790 Indiana Transportation Finance Authority, Highway Revenue No Opt. Call AA+ 8,980,390
Bonds, Series 1990A, 7.250%, 6/01/15 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,470 Total Indiana 12,419,313
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4% (0.3% OF TOTAL INVESTMENTS)
2,000 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, 10/13 at 100.00 AA- 2,050,080
Series 2003, 5.000%, 10/01/21 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 6.3% (3.9% OF TOTAL INVESTMENTS)
3,015 Kentucky Asset/Liability Commission, General Fund Revenue 5/15 at 100.00 AA- 3,058,687
Project Notes, First Series 2005, 5.000%, 5/01/25 - MBIA
Insured
Kentucky Economic Development Finance Authority, Health
System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
2,530 6.150%, 10/01/27 - MBIA Insured 10/13 at 101.00 AA- 2,338,606
12,060 6.150%, 10/01/28 - MBIA Insured 10/13 at 101.00 AA- 11,027,302
Kentucky Economic Development Finance Authority, Health
System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
3,815 6.150%, 10/01/27 (Pre-refunded 10/01/13) - MBIA Insured 10/13 at 101.00 AA (4) 4,520,813
6,125 6.150%, 10/01/28 (Pre-refunded 10/01/13) - MBIA Insured 10/13 at 101.00 AA (4) 7,258,186
2,230 Kentucky State Property and Buildings Commission, Revenue 8/15 at 100.00 AAA 2,607,160
Bonds, Project 85, Series 2005, 5.000%, 8/01/23
(Pre-refunded 8/01/15) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
29,775 Total Kentucky 30,810,754
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 4.5% (2.8% OF TOTAL INVESTMENTS)
Louisiana State, Gasoline Tax Revenue Bonds, Series 2006:
11,325 4.750%, 5/01/39 - FSA Insured (UB) 5/16 at 100.00 AAA 10,904,729
8,940 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 AA 7,998,976
10 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 5,789
Residuals 660-1, 13.832%, 5/01/41 - FGIC Insured (IF)
5 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 2,895
Residuals 660-3, 14.711%, 5/01/41- FGIC Insured (IF)
2,910 Orleans Levee District, Louisiana, Levee District General 6/09 at 100.00 AAA 2,917,333
Obligation Bonds, Series 1986, 5.950%, 11/01/15 - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
23,190 Total Louisiana 21,829,722
- ------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.1% (0.1% OF TOTAL INVESTMENTS)
555 Maine Health and Higher Educational Facilities Authority, 7/09 at 101.00 Aaa 561,788
Revenue Bonds, Series 1999B, 6.000%, 7/01/29 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.9% (1.2% OF TOTAL INVESTMENTS)
2,100 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 AA- 1,823,262
Revenue Bonds, Western Maryland Health, Series 2006A,
4.750%, 7/01/36 - MBIA Insured
7,335 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A 7,442,825
Bonds, Baltimore-Washington International Airport
Passenger Facility, Series 2002B, 5.500%, 3/01/18 - AMBAC
Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
9,435 Total Maryland 9,266,087
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.0% (1.9% OF TOTAL INVESTMENTS)
5,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 5,568,400
Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27
(Pre-refunded 7/01/12) - FGIC Insured
3,465 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 3,073,524
Bonds, Series 2007A, 4.500%, 8/01/46 - FSA Insured (UB)
Nuveen Investments 21
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
Massachusetts, Special Obligation Dedicated Tax Revenue
Bonds, Series 2004:
$ 1,250 5.250%, 1/01/21 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A (4) $ 1,413,813
1,000 5.250%, 1/01/22 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A (4) 1,131,050
1,195 5.250%, 1/01/23 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A (4) 1,351,605
2,000 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A (4) 2,262,100
- ------------------------------------------------------------------------------------------------------------------------------------
13,910 Total Massachusetts 14,800,492
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.9% (0.5% OF TOTAL INVESTMENTS)
4,750 Michigan Strategic Fund, Collateralized Limited Obligation 9/09 at 102.00 AA- 4,239,423
Pollution Control Revenue Refunding Bonds, Detroit Edison
Company, Series 1999A, 5.550%, 9/01/29 - MBIA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 1.4% (0.8% OF TOTAL INVESTMENTS)
2,715 Harrison County Wastewater Management District, Mississippi, No Opt. Call AA (4) 3,435,262
Revenue Refunding Bonds, Wastewater Treatment Facilities,
Series 1991B, 7.750%, 2/01/14 - FGIC Insured (ETM)
2,545 Harrison County Wastewater Management District, Mississippi, No Opt. Call N/R (4) 3,186,264
Wastewater Treatment Facilities Revenue Refunding Bonds,
Series 1991A, 8.500%, 2/01/13 - FGIC Insured (ETM)
- ------------------------------------------------------------------------------------------------------------------------------------
5,260 Total Mississippi 6,621,526
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.3% (1.4% OF TOTAL INVESTMENTS)
12,155 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 11,144,433
2007A, 4.500%, 9/01/37 - FGIC Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 3.4% (2.1% OF TOTAL INVESTMENTS)
33,700 Director of Nevada State Department of Business and Industry, 1/10 at 100.00 A 10,138,308
Revenue Bonds, Las Vegas Monorail Project, First Tier,
Series 2000, 5.375%, 1/01/40 - AMBAC Insured
5,720 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 A (4) 6,378,772
Reno Transportation Rail Access Corridor Project, Series
2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
39,420 Total Nevada 16,517,080
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.2% (0.8% OF TOTAL INVESTMENTS)
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
1,700 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AA- 1,731,246
1,700 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AA- 1,730,073
2,400 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AA- 2,491,200
5.000%, 1/01/19 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
5,800 Total New Jersey 5,952,519
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 1.3% (0.8% OF TOTAL INVESTMENTS)
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Series 2004C:
1,420 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AA+ 1,485,845
3,290 5.000%, 6/01/23 - AMBAC Insured 6/14 at 100.00 AA+ 3,425,811
1,480 New Mexico State University, Revenue Bonds, Series 2004, 4/14 at 100.00 AA 1,539,614
5.000%, 4/01/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
6,190 Total New Mexico 6,451,270
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 14.8% (9.2% OF TOTAL INVESTMENTS)
11,760 Dormitory Authority of the State of New York, New York City, 5/10 at 101.00 AA- (4) 12,506,054
Lease Revenue Bonds, Court Facilities, Series 1999,
5.750%, 5/15/30 (Pre-refunded 5/15/10) - AMBAC Insured
15,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA- 16,385,850
School Districts Financing Program, Series 2002D, 5.500%,
10/01/17 - MBIA Insured
4,080 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 3,112,754
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
2,890 Long Island Power Authority, New York, Electric System 6/16 at 100.00 AA- 2,931,183
General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 -
FGIC Insured
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 3,300 Long Island Power Authority, New York, Electric System 11/16 at 100.00 AA- $ 2,721,840
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - MBIA Insured
8,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 8,034,320
Service Contract Refunding Bonds, Series 2002A, 5.000%,
7/01/25 - FGIC Insured
1,740 New York Convention Center Development Corporation, Hotel Fee 11/15 at 100.00 AAA 1,782,282
Revenue Bonds, Trust 2364, 14.755%, 11/15/44 - BHAC
Insured (IF)
10,150 New York State Housing Finance Agency, Mortgage Revenue 5/09 at 100.00 AAA 10,159,643
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - FSA Insured
4,200 New York State Mortgage Agency, Homeowner Mortgage Revenue 10/09 at 100.00 Aa1 4,213,524
Bonds, Series 82, 5.550%, 10/01/19 - MBIA Insured
(Alternative Minimum Tax)
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, Series 2005B:
2,460 5.000%, 3/15/24 - FSA Insured (UB) 3/15 at 100.00 AAA 2,542,754
2,465 5.000%, 3/15/25 - FSA Insured (UB) 3/15 at 100.00 AAA 2,534,045
5,000 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/13 at 100.00 AA- 5,032,150
Lien General Purpose Revenue Bonds, Series 2003A, 5.000%,
11/15/32 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
71,045 Total New York 71,956,399
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 4.8% (3.0% OF TOTAL INVESTMENTS)
7,000 Cleveland State University, Ohio, General Receipts Bonds, 6/14 at 100.00 AA- 7,425,320
Series 2004, 5.250%, 6/01/19 - FGIC Insured
9,195 Hamilton County, Ohio, Sales Tax Revenue Bonds, Series 2006, 12/16 at 100.00 A2 7,830,922
4.250%, 12/01/32 - AMBAC Insured (UB)
5,000 Lorain County, Ohio, Health Facilities Revenue Bonds, 9/09 at 102.00 AA- 5,014,800
Catholic Healthcare Partners, Series 1999A, 5.500%,
9/01/29 - AMBAC Insured
3,065 Oak Hills Local School District, Hamilton County, Ohio, 12/15 at 100.00 AAA 3,241,176
General Obligation Bonds, Series 2005, 5.000%, 12/01/24 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
24,260 Total Ohio 23,512,218
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.4% (1.5% OF TOTAL INVESTMENTS)
3,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 AA- 3,052,050
Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA
Insured
1,600 Delaware County Authority, Pennsylvania, Revenue Bonds, 8/16 at 100.00 A 1,636,000
Villanova University, Series 2006, 5.000%, 8/01/24 - AMBAC
Insured
5,400 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 4,834,944
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - FSA Insured (UB)
2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking 12/15 at 100.00 AA- 1,967,600
Revenue Bonds, Series 2005B, 5.000%, 12/01/23 - FGIC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,000 Total Pennsylvania 11,490,594
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 2.0% (1.3% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AA- 2,378,150
Series 2005RR, 5.000%, 7/01/22 - FGIC Insured
25,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call AA- 2,650,250
Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - FGIC Insured
5,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call BBB+ 4,944,250
Transportation Authority, Series 2003AA, 5.500%, 7/01/16 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
32,500 Total Puerto Rico 9,972,650
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.4% (1.5% OF TOTAL INVESTMENTS)
2,425 Charleston County School District, South Carolina, General 2/14 at 100.00 Aa1 2,523,237
Obligation Bonds, Series 2004A, 5.000%, 2/01/22 - AMBAC
Insured
Nuveen Investments 23
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA (continued)
$ 10,000 South Carolina Transportation Infrastructure Bank, Revenue 10/16 at 100.00 A1 $ 9,070,900
Bonds, Series 2007A, 4.500%, 10/01/34 - SYNCORA GTY Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,425 Total South Carolina 11,594,137
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.3% (0.8% OF TOTAL INVESTMENTS) Knox County
Health, Educational and Housing Facilities Board, Tennessee,
Hospital Revenue Refunding Bonds, Covenant Health, Series
2002A:
7,500 0.000%, 1/01/24 - FSA Insured 1/13 at 52.75 AAA 3,213,150
5,000 0.000%, 1/01/25 - FSA Insured 1/13 at 49.71 AAA 2,008,750
2,750 0.000%, 1/01/26 - FSA Insured 1/13 at 46.78 AAA 1,024,815
- ------------------------------------------------------------------------------------------------------------------------------------
15,250 Total Tennessee 6,246,715
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 19.3% (12.0% OF TOTAL INVESTMENTS)
7,475 Abilene Health Facilities Development Corporation, Texas, 9/09 at 100.00 AA- 7,103,044
Hospital Revenue Refunding and Improvement Bonds, Hendrick
Medical Center Project, Series 1995C, 6.150%, 9/01/25 -
MBIA Insured
3,135 Corpus Christi, Texas, Utility System Revenue Bonds, Series 7/14 at 100.00 AAA 3,370,313
2004, 5.250%, 7/15/20 - FSA Insured (UB)
3,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 AA- 3,099,360
Refunding and Improvement Bonds, Series 2001A, 5.750%,
11/01/13 - FGIC Insured (Alternative Minimum Tax)
3,735 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 4,233,623
Texas, General Obligation Bonds, Series 2003, 5.125%,
2/15/31 (Pre-refunded 2/15/13) - FSA Insured
575 Harris County Hospital District, Texas, Revenue Refunding No Opt. Call A1 596,540
Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured
70 Harris County Hospital District, Texas, Revenue Refunding No Opt. Call A1 (4) 73,284
Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured (ETM)
4,700 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 4,823,234
Bonds, Series 2004A, 5.250%, 5/15/24 - FGIC Insured
4,500 Houston, Texas, General Obligation Public Improvement Bonds, 3/11 at 100.00 AAA 4,621,230
Series 2001A, 5.000%, 3/01/22 - FSA Insured
17,000 Houston, Texas, Junior Lien Water and Sewerage System Revenue No Opt. Call AAA 20,054,559
Refunding Bonds, Series 2002A, 5.750%, 12/01/32 - FSA
Insured (ETM)
4,685 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 4,708,566
Bonds, Series 2000A, 5.500%, 7/01/19 - FSA Insured
(Alternative Minimum Tax)
19,200 Jefferson County Health Facilities Development Corporation, 8/11 at 100.00 A 18,798,911
Texas, FHA-Insured Mortgage Revenue Bonds, Baptist
Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31
- AMBAC Insured
2,000 Laredo Independent School District Public Facilities 8/11 at 100.00 A 2,015,520
Corporation, Texas, Lease Revenue Bonds, Series 2004A,
5.000%, 8/01/24 - AMBAC Insured
22,045 North Central Texas Health Facilities Development 8/12 at 101.00 Aa3 20,664,761
Corporation, Revenue Bonds, Children's Medical Center of
Dallas, Series 2002, 5.250%, 8/15/32 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
92,120 Total Texas 94,162,945
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 11.8% (7.4% OF TOTAL INVESTMENTS)
10,730 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 10,134,485
Consolidated System Revenue Bonds, Series 2001C, 5.650%,
7/01/32 - MBIA Insured (Alternative Minimum Tax) (UB)
15,025 Seattle Housing Authority, Washington, GNMA Collateralized 11/11 at 105.00 AA+ 14,610,159
Mortgage Loan Low Income Housing Assistance Revenue Bonds,
Park Place Project, Series 2000A, 7.000%, 5/20/42
4,515 Seattle Housing Authority, Washington, GNMA Collateralized 9/11 at 102.00 AA+ 4,598,752
Mortgage Loan Low Income Housing Assistance Revenue Bonds,
RHF/Esperanza Apartments Project, Series 2000A, 6.125%,
3/20/42 (Alternative Minimum Tax)
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON (continued)
$ 5,000 Seattle, Washington, Municipal Light and Power Revenue Bonds, 12/10 at 100.00 AAA $ 5,209,049
Series 2000, 5.250%, 12/01/21 - FSA Insured
2,500 Washington State Healthcare Facilities Authority, Revenue 12/09 at 101.00 AA (4) 2,596,374
Bonds, Providence Services, Series 1999, 5.375%, 12/01/19
(Pre-refunded 12/01/09) - MBIA Insured
21,510 Washington State, General Obligation Bonds, Series 2002, No Opt. Call AA+ 7,961,496
0.000%, 6/01/28 - MBIA Insured (UB)
10,000 Washington State, General Obligation Bonds, Series R-2003A, 1/12 at 100.00 AA+ 10,443,599
5.000%, 1/01/19 - MBIA Insured
2,000 Washington, Certificates of Participation, Washington 7/09 at 100.00 AA 2,010,659
Convention and Trade Center, Series 1999, 5.250%, 7/01/14
- MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
71,280 Total Washington 57,564,573
- ------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 2.8% (1.7% OF TOTAL INVESTMENTS)
12,845 West Virginia Water Development Authority, Infrastructure 10/10 at 100.00 AAA 13,718,973
Revenue Bonds, Infrastructure and Jobs Development Council
Program, Series 2000A, 5.500%, 10/01/39 (Pre-refunded
10/01/10) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 0.7% (0.4% OF TOTAL INVESTMENTS)
1,635 Green Bay, Wisconsin, Water System Revenue Bonds, Series 11/14 at 100.00 Aa3 (4) 1,891,972
2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) - FSA
Insured
320 Green Bay, Wisconsin, Water System Revenue Bonds, Series 11/14 at 100.00 Aa3 325,849
2004, 5.000%, 11/01/26 - FSA Insured
1,000 Wisconsin Public Power Incorporated System, Power Supply 7/15 at 100.00 A+ 976,949
System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
2,955 Total Wisconsin 3,194,770
- ------------------------------------------------------------------------------------------------------------------------------------
$ 971,888 Total Investments (cost $820,534,088) - 160.6% 782,501,400
==============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (13.5)% (65,930,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.4% 16,458,121
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (50.5)% (5) (245,850,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 487,179,521
===================================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 31.4%.
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
Nuveen Investments 25
NIO | Nuveen Insured Municipal Opportunity Fund, Inc.
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 6.5% (4.0% OF TOTAL INVESTMENTS)
$ 10,500 Birmingham Waterworks And Sewer Board, Alabama, Water and 1/17 at 100.00 A+ $ 9,318,908
Sewer Revenue Bonds, 4.500%, 1/01/43 - AMBAC Insured (UB)
11,175 Hoover Board of Education, Alabama, Capital Outlay Tax 2/11 at 100.00 AA- 11,483,654
Anticipation Warrants, Series 2001, 5.250%, 2/15/22 - MBIA
Insured
2,500 Jefferson County, Alabama, Sewer Revenue Capital Improvement 8/12 at 100.00 AAA 2,733,600
Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded
8/01/12) - FGIC Insured
Jefferson County, Alabama, Sewer Revenue Capital Improvement
Warrants, Series 2002D:
425 5.000%, 2/01/38 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 458,877
14,800 5.000%, 2/01/42 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 16,125,192
18,760 Jefferson County, Alabama, Sewer Revenue Capitol Improvement 2/11 at 101.00 AAA 19,849,581
Warrants, Series 2001A, 5.000%, 2/01/41 (Pre-refunded
2/01/11) - FGIC Insured
10,195 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 7/09 at 100.00 CCC 5,126,658
Series 1997A, 5.375%, 2/01/27 - FGIC Insured
5,240 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 2/11 at 101.00 AAA 5,576,251
Series 2003B, 5.000%, 2/01/41 (Pre-refunded 2/01/11) -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
73,595 Total Alabama 70,672,721
- ------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 1.3% (0.8% OF TOTAL INVESTMENTS)
2,425 Alaska Housing Finance Corporation, Collateralized Veterans 12/09 at 100.00 AAA 2,434,652
Mortgage Program Bonds, First Series 1999A-1, 6.150%,
6/01/39
11,245 Alaska Housing Finance Corporation, General Mortgage Revenue 6/09 at 100.00 AAA 11,249,610
Bonds, Series 1999A, 6.050%, 6/01/39 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
13,670 Total Alaska 13,684,262
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 2.3% (1.4% OF TOTAL INVESTMENTS)
Arizona State University, Certificates of Participation, Resh
Infrastructure Projects, Series 2005A:
2,000 5.000%, 9/01/25 - AMBAC Insured 3/15 at 100.00 AA- 2,014,960
2,000 5.000%, 9/01/27 - AMBAC Insured 3/15 at 100.00 AA- 1,988,000
1,000 Arizona State University, System Revenue Bonds, Series 2005, 7/15 at 100.00 A 1,017,450
5.000%, 7/01/27 - AMBAC Insured
1,000 Maricopa County Union High School District 210, Phoenix, 7/14 at 100.00 AAA 1,153,250
Arizona, General Obligation Bonds, Series 2004A, 5.000%,
7/01/22 (Pre-refunded 7/01/14) - FSA Insured
5,200 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 3,185,104
Longs, Series 11032- 11034, 10.519%, 7/01/31 - FSA Insured
(IF)
1,150 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/14 at 100.00 AA+ 1,164,019
Wastewater System Revenue Bonds, Series 2004, 5.000%,
7/01/27 - MBIA Insured
13,490 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 13,636,501
Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 -
MBIA Insured
1,350 Pima County Industrial Development Authority, Arizona, Lease 7/09 at 100.00 Aa3 1,356,993
Obligation Revenue Refunding Bonds, Tucson Electric Power
Company, Series 1988A, 7.250%, 7/15/10 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
27,190 Total Arizona 25,516,277
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.3% (0.2% OF TOTAL INVESTMENTS)
3,660 Arkansas State University, Student Fee Revenue Bonds, Beebe 9/15 at 100.00 N/R 3,450,355
Campus, Series 2006, 5.000%, 9/01/35 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 31.2% (19.2% OF TOTAL INVESTMENTS)
$ 5,600 Alameda Corridor Transportation Authority, California, No Opt. Call A $ 2,964,584
Subordinate Lien Revenue Bonds, Series 2004A, 0.000%,
10/01/20 - AMBAC Insured
10,000 California Department of Veterans Affairs, Home Purchase 6/12 at 101.00 Aa2 10,301,600
Revenue Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC
Insured
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
30,000 5.375%, 5/01/17 (Pre-refunded 5/01/12) - SYNCORA GTY 5/12 at 101.00 Aaa 33,929,699
Insured
20,000 5.375%, 5/01/18 (Pre-refunded 5/01/12) - AMBAC Insured 5/12 at 101.00 Aaa 22,619,800
California Department of Water Resources, Water System
Revenue Bonds, Central Valley Project, Series 2005AC:
30 5.000%, 12/01/24 (Pre-refunded 12/01/14) - MBIA Insured 12/14 at 100.00 AAA 34,779
25 5.000%, 12/01/27 (Pre-refunded 12/01/14) - MBIA Insured 12/14 at 100.00 AAA 28,982
California Department of Water Resources, Water System
Revenue Bonds, Central Valley Project, Series 2005AC:
3,670 5.000%, 12/01/24 - MBIA Insured (UB) 12/14 at 100.00 AAA 3,844,876
2,795 5.000%, 12/01/27 - MBIA Insured (UB) 12/14 at 100.00 AAA 2,882,735
10,150 California, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 A+ 9,529,835
6/01/31 - AMBAC Insured
3,500 Coachella Valley Unified School District, Riverside County, 8/15 at 100.00 AA- 3,510,920
California, General Obligation Bonds, Series 2005A,
5.000%, 8/01/26 - FGIC Insured
20,000 Cucamonga County Water District, San Bernardino County, 9/11 at 101.00 AA- 18,338,200
California, Certificates of Participation, Water Shares
Purchase, Series 2000, 5.125%, 9/01/35 - FGIC Insured
5,750 East Bay Municipal Utility District, Alameda and Contra Costa 6/15 at 100.00 AAA 5,858,445
Counties, California, Water System Subordinated Revenue
Bonds, Series 2005A, 5.000%, 6/01/27 - MBIA Insured
10,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- 8,162,000
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2005A, 5.000%, 6/01/38 - FGIC Insured
1,520 Hayward Redevelopment Agency, California, Downtown 3/16 at 100.00 A- 1,372,590
Redevelopment Project Tax Allocation Bonds, Series 2006,
5.000%, 3/01/36 - SYNCORA GTY Insured
5,600 Kern Community College District, California, General No Opt. Call AAA 2,480,576
Obligation Bonds, Series 2006, 0.000%, 11/01/24 - FSA
Insured
5,000 Long Beach Bond Financing Authority, California, Lease 11/11 at 101.00 A 4,175,250
Revenue Refunding Bonds, Long Beach Aquarium of the South
Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured
2,740 Los Angeles Harbors Department, California, Revenue Bonds, 8/16 at 102.00 AA 2,665,773
Series 2006A, 5.000%, 8/01/22 - FGIC Insured (Alternative
Minimum Tax)
20,000 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 20,736,600
Obligation Bonds, Series 2003A, 5.000%, 7/01/21 - FSA
Insured
3,000 Los Angeles Unified School District, California, General 7/16 at 100.00 AA- 3,048,570
Obligation Bonds, Series 2006F, 5.000%, 7/01/24 - FGIC
Insured
5,200 Palomar Pomerado Health General Obligation Bonds, Election of 8/29 at 100.00 AAA 2,685,228
2004, California, Series 2009A, 0.000%, 8/01/38 - AGC
Insured
6,205 Port of Oakland, California, Revenue Bonds, Series 2002L, 11/12 at 100.00 AA- 5,558,377
5.000%, 11/01/22 - FGIC Insured (Alternative Minimum Tax)
Poway Redevelopment Agency, California, Tax Allocation Bonds,
Paguay Redevelopment Project, Series 2001:
15,000 5.200%, 6/15/30 - AMBAC Insured 12/11 at 101.00 A 12,929,550
5,000 5.125%, 6/15/33 - AMBAC Insured 12/11 at 101.00 A 4,146,850
2,035 Redding, California, Electric System Revenue Certificates of 6/15 at 100.00 AA- 1,782,212
Participation, Series 2005, 5.000%, 6/01/30 - FGIC Insured
6,000 Redlands Unified School District, San Bernardino County, 7/13 at 100.00 AAA 6,067,020
California, General Obligation Bonds, Series 2003, 5.000%,
7/01/26 - FSA Insured
2,970 Riverside Community College District, California, General 8/15 at 100.00 AAA 3,134,033
Obligation Bonds, Series 2005, 5.000%, 8/01/22 - FSA
Insured
Nuveen Investments 27
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 2,500 Sacramento County Sanitation District Financing Authority, 12/15 at 100.00 AA $ 2,593,475
California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21
- FGIC Insured
13,710 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 AA- 12,692,170
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27A, 5.250%, 5/01/26 - MBIA
Insured (Alternative Minimum Tax)
3,030 San Francisco Bay Area Rapid Transit District, California, 7/11 at 100.00 AA+ 3,038,090
Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 -
AMBAC Insured
8,470 San Francisco Bay Area Rapid Transit District, California, 7/11 at 100.00 AA+ (4) 9,222,644
Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36
(Pre-refunded 7/01/11) - AMBAC Insured
1,220 San Francisco Bay Area Rapid Transit District, California, 7/15 at 100.00 AA+ 1,284,550
Sales Tax Revenue Bonds, Series 2005A, 5.000%, 7/01/22 -
MBIA Insured
66,685 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call AAA 42,343,639
County, California, Senior Lien Toll Road Revenue Bonds,
Series 1993, 0.000%, 1/01/21 (ETM)
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Refunding Bonds, Series
1997A:
31,615 5.250%, 1/15/30 - MBIA Insured 7/09 at 100.00 AA- 21,995,188
21,500 0.000%, 1/15/32 - MBIA Insured No Opt. Call AA- 3,598,240
12,525 San Jose Redevelopment Agency, California, Tax Allocation 8/10 at 101.00 AA (4) 13,339,000
Bonds, Merged Area Redevelopment Project, Series 2002,
5.000%, 8/01/20 (Pre-refunded 8/01/10) - MBIA Insured
19,595 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 AA- 14,385,865
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - MBIA Insured
11,250 Santa Ana Financing Authority, California, Lease Revenue No Opt. Call AA- 12,999,150
Bonds, Police Administration and Housing Facility, Series
1994A, 6.250%, 7/01/24 - MBIA Insured
6,785 Santa Clara Valley Water District, California, Water Revenue 6/16 at 100.00 AAA 5,874,657
Bonds, Series 2006A, 3.750%, 6/01/25 - FSA Insured
5,000 Walnut Energy Center Authority, California, Electric Revenue 1/14 at 100.00 A+ 4,841,300
Bonds, Turlock Irrigation District, Series 2004A, 5.000%,
1/01/34 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
405,675 Total California 340,997,052
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 7.0% (4.2% OF TOTAL INVESTMENTS)
1,080 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 850,500
Bonds, Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured
1,900 Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open 11/15 at 100.00 AAA 2,010,618
Space, Series 2005B, 5.250%, 11/01/24 - FSA Insured
1,000 Colorado Department of Transportation, Certificates of 6/14 at 100.00 AA- 1,028,370
Participation, Series 2004, 5.000%, 6/15/25 - MBIA Insured
4,950 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 5,527,319
Revenue Bonds, Convention Center Hotel, Series 2003A,
5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY
Insured
1,740 Douglas County School District RE1, Douglas and Elbert 12/14 at 100.00 Aa2 1,765,439
Counties, Colorado, General Obligation Bonds, Series
2005B, 5.000%, 12/15/28 - FSA Insured
35,995 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 11,947,100
Bonds, Series 1997B, 0.000%, 9/01/23 - MBIA Insured
30,800 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 33,388,123
Bonds, Series 2000A, 5.750%, 9/01/35 (Pre-refunded
9/01/10) - MBIA Insured
11,800 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 74.80 AAA 8,677,248
Bonds, Series 2000B, 0.000%, 9/01/15 (Pre-refunded
9/01/10) - MBIA Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call AA- 2,228,600
Series 2004A, 0.000%, 9/01/27 - MBIA Insured
4,520 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 4,653,656
Obligation Bonds, Series 2004, 5.000%, 12/15/24 - FSA
Insured (UB)
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO (continued)
$ 2,500 Summit County School District RE-1, Summit, Colorado, General 12/14 at 100.00 Aa3 $ 2,617,850
Obligation Bonds, Series 2004B, 5.000%, 12/01/24 - FGIC
Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,012,510
Series 2005, 5.000%, 6/01/30 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
107,285 Total Colorado 75,707,333
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.1% (0.7% OF TOTAL INVESTMENTS)
District of Columbia Water and Sewerage Authority, Subordinate
Lien Public Utility Revenue Bonds, Series 2003:
5,000 5.125%, 10/01/24 - FGIC Insured 10/13 at 100.00 AA- 5,099,700
5,000 5.125%, 10/01/25 - FGIC Insured 10/13 at 100.00 AA- 5,071,750
2,670 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AAA 2,228,542
Senior Lien Dedicated Tax Revenue Bonds, Series 2007,
Residuals 1606, 10.676%, 10/01/30 - AMBAC Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
12,670 Total District of Columbia 12,399,992
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 6.3% (3.9% OF TOTAL INVESTMENTS)
1,000 Hillsborough County School Board, Florida, Certificates of 7/15 at 100.00 AA- 995,370
Participation, Master Lease Program, Series 2005A, 5.000%,
7/01/26 - MBIA Insured
Indian Trace Development District, Florida, Water Management
Special Benefit Assessment Bonds, Series 2005:
645 5.000%, 5/01/25 - MBIA Insured 5/15 at 102.00 Baa1 541,142
1,830 5.000%, 5/01/27 - MBIA Insured 5/15 at 102.00 Baa1 1,487,662
4,425 Jacksonville Economic Development Commission, Florida, 11/12 at 100.00 Aa2 4,438,983
Healthcare Facilities Revenue Bonds, Mayo Clinic, Series
2001C, 5.500%, 11/15/36 - MBIA Insured
1,505 Lee County, Florida, Transportation Facilities Revenue Bonds, 10/14 at 100.00 A 1,562,762
Series 2004B, 5.000%, 10/01/21 - AMBAC Insured
2,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 AA- 2,003,060
Series 2003, 5.000%, 10/01/27 - MBIA Insured
2,150 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AAA 1,936,204
International Airport, Series 2002A, 5.125%, 10/01/35 -
FSA Insured (Alternative Minimum Tax)
35,920 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AA- 32,446,176
International Airport, Series 2002, 5.375%, 10/01/32 -
FGIC Insured (Alternative Minimum Tax)
12,930 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 12/15 at 100.00 AA- 10,377,877
Jackson Health System, Series 2005A, 5.000%, 6/01/32 -
MBIA Insured
5,320 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 6/15 at 100.00 AA- 4,626,644
Jackson Health System, Series 2005B, 5.000%, 6/01/25 -
MBIA Insured
Northern Palm Beach County Improvement District, Florida,
Revenue Bonds, Water Control and Improvement Development
Unit 9B, Series 2005:
1,290 5.000%, 8/01/23 - MBIA Insured 8/15 at 102.00 AA 1,317,013
2,145 5.000%, 8/01/29 - MBIA Insured 8/15 at 102.00 AA 2,065,506
2,320 Osceola County, Florida, Transportation Revenue Bonds, 4/14 at 100.00 A3 2,325,220
Osceola Parkway, Series 2004, 5.000%, 4/01/23 - MBIA
Insured
2,225 Plantation, Florida, Non-Ad Valorem Revenue Refunding and 8/13 at 100.00 Aa3 2,352,270
Improvement Bonds, Series 2003, 5.000%, 8/15/18 - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
75,705 Total Florida 68,475,889
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.0% (0.6% OF TOTAL INVESTMENTS)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,039,440
2004, 5.000%, 11/01/22 - FSA Insured
1,520 College Park Business and Industrial Development Authority, 9/14 at 102.00 AA- 1,592,398
Georgia, Revenue Bonds, Public Safety Project, Series
2004, 5.250%, 9/01/23 - MBIA Insured
Nuveen Investments 29
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA (continued)
Fulton County Development Authority, Georgia, Revenue Bonds,
Georgia Tech Molecular Science Building, Series 2004:
$ 1,695 5.250%, 5/01/19 - MBIA Insured 5/14 at 100.00 AA- $ 1,832,956
1,135 5.250%, 5/01/20 - MBIA Insured 5/14 at 100.00 AA- 1,222,089
4,500 5.000%, 5/01/36 - MBIA Insured 5/14 at 100.00 AA- 4,511,835
1,250 Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue 7/09 at 100.00 AA 1,251,450
Bonds, Southeast Georgia Health Systems, Series 1996,
5.250%, 8/01/13 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,100 Total Georgia 11,450,168
- ------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.2% (0.2% OF TOTAL INVESTMENTS)
170 Idaho Housing Agency, Single Family Mortgage Senior Bonds, No Opt. Call Aa1 178,109
Series 1994B-1, 6.750%, 7/01/22
135 Idaho Housing Agency, Single Family Mortgage Senior Bonds, No Opt. Call Aa1 139,726
Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
235 Idaho Housing Agency, Single Family Mortgage Senior Bonds, 7/09 at 100.00 Aaa 245,053
Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax)
Idaho Housing and Finance Association, Grant and Revenue
Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
1,000 5.000%, 7/15/23 - MBIA Insured 7/16 at 100.00 Aa3 1,040,040
1,065 5.000%, 7/15/24 - MBIA Insured 7/16 at 100.00 Aa3 1,099,985
- ------------------------------------------------------------------------------------------------------------------------------------
2,605 Total Idaho 2,702,913
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 5.9% (3.7% OF TOTAL INVESTMENTS)
1,050 Bedford Park, Illinois, General Obligation Bonds, Series 12/14 at 100.00 AAA 1,142,148
2004A, 5.250%, 12/15/20 - FSA Insured
Chicago, Illinois, Second Lien Passenger Facility Charge
Revenue Refunding Bonds, O'Hare International Airport,
Series 2001E:
4,615 5.500%, 1/01/17 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 4,633,922
4,870 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 4,879,156
7,200 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 AA- 7,272,072
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - MBIA Insured
10,000 Illinois Development Finance Authority, Revenue Bonds, 5/09 at 100.50 AA- 9,512,000
Provena Health, Series 1998A, 5.500%, 5/15/21 - MBIA
Insured
2,095 Illinois Educational Facilities Authority, Revenue Bonds, 6/09 at 100.00 Baa1 2,095,105
Robert Morris College, Series 2000, 5.800%, 6/01/30 - MBIA
Insured
22,510 Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 AA- 22,793,176
Series 2002, 5.125%, 2/01/27 - FGIC Insured
20,045 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 3,824,185
Bonds, McCormick Place Expansion Project, Series 2002A,
0.000%, 12/15/35 (WI/DD, Settling 5/07/09) - MBIA Insured
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
4,260 5.000%, 12/01/22 - FGIC Insured 12/14 at 100.00 AA+ 4,476,664
2,365 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 AA+ 2,475,280
4,000 Southwestern Illinois Development Authority, School Revenue No Opt. Call AA- 1,638,040
Bonds, Triad School District 2, Madison County, Illinois,
Series 2006, 0.000%, 10/01/25 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
83,010 Total Illinois 64,741,748
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.8% (2.4% OF TOTAL INVESTMENTS)
2,030 Decatur Township-Marion County Multi-School Building 7/13 at 100.00 AA+ (4) 2,315,905
Corporation, Indiana, First Mortgage Bonds, Series 2003,
5.000%, 7/15/20 (Pre-refunded 7/15/13) - FGIC Insured
8,000 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- 7,475,920
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
20,000 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AA 7,256,600
Series 1999E, 0.000%, 2/01/28 - AMBAC Insured
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA (continued)
$ 3,250 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA $ 3,649,978
Waterworks Project, Series 2002A, 5.250%, 7/01/33
(Pre-refunded 7/01/12) - MBIA Insured
1,340 Monroe-Gregg Grade School Building Corporation, Morgan 1/14 at 100.00 AAA 1,531,406
County, Indiana, First Mortgage Bonds, Series 2004,
5.000%, 1/15/25 (Pre-refunded 1/15/14) - FSA Insured
5,000 Noblesville Redevelopment Authority, Indiana, Economic 7/13 at 100.00 AA- 5,007,150
Development Lease Rental Bonds, Exit 10 Project, Series
2003, 5.000%, 1/15/28 - AMBAC Insured
10,000 Purdue University, Indiana, Student Fee Bonds, Series 2002O, 1/12 at 100.00 Aa1 10,374,800
5.000%, 7/01/19 - MBIA Insured
3,705 Whitley County Middle School Building Corporation, Columbia 7/13 at 100.00 AAA 4,226,812
City, Indiana, First Mortgage Bonds, Series 2003, 5.000%,
7/15/16 (Pre-refunded 7/15/13) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
53,325 Total Indiana 41,838,571
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.3% (0.8% OF TOTAL INVESTMENTS)
2,055 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 9/14 at 101.00 AAA 2,192,891
5.000%, 9/01/23 - FSA Insured
Neosho County Unified School District 413, Kansas, General
Obligation Bonds, Series 2006:
2,145 5.000%, 9/01/27 - FSA Insured 9/14 at 100.00 Aa3 2,236,570
4,835 5.000%, 9/01/29 - FSA Insured 9/14 at 100.00 Aa3 5,001,566
5,000 University of Kansas Hospital Authority, Health Facilities 9/09 at 100.00 AAA 5,079,650
Revenue Bonds, KU Health System, Series 1999A, 5.650%,
9/01/29 (Pre-refunded 9/01/09) - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,035 Total Kansas 14,510,677
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.7% (1.7% OF TOTAL INVESTMENTS)
3,870 Kenton County School District Finance Corporation, Kentucky, 6/14 at 100.00 Aa3 3,911,370
School Building Revenue Bonds, Series 2004, 5.000%,
6/01/20 - MBIA Insured
3,860 Kentucky State Property and Buildings Commission, Revenue 2/19 at 100.00 AAA 4,286,762
Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20
- AGC Insured
7,500 Kentucky Turnpike Authority, Economic Development Road 7/16 at 100.00 AA+ 7,771,350
Revenue Bonds, Revitalization Project, Series 2006B,
5.000%, 7/01/25 - AMBAC Insured
12,980 Louisville and Jefferson County Metropolitan Sewer District, 11/11 at 101.00 AA- 13,229,865
Kentucky, Sewer and Drainage System Revenue Bonds, Series
2001A, 5.500%, 5/15/34 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
28,210 Total Kentucky 29,199,347
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 5.9% (3.7% OF TOTAL INVESTMENTS)
5,000 DeSoto Parish, Louisiana, Pollution Control Revenue Refunding 9/09 at 102.00 A 4,612,600
Bonds, Cleco Utility Group Inc. Project, Series 1999,
5.875%, 9/01/29 - AMBAC Insured
3,025 Lafayette City and Parish, Louisiana, Utilities Revenue 11/14 at 100.00 AA- 3,160,278
Bonds, Series 2004, 5.250%, 11/01/22 - MBIA Insured
4,545 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 AA- 4,631,082
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
MBIA Insured
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series
2005A:
2,400 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 AA 2,467,224
4,415 5.000%, 5/01/26 - FGIC Insured 5/15 at 100.00 AA 4,513,675
5,000 5.000%, 5/01/27 - FGIC Insured 5/15 at 100.00 AA 5,082,900
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series
2006:
3,300 4.750%, 5/01/39 - FSA Insured (UB) 5/16 at 100.00 AAA 3,177,537
35,725 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa2 31,964,587
38 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 22,193
Residuals 660-1, 13.832%, 5/01/41 - FGIC Insured (IF)
4,950 Orleans Levee District, Louisiana, Levee District General 6/09 at 100.00 AAA 4,962,474
Obligation Bonds, Series 1986, 5.950%, 11/01/15 - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
68,398 Total Louisiana 64,594,550
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 31
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 3,000 Maine Health and Higher Educational Facilities Authority, 7/13 at 100.00 AAA $ 3,040,320
Revenue Bonds, Series 2003B, 5.000%, 7/01/28 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.3% (0.2% OF TOTAL INVESTMENTS)
5,345 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 3,409,789
Revenue Bonds, Series 2006A, 5.250%, 9/01/28 - SYNCORA GTY
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 5.7% (3.5% OF TOTAL INVESTMENTS)
22,500 Massachusetts Development Finance Authority, Revenue Bonds, 1/12 at 101.00 A (4) 25,162,200
WGBH Educational Foundation, Series 2002A, 5.375%, 1/01/42
(Pre-refunded 1/01/12) - AMBAC Insured
11,000 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 11,581,460
Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - FSA Insured
(UB)
7,255 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 6,435,330
Bonds, 4.500%, 8/01/46 - FSA Insured (UB)
15,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 A (4) 16,965,750
Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14)
- FGIC Insured
1,500 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 A+ (4) 1,764,945
Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20
(Pre-refunded 11/01/14) - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
57,255 Total Massachusetts 61,909,685
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 6.7% (4.1% OF TOTAL INVESTMENTS)
5,490 Detroit City School District, Wayne County, Michigan, No Opt. Call AAA 5,759,230
Unlimited Tax School Building and Site Improvement Bonds,
Series 2001A, 6.000%, 5/01/29 - FSA Insured (UB)
6,000 Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 10/11 at 100.00 AA- 5,357,100
5.375%, 4/01/18 - MBIA Insured
7,420 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/09 at 100.00 AA- 6,522,996
Bonds, Series 1997A, 5.000%, 7/01/27 - MBIA Insured
Detroit, Michigan, Sewerage Disposal System Revenue Bonds,
Series 1999A:
15,825 5.750%, 7/01/26 (Pre-refunded 1/01/10) - FGIC Insured 1/10 at 101.00 Aaa 16,521,142
20,000 5.875%, 7/01/27 (Pre-refunded 1/01/10) - FGIC Insured 1/10 at 101.00 Aaa 20,896,600
1,085 Grand Rapids Community College, Kent County, Michigan, 5/13 at 100.00 AA 1,165,409
General Obligation Refunding Bonds, Series 2003, 5.250%,
5/01/20 - AMBAC Insured
6,850 Wayne County, Michigan, Airport Revenue Bonds, Detroit 12/09 at 100.50 AA- 6,659,296
Metropolitan Wayne County Airport, Series 1998A, 5.375%,
12/01/15 - MBIA Insured (Alternative Minimum Tax)
10,000 Wayne County, Michigan, Limited Tax General Obligation 12/11 at 101.00 AA- 10,031,900
Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne
County Airport, Series 2001A, 5.250%, 12/01/25 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
72,670 Total Michigan 72,913,673
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 2.3% (1.4% OF TOTAL INVESTMENTS)
5,000 City of Minneapolis, Minnesota, Health Care System Revenue 11/18 at 100.00 AAA 5,436,850
Bonds, Fairview Health Services, Series 2008B, 6.500%,
11/15/38 - AGC Insured
4,000 Northern Municipal Power Agency, Minnesota, Electric System No Opt. Call AAA 4,355,280
Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 -
AGC Insured
13,020 Saint Paul Housing and Redevelopment Authority, Minnesota, 12/11 at 102.00 Aaa 15,031,981
Multifamily Housing Revenue Bonds, Marian Center Project,
Series 2001A, 6.450%, 6/20/43 (Pre-refunded 12/20/11)
- ------------------------------------------------------------------------------------------------------------------------------------
22,020 Total Minnesota 24,824,111
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.8% (1.8% OF TOTAL INVESTMENTS)
27,125 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 24,869,828
2007A, 4.500%, 9/01/37 - FGIC Insured (UB)
5,000 Municipal Energy Agency of Nebraska, Power Supply System 4/19 at 100.00 AAA 5,220,550
Revenue and Refunding Bonds, Series 2009A, 5.375%,
4/01/39 - BHAC Insured
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA (continued)
$ 1,000 Nebraska Public Power District, General Revenue Bonds, Series 1/15 at 100.00 AAA $ 1,017,700
2005A, 5.000%, 1/01/25 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
33,125 Total Nebraska 31,108,078
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 7.4% (4.6% OF TOTAL INVESTMENTS)
8,475 Clark County, Nevada, General Obligation Bank Bonds, Southern 12/12 at 100.00 AA+ 8,383,046
Nevada Water Authority Loan, Series 2002, 5.000%,
6/01/32 - MBIA Insured
3,630 Clark County, Nevada, General Obligation Bank Bonds, Southern 12/12 at 100.00 Aa1 (4) 4,099,758
Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32
(Pre-refunded 12/01/12) - MBIA Insured
7,370 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/14 at 100.00 AA- 7,434,340
Series 2004A-2, 5.125%, 7/01/25 - FGIC Insured
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
2000:
15,000 5.625%, 1/01/34 - AMBAC Insured 1/10 at 102.00 A 4,512,750
13,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 A 3,910,920
14,985 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 Baa1 12,982,854
5.375%, 6/01/32 - FGIC Insured
25,300 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 6/12 at 100.00 Baa1 (4) 28,371,672
5.375%, 6/01/32 (Pre-refunded 6/01/12) - FGIC Insured
10,000 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 A (4) 11,151,700
Reno Transportation Rail Access Corridor Project, Series
2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
97,760 Total Nevada 80,847,040
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 2.5% (1.5% OF TOTAL INVESTMENTS)
Essex County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Project Consolidation, Series 2004:
2,000 5.125%, 10/01/21 - MBIA Insured 10/14 at 100.00 A1 2,075,020
2,250 5.125%, 10/01/22 - MBIA Insured 10/14 at 100.00 A1 2,319,818
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
3,850 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AA- 3,920,763
3,850 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AA- 3,918,107
8,250 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AA- 8,563,500
5.000%, 1/01/19 - FGIC Insured
3,320 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 3,547,520
5.000%, 1/01/21 - FSA Insured (UB)
2,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AAA 2,042,080
5.000%, 1/01/23 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
25,520 Total New Jersey 26,386,808
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.3% (0.2% OF TOTAL INVESTMENTS)
3,660 San Juan County, New Mexico, Subordinate Gross Receipts Tax 6/15 at 100.00 AA- 3,706,006
Revenue Bonds, Series 2005, 5.000%, 6/15/25 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 7.0% (4.3% OF TOTAL INVESTMENTS)
1,880 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,906,395
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/23 - FGIC Insured
3,335 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 3,462,964
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 -
AMBAC Insured
3,820 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 2,914,393
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
12,500 Long Island Power Authority, New York, Electric System 6/16 at 100.00 AA- 12,678,125
General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 -
FGIC Insured
6,900 Long Island Power Authority, New York, Electric System 11/16 at 100.00 AA- 5,691,120
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - MBIA Insured
Nuveen Investments 33
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
$ 1,500 5.000%, 7/01/21 - FGIC Insured 7/12 at 100.00 AA- $ 1,523,160
5,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 5,021,450
2,615 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 2,968,208
Revenue Bonds, Yankee Stadium Project Pilot, Series 2009A,
7.000%, 3/01/49 - AGC Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 5,152,850
Series 2005F-1, 5.000%, 9/01/21 - AMBAC Insured
10,000 New York City, New York, General Obligation Bonds, Fiscal 4/15 at 100.00 AA 10,050,400
Series 2005M, 5.000%, 4/01/26 - FGIC Insured
5,000 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 A+ 5,066,100
Series 2005F, 5.000%, 1/01/26 - AMBAC Insured
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, Series 2004A-1:
1,000 5.000%, 3/15/23 - FGIC Insured 3/14 at 100.00 AAA 1,035,510
5,000 5.000%, 3/15/25 - FGIC Insured 3/14 at 100.00 AAA 5,118,650
3,650 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 3,752,237
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 -
FSA Insured (UB)
10,000 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/12 at 100.00 AA- 10,051,300
Lien General Purpose Revenue Refunding Bonds, Series
2002E, 5.000%, 11/15/32 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
77,200 Total New York 76,392,862
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.5% (0.9% OF TOTAL INVESTMENTS)
Mooresville, North Carolina, Enterprise System Revenue Bonds,
Series 2004:
2,115 5.000%, 5/01/22 - FGIC Insured 5/14 at 100.00 AA- 2,120,562
2,575 5.000%, 5/01/26 - FGIC Insured 5/14 at 100.00 AA- 2,589,703
5,000 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 AAA 5,334,150
Revenue Bonds, Series 2003A, 5.250%, 1/01/16 - FSA Insured
Raleigh Durham Airport Authority, North Carolina, Airport
Revenue Bonds, Series 2005A:
3,205 5.000%, 5/01/23 - AMBAC Insured 5/15 at 100.00 Aa3 3,248,075
3,295 5.000%, 5/01/24 - AMBAC Insured 5/15 at 100.00 Aa3 3,322,184
- ------------------------------------------------------------------------------------------------------------------------------------
16,190 Total North Carolina 16,614,674
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 0.6% (0.4% OF TOTAL INVESTMENTS)
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus
Project, Series 2005A:
2,195 5.000%, 12/15/22 - MBIA Insured 12/15 at 100.00 A1 2,286,510
1,355 5.000%, 12/15/23 - MBIA Insured 12/15 at 100.00 A1 1,394,227
3,000 5.000%, 12/15/24 - MBIA Insured 12/15 at 100.00 A1 3,069,600
- ------------------------------------------------------------------------------------------------------------------------------------
6,550 Total North Dakota 6,750,337
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 4.3% (2.7% OF TOTAL INVESTMENTS)
2,650 Cleveland State University, Ohio, General Receipts Bonds, 6/14 at 100.00 AA- 2,653,392
Series 2004, 5.250%, 6/01/24 - FGIC Insured
2,000 Columbus City School District, Franklin County, Ohio, General 12/14 at 100.00 AAA 2,334,520
Obligation Bonds, Series 2004, 5.250%, 12/01/25
(Pre-refunded 12/01/14) - FSA Insured
2,385 Columbus, Ohio, Tax Increment Financing Bonds, Easton 6/14 at 100.00 A 2,376,056
Project, Series 2004A, 5.000%, 12/01/22 - AMBAC Insured
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO (continued)
$ 2,205 Hamilton City School District, Ohio, General Obligation 6/15 at 100.00 Baa1 $ 2,247,755
Bonds, Series 2005, 5.000%, 12/01/24 - MBIA Insured
19,595 Hamilton County, Ohio, Sales Tax Revenue Bonds, 4.250%, 12/16 at 100.00 A2 16,688,082
12/01/32 - AMBAC Insured (UB)
20,100 Lucas County, Ohio, Hospital Revenue Bonds, ProMedica 11/09 at 101.00 A 17,207,610
Healthcare Obligated Group, Series 1999, 5.375%,
11/15/39 - AMBAC Insured
3,000 Ross Local School District, Butler County, Ohio, General 12/13 at 100.00 Aa3 (4) 3,442,830
Obligation Bonds, Series 2003, 5.000%, 12/01/28
(Pre-refunded 12/01/13) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
51,935 Total Ohio 46,950,245
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 3.1% (1.9% OF TOTAL INVESTMENTS)
3,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 3,617,915
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
2,580 Oklahoma Housing Finance Agency, GNMA Collateralized Single No Opt. Call AAA 2,795,920
Family Mortgage Revenue Bonds, Series 1987A, 7.997%,
8/01/18 (Alternative Minimum Tax)
21,000 Oklahoma Municipal Power Authority, Power Supply System 1/17 at 100.00 AA- 17,738,910
Revenue Bonds, Series 2007, 4.500%, 1/01/47 - FGIC Insured
5,245 Oklahoma State Industries Authority, Revenue Bonds, Oklahoma 2/11 at 100.00 A1 5,256,801
Medical Research Foundation, Series 2001, 5.250%,
2/01/21 - AMBAC Insured
4,880 University of Oklahoma, Student Housing Revenue Bonds, Series 7/14 at 100.00 A1 4,892,883
2004, 5.000%, 7/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
37,205 Total Oklahoma 34,302,429
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.3% (0.2% OF TOTAL INVESTMENTS)
2,535 Oregon Department of Administrative Services, Certificates of 5/15 at 100.00 AAA 2,614,067
Participation, Series 2005A, 5.000%, 5/01/25 - FSA Insured
795 Oregon Housing and Community Services Department, Single 7/09 at 100.00 Aa2 795,580
Family Mortgage Revenue Bonds, Series 1995A, 6.450%,
7/01/26 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
3,330 Total Oregon 3,409,647
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.4% (2.1% OF TOTAL INVESTMENTS)
7,925 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 8,206,655
Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 -
FSA Insured (UB)
1,800 Pennsylvania Higher Educational Facilities Authority, Revenue 5/15 at 100.00 AA- 1,786,914
Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 -
MBIA Insured
11,740 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 10,511,526
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - FSA Insured (UB)
2,625 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 2,676,634
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
6,335 Radnor Township School District, Delaware County, 8/15 at 100.00 Aa3 6,506,488
Pennsylvania, General Obligation Bonds, Series 2005B,
5.000%, 2/15/30 - FSA Insured
Reading School District, Berts County, Pennsylvania, General
Obligation Bonds, Series 2005:
3,285 5.000%, 1/15/22 - FSA Insured (UB) 1/16 at 100.00 AAA 3,476,023
3,450 5.000%, 1/15/23 - FSA Insured (UB) 1/16 at 100.00 AAA 3,623,915
- ------------------------------------------------------------------------------------------------------------------------------------
37,160 Total Pennsylvania 36,788,155
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 35
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.9% (0.6% OF TOTAL INVESTMENTS)
$ 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA $ 2,919,775
Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) -
SYNCORA GTY Insured
2,000 Puerto Rico Highway and Transportation Authority, Highway 7/13 at 100.00 BBB 1,929,600
Revenue Bonds, Series 2003G, 5.250%, 7/01/19 - FGIC Insured
1,550 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call BBB- 1,483,676
8/01/21 - CIFG Insured
36,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call AA- 3,816,360
Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
42,050 Total Puerto Rico 10,149,411
- ------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 2.4% (1.5% OF TOTAL INVESTMENTS)
2,195 Providence Housing Development Corporation, Rhode Island, 7/09 at 100.00 AA- 2,197,722
FHA-Insured Section 8 Assisted Mortgage Revenue Refunding
Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%,
7/01/25 - MBIA Insured
20,475 Rhode Island Depositors Economic Protection Corporation, 2/11 at 100.00 AA (4) 21,969,470
Special Obligation Refunding Bonds, Series 1993B, 5.250%,
8/01/21 (Pre-refunded 2/01/11) - MBIA Insured
1,405 Rhode Island Health & Educational Building Corporation, 9/14 at 100.00 A2 1,453,711
Higher Education Auxiliary Enterprise Revenue Bonds,
Series 2004A, 5.500%, 9/15/24 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
24,075 Total Rhode Island 25,620,903
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 6.7% (4.2% OF TOTAL INVESTMENTS)
14,650 Anderson County School District 5, South Carolina, General 2/18 at 100.00 AAA 15,328,735
Obligation Bonds, Series 2008, Trust 1181, 9.249%, 2/01/38
- FSA Insured (IF)
10,000 Beaufort County, South Carolina, Tax Increment Bonds, New 12/12 at 100.00 AA- 10,012,600
River Redevelopment Project, Series 2002, 5.000%, 6/01/27
- MBIA Insured
Medical University Hospital Authority, South Carolina,
FHA-Insured Mortgage Revenue Bonds, Series 2004A:
2,000 5.250%, 8/15/22 - MBIA Insured 8/14 at 100.00 AA- 2,033,900
2,105 5.250%, 8/15/23 - MBIA Insured 8/14 at 100.00 AA- 2,133,039
4,855 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call AAA 3,868,367
Revenue Bonds, Series 1988A, 0.000%, 1/01/13 - AMBAC
Insured (ETM)
715 Piedmont Municipal Power Agency, South Carolina, Electric 7/09 at 76.63 Aa3 (4) 547,111
Revenue Bonds, Series 1988A, 0.000%, 1/01/13 (Pre-refunded
7/01/09) - AMBAC Insured
7,955 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call A 6,699,542
Revenue Bonds, Series 1988A, 0.000%, 1/01/13 - AMBAC
Insured
8,000 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A 8,048,240
Industrial Revenue Bonds, South Carolina Electric and Gas
Company, Series 2002A, 5.200%, 11/01/27 - AMBAC Insured
10,000 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A 9,010,000
Industrial Revenue Bonds, South Carolina Electric and Gas
Company, Series 2002B, 5.450%, 11/01/32 - AMBAC Insured
(Alternative Minimum Tax)
17,500 South Carolina Transportation Infrastructure Bank, Revenue 10/16 at 100.00 A1 15,874,075
Bonds, Series 2007A, 4.500%, 10/01/34 - SYNCORA GTY Insured
- ------------------------------------------------------------------------------------------------------------------------------------
77,780 Total South Carolina 73,555,609
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.6% (0.4% OF TOTAL INVESTMENTS)
6,455 Memphis-Shelby County Airport Authority, Tennessee, Airport 3/11 at 100.00 AAA 6,492,697
Revenue Bonds, Series 2001A, 5.500%, 3/01/18 - FSA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 15.3% (9.5% OF TOTAL INVESTMENTS)
$ 22,650 Brazos River Authority, Texas, Revenue Refunding Bonds, 5/09 at 101.00 A $ 21,674,012
Houston Industries Inc., Series 1998C, 5.125%, 5/01/19 -
AMBAC Insured
521 Capital Area Housing Finance Corporation, Texas, FNMA Backed 4/12 at 106.00 Aaa 541,871
Single Family Mortgage Revenue Refunding Bonds, Series
2002A-2, 6.300%, 4/01/35 - AMBAC Insured (Alternative
Minimum Tax)
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/09 at 100.00 AA- 12,510,000
Bonds, Series 2000A, 6.125%,11/01/35 - FGIC Insured
(Alternative Minimum Tax)
Harris County, Texas, Toll Road Senior Lien Revenue Bonds,
Series 1989:
9,000 0.000%, 8/15/18 (Pre-refunded 8/15/09) - AMBAC Insured 8/09 at 53.84 AAA 4,832,280
39,000 0.000%, 8/15/19 (Pre-refunded 8/15/09) - AMBAC Insured 8/09 at 50.26 AAA 19,547,580
7,280 0.000%, 8/15/20 (Pre-refunded 8/15/09) - AMBAC Insured 8/09 at 46.91 AAA 3,406,239
5,085 0.000%, 8/15/21 (Pre-refunded 8/15/09) - AMBAC Insured 8/09 at 43.79 AAA 2,221,026
25,000 Harris County-Houston Sports Authority, Texas, Junior Lien 11/11 at 100.00 AA- 19,679,500
Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 -
MBIA Insured
4,671 Houston Housing Finance Corporation, Texas, GNMA 9/11 at 105.00 Aaa 4,739,243
Collateralized Mortgage Multifamily Housing Revenue Bonds,
RRG Apartments Project, Series 2001, 6.350%, 3/20/42
Houston, Texas, First Lien Combined Utility System Revenue
Bonds, Series 2004A:
4,000 5.250%, 5/15/24 - FGIC Insured 5/14 at 100.00 AA 4,104,880
5,000 5.250%, 5/15/25 - MBIA Insured 5/14 at 100.00 AA 5,119,800
17,500 Houston, Texas, Hotel Occupancy Tax and Special Revenue 9/11 at 100.00 A 17,029,950
Bonds, Convention and Entertainment Project, Series 2001B,
5.250%, 9/01/33 - AMBAC Insured
23,865 Jefferson County Health Facilities Development Corporation, 8/11 at 100.00 A 21,846,260
Texas, FHA-Insured Mortgage Revenue Bonds, Baptist
Hospital of Southeast Texas, Series 2001, 5.500%,
8/15/41 - AMBAC Insured
140 Lower Colorado River Authority, Texas, Revenue Refunding and 5/11 at 100.00 AA (4) 151,262
Improvement Bonds, Series 2001A, 5.000%, 5/15/21
(Pre-refunded 5/15/11) - MBIA Insured
8,065 Lower Colorado River Authority, Texas, Revenue Refunding and 5/11 at 100.00 AA 8,163,070
Improvement Bonds, Series 2001A, 5.000%, 5/15/21 - MBIA
Insured
Port of Houston Authority, Harris County, Texas, General
Obligation Port Improvement Bonds, Series 2001B:
3,205 5.500%, 10/01/18 - FGIC Insured (Alternative Minimum Tax) 10/11 at 100.00 AAA 3,272,786
3,375 5.500%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) 10/11 at 100.00 AAA 3,428,224
7,205 San Antonio, Texas, Airport System Improvement Revenue Bonds, 7/11 at 101.00 AA- 7,289,082
Series 2001, 5.375%, 7/01/15 - FGIC Insured (Alternative
Minimum Tax)
7,550 Waco Health Facilities Development Corporation, Texas, 8/16 at 100.00 AA- 6,280,770
Hillcrest Health System Project, FHA Insured Mortgage
Revenue Bonds, Series 2006A, 5.000%, 8/01/31 - MBIA Insured
1,840 Ysleta Independent School District Public Facility 11/09 at 100.00 A+ 1,845,538
Corporation, Texas, Lease Revenue Refunding Bonds, Series
2001, 5.375%, 11/15/24 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
207,452 Total Texas 167,683,373
- ------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.6% (1.0% OF TOTAL INVESTMENTS)
2,000 Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 7/13 at 100.00 AA- (4) 2,274,480
5.000%, 7/01/28 (Pre-refunded 7/01/13) - FGIC Insured
15,000 Utah Transit Authority, Sales Tax Revenue Bonds, Series 6/18 at 100.00 AAA 15,352,500
2008A, 5.000%, 6/15/32 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
17,000 Total Utah 17,626,980
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 37
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.5% (0.9% OF TOTAL INVESTMENTS)
$ 1,035 Loudoun County Industrial Development Authority, Virginia, 6/14 at 100.00 AAA $ 1,125,687
Lease Revenue Bonds, Public Safety Facilities, Series
2003A, 5.250%, 12/15/20 - FSA Insured
4,840 Metropolitan Washington D.C. Airports Authority, Airport 10/11 at 101.00 AA- 4,920,780
System Revenue Bonds, Series 2001A, 5.500%, 10/01/19 -
MBIA Insured (Alternative Minimum Tax)
10,000 Virginia Housing Development Authority, Commonwealth Mortgage 7/11 at 100.00 AAA 10,032,700
Bonds, Series 2001H-1, 5.375%, 7/01/36 - MBIA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
15,875 Total Virginia 16,079,167
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 3.6% (2.2% OF TOTAL INVESTMENTS)
2,500 Grant County Public Utility District 2, Washington, Revenue 1/15 at 100.00 Aa2 2,499,825
Bonds, Wanapum Hydroelectric Development, Series 2005A,
5.000%, 1/01/29 - FGIC Insured
3,500 King County School District 401, Highline, Washington, 12/14 at 100.00 AA+ 3,674,440
General Obligation Bonds, Series 2004, 5.000%, 10/01/24 -
FGIC Insured
5,000 King County, Washington, General Obligation Sewer Bonds, 1/19 at 100.00 AAA 5,318,400
Series 2009, Trust 1W, 13.146%, 1/01/39 - AGC Insured (IF)
3,195 Kitsap County, Washington, Limited Tax General Obligation 7/10 at 100.00 AA- (4) 3,378,489
Bonds, Series 2000, 5.500%, 7/01/25 (Pre-refunded
7/01/10) - AMBAC Insured
4,250 Snohomish County Public Utility District 1, Washington, No Opt. Call AAA 5,399,838
Generation System Revenue Bonds, Series 1989, 6.650%,
1/01/16 - FGIC Insured (ETM)
Tacoma, Washington, Solid Waste Utility Revenue Refunding
Bonds, Series 2006:
3,890 5.000%, 12/01/24 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,008,645
4,085 5.000%, 12/01/25 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,172,746
4,290 5.000%, 12/01/26 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,351,991
5,945 Washington State, General Obligation Bonds, Series 2006, 7/16 at 100.00 AAA 6,320,783
Trust 1212, 12.032%, 7/01/31 - FSA Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
36,655 Total Washington 39,125,157
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.6% (1.6% OF TOTAL INVESTMENTS)
15,000 Wisconsin Health and Educational Facilities Authority, 8/09 at 100.00 AA- 13,358,550
Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%,
2/15/27 - MBIA Insured
290 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/14 at 100.00 Aa3 310,810
5/01/20 - FGIC Insured
2,600 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/14 at 100.00 Aa3 (4) 3,015,012
5/01/20 (Pre-refunded 5/01/14) - FGIC Insured
10,945 Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/14 at 100.00 AA 11,621,730
5/01/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
28,835 Total Wisconsin 28,306,102
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,986,235 Total Long-Term Investments (cost $1,782,368,344) - 160.5% 1,753,935,113
==============----------------------------------------------------------------------------------------------------------------------
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.9% (0.6% OF TOTAL INVESTMENTS)
MICHIGAN - (0.9%) (0.6% OF TOTAL INVESTMENTS)
$ 5,215 Lakewood Public Schools, Ionia County, Michigan, General No Opt. Call VMIG-1 $ 5,215,000
Obligation Bonds, Series 2008, Trust 2624Z, Variable Rate
Demand Obligations, 0.600%, 5/01/15 - FSA Insured (5)
5,000 Portage Public Schools, Kalamazoo County, Michigan, General No Opt. Call A-1 5,000,000
Obligation Bonds, Series 2008, Trust 3030X, Variable Rate
Demand Obligations, 0.930%, 5/01/31 - FSA Insured (5)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 10,215 Total Short-Term Investments (cost $10,215,000) 10,215,000
==============----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,792,583,344) - 161.4% 1,764,150,113
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (12.3)% (134,198,333)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.4% 36,194,039
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (52.5)% (6) (573,300,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 1,092,845,819
===================================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(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.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.5%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
Nuveen Investments 39
NIF | Nuveen Premier Insured Municipal Income Fund, Inc.
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.2% (0.8% OF TOTAL INVESTMENTS)
$ 3,200 Auburn, Alabama, General Obligation Warrants, Series 2005, 8/15 at 100.00 AA+ $ 3,242,592
5.000%, 8/01/30 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 3.1% (2.0% OF TOTAL INVESTMENTS)
4,370 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 4,417,458
Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 -
MBIA Insured
5,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 3,956,950
Plaza, Series 2005B, 0.000%, 7/01/40 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
9,370 Total Arizona 8,374,408
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 1.5% (1.0% OF TOTAL INVESTMENTS)
4,020 Northwest Community College District, Arkansas, General 5/15 at 100.00 A 4,127,374
Obligation Bonds, Series 2005, 5.000%, 5/15/23 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 33.9% (21.3% OF TOTAL INVESTMENTS)
ABAG Finance Authority for Non-Profit Corporations, California,
Insured Certificates of Participation, Children's Hospital
Medical Center of Northern California, Series 1999:
4,750 5.875%, 12/01/19 (Pre-refunded 12/01/09) - AMBAC Insured 12/09 at 101.00 A (4) 4,943,563
10,000 6.000%, 12/01/29 (Pre-refunded 12/01/09) - AMBAC Insured 12/09 at 101.00 A (4) 10,408,100
10 California Department of Water Resources, Water System 12/14 at 100.00 AAA 11,593
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/26 (Pre-refunded 12/01/14) - MBIA Insured
990 California Department of Water Resources, Water System 12/14 at 100.00 AAA 1,026,541
Revenue Bonds, Central Valley Project, Series 2005,
5.000%, 12/01/26 - MBIA Insured (UB)
1,250 California Pollution Control Financing Authority, Remarketed 4/11 at 102.00 AA- 1,232,275
Revenue Bonds, Pacific Gas and Electric Company, Series
1996A, 5.350%, 12/01/16 - MBIA Insured (Alternative
Minimum Tax)
4,775 Clovis Unified School District, Fresno County, California, No Opt. Call AA (4) 2,316,639
General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 -
FGIC Insured (ETM)
1,005 Folsom Cordova Unified School District, Sacramento County, 10/14 at 100.00 AAA 1,024,055
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2004B, 5.000%, 10/01/26 -
FSA Insured
1,150 Kern Community College District, California, General No Opt. Call AAA 546,986
Obligation Bonds, Series 2006, 0.000%, 11/01/23 - FSA
Insured
45 Kern County Housing Authority, California, GNMA Guaranteed No Opt. Call AAA 46,604
Tax-Exempt Mortgage Obligation Bonds, Series 1994A-I,
7.150%, 12/30/24 (Alternative Minimum Tax)
35 Kern County Housing Authority, California, GNMA Guaranteed No Opt. Call AAA 36,335
Tax-Exempt Mortgage Obligation Bonds, Series 1994A-III,
7.450%, 6/30/25 (Alternative Minimum Tax)
4,080 La Verne-Grand Terrace Housing Finance Agency, California, No Opt. Call AAA 5,432,479
Single Family Residential Mortgage Revenue Bonds, Series
1984A, 10.250%, 7/01/17 (ETM)
5,000 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AA- 6,304,550
County, California, Revenue Refunding Bonds, Redevelopment
Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured
8,880 Pomona, California, GNMA/FHLMC Collateralized Single Family No Opt. Call AAA 11,845,298
Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%,
8/01/23 (ETM)
9,505 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 11,189,286
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1988A, 8.300%, 9/01/14 (Alternative Minimum
Tax) (ETM)
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 9,160 San Bernardino, California, GNMA Mortgage-Backed Securities No Opt. Call AAA $ 12,083,506
Program Single Family Mortgage Revenue Refunding Bonds,
Series 1990A, 7.500%, 5/01/23 (ETM)
4,300 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 AA- 4,177,192
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27A, 5.125%, 5/01/19 - MBIA
Insured (Alternative Minimum Tax)
29,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call AA- 5,283,800
County, California, Toll Road Revenue Refunding Bonds,
Series 1997A, 0.000%, 1/15/31 - MBIA Insured
2,000 San Jose Redevelopment Agency, California, Tax Allocation 8/14 at 100.00 AA- 2,012,680
Bonds, Merged Area Redevelopment Project, Series 2004A,
5.250%, 8/01/19 - MBIA Insured
4,475 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 AA- 3,285,366
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - MBIA Insured
4,455 San Mateo County Community College District, California, No Opt. Call Aa1 2,481,569
General Obligation Bonds, Series 2006B, 0.000%, 9/01/21 -
MBIA Insured
1,815 University of California, General Revenue Bonds, Series 5/13 at 101.00 Aa1 1,717,662
2005G, 4.750%, 5/15/31 - MBIA Insured
3,600 Ventura County Community College District, California, 8/15 at 100.00 AA 3,622,752
General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
110,280 Total California 91,028,831
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 10.5% (6.6% OF TOTAL INVESTMENTS)
1,500 Adams and Arapahoe Counties Joint School District 28J, 12/13 at 100.00 AAA 1,603,125
Aurora, Colorado, General Obligation Bonds, Series 2003A,
5.125%, 12/01/21 - FSA Insured
4,100 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 3,746,621
Bonds, Catholic Health Initiatives, Series 2006C-1, Trust
1090, 10.674%, 10/01/41 - FSA Insured (IF)
2,500 Denver City and County, Colorado, Airport System Revenue 11/12 at 100.00 AA- 2,523,025
Refunding Bonds, Series 2002E, 5.500%, 11/15/18 - FGIC
Insured (Alternative Minimum Tax)
6,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 6,504,180
Bonds, Series 2000A, 5.750%, 9/01/29 (Pre-refunded
9/01/10) - MBIA Insured
20,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 3,463,000
Bonds, Series 2000B, 0.000%, 9/01/30 - MBIA Insured
4,405 Garfield, Eagle and Pitkin Counties School District RE-1, 12/14 at 100.00 AAA 4,582,169
Roaring Fork, Colorado, General Obligation Bonds, Series
2005A, 5.000%, 12/15/24 - FSA Insured
2,065 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 2,126,062
Obligation Bonds, Series 2004, 5.000%, 12/15/24 - FSA
Insured (UB)
1,390 Teller County School District RE-2, Woodland Park, Colorado, 12/14 at 100.00 AA- 1,453,968
General Obligation Bonds, Series 2004, 5.000%, 12/01/22 -
MBIA Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/12 at 100.00 AA- (4) 1,112,360
Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) -
FGIC Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,012,510
Series 2005, 5.000%, 6/01/30 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
43,960 Total Colorado 28,127,020
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS)
665 Washington Convention Center Authority, District of 10/16 at 100.00 AAA 555,049
Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series
2007, Residuals 1606, 10.676%, 10/01/30 - AMBAC Insured
(IF)
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.9% (2.4% OF TOTAL INVESTMENTS)
2,285 Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 2/15 at 100.00 AA- 2,320,189
5.000%, 2/01/23 - MBIA Insured
1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/13 at 100.00 AA- 1,545,630
Series 2004A, 5.000%, 10/01/19 - FGIC Insured
Nuveen Investments 41
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 4,240 Reedy Creek Improvement District, Florida, Utility Revenue 10/13 at 100.00 AA- $ 4,510,894
Bonds, Series 2003-1, 5.250%, 10/01/17 - MBIA Insured
2,000 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA- 1,985,180
2005, 5.000%, 10/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
10,025 Total Florida 10,361,893
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 3.2% (2.0% OF TOTAL INVESTMENTS)
2,700 Atlanta, Georgia, Airport General Revenue Bonds, Series 1/15 at 100.00 AAA 2,761,290
2004G, 5.000%, 1/01/25 - FSA Insured
6,500 Medical Center Hospital Authority, Georgia, Revenue 8/09 at 102.00 AA- 5,913,570
Anticipation Certificates, Columbus Regional Healthcare
System, Inc. Project, Series 1999, 5.500%, 8/01/25 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
9,200 Total Georgia 8,674,860
- ------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 3.9% (2.4% OF TOTAL INVESTMENTS)
2,250 Hawaii Department of Budget and Finance, Special Purpose 7/09 at 101.00 A 2,196,563
Revenue Bonds, Hawaiian Electric Company Inc., Series
1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative
Minimum Tax)
8,030 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 AA- 8,211,719
Refunding Bonds, Series 2000B, 6.500%, 7/01/15 - FGIC
Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
10,280 Total Hawaii 10,408,282
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 18.8% (11.8% OF TOTAL INVESTMENTS)
4,000 Bridgeview, Illinois, General Obligation Bonds, Series 2002, 12/12 at 100.00 AA- 4,092,000
5.000%, 12/01/22 - FGIC Insured
8,200 Chicago Board of Education, Illinois, General Obligation No Opt. Call AA- 9,143,820
Lease Certificates, Series 1992A, 6.250%, 1/01/15 - MBIA
Insured
10,000 Chicago, Illinois, General Obligation Refunding Bonds, 1/10 at 101.00 AA- 10,054,500
Series 2000D, 5.500%, 1/01/35 - FGIC Insured
1,450 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 AA- 1,464,515
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - MBIA Insured
23,110 Illinois Development Finance Authority, Local Government No Opt. Call Aa3 17,393,044
Program Revenue Bonds, Kane, Cook and DuPage Counties
School District U46 - Elgin, Series 2002, 0.000%,
1/01/17 - FSA Insured
2,500 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 AA- 2,415,525
Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC
Insured
5,010 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AA- 2,673,486
Revenue Refunding Bonds, McCormick Place Expansion
Project, Series 1996A, 0.000%, 12/15/21 - MBIA Insured
3,225 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call Aa2 3,247,511
McHenry and Will Counties, Illinois, General Obligation
Bonds, Series 1992A, 9.000%, 6/01/09 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
57,495 Total Illinois 50,484,401
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.9% (2.5% OF TOTAL INVESTMENTS)
2,130 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- 1,990,464
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
Indiana University, Parking Facility Revenue Bonds, Series
2004:
1,015 5.250%, 11/15/19 - AMBAC Insured 11/14 at 100.00 Aa1 1,105,731
1,060 5.250%, 11/15/20 - AMBAC Insured 11/14 at 100.00 Aa1 1,148,468
1,100 5.250%, 11/15/21 - AMBAC Insured 11/14 at 100.00 Aa1 1,177,935
9,255 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AA 4,091,080
Series 1999E, 0.000%, 2/01/25 - AMBAC Insured
1,000 Metropolitan School District Steuben County K-5 Building 7/14 at 102.00 AAA 1,078,240
Corporation, Indiana, First Mortgage Bonds, Series 2003,
5.250%, 1/15/21 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
15,560 Total Indiana 10,591,918
- ------------------------------------------------------------------------------------------------------------------------------------
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.2% (0.8% OF TOTAL INVESTMENTS)
$ 3,345 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley 6/13 at 100.00 N/R $ 3,191,063
Medical Center, Series 2003, 5.000%, 6/15/17 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4% (0.2% OF TOTAL INVESTMENTS)
985 Neosho County Unified School District 413, Kansas, General 9/14 at 100.00 Aa3 1,012,777
Obligation Bonds, Series 2006, 5.000%, 9/01/31 - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.9% (1.8% OF TOTAL INVESTMENTS)
885 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 AA- 901,762
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
MBIA Insured
7,160 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AAA 6,894,292
4.750%, 5/01/39 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
8,045 Total Louisiana 7,796,054
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 2.1% (1.3% OF TOTAL INVESTMENTS)
1,200 Maryland Economic Development Corporation, Student Housing 6/16 at 100.00 Baa2 883,428
Revenue Refunding Bonds, University of Maryland College
Park Projects, Series 2006, 5.000%, 6/01/28 - CIFG Insured
5,000 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A 4,759,500
Bonds, Baltimore-Washington International Airport
Passenger Facility, Series 2002B, 5.125%, 3/01/21 - AMBAC
Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
6,200 Total Maryland 5,642,928
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.3% (1.5% OF TOTAL INVESTMENTS)
4,400 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 4,632,584
Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - FSA
Insured (UB)
1,725 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 1,530,110
Bonds, 4.500%, 8/01/46 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
6,125 Total Massachusetts 6,162,694
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.7% (2.3% OF TOTAL INVESTMENTS)
6,500 Michigan Higher Education Student Loan Authority, Revenue No Opt. Call AA 6,262,750
Bonds, Series 2000 XII-T, 5.300%, 9/01/10 - AMBAC Insured
(Alternative Minimum Tax)
3,810 Michigan Housing Development Authority, GNMA Collateralized 8/12 at 102.00 Aaa 3,718,255
Limited Obligation Multifamily Housing Revenue Bonds,
Cranbrook Apartments, Series 2001A, 5.500%, 2/20/43
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
10,310 Total Michigan 9,981,005
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.9% (1.2% OF TOTAL INVESTMENTS)
4,860 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AA- 4,939,121
Minnesota, Airport Revenue Bonds, Series 2001B, 5.750%,
1/01/15 - FGIC Insured (Alternative Minimum Tax)
145 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/09 at 100.00 Aa1 145,539
Series 1995D, 5.950%, 2/01/18 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
5,005 Total Minnesota 5,084,660
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.8% (0.5% OF TOTAL INVESTMENTS)
2,000 Missouri Western State College, Auxiliary System Revenue 10/13 at 100.00 AA- 2,063,860
Bonds, Series 2003, 5.000%, 10/01/21 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 4.7% (3.0% OF TOTAL INVESTMENTS)
2,100 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 AA+ 2,077,215
Southern Nevada Water Authority Loan, Series 2002,
5.000%, 6/01/32 - MBIA Insured
900 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 Aa1 (4) 1,016,469
Southern Nevada Water Authority Loan, Series 2002,
5.000%, 6/01/32 (Pre-refunded 12/01/12) - MBIA Insured
Nuveen Investments 43
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA (continued)
Director of Nevada State Department of Business and
Industry, Revenue Bonds, Las Vegas Monorail Project, First
Tier, Series 2000:
$ 160 0.000%, 1/01/28 - AMBAC Insured No Opt. Call A $ 8,114
2,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 A 601,680
7,990 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 A (4) 8,940,331
Reno Transportation Rail Access Corridor Project, Series
2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
13,150 Total Nevada 12,643,809
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 0.9% (0.6% OF TOTAL INVESTMENTS)
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
1,200 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AA- 1,222,056
1,200 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AA- 1,221,228
- ------------------------------------------------------------------------------------------------------------------------------------
2,400 Total New Jersey 2,443,284
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 7.1% (4.5% OF TOTAL INVESTMENTS)
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,014,040
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/23 - FGIC Insured
2,185 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 1,667,002
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
5,000 Long Island Power Authority, New York, Electric System 6/16 at 100.00 AA- 5,071,250
General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 -
FGIC Insured
10,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 11,403,900
Transportation Revenue Refunding Bonds, Series 2002F,
5.250%, 11/15/27 (Pre-refunded 11/15/12) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
18,185 Total New York 19,156,192
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.1% (1.3% OF TOTAL INVESTMENTS)
3,100 North Carolina Medical Care Commission, FHA-Insured Mortgage 10/13 at 100.00 AAA 2,584,160
Revenue Bonds, Betsy Johnson Regional Hospital Project,
Series 2003, 5.125%, 10/01/32 - FSA Insured
3,050 Raleigh Durham Airport Authority, North Carolina, Airport 5/15 at 100.00 Aa3 3,094,195
Revenue Bonds, Series 2005A, 5.000%, 5/01/22 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
6,150 Total North Carolina 5,678,355
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.5% (0.9% OF TOTAL INVESTMENTS)
4,605 Hamilton County, Ohio, Sales Tax Revenue Bonds, 4.250%, 12/16 at 100.00 A2 3,921,848
12/01/32 - AMBAC Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 1.6% (1.0% OF TOTAL INVESTMENTS)
3,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 3,617,915
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
545 Oklahoma Housing Finance Agency, GNMA Collateralized Single No Opt. Call AAA 590,611
Family Mortgage Revenue Bonds, Series 1987A, 7.997%,
8/01/18 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
4,045 Total Oklahoma 4,208,526
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON - 3.9% (2.5% OF TOTAL INVESTMENTS)
Oregon Health Sciences University, Revenue Bonds, Series
2002A:
5,000 5.000%, 7/01/26 - MBIA Insured 1/13 at 100.00 AA- 4,568,350
7,000 5.000%, 7/01/32 - MBIA Insured 1/13 at 100.00 AA- 6,004,460
- ------------------------------------------------------------------------------------------------------------------------------------
12,000 Total Oregon 10,572,810
- ------------------------------------------------------------------------------------------------------------------------------------
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.4% (2.1% OF TOTAL INVESTMENTS)
$ 1,500 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 AA- $ 1,526,025
Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA
Insured
4,000 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 4,142,160
Appropriation Lease Bonds, Series 2006A, 5.000%,
6/01/26 - FSA Insured (UB)
2,680 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 2,399,565
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - FSA Insured (UB)
1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,070,654
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
9,230 Total Pennsylvania 9,138,404
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 2.2% (1.4% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AA- 2,378,150
Series 2005RR, 5.000%, 7/01/22 - FGIC Insured
1,000 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call BBB- 957,210
8/01/21 - CIFG Insured
5,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call AA- 530,050
Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - FGIC
Insured
2,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AA- 1,982,340
Transportation Authority, Series 2003AA, 5.500%,
7/01/17 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
10,500 Total Puerto Rico 5,847,750
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 3.9% (2.4% OF TOTAL INVESTMENTS)
3,000 Blount County Public Building Authority, Tennessee, Local 6/15 at 100.00 Aa3 3,058,170
Government Improvement Loans, Oak Ridge General
Obligation, 2005 Series B9A, Variable Rate Demand
Obligations, 5.000%, 6/01/24 - AMBAC Insured
2,055 Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 2,152,243
Series 2004, 5.000%, 10/01/22 - FSA Insured
5,000 Metropolitan Government of Nashville-Davidson County Health 11/09 at 101.00 AAA 5,200,800
and Educational Facilities Board, Tennessee, Revenue
Bonds, Ascension Health Credit Group, Series 1999A,
6.000%, 11/15/30 (Pre-refunded 11/15/09) - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
10,055 Total Tennessee 10,411,213
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 10.9% (6.8% OF TOTAL INVESTMENTS)
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/09 at 100.00 AA- 11,738,625
Refunding and Improvement Bonds, Series 2001A, 5.500%,
11/01/35 - FGIC Insured (Alternative Minimum Tax)
North Harris County Regional Water Authority, Texas, Senior
Water Revenue Bonds, Series 2003:
4,565 5.250%, 12/15/20 - FGIC Insured 12/13 at 100.00 AA- 4,753,443
4,800 5.250%, 12/15/21 - FGIC Insured 12/13 at 100.00 AA- 4,969,632
7,600 San Antonio, Texas, Airport System Improvement Revenue 7/11 at 101.00 AA- 7,666,500
Bonds, Series 2001, 5.375%, 7/01/16 - FGIC Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
29,465 Total Texas 29,128,200
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 17.6% (11.0% OF TOTAL INVESTMENTS)
5,000 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 4,653,600
Consolidated System Revenue Bonds, 2001B, 5.600%,
1/01/36 - MBIA Insured (Alternative Minimum Tax) (UB)
King County School District 405, Bellevue, Washington,
General Obligation Bonds, Series 2002:
10,060 5.000%, 12/01/19 - FGIC Insured 12/12 at 100.00 AA+ 10,640,663
12,785 5.000%, 12/01/20 - FGIC Insured 12/12 at 100.00 AA+ 13,522,950
Nuveen Investments 45
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON (continued)
Pierce County School District 343, Dieringer, Washington,
General Obligation Refunding Bonds, Series 2003:
$ 2,755 5.250%, 12/01/18 - FGIC Insured 6/13 at 100.00 Aa1 $ 2,994,850
2,990 5.250%, 12/01/19 - FGIC Insured 6/13 at 100.00 Aa1 3,202,589
4,715 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 10/11 at 100.00 AA- 4,797,041
5.625%, 4/01/17 - FGIC Insured (Alternative Minimum Tax)
(UB)
895 Port of Seattle, Washington, Special Facility Revenue Bonds, 3/10 at 101.00 AAA 893,872
Terminal 18, Series 1999C, 6.000%, 9/01/29 - MBIA Insured
(Alternative Minimum Tax)
1,265 Tacoma, Washington, General Obligation Bonds, Series 2002, 12/12 at 100.00 AA 1,338,016
5.000%, 12/01/18 - FGIC Insured
5,000 Washington, General Obligation Bonds, Series 2001C, 5.250%, 1/11 at 100.00 AAA 5,081,900
1/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
45,465 Total Washington 47,125,481
- ------------------------------------------------------------------------------------------------------------------------------------
$ 481,320 Total Investments (cost $425,753,522) - 159.2% 427,187,541
==============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.3)% (24,925,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 5,417,429
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (51.9)% (5) (139,300,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 268,379,970
Primarily all of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.6%
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
46 Nuveen Investments
NPX | Nuveen Insured Premium Income Municipal Fund 2
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 3.3% (2.1% OF TOTAL INVESTMENTS)
$ 3,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/15 at 100.00 A2 $ 3,289,500
Series 2005A, 5.000%, 6/01/24 - MBIA Insured
Jefferson County, Alabama, General Obligation Warrants,
Series 2004A:
1,395 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AA- 868,876
1,040 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AA- 637,322
11,135 Limestone County Water and Sewer Authority, Alabama, Water 3/17 at 100.00 N/R 7,925,002
Revenue Bonds, Series 2007, 4.500%, 12/01/37 - SYNCORA GTY
Insured
2,590 Montgomery Water and Sewerage Board, Alabama, Water and 3/15 at 100.00 AAA 2,679,588
Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
19,910 Total Alabama 15,400,288
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 2.7% (1.7% OF TOTAL INVESTMENTS)
12,365 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 12,358,323
Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 -
MBIA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 2.7% (1.7% OF TOTAL INVESTMENTS)
5,745 Arkansas Development Finance Authority, State Facility 6/14 at 100.00 AAA 5,941,364
Revenue Bonds, Donaghey Plaza Project, Series 2004,
5.250%, 6/01/25 - FSA Insured
University of Arkansas, Fayetteville, Revenue Bonds, Medical
Sciences Campus, Series 2004B:
2,000 5.000%, 11/01/27 - MBIA Insured 11/14 at 100.00 Aa3 2,038,500
2,000 5.000%, 11/01/28 - MBIA Insured 11/14 at 100.00 Aa3 2,028,800
2,480 University of Arkansas, Monticello Campus, Revenue Bonds, 12/13 at 100.00 Aa3 2,492,003
Series 2005, 5.000%, 12/01/35 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,225 Total Arkansas 12,500,667
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 23.0% (14.4% OF TOTAL INVESTMENTS)
22,880 Alameda Corridor Transportation Authority, California, Senior No Opt. Call AA- 5,355,064
Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 - MBIA
Insured
20 California Department of Water Resources, Water System 12/14 at 100.00 AAA 23,186
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/24 (Pre-refunded 12/01/14) - MBIA Insured
1,980 California Department of Water Resources, Water System 12/14 at 100.00 AAA 2,074,347
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/24 - MBIA Insured
1,800 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 Aa3 1,750,464
Occidental College, Series 2005A, 5.000%, 10/01/33 - MBIA
Insured
31,200 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 24.23 AA- 2,889,744
Toll Road Revenue Refunding Bonds, Series 1999, 0.000%,
1/15/34 - MBIA Insured
1,735 Fullerton Public Financing Authority, California, Tax 9/15 at 100.00 A 1,510,370
Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 -
AMBAC Insured
7,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- 5,795,090
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2005A, 5.000%, 6/01/35 - FGIC Insured
1,870 Kern Community College District, California, General No Opt. Call AAA 889,447
Obligation Bonds, Series 2006, 0.000%, 11/01/23 - FSA
Insured
Nuveen Investments 47
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 6,520 Los Angeles Unified School District, California, General 7/15 at 100.00 AA- $ 6,750,352
Obligation Bonds, Series 2005E, 5.000%, 7/01/22 - AMBAC
Insured
4,000 Los Angeles Unified School District, California, General 7/16 at 100.00 AA- 4,064,760
Obligation Bonds, Series 2006F, 5.000%, 7/01/24 - FGIC
Insured
15,000 Orange County Sanitation District, California, Certificates 8/13 at 100.00 AAA 17,296,648
of Participation, Series 2003, 5.250%, 2/01/30
(Pre-refunded 8/01/13) - FGIC Insured
1,750 Orange County Water District, California, Revenue 8/13 at 100.00 AAA 1,800,295
Certificates of Participation, Series 2003B, 5.000%,
8/15/34 - MBIA Insured (ETM)
8,250 Orange County Water District, California, Revenue 8/13 at 100.00 AAA 8,098,365
Certificates of Participation, Series 2003B, 5.000%,
8/15/34 - MBIA Insured
1,435 Pasadena Area Community College District, Los Angeles County, 6/13 at 100.00 AA- (4) 1,633,991
California, General Obligation Bonds, Series 2003A,
5.000%, 6/01/22 (Pre-refunded 6/01/13) - FGIC Insured
12,265 Sacramento City Financing Authority, California, Capital 12/09 at 102.00 A (4) 12,897,381
Improvement Revenue Bonds, Solid Waste and Redevelopment
Projects, Series 1999, 5.800%, 12/01/19 (Pre-refunded
12/01/09) - AMBAC Insured
735 Sacramento City Financing Authority, California, Capital 12/09 at 102.00 A 754,919
Improvement Revenue Bonds, Solid Waste and Redevelopment
Projects, Series 1999, 5.800%, 12/01/19 - AMBAC Insured
San Diego County, California, Certificates of Participation,
Edgemoor Facility Project and Regional System, Series 2005:
1,675 5.000%, 2/01/24 - AMBAC Insured 2/15 at 100.00 AA+ 1,686,524
720 5.000%, 2/01/25 - AMBAC Insured 2/15 at 100.00 AA+ 720,302
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Refunding Bonds, Series
1997A:
3,825 0.000%, 1/15/32 - MBIA Insured No Opt. Call AA- 640,152
26,900 0.000%, 1/15/34 - MBIA Insured No Opt. Call AA- 3,824,373
2,000 San Jose Redevelopment Agency, California, Tax Allocation 8/14 at 100.00 AA- 2,012,680
Bonds, Merged Area Redevelopment Project, Series 2004A,
5.250%, 8/01/19 - MBIA Insured
7,845 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 AA- 5,759,485
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - MBIA Insured
5,000 Torrance, California, Certificates of Participation, Series No Opt. Call AA- 5,044,450
2005B, 5.000%, 6/01/24 - AMBAC Insured
12,500 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 AA 12,293,875
Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured
(UB)
- ------------------------------------------------------------------------------------------------------------------------------------
178,905 Total California 105,566,264
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 10.6% (6.7% OF TOTAL INVESTMENTS)
1,940 Colorado Educational and Cultural Facilities Authority, 6/13 at 100.00 A 1,772,830
Charter School Revenue Bonds, Adams School District 12 -
Pinnacle School, Series 2003, 5.250%, 6/01/23 - SYNCORA
GTY Insured
3,405 Colorado Educational and Cultural Facilities Authority, 12/13 at 100.00 A 3,103,589
Revenue Bonds, Classical Academy Charter School, Series
2003, 5.250%, 12/01/23 - SYNCORA GTY Insured
3,500 Colorado Health Facilities Authority, Revenue Bonds, Poudre 12/09 at 101.00 Aa3 (4) 3,640,490
Valley Healthcare Inc., Series 1999A, 5.750%, 12/01/23
(Pre-refunded 12/01/09) - FSA Insured
17,145 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 19,144,619
Revenue Bonds, Convention Center Hotel, Series 2003A,
5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY
Insured
6,100 Denver School District 1, Colorado, General Obligation Bonds, 12/13 at 100.00 AAA 6,589,037
Series 2004, 5.000%, 12/01/18 - FSA Insured
12,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 2,077,800
Bonds, Series 2000B, 0.000%, 9/01/30 - MBIA Insured
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO (continued)
$ 1,325 El Paso County, Colorado, Certificates of Participation, 12/12 at 100.00 AA- $ 1,331,413
Detention Facility Project, Series 2002B, 5.000%,
12/01/27 - AMBAC Insured
Jefferson County School District R1, Colorado, General
Obligation Bonds, Series 2004:
2,500 5.000%, 12/15/22 - FSA Insured (UB) 12/14 at 100.00 AAA 2,609,350
5,125 5.000%, 12/15/23 - FSA Insured (UB) 12/14 at 100.00 AAA 5,312,678
2,000 5.000%, 12/15/24 - FSA Insured (UB) 12/14 at 100.00 AAA 2,059,140
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,012,510
Series 2005, 5.000%, 6/01/30 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
56,040 Total Colorado 48,653,456
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS)
1,065 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AAA 888,913
Senior Lien Dedicated Tax Revenue Bonds, Series 2007,
Residuals 1606, 10.676%, 10/01/30 - AMBAC Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 0.9% (0.6% OF TOTAL INVESTMENTS)
4,000 Florida State Board of Education, Full Faith and Credit 6/13 at 101.00 AAA 4,224,680
Public Education Capital Outlay Bonds, Series 2003J,
5.000%, 6/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 4.0% (2.5% OF TOTAL INVESTMENTS)
4,000 Cobb County Development Authority, Georgia, Parking Revenue 7/14 at 100.00 A1 4,067,520
Bonds, Kennesaw State University, Series 2004, 5.000%,
7/15/24 - MBIA Insured
1,675 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 5/14 at 100.00 AA- 1,748,717
2005, 5.000%, 5/01/23 - MBIA Insured
Municipal Electric Authority of Georgia, Combustion Turbine
Revenue Bonds, Series 2003A:
1,775 5.000%, 11/01/21 - MBIA Insured 11/13 at 100.00 AA- 1,813,926
2,580 5.000%, 11/01/22 - MBIA Insured 11/13 at 100.00 AA- 2,622,802
4,500 South Fulton Municipal Regional Water and Sewerage Authority, 1/13 at 100.00 Baa1 (4) 5,064,480
Georgia, Water and Sewerage Revenue Bonds, Series 2003,
5.000%, 1/01/33 (Pre-refunded 1/01/13) - MBIA Insured
3,000 Valdosta and Lowndes County Hospital Authority, Georgia, 10/12 at 101.00 A+ 2,922,990
Revenue Certificates, South Georgia Medical Center, Series
2002, 5.200%, 10/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,530 Total Georgia 18,240,435
- ------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 8.1% (5.1% OF TOTAL INVESTMENTS)
2,375 Hawaii County, Hawaii, General Obligation Bonds, Series 7/13 at 100.00 AAA 2,538,186
2003A, 5.000%, 7/15/19 - FSA Insured
20,000 Hawaii Department of Budget and Finance, Special Purpose 7/10 at 101.00 A 18,801,598
Revenue Refunding Bonds, Hawaiian Electric Company Inc.,
Series 2000, 5.700%, 7/01/20 - AMBAC Insured (Alternative
Minimum Tax)
Hawaii Department of Transportation, Airport System Revenue
Refunding Bonds, Series 2000B:
6,105 6.100%, 7/01/16 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 AA- 6,195,598
9,500 6.625%, 7/01/17 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 AA- 9,715,650
- ------------------------------------------------------------------------------------------------------------------------------------
37,980 Total Hawaii 37,251,032
- ------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.1% (0.0% OF TOTAL INVESTMENTS)
290 Idaho Housing and Finance Association, Single Family Mortgage 7/09 at 100.75 Aaa 294,736
Bonds, Series 1998E, 5.450%, 7/01/18 - AMBAC Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 49
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 3.4% (2.1% OF TOTAL INVESTMENTS)
$ 1,015 Chicago Park District, Illinois, Limited Tax General 7/11 at 100.00 AA $ 1,063,284
Obligation Park Bonds, Series 2001C, 5.500%, 1/01/18 -
FGIC Insured
Illinois Health Facilities Authority, Revenue Bonds,
Lutheran General Health System, Series 1993A:
1,890 6.125%, 4/01/12 - FSA Insured (ETM) No Opt. Call AAA 2,040,671
5,000 6.250%, 4/01/18 - FSA Insured (ETM) No Opt. Call AAA 6,121,100
1,950 Illinois Health Facilities Authority, Revenue Refunding No Opt. Call AA- (4) 2,386,839
Bonds, SSM Healthcare System, Series 1992AA, 6.550%,
6/01/14 - MBIA Insured (ETM)
4,000 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 AA- 3,864,840
Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC
Insured
140 Peoria, Moline and Freeport, Illinois, GNMA Collateralized 10/09 at 101.00 AA+ 142,397
Single Family Mortgage Revenue Bonds, Series 1995A,
7.600%, 4/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
13,995 Total Illinois 15,619,131
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.7% (1.1% OF TOTAL INVESTMENTS)
Hamilton County Public Building Corporation, Indiana, First
Mortgage Bonds, Series 2004:
2,105 5.000%, 8/01/23 - FSA Insured 8/14 at 100.00 AAA 2,199,957
2,215 5.000%, 8/01/24 - FSA Insured 8/14 at 100.00 AAA 2,298,461
3,730 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- 3,485,648
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,050 Total Indiana 7,984,066
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,250 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 9/14 at 101.00 AAA 1,304,863
5.000%, 9/01/27 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 1.2% (0.7% OF TOTAL INVESTMENTS)
6,010 Kentucky Economic Development Finance Authority, Health No Opt. Call AA- 1,634,119
System Revenue Bonds, Norton Healthcare Inc., Series
2000B, 0.000%, 10/01/28 - MBIA Insured
3,575 Kentucky Turnpike Authority, Economic Development Road 7/15 at 100.00 AA+ 3,688,614
Revenue Bonds, Revitalization Project, Series 2005B,
5.000%, 7/01/25 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
9,585 Total Kentucky 5,322,733
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 5.2% (3.3% OF TOTAL INVESTMENTS)
3,940 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 AA- 4,014,624
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
MBIA Insured
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Series 2005A:
1,200 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 AA 1,233,612
2,210 5.000%, 5/01/26 - FGIC Insured 5/15 at 100.00 AA 2,259,394
2,500 5.000%, 5/01/27 - FGIC Insured 5/15 at 100.00 AA 2,541,450
Louisiana State, Gasoline Tax Revenue Bonds, Series 2006:
1,320 4.750%, 5/01/39 - FGIC Insured (UB) 5/16 at 100.00 AAA 1,271,015
14,265 4.500%, 5/01/41 - FSA Insured (UB) 5/16 at 100.00 AA 12,763,467
- ------------------------------------------------------------------------------------------------------------------------------------
25,435 Total Louisiana 24,083,562
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,865 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 1,226,928
Revenue Bonds, Series 2006A, 5.250%, 9/01/26 - SYNCORA
GTY Insured
2,580 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 AA- 2,240,008
Revenue Bonds, Western Maryland Health, Series 2006A,
4.750%, 7/01/36 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,445 Total Maryland 3,466,936
- ------------------------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.1% (1.3% OF TOTAL INVESTMENTS)
$ 3,000 Massachusetts Development Finance Authority, Revenue Bonds, No Opt. Call A $ 3,028,530
WGBH Educational Foundation, Series 2002A, 5.750%,
1/01/42 - AMBAC Insured
290 Massachusetts Port Authority, Special Facilities Revenue 1/11 at 101.00 A 154,509
Bonds, Delta Air Lines Inc., Series 2001A, 5.000%,
1/01/27 - AMBAC Insured (Alternative Minimum Tax)
Massachusetts, Special Obligation Dedicated Tax Revenue
Bonds, Series 2004:
3,650 5.250%, 1/01/22 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A (4) 4,128,333
2,000 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A (4) 2,262,100
- ------------------------------------------------------------------------------------------------------------------------------------
8,940 Total Massachusetts 9,573,472
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.7% (0.4% OF TOTAL INVESTMENTS)
3,170 Michigan Housing Development Authority, Rental Housing 10/09 at 100.00 AA 3,172,409
Revenue Bonds, Series 1997A, 6.000%, 4/01/16 - AMBAC
Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2% (0.1% OF TOTAL INVESTMENTS)
885 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/09 at 100.00 Aa1 888,292
Series 1995D, 5.950%, 2/01/18 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,000 Jackson County Reorganized School District R-7, Lees Summit, 3/16 at 100.00 Aa2 1,054,360
Missouri, General Obligation Bonds, Series 2006, 5.250%,
3/01/25 - MBIA Insured
450 Missouri Housing Development Commission, Multifamily Housing 6/09 at 100.00 AAA 450,531
Revenue Bonds, Brookstone Village Apartments, Series
1996A, 6.000%, 12/01/16 - FSA Insured (Alternative Minimum
Tax)
750 Missouri Western State College, Auxiliary System Revenue 10/13 at 100.00 AA- 727,343
Bonds, Series 2003, 5.000%, 10/01/33 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
2,200 Total Missouri 2,232,234
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 3.2% (2.0% OF TOTAL INVESTMENTS)
1,000 Nebraska Public Power District, General Revenue Bonds, Series 1/15 at 100.00 AAA 1,017,700
2005A, 5.000%, 1/01/25 - FSA Insured
12,520 Nebraska Public Power District, Power Supply System Revenue 1/16 at 100.00 AA- 12,391,420
Bonds, Series 2006A, 5.000%, 1/01/41 - FGIC Insured
865 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AAA 1,242,296
System Revenue Bonds, Nebraska City 2, Series 2006A, Trust
11673, 17.921%, 2/01/49 - AMBAC Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
14,385 Total Nebraska 14,651,416
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 2.0% (1.3% OF TOTAL INVESTMENTS)
5,000 Clark County, Nevada, Industrial Development Revenue Bonds, 7/10 at 102.00 Baa3 4,021,250
Southwest Gas Corporation, Series 2000C, 5.950%,
12/01/38 - AMBAC Insured (Alternative Minimum Tax)
3,280 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/14 at 100.00 AA- 3,328,085
Series 2004A-2, 5.125%, 7/01/24 - FGIC Insured
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
2000:
5,055 0.000%, 1/01/27 - AMBAC Insured No Opt. Call A 320,234
5,500 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 A 1,654,785
- ------------------------------------------------------------------------------------------------------------------------------------
18,835 Total Nevada 9,324,354
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 51
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 4.9% (3.1% OF TOTAL INVESTMENTS)
Essex County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Project Consolidation, Series 2004:
$ 2,000 5.125%, 10/01/21 - MBIA Insured 10/14 at 100.00 A1 $ 2,075,020
2,250 5.125%, 10/01/22 - MBIA Insured 10/14 at 100.00 A1 2,319,818
1,560 Mount Olive Township Board of Education, Morris County, New 1/15 at 100.00 Aa2 1,628,141
Jersey, General Obligation Bonds, Series 2004, 5.000%,
1/15/22 - MBIA Insured
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
1,475 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AA- 1,502,111
1,475 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AA- 1,501,093
3,075 New Jersey Transit Corporation, Certificates of No Opt. Call AAA 3,474,781
Participation Refunding, Series 2003, 5.500%, 10/01/15 -
FSA Insured
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
25,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AA- 4,843,750
10,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 1,807,100
3,315 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 3,450,749
5.000%, 1/01/25 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
50,150 Total New Jersey 22,602,563
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 1.0% (0.6% OF TOTAL INVESTMENTS)
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Series 2004C:
1,415 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AA+ 1,480,614
1,050 5.000%, 6/01/24 - AMBAC Insured 6/14 at 100.00 AA+ 1,085,742
2,000 New Mexico Finance Authority, Public Project Revolving Fund 6/15 at 100.00 Aa3 2,046,460
Revenue Bonds, Series 2005E, 5.000%, 6/15/25 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,465 Total New Mexico 4,612,816
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 11.4% (7.1% OF TOTAL INVESTMENTS)
1,120 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,135,725
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/23 - FGIC Insured
1,000 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,038,370
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 -
AMBAC Insured
4,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 3,093,681
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
10,675 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AA- 10,975,822
5,000 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AA- 5,071,250
2,700 Long Island Power Authority, New York, Electric System 11/16 at 100.00 AA- 2,226,960
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - MBIA
Insured
1,755 Nassau County, New York, General Obligation Improvement 3/10 at 100.00 AAA 1,824,375
Bonds, Series 2000E, 6.000%, 3/01/16 (Pre-refunded
3/01/10) - FSA Insured
7,500 Nassau Health Care Corporation, New York, County Guaranteed 8/09 at 102.00 AAA 7,747,575
Revenue Bonds, Series 1999, 5.750%, 8/01/29 (Pre-refunded
8/01/09) - FSA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 5,171,100
Series 2004E, 5.000%, 11/01/21 - FSA Insured
1,540 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AAA 1,577,422
Fee Revenue Bonds, Trust 2364, 14.755%, 11/15/44 - AMBAC
Insured (IF)
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 8,495 New York State Housing Finance Agency, Mortgage Revenue 5/09 at 100.00 AAA $ 8,503,070
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - FSA Insured
3,770 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 3,856,069
Series 2005G, 5.000%, 1/01/25 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
52,610 Total New York 52,221,419
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.9% (1.2% OF TOTAL INVESTMENTS)
1,250 Appalachian State University, North Carolina, Revenue Bonds, 7/15 at 100.00 A1 1,243,438
Series 2005, 5.000%, 7/15/30 - MBIA Insured
Mooresville, North Carolina, Enterprise System Revenue
Bonds, Series 2004:
2,225 5.000%, 5/01/23 - FGIC Insured 5/14 at 100.00 AA- 2,271,347
2,335 5.000%, 5/01/24 - FGIC Insured 5/14 at 100.00 AA- 2,373,177
2,900 Raleigh Durham Airport Authority, North Carolina, Airport 5/15 at 100.00 Aa3 2,959,798
Revenue Bonds, Series 2005A, 5.000%, 5/01/21 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,710 Total North Carolina 8,847,760
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 4.1% (2.6% OF TOTAL INVESTMENTS)
10,715 Fargo, North Dakota, Health System Revenue Bonds, MeritCare 6/10 at 101.00 AAA 10,918,692
Obligated Group, Series 2000A, 5.600%, 6/01/21 - FSA
Insured
8,000 North Dakota, Student Loan Trust Revenue Bonds, Series 12/10 at 100.00 Aaa 7,784,560
2000B, 5.850%, 12/01/25 - AMBAC Insured (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
18,715 Total North Dakota 18,703,252
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.7% (1.0% OF TOTAL INVESTMENTS)
8,100 Hamilton County, Ohio, Sales Tax Revenue Bonds, 4.250%, 12/16 at 100.00 A2 6,898,365
12/01/32 - AMBAC Insured (UB)
700 Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 12/13 at 100.00 AA+ 721,161
5.250%, 12/01/26 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,800 Total Ohio 7,619,526
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 1,550,535
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON - 3.5% (2.2% OF TOTAL INVESTMENTS)
1,520 Portland Housing Authority, Oregon, Multifamily Housing 7/10 at 100.00 Baa1 1,524,773
Revenue Bonds, Lovejoy Station Apartments, Series 2000,
6.000%, 7/01/33 - MBIA Insured (Alternative Minimum Tax)
Portland, Oregon, Airport Way Urban Renewal and
Redevelopment Bonds, Series 2000A:
4,405 5.700%, 6/15/17 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 4,702,161
3,665 5.750%, 6/15/18 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 3,914,293
4,265 5.750%, 6/15/19 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 4,555,105
1,375 5.750%, 6/15/20 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 1,468,528
- ------------------------------------------------------------------------------------------------------------------------------------
15,230 Total Oregon 16,164,860
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 13.4% (8.4% OF TOTAL INVESTMENTS)
12,620 Allegheny County Hospital Development Authority, 11/10 at 102.00 AAA 13,948,505
Pennsylvania, Insured Revenue Bonds, West Penn Allegheny
Health System, Series 2000A, 6.500%, 11/15/30
(Pre-refunded 11/15/10) - MBIA Insured
2,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 AA- 2,034,700
Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA
Insured
Nuveen Investments 53
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA (continued)
$ 9,485 Berks County Municipal Authority, Pennsylvania, Hospital 11/09 at 102.00 AAA $ 9,913,722
Revenue Bonds, Reading Hospital and Medical Center,
Series 1999, 6.000%, 11/01/19 (Pre-refunded 11/01/09) -
FSA Insured
4,235 Delaware County Authority, Pennsylvania, Revenue Bonds, 8/16 at 100.00 A 4,330,288
Villanova University, Series 2006, 5.000%, 8/01/24 -
AMBAC Insured
5,780 Pennsylvania Higher Educational Facilities Authority, 5/15 at 100.00 AA- 5,737,979
Revenue Bonds, Drexel University, Series 2005A, 5.000%,
5/01/28 - MBIA Insured
4,585 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 4,105,226
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - FSA Insured (UB)
1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,070,654
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General
Ordinance, Series 2004A-1:
5,235 5.000%, 9/01/24 - FSA Insured (UB) 9/14 at 100.00 AAA 5,357,656
3,000 5.000%, 9/01/25 - FSA Insured (UB) 9/14 at 100.00 AAA 3,050,370
2,360 Philadelphia, Pennsylvania, Water and Wastewater Revenue 7/09 at 101.00 AAA 2,428,015
Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured (ETM)
3,785 Reading School District, Berks County, Pennsylvania, General 1/16 at 100.00 AAA 3,908,807
Obligation Bonds, Series 2005, 5.000%, 1/15/25 - FSA
Insured (UB)
1,455 Solebury Township, Pennsylvania, General Obligation Bonds, 6/15 at 100.00 Aa3 1,506,100
Series 2005, 5.000%, 12/15/25 - AMBAC Insured
3,650 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 4,140,779
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/29 (Pre-refunded 6/01/13) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
59,240 Total Pennsylvania 61,532,801
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AA- 2,378,150
Series 2005RR, 5.000%, 7/01/22 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,955 Greenville County School District, South Carolina, 12/16 at 100.00 AAA 1,989,486
Installment Purchase Revenue Bonds, Series 2006, 5.000%,
12/01/28 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 17.7% (11.2% OF TOTAL INVESTMENTS)
Brazos River Authority, Texas, Revenue Refunding Bonds,
Houston Industries Inc., Series 1998C:
10,000 5.125%, 5/01/19 - AMBAC Insured 5/09 at 101.00 A 9,569,100
9,000 5.125%, 11/01/20 - AMBAC Insured 5/09 at 102.00 A 7,518,600
Corpus Christi, Texas, Utility System Revenue Bonds, Series
2004:
3,475 5.000%, 7/15/22 - FSA Insured (UB) 7/14 at 100.00 AAA 3,629,742
3,645 5.000%, 7/15/23 - FSA Insured (UB) 7/14 at 100.00 AAA 3,787,520
4,645 Dallas, Texas, Waterworks and Sewer System Revenue Bonds, 10/17 at 100.00 AAA 4,186,817
Tender Option Bond Trust 2845, 7.537%, 10/01/32 - AMBAC
Insured (IF)
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/09 at 100.00 AA- 11,738,625
Refunding and Improvement Bonds, Series 2001A, 5.500%,
11/01/35 - FGIC Insured (Alternative Minimum Tax)
5,000 Harris County Hospital District, Texas, Revenue Bonds, 2/17 at 100.00 AA- 4,614,600
Series 2007A, 5.250%, 2/15/42 - MBIA Insured
4,485 Lower Colorado River Authority, Texas, Contract Revenue 5/12 at 100.00 AAA 4,607,530
Refunding Bonds, Transmission Services Corporation,
Series 2003B, 5.000%, 5/15/21 - FSA Insured
10,000 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 A 9,700,400
Refunding Bonds, Transmission Services Corporation,
Series 2003C, 5.000%, 5/15/33 - AMBAC Insured
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 4,151 Panhandle Regional Housing Finance Corporation, Texas, GNMA 7/12 at 105.00 Aaa $ 4,272,085
Collateralized Multifamily Housing Mortgage Revenue
Bonds, Renaissance of Amarillo Apartments, Series 2001A,
6.650%, 7/20/42
Tarrant County Health Facilities Development Corporation,
Texas, Hospital Revenue Bonds, Cook Children's Healthcare
System, Series 2000A:
6,725 5.750%, 12/01/17 (Pre-refunded 12/01/10) - FSA Insured 12/10 at 101.00 AAA 7,296,827
1,170 5.750%, 12/01/24 (Pre-refunded 12/01/10) - FSA Insured 12/10 at 101.00 AAA 1,269,485
6,330 5.750%, 12/01/24 (Pre-refunded 12/01/10) - FSA Insured 12/10 at 101.00 AAA 6,868,240
2,300 Texas State University System, Financing Revenue Refunding 3/12 at 100.00 AAA 2,410,699
Bonds, Series 2002, 5.000%, 3/15/18 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
83,426 Total Texas 81,470,270
- ------------------------------------------------------------------------------------------------------------------------------------
UTAH - 2.4% (1.5% OF TOTAL INVESTMENTS)
8,600 Intermountain Power Agency, Utah, Power Supply Revenue 7/13 at 100.00 AAA 9,230,724
Refunding Bonds, Series 2003, 5.000%, 7/01/18 - FSA
Insured (UB)
2,385 Mountain Regional Water Special Service District, Utah, 12/13 at 100.00 AA- 1,853,980
Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
10,985 Total Utah 11,084,704
- ------------------------------------------------------------------------------------------------------------------------------------
VERMONT - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,320 Vermont Educational and Health Buildings Financing Agency, 12/10 at 101.00 A 1,252,363
Revenue Bonds, Fletcher Allen Health Care Inc., Series
2000A, 6.000%, 12/01/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 2.8% (1.8% OF TOTAL INVESTMENTS)
Greater Richmond Convention Center Authority, Virginia,
Hotel Tax Revenue Bonds, Series 2005:
5,880 5.000%, 6/15/20 - MBIA Insured 6/15 at 100.00 AA- 6,014,711
5,000 5.000%, 6/15/22 - MBIA Insured 6/15 at 100.00 AA- 5,046,450
Loudoun County Industrial Development Authority, Virginia,
Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
1,150 5.250%, 12/15/22 - FSA Insured 6/14 at 100.00 AAA 1,226,935
500 5.250%, 12/15/23 - FSA Insured 6/14 at 100.00 AAA 531,180
- ------------------------------------------------------------------------------------------------------------------------------------
12,530 Total Virginia 12,819,276
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 7.5% (4.8% OF TOTAL INVESTMENTS)
10,000 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 9,307,200
Consolidated System Revenue Bonds, Series 2001B, 5.600%,
1/01/36 - MBIA Insured (Alternative Minimum Tax)
1,370 Clark County School District 101, La Center, Washington, 12/12 at 100.00 Aa1 1,416,457
General Obligation Bonds, Series 2002, 5.000%, 12/01/22 -
FSA Insured
5,230 Douglas County Public Utility District 1, Washington, 9/09 at 102.00 AA 5,242,291
Revenue Bonds, Wells Hydroelectric, Series 1999A, 6.125%,
9/01/29 - MBIA Insured (Alternative Minimum Tax)
1,545 Tacoma, Washington, General Obligation Bonds, Series 2004, 12/14 at 100.00 AA 1,660,566
5.000%, 12/01/19 - MBIA Insured
3,950 Washington State Healthcare Facilities Authority, Revenue 5/09 at 101.00 A2 3,615,396
Bonds, Swedish Health Services, Series 1998, 5.125%,
11/15/22 - AMBAC Insured
6,200 Washington State, General Obligation Purpose Bonds, Series 7/12 at 100.00 AA+ 6,546,952
2003A, 5.000%, 7/01/20 - FGIC Insured
10,855 Washington, General Obligation Bonds, Series 2000S-5, No Opt. Call AA+ 6,930,483
0.000%, 1/01/20 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
39,150 Total Washington 34,719,345
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 55
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 1.7% (1.1% OF TOTAL INVESTMENTS)
$ 8,000 Pleasants County, West Virginia, Pollution Control Revenue 5/09 at 100.00 BBB- $ 8,001,121
Bonds, Monongahela Power Company Pleasants Station Project,
Series 1995C, 6.150%, 5/01/15 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 6.6% (4.2% OF TOTAL INVESTMENTS)
7,000 La Crosse, Wisconsin, Resource Recovery Revenue Refunding No Opt. Call Aaa 7,140,770
Bonds, Northern States Power Company Project, Series 1996,
6.000%, 11/01/21 - MBIA Insured (Alternative Minimum Tax)
12,750 Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 12/10 at 100.00 A1 12,601,718
2000A, 5.750%, 12/01/25 - FGIC Insured (Alternative
Minimum Tax)
6,250 Wisconsin Health and Educational Facilities Authority, 8/09 at 100.00 AA- 6,251,500
Revenue Bonds, Sinai Samaritan Medical Center Inc.,
Series 1996, 5.750%, 8/15/16 - MBIA Insured
4,225 Wisconsin State, General Obligation Bonds, Series 2006A, 5/16 at 100.00 AA 4,307,430
4.750%, 5/01/25 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
30,225 Total Wisconsin 30,301,418
- ------------------------------------------------------------------------------------------------------------------------------------
$ 860,996 Total Investments (cost $744,799,692) - 159.0% 730,873,927
==============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (14.4)% (66,160,000)
-------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at Liquidation
Value - (47.6)% (6) (219,000,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.0% 13,986,597
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 459,700,524
===================================================================================================================
Primarily all of the Fund's net assets (including net assets attributable
to Variable Rate Demand Preferred shares) are invested in municipal
securities that guarantee the timely payment of principal and interest.
See Note to Financial Statements, Footnote 1 - Insurance, for more
information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the
ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and
after period end.
(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) Variable Rate Demand Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 30.0%.
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 Notes to
Financial Statements, Footnote 1 - Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
56 Nuveen Investments
NVG | Nuveen Insured Dividend Advantage Municipal Fund
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS - 152.6% (98.6% OF TOTAL INVESTMENTS)
ALABAMA - 2.0% (1.3% OF TOTAL INVESTMENTS)
$ 5,310 Athens, Alabama, Water and Sewerage Revenue Warrants, 5/12 at 101.00 AA- $ 5,317,593
Series 2002, 5.300%, 5/01/32 - MBIA Insured
3,045 Hoover, Alabama, General Obligation Bonds, Series 2003, 3/12 at 101.00 AA 3,215,916
5.000%, 3/01/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,355 Total Alabama 8,533,509
- ------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 4.1% (2.6% OF TOTAL INVESTMENTS)
15,000 Alaska, International Airport System Revenue Bonds, Series 10/12 at 100.00 Aa3 (4) 16,988,700
2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 2.2% (1.4% OF TOTAL INVESTMENTS)
5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior 7/12 at 100.00 AA- 4,442,050
Lien Airport Revenue Bonds, Series 2002B, 5.250%,
7/01/32 - FGIC Insured (Alternative Minimum Tax)
6,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 4,758,300
Plaza, Series 2005B, 0.000%, 7/01/37 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,000 Total Arizona 9,200,350
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 15.2% (9.8% OF TOTAL INVESTMENTS)
2,000 Alameda Corridor Transportation Authority, California, No Opt. Call A 1,058,780
Subordinate Lien Revenue Bonds, Series 2004A, 0.000%,
10/01/20 - AMBAC Insured
California Educational Facilities Authority, Revenue Bonds,
Occidental College, Series 2005A:
1,485 5.000%, 10/01/26 - MBIA Insured 10/15 at 100.00 Aa3 1,507,735
1,565 5.000%, 10/01/27 - MBIA Insured 10/15 at 100.00 Aa3 1,580,337
California, General Obligation Bonds, Series 2000:
375 5.250%, 9/01/17 (Pre-refunded 9/01/10) - MBIA Insured 9/10 at 100.00 AA (4) 396,203
190 5.250%, 9/01/17 (Pre-refunded 9/01/10) - MBIA Insured 9/10 at 100.00 AA (4) 201,689
8,890 California, General Obligation Veterans Welfare Bonds, 6/09 at 101.00 AA- 8,953,652
Series 1997BH, 5.400%, 12/01/14 (Alternative Minimum Tax)
3,000 California, General Obligation Veterans Welfare Bonds, 6/09 at 100.00 AA- 2,848,650
Series 2001BZ, 5.375%, 12/01/24 - MBIA Insured
(Alternative Minimum Tax)
2,425 Fullerton Public Financing Authority, California, Tax 9/15 at 100.00 A 2,111,035
Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 -
AMBAC Insured
Golden State Tobacco Securitization Corporation,
California, Enhanced Tobacco Settlement Asset-Backed Bonds,
Series 2007A-1:
1,000 5.750%, 6/01/47 6/17 at 100.00 BBB 575,800
365 5.125%, 6/01/47 6/17 at 100.00 BBB 188,234
18,665 Golden State Tobacco Securitization Corporation, 6/15 at 100.00 A- 15,452,194
California, Tobacco Settlement Asset-Backed Revenue
Bonds, Series 2005A, 5.000%, 6/01/35 - FGIC Insured
1,990 Kern Community College District, California, General No Opt. Call AAA 818,965
Obligation Bonds, Series 2006, 0.000%, 11/01/25 - FSA
Insured
7,935 Los Angeles, California, Certificates of Participation, 4/12 at 100.00 AA- 7,981,499
Series 2002, 5.300%, 4/01/32 - AMBAC Insured
2,220 Northern California Power Agency, Revenue Refunding Bonds, 7/10 at 100.00 A2 2,113,640
Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 -
MBIA Insured
Nuveen Investments 57
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
Oceanside Unified School District, San Diego County,
California, General Obligation Bonds, Series 2008A and
2008B:
$ 5,905 0.000%, 8/01/26 - AGC Insured No Opt. Call AAA $ 2,158,159
2,220 0.000%, 8/01/28 - AGC Insured No Opt. Call AAA 700,743
2,600 Palomar Pomerado Health General Obligation Bonds, 8/29 at 100.00 AAA 1,342,614
California, Election of 2004, Series 2009A, 0.000%,
8/01/38 - AGC Insured
2,320 Sacramento Municipal Utility District, California, Electric 8/11 at 100.00 AAA 2,399,622
Revenue Bonds, Series 2001P, 5.250%, 8/15/18 - FSA
Insured
San Francisco Unified School District, California, General
Obligation Bonds, Series 2007A:
1,000 3.000%, 6/15/25 - FSA Insured 6/17 at 100.00 AAA 759,310
1,180 3.000%, 6/15/26 - FSA Insured 6/17 at 100.00 AAA 867,595
6,720 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 AA- 4,933,555
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - MBIA Insured
4,275 Sequoia Union High School District, San Mateo County, 7/14 at 102.00 Aa2 3,200,436
California, General Obligation Bonds, Series 2006,
3.500%, 7/01/29 - FSA Insured
1,690 Ventura County Community College District, California, 8/15 at 100.00 AA 1,700,681
General Obligation Bonds, Series 2005B, 5.000%,
8/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
80,015 Total California 63,851,128
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.2% (3.4% OF TOTAL INVESTMENTS)
17,300 Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, 8/15 at 100.00 AA- 16,672,702
Platte Valley Medical Center, Series 2005, 5.000%,
8/01/24 - MBIA Insured
750 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 613,950
Bonds, Series 2006, 5.250%, 10/01/32 - SYNCORA GTY
Insured
17,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 4,631,820
Bonds, Series 2000B, 0.000%, 9/01/25 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
35,050 Total Colorado 21,918,472
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.6% (1.0% OF TOTAL INVESTMENTS)
6,805 District of Columbia, Revenue Bonds, Georgetown University, 4/17 at 100.00 A 5,847,332
Series 2007A, 4.500%, 4/01/42 - AMBAC Insured
935 Washington Convention Center Authority, District of 10/16 at 100.00 AAA 780,407
Columbia, Senior Lien Dedicated Tax Revenue Bonds,
Series 2007, Residuals 1606, 10.676%, 10/01/30 - AMBAC
Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
7,740 Total District of Columbia 6,627,739
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 12.0% (7.7% OF TOTAL INVESTMENTS)
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
2,305 5.250%, 12/01/17 - MBIA Insured 12/13 at 100.00 AA- 2,446,366
1,480 5.250%, 12/01/18 - MBIA Insured 12/13 at 100.00 AA- 1,557,907
11,600 Greater Orlando Aviation Authority, Florida, Airport 10/12 at 100.00 AAA 11,387,488
Facilities Revenue Bonds, Series 2002B, 5.125%,
10/01/21 - FSA Insured (Alternative Minimum Tax)
8,155 Lee County, Florida, Solid Waste System Revenue Refunding 10/11 at 100.00 A3 8,397,285
Bonds, Series 2001, 5.625%, 10/01/13 - MBIA Insured
(Alternative Minimum Tax)
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami
International Airport, Series 2002:
7,165 5.625%, 10/01/15 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 AA- 7,243,313
5,600 5.750%, 10/01/16 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 AA- 5,667,984
10,000 5.125%, 10/01/21 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 AA- 9,626,100
2,000 5.250%, 10/01/22 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 AA- 1,934,840
1,000 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 875,980
Revenue, Baptist Health System Obligation Group, Series
2007, 5.000%, 8/15/42 (UB)
1,000 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA- 992,590
2005, 5.000%, 10/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
50,305 Total Florida 50,129,853
- ------------------------------------------------------------------------------------------------------------------------------------
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.3% (1.5% OF TOTAL INVESTMENTS)
$ 6,925 Atlanta and Fulton County Recreation Authority, Georgia, 12/15 at 100.00 AA- $ 7,002,145
Guaranteed Revenue Bonds, Park Improvement, Series 2005A,
5.000%, 12/01/30 - MBIA Insured
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,039,440
2004, 5.000%, 11/01/22 - FSA Insured
1,695 Georgia Housing and Finance Authority, Single Family 12/11 at 100.00 AAA 1,655,930
Mortgage Bonds, Series 2002B-2, 5.500%, 6/01/32
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
9,620 Total Georgia 9,697,515
- ------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 1.0% (0.7% OF TOTAL INVESTMENTS)
Idaho Housing and Finance Association, Grant and Revenue
Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
3,000 5.000%, 7/15/23 - MBIA Insured 7/16 at 100.00 Aa3 3,120,120
1,130 5.000%, 7/15/24 - MBIA Insured 7/16 at 100.00 Aa3 1,167,121
- ------------------------------------------------------------------------------------------------------------------------------------
4,130 Total Idaho 4,287,241
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.5% (7.4% OF TOTAL INVESTMENTS)
10,000 Bolingbrook, Illinois, General Obligation Bonds, Series 1/12 at 100.00 A2 (4) 11,080,900
2002A, 5.375%, 1/01/38 (Pre-refunded 1/01/12) - FGIC
Insured
1,305 Chicago, Illinois, General Obligation Bonds, Series 2001A, 1/11 at 101.00 AA 1,316,797
5.500%, 1/01/38 - MBIA Insured
Chicago, Illinois, General Obligation Bonds, Series 2001A:
50 5.500%, 1/01/38 (Pre-refunded 1/01/11) - MBIA Insured 1/11 at 101.00 AA (4) 54,229
3,645 5.500%, 1/01/38 (Pre-refunded 1/01/11) - MBIA Insured 1/11 at 101.00 AA (4) 3,953,258
Chicago, Illinois, Second Lien Passenger Facility Charge
Revenue Bonds, O'Hare International Airport, Series 2001C:
4,250 5.500%, 1/01/16 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 4,273,715
4,485 5.500%, 1/01/17 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 4,503,389
4,730 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 4,738,892
2,930 5.500%, 1/01/19 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 2,931,201
3,600 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 AA- 3,636,036
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - MBIA Insured
3,000 Chicago, Illinois, Third Lien General Airport Revenue 1/12 at 100.00 AA- 3,027,750
Refunding Bonds, O'Hare International Airport, Series
2002A, 5.750%, 1/01/17 - MBIA Insured (Alternative
Minimum Tax)
4,000 Cicero, Cook County, Illinois, General Obligation Corporate 12/12 at 101.00 AA- 3,656,520
Purpose Bonds, Series 2002, 5.000%, 12/01/21 - MBIA
Insured
480 DuPage County Community School District 200, Wheaton, 10/13 at 100.00 Aa3 517,570
Illinois, General Obligation Bonds, Series 2003C, 5.250%,
10/01/22 - FSA Insured
DuPage County Community School District 200, Wheaton,
Illinois, General Obligation Bonds, Series 2003C:
770 5.250%, 10/01/22 (Pre-refunded 10/01/13) - FSA Insured 10/13 at 100.00 Aa3 (4) 883,945
250 5.250%, 10/01/22 (Pre-refunded 10/01/13) - FSA Insured 10/13 at 100.00 Aa3 (4) 286,995
3,500 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 AA- 3,381,735
Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
46,995 Total Illinois 48,242,932
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 17.0% (11.0% OF TOTAL INVESTMENTS)
3,380 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, 7/13 at 100.00 A 3,410,116
Series 2003A, 5.000%, 7/01/20 - AMBAC Insured
Indiana Bond Bank, Special Program Bonds, Hendricks County
Redevelopment District, Series 2002D:
2,500 5.375%, 4/01/23 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 2,790,500
7,075 5.250%, 4/01/26 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 7,871,857
7,000 5.250%, 4/01/30 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 7,788,410
Nuveen Investments 59
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA (continued)
$ 10,000 Indiana Health Facility Financing Authority, Hospital 7/12 at 100.00 A $ 8,345,900
Revenue Bonds, Marion General Hospital, Series 2002,
5.250%, 7/01/32 - AMBAC Insured
3,200 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- 2,990,368
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
25,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 28,076,748
Waterworks Project, Series 2002A, 5.250%, 7/01/33
(Pre-refunded 7/01/12) - MBIA Insured
Northern Wells Community School Building Corporation, Wells
County, Indiana, First Mortgage Bonds, Series 2001:
420 5.250%, 1/15/19 (Pre-refunded 7/15/12) - FGIC Insured 7/12 at 100.00 AA+ (4) 472,311
430 5.250%, 7/15/19 (Pre-refunded 7/15/12) - FGIC Insured 7/12 at 100.00 AA+ (4) 483,557
1,675 5.400%, 7/15/23 (Pre-refunded 7/15/12) - FGIC Insured 7/12 at 100.00 AA+ (4) 1,891,494
6,960 Valparaiso Middle School Building Corporation, Indiana, 1/13 at 100.00 AA+ 7,124,952
First Mortgage Refunding Bonds, Series 2002, 5.000%,
7/15/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
67,640 Total Indiana 71,246,213
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.6% (0.4% OF TOTAL INVESTMENTS)
2,415 Kentucky State Property and Buildings Commission, Revenue 2/19 at 100.00 AAA 2,682,002
Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20
- AGC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.0% (1.9% OF TOTAL INVESTMENTS)
1,325 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 AA- 1,350,096
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
MBIA Insured
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Series 2006:
770 4.750%, 5/01/39 - FSA Insured (UB) 5/16 at 100.00 AAA 741,425
8,270 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 AA 7,399,500
3 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 1,930
Residuals 660-3, 14.711%, 5/01/41 - FGIC Insured (IF)
3,085 New Orleans, Louisiana, General Obligation Refunding Bonds, 9/12 at 100.00 AA- 3,053,656
Series 2002, 5.125%, 9/01/21 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
13,453 Total Louisiana 12,546,607
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.6% (0.4% OF TOTAL INVESTMENTS)
2,775 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 2,461,481
Bonds, 4.500%, 8/01/46 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 Aa2 1,405,440
Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
(UB)
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,000 Northern Municipal Power Agency, Minnesota, Electric System No Opt. Call AAA 2,177,640
Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 -
AGC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,600 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 1,739,088
General Obligation Bonds, Series 2004, 5.250%, 3/01/19 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.0% (1.3% OF TOTAL INVESTMENTS)
6,360 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/15 at 100.00 AA 6,407,636
2005, 5.000%, 9/01/32
Municipal Energy Agency of Nebraska, Power Supply System
Revenue Bonds, Series 2003A:
1,000 5.250%, 4/01/20 - FSA Insured 4/13 at 100.00 AAA 1,068,800
1,000 5.250%, 4/01/21 - FSA Insured 4/13 at 100.00 AAA 1,034,990
- ------------------------------------------------------------------------------------------------------------------------------------
8,360 Total Nebraska 8,511,426
- ------------------------------------------------------------------------------------------------------------------------------------
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 2.3% (1.5% OF TOTAL INVESTMENTS)
$ 8,750 Truckee Meadows Water Authority, Nevada, Water Revenue 7/11 at 100.00 AAA $ 9,535,138
Bonds, Series 2001A, 5.250%, 7/01/34 (Pre-refunded
7/01/11) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 0.6% (0.4% OF TOTAL INVESTMENTS)
2,150 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 2,315,615
Transportation System Bonds, Series 2006A, 5.250%,
12/15/20
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 5.3% (3.4% OF TOTAL INVESTMENTS)
1,120 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AA- 1,135,725
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/23 - FGIC Insured
3,660 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AA- 3,699,308
Mental Health Services Facilities Improvements, Series
2005B, 5.000%, 2/15/23 - AMBAC Insured
3,130 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 2,387,971
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
2,400 Long Island Power Authority, New York, Electric System 11/16 at 100.00 AA- 1,979,520
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - MBIA
Insured
1,500 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 1,465,155
Transportation Revenue Bonds, Series 2005B, 5.000%,
11/15/30 - AMBAC Insured
10,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 10,048,000
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/30 - FSA Insured
1,435 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 1,628,825
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
23,245 Total New York 22,344,504
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.6% (0.4% OF TOTAL INVESTMENTS)
2,125 North Carolina Medical Care Commission, FHA-Insured Mortgage 10/13 at 100.00 AAA 2,126,955
Revenue Bonds, Betsy Johnson Regional Hospital Project,
Series 2003, 5.375%, 10/01/24 - FSA Insured
540 Oak Island, North Carolina, Enterprise System Revenue Bonds, 6/19 at 100.00 AAA 560,234
Series 2009A, 6.000%, 6/01/34 - AGC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
2,665 Total North Carolina 2,687,189
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.4% (0.3% OF TOTAL INVESTMENTS)
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien,
Series 2007A-2:
70 5.125%, 6/01/24 6/17 at 100.00 BBB 55,166
710 5.875%, 6/01/30 6/17 at 100.00 BBB 481,579
685 5.750%, 6/01/34 6/17 at 100.00 BBB 433,680
1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 881,979
- ------------------------------------------------------------------------------------------------------------------------------------
3,035 Total Ohio 1,852,404
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.4% (0.3% OF TOTAL INVESTMENTS)
2,000 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A 1,740,660
John Health System, Series 2007, 5.000%, 2/15/37
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON - 2.3% (1.5% OF TOTAL INVESTMENTS)
3,000 Oregon State Department of Transportation, Highway User Tax 5/19 at 100.00 AAA 3,073,740
Revenue Bonds, Series 2009A., 5.000%, 11/15/33
Oregon, General Obligation Veterans Welfare Bonds, Series 82:
4,530 5.375%, 12/01/31 12/11 at 100.00 AA 4,531,404
2,115 5.500%, 12/01/42 12/11 at 100.00 AA 2,123,460
- ------------------------------------------------------------------------------------------------------------------------------------
9,645 Total Oregon 9,728,604
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 61
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.6% (2.3% OF TOTAL INVESTMENTS)
$ 4,500 Allegheny County, Pennsylvania, Airport Revenue Refunding No Opt. Call AA- $ 4,660,290
Bonds, Pittsburgh International Airport, Series 1997A,
5.750%, 1/01/13 - MBIA Insured (Alternative Minimum Tax)
4,130 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 3,697,837
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - FSA Insured (UB)
1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,070,654
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
2,000 Philadelphia Municipal Authority, Pennsylvania, Lease 11/13 at 100.00 AAA 2,140,300
Revenue Bonds, Series 2003B, 5.250%, 11/15/18 - FSA
Insured
2,000 Reading School District, Berks County, Pennsylvania, General 1/16 at 100.00 AAA 2,171,300
Obligation Bonds, Series 2005, 5.000%, 1/15/19 - FSA
Insured (UB)
1,000 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 1,134,460
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/23 (Pre-refunded 6/01/13) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,680 Total Pennsylvania 14,874,841
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,225 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call BBB- 1,172,582
8/01/21 - CIFG Insured
5,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call AA- 530,050
Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - FGIC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
6,225 Total Puerto Rico 1,702,632
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.6% (1.0% OF TOTAL INVESTMENTS)
1,950 Greenville County School District, South Carolina, 12/16 at 100.00 AAA 1,984,398
Installment Purchase Revenue Bonds, Series 2006, 5.000%,
12/01/28 - FSA Insured
Greenville, South Carolina, Tax Increment Revenue
Improvement Bonds, Series 2003:
1,000 5.500%, 4/01/17 - MBIA Insured 4/13 at 100.00 AA- 1,095,450
2,300 5.000%, 4/01/21 - MBIA Insured 4/13 at 100.00 AA- 2,365,780
1,000 Scago Educational Facilities Corporation, South Carolina, 10/15 at 100.00 AAA 1,054,530
Installment Purchase Revenue Bonds, Spartanburg County
School District 5, Series 2005, 5.000%, 4/01/21 - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
6,250 Total South Carolina 6,500,158
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 10.7% (6.9% OF TOTAL INVESTMENTS)
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds,
Series 2004:
1,495 5.000%, 10/01/19 - FSA Insured 10/14 at 100.00 AAA 1,600,218
1,455 5.000%, 10/01/20 - FSA Insured 10/14 at 100.00 AAA 1,548,542
1,955 5.000%, 10/01/21 - FSA Insured 10/14 at 100.00 AAA 2,062,994
10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue 11/12 at 100.00 AA- (4) 11,292,800
Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28
(Pre-refunded 11/01/12) - AMBAC Insured
10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue 11/12 at 100.00 AA- (4) 11,292,800
Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29
(Pre-refunded 11/01/12) - AMBAC Insured
15,195 Tennessee State School Bond Authority, Higher Educational 5/12 at 100.00 AAA 16,945,008
Facilities Second Program Bonds, Series 2002A, 5.250%,
5/01/32 (Pre-refunded 5/01/12) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
40,100 Total Tennessee 44,742,362
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 22.7% (14.6% OF TOTAL INVESTMENTS)
3,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 AA- 3,615,920
Refunding and Improvement Bonds, Series 2001A, 5.750%,
11/01/13 - FGIC Insured (Alternative Minimum Tax)
10,000 Gainesville Hospital District, Texas, Limited Tax General 8/11 at 100.00 A3 (4) 10,912,400
Obligation Bonds, Series 2002, 5.375%, 8/15/32
(Pre-refunded 8/15/11) - MBIA Insured
1,210 Galveston, Texas, General Obligation Bonds, Series 2001, 5/11 at 100.00 A 1,244,001
5.250%, 5/01/21 - AMBAC Insured
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
Harris County Health Facilities Development Corporation,
Texas, Thermal Utility Revenue Bonds, TECO Project, Series
2003:
$ 2,240 5.000%, 11/15/16 - MBIA Insured 11/13 at 100.00 AA- $ 2,348,730
2,355 5.000%, 11/15/17 - MBIA Insured 11/13 at 100.00 AA- 2,452,285
13,000 Houston Area Water Corporation, Texas, Contract Revenue 3/12 at 100.00 N/R (4) 14,358,890
Bonds, Northeast Water Purification Plant, Series 2002,
5.125%, 3/01/32 (Pre-refunded 3/01/12) - FGIC Insured
1,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 1,026,220
Bonds, Series 2004A, 5.250%, 5/15/24 - FGIC Insured
4,345 San Antonio, Texas, Water System Senior Lien Revenue 5/12 at 100.00 AAA 4,708,242
Refunding Bonds, Series 2002, 5.500%, 5/15/17 - FSA
Insured
5,510 Texas Department of Housing and Community Affairs, 7/11 at 100.00 AAA 5,156,809
Residential Mortgage Revenue Bonds, Series 2001A, 5.350%,
7/01/33 (Alternative Minimum Tax)
8,270 Texas Department of Housing and Community Affairs, Single 3/12 at 100.00 AAA 8,075,159
Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 -
MBIA Insured (Alternative Minimum Tax)
Texas Public Finance Authority, Revenue Bonds, Texas
Southern University Financing System, Series 2002::
3,520 5.125%, 11/01/20 - MBIA Insured 5/12 at 100.00 Baa1 3,219,638
3,520 5.125%, 11/01/21 - MBIA Insured 5/12 at 100.00 Baa1 3,170,288
Texas Student Housing Authority, Revenue Bonds, Austin
Project, Senior Series 2001A:
9,400 5.375%, 1/01/23 - MBIA Insured 1/12 at 102.00 Baa1 5,662,184
11,665 5.500%, 1/01/33 - MBIA Insured 1/12 at 102.00 Baa1 5,975,630
5,000 Texas Water Development Board, Senior Lien State Revolving 1/10 at 100.00 AAA 5,125,900
Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
9,145 Texas, General Obligation Bonds, Veterans Housing Assistance 6/12 at 100.00 Aa1 9,128,173
Program Fund II, Series 2002A, 5.250%, 12/01/22
(Alternative Minimum Tax) (UB)
Williamson County, Texas, General Obligation Bonds, Series
2002:
3,000 5.250%, 2/15/22 (Pre-refunded 2/15/12) - FSA Insured 2/12 at 100.00 AAA 3,329,040
5,000 5.250%, 2/15/25 (Pre-refunded 2/15/12) - FSA Insured 2/12 at 100.00 AAA 5,548,400
- ------------------------------------------------------------------------------------------------------------------------------------
101,680 Total Texas 95,057,909
- ------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.2% (0.8% OF TOTAL INVESTMENTS)
4,865 Utah Transit Authority, Sales Tax Revenue Bonds, Series 6/18 at 100.00 AAA 5,131,894
2008, Trust 1193, 13.080%, 6/15/36 - FSA Insured (IF)
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 15.8% (10.2% OF TOTAL INVESTMENTS)
5,385 Energy Northwest, Washington Public Power, Nine Canyon Wind 7/16 at 100.00 A 4,859,424
Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 -
AMBAC Insured
6,600 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 6,943,728
Bonds, Columbia Generating Station - Nuclear Project 2,
Series 2002B, 5.350%, 7/01/18 - FSA Insured
7,675 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 8,340,346
Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 -
MBIA Insured
2,500 Port of Seattle, Washington, Revenue Refunding Bonds, Series 11/12 at 100.00 Aa2 2,586,875
2002D, 5.750%, 11/01/15 - FGIC Insured (Alternative
Minimum Tax)
2,200 Snohomish County School District 2, Everett, Washington, 12/13 at 100.00 AAA 2,433,662
General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 -
FSA Insured
3,255 Thurston and Pierce Counties School District, Washington, 6/13 at 100.00 Aa1 3,567,252
General Obligation Bonds, Yelm Community Schools, Series
2003, 5.250%, 12/01/16 - FSA Insured
10,000 University of Washington, General Revenue Bonds, Series 6/17 at 100.00 AA+ 10,032,600
2007, 5.000%, 6/01/37 - AMBAC Insured (UB)
Nuveen Investments 63
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
WASHINGTON (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Washington State Economic Development Finance Authority,
Wastewater Revenue Bonds, LOTT Project, Series 2002:
$ 2,000 5.500%, 6/01/17 - AMBAC Insured 6/12 at 100.00 A2 $ 2,169,780
4,325 5.125%, 6/01/22 - AMBAC Insured 6/12 at 100.00 A2 4,347,447
15,000 Washington State Healthcare Facilities Authority, Revenue 8/13 at 102.00 A 12,148,500
Bonds, Harrison Memorial Hospital, Series 1998, 5.000%,
8/15/28 - AMBAC Insured
3,335 Washington State, General Obligation Bonds, Series 2009, 7/16 at 100.00 AAA 3,545,805
Trust 1212, 12.032%, 7/01/31 - FSA Insured (IF)
5,170 Whitman County School District 267, Pullman, Washington, 6/12 at 100.00 Aa1 5,436,617
General Obligation Bonds, Series 2002, 5.000%, 12/01/20 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
67,445 Total Washington 66,412,036
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 3.2% (2.1% OF TOTAL INVESTMENTS)
11,950 Wisconsin, Transportation Revenue Refunding Bonds, Series 7/12 at 100.00 AA+ (4) 13,374,440
2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 672,638 Total Municipal Bonds (cost $637,282,845) 640,247,722
==============----------------------------------------------------------------------------------------------------------------------
SHARES DESCRIPTION (1) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES - 0.3% (0.2% OF TOTAL INVESTMENTS)
21,650 BlackRock MuniHoldings Fund Inc. 259,151
13,600 BlacRock MuniEnhanced Fund Inc. 120,768
7,920 Dreyfus Strategic Municipal Fund 55,123
7,600 Morgan Stanley Dean Witter Insured Municipal Income Trust 96,672
9,668 Morgan Stanley Quality Municipal Income Trust 103,544
26,280 PIMCO Municipal Income Fund II 236,520
9,500 Van Kampen Advantage Municipal Income Fund II 93,290
28,680 Van Kampen Investment Grade Municipal Trust 335,843
6,240 Van Kampen Municipal Trust 71,136
- ------------------------------------------------------------------------------------------------------------------------------------
Total Investment Companies (cost $1,690,861) 1,372,047
-------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (cost $638,973,706) - 152.9% 641,619,769
-------------------------------------------------------------------------------------------------------------------
64 Nuveen I nvestments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.8% (1.2% OF TOTAL INVESTMENTS)
MARYLAND - 1.3% (0.8% OF TOTAL INVESTMENTS)
$ 5,325 Maryland Transportation Authority, Revenue Bonds, 7/17 at 100.00 A-1 $ 5,325,000
Transportation Facilities Projects, Series 2008, Trust
R-11436, Variable Rate Demand Obligations, 0.890%,
7/01/41 - FSA Insured (5)
NEW JERSEY - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,075 New Jersey Housing and Mortgage Finance Agency, Capital No Opt. Call VMIG-1 2,075,000
Fund Program Revenue Bonds, Tender Option Bond Trust
2008-3034X, Variable Rate Demand Obligations, 0.880%,
5/01/27 - FSA Insured (5)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 7,400 Total Short-Term Investments (cost $7,400,000) 7,400,000
==============----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $646,373,706) - 154.7% 649,019,769
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (6.9)% (28,913,334)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 10,187,142
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation
Value - (50.3)% (6) (210,800,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 419,493,577
===================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guaran- tee the timely payment of principal and interest. See Notes
to Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the
reporting period. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the
ratings of certain bonds in the portfolio resulting from changes to
the ratings of the underlying insurers both during the period and
after period end.
(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.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 32.5%.
N/R Not rated.
(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 Notes to
Financial Statements, Footnote 1- Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
Nuveen Investments 65
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 8.9% (5.7% OF TOTAL INVESTMENTS)
$ 1,000 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 Aa1 $ 973,750
Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36
(UB)
5,655 Colbert County-Northwest Health Care Authority, Alabama, 6/13 at 101.00 Baa3 4,587,619
Revenue Bonds, Helen Keller Hospital, Series 2003,
5.750%, 6/01/27
3,100 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 5/12 at 102.00 AA (4) 3,520,577
Series 1998A, 5.400%, 6/01/22 (Pre-refunded 5/14/12) -
MBIA Insured
6,280 Jefferson County, Alabama, Sewer Revenue Capital Improvement 8/12 at 100.00 AAA 6,842,311
Warrants, Series 2002D, 5.000%, 2/01/32 (Pre-refunded
8/01/12) - FGIC Insured
1,750 Montgomery, Alabama, General Obligation Warrants, Series 5/12 at 101.00 AA 1,835,330
2003, 5.000%, 5/01/21 - AMBAC Insured
4,500 Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 7/13 at 100.00 A2 4,551,705
5.500%, 7/01/29 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
22,285 Total Alabama 22,311,292
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 5.3% (3.5% OF TOTAL INVESTMENTS)
10,000 Maricopa County Pollution Control Corporation, Arizona, 11/12 at 100.00 A 8,244,100
Revenue Bonds, Arizona Public Service Company - Palo
Verde Project, Series 2002A, 5.050%, 5/01/29 - AMBAC
Insured
6,545 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 5,190,512
Plaza, Series 2005B, 0.000%, 7/01/37 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
16,545 Total Arizona 13,434,612
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 25.7% (16.6% OF TOTAL INVESTMENTS)
26,300 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 A 24,092,377
Department of General Services, Capital East End Project,
Series 2002A, 5.000%, 12/01/27 - AMBAC Insured
250 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 A1 245,630
5.250%, 4/01/30 - SYNCORA GTY Insured
5 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 A+ 4,696
5.000%, 4/01/31 - AMBAC Insured
7,495 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 AAA 8,596,390
5.000%, 4/01/31 (Pre-refunded 4/01/14) - AMBAC Insured
2,910 Cathedral City Public Financing Authority, California, Tax 8/12 at 102.00 AA- 2,658,052
Allocation Bonds, Housing Set-Aside, Series 2002D,
5.000%, 8/01/26 - MBIA Insured
250 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 128,928
Enhanced Tobacco Settlement Asset-Backed Bonds, Series
2007A-1, 5.125%, 6/01/47
8,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- 6,622,960
Tobacco Settlement Asset-Backed Revenue Bonds, Series
2005A, 5.000%, 6/01/35 - FGIC Insured
2,500 Irvine Public Facilities and Infrastructure Authority, 9/13 at 100.00 A 2,154,050
California, Assessment Revenue Bonds, Series 2003C,
5.000%, 9/02/23 - AMBAC Insured
4,000 Montara Sanitation District, California, General Obligation 8/11 at 101.00 AA- 3,970,400
Bonds, Series 2003, 5.000%, 8/01/28 - FGIC Insured
66 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
Plumas County, California, Certificates of Participation,
Capital Improvement Program, Series 2003A:
$ 1,130 5.250%, 6/01/19 - AMBAC Insured 6/13 at 101.00 A $ 1,116,802
1,255 5.250%, 6/01/21 - AMBAC Insured 6/13 at 101.00 A 1,205,980
1,210 Redding Joint Powers Financing Authority, California, Lease 3/13 at 100.00 A 1,200,381
Revenue Bonds, Capital Improvement Projects, Series
2003A, 5.000%, 3/01/23 - AMBAC Insured
3,750 Sacramento Municipal Utility District, California, Electric 8/13 at 100.00 AA- 3,722,213
Revenue Bonds, Series 2003R, 5.000%, 8/15/28 - MBIA
Insured
1,500 San Diego Community College District, California, General 5/13 at 100.00 AAA 1,506,465
Obligation Bonds, Series 2003A, 5.000%, 5/01/28 - FSA
Insured
1,055 Turlock Irrigation District, California, Certificates of 1/13 at 100.00 AA- 996,194
Participation, Series 2003A, 5.000%, 1/01/28 - MBIA
Insured
6,300 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 Aa1 6,196,113
Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured
(UB)
- ------------------------------------------------------------------------------------------------------------------------------------
67,910 Total California 64,417,631
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 6.5% (4.2% OF TOTAL INVESTMENTS)
Bowles Metropolitan District, Colorado, General Obligation
Bonds, Series 2003:
4,300 5.500%, 12/01/23 - FSA Insured 12/13 at 100.00 AAA 4,604,870
3,750 5.500%, 12/01/28 - FSA Insured 12/13 at 100.00 AAA 3,877,613
1,450 Colorado Educational and Cultural Facilities Authority, 8/14 at 100.00 A 1,309,713
Charter School Revenue Bonds, Peak-to-Peak Charter
School, Series 2004, 5.250%, 8/15/24 - SYNCORA GTY Insured
6,150 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 5,619,932
Bonds, Catholic Health Initiatives, Series 2006C-1, Trust
1090, 10.674%, 10/01/41 - FSA Insured (IF)
3,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 519,450
Bonds, Series 2000B, 0.000%, 9/01/30 - MBIA Insured
2,900 E-470 Public Highway Authority, Colorado, Toll Revenue No Opt. Call AA- 351,915
Bonds, Series 2004A, 0.000%, 9/01/34 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
21,550 Total Colorado 16,283,493
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS)
665 Washington Convention Center Authority, District of 10/16 at 100.00 AAA 555,049
Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series
2007, Residuals 1606, 10.676%, 10/01/30 - AMBAC Insured
(IF)
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.4% (1.5% OF TOTAL INVESTMENTS)
2,500 Florida State Board of Education, Public Education Capital 6/18 at 101.00 AAA 2,465,600
Outlay Bonds, Series 2008, Trust 2929, 15.858%, 6/01/38 -
AGC Insured (IF)
3,000 Pinellas County Health Facilities Authority, Florida, 5/13 at 100.00 Aa3 (4) 3,442,800
Revenue Bonds, Baycare Health System, Series 2003,
5.500%, 11/15/27 (Pre-refunded 5/15/13)
- ------------------------------------------------------------------------------------------------------------------------------------
5,500 Total Florida 5,908,400
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.3% (1.5% OF TOTAL INVESTMENTS)
1,410 DeKalb County, Georgia, Water and Sewer Revenue Bonds, 10/16 at 100.00 AAA 1,438,835
Series 2006A, 5.000%, 10/01/35 - FSA Insured
3,825 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales 1/13 at 100.00 AA+ (4) 4,304,808
Tax Revenue Bonds, Second Indenture Series 2002, 5.000%,
7/01/32 (Pre-refunded 1/01/13) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
5,235 Total Georgia 5,743,643
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 67
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 3.5% (2.3% OF TOTAL INVESTMENTS)
Cook County School District 145, Arbor Park, Illinois,
General Obligation Bonds, Series 2004:
$ 3,285 5.125%, 12/01/20 - FSA Insured 12/14 at 100.00 Aa3 $ 3,496,488
2,940 5.125%, 12/01/23 - FSA Insured 12/14 at 100.00 Aa3 3,074,211
2,500 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/13 at 100.00 A- 2,295,650
Forest Hospital, Series 2003, 5.250%, 7/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
8,725 Total Illinois 8,866,349
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 10.7% (6.9% OF TOTAL INVESTMENTS)
2,500 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, 7/13 at 100.00 A 2,479,800
Series 2003A, 5.000%, 7/01/23 - AMBAC Insured
2,190 Indiana Bond Bank, Advance Purchase Funding Bonds, Common 8/13 at 100.00 AA- 2,243,896
School Fund, Series 2003B, 5.000%, 8/01/19 - MBIA Insured
1,860 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- 1,738,151
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
1,000 Indiana University, Student Fee Revenue Bonds, Series 2003O, 8/13 at 100.00 Aa1 1,040,480
5.000%, 8/01/22 - FGIC Insured
IPS Multi-School Building Corporation, Indiana, First
Mortgage Revenue Bonds, Series 2003:
11,020 5.000%, 7/15/19 (Pre-refunded 7/15/13) - MBIA Insured 7/13 at 100.00 AA (4) 12,538,224
6,000 5.000%, 7/15/20 (Pre-refunded 7/15/13) - MBIA Insured 7/13 at 100.00 AA (4) 6,826,620
- ------------------------------------------------------------------------------------------------------------------------------------
24,570 Total Indiana 26,867,171
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 2.1% (1.3% OF TOTAL INVESTMENTS)
5,000 Kansas Development Finance Authority, Board of Regents, 4/13 at 102.00 AA 5,203,400
Revenue Bonds, Scientific Research and Development
Facilities Projects, Series 2003C, 5.000%, 10/01/22 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.4% (0.3% OF TOTAL INVESTMENTS)
985 Kentucky State Property and Buildings Commission, Revenue 8/13 at 100.00 AA (4) 1,124,840
Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23
(Pre-refunded 8/01/13) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.2% (1.4% OF TOTAL INVESTMENTS)
5,785 New Orleans, Louisiana, General Obligation Refunding Bonds, 12/12 at 100.00 Baa3 5,502,461
Series 2002, 5.300%, 12/01/27 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,125 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 A1 1,144,373
Middlesex School, Series 2003, 5.125%, 9/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 12.0% (7.8% OF TOTAL INVESTMENTS)
6,130 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 AA- (4) 6,936,831
Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded
7/01/13) - MBIA Insured
4,465 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 AA- 4,237,374
Refunding Bonds, Series 2003C, 5.000%, 7/01/22 - MBIA
Insured
1,000 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 Aa2 936,960
Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
(UB)
10,800 Michigan Strategic Fund, Limited Obligation Resource 12/12 at 100.00 Baa1 9,758,016
Recovery Revenue Refunding Bonds, Detroit Edison Company,
Series 2002D, 5.250%, 12/15/32 - SYNCORA GTY Insured
2,250 Romulus Community Schools, Wayne County, Michigan, General 5/11 at 100.00 AA- 2,291,895
Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25
68 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN (continued)
$ 6,500 Wayne County, Michigan, Limited Tax General Obligation 12/11 at 101.00 AA- $ 6,022,315
Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne
County Airport, Series 2001A, 5.000%, 12/01/30 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
31,145 Total Michigan 30,183,391
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.3% (0.8% OF TOTAL INVESTMENTS)
240 Clay County Public School District 53, Liberty, Missouri, 3/14 at 100.00 AAA 251,146
General Obligation Bonds, Series 2004, 5.250%, 3/01/24 -
FSA Insured
215 Clay County Public School District 53, Liberty, Missouri, 3/14 at 100.00 AAA 227,659
General Obligation Bonds, Series 2004, 5.250%, 3/01/23 -
FSA Insured
Clay County Public School District 53, Liberty, Missouri,
General Obligation Bonds, Series 2004:
1,110 5.250%, 3/01/23 (Pre-refunded 3/01/14) - FSA Insured 3/14 at 100.00 AAA 1,284,459
1,260 5.250%, 3/01/24 (Pre-refunded 3/01/14) - FSA Insured 3/14 at 100.00 AAA 1,458,034
- ------------------------------------------------------------------------------------------------------------------------------------
2,825 Total Missouri 3,221,298
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.0% (1.3% OF TOTAL INVESTMENTS)
5,000 Lincoln, Nebraska, Sanitary Sewerage System Revenue 6/13 at 100.00 AA+ 5,042,350
Refunding Bonds, Series 2003, 5.000%, 6/15/28 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,975 New Mexico State University, Revenue Bonds, Series 2004, 4/14 at 100.00 AA 2,108,135
5.000%, 4/01/19 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 11.1% (7.1% OF TOTAL INVESTMENTS)
2,020 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 1,541,119
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
25,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AA- 24,307,747
Transportation Revenue Refunding Bonds, Series 2002F,
5.000%, 11/15/31 - MBIA Insured
1,850 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 1,901,819
Personal Income Tax Revenue Bonds, Series 2005B, 5.000%,
3/15/25 - FSA Insured (UB)
- ------------------------------------------------------------------------------------------------------------------------------------
28,870 Total New York 27,750,685
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.1% (1.3% OF TOTAL INVESTMENTS)
8,700 North Carolina Medical Care Commission, Revenue Bonds, 10/13 at 100.00 BBB+ 5,195,988
Maria Parham Medical Center, Series 2003, 5.375%,
10/01/33 - RAAI Insured
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.7% (0.5% OF TOTAL INVESTMENTS)
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien,
Series 2007A-2:
70 5.125%, 6/01/24 6/17 at 100.00 BBB 55,166
710 5.875%, 6/01/30 6/17 at 100.00 BBB 481,579
685 5.750%, 6/01/34 6/17 at 100.00 BBB 433,680
1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 881,979
- ------------------------------------------------------------------------------------------------------------------------------------
3,035 Total Ohio 1,852,404
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,000 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 1,033,690
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 69
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON - 2.9% (1.8% OF TOTAL INVESTMENTS)
$ 8,350 Oregon Health Sciences University, Revenue Bonds, Series 1/13 at 100.00 AA- $ 7,162,463
2002A, 5.000%, 7/01/32 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 8.4% (5.5% OF TOTAL INVESTMENTS)
3,000 Lehigh County General Purpose Authority, Pennsylvania, 8/13 at 100.00 AAA 3,475,260
Hospital Revenue Bonds, St. Luke's Hospital of
Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded
8/15/13)
2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 8/13 at 100.00 AAA 1,978,160
General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 -
FSA Insured (UB)
925 Philadelphia, Pennsylvania, Water and Wastewater Revenue 7/09 at 101.00 AAA 951,659
Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured
(ETM)
13,000 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 14,747,979
Revenue Bonds, Philadelphia School District, Series
2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) - FSA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
18,925 Total Pennsylvania 21,153,058
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.4% (0.3% OF TOTAL INVESTMENTS)
10,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call AA- 973,400
Revenue Bonds, Series 2007A, 0.000%, 8/01/43 - MBIA
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 7.2% (4.6% OF TOTAL INVESTMENTS)
5,000 Florence County, South Carolina, Hospital Revenue Bonds, 11/14 at 100.00 AAA 5,096,800
McLeod Regional Medical Center, Series 2004A, 5.250%,
11/01/23 - FSA Insured
Greenville County School District, South Carolina,
Installment Purchase Revenue Bonds, Series 2003:
3,000 5.000%, 12/01/22 (UB) 12/13 at 100.00 AA 3,059,670
1,785 5.000%, 12/01/23 (UB) 12/13 at 100.00 AA 1,819,326
8,000 South Carolina Transportation Infrastructure Bank, Revenue 10/12 at 100.00 A1 8,002,160
Bonds, Series 2002A, 5.000%, 10/01/33 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,785 Total South Carolina 17,977,956
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 12.2% (7.9% OF TOTAL INVESTMENTS)
7,975 Fort Bend Independent School District, Fort Bend County, 8/10 at 100.00 AAA 8,073,332
Texas, General Obligation Bonds, Series 2000, 5.000%,
8/15/25
12,500 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 14,168,749
Texas, General Obligation Bonds, Series 2003, 5.125%,
2/15/31 (Pre-refunded 2/15/13) - FSA Insured
2,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 2,047,920
Bonds, Series 2004A, 5.250%, 5/15/25 - MBIA Insured
5,515 Houston, Texas, General Obligation Refunding Bonds, Series 3/12 at 100.00 AA 5,791,743
2002, 5.250%, 3/01/20 - MBIA Insured
465 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 492,468
Waller Counties, Texas, General Obligation Bonds, Series
2002A, 5.125%, 2/15/18
- ------------------------------------------------------------------------------------------------------------------------------------
28,455 Total Texas 30,574,212
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.6% (0.4% OF TOTAL INVESTMENTS)
1,500 Hampton, Virginia, Revenue Bonds, Convention Center 1/13 at 100.00 A1 1,503,150
Project, Series 2002, 5.125%, 1/15/28 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 12.9% (8.3% OF TOTAL INVESTMENTS)
$ 4,945 Broadway Office Properties, King County, Washington, Lease 12/12 at 100.00 AAA $ 4,970,566
Revenue Bonds, Washington Project, Series 2002, 5.000%,
12/01/31 - MBIA Insured
5,250 Chelan County Public Utility District 1, Washington, Hydro 7/12 at 100.00 AA 5,282,393
Consolidated System Revenue Bonds, Series 2002C, 5.125%,
7/01/33 - AMBAC Insured
7,500 King County, Washington, Sewer Revenue Bonds, Series 1/17 at 100.00 AAA 7,670,475
2006-2, 8.608%, 1/01/31 - FSA Insured (IF)
2,135 Kitsap County Consolidated Housing Authority, Washington, 7/13 at 100.00 A1 2,172,597
Revenue Bonds, Bremerton Government Center, Series 2003,
5.000%, 7/01/23 - MBIA Insured
1,935 Pierce County School District 343, Dieringer, Washington, 6/13 at 100.00 Aa1 2,115,149
General Obligation Refunding Bonds, Series 2003, 5.250%,
12/01/17 - FGIC Insured
9,670 Washington State, General Obligation Bonds, Series 2003D, 6/13 at 100.00 AA+ 10,181,736
5.000%, 12/01/21 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
31,435 Total Washington 32,392,916
- ------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 1.3% (0.8% OF TOTAL INVESTMENTS)
3,000 West Virginia State Building Commission, Lease Revenue No Opt. Call A 3,174,420
Refunding Bonds, Regional Jail and Corrections Facility,
Series 1998A, 5.375%, 7/01/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 6.6% (4.2% OF TOTAL INVESTMENTS)
1,190 Sun Prairie Area School District, Dane County, Wisconsin, 3/14 at 100.00 Aa3 1,333,550
General Obligation Bonds, Series 2004C, 5.250%,
3/01/24 - FSA Insured
4,605 Wisconsin Health and Educational Facilities Authority, 9/13 at 100.00 BBB+ (4) 5,381,725
Revenue Bonds, Franciscan Sisters of Christian Charity
Healthcare Ministry, Series 2003A, 5.875%, 9/01/33
(Pre-refunded 9/01/13)
3,000 Wisconsin Health and Educational Facilities Authority, No Opt. Call A1 3,055,680
Revenue Bonds, Meriter Hospital Inc., Series 1992A,
6.000%, 12/01/22 - FGIC Insured
3,600 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 BBB+ 2,204,424
Revenue Bonds, Wheaton Franciscan Services Inc., Series
2003A, 5.125%, 8/15/33
4,750 Wisconsin Health and Educational Facilities Authority, 8/09 at 101.00 A 4,483,620
Revenue Refunding Bonds, Wausau Hospital Inc., Series
1998A, 5.125%, 8/15/20 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,145 Total Wisconsin 16,458,999
- ------------------------------------------------------------------------------------------------------------------------------------
$ 405,025 Total Long-Term Investments (cost $389,023,822) - 153.6% 385,121,229
==============----------------------------------------------------------------------------------------------------------------------
Nuveen Investments 71
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATING (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.6% (1.0% OF TOTAL INVESTMENTS)
FLORIDA - 0.8% (0.5% OF TOTAL INVESTMENTS)
$ 1,994 Florida Board of Education, Lottery Revenue Bonds, Series 7/11 at 100.00 A-1 $ 1,994,000
2001B, Trust 570, Variable Rate Demand Obligations,
0.630%, 7/01/14 - FGIC Insured (5)
MARYLAND - 0.8% (0.5% OF TOTAL INVESTMENTS)
2,000 Maryland Health and Higher Educational Facilities 5/09 at 100.00 A-1 2,000,000
Authority, Goucher College, Series 2007, Variable Rate
Demand Obligations, 0.480%, 7/01/37 (5)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,994 Total Short-Term Investments (cost $3,994,000) 3,994,000
==============----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $393,017,822) - 155.2% 389,115,229
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.8)% (11,955,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.6% 6,351,465
-------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (53.0)% (6) (132,800,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 250,711,694
===================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable
to Auction Rate Preferred shares) are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Commentary for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(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.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 34.1%.
(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 Notes to
Financial Statements, Footnote 1- Inverse Floating Rate Securities for
more information.
See accompanying notes to financial statements.
72 Nuveen Investments
Statement of
ASSETS & LIABILITIES
April 30, 2009 (Unaudited)
INSURED INSURED PREMIER
QUALITY OPPORTUNITY INSURED INCOME
(NQI) (NIO) (NIF)
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $820,534,088,
$1,792,583,344 and $425,753,522, respectively) $ 782,501,400 $ 1,764,150,113 $ 427,187,541
Cash 6,998,371 16,925,874 --
Receivables:
Dividends and Interest 11,534,355 28,211,364 6,886,709
Investments sold 409,966 135,000 205,000
Deferred offering costs -- -- --
Other assets 153,146 355,878 76,261
- ---------------------------------------------------------------------------------------------------------------------------------
Total assets 801,597,238 1,809,778,229 434,355,511
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 354,127
Floating rate obligations 65,930,000 134,198,333 24,925,000
Payables:
Investments purchased -- 3,799,129 --
Auction Rate Preferred share dividends 17,725 45,080 14,864
Common share dividends 1,991,205 4,177,026 1,025,307
Offering costs -- -- --
Variable Rate Demand Preferred shares, at liquidation value -- -- --
Accrued expenses:
Management fees 380,544 844,256 215,148
Other 248,243 568,586 141,095
- ---------------------------------------------------------------------------------------------------------------------------------
Total liabilities 68,567,717 143,632,410 26,675,541
- ---------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 245,850,000 573,300,000 139,300,000
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 487,179,521 $ 1,092,845,819 $ 268,379,970
=================================================================================================================================
Common shares outstanding 38,295,278 81,138,036 19,419,608
=================================================================================================================================
Net asset value per Common share outstanding (net assets applicable to
Common shares, divided by Common shares outstanding) $ 12.72 $ 13.47 $ 13.82
=================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ---------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 382,953 $ 811,380 $ 194,196
Paid-in surplus 534,535,144 1,128,874,275 269,465,673
Undistributed (Over-distribution of) net investment income 1,474,005 5,300,484 1,494,354
Accumulated net realized gain (loss) from investments and derivative (11,179,893) (13,707,089) (4,208,272)
transactions
Net unrealized appreciation (depreciation) of investments (38,032,688) (28,433,231) 1,434,019
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 487,179,521 $ 1,092,845,819 $ 268,379,970
=================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Auction Rate Preferred and Variable Rate Demand Preferred 1,000,000 1,000,000 1,000,000
=================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 73
Statement of
ASSETS & LIABILITIES (continued)
April 30, 2009 (Unaudited)
INSURED INSURED
INSURED DIVIDEND TAX-FREE
PREMIUM INCOME 2 ADVANTAGE ADVANTAGE
(NPX) (NVG) (NEA)
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $744,799,692,
$646,373,706 and $393,017,822, respectively) $ 730,873,927 $ 649,019,769 $ 389,115,229
Cash -- 2,419,333 1,049,907
Receivables:
Dividends and Interest 13,317,308 9,866,627 6,548,402
Investments sold 2,272,500 -- --
Deferred offering costs 2,473,200 -- --
Other assets 58,943 90,046 88,374
- ---------------------------------------------------------------------------------------------------------------------------------
Total assets 748,995,878 661,395,775 396,801,912
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 1,878,489 -- --
Floating rate obligations 66,160,000 28,913,334 11,955,000
Payables:
Investments purchased -- -- --
Auction Rate Preferred share dividends -- 18,269 4,325
Common share dividends 1,720,485 1,733,257 1,058,562
Offering costs 15,234 -- --
Variable Rate Demand Preferred shares, at liquidation value 219,000,000 -- --
Accrued expenses:
Management fees 347,370 251,671 149,364
Other 173,776 185,667 122,967
- ---------------------------------------------------------------------------------------------------------------------------------
Total liabilities 289,295,354 31,102,198 13,290,218
- ---------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value -- 210,800,000 132,800,000
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 459,700,524 $419,493,577 $ 250,711,694
=================================================================================================================================
Common shares outstanding 37,353,512 29,802,900 18,506,397
=================================================================================================================================
Net asset value per Common share outstanding (net assets applicable to
Common shares, divided by Common shares outstanding) $ 12.31 $ 14.08 $ 13.55
=================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ---------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 373,535 $ 298,029 $ 185,064
Paid-in surplus 491,618,336 423,447,981 261,418,772
Undistributed (Over-distribution of) net investment income 1,348,548 1,860,988 459,762
Accumulated net realized gain (loss) from investments and derivative (19,714,130) (8,759,484) (7,449,311)
transactions
Net unrealized appreciation (depreciation) of investments (13,925,765) 2,646,063 (3,902,593)
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 459,700,524 $ 419,493,577 $ 250,711,694
=================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited
Auction Rate Preferred and Variable Rate Demand Preferred Unlimited Unlimited Unlimited
=================================================================================================================================
See accompanying notes to financial statements.
74 Nuveen Investments
Statement of
OPERATIONS
Six Months Ended April 30, 2009 (Unaudited)
INSURED INSURED PREMIER
QUALITY OPPORTUNITY INSURED INCOME
(NQI) (NIO) (NIF)
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 22,079,915 $ 46,578,092 $ 11,179,172
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,303,005 5,025,975 1,281,866
Auction fees 346,048 756,986 187,145
Dividend disbursing agent fees 24,795 30,525 14,877
Shareholders' servicing agent fees and expenses 34,484 55,663 13,880
Interest expense and amortization of offering costs 302,969 634,964 102,784
Liquidity fees -- -- --
Custodian's fees and expenses 59,880 129,958 39,321
Directors'/Trustees' fees and expenses 14,703 32,760 8,111
Professional fees 37,900 75,528 22,792
Shareholders' reports - printing and mailing expenses 81,367 174,631 45,437
Stock exchange listing fees 6,507 13,787 4,568
Investor relations expense 15,760 37,379 8,687
Portfolio insurance expense -- 1,881 --
Other expenses 25,088 53,153 19,155
- ---------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 3,252,506 7,023,190 1,748,623
Custodian fee credit (28,011) (61,436) (13,472)
Expense reimbursement -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,224,495 6,961,754 1,735,151
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,855,420 39,616,338 9,444,021
- ---------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (5,821,832) (1,202,181) (1,178,200)
Forward swaps -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 42,360,298 81,420,154 23,986,544
Forward swaps -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 36,538,466 80,217,973 22,808,344
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS
From net investment income (1,546,413) (3,402,453) (819,754)
- ---------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Auction Rate Preferred shareholders (1,546,413) (3,402,453) (819,754)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 53,847,473 $ 116,431,858 $ 31,432,611
=================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 75
Statement of
OPERATIONS (continued) (Unaudited)
Six Months Ended April 30, 2009 (Unaudited)
INSURED INSURED
INSURED DIVIDEND TAX-FREE
PREMIUM INCOME 2 ADVANTAGE ADVANTAGE
(NPX) (NVG) (NEA)
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 19,414,875 $ 16,605,604 $ 10,029,383
- ---------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,044,899 1,957,094 1,172,909
Auction fees 110,108 280,425 164,636
Dividend disbursing agent fees 18,172 14,877 9,909
Shareholders' servicing agent fees and expenses 19,638 3,340 2,015
Interest expense and amortization of offering costs 1,545,236 93,231 70,829
Liquidity fees 841,091 -- --
Custodian's fees and expenses 54,811 59,369 31,613
Directors'/Trustees' fees and expenses 12,849 12,521 7,375
Professional fees 15,456 30,526 20,239
Shareholders' reports - printing and mailing expenses 65,251 52,931 46,972
Stock exchange listing fees 6,347 2,090 1,299
Investor relations expense 13,830 13,430 7,673
Portfolio insurance expense -- -- --
Other expenses 10,824 15,928 28,063
- ---------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 4,758,512 2,535,762 1,563,532
Custodian fee credit (24,481) (4,629) (13,767)
Expense reimbursement -- (595,318) (318,481)
- ---------------------------------------------------------------------------------------------------------------------------------
Net expenses 4,734,031 1,935,815 1,231,284
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income 14,680,844 14,669,789 8,798,099
- ---------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (12,382,690) (8,968,257) (2,421,623)
Forward swaps -- 5,000,000 --
Change in net unrealized appreciation (depreciation) of:
Investments 43,387,939 38,956,169 22,754,041
Forward swaps -- (1,124,391) --
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 31,005,249 33,863,521 20,332,418
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS
From net investment income -- (1,223,272) (726,063)
- ---------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Auction Rate Preferred shareholders -- (1,223,272) (726,063)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 45,686,093 $ 47,310,038 $ 28,404,454
=================================================================================================================================
See accompanying notes to financial statements.
76 Nuveen Investments
Statement of
CHANGES in NET ASSETS (Unaudited)
INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO)
------------------------------ ------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/09 10/31/08 4/30/09 10/31/08
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 18,855,420 $ 37,792,155 $ 39,616,338 $ 78,939,975
Net realized gain (loss) from:
Investments (5,821,832) (4,746,677) (1,202,181) (12,623,776)
Forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 42,360,298 (115,993,313) 81,420,154 (199,798,296)
Forward swaps -- -- -- --
Distributions to Auction Rate Preferred shareholders:
From net investment income (1,546,413) (11,668,364) (3,402,453) (24,746,755)
From accumulated net realized gains -- -- -- (61,352)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations 53,847,473 (94,616,199) 116,431,858 (158,290,204)
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (14,130,962) (27,878,967) (28,804,008) (56,634,349)
From accumulated net realized gains -- -- -- (154,162)
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (14,130,962) (27,878,967) (28,804,008) (56,788,511)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common Shares:
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- --
Cost of repurchases -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares 39,716,511 (122,495,166) 87,627,850 (215,078,715)
Net assets applicable to Common shares at the beginning of period 447,463,010 569,958,176 1,005,217,969 1,220,296,684
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $ 487,179,521 $ 447,463,010 $1,092,845,819 $1,005,217,969
===================================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ 1,474,005 $ (1,704,040) $ 5,300,484 $ (2,109,393)
===================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 77
Statement of
CHANGES in NET ASSETS (continued) (Unaudited)
PREMIER INSURED INSURED PREMIUM
INCOME (NIF) INCOME 2 (NPX)
------------------------------ ------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/09 10/31/08 4/30/09 10/31/08
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 9,444,021 $ 18,677,152 $ 14,680,844 $ 30,045,285
Net realized gain (loss) from:
Investments (1,178,200) (2,431,194) (12,382,690) (7,350,763)
Forward swaps -- -- -- 5,200
Change in net unrealized appreciation (depreciation) of:
Investments 23,986,544 (43,684,607) 43,387,939 (79,485,056)
Forward swaps -- -- -- (165,919)
Distributions to Auction Rate Preferred shareholders:
From net investment income (819,754) (5,924,805) -- (7,428,415)
From accumulated net realized gains -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations 31,432,611 (33,363,454) 45,686,093 (64,379,668)
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,641,507) (12,447,970) (11,542,238) (23,084,472)
From accumulated net realized gains -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (6,641,507) (12,447,970) (11,542,238) (23,084,472)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common Shares:
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Cost of repurchases -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares
from capital share transactions -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares 24,791,104 (45,811,424) 34,143,855 (87,464,140)
Net assets applicable to Common shares at the beginning of period 243,588,866 289,400,290 425,556,669 513,020,809
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $ 268,379,970 $ 243,588,866 $ 459,700,524 $ 425,556,669
===================================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ 1,494,354 $ (488,406) $ 1,348,548 $ (1,790,058)
===================================================================================================================================
See accompanying notes to financial statements.
78 Nuveen Investments
INSURED DIVIDEND INSURED TAX-FREE
ADVANTAGE (NVG) ADVANTAGE (NEA)
------------------------------ ------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/09 10/31/08 4/30/09 10/31/08
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 14,669,789 $ 29,763,002 $ 8,798,099 $ 17,541,421
Net realized gain (loss) from:
Investments (8,968,257) (1,658,018) (2,421,623) 1,751,437
Forward swaps 5,000,000 -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 38,956,169 (66,810,547) 22,754,041 (44,503,698)
Forward swaps (1,124,391) 1,124,391 -- --
Distributions to Auction Rate Preferred shareholders:
From net investment income (1,223,272) (8,645,473) (726,063) (5,024,148)
From accumulated net realized gains -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations 47,310,038 (46,226,645) 28,404,454 (30,234,988)
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (10,731,541) (20,720,244) (6,555,819) (13,115,689)
From accumulated net realized gains -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (10,731,541) (20,720,244) (6,555,819) (13,115,689)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common Shares:
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- 34,771
Cost of repurchases (120,115) -- (212,353) --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions (120,115) -- (212,353) 34,771
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares 36,458,382 (66,946,889) 21,636,282 (43,315,906)
Net assets applicable to Common shares at the beginning of period 383,035,195 449,982,084 229,075,412 272,391,318
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $ 419,493,577 $ 383,035,195 $ 250,711,694 $229,075,412
===================================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ 1,860,988 $ (853,988) $ 459,762 $ (1,056,455)
===================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 79
Statement of
CASH FLOWS
Six Month Ended April 30, 2009 (Unaudited)
INSURED INSURED INSURED
QUALITY OPPORTUNITY PREMIUM INCOME 2
(NQI) (NIO) (NPX)
- -----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 53,847,473 $ 116,431,858 $ 45,686,093
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 (14,292,404) (61,879,013) (19,782,306)
Proceeds from sales and maturities of investments 36,787,789 77,055,756 19,453,985
Proceeds from (Purchases of) short-term investments, net 18,655,000 7,230,000 12,975,000
Amortization (Accretion) of premiums and discounts, net (1,333,008) (2,747,674) 666,436
(Increase) Decrease in receivable for dividends and interest 178,566 (340,161) (292,770)
(Increase) Decrease in receivable for investments sold (94,966) 425,000 (2,222,468)
(Increase) Decrease in other assets (56,065) (170,248) 16,922
Increase (Decrease) in payable for investments purchased -- (1,415,234) --
Increase (Decrease) in payable for Auction Rate Preferred share dividends (63,075) (96,685) --
Increase (Decrease) in accrued management fees (14,403) 1,723 7,727
Increase (Decrease) in accrued other liabilities (33,250) 7,789 (90,954)
Net realized (gain) loss from investments 5,821,832 1,202,181 12,382,690
Change in net unrealized (appreciation) depreciation of investments (42,360,298) (81,420,154) (43,387,939)
Taxes paid on undistributed capital gains (54) -- (7,310)
- -----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 57,043,137 54,285,138 25,405,106
- -----------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations 9,025,000 16,760,000 (15,830,000)
Increase (Decrease) in cash overdraft balance -- -- 1,878,489
Cash distributions paid to Common shareholders (14,126,878) (28,763,821) (11,533,148)
(Increase) Decrease in deferred offering costs -- -- 41,894
Increase (Decrease) in payable for offering costs -- -- (237,080)
Increase (Decrease) in Auction Rate Preferred shares, at liquidation value (52,575,000) (50,050,000) --
- -----------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (57,676,878) (62,053,821) (25,679,845)
- -----------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (633,741) (7,768,683) (274,739)
Cash at the beginning of period 7,632,112 24,694,557 274,739
- -----------------------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF PERIOD $ 6,998,371 $ 16,925,874 $ --
===================================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid by Insured Quality (NQI), Insured Opportunity (NIO) Insured Premium
Income 2 (NPX) for interest (excluding amortization of offering costs) was
$302,969, $634,964 and $1,503,342, respectively.
See accompanying notes to financial statements.
80 Nuveen Investments
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen Insured Quality Municipal Fund, Inc. (NQI), Nuveen
Insured Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Insured Municipal
Income Fund, Inc. (NIF), Nuveen Insured Premium Income Municipal Fund 2 (NPX),
Nuveen Insured Dividend Advantage Municipal Fund (NVG) and Nuveen Insured
Tax-Free Advantage Municipal Fund (NEA) (collectively, the "Funds"). Common
shares of Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured
Income (NIF) and Insured Premium Income 2 (NPX) are traded on the New York Stock
Exchange while Common shares of Insured Dividend Advantage (NVG) and Insured
Tax-Free Advantage (NEA) are traded on the NYSE Amex (formerly, American Stock
Exchange). The Funds are registered under the Investment Company Act of 1940, as
amended, as closed-end, management investment companies.
During the fiscal period, the Board of Directors/Trustees of each of the
following funds voted to recommend that each Nuveen Florida closed-end fund be
merged or reorganized into one of three existing Nuveen national municipal bond
closed-end funds, as follows:
o Nuveen Florida Investment Quality Municipal Fund (NQF) and Nuveen Florida
Quality Income Municipal Fund (NUF) into Nuveen Premium Income Municipal
Fund 2, Inc. (NPM);
o Nuveen Insured Florida Premium Income Municipal Fund (NFL) into Insured
Opportunity (NIO);
o Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) into
Insured Tax-Free Advantage (NEA)
(collectively, the "Reorganizations"). The Board called a special meeting of
shareholders of each fund, originally scheduled in each case for May 15, 2009,
to vote on the Reorganizations. Those meetings were subsequently adjourned to
and reconvened in mid-June, at which time, shareholders of each of Florida
Investment Quality (NQF), Florida Quality Income (NUF), Insured Florida Premium
Income (NFL) and Insured Florida Tax-Free Advantage (NWF) approved its
respective Reorganization, with more than 80% of participating shares of each
fund voting in favor of the Reorganization. The consummation of the respective
Reorganizations remains subject to the approval of shareholders of Premium
Income 2 (NPM), Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA),
as the case may be, whose special shareholder meetings are now scheduled to be
reconvened on July 24, 2009. There can be no assurance that approval by those
funds' shareholders will be obtained.
Each Fund seeks to provide current income exempt from regular federal income
tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum
tax applicable to individuals, by investing primarily in a portfolio of
municipal obligations issued by state and local government authorities or
certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
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 Directors/Trustees. Prices
of forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. When market price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including yields or prices of investments of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates value.
Nuveen Investments 81
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
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, 2009, Insured
Opportunity (NIO) had outstanding when issued/delayed delivery purchase
commitments of $3,799,129. There were no such outstanding purchase commitments
in any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any. Dividend
income, if any, is recorded on the ex-dividend date.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its 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 Tax-Free Advantage (NEA) the alternative minimum tax
applicable to individuals, to retain such tax-exempt status when distributed to
shareholders of the Funds. Net realized capital gains and ordinary income
distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
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 at least 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 US
generally accepted accounting principles.
82 Nuveen Investments
Auction Rate Preferred Shares
The following Funds have issued and outstanding Auction Rate Preferred shares,
$25,000 stated value per share, as a means of effecting financial leverage. Each
Fund's Auction Rate Preferred shares are issued in more than one 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. As of April 30, 2009, the number of
Auction Rate Preferred shares outstanding, by Series and in total, for each Fund
is as follows:
PREMIER INSURED INSURED
INSURED INSURED INSURED DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NVG) (NEA)
- --------------------------------------------------------------------------------
Number of shares:
Series M 2,009 3,372 -- 2,860 --
Series T 2,010 3,372 -- 2,786 2,656
Series W 2,011 3,373 725 -- 2,656
Series W2 -- 2,698 -- -- --
Series TH 1,794 3,372 2,423 2,786 --
Series TH2 -- 3,374 -- -- --
Series F 2,010 3,371 2,424 -- --
- --------------------------------------------------------------------------------
Total 9,834 22,932 5,572 8,432 5,312
================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Auction Rate Preferred shares issued by the Funds
than there were offers to buy. This meant that these auctions "failed to clear,"
and that many Auction Rate Preferred shareholders who wanted to sell their
shares in these auctions were unable to do so. Auction Rate Preferred
shareholders unable to sell their shares received distributions at the "maximum
rate" applicable to failed auctions as calculated in accordance with the
pre-established terms of the Auction Rate Preferred shares.
These developments have generally not affected the portfolio management or
investment policies of the Funds. However, one implication of these auction
failures for Common shareholders is that the Funds' cost of leverage will likely
be higher, at least temporarily, than it otherwise would have been had the
auctions continued to be successful. As a result, the Funds' future Common share
earnings may be lower than they otherwise would have been. As of April 30, 2009,
the aggregate amount of outstanding Auction Rate Preferred shares redeemed by
each Fund is as follows:
PREMIER INSURED INSURED
INSURED INSURED INSURED DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NVG) (NEA)
- -----------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed, at $ 72,150,000 $ 106,700,000 $ 21,700,000 $ 22,200,000 $ 11,200,000
liquidation value
=============================================================================================================================
Variable Rate Demand Preferred Shares
On August 7, 2008, Insured Premium Income 2 (NPX) issued 2,190 Series 1 Variable
Rate Demand Preferred shares, $100,000 liquidation value per share, in a
privately negotiated offering. Proceeds of this offering along with the proceeds
from the Fund's creation of tender option bonds (TOBs), also known as "floaters"
or floating rate obligations, were used to redeem all of the Fund's outstanding
Auction Rate Preferred shares totaling $268,900,000. The Variable Rate Demand
Preferred shares were offered to institutional buyers as defined pursuant to
Rule 144A under the Securities Act of 1933, have a maturity date of August 1,
2038 and include a liquidity feature that allows the Variable Rate Demand
Preferred shareholders to have their shares purchased by the liquidity provider
in the event that sell orders are not matched with purchase orders in a
remarketing. Dividends on the Variable Rate Demand Preferred shares (which are
treated as interest payments for financial reporting purposes) are set weekly at
a rate established by a remarketing agent; therefore, the liquidation value of
the Variable Rate Demand Preferred shares approximates fair value.
Subject to certain conditions, Variable Rate Demand Preferred shares may be
redeemed, in whole or in part, at any time at the option of the Fund. The Fund
may also redeem certain of the Variable Rate Demand Preferred shares if the Fund
fails to maintain certain asset coverage requirements and such failures are not
cured by the applicable cure date. The redemption price per share is equal to
the sum of the liquidation value per share plus any accumulated but unpaid
dividends.
Insured Premium Income 2 (NPX) had all of its $219,000,000 Variable Rate Demand
Preferred shares outstanding for the six months ended April 30, 2009, with an
annualized interest rate of 1.02%.
Nuveen Investments 83
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
For financial reporting purposes only, the liquidation value of Variable Rate
Demand Preferred shares is recorded as a liability on the Statement of Assets
and Liabilities and the dividends paid on the Variable Rate Demand Preferred
shares are included as a component of "Interest expense and amortization of
offering costs" on the Statement of Operations. In addition to interest expense,
the Fund also paid a per annum liquidity fee which is recognized as "Liqudity
fees" on the Statement of Operations.
Insurance
Except to the extent that each of Insured Quality (NQI), Insured Opportunity
(NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) invests
in temporary investments, all of the net assets of each Fund will be invested in
municipal securities that are covered by insurance guaranteeing the timely
payment of principal and interest or backed by an escrow or trust account
containing sufficient U.S. Government or U.S. Government agency securities to
ensure timely payment of principal and interest. Insurers must have a claims
paying ability rated "Aaa" by Moody's or "AAA" by Standard & Poor's for Insured
Premium Income 2 (NPX) and "A" or better by at least one independent rating
agency for Insured Quality (NQI), Insured Opportunity (NIO) and Premier Insured
Income (NIF). Municipal securities backed by an escrow account or trust account
will not constitute more than 20% of each Fund's net assets.
Under normal circumstances, Insured Dividend Advantage (NVG) and Insured
Tax-Free Advantage (NEA) will invest at least 80% of their net assets (including
net assets attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares) in municipal securities that are covered by insurance
guaranteeing the timely payment of principal and interest. For purposes of this
80% test, insurers must have a claims paying ability rated at least "A" at the
time of purchase by at least one independent rating agency. In addition, each of
Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) will
invest at least 80% of its net assets (including net assets attributable to
Auction Rate Preferred shares or Variable Rate Demand Preferred shares) in
municipal securities that are rated at least "AA" at the time of purchase (based
on the higher of the rating of the insurer, if any, or the underlying security)
by at least one independent rating agency, or are unrated but judged to be of
similar credit quality by Nuveen Asset Management (the "Adviser"), a wholly
owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), or municipal bonds
backed by an escrow or trust account containing sufficient U.S. Government or
U.S. Government agency securities or U.S. Treasury-issued State and Local
Government Series securities to ensure timely payment of principal and interest.
Each of Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA)
may also invest up to 20% of its net assets (including net assets attributable
to Auction Rate Preferred shares or Variable Rate Demand Preferred shares) in
municipal securities rated below "AA" but at least "BBB" (based on the higher
rating of the insurer, if any, or the underlying bond) or are unrated but judged
to be of comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
84 Nuveen Investments
Inverse Floating Rate Securities
Each Fund is authorized to 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"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - 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 No. 140 (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
"(UB) - 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 the related interest paid to the holders of the short-term
floating rate certificates is included as a component of "Interest expense and
amortization of offering costs" on the Statement of Operations.
During the six months ended April 30, 2009, each Fund invested in
externally-deposited inverse floaters and/or sell deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.
At April 30, 2009, each Fund's maximum exposure to externally-deposited Recourse
Trusts, is as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- ----------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ 8,456,650 $ -- $ -- $ 4,625,000 $ -- $ --
======================================================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended April 30, 2009, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- ------------------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations $ 56,317,320 $ 116,762,173 $ 19,240,801 $ 72,632,265 $ 17,692,505 $ 12,053,370
Average annual interest rate and fees 1.08% 1.10% 1.08% 1.10% 1.06% 1.18%
====================================================================================================================================
Nuveen Investments 85
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
Forward Swap Transactions
Each Fund is authorized to invest in forward interest rate swap transactions.
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. Insured Dividend
Advantage (NVG) invested in forward interest rate swap transactions during the
six months ended April 30, 2009.
Market and Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (credit risk). Similar to credit risk, each Fund may be
exposed to counterparty risk, or the risk that an institution or other entity
with which the Fund has unsettled or open transactions will default. The
potential loss could exceed the value of the financial assets recorded on the
financial statements. Financial assets, which potentially expose each Fund to
credit risk, consist principally of cash due from counterparties on forward,
option and swap transactions. The extent of each Fund's exposure to credit and
counterparty risks in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage credit risk by entering into agreements only the Adviser
believes have the financial resources to honor their obligations and by having
the Adviser monitor the financial stability of the counterparties. Additionally,
counterparties may be required to pledge collateral daily (based on the daily
valuation of the financial asset) on behalf of each Fund with a value
approximately equal to the amount of any unrealized gain above a pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, 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 valuations fluctuate, either up or down, by at least
the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Offering Costs
Costs incurred by Insured Premium Income 2 (NPX) in connection with its offering
of the Variable Rate Demand Preferred shares ($2,535,000) were recorded as a
deferred charge which will be amortized over the 30-year life of the shares and
are included as a component of "Interest expense and amortization of offering
costs" on the Statement of Operations.
86 Nuveen Investments
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with US 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. FAIR VALUE MEASUREMENTS
During the current fiscal period, the Funds adopted the provisions of Statement
of Financial Accounting Standards No. 157 (SFAS No. 157) "Fair Value
Measurements." SFAS No. 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles, and expands
disclosure about fair value measurements. In determining the value of each
Fund's investments various inputs are used. These inputs are summarized in the
three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
etc.).
Level 3 - Significant unobservable inputs (including management's assumptions
in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities.
The following is a summary of each Fund's fair value measurements as of April
30, 2009:
INSURED QUALITY (NQI) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- -------------------------------------------------------------------------------------------------------------------
Investments $ -- $ 782,501,400 $ -- $ 782,501,400
===================================================================================================================
INSURED OPPORTUNITY (NIO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- -------------------------------------------------------------------------------------------------------------------
Investments $ -- $ 1,764,150,113 $ -- $ 1,764,150,113
===================================================================================================================
PREMIER INSURED INCOME (NIF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- -------------------------------------------------------------------------------------------------------------------
Investments $ -- $ 427,187,541 $ -- $ 427,187,541
===================================================================================================================
INSURED PREMIUM INCOME 2 (NPX) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- -------------------------------------------------------------------------------------------------------------------
Investments $ -- $ 730,873,927 $ -- $ 730,873,927
===================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- -------------------------------------------------------------------------------------------------------------------
Investments $ 1,372,047 $ 647,647,722 $ -- $ 649,019,769
===================================================================================================================
INSURED TAX-FREE ADVANTAGE (NEA) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
- -------------------------------------------------------------------------------------------------------------------
Investments $ -- $ 389,115,229 $ -- $ 389,115,229
===================================================================================================================
Nuveen Investments 87
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
3. FUND SHARES
Common Shares
On July 30, 2008, the Funds' Board of Directors/Trustees approved an open-market
share repurchase program under which each Fund may repurchase an aggregate of up
to approximately 10% of its outstanding Common shares.
Transactions in Common shares were as follows:
INSURED INSURED PREMIER INSURED
QUALITY (NQI) OPPORTUNITY (NIO) INCOME (NIF)
---------------------- --------------------- ---------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/09 10/31/08 4/30/09 10/31/08 4/30/09 10/31/08
- -----------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
Repurchased -- -- -- -- -- --
===========================================================================================================
Weighted average Common share:
Price per share repurchased -- -- -- -- -- --
Discount per share repurchased -- -- -- -- -- --
===========================================================================================================
INSURED INSURED INSURED
PREMIUM INCOME 2 (NPX) DIVIDEND ADVANTAGE (NVG) TAX-FREE ADVANTAGE (NEA)
--------------------- ------------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/09 10/31/08 4/30/09 10/31/08 4/30/09 10/31/08
- -----------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due to
reinvestment of distributions -- -- -- -- -- 2,432
Repurchased -- -- (10,400) -- (19,300) --
=================================================================================================================
Weighted average Common share:
Price per share repurchased -- -- $ 11.53 -- $ 10.98 --
Discount per share repurchased -- -- 16.82% -- 18.03% --
=================================================================================================================
Preferred Shares
Transactions in Auction Rate Preferred shares were as follows:
INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO)
------------------------------------------ ---------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
4/30/09 10/31/08 4/30/09 10/31/08
- --------------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares
redeemed:
Series M 431 $ 10,775,000 160 $ 4,000,000 294 $ 7,350,000 334 $ 8,350,000
Series T 430 10,750,000 160 4,000,000 294 7,350,000 334 8,350,000
Series W 429 10,725,000 160 4,000,000 294 7,350,000 333 8,325,000
Series W2 -- -- -- -- 236 5,900,000 266 6,650,000
Series TH 383 9,575,000 143 3,575,000 295 7,375,000 333 8,325,000
Series TH2 -- -- -- -- 294 7,350,000 332 8,300,000
Series F 430 10,750,000 160 4,000,000 295 7,350,000 334 8,350,000
- --------------------------------------------------------------------------------------------------------------------------------
Total 2,103 $ 52,575,000 783 $ 19,575,000 2,002 $ 50,050,000 2,266 $ 56,650,000
================================================================================================================================
88 Nuveen Investments
PREMIER INSURED INCOME (NIF) INSURED PREMIUM INCOME 2 (NPX)
-------------------------------------------- -------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
4/30/09 10/31/08 4/30/09 10/31/08
- --------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares
redeemed:
Series M -- $ -- -- $ -- -- $ -- 2,080 $ 52,000,000
Series T -- -- -- -- -- -- 2,200 55,000,000
Series W 83 2,075,000 32 800,000 -- -- 2,080 52,000,000
Series TH 272 6,800,000 105 2,625,000 -- -- 2,200 55,000,000
Series F 271 6,775,000 105 2,625,000 -- -- 2,196 54,900,000
- --------------------------------------------------------------------------------------------------------------------------
Total 626 $ 15,650,000 242 $ 6,050,000 -- $ -- 10,756 $ 268,900,000
==========================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA)
-------------------------------------------- -------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
4/30/09 10/31/08 4/30/09 10/31/08
- --------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares
redeemed:
Series M 219 $ 5,475,000 81 $ 2,025,000 -- $ -- -- $ --
Series T 214 5,350,000 80 2,000,000 -- -- 224 5,600,000
Series W -- -- -- -- -- -- 224 5,600,000
Series TH 214 5,350,000 80 2,000,000 -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Total 647 $ 16,175,000 241 $ 6,025,000 -- $ -- 448 $ 11,200,000
==========================================================================================================================
Transactions in Variable Rate Demand Preferred shares were as follows:
INSURED
PREMIUM INCOME 2 (NPX)
----------------------------------------
SIX MONTHS
ENDED YEAR ENDED
4/30/09 10/31/08
- -----------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------
Variable Rate Demand Preferred shares issued:
Series 1 -- $ -- 2,190 $ 219,000,000
- -----------------------------------------------------------------------------------------
4. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended April 30, 2009, were as
follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- --------------------------------------------------------------------------------------------------------------
Purchases $ 14,292,404 $ 61,879,013 $ 2,253,120 $ 19,782,306 $ 37,008,060 $ 15,421,153
Sales and maturities 36,787,789 77,055,756 7,567,075 19,453,985 33,980,050 11,670,062
==============================================================================================================
5. 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 timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
transactions subject to SFAS No. 140. To the extent that differences arise that
are permanent in nature, such amounts are reclassified within the capital
accounts on the Statement of Assets and Liabilities presented in the annual
report, based on their federal tax basis treatment; temporary differences do not
require reclassification. Temporary and permanent differences do not impact the
net asset values of the Funds.
At April 30, 2009, the cost of investments was as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- ----------------------------------------------------------------------------------------------------------------------
Cost of investments $ 754,716,297 $ 1,657,422,285 $ 400,679,112 $ 678,846,768 $ 617,231,279 $ 380,914,830
======================================================================================================================
Nuveen Investments 89
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2009, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- -----------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 22,818,539 $ 67,135,755 $ 18,119,784 $ 20,997,183 $ 31,807,090 $ 15,951,102
Depreciation (60,948,898) (94,603,058) (16,542,699) (35,152,983) (28,930,627) (19,703,335)
- -----------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ (38,130,359) $ (27,467,303) $ 1,577,085 $ (14,155,800) $ 2,876,463 $ (3,752,233)
===================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at October 31, 2008, the Funds' last tax year
end, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- ---------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 200,116 $ 725,061 $ 523,065 $ -- $ 765,434 $ --
Undistributed net ordinary income ** 360 120,852 271 48,735 308 --
Undistributed net long-term capital
gains -- -- -- -- -- --
===============================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2008, paid on November 3, 2008.
** 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 Funds' last tax year ended
October 31, 2008 was designated for purposes of the dividends paid deduction as
follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- --------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 39,541,469 $ 81,436,577 $ 18,358,222 $32,147,770 $29,301,122 $18,112,355
Distributions from net ordinary income ** -- 4,243 -- 290,759 -- 49,701
Distributions from net long-term capital gains -- 211,271 -- -- -- --
================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
90 Nuveen Investments
At October 31, 2008, the Funds' last tax year end, the 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:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- --------------------------------------------------------------------------------------------------------------------------
Expiration:
October 31, 2013 $ -- $ -- $ -- $ -- $ 160,392 $ 4,675,683
October 31, 2014 731,585 -- 164,691 -- 1,187,192 --
October 31, 2015 -- -- 437,571 -- -- 35,274
October 31, 2016 3,901,375 11,531,354 2,437,248 6,922,132 3,430,093 378,957
- --------------------------------------------------------------------------------------------------------------------------
Total $ 4,632,960 $ 11,531,354 $ 3,039,510 $ 6,922,132 $ 4,777,677 $ 5,089,914
==========================================================================================================================
Insured Premium Income 2 (NPX) had $295,910 of its capital loss carryforward
expire on October 31, 2008.
6. 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 Auction Rate
Preferred shares or Variable Rate Demand Preferred shares) of each Fund as
follows:
INSURED QUALITY (NQI)
INSURED OPPORTUNITY (NIO)
PREMIER INSURED INCOME (NIF)
INSURED PREMIUM INCOME 2 (NPX)
AVERAGE DAILY NET ASSETS (1) 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
================================================================================
INSURED DIVIDEND ADVANTAGE (NVG)
INSURED TAX-FREE ADVANTAGE (NEA)
AVERAGE DAILY NET ASSETS (1) 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 following table.
As of April 30, 2009, the complex-level fee rate was .1998%.
Nuveen Investments 91
| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)
The complex-level fee schedule is as follows:
COMPLEX-LEVEL NET ASSET BREAKPOINT
LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
- --------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed net assets of all Nuveen
funds, with such daily managed net assets defined separately for each fund
in its management agreement, but excluding assets attributable to
investments in other Nuveen funds. For the complex-level and fund-level
fee components, daily managed net assets includes assets managed by the
Adviser that are attributable to each fund's use of financial leverage.
For these purposes, financial leverage includes the funds' use of
preferred stock and borrowings and investments in the residual interest
certificates (also called inverse floating rate securities) in tender
option bond (TOB) trusts, including the portion of assets held by the TOB
trust that has been effectively financed by the trust's issuance of
floating rate securities, subject to an agreement by the Adviser to limit
the amount of such assets for determining managed net assets in certain
circumstances.
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 Directors/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
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/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 ten years of Insured Dividend Advantage's (NVG) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Auction Rate Preferred shares or
Variable Rate Demand Preferred shares), for fees and expenses in the amounts and
for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
- --------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured Dividend Advantage (NVG) for any
portion of its fees and expenses beyond March 31, 2012.
92 Nuveen Investments
For the first eight years of Insured Tax-Free Advantage's (NEA) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Auction Rate Preferred shares or
Variable Rate Demand 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 Tax-Free Advantage (NEA) for any
portion of its fees and expenses beyond November 30, 2010.
7. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 161 (SFAS No. 161)
In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivative instruments and related hedge items
are accounted for, and c) how derivative instruments and related hedge items
affect a fund's financial position, results of operations and cash flows. SFAS
No. 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. As of April 30, 2009,
management does not believe the adoption of SFAS No. 161 will impact the
financial statement amounts; however, additional footnote disclosures may be
required about the use of derivative instruments and hedging items.
Financial Accounting Standards Board Staff Position No. 157-4 (FSP No. 157-4)
On April 9, 2009, the Financial Accounting Standards Board issued FSP No. 157-4,
"Determining Fair Value When the Volume and Level of Activity for the Asset or
Liability Have Significantly Decreased and Identifying Transactions That Are Not
Orderly." FSP No. 157-4 provides additional guidance for estimating fair value
in accordance with SFAS No. 157, "Fair Value Measurements," when the volume and
level of activity for the asset or liability have significantly decreased. FSP
No. 157-4 also requires additional disaggregation of the current SFAS No. 157
required disclosures. FSP No. 157-4 is effective for interim and annual
reporting periods ending after June 15, 2009, and shall be applied
prospectively. At this time, management is evaluating the implications of FSP
No. 157-4 and the impact it will have on the financial statement disclosures.
8. 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, 2009, to shareholders of record on
May 15, 2009, as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
- -------------------------------------------------------------------------------------------------------------
Dividend per share $ .0625 $ .0605 $ .0635 $ .0595 $ .0645 $ .0620
=============================================================================================================
Auction Participation Fees
Effective May 1, 2009, auction participation fees for Nuveen Auction Rate
Preferred shares with respect to auctions that have failed have been reduced
from 25 bps (annualized) to 15 bps (annualized). All auction participants have
signed new agreements incorporating this change.
Auction Rate Preferred Shares
On May 13, 2009, Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage
(NEA), noticed for redemption $8.15 million and $1.65 million, respectively, of
their outstanding Auction Rate Preferred shares, at liquidation value, using
tender option bonds (TOBs).
On June 2, 2009, Premier Insured Income (NIF) and Insured Tax-Free Advantage
(NEA), also noticed for redemption $9.175 million and $2.5 million,
respectively, of their outstanding Auction Rate Preferred shares, at liquidation
value, using TOBs.
Nuveen Investments 93
| Financial HIGHLIGHTS(Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
----------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Auction Rate Auction Rate
Net Asset Investment Unrealized Preferred Preferred
Value Income Gain (Loss) Shareholders+ Shareholders+ Total
- ------------------------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ 11.68 $ .49 $ .96 $ (.04) $ -- $ 1.41
2008 14.88 .99 (3.16) (.30) -- (2.47)
2007 15.40 .99 (.49) (.29) -- .21
2006 15.31 .99 .24 (.25) (.01) .97
2005 15.85 1.03 (.39) (.16) -- .48
2004 15.72 1.08 .20 (.08) -- 1.20
INSURED OPPORTUNITY (NIO)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 12.39 .49 .99 (.04) -- 1.44
2008 15.04 .97 (2.62) (.30) --*** (1.95)
2007 15.57 .98 (.45) (.30) (.01) .22
2006 15.46 .98 .34 (.24) (.03) 1.05
2005 16.06 1.01 (.50) (.16) -- .35
2004 15.89 1.05 .20 (.08) -- 1.17
==================================================================================================================
Less Distributions
-----------------------------------
Offering
Net Costs and
Investment Capital Auction Rate Ending
Income to Gains to Preferred Common
Common Common Share Share Ending
Share- Share- Underwriting Net Asset Market
holders holders Total Discounts Value Value
- -------------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
- -------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ (.37) $ -- $ (.37) $ -- $ 12.72 $ 12.14
2008 (.73) -- (.73) -- 11.68 11.15
2007 (.73) -- (.73) -- 14.88 13.61
2006 (.80) (.08) (.88) -- 15.40 14.83
2005 (.97) (.05) (1.02) -- 15.31 15.31
2004 (1.02) (.05) (1.07) -- 15.85 16.00
INSURED OPPORTUNITY (NIO)
- -------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) (.36) -- (.36) -- 13.47 12.15
2008 (.70) --*** (.70) -- 12.39 11.15
2007 (.73) (.02) (.75) -- 15.04 13.56
2006 (.80) (.14) (.94) -- 15.57 14.75
2005 (.92) (.03) (.95) -- 15.46 14.52
2004 (.97) (.03) (1.00) -- 16.06 16.05
=======================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred Shares
at End of Period at End of Period
-------------------------------------- -----------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
- -----------------------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
- -----------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ 245,850 $ 25,000 $ 74,540 $ -- $ -- $ --
2008 298,425 25,000 62,485 -- -- --
2007 318,000 25,000 69,808 -- -- --
2006 318,000 25,000 71,378 -- -- --
2005 318,000 25,000 71,052 -- -- --
2004 318,000 25,000 72,565 -- -- --
INSURED OPPORTUNITY (NIO)
- -----------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 573,300 25,000 72,656 -- -- --
2008 623,350 25,000 65,315 -- -- --
2007 680,000 25,000 69,864 -- -- --
2006 680,000 25,000 71,440 -- -- --
2005 680,000 25,000 71,126 -- -- --
2004 680,000 25,000 72,904 -- -- --
=================================================================================================================
94 Nuveen Investments
Ratios/Supplemental Data
------------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement
---------------------- ---------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value* Value* Shares (000) Interest++(a) Interest++(a) Income++
- -------------------------------------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
- -------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 12.50% 12.26% $ 487,180 1.42%***** 1.29%***** 8.22%*****
2008 (13.35) (17.24) 447,463 1.49 1.23 7.03
2007 (3.48) 1.38 569,958 1.52 1.18 6.53
2006 2.76 6.53**** 589,928 1.20 1.20 6.49
2005 2.11 3.09 585,777 1.19 1.19 6.58
2004 4.37 7.90 605,028 1.19 1.19 6.88
INSURED OPPORTUNITY (NIO)
- -------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 12.41 11.74 1,092,846 1.36***** 1.24***** 7.66*****
2008 (13.17) (13.45) 1,005,218 1.43 1.19 6.76
2007 (3.18) 1.49 1,220,297 1.41 1.16 6.39
2006 8.26 7.05**** 1,263,172 1.17 1.17 6.38
2005 (3.72) 2.21 1,254,638 1.16 1.16 6.35
2004 9.47 7.64 1,302,985 1.16 1.16 6.59
===============================================================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement**
---------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
- ------------------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
- ------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 1.41%***** 1.28%***** 8.24%***** 2%
2008 1.47 1.21 7.05 7
2007 1.50 1.16 6.55 5
2006 1.20 1.20 6.49 13
2005 1.19 1.19 6.58 21
2004 1.19 1.19 6.88 8
INSURED OPPORTUNITY (NIO)
- ------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 1.35***** 1.23***** 7.68***** 4
2008 1.41 1.17 6.78 9
2007 1.40 1.14 6.41 5
2006 1.17 1.17 6.38 13
2005 1.16 1.16 6.35 25
2004 1.16 1.16 6.59 8
============================================================================================================
* Total Return Based 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. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based 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. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
**** During the fiscal year ended October 31, 2006, Insured Quality (NQI) and
Insured Opportunity (NIO) received payments from the Adviser of $27,762
and $42,338, respectively, to offset losses realized on the disposal of
investments purchased in violation of each Fund's investment restrictions.
This reimbursement did not have an impact on the Funds' Total Return on
Common Share Net Asset Value.
***** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares, where applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund, where applicable, as
both are more fully described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(b) For the six months ended April 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 95
| Financial HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
----------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Auction Rate Auction Rate
Net Asset Investment Unrealized Preferred Preferred
Value Income Gain (Loss) Shareholders+ Shareholders+ Total
- ---------------------------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
- ---------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ 12.54 $ .49 $ 1.17 $ (.04) $ -- $ 1.62
2008 14.90 .96 (2.37) (.31) -- (1.72)
2007 15.40 .97 (.47) (.29) -- .21
2006 15.33 .98 .25 (.25) (.02) .96
2005 16.00 1.01 (.49) (.16) (.01) .35
2004 15.69 1.03 .36 (.08) -- 1.31
INSURED PREMIUM INCOME 2 (NPX)
- ---------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 11.39 .39 .84 -- -- 1.23
2008 13.73 .80 (2.32) (.20) -- (1.72)
2007 14.16 .86 (.39) (.26) -- .21
2006 13.93 .86 .28 (.23) -- .91
2005 14.45 .89 (.44) (.14) -- .31
2004 14.24 .93 .23 (.07) -- 1.09
=====================================================================================================================
Less Distributions
--------------------------------
Offering
Net Costs and
Investment Capital Auction Rate Ending
Income to Gains to Preferred Common
Common Common Share Share Ending
Share- Share- Underwriting Net Asset Market
holders holders Total Discounts Value Value
- -----------------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
- -----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ (.34) $ -- $ (.34) $ -- $ 13.82 $ 12.69
2008 (.64) -- (.64) -- 12.54 11.19
2007 (.71) -- (.71) -- 14.90 13.25
2006 (.79) (.10) (.89) -- 15.40 14.60
2005 (.93) (.09) (1.02) -- 15.33 14.40
2004 (.98) (.02) (1.00) -- 16.00 15.64
INSURED PREMIUM INCOME 2 (NPX)
- -----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) (.31) -- (.31) -- 12.31 11.10
2008 (.62) -- (.62) -- 11.39 9.56
2007 (.64) -- (.64) -- 13.73 12.18
2006 (.68) -- (.68) -- 14.16 13.03
2005 (.83) -- (.83) -- 13.93 12.83
2004 (.88) -- (.88) -- 14.45 14.11
===========================================================================================================
Auction Rate Preferred Shares at Variable Rate Demand Preferred Shares at
End of Period End of Period
--------------------------------------- -------------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
- ---------------------------------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
- ---------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ 139,300 $ 25,000 $ 73,166 $ -- $ -- $ --
2008 154,950 25,000 64,301 -- -- --
2007 161,000 25,000 69,938 -- -- --
2006 161,000 25,000 71,429 -- -- --
2005 161,000 25,000 71,215 -- -- --
2004 161,000 25,000 73,240 -- -- --
INSURED PREMIUM INCOME 2 (NPX)
- ---------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) -- -- -- 219,000 100,000 309,909
2008 -- -- -- 219,000 100,000 294,318
2007 268,900 25,000 72,696 -- -- --
2006 268,900 25,000 74,180 -- -- --
2005 268,900 25,000 73,392 -- -- --
2004 268,900 25,000 75,176 -- -- --
===========================================================================================================================
96 Nuveen Investments
Ratios/Supplemental Data
------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement
------------------- ---------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value* Value* Shares (000) Interest++(a) Interest++(a) Income++
- -------------------------------------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
- -------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 16.73% 13.08% $ 268,380 1.38%*** 1.30%*** 7.45%***
2008 (11.12) (11.92) 243,589 1.42 1.25 6.72
2007 (4.66) 1.40 289,400 1.38 1.21 6.41
2006 7.68 6.46 299,001 1.22 1.22 6.44
2005 (1.66) 2.16 297,624 1.20 1.20 6.39
2004 7.55 8.62 310,666 1.21 1.21 6.53
INSURED PREMIUM INCOME 2 (NPX)
- -------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 19.63 10.95 459,701 2.20*** 1.48*** 6.77***
2008 (17.17) (12.98) 425,557 2.13 1.25 6.12
2007 (1.77) 1.55 513,021 1.76 1.16 6.19
2006 7.11 6.75 528,984 1.16 1.16 6.14
2005 (3.32) 2.14 520,508 1.16 1.16 6.20
2004 6.42 7.89 539,697 1.16 1.16 6.52
===============================================================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement**
-------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
- ------------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
- ------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 1.37%*** 1.29%*** 7.46%*** 1%
2008 1.40 1.22 6.75 6
2007 1.36 1.19 6.43 9
2006 1.21 1.21 6.44 8
2005 1.20 1.20 6.40 20
2004 1.20 1.20 6.53 13
INSURED PREMIUM INCOME 2 (NPX)
- ------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 2.19*** 1.47*** 6.78*** 3
2008 2.11 1.23 6.14 8
2007 1.74 1.14 6.21 5
2006 1.16 1.16 6.15 15
2005 1.16 1.16 6.20 23
2004 1.16 1.16 6.53 14
======================================================================================================
* Total Return Based 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. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based 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. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares, where applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund, where applicable, as
both are more fully described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(b) For the six months ended April 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 97
Financial
HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
-------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Auction Rate Auction Rate
Net Asset Investment Unrealized Preferred Preferred
Value Income Gain (Loss) Shareholders+ Shareholders+ Total
- --------------------------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
- --------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ 12.85 $ .49 $ 1.14 $ (.04) $ -- $ 1.59
2008 15.09 1.00 (2.25) (.29) -- (1.54)
2007 15.50 1.00 (.38) (.28) -- .34
2006 15.23 1.01 .33 (.25) -- 1.09
2005 15.78 1.00 (.38) (.15) (.01) .46
2004 15.41 1.02 .42 (.07) -- 1.37
INSURED TAX-FREE ADVANTAGE (NEA)
- --------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 12.37 .48 1.09 (.04) -- 1.53
2008 14.71 .95 (2.31) (.27) -- (1.63)
2007 14.93 .97 (.21) (.27) -- .49
2006 14.56 .97 .38 (.24) -- 1.11
2005 14.75 .97 (.19) (.15) -- .63
2004 14.54 .99 .21 (.07) -- 1.13
==========================================================================================================================
Less Distributions
--------------------------------
Offering
Net Costs and
Investment Capital Auction Rate Ending
Income to Gains to Preferred Common
Common Common Share Share Ending
Share- Share- Underwriting Net Asset Market
holders holders Total Discounts Value Value
- --------------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
- --------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ (.36) $ -- $ (.36) $ -- $ 14.08 $ 12.69
2008 (.70) -- (.70) -- 12.85 11.42
2007 (.75) -- (.75) -- 15.09 13.71
2006 (.82) -- (.82) -- 15.50 14.89
2005 (.89) (.12) (1.01) -- 15.23 14.17
2004 (.93) (.07) (1.00) -- 15.78 14.89
INSURED TAX-FREE ADVANTAGE (NEA)
- --------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) (.35) -- (.35) -- 13.55 12.53
2008 (.71) -- (.71) -- 12.37 11.40
2007 (.71) -- (.71) -- 14.71 14.30
2006 (.74) -- (.74) -- 14.93 14.35
2005 (.81) (.01) (.82) -- 14.56 13.41
2004 (.92) (.01) (.93) .01 14.75 14.91
==============================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred Shares
at End of Period at End of Period
---------------------------------------- -----------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
- -----------------------------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
- -----------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) $ 210,800 $ 25,000 $ 74,750 $ -- $ -- $ --
2008 226,975 25,000 67,189 -- -- --
2007 233,000 25,000 73,281 -- -- --
2006 233,000 25,000 74,575 -- -- --
2005 233,000 25,000 73,714 -- -- --
2004 233,000 25,000 75,471 -- -- --
INSURED TAX-FREE ADVANTAGE (NEA)
- -----------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 132,800 25,000 72,197 -- -- --
2008 132,800 25,000 68,124 -- -- --
2007 144,000 25,000 72,290 -- -- --
2006 144,000 25,000 73,005 -- -- --
2005 144,000 25,000 71,808 -- -- --
2004 144,000 25,000 72,415 -- -- --
=============================================================================================================================
98 Nuveen Investments
Ratios/Supplemental Data
-----------------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
Total Returns Before Credit/Reimbursement
-------------------- --------------------------------------------------
Based Ending
on Net
Based Common Assets
on Share Net Applicable Expenses Expenses Net
Market Asset to Common Including Excluding Investment
Value* Value* Shares (000) Interest++(a) Interest++(a) Income++
- -----------------------------------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 14.53% 12.52% $ 419,494 1.28%*** 1.23%*** 7.08%***
2008 (12.11) (10.64) 383,035 1.32 1.17 6.48
2007 (3.12) 2.25 449,982 1.31 1.14 6.15
2006 11.09 7.39 462,037 1.15 1.15 6.15
2005 2.00 2.93 454,018 1.15 1.15 5.96
2004 7.61 9.19 470,389 1.15 1.15 6.09
INSURED TAX-FREE ADVANTAGE (NEA)
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 13.30 12.57 250,711 1.32*** 1.26*** 7.16***
2008 (15.97) (11.56) 229,075 1.26 1.19 6.27
2007 4.59 3.35 272,391 1.19 1.17 6.04
2006 12.82 7.82 276,506 1.19 1.19 6.12
2005 (4.68) 4.33 269,614 1.19 1.19 6.06
2004 7.41 8.07 273,112 1.20 1.20 6.24
===================================================================================================================================
Ratios/Supplemental Data
----------------------------------------------------------
Ratios to Average Net Assets
Applicable to Common Shares
After Credit/Reimbursement**
------------------------------------------
Expenses Expenses Net Portfolio
Including Excluding Investment Turnover
Interest++(a) Interest++(a) Income++ Rate
- ---------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
- ---------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) .97%*** .93%*** 7.38%*** 5%
2008 .96 .81 6.84 7
2007 .88 .71 6.58 12
2006 .70 .70 6.60 15
2005 .70 .70 6.42 2
2004 .70 .70 6.54 11
INSURED TAX-FREE ADVANTAGE (NEA)
- ---------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2009(b) 1.04*** .98*** 7.44*** 3
2008 .86 .80 6.67 8
2007 .69 .67 6.54 6
2006 .69 .69 6.61 --
2005 .70 .70 6.55 1
2004 .71 .71 6.73 13
=========================================================================================================
* Total Return Based 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. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based 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. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or Variable Rate Demand
Preferred shares, where applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund, where applicable, as
both are more fully described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(b) For the six months ended April 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 99
Reinvest Automatically Easily and Conveniently
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
100 Nuveen Investments
by the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
Nuveen Investments 101
Glossary of Terms Used in this Report
o AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
o 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.
o 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.
o 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.
102 Nuveen Investments
o 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.
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares
issued in order to leverage the Fund) from its total assets and then
dividing the remainder by the number of common shares outstanding. Fund
NAVs are calculated at the end of each business day.
o 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.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
Nuveen Investments 103
Notes
104 Nuveen Investments
Notes
Nuveen Investments 105
Notes
106 Nuveen Investments
Other Useful Information
BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
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
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2008, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities 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 (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 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. During the period covered by this report, the Funds repurchased
and/or redeemed shares of their common and/or preferred stock as shown in the
accompanying table.
COMMON SHARES PREFERRED SHARES
REPURCHASED REDEEMED
NQI -- 2,103
NIO -- 2,002
NIF -- 626
NPX -- --
NVG 10,400 647
NEA 19,300 --
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
Nuveen Investments 107
Nuveen Investments: Serving Investors for Generations
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.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its growing range of specialized investment solutions under the
high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $115 billion of
assets on March 31, 2009.
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.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
It's not what you earn,
it's what you keep.(R)
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-D-0409D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Period* (a) (b) (c) (d)*
TOTAL NUMBER OF AVERAGE TOTAL NUMBER OF SHARES MAXIMUM NUMBER (OR
SHARES (OR PRICE (OR UNITS) PURCHASED AS APPROXIMATE DOLLAR VALUE) OF
UNITS) PAID PER PART OF PUBLICLY SHARES (OR UNITS) THAT MAY YET
PURCHASED SHARE (OR ANNOUNCED PLANS OR BE PURCHASED UNDER THE PLANS OR
UNIT) PROGRAMS PROGRAMS
NOVEMBER 1-30, 2008 0 0 1,855,000
DECEMBER 1-31, 2008 0 0 1,855,000
JANUARY 1-31, 2009 0 0 1,855,000
FEBRUARY 1-28, 2009 19,300 $10.98 19,300 1,835,700
MARCH 1-31, 2009 0 0 1,835,700
APRIL 1-30, 2009 0 0 1,835,700
TOTAL 19,300
* The registrant's repurchase program, which authorized the repurchase of
1,855,000 shares, was announced August 7, 2008. Any repurchases made by the
registrant pursuant to the program were made through open-market
transactions.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Directors or Trustees
implemented after the registrant last provided disclosure in response to
this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
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: See 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 Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: July 8, 2009
-------------------------------------------------------------------
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 8, 2009
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2009
-------------------------------------------------------------------