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 811-09451
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Nuveen Massachusetts Dividend Advantage Municipal Fund
------------------------------------------------------------------------------
(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)
Jessica R. Droeger
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: May 31, 2003
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Date of reporting period: November 30, 2003
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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.
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
SEMIANNUAL REPORT November 30, 2003
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
NTC
NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND
NFC
NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2
NGK
NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3
NGO
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND
NMT
NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND
NMB
NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND
NGX
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND
NOM
Photo of: Man holding up small boy.
Photo of: 2 women with 2 girls looking at seashells.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
ELECTRONICALLY
By registering for electronic delivery, you will receive an e-mail as soon as
your Nuveen Fund information is available. Click on the link and you will be
taken directly to the report. Your Fund report can be viewed and saved on your
computer. Your report will arrive faster via e-mail than by traditional mail.
Registering is easy and only takes a few minutes (see instructions at right).
--------------------------------------------------------------------------------
SOME COMMON CONCERNS:
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No, your e-mail address is strictly confidential and will not be used for
anything other than notification of shareholder information.
WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
MAIL DELIVERY AGAIN?
If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
--------------------------------------------------------------------------------
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM and follow the simple instructions, using
the address sheet that accompanied this report as a guide.
2 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen and follow the simple instructions.
3 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: WE THINK YOUR NUVEEN FUND CAN BE AN IMPORTANT BUILDING BLOCK IN A
PORTFOLIO DESIGNED TO PERFORM WELL THROUGH A VARIETY OF MARKET CONDITIONS.
Dear
SHAREHOLDER
I am very pleased to report that for the six months ended November 30, 2003,
your Nuveen Fund continued to provide you with attractive monthly tax-free
income.
Your Nuveen Fund is managed with a value investing strategy that puts an
emphasis on finding securities that we think are undervalued or underrated. We
believe that there are always some municipal bonds that the market is not
properly valuing, and that by using a consistent, research-oriented management
approach we have the opportunity to find them for your Fund.
In this low-rate environment, many have begun to wonder whether interest rates
will soon start to rise, and whether that possibility should cause them to
adjust their holdings of fixed-income investments. We believe that by
constructing a carefully balanced portfolio with the help of a trusted
investment professional you may be able to reduce your overall investment risk
and give yourself a better chance to meet your financial goals. We think that
municipal bond investments like your Nuveen Fund can be important building
blocks in a portfolio designed to perform well through a variety of market
conditions.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
January 15, 2004
1
Nuveen Municipal Closed-End Exchange-Traded Funds
(NTC, NFC, NGK, NGO, NMT, NMB, NGX, NOM)
Portfolio Managers'
COMMENTS
Portfolio managers Paul Brennan, Tom O'Shaughnessy, and Scott Romans discuss
national and state economic and market conditions, key investment strategies,
and the recent performance of these eight Nuveen Funds. With 12 years of
investment experience, Paul has managed NTC since 1999, NFC since 2001, NGK and
NGO since 2002, and NMT and NMB since January 2003. Tom, a 20-year veteran of
Nuveen, assumed portfolio management responsibility for NGX in January 2003.
Scott, who joined Nuveen in 2000, took over management responsibility for NOM in
November 2003.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
SIX-MONTH REPORTING PERIOD ENDED NOVEMBER 30, 2003?
Over the past six month period, the two greatest influences on the general
economy and the municipal market continued to be historically low interest rates
and the overall pace of economic improvement. In June 2003, the Federal Reserve
reduced the fed funds rate to 1.0%, the lowest level since 1958. The Fed's
accommodative monetary policy, coupled with Washington's tax relief measures and
increased spending for defense and national security, helped to fuel a jump of
8.2% (annualized) in the third-quarter gross domestic product (GDP), up from
3.3% in the second quarter. At the same time, inflation remained under control.
In the municipal market, the slow rate of economic recovery over the majority of
this period, low interest rates, and lack of inflationary pressures helped many
municipal bonds perform well. During the summer of 2003, however,
stronger-than-expected economic data precipitated a spike in bond yields and a
corresponding drop in bond prices that impacted results across all fixed-income
markets, including the municipal market, for the six-month period ended November
30, 2003.
During the first 11 months of 2003, municipal supply nationally remained on a
record-setting pace, with $347.1 billion in new bonds, up 5% over the same
period in 2002.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN CONNECTICUT AND MASSACHUSETTS?
Despite a heavy debt load and weak employment trends, Connecticut continued to
feature a diverse economy and the highest per capita income in the nation.
Health and education services, financial services, and retail served as the
major drivers of the economy over the six month period, while biopharmaceutical
firms also showed growth. However, continued losses in manufacturing,
information technology, and construction offset these gains. As of November
2003, unemployment in the state had risen to 5.0% from 4.6% a year earlier,
remaining below the current national average of 5.9%.
During the first 11 months of 2003, Connecticut issued $5.6 billion in new
municipal paper, an increase of 16% over the same period in 2002. In July 2003,
citing the state's fiscal problems and the delay in adopting a plan to close a
$2.3 billion gap in the state budget, Moody's downgraded Connecticut's general
obligation (GO) debt to Aa3 from Aa2, while Standard & Poor's maintained a
rating of AA for the state.
2
Massachusetts continued to grapple with a sluggish economy and budgetary stress
brought on by a drop in tax revenues and aggravated by cuts in the state's
personal income tax. While Massachusetts' manufacturing sector continued to shed
jobs, signs of increased export activity have emerged, and defense contractors
may benefit from increased government spending. In November 2003, unemployment
was 5.4%, down from 5.8% in August 2003 and on par with the jobless rate a year
earlier.
During the first 11 months of 2003, municipal issuance in Massachusetts
decreased 15% from the same period during 2002, totaling $10.4 billion. In
September 2003, Moody's reconfirmed its Aa2 rating for Massachusetts GO paper,
while S&P reaffirmed its AA- outlook in October 2003.
WHAT WERE ECONOMIC AND MARKET CONDITIONS FOR MISSOURI?
Despite a job growth picture that remained extremely weak, Missouri continued to
benefit from a diverse industrial base, sound financial operations, low debt
levels, and the ability to build reserve balances. Along with job losses in the
manufacturing, construction, and wholesale trade sectors, the state also
experienced a lack of new job growth in non-manufacturing sectors. Even under
these conditions, Missouri's unemployment rate declined to 5.0% in November
2003, down from 5.6% 12 months earlier. The state's reserve position enabled
Missouri to maintain financial flexibility and an adequate cushion.
In the first 11 months of 2003, Missouri issued $5.3 billion in new debt, an
increase of 3% over 2002 levels. As of November 2003, Missouri general
obligation bonds were rated Aaa/AAA by Moody's and S&P, respectively.
HOW DID THESE NUVEEN FUNDS PERFORM OVER THE 12 MONTHS ENDED NOVEMBER 30, 2003?
Individual results for these Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
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1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
11/30/03 EQUIVALENT3 11/30/03 11/30/03 11/30/03
-------------------------------------------------------------------------
NTC 5.43% 7.93% 9.40% 6.65% 10.28%
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NFC 5.54% 8.09% 10.10% 6.65% 10.28%
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NGK 5.57% 8.13% 11.53% 6.65% 10.28%
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NGO 5.71% 8.34% 10.83% 6.65% 10.28%
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NMT 5.64% 8.29% 7.50% 6.65% 10.28%
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NMB 5.77% 8.49% 11.53% 6.65% 10.28%
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NGX 5.48% 8.06% 7.92% 7.09% 10.28%
-------------------------------------------------------------------------
NOM 5.19% 7.69% 9.10% 6.65% 10.28%
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Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the 12-month period ended November 30, 2003, the total return of all seven
of the noninsured Funds in this report outperformed the unleveraged Lehman
Brothers Municipal Bond Index, while NGX outperformed its insured Lehman
benchmark. NFC, NGK, NGO, and NMB also outperformed or performed in line with
their Lipper peer group average, while the remaining Funds (NTC, NMT, NGX and
NOM) trailed this measure.
The use of leverage was one of the factors that influenced the total return
performances of these Funds relative to the Lehman indexes. While leveraging
creates increased volatility, this strategy can also provide opportunities for
additional income for common shareholders, especially during periods of low
short-term interest rates, and income is an important component of total return
for any bond investment.
1 The total annual returns on common share net asset value (NAV) for the
noninsured Nuveen Funds are compared with the total annual return of the
Lehman Brothers Municipal Bond Index, an unleveraged, unmanaged national
index comprising a broad range of investment-grade municipal bonds. The
total annual return for NGX is compared with the total annual return of the
Lehman Insured Municipal Bond Index, an unleveraged, unmanaged national
index comprising a broad range of insured municipal bonds. Results for the
Lehman indexes do not reflect any expenses.
2 The total returns of these Funds are compared with the average annualized
return of the 43 funds in the Lipper Other States Municipal Debt Funds
category. Fund and Lipper returns assume reinvestment of dividends. It
should be noted that the performance of the Lipper Other States category
represents the overall average of annual returns for funds from 10
different states with a wide variety of economic and municipal market
conditions and investment guidelines, making direct comparisons less
applicable.
3 The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28% plus the applicable state income tax rate. The combined federal and
state tax rates used in this report are as follows: Connecticut 31.5%,
Massachusetts 32%, and Missouri 32.5%. The yields shown highlight the added
value of owning shares that are exempt from state as well as federal income
taxes.
3
In addition to leverage, factors such as call exposure, portfolio trading
activity, and the price movement of specific sectors and holdings also had an
impact on the Funds' relative performances during this period. For example,
holdings of multifamily housing bonds in NMT and NGX of 11% and 9% of their
portfolios, respectively, contributed to their trailing the other Funds in this
report. This was due largely to the decline in interest rates, which led to
dramatic growth in mortgage refinancings and increased the rate of prepayments,
adversely affecting both the prices and yields of housing bonds.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at historically low levels, the
dividend-payment capabilities of these Funds benefited from their use of
leverage. During the 12-months ended November 30, 2003, continued low short-term
rates enabled us to implement two dividend increases in NFC, NGK, and NMB and
one in NTC and NOM. Leverage also helped to support the dividends of NMT, which
has provided shareholders with 42 consecutive months of steady or increasing
dividends. NGO and NGX have paid shareholders attractive, stable dividends for
13 and 11 consecutive months, respectively.
Each Fund seeks to pay dividends at a rate that reflects the past and projected
performance of the Fund. To permit a Fund to maintain a more stable monthly
dividend, the 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 the Fund has cumulatively earned more than it has paid in dividends, it will
hold the excess in reserve as undistributed net investment income (UNII) as part
of the Fund's net asset value. Conversely, if the Fund has cumulatively paid in
dividends more than it has earned, the excess will constitute a negative UNII
which will likewise be reflected in the Fund's net asset value. Each Fund will,
over time, pay all its net investment income as dividends to shareholders. As of
November 30, 2003, NTC, NFC, NGK, NGO, NMT, NMB and NOM had positive UNII, while
NGX had negative UNII.
The share prices and net asset values of these Funds ended the period higher
than they had been at the beginning. The exceptions were NGO and NMB, which saw
their share prices decline over the 12-month period. As of November 30, 2003,
the Funds were trading at premiums to their common share NAVs, with the
exception of NGK and NGO which were trading at a discount (see individual
Performance Overview pages).
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE 12 MONTHS ENDED
NOVEMBER 30, 2003?
For this 12 month period, we continued to place strong emphasis on keeping the
Funds fully invested and well diversified, improving call protection, and
enhancing dividend-payment capabilities. A major focus continued to be
management of the Funds' durations as a way of enhancing our ability to mitigate
interest rate risk and produce potentially more consistent returns over time.
Interest rate risk is the risk that the value of a Fund's portfolio will decline
when market interest rates rise (since bond prices move in the opposite
direction of interest rates). The longer the duration of a Fund's portfolio, the
greater its interest rate risk.
4
Over the 12 month period, the durations of the newer Funds shortened
significantly. However, we kept the duration of NGX (11.37) slightly longer to
provide additional support for this newest Fund's income stream in the current
market environment.
In keeping with the steepness of the municipal yield curve, the majority of our
purchase activity over the past year focused on value opportunities in the long
intermediate part of the yield curve (i.e., bonds that mature in 15 to 20 years)
in the older Funds and in the 10-year to 15-year part of the yield in the newer
Funds. In many cases, bonds in these parts of the curve offered yields similar
to those of longer-term bonds but, had less inherent interest rate risk.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
NOVEMBER 30, 2003?
We believe that, given the current geopolitical and economic climate,
maintaining strong credit quality remains a vital requirement. As of November
30, 2003, the seven noninsured Funds offered excellent credit quality, with
allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 77% to 87%.
NGX, which is allowed to invest up to 20% in uninsured investment-grade quality
securities, held 83% of its portfolio in insured bonds as of November 30, 2003.
Looking at bond calls, these Funds generally offer good levels of call
protection over the next three years, with potential call exposure (as of
November 30, 2003) ranging from 2% in NMB to 20% in NTC during 2004- 2006. In
coming months, the number of actual bond calls in all of these Funds will depend
largely on market interest rates.
In general, we believe that these Nuveen Funds can continue to serve as
attractive sources of tax-free income, while simultaneously offering the
potential for considerable portfolio diversification. In our opinion, the Funds
represent a quality component a well-balanced core investment portfolio that can
continue to benefit shareholders over time.
5
Nuveen Connecticut Premium Income Municipal Fund
Performance
OVERVIEW As of November 30, 2003
NTC
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 70%
AA 16%
A 4%
BBB 9%
NR 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $16.25
--------------------------------------------------
Common Share Net Asset Value $15.17
--------------------------------------------------
Premium/(Discount) to NAV 7.12%
--------------------------------------------------
Market Yield 5.43%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.54%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 7.93%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $80,582
--------------------------------------------------
Average Effective Maturity (Years) 18.54
--------------------------------------------------
Leverage-Adjusted Duration3 8.03
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/20/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 6.52% 9.40%
--------------------------------------------------
5-Year 5.30% 6.63%
--------------------------------------------------
10-Year 6.49% 6.96%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Education and Civic Organizations 24%
--------------------------------------------------
Tax Obligation/General 18%
--------------------------------------------------
Tax Obligation/Limited 12%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
Water and Sewer 9%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.072
Jan 0.072
Feb 0.072
Mar 0.0735
Apr 0.0735
May 0.0735
Jun 0.0735
Jul 0.0735
Aug 0.0735
Sep 0.0735
Oct 0.0735
Nov 0.0735
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 16.1
16.14
16.25
16.2
16.7
16.56
16.52
16.48
16.6
16.85
16.56
16.63
16.4
16.27
16.55
16.65
16.51
16.45
16.7
16.36
16.37
16.7
16.85
17.14
17.2
17.25
16.67
17.05
17.2
17.02
16.82
16.77
15.88
15.52
15.35
15.74
15.78
15.71
15.7
15.82
16.2
16.4
16.45
16.32
16.29
16.11
16.34
11/30/03 16.25
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 31.5%.
2 The Fund also paid shareholders a net ordinary income distribution in
December 2002 of $0.0127 per share.
3 See definition of leverage-adjusted duration on the inside back cover of
this report.
6
Nuveen Connecticut Dividend Advantage Municipal Fund
Performance
OVERVIEW As of November 30, 2003
NFC
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 57%
AA 20%
A 8%
BBB 14%
NR 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $16.13
--------------------------------------------------
Common Share Net Asset Value $15.16
--------------------------------------------------
Premium/(Discount) to NAV 6.40%
--------------------------------------------------
Market Yield 5.54%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.69%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.09%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $38,742
--------------------------------------------------
Average Effective Maturity (Years) 19.09
--------------------------------------------------
Leverage-Adjusted Duration2 9.41
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 1/26/01)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 13.59% 10.10%
--------------------------------------------------
Since Inception 8.10% 7.89%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 21%
--------------------------------------------------
Education and Civic Organizations 21%
--------------------------------------------------
U.S. Guaranteed 12%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Tax Obligation/Limited 11%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.07
Jan 0.07
Feb 0.07
Mar 0.07
Apr 0.07
May 0.07
Jun 0.0715
Jul 0.0715
Aug 0.0715
Sep 0.0745
Oct 0.0745
Nov 0.0745
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 15.05
15
15.45
15.7
15.6
15.95
15.76
15.65
15.94
16.1
15.8
15.7
15.69
15.65
15.8
15.7
15.67
15.95
15.88
15.7
15.82
15.96
16
16.35
16.6
16.44
16.5
16.4
16.57
16.28
16.3
14.95
15.24
15.04
15
14.91
15.39
15.21
15.33
15.55
15.64
15.85
15.75
16.05
16.16
16.21
16.1
11/30/03 16.13
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 31.5%.
2 See definition of leverage-adjusted duration on the inside back cover of
this report.
7
Nuveen Connecticut Dividend Advantage Municipal Fund 2
Performance
OVERVIEW As of November 30, 2003
NGK
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 67%
AA 20%
A 5%
BBB 8%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.52
--------------------------------------------------
Common Share Net Asset Value $15.71
--------------------------------------------------
Premium/(Discount) to NAV (1.21)%
--------------------------------------------------
Market Yield 5.57%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.74%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.13%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $36,252
--------------------------------------------------
Average Effective Maturity (Years) 18.11
--------------------------------------------------
Leverage-Adjusted Duration3 9.77
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 8.93% 11.53%
--------------------------------------------------
Since Inception 7.60% 11.43%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 32%
--------------------------------------------------
Education and Civic Organizations 22%
--------------------------------------------------
U.S. Guaranteed 12%
--------------------------------------------------
Utilities 7%
--------------------------------------------------
Housing/Single Family 7%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.069
Jan 0.069
Feb 0.069
Mar 0.069
Apr 0.069
May 0.069
Jun 0.0705
Jul 0.0705
Aug 0.0705
Sep 0.072
Oct 0.072
Nov 0.072
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 15.15
15.3
15.3
15.35
15.35
15.55
15.55
15.51
15.55
15.84
15.85
15.6
15.45
15.5
15.68
15.43
15.63
15.96
15.58
15.7
15.6
15.7
15.9
15.8
16.55
16.69
16.69
16.46
16.7
16.25
15.71
14.98
15.01
14.55
14.33
14.43
14.87
14.93
15.3
15.31
15.38
15.71
15.65
15.75
15.84
15.5
15.7
11/30/03 15.52
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 31.5%.
2 The Fund also paid shareholders a capital gains distribution in December
2002 of $0.0623 per share.
3 See definition of leverage-adjusted duration on the inside back cover of
this report.
8
Nuveen Connecticut Dividend Advantage Municipal Fund 3
Performance
OVERVIEW As of November 30, 2003
NGO
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 71%
AA 14%
A 5%
BBB 10%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $13.66
--------------------------------------------------
Common Share Net Asset Value $14.55
--------------------------------------------------
Premium/(Discount) to NAV (6.12)%
--------------------------------------------------
Market Yield 5.71%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.93%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.34%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $63,224
--------------------------------------------------
Average Effective Maturity (Years) 19.08
--------------------------------------------------
Leverage-Adjusted Duration2 10.62
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 9/26/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -0.99% 10.83%
--------------------------------------------------
Since Inception -2.95% 6.50%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 26%
--------------------------------------------------
Tax Obligation/Limited 19%
--------------------------------------------------
Education and Civic Organizations 12%
--------------------------------------------------
Long-Term Care 9%
--------------------------------------------------
U.S. Guaranteed 9%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.065
Apr 0.065
May 0.065
Jun 0.065
Jul 0.065
Aug 0.065
Sep 0.065
Oct 0.065
Nov 0.065
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 14.75
14.6
14.71
14.75
14.85
15.09
15
15
15
14.99
14.8
14.92
14.75
14.96
14.71
14.65
14.88
14.85
14.6
14.7
14.65
15.14
15.05
15.09
15.2
15.23
15.25
14.94
15.35
15.15
14.37
13.35
13.62
13.35
13.45
13.42
13.66
13.95
13.83
14
14.29
14.2
14
13.91
13.76
13.69
13.84
11/30/03 13.66
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 31.5%.
2 See definition of leverage-adjusted duration on the inside back cover of
this report.
9
Nuveen Massachusetts Premium Income Municipal Fund
Performance
OVERVIEW As of November 30, 2003
NMT
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 65%
AA 16%
A 9%
BBB 8%
NR 2%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.65
--------------------------------------------------
Common Share Net Asset Value $14.88
--------------------------------------------------
Premium/(Discount) to NAV 5.17%
--------------------------------------------------
Market Yield 5.64%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.83%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.29%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $70,209
--------------------------------------------------
Average Effective Maturity (Years) 18.19
--------------------------------------------------
Leverage-Adjusted Duration2 9.38
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/18/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 8.07% 7.50%
--------------------------------------------------
5-Year 4.47% 5.70%
--------------------------------------------------
10-Year 7.66% 6.68%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Education and Civic Organizations 23%
--------------------------------------------------
Tax Obligation/General 19%
--------------------------------------------------
Healthcare 15%
--------------------------------------------------
Housing/Multifamily 11%
--------------------------------------------------
Transportation 8%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0735
Jan 0.0735
Feb 0.0735
Mar 0.0735
Apr 0.0735
May 0.0735
Jun 0.0735
Jul 0.0735
Aug 0.0735
Sep 0.0735
Oct 0.0735
Nov 0.0735
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 15.54
15.75
15.69
15.52
15.81
15.9
15.85
15.8
16.18
15.94
15.76
15.74
15.92
16.26
16.06
16.06
16.07
15.95
16.12
16.24
16.2
16.23
16.36
16.8
16.95
16.54
16.14
16.22
16.6
16.48
15.39
14.15
14.54
14.3
14.5
14.36
14.8
15.05
15.37
15.3
15.17
14.99
14.93
15.4
15.22
15
15.36
11/30/03 15.65
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 32%.
2 See definition of leverage-adjusted duration on the inside back cover of
this report.
10
Nuveen Massachusetts Dividend Advantage Municipal Fund
Performance
OVERVIEW As of November 30, 2003
NMB
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 65%
AA 19%
A 3%
BBB 13%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.90
--------------------------------------------------
Common Share Net Asset Value $15.50
--------------------------------------------------
Premium/(Discount) to NAV 2.58%
--------------------------------------------------
Market Yield 5.77%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.01%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.49%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $30,166
--------------------------------------------------
Average Effective Maturity (Years) 20.01
--------------------------------------------------
Leverage-Adjusted Duration2 9.55
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 1/30/01)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 1.06% 11.53%
--------------------------------------------------
Since Inception 7.79% 8.97%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 22%
--------------------------------------------------
Education and Civic Organizations 19%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Tax Obligation/Limited 11%
--------------------------------------------------
U.S. Guaranteed 8%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.073
Jan 0.073
Feb 0.073
Mar 0.073
Apr 0.073
May 0.073
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.0765
Oct 0.0765
Nov 0.0765
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 15.54
15.75
15.69
15.52
15.81
15.9
15.85
15.8
16.18
15.94
15.76
15.74
15.92
16.26
16.06
16.06
16.07
15.95
16.12
16.24
16.2
16.23
16.36
16.8
16.95
16.54
16.14
16.22
16.6
16.48
15.39
14.15
14.54
14.3
14.5
14.36
14.8
15.05
15.37
15.3
15.17
14.99
14.93
15.4
15.22
15
15.36
11/30/03 15.65
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 32%.
2 See definition of leverage-adjusted duration on the inside back cover of
this report.
11
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund
Performance
OVERVIEW As of November 30, 2003
NGX
Pie Chart:
CREDIT QUALITY
Insured 83%
AAA (uninsured) 3%
AA (uninsured) 9%
A (uninsured) 4%
BBB (uninsured) 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.77
--------------------------------------------------
Common Share Net Asset Value $14.60
--------------------------------------------------
Premium/(Discount) to NAV 8.01%
--------------------------------------------------
Market Yield 5.48%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.61%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.06%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $39,591
--------------------------------------------------
Average Effective Maturity (Years) 24.49
--------------------------------------------------
Leverage-Adjusted Duration2 11.37
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 9.21% 7.92%
--------------------------------------------------
Since Inception 10.36% 7.41%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 22%
--------------------------------------------------
Tax Obligation/Limited 20%
--------------------------------------------------
Education and Civic Organizations 20%
--------------------------------------------------
Healthcare 19%
--------------------------------------------------
Housing/Multifamily 9%
--------------------------------------------------
Bar Chart:
2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan 0.072
Feb 0.072
Mar 0.072
Apr 0.072
May 0.072
Jun 0.072
Jul 0.072
Aug 0.072
Sep 0.072
Oct 0.072
Nov 0.072
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
11/22/02 15.05
15.15
15.15
15.01
14.92
15
14.4
15
15
15
15.4
15.45
15
15
15.15
15.2
14.82
15.12
15.13
15.4
15.9
15.72
15.6
15.78
15.98
16.43
16.3
16.44
16.7
16.45
15.6
15.26
15.45
15.45
15.27
14.85
14.9
14.92
14.86
15.2
15.33
15.23
15.24
15.4
15.38
15.59
15.86
11/30/03 15.77
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 32%.
2 See definition of leverage-adjusted duration on the inside back cover of
this report.
12
Nuveen Missouri Premium Income Municipal Fund
Performance
OVERVIEW As of November 30, 2003
NOM
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 62%
AA 22%
A 3%
BBB 7%
NR 6%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $17.00
--------------------------------------------------
Common Share Net Asset Value $14.94
--------------------------------------------------
Premium/(Discount) to NAV 13.79%
--------------------------------------------------
Market Yield 5.19%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.21%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 7.69%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $33,342
--------------------------------------------------
Average Effective Maturity (Years) 17.43
--------------------------------------------------
Leverage-Adjusted Duration2 9.37
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/20/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 13.39% 9.10%
--------------------------------------------------
5-Year 7.70% 6.25%
--------------------------------------------------
10-Year 7.76% 6.57%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 22%
--------------------------------------------------
Healthcare 21%
--------------------------------------------------
Tax Obligation/General 20%
--------------------------------------------------
U.S. Guaranteed 8%
--------------------------------------------------
Education and Civic Organizations 7%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0725
Jan 0.0725
Feb 0.0725
Mar 0.0725
Apr 0.0725
May 0.0725
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0735
Oct 0.0735
Nov 0.0735
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/02 15.7
16.25
16.6
16.5
16.2
16.27
16.47
16.5
16.6
16.7
16.9
16.8
16.85
17.05
16.84
16.63
16.61
16.64
16.51
16.38
16.45
16.57
16.55
16.87
16.99
16.95
16.8
16.89
16.95
17.32
17.26
16.66
16.21
16.1
16.24
16.39
16.33
16.08
16.25
16.15
16.3
16.35
16.3
16.33
16.7
16.65
16.75
11/30/03 17
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Nuveen Fund on
an after-tax basis. With respect to investments that generate qualified
dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is
calculated using the current market yield and a federal income tax rate of
28%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 32.5%.
2 See definition of leverage-adjusted duration on the inside back cover of
this report.
13
Shareholder
MEETING REPORT
The Shareholder Meeting was held October 22, 2003 in Chicago at Nuveen's
headquarters.
NTC NFC NGK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett
For 4,727,586 -- 2,373,536 -- 2,233,942 --
Withhold 14,649 -- 4,509 -- 7,070 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Robert P. Bremner
For 4,727,586 -- 2,375,436 -- 2,236,942 --
Withhold 14,649 -- 2,609 -- 4,070 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Lawrence H. Brown
For 4,724,236 -- 2,375,436 -- 2,236,942 --
Withhold 17,999 -- 2,609 -- 4,070 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Jack B. Evans
For 4,725,662 -- 2,375,436 -- 2,236,942 --
Withhold 16,573 -- 2,609 -- 4,070 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Anne E. Impellizzeri
For 4,727,586 -- 2,372,234 -- 2,234,802 --
Withhold 14,649 -- 5,811 -- 6,210 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
William L. Kissick
For 4,683,986 -- 2,374,934 -- 2,234,802 --
Withhold 58,249 -- 3,111 -- 6,210 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Thomas E. Leafstrand
For 4,680,636 -- 2,374,934 -- 2,234,802 --
Withhold 61,599 -- 3,111 -- 6,210 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Peter R. Sawers
For 4,727,586 -- 2,374,934 -- 2,236,442 --
Withhold 14,649 -- 3,111 -- 4,570 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
14
NTC NFC NGK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For -- 1,484 -- 768 -- 689
Withhold -- -- -- -- -- 3
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,484 -- 768 -- 692
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,484 -- 768 -- 689
Withhold -- -- -- -- -- 3
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,484 -- 768 -- 692
====================================================================================================================================
Judith M. Stockdale
For 4,727,586 -- 2,372,736 -- 2,236,942 --
Withhold 14,649 -- 5,309 -- 4,070 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
Sheila W. Wellington
For 4,680,636 -- 2,372,234 -- 2,234,802 --
Withhold 61,599 -- 5,811 -- 6,210 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,742,235 -- 2,378,045 -- 2,241,012 --
====================================================================================================================================
15
Shareholder
MEETING REPORT (continued)
NGO NMT NMB
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett
For 4,277,805 -- 4,320,935 -- 1,830,540 --
Withhold -- -- 23,585 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Robert P. Bremner
For 4,277,805 -- 4,324,028 -- 1,830,540 --
Withhold -- -- 20,492 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Lawrence H. Brown
For 4,277,805 -- 4,324,028 -- 1,830,540 --
Withhold -- -- 20,492 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Jack B. Evans
For 4,277,805 -- 4,322,758 -- 1,830,540 --
Withhold -- -- 21,762 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Anne E. Impellizzeri
For 4,277,805 -- 4,320,758 -- 1,830,540 --
Withhold -- -- 23,762 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
William L. Kissick
For 4,251,805 -- 4,322,028 -- 1,830,540 --
Withhold 26,000 -- 22,492 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Thomas E. Leafstrand
For 4,251,805 -- 4,320,758 -- 1,830,540 --
Withhold 26,000 -- 23,762 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Peter R. Sawers
For 4,277,805 -- 4,322,028 -- 1,830,540 --
Withhold -- -- 22,492 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
16
NGO NMT NMB
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For -- 1,279 -- 1,273 -- 572
Withhold -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,279 -- 1,273 -- 572
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,279 -- 1,273 -- 572
Withhold -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,279 -- 1,273 -- 572
====================================================================================================================================
Judith M. Stockdale
For 4,277,805 -- 4,324,028 -- 1,830,540 --
Withhold -- -- 20,492 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
Sheila W. Wellington
For 4,248,305 -- 4,322,028 -- 1,830,540 --
Withhold 29,500 -- 22,492 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,277,805 -- 4,344,520 -- 1,830,540 --
====================================================================================================================================
17
Shareholder
MEETING REPORT (continued)
NGX NOM
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett
For 2,687,415 -- 1,982,467 --
Withhold -- -- 7,980 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Robert P. Bremner
For 2,687,415 -- 1,982,467 --
Withhold -- -- 7,980 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Lawrence H. Brown
For 2,687,415 -- 1,981,361 --
Withhold -- -- 9,086 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Jack B. Evans
For 2,687,415 -- 1,981,017 --
Withhold -- -- 9,430 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Anne E. Impellizzeri
For 2,687,415 -- 1,981,878 --
Withhold -- -- 8,569 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
William L. Kissick
For 2,687,415 -- 1,981,878 --
Withhold -- -- 8,569 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Thomas E. Leafstrand
For 2,687,415 -- 1,981,878 --
Withhold -- -- 8,569 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Peter R. Sawers
For 2,687,415 -- 1,981,878 --
Withhold -- -- 8,569 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
18
NGX NOM
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For -- 798 -- 584
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 798 -- 584
====================================================================================================================================
Timothy R. Schwertfeger
For -- 798 -- 584
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 798 -- 584
====================================================================================================================================
Judith M. Stockdale
For 2,687,415 -- 1,982,467 --
Withhold -- -- 7,980 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
Sheila W. Wellington
For 2,687,415 -- 1,981,878 --
Withhold -- -- 8,569 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,687,415 -- 1,990,447 --
====================================================================================================================================
19
Nuveen Connecticut Premium Income Municipal Fund (NTC)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.0%
$ 1,660 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,584,520
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 35.3%
Connecticut Higher Education Supplemental Loan Authority,
Revenue Bonds, Family Education Loan Program, Series 1996A:
945 5.800%, 11/15/14 (Alternative Minimum Tax) - 11/06 at 102.00 AAA 970,005
AMBAC Insured
600 5.875%, 11/15/17 (Alternative Minimum Tax) - 11/06 at 102.00 AAA 616,188
AMBAC Insured
640 Connecticut Higher Education Supplemental Loan Authority, 11/09 at 102.00 AAA 676,787
Revenue Bonds, Family Education Loan Program,
Series 1999A, 6.000%, 11/15/18 (Alternative Minimum
Tax) - AMBAC Insured
900 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 944,433
Revenue Bonds, Family Education Loan Program,
Series 2001A, 5.250%, 11/15/18 (Alternative Minimum
Tax) - MBIA Insured
1,540 Connecticut Health and Educational Facilities Authority, 1/04 at 102.00 A- 1,561,899
General Revenue Bonds, Quinnipiac College Issue,
Series 1993D, 6.000%, 7/01/23
2,000 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 AAA 2,198,900
Revenue Bonds, Trinity College Issue, Series 1996E,
5.875%, 7/01/26 - MBIA Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 AAA 1,628,640
Revenue Bonds, Loomis Chaffee School, Series 1996C,
5.500%, 7/01/16 - MBIA Insured
1,900 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,955,233
Revenue Bonds, Fairfield University Issue, Series 1998H,
5.000%, 7/01/23 - MBIA Insured
2,920 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 3,210,336
Revenue Bonds, Connecticut College Issue,
Series 1997-C1, 5.500%, 7/01/20 - MBIA Insured
2,525 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 2,775,531
Revenue Bonds, Connecticut State University System,
Series 2003E, 5.000%, 11/01/15 - FGIC Insured
1,250 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 AAA 1,312,538
Revenue Bonds, Fairfield University, Series 1999I,
5.250%, 7/01/25 - MBIA Insured
750 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 806,663
Revenue Bonds, Horace Bushnell Memorial Hall Issue,
Series 1999A, 5.625%, 7/01/29 - MBIA Insured
500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 513,200
Revenue Bonds, Trinity College, Series 2001G,
5.000%, 7/01/31 - AMBAC Insured
650 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 701,454
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.500%, 7/01/23
450 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 460,418
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 2,069,760
Revenue Bonds, University of Hartford Issue,
Series 2002E, 5.250%, 7/01/32 - RAAI Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,563,360
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
1,500 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 1,529,940
Revenue Bonds, Yale University, Series 2003-X1,
5.000%, 7/01/42
660 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 676,401
Revenue Bonds, Brunswick School, Series 2003B,
5.000%, 7/01/33 - MBIA Insured
1,000 The University of Connecticut, Student Fee Revenue 11/12 at 101.00 AAA 1,099,190
Refunding Bonds, Series 2002A, 5.250%, 11/15/19 -
FGIC Insured
1,100 The University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,169,916
Series 2003A, 5.125%, 2/15/21 - MBIA Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.8%
$ 2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa $ 2,046,180
Revenue Bonds, Stamford Hospital Issue, Series 1999G,
5.000%, 7/01/24 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 1,089,250
Revenue Bonds, William W. Backus Hospital Issue,
Series 1997D, 5.750%, 7/01/27 - AMBAC Insured
3,000 Connecticut Health and Educational Facilities Authority, 7/07 at 101.00 Aaa 3,068,280
Revenue Refunding Bonds, Middlesex Health Services
Issue, Series 1997H, 5.125%, 7/01/27 - MBIA Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA 2,202,940
Revenue Bonds, Eastern Connecticut Health Network
Issue, Series 2000A, 6.000%, 7/01/25 - RAAI Insured
500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 541,110
Revenue Bonds, Bristol Hospital Issue, Series 2002B,
5.500%, 7/01/21 - RAAI Insured
2,000 Connecticut Development Authority, Solid Waste Disposal 7/05 at 102.00 AAA 2,206,680
Facilities Revenue Bonds, Pfizer, Inc. Project,
Series 1994, 7.000%, 7/01/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.8%
1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100.00 AAA 1,053,590
Finance Program Bonds, Series 1999-D2,
6.200%, 11/15/41 (Alternative Minimum Tax)
765 Waterbury Nonprofit Housing Corporation, Connecticut, 1/04 at 100.00 AAA 767,119
Mortgage Revenue Bonds, FHA-Insured Mortgage Loan,
Fairmont Height Section 8 Assisted Project,
Series 1993A, 6.500%, 7/01/07 - MBIA Insured
1,895 Willimantic Housing Authority, Connecticut, GNMA 10/05 at 105.00 AAA 2,036,803
Collateralized Mortgage Loan, Multifamily Housing
Revenue Bonds, Village Heights Apartments Project,
Series 1995A, 8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.2%
500 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA 514,745
Finance Program Bonds, Series 2001A-1,
5.250%, 11/15/28
25 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA 25,762
Finance Program Bonds, Series 2001A, Subseries A-2,
5.450%, 5/15/32 (Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,024,170
Finance Program Bonds, Series 2001C,
5.300%, 11/15/33 (Alternative Minimum Tax)
985 Connecticut Housing Finance Authority, Housing Mortgage 5/12 at 100.00 AAA 1,013,191
Finance Program Bonds, Series 2001D, Subseries D-2,
5.350%, 11/15/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.6%
1,300 Connecticut Health and Educational Facilities Authority, 8/08 at 102.00 AAA 1,333,267
FHA-Insured Mortgage Revenue Bonds, Hebrew Home
and Hospital Issue, Series 1999B, 5.200%, 8/01/38
750 Connecticut Development Authority, First Mortgage 4/07 at 102.00 BBB- 740,063
Gross Revenue Healthcare Refunding Bonds, Church
Homes, Inc. - Congregational Avery Heights Project,
Series 1997, 5.700%, 4/01/12
615 Connecticut Development Authority, First Mortgage Gross 9/09 at 102.00 AA 671,279
Revenue Healthcare Refunding Bonds, Connecticut
Baptist Homes, Inc. Project, Series 1999,
5.500%, 9/01/15 - RAAI Insured
Connecticut Development Authority, Revenue Refunding
Bonds, Duncaster, Inc. Project, Series 1999A:
1,000 5.250%, 8/01/19 - RAAI Insured 2/10 at 102.00 AA 1,055,790
1,000 5.375%, 8/01/24 - RAAI Insured 2/10 at 102.00 AA 1,042,670
Connecticut Development Authority, Health Facility Revenue
Refunding Bonds, Alzheimer's Resource
Center of Connecticut, Inc. Project, Series 1994A:
245 6.875%, 8/15/04 No Opt. Call N/R 244,838
1,000 7.000%, 8/15/09 8/04 at 102.00 N/R 997,530
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 26.0%
750 Bridgeport, Connecticut, General Obligation Refunding 8/12 at 100.00 Aaa 816,270
Bonds, Series 2002A, 5.375%, 8/15/19 - FGIC Insured
1,000 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 1,063,310
Series 2003A, 5.250%, 9/15/23 - FSA Insured
Cheshire, Connecticut, General Obligation Bonds,
Issue of 1999:
660 5.625%, 10/15/16 10/09 at 101.00 Aa3 750,017
660 5.625%, 10/15/17 10/09 at 101.00 Aa3 747,701
1,000 Connecticut, General Obligation Bonds, 11/09 at 101.00 AA 1,119,370
Series 1999B, 5.500%, 11/01/18
21
Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued)
Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,000 State of Connecticut, General Obligation Bonds, 6/12 at 100.00 AA $ 2,220,680
Series 2002B, 5.500%, 6/15/21
1,500 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,655,565
Series 2002A, 5.375%, 4/15/19
1,000 Hartford, Connecticut, General Obligation Bonds, 6/10 at 102.00 AAA 1,110,800
Series 2000, 5.500%, 6/15/20 - FGIC Insured
400 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 424,608
Series 2000A, 6.000%, 6/01/20 - ACA Insured
500 Puerto Rico, Public Improvement General Obligation 7/11 at 100.00 AAA 518,195
Refunding Bonds, Series 2001, 5.125%, 7/01/30 -
FSA Insured
1,500 Puerto Rico Public Improvement, General Obligation No Opt. Call AAA 1,736,145
Refunding Bonds, Series 2002A, 5.500%, 7/01/20 -
MBIA Insured
Regional School District No. 16, Towns of Beacon Falls
and Prospect, Connecticut, General Obligation Bonds,
Issue of 2000:
350 5.500%, 3/15/18 - FSA Insured 3/10 at 101.00 Aaa 391,731
350 5.625%, 3/15/19 - FSA Insured 3/10 at 101.00 Aaa 394,436
350 5.700%, 3/15/20 - FSA Insured 3/10 at 101.00 Aaa 396,375
1,420 Regional School District No. 16, Connecticut, General 3/13 at 101.00 Aaa 1,564,102
Obligation Bonds, Series 2003, 5.000%, 3/15/16 -
AMBAC Insured
2,105 Town of Stratford, Connecticut, General Obligation Bonds, 2/12 at 100.00 AAA 2,139,585
Series 2002, 4.000%, 2/15/15 - FSA Insured
1,000 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,100,010
Series 2002A, 5.375%, 4/01/17 - FSA Insured
965 City of Waterbury, Connecticut, General Obligation Tax 2/09 at 101.00 AA 1,078,619
Revenue Intercept Bonds, 2000 Issue, 6.000%, 2/01/19 -
RAAI Insured
1,630 Town of Westport, Connecticut, General Obligation 2/12 at 100.00 Aaa 1,699,992
Bonds, Series 2003, 4.750%, 2/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 17.8%
1,900 Capitol Region Education Council, Connecticut, Revenue 10/05 at 102.00 BBB 2,019,168
Bonds, Series 1995, 6.700%, 10/15/10
2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 102.00 AAA 2,181,360
Revenue Bonds, Child Care Facilities Program,
Series 1999C, 5.625%, 7/01/29 - AMBAC Insured
1,000 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 1,097,200
Infrastructure Purposes, Series 2002A, 5.375%, 7/01/19 -
FSA Insured
Connecticut, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2002B:
2,000 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 2,115,120
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,050,680
500 Connecticut, Special Tax Obligation Bonds, Transportation 1/14 at 100.00 AAA 520,695
Infrastructure Purposes, Series 2003B, 5.000%, 1/01/23
(WI, Settling 12/09/03) - FGIC Insured
1,700 Connecticut, Special Tax Obligation Bonds, Transportation No Opt. Call AA- 2,064,055
Infrastructure Purposes, Series 1991B, 6.500%, 10/01/10
2,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA 2,158,020
5.250%, 8/01/21 - FSA Insured
1,000 Virgin Islands Public Finance Authority, Gross Receipts Tax 10/10 at 101.00 BBB 1,106,840
Loan Bonds, Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.2%
750 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 764,220
International Airport, Series 2001A, 5.125%, 10/01/26
(Alternative Minimum Tax) - FGIC Insured
1,000 Hartford, Connecticut, Parking System Revenue Bonds, 7/10 at 100.00 BBB 1,043,750
Series 2000A, 6.400%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.6%
1,500 Bridgeport, Connecticut, General Obligation Bonds, 7/10 at 101.00 AAA 1,791,090
Series 2000A, 6.000%, 7/15/19 (Pre-refunded to
7/15/10) - FGIC Insured
1,180 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 1,326,993
Settlement Asset-Backed Bonds, Series 2000,
5.750%, 7/01/20 (Pre-refunded to 7/01/10)
40 Connecticut, General Obligation Bonds, Series 1993E, No Opt. Call AA*** 47,573
6.000%, 3/15/12
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 1,000 Connecticut, Special Tax Obligation Bonds, Transportation 12/09 at 101.00 AAA $ 1,174,300
Infrastructure Purposes, Series 1999A, 5.625%, 12/01/19
(Pre-refunded to 12/01/09) - FGIC Insured
1,000 Connecticut, Second Injury Fund, Special Assessment 1/11 at 101.00 AAA 1,142,910
Revenue Bonds, Series 2000A, 5.250%, 1/01/14
(Pre-refunded to 1/01/11) - FSA Insured
1,000 Connecticut, Clean Water Fund Revenue Bonds, 10/11 at 100.00 AAA 1,164,000
Series 2001, 5.500%, 10/01/20 (Pre-refunded
to 10/01/11)
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,090,620
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.5%
1,500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 1,592,730
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
2,255 Connecticut Resources Recovery Authority, Resource 5/04 at 101.00 AAA 2,267,042
Recovery Revenue Bonds, American Ref-Fuel Company
of Southeastern Connecticut Project, Series 1989A,
7.700%, 11/15/11 - MBIA Insured
1,750 Connecticut Resources Recovery Authority, Corporate 12/11 at 102.00 Baa2 1,806,403
Credit Resource Recovery Revenue Bonds, American Ref
Fuel Company of Southeastern Connecticut, Series 2001A-I,
5.500%, 11/15/15 (Alternative Minimum Tax)
Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
395 5.500%, 1/01/14 (Alternative Minimum Tax) 1/04 at 101.00 BBB 397,868
1,590 5.500%, 1/01/20 (Alternative Minimum Tax) 1/04 at 101.00 BBB 1,590,032
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.4%
1,185 Connecticut, State Revolving Fund General Revenue 10/13 at 100.00 AAA 1,295,193
Bonds, Series 2003A, 5.000%, 10/01/16
1,500 Connecticut, State Revolving Fund General Revenue No Opt. Call AAA 1,678,845
Bonds, Series 2003B, 5.000%, 10/01/12
1,400 Connecticut Development Authority, Water Facilities 12/03 at 102.00 AAA 1,431,550
Revenue Refunding Bonds, Bridgeport Hydraulic Company
Project, Series 1993B, 5.500%, 6/01/28 - MBIA Insured
2,500 Connecticut Development Authority, Water Facilities 9/06 at 102.00 AAA 2,789,100
Revenue Bonds, Bridgeport Hydraulic Company Project,
Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax) -
AMBAC Insured
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
1,000 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 1,055,270
1,525 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,555,973
1,000 Stamford, Connecticut, Water Pollution Control System 11/13 at 100.00 AA+ 1,021,080
and Facility Revenue Bonds, Series 2003A,
5.000%, 11/15/32
------------------------------------------------------------------------------------------------------------------------------------
$ 109,380 Total Long-Term Investments (cost $110,569,712) - 145.2% 116,967,760
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 1,913,801
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.5)% (38,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 80,581,561
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
23
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.6%
Guam Economic Development Authority, Tobacco Settlement
Asset-Backed Bonds, Series 2001A:
$ 155 5.000%, 5/15/22 5/11 at 100.00 Baa2 $ 155,236
500 5.400%, 5/15/31 5/11 at 100.00 Baa2 474,975
1,270 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa2 1,160,793
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 30.4%
705 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 739,806
Revenue Bonds, Family Education Loan Program,
Series 2001A, 5.250%, 11/15/18 (Alternative
Minimum Tax) - MBIA Insured
50 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AA 50,439
Revenue Bonds, Sacred Heart University Issue,
Series 1998E, 5.000%, 7/01/28 - RAAI Insured
500 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 517,165
Revenue Bonds, University of New Haven, Series 1996D,
6.700%, 7/01/26
750 Connecticut, Health and Educational Facilities Authority, 11/12 at 100.00 AAA 824,415
Revenue Bonds, Connecticut State University System,
Series 2003E, 5.000%, 11/01/15 - FGIC Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 1,539,600
Revenue Bonds, Trinity College, Series 2001G,
5.000%, 7/01/31 - AMBAC Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 1,079,160
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.500%, 7/01/23
625 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 639,469
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,034,880
Revenue Bonds, University of Hartford Issue, Series 2002E,
5.250%, 7/01/32 - RAAI Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,042,240
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
750 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 764,970
Revenue Bonds, Yale University, Series 2003-X1,
5.000%, 7/01/42
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Higher
Education Revenue Bonds, Ana G. Mendez University
System Project, Series 1999:
125 5.375%, 2/01/19 2/09 at 101.00 BBB 129,258
270 5.375%, 2/01/29 2/09 at 101.00 BBB 273,021
The University of Connecticut, General Obligation Bonds,
Series 2001A:
1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,031,560
1,000 5.250%, 4/01/20 4/11 at 101.00 AA 1,078,650
1,000 4.750%, 4/01/21 4/11 at 101.00 AA 1,025,220
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 3.1%
125 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 127,886
Revenue Bonds, Stamford Hospital Issue, Series 1999G,
5.000%, 7/01/24 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,062,680
Revenue Bonds, Bristol Hospital Issue, Series 2002B,
5.500%, 7/01/32 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.4%
2,000 Stamford Housing Authority, Connecticut, Multifamily No Opt. Call BBB+ 2,098,740
Housing Revenue Bonds, Fairfield Apartments Project,
Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax)
(Mandatory put 12/01/08)
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.1%
$ 1,265 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA $ 1,302,305
Finance Program Bonds, Series 2001A-1,
5.250%, 11/15/28
45 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA 46,371
Finance Program Bonds, Series 2001A, Subseries A-2,
5.450%, 5/15/32 (Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,024,170
Finance Program Bonds, Series 2001C, 5.300%, 11/15/33
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.9%
250 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 255,050
Revenue Healthcare Bonds, Elim Park Baptist Home,
Inc. Project, Series 2003, 5.750%, 12/01/23
500 Connecticut Development Authority, Health Facility 8/04 at 102.00 N/R 464,275
Revenue Refunding Bonds, Alzheimer's Resource Center
of Connecticut, Inc. Project, Series 1994A,
7.250%, 8/15/21
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 30.7%
750 State of Connecticut, General Obligation Bonds, 6/12 at 100.00 AA 832,755
Series 2002B, 5.500%, 6/15/21
1,000 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,103,710
Series 2002A, 5.375%, 4/15/19
500 East Lyme, Connecticut, General Obligation Bonds, 7/11 at 102.00 Aaa 538,680
Series 2001, 5.125%, 7/15/20 - FGIC Insured
Hamden, Connecticut, General Obligation Bonds,
Series 2001:
640 5.250%, 8/15/18 - MBIA Insured 8/11 at 102.00 AAA 706,317
635 5.000%, 8/15/19 - MBIA Insured 8/11 at 102.00 AAA 681,165
300 5.000%, 8/15/20 - MBIA Insured 8/11 at 102.00 AAA 319,581
1,000 Hartford, Connecticut, General Obligation Bonds, 1/08 at 102.00 AAA 1,052,400
Series 1998, 4.700%, 1/15/15 - FGIC Insured
375 City of New Haven, Connecticut, General Obligation 2/08 at 101.00 AAA 389,719
Bonds, Series 1999, 4.700%, 2/01/15 - FGIC Insured
1,000 City of New Haven, Connecticut, General Obligation Bonds, 11/10 at 101.00 AAA 1,052,870
Series 2001A, 5.000%, 11/01/20 - FGIC Insured
250 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 265,380
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Town of Norwich, Connecticut, General Obligation Bonds,
Series 2001A:
585 5.000%, 4/01/15 - FGIC Insured 4/09 at 100.00 Aaa 634,596
575 5.000%, 4/01/17 - FGIC Insured 4/09 at 100.00 Aaa 617,912
475 5.000%, 4/01/18 - FGIC Insured 4/09 at 100.00 Aaa 507,082
575 5.000%, 4/01/19 - FGIC Insured 4/09 at 100.00 Aaa 611,737
275 5.000%, 4/01/20 - FGIC Insured 4/09 at 100.00 Aaa 290,722
1,000 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,100,010
Series 2002A, 5.375%, 4/01/17 - FSA Insured
Town of Windsor, Connecticut, General Obligation Bonds:
390 5.000%, 7/15/18 7/09 at 100.00 Aa2 416,746
390 5.000%, 7/15/19 7/09 at 100.00 Aa2 415,276
370 5.000%, 7/15/20 7/09 at 100.00 Aa2 391,416
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.4%
1,000 Connecticut Health and Educational Facilities Authority, 7/08 at 105.00 A 1,092,260
Revenue Bonds, New Opportunities for Waterbury, Inc.
Issue, Series 1998A, 6.750%, 7/01/28
500 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 551,655
Infrastructure Purposes, Series 2002A, 5.375%, 7/01/18 -
FSA Insured
1,475 Connecticut, Special Tax Obligation Bonds, Transportation No Opt. Call AAA 1,716,369
Infrastructure Purposes, Series 1998B, 5.500%, 11/01/12 -
FSA Insured
Connecticut, Certificates of Participation, Juvenile Training
School, Series 2001:
600 5.000%, 12/15/20 12/11 at 101.00 AA- 628,212
1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 1,017,820
500 Virgin Islands Public Finance Authority, Revenue Refunding 10/08 at 101.00 AA 527,430
Senior Lien Bonds, Matching Fund Loan Notes,
Series 1998A, 5.500%, 10/01/18 - RAAI Insured
750 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 833,985
Tax Loan Bonds, Series 1999A, 6.375%, 10/01/19
25
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued)
Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.6%
$ 2,500 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA $ 2,547,400
International Airport, Series 2001A, 5.125%, 10/01/26
(Alternative Minimum Tax) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.4%
570 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 641,005
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded to 7/01/10)
2,000 Connecticut, Clean Water Fund Revenue Bonds, 10/11 at 100.00 AAA 2,328,000
Series 2001, 5.500%, 10/01/20 (Pre-refunded to 10/01/11)
700 Farmington, Connecticut, General Obligation Bonds, 3/11 at 101.00 Aa1*** 785,029
Series 2001, 4.875%, 3/15/20 (Pre-refunded to 3/15/11)
Puerto Rico Infrastructure Financing Authority, Special
Obligation Bonds, Series 2000A:
1,425 5.500%, 10/01/32 10/10 at 101.00 AAA 1,556,798
1,300 5.500%, 10/01/40 10/10 at 101.00 AAA 1,417,806
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.9%
1,500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 1,592,730
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
1,000 Connecticut Resources Recovery Authority, Corporate Credit 12/11 at 102.00 Baa2 1,032,230
Resource Recovery Revenue Bonds, American Ref-Fuel
Company of Southeastern Connecticut, Series 2001A-I,
5.500%, 11/15/15 (Alternative Minimum Tax)
1,000 Eastern Connecticut Resource Recovery Authority, 1/04 at 101.00 BBB 1,007,260
Solid Waste Revenue Bonds, Wheelabrator Lisbon Project,
Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax)
1,975 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 2,073,809
Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured
790 Puerto Rico Electric Power Authority, Power Revenue 7/05 at 100.00 A- 824,175
Refunding Bonds, Series Z, 5.250%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.7%
1,185 Connecticut, State Revolving Fund General Revenue 10/13 at 100.00 AAA 1,295,191
Bonds, Series 2003A, 5.000%, 10/01/16
500 Connecticut, State Revolving Fund General Revenue No Opt. Call AAA 559,615
Bonds, Series 2003B, 5.000%, 10/01/12
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
750 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 791,453
720 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 734,623
------------------------------------------------------------------------------------------------------------------------------------
$ 54,210 Total Long-Term Investments (cost $54,744,187) - 148.2% 57,425,263
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 816,904
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.3)% (19,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 38,742,167
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
26
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.2%
$ 830 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 792,260
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 31.7%
500 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 517,165
Revenue Bonds, University of New Haven, Series 1996D,
6.700%, 7/01/26
500 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AAA 522,855
Revenue Bonds, Hopkins School Issue, Series 1998A,
5.000%, 7/01/20 - AMBAC Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 2,081,960
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.250%, 7/01/31
1,000 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 1,023,150
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,034,880
Revenue Bonds, University of Hartford Issue, Series 2002E,
5.250%, 7/01/32 - RAAI Insured
2,250 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,335,613
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21 - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,042,240
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
The University of Connecticut, Student Fee Revenue
Refunding Bonds, Series 2002A:
500 5.250%, 11/15/22 - FGIC Insured 11/12 at 101.00 AAA 540,050
1,000 5.000%, 11/15/29 - FGIC Insured 11/12 at 101.00 AAA 1,027,240
1,230 The University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,346,604
Series 2002A, 5.375%, 4/01/19
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 2.8%
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,030,310
Revenue Bonds, St. Francis Hospital and Medical
Center, Series 2002D, 5.000%, 7/01/22 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 10.0%
500 Connecticut Housing Finance Authority, Housing 11/07 at 102.00 AAA 529,295
Mortgage Finance Program Bonds, Series 1997B-2,
5.700%, 5/15/17 (Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing 11/11 at 100.00 AAA 1,042,650
Mortgage Finance Program Bonds, Series 2002A,
Subseries A-1, 5.450%, 11/15/28 - AMBAC Insured
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/11 at 100.00 AAA 1,046,480
Finance Program Bonds, Series 2002A, Subseries A-2,
5.600%, 11/15/28 (Alternative Minimum Tax) -
AMBAC Insured
980 Connecticut Housing Finance Authority, Housing Mortgage 5/12 at 100.00 AAA 1,008,048
Finance Program Bonds, Series 2001D, Subseries D-2,
5.350%, 11/15/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.1%
450 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AAA 476,159
Revenue Bonds, Village for Families and Children, Inc.
Issue, Series 2002A, 5.000%, 7/01/19 - AMBAC Insured
325 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 320,694
Revenue Healthcare Refunding Bonds, Church Homes,
Inc. - Congregational Avery Heights Project, Series 1997,
5.700%, 4/01/12
320 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 326,464
Revenue Healthcare Bonds, Elim Park Baptist, Inc. Project,
Series 2003, 5.750%, 12/01/23
27
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) (continued)
Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 46.4%
$ 1,000 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA $ 1,108,410
Series 2001C, 5.375%, 8/15/18 - FGIC Insured
2,000 State of Connecticut, General Obligation Bonds, No Opt. Call AA 2,317,780
Series 2001C, 5.500%, 12/15/12
1,000 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,103,710
Series 2002A, 5.375%, 4/15/19
2,105 Fairfield, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 2,291,103
Series 2002A, 5.000%, 4/01/16
Farmington, Connecticut, General Obligation Bonds,
Series 2002:
1,000 5.000%, 9/15/20 9/12 at 101.00 Aa1 1,067,110
1,450 5.000%, 9/15/21 9/12 at 101.00 Aa1 1,537,406
1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,373,317
Obligation Bonds, Series 2002, 5.000%, 4/01/22
Regional School District No. 008, Towns of Andover, Hebron
and Marlborough, County of Tolland, Connecticut, General
Obligation Bonds, Series 2002:
1,390 5.000%, 5/01/20 - FSA Insured 5/11 at 101.00 Aaa 1,470,703
1,535 5.000%, 5/01/22 - FSA Insured 5/11 at 101.00 Aaa 1,605,257
2,105 City of Stamford, Connecticut, General Obligation Bonds, 8/12 at 100.00 AAA 2,359,410
Series 2002, 5.000%, 8/15/16 (Pre-refunded to 8/15/12)
500 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 550,005
Series 2002A, 5.375%, 4/01/17 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 6.4%
1,625 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 1,775,540
Infrastructure Purposes, Series 2002A, 5.375%, 7/01/20 -
FSA Insured
500 Connecticut, Special Tax Obligation Bonds, Transportation 10/11 at 100.00 AAA 562,505
Infrastructure Purposes, Series 2001B, 5.375%, 10/01/13 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.2%
1,950 City of New Haven, Connecticut, Air Rights Parking Facility 12/12 at 101.00 AAA 2,242,910
Revenue Refunding Bonds, Series 2002, 5.375%, 12/01/15 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.5%
500 Connecticut, Special Tax Obligation Bonds, Transportation 11/07 at 101.00 AAA 561,270
Infrastructure Purposes, Series 1997A, 5.000%, 11/01/15
(Pre-refunded to 11/01/07) - FSA Insured
East Hartford, Connecticut, General Obligation Bonds,
Series 2002:
750 4.875%, 5/01/20 (Pre-refunded to 5/01/10) - FGIC Insured 5/10 at 100.00 Aaa 837,270
750 5.000%, 5/01/21 (Pre-refunded to 5/01/10) - FGIC Insured 5/10 at 100.00 Aaa 842,730
750 5.000%, 5/01/22 (Pre-refunded to 5/01/10) - FGIC Insured 5/10 at 100.00 Aaa 842,730
Puerto Rico Infrastructure Financing Authority, Special
Obligation Bonds, Series 2000A:
1,000 5.500%, 10/01/32 10/10 at 101.00 AAA 1,092,490
2,000 5.500%, 10/01/40 10/10 at 101.00 AAA 2,181,240
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.7%
750 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 796,365
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
1,000 Connecticut Resources Recovery Authority, Corporate 12/11 at 102.00 Baa2 1,032,230
Credit Resource Recovery Revenue Bonds, America Ref-
Fuel Company of Southeastern Connecticut Project,
Series 1998A-II, 5.500%, 11/15/15
(Alternative Minimum Tax)
Eastern Connecticut Resource Recovery Authority, Solid
Waste Revenue Bonds, Wheelabrator Lisbon
Project, Series 1993A:
500 5.500%, 1/01/15 (Alternative Minimum Tax) 1/05 at 100.00 BBB 500,730
510 5.500%, 1/01/20 (Alternative Minimum Tax) 1/04 at 101.00 BBB 510,010
1,000 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 1,050,030
Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.5%
$ 785 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA $ 857,995
Series 2003A, 5.000%, 10/01/16
1,000 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 1,119,230
Series 2003B, 5.000%, 10/01/12
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
750 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 791,453
660 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 673,405
------------------------------------------------------------------------------------------------------------------------------------
$ 49,555 Total Long-Term Investments (cost $50,083,480) - 146.5% 53,098,461
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 653,306
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.3)% (17,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 36,251,767
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
29
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.0%
$ 2,655 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,534,277
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.5%
1,000 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 1,099,220
Revenue Bonds, Connecticut State University System,
Series 2003E, 5.000%, 11/01/15 - FGIC Insured
3,100 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 3,268,826
Revenue Bonds, Trinity College, Series 2001G,
5.000%, 7/01/21 - AMBAC Insured
1,595 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 1,655,690
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21 - FSA Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,563,360
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
1,000 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 1,019,960
Revenue Bonds, Yale University, Series 2003-X1,
5.000%, 7/01/42
500 The University of Connecticut, Student Fee Revenue 11/12 at 101.00 AAA 540,050
Refunding Bonds, Series 2002A, 5.250%, 11/15/22 -
FGIC Insured
1,220 The University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,352,065
Series 2002A, 5.375%, 4/01/17
1,100 The University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,169,916
Series 2003A, 5.125%, 2/15/21 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 0.9%
500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 541,110
Revenue Bonds, Bristol Hospital Issue, Series 2002B,
5.500%, 7/01/21 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.2%
525 Connecticut Housing Finance Authority, Housing Mortgage 5/08 at 101.50 AAA 543,349
Finance Program Bonds, Series 1998E-2, 5.450%, 11/15/24
1,500 Connecticut Housing Finance Authority, Housing Mortgage 11/07 at 102.00 AAA 1,587,885
Finance Program Bonds, Series 1997B-2, 5.700%, 5/15/17
(Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/12 at 100.00 AAA 1,022,210
Finance Program Bonds, Series 2002F-3, 5.250%, 5/15/33
(Alternative Minimum Tax)
2,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 2,051,460
Finance Program Bonds, Series 2001D-2, 5.150%, 11/15/22
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 13.0%
Connecticut Housing Finance Authority, Special Needs
Housing Mortgage Finance Program Special Obligation
Bonds, Series SNH-1:
1,000 5.000%, 6/15/22 - AMBAC Insured 6/12 at 101.00 AAA 1,036,920
1,500 5.000%, 6/15/32 - AMBAC Insured 6/12 at 101.00 AAA 1,524,075
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Village for Families and Children, Inc.
Issue, Series 2002A:
430 5.000%, 7/01/18 - AMBAC Insured 7/12 at 101.00 AAA 458,135
475 5.000%, 7/01/20 - AMBAC Insured 7/12 at 101.00 AAA 498,413
260 5.000%, 7/01/23 - AMBAC Insured 7/12 at 101.00 AAA 267,881
1,000 5.000%, 7/01/32 - AMBAC Insured 7/12 at 101.00 AAA 1,017,110
600 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 592,050
Revenue Healthcare Refunding Bonds, Church
Homes, Inc. - Congregational Avery Heights Project,
Series 1997, 5.700%, 4/01/12
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 500 Connecticut Development Authority, First Mortgage 12/11 at 102.00 BBB+ $ 510,100
Gross Revenue Healthcare Bonds, Elim Park Baptist
Home, Inc. Project, Series 2003, 5.750%, 12/01/23
Connecticut Development Authority, Revenue Bonds,
Duncaster, Inc. Project, Series 2002:
650 5.125%, 8/01/22 - RAAI Insured 8/12 at 101.00 AA 669,910
1,665 4.750%, 8/01/32 - RAAI Insured 8/12 at 101.00 AA 1,618,896
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 38.7%
Bethel, Connecticut, General Obligation Bonds, Series 2002:
525 5.000%, 11/01/18 - FGIC Insured 11/12 at 100.00 Aaa 559,802
525 5.000%, 11/01/19 - FGIC Insured 11/12 at 100.00 Aaa 556,175
525 5.000%, 11/01/20 - FGIC Insured 11/12 at 100.00 Aaa 552,578
525 5.000%, 11/01/21 - FGIC Insured 11/12 at 100.00 Aaa 549,407
525 5.000%, 11/01/22 - FGIC Insured 11/12 at 100.00 Aaa 545,864
3,510 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 3,890,519
Series 2001C, 5.375%, 8/15/18 - FGIC Insured
500 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 531,655
Series 2003A, 5.250%, 9/15/23 - FSA Insured
2,500 State of Connecticut, General Obligation Bonds, 11/12 at 100.00 AA 2,739,025
Series 2002D, 5.375%, 11/15/21
1,000 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,045,550
Series 2002A, 5.000%, 4/15/21
450 Farmington, Connecticut, General Obligation Bonds, 9/12 at 101.00 Aa1 480,200
Series 2002, 5.000%, 9/15/20
New Canaan, Connecticut, General Obligation Bonds,
Series 2002, Lot A:
950 4.240%, 5/01/18 5/11 at 100.00 Aaa 959,319
950 4.500%, 5/01/19 5/11 at 100.00 Aaa 970,729
900 4.600%, 5/01/20 5/11 at 100.00 Aaa 920,142
500 4.700%, 5/01/21 5/11 at 100.00 Aaa 511,465
1,445 New Haven, Connecticut, General Obligation Bonds, 11/11 at 101.00 AAA 1,596,335
Series 2002A, 5.250%, 11/01/17 - AMBAC Insured
Southbury, Connecticut, General Obligation Bonds,
Series 2002:
500 4.250%, 12/15/14 12/11 at 101.00 Aa3 522,735
500 4.375%, 12/15/15 12/11 at 101.00 Aa3 522,415
500 4.500%, 12/15/16 12/11 at 101.00 Aa3 517,760
500 4.625%, 12/15/17 12/11 at 101.00 Aa3 518,620
500 4.625%, 12/15/18 12/11 at 101.00 Aa3 519,090
500 4.875%, 12/15/19 12/11 at 101.00 Aa3 515,660
500 4.875%, 12/15/20 12/11 at 101.00 Aa3 521,540
500 5.000%, 12/15/21 12/11 at 101.00 Aa3 518,125
500 5.000%, 12/15/22 12/11 at 101.00 Aa3 522,370
Town of Stratford, Connecticut, General Obligation Bonds,
Series 2002:
1,445 4.000%, 2/15/18 - FSA Insured 2/12 at 100.00 AAA 1,430,247
1,375 4.000%, 2/15/19 - FSA Insured 2/12 at 100.00 AAA 1,343,485
630 4.125%, 2/15/20 - FSA Insured 2/12 at 100.00 AAA 617,551
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 27.9%
500 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 551,655
Infrastructure Purposes, Series 2002A, 5.375%, 7/01/18 -
FSA Insured
Connecticut, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, Series 2002B:
2,810 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 2,971,744
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,050,680
1,000 5.000%, 12/01/22 - AMBAC Insured 12/12 at 100.00 AAA 1,044,600
500 Connecticut, Special Tax Obligation Bonds, Transportation 1/14 at 100.00 AAA 520,695
Infrastructure Purposes, Series 2003B, 5.000%, 1/01/23
(WI, Settling 12/09/03) - FGIC Insured
3,500 Puerto Rico Infrastructure Financing Authority, Special Tax 1/08 at 101.00 AAA 3,575,740
Revenue Bonds, Series 1997A, 5.000%, 7/01/28 -
AMBAC Insured
Puerto Rico Public Buildings Authority, Guaranteed
Government Facilities Revenue Bonds, Series 2002G:
890 5.250%, 7/01/17 7/12 at 100.00 A- 954,463
1,000 5.250%, 7/01/20 7/12 at 100.00 A- 1,051,820
1,045 5.250%, 7/01/21 7/12 at 100.00 A- 1,093,091
31
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued)
Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,010 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA $ 3,266,542
Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 -
AMBAC Insured
765 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 BBB+ 801,590
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
750 Virgin Islands Public Finance Authority, Revenue Refunding 10/08 at 101.00 BBB- 759,533
Senior Lien Bonds, Matching Fund Loan Notes,
Series 1998A, 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.8%
400 State of Connecticut, Special Tax Obligation Bonds, 10/11 at 100.00 AAA 445,672
Transportation Infrastructure Purposes, Series 2001A,
4.800%, 10/01/18 (Pre-refunded to 10/01/11) -
FSA Insured
2,910 Commonwealth of Puerto Rico, Public Improvement General 7/08 at 101.00 AAA 3,282,771
Obligation Refunding Bonds, Series 1998B, 5.000%, 7/01/24
(Pre-refunded to 7/01/08) - MBIA Insured
4,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,362,480
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.7%
720 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 764,510
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
2,000 Connecticut Resources Recovery Authority, Corporate 12/11 at 102.00 Baa2 2,064,460
Credit Resource Recovery Revenue Bonds, American
Ref-Fuel Company of Southeastern Connecticut,
Series 2001A-I, 5.500%, 11/15/15 (Alternative
Minimum Tax)
Eastern Connecticut Resource Recovery Authority, Solid
Waste Revenue Bonds, Wheelabrator Lisbon
Project, Series 1993A:
1,000 5.500%, 1/01/14 (Alternative Minimum Tax) 1/04 at 101.00 BBB 1,007,260
1,005 5.500%, 1/01/20 (Alternative Minimum Tax) 1/04 at 101.00 BBB 1,005,020
3,050 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 3,202,592
Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.1%
1,185 Connecticut, State Revolving Fund General Revenue 10/13 at 100.00 AAA 1,295,190
Bonds, Series 2003A, 5.000%, 10/01/16
2,000 Connecticut, State Revolving Fund General Revenue No Opt. Call AAA 2,238,460
Bonds, Series 2003B, 5.000%, 10/01/12
765 Connecticut Development Authority, Water Facilities 9/06 at 102.00 A 802,722
Revenue Bonds, Bridgeport Hydraulic Company Project,
Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax)
South Central Connecticut Regional Water Authority,
Water System Revenue Bonds, Eighteenth Series 2003A:
2,050 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 2,163,304
1,140 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,163,153
------------------------------------------------------------------------------------------------------------------------------------
$ 89,550 Total Long-Term Investments (cost $91,974,027) - 148.8% 94,060,978
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 1,163,275
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.6)% (32,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 63,224,253
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
32
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.1%
$ 1,500 Boston, Massachusetts, Industrial Development 9/12 at 102.00 Baa3 $ 1,494,210
Financing Authority, Senior Revenue Bonds, Crosstown
Center Project, Series 2002, 6.500%, 9/01/35
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 33.3%
415 Massachusetts Educational Financing Authority, 7/04 at 102.00 AAA 428,043
Education Loan Revenue Bonds, Series 1995E,
6.150%, 7/01/10 (Alternative Minimum Tax) -
AMBAC Insured
1,730 Massachusetts Educational Financing Authority, 1/12 at 100.00 AAA 1,855,321
Education Loan Revenue Bonds, Series 2002E,
5.000%, 1/01/13 (Alternative Minimum Tax) -
AMBAC Insured
1,090 Massachusetts Development Finance Authority, Revenue No Opt. Call A3 1,208,167
Refunding Bonds, Boston University, Series 1999P,
6.000%, 5/15/29
1,000 Massachusetts Development Finance Authority, 7/13 at 101.00 BBB 990,810
Revenue Bonds, Massachusetts College of Pharmacy and
Allied Health Sciences, Series 2003C, 5.750%, 7/01/33
890 Massachusetts Development Finance Agency, Revenue 3/09 at 101.00 A 941,931
Bonds, Curry College Issue, Series A, 6.000%, 3/01/20 -
ACA Insured
750 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 791,130
Bonds, Milton Academy Project, Series 2003A,
5.000%, 9/01/19
500 Massachusetts Development Finance Authority, Revenue 9/11 at 101.00 A 527,015
Bonds, Belmont Hills School, Series 2001, 5.375%, 9/01/23
2,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,178,780
Revenue Bonds, Boston College, Series 2003N,
5.250%, 6/01/18
1,500 Massachusetts Health and Educational Facilities 10/11 at 100.00 AAA 1,560,975
Authority, Revenue Bonds, UMASS-Worcester Campus,
Series 2001B, 5.250%, 10/01/31 - FGIC Insured
555 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 580,142
Revenue Bonds, Williams College, Series 2003H,
5.000%, 7/01/21
Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Wellesley College, Series 2003H:
500 5.000%, 7/01/26 7/13 at 100.00 AA+ 513,980
1,000 5.000%, 7/01/33 7/13 at 100.00 AA+ 1,020,970
2,645 Massachusetts Industrial Finance Agency, Revenue Bonds, 1/04 at 102.00 Aa1 2,663,859
Whitehead Institute for Biomedical Research,
1993 Issue, 5.125%, 7/01/26
2,300 Massachusetts Industrial Finance Agency, Revenue Bonds, 9/08 at 101.00 A 2,326,542
Belmont Hill School Issue, Series 1998, 5.250%, 9/01/28
4,000 The New England Education Loan Marketing Corporation, No Opt. Call A3 4,467,600
Massachusetts, Student Loan Revenue Bonds,
Subordinated Series 1992H, 6.900%, 11/01/09
(Alternative Minimum Tax)
1,200 University of Massachusetts Building Authority, Project 11/13 at 100.00 AAA 1,316,172
Revenue Bonds, Senior Lien Series 2003-1,
5.250%, 11/01/18 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.3%
3,000 Massachusetts Health and Educational Facilities Authority, 7/04 at 102.00 AAA 3,121,410
Revenue Bonds, New England Medical Center Hospitals
Issue, Series G-1, 5.375%, 7/01/24 - MBIA Insured
3,000 Massachusetts Health and Educational Facilities Authority, 1/04 at 102.00 AAA 3,069,900
Revenue Bonds, Lahey Clinic Medical Center Issue,
Series B, 5.625%, 7/01/15 - MBIA Insured
600 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 648,216
Revenue Bonds, New England Medical Center Hospitals,
Series 2002H, 5.375%, 5/15/19 - FGIC Insured
2,500 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 2,634,000
Revenue Bonds, Partners HealthCare System Issue,
Series C, 5.750%, 7/01/32
33
Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued)
Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 1,395 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA $ 1,410,931
Revenue Bonds, Caregroup Issue, Series A,
5.000%, 7/01/25 - MBIA Insured
1,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 1,022,170
Revenue Bonds, Cape Cod Health Care, Inc.,
Series 2001C, 5.250%, 11/15/31 - RAAI Insured
2,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 2,064,320
Revenue Bonds, Berkshire Health System Issue,
Series 2001E, 6.250%, 10/01/31
1,000 Massachusetts Health and Educational Facilities Authority, 7/12 at 101.00 BBB 959,760
Revenue Bonds, Caritas Christi Obligated Group,
Series 2002B, 6.250%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 15.9%
2,500 Massachusetts Development Finance Agency, Revenue 10/11 at 105.00 AAA 2,856,025
Bonds, GNMA Collateralized - VOA Concord Assisted
Living, Inc. Project, Series 2000A, 6.900%, 10/20/41
1,960 Massachusetts Development Financing Authority, Assisted 12/09 at 102.00 N/R 1,929,267
Living Revenue Bonds, Prospect House Apartments,
Series 1999, 7.000%, 12/01/31
1,500 Massachusetts Development Finance Agency, Assisted 3/12 at 105.00 AAA 1,637,730
Living Facility Revenue Bonds, The Arbors at Chicopee
Project, GNMA Collateralized, Series 2001A,
6.250%, 9/20/42 (Alternative Minimum Tax)
195 Massachusetts Housing Finance Agency, Revenue 4/04 at 101.00 A+ 198,684
Refunding Bonds, Housing Project, Series 1993A,
6.300%, 10/01/13
1,450 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 101.00 AAA 1,542,670
Mortgage Revenue Bonds, Series 1999D,
5.500%, 7/01/13 (Alternative Minimum Tax) -
AMBAC Insured
1,855 Massachusetts Housing Finance Agency, Rental Housing 1/05 at 102.00 AAA 1,925,305
Mortgage Revenue Bonds, FHA-Insured Mortgage Loans,
Series 1995A, 7.350%, 1/01/35 (Alternative Minimum Tax) -
AMBAC Insured
1,000 Somerville Housing Authority, Massachusetts, Mortgage 5/12 at 103.00 AAA 1,045,130
Revenue Refunding Bonds, Clarendon Hill Towers Project,
GNMA Collateralized, Series 2002, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.0%
1,270 Boston, Massachusetts, FHA-Insured Mortgage Revenue 10/08 at 105.00 AAA 1,382,116
Bonds, Deutsches Altenheim Incorporated Project,
Series 1998A, 6.125%, 10/01/31
2,000 Massachusetts Industrial Finance Agency, Healthcare 5/07 at 102.00 A-1 2,019,180
Facilities Revenue Bonds, Jewish Geriatric Services,
Inc. Obligated Group, Series 1997B, 5.500%, 5/15/27
755 Massachusetts Industrial Finance Agency, Revenue Bonds, 2/06 at 102.00 AAA 790,183
Heights Crossing Limited Partnership Issue, FHA-Insured
Project, Series 1995, 6.000%, 2/01/15 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 27.4%
1,180 Boston, Massachusetts, General Obligation Bonds, 8/11 at 100.00 Aa2 1,279,321
Series 2001B, 5.000%, 8/01/15
645 East Longmeadow, Massachusetts, General Obligation 8/11 at 101.00 Aaa 707,907
Bonds, Series 2001, 5.000%, 8/01/14 - AMBAC Insured
1,000 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 1,057,560
Series 2003, 5.000%, 2/01/21 - FSA Insured
2,500 Massachusetts Bay Transportation Authority, General No Opt. Call AAA 3,246,075
Transportation System Bonds, Series 1991A,
7.000%, 3/01/21
4,275 Commonwealth of Massachusetts, General Obligation No Opt. Call AAA 5,105,846
Bonds, Consolidated Loan, Series 2001D,
6.000%, 11/01/13 - MBIA Insured
1,865 Commonwealth of Massachusetts, General Obligation 1/13 at 100.00 Aa2 1,917,742
Bonds, Consolidated Loan, Series 2003A,
5.000%, 1/01/22
980 Monson, Massachusetts, General Obligation Bonds, 5/12 at 101.00 Aaa 1,047,414
Series 2002, 5.250%, 5/15/22 - AMBAC Insured
1,000 Narragansett Regional School District, Massachusetts, 6/10 at 101.00 Aaa 1,198,680
General Obligation Bonds, Series 2000,
6.500%, 6/01/16 - AMBAC Insured
1,260 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,370,993
Series 2003, 5.000%, 11/15/20 - FGIC Insured
Springfield, Massachusetts, State Qualified General
Obligation Bonds, Series 2003:
530 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 593,356
1,615 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 1,725,369
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.8%
$ 1,000 Massachusetts State College Building Authority, No Opt. Call AAA $ 1,102,200
Project Revenue Refunding Bonds, Series 2003B,
5.375%, 5/01/23 - XLCA Insured
3,000 The Commonwealth of Massachusetts, Special Obligation No Opt. Call Aaa 3,326,580
Refunding Notes, Federal Highway Grant Anticipation
Note Program, Series 2003A, 5.000%, 12/15/13 -
FSA Insured
1,500 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 1,739,160
Highway Revenue Bonds, Series 2003AA,
5.500%, 7/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.3%
1,300 Massachusetts Development Finance Agency, Revenue 6/09 at 101.00 AA 1,431,547
Bonds, Worcester Redevelopment Authority Issue,
Series 1999, 6.000%, 6/01/24 - RAAI Insured
3,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 3,049,020
Series 2003A, 5.000%, 7/01/33 - MBIA Insured
4,000 Massachusetts Port Authority, Special Facilities 9/06 at 102.00 AAA 4,179,120
Revenue Bonds, US Air Project, Series 1996A,
5.750%, 9/01/16 (Alternative Minimum Tax) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 11.7%
1,250 The Commonwealth of Massachusetts, General Obligation 2/10 at 101.00 AAA 1,470,750
Bonds, Consolidated Loan, Series 2000A, 6.000%, 2/01/14
(Pre-refunded to 2/01/10)
2,500 Massachusetts Health and Educational Facilities Authority, 8/10 at 100.00 AAA 2,765,100
Revenue Bonds, Malden Hospital Issue, FHA-Insured
Project, Series A, 5.000%, 8/01/16 (Pre-refunded
to 8/01/10)
2,000 Massachusetts Health and Educational Facilities Authority, 7/06 at 100.00 Aaa 2,104,800
Revenue Bonds, Daughters of Charity National Health
System - The Carney Hospital, Series D, 6.100%, 7/01/14
(Pre-refunded to 7/01/06)
410 Massachusetts Health and Educational Facilities 7/08 at 102.00 AAA 435,486
Authority, Revenue Bonds, Caregroup Issue, Series A,
5.000%, 7/01/25 - MBIA Insured
955 Massachusetts Port Authority, Revenue Bonds, 1/04 at 100.00 AAA 1,462,869
Series 1982, 13.000%, 7/01/13
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.1%
1,000 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,121,930
Recovery Revenue Bonds, SEMASS System,
Series 2001A, 5.625%, 1/01/16 - MBIA Insured
2,500 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 2,424,224
Recovery Revenue Refunding Bonds, Ogden Haverhill
Project, Series 1998A, 5.600%, 12/01/19 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.2%
1,500 Massachusetts Water Pollution Abatement Trust, Pool Program 8/13 at 100.00 AAA 1,562,400
Bonds, Series 9, 5.000%, 8/01/22
------------------------------------------------------------------------------------------------------------------------------------
$ 95,320 Total Long-Term Investments (cost $97,375,461) - 146.1% 102,548,093
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 1,661,355
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.4)% (34,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 70,209,448
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
See accompanying notes to financial statements.
35
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.7%
$ 500 Boston, Massachusetts, Industrial Development Financing 9/12 at 102.00 Baa3 $ 498,070
Authority, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 27.9%
1,500 Massachusetts Educational Financing Authority, Educational 7/10 at 100.00 AAA 1,573,140
Loan Revenue Bonds, Issue E, Series 2001,
5.300%, 1/01/16 (Alternative Minimum Tax) -
AMBAC Insured
1,000 Massachusetts Development Finance Authority, Revenue 5/29 at 105.00 A3 1,115,500
Refunding Bonds, Series 1999P, Boston University,
6.000%, 5/15/59
500 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 527,420
Bonds, Milton Academy Project, Series 2003A,
5.000%, 9/01/19
1,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,089,390
Revenue Bonds, Boston College, Series 2003N,
5.250%, 6/01/18
2,000 Massachusetts Health and Educational Facilities Authority, 2/11 at 100.00 AA- 2,114,700
Revenue Bonds, Tufts University, Series 2001-I,
5.500%, 2/15/36
1,250 University of Massachusetts Building Authority, Project 11/10 at 100.00 AAA 1,349,387
Revenue Bonds, Senior Series 2000-2, 5.250%, 11/01/20 -
AMBAC Insured
600 University of Massachusetts Building Authority, Project 11/13 at 100.00 AAA 658,086
Revenue Bonds, Senior Lien Series 2003-1,
5.250%, 11/01/18 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.9%
1,000 Massachusetts Health and Educational Facilities Authority, 7/09 at 101.00 AA- 1,034,090
Revenue Bonds, Partners HealthCare System Issue,
Series B, 5.125%, 7/01/19
1,000 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 1,053,600
Revenue Bonds, Partners HealthCare Issue, Series C,
5.750%, 7/01/32
1,250 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 1,282,825
Revenue Bonds, UMass Memorial Health Care,
Series 2001C, 6.625%, 7/01/32
375 Massachusetts Health and Educational Facilities Authority, 1/12 at 101.00 A- 392,636
Revenue Bonds, Covenant Health Systems Obligated
Group, Series 2002, 6.000%, 7/01/31
1,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 1,032,160
Revenue Bonds, Berkshire Health System Issue,
Series 2001E, 6.250%, 10/01/31
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 11.4%
1,000 Massachusetts Development Finance Agency, Assisted 3/12 at 105.00 AAA 1,091,820
Living Facility Revenue Bonds, The Arbors at Chicopee
Project, GNMA Collateralized, Series 2001A,
6.250%, 9/20/42 (Alternative Minimum Tax)
1,250 Massachusetts Housing Finance Agency, Rental Housing 1/11 at 100.00 AAA 1,309,838
Mortgage Revenue Bonds, 2001 Series A,
5.850%, 7/01/35 (Alternative Minimum Tax) -
AMBAC Insured
1,000 Somerville Housing Authority, Massachusetts, Mortgage 5/12 at 103.00 AAA 1,045,130
Revenue Refunding Bonds, Clarendon Hill Towers Project,
GNMA Collateralized, Series 2002, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.6%
845 Massachusetts Housing Finance Agency, Single Family 12/04 at 102.00 AA 871,998
Housing Revenue Bonds, Series 36, 6.600%, 12/01/26
(Alternative Minimum Tax)
1,665 Massachusetts Housing Finance Agency, Single Family 6/10 at 100.00 AAA 1,723,142
Housing Revenue Bonds, Series 82, 5.375%, 12/01/20
(Alternative Minimum Tax) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.2%
655 Massachusetts Development Finance Agency, First 7/11 at 102.00 BBB- 670,438
Mortgage Revenue Bonds, Edgecombe Project,
Series 2001A, 6.750%, 7/01/21
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 32.4%
$ 1,000 Boston, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aa2 $ 1,051,150
Series 2001A, 5.000%, 2/01/20
2,000 Brookline, Massachusetts, General Obligation Bonds, 4/10 at 101.00 Aaa 2,225,280
Series 2000, 5.375%, 4/01/17
500 East Longmeadow, Massachusetts, General Obligation 8/11 at 101.00 Aaa 548,765
Bonds, Series 2001, 5.000%, 8/01/14 - AMBAC Insured
440 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 465,326
Series 2003, 5.000%, 2/01/21 - FSA Insured
1,675 City of Lawrence, Massachusetts, General Obligation 2/11 at 100.00 Aaa 1,747,159
Bonds, Series 2001, 5.000%, 2/01/21 - AMBAC Insured
1,095 City of Lynn, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 1,250,238
Series 2001, 5.375%, 8/15/12 - FGIC Insured
750 Commonwealth of Massachusetts, General Obligation No Opt. Call Aa2 851,355
Bonds, Consolidated Loan, Series 2002D, 5.500%, 8/01/19
500 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 544,045
Series 2003, 5.000%, 11/15/20 - FGIC Insured
Springfield, Massachusetts, General Obligation Bonds,
Series 2003, State Qualified:
500 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 559,770
500 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 534,170
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 15.6%
1,000 Massachusetts Bay Transportation Authority, Assessment 7/10 at 100.00 AAA 1,052,810
Bonds, 2000 Series A, 5.250%, 7/01/30
1,250 The Commonwealth of Massachusetts, Special Obligation No Opt. Call Aaa 1,386,075
Refunding Notes, Federal Highway Grant Anticipation
Note Program, Series 2003A, 5.000%, 12/15/13 -
FSA Insured
1,000 Puerto Rico Municipal Finance Agency, Loan Pool Bonds, 8/09 at 101.00 AAA 1,165,580
Series 1999A, 6.000%, 8/01/16 - FSA Insured
1,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 1,111,980
Tax Loan Bonds, Series 1999A, 6.375%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 3.6%
1,000 Massachusetts Port Authority, Special Facilities Revenue 7/07 at 102.00 AAA 1,073,480
Bonds, BOSFUEL Corporation Project, Series 1997,
5.500%, 7/01/18 (Alternative Minimum Tax) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.4%
1,000 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 1,188,380
Settlement Asset-Backed Bonds, Series 2000,
6.000%, 7/01/26 (Pre-refunded to 7/01/10)
1,250 The Commonwealth of Massachusetts, General 10/10 at 100.00 AAA 1,456,087
Obligation Bonds, Consolidated Loan, Series 2000C,
5.750%, 10/01/19 (Pre-refunded to 10/01/10)
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,090,620
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.0%
1,005 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,133,489
Recovery Revenue Bonds, SEMASS System, Series 2001A,
5.625%, 1/01/14 - MBIA Insured
1,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 969,690
Recovery Revenue Refunding Bonds, Ogden Haverhill
Project, Series 1998A, 5.600%, 12/01/19 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.5%
1,750 Massachusetts Water Pollution Abatement Trust, Water 8/09 at 101.00 AAA 1,940,349
Pollution Abatement Revenue Bonds, MWRA Program,
Subordinate Series 1999A, 5.750%, 8/01/29
300 Massachusetts Water Resources Authority, General 8/10 at 101.00 AAA 334,716
Revenue Bonds, Series 2000A, 5.750%, 8/01/30 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 40,905 Total Long-Term Investments (cost $41,927,928) - 146.2% 44,113,884
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.5% 1,051,935
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.7)% (15,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 30,165,819
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
37
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 30.3%
$ 500 Massachusetts Development Finance Authority, Revenue 7/13 at 101.00 BBB $ 532,465
Bonds, Massachusetts College of Pharmacy and Allied
Health Sciences, Series 2003C, 6.375%, 7/01/23
2,250 Massachusetts Development Finance Agency, Revenue 9/13 at 100.00 A1 2,267,978
Bonds, Middlesex School Project, Series 2003,
5.000%, 9/01/33
3,000 Massachusetts Health and Educational Facilities 10/13 at 100.00 AAA 3,052,320
Authority, Revenue Bonds, Simmons College, Series 2003F,
5.000%, 10/01/33 - FGIC Insured
1,000 Massachusetts Health and Educational Facilities Authority, 10/13 at 101.00 AA 1,022,830
Revenue Bonds, Springfield College, Series 2003,
5.250%, 10/15/33 - RAAI Insured
3,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 3,068,670
Revenue Bonds, Boston College, Series 2003N,
5.125%, 6/01/37
2,000 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 2,040,340
Revenue Bonds, Worcester State College, Series 2002,
5.000%, 11/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 14.2%
2,020 Massachusetts Health and Educational Facilities 1/04 at 101.00 AAA 2,076,257
Authority, Revenue Bonds, South Shore Hospital Issue,
Series D, 6.500%, 7/01/22 - MBIA Insured
2,500 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 2,535,275
Revenue Bonds, New England Medical Center Hospitals,
Series 2002H, 5.000%, 5/15/25 - FGIC Insured
1,000 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,011,420
Revenue Bonds, Caregroup Issue, Series A,
5.000%, 7/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 13.7%
1,750 Massachusetts Development Finance Authority, Revenue 12/12 at 105.00 AAA 1,913,835
Bonds, Neville Communities, GNMA Collateral,
Series 2002A, 6.000%, 6/20/44
195 Massachusetts Housing Finance Agency, Housing Project 4/04 at 101.00 AAA 199,040
Revenue Refunding Bonds, Series 1993A,
6.150%, 10/01/15 - AMBAC Insured
1,265 Massachusetts Housing Finance Agency, Rental Housing 7/12 at 100.00 AAA 1,288,542
Mortgage Revenue Bonds, Series 2002H,
5.200%, 7/01/42 - FSA Insured
2,000 Massachusetts Housing Finance Agency, Housing Bonds, 12/12 at 100.00 AA- 2,019,380
Series 2003H, 5.125%, 6/01/43
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 32.7%
1,280 Littleton, Massachusetts, General Obligation Bonds, 1/13 at 101.00 AAA 1,356,186
Series 2003, 5.000%, 1/15/21 - FGIC Insured
3,000 The Commonwealth of Massachusetts, General Obligation 11/11 at 100.00 AAA 3,151,380
Bonds, Consolidated Loan, Series 2001D,
5.000%, 11/01/20 - MBIA Insured
2,145 The Commonwealth of Massachusetts, General Obligation 1/13 at 100.00 AAA 2,402,271
Bonds, Consolidated Loan, Series 2003A, 5.250%, 1/01/18
(Pre-refunded to 1/01/13) - AMBAC Insured
1,025 Maynard, Massachusetts, General Obligation Bonds, 2/13 at 101.00 Aaa 1,152,961
Series 2003, 5.500%, 2/01/19 - MBIA Insured
1,500 Pittsfield, Massachusetts, General Obligation Bonds, 4/12 at 101.00 AAA 1,613,835
Series 2002, 5.000%, 4/15/18 - MBIA Insured
3,000 Springfield, Massachusetts, State Qualified General 1/13 at 100.00 AAA 3,223,740
Obligation Bonds, Series 2003, 5.250%, 1/15/22 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 30.6%
3,000 Martha's Vineyard, Massachusetts, Land Bank Revenue 5/13 at 100.00 AAA 3,056,790
Bonds, Series 2002, 5.000%, 5/01/32 - AMBAC Insured
3,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 3,059,910
Tax Revenue Refunding Bonds, Series 2002A,
5.000%, 7/01/27 - FGIC Insured
2,790 Massachusetts State College Building Authority, Project 5/13 at 100.00 AAA 2,967,946
Revenue Refunding Bonds, Series 2003A,
5.250%, 5/01/22 - XLCA Insured
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Massachusetts Development Finance Authority, Revenue Bonds, 100
Cambridge Street Redevelopment, MSRB Project, Series 2002A:
$ 1,475 5.125%, 8/01/28 - MBIA Insured 2/12 at 100.00 AAA $ 1,513,424
1,500 5.125%, 2/01/34 - MBIA Insured 2/12 at 100.00 AAA 1,533,255
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.2%
1,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 1,016,340
Series 2003A, 5.000%, 7/01/33 - MBIA Insured
Massachusetts Turnpike Authority, Metropolitan Highway
System Revenue Bonds, Senior Series 1997A:
7,000 0.000%, 1/01/29 - MBIA Insured No Opt. Call AAA 1,916,460
1,500 5.000%, 1/01/37 - MBIA Insured 1/07 at 102.00 AAA 1,512,330
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 3.7%
955 Massachusetts Port Authority, Revenue Bonds, 1/04 at 100.00 AAA 1,462,869
Series 1982, 13.000%, 7/01/13
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.6%
1,500 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 1,575,045
Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,000 Puerto Rico Electric Power Authority, Power Revenue 7/12 at 101.00 AAA 1,048,050
Bonds, Series 2002II, 5.125%, 7/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.7%
1,900 Lynn Water and Sewer Commission, Massachusetts, 12/13 at 100.00 AAA 1,936,878
General Revenue Bonds, Series 2003A,
5.000%, 12/01/32 - MBIA Insured
1,000 Massachusetts Water Resources Authority, General No Opt. Call AAA 1,120,240
Revenue Bonds, Series 2002J, 5.250%, 8/01/19 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 62,050 Total Long-Term Investments (cost $58,177,964) - 150.7% 59,648,262
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 442,378
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.8)% (20,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 39,590,640
====================================================================================================================
At least 80% of the Fund's net assets (including net
assets applicable to Preferred shares) are invested
in municipal securities that are either covered by
Original Issue Insurance, Secondary Market Insurance
or Portfolio Insurance which ensures the timely
payment of principal and interest. Up to 20% of the
Fund's net assets (including net assets applicable
to Preferred shares) may be invested in municipal
securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or
U.S. Government agency securities (also ensuring the
timely payment of principal and interest), or (ii)
municipal bonds that are rated, at the time of
investment, within the four highest grades (Baa or
BBB or better by Moody's, S&P or Fitch) or unrated
but judged to be of comparable quality by the
Adviser.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
39
Nuveen Missouri Premium Income Municipal Fund (NOM)
Portfolio of
INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.1%
$ 1,000 Missouri State Development Finance Board, Solid Waste No Opt. Call AA- $ 1,048,370
Disposal Revenue Bonds, Procter & Gamble Paper Products
Company Project, Series 1999, 5.200%, 3/15/29 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 10.3%
1,000 Curators of the University of Missouri, System Facilities 11/13 at 100.00 AA 1,022,350
Revenue Bonds, Series 2003A, 5.000%, 11/01/31
1,400 Missouri Health and Educational Facilities Authority, 6/10 at 100.00 Baa2 1,481,298
Educational Facilities Revenue Bonds, Maryville University
of St. Louis Project, Series 2000, 6.750%, 6/15/30
500 Missouri Health and Educational Facilities Authority, 2/08 at 101.00 A3 521,070
Educational Facilities Revenue Bonds, St. Louis Priory
School Project, Series 2000, 5.650%, 2/01/25
365 Missouri Health and Educational Facilities Authority, 4/11 at 100.00 Aaa 407,428
Educational Facilities Revenue Bonds, Webster University,
Series 2001, 5.500%, 4/01/18 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 32.3%
1,800 Johnson County, Missouri, Hospital Revenue Bonds, 6/10 at 100.00 AA 1,998,504
Western Missouri Medical Center Project, Series 2000,
6.000%, 6/01/20 - RAAI Insured
2,500 Health and Educational Facilities Authority of the 6/11 at 101.00 AAA 2,590,350
State of Missouri, Revenue Bonds, SSM Health
Care Series 2001A, 5.250%, 6/01/28 - AMBAC Insured
500 Health and Educational Facilities Authority of the 6/11 at 101.00 AAA 518,570
State of Missouri, Health Facilities Revenue Bonds,
Saint Luke's Episcopal-Presbyterian Hospitals,
Series 2001, 5.250%, 12/01/26 - FSA Insured
Health and Educational Facilities Authority of the State of
Missouri, Health Facilities Revenue Bonds, BJC Health System,
Series 2003:
1,500 5.125%, 5/15/25 5/13 at 100.00 AA 1,537,275
1,155 5.250%, 5/15/32 5/13 at 100.00 AA 1,192,457
500 Health and Educational Facilities Authority of the State 2/14 at 100.00 BBB+ 499,595
of Missouri, Health Facilities Revenue Bonds, Lake
Regional Health System, Series 2003, 5.700%, 2/15/34
(WI, Settling 12/10/03)
425 Health and Educational Facilities Authority of the State 2/06 at 102.00 BBB+ 440,989
of Missouri, Health Facilities Revenue Bonds, Lake of
the Ozarks General Hospital, Inc., Series 1996,
6.500%, 2/15/21
1,000 Health and Educational Facilities Authority of the State 12/10 at 101.00 A 1,054,340
of Missouri, Health Facilities Revenue Bonds, Saint
Anthony's Medical Center, Series 2000, 6.250%, 12/01/30
950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R 944,832
County Memorial Hospital, Series 2000, 7.250%, 6/15/25
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 10.3%
900 Missouri Housing Development Commission, Multifamily 12/11 at 100.00 AA 949,608
Housing Revenue Bonds, Series 2001-II,
5.250%, 12/01/16
1,250 The Industrial Development Authority of St. Charles 4/08 at 102.00 AAA 1,276,763
County, Missouri, Multifamily Housing Revenue Bonds,
Ashwood Apartments, Series 1998A, 5.600%, 4/01/30
(Alternative Minimum Tax) - FSA Insured
545 The Industrial Development Authority of the County 4/07 at 102.00 AAA 575,231
of St. Louis, Missouri, Multifamily Housing Revenue
Refunding Bonds, GNMA Collateralized, South Summit
Apartments Project, Series 1997A, 5.950%, 4/20/17
600 The Industrial Development Authority of the County 4/07 at 102.00 AAA 628,602
of St. Louis, Missouri, Multifamily Housing Revenue
Refunding Bonds, GNMA Collateralized, South Summit
Apartments Project, Series 1997B, 6.000%, 10/20/15
(Alternative Minimum Tax)
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.7%
$ 345 Missouri Housing Development Commission, Single Family 3/06 at 105.00 AAA $ 352,914
Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1995C, 7.250%, 9/01/26 (Alternative Minimum Tax)
495 Missouri Housing Development Commission, Single Family 9/06 at 105.00 AAA 498,024
Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1996B, 7.550%, 9/01/27 (Alternative Minimum Tax)
370 Missouri Housing Development Commission, Single Family 3/10 at 100.00 AAA 390,491
Mortgage Revenue Bonds, Homeownership Loan Program,
Series 2000B-1, 6.250%, 3/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 3.0%
1,000 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 990,050
Bonds, Lafarge North America, Inc., Series 2003A,
5.650%, 6/01/37 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 29.4%
500 Jackson County R-7 School District, Lees Summit, Missouri, 3/12 at 100.00 AAA 541,910
General Obligation Refunding and Improvement Bonds,
Series 2002, 5.250%, 3/01/18 - FSA Insured
1,000 State of Missouri, General Obligation Refunding Bonds, 10/12 at 100.00 AAA 1,075,730
Fourth State Building, Series 2002A, 5.000%, 10/01/18
1,630 North Kansas City School District, Missouri, General 3/13 at 100.00 AA+ 1,685,420
Obligation Bonds, Series 2003A, 5.000%, 3/01/23
2,020 Ritenour Consolidated School District of St. Louis County, No Opt. Call AAA 2,553,947
Missouri, General Obligation Bonds, Series 1995,
7.375%, 2/01/12 - FGIC Insured
1,500 Francis Howell School District, Saint Charles County, No Opt. Call AAA 1,738,515
Missouri, General Obligation Refunding Bonds,
Series 1994A, 7.800%, 3/01/08 - FGIC Insured
1,000 Pattonville R-3 School District, St. Louis County, 3/10 at 101.00 AAA 1,135,880
Missouri, General Obligation Bonds, Series 2000,
5.750%, 3/01/17 - FGIC Insured
895 Board of Education of the City of St. Louis, Missouri, No Opt. Call AAA 1,078,878
General Obligation Refunding Bonds, Series 1993A,
8.500%, 4/01/07 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.0%
750 Fenton, Missouri, Tax Increment Refunding and 10/12 at 100.00 N/R 765,308
Improvement Bonds, Gravois Bluffs Project, Series 2002,
6.125%, 10/01/21
1,740 Jackson County Public Building Corporation, Missouri, 12/13 at 100.00 Aa3 1,780,733
Leasehold Revenue Bonds, Capital Improvement Projects,
Series 2003, 5.000%, 12/01/28
1,000 Kansas City Land Clearance Redevelopment Authority, 12/05 at 102.00 AAA 1,104,650
Missouri, Lease Revenue Bonds, Municipal Auditorium
and Muehlebach Hotel Redevelopment Projects,
Series 1995A, 5.900%, 12/01/18 - CAP GTY/FSA Insured
2,000 Missouri Development Finance Board, Kansas City, 4/10 at 100.00 AAA 2,250,560
Missouri, Infrastructure Facilities Revenue Bonds,
Midtown Redevelopment Projects, Series 2000A,
5.750%, 4/01/22 - MBIA Insured
450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 511,146
Missouri, Levee District Improvement Bonds,
Series 1999, 5.750%, 3/01/19 - MBIA Insured
1,000 St. Louis, Missouri, Municipal Finance Corporation, 2/12 at 100.00 Aaa 1,135,280
Leasehold Revenue Bonds, Carnahan Courthouse
Project, Series 2002A, 5.750%, 2/15/16 - FGIC Insured
2,000 The Public Building Corporation of the City of Springfield, 6/10 at 100.00 AAA 2,323,400
Missouri, Leasehold Revenue Bonds, Jordan Valley
Park Projects, Series 2000A, 6.125%, 6/01/21 -
AMBAC Insured
1,380 Springfield, Missouri, City Center Development 11/11 at 100.00 Aaa 1,425,982
Corporation, Leasehold Revenue Bonds, Jordan Valley
Park Parking Garage Project, Series 2002D,
5.000%, 11/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.7%
500 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 506,860
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 (Alternative Minimum Tax) -
AMBAC Insured
1,000 Land Clearance for Redevelopment Authority of the City 9/09 at 102.00 N/R 1,072,560
of St. Louis, Missouri, Tax-Exempt Parking Facility
Revenue Refunding and Improvement Bonds, LCRA
Parking Facilities Project, Series 1999C, 7.000%, 9/01/19
41
Nuveen Missouri Premium Income Municipal Fund (NOM) (continued)
Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.2%
$ 675 Health and Educational Facilities Authority of the State 2/06 at 102.00 BBB+*** $ 758,558
of Missouri, Health Facilities Revenue Bonds, Lake of
the Ozarks General Hospital, Inc., Series 1996,
6.500%, 2/15/21 (Pre-refunded to 2/15/06)
1,000 School District of the City of Saint Charles, Missouri, 3/06 at 100.00 AA+*** 1,090,040
General Obligation Bonds, Series 1996A,
5.625%, 3/01/14 (Pre-refunded to 3/01/06)
1,000 St. Louis County, Missouri, Certificates of Receipt, No Opt. Call AAA 1,125,230
GNMA Collateralized Mortgage Revenue Bonds,
Series 1993D, 5.650%, 7/01/20 (Alternative
Minimum Tax)
1,000 St. Louis, Missouri, Municipal Finance Corporation, 2/06 at 102.00 AAA 1,109,890
Leasehold Revenue Bonds, City Justice Center Project,
Series 1996A, 5.750%, 2/15/11 (Pre-refunded
to 2/15/06) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.8%
1,800 Springfield, Missouri, Public Utilities Board, Certificates 12/09 at 100.00 AAA 1,923,732
of Participation, Series 2001, 5.000%, 12/01/17 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.0%
350 State Environmental Improvement and Energy Resources No Opt. Call Aaa 431,065
Authority, Missouri, Water Pollution Control Revenue
Bonds, State Revolving Fund Program, Kansas City
Project, Series 1997C, 6.750%, 1/01/12
210 State Environmental Improvement and Energy Resources 1/06 at 101.00 Aaa 227,829
Authority, Missouri, Water Pollution Control Revenue
Bonds, State Revolving Fund, Multi-Participant Program,
Series 1996D, 5.875%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
$ 46,500 Total Long-Term Investments (cost $46,931,364) - 150.8% 50,272,214
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (2.8)% (929,729)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (16,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 33,342,485
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
42
Statement of
ASSETS AND LIABILITIES November 30, 2003 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $110,569,712, $54,744,187,
$50,083,480 and $91,974,027, respectively) $116,967,760 $57,425,263 $53,098,461 $94,060,978
Cash -- 89,408 62,365 429,882
Receivables:
Interest 1,791,592 761,182 622,568 1,315,845
Investments sold 1,023,011 -- -- --
Other assets 10,164 6,909 4,931 926
------------------------------------------------------------------------------------------------------------------------------------
Total assets 119,792,527 58,282,762 53,788,325 95,807,631
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 288,300 -- -- --
Payable for investments purchased 521,702 -- -- 521,702
Accrued expenses:
Management fees 62,980 16,598 15,320 25,587
Organization and offering costs -- -- -- --
Other 34,839 21,328 21,238 30,073
Preferred share dividends payable 3,145 2,669 -- 6,016
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 910,966 40,595 36,558 583,378
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 38,300,000 19,500,000 17,500,000 32,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $80,581,561 $38,742,167 $36,251,767 $63,224,253
====================================================================================================================================
Common shares outstanding 5,313,041 2,554,959 2,307,378 4,346,749
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.17 $ 15.16 $ 15.71 $ 14.55
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 53,130 $ 25,550 $ 23,074 $ 43,467
Paid-in surplus 73,728,955 36,202,541 32,658,095 61,332,804
Undistributed (Over-distribution of) net investment income 850,345 295,189 268,434 145,301
Accumulated net realized gain (loss) from investments (448,917) (462,189) 287,183 (384,270)
Net unrealized appreciation of investments 6,398,048 2,681,076 3,014,981 2,086,951
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $80,581,561 $38,742,167 $36,251,767 $63,224,253
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
43
Statement of
ASSETS AND LIABILITIES November 30, 2003 (Unaudited) (continued)
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $97,375,461, $41,927,928,
$58,177,964 and $46,931,364, respectively) $102,548,093 $44,113,884 $59,648,262 $50,272,214
Cash 131,423 374,732 -- --
Receivables:
Interest 1,605,118 700,692 852,373 814,710
Investments sold 10,000 -- -- 117,074
Other assets 8,200 6,650 2,403 8,131
------------------------------------------------------------------------------------------------------------------------------------
Total assets 104,302,834 45,195,958 60,503,038 51,212,129
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 368,092 1,326,475
Payable for investments purchased -- -- -- 500,729
Accrued expenses:
Management fees 55,260 12,877 16,154 26,158
Organization and offering costs -- -- 6,000 --
Other 35,474 17,262 19,344 15,689
Preferred share dividends payable 2,652 -- 2,808 593
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 93,386 30,139 412,398 1,869,644
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 34,000,000 15,000,000 20,500,000 16,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 70,209,448 $30,165,819 $39,590,640 $33,342,485
====================================================================================================================================
Common shares outstanding 4,717,198 1,946,234 2,711,174 2,232,450
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.88 $ 15.50 $ 14.60 $ 14.94
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 47,172 $ 19,462 $ 27,112 $ 22,325
Paid-in surplus 65,426,198 27,540,197 38,185,636 30,029,896
Undistributed (Over-distributed of) net investment income 881,778 251,189 (91,826) 378,471
Accumulated net realized gain (loss) from investments (1,318,332) 169,015 (580) (429,057)
Net unrealized appreciation of investments 5,172,632 2,185,956 1,470,298 3,340,850
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 70,209,448 $30,165,819 $39,590,640 $33,342,485
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
44
Statement of
OPERATIONS Six Months Ended November 30, 2003 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $3,000,811 $1,386,610 $1,257,755 $2,148,569
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 382,827 187,037 173,064 306,247
Preferred shares - auction fees 48,006 24,442 21,935 40,110
Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 9,117 905 934 797
Custodian's fees and expenses 15,938 8,739 7,831 12,607
Trustees' fees and expenses 902 533 507 551
Professional fees 5,544 4,789 6,364 7,474
Shareholders' reports - printing and mailing expenses 8,844 4,304 4,640 7,077
Stock exchange listing fees 5,591 48 53 362
Investor relations expense 7,682 3,604 3,411 6,030
Other expenses 5,329 4,941 6,504 2,432
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 494,794 244,356 230,257 388,701
Custodian fee credit (1,757) (4,057) (1,993) (4,908)
Expense reimbursement -- (86,325) (79,876) (150,768)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 493,037 153,974 148,388 233,025
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,507,774 1,232,636 1,109,367 1,915,544
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 320,396 (81,256) 121,298 (119,238)
Change in net unrealized appreciation (depreciation) of investments (2,479,264) (914,567) (1,345,300) (2,206,931)
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (2,158,868) (995,823) (1,224,002) (2,326,169)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (113,101) (64,881) (58,493) (115,473)
From accumulated net realized gains from investments -- -- (3,885) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (113,101) (64,881) (62,378) (115,473)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations $ 235,805 $ 171,932 $ (177,013) $ (526,098)
====================================================================================================================================
See accompanying notes to financial statements.
45
Statement of
OPERATIONS Six Months Ended November 30, 2003 (Unaudited) (continued)
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $2,676,012 $1,098,794 $1,430,327 $1,276,878
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 335,888 145,436 193,363 159,276
Preferred shares - auction fees 42,616 18,801 25,695 20,055
Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 5,351 88 256 3,493
Custodian's fees and expenses 13,952 6,448 13,774 7,183
Trustees' fees and expenses 1,392 364 885 472
Professional fees 6,359 4,564 5,315 4,600
Shareholders' reports - printing and mailing expenses 8,538 93 6,307 2,592
Stock exchange listing fees 5,585 116 136 229
Investor relations expense 6,988 965 2,834 3,299
Other expenses 5,281 3,063 1,634 5,719
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 436,964 184,952 255,213 211,932
Custodian fee credit (3,996) (2,147) (11,009) (2,445)
Expense reimbursement -- (67,124) (95,194) --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 432,968 115,681 149,010 209,487
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,243,044 983,113 1,281,317 1,067,391
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 806,148 131,275 (41,127) 413,407
Change in net unrealized appreciation (depreciation) of investments (2,824,708) (1,174,690) (1,749,946) (1,497,439)
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (2,018,560) (1,043,415) (1,791,073) (1,084,032)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (96,148) (40,753) (77,887) (57,100)
From accumulated net realized gains from investments -- (1,872) (3,805) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (96,148) (42,625) (81,692) (57,100)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations $ 128,336 $ (102,927) $ (591,448) $ (73,741)
====================================================================================================================================
See accompanying notes to financial statements.
46
Statement of
CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK)
--------------------------------- --------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
11/30/03 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,507,774 $ 5,198,312 $ 1,232,636 $ 2,551,921 $ 1,109,367 $ 2,263,151
Net realized gain (loss)
from investments 320,396 1,504,009 (81,256) (278,778) 121,298 325,473
Change in net unrealized
appreciation (depreciation)
of investments (2,479,264) 4,082,959 (914,567) 3,304,347 (1,345,300) 3,671,087
Distributions to Preferred
Shareholders:
From net investment income (113,101) (358,883) (64,881) (170,791) (58,493) (169,519)
From accumulated net realized
gains from investments -- -- -- -- (3,885) (11,970)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 235,805 10,426,397 171,932 5,406,699 (177,013) 6,078,222
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,340,850) (4,646,089) (1,118,342) (2,140,226) (986,381) (1,910,300)
From accumulated net realized
gains from investments -- -- -- -- -- (143,733)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (2,340,850) (4,646,089) (1,118,342) (2,140,226) (986,381) (2,054,033)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- 1,664 -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 194,552 384,893 62,271 100,877 1,851 4,040
Preferred shares offering costs -- -- -- 23,986 (27,908) 5,020
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions 194,552 384,893 63,935 124,863 (26,057) 9,060
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,910,493) 6,165,201 (882,475) 3,391,336 (1,189,451) 4,033,249
Net assets applicable to Common
shares at the beginning
of period 82,492,054 76,326,853 39,624,642 36,233,306 37,441,218 33,407,969
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $80,581,561 $82,492,054 $38,742,167 $39,624,642 $36,251,767 $37,441,218
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 850,345 $ 796,522 $ 295,189 $ 245,776 $ 268,434 $ 203,941
====================================================================================================================================
See accompanying notes to financial statements.
47
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CONNECTICUT MASSACHUSETTS PREMIUM MASSACHUSETTS
DIVIDEND ADVANTAGE 3 (NGO) INCOME (NMT) DIVIDEND ADVANTAGE (NMB)
--------------------------------- --------------------------------- ---------------------------------
FOR THE
PERIOD 9/26/02
(COMMENCEMENT
SIX MONTHS ENDED OF OPERATIONS) SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
11/30/03 THROUGH 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $1,915,544 $ 2,173,106 $ 2,243,044 $ 4,619,396 $ 983,113 $ 2,027,149
Net realized gain (loss)
from investments (119,238) (265,032) 806,148 (16,814) 131,275 133,861
Change in net unrealized
appreciation (depreciation)
of investments (2,206,931) 4,293,882 (2,824,708) 3,635,536 (1,174,690) 3,241,102
Distributions to Preferred
Shareholders:
From net investment income (115,473) (163,989) (96,148) (315,608) (40,753) (139,815)
From accumulated net realized
gains from investments -- -- -- -- (1,872) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (526,098) 6,037,967 128,336 7,922,510 (102,927) 5,262,297
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,694,619) (1,969,268) (2,078,399) (4,094,191) (881,486) (1,703,320)
From accumulated net realized gains
from investments -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,694,619) (1,969,268) (2,078,399) (4,094,191) (881,486) (1,703,320)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- 61,625,745 -- -- 1,664 --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 133,554 290,710 156,920 317,813 14,176 31,840
Preferred shares offering costs (12,513) (761,500) -- -- -- 24,400
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions 121,041 61,154,955 156,920 317,813 15,840 56,240
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (2,099,676) 65,223,654 (1,793,143) 4,146,132 (968,573) 3,615,217
Net assets applicable to Common
shares at the beginning
of period 65,323,929 100,275 72,002,591 67,856,459 31,134,392 27,519,175
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $63,224,253 $65,323,929 $70,209,448 $72,002,591 $30,165,819 $31,134,392
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 145,301 $ 39,849 $ 881,778 $ 813,281 $ 251,189 $ 190,315
====================================================================================================================================
See accompanying notes to financial statements.
48
INSURED MASSACHUSETTS MISSOURI PREMIUM
TAX-FREE ADVANTAGE (NGX) INCOME (NOM)
--------------------------------- ---------------------------------
FOR THE
PERIOD 11/21/02
(COMMENCEMENT
SIX MONTHS ENDED OF OPERATIONS) SIX MONTHS ENDED YEAR ENDED
11/30/03 THROUGH 5/31/03 11/30/03 5/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,281,317 $ 931,105 $ 1,067,391 $ 2,153,739
Net realized gain (loss) from investments (41,127) 44,352 413,407 (15,252)
Change in net unrealized appreciation
(depreciation) of investments (1,749,946) 3,220,244 (1,497,439) 2,231,265
Distributions to Preferred Shareholders:
From net investment income (77,887) (81,083) (57,100) (161,228)
From accumulated net realized
gains from investments (3,805) -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (591,448) 4,114,618 (73,741) 4,208,524
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,170,650) (974,628) (975,950) (1,919,228)
From accumulated net realized gains
from investments -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,170,650) (974,628) (975,950) (1,919,228)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- 38,596,500 -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 49,364 14,987 164,614 318,941
Preferred shares offering costs 6,822 (555,200) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions 56,186 38,056,287 164,614 318,941
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,705,912) 41,196,277 (885,077) 2,608,237
Net assets applicable to Common
shares at the beginning of period 41,296,552 100,275 34,227,562 31,619,325
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $39,590,640 $41,296,552 $33,342,485 $34,227,562
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (91,826) $ (124,606) $ 378,471 $ 344,130
====================================================================================================================================
See accompanying notes to financial statements.
49
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state Funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen Connecticut Premium Income
Municipal Fund (NTC), Nuveen Connecticut Dividend Advantage Municipal Fund
(NFC), Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK), Nuveen
Connecticut Dividend Advantage Municipal Fund 3 (NGO), Nuveen Massachusetts
Premium Income Municipal Fund (NMT), Nuveen Massachusetts Dividend Advantage
Municipal Fund (NMB), Nuveen Insured Massachusetts Tax-Free Advantage Municipal
Fund (NGX) and Nuveen Missouri Premium Income Municipal Fund (NOM). Common
shares of Connecticut Premium Income (NTC) and Massachusetts Premium Income
(NMT) are traded on the New York Stock Exchange while Common shares of
Connecticut Dividend Advantage (NFC), Connecticut Dividend Advantage 2 (NGK),
Connecticut Dividend Advantage 3 (NGO), Massachusetts Dividend Advantage (NMB),
Insured Massachusetts Tax-Free Advantage (NGX) and Missouri Premium Income (NOM)
are traded on the American Stock Exchange. The Funds are registered under the
Investment Company Act of 1940, as amended, as closed-end management investment
companies.
Prior to the commencement of operations of Connecticut Dividend Advantage 3
(NGO) and Insured Massachusetts Tax-Free Advantage (NGX), each Fund had no
operations other than those related to organizational matters, the initial
capital contribution of $100,275 per Fund by Nuveen Advisory Corp. (the
"Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc., and the
recording of the organization expenses ($11,500 per Fund) and their
reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of
Nuveen Investments, Inc.
Each Fund seeks to provide current income exempt from both regular federal and
designated state income taxes, and in the case of Insured Massachusetts Tax-Free
Advantage (NGX) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within a single state.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers, evaluations of anticipated
cash flows or collateral and general market conditions. If it is determined that
market prices for a security are unavailable or inappropriate, the Board of
Trustees of the Funds, or its designee, may establish a fair value for the
security. Temporary investments in securities that have variable rate and demand
features qualifying them as short-term securities are valued at amortized cost,
which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At November 30, 2003,
Connecticut Premium Income (NTC), Connecticut Dividend Advantage 3 (NGO) and
Missouri Premium Income (NOM) had outstanding when-issued purchase commitments
of $521,702, $521,702 and $500,729, respectively. 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.
50
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. 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 and
designated state income taxes, and in the case of Insured Massachusetts Tax-Free
Advantage (NGX) the alternative minimum tax applicable to individuals, to retain
such tax-exempt status when distributed to shareholders of the Funds.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one Series. The dividend rate on each
Series may change every seven days, as set pursuant to a dutch auction process
by the auction agent, and is payable at or near the end of each rate period. The
number of Preferred shares outstanding for each Fund is as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------
Number of shares:
Series T -- 780 -- --
Series W -- -- 700 --
Series TH 1,532 -- -- --
Series F -- -- -- 1,280
================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------
Number of shares:
Series T -- 600 -- --
Series W -- -- 820 --
Series TH 1,360 -- -- 640
Series F -- -- -- --
================================================================================
Insurance
Insured Massachusetts Tax-Free Advantage (NGX) invests at least 80% of its net
assets (including net assets applicable to Preferred shares) in municipal
securities that are covered by insurance. The Fund may also invest up to 20% of
its net assets (including net assets applicable to Preferred shares) in
municipal securities which are either (i) backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government agency securities, or
(ii) municipal bonds that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but
judged to be of comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Fund's 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 Fund
ultimately disposes 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 is effective only while the municipal securities are held by the Fund.
Accordingly, neither the prices used in determining the market value of the
underlying municipal securities nor the Common share net asset value of the Fund
includes value, if any, attributable to the Portfolio Insurance. Each policy of
the Portfolio Insurance does, however, give the Fund the right to obtain
permanent insurance with respect to the municipal security covered by the
Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended November 30, 2003.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
51
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for Connecticut Dividend
Advantage 3 (NGO) and Insured Massachusetts Tax-Free Advantage (NGX).
Connecticut Dividend Advantage 3's (NGO) and Insured Massachusetts Tax-Free
Advantage's (NGX) share of Common share offering costs ($129,330 and $81,000,
respectively) were recorded as a reduction of the proceeds from the sale of
Common shares.
Costs incurred by Connecticut Dividend Advantage 3 (NGO) and Insured
Massachusetts Tax-Free Advantage (NGX) in connection with their offering of
Preferred shares ($774,013 and $548,378, respectively) were recorded as a
reduction to paid-in surplus.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
CONNECTICUT CONNECTICUT DIVIDEND CONNECTICUT DIVIDEND
PREMIUM INCOME (NTC) ADVANTAGE (NFC) ADVANTAGE 2 (NGK)
----------------------- ---------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
11/30/03 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03
---------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- -- -- --
Shares issued to shareholders
due to reinvestment of
distributions 11,797 23,492 3,956 6,514 118 260
---------------------------------------------------------------------------------------------------------
11,797 23,492 3,956 6,514 118 260
=========================================================================================================
Preferred shares sold -- -- -- -- -- --
=========================================================================================================
CONNECTICUT DIVIDEND MASSACHUSETTS MASSACHUSETTS DIVIDEND
ADVANTAGE 3 (NGO) PREMIUM INCOME (NMT) ADVANTAGE (NMB)
--------------------------- ---------------------- ------------------------
FOR THE
PERIOD 9/26/02
SIX MONTHS (COMMENCEMENT SIX MONTHS SIX MONTHS
ENDED OF OPERATIONS) ENDED YEAR ENDED ENDED YEAR ENDED
11/30/03 THROUGH 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03
--------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- 4,311,000 -- -- -- --
Shares issued to shareholders
due to reinvestment of
distributions 9,194 19,555 10,203 19,972 890 2,042
--------------------------------------------------------------------------------------------------------------
9,194 4,330,555 10,203 19,972 890 2,042
==============================================================================================================
Preferred shares sold -- 1,280 -- -- -- --
==============================================================================================================
52
INSURED
MASSACHUSETTS TAX-FREE MISSOURI
ADVANTAGE (NGX) PREMIUM INCOME (NOM)
--------------------------- ------------------------
FOR THE
PERIOD 11/21/02
SIX MONTHS (COMMENCEMENT SIX MONTHS
ENDED OF OPERATIONS) ENDED YEAR ENDED
11/30/03 THROUGH 5/31/03 11/30/03 5/31/03
--------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- 2,700,000 -- --
Shares issued to shareholders
due to reinvestment of
distributions 3,199 975 9,951 19,544
--------------------------------------------------------------------------------------------------------------
3,199 2,700,975 9,951 19,544
==============================================================================================================
Preferred shares sold -- 820 -- --
==============================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities for the six months ended November 30, 2003, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------ -------------------------------------
Purchases $12,912,237 $4,474,335 $3,670,712 $12,200,945
Sales and maturities 12,284,864 1,881,757 3,557,514 9,648,304
================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------
Purchases $17,295,692 $8,951,738 $43,073,964 $10,026,769
Sales and maturities 17,537,086 8,726,985 45,850,887 7,409,209
================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At November 30, 2003, the cost of investments were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------
Cost of investments $110,560,643 $54,725,831 $50,074,708 $91,963,117
================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------
Cost of investments $97,204,983 $41,913,264 $58,177,935 $46,913,689
================================================================================
53
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2003, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $6,671,761 $2,859,554 $3,096,440 $2,307,044
Depreciation (264,644) (160,122) (72,687) (209,183)
----------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $6,407,117 $2,699,432 $3,023,753 $2,097,861
==========================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $5,536,288 $2,200,620 $1,478,156 $3,415,589
Depreciation (193,178) -- (7,829) (57,064)
----------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $5,343,110 $2,200,620 $1,470,327 $3,358,525
==========================================================================================================
The tax components of undistributed net investment income and net realized gains
at May 31, 2003, the Funds' last fiscal year end, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
---------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $1,180,598 $411,892 $358,341 $321,326
Undistributed net ordinary income * -- -- 83,197 --
Undistributed net long-term capital gains -- -- 86,574 --
=========================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
---------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $944,663 $318,206 $72,254 $489,254
Undistributed net ordinary income * 5,707 -- 44,352 261
Undistributed net long-term capital gains -- 39,612 -- --
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
54
The tax character of distributions paid during the fiscal year ended May 31,
2003, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
2003 (NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $4,914,860 $2,309,669 $2,079,493 $1,846,495
Distributions from net ordinary income * 74,506 -- 124,592 --
Distributions from net long-term capital gains -- -- 31,111 --
==========================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
2003 (NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $4,392,112 $1,843,169 $858,850 $2,071,810
Distributions from net ordinary income * -- -- -- --
Distributions from net long-term capital gains -- -- -- --
============================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2003, the Funds' last fiscal year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
CONNECTICUT CONNECTICUT CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND DIVIDEND PREMIUM PREMIUM
INCOME ADVANTAGE ADVANTAGE 3 INCOME INCOME
(NTC) (NFC) (NGO) (NMT) (NOM)
-------------------------------------------------------------------------------------------------------------
Expiration year:
2004 $ -- $ -- $ -- $ 828,906 $708,417
2005 593,568 -- -- 195,761 --
2006 -- -- -- -- --
2007 -- -- -- -- --
2008 7,281 -- -- 210,989 57,432
2009 168,464 30,535 -- 718,509 --
2010 -- 42,027 -- -- 6,599
2011 -- -- 172,070 -- --
-------------------------------------------------------------------------------------------------------------
Total $769,313 $72,562 $172,070 $1,954,165 $772,448
============================================================================================================
The following Funds elected to defer net realized losses from investments
incurred from November 1, 2002 through May 31, 2003 ("post-October losses") in
accordance with Federal income tax regulations. The following post-October
losses are treated as having arisen on the first day of the current fiscal year:
CONNECTICUT CONNECTICUT MASSACHUSETTS MISSOURI
DIVIDEND DIVIDEND PREMIUM PREMIUM
ADVANTAGE ADVANTAGE 3 INCOME INCOME
(NFC) (NGO) (NMT) (NOM)
--------------------------------------------------------------------------------
$308,371 $92,962 $171,171 $70,055
================================================================================
55
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under Connecticut Premium Income's (NTC), Massachusetts Premium Income's (NMT)
and Missouri Premium Income's (NOM) investment management agreements with the
Adviser, each Fund pays an annual management fee, payable monthly, at the rates
set forth below, which are based upon the average daily net assets (including
net assets attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
Under Connecticut Dividend Advantage's (NFC), Connecticut Dividend Advantage 2's
(NGK), Connecticut Dividend Advantage 3's (NGO), Massachusetts Dividend
Advantage's (NMB) and Insured Massachusetts Tax-Free Advantage's (NGX)
investment management agreements with the Adviser, each Fund pays an annual
management fee, payable monthly, at the rates set forth below, which are based
upon the average daily net assets (including net assets attributable to
Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
56
For the first ten years of Connecticut Dividend Advantage's (NFC) and
Massachusetts Dividend Advantage's (NMB) operations, the Adviser has agreed to
reimburse the Funds, as a percentage of average daily net assets (including net
assets attributable to Preferred shares), for fees and expenses in the amounts
and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JANUARY 31, JANUARY 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Connecticut Dividend Advantage (NFC) and
Massachusetts Dividend Advantage (NMB) for any portion of its fees and expenses
beyond January 31, 2011.
For the first ten years of Connecticut Dividend Advantage 2's (NGK) operations,
the Adviser has agreed to reimburse the Fund, as a percentage of average daily
net assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
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 Connecticut Dividend Advantage 2 (NGK)
for any portion of its fees and expenses beyond March 31, 2012.
57
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
For the first eight years of Connecticut Dividend Advantage 3's (NGO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
SEPTEMBER 30, SEPTEMBER 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 Connecticut Dividend Advantage 3 (NGO)
for any portion of its fees and expenses beyond September 30, 2010.
For the first eight years of Insured Massachusetts Tax-Free Advantage's (NGX)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured Massachusetts Tax-Free Advantage
(NGX) for any portion of its fees and expenses beyond November 30, 2010.
58
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on December 30, 2003, to shareholders of
record on December 15, 2003, as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------
Dividend per share $.0735 $.0745 $.0735 $.0650
================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------
Dividend per share $.0735 $.0775 $.0720 $.0735
================================================================================
At the same time, the following Funds declared capital gains and net ordinary
income distributions as follows:
INSURED
CONNECTICUT MASSACHUSETTS MASSACHUSETTS
DIVIDEND DIVIDEND TAX-FREE
ADVANTAGE 2 ADVANTAGE ADVANTAGE
(NGK) (NMB) (NGX)
-------------------------------------------------------------------------------------------------------------
Capital gains distributions per share $.0820 $.0789 $ --
Net ordinary income distributions per share* .0341 -- .0148
=============================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
59
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
----------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) $15.56 $ .47 $ (.40) $(.02) $ -- $ .05 $(.44) $-- $(.44)
2003 14.46 .98 1.07 (.07) -- 1.98 (.88) -- (.88)
2002 14.20 1.00 .20 (.10) -- 1.10 (.84) -- (.84)
2001 12.92 1.02 1.32 (.24) -- 2.10 (.82) -- (.82)
2000 14.44 1.06 (1.54) (.22) -- (.70) (.82) -- (.82)
1999 14.49 1.00 (.05) (.20) -- .75 (.80) -- (.80)
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 15.53 .48 (.38) (.03) -- .07 (.44) -- (.44)
2003 14.24 1.00 1.19 (.07) -- 2.12 (.84) -- (.84)
2002 13.88 1.00 .31 (.11) -- 1.20 (.84) -- (.84)
2001(a) 14.33 .21 (.23) (.05) -- (.07) (.21) -- (.21)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 16.23 .48 (.53) (.03) -- (.08) (.43) -- (.43)
2003 14.48 .98 1.74 (.07) (.01) 2.64 (.83) (.06) (.89)
2002(b) 14.33 .08 .30 -- -- .38 (.07) -- (.07)
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 15.06 .44 (.53) (.03) -- (.12) (.39) -- (.39)
2003(c) 14.33 .51 .93 (.04) -- 1.40 (.46) -- (.46)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
=================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
---------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) $ -- $15.17 $16.2500 (2.61)% .41%
2003 -- 15.56 17.1400 12.63 14.08
2002 -- 14.46 16.0500 5.01 7.87
2001 -- 14.20 16.1000 25.91 16.57
2000 -- 12.92 13.5000 (14.85) (4.87)
1999 -- 14.44 16.7500 13.50 5.22
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
---------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) -- 15.16 16.1300 1.43 .53
2003 .01 15.53 16.3500 9.19 15.38
2002 -- 14.24 15.7900 8.61 8.81
2001(a) (.17) 13.88 15.3400 3.71 (1.67)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
---------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) (.01) 15.71 15.5200 .98 (.49)
2003 -- 16.23 15.8000 11.16 18.77
2002(b) (.16) 14.48 15.0500 .79 1.53
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
---------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) -- 14.55 13.6600 (6.92) (.71)
2003(c) (.21) 15.06 15.0900 3.71 8.46
=================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
---------------------------- ----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
===================================================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
-------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) $80,582 1.24%* 6.29%* 1.24%* 6.29%* 11%
2003 82,492 1.27 6.57 1.26 6.58 23
2002 76,327 1.34 6.90 1.34 6.91 12
2001 74,642 1.33 7.36 1.31 7.39 8
2000 67,579 1.36 7.87 1.32 7.91 19
1999 75,165 1.32 6.83 1.30 6.84 7
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
-------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 38,742 1.28* 5.99* .81* 6.46* 3
2003 39,625 1.27 6.29 .81 6.76 7
2002 36,233 1.38 6.56 .88 7.06 20
2001(a) 35,255 1.22* 4.10* .80* 4.52* 29
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
-------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 36,252 1.28* 5.73* .83* 6.19* 7
2003 37,441 1.31 5.94 .82 6.43 13
2002(b) 33,408 1.06* 2.90* .73* 3.23* --
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
-------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 63,224 1.25* 5.64* .75* 6.14* 10
2003(c) 65,324 1.19* 4.72* .71* 5.20* 18
===================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
-----------------------------------------------------------------
Year Ended 5/31:
2003(d) $38,300 $25,000 $77,599
2003 38,300 25,000 78,846
2002 38,300 25,000 74,822
2001 38,300 25,000 73,722
2000 38,300 25,000 69,112
1999 38,300 25,000 74,063
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
-----------------------------------------------------------------
Year Ended 5/31:
2003(d) 19,500 25,000 74,669
2003 19,500 25,000 75,801
2002 19,500 25,000 71,453
2001(a) 19,500 25,000 70,198
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
-----------------------------------------------------------------
Year Ended 5/31:
2003(d) 17,500 25,000 76,788
2003 17,500 25,000 78,487
2002(b) 17,500 25,000 72,726
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
-----------------------------------------------------------------
Year Ended 5/31:
2003(d) 32,000 25,000 74,394
2003(c) 32,000 25,000 76,034
=================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. Total returns are not
annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period January 26, 2001 (commencement of operations) through May
31, 2001.
(b) For the period March 25, 2002 (commencement of operations) through May 31,
2002.
(c) For the period September 26, 2002 (commencement of operations) through May
31, 2003.
(d) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
60-61 spread
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
----------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) $15.30 $ .48 $ (.44) $(.02) $ -- $ .02 $(.44) $ -- $(.44)
2003 14.48 .98 .78 (.07) -- 1.69 (.87) -- (.87)
2002 14.26 1.03 .13 (.11) -- 1.05 (.83) -- (.83)
2001 13.17 1.05 1.10 (.24) -- 1.91 (.82) -- (.82)
2000 14.72 1.05 (1.54) (.21) -- (.70) (.85) -- (.85)
1999 14.91 1.02 (.16) (.20) -- .66 (.85) -- (.85)
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 16.00 .51 (.54) (.02) -- (.05) (.45) -- (.45)
2003 14.16 1.04 1.74 (.07) -- 2.71 (.88) -- (.88)
2002 13.88 1.03 .25 (.12) -- 1.16 (.88) -- (.88)
2001(a) 14.33 .24 (.24) (.05) -- (.05) (.22) -- (.22)
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 15.25 .47 (.66) (.03) -- (.22) (.43) -- (.43)
2003(b) 14.33 .35 1.21 (.03) -- 1.53 (.37) -- (.37)
MISSOURI PREMIUM
INCOME (NOM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 15.40 .48 (.47) (.03) -- (.02) (.44) -- (.44)
2003 14.35 .97 1.02 (.07) -- 1.92 (.87) -- (.87)
2002 13.97 1.01 .31 (.13) -- 1.19 (.81) -- (.81)
2001 12.77 1.02 1.18 (.26) -- 1.94 (.74) -- (.74)
2000 14.20 .99 (1.39) (.26) -- (.66) (.77) -- (.77)
1999 14.44 .97 (.22) (.22) -- .53 (.77) -- (.77)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
==================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
----------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) $ -- $14.88 $15.6500 (4.11)% .22%
2003 -- 15.30 16.8000 12.98 12.02
2002 -- 14.48 15.7000 8.04 7.51
2001 -- 14.26 15.3300 15.71 14.72
2000 -- 13.17 14.0000 (7.66) (4.79)
1999 -- 14.72 16.0625 2.48 4.47
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
----------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) -- 15.50 15.9000 (.53) (.21)
2003 .01 16.00 16.4500 8.76 19.74
2002 -- 14.16 15.9500 14.15 8.46
2001(a) (.18) 13.88 14.8000 .13 (1.61)
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
----------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) -- 14.60 15.7700 2.76 (1.33)
2003(b) (.24) 15.25 15.7800 7.69 9.07
MISSOURI PREMIUM
INCOME (NOM)
----------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) -- 14.94 17.0000 3.46 (.07)
2003 -- 15.40 16.8700 15.39 13.75
2002 -- 14.35 15.4100 14.11 8.65
2001 -- 13.97 14.2500 17.41 15.48
2000 -- 12.77 12.8125 (4.35) (4.63)
1999 -- 14.20 14.1875 5.24 3.64
==================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
---------------------------- ----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
======================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
----------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) $70,209 1.26%* 6.44%* 1.25%* 6.45%* 17%
2003 72,003 1.28 6.61 1.27 6.63 18
2002 67,856 1.31 7.11 1.30 7.12 13
2001 66,579 1.37 7.46 1.35 7.48 14
2000 61,323 1.32 7.71 1.31 7.73 11
1999 68,288 1.30 6.87 1.30 6.88 11
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
----------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 30,166 1.24* 6.13* .78* 6.59* 20
2003 31,134 1.29 6.49 .83 6.95 8
2002 27,519 1.47 6.70 .94 7.24 9
2001(a) 26,951 1.28* 4.84* .84* 5.28* 18
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
----------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 39,591 1.31* 6.01* .76* 6.56* 71
2003(b) 41,297 1.14* 4.17* .68* 4.64* 19
MISSOURI PREMIUM
INCOME (NOM)
----------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 33,342 1.28* 6.44* 1.27* 6.45* 15
2003 34,228 1.34 6.56 1.32 6.58 15
2002 31,619 1.38 7.08 1.36 7.10 8
2001 30,508 1.39 7.48 1.38 7.50 31
2000 27,701 1.48 7.49 1.47 7.51 23
1999 30,603 1.44 6.72 1.43 6.72 10
======================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
==================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
------------------------------------------------------------------
Year Ended 5/31:
2003(c) $34,000 $25,000 $76,625
2003 34,000 25,000 77,943
2002 34,000 25,000 74,894
2001 34,000 25,000 73,955
2000 34,000 25,000 70,091
1999 34,000 25,000 75,212
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
------------------------------------------------------------------
Year Ended 5/31:
2003(c) 15,000 25,000 75,276
2003 15,000 25,000 76,891
2002 15,000 25,000 70,865
2001(a) 15,000 25,000 69,919
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
------------------------------------------------------------------
Year Ended 5/31:
2003(c) 20,500 25,000 73,281
2003(b) 20,500 25,000 75,362
MISSOURI PREMIUM
INCOME (NOM)
------------------------------------------------------------------
Year Ended 5/31:
2003(c) 16,000 25,000 77,098
2003 16,000 25,000 78,481
2002 16,000 25,000 74,405
2001 16,000 25,000 72,669
2000 16,000 25,000 68,282
1999 16,000 25,000 72,817
==================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. Total returns are not
annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the period January 30, 2001 (commencement of operations) through May
31, 2001.
(b) For the period November 21, 2002 (commencement of operations) through May
31, 2003.
(c) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
62-63 spread
Build Your Wealth
AUTOMATICALLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
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.
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.
64
Fund
INFORMATION
BOARD OF TRUSTEES
William E. Bennett
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
Anne E. Impellizzeri
William L. Kissick
Thomas E. Leafstrand
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Shelia W. Wellington
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii)
on the Commission's website at http://www.sec.gov.
GLOSSARY OF TERMS USED IN THIS REPORT
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond 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 generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the six month period ended November 30, 2003. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
65
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.
Managing $80 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
ESA-B-1103D
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. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable at this time.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable to this filing.
ITEM 10. 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 registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. 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
because posted on registrant's website at www.nuveen.com/etf.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable
at this time.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Massachusetts Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: February 4, 2004
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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: February 4, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: February 4, 2004
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* Print the name and title of each signing officer under his or her signature.