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 811-06379
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Nuveen Insured Municipal Opportunity Fund, Inc.
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31
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Date of reporting period: April 30, 2010
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
LOGO: NUVEEN INVESTMENTS
Closed-End Funds
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Semi-Annual Report
April 30, 2010
--------------------- --------------------- ---------------------
NUVEEN INSURED NUVEEN INSURED NUVEEN PREMIER
QUALITY MUNICIPAL MUNICIPAL OPPORTUNITY INSURED MUNICIPAL
FUND, INC. FUND, INC. INCOME FUND, INC.
NQI NIO NIF
--------------------- --------------------- ---------------------
NUVEEN INSURED NUVEEN INSURED NUVEEN INSURED
PREMIUM INCOME DIVIDEND ADVANTAGE TAX-FREE ADVANTAGE
MUNICIPAL FUND 2 MUNICIPAL FUND MUNICIPAL FUND
NPX NVG NEA
APRIL 10
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LOGO: NUVEEN INVESTMENTS
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The economic environment in which your Fund operates reflects continuing but
uneven economic recovery. The U.S. and other major industrial countries are
experiencing steady but comparatively low levels of economic growth, while
emerging market countries are seeing a resumption of relatively strong economic
expansion. The potential impact of steps being considered by many governments to
counteract the extraordinary governmental spending and credit expansion to deal
with the recent financial and economic crisis is injecting uncertainty into
global financial markets. The implications for future tax rates, government
spending, interest rates and the pace of economic recovery in the U.S. and other
leading economies are extremely difficult to predict at the present time. The
long term health of the global economy depends on restoring some measure of
fiscal discipline around the world, but since all of the corrective steps
require economic pain, it is not surprising that governments are reluctant to
undertake them.
In the near term, governments remain committed to furthering economic recovery
and realizing a meaningful reduction in their national unemployment rates. Such
an environment should produce continued economic growth and, consequently,
attractive investment opportunities. Over the longer term, the larger
uncertainty mentioned earlier carries the risk of unexpected potholes in the
road to sustained recovery. For this reason, Nuveen's investment management
teams are working hard to balance return and risk by building well-diversified
portfolios, among other strategies. I encourage you to read the following
commentary on the management of your Fund. As always, I also encourage you to
contact your financial consultant if you have any questions about your Nuveen
Fund investment. Please consult the Nuveen web site for the most recent
information on your Nuveen Funds at: www.nuveen.com.
On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
-----------------------------------
Robert P. Bremner
Chairman of the Board
June 21, 2010
Nuveen Investments 1
Portfolio Manager's Comments
NUVEEN INSURED QUALITY MUNICIPAL FUND, INC. (NQI)
NUVEEN INSURED MUNICIPAL OPPORTUNITY FUND, INC. (NIO)
NUVEEN PREMIER INSURED MUNICIPAL INCOME FUND, INC. (NIF)
NUVEEN INSURED PREMIUM INCOME MUNICIPAL FUND 2 (NPX)
NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND (NVG)
NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND (NEA)
Portfolio manager Paul Brennan reviews key investment strategies and the
six-month performance of these six national Funds. With 20 years of industry
experience, including twelve years at Nuveen, Paul assumed portfolio management
responsibility for NQI, NIO, NIF, NPX, NVG and NEA in 2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED APRIL 30, 2010?
Municipal market conditions began to show general signs of improvement
throughout most of the period. This trend was bolstered by the reduced issuance
of tax-exempt municipal debt, due in part to the introduction of the Build
America Bond program in April 2009. Build America Bonds are a new class of
taxable municipal debt created as part of the February 2009 economic stimulus
package. These bonds currently offer municipal issuers a federal subsidy equal
to 35% of the bonds' interest payments and therefore provide issuers with an
attractive alternative to traditional tax-exempt debt. For the six-month period
ended April 30, 2010, taxable Build America Bond issuance totaled $48.9 billion,
accounting for almost 24% of new bonds in the municipal market-place nationwide.
The tighter supply situation was compounded for these Funds by the severe
decline in issuance of AAA rated insured bonds. Over the six-month period, new
insured paper accounted for approximately 6% of national issuance, compared with
about 12% during the same period a year earlier and historical levels of
approximately 50%. In response to this situation, the Funds' Board of
Directors/Trustees approved changes to the Funds' investment policies that
increased their investment flexibility while retaining the insured nature of
their portfolios. These six Funds can now invest at least 80% of their net
assets in municipal securities that are covered by insurance from insurers with
a claims-paying ability rated at least BBB- at the time of purchase. In
addition, the Funds may invest up
CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF
SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS
RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND
OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGER AS OF THE DATE
OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY
FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS
EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND
OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE
ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN.
2 Nuveen Investments
to 20% of their net assets in uninsured investment-grade credits rated BBB- or
higher. The investment policy changes are discussed in more detail on page
seven.
Despite the constrained issuance of tax-exempt municipal bonds, we continued to
find attractive value opportunities, taking a bottom-up approach to discovering
undervalued sectors and individual credits with the potential to perform
relatively well over the long term. Areas of the market where we found value
during this period included essential services bonds such as general obligation
(GO) and other tax-supported credits, transportation (specifically tollroads and
airports) and water and sewer. The impact of the Build America Bond program was
evident especially in the area of longer-term issuance, as municipal issuers
sought to take full advantage of the attractive financing terms offered by these
bonds. Approximately 70% of Build America Bonds were issued with maturities of
at least 30 years or more. Even though this significantly reduced the
availability of tax-exempt bonds with longer maturities, we continued to focus
on finding and purchasing attractive longer-term bonds for these Funds.
Cash for new purchases during this period was generated primarily by the
proceeds from bond redemptions and calls. In addition, we took advantage of
attractive sell opportunities to trim the Funds' holdings of pre-refunded bonds.
Shortly before the beginning of this reporting period, the Nuveen Insured
Florida Premium Income Municipal Fund (NFL) was reorganized into NIO, and the
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) was reorganized
into NEA (the "Reorganizations"). In the Reorganizations, NIO and NEA acquired
substantially all of the assets and liabilities of the two Florida funds in a
tax-free transaction in exchange for an equal aggregate value of newly-issued
common shares. In general, the securities acquired through the Reorganizations
matched the investment parameters and strategies of NIO and NEA and required
little immediate portfolio activity. As a result of the Reorganizations, NIO and
NEA's exposures to Florida bonds rose. During this period, we began reducing
these exposures to bring them more in line with our standard investment
parameters. We intend to continue reducing these exposures over time as
appropriate opportunities arise.
As of April 30, 2010, all six of these Funds continued to use inverse floating
rate securities. (1) We employ inverse floaters for a variety of reasons,
including leverage, duration management and both income and total return
enhancement.
(1) AN INVERSE FLOATING RATE SECURITY, ALSO KNOWN AS AN INVERSE FLOATER, IS A
FINANCIAL INSTRUMENT DESIGNED TO PAY LONG-TERM TAX-EXEMPT INTEREST AT A RATE
THAT VARIES INVERSELY WITH A SHORT-TERM TAX-EXEMPT INTEREST RATE INDEX. FOR THE
NUVEEN FUNDS, THE INDEX TYPICALLY USED IS THE SECURITIES INDUSTRY AND FINANCIAL
MARKETS (SIFM) MUNICIPAL SWAP INDEX (PREVIOUSLY REFERRED TO AS THE BOND MARKET
ASSOCIATION INDEX OR BMA). INVERSE FLOATERS, INCLUDING THOSE INVERSE FLOATING
RATE SECURITIES IN WHICH THE FUNDS INVESTED DURING THIS REPORTING PERIOD, ARE
FURTHER DEFINED WITHIN THE NOTES TO FINANCIAL STATEMENTS AND GLOSSARY OF TERMS
USED IN THIS REPORT SECTIONS OF THIS REPORT.
Nuveen Investments 3
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as relevant index and peer group
information, are presented in the accompanying table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE*
FOR PERIODS ENDED 4/30/10
6-MONTH 1-YEAR 5-YEAR 10-YEAR
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NQI 6.12% 16.89% 3.34% 6.21%
NIO 5.24% 14.13% 3.64% 6.26%
NIF 5.00% 12.26% 3.82% 6.23%
NPX 4.85% 13.55% 3.48% 6.20%
NVG 4.25% 12.61% 4.48% N/A
NEA 4.67% 14.42% 4.89% N/A
Standard & Poor's (S&P) Insured Municipal Bond Index(2) 3.76% 9.34% 4.24% 5.93%
Lipper Insured Municipal Debt Funds Average(3) 5.33% 15.40% 3.81% 6.32%
---------------------------------------------------------------------------------------------
For the six months ended April 30, 2010, the cumulative returns on common share
net asset value (NAV) for all six of these Funds exceeded the return for the
Standard & Poor's (S&P) Insured Municipal Bond Index. For the same period, NQI
outperformed the return for the Lipper Insured Municipal Debt Funds Average,
while NIO, NIF, NPX, NVG and NEA trailed the Lipper average.
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, the use of leverage was an important factor affecting
the Funds' performance over this period. The impact of leverage is discussed in
more detail on page five.
During this period, bonds with longer maturities generally outperformed credits
with shorter maturities, with bonds at the longest end of the yield curve
posting the strongest returns. The outperformance of longer bonds was due in
part to the decline in interest rates, particularly at the longer end of the
curve. The scarcity of tax-exempt bonds with longer maturities also drove up
their prices. Overall, yield curve positioning and duration proved positive for
the performance of these Funds. NQI and NIO, which had the longest durations,
were relatively better positioned for the interest rate environment of the past
six months.
Credit exposure also played a role in performance of these Funds. The demand for
municipal bonds increased during the period, driven by a variety of factors,
including concerns about potential tax increases, the need to rebalance
portfolio allocations and a growing appetite for additional risk. At the same
time, the supply of issuance of new tax-exempt municipal securities declined. As
investors bid up municipal bond prices, bonds rated BBB or below generally
outperformed those rated AAA. While these six Funds remained heavily weighted in
insured and higher quality credits, their performance benefited from their
holdings of lower-rated credits.
(*) Six-month returns are cumulative; returns for one-year, five-year, and
ten-year are annualized.
Past performance is not predictive of future results. Current performance
may be higher or lower than the data shown. Returns do not reflect the
deduction of taxes that shareholders may have to pay on Fund distributions
or upon the sale of Fund shares.
(1) For additional information, see the individual Performance Overview for
your Fund in this report.
(2) The Standard & Poor's (S&P) Insured Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the insured U.S. municipal bond market. This index does not
reflect any initial or ongoing expenses and is not available for direct
investment.
(3) The Lipper Insured Municipal Debt Funds Average is calculated using the
returns of all closed-end funds in this category for each period as
follows: 6-month, 8 funds; 1-year, 8 funds; 5-year, 7 funds; and 10-year,
7 funds. Lipper returns account for the effects of management fees and
assume reinvestment of dividends, but do not reflect any applicable sales
charges. The Lipper average is not available for direct investment.
4 Nuveen Investments
Sectors that generally contributed to performance during this period included
industrial development revenue, health care and housing bonds. In particular,
the Funds had exposure to lower-rated health care credits that helped to enhance
their returns. Revenue bonds as a whole performed well, with transportation,
leasing and special tax among the sectors outperforming the general municipal
market for this period. Zero coupon bonds also were among the strongest
performers.
Pre-refunded bonds, which are often backed by U.S. Treasury securities,
performed relatively poorly during this period. The underperformance of these
bonds can be attributed primarily to their shorter effective maturities and
higher credit quality. As of April 30, 2010, NVG and NEA had the largest
exposures to pre-refunded bonds, while NQI and NPX had the smallest allocations.
On the whole, general obligation (GO) bonds lagged the overall municipal market
by a small margin, while water and sewer, education, electric utilities and
resource recovery bonds trailed the other revenue sectors for the six months.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of most of these Funds relative to
the comparative index was the Funds' use of financial leverage. The Funds use
leverage because their managers believe that, over time, leveraging provides
opportunities for additional income and total return for common shareholders.
However, use of leverage also can expose common shareholders to additional
volatility. For example, as the prices of securities held by a Fund decline, the
negative impact of these valuation changes on common share net asset value and
common shareholder total return is magnified by the use of leverage. Conversely,
leverage may enhance common share returns during periods when bond prices
generally are rising.
Leverage made a positive contribution to the performance of these Funds over
this reporting period.
RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE
Shortly after their inceptions, each of the Funds issued auction rate preferred
shares (ARPS) to create financial leverage. As noted in past shareholder
reports, the ARPS issued by many closed-end funds, including these Funds, have
been hampered by a lack of liquidity since February 2008. Since that time, more
ARPS have been submitted for sale in each of their regularly scheduled auctions
than there have been offers to buy. In fact, offers to buy have been almost
completely non-existent since late February 2008. This means that these auctions
have "failed to clear," and that many, or all, of the ARPS shareholders who
wanted to sell their shares in these auctions were unable to do so. This lack of
liquidity in ARPS did not lower the credit quality of these shares, and ARPS
Nuveen Investments 5
shareholders unable to sell their shares continued to receive distributions at
the "maximum rate" applicable to failed auctions, as calculated in accordance
with the pre-established terms of the ARPS. In the recent market, with
short-term rates at multi-generational lows, those maximum rates also have been
low.
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
As noted in past shareholder reports, the Nuveen funds' Board of
Directors/Trustees authorized several methods to refinance a portion of the
Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds
(TOBs), also known as floating rate securities, for leverage purposes. The
amount of TOBs that a fund may use varies according to the composition of each
fund's portfolio. Some funds have a greater ability to use TOBs than others.
Some funds have issued Variable Rate Demand Preferred Shares (VRDP), but these
issuances have been limited since it has been difficult to find liquidity
providers on economically viable terms given the constrained credit environment.
Some funds have issued MuniFund Term Preferred Shares (MTP), a fixed rate form
of preferred stock with a mandatory redemption period of five years.
While all these efforts have reduced the total amount of outstanding ARPS issued
by the Nuveen funds, the Funds cannot provide any assurance on when the
remaining outstanding ARPS might be redeemed.
On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NQI,
NVG, NEA and NIF, received a demand letter from a law firm on behalf of each
fund's common shareholders, alleging that Nuveen and the fund's officers and
Board of Directors/Trustees breached their fiduciary duties related to the
redemption at par of the fund's ARPS. The funds' independent Board is evaluating
the demand letter for each fund.
As of April 30, 2010, the amounts of ARPS redeemed at par by the following Funds
are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
--------------------------------------------------------------------------------
NQI $ 78,800,000 24.8%
NIO $ 126,175,000 16.0%
NIF $ 30,875,000 19.2%
NPX $ 268,900,000 100.0%
NVG $ 141,050,000 60.5%
NEA $ 105,625,000 61.1%
--------------------------------------------------------------------------------
6 Nuveen Investments
As of April 30, 2010, NVG and NEA had issued and outstanding $108 million and
$83 million of MTP, respectively, and NPX had issued and outstanding $219
million VRDP. (Refer to Notes to Financial Statements, Footnote 1 - General
Information and Significant Accounting Policies and Footnote 4 - Fund Shares for
further details on MTP and VRDP.)
As of April 30, 2010, 83 out of the 84 Nuveen closed-end municipal funds that
had issued ARPS have redeemed at par all or a portion of these shares. These
redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS
redemptions to approximately $4.4 billion of the approximately $11.0 billion
originally outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at: http://www.nuveen.com/arps.
RECENT CHANGES TO INVESTMENT POLICIES OF NUVEEN INSURED FUNDS
As a result of the "credit crunch" that began in 2007 and that led to the
financial crisis that peaked in late 2008, the financial strength ratings
assigned to most municipal bond insurers have been downgraded by the primary
ratings agencies. These ratings downgrades generally have reduced, and any
additional ratings downgrades may further reduce, the effective rating of many
of the bonds insured by those bond insurers, including bonds held by the Funds.
This in turn has sharply reduced, and in some cases may have eliminated, the
value provided by such insurance. Nonetheless, the Fund's holdings continue to
be well diversified and on the whole, the underlying credit quality of its
holdings are of medium to high quality. It is also important to note that
municipal bonds historically have had a very low rate of default.
On May 3, 2010, after the close of this reporting period, the Funds' Board of
Directors/Trustees approved changes to each Fund's investment policies. The
Board of Directors/Trustees took this action in response to the continuing
challenges faced by municipal bond insurers. The changes to each Fund's
investment policies are intended to increase the Funds' investment flexibility
in pursuing their investment objective, while retaining the insured nature of
its portfolio.
The changes, effective immediately, provide that under normal circumstances, the
Funds invest at least 80% of their managed assets (as defined in Footnote 7 -
Management Fees and Other Transactions with Affiliates) in municipal securities
that are covered by insurance guaranteeing the timely payment of principal and
interest. In addition, the municipal securities in which each Fund invests will
be rated investment grade at the time of purchase (based on the higher of the
rating of the insurer, if any, or the underlying security) by at least one
independent rating agency, or are unrated but judged to be of similar credit
quality by Nuveen Asset Management (the "Adviser"), or are backed by an escrow
or trust account containing sufficient U.S. government or U.S. government agency
securities or U.S. Treasury-issued State and Local Government Series securities
to ensure timely payment of principal and interest. Inverse floating rate
securities whose underlying bonds are covered by insurance are included for
purposes of the 80%.
Nuveen Investments 7
Common Share Dividend and Share Price Information
During the six-month reporting period ended April 30, 2010, NIO and NIF each had
two monthly dividend increases and NQI, NPX and NEA each had one monthly
dividend increase. The dividend of NVG remained stable throughout the reporting
period.
Due to normal portfolio activity, common shareholders of NVG received a
long-term capital gains distribution of $0.0409 per share at the end of December
2009.
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of April 30, 2010, all six of
the Funds in this report had positive UNII balances, based upon our best
estimate, for tax purposes and positive UNII balances for financial reporting
purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of April 30, 2010, and since the inception of the Funds' repurchase program,
NIO, NVG and NEA have cumulatively repurchased common shares as shown in the
accompanying table. Since the inception of the Funds' repurchase program, NQI,
NIF, and NPX have not repurchased any of their outstanding common shares.
COMMON SHARES % OF OUTSTANDING
FUND REPURCHASED COMMON SHARES
--------------------------------------------------------------------------------
NIO 2,900 0.0%
NVG 10,400 0.0%
NEA 19,300 0.1%
--------------------------------------------------------------------------------
During the six-month reporting period, NIO repurchased common shares at a
weighted average price and a weighted average discount per common share as shown
in the accompanying table. NVG and NEA did not repurchase any of their
outstanding common shares during the six-month reporting period.
WEIGHTED AVERAGE WEIGHTED AVERAGE
COMMON SHARES PRICE PER SHARE DISCOUNT PER SHARE
FUND REPURCHASED REPURCHASED REPURCHASED
--------------------------------------------------------------------------------
NIO 2,900 $12.93 8.57%
--------------------------------------------------------------------------------
8 Nuveen Investments
As of April 30, 2010, the Funds' common share prices were trading at (+)
premiums or (-) discounts to their common share NAVs as shown in the
accompanying table.
4/30/10 SIX-MONTH AVERAGE
FUND (+) PREMIUM/(-) DISCOUNT (+) PREMIUM/(-) DISCOUNT
--------------------------------------------------------------------------------
NQI +1.36% -0.43%
NIO -3.99% -5.92%
NIF -0.00% -3.49%
NPX -4.09% -5.13%
NVG -2.87% -4.89%
NEA -1.09% -3.16%
--------------------------------------------------------------------------------
Nuveen Investments 9
NQI Performance OVERVIEW | Nuveen Insured Quality Municipal Fund, Inc. as of
April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.20
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.01
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 1.36%
--------------------------------------------------------------------------------
Market Yield 6.00%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 8.33%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 537,251
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 16.25
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.24
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/19/90)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 10.08% 6.12%
--------------------------------------------------------------------------------
1-Year 24.24% 16.89%
--------------------------------------------------------------------------------
5-Year 3.97% 3.34%
--------------------------------------------------------------------------------
10-Year 6.94% 6.21%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
California 19.6%
--------------------------------------------------------------------------------
Texas 11.1%
--------------------------------------------------------------------------------
Illinois 8.6%
--------------------------------------------------------------------------------
Washington 8.2%
--------------------------------------------------------------------------------
New York 6.4%
--------------------------------------------------------------------------------
Florida 5.9%
--------------------------------------------------------------------------------
Kentucky 4.0%
--------------------------------------------------------------------------------
Massachusetts 2.8%
--------------------------------------------------------------------------------
Arizona 2.7%
--------------------------------------------------------------------------------
Louisiana 2.5%
--------------------------------------------------------------------------------
Ohio 2.4%
--------------------------------------------------------------------------------
Hawaii 2.2%
--------------------------------------------------------------------------------
Colorado 2.2%
--------------------------------------------------------------------------------
Nevada 1.9%
--------------------------------------------------------------------------------
Other 19.5%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 22.0%
--------------------------------------------------------------------------------
Transportation 19.5%
--------------------------------------------------------------------------------
Tax Obligation/General 14.6%
--------------------------------------------------------------------------------
U.S. Guaranteed 14.5%
--------------------------------------------------------------------------------
Health Care 9.1%
--------------------------------------------------------------------------------
Utilities 7.6%
--------------------------------------------------------------------------------
Water and Sewer 5.8%
--------------------------------------------------------------------------------
Other 6.9%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(3) 31.1%
--------------------------------------------------------------------------------
AGM 25.5%
--------------------------------------------------------------------------------
AMBAC 21.3%
--------------------------------------------------------------------------------
FGIC 20.0%
--------------------------------------------------------------------------------
Other 2.1%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4)
[PIE CHART]
AAA/U.S.
Guaranteed 38%
AA 28%
A 31%
BB or Lower 1%
N/R 2%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.0625
Jun 0.0625
Jul 0.0625
Aug 0.0625
Sep 0.068
Oct 0.068
Nov 0.068
Dec 0.071
Jan 0.071
Feb 0.071
Mar 0.071
Apr 0.071
COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 12.05
12.08
12.18
12.5
12.53
12.23
12.0299
12.26
12.32
12.46
12.67
12.59
12.8
12.98
12.85
12.55
12.93
12.72
13.1
13.24
13.46
13.54
13.75
13.64
13
13.38
13.3
13.61
13.15
13.16
13.34
13.39
13.49
13.29
13.46
13.6
13.74
13.83
13.95
13.79
13.59
13.76
13.91
14
13.95
14
14.11
14.27
14.34
14.2
14.2
14.33
4/30/10 14.2
(1) The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information. As of April 30, 2010, the
Fund includes 94% (as a % of total investments) of Insured securities.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing this Fund to investments that generate qualified dividend
income, the Taxable-Equivalent Yield is lower.
(3) MBIA's public finance subsidiary.
(4) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
10 Nuveen Investments
NIO Performance OVERVIEW | Nuveen Insured Municipal Opportunity Fund, Inc. as of
April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4)
[PIE CHART]
AAA/U.S.
Guaranteed 42%
AA 27%
A 25%
BBB 1%
BB or Lower 1%
N/R 4%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.0605
Jun 0.0605
Jul 0.0605
Aug 0.0605
Sep 0.0665
Oct 0.0665
Nov 0.0665
Dec 0.0675
Jan 0.0675
Feb 0.0675
Mar 0.069
Apr 0.069
COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 12.15
12.31
12.4
12.54
12.58
12.4
11.99
12.09
12.3
12.14
12.55
12.42
12.7
12.68
12.69
12.72
12.96
13.22
13.4
13.41
13.55
13.65
13.89
13.64
13
13.22
12.98
13.15
13
13.07
13.23
13.38
13.49
13.34
13.4
13.44
13.54
13.53
13.55
13.55
13.63
13.57
13.5
13.58
13.69
13.68
13.85
13.89
13.9
13.93
13.86
13.92
4/30/10 13.97
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.97
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.55
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -3.99%
--------------------------------------------------------------------------------
Market Yield 5.93%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 8.24%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $1,391,133
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 15.38
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.40
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 9/19/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 10.88% 5.24%
--------------------------------------------------------------------------------
1-Year 21.93% 14.13%
--------------------------------------------------------------------------------
5-Year 4.44% 3.64%
--------------------------------------------------------------------------------
10-Year 7.49% 6.26%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
Florida 16.8%
--------------------------------------------------------------------------------
California 16.7%
--------------------------------------------------------------------------------
Texas 5.8%
--------------------------------------------------------------------------------
Nevada 4.4%
--------------------------------------------------------------------------------
New York 4.4%
--------------------------------------------------------------------------------
Colorado 3.8%
--------------------------------------------------------------------------------
Illinois 3.7%
--------------------------------------------------------------------------------
South Carolina 3.6%
--------------------------------------------------------------------------------
Massachusetts 3.4%
--------------------------------------------------------------------------------
Alabama 3.2%
--------------------------------------------------------------------------------
Louisiana 2.9%
--------------------------------------------------------------------------------
Washington 2.8%
--------------------------------------------------------------------------------
New Jersey 2.6%
--------------------------------------------------------------------------------
Ohio 2.4%
--------------------------------------------------------------------------------
Indiana 2.3%
--------------------------------------------------------------------------------
Kentucky 1.9%
--------------------------------------------------------------------------------
Other 19.3%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 24.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 18.8%
--------------------------------------------------------------------------------
Transportation 14.4%
--------------------------------------------------------------------------------
Tax Obligation/General 11.6%
--------------------------------------------------------------------------------
Water and Sewer 11.1%
--------------------------------------------------------------------------------
Utilities 8.0%
--------------------------------------------------------------------------------
Health Care 5.1%
--------------------------------------------------------------------------------
Other 6.3%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(3) 30.5%
--------------------------------------------------------------------------------
FGIC 24.0%
--------------------------------------------------------------------------------
AGM 18.8%
--------------------------------------------------------------------------------
AMBAC 17.8%
--------------------------------------------------------------------------------
Other 8.9%
--------------------------------------------------------------------------------
(1) The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information. As of April 30, 2010, the
Fund includes 96% (as a % of total investments) of Insured securities.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing this Fund to investments that generate qualified dividend
income, the Taxable-Equivalent Yield is lower.
(3) MBIA's public finance subsidiary.
(4) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 11
NIF Performance OVERVIEW | Nuveen Premier Insured Municipal Income Fund, Inc. as
of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.66
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.66
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 0.00%
--------------------------------------------------------------------------------
Market Yield 6.06%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 8.42%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 284,746
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 13.43
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.87
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/19/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 15.34% 5.00%
--------------------------------------------------------------------------------
1-Year 22.59% 12.26%
--------------------------------------------------------------------------------
5-Year 5.11% 3.82%
--------------------------------------------------------------------------------
10-Year 7.38% 6.23%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
California 17.0%
--------------------------------------------------------------------------------
Washington 11.3%
--------------------------------------------------------------------------------
Illinois 8.7%
--------------------------------------------------------------------------------
Texas 8.4%
--------------------------------------------------------------------------------
Colorado 6.4%
--------------------------------------------------------------------------------
New York 4.5%
--------------------------------------------------------------------------------
Nevada 4.0%
--------------------------------------------------------------------------------
Massachusetts 2.9%
--------------------------------------------------------------------------------
Florida 2.9%
--------------------------------------------------------------------------------
Oregon 2.7%
--------------------------------------------------------------------------------
Indiana 2.7%
--------------------------------------------------------------------------------
Pennsylvania 2.5%
--------------------------------------------------------------------------------
Hawaii 2.4%
--------------------------------------------------------------------------------
Michigan 2.4%
--------------------------------------------------------------------------------
Georgia 2.1%
--------------------------------------------------------------------------------
Other 19.1%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/General 22.2%
--------------------------------------------------------------------------------
Transportation 20.0%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.7%
--------------------------------------------------------------------------------
Water and Sewer 7.5%
--------------------------------------------------------------------------------
Utilities 6.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 5.7%
--------------------------------------------------------------------------------
Health Care 5.0%
--------------------------------------------------------------------------------
Other 1.2%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(3) 32.4%
--------------------------------------------------------------------------------
FGIC 28.5%
--------------------------------------------------------------------------------
AGM 21.7%
--------------------------------------------------------------------------------
AMBAC 15.3%
--------------------------------------------------------------------------------
Other 2.1%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4)
[PIE CHART]
AAA/U.S.
Guaranteed 41%
AA 24%
A 33%
BBB 1%
N/R 1%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.0635
Jun 0.0635
Jul 0.0635
Aug 0.0635
Sep 0.066
Oct 0.066
Nov 0.066
Dec 0.072
Jan 0.072
Feb 0.072
Mar 0.074
Apr 0.074
COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 12.73
12.81
12.78
12.9
12.76
12.75
12.34
12.56
12.71
12.55
12.96
12.85
13.08
13.18
13.26
13.23
13.37
13.4616
13.51
13.61
13.72
13.79
13.9901
13.71
13.1
13.38
13.1
13.41
13.08
13.206
13.43
13.54
13.88
13.73
13.75
13.876
14.13
13.9705
13.91
14.06
14.26
14.32
14.02
14.17
14.39
14.35
14.25
14.39
14.38
14.32
14.37
14.58
4/30/10 14.6582
(1) The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information. As of April 30, 2010, the
Fund includes 88% (as a % of total investments) of Insured securities.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing this Fund to investments that generate qualified dividend
income, the Taxable-Equivalent Yield is lower.
(3) MBIA's public finance subsidiary.
(4) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
12 Nuveen Investments
NPX Performance OVERVIEW | Nuveen Insured Premium Income Municipal Fund 2 as of
April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4)
[PIE CHART]
AAA/U.S.
Guaranteed 43%
AA 21%
A 29%
BBB 5%
N/R 2%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.0595
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.061
Oct 0.061
Nov 0.061
Dec 0.062
Jan 0.062
Feb 0.062
Mar 0.062
Apr 0.062
COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 11.16
11.3
11.39
11.51
11.36
11.42
10.98
11.22
11.34
11.2
11.57
11.41
11.54
11.65
11.83
11.77
11.96
12
12.11
12.25
12.41
12.32
12.54
12.34
11.96
12.05
11.86
12.21
11.85
11.86
11.93
12.25
12.15
12.23
12.24
12.32
12.45
12.52
12.45
12.55
12.45
12.49
12.34
12.39
12.56
12.53
12.65
12.72
12.73
12.78
12.7
12.73
4/30/10 12.67
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 12.67
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 13.21
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -4.09%
--------------------------------------------------------------------------------
Market Yield 5.87%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 8.15%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 493,539
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 15.63
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.94
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 7/22/93)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 10.04% 4.85%
--------------------------------------------------------------------------------
1-Year 21.20% 13.55%
--------------------------------------------------------------------------------
5-Year 4.54% 3.48%
--------------------------------------------------------------------------------
10-Year 7.52% 6.20%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
California 13.1%
--------------------------------------------------------------------------------
Texas 9.4%
--------------------------------------------------------------------------------
Pennsylvania 6.8%
--------------------------------------------------------------------------------
Colorado 6.2%
--------------------------------------------------------------------------------
Hawaii 5.1%
--------------------------------------------------------------------------------
Washington 4.9%
--------------------------------------------------------------------------------
New York 4.8%
--------------------------------------------------------------------------------
New Jersey 4.5%
--------------------------------------------------------------------------------
Wisconsin 4.0%
--------------------------------------------------------------------------------
Louisiana 3.4%
--------------------------------------------------------------------------------
Indiana 3.2%
--------------------------------------------------------------------------------
Illinois 3.1%
--------------------------------------------------------------------------------
Georgia 2.6%
--------------------------------------------------------------------------------
Arizona 2.5%
--------------------------------------------------------------------------------
North Dakota 2.5%
--------------------------------------------------------------------------------
Nevada 2.4%
--------------------------------------------------------------------------------
Alabama 2.4%
--------------------------------------------------------------------------------
Other 19.1%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Utilities 18.2%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.1%
--------------------------------------------------------------------------------
Transportation 14.6%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.2%
--------------------------------------------------------------------------------
Tax Obligation/General 11.3%
--------------------------------------------------------------------------------
Water and Sewer 10.2%
--------------------------------------------------------------------------------
Education and Civic Organizations 7.5%
--------------------------------------------------------------------------------
Health Care 7.1%
--------------------------------------------------------------------------------
Other 1.8%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(3) 25.4%
--------------------------------------------------------------------------------
FGIC 22.8%
--------------------------------------------------------------------------------
AMBAC 22.8%
--------------------------------------------------------------------------------
AGM 22.5%
--------------------------------------------------------------------------------
Other 6.5%
--------------------------------------------------------------------------------
(1) The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information. As of April 30, 2010, the
Fund includes 97% (as a % of total investments) of Insured securities.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing this Fund to investments that generate qualified dividend
income, the Taxable-Equivalent Yield is lower.
(3) MBIA's public finance subsidiary.
(4) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 13
NVG Performance OVERVIEW | Nuveen Insured Dividend Advantage Municipal Fund as
of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.53
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.96
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -2.87%
--------------------------------------------------------------------------------
Market Yield 5.78%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 8.03%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 445,904
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 12.87
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.27
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 8.35% 4.25%
--------------------------------------------------------------------------------
1-Year 21.77% 12.61%
--------------------------------------------------------------------------------
5-Year 6.12% 4.48%
--------------------------------------------------------------------------------
Since Inception 5.81% 6.42%
--------------------------------------------------------------------------------
STATES
(as a % of total municipal bonds)
--------------------------------------------------------------------------------
Texas 15.3%
--------------------------------------------------------------------------------
Indiana 10.5%
--------------------------------------------------------------------------------
Washington 10.5%
--------------------------------------------------------------------------------
California 9.2%
--------------------------------------------------------------------------------
Florida 7.8%
--------------------------------------------------------------------------------
Illinois 7.4%
--------------------------------------------------------------------------------
Tennessee 6.6%
--------------------------------------------------------------------------------
New York 4.0%
--------------------------------------------------------------------------------
Colorado 3.7%
--------------------------------------------------------------------------------
Pennsylvania 3.0%
--------------------------------------------------------------------------------
Alaska 2.5%
--------------------------------------------------------------------------------
Other 19.5%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 23.9%
--------------------------------------------------------------------------------
Transportation 16.6%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.3%
--------------------------------------------------------------------------------
Tax Obligation/General 11.3%
--------------------------------------------------------------------------------
Utilities 9.1%
--------------------------------------------------------------------------------
Health Care 7.6%
--------------------------------------------------------------------------------
Water and Sewer 6.2%
--------------------------------------------------------------------------------
Investment Companies 0.2%
--------------------------------------------------------------------------------
Other 8.8%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(4) 32.2%
--------------------------------------------------------------------------------
AMBAC 25.6%
--------------------------------------------------------------------------------
AGM 22.5%
--------------------------------------------------------------------------------
FGIC 16.2%
--------------------------------------------------------------------------------
Other 3.5%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL MUNICIPAL BONDS)(1,5)
[PIE CHART]
AAA/U.S.
Guaranteed 48%
AA 17%
A 29%
BBB 4%
N/R 2%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(3)
[BAR CHART]
May $ 0.0645
Jun 0.0645
Jul 0.0645
Aug 0.0645
Sep 0.07
Oct 0.07
Nov 0.07
Dec 0.07
Jan 0.07
Feb 0.07
Mar 0.07
Apr 0.07
COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 12.62
12.84
13.01
13.05
13.07
12.99
12.55
12.89
12.9
12.8
12.98
13.12
13.28
13.42
13.33
13.32
13.59
13.64
13.73
13.95
14.12
14.19
14.39
14.23
13.68
13.89
13.85
13.78
13.66
13.69
13.86
13.93
14.18
13.9699
14
14.3
14.32
14.13
14.11
14.24
14.24
14.24
14.3
14.27
14.31
14.252
14.17
14.25
14.35
14.39
14.26
14.47
4/30/10 14.5299
(1) The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information. As of April 30, 2010, the
Fund includes 92% (as a % of total investments) of Insured securities.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing this Fund to investments that generate qualified dividend
income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders a capital gains distribution in December 2009
of $0.0409 per share.
(4) MBIA's public finance subsidiary.
(5) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
14 Nuveen Investments
NEA Performance OVERVIEW | Nuveen Insured Tax-Free Advantage Municipal Fund as
of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4)
[PIE CHART]
AAA/U.S.
Guaranteed 41%
AA 23%
A 26%
BBB 7%
BB or Lower 1%
N/R 2%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
May $ 0.062
Jun 0.062
Jul 0.062
Aug 0.062
Sep 0.065
Oct 0.065
Nov 0.065
Dec 0.068
Jan 0.068
Feb 0.068
Mar 0.068
Apr 0.068
COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE
[LINE CHART]
5/01/09 $ 12.56
12.82
12.75
12.66
12.97
12.9
12.42
12.75
12.75
12.73
12.82
12.81
12.79
13.05
13.1
13.04
13.2399
13.3406
13.48
13.57
13.75
14.11
14.45
14.28
13.48
13.5999
13.48
13.56
13.2
13.4
13.5
13.62
13.744
13.8
13.85
13.904
14.14
14.18
14.12
14.18
14.39
14.16
14.19
14.32
14.17
14.18
14.32
14.343
14.095
14.63
14.72
14.86
4/30/10 14.52
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.52
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 14.68
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -1.09%
--------------------------------------------------------------------------------
Market Yield 5.62%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2) 7.81%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 326,413
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 14.81
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.28
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 10.84% 4.67%
--------------------------------------------------------------------------------
1-Year 22.67% 14.42%
--------------------------------------------------------------------------------
5-Year 6.10% 4.89%
--------------------------------------------------------------------------------
Since Inception 5.27% 5.89%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
Florida 15.8%
--------------------------------------------------------------------------------
California 14.1%
--------------------------------------------------------------------------------
New York 6.8%
--------------------------------------------------------------------------------
Texas 6.7%
--------------------------------------------------------------------------------
Michigan 6.5%
--------------------------------------------------------------------------------
Washington 6.4%
--------------------------------------------------------------------------------
Pennsylvania 4.9%
--------------------------------------------------------------------------------
Indiana 4.9%
--------------------------------------------------------------------------------
Alabama 4.8%
--------------------------------------------------------------------------------
South Carolina 3.8%
--------------------------------------------------------------------------------
Wisconsin 3.7%
--------------------------------------------------------------------------------
Colorado 3.3%
--------------------------------------------------------------------------------
Other 18.3%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 26.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 23.9%
--------------------------------------------------------------------------------
Tax Obligation/General 10.8%
--------------------------------------------------------------------------------
Water and Sewer 8.7%
--------------------------------------------------------------------------------
Health Care 8.3%
--------------------------------------------------------------------------------
Transportation 8.3%
--------------------------------------------------------------------------------
Utilities 8.1%
--------------------------------------------------------------------------------
Education and Civic Organizations 5.0%
--------------------------------------------------------------------------------
Other 0.6%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(3) 32.5%
--------------------------------------------------------------------------------
AMBAC 26.6%
--------------------------------------------------------------------------------
AGM 21.7%
--------------------------------------------------------------------------------
FGIC 10.9%
--------------------------------------------------------------------------------
Other 8.3%
--------------------------------------------------------------------------------
(1) The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information. As of April 30, 2010, the
Fund includes 88% (as a % of total investments) of Insured securities.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing this Fund to investments that generate qualified dividend
income, the Taxable-Equivalent Yield is lower.
(3) MBIA's public finance subsidiary.
(4) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
Nuveen Investments 15
NQI | Nuveen Insured Quality Municipal Fund, Inc.
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.6% (1.0% OF TOTAL INVESTMENTS)
$ 1,135 Birmingham Waterworks and Sewerage Board, Alabama, Water and 1/13 at 100.00 AAA $ 1,260,940
Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20
(Pre-refunded 1/01/13) - NPFG Insured
7,000 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/15 at 100.00 A 7,074,830
Series 2005A, 5.000%, 6/01/24 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
8,135 Total Alabama 8,335,770
-----------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 4.1% (2.7% OF TOTAL INVESTMENTS)
Arizona State, Certificates of Participation, Series 2010A:
1,200 5.250%, 10/01/28 - AGM Insured 10/19 at 100.00 AAA 1,248,792
1,500 5.000%, 10/01/29 - AGM Insured 10/19 at 100.00 AAA 1,524,735
2,750 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 2,449,865
Longs, Series 11033, 14.719%, 7/01/31 - AGM Insured (IF)
9,200 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/12 at 100.00 AA- 9,203,036
Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 -
FGIC Insured (Alternative Minimum Tax)
8,755 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 7,673,320
Plaza, Series 2005B, 0.000%, 7/01/39 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
23,405 Total Arizona 22,099,748
-----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.4% (0.3% OF TOTAL INVESTMENTS)
2,250 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aa3 2,365,808
Sciences Campus, Series 2004B, 5.000%, 11/01/24 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 29.5% (19.6% OF TOTAL INVESTMENTS)
California Department of Water Resources, Water System
Revenue Bonds, Central Valley Project, Series 2005AC:
4,010 5.000%, 12/01/24 - NPFG Insured (UB) 12/14 at 100.00 AAA 4,276,545
3,965 5.000%, 12/01/26 - NPFG Insured (UB) 12/14 at 100.00 AAA 4,167,651
12,925 California Pollution Control Financing Authority, Revenue 9/10 at 100.50 A 13,024,910
Refunding Bonds, Southern California Edison Company,
Series 1999A, 5.450%, 9/01/29 - NPFG Insured
13,445 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 A1 13,502,948
5.000%, 4/01/27 - AMBAC Insured
7,055 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 AAA 7,633,087
5.000%, 4/01/27 (Pre-refunded 4/01/12) - AMBAC Insured
5 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 A1 5,012
5.000%, 4/01/31 - AMBAC Insured
3,745 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 AAA 4,272,783
5.000%, 4/01/31 (Pre-refunded 4/01/14) - AMBAC Insured
8,000 California, General Obligation Bonds, Series 2002, 5.000%, 10/12 at 100.00 A1 8,008,720
10/01/32 - NPFG Insured
2,340 Cerritos Public Financing Authority, California, Tax 11/17 at 102.00 A- 2,302,092
Allocation Revenue Bonds, Los Cerritos Redevelopment
Projects, Series 2002A, 5.000%, 11/01/24 - AMBAC Insured
5,000 Clovis Unified School District, Fresno County, California, No Opt. Call AA (4) 2,680,250
General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 -
FGIC Insured (ETM)
Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Revenue Refunding Bonds, Series 1999:
22,985 0.000%, 1/15/24 - NPFG Insured 7/10 at 45.75 A 9,202,734
22,000 0.000%, 1/15/31 - NPFG Insured 7/10 at 29.93 A 5,421,020
50,000 0.000%, 1/15/37 - NPFG Insured 7/10 at 20.76 A 8,105,000
5,000 Garden Grove, California, Certificates of Participation, 3/12 at 101.00 A 5,026,400
Financing Project, Series 2002A, 5.125%, 3/01/32 - AMBAC
Insured
8,500 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 7,935,940
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A, 5.000%, 6/01/35 - FGIC Insured
5,795 Kern Community College District, California, General No Opt. Call AAA 2,464,498
Obligation Bonds, Series 2006, 0.000%, 11/01/25 - AGM
Insured
5,288 Moreno Valley Public Finance Authority, California, GNMA 1/12 at 105.00 Aaa 5,743,297
Collateralized Assisted Living Housing Revenue Bonds, CDC
Assisted Living Project, Series 2000A, 7.500%, 1/20/42
16 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 4,940 Ontario Redevelopment Financing Authority, San Bernardino 8/10 at 100.00 A (4) $ 5,458,206
County, California, Revenue Bonds, Redevelopment Project
1, Series 1993, 5.850%, 8/01/22 - NPFG Insured (ETM)
2,590 Riverside County Public Financing Authority, California, Tax 10/14 at 100.00 BBB 2,469,358
Allocation Bonds, Multiple Projects, Series 2004, 5.000%,
10/01/25 - SYNCORA GTY Insured
2,000 San Diego Redevelopment Agency, California, Subordinate Lien 9/14 at 100.00 A 2,022,380
Tax Allocation Bonds, Centre City Project, Series 2004A,
5.000%, 9/01/21 - SYNCORA GTY Insured
San Francisco Airports Commission, California, Revenue
Refunding Bonds, San Francisco International Airport, Second
Series 2001, Issue 27A:
7,200 5.125%, 5/01/21 - NPFG Insured (Alternative Minimum Tax) 5/11 at 100.00 A1 7,217,712
12,690 5.250%, 5/01/31 - NPFG Insured (Alternative Minimum Tax) 5/11 at 100.00 A1 12,674,011
San Francisco Bay Area Rapid Transit District, California,
Sales Tax Revenue Bonds, Series 2005A:
2,000 5.000%, 7/01/21 - NPFG Insured 7/15 at 100.00 AA+ 2,127,800
3,655 5.000%, 7/01/22 - NPFG Insured 7/15 at 100.00 AA+ 3,872,107
3,840 5.000%, 7/01/23 - NPFG Insured 7/15 at 100.00 AA+ 4,077,389
8,965 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 7,515,987
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - NPFG Insured
3,500 Saugus Union School District, Los Angeles County, California, No Opt. Call Aa2 1,667,820
General Obligation Bonds, Series 2006, 0.000%, 8/01/23 -
FGIC Insured
1,000 Sierra Joint Community College District, Tahoe Truckee, 8/14 at 100.00 Aa2 1,026,090
California, General Obligation Bonds, School Facilities
Improvement District 1, Series 2005A, 5.000%, 8/01/27 -
FGIC Insured
1,525 Sierra Joint Community College District, Western Nevada, 8/14 at 100.00 Aa2 1,564,787
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2005A, 5.000%, 8/01/27 -
FGIC Insured
3,170 Ventura County Community College District, California, 8/15 at 100.00 AA 3,273,120
General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 -
NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
237,133 Total California 158,739,654
-----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 3.3% (2.2% OF TOTAL INVESTMENTS)
2,015 Board of Trustees of the University of Northern Colorado, 6/15 at 100.00 AAA 2,134,127
Revenue Bonds, Series 2005, 5.000%, 6/01/22 - AGM Insured
Denver City and County, Colorado, Airport Revenue Bonds,
Series 2006:
5,365 5.000%, 11/15/23 - FGIC Insured (UB) 11/16 at 100.00 A+ 5,668,820
1,000 5.000%, 11/15/24 - FGIC Insured 11/16 at 100.00 A+ 1,050,580
1,085 13.717%, 11/15/25 - FGIC Insured (IF) 11/16 at 100.00 A+ 1,281,732
9,780 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 2,239,327
Bonds, Series 2000B, 0.000%, 9/01/32 - NPFG Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 3,277,100
Series 2004A, 0.000%, 9/01/27 - NPFG Insured
1,250 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 1,446,336
Obligation Bonds, Series 2004, 5.000%, 12/15/24
(Pre-refunded 12/15/14) - AGM Insured (UB)
500 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 518,710
Series 2005, 5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
30,995 Total Colorado 17,616,732
-----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.2% (0.1% OF TOTAL INVESTMENTS)
1,000 Connecticut Health and Educational Facilities Authority, 7/20 at 100.00 AA 1,060,920
Revenue Bonds, Wesleyan University, Series 2010G, 5.000%,
7/01/39 (WI/DD, Settling 5/18/10)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.9% (0.6% OF TOTAL INVESTMENTS)
1,335 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 1,322,745
Senior Lien Dedicated Tax Revenue Bonds, Series 2007,
Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF)
3,920 Washington District of Columbia Convention Center Authority, 10/16 at 100.00 AA+ 3,794,207
Dedicated Tax Revenue Bonds, Residual Series 1730,1731,
1736, 11.269%, 10/01/36 - AMBAC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
5,255 Total District of Columbia 5,116,952
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 17
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 9.0% (5.9% OF TOTAL INVESTMENTS)
$ 3,000 Citizens Property Insurance Corporation, Florida, High-Risk No Opt. Call AAA $ 3,188,670
Account Senior Secured Bonds Series 2010A-1, 5.000%,
6/01/16
3,450 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 3,591,209
Series 2005, 5.000%, 10/01/24 - NPFG Insured
2,750 Florida State Board of Education, Full Faith and Credit 6/13 at 101.00 AAA 2,948,550
Public Education Capital Outlay Bonds, Series 2003J,
5.000%, 6/01/22 - AMBAC Insured
2,550 Florida State Board of Education, Public Education Capital 6/18 at 101.00 AAA 3,058,470
Outlay Bonds, Series 2008, Trust 2929, 16.817%, 6/01/38 -
AGC Insured (IF)
20,000 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 20,287,400
5.750%, 10/01/25 - AGM Insured (Alternative Minimum Tax)
4,115 Miami-Dade County Housing Finance Authority, Florida, 7/11 at 100.00 AAA 4,148,825
Multifamily Housing Revenue Bonds, Monterey Pointe
Apartments, Series 2001-2A, 5.850%, 7/01/37 - AGM Insured
(Alternative Minimum Tax)
7,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 A 7,014,560
International Airport, Series 2002, 5.375%, 10/01/32 -
FGIC Insured (Alternative Minimum Tax)
3,730 Palm Beach County School Board, Florida, Certificates of 8/13 at 100.00 AA- 3,946,900
Participation, Series 2003A, 5.000%, 8/01/16 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
46,595 Total Florida 48,184,584
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.6% (1.0% OF TOTAL INVESTMENTS)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,036,040
2004, 5.000%, 11/01/22 - AGM Insured
7,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 7,315,140
2009B, 5.375%, 11/01/39 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
8,000 Total Georgia 8,351,180
-----------------------------------------------------------------------------------------------------------------------------------
HAWAII - 3.3% (2.2% OF TOTAL INVESTMENTS)
1,620 Hawaii County, Hawaii, General Obligation Bonds, Series 7/13 at 100.00 AAA 1,759,028
2003A, 5.000%, 7/15/21 - AGM Insured
Hawaii Department of Transportation, Airport System Revenue
Refunding Bonds, Series 2000B:
8,785 6.625%, 7/01/18 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 8,909,220
7,000 6.000%, 7/01/19 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 7,090,510
-----------------------------------------------------------------------------------------------------------------------------------
17,405 Total Hawaii 17,758,758
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.2% (7.4% OF TOTAL INVESTMENTS)
9,500 Chicago, Illinois, Second Lien General Airport Revenue 7/10 at 101.00 AA- 9,620,555
Refunding Bonds, O'Hare International Airport, Series
1999, 5.500%, 1/01/15 - AMBAC Insured (Alternative
Minimum Tax)
1,775 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 1,854,396
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - NPFG Insured
13,275 Illinois, General Obligation Bonds, Illinois FIRST Program, 5/11 at 100.00 AAA 13,558,687
Series 2001, 5.250%, 5/01/26 - AGM Insured
15,785 Illinois, General Obligation Bonds, Illinois FIRST Program, 4/12 at 100.00 AAA 16,081,127
Series 2002, 5.250%, 4/01/27 - AGM Insured
18,000 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 8,387,640
Revenue Bonds, McCormick Place Expansion Project, Series
2002A, 0.000%, 12/15/24 - NPFG Insured
10,000 University of Illinois, Certificates of Participation, 8/11 at 100.00 AA- (4) 10,589,400
Utility Infrastructure Projects, Series 2001B, 5.250%,
8/15/21 (Pre-refunded 8/15/11) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
68,335 Total Illinois 60,091,805
-----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 2.3% (1.5% OF TOTAL INVESTMENTS)
3,680 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 3,698,400
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
7,380 Indiana Transportation Finance Authority, Highway Revenue No Opt. Call AA+ 8,467,369
Bonds, Series 1990A, 7.250%, 6/01/15 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
11,060 Total Indiana 12,165,769
-----------------------------------------------------------------------------------------------------------------------------------
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4% (0.3% OF TOTAL INVESTMENTS)
$ 2,000 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, 10/13 at 100.00 Aa2 $ 2,084,960
Series 2003, 5.000%, 10/01/21 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 6.0% (4.0% OF TOTAL INVESTMENTS)
3,015 Kentucky Asset/Liability Commission, General Fund Revenue 5/15 at 100.00 Aa2 3,135,238
Project Notes, First Series 2005, 5.000%, 5/01/25 - NPFG
Insured
Kentucky Economic Development Finance Authority, Health
System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
2,530 6.150%, 10/01/27 - NPFG Insured 10/13 at 101.00 A 2,617,639
12,060 6.150%, 10/01/28 - NPFG Insured 10/13 at 101.00 A 12,487,286
Kentucky Economic Development Finance Authority, Health
System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
3,815 6.150%, 10/01/27 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 101.00 A (4) 4,424,370
6,125 6.150%, 10/01/28 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 101.00 A (4) 7,103,346
2,230 Kentucky State Property and Buildings Commission, Revenue 8/15 at 100.00 AAA 2,583,165
Bonds, Project 85, Series 2005, 5.000%, 8/01/23
(Pre-refunded 8/01/15) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
29,775 Total Kentucky 32,351,044
-----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.8% (2.5% OF TOTAL INVESTMENTS)
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Series 2006A:
11,325 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 11,351,387
8,940 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 8,807,599
10 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 9,408
Residuals 660-1, 15.661%, 5/01/41 - FGIC Insured (IF)
5 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 4,705
Residuals 660-3, 16.535%, 5/01/41 - FGIC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
20,280 Total Louisiana 20,173,099
-----------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.1% (0.1% OF TOTAL INVESTMENTS)
555 Maine Health and Higher Educational Facilities Authority, 7/11 at 100.00 Aaa 561,976
Revenue Bonds, Series 1999B, 6.000%, 7/01/29 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.8% (1.2% OF TOTAL INVESTMENTS)
2,100 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 1,997,226
Revenue Bonds, Western Maryland Health, Series 2006A,
4.750%, 7/01/36 - NPFG Insured
7,335 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A2 7,574,708
Bonds, Baltimore-Washington International Airport
Passenger Facility, Series 2002B, 5.500%, 3/01/18 - AMBAC
Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
9,435 Total Maryland 9,571,934
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 4.3% (2.8% OF TOTAL INVESTMENTS)
5,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 5,454,650
Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27
(Pre-refunded 7/01/12) - FGIC Insured
4,000 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 4,214,520
Highway System Revenue Bonds, Commonwealth Contract
Assistance Secured, Refunding Series 2010B, 5.000%,
1/01/35
3,335 Massachusetts Health and Educational Facilities Authority, 7/17 at 100.00 AAA 3,930,064
Revenue Bonds, Massachusetts Institute of Technology,
Tender Option Bond Trust 11824, 13.379%, 7/01/38 (IF)
3,465 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 3,381,251
Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB)
Massachusetts, Special Obligation Dedicated Tax Revenue
Bonds, Series 2004:
1,250 5.250%, 1/01/21 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 1,406,463
1,000 5.250%, 1/01/22 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 1,125,170
1,195 5.250%, 1/01/23 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 1,344,578
2,000 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 2,250,340
-----------------------------------------------------------------------------------------------------------------------------------
21,245 Total Massachusetts 23,107,036
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 19
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 1.2% (0.8% OF TOTAL INVESTMENTS)
$ 1,825 Marysville Public School District, St Claire County, 5/17 at 100.00 AAA $ 1,891,485
Michigan, General Obligation Bonds, Series 2007, 5.000%,
5/01/28 - AGM Insured
4,750 Michigan Strategic Fund, Collateralized Limited Obligation 9/10 at 101.00 A 4,750,190
Pollution Control Revenue Refunding Bonds, Detroit Edison
Company, Series 1999A, 5.550%, 9/01/29 - NPFG Insured
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
6,575 Total Michigan 6,641,675
-----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2% (0.1% OF TOTAL INVESTMENTS)
1,000 Minneapolis-Saint Paul Housing and Redevelopment Authority, 8/20 at 100.00 AAA 990,490
Minnesota, Health Care Revenue Bonds, Children's Health
Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 - AGM
Insured
-----------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 1.2% (0.8% OF TOTAL INVESTMENTS)
2,715 Harrison County Wastewater Management District, Mississippi, No Opt. Call A (4) 3,343,061
Revenue Refunding Bonds, Wastewater Treatment Facilities,
Series 1991B, 7.750%, 2/01/14 - FGIC Insured (ETM)
2,545 Harrison County Wastewater Management District, Mississippi, No Opt. Call N/R (4) 2,935,072
Wastewater Treatment Facilities Revenue Refunding Bonds,
Series 1991A, 8.500%, 2/01/13 - FGIC Insured (ETM)
-----------------------------------------------------------------------------------------------------------------------------------
5,260 Total Mississippi 6,278,133
-----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.2% (1.5% OF TOTAL INVESTMENTS)
12,155 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 12,040,986
2007A, 4.500%, 9/01/37 - FGIC Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
NEVADA - 2.8% (1.9% OF TOTAL INVESTMENTS)
27,700 Director of Nevada State Department of Business and 7/10 at 100.00 Caa2 8,896,963
Industry, Revenue Bonds, Las Vegas Monorail Project,
First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured
(5)
5,720 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 Baa3 (4) 6,222,674
Reno Transportation Rail Access Corridor Project, Series
2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
33,420 Total Nevada 15,119,637
-----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 2.3% (1.6% OF TOTAL INVESTMENTS)
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
1,700 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A 1,763,614
1,700 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 1,758,650
6,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 6,851,520
Series 2005D-1, 5.250%, 1/01/26 - AGM Insured
2,100 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 A+ 2,258,277
5.000%, 1/01/19 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
11,500 Total New Jersey 12,632,061
-----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 1.2% (0.8% OF TOTAL INVESTMENTS)
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Series 2004C:
1,345 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AA+ 1,410,811
3,290 5.000%, 6/01/23 - AMBAC Insured 6/14 at 100.00 AA+ 3,439,531
1,330 New Mexico State University, Revenue Bonds, Series 2004, 4/14 at 100.00 AA 1,393,242
5.000%, 4/01/23 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
5,965 Total New Mexico 6,243,584
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 9.6% (6.4% OF TOTAL INVESTMENTS)
15,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 A+ 16,228,050
School Districts Financing Program, Series 2002D, 5.500%,
10/01/17 - NPFG Insured
4,080 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,797,542
Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured
2,890 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A 3,000,340
General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 -
FGIC Insured
3,300 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 3,061,872
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG
Insured
7,800 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 8,168,706
Service Contract Refunding Bonds, Series 2002A, 5.000%,
7/01/25 - FGIC Insured
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 1,740 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AA+ $ 1,974,378
Unit Fee Revenue Bonds, Series 2005, 16.925%, 11/15/44 -
AMBAC Insured (IF)
595 New York State Housing Finance Agency, Mortgage Revenue 5/10 at 100.00 AAA 595,738
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - AGM Insured
4,200 New York State Mortgage Agency, Homeowner Mortgage Revenue 10/10 at 100.00 Aa1 4,203,486
Bonds, Series 82, 5.550%, 10/01/19 - NPFG Insured
(Alternative Minimum Tax)
New York State Urban Development Corporation, Service
Contract Revenue Bonds, Series 2005B:
2,460 5.000%, 3/15/24 - AGM Insured (UB) 3/15 at 100.00 AAA 2,679,530
2,465 5.000%, 3/15/25 - AGM Insured (UB) 3/15 at 100.00 AAA 2,664,985
5,000 Triborough Bridge and Tunnel Authority, New York, 11/13 at 100.00 Aa3 5,126,950
Subordinate Lien General Purpose Revenue Bonds, Series
2003A, 5.000%, 11/15/32 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
49,530 Total New York 51,501,577
-----------------------------------------------------------------------------------------------------------------------------------
OHIO - 3.6% (2.4% OF TOTAL INVESTMENTS)
7,000 Cleveland State University, Ohio, General Receipts Bonds, 6/14 at 100.00 A+ 7,630,210
Series 2004, 5.250%, 6/01/19 - FGIC Insured
9,045 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 8,434,191
Series 2006, 4.250%, 12/01/32 - AMBAC Insured
3,065 Oak Hills Local School District, Hamilton County, Ohio, 12/15 at 100.00 AAA 3,291,044
General Obligation Bonds, Refunding Series 2005, 5.000%,
12/01/24 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
19,110 Total Ohio 19,355,445
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.2% (1.5% OF TOTAL INVESTMENTS)
3,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 3,069,090
Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG
Insured
1,600 Delaware County Authority, Pennsylvania, Revenue Bonds, 8/16 at 100.00 A1 1,683,120
Villanova University, Series 2006, 5.000%, 8/01/24 -
AMBAC Insured
5,400 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 5,152,356
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - AGM Insured (UB)
2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking 12/15 at 100.00 A 2,065,980
Revenue Bonds, Series 2005B, 5.000%, 12/01/23 - FGIC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
12,000 Total Pennsylvania 11,970,546
-----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 2.2% (1.5% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A 2,576,100
Series 2005RR, 5.000%, 7/01/22 - FGIC Insured
25,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 3,742,250
Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - NPFG
Insured
5,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call A2 5,457,550
Transportation Authority, Series 2003AA, 5.500%, 7/01/16
- FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
32,500 Total Puerto Rico 11,775,900
-----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.3% (1.5% OF TOTAL INVESTMENTS)
2,425 Charleston County School District, South Carolina, General 2/14 at 100.00 Aa1 2,585,171
Obligation Bonds, Series 2004A, 5.000%, 2/01/22 - AMBAC
Insured
9,950 South Carolina Transportation Infrastructure Bank, Revenue 10/16 at 100.00 Aa3 9,550,707
Bonds, Series 2007A, 4.500%, 10/01/34 - SYNCORA GTY
Insured
-----------------------------------------------------------------------------------------------------------------------------------
12,375 Total South Carolina 12,135,878
-----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.3% (0.8% OF TOTAL INVESTMENTS)
Knox County Health, Educational and Housing Facilities
Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant
Health, Series 2002A:
7,500 0.000%, 1/01/24 - AGM Insured 1/13 at 52.75 AAA 3,481,125
5,000 0.000%, 1/01/25 - AGM Insured 1/13 at 49.71 AAA 2,182,600
2,750 0.000%, 1/01/26 - AGM Insured 1/13 at 46.78 AAA 1,127,005
-----------------------------------------------------------------------------------------------------------------------------------
15,250 Total Tennessee 6,790,730
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 21
NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 16.8% (11.1% OF TOTAL INVESTMENTS)
$ 3,135 Corpus Christi, Texas, Utility System Revenue Bonds, Series 7/14 at 100.00 AAA $ 3,467,307
2004, 5.250%, 7/15/20 - AGM Insured (UB)
3,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 A+ 3,176,070
Refunding and Improvement Bonds, Series 2001A, 5.750%,
11/01/13 - FGIC Insured (Alternative Minimum Tax)
3,735 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 4,146,597
Texas, General Obligation Bonds, Series 2003, 5.125%,
2/15/31 (Pre-refunded 2/15/13) - AGM Insured
4,700 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 5,038,917
Bonds, Series 2004A, 5.250%, 5/15/24 - FGIC Insured
4,500 Houston, Texas, General Obligation Public Improvement Bonds, 3/11 at 100.00 AAA 4,627,215
Series 2001A, 5.000%, 3/01/22 - AGM Insured
17,000 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 21,148,510
Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 -
AGM Insured (ETM)
4,685 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 4,707,207
Bonds, Series 2000A, 5.500%, 7/01/19 - AGM Insured
(Alternative Minimum Tax)
19,200 Jefferson County Health Facilities Development Corporation, 8/11 at 100.00 N/R 19,441,920
Texas, FHA-Insured Mortgage Revenue Bonds, Baptist
Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31
- AMBAC Insured
2,000 Laredo Independent School District Public Facilities 8/11 at 100.00 A 2,017,000
Corporation, Texas, Lease Revenue Bonds, Series 2004A,
5.000%, 8/01/24 - AMBAC Insured
22,045 North Central Texas Health Facilities Development 8/12 at 101.00 Aa3 22,483,255
Corporation, Revenue Bonds, Children's Medical Center of
Dallas, Series 2002, 5.250%, 8/15/32 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
84,000 Total Texas 90,253,998
-----------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.7% (0.5% OF TOTAL INVESTMENTS)
3,615 Utah Transit Authority, Sales Tax Revenue Bonds, Tender 6/18 at 100.00 AAA 3,920,034
Option Bond Trust R-11752-1, 12.536%, 6/15/32 - AGM
Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 12.4% (8.2% OF TOTAL INVESTMENTS)
10,730 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 10,809,509
Consolidated System Revenue Refunding Bonds, Series
2001C, 5.650%, 7/01/32 - NPFG Insured (Alternative
Minimum Tax) (UB)
5,825 King County, Washington, Sewer Revenue Bonds, Series 2007, 7/17 at 100.00 AAA 6,068,485
5.000%, 1/01/42 - AGM Insured
1,665 King County, Washington, Sewer Revenue Bonds, Tender Option 7/17 at 100.00 AAA 1,883,182
Bond Trust 3090, 13.264%, 1/01/39 - AGM Insured (IF)
15,025 Seattle Housing Authority, Washington, GNMA Collateralized 11/11 at 105.00 AA+ 15,987,802
Mortgage Loan Low Income Housing Assistance Revenue Bonds,
Park Place Project, Series 2000A, 7.000%, 5/20/42
4,475 Seattle Housing Authority, Washington, GNMA Collateralized 9/11 at 102.00 AA+ 4,621,377
Mortgage Loan Low Income Housing Assistance Revenue
Bonds, RHF/Esperanza Apartments Project, Series 2000A,
6.125%, 3/20/42 (Alternative Minimum Tax)
5,000 Seattle, Washington, Municipal Light and Power Revenue 12/10 at 100.00 AAA 5,117,850
Bonds, Series 2000, 5.250%, 12/01/21 - AGM Insured
10,000 Washington State, General Obligation Bonds, Series 1/12 at 100.00 AA+ 10,573,000
2002A-R-03, 5.000%, 1/01/19 - NPFG Insured
21,510 Washington State, Motor Vehicle Fuel Tax General Obligation No Opt. Call AA+ 9,501,612
Bonds, Series 2002-03C, 0.000%, 6/01/28 - NPFG Insured
(UB)
2,000 Washington, Certificates of Participation, Washington 7/10 at 100.00 AA 2,006,620
Convention and Trade Center, Series 1999, 5.250%, 7/01/14
- NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
76,230 Total Washington 66,569,437
-----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 2.4% (1.6% OF TOTAL INVESTMENTS)
12,845 West Virginia Water Development Authority, Infrastructure 10/10 at 100.00 AAA 13,127,718
Revenue Bonds, Infrastructure and Jobs Development
Council Program, Series 2000A, 5.500%, 10/01/39
(Pre-refunded 10/01/10) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 0.5% (0.4% OF TOTAL INVESTMENTS)
$ 1,635 Green Bay, Wisconsin, Water System Revenue Bonds, Series 11/14 at 100.00 Aa2 (4) $ 1,887,427
2004, 5.000%, 11/01/26 (Pre-refunded11/01/14) - AGM
Insured
1,000 Wisconsin Public Power Incorporated System, Power Supply 7/15 at 100.00 A+ 1,013,560
System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 -
AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
2,635 Total Wisconsin 2,900,987
-----------------------------------------------------------------------------------------------------------------------------------
$ 938,823 Total Long-Term Investments (cost $795,309,244) - 148.9% 799,986,545
===============--------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.9% (1.2% OF TOTAL INVESTMENTS)
ILLINOIS - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 10,000 Chicago, Illinois, General Obligation Bonds, Variable Rate 1/17 at 100.00 A-1+ 10,000,000
Demand Obligations, Tender Option Bond Trust Series 26W,
0.310%, 1/01/37 (6)
===============--------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $10,000,000) 10,000,000
-----------------------------------------------------------------------------------------------------------------
Total Investments (cost $805,309,244) - 150.8% 809,986,545
-----------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.0)% (59,275,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.7% 25,739,605
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value -
(44.5)% (7) (239,200,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 537,251,150
=================================================================================================================
The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See notes to Financial Statements,
Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) The Fund's Adviser has concluded this issue is not likely to meet its
future interest payment obligations and has directed the Fund's custodian
to cease accruing additional income on the Fund's records.
(6) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 29.5%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 23
NIO | Nuveen Insured Municipal Opportunity Fund, Inc.
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 5.0% (3.2% OF TOTAL INVESTMENTS)
$ 10,500 Birmingham Waterworks and Sewerage Board, Alabama, Water and 1/17 at 100.00 AA+ $ 10,133,550
Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 -
AMBAC Insured (UB)
11,175 Hoover Board of Education, Alabama, Capital Outlay Tax 2/11 at 100.00 AA 11,484,771
Anticipation Warrants, Series 2001, 5.250%, 2/15/22 -
NPFG Insured
2,500 Jefferson County, Alabama, Sewer Revenue Capital Improvement 8/12 at 100.00 AAA 2,727,825
Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded
8/01/12) - FGIC Insured
Jefferson County, Alabama, Sewer Revenue Capital Improvement
Warrants, Series 2002D:
425 5.000%, 2/01/38 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 454,181
14,800 5.000%, 2/01/42 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 16,107,580
18,760 Jefferson County, Alabama, Sewer Revenue Capitol Improvement 2/11 at 101.00 AAA 19,447,929
Warrants, Series 2001A, 5.000%,2/01/41 (Pre-refunded
2/01/11) - FGIC Insured
10,195 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 8/10 at 100.00 Caa3 3,699,664
Series 1997A, 5.375%, 2/01/27 - FGIC Insured
5,240 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 2/11 at 101.00 AAA 5,456,098
Series 2003B, 5.000%, 2/01/41(Pre-refunded 2/01/11) -
FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
73,595 Total Alabama 69,511,598
-----------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.2% (0.1% OF TOTAL INVESTMENTS)
2,425 Alaska Housing Finance Corporation, Collateralized Veterans 6/10 at 100.00 AAA 2,427,086
Mortgage Program Bonds, First Series 1999A-1, 6.150%,
6/01/39
-----------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.9% (1.2% OF TOTAL INVESTMENTS)
Arizona State University, Certificates of Participation,
Resh Infrastructure Projects, Series 2005A:
2,000 5.000%, 9/01/25 - AMBAC Insured 3/15 at 100.00 AA- 2,054,280
2,000 5.000%, 9/01/27 - AMBAC Insured 3/15 at 100.00 AA- 2,040,300
1,000 Arizona State University, System Revenue Bonds, Series 2005, 7/15 at 100.00 N/R 1,005,810
5.000%, 7/01/27 - AMBAC Insured
1,000 Maricopa County Union High School District 210, Phoenix, 7/14 at 100.00 AAA 1,146,820
Arizona, General Obligation Bonds, Series 2004A, 5.000%,
7/01/22 (Pre-refunded 7/01/14) - AGM Insured
5,200 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 4,632,472
Longs, Series 11032- 11034, 14.719%, 7/01/31 - AGM
Insured (IF)
1,150 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/14 at 100.00 AA+ 1,183,017
Wastewater System Revenue Bonds, Series 2004, 5.000%,
7/01/27 - NPFG Insured
13,490 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 13,960,801
Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25
- NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
25,840 Total Arizona 26,023,500
-----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.2% (0.1% OF TOTAL INVESTMENTS)
2,660 Arkansas State University, Student Fee Revenue Bonds, Beebe 9/15 at 100.00 A2 2,712,189
Campus, Series 2006, 5.000%, 9/01/35 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 25.9% (16.7% OF TOTAL INVESTMENTS)
5,600 Alameda Corridor Transportation Authority, California, No Opt. Call A- 3,090,248
Subordinate Lien Revenue Bonds, Series 2004A, 0.000%,
10/01/20 - AMBAC Insured
10,000 California Department of Veterans Affairs, Home Purchase 6/12 at 101.00 AA- 10,257,300
Revenue Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC
Insured
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
30,000 5.375%, 5/01/17 (Pre-refunded 5/01/12) - SYNCORA GTY 5/12 at 101.00 Aaa 33,070,800
Insured
20,000 5.375%, 5/01/18 (Pre-refunded 5/01/12) - AMBAC Insured 5/12 at 101.00 Aaa 22,047,200
California Department of Water Resources, Water System
Revenue Bonds, Central Valley Project, Series 2005AC:
30 5.000%, 12/01/24 (Pre-refunded 12/01/14) - NPFG Insured 12/14 at 100.00 AAA 34,749
25 5.000%, 12/01/27 (Pre-refunded 12/01/14) - NPFG Insured 12/14 at 100.00 AAA 28,958
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
California Department of Water Resources, Water System
Revenue Bonds, Central Valley Project, Series 2005AC:
$ 3,670 5.000%, 12/01/24 - NPFG Insured (UB) 12/14 at 100.00 AAA $ 3,913,945
2,795 5.000%, 12/01/27 - NPFG Insured (UB) 12/14 at 100.00 AAA 2,927,061
10,150 California, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 A1 10,178,420
6/01/31 - AMBAC Insured
3,500 Coachella Valley Unified School District, Riverside County, 8/15 at 100.00 A1 3,528,665
California, General Obligation Bonds, Series 2005A,
5.000%, 8/01/26 - FGIC Insured
20,000 Cucamonga County Water District, San Bernardino County, 9/11 at 101.00 AA- 20,083,600
California, Certificates of Participation, Water Shares
Purchase, Series 2001, 5.125%, 9/01/35 - FGIC Insured
5,750 East Bay Municipal Utility District, Alameda and Contra Costa 6/15 at 100.00 AAA 6,092,125
Counties, California, Water System Subordinated Revenue
Bonds, Series 2005A, 5.000%, 6/01/27 - NPFG Insured
10,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 9,288,500
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A, 5.000%, 6/01/38 - FGIC Insured
1,520 Hayward Redevelopment Agency, California, Downtown 3/16 at 100.00 A- 1,348,818
Redevelopment Project Tax Allocation Bonds, Series 2006,
5.000%, 3/01/36 - SYNCORA GTY Insured
5,600 Kern Community College District, California, General No Opt. Call AAA 2,550,184
Obligation Bonds, Series 2006, 0.000%, 11/01/24 - AGM
Insured
5,000 Long Beach Bond Financing Authority, California, Lease 11/11 at 101.00 BBB 4,701,200
Revenue Refunding Bonds, Long Beach Aquarium of the South
Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured
2,740 Los Angeles Harbors Department, California, Revenue Bonds, 8/16 at 102.00 AA 2,824,611
Series 2006A, 5.000%, 8/01/22 - FGIC Insured (Alternative
Minimum Tax)
20,000 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 21,451,200
Obligation Bonds, Series 2003A, 5.000%, 7/01/21 - AGM
Insured
3,000 Los Angeles Unified School District, California, General 7/16 at 100.00 Aa2 3,169,140
Obligation Bonds, Series 2006F, 5.000%, 7/01/24 - FGIC
Insured
5,200 Palomar Pomerado Health, California, General Obligation 8/29 at 100.00 AAA 3,201,692
Bonds, Series 2009A, 0.000%, 8/01/38 - AGC Insured
5,515 Port of Oakland, California, Revenue Bonds, Series 2002L, 11/12 at 100.00 A 5,487,149
5.000%, 11/01/22 - FGIC Insured (Alternative Minimum Tax)
690 Port of Oakland, California, Revenue Bonds, Series 2002L, 11/12 at 100.00 A (4) 754,550
5.000%, 11/01/22 (Pre-refunded 11/01/12) - FGIC Insured
Poway Redevelopment Agency, California, Tax Allocation Bonds,
Paguay Redevelopment Project, Series 2001:
15,000 5.200%, 6/15/30 - AMBAC Insured 12/11 at 101.00 N/R 14,022,600
5,000 5.125%, 6/15/33 - AMBAC Insured 12/11 at 101.00 N/R 4,519,900
2,035 Redding, California, Electric System Revenue Certificates of 6/15 at 100.00 A 1,891,085
Participation, Series 2005, 5.000%, 6/01/30 - FGIC Insured
6,000 Redlands Unified School District, San Bernardino County, 7/13 at 100.00 AAA 6,115,740
California, General Obligation Bonds, Series 2003, 5.000%,
7/01/26 - AGM Insured
2,970 Riverside Community College District, California, General 8/15 at 100.00 AAA 3,179,415
Obligation Bonds, Series 2005, 5.000%, 8/01/22 - AGM
Insured
2,500 Sacramento County Sanitation District Financing Authority, 12/15 at 100.00 AA 2,636,725
California, Revenue Bonds, Series 2005B, 4.750%,
12/01/21 - FGIC Insured
13,710 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 A1 13,651,321
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27A, 5.250%, 5/01/26 - NPFG
Insured (Alternative Minimum Tax)
3,030 San Francisco Bay Area Rapid Transit District, California, 7/11 at 100.00 AA+ 3,113,204
Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 -
AMBAC Insured
8,470 San Francisco Bay Area Rapid Transit District, California, 7/11 at 100.00 AA+ (4) 8,933,817
Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36
(Pre-refunded 7/01/11) - AMBAC Insured
1,220 San Francisco Bay Area Rapid Transit District, California, 7/15 at 100.00 AA+ 1,292,468
Sales Tax Revenue Bonds, Series 2005A, 5.000%, 7/01/22 -
NPFG Insured
2,105 San Francisco Unified School District, California, General 6/17 at 100.00 AAA 1,710,965
Obligation Bonds, Series 2007A, 3.000%, 6/15/27 - AGM
Insured
Nuveen Investments 25
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 66,685 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call AAA $ 45,476,503
County, California, Senior Lien Toll Road Revenue Bonds,
Series 1993, 0.000%, 1/01/21 (ETM)
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Refunding Bonds, Series
1997A:
31,615 5.250%, 1/15/30 - NPFG Insured 7/10 at 100.00 A 26,666,936
21,500 0.000%, 1/15/32 - NPFG Insured No Opt. Call A 3,883,975
12,525 San Jose Redevelopment Agency, California, Tax Allocation 8/10 at 101.00 A (4) 12,799,548
Bonds, Merged Area Redevelopment Project, Series 2002,
5.000%, 8/01/20 (Pre-refunded 8/01/10) - NPFG Insured
19,595 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 16,427,860
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - NPFG Insured
11,250 Santa Ana Financing Authority, California, Lease Revenue No Opt. Call A 12,236,513
Bonds, Police Administration and Housing Facility, Series
1994A, 6.250%, 7/01/24 - NPFG Insured
6,785 Santa Clara Valley Water District, California, Water Revenue 6/16 at 100.00 AAA 6,586,607
Bonds, Series 2006A, 3.750%, 6/01/25 - AGM Insured
5,000 Walnut Energy Center Authority, California, Electric Revenue 1/14 at 100.00 A+ 4,992,750
Bonds, Turlock Irrigation District, Series 2004A, 5.000%,
1/01/34 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
407,780 Total California 360,168,047
-----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.8% (3.7% OF TOTAL INVESTMENTS)
1,080 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 981,256
Bonds, Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured
1,900 Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open 11/15 at 100.00 AAA 2,037,883
Space, Series 2005B, 5.250%, 11/01/24 - AGM Insured
1,000 Colorado Department of Transportation, Certificates of 6/14 at 100.00 AA- 1,043,050
Participation, Series 2004, 5.000%, 6/15/25 - NPFG Insured
4,950 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 5,549,841
Revenue Bonds, Convention Center Hotel, Series 2003A,
5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY
Insured
1,740 Douglas County School District RE1, Douglas and Elbert 12/14 at 100.00 Aa1 1,810,487
Counties, Colorado, General Obligation Bonds, Series
2005B, 5.000%, 12/15/28 - AGM Insured
35,995 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 15,753,572
Bonds, Series 1997B, 0.000%, 9/01/23 - NPFG Insured
30,800 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 31,975,020
Bonds, Series 2000A, 5.750%, 9/01/35 (Pre-refunded
9/01/10) - NPFG Insured
11,800 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 65.63 Aaa 8,813,538
Bonds, Series 2000B, 0.000%, 9/01/17(Pre-refunded 9/01/10)
- NPFG Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 3,277,100
Series 2004A, 0.000%, 9/01/27 - NPFG Insured
4,520 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 5,229,952
Obligation Bonds, Series 2004, 5.000%, 12/15/24
(Pre-refunded 12/15/14) - AGM Insured (UB)
2,500 Summit County School District RE-1, Summit, Colorado, General 12/14 at 100.00 Aa2 2,647,425
Obligation Bonds, Series 2004B, 5.000%, 12/01/24 - FGIC
Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,037,420
Series 2005, 5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
107,285 Total Colorado 80,156,544
-----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.9% (0.6% OF TOTAL INVESTMENTS)
District of Columbia Water and Sewerage Authority,
Subordinate Lien Public Utility Revenue Bonds, Series
2003:
5,000 5.125%, 10/01/24 - FGIC Insured 10/13 at 100.00 AA- 5,300,950
5,000 5.125%, 10/01/25 - FGIC Insured 10/13 at 100.00 AA- 5,281,050
2,670 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 2,645,489
Senior Lien Dedicated Tax Revenue Bonds, Series 2007,
Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
12,670 Total District of Columbia 13,227,489
-----------------------------------------------------------------------------------------------------------------------------------
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 26.1% (16.8% OF TOTAL INVESTMENTS)
$ 1,250 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 A1 $ 1,293,663
5.000%, 9/01/24 - AMBAC Insured
975 Broward County Housing Finance Authority, Florida, GNMA 6/10 at 100.00 Aaa 976,073
Collateralized Multifamily Housing Revenue Refunding
Bonds, Pompano Oaks Apartments, Series 1997, 6.000%,
12/01/27 (Alternative Minimum Tax)
3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 Aa3 4,138,168
Participation, Series 2003, 5.250%, 7/01/19 - NPFG Insured
2,150 Broward County, Florida, Airport System Revenue Bonds, Series 10/14 at 100.00 A+ 2,239,333
2004L, 5.000%, 10/01/23 - AMBAC Insured
4,500 Broward County, Florida, Water and Sewer Utility Revenue 10/13 at 100.00 AA 4,649,175
Bonds, Series 2003, 5.000%, 10/01/24 - NPFG Insured
190 City of Gulf Breeze, Florida, Local Government Loan Program 12/10 at 100.00 N/R 192,578
Bonds, Series 1985-FG&H, 5.000%, 12/01/20 (Mandatory put
12/01/10)
Clay County, Florida, Utility System Revenue Bonds, Series
2007:
5,110 5.000%, 11/01/27 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 5,384,254
12,585 5.000%, 11/01/32 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 12,996,530
Collier County Housing Finance Authority, Florida,
Multifamily Housing Revenue Bonds, Saxon Manor Isles Project,
Series 1998B:
1,260 5.350%, 9/01/18 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,260,832
1,000 5.400%, 9/01/23 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,000,540
Collier County Housing Finance Authority, Florida,
Multifamily Housing Revenue Refunding Bonds, Saxon Manor
Isles Project, Series 1998A, Subseries 1:
1,040 5.350%, 9/01/18 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,040,686
1,400 5.400%, 9/01/23 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,400,756
1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 1,568,505
Series 2005, 5.000%, 10/01/23 - NPFG Insured
3,000 Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 6/15 at 100.00 A1 3,094,620
5.000%, 6/01/22 - AMBAC Insured
Dade County Housing Finance Authority, Florida, Multifamily
Mortgage Revenue Bonds, Siesta Pointe Apartments Project,
Series 1997A:
1,230 5.650%, 9/01/17 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,231,328
1,890 5.750%, 9/01/29 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,891,077
1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, Series 10/10 at 100.00 A 1,104,477
1995, 5.750%, 10/01/15 - NPFG Insured
Davie, Florida, Water and Sewerage Revenue Refunding and
Improvement Bonds, Series 2003:
910 5.250%, 10/01/17 - AMBAC Insured 10/13 at 100.00 N/R 1,002,092
475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 N/R 497,140
Deltona, Florida, Utility Systems Water and Sewer Revenue
Bonds, Series 2003:
1,250 5.250%, 10/01/22 - NPFG Insured 10/13 at 100.00 A1 1,290,838
1,095 5.000%, 10/01/23 - NPFG Insured 10/13 at 100.00 A1 1,130,522
1,225 5.000%, 10/01/24 - NPFG Insured 10/13 at 100.00 A1 1,261,775
1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 A1 1,664,954
Series 2002, 5.250%, 10/01/20 - NPFG Insured
2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 A 2,542,825
Participation, Series 2004, 5.000%, 2/01/22 - NPFG Insured
2,500 Flagler County School Board, Florida, Certificates of 8/15 at 100.00 AAA 2,546,025
Participation, Master Lease Revenue Program, Series 2005A,
5.000%, 8/01/30 - AGM Insured
1,200 Flagler County, Florida, Capital Improvement Revenue Bonds, 10/15 at 100.00 A 1,215,852
Series 2005, 5.000%, 10/01/30 - NPFG Insured
3,945 Florida Governmental Utility Authority, Utility System 10/13 at 100.00 N/R (4) 4,450,670
Revenue Bonds, Citrus Project, Series 2003, 5.000%,
10/01/23 (Pre-refunded 10/01/13) - AMBAC Insured
1,000 Florida Governmental Utility Authority, Utility System 7/10 at 100.50 N/R 931,060
Revenue Bonds, Golden Gate Project, Series 1999, 5.000%,
7/01/29 - AMBAC Insured
2,690 Florida Housing Finance Corporation, Homeowner Mortgage 7/10 at 25.53 Aa1 700,799
Revenue Bonds, Series 2000-4 , 0.000%,7/01/30 - AGM
Insured (Alternative Minimum Tax)
Nuveen Investments 27
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 4,750 Florida Housing Finance Corporation, Housing Revenue Bonds, 10/10 at 102.00 Aaa $ 4,953,823
Augustine Club Apartments, Series 2000D-1, 5.750%,
10/01/30 (Pre-refunded 10/01/10) - NPFG Insured
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
3,365 5.375%, 11/01/25 - NPFG Insured 11/10 at 101.00 A 3,415,408
3,345 5.375%, 11/01/30 - NPFG Insured 11/10 at 101.00 A 3,367,746
1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 A 1,036,030
5.250%, 11/01/18 - NPFG Insured
2,230 Florida Ports Financing Commission, Revenue Bonds, State 10/10 at 100.50 AA+ 2,245,454
Transportation Trust Fund - Intermodal Program, Series
1999, 5.500%, 10/01/23 - FGIC Insured (Alternative Minimum
Tax)
940 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 957,155
Public Education Capital Outlay Bonds, Series 2001C,
5.125%, 6/01/29 - FGIC Insured
2,000 Greater Orlando Aviation Authority, Florida, Airport 10/13 at 100.00 AAA 2,122,000
Facilities Revenue Refunding Bonds, Series 2003A, 5.000%,
10/01/17 - AGM Insured
5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 N/R 5,256,940
Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20
(Mandatory put 12/01/11) - FGIC Insured
380 Gulf Breeze, Florida, Local Government Loan Program, 6/10 at 100.00 N/R 381,113
Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15
(Mandatory put 12/01/10) - FGIC Insured
360 Gulf Breeze, Florida, Local Government Loan Program, 6/10 at 100.00 N/R 360,500
Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 - FGIC
Insured
1,500 Gulf Breeze, Florida, Local Government Loan Program, 12/10 at 101.00 N/R 1,514,760
Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20
(Mandatory put 12/01/19) - FGIC Insured
1,915 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/18 at 100.00 AAA 1,939,818
Series 2006, 5.500%, 6/01/38 - AGM Insured
2,500 Hillsborough County Industrial Development Authority, No Opt. Call A 2,667,725
Florida, Industrial Development Revenue Bonds, University
Community Hospital, Series 1994, 6.500%, 8/15/19 - NPFG
Insured
1,000 Hillsborough County School Board, Florida, Certificates of 7/15 at 100.00 Aa2 1,029,280
Participation, Master Lease Program, Series 2005A, 5.000%,
7/01/26 - NPFG Insured
6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 Aa2 6,073,200
Participation, Series 2003, 5.000%, 7/01/29 - NPFG Insured
2,000 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AA+ 2,093,600
Revenue Bonds, Series 2004, 5.000%, 5/01/23 - AMBAC
Insured
1,000 Hillsborough County, Florida, Revenue Refunding Bonds, Tampa 10/15 at 100.00 AA+ 1,049,750
Bay Arena, Series 2005, 5.000%, 10/01/25 - FGIC Insured
2,595 Indian River County School Board, Florida, Certificates of 7/15 at 100.00 Aa3 2,673,992
Participation, Series 2005, 5.000%, 7/01/22 - NPFG Insured
Indian Trace Development District, Florida, Water Management
Special Benefit Assessment Bonds, Series 2005:
1,645 5.000%, 5/01/25 - NPFG Insured 5/15 at 102.00 Baa1 1,528,353
1,830 5.000%, 5/01/27 - NPFG Insured 5/15 at 102.00 Baa1 1,662,024
4,425 Jacksonville Economic Development Commission, Florida, 11/12 at 100.00 Aa2 4,520,447
Healthcare Facilities Revenue Bonds, Mayo Clinic, Series
2001C, 5.500%, 11/15/36 - NPFG Insured
1,480 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 Aa2 1,567,986
Bonds, Series 2003, 5.250%, 10/01/20 - NPFG Insured
3,160 Jacksonville, Florida, GNMA Collateralized Housing Revenue 9/10 at 100.00 AAA 3,162,844
Refunding Bonds, Windermere Manor Apartments, Series
1993A, 5.875%, 3/20/28
1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/14 at 100.00 Aa2 1,561,710
Crossover Refunding Series 2007B, 5.000%, 10/01/24 - NPFG
Insured
1,000 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 10/13 at 100.00 Aa2 1,108,390
2004A, 5.000%, 10/01/14 - FGIC Insured
1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/13 at 100.00 AA+ 1,514,148
10/01/22 - AMBAC Insured
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
1,730 5.000%, 10/01/18 - AMBAC Insured 10/12 at 100.00 N/R 1,755,898
2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 N/R 2,023,760
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 1,230 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 A2 $ 1,264,379
Series 2004, 5.000%, 10/01/20 - FGIC Insured
1,505 Lee County, Florida, Transportation Facilities Revenue 10/14 at 100.00 A- 1,549,021
Bonds, Series 2004B, 5.000%, 10/01/21 - AMBAC Insured
1,000 Lee Memorial Health System, Florida, Hospital Revenue Bonds, 4/17 at 100.00 A 965,100
Series 2007A, 5.000%, 4/01/32 - NPFG Insured
3,000 Leesburg, Florida, Utility Revenue Bonds, Series 2007, 10/17 at 100.00 Aa3 3,001,710
5.000%, 10/01/37 - NPFG Insured
2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aa2 2,165,600
Series 2003, 5.125%, 10/01/20 - NPFG Insured
Marco Island, Florida, Water Utility System Revenue Bonds,
Series 2003:
1,350 5.250%, 10/01/17 - NPFG Insured 10/13 at 100.00 Aa3 1,505,048
1,000 5.250%, 10/01/18 - NPFG Insured 10/13 at 100.00 Aa3 1,099,360
2,000 5.000%, 10/01/27 - NPFG Insured 10/13 at 100.00 Aa3 2,031,300
1,425 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 1,438,196
Multifamily Mortgage Revenue Bonds, Country Club Villas
II Project, Series 2001-1A, 5.750%, 7/01/27 - AGM Insured
(Alternative Minimum Tax)
2,200 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AAA 2,167,616
International Airport, Series 2002A, 5.125%, 10/01/35 -
AGM Insured (Alternative Minimum Tax)
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami
International Airport, Series 2002:
5,615 5.750%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 5,768,121
35,920 5.375%, 10/01/32 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 35,994,714
12,930 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 12/15 at 100.00 Aa3 12,526,196
Jackson Health System, Series 2005A, 5.000%, 6/01/32 -
NPFG Insured
5,320 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 6/15 at 100.00 Aa3 5,309,732
Jackson Health System, Series 2005B, 5.000%, 6/01/25 -
NPFG Insured
18,000 Miami-Dade County, Florida, Subordinate Special Obligation 10/10 at 56.28 A 9,189,360
Bonds, Series 1997A, 0.000%, 10/01/21 - NPFG Insured
3,000 Miami-Dade County, Florida, Transit System Sales Surtax 7/18 at 100.00 AAA 3,066,420
Revenue Bonds, Series 2008, 5.000%, 7/01/35 - AGM Insured
2,000 Miami-Dade County, Florida, Water and Sewer System Revenue No Opt. Call AAA 2,244,220
Bonds, Refunding Series 2008B, 5.250%, 10/01/22 - AGM
Insured
Northern Palm Beach County Improvement District, Florida,
Revenue Bonds, Water Control and Improvement Development
Unit 9B, Series 2005:
1,290 5.000%, 8/01/23 - NPFG Insured 8/15 at 102.00 A 1,357,828
2,145 5.000%, 8/01/29 - NPFG Insured 8/15 at 102.00 A 2,194,592
2,000 Okaloosa County, Florida, Water and Sewer Revenue Bonds, 7/16 at 100.00 AAA 2,032,760
Series 2006, 5.000%, 7/01/36 - AGM Insured
1,000 Orange County School Board, Florida, Certificates of 8/17 at 100.00 AA- 1,024,980
Participation, Series 2007A, 5.000%, 8/01/27 - FGIC
Insured
3,180 Orange County, Florida, Sales Tax Revenue Bonds, Series 1/13 at 100.00 AA 3,428,358
2002B, 5.125%, 1/01/19 - FGIC Insured
2,500 Orange County, Florida, Tourist Development Tax Revenue 10/16 at 100.00 A+ 2,550,775
Bonds, Series 2006, 5.000%, 10/01/31 - SYNCORA GTY
Insured
Osceola County, Florida, Transportation Revenue Bonds,
Osceola Parkway, Series 2004:
2,500 5.000%, 4/01/21 - NPFG Insured 4/14 at 100.00 Aa3 2,582,900
7,820 5.000%, 4/01/23 - NPFG Insured 4/14 at 100.00 Aa3 8,037,396
1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 Aa3 1,797,583
Utility Corporation, Series 2003, 5.000%, 10/01/20 - NPFG
Insured
1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,076,896
Multifamily Housing Revenue Bonds, Westlake Apartments
Phase II, Series 2002, 5.150%, 7/01/22 - AGM Insured
(Alternative Minimum Tax)
2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AA- 2,213,683
Participation, Series 2004A, 5.000%, 8/01/24 - FGIC
Insured
3,000 Palm Beach County School Board, Florida, Certificates of 8/17 at 100.00 AA- 3,097,380
Participation, Series 2007E, 5.000%, 8/01/27 - NPFG
Insured
Nuveen Investments 29
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AA $ 7,204,160
Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured
2,825 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call Aa1 2,879,325
Refunding Bonds, Series 1993, 5.250%, 6/01/11 - FGIC
Insured
4,000 Palm Beach County, Florida, Revenue Refunding Bonds, No Opt. Call Aa1 4,017,160
Criminal Justice Facilities, Series 1993, 5.375%, 6/01/10
- FGIC Insured
Palm Coast, Florida, Water Utility System Revenue Bonds,
Series 2003:
1,000 5.250%, 10/01/19 - NPFG Insured 10/13 at 100.00 Aa3 1,081,990
500 5.250%, 10/01/20 - NPFG Insured 10/13 at 100.00 Aa3 538,300
500 5.250%, 10/01/21 - NPFG Insured 10/13 at 100.00 Aa3 533,690
3,000 Pasco County, Florida, Water and Sewer Revenue Bonds, Series 4/16 at 100.00 AAA 3,088,080
2006 Refunding, 5.000%, 10/01/36 - AGM Insured
Plantation, Florida, Non-Ad Valorem Revenue Refunding and
Improvement Bonds, Series 2003:
2,225 5.000%, 8/15/18 - AGM Insured 8/13 at 100.00 Aa3 2,305,011
1,300 5.000%, 8/15/21 - AGM Insured 8/13 at 100.00 Aa3 1,329,900
1,170 Polk County, Florida, Utility System Revenue Bonds, Series 10/14 at 100.00 Aa3 1,204,503
2004A, 5.000%, 10/01/24 - FGIC Insured
1,000 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 918,940
Southwest Annexation District 1B, Series 2007, 5.000%,
7/01/33 - NPFG Insured
Port St. Lucie, Florida, Stormwater Utility System Revenue
Refunding Bonds, Series 2002:
1,190 5.250%, 5/01/15 - NPFG Insured 5/12 at 100.00 Aa3 1,269,111
1,980 5.250%, 5/01/17 - NPFG Insured 5/12 at 100.00 Aa3 2,111,630
Port St. Lucie, Florida, Utility
System Revenue Bonds, Refunding Series 2009:
3,775 5.250%, 9/01/35 - AGC Insured 9/18 at 100.00 AAA 3,945,743
3,500 5.000%, 9/01/35 - AGC Insured 9/18 at 100.00 AAA 3,615,395
10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 A (4) 3,463,100
Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) -
NPFG Insured
1,830 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 A (4) 2,060,617
Series 2003, 5.000%, 9/01/21(Pre-refunded 9/01/13) - NPFG
Insured
1,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/14 at 100.00 Aa3 1,020,900
Series 2004, 5.000%, 9/01/21 - NPFG Insured
1,895 Reedy Creek Improvement District, Orange and Osceola 6/15 at 100.00 Aa3 1,940,177
Counties, Florida, General Obligation Bonds, Series
2005B, 5.000%, 6/01/25 - AMBAC Insured
Sebring, Florida, Water and Wastewater Revenue Refunding
Bonds, Series 2002:
1,360 5.250%, 1/01/17 - FGIC Insured 1/13 at 100.00 A 1,472,458
770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 A 829,706
500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 A 534,765
5,715 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call A (4) 6,876,288
and Improvement Bonds, Series 1992, 6.000%, 10/01/19 -
NPFG Insured (ETM)
3,530 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call A 4,100,519
and Improvement Bonds, Series 1992, 6.000%, 10/01/19 -
NPFG Insured
4,260 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,357,767
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - AGM Insured
St. Lucie County, Florida, Utility System Revenue Refunding
Bonds, Series 1993:
5,000 5.500%, 10/01/15 - FGIC Insured (ETM) No Opt. Call N/R (4) 5,676,200
1,200 5.500%, 10/01/21 - FGIC Insured (ETM) No Opt. Call N/R (4) 1,443,492
St. Petersburg, Florida, Sales Tax Revenue Bonds,
Professional Sports Facility, Series 2003:
1,475 5.125%, 10/01/20 - AGM Insured 10/13 at 100.00 Aa3 1,612,824
1,555 5.125%, 10/01/21 - AGM Insured 10/13 at 100.00 Aa3 1,687,424
1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/10 at 100.00 N/R 1,304,784
Series 1996, 5.800%, 10/01/11 - AMBAC Insured
2,500 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA 2,564,275
2005, 5.000%, 10/01/29 - NPFG Insured
1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 A+ 1,287,492
5.000%, 4/01/22 - FGIC Insured
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 400 Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 10/19 at 100.00 AAA $ 406,292
5.000%, 10/01/39
1,500 Tampa, Florida, Healthcare System Revenue Bonds, Allegany 6/10 at 100.00 Aaa 1,522,350
Health System - St. Joseph's Hospital, Series 1993,
5.125%, 12/01/23 - NPFG Insured (ETM)
10,255 Tampa, Florida, Revenue Bonds, University of Tampa, Series 4/16 at 100.00 N/R 9,550,276
2006, 5.000%, 4/01/35 - CIFG Insured
1,390 Venice, Florida, General Obligation Bonds, Series 2004, 2/14 at 100.00 Aa2 1,438,886
5.000%, 2/01/24 - AMBAC Insured
4,275 Volusia County School Board, Florida, Certificates of 8/15 at 100.00 Aa3 4,383,756
Participation, Series 2005B, 5.000%, 8/01/24 - AGM
Insured
2,000 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,092,600
5.000%, 10/01/21 - AGM Insured
12,000 Volusia County, Florida, School Board Certificates of 8/17 at 100.00 Aa3 12,211,560
Participation, Series 2007, 5.000%, 8/01/32 - AGM Insured
(UB)
1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aa3 1,846,208
Development, Series 2004, 5.000%, 12/01/24 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
371,245 Total Florida 362,649,879
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.9% (1.3% OF TOTAL INVESTMENTS)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,036,040
2004, 5.000%, 11/01/22 - AGM Insured
10,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 10,450,200
2009B, 5.375%, 11/01/39 - AGM Insured
2,825 Cherokee County Water and Sewerage Authority, Georgia, 8/20 at 100.00 Aa2 2,804,830
Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
1,520 College Park Business and Industrial Development Authority, 9/14 at 102.00 AA- 1,613,206
Georgia, Revenue Bonds, Public Safety Project, Series
2004, 5.250%, 9/01/23 - NPFG Insured
Fulton County Development Authority, Georgia, Revenue Bonds,
Georgia Tech Molecular Science Building, Series 2004:
1,695 5.250%, 5/01/19 - NPFG Insured 5/14 at 100.00 Aa3 1,880,230
1,135 5.250%, 5/01/20 - NPFG Insured 5/14 at 100.00 Aa3 1,256,332
4,500 5.000%, 5/01/36 - NPFG Insured 5/14 at 100.00 Aa3 4,583,205
1,250 Glynn-Brunswick Memorial Hospital Authority, Georgia, 8/10 at 100.00 A 1,252,413
Revenue Bonds, Southeast Georgia Health Systems, Series
1996, 5.250%, 8/01/13 - NPFG Insured
2,250 Gwinnett County Hospital Authority, Georgia, Revenue 7/19 at 100.00 Aa3 2,310,120
Anticipation Certificates, Gwinnett Hospital System Inc.
Project, Series 2007C, 5.500%, 7/01/39 - AGM Insured
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
26,175 Total Georgia 27,186,576
-----------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.2% (0.1% OF TOTAL INVESTMENTS)
150 Idaho Housing Agency, Single Family Mortgage Senior Bonds, No Opt. Call Aaa 157,260
Series 1994B-1, 6.750%, 7/01/22
110 Idaho Housing Agency, Single Family Mortgage Senior Bonds, No Opt. Call Aaa 111,910
Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
125 Idaho Housing Agency, Single Family Mortgage Senior Bonds, 7/10 at 100.00 Aaa 125,764
Series 1995B, 6.600%, 7/01/27(Alternative Minimum Tax)
Idaho Housing and Finance Association, Grant and Revenue
Anticipation Bonds, Federal Highway Trust Funds, Series
2006:
1,000 5.000%, 7/15/23 - NPFG Insured 7/16 at 100.00 Aa2 1,071,410
1,065 5.000%, 7/15/24 - NPFG Insured 7/16 at 100.00 Aa2 1,134,971
-----------------------------------------------------------------------------------------------------------------------------------
2,450 Total Idaho 2,601,315
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 5.7% (3.7% OF TOTAL INVESTMENTS)
1,050 Bedford Park, Illinois, General Obligation Bonds, Series 12/14 at 100.00 AAA 1,146,012
2004A, 5.250%, 12/15/20 - AGM Insured
7,000 Chicago, Illinois, General Airport Revenue Bonds, O'Hare No Opt. Call AAA 7,268,380
International Airport, Third Lien Series 2010C, 5.250%,
1/01/35 - AGC Insured
Nuveen Investments 31
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
Chicago, Illinois, Second Lien Passenger Facility Charge
Revenue Refunding Bonds, O'Hare International Airport,
Series 2001E:
$ 4,615 5.500%, 1/01/17 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 $ 4,763,511
4,870 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 5,026,717
7,200 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 7,522,056
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - NPFG Insured
7,025 De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell 12/17 at 100.00 Aa2 5,695,027
Community College District 540, Illinois, General
Obligation Bonds, Series 2007, 3.000%, 12/01/26 - AGM
Insured
10,000 Illinois Development Finance Authority, Revenue Bonds, 5/10 at 100.00 A 10,002,200
Provena Health, Series 1998A, 5.500%, 5/15/21 - NPFG
Insured
2,095 Illinois Educational Facilities Authority, Revenue Bonds, 6/10 at 100.00 Baa1 2,095,042
Robert Morris College, Series 2000, 5.800%, 6/01/30 -
NPFG Insured
22,510 Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 Aa3 22,776,969
Series 2002, 5.125%, 2/01/27 - FGIC Insured
20,045 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 4,450,591
Revenue Bonds, McCormick Place Expansion Project, Series
2002A, 0.000%, 12/15/35 - NPFG Insured
Schaumburg, Illinois, General Obligation Bonds, Series
2004B:
4,260 5.000%, 12/01/22 - FGIC Insured 12/14 at 100.00 Aaa 4,508,443
2,365 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 Aaa 2,493,727
4,000 Southwestern Illinois Development Authority, School Revenue No Opt. Call A+ 1,870,680
Bonds, Triad School District 2, Madison County, Illinois,
Series 2006, 0.000%, 10/01/25 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
97,035 Total Illinois 79,619,355
-----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.6% (2.3% OF TOTAL INVESTMENTS)
2,030 Decatur Township-Marion County Multi-School Building 7/13 at 100.00 AA+ (4) 2,266,800
Corporation, Indiana, First Mortgage Bonds, Series 2003,
5.000%, 7/15/20 (Pre-refunded 7/15/13) - FGIC Insured
8,000 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 8,040,000
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
20,000 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AA 8,858,800
Series 1999E, 0.000%, 2/01/28 - AMBAC Insured
5,300 Indianapolis Local Public Improvement Bond Bank, Indiana, 1/19 at 100.00 AAA 5,729,989
Waterworks Project Series 2009A, 5.500%, 1/01/38 - AGC
Insured
3,250 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 3,554,135
Waterworks Project, Series 2002A, 5.250%, 7/01/33
(Pre-refunded 7/01/12) - NPFG Insured
1,340 Monroe-Gregg Grade School Building Corporation, Morgan 1/14 at 100.00 AAA 1,516,974
County, Indiana, First Mortgage Bonds, Series 2004,
5.000%, 1/15/25 (Pre-refunded 1/15/14) - AGM Insured
5,000 Noblesville Redevelopment Authority, Indiana, Economic 7/13 at 100.00 AA- 5,100,500
Development Lease Rental Bonds, Exit 10 Project, Series
2003, 5.000%, 1/15/28 - AMBAC Insured
10,000 Purdue University, Indiana, Student Fee Bonds, Series 2002O, 1/12 at 100.00 Aa1 10,320,400
5.000%, 7/01/19 - NPFG Insured
3,705 Whitley County Middle School Building Corporation, Columbia 7/13 at 100.00 Aa3 (4) 4,159,604
City, Indiana, First Mortgage Bonds, Series 2003, 5.000%,
7/15/16 (Pre-refunded 7/15/13) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
58,625 Total Indiana 49,547,202
-----------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.7% (0.4% OF TOTAL INVESTMENTS)
2,055 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 9/14 at 101.00 AAA 2,210,399
5.000%, 9/01/23 - AGM Insured
Neosho County Unified School District 413, Kansas, General
Obligation Bonds, Series 2006:
2,145 5.000%, 9/01/27 - AGM Insured 9/14 at 100.00 Aa3 2,268,445
4,835 5.000%, 9/01/29 - AGM Insured 9/14 at 100.00 Aa3 5,083,471
-----------------------------------------------------------------------------------------------------------------------------------
9,035 Total Kansas 9,562,315
-----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.9% (1.9% OF TOTAL INVESTMENTS)
3,870 Kenton County School District Finance Corporation, Kentucky, 6/14 at 100.00 Aa2 4,143,299
School Building Revenue Bonds, Series 2004, 5.000%,
6/01/20 - NPFG Insured
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY (continued)
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 93, Refunding Series 2009:
$ 3,860 5.250%, 2/01/20 - AGC Insured 2/19 at 100.00 AAA $ 4,367,436
10,000 5.250%, 2/01/24 - AGC Insured 2/19 at 100.00 AAA 11,014,200
7,500 Kentucky Turnpike Authority, Economic Development Road 7/16 at 100.00 AA+ 7,952,325
Revenue Bonds, Revitalization Project, Series 2006B,
5.000%, 7/01/25 - AMBAC Insured
12,980 Louisville and Jefferson County Metropolitan Sewer District, 11/11 at 101.00 AA- 13,635,490
Kentucky, Sewer and Drainage System Revenue Bonds,
Series 2001A, 5.500%, 5/15/34 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
38,210 Total Kentucky 41,112,750
-----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 4.6% (2.9% OF TOTAL INVESTMENTS)
5,000 DeSoto Parish, Louisiana, Pollution Control Revenue 9/10 at 101.00 BBB 5,014,450
Refunding Bonds, Cleco Utility Group Inc. Project, Series
1999, 5.875%, 9/01/29 - AMBAC Insured
3,025 Lafayette City and Parish, Louisiana, Utilities Revenue 11/14 at 100.00 A1 3,235,056
Bonds, Series 2004, 5.250%, 11/01/22 - NPFG Insured
4,540 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 4,633,252
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
NPFG Insured
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Series 2005A:
2,400 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 Aa1 2,484,720
4,415 5.000%, 5/01/26 - FGIC Insured 5/15 at 100.00 Aa1 4,554,779
5,000 5.000%, 5/01/27 - FGIC Insured 5/15 at 100.00 Aa1 5,165,150
Louisiana State, Gasoline and Fuels Tax Revenue Bonds,
Series 2006A:
3,300 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 3,307,689
35,725 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 35,195,913
38 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 36,066
Residuals 660-1, 15.661%, 5/01/41 - FGIC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
63,443 Total Louisiana 63,627,075
-----------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.2% (0.2% OF TOTAL INVESTMENTS)
3,000 Maine Health and Higher Educational Facilities Authority, 7/13 at 100.00 AAA 3,313,440
Revenue Bonds, Series 2003B, 5.000%, 7/01/28
(Pre-refunded 7/01/13) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.3% (0.2% OF TOTAL INVESTMENTS)
5,345 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 4,665,757
Revenue Bonds, Series 2006A, 5.250%, 9/01/28 - SYNCORA
GTY Insured
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 5.3% (3.4% OF TOTAL INVESTMENTS)
4,500 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 4,741,335
Highway System Revenue Bonds, Commonwealth Contract
Assistance Secured, Refunding Series 2010B, 5.000%,
1/01/35
22,500 Massachusetts Development Finance Authority, Revenue Bonds, 1/12 at 101.00 N/R (4) 24,447,150
WGBH Educational Foundation, Series 2002A, 5.375%,
1/01/42 (Pre-refunded 1/01/12) - AMBAC Insured
5,330 Massachusetts Health and Educational Facilities Authority, 12/19 at 100.00 AAA 6,682,861
Revenue Bonds, Harvard University, Tender Option Bond
Trust 2010-20W, 13.073%, 12/15/34 (IF)
11,000 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 11,870,100
Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - AGM
Insured (UB)
7,255 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 7,079,647
Bonds, Series 2007A, 4.500%, 8/01/46- AGM Insured (UB)
15,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 A1 (4) 16,877,550
Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded
1/01/14) - FGIC Insured
1,500 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 A+ (4) 1,756,020
Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20
(Pre-refunded 11/01/14) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
67,085 Total Massachusetts 73,454,663
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 2.6% (1.7% OF TOTAL INVESTMENTS)
5,490 Detroit City School District, Wayne County, Michigan, No Opt. Call AAA 6,058,380
Unlimited Tax School Building and Site Improvement Bonds,
Series 2001A, 6.000%, 5/01/29 - AGM Insured (UB)
6,000 Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 10/11 at 100.00 A 5,468,940
5.375%, 4/01/18 - NPFG Insured
Nuveen Investments 33
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN (continued)
$ 7,420 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/10 at 100.00 Aa3 $ 7,419,481
Bonds, Series 1997A, 5.000%, 7/01/27 - NPFG Insured
1,085 Grand Rapids Community College, Kent County, Michigan, 5/13 at 100.00 Aa1 1,190,733
General Obligation Refunding Bonds, Series 2003, 5.250%,
5/01/20 - AMBAC Insured
6,850 Wayne County, Michigan, Airport Revenue Bonds, Detroit 12/10 at 100.00 A 6,931,926
Metropolitan Wayne County Airport, Series 1998A, 5.375%,
12/01/15 - NPFG Insured (Alternative Minimum Tax)
10,000 Wayne County, Michigan, Limited Tax General Obligation 12/11 at 101.00 A 9,822,100
Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne
County Airport, Series 2001A, 5.250%, 12/01/25 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
36,845 Total Michigan 36,891,560
-----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.8% (1.1% OF TOTAL INVESTMENTS)
5,000 Minneapolis, Minnesota, Health Care System Revenue Bonds,S 11/18 at 100.00 AAA 5,623,300
Fairview Health Services, Series 2008B, 6.500%, 11/15/38
- AGC Insured
4,000 Northern Municipal Power Agency, Minnesota, Electric System No Opt. Call AAA 4,475,440
Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 -
AGC Insured
13,020 Saint Paul Housing and Redevelopment Authority, Minnesota, 12/11 at 102.00 N/R (4) 14,500,114
Multifamily Housing Revenue Bonds, Marian Center
Project, Series 2001A, 6.450%, 6/20/43 (Pre-refunded
12/20/11)
-----------------------------------------------------------------------------------------------------------------------------------
22,020 Total Minnesota 24,598,854
-----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.4% (1.5% OF TOTAL INVESTMENTS)
27,125 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 26,870,568
2007A, 4.500%, 9/01/37 - FGIC Insured (UB)
5,000 Municipal Energy Agency of Nebraska, Power Supply System 4/19 at 100.00 AA+ 5,367,700
Revenue and Refunding Bonds, Series 2009A, 5.375%,
4/01/39 - BHAC Insured
1,000 Nebraska Public Power District, General Revenue Bonds, 1/15 at 100.00 AAA 1,036,980
Series 2005A, 5.000%, 1/01/25 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
33,125 Total Nebraska 33,275,248
-----------------------------------------------------------------------------------------------------------------------------------
NEVADA - 6.9% (4.4% OF TOTAL INVESTMENTS)
8,475 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 Aaa 8,554,411
Southern Nevada Water Authority Loan, Series 2002,
5.000%, 6/01/32 - NPFG Insured
3,630 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 AA+ (4) 4,007,411
Southern Nevada Water Authority Loan, Series 2002,
5.000%, 6/01/32 (Pre-refunded 12/01/12) - NPFG Insured
14,140 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 AAA 14,440,051
Bonds, Las Vegas-McCarran International Airport, Series
2010A, 5.250%, 7/01/39 - AGM Insured
7,370 Clark County, Nevada, Subordinate Lien Airport Revenue 7/14 at 100.00 Aa3 7,534,425
Bonds, Series 2004A-2, 5.125%, 7/01/25 - FGIC Insured
Director of Nevada State Department of Business and
Industry, Revenue Bonds, Las Vegas Monorail Project, First
Tier, Series 2000:
15,000 5.625%, 1/01/34 - AMBAC Insured (5) 1/12 at 100.00 Caa2 4,817,550
11,400 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 3,661,566
14,985 Reno, Nevada, Capital Improvement Revenue Bonds, Series 6/12 at 100.00 A 14,304,381
2002, 5.375%, 6/01/32 - FGIC Insured
25,300 Reno, Nevada, Capital Improvement Revenue Bonds, Series 6/12 at 100.00 A3 (4) 27,681,236
2002, 5.375%, 6/01/32 (Pre-refunded 6/01/12) - FGIC
Insured
10,000 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 Baa3 (4) 10,878,800
Reno Transportation Rail Access Corridor Project, Series
2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
110,300 Total Nevada 95,879,831
-----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 4.1% (2.6% OF TOTAL INVESTMENTS)
Essex County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Project Consolidation, Series 2004:
2,000 5.125%, 10/01/21 - NPFG Insured 10/14 at 100.00 Aa2 2,108,060
2,250 5.125%, 10/01/22 - NPFG Insured 10/14 at 100.00 Aa2 2,361,488
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY (continued)
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
$ 3,850 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A $ 3,994,067
3,850 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 3,982,825
26,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 29,689,920
Series 2005D-1, 5.250%, 1/01/26 - AGM Insured
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
8,250 5.000%, 1/01/19 - FGIC Insured 7/13 at 100.00 A+ 8,871,803
2,000 5.000%, 1/01/23 - AGM Insured (UB) 7/13 at 100.00 AAA 2,083,060
3,320 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 3,572,685
5.000%, 1/01/21 - AGM Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
51,520 Total New Jersey 56,663,908
-----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 1.3% (0.8% OF TOTAL INVESTMENTS)
3,660 San Juan County, New Mexico, Subordinate Gross Receipts Tax 6/15 at 100.00 Aa3 3,802,118
Revenue Bonds, Series 2005, 5.000%, 6/15/25 - NPFG
Insured
13,600 University of New Mexico, System Improvement Subordinated 6/17 at 100.00 AAA 14,058,184
Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/36 - AGM
Insured
-----------------------------------------------------------------------------------------------------------------------------------
17,260 Total New Mexico 17,860,302
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 6.8% (4.4% OF TOTAL INVESTMENTS)
1,880 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,940,630
Mortgage Revenue Bonds, Montefiore Hospital, Series
2004, 5.000%, 8/01/23 - FGIC Insured
3,335 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 3,555,143
Personal Income Tax Revenue Bonds, Series 2005F, 5.000%,
3/15/24 - AMBAC Insured
3,820 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,555,541
Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured
12,500 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A 12,977,250
General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 -
FGIC Insured
6,900 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 6,402,096
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG
Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,500 5.000%, 7/01/21 - FGIC Insured 7/12 at 100.00 AA- 1,591,875
5,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 5,236,350
2,615 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 3,026,340
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 5,383,900
Series 2005F-1, 5.000%, 9/01/21 - AMBAC Insured
10,000 New York City, New York, General Obligation Bonds, Fiscal 4/15 at 100.00 AA 10,437,700
Series 2005M, 5.000%, 4/01/26 - FGIC Insured
5,000 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 A+ 5,193,500
Series 2005F, 5.000%, 1/01/26 - AMBAC Insured
14,000 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 14,495,040
Series 2005G, 5.000%, 1/01/30 - AGM Insured
3,650 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 3,946,125
Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 -
AGM Insured (UB)
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, Series 2004A-1:
1,000 5.000%, 3/15/23 - FGIC Insured 3/14 at 100.00 AAA 1,066,690
5,000 5.000%, 3/15/25 - FGIC Insured 3/14 at 100.00 AAA 5,302,150
10,000 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 Aa3 10,266,700
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.000%, 11/15/32 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
91,200 Total New York 94,377,030
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 35
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.2% (0.8% OF TOTAL INVESTMENTS)
Mooresville, North Carolina, Enterprise System Revenue
Bonds, Series 2004:
$ 2,115 5.000%, 5/01/22 - FGIC Insured 5/14 at 100.00 AA- $ 2,188,792
2,575 5.000%, 5/01/26 - FGIC Insured 5/14 at 100.00 AA- 2,647,306
5,250 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 AAA 5,722,763
Revenue Bonds, Series 2003A, 5.250%, 1/01/16 - AGM
Insured
Raleigh Durham Airport Authority, North Carolina, Airport
Revenue Bonds, Series 2005A:
3,205 5.000%, 5/01/23 - AMBAC Insured 5/15 at 100.00 Aa3 3,353,904
3,295 5.000%, 5/01/24 - AMBAC Insured 5/15 at 100.00 Aa3 3,429,403
-----------------------------------------------------------------------------------------------------------------------------------
16,440 Total North Carolina 17,342,168
-----------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 0.5% (0.3% OF TOTAL INVESTMENTS)
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus
Project, Series 2005A:
2,195 5.000%, 12/15/22 - NPFG Insured 12/15 at 100.00 Aa3 2,329,224
1,355 5.000%, 12/15/23 - NPFG Insured 12/15 at 100.00 Aa3 1,423,360
3,000 5.000%, 12/15/24 - NPFG Insured 12/15 at 100.00 Aa3 3,139,020
-----------------------------------------------------------------------------------------------------------------------------------
6,550 Total North Dakota 6,891,604
-----------------------------------------------------------------------------------------------------------------------------------
OHIO - 3.7% (2.4% OF TOTAL INVESTMENTS)
2,650 Cleveland State University, Ohio, General Receipts Bonds, 6/14 at 100.00 A+ 2,776,803
Series 2004, 5.250%, 6/01/24 - FGIC Insured
2,000 Columbus City School District, Franklin County, Ohio, 12/14 at 100.00 AAA 2,327,780
General Obligation Bonds, Series 2004, 5.250%, 12/01/25
(Pre-refunded 12/01/14) - AGM Insured
2,385 Columbus, Ohio, Tax Increment Financing Bonds, Easton 6/14 at 100.00 BBB+ 2,454,237
Project, Series 2004A, 5.000%, 12/01/22 - AMBAC Insured
2,205 Hamilton City School District, Ohio, General Obligation 6/15 at 100.00 Baa1 2,288,018
Bonds, Series 2005, 5.000%, 12/01/24 - NPFG Insured
19,595 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 18,271,750
Series 2006, 4.250%, 12/01/32 - AMBAC Insured
20,100 Lucas County, Ohio, Hospital Revenue Bonds, ProMedica 5/10 at 101.00 N/R 20,174,571
Healthcare Obligated Group, Series 1999, 5.375%,
11/15/39 - AMBAC Insured
3,000 Ross Local School District, Butler County, Ohio, General 12/13 at 100.00 Aa2 (4) 3,400,650
Obligation Bonds, Series 2003, 5.000%, 12/01/28
(Pre-refunded 12/01/13) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
51,935 Total Ohio 51,693,809
-----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 2.6% (1.6% OF TOTAL INVESTMENTS)
3,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 3,631,985
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
1,925 Oklahoma Housing Finance Agency, GNMA Collateralized Single No Opt. Call AAA 2,011,664
Family Mortgage Revenue Bonds, Series 1987A, 7.997%,
8/01/18 (Alternative Minimum Tax)
21,000 Oklahoma Municipal Power Authority, Power Supply System 1/17 at 100.00 A 19,615,470
Revenue Bonds, Series 2007, 4.500%, 1/01/47 - FGIC
Insured
5,245 Oklahoma State Industries Authority, Revenue Bonds, 2/11 at 100.00 A1 5,283,813
Oklahoma Medical Research Foundation, Series 2001,
5.250%, 2/01/21 - AMBAC Insured
50 Tulsa Airports Improvement Trust, Oklahoma, General Airport 6/10 at 100.00 A 50,237
Revenue Bonds, Tulsa International Airport, Series
1999A, 6.000%, 6/01/21 - FGIC Insured
4,880 University of Oklahoma, Student Housing Revenue Bonds, 7/14 at 100.00 A1 5,008,832
Series 2004, 5.000%, 7/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
36,600 Total Oklahoma 35,602,001
-----------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.2% (0.2% OF TOTAL INVESTMENTS)
2,535 Oregon Department of Administrative Services, Certificates 5/15 at 100.00 AAA 2,664,158
of Participation, Series 2005A, 5.000%, 5/01/25 - AGM
Insured
715 Oregon Housing and Community Services Department, Single 7/10 at 100.00 Aa2 715,879
Family Mortgage Revenue Bonds, Series 1995A, 6.450%,
7/01/26 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
3,250 Total Oregon 3,380,037
-----------------------------------------------------------------------------------------------------------------------------------
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.7% (1.8% OF TOTAL INVESTMENTS)
$ 7,925 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA $ 8,344,708
Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26
- AGM Insured (UB)
1,800 Pennsylvania Higher Educational Facilities Authority, 5/15 at 100.00 A+ 1,839,114
Revenue Bonds, Drexel University, Series 2005A, 5.000%,
5/01/28 - NPFG Insured
11,740 Pennsylvania Public School Building Authority, Lease 12/16 at 100.00 AAA 11,201,604
Revenue Bonds, School District of Philadelphia, Series
2006B, 4.500%, 6/01/32 - AGM Insured (UB)
2,625 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 2,756,801
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
6,335 Radnor Township School District, Delaware County, 8/15 at 100.00 Aa2 6,657,198
Pennsylvania, General Obligation Bonds, Series 2005B,
5.000%, 2/15/30 - AGM Insured
Reading School District, Berks County, Pennsylvania,
General Obligation Bonds, Series 2005:
3,285 5.000%, 1/15/22 - AGM Insured (UB) 1/16 at 100.00 AAA 3,516,560
3,450 5.000%, 1/15/23 - AGM Insured (UB) 1/16 at 100.00 AAA 3,674,871
-----------------------------------------------------------------------------------------------------------------------------------
37,160 Total Pennsylvania 37,990,856
-----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.9% (0.6% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 2,905,900
Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) -
SYNCORA GTY Insured
2,000 Puerto Rico Highway and Transportation Authority, Highway 7/13 at 100.00 A3 2,045,500
Revenue Bonds, Series 2003G, 5.250%, 7/01/19 - FGIC
Insured
1,550 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,621,378
8/01/21 - CIFG Insured
36,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 5,388,840
Revenue Bonds, Series 2007A, 0.000%,8/01/42 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
42,050 Total Puerto Rico 11,961,618
-----------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.8% (1.2% OF TOTAL INVESTMENTS)
2,195 Providence Housing Development Corporation, Rhode Island, 7/10 at 100.00 A 2,197,963
FHA-Insured Section 8 Assisted Mortgage Revenue
Refunding Bonds, Barbara Jordan Apartments, Series
1994A, 6.750%, 7/01/25 - NPFG Insured
20,475 Rhode Island Depositors Economic Protection Corporation, 2/11 at 100.00 A (4) 21,227,047
Special Obligation Refunding Bonds, Series 1993B,
5.250%, 8/01/21 (Pre-refunded 2/01/11) - NPFG Insured
1,405 Rhode Island Health & Educational Building Corporation, 9/14 at 100.00 A2 1,497,393
Higher Education Auxiliary Enterprise Revenue Bonds,
Series 2004A, 5.500%, 9/15/24 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
24,075 Total Rhode Island 24,922,403
-----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 5.5% (3.6% OF TOTAL INVESTMENTS)
14,650 Anderson County School District 5, South Carolina, General 2/18 at 100.00 AAA 16,151,186
Obligation Bonds, Series 2008, Trust 1181, 9.658%,
2/01/38 - AGM Insured (IF)
10,000 Beaufort County, South Carolina, Tax Increment Bonds, New 12/12 at 100.00 A 10,120,400
River Redevelopment Project, Series 2002, 5.000%,
6/01/27 - NPFG Insured
Medical University Hospital Authority, South Carolina,
FHA-Insured Mortgage Revenue Bonds, Series 2004A:
2,000 5.250%, 8/15/22 - NPFG Insured 8/14 at 100.00 A 2,086,180
2,605 5.250%, 8/15/23 - NPFG Insured 8/14 at 100.00 A 2,708,523
2,385 5.250%, 8/15/25 - NPFG Insured 8/14 at 100.00 A 2,467,116
1,795 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call Aaa 1,503,151
Revenue Bonds, Series 1988A, 0.000%, 1/01/13 - AMBAC
Insured (ETM)
7,955 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call N/R 6,971,921
Revenue Bonds, Series 1988A, 0.000%, 1/01/13 - AMBAC
Insured
8,000 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 8,335,440
Industrial Revenue Bonds, South Carolina Electric and
Gas Company, Series 2002A, 5.200%, 11/01/27 - AMBAC
Insured
Nuveen Investments 37
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA (continued)
$ 10,000 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- $ 10,000,000
Industrial Revenue Bonds, South Carolina Electric and Gas
Company, Series 2002B, 5.450%, 11/01/32 - AMBAC Insured
(Alternative Minimum Tax)
17,500 South Carolina Transportation Infrastructure Bank, Revenue 10/16 at 100.00 Aa3 16,797,725
Bonds, Series 2007A, 4.500%, 10/01/34 - SYNCORA GTY
Insured
-----------------------------------------------------------------------------------------------------------------------------------
76,890 Total South Carolina 77,141,642
-----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.5% (0.3% OF TOTAL INVESTMENTS)
6,455 Memphis-Shelby County Airport Authority, Tennessee, Airport 3/11 at 100.00 AAA 6,535,817
Revenue Bonds, Series 2001A, 5.500%, 3/01/18 - AGM
Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 9.0% (5.8% OF TOTAL INVESTMENTS)
521 Capital Area Housing Finance Corporation, Texas, FNMA Backed 4/12 at 106.00 Aaa 539,019
Single Family Mortgage Revenue Refunding Bonds, Series
2002A-2, 6.300%, 4/01/35 - AMBAC Insured (Alternative
Minimum Tax)
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 5/10 at 100.00 A+ 12,512,125
Bonds, Series 2000A, 6.125%,11/01/35 - FGIC Insured
(Alternative Minimum Tax)
25,000 Harris County-Houston Sports Authority, Texas, Junior Lien 11/11 at 100.00 A 23,517,750
Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 -
NPFG Insured
4,671 Houston Housing Finance Corporation, Texas, GNMA 9/11 at 105.00 Aaa 4,843,967
Collateralized Mortgage Multifamily Housing Revenue
Bonds, RRG Apartments Project, Series 2001, 6.350%,
3/20/42
Houston, Texas, First Lien Combined Utility System Revenue
Bonds, Series 2004A:
4,000 5.250%, 5/15/24 - FGIC Insured 5/14 at 100.00 AA 4,288,440
5,000 5.250%, 5/15/25 - NPFG Insured 5/14 at 100.00 AA 5,344,550
17,500 Houston, Texas, Hotel Occupancy Tax and Special Revenue 9/11 at 100.00 A2 17,619,875
Bonds, Convention and Entertainment Project, Series 2001B,
5.250%, 9/01/33 - AMBAC Insured
900 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 900,450
Bonds, Series 2000A, 5.625%, 7/01/30 - AGM Insured
(Alternative Minimum Tax)
23,865 Jefferson County Health Facilities Development Corporation, 8/11 at 100.00 N/R 23,892,206
Texas, FHA-Insured Mortgage Revenue Bonds, Baptist
Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41
- AMBAC Insured
140 Lower Colorado River Authority, Texas, Revenue Refunding and 5/11 at 100.00 A1 (4) 146,563
Improvement Bonds, Series 2001A, 5.000%, 5/15/21
(Pre-refunded 5/15/11) - NPFG Insured
8,065 Lower Colorado River Authority, Texas, Revenue Refunding and 5/11 at 100.00 A1 8,294,933
Improvement Bonds, Series 2001A, 5.000%, 5/15/21 - NPFG
Insured
Port of Houston Authority, Harris County, Texas, General
Obligation Port Improvement Bonds, Series 2001B:
3,205 5.500%, 10/01/18 - FGIC Insured (Alternative Minimum Tax) 10/11 at 100.00 AAA 3,272,690
3,375 5.500%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) 10/11 at 100.00 AAA 3,439,159
7,205 San Antonio, Texas, Airport System Improvement Revenue 7/11 at 101.00 A+ 7,433,687
Bonds, Series 2001, 5.375%, 7/01/15 - FGIC Insured
(Alternative Minimum Tax)
7,550 Waco Health Facilities Development Corporation, Texas, 8/16 at 100.00 A 7,328,181
Hillcrest Health System Project, FHA Insured Mortgage
Revenue Bonds, Series 2006A, 5.000%, 8/01/31 - NPFG
Insured
1,840 Ysleta Independent School District Public Facility 5/10 at 100.00 AA- 1,877,481
Corporation, Texas, Lease Revenue Refunding Bonds, Series
2001, 5.375%, 11/15/24 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
125,337 Total Texas 125,251,076
-----------------------------------------------------------------------------------------------------------------------------------
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.3% (0.8% OF TOTAL INVESTMENTS)
$ 2,000 Clearfield City, Utah, Sales Tax Revenue Bonds, Series 7/13 at 100.00 AA- (4) $ 2,235,300
2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) - FGIC
Insured
15,000 Utah Transit Authority, Sales Tax Revenue Bonds, Series 6/18 at 100.00 AAA 15,950,850
2008A, 5.000%, 6/15/32 - AGM Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
17,000 Total Utah 18,186,150
-----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.2% (0.8% OF TOTAL INVESTMENTS)
1,035 Loudoun County Industrial Development Authority, Virginia, 6/14 at 100.00 AAA 1,158,765
Lease Revenue Bonds, Public Safety Facilities, Series
2003A, 5.250%, 12/15/20 - AGM Insured
4,840 Metropolitan Washington D.C. Airports Authority, Airport 10/11 at 101.00 AA- 5,028,421
System Revenue Bonds, Series 2001A, 5.500%, 10/01/19 -
NPFG Insured (Alternative Minimum Tax)
10,000 Virginia Housing Development Authority, Commonwealth 7/11 at 100.00 AAA 10,079,800
Mortgage Bonds, Series 2001H-1, 5.375%, 7/01/36 - NPFG
Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
15,875 Total Virginia 16,266,986
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 4.4% (2.8% OF TOTAL INVESTMENTS)
2,500 Grant County Public Utility District 2, Washington, Revenue 1/15 at 100.00 AA- 2,565,724
Bonds, Wanapum Hydroelectric Development, Series 2005A,
5.000%, 1/01/29 - FGIC Insured
3,500 King County School District 401, Highline, Washington, 12/14 at 100.00 AA+ 3,728,200
General Obligation Bonds, Series 2004, 5.000%, 10/01/24
- FGIC Insured
5,000 King County, Washington, General Obligation Sewer Bonds, 1/19 at 100.00 AAA 6,105,600
Series 2009, Trust 1W, 13.689%, 1/01/39 - AGC Insured
(IF)
15,000 King County, Washington, Sewer Revenue Bonds, Series 2007, 7/17 at 100.00 AAA 15,627,000
5.000%, 1/01/42 - AGM Insured
4,345 King County, Washington, Sewer Revenue Bonds, Tender Option 7/17 at 100.00 AAA 4,914,368
Bond Trust 3090, 13.264%, 1/01/39 - AGM Insured (IF)
3,195 Kitsap County, Washington, Limited Tax General Obligation 7/10 at 100.00 AA- (4) 3,223,083
Bonds, Series 2000, 5.500%, 7/01/25 (Pre-refunded
7/01/10) - AMBAC Insured
4,250 Snohomish County Public Utility District 1, Washington, No Opt. Call Aaa 5,279,094
Generation System Revenue Bonds, Series 1989, 6.650%,
1/01/16 - FGIC Insured (ETM)
Tacoma, Washington, Solid Waste Utility Revenue Refunding
Bonds, Series 2006:
3,890 5.000%, 12/01/24 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,117,760
4,085 5.000%, 12/01/25 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,304,812
4,290 5.000%, 12/01/26 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,500,637
5,945 Washington State, General Obligation Bonds, Series 2009, 7/16 at 100.00 AAA 6,895,726
Trust 1212, 13.292%, 7/01/31 - AGM Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
56,000 Total Washington 61,262,004
-----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.2% (1.4% OF TOTAL INVESTMENTS)
15,000 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 15,000,600
Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%,
2/15/27 - NPFG Insured
290 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/14 at 100.00 AA 313,097
5/01/20 - FGIC Insured
2,600 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/14 at 100.00 Aa2 (4) 2,993,275
5/01/20 (Pre-refunded 5/01/14) - FGIC Insured
10,945 Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/14 at 100.00 AA 11,710,272
5/01/20 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
28,835 Total Wisconsin 30,017,244
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,280,625 Total Long-Term Investments (cost $2,104,078,094) - 155.0% 2,155,558,928
===============--------------------------------------------------------------------------------------------------------------------
Nuveen Investments 39
NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS)
COLORADO - 0.1% (0.1% OF TOTAL INVESTMENTS)
$ 1,400 Colorado Health Facilities Authority, Colorado, Revenue No Opt. Call A-1+ $ 1,400,000
Bonds, Catholic Health Initiatives, Variable Rate Demand
Obligations, Tender Option Bond Trust 2906Z, 0.270%,
3/01/16 (6)
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.1% (0.1% OF TOTAL INVESTMENTS)
1,882 Metropolitan Atlanta Rapid Transit Authority, Georgia, 7/17 at 100.00 A-1 1,882,000
Sales Tax Revenue Bonds, Variable Rate Demand
Obligations, Tender Option Bond Trust 2008-1061, 0.300%,
7/01/34 (6)
-----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.2% (0.1% OF TOTAL INVESTMENTS)
$ 2,500 Sampson County, North Carolina, Certificates of No Opt. Call A-1 2,500,000
Participation, Series 2006, Variable Rate Demand
Obligations, Series 112, 0.330%, 6/01/34 (6)
===============--------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $5,782,000) 5,782,000
-----------------------------------------------------------------------------------------------------------------
Total Investments (cost $2,109,860,094) - 155.4% 2,161,340,928
-----------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.7)% (134,833,333)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 29,450,374
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value -
(47.8)% (7) (664,825,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 1,391,132,969
=================================================================================================================
The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) The Fund's Adviser has concluded this issue is not likely to meet its
future interest payment obligations and has directed the Fund's custodian
to cease accruing additional income on the Fund's records.
(6) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 30.8%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
40 Nuveen Investments
NIF | Nuveen Premier Insured Municipal Income Fund, Inc.
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.8% (0.5% OF TOTAL INVESTMENTS)
$ 2,200 Auburn, Alabama, General Obligation Warrants, Series 2005, 8/15 at 100.00 AA+ $ 2,278,892
5.000%, 8/01/30 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 3.1% (2.0% OF TOTAL INVESTMENTS)
4,370 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 4,522,513
Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25
- NPFG Insured
5,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 4,377,100
Plaza, Series 2005B, 0.000%, 7/01/40 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
9,370 Total Arizona 8,899,613
-----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 1.5% (1.0% OF TOTAL INVESTMENTS)
4,020 Northwest Community College District, Arkansas, General 5/15 at 100.00 A 4,236,155
Obligation Bonds, Series 2005, 5.000%, 5/15/23 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 25.9% (17.0% OF TOTAL INVESTMENTS)
10 California Department of Water Resources, Water System 12/14 at 100.00 AAA 11,583
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/26 (Pre-refunded 12/01/14) - NPFG Insured
990 California Department of Water Resources, Water System 12/14 at 100.00 AAA 1,040,599
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/26 - NPFG Insured (UB)
1,250 California Pollution Control Financing Authority, 4/11 at 102.00 A 1,303,163
Remarketed Revenue Bonds, Pacific Gas and Electric
Company, Series 1996A, 5.350%, 12/01/16 - NPFG Insured
(Alternative Minimum Tax)
4,775 Clovis Unified School District, Fresno County, California, No Opt. Call AA (4) 2,559,639
General Obligation Bonds, Series 2001A, 0.000%, 8/01/25
- FGIC Insured (ETM)
1,005 Folsom Cordova Unified School District, Sacramento County, 10/14 at 100.00 AAA 1,040,406
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2004B, 5.000%, 10/01/26 -
AGM Insured
1,150 Kern Community College District, California, General No Opt. Call AAA 571,596
Obligation Bonds, Series 2006, 0.000%, 11/01/23 - AGM
Insured
45 Kern County Housing Authority, California, GNMA Guaranteed No Opt. Call AAA 46,729
Tax-Exempt Mortgage Obligation Bonds, Series 1994A-I,
7.150%, 12/30/24 (Alternative Minimum Tax)
35 Kern County Housing Authority, California, GNMA Guaranteed No Opt. Call AAA 36,429
Tax-Exempt Mortgage Obligation Bonds, Series 1994A-III,
7.450%, 6/30/25 (Alternative Minimum Tax)
3,760 La Verne-Grand Terrace Housing Finance Agency, California, No Opt. Call AAA 4,928,157
Single Family Residential Mortgage Revenue Bonds, Series
1984A, 10.250%, 7/01/17 (ETM)
5,000 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call A 5,820,350
County, California, Revenue Refunding Bonds,
Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 -
NPFG Insured
8,880 Pomona, California, GNMA/FHLMC Collateralized Single Family No Opt. Call AAA 11,692,115
Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%,
8/01/23 (ETM)
8,075 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 9,338,576
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1988A, 8.300%, 9/01/14 (Alternative
Minimum Tax) (ETM)
8,770 San Bernardino, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 11,493,524
Program Single Family Mortgage Revenue Refunding Bonds,
Series 1990A, 7.500%, 5/01/23 (ETM)
4,300 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 A1 4,323,005
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27A, 5.125%, 5/01/19 - NPFG
Insured (Alternative Minimum Tax)
29,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 5,668,630
County, California, Toll Road Revenue Refunding Bonds,
Series 1997A, 0.000%, 1/15/31 - NPFG Insured
2,000 San Jose Redevelopment Agency, California, Tax Allocation 8/14 at 100.00 A 2,068,520
Bonds, Merged Area Redevelopment Project, Series 2004A,
5.250%, 8/01/19 - NPFG Insured
4,475 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 3,751,706
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - NPFG Insured
4,455 San Mateo County Community College District, California, No Opt. Call Aaa 2,601,230
General Obligation Bonds, Series 2006B, 0.000%, 9/01/21
- NPFG Insured
Nuveen Investments 41
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 1,815 University of California, General Revenue Bonds, Series 5/13 at 101.00 Aa1 $ 1,823,240
2005G, 4.750%, 5/15/31 - NPFG Insured
3,600 Ventura County Community College District, California, 8/15 at 100.00 AA 3,717,108
General Obligation Bonds, Series 2005B, 5.000%, 8/01/28
- NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
93,390 Total California 73,836,305
-----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 9.8% (6.4% OF TOTAL INVESTMENTS)
3,000 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 3,091,410
Bonds, Catholic Health Initiatives, Series 2006C-1,
Trust 1090, 14.902%, 10/01/41 - AGM Insured (IF)
2,500 Denver City and County, Colorado, Airport System Revenue 11/12 at 100.00 A+ 2,588,075
Refunding Bonds, Series 2002E, 5.500%, 11/15/18 - FGIC
Insured (Alternative Minimum Tax)
6,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 6,228,900
Bonds, Series 2000A, 5.750%, 9/01/29 (Pre-refunded
9/01/10) - NPFG Insured
20,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 5,256,600
Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured
4,405 Garfield, Eagle and Pitkin Counties School District RE-1, 12/14 at 100.00 AAA 4,638,729
Roaring Fork, Colorado, General Obligation Bonds, Series
2005A, 5.000%, 12/15/24 - AGM Insured
2,065 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 2,389,350
Obligation Bonds, Series 2004, 5.000%, 12/15/24 - AGM
Insured (UB)
1,390 Teller County School District RE-2, Woodland Park, 12/14 at 100.00 Aa2 1,487,022
Colorado, General Obligation Bonds, Series 2004, 5.000%,
12/01/22 - NPFG Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/12 at 100.00 AA- (4) 1,087,390
Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) -
FGIC Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,037,420
Series 2005, 5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
41,360 Total Colorado 27,804,896
-----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS)
665 Washington Convention Center Authority, District of 10/16 at 100.00 AA+ 658,895
Columbia, Senior Lien Dedicated Tax Revenue Bonds,
Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC
Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.7% (2.5% OF TOTAL INVESTMENTS)
2,285 Florida Municipal Loan Council, Revenue Bonds, Series 2/15 at 100.00 A 2,361,685
2005A, 5.000%, 2/01/23 - NPFG Insured
1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/13 at 100.00 Aa2 1,629,330
Series 2004A, 5.000%, 10/01/19 - FGIC Insured
4,240 Reedy Creek Improvement District, Florida, Utility Revenue 10/13 at 100.00 A1 4,630,250
Bonds, Series 2003-1, 5.250%, 10/01/17 - NPFG Insured
2,000 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA 2,058,200
2005, 5.000%, 10/01/28 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,025 Total Florida 10,679,465
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 3.3% (2.1% OF TOTAL INVESTMENTS)
2,700 Atlanta, Georgia, Airport General Revenue Bonds, Series 1/15 at 100.00 AAA 2,812,644
2004G, 5.000%, 1/01/25 - AGM Insured
6,500 Medical Center Hospital Authority, Georgia, Revenue 8/10 at 101.00 A 6,500,000
Anticipation Certificates, Columbus Regional Healthcare
System, Inc. Project, Series 1999, 5.500%, 8/01/25 -
NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
9,200 Total Georgia 9,312,644
-----------------------------------------------------------------------------------------------------------------------------------
HAWAII - 3.7% (2.4% OF TOTAL INVESTMENTS)
2,250 Hawaii Department of Budget and Finance, Special Purpose 7/10 at 100.00 Baa1 2,253,218
Revenue Bonds, Hawaiian Electric Company Inc., Series
1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative
Minimum Tax)
8,030 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 A 8,157,757
Refunding Bonds, Series 2000B, 6.500%, 7/01/15 - FGIC
Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
10,280 Total Hawaii 10,410,975
-----------------------------------------------------------------------------------------------------------------------------------
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 13.2% (8.7% OF TOTAL INVESTMENTS)
$ 4,000 Bridgeview, Illinois, General Obligation Bonds, Series 12/12 at 100.00 A $ 4,100,360
2002, 5.000%, 12/01/22 - FGIC Insured
8,200 Chicago Board of Education, Illinois, General Obligation No Opt. Call Aa2 9,063,460
Lease Certificates, Series 1992A, 6.250%, 1/01/15 - NPFG
Insured
1,450 Chicago, Illinois, Third Lien General Airport Revenue 1/16 at 100.00 A1 1,514,859
Bonds, O'Hare International Airport, Series 2005A,
5.250%, 1/01/24 - NPFG Insured
21,860 Illinois Development Finance Authority, Local Government No Opt. Call Aa3 17,492,372
Program Revenue Bonds, Kane, Cook and DuPage Counties
School District U46 - Elgin, Series 2002, 0.000%,
1/01/17 - AGM Insured
2,500 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 A+ 2,521,200
Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC
Insured
175 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 177,403
Revenue Bonds, McCormick Place Expansion Project, Series
2002A, 5.250%, 6/15/42 - NPFG Insured
5,010 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call A1 2,863,916
Revenue Refunding Bonds, McCormick Place Expansion
Project, Series 1996A, 0.000%, 12/15/21 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
43,195 Total Illinois 37,733,570
-----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.1% (2.7% OF TOTAL INVESTMENTS)
2,130 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 2,140,650
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
Indiana University, Parking Facility Revenue Bonds, Series
2004:
1,015 5.250%, 11/15/19 - AMBAC Insured 11/14 at 100.00 Aa1 1,135,836
1,060 5.250%, 11/15/20 - AMBAC Insured 11/14 at 100.00 Aa1 1,182,229
1,100 5.250%, 11/15/21 - AMBAC Insured 11/14 at 100.00 Aa1 1,219,020
9,255 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AA 4,827,963
Series 1999E, 0.000%, 2/01/25 - AMBAC Insured
1,000 Metropolitan School District Steuben County K-5 Building 7/14 at 102.00 AAA 1,083,880
Corporation, Indiana, First Mortgage Bonds, Series 2003,
5.250%, 1/15/21 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
15,560 Total Indiana 11,589,578
-----------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.2% (0.8% OF TOTAL INVESTMENTS)
3,345 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley 6/13 at 100.00 N/R 3,370,288
Medical Center, Series 2003, 5.000%, 6/15/17 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4% (0.2% OF TOTAL INVESTMENTS)
985 Neosho County Unified School District 413, Kansas, General 9/14 at 100.00 Aa3 1,030,793
Obligation Bonds, Series 2006, 5.000%, 9/01/31 - AGM
Insured
-----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.8% (1.9% OF TOTAL INVESTMENTS)
885 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 903,178
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
NPFG Insured
7,160 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, 5/16 at 100.00 AAA 7,176,683
Series 2006A, 4.750%, 5/01/39 - AGM Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
8,045 Total Louisiana 8,079,861
-----------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 2.2% (1.4% OF TOTAL INVESTMENTS)
1,200 Maryland Economic Development Corporation, Student Housing 6/16 at 100.00 Baa2 1,148,976
Revenue Refunding Bonds, University of Maryland College
Park Projects, Series 2006, 5.000%, 6/01/28 - CIFG
Insured
5,000 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A2 5,048,150
Bonds, Baltimore-Washington International Airport
Passenger Facility, Series 2002B, 5.125%, 3/01/21 -
AMBAC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
6,200 Total Maryland 6,197,126
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 4.4% (2.9% OF TOTAL INVESTMENTS)
2,500 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 2,634,075
Highway System Revenue Bonds, Commonwealth Contract
Assistance Secured, Refunding Series 2010B, 5.000%,
1/01/35
3,335 Massachusetts Health and Education Facilities Authority, 7/19 at 100.00 AA 3,570,918
Revenue Bonds, Partners HealthCare System, Tender Option
Bond Trust 3627, 13.456%, 7/01/34 (IF)
Nuveen Investments 43
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
$ 4,400 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA $ 4,748,040
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - AGM
Insured (UB)
1,725 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 1,683,307
Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
11,960 Total Massachusetts 12,636,340
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.6% (2.4% OF TOTAL INVESTMENTS)
6,500 Michigan Higher Education Student Loan Authority, Revenue No Opt. Call AA 6,463,145
Bonds, Series 2000 XII-T, 5.300%, 9/01/10 - AMBAC
Insured (Alternative Minimum Tax)
3,810 Michigan Housing Development Authority, GNMA Collateralized 8/12 at 102.00 Aaa 3,872,370
Limited Obligation Multifamily Housing Revenue Bonds,
Cranbrook Apartments, Series 2001A, 5.500%, 2/20/43
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
10,310 Total Michigan 10,335,515
-----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.8% (1.2% OF TOTAL INVESTMENTS)
4,860 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AA- 4,954,235
Minnesota, Airport Revenue Bonds, Series 2001B, 5.750%,
1/01/15 - FGIC Insured (Alternative Minimum Tax)
130 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/10 at 100.00 AA+ 130,547
Series 1995D, 5.950%, 2/01/18 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
4,990 Total Minnesota 5,084,782
-----------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.7% (0.5% OF TOTAL INVESTMENTS)
2,000 Missouri Western State College, Auxiliary System Revenue 10/13 at 100.00 A 2,116,080
Bonds, Series 2003, 5.000%, 10/01/21 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
NEVADA - 6.1% (4.0% OF TOTAL INVESTMENTS)
2,100 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 Aaa 2,119,677
Southern Nevada Water Authority Loan, Series 2002,
5.000%, 6/01/32 - NPFG Insured
900 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 AA+ (4) 993,573
Southern Nevada Water Authority Loan, Series 2002,
5.000%, 6/01/32 (Pre-refunded 12/01/12) - NPFG Insured
4,715 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 AAA 4,815,052
Bonds, Las Vegas-McCarran International Airport, series
2010A, 5.250%, 7/01/39 - AGM Imsured
Director of Nevada State Department of Business and
Industry, Revenue Bonds, Las Vegas Monorail Project, First
Tier, Series 2000:
160 0.000%, 1/01/28 - AMBAC Insured No Opt. Call Caa2 17,627
2,000 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 642,380
7,990 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 Baa3 (4) 8,712,696
Reno Transportation Rail Access Corridor Project, Series
2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
17,865 Total Nevada 17,301,005
-----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 2.5% (1.6% OF TOTAL INVESTMENTS)
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
1,200 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A 1,244,904
1,200 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 1,241,400
4,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 4,567,680
Series 2005D-1, 5.250%, 1/01/26 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
6,400 Total New Jersey 7,053,984
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 6.8% (4.5% OF TOTAL INVESTMENTS)
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,032,250
Mortgage Revenue Bonds, Montefiore Hospital, Series
2004, 5.000%, 8/01/23 - FGIC Insured
2,185 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 2,033,732
Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured
5,000 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A 5,190,900
General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 -
FGIC Insured
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 10,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA $ 11,106,700
Transportation Revenue Refunding Bonds, Series 2002F,
5.250%, 11/15/27 (Pre-refunded 11/15/12) - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
18,185 Total New York 19,363,582
-----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 3.0% (1.9% OF TOTAL INVESTMENTS)
1,775 Charlotte, North Carolina, Water and Sewer System Refunding 7/20 at 100.00 AAA 2,199,882
Bonds, Tender Option Bond Trust 2009-43W, 13.225%,
7/01/38 (IF)
3,100 North Carolina Medical Care Commission, FHA-Insured 10/13 at 100.00 AAA 3,085,554
Mortgage Revenue Bonds, Betsy Johnson Regional Hospital
Project, Series 2003, 5.125%, 10/01/32 - AGM Insured
3,050 Raleigh Durham Airport Authority, North Carolina, Airport 5/15 at 100.00 Aa3 3,194,082
Revenue Bonds, Series 2005A, 5.000%, 5/01/22 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
7,925 Total North Carolina 8,479,518
-----------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.5% (1.0% OF TOTAL INVESTMENTS)
4,605 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 4,294,024
Series 2006, 4.250%, 12/01/32 - AMBAC Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 1.4% (0.9% OF TOTAL INVESTMENTS)
3,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 3,631,985
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
410 Oklahoma Housing Finance Agency, GNMA Collateralized Single No Opt. Call AAA 428,458
Family Mortgage Revenue Bonds, Series 1987A, 7.997%,
8/01/18 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
3,910 Total Oklahoma 4,060,443
-----------------------------------------------------------------------------------------------------------------------------------
OREGON - 4.2% (2.7% OF TOTAL INVESTMENTS)
Oregon Health Sciences University, Revenue Bonds, Series
2002A:
5,000 5.000%, 7/01/26 - NPFG Insured 1/13 at 100.00 A 5,021,950
7,000 5.000%, 7/01/32 - NPFG Insured 1/13 at 100.00 A 6,843,550
-----------------------------------------------------------------------------------------------------------------------------------
12,000 Total Oregon 11,865,500
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.3% (2.2% OF TOTAL INVESTMENTS)
1,500 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 1,534,545
Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG
Insured
4,000 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 4,211,840
Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26
- AGM Insured (UB)
2,680 Pennsylvania Public School Building Authority, Lease 12/16 at 100.00 AAA 2,557,095
Revenue Bonds, School District of Philadelphia, Series
2006B, 4.500%, 6/01/32 - AGM Insured (UB)
1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,102,721
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
9,230 Total Pennsylvania 9,406,201
-----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 2.3% (1.5% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A 2,576,100
Series 2005RR, 5.000%, 7/01/22 - FGIC Insured
1,000 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,046,050
8/01/21 - CIFG Insured
5,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 748,450
Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - NPFG
Insured
2,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call A 2,189,180
Transportation Authority, Series 2003AA, 5.500%, 7/01/17
- NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,500 Total Puerto Rico 6,559,780
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 45
NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 3,000 Blount County Public Building Authority, Tennessee, Local 6/15 at 100.00 Aa2 $ 3,177,780
Government Improvement Loans, Oak Ridge General
Obligation, 2005 Series B9A, Variable Rate Demand
Obligations, 5.000%, 6/01/24 - AMBAC Insured
2,055 Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 2,207,132
Series 2004, 5.000%, 10/01/22 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
5,055 Total Tennessee 5,384,912
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 12.8% (8.4% OF TOTAL INVESTMENTS)
12,500 Dallas-Ft. Worth International Airport, Texas, Joint 11/10 at 100.00 A+ 12,502,750
Revenue Refunding and Improvement Bonds, Series 2001A,
5.500%, 11/01/35 - FGIC Insured (Alternative Minimum
Tax)
4,040 Harris County, Texas, Subordinate Lien Unlimited Tax Toll No Opt. Call AAA 5,989,502
Road Revenue Bonds, Tender Options Bond Trust 3028,
13.970%, 8/15/28 - AGM Insured (IF)
North Harris County Regional Water Authority, Texas, Senior
Water Revenue Bonds, Series 2003:
4,565 5.250%, 12/15/20 - FGIC Insured 12/13 at 100.00 A+ 4,940,471
4,800 5.250%, 12/15/21 - FGIC Insured 12/13 at 100.00 A+ 5,150,400
7,600 San Antonio, Texas, Airport System Improvement Revenue 7/11 at 101.00 A+ 7,803,072
Bonds, Series 2001, 5.375%, 7/01/16 - FGIC Insured
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
33,505 Total Texas 36,386,195
-----------------------------------------------------------------------------------------------------------------------------------
UTAH - 2.1% (1.4% OF TOTAL INVESTMENTS)
5,760 Central Weber Sewer Improvement District, Utah, Sewer 3/20 at 100.00 AAA 6,014,477
Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 -
AGC Insured
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 17.3% (11.3% OF TOTAL INVESTMENTS)
5,000 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 5,021,850
Consolidated System Revenue Bonds, Series 2001B, 5.600%,
1/01/36 - NPFG Insured (Alternative Minimum Tax) (UB)
King County School District 405, Bellevue, Washington,
General Obligation Bonds, Series 2002:
9,285 5.000%, 12/01/19 - FGIC Insured 12/12 at 100.00 Aaa 10,094,559
12,785 5.000%, 12/01/20 - FGIC Insured 12/12 at 100.00 Aaa 13,899,724
Pierce County School District 343, Dieringer, Washington,
General Obligation Refunding Bonds, Series 2003:
2,755 5.250%, 12/01/18 - FGIC Insured 6/13 at 100.00 Aa1 3,024,935
2,990 5.250%, 12/01/19 - FGIC Insured 6/13 at 100.00 Aa1 3,280,120
4,715 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 10/11 at 100.00 Aa2 4,968,761
5.625%, 4/01/17 - FGIC Insured (Alternative Minimum Tax)
(UB)
895 Port of Seattle, Washington, Special Facility Revenue 9/10 at 101.00 A 896,504
Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 - NPFG
Insured (Alternative Minimum Tax)
1,265 Tacoma, Washington, General Obligation Bonds, Series 2002, 12/12 at 100.00 AA 1,365,087
5.000%, 12/01/18 - FGIC Insured
1,250 University of Washington, General Revenue Bonds, Tender 6/17 at 100.00 Aaa 1,424,625
Option Bond Tust 3005, 17.305%, 6/01/37 - AMBAC Insured
(IF)
5,000 Washington State, General Obligation Bonds, Series 2001C, 1/11 at 100.00 AAA 5,166,250
5.250%, 1/01/26 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
45,940 Total Washington 49,142,415
-----------------------------------------------------------------------------------------------------------------------------------
$ 467,980 Total Long-Term Investments (cost $418,286,500) - 151.6% 431,603,809
===============--------------------------------------------------------------------------------------------------------------------
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.0% (0.7% OF TOTAL INVESTMENTS)
FLORIDA - 0.6% (0.4% OF TOTAL INVESTMENTS)
$ 1,760 Pinellas County, Florida, Sewer Revenue Bonds, Variable No Opt. Call N/R $ 1,760,000
Rate Demand Obligations, Tender Option Bond Trust 2917Z,
0.350%, 4/01/12 (6)
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,125 State Public School Building Authority, Pennsylvania, Lease No Opt. Call A-1+ 1,125,000
Revenue Bonds, Philadelphia School District, Variable
Rate Demand Obligations, Tender Option Trust 371,
0.300%, 6/01/11 (6)
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,885 Total Short-Term Investments (cost $2,885,000) 2,885,000
===============--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $421,171,500) - 152.6% 434,488,809
-----------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.0)% (25,665,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 6,047,212
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (130,125,000)
(45.7)% (7)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 284,746,021
=================================================================================================================
The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) The Fund's Adviser has concluded this issue is not likely to meet its
future interest payment obligations and has directed the Fund's custodian
to cease accruing additional income on the Fund's records.
(6) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 29.9%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 47
NPX | Nuveen Insured Premium Income Municipal Fund 2
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 3.6% (2.4% OF TOTAL INVESTMENTS)
$ 3,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/15 at 100.00 A $ 3,790,088
Series 2005A, 5.000%, 6/01/24 - NPFG Insured
Jefferson County, Alabama, General Obligation Warrants,
Series 2004A:
1,395 5.000%, 4/01/22 - NPFG Insured 4/14 at 100.00 A 1,055,806
1,040 5.000%, 4/01/23 - NPFG Insured 4/14 at 100.00 A 773,729
11,135 Limestone County Water and Sewer Authority, Alabama, Water 3/17 at 100.00 N/R 9,521,093
Revenue Bonds, Series 2007, 4.500%, 12/01/37 - SYNCORA
GTY Insured
2,590 Montgomery Water and Sewerage Board, Alabama, Water and 3/15 at 100.00 AAA 2,717,817
Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 -
AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
19,910 Total Alabama 17,858,533
-----------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 3.9% (2.5% OF TOTAL INVESTMENTS)
Arizona State, Certificates of Participation, Series 2010A:
2,800 5.250%, 10/01/28 - AGM Insured 10/19 at 100.00 AAA 2,913,848
3,500 5.000%, 10/01/29 - AGM Insured 10/19 at 100.00 AAA 3,557,715
12,365 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 12,703,418
Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27
- NPFG Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
18,665 Total Arizona 19,174,981
-----------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 2.6% (1.7% OF TOTAL INVESTMENTS)
5,745 Arkansas Development Finance Authority, State Facility 6/14 at 100.00 AAA 6,213,160
Revenue Bonds, Donaghey Plaza Project, Series 2004,
5.250%, 6/01/25 - AGM Insured
University of Arkansas, Fayetteville, Revenue Bonds,
Medical Sciences Campus, Series 2004B:
2,000 5.000%, 11/01/27 - NPFG Insured 11/14 at 100.00 Aa3 2,084,180
2,000 5.000%, 11/01/28 - NPFG Insured 11/14 at 100.00 Aa3 2,070,820
2,480 University of Arkansas, Monticello Campus, Revenue Bonds, 12/13 at 100.00 Aa3 2,532,080
Series 2005, 5.000%, 12/01/35 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
12,225 Total Arkansas 12,900,240
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 20.0% (13.1% OF TOTAL INVESTMENTS)
22,880 Alameda Corridor Transportation Authority, California, No Opt. Call A 5,397,621
Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32
- NPFG Insured
20 California Department of Water Resources, Water System 12/14 at 100.00 AAA 23,166
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/24 (Pre-refunded 12/01/14) - NPFG Insured
1,980 California Department of Water Resources, Water System 12/14 at 100.00 AAA 2,111,611
Revenue Bonds, Central Valley Project, Series 2005AC,
5.000%, 12/01/24 - NPFG Insured
1,300 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 Aa3 1,307,293
Occidental College, Series 2005A, 5.000%, 10/01/33 -
NPFG Insured
31,200 Foothill/Eastern Transportation Corridor Agency, 7/10 at 24.91 A 6,204,432
California, Toll Road Revenue Refunding Bonds, Series
1999, 0.000%, 1/15/34 - NPFG Insured
1,735 Fullerton Public Financing Authority, California, Tax 9/15 at 100.00 A- 1,653,629
Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 -
AMBAC Insured
7,000 Golden State Tobacco Securitization Corporation, 6/15 at 100.00 A2 6,535,480
California, Enhanced Tobacco Settlement Asset-Backed
Revenue Bonds, Series 2005A, 5.000%, 6/01/35 - FGIC
Insured
1,870 Kern Community College District, California, General No Opt. Call AAA 929,465
Obligation Bonds, Series 2006, 0.000%,11/01/23 - AGM
Insured
6,520 Los Angeles Unified School District, California, General 7/15 at 100.00 Aa2 6,902,594
Obligation Bonds, Series 2005E, 5.000%, 7/01/22 - AMBAC
Insured
4,000 Los Angeles Unified School District, California, General 7/16 at 100.00 Aa2 4,225,520
Obligation Bonds, Series 2006F, 5.000%, 7/01/24 - FGIC
Insured
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 15,000 Orange County Sanitation District, California, Certificates 8/13 at 100.00 AAA $ 17,002,952
of Participation, Series 2003, 5.250%, 2/01/30
(Pre-refunded 8/01/13) - FGIC Insured
1,750 Orange County Water District, California, Revenue 8/13 at 100.00 AAA 1,949,798
Certificates of Participation, Series 2003B, 5.000%,
8/15/34 - NPFG Insured (ETM)
8,250 Orange County Water District, California, Revenue 8/13 at 100.00 AAA 8,344,133
Certificates of Participation, Series 2003B, 5.000%,
8/15/34 - NPFG Insured
1,435 Pasadena Area Community College District, Los Angeles 6/13 at 100.00 AA+ (4) 1,607,975
County, California, General Obligation Bonds, Series
2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) - FGIC
Insured
735 Sacramento City Financing Authority, California, Capital 6/10 at 102.00 N/R 741,858
Improvement Revenue Bonds, Solid Waste and Redevelopment
Projects, Series 1999, 5.800%, 12/01/19 - AMBAC Insured
San Diego County, California, Certificates of Participation,
Edgemoor Facility Project and Regional System, Series 2005:
1,675 5.000%, 2/01/24 - AMBAC Insured 2/15 at 100.00 AA+ 1,726,121
720 5.000%, 2/01/25 - AMBAC Insured 2/15 at 100.00 AA+ 738,605
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Refunding Bonds,
Series 1997A:
3,825 0.000%, 1/15/32 - NPFG Insured No Opt. Call A 690,986
26,900 0.000%, 1/15/34 - NPFG Insured No Opt. Call A 4,150,670
2,000 San Jose Redevelopment Agency, California, Tax Allocation 8/14 at 100.00 A 2,068,520
Bonds, Merged Area Redevelopment Project, Series 2004A,
5.250%, 8/01/19 - NPFG Insured
7,845 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 6,577,013
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - NPFG Insured
5,000 Torrance, California, Certificates of Participation, No Opt. Call AA 5,056,800
Refunding Series 2005B, 5.000%, 6/01/24 - AMBAC Insured
12,500 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 Aa1 12,755,625
Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured
(UB)
-----------------------------------------------------------------------------------------------------------------------------------
166,140 Total California 98,701,867
-----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 9.4% (6.2% OF TOTAL INVESTMENTS)
1,940 Colorado Educational and Cultural Facilities Authority, 6/13 at 100.00 A 1,962,582
Charter School Revenue Bonds, Adams School District 12 -
Pinnacle School, Series 2003, 5.250%, 6/01/23 - SYNCORA
GTY Insured
3,405 Colorado Educational and Cultural Facilities Authority, 12/13 at 100.00 A 3,449,401
Revenue Bonds, Classical Academy Charter School, Series
2003, 5.250%, 12/01/23 - SYNCORA GTY Insured
16,095 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 18,045,392
Revenue Bonds, Convention Center Hotel, Series 2003A,
5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY
Insured
5,725 Denver School District 1, Colorado, General Obligation 12/13 at 100.00 AAA 6,350,399
Bonds, Series 2004, 5.000%, 12/01/18 - AGM Insured
12,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 3,153,960
Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured
1,325 El Paso County, Colorado, Certificates of Participation, 12/12 at 100.00 AA- 1,371,534
Detention Facility Project, Series 2002B, 5.000%,
12/01/27 - AMBAC Insured
Jefferson County School District R1, Colorado, General
Obligation Bonds, Series 2004:
2,500 5.000%, 12/15/22 - AGM Insured (UB) 12/14 at 100.00 AAA 2,892,675
5,125 5.000%, 12/15/23 - AGM Insured (UB) 12/14 at 100.00 AAA 5,929,984
2,000 5.000%, 12/15/24 - AGM Insured (UB) 12/14 at 100.00 AAA 2,314,140
1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,037,420
Series 2005, 5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
51,115 Total Colorado 46,507,487
-----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS)
1,065 Washington Convention Center Authority, District of 10/16 at 100.00 AA+ 1,055,223
Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series
2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured
(IF)
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 49
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.3% (1.5% OF TOTAL INVESTMENTS)
$ 1,000 Citizens Property Insurance Corporation, Florida, High-Risk No Opt. Call AAA $ 1,062,890
Account Senior Secured Bonds Series 2010A-1, 5.000%,
6/01/16
4,000 Florida State Board of Education, Full Faith and Credit Public 6/13 at 101.00 AAA 4,288,800
Education Capital Outlay Bonds, Series 2003J, 5.000%,
6/01/22 - AMBAC Insured
5,720 Miami-Dade County, Florida, General Obligation Bonds, Series 7/15 at 100.00 AAA 5,842,294
2005, 5.000%, 7/01/33 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,720 Total Florida 11,193,984
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 4.0% (2.6% OF TOTAL INVESTMENTS)
1,535 Cherokee County Water and Sewerage Authority, Georgia, Revenue 8/20 at 100.00 Aa2 1,524,040
Bonds, Refunding Series 2007, 4.000%, 8/01/26
4,000 Cobb County Development Authority, Georgia, Parking Revenue 7/14 at 100.00 A1 4,142,320
Bonds, Kennesaw State University, Series 2004, 5.000%,
7/15/24 - NPFG Insured
1,475 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 5/14 at 100.00 Aa2 1,550,107
2005, 5.000%, 5/01/23 - NPFG Insured
Municipal Electric Authority of Georgia, Combustion Turbine
Revenue Bonds, Series 2003A:
1,775 5.000%, 11/01/21 - NPFG Insured 11/13 at 100.00 A1 1,867,194
2,580 5.000%, 11/01/22 - NPFG Insured 11/13 at 100.00 A1 2,679,872
4,500 South Fulton Municipal Regional Water and Sewerage Authority, 1/13 at 100.00 N/R (4) 4,969,755
Georgia, Water and Sewerage Revenue Bonds, Series 2003,
5.000%, 1/01/33 (Pre-refunded 1/01/13) - NPFG Insured
3,000 Valdosta and Lowndes County Hospital Authority, Georgia, 10/12 at 101.00 A+ 3,059,100
Revenue Certificates, South Georgia Medical Center, Series
2002, 5.200%, 10/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
18,865 Total Georgia 19,792,388
-----------------------------------------------------------------------------------------------------------------------------------
HAWAII - 7.8% (5.1% OF TOTAL INVESTMENTS)
2,375 Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 7/13 at 100.00 AAA 2,608,415
5.000%, 7/15/19 - AGM Insured
20,000 Hawaii Department of Budget and Finance, Special Purpose 7/10 at 101.00 Baa1 20,146,600
Revenue Refunding Bonds, Hawaiian Electric Company Inc.,
Series 2000, 5.700%, 7/01/20 - AMBAC Insured (Alternative
Minimum Tax)
Hawaii Department of Transportation, Airport System Revenue
Refunding Bonds, Series 2000B:
6,105 6.100%, 7/01/16 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 6,192,973
9,500 6.625%, 7/01/17 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 9,639,840
-----------------------------------------------------------------------------------------------------------------------------------
37,980 Total Hawaii 38,587,828
-----------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.1% (0.0% OF TOTAL INVESTMENTS)
245 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aaa 250,961
Bonds, Series 1998E, 5.450%, 7/01/18 - AMBAC Insured
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 4.7% (3.1% OF TOTAL INVESTMENTS)
1,015 Chicago Park District, Illinois, Limited Tax General 7/11 at 100.00 AA 1,063,141
Obligation Park Bonds, Series 2001C, 5.500%, 1/01/18 - FGIC
Insured
8,000 Chicago, Illinois, General Airport Revenue Bonds, O'Hare No Opt. Call AAA 8,306,720
International Airport, Third Lien Series 2010C, 5.250%,
1/01/35 - AGC Insured
Illinois Health Facilities Authority, Revenue Bonds, Lutheran
General Health System, Series 1993A:
1,295 6.125%, 4/01/12 - AGM Insured (ETM) No Opt. Call AAA 1,381,286
5,000 6.250%, 4/01/18 - AGM Insured (ETM) No Opt. Call AAA 6,066,250
1,950 Illinois Health Facilities Authority, Revenue Refunding Bonds, No Opt. Call AA- (4) 2,331,654
SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 -
NPFG Insured (ETM)
4,000 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 A+ 4,033,920
Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC Insured
130 Peoria, Moline and Freeport, Illinois, GNMA Collateralized 10/10 at 100.00 AA+ 132,194
Single Family Mortgage Revenue Bonds, Series 1995A, 7.600%,
4/01/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
21,390 Total Illinois 23,315,165
-----------------------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.9% (3.2% OF TOTAL INVESTMENTS)
Hamilton County Public Building Corporation, Indiana, First
Mortgage Bonds, Series 2004:
$ 2,105 5.000%, 8/01/23 - AGM Insured 8/14 at 100.00 AAA $ 2,248,561
2,215 5.000%, 8/01/24 - AGM Insured 8/14 at 100.00 AAA 2,359,617
10,000 Indiana Finance Authority, Revenue Bonds, Trinity Health Care 12/19 at 100.00 AA 10,373,200
Group, Refunding Series 2009A, 5.250%, 12/01/38
3,730 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 3,748,650
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
5,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 1/19 at 100.00 AAA 5,405,650
Waterworks Project Series 2009A, 5.500%, 1/01/38 - AGC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
23,050 Total Indiana 24,135,678
-----------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,250 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 9/14 at 101.00 AAA 1,326,963
5.000%, 9/01/27 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 1.1% (0.7% OF TOTAL INVESTMENTS)
6,010 Kentucky Economic Development Finance Authority, Health No Opt. Call A 1,972,843
System Revenue Bonds, Norton Healthcare Inc., Series
2000B, 0.000%, 10/01/28 - NPFG Insured
3,040 Kentucky Turnpike Authority, Economic Development Road 7/15 at 100.00 AA+ 3,196,469
Revenue Bonds, Revitalization Project, Series 2005B,
5.000%, 7/01/25 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
9,050 Total Kentucky 5,169,312
-----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 5.1% (3.4% OF TOTAL INVESTMENTS)
3,940 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 4,020,928
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 -
NPFG Insured
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series
2005A:
1,010 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 Aa1 1,045,653
2,210 5.000%, 5/01/26 - FGIC Insured 5/15 at 100.00 Aa1 2,279,969
2,500 5.000%, 5/01/27 - FGIC Insured 5/15 at 100.00 Aa1 2,582,575
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series
2006A:
1,320 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 1,323,076
14,265 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 14,053,735
-----------------------------------------------------------------------------------------------------------------------------------
25,245 Total Louisiana 25,305,936
-----------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,865 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 1,651,532
Revenue Bonds, Series 2006A, 5.250%, 9/01/26 - SYNCORA GTY
Insured
2,580 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 2,453,735
Revenue Bonds, Western Maryland Health, Series 2006A,
4.750%, 7/01/36 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
4,445 Total Maryland 4,105,267
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.4% (2.2% OF TOTAL INVESTMENTS)
3,000 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 3,160,890
Highway System Revenue Bonds, Commonwealth Contract
Assistance Secured, Refunding Series 2010B, 5.000%,
1/01/35
3,000 Massachusetts Development Finance Authority, Revenue Bonds, No Opt. Call N/R 3,244,770
WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42
- AMBAC Insured
290 Massachusetts Port Authority, Special Facilities Revenue 1/11 at 101.00 N/R 228,375
Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27
- AMBAC Insured (Alternative Minimum Tax)
3,335 Massachusetts School Building Authority, Dedicated Sales Tax 8/17 at 100.00 AAA 3,803,601
Revenue Bonds, Tender Option Bond Trust 3091, 13.218%,
8/15/37 - AMBAC Insured (IF)
Massachusetts, Special Obligation Dedicated Tax Revenue
Bonds, Series 2004:
3,650 5.250%, 1/01/22 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 4,106,871
2,000 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 2,250,340
-----------------------------------------------------------------------------------------------------------------------------------
15,275 Total Massachusetts 16,794,847
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.6% (0.4% OF TOTAL INVESTMENTS)
3,170 Michigan Housing Development Authority, Rental Housing 10/10 at 100.00 AA 3,175,357
Revenue Bonds, Series 1997A, 6.000%, 4/01/16 - AMBAC
Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 51
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2% (0.1% OF TOTAL INVESTMENTS)
$ 795 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/10 at 100.00 AA+ $ 798,347
Series 1995D, 5.950%, 2/01/18 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,000 Jackson County Reorganized School District R-7, Lees Summit, 3/16 at 100.00 Aa1 1,098,080
Missouri, General Obligation Bonds, Series 2006, 5.250%,
3/01/25 - NPFG Insured
405 Missouri Housing Development Commission, Multifamily Housing 6/10 at 100.00 AAA 405,539
Revenue Bonds, Brookstone Village Apartments, Series
1996A, 6.000%, 12/01/16 - AGM Insured (Alternative Minimum
Tax)
750 Missouri Western State College, Auxiliary System Revenue 10/13 at 100.00 A 758,415
Bonds, Series 2003, 5.000%, 10/01/33 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
2,155 Total Missouri 2,262,034
-----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.9% (1.9% OF TOTAL INVESTMENTS)
1,000 Nebraska Public Power District, General Revenue Bonds, Series 1/15 at 100.00 AAA 1,036,980
2005A, 5.000%, 1/01/25 - AGM Insured
11,520 Nebraska Public Power District, Power Supply System Revenue 1/16 at 100.00 A1 11,769,984
Bonds, Series 2006A, 5.000%, 1/01/41 - FGIC Insured
865 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AA+ 1,348,743
System Revenue Bonds, Nebraska City 2, Series 2006A,
19.751%, 2/01/49 - AMBAC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
13,385 Total Nebraska 14,155,707
-----------------------------------------------------------------------------------------------------------------------------------
NEVADA - 3.7% (2.4% OF TOTAL INVESTMENTS)
5,000 Clark County, Nevada, Industrial Development Revenue Bonds, 7/10 at 102.00 Baa3 4,999,750
Southwest Gas Corporation, Series 2000C, 5.950%, 12/01/38
- AMBAC Insured (Alternative Minimum Tax)
7,545 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 AAA 7,705,105
Bonds, Las Vegas-McCarran International Airport, Series
2010A, 5.250%, 7/01/39 - AGM Insured
3,280 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/14 at 100.00 Aa3 3,355,702
Series 2004A-2, 5.125%, 7/01/24 - FGIC Insured
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
2000:
5,055 0.000%, 1/01/27 - AMBAC Insured No Opt. Call Caa2 582,134
5,500 5.625%, 1/01/32 - AMBAC Insured (5) 1/12 at 100.00 Caa2 1,766,490
-----------------------------------------------------------------------------------------------------------------------------------
26,380 Total Nevada 18,409,181
-----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 7.0% (4.5% OF TOTAL INVESTMENTS)
Essex County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Project Consolidation, Series 2004:
1,275 5.125%, 10/01/21 - NPFG Insured 10/14 at 100.00 Aa2 1,343,888
2,250 5.125%, 10/01/22 - NPFG Insured 10/14 at 100.00 Aa2 2,361,488
1,560 Mount Olive Township Board of Education, Morris County, New 1/15 at 100.00 Aa2 1,652,274
Jersey, General Obligation Bonds, Series 2004, 5.000%,
1/15/22 - NPFG Insured
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Series 2004A:
1,475 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A 1,530,195
1,475 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 1,525,888
3,075 New Jersey Transit Corporation, Certificates of Participation No Opt. Call AAA 3,535,235
Refunding, Series 2003, 5.500%, 10/01/15 - AGM Insured
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
25,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AA- 5,414,500
10,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 2,029,700
10,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 11,419,200
Series 2005D-1, 5.250%, 1/01/26 - AGM Insured
3,315 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 3,522,950
5.000%, 1/01/25 - AGM Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
59,425 Total New Jersey 34,335,318
-----------------------------------------------------------------------------------------------------------------------------------
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.9% (0.6% OF TOTAL INVESTMENTS)
New Mexico Finance Authority, Public Project Revolving Fund
Revenue Bonds, Series 2004C:
$ 1,415 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AA+ $ 1,484,236
1,050 5.000%, 6/01/24 - AMBAC Insured 6/14 at 100.00 AA+ 1,093,691
2,000 New Mexico Finance Authority, Public Project Revolving Fund 6/15 at 100.00 Aa3 2,086,100
Revenue Bonds, Series 2005E, 5.000%, 6/15/25 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
4,465 Total New Mexico 4,664,027
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 7.4% (4.8% OF TOTAL INVESTMENTS)
1,120 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,156,120
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/23 - FGIC Insured
1,000 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,066,010
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 -
AMBAC Insured
4,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,774,272
Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
10,675 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 11,188,681
5,000 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 5,190,900
2,700 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 2,505,168
Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG
Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 5,396,850
Series 2004E, 5.000%, 11/01/21 - AGM Insured
1,540 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AA+ 1,747,438
Unit Fee Revenue Bonds, Series 2005, Trust 2364, 16.925%,
11/15/44 - AMBAC Insured (IF)
495 New York State Housing Finance Agency, Mortgage Revenue 5/10 at 100.00 AAA 495,614
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - AGM Insured
3,770 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 3,971,280
Series 2005G, 5.000%, 1/01/25 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
35,355 Total New York 36,492,333
-----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.3% (1.5% OF TOTAL INVESTMENTS)
1,250 Appalachian State University, North Carolina, Revenue Bonds, 7/15 at 100.00 A1 1,278,650
Series 2005, 5.000%, 7/15/30 - NPFG Insured
1,780 Charlotte, North Carolina, Water and Sewer System Refunding 7/20 at 100.00 AAA 2,206,079
Bonds, Tender Option Bond Trust 2009-43W, 13.225%, 7/01/38
(IF)
Mooresville, North Carolina, Enterprise System Revenue Bonds,
Series 2004:
2,225 5.000%, 5/01/23 - FGIC Insured 5/14 at 100.00 AA- 2,310,129
2,335 5.000%, 5/01/24 - FGIC Insured 5/14 at 100.00 AA- 2,414,460
2,900 Raleigh Durham Airport Authority, North Carolina, Airport 5/15 at 100.00 Aa3 3,058,949
Revenue Bonds, Series 2005A, 5.000%, 5/01/21 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,490 Total North Carolina 11,268,267
-----------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 3.8% (2.5% OF TOTAL INVESTMENTS)
10,715 Fargo, North Dakota, Health System Revenue Bonds, MeritCare 6/10 at 101.00 AAA 10,834,472
Obligated Group, Series 2000A, 5.600%, 6/01/21 - AGM
Insured
8,000 North Dakota, Student Loan Trust Revenue Bonds, Series 2000B, 12/10 at 100.00 Aaa 8,030,160
5.850%, 12/01/25 - AMBAC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
18,715 Total North Dakota 18,864,632
-----------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.6% (1.1% OF TOTAL INVESTMENTS)
7,825 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 7,296,578
Series 2006, 4.250%, 12/01/32 - AMBAC Insured
700 Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 12/13 at 100.00 AA+ 747,747
5.250%, 12/01/26 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
8,525 Total Ohio 8,044,325
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 53
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS)
$ 1,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA $ 1,556,565
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
OREGON - 1.5% (1.0% OF TOTAL INVESTMENTS)
1,520 Portland Housing Authority, Oregon, Multifamily Housing 7/10 at 100.00 Baa1 1,522,128
Revenue Bonds, Lovejoy Station Apartments, Series 2000,
6.000%, 7/01/33 - NPFG Insured (Alternative Minimum Tax)
Portland, Oregon, Airport Way Urban Renewal and Redevelopment
Bonds, Series 2000A:
4,265 5.750%, 6/15/19 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 4,336,951
1,375 5.750%, 6/15/20 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 1,398,196
-----------------------------------------------------------------------------------------------------------------------------------
7,160 Total Oregon 7,257,275
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 10.4% (6.8% OF TOTAL INVESTMENTS)
12,620 Allegheny County Hospital Development Authority, 11/10 at 102.00 AAA 13,289,743
Pennsylvania, Insured Revenue Bonds, West Penn Allegheny
Health System, Series 2000A, 6.500%, 11/15/30
(Pre-refunded 11/15/10) - NPFG Insured
2,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 2,046,060
Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG
Insured
4,235 Delaware County Authority, Pennsylvania, Revenue Bonds, 8/16 at 100.00 A1 4,455,008
Villanova University, Series 2006, 5.000%, 8/01/24 - AMBAC
Insured
5,235 Pennsylvania Higher Educational Facilities Authority, Revenue 5/15 at 100.00 A+ 5,348,757
Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 -
NPFG Insured
4,585 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 4,374,732
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - AGM Insured (UB)
1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,102,721
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General
Ordinance, Fifth Series 2004A-1:
5,235 5.000%, 9/01/24 - AGM Insured 9/14 at 100.00 AAA 5,426,444
3,000 5.000%, 9/01/25 - AGM Insured 9/14 at 100.00 AAA 3,100,080
2,360 Philadelphia, Pennsylvania, Water and Wastewater Revenue 8/10 at 100.00 A1 (4) 2,428,393
Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured (ETM)
3,785 Reading School District, Berks County, Pennsylvania, General 1/16 at 100.00 AAA 4,001,956
Obligation Bonds, Series 2005, 5.000%, 1/15/25 - AGM
Insured (UB)
1,455 Solebury Township, Pennsylvania, General Obligation Bonds, 6/15 at 100.00 Aa2 1,532,086
Series 2005, 5.000%, 12/15/25 - AMBAC Insured
3,650 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 4,078,145
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/29 (Pre-refunded 6/01/13) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
49,210 Total Pennsylvania 51,184,125
-----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A 2,576,100
Series 2005RR, 5.000%, 7/01/22 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,955 Greenville County School District, South Carolina, 12/16 at 100.00 AAA 2,045,243
Installment Purchase Revenue Bonds, Series 2006, 5.000%,
12/01/28 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 14.4% (9.4% OF TOTAL INVESTMENTS)
Corpus Christi, Texas, Utility System Revenue Bonds, Series
2004:
3,475 5.000%, 7/15/22 - AGM Insured (UB) 7/14 at 100.00 AAA 3,634,051
3,645 5.000%, 7/15/23 - AGM Insured (UB) 7/14 at 100.00 AAA 3,800,313
10,000 Dallas, Texas, Waterworks and Sewer System Revenue Bonds, 10/17 at 100.00 AAA 9,971,300
Series 2007, 4.375%, 10/01/32 - AMBAC Insured (UB)
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/10 at 100.00 A+ $ 12,502,750
Refunding and Improvement Bonds, Series 2001A, 5.500%,
11/01/35 - FGIC Insured (Alternative Minimum Tax)
5,000 Harris County Hospital District, Texas, Revenue Bonds, Series 2/17 at 100.00 A1 4,834,650
2007A, 5.250%, 2/15/42 - NPFG Insured
4,485 Lower Colorado River Authority, Texas, Contract Revenue 5/12 at 100.00 AAA 4,737,102
Refunding Bonds, Transmission Services Corporation, Series
2003B, 5.000%, 5/15/21 - AGM Insured
10,000 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 A 10,109,300
Refunding Bonds, Transmission Services Corporation, Series
2003C, 5.000%, 5/15/33 - AMBAC Insured
4,151 Panhandle Regional Housing Finance Corporation, Texas, GNMA 7/12 at 105.00 Aaa 4,366,810
Collateralized Multifamily Housing Mortgage Revenue Bonds,
Renaissance of Amarillo Apartments, Series 2001A, 6.650%,
7/20/42
Tarrant County Health Facilities Development Corporation,
Texas, Hospital Revenue Bonds, Cook Children's Healthcare
System, Series 2000A:
6,725 5.750%, 12/01/17 (Pre-refunded 12/01/10) - AGM Insured 12/10 at 101.00 AAA 7,001,868
1,170 5.750%, 12/01/24 (Pre-refunded 12/01/10) - AGM Insured 12/10 at 101.00 AAA 1,218,169
6,330 5.750%, 12/01/24 (Pre-refunded 12/01/10) - AGM Insured 12/10 at 101.00 AAA 6,590,606
2,300 Texas State University System, Financing Revenue Refunding 3/12 at 100.00 AAA 2,453,318
Bonds, Series 2002, 5.000%, 3/15/18 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
69,781 Total Texas 71,220,237
-----------------------------------------------------------------------------------------------------------------------------------
UTAH - 2.4% (1.5% OF TOTAL INVESTMENTS)
8,600 Intermountain Power Agency, Utah, Power Supply Revenue 7/13 at 100.00 AAA 9,305,544
Refunding Bonds, Series 2003A, 5.000%, 7/01/18 - AGM
Insured (UB)
2,385 Mountain Regional Water Special Service District, Utah, Water 12/13 at 100.00 A+ 2,333,102
Revenue Bonds, Series 2003, 5.000%, 12/15/33 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,985 Total Utah 11,638,646
-----------------------------------------------------------------------------------------------------------------------------------
VERMONT - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,320 Vermont Educational and Health Buildings Financing Agency, 12/10 at 101.00 Baa1 1,334,005
Revenue Bonds, Fletcher Allen Health Care Inc., Series
2000A, 6.000%, 12/01/23 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 2.7% (1.7% OF TOTAL INVESTMENTS)
Greater Richmond Convention Center Authority, Virginia, Hotel
Tax Revenue Bonds, Series 2005:
5,880 5.000%, 6/15/20 - NPFG Insured 6/15 at 100.00 A 6,165,592
5,000 5.000%, 6/15/22 - NPFG Insured 6/15 at 100.00 A 5,190,900
Loudoun County Industrial Development Authority, Virginia,
Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
1,150 5.250%, 12/15/22 - AGM Insured 6/14 at 100.00 AAA 1,263,988
500 5.250%, 12/15/23 - AGM Insured 6/14 at 100.00 AAA 547,555
-----------------------------------------------------------------------------------------------------------------------------------
12,530 Total Virginia 13,168,035
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 7.4% (4.9% OF TOTAL INVESTMENTS)
10,000 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 10,043,700
Consolidated System Revenue Bonds, Series 2001B, 5.600%,
1/01/36 - NPFG Insured (Alternative Minimum Tax)
1,370 Clark County School District 101, La Center, Washington, 12/12 at 100.00 Aa1 1,459,406
General Obligation Bonds, Series 2002, 5.000%, 12/01/22 -
AGM Insured
5,230 Douglas County Public Utility District 1, Washington, Revenue 9/10 at 101.00 AA 5,297,258
Bonds, Wells Hydroelectric, Series 1999A, 6.125%, 9/01/29
- NPFG Insured (Alternative Minimum Tax)
1,545 Tacoma, Washington, General Obligation Bonds, Series 2004, 12/14 at 100.00 AA 1,652,841
5.000%, 12/01/19 - NPFG Insured
3,950 Washington State Healthcare Facilities Authority, Revenue 5/10 at 100.50 A2 3,954,582
Bonds, Swedish Health Services, Series 1998, 5.125%,
11/15/22 - AMBAC Insured
6,200 Washington State, General Obligation Purpose Bonds, Series 7/12 at 100.00 AA+ 6,657,250
2003A, 5.000%, 7/01/20 - FGIC Insured
10,855 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, No Opt. Call AA+ 7,629,545
1/01/20 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
39,150 Total Washington 36,694,582
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 55
NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 1.6% (1.1% OF TOTAL INVESTMENTS)
$ 8,000 Pleasants County, West Virginia, Pollution Control Revenue 5/10 at 100.00 BBB- $ 8,010,320
Bonds, Monongahela Power Company Pleasants Station
Project, Series 1995C, 6.150%, 5/01/15 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 6.1% (4.0% OF TOTAL INVESTMENTS)
7,000 La Crosse, Wisconsin, Resource Recovery Revenue Refunding No Opt. Call Aaa 7,654,850
Bonds, Northern States Power Company Project, Series 1996,
6.000%, 11/01/21 - NPFG Insured (Alternative Minimum Tax)
12,750 Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 12/10 at 100.00 A1 12,819,998
2000A, 5.750%, 12/01/25 - FGIC Insured (Alternative
Minimum Tax)
5,615 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 5,620,503
Revenue Bonds, Sinai Samaritan Medical Center Inc., Series
1996, 5.750%, 8/15/16 - NPFG Insured
3,775 Wisconsin State, General Obligation Bonds, Series 2006A, 5/16 at 100.00 AA 3,960,692
4.750%, 5/01/25 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
29,140 Total Wisconsin 30,056,043
-----------------------------------------------------------------------------------------------------------------------------------
$ 852,726 Total Investments (cost $747,769,212) - 153.1% 755,387,364
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.7)% (57,980,000)
-----------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at Liquidation Value - (219,000,000)
(44.4)% (6)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.0% 15,131,965
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 493,539,329
=================================================================================================================
The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) The Fund's Adviser has concluded this issue is not likely to meet its
future interest payment obligations and has directed the Fund's custodian
to cease accruing additional income on the Fund's records.
(6) Variable Rate Demand Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 29.0%.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
56 Nuveen Investments
NVG | Nuveen Insured Dividend Advantage Municipal Fund
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS - 148.6% (99.8% OF TOTAL INVESTMENTS)
ALABAMA - 2.0% (1.3% OF TOTAL INVESTMENTS)
$ 5,310 Athens, Alabama, Water and Sewerage Revenue Warrants, Series 5/12 at 101.00 A+ $ 5,444,131
2002, 5.300%, 5/01/32 - NPFG Insured
3,045 Hoover, Alabama, General Obligation Bonds, Series 2003, 3/12 at 101.00 AA+ 3,265,883
5.000%, 3/01/20 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
8,355 Total Alabama 8,710,014
-----------------------------------------------------------------------------------------------------------------------------------
ALASKA - 3.7% (2.5% OF TOTAL INVESTMENTS)
15,000 Alaska, International Airport System Revenue Bonds, Series 10/12 at 100.00 Aa3 (4) 16,502,850
2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 2.3% (1.5% OF TOTAL INVESTMENTS)
5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/12 at 100.00 AA- 5,001,650
Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 -
FGIC Insured (Alternative Minimum Tax)
6,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 5,269,740
Plaza, Series 2005B, 0.000%, 7/01/37 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
11,000 Total Arizona 10,271,390
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 13.7% (9.2% OF TOTAL INVESTMENTS)
2,000 Alameda Corridor Transportation Authority, California, No Opt. Call A- 1,103,660
Subordinate Lien Revenue Bonds, Series 2004A, 0.000%,
10/01/20 - AMBAC Insured
6,160 Alhambra Unified School District, Los Angeles County, No Opt. Call AAA 1,886,192
California, General Obligation Bonds, Capital Appreciation
Series 2009B, 0.000%, 8/01/30 - AGC Insured
California Educational Facilities Authority, Revenue Bonds,
Occidental College, Series 2005A:
1,485 5.000%, 10/01/26 - NPFG Insured 10/15 at 100.00 Aa3 1,531,822
1,565 5.000%, 10/01/27 - NPFG Insured 10/15 at 100.00 Aa3 1,608,257
190 California, General Obligation Bonds, Series 2000, 5.250%, 9/10 at 100.00 A1 (4) 193,133
9/01/17 (Pre-refunded 9/01/10) - NPFG Insured
3,000 California, General Obligation Veterans Welfare Bonds, Series 6/10 at 100.00 AA- 3,000,120
2001BZ, 5.375%, 12/01/24 - NPFG Insured (Alternative
Minimum Tax)
2,425 Fullerton Public Financing Authority, California, Tax 9/15 at 100.00 A- 2,311,268
Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 -
AMBAC Insured
18,665 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 17,426,391
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A, 5.000%, 6/01/35 - FGIC Insured
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
1,000 5.750%, 6/01/47 6/17 at 100.00 BBB 770,830
365 5.125%, 6/01/47 6/17 at 100.00 BBB 254,912
1,990 Kern Community College District, California, General No Opt. Call AAA 846,307
Obligation Bonds, Series 2006, 0.000%, 11/01/25 - AGM
Insured
7,935 Los Angeles, California, Certificates of Participation, 4/12 at 100.00 A+ 7,977,690
Series 2002, 5.300%, 4/01/32 - AMBAC Insured
2,220 Northern California Power Agency, Revenue Refunding Bonds, 7/10 at 100.00 A 2,219,933
Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 -
NPFG Insured
Oceanside Unified School District, San Diego County,
California, General Obligation Bonds, Series 2008A and 2008B:
5,905 0.000%, 8/01/26 - AGC Insured No Opt. Call AAA 2,368,732
2,220 0.000%, 8/01/28 - AGC Insured No Opt. Call AAA 779,087
2,600 Palomar Pomerado Health, California, General Obligation 8/29 at 100.00 AAA 1,600,846
Bonds, Series 2009A, 0.000%, 8/01/38 - AGC Insured
2,320 Sacramento Municipal Utility District, California, Electric 8/11 at 100.00 AAA 2,385,192
Revenue Bonds, Series 2001P, 5.250%, 8/15/18 - AGM Insured
Nuveen Investments 57
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
San Francisco Unified School District, California, General
Obligation Bonds, Series 2007A:
$ 1,000 3.000%, 6/15/25 - AGM Insured 6/17 at 100.00 AAA $ 848,510
1,180 3.000%, 6/15/26 - AGM Insured 6/17 at 100.00 AAA 979,742
6,720 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 5,633,846
Bonds, Merged Area Redevelopment Project, Series 2006C,
4.250%, 8/01/30 - NPFG Insured
4,275 Sequoia Union High School District, San Mateo County, 7/14 at 102.00 Aa1 3,607,245
California, General Obligation Bonds, Series 2006, 3.500%,
7/01/29 - AGM Insured
1,690 Ventura County Community College District, California, 8/15 at 100.00 AA 1,744,975
General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 -
NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
76,910 Total California 61,078,690
-----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.6% (3.7% OF TOTAL INVESTMENTS)
17,300 Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, 8/15 at 100.00 A 17,586,142
Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24
- NPFG Insured
750 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 703,943
Bonds, Series 2006, 5.250%, 10/01/32 - SYNCORA GTY Insured
17,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 6,440,620
Bonds, Series 2000B, 0.000%, 9/01/25 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
35,050 Total Colorado 24,730,705
-----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.7% (1.1% OF TOTAL INVESTMENTS)
6,805 District of Columbia, Revenue Bonds, Georgetown University, 4/17 at 100.00 A- 6,559,135
Series 2007A, 4.500%, 4/01/42 - AMBAC Insured
935 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 926,417
Senior Lien Dedicated Tax Revenue Bonds, Series 2007,
Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
7,740 Total District of Columbia 7,485,552
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 11.6% (7.8% OF TOTAL INVESTMENTS)
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
2,305 5.250%, 12/01/17 - NPFG Insured 12/13 at 100.00 A 2,459,642
1,480 5.250%, 12/01/18 - NPFG Insured 12/13 at 100.00 A 1,570,014
11,600 Greater Orlando Aviation Authority, Florida, Airport 10/12 at 100.00 AAA 11,720,292
Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 -
AGM Insured (Alternative Minimum Tax)
8,155 Lee County, Florida, Solid Waste System Revenue Refunding 10/11 at 100.00 A3 8,508,356
Bonds, Series 2001, 5.625%, 10/01/13 - NPFG Insured
(Alternative Minimum Tax)
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami
International Airport, Series 2002:
7,165 5.625%, 10/01/15 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 7,519,811
5,600 5.750%, 10/01/16 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 5,837,048
10,000 5.125%, 10/01/21 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 10,064,400
2,000 5.250%, 10/01/22 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 2,016,060
1,000 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 982,620
Revenue, Baptist Health System Obligation Group, Series
2007, 5.000%, 8/15/42 (UB)
1,000 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA 1,029,100
2005, 5.000%, 10/01/28 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
50,305 Total Florida 51,707,343
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.2% (1.5% OF TOTAL INVESTMENTS)
6,925 Atlanta and Fulton County Recreation Authority, Georgia, 12/15 at 100.00 Aa2 7,170,145
Guaranteed Revenue Bonds, Park Improvement, Series 2005A,
5.000%, 12/01/30 - NPFG Insured
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,036,040
2004, 5.000%, 11/01/22 - AGM Insured
1,695 Georgia Housing and Finance Authority, Single Family Mortgage 12/11 at 100.00 AAA 1,706,662
Bonds, Series 2002B-2, 5.500%, 6/01/32 (Alternative
Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
9,620 Total Georgia 9,912,847
-----------------------------------------------------------------------------------------------------------------------------------
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
IDAHO - 1.0% (0.7% OF TOTAL INVESTMENTS)
Idaho Housing and Finance Association, Grant and Revenue
Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
$ 3,000 5.000%, 7/15/23 - NPFG Insured 7/16 at 100.00 Aa2 $ 3,214,230
1,130 5.000%, 7/15/24 - NPFG Insured 7/16 at 100.00 Aa2 1,204,241
-----------------------------------------------------------------------------------------------------------------------------------
4,130 Total Idaho 4,418,471
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.0% (7.4% OF TOTAL INVESTMENTS)
10,000 Bolingbrook, Illinois, General Obligation Bonds, Series 1/12 at 100.00 Aa3 (4) 10,778,800
2002A, 5.375%, 1/01/38 (Pre-refunded 1/01/12) - FGIC
Insured
1,305 Chicago, Illinois, General Obligation Bonds, Series 2001A, 1/11 at 101.00 Aa2 1,339,817
5.500%, 1/01/38 - NPFG Insured
Chicago, Illinois, General Obligation Bonds, Series 2001A:
50 5.500%, 1/01/38 (Pre-refunded 1/01/11) - NPFG Insured 1/11 at 101.00 AA- (4) 52,200
3,645 5.500%, 1/01/38 (Pre-refunded 1/01/11) - NPFG Insured 1/11 at 101.00 AA- (4) 3,805,344
Chicago, Illinois, Second Lien Passenger Facility Charge
Revenue Bonds, O'Hare International Airport, Series 2001C:
4,250 5.500%, 1/01/16 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 4,386,765
4,485 5.500%, 1/01/17 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 4,629,327
4,730 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 4,882,211
2,930 5.500%, 1/01/19 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 3,019,277
3,600 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 3,761,028
O'Hare International Airport, Series 2005A, 5.250%,
1/01/24 - NPFG Insured
3,000 Chicago, Illinois, Third Lien General Airport Revenue 1/12 at 100.00 A1 3,112,830
Refunding Bonds, O'Hare International Airport, Series
2002A, 5.750%, 1/01/17 - NPFG Insured (Alternative Minimum
Tax)
4,000 Cicero, Cook County, Illinois, General Obligation Corporate 12/12 at 101.00 A 4,049,800
Purpose Bonds, Series 2002, 5.000%, 12/01/21 - NPFG
Insured
480 DuPage County Community School District 200, Wheaton, 10/13 at 100.00 Aa2 531,322
Illinois, General Obligation Bonds, Series 2003C, 5.250%,
10/01/22 - AGM Insured
DuPage County Community School District 200, Wheaton,
Illinois, General Obligation Bonds, Series 2003C:
770 5.250%, 10/01/22 (Pre-refunded 10/01/13) - AGM Insured 10/13 at 100.00 Aa2 (4) 871,809
250 5.250%, 10/01/22 (Pre-refunded 10/01/13) - AGM Insured 10/13 at 100.00 Aa2 (4) 283,055
3,500 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 A+ 3,529,680
Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
46,995 Total Illinois 49,033,265
-----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 15.7% (10.5% OF TOTAL INVESTMENTS)
3,380 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, 7/13 at 100.00 A1 3,424,210
Series 2003A, 5.000%, 7/01/20 - AMBAC Insured
Indiana Bond Bank, Special Program Bonds, Hendricks County
Redevelopment District, Series 2002D:
5,075 5.250%, 4/01/26 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 5,513,937
7,000 5.250%, 4/01/30 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 7,605,430
10,000 Indiana Health Facility Financing Authority, Hospital Revenue 7/12 at 100.00 A+ 9,947,400
Bonds, Marion General Hospital, Series 2002, 5.250%,
7/01/32 - AMBAC Insured
3,200 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 3,216,000
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
5,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 1/19 at 100.00 AAA 5,405,650
Waterworks Project Series 2009A, 5.500%, 1/01/38 - AGC
Insured
25,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 27,339,500
Waterworks Project, Series 2002A, 5.250%, 7/01/33
(Pre-refunded 7/01/12) - NPFG Insured
6,960 Valparaiso Middle School Building Corporation, Indiana, First 1/13 at 100.00 AA+ 7,410,382
Mortgage Refunding Bonds, Series 2002, 5.000%, 7/15/24 -
NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
65,615 Total Indiana 69,862,509
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 59
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.6% (0.4% OF TOTAL INVESTMENTS)
$ 2,415 Kentucky State Property and Buildings Commission, Revenue 2/19 at 100.00 AAA $ 2,732,476
Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 -
AGC Insured
-----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.0% (2.0% OF TOTAL INVESTMENTS)
1,325 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 1,352,216
Rouge General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG
Insured
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series
2006A:
770 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 771,794
8,270 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 8,147,522
3 Louisiana State, Gasoline Tax Revenue, Series 2006, Residuals 5/16 at 100.00 Aa1 3,136
600-5, 16.535%, 5/01/41 - FGIC Insured (IF)
3,085 New Orleans, Louisiana, General Obligation Refunding Bonds, 9/12 at 100.00 A 3,126,216
Series 2002, 5.125%, 9/01/21 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
13,453 Total Louisiana 13,400,884
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.8% (0.6% OF TOTAL INVESTMENTS)
1,000 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 1,053,630
Highway System Revenue Bonds, Commonwealth Contract
Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
2,775 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 2,707,928
Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB)
-----------------------------------------------------------------------------------------------------------------------------------
3,775 Total Massachusetts 3,761,558
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 1,486,245
Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
(UB)
-----------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,970 Northern Municipal Power Agency, Minnesota, Electric System No Opt. Call AAA 2,204,154
Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 -
AGC Insured
-----------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,600 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 1,783,968
General Obligation Bonds, Series 2004, 5.250%, 3/01/19 -
AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.0% (1.3% OF TOTAL INVESTMENTS)
6,360 Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 9/15 at 100.00 AA 6,539,352
5.000%, 9/01/32
Municipal Energy Agency of Nebraska, Power Supply System
Revenue Bonds, Series 2003A:
1,000 5.250%, 4/01/20 - AGM Insured 4/13 at 100.00 AAA 1,093,730
1,000 5.250%, 4/01/21 - AGM Insured 4/13 at 100.00 AAA 1,064,090
-----------------------------------------------------------------------------------------------------------------------------------
8,360 Total Nebraska 8,697,172
-----------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.5% (1.0% OF TOTAL INVESTMENTS)
6,600 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 AAA 6,740,052
Las Vegas-McCarran International Airport, Series 2010A,
5.250%, 7/01/39 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 0.8% (0.6% OF TOTAL INVESTMENTS)
2,150 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 2,416,751
System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
1,200 New Jersey Turnpike Authority, Revenue Bonds, Refunding Series No Opt. Call AAA 1,370,304
2005D-1, 5.250%, 1/01/26 - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
3,350 Total New Jersey 3,787,055
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 5.9% (4.0% OF TOTAL INVESTMENTS)
1,120 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,156,120
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/23 - FGIC Insured
3,660 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AA- 3,827,701
Mental Health Services Facilities Improvements, Series
2005B, 5.000%, 2/15/23 - AMBAC Insured
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
$ 2,000 13.246%, 2/15/39 (IF) 2/19 at 100.00 AAA $ 2,358,540
1,335 13.235%, 2/15/39 (IF) 2/19 at 100.00 AAA 1,574,085
3,130 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 2,913,310
Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured
2,400 Long Island Power Authority, New York, Electric System Revenue 11/16 at 100.00 A 2,226,816
Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG Insured
480 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 490,939
Transportation Revenue Bonds, Series 2005B, 5.000%,
11/15/30 - AMBAC Insured
10,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 10,279,600
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/30 - AGM Insured
1,435 New York City Industrial Development Agency, New York, Revenue 3/19 at 100.00 AAA 1,660,726
Bonds, Yankee Stadium Project Pilot, Series 2009A, 7.000%,
3/01/49 - AGC Insured
-----------------------------------------------------------------------------------------------------------------------------------
25,560 Total New York 26,487,837
-----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.6% (0.4% OF TOTAL INVESTMENTS)
2,090 North Carolina Medical Care Commission, FHA-Insured Mortgage 10/13 at 100.00 AAA 2,145,281
Revenue Bonds, Betsy Johnson Regional Hospital Project,
Series 2003, 5.375%, 10/01/24 - AGM Insured
540 Oak Island, North Carolina, Enterprise System Revenue Bonds, 6/19 at 100.00 AAA 589,734
Series 2009A, 6.000%, 6/01/34 - AGC Insured
-----------------------------------------------------------------------------------------------------------------------------------
2,630 Total North Carolina 2,735,015
-----------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.5% (0.4% OF TOTAL INVESTMENTS)
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-2:
65 5.125%, 6/01/24 6/17 at 100.00 BBB 60,047
710 5.875%, 6/01/30 6/17 at 100.00 BBB 601,221
685 5.750%, 6/01/34 6/17 at 100.00 BBB 538,965
1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 1,178,473
-----------------------------------------------------------------------------------------------------------------------------------
3,030 Total Ohio 2,378,706
-----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.4% (0.3% OF TOTAL INVESTMENTS)
2,000 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A 1,889,940
John Health System, Series 2007, 5.000%, 2/15/37
-----------------------------------------------------------------------------------------------------------------------------------
OREGON - 1.9% (1.3% OF TOTAL INVESTMENTS)
3,000 Oregon State Department of Transportation, Highway User Tax 5/19 at 100.00 AAA 3,198,720
Revenue Bonds, Series 2009A., 5.000%, 11/15/33
Oregon, General Obligation Veterans Welfare Bonds, Series 82:
3,580 5.375%, 12/01/31 12/11 at 100.00 Aa1 3,637,423
1,680 5.500%, 12/01/42 12/11 at 100.00 Aa1 1,704,209
-----------------------------------------------------------------------------------------------------------------------------------
8,260 Total Oregon 8,540,352
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 4.4% (3.0% OF TOTAL INVESTMENTS)
4,500 Allegheny County, Pennsylvania, Airport Revenue Refunding No Opt. Call A 4,773,375
Bonds, Pittsburgh International Airport, Series 1997A,
5.750%, 1/01/13 - NPFG Insured (Alternative Minimum Tax)
4,130 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 3,940,598
Bonds, School District of Philadelphia, Series 2006B,
4.500%, 6/01/32 - AGM Insured (UB)
1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,102,721
Series 2006A, 5.000%, 12/01/26 - AMBAC Insured
6,000 Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue 6/26 at 100.00 AAA 4,516,380
Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured
Nuveen Investments 61
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA (continued)
$ 2,000 Philadelphia Municipal Authority, Pennsylvania, Lease Revenue 11/13 at 100.00 AAA $ 2,187,560
Bonds, Series 2003B, 5.250%, 11/15/18 - AGM Insured
2,000 Reading School District, Berks County, Pennsylvania, General 1/16 at 100.00 AAA 2,182,880
Obligation Bonds, Series 2005, 5.000%, 1/15/19 - AGM
Insured (UB)
1,000 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 1,117,300
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/23 (Pre-refunded 6/01/13) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
20,680 Total Pennsylvania 19,820,814
-----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,225 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,281,411
8/01/21 - CIFG Insured
5,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call Aa2 748,450
Bonds, Series 2007A, 0.000%, 8/01/42 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
6,225 Total Puerto Rico 2,029,861
-----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.5% (1.0% OF TOTAL INVESTMENTS)
1,950 Greenville County School District, South Carolina, Installment 12/16 at 100.00 AAA 2,040,012
Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 - AGM
Insured
Greenville, South Carolina, Tax Increment Revenue Improvement
Bonds, Series 2003:
1,000 5.500%, 4/01/17 - NPFG Insured 4/13 at 100.00 A 1,106,350
2,300 5.000%, 4/01/21 - NPFG Insured 4/13 at 100.00 A 2,428,731
1,000 Scago Educational Facilities Corporation, South Carolina, 10/15 at 100.00 AAA 1,060,410
Installment Purchase Revenue Bonds, Spartanburg County
School District 5, Series 2005, 5.000%, 4/01/21 - AGM
Insured
-----------------------------------------------------------------------------------------------------------------------------------
6,250 Total South Carolina 6,635,503
-----------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 9.9% (6.6% OF TOTAL INVESTMENTS)
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds,
Series 2004:
1,495 5.000%, 10/01/19 - AGM Insured 10/14 at 100.00 AAA 1,645,292
1,455 5.000%, 10/01/20 - AGM Insured 10/14 at 100.00 AAA 1,594,142
1,955 5.000%, 10/01/21 - AGM Insured 10/14 at 100.00 AAA 2,125,965
10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue 11/12 at 100.00 AA- (4) 11,012,100
Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28
(Pre-refunded 11/01/12) - AMBAC Insured
10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue 11/12 at 100.00 AA- (4) 11,012,100
Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29
(Pre-refunded 11/01/12) - AMBAC Insured
15,195 Tennessee State School Bond Authority, Higher Educational 5/12 at 100.00 AAA 16,537,326
Facilities Second Program Bonds, Series 2002A, 5.250%,
5/01/32 (Pre-refunded 5/01/12) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
40,100 Total Tennessee 43,926,925
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 22.8% (15.3% OF TOTAL INVESTMENTS)
3,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 A+ 3,705,415
Refunding and Improvement Bonds, Series 2001A, 5.750%,
11/01/13 - FGIC Insured (Alternative Minimum Tax)
10,000 Gainesville Hospital District, Texas, Limited Tax General 8/11 at 100.00 A3 (4) 10,605,500
Obligation Bonds, Series 2002, 5.375%, 8/15/32
(Pre-refunded 8/15/11) - NPFG Insured
1,210 Galveston, Texas, General Obligation Bonds, Series 2001, 5/11 at 100.00 Aa3 1,249,579
5.250%, 5/01/21 - AMBAC Insured
Harris County Health Facilities Development Corporation,
Texas, Thermal Utility Revenue Bonds, TECO Project, Series
2003:
2,240 5.000%, 11/15/16 - NPFG Insured 11/13 at 100.00 AA 2,363,424
2,355 5.000%, 11/15/17 - NPFG Insured 11/13 at 100.00 AA 2,458,502
4,080 Harris County, Texas, General Obligation Toll Road Revenue No Opt. Call AAA 5,889,194
Bonds, Series 2009, Trust 3418, 13.791%, 8/15/32 - AGM
Insured (IF)
13,000 Houston Area Water Corporation, Texas, Contract Revenue Bonds, 3/12 at 100.00 N/R (4) 13,994,110
Northeast Water Purification Plant, Series 2002, 5.125%,
3/01/32 (Pre-refunded 3/01/12) - FGIC Insured
1,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 1,072,110
Bonds, Series 2004A, 5.250%, 5/15/24 - FGIC Insured
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 4,345 San Antonio, Texas, Water System Senior Lien Revenue Refunding 5/12 at 100.00 AAA $ 4,697,640
Bonds, Series 2002, 5.500%, 5/15/17 - AGM Insured
5,205 Texas Department of Housing and Community Affairs, Residential 7/11 at 100.00 AAA 5,150,035
Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33
(Alternative Minimum Tax)
7,270 Texas Department of Housing and Community Affairs, Single 3/12 at 100.00 AAA 7,330,268
Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 - NPFG
Insured (Alternative Minimum Tax)
Texas Public Finance Authority, Revenue Bonds, Texas Southern
University Financing System, Series 2002:
3,520 5.125%, 11/01/20 - NPFG Insured 5/12 at 100.00 Baa1 3,200,666
3,520 5.125%, 11/01/21 - NPFG Insured 5/12 at 100.00 Baa1 3,158,496
Texas Student Housing Authority, Revenue Bonds, Austin
Project, Senior Series 2001A:
9,400 5.375%, 1/01/23 - NPFG Insured 1/12 at 102.00 Baa1 6,571,070
11,665 5.500%, 1/01/33 - NPFG Insured 1/12 at 102.00 Baa1 7,151,578
5,000 Texas Water Development Board, Senior Lien State Revolving 7/10 at 100.00 AAA 5,018,400
Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
9,145 Texas, General Obligation Bonds, Veterans Housing Assistance 6/12 at 100.00 Aaa 9,220,172
Program Fund II, Series 2002A-1, 5.250%, 12/01/22
(Alternative Minimum Tax) (UB)
Williamson County, Texas, General Obligation Bonds, Series
2002:
3,000 5.250%, 2/15/22 (Pre-refunded 2/15/12) - AGM Insured 2/12 at 100.00 AAA 3,243,150
5,000 5.250%, 2/15/25 (Pre-refunded 2/15/12) - AGM Insured 2/12 at 100.00 AAA 5,405,250
-----------------------------------------------------------------------------------------------------------------------------------
104,455 Total Texas 101,484,559
-----------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.3% (0.8% OF TOTAL INVESTMENTS)
4,865 Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, 6/18 at 100.00 AAA 5,645,687
Trust 1193, 13.266%, 6/15/36 - AGM Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 15.6% (10.5% OF TOTAL INVESTMENTS)
5,265 Energy Northwest, Washington Public Power, Nine Canyon Wind 7/16 at 100.00 A- 5,075,197
Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 -
AMBAC Insured
6,600 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 7,122,588
Bonds, Columbia Generating Station - Nuclear Project 2,
Series 2002B, 5.350%, 7/01/18 - AGM Insured
7,675 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 8,355,312
Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 -
NPFG Insured
2,500 Port of Seattle, Washington, Revenue Refunding Bonds, Series 11/12 at 100.00 Aa2 2,669,750
2002D, 5.750%, 11/01/15 - FGIC Insured (Alternative Minimum
Tax)
2,200 Snohomish County School District 2, Everett, Washington, 12/13 at 100.00 AAA 2,447,610
General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 -
AGM Insured
3,255 Thurston and Pierce Counties School District, Washington, 6/13 at 100.00 Aa1 3,570,833
General Obligation Bonds, Yelm Community Schools, Series
2003, 5.250%, 12/01/16 - AGM Insured
10,000 University of Washington, General Revenue Bonds, Refunding 6/17 at 100.00 Aaa 10,349,200
Series 2007, 5.000%, 6/01/37 - AMBAC Insured (UB)
Washington State Economic Development Finance Authority,
Wastewater Revenue Bonds, LOTT Project, Series 2002:
2,000 5.500%, 6/01/17 - AMBAC Insured 6/12 at 100.00 Aa3 2,165,300
4,325 5.125%, 6/01/22 - AMBAC Insured 6/12 at 100.00 Aa3 4,463,227
15,000 Washington State Healthcare Facilities Authority, Revenue 8/13 at 102.00 N/R 13,815,600
Bonds, Harrison Memorial Hospital, Series 1998, 5.000%,
8/15/28 - AMBAC Insured
3,335 Washington State, General Obligation Bonds, Series 2009, Trust 7/16 at 100.00 AAA 3,868,333
1212, 13.292%, 7/01/31 - AGM Insured (IF)
5,170 Whitman County School District 267, Pullman, Washington, 6/12 at 100.00 Aa1 5,616,585
General Obligation Bonds, Series 2002, 5.000%, 12/01/20 -
AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
67,325 Total Washington 69,519,535
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 63
NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.9% (2.0% OF TOTAL INVESTMENTS)
$ 11,950 Wisconsin, Transportation Revenue Refunding Bonds, Series 7/12 at 100.00 AA+ (4) $ 13,060,633
2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
$ 677,073 Total Municipal Bonds (cost $638,633,210) 662,462,567
===============--------------------------------------------------------------------------------------------------------------------
SHARES DESCRIPTION (1) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT COMPANIES - 0.3% (0.2% OF TOTAL INVESTMENTS)
8,134 BlackRock MuniHoldings Fund Inc. $ 127,704
13,600 BlackRock MuniEnhanced Fund Inc. 147,016
7,920 Dreyfus Strategic Municipal Fund 67,082
3,500 DWS Municipal Income Trust 42,630
9,668 Morgan Stanley Quality Municipal Income Trust 122,010
26,280 PIMCO Municipal Income Fund II 291,182
9,500 Van Kampen Advantage Municipal Income Fund II 113,050
28,980 Van Kampen Investment Grade Municipal Trust 410,357
-----------------------------------------------------------------------------------------------------------------------------------
Total Investment Companies (cost $1,353,712) 1,321,031
-----------------------------------------------------------------------------------------------------------------
Total Investments (cost $639,987,022) - 148.9% 663,783,598
-----------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (6.4)% (28,413,334)
-----------------------------------------------------------------------------------------------------------------
MuniFund Term Preferred Shares, at Liquidation Value - (108,000,000)
(24.2)% (5)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 10,483,580
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (91,950,000)
(20.6)% (5)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 445,903,844
=================================================================================================================
The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at
Liquidation Value as a percentage of Total Investments are 16.3% and
13.9%, respectively.
N/R Not rated.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
64 Nuveen Investments
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 7.1% (4.8% OF TOTAL INVESTMENTS)
$ 1,000 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 Aa1 $ 1,013,330
Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36
(UB)
5,655 Colbert County-Northwest Health Care Authority, Alabama, 6/13 at 101.00 Baa3 5,332,043
Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%,
6/01/27
3,100 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 5/12 at 102.00 A (4) 3,415,084
Series 1998A, 5.400%, 6/01/22 (Pre-refunded 5/14/12) -
NPFG Insured
6,280 Jefferson County, Alabama, Sewer Revenue Capital Improvement 8/12 at 100.00 AAA 6,834,838
Warrants, Series 2002D, 5.000%, 2/01/32 (Pre-refunded
8/01/12) - FGIC Insured
1,750 Montgomery, Alabama, General Obligation Warrants, Series 5/12 at 101.00 AA+ 1,885,835
2003, 5.000%, 5/01/21 - AMBAC Insured
4,500 Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 7/13 at 100.00 Aa3 4,724,910
5.500%, 7/01/29 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
22,285 Total Alabama 23,206,040
-----------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 4.6% (3.1% OF TOTAL INVESTMENTS)
10,000 Maricopa County Pollution Control Corporation, Arizona, 11/12 at 100.00 Baa2 9,372,800
Revenue Bonds, Arizona Public Service Company - Palo Verde
Project, Series 2002A, 5.050%, 5/01/29 - AMBAC Insured
6,545 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 5,748,408
Plaza, Series 2005B, 0.000%, 7/01/37 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
16,545 Total Arizona 15,121,208
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 20.8% (14.1% OF TOTAL INVESTMENTS)
26,300 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 A2 25,667,748
Department of General Services, Capital East End Project,
Series 2002A, 5.000%, 12/01/27 - AMBAC Insured
250 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 A1 251,575
5.250%, 4/01/30 - SYNCORA GTY Insured
5 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 A1 5,012
5.000%, 4/01/31 - AMBAC Insured
7,495 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 AAA 8,551,270
5.000%, 4/01/31 (Pre-refunded 4/01/14) - AMBAC Insured
2,910 Cathedral City Public Financing Authority, California, Tax 8/12 at 102.00 A 2,827,793
Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%,
8/01/26 - NPFG Insured
8,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 7,469,120
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A, 5.000%, 6/01/35 - FGIC Insured
250 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 174,598
Tobacco Settlement Asset-Backed Bonds, Series 2007A-1,
5.125%, 6/01/47
2,500 Irvine Public Facilities and Infrastructure Authority, 9/13 at 100.00 N/R 2,432,700
California, Assessment Revenue Bonds, Series 2003C,
5.000%, 9/02/23 - AMBAC Insured
4,000 Montara Sanitation District, California, General Obligation 8/11 at 101.00 AA- 4,067,520
Bonds, Series 2003, 5.000%, 8/01/28 - FGIC Insured
Plumas County, California, Certificates of Participation,
Capital Improvement Program, Series 2003A:
1,130 5.250%, 6/01/19 - AMBAC Insured 6/13 at 101.00 A- 1,160,804
1,255 5.250%, 6/01/21 - AMBAC Insured 6/13 at 101.00 A- 1,274,980
1,210 Redding Joint Powers Financing Authority, California, Lease 3/13 at 100.00 A 1,233,559
Revenue Bonds, Capital Improvement Projects, Series 2003A,
5.000%, 3/01/23 - AMBAC Insured
3,750 Sacramento Municipal Utility District, California, Electric 8/13 at 100.00 A+ 3,801,938
Revenue Bonds, Series 2003R, 5.000%, 8/15/28 - NPFG
Insured
1,500 San Diego Community College District, California, General 5/13 at 100.00 AAA 1,557,405
Obligation Bonds, Series 2003A, 5.000%, 5/01/28 - AGM
Insured
Nuveen Investments 65
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 1,055 Turlock Irrigation District, California, Certificates of 1/13 at 100.00 A $ 1,062,786
Participation, Series 2003A, 5.000%, 1/01/28 - NPFG
Insured
6,300 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 Aa1 6,428,835
Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured
(UB)
-----------------------------------------------------------------------------------------------------------------------------------
67,910 Total California 67,967,643
-----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.9% (3.3% OF TOTAL INVESTMENTS)
Bowles Metropolitan District, Colorado, General Obligation
Bonds, Series 2003:
4,300 5.500%, 12/01/23 - AGM Insured 12/13 at 100.00 AAA 4,509,238
3,750 5.500%, 12/01/28 - AGM Insured 12/13 at 100.00 AAA 3,879,038
1,450 Colorado Educational and Cultural Facilities Authority, 8/14 at 100.00 A 1,465,965
Charter School Revenue Bonds, Peak-to-Peak Charter School,
Series 2004, 5.250%, 8/15/24 - SYNCORA GTY Insured
4,500 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 4,637,115
Bonds, Catholic Health Initiatives, Series 2006C-1, Trust
1090, 14.902%, 10/01/41 - AGM Insured (IF)
3,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 788,490
Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured
2,900 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 573,330
Series 2004A, 0.000%, 9/01/34 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
19,900 Total Colorado 15,853,176
-----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.6% (0.4% OF TOTAL INVESTMENTS)
7,000 Metropolitan Washington DC Airports Authority, Virginia, No Opt. Call AAA 1,475,810
Dulles Toll Road Revenue Bonds, Capital Appreciation
Series 2009B-2, 0.000%, 10/01/36 - AGC Insured
665 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 658,895
Senior Lien Dedicated Tax Revenue Bonds, Series 2007,
Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF)
-----------------------------------------------------------------------------------------------------------------------------------
7,665 Total District of Columbia 2,134,705
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 23.3% (15.8% OF TOTAL INVESTMENTS)
1,000 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 A1 1,031,080
5.000%, 9/01/25 - AMBAC Insured
Clay County, Florida, Utility System Revenue Bonds, Series
2007:
1,500 5.000%, 11/01/27 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 1,580,505
3,000 5.000%, 11/01/32 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 3,098,100
400 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 418,267
Series 2005, 5.000%, 10/01/23 - NPFG Insured
1,000 Escambia County, Florida, Sales Tax Revenue Refunding Bonds, 10/12 at 101.00 A+ 1,098,280
Series 2002, 5.250%, 10/01/17 - AMBAC Insured
1,525 Fernandina Beach, Florida, Utility Acquisition and 9/13 at 100.00 A 1,564,771
Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 -
FGIC Insured
500 Flagler County, Florida, Capital Improvement Revenue Bonds, 10/15 at 100.00 A 506,604
Series 2005, 5.000%, 10/01/30 - NPFG Insured
205 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 222,611
Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%,
11/01/17
2,500 Florida State Board of Education, Public Education Capital 6/18 at 101.00 AAA 2,998,500
Outlay Bonds, Series 2008, Trust 2929, 16.817%, 6/01/38 -
AGC Insured (IF)
2,240 FSU Financial Assistance Inc., Florida, General Revenue No Opt. Call A1 2,478,313
Bonds, Educational and Athletic Facilities Improvements,
Series 2004, 5.000%, 10/01/14 - AMBAC Insured
2,000 Greater Orlando Aviation Authority, Florida, Airport 10/12 at 100.00 AAA 2,026,120
Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 -
AGM Insured
105 Greater Orlando Aviation Authority, Florida, Airport 10/13 at 100.00 AAA 111,404
Facilities Revenue Refunding Bonds, Series 2003A, 5.000%,
10/01/17 - AGM Insured
350 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/18 at 100.00 AAA 354,535
Series 2006, 5.500%, 6/01/38 - AGM Insured
66 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 1,300 Highlands County Health Facilities Authority, Florida, 11/15 at 100.00 A1 $ 1,279,694
Hospital Revenue Bonds, Adventist Health System, Series
2005D, 5.000%, 11/15/35 - NPFG Insured
180 Highlands County Health Facilities Authority, Florida, 11/15 at 100.00 A1 (4) 208,172
Hospital Revenue Bonds, Adventist Health System, Series
2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) - NPFG
Insured
3,500 Highlands County Health Facilities Authority, Florida, 11/13 at 100.00 N/R (4) 3,993,675
Hospital Revenue Bonds, Adventist Health System/Sunbelt
Obligated Group, Series 2003D, 5.875%, 11/15/29
(Pre-refunded 11/15/13)
1,500 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 Aa2 1,518,300
Participation, Series 2003, 5.000%, 7/01/29 - NPFG
Insured
2,270 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AA+ 2,444,722
Refunding and Improvement Bonds, Series 2002, 5.375%,
10/01/18 - FGIC Insured
2,265 Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 10/12 at 100.00 N/R 2,283,482
5.000%, 10/01/20 - AMBAC Insured
1,730 Lee County, Florida, Transportation Facilities Revenue 10/14 at 100.00 A- 1,778,215
Bonds, Series 2004B, 5.000%, 10/01/22 - AMBAC Insured
500 Lee Memorial Health System, Florida, Hospital Revenue Bonds, 4/17 at 100.00 A 482,550
Series 2007A, 5.000%, 4/01/32 - NPFG Insured
3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 Aa3 3,046,950
Series 2003, 5.000%, 10/01/27 - NPFG Insured
500 Miami-Dade County, Florida, Water and Sewer System Revenue No Opt. Call AAA 561,055
Bonds, Refunding Series 2008B, 5.250%, 10/01/22 - AGM
Insured
2,000 Miami-Dade County, Florida, Water and Sewer System Revenue 10/10 at 100.50 Aa2 2,017,080
Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured
500 North Port, Florida, Utility System Revenue Bonds, Series 10/10 at 101.00 Aa3 (4) 514,825
2000, 5.000%, 10/01/25 (Pre-refunded 10/01/10) - AGM
Insured
2,000 Orange County, Florida, Sales Tax Revenue Bonds, Series 1/13 at 100.00 AA 2,148,100
2002A, 5.125%, 1/01/17 - FGIC Insured
1,500 Orange County, Florida, Sales Tax Revenue Bonds, Series 1/13 at 100.00 AA 1,515,720
2002B, 5.125%, 1/01/32 - FGIC Insured
3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aa3 (4) 3,685,938
Participation, Series 2002A, 5.125%, 6/01/20
(Pre-refunded 6/01/12) - AMBAC Insured
3,335 Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, 10/14 at 100.00 AA- 3,646,956
Series 2004, 5.250%, 10/01/20 - NPFG Insured
1,095 Palm Bay, Florida, Utility System Revenue Bonds, Series 10/14 at 100.00 Aa3 1,197,426
2004, 5.250%, 10/01/20 - NPFG Insured
2,670 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,697,554
Participation, Series 2002D, 5.000%, 8/01/28 - AGM
Insured
1,950 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,137,707
Participation, Series 2002D, 5.250%, 8/01/20
(Pre-refunded 8/01/12) - AGM Insured
Pinellas County Health Facilities Authority, Florida,
Revenue Bonds, Baycare Health System, Series 2003:
2,800 5.750%, 11/15/27 (Pre-refunded 5/15/13) 5/13 at 100.00 Aa3 (4) 3,180,828
3,000 5.500%, 11/15/27 (Pre-refunded 5/15/13) 5/13 at 100.00 Aa3 (4) 3,385,680
1,000 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 918,940
Southwest Annexation District 1B, Series 2007, 5.000%,
7/01/33 - NPFG Insured
2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 9/13 at 100.00 A+ 2,174,939
2003, 5.000%, 9/01/23 - NPFG Insured
1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 Aa3 1,529,640
Refunding Bonds, Series 2002, 5.000%, 5/01/23 - NPFG
Insured
225 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/18 at 100.00 AAA 235,177
Refunding Series 2009, 5.250%, 9/01/35 - AGC Insured
Nuveen Investments 67
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 Aaa $ 1,666,200
Revenue Bonds, Baptist Health Systems of South Florida,
Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13)
1,730 St. John's County, Florida, Sales Tax Revenue Bonds, Series 10/14 at 100.00 A+ 1,787,350
2004A, 5.000%, 10/01/24 - AMBAC Insured
4,000 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,091,800
Participation, Master Lease Program, Series 2004A,
5.000%, 7/01/24 - AGM Insured
1,200 Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 10/19 at 100.00 AAA 1,218,876
5.000%, 10/01/39
1,250 Volusia County Educational Facilities Authority, Florida, 10/13 at 100.00 Baa3 1,182,000
Revenue Refunding Bonds, Embry-Riddle Aeronautical
University, Series 2003, 5.200%, 10/15/33 - RAAI Insured
-----------------------------------------------------------------------------------------------------------------------------------
71,810 Total Florida 76,018,641
-----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.0% (1.4% OF TOTAL INVESTMENTS)
3,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 3,135,060
2009B, 5.375%, 11/01/39 - AGM Insured
1,410 DeKalb County, Georgia, Water and Sewer Revenue Bonds, 10/16 at 100.00 AAA 1,479,725
Series 2006A, 5.000%, 10/01/35 - AGM Insured
1,825 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales 1/13 at 100.00 AA+ (4) 2,015,512
Tax Revenue Bonds, Second Indenture Series 2002, 5.000%,
7/01/32 (Pre-refunded 1/01/13) - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
6,235 Total Georgia 6,630,297
-----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 4.4% (3.0% OF TOTAL INVESTMENTS)
5,000 Chicago, Illinois, General Airport Revenue Bonds, O'Hare No Opt. Call AAA 5,191,700
International Airport, Third Lien Series 2010C, 5.250%,
1/01/35 - AGC Insured
Cook County School District 145, Arbor Park, Illinois,
General Obligation Bonds, Series 2004:
1,635 5.125%, 12/01/20 - AGM Insured 12/14 at 100.00 Aa3 1,737,580
1,465 5.125%, 12/01/23 - AGM Insured 12/14 at 100.00 Aa3 1,539,144
Cook County School District 145, Arbor Park, Illinois,
General Obligation Bonds, Series 2004:
1,650 5.125%, 12/01/20 - AGM Insured (ETM) 12/14 at 100.00 Aa3 (4) 1,777,281
1,475 5.125%, 12/01/23 - AGM Insured (ETM) 12/14 at 100.00 Aa3 (4) 1,573,574
2,500 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/13 at 100.00 AA+ 2,548,725
Forest Hospital, Series 2003, 5.250%, 7/01/23
-----------------------------------------------------------------------------------------------------------------------------------
13,725 Total Illinois 14,368,004
-----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 7.2% (4.9% OF TOTAL INVESTMENTS)
2,500 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, 7/13 at 100.00 A1 2,543,775
Series 2003A, 5.000%, 7/01/23 - AMBAC Insured
2,190 Indiana Bond Bank, Advance Purchase Funding Bonds, Common 8/13 at 100.00 A 2,253,006
School Fund, Series 2003B, 5.000%, 8/01/19 - NPFG Insured
1,860 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 1,869,300
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
1,000 Indiana University, Student Fee Revenue Bonds, Series 2003O, 8/13 at 100.00 Aa1 1,072,960
5.000%, 8/01/22 - FGIC Insured
IPS Multi-School Building Corporation, Indiana, First
Mortgage Revenue Bonds, Series 2003:
11,020 5.000%, 7/15/19 (Pre-refunded 7/15/13) - NPFG Insured 7/13 at 100.00 AA (4) 12,346,147
3,000 5.000%, 7/15/20 (Pre-refunded 7/15/13) - NPFG Insured 7/13 at 100.00 AA (4) 3,361,020
-----------------------------------------------------------------------------------------------------------------------------------
21,570 Total Indiana 23,446,208
-----------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.6% (1.1% OF TOTAL INVESTMENTS)
5,000 Kansas Development Finance Authority, Board of Regents, 4/13 at 102.00 AA 5,256,200
Revenue Bonds, Scientific Research and Development
Facilities Projects, Series 2003C, 5.000%, 10/01/22 -
AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.3% (0.2% OF TOTAL INVESTMENTS)
985 Kentucky State Property and Buildings Commission, Revenue 8/13 at 100.00 Aa3 (4) 1,105,988
Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23
(Pre-refunded 8/01/13) - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
68 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 1.8% (1.2% OF TOTAL INVESTMENTS)
$ 5,785 New Orleans, Louisiana, General Obligation Refunding Bonds, 12/12 at 100.00 A3 $ 5,812,421
Series 2002, 5.300%, 12/01/27 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.4% (0.2% OF TOTAL INVESTMENTS)
1,125 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 A1 1,164,566
Middlesex School, Series 2003, 5.125%, 9/01/23
-----------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 9.6% (6.5% OF TOTAL INVESTMENTS)
6,130 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 A+ (4) 6,838,996
Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13)
- NPFG Insured
4,465 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 Aa3 4,526,037
Refunding Bonds, Series 2003C, 5.000%, 7/01/22 - NPFG
Insured
1,000 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 990,830
Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
(UB)
10,800 Michigan Strategic Fund, Limited Obligation Resource 12/12 at 100.00 Baa1 10,817,604
Recovery Revenue Refunding Bonds, Detroit Edison Company,
Series 2002D, 5.250%, 12/15/32 - SYNCORA GTY Insured
2,250 Romulus Community Schools, Wayne County, Michigan, General 5/11 at 100.00 Aa2 2,285,753
Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25
6,500 Wayne County, Michigan, Limited Tax General Obligation 12/11 at 101.00 A 5,989,360
Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne
County Airport, Series 2001A, 5.000%, 12/01/30 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
31,145 Total Michigan 31,448,580
-----------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.0% (0.7% OF TOTAL INVESTMENTS)
240 Clay County Public School District 53, Liberty, Missouri, 3/14 at 100.00 AAA 261,238
General Obligation Bonds, Series 2004, 5.250%, 3/01/24 -
AGM Insured
215 Clay County Public School District 53, Liberty, Missouri, 3/14 at 100.00 AAA 234,335
General Obligation Bonds, Series 2004, 5.250%, 3/01/23 -
AGM Insured
Clay County Public School District 53, Liberty, Missouri,
General Obligation Bonds, Series 2004:
1,110 5.250%, 3/01/23 (Pre-refunded 3/01/14) - AGM Insured 3/14 at 100.00 AAA 1,271,516
1,260 5.250%, 3/01/24 (Pre-refunded 3/01/14) - AGM Insured 3/14 at 100.00 AAA 1,443,343
-----------------------------------------------------------------------------------------------------------------------------------
2,825 Total Missouri 3,210,432
-----------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.6% (1.1% OF TOTAL INVESTMENTS)
5,000 Lincoln, Nebraska, Sanitary Sewerage System Revenue 6/13 at 100.00 AA+ 5,235,850
Refunding Bonds, Series 2003, 5.000%, 6/15/28 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.7% (0.5% OF TOTAL INVESTMENTS)
1,975 New Mexico State University, Revenue Bonds, Series 2004, 4/14 at 100.00 AA 2,164,561
5.000%, 4/01/19 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 10.1% (6.8% OF TOTAL INVESTMENTS)
2,020 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 1,880,155
Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured
25,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 25,254,750
Transportation Revenue Refunding Bonds, Series 2002F,
5.000%, 11/15/31 - NPFG Insured
1,850 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 2,000,091
Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 -
AGM Insured (UB)
3,335 New York State Urban Development Corporation, State Personal 3/17 at 100.00 AAA 3,783,924
Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W,
12.772%, 3/15/37 (IF)
-----------------------------------------------------------------------------------------------------------------------------------
32,205 Total New York 32,918,920
-----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.1% (1.5% OF TOTAL INVESTMENTS)
8,700 North Carolina Medical Care Commission, Revenue Bonds, Maria 10/13 at 100.00 BB 7,031,949
Parham Medical Center, Series 2003, 5.375%, 10/01/33 -
RAAI Insured
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 69
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.7% (0.5% OF TOTAL INVESTMENTS)
Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien,
Series 2007A-2:
$ 65 5.125%, 6/01/24 6/17 at 100.00 BBB $ 60,047
710 5.875%, 6/01/30 6/17 at 100.00 BBB 601,221
685 5.750%, 6/01/34 6/17 at 100.00 BBB 538,965
1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 1,178,473
-----------------------------------------------------------------------------------------------------------------------------------
3,030 Total Ohio 2,378,706
-----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,000 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 1,037,710
Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
OREGON - 2.5% (1.7% OF TOTAL INVESTMENTS)
8,350 Oregon Health Sciences University, Revenue Bonds, Series 1/13 at 100.00 A 8,163,378
2002A, 5.000%, 7/01/32 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 7.2% (4.9% OF TOTAL INVESTMENTS)
3,000 Lehigh County General Purpose Authority, Pennsylvania, 8/13 at 100.00 AAA 3,396,870
Hospital Revenue Bonds, St. Luke's Hospital of
Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded
8/15/13)
3,500 Pennsylvania Turnpike Commission, Turnpike Subordinate 6/26 at 100.00 AAA 2,634,555
Revenue Bonds, Series 2009C, 0.000%, 6/01/33 - AGM
Insured
2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 2,014,160
Ordinance, Fourth Series 1998, 5.000%, 8/01/32 - AGM
Insured
925 Philadelphia, Pennsylvania, Water and Wastewater Revenue 8/10 at 100.00 A1 (4) 951,807
Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured
(ETM)
13,000 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 14,524,900
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/33 (Pre-refunded 6/01/13) - AGM Insured
-----------------------------------------------------------------------------------------------------------------------------------
22,425 Total Pennsylvania 23,522,292
-----------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 1,104,140
Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) -
AGM Insured
10,350 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 1,441,962
Revenue Bonds, Series 2007A, 0.000%, 8/01/43 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
11,350 Total Puerto Rico 2,546,102
-----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 5.6% (3.8% OF TOTAL INVESTMENTS)
5,000 Florence County, South Carolina, Hospital Revenue Bonds, 11/14 at 100.00 AAA 5,199,200
McLeod Regional Medical Center, Series 2004A, 5.250%,
11/01/23 - AGM Insured
Greenville County School District, South Carolina,
Installment Purchase Revenue Bonds, Series 2003:
3,000 5.000%, 12/01/22 (UB) 12/13 at 100.00 AA 3,115,650
1,785 5.000%, 12/01/23 (UB) 12/13 at 100.00 AA 1,849,581
8,000 South Carolina Transportation Infrastructure Bank, Revenue 10/12 at 100.00 Aa3 8,048,559
Bonds, Series 2002A, 5.000%, 10/01/33 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
17,785 Total South Carolina 18,212,990
-----------------------------------------------------------------------------------------------------------------------------------
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 9.9% (6.7% OF TOTAL INVESTMENTS)
$ 7,975 Fort Bend Independent School District, Fort Bend County, 8/10 at 100.00 AAA $ 8,062,725
Texas, General Obligation Bonds, Series 2000, 5.000%,
8/15/25
Grand Prairie Independent School District, Dallas County,
Texas, General Obligation Bonds, Series 2003:
1,660 5.375%, 2/15/26 (Pre-refunded 2/15/13) - AGM Insured 2/13 at 100.00 AAA 1,854,303
12,500 5.125%, 2/15/31 (Pre-refunded 2/15/13) - AGM Insured 2/13 at 100.00 AAA 13,877,500
2,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 2,137,820
Bonds, Series 2004A, 5.250%, 5/15/25 - NPFG Insured
1,160 Houston, Texas, General Obligation Refunding Bonds, Series 3/12 at 100.00 AA 1,234,611
2002, 5.250%, 3/01/20 - NPFG Insured
4,355 Houston, Texas, General Obligation Refunding Bonds, Series 3/12 at 100.00 AA (4) 4,706,231
2002, 5.250%, 3/01/20 (Pre-refunded 3/01/12) - NPFG
Insured
465 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 501,391
Waller Counties, Texas, General Obligation Bonds, Series
2002A, 5.125%, 2/15/18
-----------------------------------------------------------------------------------------------------------------------------------
30,115 Total Texas 32,374,581
-----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,500 Hampton, Virginia, Revenue Bonds, Convention Center Project, 1/13 at 100.00 Aa3 1,527,765
Series 2002, 5.125%, 1/15/28 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 9.5% (6.4% OF TOTAL INVESTMENTS)
4,945 Broadway Office Properties, King County, Washington, Lease 12/12 at 100.00 AAA 5,022,637
Revenue Bonds, Washington Project, Series 2002, 5.000%,
12/01/31 - NPFG Insured
5,250 Chelan County Public Utility District 1, Washington, Hydro 7/12 at 100.00 AA 5,323,290
Consolidated System Revenue Bonds, Series 2002C, 5.125%,
7/01/33 - AMBAC Insured
5,000 King County, Washington, Sewer Revenue Bonds, Series 2006-2, 1/17 at 100.00 AAA 5,811,300
Trust 1200, 13.351%, 1/01/31 - AGM Insured (IF)
2,135 Kitsap County Consolidated Housing Authority, Washington, 7/13 at 100.00 Aa3 2,188,247
Revenue Bonds, Bremerton Government Center, Series 2003,
5.000%, 7/01/23 - NPFG Insured
1,935 Pierce County School District 343, Dieringer, Washington, 6/13 at 100.00 Aa1 2,139,297
General Obligation Refunding Bonds, Series 2003, 5.250%,
12/01/17 - FGIC Insured
9,670 Washington State, General Obligation Bonds, Series 2003D, 6/13 at 100.00 AA+ 10,391,866
5.000%, 12/01/21 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
28,935 Total Washington 30,876,637
-----------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 1.0% (0.7% OF TOTAL INVESTMENTS)
3,000 West Virginia State Building Commission, Lease Revenue No Opt. Call N/R 3,247,470
Refunding Bonds, Regional Jail and Corrections Facility,
Series 1998A, 5.375%, 7/01/21 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 5.5% (3.7% OF TOTAL INVESTMENTS)
1,190 Sun Prairie Area School District, Dane County, Wisconsin, 3/14 at 100.00 Aa2 1,321,578
General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 -
AGM Insured
4,605 Wisconsin Health and Educational Facilities Authority, 9/13 at 100.00 BBB+ (4) 5,280,968
Revenue Bonds, Franciscan Sisters of Christian Charity
Healthcare Ministry, Series 2003A, 5.875%, 9/01/33
(Pre-refunded 9/01/13)
3,000 Wisconsin Health and Educational Facilities Authority, No Opt. Call A1 3,307,110
Revenue Bonds, Meriter Hospital Inc., Series 1992A,
6.000%, 12/01/22 - FGIC Insured
Nuveen Investments 71
NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN (continued)
$ 3,600 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 BBB+ $ 3,223,728
Revenue Bonds, Wheaton Franciscan Services Inc., Series
2003A, 5.125%, 8/15/33
4,750 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 4,756,840
Revenue Refunding Bonds, Wausau Hospital Inc., Series
1998A, 5.125%, 8/15/20 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
17,145 Total Wisconsin 17,890,224
-----------------------------------------------------------------------------------------------------------------------------------
$ 487,025 Total Investments (cost $465,581,882) - 147.6% 481,873,244
===============--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.0)% (13,040,000)
-----------------------------------------------------------------------------------------------------------------
MuniFund Term Preferred Shares, at Liquidation Value -
(25.4)% (5) (83,000,000)
-----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 7,954,448
-----------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value -
(20.6)% (5) (67,375,000)
-----------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 326,412,692
=================================================================================================================
The Fund intends to invest at least 80% of its net assets in municipal
securities that are covered by insurance guaranteeing the timely payment
of principal and debt service thereon. See Notes to Financial Statements,
Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at
Liquidation Value as a percentage of Total Investments are 17.2% and
14.0%, respectively.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
72 Nuveen Investments
| Statement of
| Assets & Liabilities
April 30, 2010 (Unaudited)
INSURED INSURED PREMIER
QUALITY OPPORTUNITY INSURED INCOME
(NQI) (NIO) (NIF)
---------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $805,309,244, $2,109,860,094 and $421,171,500,
respectively) $ 809,986,545 $ 2,161,340,928 $ 434,488,809
Cash 955,908 4,366,952 772,780
Receivables:
Dividends and interest 11,677,465 32,503,899 6,637,510
Investments sold 17,038,711 50,000 210,000
Deferred offering costs -- -- --
Other assets 187,333 524,326 98,816
---------------------------------------------------------------------------------------------------------------------------
Total assets 839,845,962 2,198,786,105 442,207,915
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 59,275,000 134,833,333 25,665,000
Payables:
Investments purchased 1,052,700 -- --
Auction Rate Preferred share dividends 10,799 21,272 4,937
Common share dividends 2,321,769 5,866,861 1,274,300
Interest -- -- --
Offering costs -- -- --
MuniFund Term Preferred shares, at liquidation value -- -- --
Variable Rate Demand Preferred shares, at liquidation value -- -- --
Accrued expenses:
Management fees 409,462 1,052,267 222,971
Other 325,082 1,054,403 169,686
---------------------------------------------------------------------------------------------------------------------------
Total liabilities 63,394,812 142,828,136 27,336,894
---------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 239,200,000 664,825,000 130,125,000
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $537,251,150 $ 1,391,132,969 $ 284,746,021
===========================================================================================================================
Common shares outstanding 38,342,447 95,586,903 19,419,608
===========================================================================================================================
Net asset value per Common share outstanding (net assets applicable to
Common shares, divided by Common shares outstanding) $ 14.01 $ 14.55 $ 14.66
===========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
---------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 383,424 $ 955,869 $ 194,196
Paid-in surplus 537,777,193 1,333,624,165 270,100,139
Undistributed (Over-distribution of) net investment income 7,521,049 20,120,528 4,244,501
Accumulated net realized gain (loss) (13,107,817) (15,048,427) (3,110,124)
Net unrealized appreciation (depreciation) 4,677,301 51,480,834 13,317,309
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 537,251,150 $ 1,391,132,969 $ 284,746,021
===========================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Auction Rate Preferred 1,000,000 1,000,000 1,000,000
MuniFund Term Preferred -- -- --
Variable Rate Demand Preferred -- -- --
===========================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 73
| Statement of
| Assets & Liabilities (continued)
April 30, 2010 (Unaudited)
INSURED INSURED
INSURED DIVIDEND TAX-FREE
PREMIUM INCOME 2 ADVANTAGE ADVANTAGE
(NPX) (NVG) (NEA)
---------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $747,769,212, $639,987,022 and $465,581,882,
respectively) $ 755,387,364 $ 663,783,598 $ 481,873,244
Cash 2,535,510 2,086,984 1,142,850
Receivables:
Dividends and interest 12,721,844 9,858,677 7,573,577
Investments sold -- 50,892 --
Deferred offering costs 2,425,465 1,677,310 1,516,027
Other assets 75,344 121,377 157,929
---------------------------------------------------------------------------------------------------------------------------
Total assets 773,145,527 677,578,838 492,263,627
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 57,980,000 28,413,334 13,040,000
Payables:
Investments purchased -- -- --
Auction Rate Preferred share dividends -- 6,303 4,139
Common share dividends 2,096,990 2,025,694 1,468,952
Interest -- 265,511 209,000
Offering costs -- 502,907 308,932
MuniFund Term Preferred shares, at liquidation value -- 108,000,000 83,000,000
Variable Rate Demand Preferred shares, at liquidation value 219,000,000 -- --
Accrued expenses:
Management fees 380,706 286,565 221,227
Other 148,502 224,680 223,685
---------------------------------------------------------------------------------------------------------------------------
Total liabilities 279,606,198 139,724,994 98,475,935
---------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value -- 91,950,000 67,375,000
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 493,539,329 $ 445,903,844 $326,412,692
===========================================================================================================================
Common shares outstanding 37,353,512 29,802,900 22,234,602
===========================================================================================================================
Net asset value per Common share outstanding (net assets applicable to
Common shares, divided by Common shares outstanding) $ 13.21 $ 14.96 $ 14.68
===========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
---------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 373,535 $ 298,029 $ 222,346
Paid-in surplus 500,123,375 424,844,389 316,226,919
Undistributed (Over-distribution of) net investment income 4,339,866 5,188,899 3,663,710
Accumulated net realized gain (loss) (18,915,599) (8,224,049) (9,991,645)
Net unrealized appreciation (depreciation) 7,618,152 23,796,576 16,291,362
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 493,539,329 $ 445,903,844 $ 326,412,692
===========================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited
Auction Rate Preferred Unlimited Unlimited Unlimited
MuniFund Term Preferred -- Unlimited --
Variable Rate Demand Preferred Unlimited -- --
===========================================================================================================================
See accompanying notes to financial statements.
74 Nuveen Investments
| Statement of
| Operations
Six Months Ended April 30, 2010 (Unaudited)
INSURED INSURED PREMIER
QUALITY OPPORTUNITY INSURED INCOME
(NQI) (NIO) (NIF)
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 22,079,483 $ 54,485,195 $ 11,092,667
-----------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,467,268 6,354,729 1,348,473
Auction fees 181,833 500,773 96,792
Dividend disbursing agent fees 24,795 44,635 14,877
Shareholders' servicing agent fees and expenses 29,931 53,346 12,093
Interest expense and amortization of offering costs 184,602 425,909 82,697
Liquidity fees -- -- --
Custodian's fees and expenses 64,915 164,331 37,097
Directors'/Trustees' fees and expenses 12,542 31,934 6,698
Professional fees 36,891 86,079 21,961
Shareholders' reports - printing and mailing expenses 66,882 149,843 36,975
Stock exchange listing fees 6,467 14,947 4,529
Investor relations expense 31,094 80,541 16,931
Other expenses 25,394 45,252 23,105
-----------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 3,132,614 7,952,319 1,702,228
Custodian fee credit (4,728) (11,289) (2,907)
Expense reimbursement -- -- --
-----------------------------------------------------------------------------------------------------------------------
Net expenses 3,127,886 7,941,030 1,699,321
-----------------------------------------------------------------------------------------------------------------------
Net investment income 18,951,597 46,544,165 9,393,346
-----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments (1,205,476) 1,262,206 575,182
Change in net unrealized appreciation (depreciation) of investments 14,463,528 24,694,438 4,061,364
-----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 13,258,052 25,956,644 4,636,546
-----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS
From net investment income (461,629) (1,270,109) (245,054)
From accumulated net realized gains -- -- --
-----------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from distributions to
Auction Rate Preferred shareholders (461,629) (1,270,109) (245,054)
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares from
operations $ 31,748,020 $ 71,230,700 $ 13,784,838
=======================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 75
| Statement of
| Operations (continued)
Six Months Ended April 30, 2010 (Unaudited)
INSURED INSURED
INSURED DIVIDEND TAX-FREE
PREMIUM INCOME 2 ADVANTAGE ADVANTAGE
(NPX) (NVG) (NEA)
-------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 19,111,140 $ 17,156,337 $ 12,338,275
-------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,300,665 2,066,256 1,540,997
Auction fees 110,108 73,793 84,369
Dividend disbursing agent fees -- 14,877 14,879
Shareholders' servicing agent fees and expenses 17,171 2,964 2,145
Interest expense and amortization of offering costs 538,320 1,873,329 810,785
Liquidity fees 844,562 -- --
Custodian's fees and expenses 59,113 55,214 43,606
Directors'/Trustees' fees and expenses 10,312 10,697 8,050
Professional fees 15,352 29,493 21,113
Shareholders' reports - printing and mailing expenses 67,345 48,257 40,466
Stock exchange listing fees 6,293 2,088 1,458
Investor relations expense 28,359 25,059 17,649
Other expenses 15,157 16,603 17,167
-------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 4,012,757 4,218,630 2,602,684
Custodian fee credit (5,218) (1,893) (1,219)
Expense reimbursement -- (474,723) (228,458)
-------------------------------------------------------------------------------------------------------------------------
Net expenses 4,007,539 3,742,014 2,373,007
-------------------------------------------------------------------------------------------------------------------------
Net investment income 15,103,601 13,414,323 9,965,268
-------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 641,313 2,973 (4,671)
Change in net unrealized appreciation (depreciation) of investments 7,583,831 5,233,535 5,086,795
-------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 8,225,144 5,236,508 5,082,124
-------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS
From net investment income -- (134,751) (216,560)
From accumulated net realized gains -- (83,568) --
-------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from distributions to
Auction Rate Preferred shareholders -- (218,319) (216,560)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares from
operations $ 23,328,745 $ 18,432,512 $ 14,830,832
=========================================================================================================================
See accompanying notes to financial statements.
76 Nuveen Investments
| Statement of
| Changes in Net Assets(Unaudited)
INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO)
---------------------------- --------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/10 10/31/09 4/30/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 18,951,597 $ 38,050,658 $ 46,544,165 $ 80,351,687
Net realized gain (loss) from:
Investments (1,205,476) (3,961,756) 1,262,206 1,491,035
Forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 14,463,528 70,606,759 24,694,438 128,404,860
Forward swaps -- -- -- --
Distributions to Auction Rate Preferred Shareholders:
From net investment income (461,629) (2,175,313) (1,270,109) (4,883,766)
From accumulated net realized gains -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 31,748,020 102,520,348 71,230,700 205,363,816
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (16,208,887) (28,915,237) (38,904,068) (59,230,779)
From accumulated net realized gains -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (16,208,887) (28,915,237) (38,904,068) (59,230,779)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Issued in the Reorganization(1) -- -- -- 207,492,882
Net proceeds from shares issued to shareholders due to 495,557 148,339 -- --
reinvestment of distributions
Repurchased and retired -- -- (37,551) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions 495,557 148,339 (37,551) 207,492,882
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares 16,034,690 73,753,450 32,289,081 353,625,919
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the beginning of
period 521,216,460 447,463,010 1,358,843,888 1,005,217,969
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $ 537,251,150 $ 521,216,460 $ 1,391,132,969 $ 1,358,843,888
====================================================================================================================================
Undistributed (Over-distribution of) net investment income at
the end of period $ 7,521,049 $ 5,239,968 $ 20,120,528 $ 13,750,540
====================================================================================================================================
(1) Common shares issued in the Reorganization of Nuveen Florida Premium Income
Municipal Fund (NFL).
See accompanying notes to financial statements.
Nuveen Investments 77
| Statement of
| Changes in Net Assets (Unaudited) (continued)
PREMIER INSURED INSURED PREMIUM
INCOME (NIF) INCOME 2 (NPX)
------------------------------ -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/10 10/31/09 4/30/10 10/31/09
----------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 9,393,346 $ 19,238,723 $ 15,103,601 $ 29,853,041
Net realized gain (loss) from:
Investments 575,182 (28,901) 641,313 (3,699,493)
Forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 4,061,364 31,808,470 7,583,831 57,348,025
Forward swaps -- -- -- --
Distributions to Auction Rate Preferred Shareholders:
From net investment income (245,054) (1,158,067) -- --
From accumulated net realized gains -- -- -- --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 13,784,838 49,860,225 23,328,745 83,501,573
----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (8,350,431) (14,137,477) (13,858,154) (24,989,504)
From accumulated net realized gains -- -- -- --
----------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (8,350,431) (14,137,477) (13,858,154) (24,989,504)
----------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Issued in the Reorganization -- -- -- --
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- --
Repurchased and retired -- -- -- --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions -- -- -- --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares 5,434,407 35,722,748 9,470,591 58,512,069
----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the beginning of
period 279,311,614 243,588,866 484,068,738 425,556,669
----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $ 284,746,021 $ 279,311,614 $ 493,539,329 $ 484,068,738
============================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ 4,244,501 $ 3,446,640 $ 4,339,866 $ 3,094,419
============================================================================================================================
See accompanying notes to financial statements.
78 Nuveen Investments
INSURED DIVIDEND INSURED TAX-FREE
ADVANTAGE (NVG) ADVANTAGE (NEA)
------------------------------ -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/10 10/31/09 4/30/10 10/31/09
----------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 13,414,323 $ 29,671,614 $ 9,965,268 $ 18,590,630
Net realized gain (loss) from:
Investments 2,973 (5,791,986) (4,671) (1,232,542)
Forward swaps -- 5,000,000 -- --
Change in net unrealized appreciation (depreciation) of:
Investments 5,233,535 54,873,147 5,086,795 34,689,209
Forward swaps -- (1,124,391) -- --
Distributions to Auction Rate Preferred Shareholders:
From net investment income (134,751) (1,745,832) (216,560) (1,057,458)
From accumulated net realized gains (83,568) -- -- --
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations 18,432,512 80,882,552 14,830,832 50,989,839
----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (12,517,218) (22,593,095) (9,005,014) (13,551,237)
From accumulated net realized gains (1,218,939) -- -- --
----------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (13,736,157) (22,593,095) (9,005,014) (13,551,237)
----------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Issued in the Reorganization(2) -- -- -- 54,285,213
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- --
Repurchased and retired -- (117,163) -- (212,353)
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from capital share transactions -- (117,163) -- 54,072,860
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares 4,696,355 58,172,294 5,825,818 91,511,462
Net assets applicable to Common shares at the beginning of
period 441,207,489 383,035,195 320,586,874 229,075,412
----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of period $ 445,903,844 $ 441,207,489 $ 326,412,692 $ 320,586,874
============================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ 5,188,899 $ 4,426,545 $ 3,663,710 $ 2,920,016
============================================================================================================================
(2) Common shares issued in the Reorganization of Nuveen Insured Florida
Tax-Free Advantage Municipal Fund (NWF).
See accompanying notes to financial statements.
Nuveen Investments 79
| Statement of
| Cash Flows
Six Months Ended April 30, 2010 (Unaudited)
INSURED INSURED
QUALITY OPPORTUNITY
(NQI) (NIO)
-----------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 31,748,020 $ 71,230,700
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common
shares from operations to net cash provided by (used in) operating activities:
Purchases of investments (30,756,530) (81,933,936)
Proceeds from sales and maturities of investments 57,833,503 70,636,404
Proceeds from (Purchases of) short-term investments, net (10,000,000) 7,585,000
Amortization (Accretion) of premiums and discounts, net (1,459,124) (2,367,174)
(Increase) Decrease in receivable for dividends and interest 210,230 92,902
(Increase) Decrease in receivable for investments sold (14,128,711) 4,970,542
(Increase) Decrease in other assets 10,417 (79,077)
Increase (Decrease) in payable for investments purchased 1,052,700 --
Increase (Decrease) in payable for Auction Rate Preferred share dividends (1,864) (5,590)
Increase (Decrease) in interest payable -- --
Increase (Decrease) in accrued management fees (15,827) (53,091)
Increase (Decrease) in accrued other liabilities 35,002 (103,217)
Net realized (gain) loss from investments 1,205,476 (1,262,206)
Change in net unrealized (appreciation) depreciation of investments (14,463,528) (24,694,438)
Taxes paid on undistributed capital gains (118) (16,773)
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 21,269,646 44,000,046
-----------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations 130,000 --
Increase (Decrease) in cash overdraft balance -- --
(Increase) Decrease in cash equivalents -- --
Cash distributions paid to Common shareholders (15,605,115) (39,719,431)
Cost of Common shares repurchased and retired -- (37,551)
Increase (Decrease) in Auction Rate Preferred shares noticed for redemption, at liquidation
value -- --
(Increase) Decrease in deferred offering costs -- --
Increase (Decrease) in payable for offering costs -- --
Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value -- --
Increase (Decrease) in Auction Rate Preferred shares, at liquidation value (6,650,000) (10,650,000)
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (22,125,115) (50,406,982)
-----------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (855,469) (6,406,936)
Cash at the beginning of period 1,811,377 10,773,888
-----------------------------------------------------------------------------------------------------------------------------
Cash at the End of Period 955,908 4,366,952
=============================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Non-cash financing activities not included herein consist of reinvestments of
Common share distributions of $495,557 for Insured Quality (NQI).
Cash paid for interest (excluding amortization of offering costs, where
applicable) was as follows:
INSURED INSURED
QUALITY OPPORTUNITY
(NQI) (NIO)
-----------------------------------------------------------------------------------------------------------------------------
$ 184,602 $ 425,909
=============================================================================================================================
See accompanying notes to financial statements.
80 Nuveen Investments
INSURED
INSURED INSURED
PREMIUM DIVIDEND TAX-FREE
INCOME 2 ADVANTAGE ADVANTAGE
(NPX) (NVG) (NEA)
------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM
OPERATIONS $ 23,328,745 $ 18,432,512 $ 14,830,832
Adjustments to reconcile the net increase (decrease) in net assets
applicable to Common shares from operations to net cash provided by (used
in) operating activities:
Purchases of investments (48,778,688) (10,086,178) (5,190,360)
Proceeds from sales and maturities of investments 51,115,022 10,033,347 55,692
Proceeds from (Purchases of) short-term investments, net -- -- 3,790,000
Amortization (Accretion) of premiums and discounts, net (685,271) (430,266) (100,907)
(Increase) Decrease in receivable for dividends and interest 612,736 147,356 (83,988)
(Increase) Decrease in receivable for investments sold 9,679,732 1,388,647 --
(Increase) Decrease in other assets (25,287) 7,255 (18,712)
Increase (Decrease) in payable for investments purchased (9,639,100) -- --
Increase (Decrease) in payable for Auction Rate Preferred share dividends -- (2,186) (1,802)
Increase (Decrease) in interest payable -- 159,311 209,000
Increase (Decrease) in accrued management fees (17,201) 9,197 19,288
Increase (Decrease) in accrued other liabilities (23,280) 9,434 (82,734)
Net realized (gain) loss from investments (641,313) (2,973) 4,671
Change in net unrealized (appreciation) depreciation of investments (7,583,831) (5,233,535) (5,086,795)
Taxes paid on undistributed capital gains (26) (2,815) (8)
------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 17,339,238 14,429,106 8,344,177
------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations -- -- --
Increase (Decrease) in cash overdraft balance (1,033,897) -- --
(Increase) Decrease in cash equivalents -- 106,158,035 --
Cash distributions paid to Common shareholders (13,810,108) (13,734,905) (9,184,835)
Cost of Common shares repurchased and retired -- -- --
Increase (Decrease) in Auction Rate Preferred shares noticed for redemption,
at liquidation value -- (106,125,000) --
(Increase) Decrease in deferred offering costs 40,277 184,560 (1,516,027)
Increase (Decrease) in payable for offering costs -- (21,730) 308,932
Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value -- -- 83,000,000
Increase (Decrease) in Auction Rate Preferred shares, at liquidation value -- -- (81,375,000)
------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (14,803,728) (13,539,040) (8,766,930)
------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH 2,535,510 890,066 (422,753)
Cash at the beginning of period -- 1,196,918 1,565,603
------------------------------------------------------------------------------------------------------------------------------
Cash at the End of Period 2,535,510 2,086,984 1,142,850
==============================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest (excluding amortization of offering costs, where
applicable) was as follows:
INSURED INSURED INSURED
PREMIUM DIVIDEND TAX-FREE
INCOME 2 ADVANTAGE ADVANTAGE
(NPX) (NVG) (NEA)
------------------------------------------------------------------------------------------------------------------------------
$ 496,426 $ 1,688,769 $ 721,812
==============================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 81
| Notes to Financial Statements(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen Insured Quality Municipal Fund, Inc. (NQI), Nuveen
Insured Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Insured Municipal
Income Fund, Inc. (NIF), Nuveen Insured Premium Income Municipal Fund 2 (NPX),
Nuveen Insured Dividend Advantage Municipal Fund (NVG) and Nuveen Insured
Tax-Free Advantage Municipal Fund (NEA) (collectively, the "Funds"). Common
shares of Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured
Income (NIF) and Insured Premium Income 2 (NPX) are traded on the New York Stock
Exchange ("NYSE") while Common shares of Insured Dividend Advantage (NVG) and
Insured Tax-Free Advantage (NEA) are traded on the NYSE Amex. The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end,
management investment companies.
During the fiscal year ended October 31, 2009, the following Nuveen Florida
closed-end municipal funds were reorganized into the following existing Nuveen
national municipal closed-end funds, as follows (collectively, the
"Reorganizations"):
o Nuveen Insured Florida Premium Income Municipal Fund (NFL) into
Insured Opportunity (NIO);
o Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) into
Insured Tax-Free Advantage (NEA).
Each of these Funds called a special meeting of shareholders, originally
scheduled in each case for May 15, 2009, to vote on the Reorganizations. Those
meetings were subsequently adjourned to and reconvened in June and July, at
which time, shareholders of each of Insured Florida Premium Income (NFL),
Insured Florida Tax-Free Advantage (NWF), Insured Opportunity (NIO) and Insured
Tax-Free Advantage (NEA) approved its respective Reorganization, with more than
80% of participating shares of each fund voting in favor of the Reorganization.
After the close of business on October 16, 2009, Insured Opportunity (NIO) and
Insured Tax-Free Advantage (NEA) acquired all the net assets of Insured Florida
Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF), respectively,
pursuant to the plan of Reorganizations described above. The acquisition was
accomplished by a tax-free exchange of Insured Florida Premium Income (NFL) and
Insured Florida Tax-Free Advantage (NWF) Common shares for Insured Opportunity
(NIO) and Insured Tax-Free Advantage (NEA) Common shares, respectively. On
October 16, 2009, the net assets of Insured Florida Premium Income (NFL) and
Insured Florida Tax-Free Advantage (NWF) were $207,492,882 and $54,285,213,
respectively. Insured Florida Premium Income's (NFL) and Insured Florida
Tax-Free Advantage's (NWF) net assets applicable to Common shares at that date
included $8,234,921 and $3,171,992 of net unrealized appreciation, respectively.
Each Fund's net unrealized appreciation was combined with that of Insured
Opportunity (NIO) and Insured Tax-Free Advantage (NEA), respectively. The
combined net assets applicable to Common shares of Insured Opportunity (NIO) and
Insured Tax-Free Advantage (NEA) immediately after the acquisitions were
$1,372,440,081 and $323,751,223, respectively. For accounting and performance
reporting purposes, Insured Opportunity (NIO) and Insured Tax-Free Advantage
(NEA) are the survivors. Prior to the Reorganizations, each of Insured Florida
Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) established a
reserve for certain costs and expenses associated with the Reorganizations,
including amounts estimated for the advancement of legal costs in connection
with legal proceedings brought by a shareholder of the funds challenging the
Reorganizations. The amount of such reserve is included as a component of
Insured Opportunity's (NIO) and Insured Tax-Free Advantage's (NEA) "Accrued
other expenses" on the Statement of Assets and Liabilities.
Each Fund seeks to provide current income exempt from regular federal income
tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum
tax applicable to individuals, by investing primarily in a portfolio of
municipal obligations issued by state and local government authorities or
certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles ("U.S. GAAP").
82 Nuveen Investments
Investment Valuation
Exchange-listed securities are generally valued at the last sales price on the
security exchange on which such securities are primarily traded. Securities
traded on a securities exchange for which there are no transactions on a given
day or securities not listed on a securities exchange are valued at the mean of
the closing bid and asked prices. Securities traded on NASDAQ are valued at the
NASDAQ Official Closing Price. The prices of municipal bonds in each Fund's
investment portfolio are provided by a pricing service approved by the Fund's
Board of Directors/Trustees. Prices of forward swap contracts are also provided
by an independent pricing service approved by each Fund's Board of
Directors/Trustees. When market price quotes are not readily available (which is
usually the case for municipal securities), the pricing service or, in the
absence of a pricing service for a particular investment or derivative
instrument, the Board of Directors/Trustees of the Fund, or its designee, may
establish fair value using a wide variety of market data including yields or
prices of investments of comparable quality, type of issue, coupon, maturity and
rating, market quotes or indications of value from security dealers, evaluations
of anticipated cash flows or collateral, general market conditions and other
information and analysis, including the obligor's credit characteristics
considered relevant. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term investments are valued at
amortized cost, which approximates value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At April 30, 2010, Insured
Quality (NQI) had outstanding when-issued/delayed delivery purchase commitments
of $1,052,700. There were no such outstanding purchase commitments in any of the
other Funds.
Investment Income
Dividend income is recorded on the ex-dividend date. Interest income, which
includes the amortization of premiums and accretion of discounts for financial
reporting purposes, is recorded on an accrual basis. Investment income also
includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions that will enable interest from municipal
securities, which is exempt from regular federal income tax, and in the case of
Insured Tax-Free Advantage (NEA) the alternative minimum tax applicable to
individuals, to retain such tax-exempt status when distributed to shareholders
of the Funds. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S. GAAP.
Nuveen Investments 83
| Notes to Financial Statements (Unaudited) (continued)
Auction Rate Preferred Shares
The following Funds have issued and outstanding Auction Rate Preferred Shares
("ARPS"), $25,000 stated value per share, as a means of effecting financial
leverage. Each Fund's ARPS are issued in more than one Series. The dividend rate
paid by the Funds on each Series is determined every seven days, pursuant to a
dutch auction process overseen by the auction agent, and is payable at the end
of each rate period. As of April 30, 2010, the number of ARPS outstanding, by
Series and in total, for each Fund is as follows:
PREMIER INSURED INSURED
INSURED INSURED INSURED DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NVG) (NEA)
--------------------------------------------------------------------------------
Number of shares:
Series M 1,954 3,319 -- 1,247 --
Series T 1,956 3,319 -- 1,217 1,104
Series W 1,957 3,320 678 -- 1,105
Series W2 -- 2,655 -- -- 486**
Series W3 -- 1,486* -- -- --
Series TH 1,745 3,319 2,263 1,214 --
Series TH2 -- 3,321 -- -- --
Series TH3 -- 2,536* -- -- --
Series F 1,956 3,318 2,264 -- --
--------------------------------------------------------------------------------
Total 9,568 26,593 5,205 3,678 2,695
================================================================================
* ARPS issued in the Reorganization of Insured Florida Premium Income (NFL).
** ARPS issued in the Reorganization of Insured Florida Tax-Free Advantage
(NWF).
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the ARPS issued by the Funds than there were offers to
buy. This meant that these auctions "failed to clear,'' and that many ARPS
shareholders who wanted to sell their shares in these auctions were unable to do
so. ARPS shareholders unable to sell their shares received distributions at the
"maximum rate'' applicable to failed auctions as calculated in accordance with
the pre-established terms of the ARPS. As of April 30, 2010, the aggregate
amount of outstanding ARPS redeemed by each Fund is as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
----------------------------------------------------------------------------------------------------------------------------------
ARPS redeemed, at liquidation value $ 78,800,000 $ 126,175,000 $ 30,875,000 $ 268,900,000 $ 141,050,000 $ 105,625,000
==================================================================================================================================
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred ("MTP")
Shares, with a $10 stated value per share. Proceeds from the issuance of MTP
Shares, net of offering expenses, were used to redeem a portion of each Fund's
outstanding ARPS. Each Fund's MTP Shares are issued in one Series. Dividends,
which are recognized as interest expense for financial reporting purposes, will
be paid monthly at a fixed annual rate, subject to adjustments in certain
circumstances. The MTP Shares trade on the NYSE. As of April 30, 2010, the
number of MTP Shares outstanding, annual interest rate and the NYSE "ticker"
symbol for each Fund are as follows:
INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA)
---------------------------------- ---------------------------------
ANNUAL ANNUAL
SHARES INTEREST NYSE SHARES INTEREST NYSE
OUTSTANDING RATE TICKER OUTSTANDING RATE TICKER
--------------------------------------------------------------------------------
Series:
2014 10,800,000 2.95% NVG Pr C -- --% --
2015 -- -- -- 8,300,000 2.85 NEA Pr C
================================================================================
84 Nuveen Investments
Each Fund is obligated to redeem its MTP Shares by the date as specified in its
offering document ("Term Redemption"), unless earlier redeemed or repurchased by
the Fund. MTP Shares are subject to optional and mandatory redemption in certain
circumstances. MTP Shares will be subject to redemption at the option of each
Fund ("Optional Redemption Date"), subject to a payment of premium for one year
following the Optional Redemption Date ("Premium Expiration Date"), and at par
thereafter. MTP Shares also will be subject to redemption, at the option of each
Fund, at par in the event of certain changes in the credit rating of the MTP
Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the
Fund fails to maintain certain asset coverage and leverage ratio requirements
and such failures are not cured by the applicable cure date. The redemption
price per share is equal to the sum of the liquidation value per share plus any
accumulated but unpaid dividends. The Term Redemption, Optional Redemption Date
and Premium Expiration Date for each Fund's MTP Shares are as follows:
INSURED INSURED
DIVIDEND TAX-FREE
ADVANTAGE ADVANTAGE
(NVG) (NEA)
SERIES 2014 SERIES 2015
--------------------------------------------------------------------------------
Term Redemption November 1, 2014 February 1, 2015
Optional Redemption Date November 1, 2010 February 1, 2011
Premium Expiration Date November 1, 2011 January 31, 2012
================================================================================
The average amount of MTP Shares outstanding during the six months ended April
30, 2010, was as follows:
INSURED INSURED
DIVIDEND TAX-FREE
ADVANTAGE ADVANTAGE
(NVG) (NEA)*
--------------------------------------------------------------------------------
Average amount of MTP Shares outstanding $ 108,000,000 $ 82,215,686
================================================================================
* For the period January 19, 2010 (first issuance date of shares) through April
30, 2010.
For financial reporting purposes only, the liquidation value of MTP Shares is
recorded as a liability on the Statement of Assets and Liabilities. Unpaid
dividends on MTP Shares are recognized as a component of "Interest payable" on
the Statement of Assets and Liabilities. Dividends paid on MTP Shares are
recognized as a component of "Interest expense and amortization of offering
costs" on the Statement of Operations.
Net amounts earned by Nuveen Investments, Inc. ("Nuveen") as underwriter of each
Fund's MTP Share offering were passed directly to the Funds and are recognized
as a component of "Investment Income" on the Statement of Operations. For the
six months ended April 30, 2010, the net amounts earned by Nuveen were as
follows:
INSURED INSURED
DIVIDEND TAX-FREE
ADVANTAGE ADVANTAGE
(NVG) (NEA)*
--------------------------------------------------------------------------------
Net amounts earned by Nuveen $ 2,916 $ 6,029
================================================================================
* For the period January 19, 2010 (first issuance date of shares) through April
30, 2010.
Variable Rate Demand Preferred Shares
Insured Premium Income 2 (NPX) has issued and outstanding 2,190 Series 1
Variable Rate Demand Preferred ("VRDP") Shares, $100,000 liquidation value per
share. The Fund issued its VRDP Shares in a privately negotiated offering in
August 2008. Proceeds of the Fund's offering were used to redeem a portion of
the Fund's outstanding ARPS. The VRDP Shares were offered to institutional
buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and
have a maturity date of August 1, 2038.
VRDP Shares include a liquidity feature that allows VRDP shareholders to have
their shares purchased by a liquidity provider with whom the Fund has contracted
in the event that purchase orders for VRDP Shares in a remarketing are not
sufficient in number to be matched with the sale orders in that remarketing. The
terms of the Fund's VRDP Shares presently do not provide the liquidity provider
with the right to cause the Fund to redeem VRDP Shares after six months of
continuous, unsuccessful remarketing. The Fund's Board of Directors/Trustees has
approved, in connection with renewing its liquidity provider contract in June
2010, the issuance of replacement VRDP Shares that would provide the liquidity
provider with a right of redemption after six months of continuous unsuccessful
remarketing.
Dividends on the VRDP Shares (which are treated as interest payments for
financial reporting purposes) are set weekly at a rate established by a
remarketing agent; therefore, the market value of the VRDP Shares is expected to
approximate its liquidation value. If remarketings for VRDP Shares are
Nuveen Investments 85
| Notes to Financial Statements (Unaudited) (continued)
continuously unsuccessful for six months, the maximum rate is designed to
escalate according to a specified schedule in order to enhance the remarketing
agent's ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part,
at any time at the option of the Fund. The Fund may also redeem certain of the
VRDP Shares if the Fund fails to maintain certain asset coverage requirements
and such failures are not cured by the applicable cure date. The redemption
price per share is equal to the sum of the liquidation value per share plus any
accumulated but unpaid dividends.
Insured Premium Income 2 (NPX) had all $219,000,000 of its VRDP Shares
outstanding during the six months ended April 30, 2010, with an annualized
interest rate of 0.31%.
For financial reporting purposes only, the liquidation value of VRDP Shares is
recognized as a liability on the Statement of Assets and Liabilities. Unpaid
dividends on VRDP Shares are recognized as a component of "Interest payable" on
the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are
recognized as a component of "Interest expense and amortization of offering
costs" on the Statement of Operations. In addition to this interest expense, the
Funds also pay a per annum liquidity fee to the liquidity provider, which is
recognized as "Liquidity fees" on the Statement of Operations.
Insurance
Under normal circumstances and during the six months ended April 30, 2010, each
Fund invests at least 80% of their net assets, (as defined in Footnote 7 -
Management Fees and Other Transactions with Affiliates) in municipal securities
that are covered by insurance guaranteeing the timely payment of principal and
interest. For purposes of this 80%, insurers must have a claims paying ability
rated at least "A" at the time of purchase by at least one independent rating
agency. In addition, each Fund invests at least 80% of its net assets in
municipal securities that are rated at least "BBB" at the time of purchase
(based on the higher of the rating of the insurer, if any, or the underlying
security) by at least one independent rating agency, or are unrated but judged
to be of similar credit quality by Nuveen Asset Management (the "Adviser"), a
wholly-owned subsidiary of Nuveen, or are backed by an escrow or trust account
containing sufficient U.S. Government or U.S. Government agency securities or
U.S. Treasury-issued State and Local Government Series securities to ensure
timely payment of principal and interest. Inverse floating rate securities whose
underlying bonds are covered by insurance are included for purposes of the 80%.
Each Fund may also invest up to 20% of its net assets in municipal securities
rated at least "BBB" (based on the higher rating of the insurer, if any, or the
underlying bond) or are unrated but judged to be of comparable quality by the
Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
86 Nuveen Investments
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and recognizes the related interest paid to the holders of the
short-term floating rate certificates as a component of "Interest expense and
amortization of offering costs" on the Statement of Operations.
During the six months ended April 30, 2010, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.
At April 30, 2010, each Fund's maximum exposure to externally-deposited Recourse
Trusts, is as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ 26,606,650 $ 31,095,000 $ 15,375,000 $ 14,845,000 $ -- $ 6,665,000
=============================================================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended April 30, 2010, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations outstanding $ 59,253,453 $ 134,833,333 $ 25,665,000 $ 57,980,000 $ 28,413,334 $ 13,040,000
Average annual interest rate and fees 0.63% 0.64% 0.65% 0.56% 0.68% 0.71%
===================================================================================================================================
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts
consistent with their investment objectives and policies to reduce, increase or
otherwise alter its risk profile or to alter its portfolio characteristics (i.e.
duration, yield curve positioning and credit quality).
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives. Each Fund's use of forward interest rate swap
transactions is intended to help the Fund manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Fund's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve each Fund's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Fund a variable or fixed rate payment, the
accruals for which would begin at a specified date in the future (the "effective
date"). The amount of the payment obligation is based on the notional amount of
the swap contract and the termination date of the swap (which is akin to a
bond's maturity). The value of the Fund's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
Forward interest rate swap contracts are valued daily. The net amount recorded
on these transactions for each counterparty is recognized on the Statement of
Assets and Liabilities as "Unrealized appreciation or depreciation on forward
swaps" with the change during the fiscal period recognized on the Statement of
Operations as "Change in net unrealized appreciation (depreciation) of forward
swaps."
The Funds may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. Net realized
gains and losses during the fiscal period are recognized on the Statement of
Operations as "Net realized gain (loss) from forward swaps." Each Fund intends,
but is not obligated, to terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination. The Funds did not invest in forward interest rate swap transactions
during the six months ended April 30, 2010.
Nuveen Investments 87
| Notes to Financial Statements (Unaudited) (continued)
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and
swap transactions, when applicable. The extent of each Fund's exposure to
counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities. Futures
contracts, when applicable, expose a Fund to minimal counterparty credit risk as
they are exchange traded and the exchange's clearinghouse, which is counterparty
to all exchange traded futures, guarantees the futures contracts against
default.
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties the Adviser believes have the financial resources to honor
their obligations and by having the Adviser monitor the financial stability of
the counterparties. Additionally, counterparties may be required to pledge
collateral daily (based on the daily valuation of the financial asset) on behalf
of each Fund with a value approximately equal to the amount of any unrealized
gain above a pre-determined threshold. Reciprocally, when each Fund has an
unrealized loss, the Funds have instructed the custodian to pledge assets of the
Funds as collateral with a value approximately equal to the amount of the
unrealized loss above a pre-determined threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either
up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. The market prices of zero coupon securities generally are more
volatile than the market prices of securities that pay interest periodically.
Offering Costs
Costs incurred by Insured Premium Income 2 (NPX) in connection with its offering
of VRDP Shares ($2,535,000) were recorded as a deferred charge which will be
amortized over the 30-year life of the shares. Costs incurred by Insured
Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) in connection with
their offerings of MTP Shares ($1,875,000 and $1,605,000, respectively) were
recorded as a deferred charge which will be amortized over the 5-year life of
the shares. Each Fund's amortized deferred charges are recognized as a component
of "Interest expense and amortization of offering costs" on the Statement of
Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP 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.
88 Nuveen Investments
2. FAIR VALUE MEASUREMENTS
In determining the value of each Fund's investments, various inputs are used.
These inputs are summarized in the three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of April 30, 2010:
INSURED QUALITY (NQI) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 799,986,545 $ -- $ 799,986,545
Short-Term Investments -- 10,000,000 -- 10,000,000
---------------------------------------------------------------------------------------------------
Total $ -- $ 809,986,545 $ -- $ 809,986,545
===================================================================================================
INSURED OPPORTUNITY (NIO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 2,155,558,928 $ -- $ 2,155,558,928
Short-Term Investments -- 5,782,000 -- 5,782,000
---------------------------------------------------------------------------------------------------
Total $ -- $ 2,161,340,928 $ -- $ 2,161,340,928
===================================================================================================
PREMIER INSURED INCOME (NIF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 431,603,809 $ -- $ 431,603,809
Short-Term Investments -- 2,885,000 -- 2,885,000
---------------------------------------------------------------------------------------------------
Total $ -- $ 434,488,809 $ -- $ 434,488,809
===================================================================================================
INSURED PREMIUM INCOME 2 (NPX) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 755,387,364 $ -- $ 755,387,364
===================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 662,462,567 $ -- $ 662,462,567
Investment Companies 1,321,031 -- -- 1,321,031
---------------------------------------------------------------------------------------------------
Total $ 1,321,031 $ 662,462,567 $ -- $ 663,783,598
===================================================================================================
INSURED TAX-FREE ADVANTAGE (NEA) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 481,873,244 $ -- $ 481,873,244
===================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Funds record derivative instruments at fair value, with changes in fair
value recognized on the Statement of Operations, when applicable. Even though
the Funds' investments in derivatives may represent economic hedges, they are
not considered to be hedge transactions for financial reporting purposes. The
Funds did not invest in derivative instruments during the six months ended April
30, 2010.
Nuveen Investments 89
| Notes to Financial Statements (Unaudited) (continued)
4. FUND SHARES
Common Shares
Transactions in Common shares were as follows:
INSURED INSURED PREMIER INSURED
QUALITY (NQI) OPPORTUNITY (NIO) INCOME (NIF)
------------------------ ------------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09
--------------------------------------------------------------------------------------------------------------------------------
Common shares:
Issued in the Reorganization -- -- -- 14,451,767* -- --
Issued to shareholders due to reinvestment of
distributions 35,617 11,552 -- -- -- --
Repurchased and retired -- -- (2,900) -- -- --
================================================================================================================================
Weighted average Common share:
Price per share repurchased and retired -- -- $ 12.93 -- -- --
Discount per share repurchased and retired -- -- 8.57% -- -- --
================================================================================================================================
INSURED INSURED INSURED
PREMIUM INCOME 2 (NPX) DIVIDEND ADVANTAGE (NVG) TAX-FREE ADVANTAGE (NEA)
------------------------ ------------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
Common shares:
Issued in the Reorganization -- -- -- -- -- 3,728,205**
Issued to shareholders due to reinvestment of
distributions -- -- -- -- -- --
Repurchased and retired -- -- -- (10,400) -- (19,300)
------------------------------------------------------------------------------------------------------------------------------------
-- -- -- (10,400) -- 3,708,905
====================================================================================================================================
Weighted average Common share:
Price per share repurchased and retired -- -- -- $ 11.53 -- $ 10.98
Discount per share repurchased and retired -- -- -- 16.82% -- 18.03%
====================================================================================================================================
* Common shares issued in the Reorganization of Insured Florida Premium
Income (NFL).
** Common shares issued in the Reorganization of Insured Florida Tax-Free
Advantage (NWF).
Preferred Shares
Transactions in ARPS were as follows:
INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO)
---------------------------------------------- -----------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/10 10/31/09 4/30/10 10/31/09
-----------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------------------------------
ARPS issued in the Reorganization:
Series W3 -- $ -- -- $ -- -- $ -- 1,510* $ 37,750,000*
Series TH3 -- -- -- -- -- -- 2,577* 64,425,000*
-----------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- 4,087 102,175,000
-----------------------------------------------------------------------------------------------------------------------------------
ARPS redeemed/and or noticed for
redemption:
Series M (55) (1,375,000) (431) (10,775,000) (53) (1,325,000) (294) (7,350,000)
Series T (54) (1,350,000) (430) (10,750,000) (53) (1,325,000) (294) (7,350,000)
Series W (54) (1,350,000) (429) (10,725,000) (53) (1,325,000) (294) (7,350,000)
Series W2 -- -- -- -- (43) (1,075,000) (236) (5,900,000)
Series W3 -- -- -- -- (41) (1,025,000) -- --
Series TH (49) (1,225,000) (383) (9,575,000) (53) (1,325,000) (295) (7,375,000)
Series TH2 -- -- -- -- (53) (1,325,000) (294) (7,350,000)
Series TH3 -- -- -- -- (24) (600,000) -- --
Series F (54) (1,350,000) (430) (10,750,000) (53) (1,325,000) (295) (7,375,000)
-----------------------------------------------------------------------------------------------------------------------------------
(266) (6,650,000) (2,103) (52,575,000) (426) (10,650,000) (2,002) (50,050,000)
-----------------------------------------------------------------------------------------------------------------------------------
Total (266) $ (6,650,000) (2,103) $ (52,575,000) (426) $ (10,650,000) 2,085 $ 52,125,000
===================================================================================================================================
90 Nuveen Investments
PREMIER INSURED INCOME (NIF) INSURED PREMIUM INCOME 2 (NPX)
---------------------------------------------- -----------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/10 10/31/09 4/30/10 10/31/09
-----------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
-----------------------------------------------------------------------------------------------------------------------------------
ARPS redeemed/and or noticed for
redemption:
Series M -- $ -- -- $ -- N/A N/A N/A N/A
Series T -- -- -- -- N/A N/A N/A N/A
Series W -- -- (130) (3,250,000) N/A N/A N/A N/A
Series TH -- -- (432) (10,800,000) N/A N/A N/A N/A
Series F -- -- (431) (10,775,000) N/A N/A N/A N/A
-----------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- (993) $ (24,825,000) N/A N/A N/A N/A
===================================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA)
-------------------------------------------- -------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/10 10/31/09 4/30/10 10/31/09
------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
ARPS issued in the Reorganization:
Series W2 -- $ -- -- $ -- -- $ -- 1,070** $ 26,750,000**
------------------------------------------------------------------------------------------------------------------------------------
ARPS redeemed/and or noticed for
redemption:
Series M -- -- (1,832) (45,800,000) -- -- -- --
Series T -- -- (1,783) (44,575,000) (1,336) (33,400,000) (216) (5,400,000)
Series W -- -- -- -- (1,335) (33,375,000) (216) (5,400,000)
Series W2 -- -- -- -- (584) (14,600,000) -- --
Series TH -- -- (1,786) (44,650,000) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
-- -- (5,401) (135,025,000) (3,255) (81,375,000) (432) (10,800,000)
------------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- (5,401) $ (135,025,000) (3,255) $ (81,375,000) 638 $ 15,950,000
====================================================================================================================================
* ARPS issued in the Reorganization of Insured Florida Premium Income (NFL).
Prior to the Reorganization, Insured Florida Premium Income (NFL) redeemed
130 and 233 Series W and TH shares, respectively, in the amounts of
$3,250,000 and $5,575,000, respectively.
** ARPS issued in the Reorganization of Insured Florida Tax-Free Advantage
(NWF). Prior to the Reorganization, Insured Florida Tax-Free Advantage
(NWF) redeemed 90 Series W shares in the amount of $2,250,000.
N/A Insured Premium Income 2 (NPX) redeemed all $268,900,000 of its
outstanding ARPS during the fiscal year ended October 31, 2008.
Transactions in MTP Shares were as follows:
INSURED DIVIDEND ADVANTAGE (NVG)
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
4/30/10 10/31/09
-----------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------
MTP Shares issued:
Series 2014 -- $ -- 10,800,000 $ 108,000,000
================================================================================
INSURED TAX-FREE ADVANTAGE (NEA)
-----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
4/30/10 10/31/09
-----------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------
MTP Shares issued:
Series 2015 8,300,000 $ 83,000,000 -- $ --
================================================================================
Nuveen Investments 91
| Notes to Financial Statements (Unaudited) (continued)
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended April 30, 2010, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
---------------------------------------------------------------------------------------------------------------
Purchases $ 30,756,530 $ 81,933,936 $ 24,593,873 $ 48,778,688 $ 10,086,178 $ 5,190,360
Sales and maturities 57,833,503 70,636,404 21,330,000 51,115,022 10,033,347 55,692
===============================================================================================================
6. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
At April 30, 2010, the cost and unrealized appreciation (depreciation) of
investments as determined on a federal income tax basis, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 749,663,196 $ 1,976,647,888 $ 395,881,456 $ 692,941,469 $ 617,951,529 $ 454,137,143
-----------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation 33,491,635 $ 99,029,425 $ 22,193,453 $ 30,403,521 $ 39,198,636 $ 23,569,607
Depreciation (32,441,626) (49,163,931) (9,252,405) (25,940,200) (21,778,806) (8,870,991)
-----------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ 1,050,009 $ 49,865,494 $ 12,941,048 $ 4,463,321 $ 17,419,830 $ 14,698,616
===================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at October 31, 2009, the Funds' last tax year
end, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 7,130,915 $ 19,121,578 $ 4,578,949 $ 5,048,068 $ 6,280,025 $ 4,510,076
Undistributed net ordinary income ** 746 -- 96 157 -- 54
Undistributed net long-term capital gains -- -- -- -- 1,311,770 --
===============================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2009, paid on November 2, 2009.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
October 31, 2009, was designated for purposes of the dividends paid deduction as
follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 30,908,983 $ 61,377,271 $ 15,125,146 $ 26,240,993 $ 24,084,927 $ 14,021,812
Distributions from net ordinary income ** -- 118,143 -- -- -- --
Distributions from net long-term capital
gains -- -- -- -- -- --
===================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
92 Nuveen Investments
At October 31, 2009, the Funds' last tax year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
PREMIER INSURED INSURED
INSURED INSURED INSURED PREMIUM TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE
(NQI) (NIO)* (NIF) (NPX) (NEA)*
---------------------------------------------------------------------------------------------------
Expiration:
October 31, 2010 $ -- $ -- $ -- $ -- $ 772,428
October 31, 2011 -- -- -- -- 97,429
October 31, 2012 -- -- -- -- 236,625
October 31, 2013 -- -- -- -- 4,418,633
October 31, 2014 731,585 -- -- -- --
October 31, 2015 -- 1,075,228 52,137 -- 174,026
October 31, 2016 3,901,375 7,511,676 2,437,248 6,922,132 1,917,479
October 31, 2017 217,917 -- -- 456,587 --
---------------------------------------------------------------------------------------------------
Total $ 4,850,877 $ 8,586,904 $ 2,489,385 $ 7,378,719 $ 7,616,620
===================================================================================================
* A portion of Insured Opportunity's (NIO) and Insured Tax-Free Advantage's
(NEA) capital loss carryforward is subject to an annual limitation under
the Internal Revenue Code and related regulations.
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a fund-level fee,
based only on the amount of assets within each individual Fund, and a
complex-level fee, based on the aggregate amount of all fund assets managed by
the Adviser. This pricing structure enables each Fund's shareholders to benefit
from growth in the assets within their respective Fund as well as from growth in
the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated
according to the following schedule:
INSURED QUALITY (NQI)
INSURED OPPORTUNITY (NIO)
PREMIER INSURED INCOME (NIF)
INSURED PREMIUM INCOME 2 (NPX)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
INSURED DIVIDEND ADVANTAGE (NVG)
INSURED TAX-FREE ADVANTAGE (NEA)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
Nuveen Investments 93
| Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee for each Fund, payable monthly, is calculated
according to the following schedule:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
* The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed assets of all Nuveen
funds, with such daily managed assets defined separately for each fund in
its management agreement, but excluding assets attributable to investments
in other Nuveen funds. For the complex-level and fund-level fees, daily
managed assets include assets managed by the Adviser that are attributable
to financial leverage. For these purposes, financial leverage includes the
funds' use of preferred stock and borrowings and investments in the
residual interest certificates (also called inverse floating rate
securities) in tender option bond (TOB) trusts, including the portion of
assets held by a TOB trust that has been effectively financed by the
trust's issuance of floating rate securities, subject to an agreement by
the Adviser to limit the amount of such assets for determining managed
assets in certain circumstances. As of April 30, 2010, the complex-level
fee rate was .1852%.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its directors/trustees who are affiliated with
the Adviser or to its officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
directors/trustees that enables directors/trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of Insured Dividend Advantage's (NVG) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets, for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured Dividend Advantage (NVG) for any
portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured Tax-Free Advantage's (NEA) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets, for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured Tax-Free Advantage (NEA) for any
portion of its fees and expenses beyond November 30, 2010.
94 Nuveen Investments
8. NEW ACCOUNTING STANDARDS
Accounting for Transfers of Financial Assets During June 2009, the Financial
Accounting Standards Board ("FASB") issued changes to the authoritative guidance
under U.S. GAAP on accounting for transfers of financial assets. The objective
of this guidance is to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows; and a
transferor's continuing involvement, if any, in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
Fair Value Measurements
On January 21, 2010, FASB issued changes to the authoritative guidance under
U.S. GAAP for fair value measurements. The objective of this guidance is to
provide guidance on how investment assets and liabilities are to be valued and
disclosed. Specifically, the amendment requires reporting entities to disclose
i) the input and valuation techniques used to measure fair value for both
recurring and nonrecurring fair value measurements, for both Level 2 and Level 3
positions, ii) transfers between all levels (including Level 1 and Level 2) on a
gross basis (i.e., transfers out must be disclosed separately from transfers in)
as well as the reason(s) for the transfer and iii) purchases, sales, issuances
and settlements in the Level 3 rollforward must be shown on a gross basis rather
than as one net number. The effective date of the amendment is for interim and
annual periods beginning after December 15, 2009, however, the requirement to
provide the Level 3 activity for purchases, sales, issuances and settlements on
a gross basis will be effective for interim and annual periods beginning after
December 15, 2010. At this time, management is evaluating the implications of
this guidance and the impact it will have to the financial statement amounts and
footnote disclosures, if any.
9. SUBSEQUENT EVENTS
Investment Policy Changes - Insurance
On May 3, 2010, the Funds' Board of Directors/Trustees approved changes to each
Fund's insurance investment policies in response to the continuing challenges
faced by municipal bond insurers. The changes to each Fund's investment policies
are intended to increase the Fund's investment flexibility in pursuing its
investment objective, while retaining the insured nature of its portfolio.
The changes, effective immediately, provide that under normal circumstances, the
Funds invest at least 80% of their managed assets (as defined in Footnote 7 -
Management Fees and Other Transactions with Affiliates) in municipal securities
that are covered by insurance guaranteeing the timely payment of principal and
interest. In addition, the municipal securities in which each Fund invests will
be rated investment grade at the time of purchase (based on the higher of the
rating of the insurer, if any, or the underlying security) by at least one
independent rating agency, or are unrated but judged to be of similar credit
quality by the Adviser, or are backed by an escrow or trust account containing
sufficient U.S. government or U.S. government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure timely
payment of principal and interest. Inverse floating rate securities whose
underlying bonds are covered by insurance are included for purposes of the 80%.
Nuveen Investments 95
| Financial
| Highlights(Unaudited)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
----------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ AUCTION RATE AUCTION RATE
NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED
VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL
------------------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ 13.61 $ .49 $ .34 $ (.01) $ -- $ .82
2009 11.68 .99 1.76 (.06) -- 2.69
2008 14.88 .99 (3.16) (.30) -- (2.47)
2007 15.40 .99 (.49) (.29) -- .21
2006 15.31 .99 .24 (.25) (.01) .97
2005 15.85 1.03 (.39) (.16) -- .48
INSURED OPPORTUNITY (NIO)
------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) 14.22 .49 .26 (.01) -- .74
2009 12.39 .96 1.66 (.06) -- 2.56
2008 15.04 .97 (2.62) (.30) --** (1.95)
2007 15.57 .98 (.45) (.30) (.01) .22
2006 15.46 .98 .34 (.24) (.03) 1.05
2005 16.06 1.01 (.50) (.16) -- .35
============================================================================================================
LESS DISTRIBUTIONS
----------------------------------
DISCOUNT
NET FROM
INVESTMENT CAPITAL COMMON ENDING
INCOME TO GAINS TO SHARES COMMON
COMMON COMMON REPURCHASED SHARE ENDING
SHARE- SHARE- AND NET ASSET MARKET
HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE
-------------------------------------------------------------------------------------------------
INSURED QUALITY (NQI)
-------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ (.42) $ -- $ (.42) $ -- $ 14.01 $ 14.20
2009 (.76) -- (.76) -- 13.61 13.30
2008 (.73) -- (.73) -- 11.68 11.15
2007 (.73) -- (.73) -- 14.88 13.61
2006 (.80) (.08) (.88) -- 15.40 14.83
2005 (.97) (.05) (1.02) -- 15.31 15.31
INSURED OPPORTUNITY (NIO)
-------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) (.41) -- (.41) --** 14.55 13.97
2009 (.73) -- (.73) -- 14.22 12.98
2008 (.70) --** (.70) -- 12.39 11.15
2007 (.73) (.02) (.75) -- 15.04 13.56
2006 (.80) (.14) (.94) -- 15.57 14.75
2005 (.92) (.03) (.95) -- 15.46 14.52
=================================================================================================
AUCTION RATE PREFERRED SHARES
AT END OF PERIOD
---------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
--------------------------------------------------------------------------------
INSURED QUALITY (NQI)
--------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ 239,200 $ 25,000 $ 81,151
2009 245,850 25,000 78,001
2008 298,425 25,000 62,485
2007 318,000 25,000 69,808
2006 318,000 25,000 71,378
2005 318,000 25,000 71,052
INSURED OPPORTUNITY (NIO)
--------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) 664,825 25,000 77,312
2009 675,475 25,000 75,292
2008 623,350 25,000 65,315
2007 680,000 25,000 69,864
2006 680,000 25,000 71,440
2005 680,000 25,000 71,126
================================================================================
96 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b)
----------------------- ---------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
10.08% 6.12% $ 537,251 1.19%* 1.12%* 7.20%* 4%
26.98 23.65 521,216 1.32 1.21 7.86 4
(13.35) (17.24) 447,463 1.49 1.23 7.03 7
(3.48) 1.38 569,958 1.52 1.18 6.53 5
2.76 6.53*** 589,928 1.20 1.20 6.49 13
2.11 3.09 585,777 1.19 1.19 6.58 21
---------------------------------------------------------------------------------------------------
10.88 5.24 1,391,133 1.17* 1.10* 6.82* 3
23.62 21.18 1,358,844 1.29 1.18 7.36 8
(13.17) (13.45) 1,005,218 1.43 1.19 6.76 9
(3.18) 1.49 1,220,297 1.41 1.16 6.39 5
8.26 7.05*** 1,263,172 1.17 1.17 6.38 13
(3.72) 2.21 1,254,638 1.16 1.16 6.35 25
===================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
*** During the fiscal year ended October 31, 2006, Insured Quality (NQI) and
Insured Opportunity (NIO) received payments from the Adviser or $27,762
and $42,338, respectively, to offset losses realized on the disposal of
investments purchased in violation of each Fund's investment
restrictions. This reimbursement did not have an impact on the Fund's
Total Return on Common Share Net Asset Value.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price.
The actual reinvestment for the last dividend declared in the period may
take place over several days, and in some instances may not be based on
the market price, so the actual reinvestment price may be different from
the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at
net asset value and reinvested capital gains distributions at net asset
value, if any. The last dividend declared in the period, which is
typically paid on the first business day of the following month, is
assumed to be reinvested at the ending net asset value. The actual
reinvest price for the last dividend declared in the period may often be
based on the Fund's market price (and not its net asset value), and
therefore may be different from the price used in the calculation. Total
returns are not annualized.
(b) Expense ratios do not reflect the reduction of custodian fee credits
earned on the Fund's net cash on deposit with the custodian bank, where
applicable.
(c) The expense ratios reflect, among other things, the interest expense
deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund, as described in Footnote 1 - Inverse Floating
Rate Securities.
(d) For the six months ended April 30, 2010.
See accompanying notes to financial statements.
Nuveen Investments 97
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
--------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ AUCTION RATE AUCTION RATE
NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED
VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL
---------------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
---------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ 14.38 $ .48 $ .24 $ (.01) $ -- $ .71
2009 12.54 .99 1.64 (.06) -- 2.57
2008 14.90 .96 (2.37) (.31) -- (1.72)
2007 15.40 .97 (.47) (.29) -- .21
2006 15.33 .98 .25 (.25) (.02) .96
2005 16.00 1.01 (.49) (.16) (.01) .35
INSURED PREMIUM INCOME 2 (NPX)
---------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) 12.96 .40 .22 -- -- .62
2009 11.39 .80 1.44 -- -- 2.24
2008 13.73 .80 (2.32) (.20) -- (1.72)
2007 14.16 .86 (.39) (.26) -- .21
2006 13.93 .86 .28 (.23) -- .91
2005 14.45 .89 (.44) (.14) -- .31
=========================================================================================================
LESS DISTRIBUTIONS
----------------------------------
NET DISCOUNT
INVESTMENT CAPITAL FROM COMMON ENDING
INCOME TO GAINS TO SHARES COMMON
COMMON COMMON REPURCHASED SHARE ENDING
SHARE- SHARE- AND NET ASSET MARKET
HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE
--------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
--------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ (.43) $ -- $ (.43) $ -- $ 14.66 $ 14.66
2009 (.73) -- (.73) -- 14.38 13.10
2008 (.64) -- (.64) -- 12.54 11.19
2007 (.71) -- (.71) -- 14.90 13.25
2006 (.79) (.10) (.89) -- 15.40 14.60
2005 (.93) (.09) (1.02) -- 15.33 14.40
INSURED PREMIUM INCOME 2 (NPX)
--------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) (.37) -- (.37) -- 13.21 12.67
2009 (.67) -- (.67) -- 12.96 11.86
2008 (.62) -- (.62) -- 11.39 9.56
2007 (.64) -- (.64) -- 13.73 12.18
2006 (.68) -- (.68) -- 14.16 13.03
2005 (.83) -- (.83) -- 13.93 12.83
==================================================================================================
AUCTION RATE PREFERRED SHARES VARIABLE RATE DEMAND PREFERRED SHARES
AT END OF PERIOD AT END OF PERIOD
-------------------------------------- --------------------------------------
AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE (000) PER SHARE PER SHARE
----------------------------------------------------------------------------------------------------
PREMIER INSURED INCOME (NIF)
----------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ 130,125 $ 25,000 $ 79,706 $ -- $ -- $ --
2009 130,125 25,000 78,662 -- -- --
2008 154,950 25,000 64,301 -- -- --
2007 161,000 25,000 69,938 -- -- --
2006 161,000 25,000 71,429 -- -- --
2005 161,000 25,000 71,215 -- -- --
INSURED PREMIUM INCOME 2 (NPX)
----------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) -- -- -- 219,000 100,000 325,360
2009 -- -- -- 219,000 100,000 321,036
2008 -- -- -- 219,000 100,000 294,318
2007 268,900 25,000 72,696 -- -- --
2006 268,900 25,000 74,180 -- -- --
2005 268,900 25,000 73,392 -- -- --
====================================================================================================
98 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b)
----------------------- ---------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
15.34% 5.00% $ 284,746 1.22%* 1.16%* 6.71%* 5%
24.07 20.90 279,312 1.30 1.23 7.25 2
(11.12) (11.92) 243,589 1.42 1.25 6.72 6
(4.66) 1.40 289,400 1.38 1.21 6.41 9
7.68 6.46 299,001 1.22 1.22 6.44 8
(1.66) 2.16 297,624 1.20 1.20 6.39 20
--------------------------------------------------------------------------------------------------
10.04 4.85 493,539 1.66* 1.43* 6.23* 7
31.78 20.15 484,069 1.98 1.47 6.56 7
(17.17) (12.98) 425,557 2.13 1.25 6.12 8
(1.77) 1.55 513,021 1.76 1.16 6.19 5
7.11 6.75 528,984 1.16 1.16 6.14 15
(3.32) 2.14 520,508 1.16 1.16 6.20 23
===================================================================================================
* Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares and/or Variable Rate Demand Preferred shares, where applicable.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) Expense ratios do not reflect the reduction of custodian fee credits
earned on the Fund's net cash on deposit with the custodian bank, where
applicable.
(c) The expense ratios reflect, among other things, payments to Variable Rate
Demand Preferred shareholders and/or the interest expense deemed to have
been paid by the Fund on the floating rate certificates issued by the
special purpose trusts for the self-deposited inverse floaters held by the
Fund, where applicable, as described in Footnote 1 - Variable Rate Demand
Preferred Shares and Inverse Floating Rate Securities, respectively.
(d) For the six months ended April 30, 2010.
See accompanying notes to financial statements.
Nuveen Investments 99
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
----------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
BEGINNING INVESTMENT CAPITAL
COMMON NET INCOME TO GAINS TO
SHARE NET REALIZED/ AUCTION RATE AUCTION RATE
NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED
VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL
----------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ 14.80 $ .45 $ .17 $ --** $ --** $ .62
2009 12.85 1.00 1.77 (.06) -- 2.71
2008 15.09 1.00 (2.25) (.29) -- (1.54)
2007 15.50 1.00 (.38) (.28) -- .34
2006 15.23 1.01 .33 (.25) -- 1.09
2005 15.78 1.00 (.38) (.15) (.01) .46
INSURED TAX-FREE ADVANTAGE (NEA)
---------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) 14.42 .45 .23 (.01) -- .67
2009 12.37 .98 1.86 (.06) -- 2.78
2008 14.71 .95 (2.31) (.27) -- (1.63)
2007 14.93 .97 (.21) (.27) -- .49
2006 14.56 .97 .38 (.24) -- 1.11
2005 14.75 .97 (.19) (.15) -- .63
==========================================================================================================
LESS DISTRIBUTIONS
---------------------------------
DISCOUNT
NET FROM
INVESTMENT CAPITAL COMMON ENDING
INCOME TO GAINS TO SHARES COMMON
COMMON COMMON REPURCHASED SHARE ENDING
SHARE- SHARE- AND NET ASSET MARKET
HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE
-------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
-------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ (.42) $ (.04) $ (.46) $ -- $ 14.96 $ 14.53
2009 (.76) -- (.76) --** 14.80 13.85
2008 (.70) -- (.70) -- 12.85 11.42
2007 (.75) -- (.75) -- 15.09 13.71
2006 (.82) -- (.82) -- 15.50 14.89
2005 (.89) (.12) (1.01) -- 15.23 14.17
INSURED TAX-FREE ADVANTAGE (NEA)
------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) (.41) -- (.41) -- 14.68 14.52
2009 (.73) -- (.73) --** 14.42 13.48
2008 (.71) -- (.71) -- 12.37 11.40
2007 (.71) -- (.71) -- 14.71 14.30
2006 (.74) -- (.74) -- 14.93 14.35
2005 (.81) (.01) (.82) -- 14.56 13.41
===========================================================================================
AUCTION RATE PREFERRED
SHARESAND MUNIFUND
AUCTION RATE PREFERRED SHARES MUNIFUND TERM PREFERRED SHARES TERM PREFERRED SHARES
AT END OF PERIOD AT END OF PERIOD AT END OF PERIOD
---------------------------------- ------------------------------------------------- ----------------------
AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AVERAGE
AMOUNT AND MARKET ASSET AMOUNT AND MARKET MARKET ASSET
OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE VALUE COVERAGE ASSET COVERAGE PER $1
(000) PER SHARE PER SHARE (000) PER SHARE PER SHARE PER SHARE LIQUIDATION PREFERENCE
-----------------------------------------------------------------------------------------------------------------------------------
INSURED DIVIDEND ADVANTAGE (NVG)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) $ 91,950 $ 25,000 $ 80,752 $ 108,000 $ 10 $ 10.16**** $ 32.30 $ 3.23
2009 91,950 25,000 80,165 108,000 10 10.03 32.00 3.21
2008 226,975 25,000 67,189 -- -- -- -- --
2007 233,000 25,000 73,281 -- -- -- -- --
2006 233,000 25,000 74,575 -- -- -- -- --
2005 233,000 25,000 73,714 -- -- -- -- --
INSURED TAX-FREE ADVANTAGE (NEA)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(d) 67,375 25,000 79,266 83,000 10 10.09***** 31.71 3.17
2009 148,750 25,000 78,880 -- -- -- -- --
2008 132,800 25,000 68,124 -- -- -- -- --
2007 144,000 25,000 72,290 -- -- -- -- --
2006 144,000 25,000 73,005 -- -- -- -- --
2005 144,000 25,000 71,808 -- -- -- -- --
===================================================================================================================================
100 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
---------------------- ----------------------------------- ------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
8.35% 4.25% $ 445,904 1.92%* 1.07%* 5.89%* 1.70%* .85%* 6.10%* 2%
28.72 21.54 441,207 1.25 1.17 6.86 .98 .91 7.12 9
(12.11) (10.64) 383,035 1.32 1.17 6.48 .98 .83 6.82 7
(3.12) 2.25 449,982 1.31 1.14 6.15 .90 .73 6.56 12
11.09 7.39 462,037 1.15 1.15 6.15 .70 .70 6.60 15
2.00 2.93 454,018 1.15 1.15 5.96 .70 .70 6.42 2
-------------------------------------------------------------------------------------------------------------------------------
10.84 4.67 326,413 1.62* 1.12* 6.08* 1.48* .98* 6.22* --***
25.41 23.05 320,587 1.24 1.19 7.14 .99 .94 7.39 6
(15.97) (11.56) 229,075 1.26 1.19 6.27 .87 .81 6.66 8
4.59 3.35 272,391 1.19 1.17 6.04 .70 .68 6.53 6
12.82 7.82 276,506 1.19 1.19 6.12 .69 .69 6.61 --
(4.68) 4.33 269,614 1.19 1.19 6.06 .70 .70 6.55 1
===============================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
*** Calculates to less than 1%.
**** For the period October 19, 2009 (first issuance dates of shares) through
October 31, 2009.
***** For the period January 19, 2010 (first issuance dates of shares) through
April 30, 2010.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares and/or MuniFund Term Preferred shares, were applicable.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the
Fund's net cash on deposit with the custodian bank, where applicable.
(c) The expense ratios reflect, among other things, payments to MuniFund Term
Preferred shareholders and/or the interest expense deemed to have been
paid by the Fund on the floating rate certificates issued by the special
purpose trusts for the self-deposited inverse floaters held by the Fund,
where applicable, as described in Footnote 1 - MuniFund Term Preferred
Shares and Inverse Floating Rate Securities, respectively.
(d) For the six months ended April 30, 2010.
See accompanying notes to financial statements.
Nuveen Investments 101
Reinvest Automatically Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your
reinvestment account.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price
102 Nuveen Investments
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
Nuveen Investments 103
Glossary of Terms Used in this Report
o AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time
period. It expresses the return that would have been necessary each year
to equal the investment's actual cumulative performance (including change
in NAV or market price and reinvested dividends and capital gains
distributions, if any) over the time period being considered.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments
or the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, are created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a
broker-dealer. This trust, in turn, (a) issues floating rate certificates
typically paying short-term tax-exempt interest rates to third parties in
amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate
(sometimes referred to as an "inverse floater") to an investor (such as a
Fund) interested in gaining investment exposure to a long-term municipal
bond. The income received by the holder of the inverse floater varies
inversely with the short-term rate paid to the floating rate certificates'
holders, and in most circumstances the holder of the inverse floater bears
substantially all of the underlying bond's downside investment risk. The
holder of the inverse floater typically also benefits disproportionately
from any potential appreciation of the underlying bond's value. Hence, an
inverse floater essentially represents an investment in the underlying
bond on a leveraged basis.
104 Nuveen Investments
o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period
over which a bond's principal and interest will be paid, and consequently
is a measure of the sensitivity of a bond's or bond Fund's value to
changes when market interest rates change. Generally, the longer a bond's
or Fund's duration, the more the price of the bond or Fund will change as
interest rates change. Leverage-adjusted duration takes into account the
leveraging process for a Fund and therefore is longer than the duration of
the Fund's portfolio of bonds.
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting
the liabilities of the Fund (including any Preferred shares issued in
order to leverage the Fund) from its total assets and then dividing the
remainder by the number of common shares outstanding. Fund NAVs are
calculated at the end of each business day.
o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or
refinancings, is a procedure used by state and local governments to
refinance municipal bonds to lower interest expenses. The issuer sells new
bonds with a lower yield and uses the proceeds to buy U.S. Treasury
securities, the interest from which is used to make payments on the
higher-yielding bonds. Because of this collateral, pre-refunding generally
raises a bond's credit rating and thus its value.
o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
Nuveen Investments 105
Notes
106 Nuveen Investments
Notes
Nuveen Investments 107
Notes
108 Nuveen Investments
Other Useful Information
BOARD OF
DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2009, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
("NYSE") the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common and/or
auction rate preferred stock in the future at such times and in such amounts as
is deemed advisable. During the period covered by this report, the Funds
repurchased and/or redeemed shares of their common and/or auction rate preferred
stock as shown in the accompanying table.
AUCTION RATE
COMMON SHARES PREFERRED SHARES
REPURCHASED REDEEMED
NQI -- 266
NIO 2,900 426
NIF -- --
NPX -- --
NVG -- --
NEA -- 3,255
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
Nuveen Investments 109
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions through continued
adherence to proven, longterm investing principles. Today, we offer a range of
high quality equity and fixed-income solutions designed to be integral
components of a well-diversified core portfolio.
FOCUSED ON MEETING INVESTOR NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. We market our growing
range of specialized investment solutions under the high-quality brands of
HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital.
In total, Nuveen Investments managed approximately $150 billion of assets on
March 31, 2010.
FIND OUT HOW WE CAN HELP YOU.
To learn more about how the products and services of Nuveen Investments may be
able to help you meet your financial goals, talk to your financial advisor, or
call us at (800) 257-8787. Please read the information provided carefully before
you invest.
Investors should consider the investment objective and policies, risk
considerations, charges and expenses of any investment carefully. Where
applicable, be sure to obtain a prospectus, which contains this and other
relevant information. To obtain a prospectus, please contact your securities
representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-D-0410D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Period* (a) (b) (c) (d)*
TOTAL NUMBER OF AVERAGE TOTAL NUMBER OF SHARES MAXIMUM NUMBER (OR
SHARES (OR PRICE (OR UNITS) PURCHASED AS APPROXIMATE DOLLAR VALUE) OF
UNITS) PAID PER PART OF PUBLICLY SHARES (OR UNITS) THAT MAY YET
PURCHASED SHARE (OR ANNOUNCED PLANS OR BE PURCHASED UNDER THE PLANS OR
UNIT) PROGRAMS PROGRAMS
NOVEMBER 1-30, 2009 2,900 $12.93 2,900 8,112,100
DECEMBER 1-31, 2009 0 0 8,112,100
JANUARY 1-31, 2010 0 0 8,112,100
FEBRUARY 1-28, 2010 0 0 8,112,100
MARCH 1-31, 2010 0 0 8,112,100
APRIL 1-30, 2010 0 0 8,112,100
TOTAL 2,900
* The registrant's repurchase program, which authorized the repurchase of
8,115,000 shares, was announced October 3, 2009. Any repurchases made by
the registrant pursuant to the program were made through open-market
transactions.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Directors or Trustees
implemented after the registrant last provided disclosure in response to
this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured Municipal Opportunity Fund, Inc.
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: July 8, 2010
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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: July 8, 2010
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By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2010
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