Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage and Other Information
|
11
|
Common Share Dividend and Price Information
|
13
|
Performance Overviews
|
14
|
Shareholder Meeting Report
|
18
|
Portfolios of Investments
|
20
|
Statement of Assets and Liabilities
|
38
|
Statement of Operations
|
39
|
Statement of Changes in Net Assets
|
40
|
Statement of Cash Flows
|
42
|
Financial Highlights
|
44
|
Notes to Financial Statements
|
50
|
Reinvest Automatically, Easily and Conveniently
|
62
|
Glossary of Terms Used in this Report
|
64
|
Additional Fund Information
|
67
|
4
|
Nuveen Investments
|
Acquired Funds
|
Symbol
|
Acquiring Fund
|
Symbol
|
Nuveen Connecticut Dividend Advantage
|
NFC
|
Nuveen Connecticut Premium Income
|
NTC
|
Municipal Fund
|
Municipal Fund
|
||
Nuveen Connecticut Dividend Advantage
|
NGK
|
||
Municipal Fund 2
|
|||
Nuveen Connecticut Dividend Advantage
|
NGO
|
||
Municipal Fund 3
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
Fund
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
Connecticut
|
||||
NTC
|
4.91%
|
13.14%
|
6.86%
|
6.15%
|
S&P Connecticut Municipal Bond Index**
|
3.10%
|
7.42%
|
5.13%
|
4.76%
|
S&P Municipal Bond Index**
|
4.52%
|
10.94%
|
6.09%
|
5.57%
|
Lipper Other States Municipal Debt Funds Classification Average**
|
6.85%
|
16.99%
|
7.48%
|
6.73%
|
Massachusetts
|
||||
NMT
|
5.60%
|
14.64%
|
7.44%
|
6.42%
|
NMB
|
6.15%
|
15.93%
|
7.05%
|
6.67%
|
NGX
|
4.46%
|
9.40%
|
5.91%
|
5.81%
|
S&P Massachusetts Municipal Bond Index**
|
4.05%
|
9.70%
|
6.22%
|
5.61%
|
S&P Municipal Bond Index**
|
4.52%
|
10.94%
|
6.09%
|
5.57%
|
Lipper Other States Municipal Debt Funds Classification Average**
|
6.85%
|
16.99%
|
7.48%
|
6.73%
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
For additional information, see the Performance Overview page for your Fund in this report.
|
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
**
|
For definitions, refer to Glossary of Terms Used in this Report. Indexes and Lipper averages are not available for direct investment.
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
Shares Issued
|
|||||||
at $10 Per Share
|
Annual
|
NYSE
|
|||||
Fund
|
Series
|
Liquidation Value
|
Interest Rate
|
Ticker
|
|||
Connecticut
|
|||||||
NTC
|
2015
|
18,300,000
|
2.65%
|
NTC PRC
|
|||
2016
|
17,780,000
|
2.55%
|
NTC PRD
|
||||
2015
|
* |
20,470,000
|
2.60%
|
NTC PRE
|
|||
2015-1
|
* |
16,950,000
|
2.60%
|
NTC PRF
|
|||
2015-1
|
* |
32,000,000
|
2.65%
|
NTC PRG
|
|||
Massachusetts
|
|||||||
NMT
|
2015
|
20,210,000
|
2.65%
|
NMT PRC
|
|||
2016
|
16,435,000
|
2.75%
|
NMT PRD
|
||||
NMB
|
2015
|
14,725,000
|
2.60%
|
NMB PRC
|
|||
NGX
|
2015
|
22,075,000
|
2.65%
|
NGX PRC
|
Nuveen Investments
|
11
|
12
|
Nuveen Investments
|
11/30/12
|
Six-Month Average
|
|
Fund
|
(-) Discount
|
(-) Discount
|
NTC
|
(-)6.55%
|
(-)6.90%
|
NMT
|
(-)2.32%
|
(-)1.41%
|
NMB
|
(-)2.01%
|
(-)1.54%
|
NGX
|
(-)2.95%
|
(-)1.82%
|
Nuveen Investments
|
13
|
NTC
|
Nuveen Connecticut
|
|
Performance
|
Premium Income
|
|
OVERVIEW
|
Municipal Fund
|
|
as of November 30, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.70
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.73
|
||
Premium/(Discount) to NAV
|
-6.55
|
%
|
||
Market Yield
|
4.82
|
%
|
||
Taxable-Equivalent Yield1
|
7.12
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
231,108
|
Leverage
|
||||
Regulatory Leverage
|
31.34
|
%
|
||
Effective Leverage
|
35.08
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 5/20/93)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
6.16
|
%
|
4.91
|
%
|
|||
1-Year
|
10.29
|
%
|
13.14
|
%
|
|||
5-Year
|
7.35
|
%
|
6.86
|
%
|
|||
10-Year
|
4.53
|
%
|
6.15
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
Education and Civic Organizations
|
24.1
|
%
|
||
Health Care
|
21.8
|
%
|
||
Tax Obligation/Limited
|
12.8
|
%
|
||
Tax Obligation/General
|
10.4
|
%
|
||
Water and Sewer
|
8.2
|
%
|
||
U.S. Guaranteed
|
6.5
|
%
|
||
Utilities
|
5.8
|
%
|
||
Housing/Single Family
|
4.7
|
%
|
||
Other
|
5.7
|
%
|
Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0420 per share.
|
4
|
Holdings are subject to change.
|
14
|
Nuveen Investments
|
NMT
|
Nuveen Massachusetts
|
|
Performance
|
Premium Income
|
|
OVERVIEW
|
Municipal Fund
|
|
as of November 30, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.58
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.95
|
||
Premium/(Discount) to NAV
|
-2.32
|
%
|
||
Market Yield
|
4.54
|
%
|
||
Taxable-Equivalent Yield1
|
6.66
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
76,154
|
Leverage
|
||||
Regulatory Leverage
|
32.49
|
%
|
||
Effective Leverage
|
34.49
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 3/18/93)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
5.43
|
%
|
5.60
|
%
|
|||
1-Year
|
19.05
|
%
|
14.64
|
%
|
|||
5-Year
|
9.41
|
%
|
7.44
|
%
|
|||
10-Year
|
5.74
|
%
|
6.42
|
%
|
Portfolio Composition4
|
||||
(as a % of total investments)
|
||||
Education and Civic Organizations
|
24.0
|
%
|
||
Health Care
|
17.8
|
%
|
||
U.S. Guaranteed
|
13.2
|
%
|
||
Tax Obligation/Limited
|
12.1
|
%
|
||
Tax Obligation/General
|
12.1
|
%
|
||
Transportation
|
5.9
|
%
|
||
Water and Sewer
|
4.1
|
%
|
||
Other
|
10.8
|
%
|
Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
The Fund paid shareholders a capital gains distributions in December 2011 of $0.0511 per share.
|
4
|
Holdings are subject to change.
|
Nuveen Investments
|
15
|
NMB
|
Nuveen Massachusetts
|
|
Performance
|
Dividend Advantage
|
|
OVERVIEW
|
Municipal Fund
|
|
as of November 30, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
15.59
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.91
|
||
Premium/(Discount) to NAV
|
-2.01
|
%
|
||
Market Yield
|
4.39
|
%
|
||
Taxable-Equivalent Yield1
|
6.44
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
31,269
|
Leverage
|
||||
Regulatory Leverage
|
32.01
|
%
|
||
Effective Leverage
|
34.04
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 1/30/01)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
8.89
|
%
|
6.15
|
%
|
|||
1-Year
|
20.55
|
%
|
15.93
|
%
|
|||
5-Year
|
7.76
|
%
|
7.05
|
%
|
|||
10-Year
|
5.09
|
%
|
6.67
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Education and Civic Organizations
|
32.2
|
%
|
||
Health Care
|
18.9
|
%
|
||
Tax Obligation/Limited
|
11.2
|
%
|
||
Tax Obligation/General
|
9.8
|
%
|
||
U.S. Guaranteed
|
9.1
|
%
|
||
Housing/Multifamily
|
4.6
|
%
|
||
Transportation
|
4.0
|
%
|
||
Other
|
10.2
|
%
|
Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Holdings are subject to change.
|
16
|
Nuveen Investments
|
NGX
|
Nuveen Massachusetts
|
|
Performance
|
AMT-Free Municipal
|
|
OVERVIEW
|
Income Fund
|
|
as of November 30, 2012
|
Fund Snapshot
|
||||
Common Share Price
|
$
|
14.81
|
||
Common Share Net Asset Value (NAV)
|
$
|
15.26
|
||
Premium/(Discount) to NAV
|
-2.95
|
%
|
||
Market Yield
|
4.01
|
%
|
||
Taxable-Equivalent Yield1
|
5.88
|
%
|
||
Net Assets Applicable to Common Shares ($000)
|
$
|
41,629
|
Leverage
|
||||
Regulatory Leverage
|
34.65
|
%
|
||
Effective Leverage
|
35.00
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 11/21/02)
|
|||||||
On Share Price
|
On NAV
|
||||||
6-Month (Cumulative)
|
-1.80
|
%
|
4.46
|
%
|
|||
1-Year
|
13.62
|
%
|
9.40
|
%
|
|||
5-Year
|
6.29
|
%
|
5.91
|
%
|
|||
10-Year
|
4.81
|
%
|
5.81
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Education and Civic Organizations
|
20.8
|
%
|
||
Tax Obligation/Limited
|
13.3
|
%
|
||
U.S. Guaranteed
|
12.9
|
%
|
||
Water and Sewer
|
11.3
|
%
|
||
Health Care
|
10.9
|
%
|
||
Tax Obligation/General
|
8.4
|
%
|
||
Housing/Multifamily
|
7.3
|
%
|
||
Utilities
|
5.6
|
%
|
||
Other
|
9.5
|
%
|
Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Holdings are subject to change.
|
Nuveen Investments
|
17
|
NTC
|
Shareholder Meeting Report
|
|
NMT
|
The annual meeting of shareholders was held in the offices of Nuveen Investments on November 14, 2012; at this meeting the shareholders were asked to vote on the election of Board Members, approve the elimination of the Fund’s fundamental investment policy and approve a new fundamental investment policy.
|
NTC
|
NMT
|
||||||||||||
Common and
|
Common and
|
||||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||||
together
|
together
|
together
|
together
|
||||||||||
as a class
|
as a class
|
as a class
|
as a class
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Robert P. Bremner
|
|||||||||||||
For
|
5,387,888
|
—
|
7,256,135
|
—
|
|||||||||
Withhold
|
99,987
|
—
|
484,711
|
—
|
|||||||||
Total
|
5,487,875
|
—
|
7,740,846
|
—
|
|||||||||
Jack B. Evans
|
|||||||||||||
For
|
5,390,415
|
—
|
7,268,054
|
—
|
|||||||||
Withhold
|
97,460
|
—
|
472,792
|
—
|
|||||||||
Total
|
5,487,875
|
—
|
7,740,846
|
—
|
|||||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
1,821,101
|
—
|
2,890,256
|
|||||||||
Withhold
|
—
|
11,426
|
—
|
389,399
|
|||||||||
Total
|
—
|
1,832,527
|
—
|
3,279,655
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
1,823,101
|
—
|
2,890,256
|
|||||||||
Withhold
|
—
|
9,426
|
—
|
389,399
|
|||||||||
Total
|
—
|
1,832,527
|
—
|
3,279,655
|
|||||||||
To approve the elimination of the Fund’s fundamental investment policy.
|
|||||||||||||
For
|
—
|
—
|
1,711,427
|
595,070
|
|||||||||
Against
|
—
|
—
|
190,969
|
73,500
|
|||||||||
Abstain
|
—
|
—
|
132,009
|
85,850
|
|||||||||
Broker Non-Votes
|
—
|
—
|
5,706,441
|
2,525,235
|
|||||||||
Total
|
—
|
—
|
7,740,846
|
3,279,655
|
|||||||||
To approve a new fundamental investment policy.
|
|||||||||||||
For
|
—
|
—
|
1,694,628
|
595,070
|
|||||||||
Against
|
—
|
—
|
203,795
|
73,500
|
|||||||||
Abstain
|
—
|
—
|
135,982
|
85,850
|
|||||||||
Broker Non-Votes
|
—
|
—
|
5,706,441
|
2,525,235
|
|||||||||
Total
|
—
|
—
|
7,740,846
|
3,279,655
|
18
|
Nuveen Investments
|
NMB
|
||
NGX
|
NMB
|
NGX
|
||||||||||||
Common and
|
Common and
|
||||||||||||
Preferred
|
Preferred
|
Preferred
|
Preferred
|
||||||||||
shares voting
|
shares voting
|
shares voting
|
shares voting
|
||||||||||
together
|
together
|
together
|
together
|
||||||||||
as a class
|
as a class
|
as a class
|
as a class
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Robert P. Bremner
|
|||||||||||||
For
|
781,162
|
—
|
828,531
|
—
|
|||||||||
Withhold
|
30,616
|
—
|
45,441
|
—
|
|||||||||
Total
|
811,778
|
—
|
873,972
|
—
|
|||||||||
Jack B. Evans
|
|||||||||||||
For
|
782,462
|
—
|
830,801
|
—
|
|||||||||
Withhold
|
29,316
|
—
|
43,171
|
—
|
|||||||||
Total
|
811,778
|
—
|
873,972
|
—
|
|||||||||
William C. Hunter
|
|||||||||||||
For
|
—
|
267,815
|
—
|
308,826
|
|||||||||
Withhold
|
—
|
—
|
—
|
12,500
|
|||||||||
Total
|
—
|
267,815
|
—
|
321,326
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
—
|
267,815
|
—
|
308,826
|
|||||||||
Withhold
|
—
|
—
|
—
|
12,500
|
|||||||||
Total
|
—
|
267,815
|
—
|
321,326
|
|||||||||
To approve the elimination of the Fund’s fundamental investment policy.
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Against
|
—
|
—
|
—
|
—
|
|||||||||
Abstain
|
—
|
—
|
—
|
—
|
|||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
|||||||||
To approve a new fundamental investment policy.
|
|||||||||||||
For
|
—
|
—
|
—
|
—
|
|||||||||
Against
|
—
|
—
|
—
|
—
|
|||||||||
Abstain
|
—
|
—
|
—
|
—
|
|||||||||
Broker Non-Votes
|
—
|
—
|
—
|
—
|
|||||||||
Total
|
—
|
—
|
—
|
—
|
Nuveen Investments
|
19
|
Nuveen Connecticut Premium Income Municipal Fund
|
||
NTC
|
Portfolio of Investments
|
|
November 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Staples – 1.7% (1.1% of Total Investments)
|
|||||||||
$
|
3,870
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
|
2/13 at 100.00
|
BBB+
|
$
|
3,874,373
|
|||
Education and Civic Organizations – 36.0% (24.1% of Total Investments)
|
|||||||||
1,150
|
Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41
|
7/21 at 100.00
|
A2
|
1,332,839
|
|||||
1,300
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 – RAAI Insured
|
7/16 at 100.00
|
N/R
|
1,342,991
|
|||||
840
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured
|
7/17 at 100.00
|
N/R
|
891,836
|
|||||
1,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 – NPFG Insured
|
7/17 at 100.00
|
A2
|
1,063,140
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O:
|
|||||||||
800
|
5.000%, 7/01/35
|
7/20 at 100.00
|
A–
|
906,368
|
|||||
2,000
|
5.000%, 7/01/40
|
7/20 at 100.00
|
A–
|
2,260,120
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, Series 2005F:
|
|||||||||
440
|
5.250%, 7/01/18 – AMBAC Insured
|
No Opt. Call
|
A2
|
532,686
|
|||||
1,510
|
5.250%, 7/01/19 – AMBAC Insured
|
No Opt. Call
|
A2
|
1,870,769
|
|||||
2,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2006H, 5.000%, 7/01/36 – AMBAC Insured
|
7/16 at 100.00
|
A–
|
2,210,980
|
|||||
4,405
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured
|
7/17 at 100.00
|
A–
|
5,084,075
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
|
|||||||||
250
|
5.125%, 7/01/26
|
7/21 at 100.00
|
BBB
|
283,065
|
|||||
3,260
|
5.625%, 7/01/41
|
7/21 at 100.00
|
BBB
|
3,745,055
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H:
|
|||||||||
1,500
|
5.000%, 7/01/26 – AGM Insured
|
7/22 at 100.00
|
AA–
|
1,762,635
|
|||||
1,000
|
5.000%, 7/01/28 – AGM Insured
|
7/22 at 100.00
|
AA–
|
1,164,160
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series 2011-I:
|
|||||||||
560
|
5.000%, 7/01/23 – AGM Insured
|
7/21 at 100.00
|
Aa3
|
675,735
|
|||||
225
|
5.000%, 7/01/24 – AGM Insured
|
7/21 at 100.00
|
Aa3
|
268,697
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2004H:
|
|||||||||
350
|
5.000%, 7/01/17 – NPFG Insured
|
7/14 at 100.00
|
A+
|
374,388
|
|||||
1,375
|
5.000%, 7/01/21 – NPFG Insured
|
7/14 at 100.00
|
A+
|
1,462,216
|
|||||
2,700
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G, 5.250%, 7/01/36 – RAAI Insured
|
7/16 at 100.00
|
BBB–
|
2,797,929
|
|||||
4,125
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/35
|
7/20 at 100.00
|
AA
|
4,813,339
|
|||||
2,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42
|
7/13 at 100.00
|
AAA
|
2,568,850
|
|||||
17,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 (UB) (4)
|
7/17 at 100.00
|
AAA
|
19,632,112
|
|||||
9,950
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2009, Trust 3363, 5.000%, 7/01/42 (UB)
|
7/16 at 100.00
|
AAA
|
11,124,299
|
|||||
1,000
|
University of Connecticut, General Obligation Bonds, Series 2004A, 5.000%, 1/15/18 – NPFG Insured
|
1/14 at 100.00
|
AA
|
1,052,420
|
|||||
1,220
|
University of Connecticut, General Obligation Bonds, Series 2005A, 5.000%, 2/15/17 – AGM Insured
|
2/15 at 100.00
|
AA
|
1,343,232
|
20
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Education and Civic Organizations (continued)
|
|||||||||
University of Connecticut, General Obligation Bonds, Series 2006A:
|
|||||||||
$
|
1,300
|
5.000%, 2/15/19 – FGIC Insured
|
2/16 at 100.00
|
AA
|
$
|
1,485,328
|
|||
2,150
|
5.000%, 2/15/23 – FGIC Insured
|
2/16 at 100.00
|
AA
|
2,443,217
|
|||||
2,600
|
University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28
|
2/20 at 100.00
|
AA
|
3,184,636
|
|||||
515
|
University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27
|
11/19 at 100.00
|
Aa2
|
625,555
|
|||||
3,805
|
University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/29 (WI/DD, Settling 12/13/12)
|
No Opt. Call
|
Aa2
|
4,801,644
|
|||||
72,830
|
Total Education and Civic Organizations
|
83,104,316
|
|||||||
Health Care – 32.4% (21.8% of Total Investments)
|
|||||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B:
|
|||||||||
920
|
5.500%, 7/01/21 – RAAI Insured
|
7/13 at 100.50
|
N/R
|
930,175
|
|||||
3,000
|
5.500%, 7/01/32 – RAAI Insured
|
7/14 at 100.00
|
N/R
|
3,032,340
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A:
|
|||||||||
20
|
6.125%, 7/01/20 – RAAI Insured
|
2/13 at 100.00
|
N/R
|
20,045
|
|||||
1,710
|
6.000%, 7/01/25 – RAAI Insured
|
2/13 at 100.00
|
N/R
|
1,712,890
|
|||||
840
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2005, 5.000%, 7/01/25 – RAAI Insured
|
7/15 at 100.00
|
N/R
|
859,169
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B:
|
|||||||||
890
|
5.000%, 7/01/15 – RAAI Insured
|
No Opt. Call
|
N/R
|
955,549
|
|||||
2,400
|
5.000%, 7/01/20 – RAAI Insured
|
7/15 at 100.00
|
N/R
|
2,508,768
|
|||||
1,050
|
5.000%, 7/01/23 – RAAI Insured
|
7/15 at 100.00
|
N/R
|
1,084,125
|
|||||
6,425
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
A
|
7,126,674
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C:
|
|||||||||
1,065
|
5.250%, 7/01/32 – RAAI Insured
|
7/17 at 100.00
|
BBB–
|
1,114,554
|
|||||
300
|
5.250%, 7/01/37 – RAAI Insured
|
7/17 at 100.00
|
BBB–
|
312,306
|
|||||
2,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36
|
7/21 at 100.00
|
A+
|
2,259,540
|
|||||
6,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%, 7/01/32 – AGM Insured
|
7/16 at 100.00
|
Aa3
|
6,387,060
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N:
|
|||||||||
1,105
|
5.000%, 7/01/25
|
7/21 at 100.00
|
A2
|
1,272,065
|
|||||
400
|
5.000%, 7/01/26
|
7/21 at 100.00
|
A2
|
458,844
|
|||||
500
|
5.000%, 7/01/27
|
7/21 at 100.00
|
A2
|
572,945
|
|||||
1,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, St. Francis Hospital and Medical Center, Series 2002D, 5.000%, 7/01/22 – RAAI Insured
|
7/13 at 100.00
|
N/R
|
1,004,780
|
|||||
1,275
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30
|
7/20 at 10.00
|
A
|
1,438,991
|
|||||
7,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2012-J, 5.000%, 7/01/42
|
7/22 at 100.00
|
A
|
7,839,580
|
|||||
3,440
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41
|
7/21 at 100.00
|
A
|
4,016,028
|
|||||
4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29
|
7/21 at 100.00
|
A
|
4,535,120
|
|||||
775
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, William W. Backus Hospital, Series 2005F, 5.125%, 7/01/35 – AGM Insured
|
7/18 at 100.00
|
AA–
|
859,731
|
Nuveen Investments
|
21
|
Nuveen Connecticut Premium Income Municipal Fund (continued)
|
||
NTC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
5,760
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured
|
7/16 at 100.00
|
Aa3
|
$
|
6,342,394
|
|||
1,225
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40
|
7/20 at 100.00
|
Aa3
|
1,444,569
|
|||||
4,540
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40
|
11/19 at 100.00
|
AA+
|
5,291,007
|
|||||
1,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East Series 2010, 4.750%, 11/15/29
|
11/20 at 100.00
|
A+
|
1,136,860
|
|||||
200
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Danbury Hospital, Series 2006H, 4.500%, 7/01/33 – AMBAC Insured
|
1/16 at 100.00
|
A
|
203,714
|
|||||
8,600
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
2/21 at 100.00
|
Aa2
|
10,212,070
|
|||||
67,440
|
Total Health Care
|
74,931,893
|
|||||||
Housing/Multifamily – 1.3% (0.9% of Total Investments)
|
|||||||||
2,880
|
Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax)
|
11/15 at 100.00
|
AAA
|
2,997,878
|
|||||
Housing/Single Family – 7.0% (4.7% of Total Investments)
|
|||||||||
4,475
|
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34
|
5/13 at 100.00
|
AAA
|
4,517,871
|
|||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006-A1:
|
|||||||||
945
|
4.700%, 11/15/26 (Alternative Minimum Tax)
|
11/15 at 100.00
|
AAA
|
981,959
|
|||||
1,015
|
4.800%, 11/15/31 (Alternative Minimum Tax)
|
11/15 at 100.00
|
AAA
|
1,048,678
|
|||||
3,900
|
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
|
5/16 at 100.00
|
AAA
|
4,133,571
|
|||||
Connecticut Housing Finance Authority, Single Family Housing Mortgage Finance Program Bonds, Series 2010-A2:
|
|||||||||
3,500
|
4.500%, 11/15/30
|
11/19 at 100.00
|
AAA
|
3,876,110
|
|||||
1,500
|
4.750%, 11/15/35
|
11/19 at 100.00
|
AAA
|
1,638,120
|
|||||
15,335
|
Total Housing/Single Family
|
16,196,309
|
|||||||
Long-Term Care – 4.4% (3.0% of Total Investments)
|
|||||||||
1,120
|
Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23
|
12/13 at 100.00
|
BBB
|
1,133,171
|
|||||
350
|
Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Connecticut Baptist Homes Inc., Series 1999, 5.500%, 9/01/15 – RAAI Insured
|
3/13 at 100.00
|
BBB–
|
350,861
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Village for Families and Children Inc., Series 2002A:
|
|||||||||
430
|
5.000%, 7/01/18 – AMBAC Insured
|
7/13 at 100.00
|
N/R
|
435,087
|
|||||
450
|
5.000%, 7/01/19 – AMBAC Insured
|
7/13 at 100.00
|
N/R
|
455,229
|
|||||
475
|
5.000%, 7/01/20 – AMBAC Insured
|
7/13 at 100.00
|
N/R
|
480,287
|
|||||
285
|
5.000%, 7/01/23 – AMBAC Insured
|
1/13 at 101.00
|
N/R
|
287,317
|
|||||
1,295
|
5.000%, 7/01/32 – AMBAC Insured
|
7/13 at 100.00
|
N/R
|
1,301,669
|
|||||
Connecticut Housing Finance Authority, Special Needs Housing Mortgage Finance Program Special Obligation Bonds, Series 2002SNH-1:
|
|||||||||
1,000
|
5.000%, 6/15/22 – AMBAC Insured
|
6/13 at 100.00
|
N/R
|
1,027,850
|
|||||
1,500
|
5.000%, 6/15/32 – AMBAC Insured
|
6/13 at 100.00
|
N/R
|
1,544,115
|
|||||
1,565
|
Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, Refunding Series 2010-16, 5.000%, 6/15/30
|
6/20 at 100.00
|
AA
|
1,802,191
|
|||||
1,025
|
Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27
|
8/17 at 100.00
|
N/R
|
1,088,970
|
|||||
420
|
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.625%, 1/01/30
|
1/20 at 100.00
|
N/R
|
474,919
|
|||||
9,915
|
Total Long-Term Care
|
10,381,666
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/General – 15.5% (10.4% of Total Investments)
|
|||||||||
Connecticut State, General Obligation Bonds, Refunding Series 2012E:
|
|||||||||
$
|
1,000
|
5.000%, 9/15/30
|
9/22 at 100.00
|
AA
|
$
|
1,242,920
|
|||
2,290
|
5.000%, 9/15/32
|
9/22 at 100.00
|
AA
|
2,816,837
|
|||||
4,500
|
Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24
|
12/16 at 100.00
|
AA
|
5,161,950
|
|||||
1,800
|
Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured
|
6/16 at 100.00
|
AA
|
2,066,202
|
|||||
2,000
|
Connecticut State, General Obligation Bonds, Series 2006E, 5.000%, 12/15/20
|
12/16 at 10.00
|
AA
|
2,341,240
|
|||||
1,000
|
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31
|
11/21 at 100.00
|
AA
|
1,224,270
|
|||||
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
|
|||||||||
775
|
5.000%, 8/01/20 – AGM Insured
|
8/15 at 100.00
|
AA–
|
863,544
|
|||||
1,320
|
5.000%, 8/01/21 – AGM Insured
|
8/15 at 100.00
|
AA–
|
1,468,579
|
|||||
905
|
4.375%, 8/01/24 – AGM Insured
|
8/15 at 100.00
|
AA–
|
984,142
|
|||||
1,740
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%,
8/15/28 – AGC Insured |
8/19 at 100.00
|
AA–
|
2,041,664
|
|||||
2,150
|
New Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 11/01/17 – AMBAC Insured
|
11/16 at 100.00
|
A1
|
2,450,441
|
|||||
900
|
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24
|
No Opt. Call
|
Aa1
|
1,210,941
|
|||||
3,890
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 5.000%, 8/01/36
|
8/21 at 100.00
|
AA+
|
4,716,236
|
|||||
1,860
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
|
No Opt. Call
|
Baa1
|
2,083,553
|
|||||
1,420
|
Regional School District 16, Connecticut, General Obligation Bonds, Series 2003, 5.000%, 3/15/16 – AMBAC Insured
|
3/13 at 101.00
|
A1
|
1,453,555
|
|||||
Suffield, Connecticut, General Obligation Bonds, Series 2005:
|
|||||||||
800
|
5.000%, 6/15/17
|
No Opt. Call
|
AA+
|
955,448
|
|||||
795
|
5.000%, 6/15/19
|
No Opt. Call
|
AA+
|
1,001,151
|
|||||
1,400
|
5.000%, 6/15/21
|
No Opt. Call
|
AA+
|
1,820,910
|
|||||
30,545
|
Total Tax Obligation/General
|
35,903,583
|
|||||||
Tax Obligation/Limited – 19.1% (12.8% of Total Investments)
|
|||||||||
Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2006F:
|
|||||||||
2,525
|
5.000%, 7/01/31 – AGC Insured
|
7/16 at 100.00
|
AA–
|
2,728,010
|
|||||
2,930
|
5.000%, 7/01/36 – AGC Insured
|
7/16 at 100.00
|
AA–
|
3,148,930
|
|||||
Connecticut, Certificates of Participation, Juvenile Training School, Series 2001:
|
|||||||||
600
|
5.000%, 12/15/20
|
12/13 at 100.00
|
AA–
|
613,464
|
|||||
1,000
|
5.000%, 12/15/30
|
12/13 at 100.00
|
AA–
|
1,022,540
|
|||||
5,000
|
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%, 8/01/27 – AMBAC Insured
|
8/17 at 100.00
|
AA
|
5,782,550
|
|||||
3,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
|
4/20 at 100.00
|
N/R
|
3,468,120
|
|||||
2,100
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured
|
No Opt. Call
|
Baa1
|
2,317,875
|
|||||
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
|
|||||||||
2,640
|
0.000%, 7/01/32 – FGIC Insured
|
No Opt. Call
|
BBB+
|
881,602
|
|||||
4,735
|
0.000%, 7/01/33 – FGIC Insured
|
No Opt. Call
|
BBB+
|
1,470,738
|
|||||
2,000
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
|
2/13 at 100.00
|
AA–
|
2,008,100
|
|||||
4,350
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured
|
8/15 at 100.00
|
AA–
|
4,701,045
|
|||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
|
|||||||||
1,525
|
0.000%, 8/01/33
|
No Opt. Call
|
A+
|
519,659
|
|||||
5,000
|
5.500%, 8/01/37
|
2/20 at 100.00
|
A+
|
5,477,850
|
|||||
3,625
|
5.375%, 8/01/39
|
2/20 at 100.00
|
A+
|
3,936,351
|
|||||
1,725
|
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011A, 7.000%, 4/01/41
|
4/21 at 100.00
|
N/R
|
1,869,607
|
|||||
1,000
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.250%, 10/01/19 – AGM Insured
|
10/14 at 100.00
|
AA–
|
1,064,820
|
Nuveen Investments
|
23
|
Nuveen Connecticut Premium Income Municipal Fund (continued)
|
||
NTC
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
2,760
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29
|
10/20 at 100.00
|
BBB+
|
$
|
3,068,430
|
|||
46,515
|
Total Tax Obligation/Limited
|
44,079,691
|
|||||||
Transportation – 1.1% (0.7% of Total Investments)
|
|||||||||
2,365
|
New Haven, Connecticut, Revenue Refunding Bonds, Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 – AMBAC Insured
|
No Opt. Call
|
N/R
|
2,532,868
|
|||||
U.S. Guaranteed – 9.6% (6.5% of Total Investments) (5)
|
|||||||||
500
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2003A, 5.250%, 9/15/23 (Pre-refunded 9/15/13) – AGM Insured
|
9/13 at 100.00
|
AA– (5)
|
519,910
|
|||||
925
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Brunswick School, Series 2003B, 5.000%, 7/01/33 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
BBB (5)
|
950,687
|
|||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
|
|||||||||
465
|
5.000%, 7/01/30 (Pre-refunded 7/01/17) – AMBAC Insured
|
7/17 at 100.00
|
N/R (5)
|
554,043
|
|||||
735
|
5.000%, 7/01/37 (Pre-refunded 7/01/17) – AMBAC Insured
|
7/17 at 100.00
|
N/R (5)
|
875,745
|
|||||
1,670
|
Connecticut State, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 (Pre-refunded 4/01/14) – FGIC Insured
|
4/14 at 100.00
|
AA (5)
|
1,774,575
|
|||||
1,000
|
Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
AA (5)
|
1,050,640
|
|||||
4,340
|
Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16 (Pre-refunded 10/01/13)
|
10/13 at 100.00
|
AAA
|
4,513,383
|
|||||
40
|
New Haven, Connecticut, General Obligation Bonds, Series 2002A, 5.250%, 11/01/17 – AMBAC Insured (ETM)
|
2/13 at 100.00
|
A1 (5)
|
40,172
|
|||||
1,010
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM)
|
No Opt. Call
|
Aaa
|
1,270,509
|
|||||
2,545
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A, 5.000%, 8/01/33 (Pre-refunded 8/01/13) – NPFG Insured
|
8/13 at 100.00
|
Aa3 (5)
|
2,626,186
|
|||||
University of Connecticut, Special Obligation Student Fee Revenue Bonds, Refunding Series 2002A:
|
|||||||||
1,000
|
5.250%, 11/15/19 (Pre-refunded 1/16/13) – FGIC Insured
|
1/13 at 101.00
|
Aa2 (5)
|
1,016,410
|
|||||
1,000
|
5.250%, 11/15/22 (Pre-refunded 1/16/13) – FGIC Insured
|
1/13 at 101.00
|
Aa2 (5)
|
1,016,410
|
|||||
2,200
|
University of Connecticut, General Obligation Bonds, Series 2003A, 5.125%, 2/15/21 (Pre-refunded 2/15/13) – NPFG Insured
|
2/13 at 100.00
|
AA (5)
|
2,222,616
|
|||||
West Hartford, Connecticut, General Obligation Bonds, Series 2005B:
|
|||||||||
500
|
5.000%, 10/01/17 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
AAA
|
563,280
|
|||||
2,810
|
5.000%, 10/01/18 (Pre-refunded 10/01/15)
|
10/15 at 100.00
|
AAA
|
3,165,634
|
|||||
20,740
|
Total U.S. Guaranteed
|
22,160,200
|
|||||||
Utilities – 8.6% (5.8% of Total Investments)
|
|||||||||
1,000
|
Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)
|
12/13 at 100.00
|
Ba1
|
1,011,020
|
|||||
4,750
|
Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
|
6/13 at 101.00
|
Ba1
|
4,802,345
|
|||||
Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System Revenue Bonds, Series 2012A:
|
|||||||||
655
|
5.000%, 1/01/31
|
1/22 at 100.00
|
Aa3
|
787,644
|
|||||
500
|
5.000%, 1/01/32
|
1/22 at 100.00
|
Aa3
|
599,905
|
|||||
2,830
|
5.000%, 1/01/42
|
1/22 at 100.00
|
Aa3
|
3,312,741
|
|||||
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
|
|||||||||
465
|
5.500%, 1/01/14 (Alternative Minimum Tax)
|
1/13 at 100.00
|
BBB
|
466,772
|
|||||
250
|
5.500%, 1/01/15 (Alternative Minimum Tax)
|
1/13 at 100.00
|
BBB
|
250,868
|
|||||
2,105
|
5.500%, 1/01/20 (Alternative Minimum Tax)
|
1/13 at 100.00
|
BBB
|
2,113,399
|
|||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A:
|
|||||||||
1,290
|
5.050%, 7/01/42
|
7/22 at 100.00
|
BBB+
|
1,324,972
|
|||||
480
|
5.000%, 7/01/42
|
7/22 at 100.00
|
BBB+
|
491,179
|
24
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities (continued)
|
|||||||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX:
|
|||||||||
$
|
3,900
|
5.750%, 7/01/36
|
7/20 at 100.00
|
BBB+
|
$
|
4,188,171
|
|||
530
|
5.250%, 7/01/40
|
7/20 at 100.00
|
BBB+
|
548,910
|
|||||
18,755
|
Total Utilities
|
19,897,926
|
|||||||
Water and Sewer – 12.3% (8.2% of Total Investments)
|
|||||||||
1,375
|
Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
|
9/17 at 100.00
|
N/R
|
1,478,276
|
|||||
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
|
|||||||||
4,160
|
5.000%, 11/15/30 – NPFG Insured
|
11/15 at 100.00
|
A1
|
4,577,830
|
|||||
4,330
|
5.000%, 8/15/35 – NPFG Insured
|
11/15 at 100.00
|
A1
|
4,771,530
|
|||||
500
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
|
7/15 at 100.00
|
Ba2
|
523,315
|
|||||
2,050
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
|
7/20 at 100.00
|
Ba2
|
2,185,895
|
|||||
3,000
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38
|
7/18 at 100.00
|
Baa2
|
3,181,200
|
|||||
4,550
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A, 5.000%, 8/01/20 – NPFG Insured
|
8/13 at 100.00
|
Aa3
|
4,688,093
|
|||||
1,840
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth Series, 2007A, 5.000%, 8/01/30 – NPFG Insured
|
8/16 at 100.00
|
Aa3
|
2,042,382
|
|||||
2,870
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41
|
8/21 at 100.00
|
Aa3
|
3,375,866
|
|||||
1,450
|
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
|
11/13 at 100.00
|
AA+
|
1,509,015
|
|||||
26,125
|
Total Water and Sewer
|
28,333,402
|
|||||||
$
|
317,315
|
Total Investments (cost $317,830,082) – 149.0%
|
344,394,105
|
||||||
Floating Rate Obligations – (8.4)%
|
(19,370,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (45.6)% (6)
|
(105,500,000
|
) | |||||||
Other Assets Less Liabilities – 5.0%
|
11,583,425
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
231,107,530
|
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.6%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
25
|
Nuveen Massachusetts Premium Income Municipal Fund
|
||
NMT
|
Portfolio of Investments
|
|
November 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Discretionary – 1.5% (1.0% of Total Investments)
|
|||||||||
$
|
1,425
|
Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)
|
3/13 at 102.00
|
Caa3
|
$
|
1,140,271
|
|||
Education and Civic Organizations – 35.5% (24.0% of Total Investments)
|
|||||||||
1,000
|
Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured
|
7/21 at 100.00
|
AA–
|
1,180,370
|
|||||
375
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29
|
10/19 at 100.00
|
A
|
432,926
|
|||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
BBB+
|
1,083,270
|
|||||
455
|
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2012A, 5.250%, 7/01/42
|
7/22 at 100.00
|
BBB–
|
508,353
|
|||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
AA
|
1,163,120
|
|||||
2,000
|
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37
|
4/21 at 100.00
|
AA–
|
2,324,040
|
|||||
1,045
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured
|
9/17 at 100.00
|
A+
|
1,162,040
|
|||||
700
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50
|
9/22 at 100.00
|
A+
|
802,599
|
|||||
705
|
Massachusetts Development Finance Authority, Revenue Bonds, Curry College, Series 2000A, 6.000%, 3/01/20 – ACA Insured
|
3/13 at 100.00
|
BBB
|
706,868
|
|||||
1,745
|
Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 – AGC Insured
|
7/15 at 100.00
|
AA–
|
1,897,705
|
|||||
1,500
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
2,121,450
|
|||||
4,850
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured
|
1/18 at 100.00
|
AA–
|
5,262,587
|
|||||
1,090
|
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/29
|
No Opt. Call
|
A2
|
1,453,482
|
|||||
1,000
|
Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)
|
7/21 at 100.00
|
AA
|
1,098,390
|
|||||
2,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
|
6/13 at 100.00
|
AA–
|
2,049,120
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010, 5.500%, 10/15/31
|
10/19 at 100.00
|
Baa1
|
1,123,500
|
|||||
250
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series 2008O, 5.375%, 8/15/38
|
8/18 at 100.00
|
Aa2
|
306,408
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wellesley College, Series 2003H, 5.000%, 7/01/26
|
7/13 at 100.00
|
AA+
|
511,775
|
|||||
525
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wheaton College Issues, Series 2010F, 5.000%, 1/01/41
|
1/20 at 100.00
|
A2
|
594,972
|
|||||
555
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2003H, 5.000%, 7/01/21
|
7/13 at 100.00
|
AA+
|
570,063
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 – AMBAC Insured
|
1/13 at 100.00
|
A
|
500,750
|
|||||
210
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Fin Authority, Higher Ed Rev and Rev Refunding Bonds, University of the Sacred Heart Project, Series 2012, 4.375%, 10/01/31 (WI/DD, Settling 12/18/12)
|
No Opt. Call
|
Baa2
|
210,105
|
|||||
24,005
|
Total Education and Civic Organizations
|
27,063,893
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care – 26.4% (17.8% of Total Investments)
|
|||||||||
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G:
|
|||||||||
$
|
895
|
5.000%, 10/01/29
|
10/21 at 100.00
|
A3
|
$
|
1,030,002
|
|||
700
|
5.000%, 10/01/31
|
10/21 at 100.00
|
A3
|
800,051
|
|||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2011K-6, 5.375%, 7/01/41
|
7/20 at 100.00
|
AA
|
1,163,360
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured
|
5/13 at 100.50
|
BBB+
|
1,006,020
|
|||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008:
|
|||||||||
2,300
|
5.375%, 2/01/26 – NPFG Insured
|
8/18 at 100.00
|
A–
|
2,687,573
|
|||||
770
|
5.375%, 2/01/28 – NPFG Insured
|
8/18 at 100.00
|
A–
|
891,560
|
|||||
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/27 – NPFG Insured
|
8/18 at 100.00
|
A–
|
1,737,585
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital, Series 2009M, 5.500%, 12/01/39
|
12/19 at 100.00
|
AA
|
1,164,050
|
|||||
935
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured
|
8/15 at 100.00
|
N/R
|
939,628
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 – FGIC Insured
|
8/15 at 100.00
|
A+
|
1,097,680
|
|||||
2,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28
|
8/17 at 100.00
|
A+
|
2,206,760
|
|||||
585
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32
|
7/17 at 100.00
|
BBB–
|
601,117
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30
|
7/15 at 100.00
|
BB–
|
1,016,120
|
|||||
1,445
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33
|
7/15 at 100.00
|
A–
|
1,502,641
|
|||||
2,000
|
Massachusetts State, Health and Educational Facilities Authority, Partners HealthCare System Inc., Series 2007G, 5.000%, 7/01/32
|
7/17 at 100.00
|
AA
|
2,252,300
|
|||||
18,130
|
Total Health Care
|
20,096,447
|
|||||||
Housing/Multifamily – 3.8% (2.6% of Total Investments)
|
|||||||||
1,295
|
Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48
|
7/17 at 100.00
|
BB
|
1,362,767
|
|||||
500
|
Massachusetts Housing Finance Agency, Housing Revenue Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)
|
6/13 at 100.00
|
AA–
|
503,945
|
|||||
1,000
|
Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22
|
5/13 at 102.00
|
N/R
|
1,032,170
|
|||||
2,795
|
Total Housing/Multifamily
|
2,898,882
|
|||||||
Housing/Single Family – 3.8% (2.6% of Total Investments)
|
|||||||||
1,500
|
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2006-126, 4.625%, 6/01/32 (Alternative Minimum Tax)
|
6/16 at 100.00
|
AA
|
1,554,420
|
|||||
985
|
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 14.414%, 6/01/16 (IF)
|
No Opt. Call
|
AA
|
1,314,995
|
|||||
2,485
|
Total Housing/Single Family
|
2,869,415
|
|||||||
Industrials – 0.8% (0.5% of Total Investments)
|
|||||||||
170
|
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
169,533
|
|||||
400
|
Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14
|
No Opt. Call
|
BBB
|
427,884
|
|||||
570
|
Total Industrials
|
597,417
|
Nuveen Investments
|
27
|
Nuveen Massachusetts Premium Income Municipal Fund (continued)
|
||
NMT
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Long-Term Care – 4.8% (3.2% of Total Investments)
|
|||||||||
$
|
1,270
|
Boston, Massachusetts, FHA-Insured Mortgage Revenue Bonds, Deutsches Altenheim Inc., Series 1998A, 6.125%, 10/01/31
|
4/13 at 101.00
|
AAA
|
$
|
1,285,939
|
|||
185
|
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30
|
12/19 at 100.00
|
A–
|
208,800
|
|||||
1,685
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
|
4/13 at 102.00
|
N/R
|
1,719,340
|
|||||
400
|
Massachusetts Industrial Finance Agency, First Mortgage Revenue Bonds, Berkshire Retirement Community, Series 1994B, 4.750%, 7/01/17
|
2/13 at 100.00
|
BBB
|
400,480
|
|||||
3,540
|
Total Long-Term Care
|
3,614,559
|
|||||||
Tax Obligation/General – 17.8% (12.1% of Total Investments)
|
|||||||||
500
|
Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5.250%, 5/15/23 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
556,220
|
|||||
300
|
Boston, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17
|
1/15 at 100.00
|
Aaa
|
328,737
|
|||||
635
|
Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 – AGM Insured
|
2/13 at 101.00
|
AA–
|
646,176
|
|||||
1,000
|
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General Obligation Bonds, Series 2011, 5.000%, 2/15/41
|
2/21 at 100.00
|
Aa3
|
1,158,310
|
|||||
1,250
|
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32
|
2/20 at 100.00
|
AA
|
1,469,788
|
|||||
1,205
|
Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21
|
No Opt. Call
|
AA+
|
1,613,314
|
|||||
1,275
|
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2001D, 6.000%, 11/01/13 - NPFG Insured
|
No Opt. Call
|
AA+
|
1,342,473
|
|||||
1,260
|
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 – FGIC Insured
|
No Opt. Call
|
AAA
|
1,623,926
|
|||||
1,000
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured
|
No Opt. Call
|
Baa1
|
1,104,200
|
|||||
2,000
|
Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.250%, 12/01/38
|
12/20 at 100.00
|
Aa2
|
2,375,140
|
|||||
1,220
|
Worcester, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
|
7/15 at 100.00
|
Aa3
|
1,350,552
|
|||||
11,645
|
Total Tax Obligation/General
|
13,568,836
|
|||||||
Tax Obligation/Limited – 17.9% (12.1% of Total Investments)
|
|||||||||
210
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 - AMBAC Insured
|
5/14 at 100.00
|
A–
|
221,743
|
|||||
975
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C, 5.000%, 7/01/26
|
7/18 at 100.00
|
AAA
|
1,176,640
|
|||||
385
|
Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21
|
No Opt. Call
|
AAA
|
507,619
|
|||||
1,200
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured
|
5/18 at 100.00
|
Aa2
|
1,391,028
|
|||||
1,000
|
Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B, 5.375%, 5/01/23 – SYNCORA GTY Insured
|
No Opt. Call
|
Aa2
|
1,310,720
|
|||||
570
|
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37
|
5/22 at 100.00
|
AA
|
681,788
|
|||||
1,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B, 5.000%, 10/15/41
|
10/21 at 100.00
|
AA+
|
1,198,290
|
|||||
1,300
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 – AGM Insured (UB)
|
8/15 at 100.00
|
AA+
|
1,461,213
|
|||||
540
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
A1
|
657,477
|
|||||
240
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/43 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
36,751
|
|||||
1,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
1,135,730
|
|||||
1,650
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
No Opt. Call
|
A+
|
399,234
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Tax Obligation/Limited (continued)
|
|||||||||
$
|
3,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43
|
8/21 at 100.00
|
A+
|
$
|
3,189,540
|
|||
235
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured
|
No Opt. Call
|
A3
|
269,580
|
|||||
13,305
|
Total Tax Obligation/Limited
|
13,637,353
|
|||||||
Transportation – 8.7% (5.9% of Total Investments)
|
|||||||||
500
|
Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30
|
7/20 at 100.00
|
AA
|
617,485
|
|||||
350
|
Massachusetts Port Authority, Revenue Bonds, Series 2012A, 5.000%, 7/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
AA
|
401,804
|
|||||
1,000
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
7/17 at 100.00
|
A2
|
1,058,020
|
|||||
725
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
1/13 at 100.00
|
N/R
|
725,935
|
|||||
3,285
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.750%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)
|
3/13 at 100.00
|
BBB
|
3,293,377
|
|||||
470
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
534,009
|
|||||
6,330
|
Total Transportation
|
6,630,630
|
|||||||
U.S. Guaranteed – 19.5% (13.2% of Total Investments) (4)
|
|||||||||
2,000
|
Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25 (Pre-refunded 11/01/14)
|
11/14 at 100.00
|
AA+ (4)
|
2,178,480
|
|||||
650
|
Boston, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 (Pre-refunded 1/01/15)
|
1/15 at 100.00
|
N/R (4)
|
712,550
|
|||||
365
|
Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 (Pre-refunded 2/01/13) – AGM Insured
|
2/13 at 101.00
|
AA– (4)
|
371,625
|
|||||
1,115
|
Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 (Pre-refunded 3/01/17)
|
3/17 at 100.00
|
N/R (4)
|
1,269,249
|
|||||
25
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C, 5.000%, 7/01/26 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
AAA
|
30,964
|
|||||
550
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2004A, 5.000%, 5/01/19 (Pre-refunded 5/01/14) – NPFG Insured
|
5/14 at 100.00
|
Aa2 (4)
|
585,921
|
|||||
325
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 (Pre-refunded 5/01/16) – AMBAC Insured
|
5/16 at 100.00
|
Aa2 (4)
|
373,984
|
|||||
1,000
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/16 (Pre-refunded 1/01/13) – NPFG Insured
|
1/13 at 100.00
|
BBB (4)
|
1,004,560
|
|||||
1,000
|
Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 5.750%, 7/01/33 (Pre-refunded 7/01/13)
|
7/13 at 101.00
|
A (4)
|
1,042,140
|
|||||
750
|
Massachusetts Development Finance Authority, Revenue Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 (Pre-refunded 9/01/13)
|
9/13 at 100.00
|
AA– (4)
|
776,415
|
|||||
410
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured
|
7/21 at 100.00
|
BBB (4)
|
509,146
|
|||||
155
|
Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)
|
1/13 at 100.00
|
AAA
|
165,484
|
|||||
2,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
AA (4)
|
2,055,540
|
|||||
1,500
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
1,578,330
|
|||||
750
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 4.500%, 8/01/29 (Pre-refunded 8/01/15)
|
8/15 at 100.00
|
AAA
|
831,353
|
|||||
1,065
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
1,384,702
|
|||||
13,660
|
Total U.S. Guaranteed
|
14,870,443
|
Nuveen Investments
|
29
|
Nuveen Massachusetts Premium Income Municipal Fund (continued)
|
||
NMT
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Utilities – 1.3% (0.9% of Total Investments)
|
|||||||||
$
|
185
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured
|
10/22 at 100.00
|
AA–
|
$
|
213,494
|
|||
750
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
767,910
|
|||||
935
|
Total Utilities
|
981,404
|
|||||||
Water and Sewer – 6.1% (4.1% of Total Investments)
|
|||||||||
500
|
Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Refunding Series 2010A, 5.000%, 11/01/30
|
11/19 at 100.00
|
AA
|
607,455
|
|||||
60
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22
|
8/13 at 100.00
|
AAA
|
61,858
|
|||||
285
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2004-10, 5.000%, 8/01/26
|
8/14 at 100.00
|
AAA
|
305,084
|
|||||
1,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/31 (UB)
|
8/16 at 100.00
|
AAA
|
1,077,160
|
|||||
200
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
|
2/13 at 100.00
|
AAA
|
200,836
|
|||||
1,500
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.000%, 8/01/28 – NPFG Insured
|
8/17 at 100.00
|
AA+
|
1,751,070
|
|||||
625
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 4.000%, 8/01/46
|
8/16 at 100.00
|
AA+
|
651,319
|
|||||
4,170
|
Total Water and Sewer
|
4,654,782
|
|||||||
$
|
102,995
|
Total Investments (cost $103,244,220) – 147.9%
|
112,624,332
|
||||||
Floating Rate Obligations – (1.9)%
|
(1,435,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (48.1)% (5)
|
(36,645,000
|
) | |||||||
Other Assets Less Liabilities – 2.1%
|
1,610,028
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
76,154,360
|
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.5%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Investment, or portion of investment, 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 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
30
|
Nuveen Investments
|
Nuveen Massachusetts Dividend Advantage Municipal Fund
|
||
NMB
|
Portfolio of Investments
|
|
November 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Consumer Discretionary – 1.2% (0.8% of Total Investments)
|
|||||||||
$
|
480
|
Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)
|
3/13 at 102.00
|
Caa3
|
$
|
384,091
|
|||
Education and Civic Organizations – 47.6% (32.2% of Total Investments)
|
|||||||||
500
|
Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured
|
7/21 at 100.00
|
AA–
|
590,185
|
|||||
375
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29
|
10/19 at 100.00
|
A
|
432,926
|
|||||
110
|
Massachusetts Development Finance Agency, Revenue Bonds, Draper Laboratory, Series 2008, 5.875%, 9/01/30
|
9/18 at 100.00
|
Aa3
|
132,685
|
|||||
400
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
BBB+
|
433,308
|
|||||
300
|
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2012A, 5.250%, 7/01/42
|
7/22 at 100.00
|
BBB–
|
335,178
|
|||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37
|
4/21 at 100.00
|
AA–
|
1,162,020
|
|||||
450
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured
|
9/17 at 100.00
|
A+
|
500,400
|
|||||
200
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50
|
9/22 at 100.00
|
A+
|
229,314
|
|||||
495
|
Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 – AGC Insured
|
7/15 at 100.00
|
AA–
|
538,317
|
|||||
500
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
707,150
|
|||||
2,100
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured
|
1/18 at 100.00
|
AA–
|
2,278,644
|
|||||
1,000
|
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/59
|
5/29 at 105.00
|
A2
|
1,319,520
|
|||||
990
|
Massachusetts Educational Finance Authority, Educational Loan Revenue Bonds, Series 2001E, 5.300%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
|
1/13 at 100.00
|
AA
|
992,574
|
|||||
540
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2008H, 6.350%, 1/01/30 – AGC Insured (Alternative Minimum Tax)
|
1/18 at 100.00
|
AA
|
612,868
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
|
6/13 at 100.00
|
AA–
|
1,024,560
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010, 5.500%, 10/15/31
|
10/19 at 100.00
|
Baa1
|
561,750
|
|||||
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wheaton College Issues, Series 2010F, 5.000%, 1/01/41
|
1/20 at 100.00
|
A2
|
1,699,920
|
|||||
590
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31
|
7/16 at 100.00
|
AA+
|
663,591
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
569,585
|
|||||
100
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Fin Authority, Higher Ed Rev and Rev Refunding Bonds, University of the Sacred Heart Project, Series 2012, 5.000%, 10/01/42 (WI/DD, Settling 12/18/12)
|
No Opt. Call
|
Baa2
|
101,767
|
|||||
13,150
|
Total Education and Civic Organizations
|
14,886,262
|
|||||||
Health Care – 27.8% (18.9% of Total Investments)
|
|||||||||
1,200
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2011K-6, 5.375%, 7/01/41
|
7/20 at 100.00
|
AA
|
|
1,396,032
|
||||
500
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.500%, 7/01/31
|
7/21 at 100.00
|
A–
|
583,885
|
Nuveen Investments
|
31
|
Nuveen Massachusetts Dividend Advantage Municipal Fund (continued)
|
||
NMB
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Health Care (continued)
|
|||||||||
$
|
500
|
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.500%, 1/15/38 (4)
|
1/18 at 100.00
|
N/R
|
$
|
2,560
|
|||
160
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate Medical Center, Series 2009I, 5.750%, 7/01/36
|
7/19 at 100.00
|
A+
|
183,386
|
|||||
775
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008, 5.375%, 2/01/26 – NPFG Insured
|
8/18 at 100.00
|
A–
|
905,595
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/27 – NPFG Insured
|
8/18 at 100.00
|
A–
|
579,195
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital, Series 2009M, 5.500%, 12/01/39
|
12/19 at 100.00
|
AA
|
1,164,050
|
|||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E:
|
|||||||||
550
|
5.000%, 8/15/25 – RAAI Insured
|
8/15 at 100.00
|
N/R
|
560,698
|
|||||
315
|
5.000%, 8/15/35 – RAAI Insured
|
8/15 at 100.00
|
N/R
|
316,559
|
|||||
600
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 – FGIC Insured
|
8/15 at 100.00
|
A+
|
658,608
|
|||||
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28
|
8/17 at 100.00
|
A+
|
1,103,380
|
|||||
290
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32
|
7/17 at 100.00
|
BBB–
|
297,990
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30
|
7/15 at 100.00
|
BB–
|
508,060
|
|||||
159
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43
|
2/13 at 100.00
|
N/R
|
138,219
|
|||||
124
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43
|
2/13 at 100.00
|
N/R
|
12,369
|
|||||
190
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43
|
2/13 at 100.00
|
N/R
|
2
|
|||||
285
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33
|
7/15 at 100.00
|
A–
|
296,369
|
|||||
8,648
|
Total Health Care
|
8,706,957
|
|||||||
Housing/Multifamily – 6.8% (4.6% of Total Investments)
|
|||||||||
560
|
Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48
|
7/17 at 100.00
|
BB
|
589,305
|
|||||
500
|
Massachusetts Housing Finance Agency, Housing Revenue Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)
|
6/13 at 100.00
|
AA–
|
503,945
|
|||||
1,000
|
Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22
|
5/13 at 102.00
|
N/R
|
1,032,170
|
|||||
2,060
|
Total Housing/Multifamily
|
2,125,420
|
|||||||
Housing/Single Family – 3.7% (2.5% of Total Investments)
|
|||||||||
650
|
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2006-126, 4.625%, 6/01/32 (Alternative Minimum Tax)
|
6/16 at 100.00
|
AA
|
673,582
|
|||||
400
|
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 15.477, 6/01/16 (IF)
|
No Opt. Call
|
AA
|
475,000
|
|||||
1,050
|
Total Housing/Single Family
|
1,148,582
|
|||||||
Industrials – 1.2% (0.8% of Total Investments)
|
|||||||||
100
|
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
99,725
|
|||||
200
|
Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14
|
No Opt. Call
|
BBB
|
213,942
|
|||||
65
|
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
|
2/13 at 100.00
|
BBB
|
65,085
|
|||||
365
|
Total Industrials
|
378,752
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Long-Term Care – 4.7% (3.2% of Total Investments)
|
|||||||||
$
|
100
|
Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30
|
12/19 at 100.00
|
A–
|
$
|
112,865
|
|||
725
|
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
|
4/13 at 102.00
|
N/R
|
739,776
|
|||||
605
|
Massachusetts Development Finance Authority, First Mortgage Revenue Bonds, Berkshire Retirement Community – Edgecombe Project, Series 2001A, 6.750%, 7/01/21
|
1/13 at 101.00
|
BBB
|
612,484
|
|||||
1,430
|
Total Long-Term Care
|
1,465,125
|
|||||||
Tax Obligation/General – 14.4% (9.8% of Total Investments)
|
|||||||||
310
|
Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5.250%, 5/15/23 – AMBAC Insured
|
5/15 at 100.00
|
Aa2
|
344,856
|
|||||
280
|
Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 – AGM Insured
|
2/13 at 101.00
|
AA–
|
284,928
|
|||||
1,000
|
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General Obligation Bonds, Series 2011, 5.000%, 2/15/41
|
2/21 at 100.00
|
Aa3
|
1,158,310
|
|||||
500
|
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 – FGIC Insured
|
No Opt. Call
|
AAA
|
644,415
|
|||||
500
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured
|
No Opt. Call
|
Baa1
|
552,100
|
|||||
1,280
|
Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.125%, 12/01/33
|
12/20 at 100.00
|
Aa2
|
1,525,299
|
|||||
3,870
|
Total Tax Obligation/General
|
4,509,908
|
|||||||
Tax Obligation/Limited – 16.6% (11.2% of Total Investments)
|
|||||||||
395
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 – AMBAC Insured
|
5/14 at 100.00
|
A–
|
417,088
|
|||||
385
|
Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21
|
No Opt. Call
|
AAA
|
507,619
|
|||||
550
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured
|
5/18 at 100.00
|
Aa2
|
637,555
|
|||||
285
|
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37
|
5/22 at 100.00
|
AA
|
340,894
|
|||||
500
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 – AGM Insured (UB)
|
8/15 at 100.00
|
AA+
|
562,005
|
|||||
230
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
A1
|
280,037
|
|||||
750
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
851,798
|
|||||
1,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43
|
8/21 at 100.00
|
A+
|
1,594,770
|
|||||
4,595
|
Total Tax Obligation/Limited
|
5,191,766
|
|||||||
Transportation – 5.9% (4.0% of Total Investments)
|
|||||||||
500
|
Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30
|
7/20 at 100.00
|
AA
|
617,485
|
|||||
400
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
7/17 at 100.00
|
A2
|
423,208
|
|||||
500
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
1/13 at 100.00
|
N/R
|
500,645
|
|||||
260
|
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
|
7/21 at 100.00
|
A+
|
295,409
|
|||||
1,660
|
Total Transportation
|
1,836,747
|
|||||||
U.S. Guaranteed – 13.5% (9.1% of Total Investments) (5)
|
|||||||||
530
|
Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25 (Pre-refunded 11/01/14)
|
11/14 at 100.00
|
AA+ (5)
|
577,297
|
|||||
160
|
Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 2/01/21 (Pre-refunded 2/01/13) – AGM Insured
|
2/13 at 101.00
|
AA– (5)
|
162,904
|
|||||
230
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2004A, 5.000%, 5/01/19 (Pre-refunded 5/01/14) – NPFG Insured
|
5/14 at 100.00
|
Aa2 (5)
|
245,021
|
Nuveen Investments
|
33
|
Nuveen Massachusetts Dividend Advantage Municipal Fund (continued)
|
||
NMB
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (5) (continued)
|
|||||||||
$
|
250
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 (Pre-refunded 5/01/16) – AMBAC Insured
|
5/16 at 100.00
|
Aa2 (5)
|
$
|
287,680
|
|||
1,070
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/14 (Pre-refunded 1/01/13) – NPFG Insured
|
1/13 at 100.00
|
BBB (5)
|
1,074,879
|
|||||
500
|
Massachusetts Development Finance Authority, Revenue Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 (Pre-refunded 9/01/13)
|
9/13 at 100.00
|
AA– (5)
|
517,610
|
|||||
750
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (5)
|
789,165
|
|||||
500
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 4.500%, 8/01/29 (Pre-refunded 8/01/15)
|
8/15 at 100.00
|
AAA
|
554,235
|
|||||
3,990
|
Total U.S. Guaranteed
|
4,208,791
|
|||||||
Utilities – 1.0% (0.7% of Total Investments)
|
|||||||||
320
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
327,642
|
|||||
Water and Sewer – 3.3% (2.2% of Total Investments)
|
|||||||||
125
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25
|
7/15 at 100.00
|
Ba2
|
130,829
|
|||||
400
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/31 (UB)
|
8/16 at 100.00
|
AAA
|
430,864
|
|||||
200
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
|
2/13 at 100.00
|
AAA
|
200,836
|
|||||
250
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 4.000%, 8/01/46
|
8/16 at 100.00
|
AA+
|
260,528
|
|||||
975
|
Total Water and Sewer
|
1,023,057
|
|||||||
$
|
42,593
|
Total Investments (cost $42,312,817) – 147.7%
|
46,193,100
|
||||||
Floating Rate Obligations – (1.8)%
|
(560,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (47.1)% (6)
|
(14,725,000
|
) | |||||||
Other Assets Less Liabilities – 1.2%
|
361,126
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
31,269,226
|
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the 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.
|
|
(5)
|
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(6)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.9%.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(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 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
34
|
Nuveen Investments
|
Nuveen Massachusetts AMT-Free Municipal Income Fund
|
||
NGX
|
Portfolio of Investments
|
|
November 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Education and Civic Organizations – 31.5% (20.8% of Total Investments)
|
|||||||||
$
|
650
|
Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured
|
7/21 at 100.00
|
AA–
|
$
|
767,241
|
|||
1,135
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2005T-1, 5.000%, 10/01/39 – AMBAC Insured
|
10/15 at 100.00
|
A
|
1,233,473
|
|||||
300
|
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2012A, 5.250%, 7/01/42
|
7/22 at 100.00
|
BBB–
|
335,178
|
|||||
600
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured
|
9/17 at 100.00
|
A+
|
667,200
|
|||||
465
|
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50
|
9/22 at 100.00
|
A+
|
533,155
|
|||||
1,250
|
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.000%, 9/01/33
|
9/13 at 100.00
|
A1
|
1,268,925
|
|||||
1,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
1,414,300
|
|||||
3,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured
|
1/18 at 100.00
|
AA–
|
3,255,206
|
|||||
1,700
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series 2003N, 5.125%, 6/01/37
|
6/13 at 100.00
|
AA–
|
1,737,009
|
|||||
250
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern University, Series 2010A, 4.875%, 10/01/35
|
10/20 at 100.00
|
A2
|
284,285
|
|||||
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 – AMBAC Insured
|
2/13 at 100.00
|
A
|
1,502,250
|
|||||
100
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Fin Authority, Higher Ed Rev and Rev Refunding Bonds, University of the Sacred Heart Project, Series 2012, 5.000%, 10/01/42 (WI/DD, Settling 12/18/12)
|
No Opt. Call
|
Baa2
|
101,767
|
|||||
11,950
|
Total Education and Civic Organizations
|
13,099,989
|
|||||||
Health Care – 16.6% (10.9% of Total Investments)
|
|||||||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System Obligated Group, Series 2012, 5.000%, 7/01/31
|
7/22 at 100.00
|
A
|
1,120,800
|
|||||
1,000
|
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2012L, 5.000%, 7/01/36
|
7/21 at 100.00
|
AA
|
1,166,430
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured
|
11/19 at 100.00
|
AA–
|
559,445
|
|||||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008:
|
|||||||||
480
|
5.375%, 2/01/26 – NPFG Insured
|
8/18 at 100.00
|
A–
|
560,885
|
|||||
600
|
5.375%, 2/01/27 – NPFG Insured
|
8/18 at 100.00
|
A–
|
700,056
|
|||||
1,500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/28 – NPFG Insured
|
8/18 at 100.00
|
A–
|
1,736,805
|
|||||
585
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32
|
7/17 at 100.00
|
BBB–
|
601,117
|
|||||
200
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30
|
7/15 at 100.00
|
BB–
|
203,224
|
|||||
250
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33
|
7/15 at 100.00
|
A–
|
259,973
|
|||||
6,115
|
Total Health Care
|
6,908,735
|
|||||||
Housing/Multifamily – 11.1% (7.3% of Total Investments)
|
|||||||||
500
|
Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%, 4/01/20 – AGM Insured
|
4/18 at 100.00
|
AA–
|
576,860
|
|||||
740
|
Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48
|
7/17 at 100.00
|
BB
|
778,724
|
Nuveen Investments
|
35
|
Nuveen Massachusetts AMT-Free Municipal Income Fund (continued)
|
||
NGX
|
Portfolio of Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Housing/Multifamily (continued)
|
|||||||||
$
|
2,000
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43
|
2/13 at 100.00
|
AA–
|
$
|
2,002,480
|
|||
1,265
|
Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2002H, 5.200%, 7/01/42 – AGM Insured
|
12/12 at 100.00
|
AA–
|
1,266,695
|
|||||
4,505
|
Total Housing/Multifamily
|
4,624,759
|
|||||||
Industrials – 7.2% (4.7% of Total Investments)
|
|||||||||
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
|
|||||||||
1,475
|
5.125%, 8/01/28 – NPFG Insured
|
2/13 at 100.00
|
BBB
|
1,476,800
|
|||||
1,500
|
5.125%, 2/01/34 – NPFG Insured
|
2/13 at 100.00
|
BBB
|
1,501,965
|
|||||
2,975
|
Total Industrials
|
2,978,765
|
|||||||
Long-Term Care – 4.4% (2.9% of Total Investments)
|
|||||||||
1,750
|
Massachusetts Development Finance Authority, GNMA Collateralized Revenue Bonds, Neville Communities, Series 2002A, 6.000%, 6/20/44
|
12/12 at 105.00
|
AA+
|
1,844,920
|
|||||
Tax Obligation/General – 12.6% (8.4% of Total Investments)
|
|||||||||
1,500
|
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 8/01/21 – AGM Insured
|
No Opt. Call
|
AA+
|
1,973,190
|
|||||
1,705
|
North Attleborough, Massachusetts, General Obligation Bonds, Series 2004, 5.000%, 7/15/15 – FGIC Insured
|
7/14 at 101.00
|
Aa2
|
1,847,470
|
|||||
1,200
|
North Reading, Massachusetts, General Obligation Bonds, Series 2012, 5.000%, 5/15/35 – AMBAC Insured
|
5/22 at 100.00
|
Aa2
|
1,446,240
|
|||||
4,405
|
Total Tax Obligation/General
|
5,266,900
|
|||||||
Tax Obligation/Limited – 20.2% (13.3% of Total Investments)
|
|||||||||
400
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
|
1/22 at 100.00
|
A
|
454,172
|
|||||
3,000
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 - AMBAC Insured
|
5/13 at 100.00
|
A–
|
3,051,480
|
|||||
1,000
|
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41
|
7/22 at 100.00
|
AAA
|
1,204,810
|
|||||
750
|
Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured
|
5/18 at 100.00
|
Aa2
|
869,393
|
|||||
300
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
A1
|
365,265
|
|||||
1,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43
|
8/21 at 100.00
|
A+
|
1,594,770
|
|||||
5,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
855,200
|
|||||
11,950
|
Total Tax Obligation/Limited
|
8,395,090
|
|||||||
Transportation – 2.9% (1.9% of Total Investments)
|
|||||||||
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33
|
7/22 at 100.00
|
AA
|
1,214,280
|
|||||
U.S. Guaranteed – 19.6% (12.9% of Total Investments) (4)
|
|||||||||
1,280
|
Littleton, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 1/15/21 (Pre-refunded 1/15/13) – FGIC Insured
|
1/13 at 101.00
|
AA (4)
|
1,299,981
|
|||||
690
|
Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003A, 5.250%, 5/01/22 (Pre-refunded 5/01/13) – SYNCORA GTY Insured
|
5/13 at 100.00
|
Aa2 (4)
|
704,518
|
|||||
500
|
Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 6.375%, 7/01/23 (Pre-refunded 7/01/13)
|
7/13 at 101.00
|
A (4)
|
522,900
|
|||||
155
|
Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)
|
1/13 at 100.00
|
AAA
|
165,484
|
|||||
1,000
|
Massachusetts Port Authority, Revenue Bonds, Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
AA (4)
|
1,027,770
|
|||||
1,000
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
1,052,220
|
|||||
1,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2004D, 5.000%, 8/01/24 (Pre-refunded 8/01/13) – NPFG Insured
|
8/13 at 100.00
|
AA+ (4)
|
1,032,040
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
U.S. Guaranteed (4) (continued)
|
|||||||||
$
|
2,140
|
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21 (Pre-refunded 11/01/14) – AMBAC Insured
|
11/14 at 100.00
|
AA (4)
|
$
|
2,345,012
|
|||
7,765
|
Total U.S. Guaranteed
|
8,149,925
|
|||||||
Utilities – 8.4% (5.6% of Total Investments)
|
|||||||||
1,710
|
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
|
10/20 at 100.00
|
AA–
|
1,869,064
|
|||||
440
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
450,507
|
|||||
1,150
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A, 5.050%, 7/01/42
|
7/22 at 100.00
|
BBB+
|
1,181,177
|
|||||
3,300
|
Total Utilities
|
3,500,748
|
|||||||
Water and Sewer – 17.1% (11.3% of Total Investments)
|
|||||||||
1,900
|
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured
|
12/13 at 100.00
|
A1
|
1,969,825
|
|||||
600
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/31 (UB)
|
8/16 at 100.00
|
AAA
|
646,296
|
|||||
1,000
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%, 8/01/19 – AGM Insured
|
No Opt. Call
|
AA+
|
1,269,320
|
|||||
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A:
|
|||||||||
1,500
|
5.000%, 8/01/31 – AMBAC Insured
|
8/16 at 100.00
|
AA+
|
1,705,560
|
|||||
125
|
4.000%, 8/01/46
|
8/16 at 100.00
|
AA+
|
130,264
|
|||||
720
|
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
|
11/20 at 100.00
|
AA–
|
866,146
|
|||||
495
|
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 7/01/16 – NPFG Insured
|
7/14 at 100.00
|
A+
|
526,522
|
|||||
6,340
|
Total Water and Sewer
|
7,113,933
|
|||||||
$
|
62,055
|
Total Investments (cost $59,092,038) – 151.6%
|
63,098,044
|
||||||
Floating Rate Obligations – (0.8)%
|
(340,000
|
) | |||||||
MuniFund Term Preferred Shares, at Liquidation Value – (53.0)% (5)
|
(22,075,000
|
) | |||||||
Other Assets Less Liabilities – 2.2%
|
945,523
|
||||||||
Net Assets Applicable to Common Shares – 100%
|
$
|
41,628,567
|
(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.0%.
|
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
Nuveen Investments
|
37
|
Statement of
|
||
Assets & Liabilities
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Assets
|
|||||||||||||
Investments, at value (cost $317,830,082, $103,244,220, $42,312,817 and $59,092,038, respectively)
|
$
|
344,394,105
|
$
|
112,624,332
|
$
|
46,193,100
|
$
|
63,098,044
|
|||||
Cash
|
1,487,561
|
102,961
|
717,385
|
148,495
|
|||||||||
Receivables:
|
|||||||||||||
Interest
|
5,201,715
|
1,748,095
|
744,138
|
921,071
|
|||||||||
Investments sold
|
10,314,898
|
1,695,000
|
415,300
|
—
|
|||||||||
Deferred offering costs
|
1,424,445
|
602,038
|
216,191
|
255,583
|
|||||||||
Other assets
|
7,649
|
4,391
|
673
|
2,075
|
|||||||||
Total assets
|
362,830,373
|
116,776,817
|
48,286,787
|
64,425,268
|
|||||||||
Liabilities
|
|||||||||||||
Floating rate obligations
|
19,370,000
|
1,435,000
|
560,000
|
340,000
|
|||||||||
Payables:
|
|||||||||||||
Common share dividends
|
830,474
|
263,087
|
108,656
|
132,674
|
|||||||||
Interest
|
229,942
|
82,294
|
31,902
|
48,753
|
|||||||||
Investments purchased
|
4,761,501
|
1,875,019
|
1,479,482
|
101,228
|
|||||||||
Offering costs
|
206,206
|
195,755
|
47,323
|
—
|
|||||||||
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
105,500,000
|
36,645,000
|
14,725,000
|
22,075,000
|
|||||||||
Accrued expenses:
|
|||||||||||||
Management fees
|
173,332
|
56,932
|
23,210
|
32,131
|
|||||||||
Trustees fees
|
1,856
|
408
|
166
|
231
|
|||||||||
Other
|
649,532
|
68,962
|
41,822
|
66,684
|
|||||||||
Total liabilities
|
131,722,843
|
40,622,457
|
17,017,561
|
22,796,701
|
|||||||||
Net assets applicable to Common shares
|
$
|
231,107,530
|
$
|
76,154,360
|
$
|
31,269,226
|
$
|
41,628,567
|
|||||
Common shares outstanding
|
14,688,976
|
4,774,788
|
1,965,856
|
2,727,317
|
|||||||||
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
15.73
|
$
|
15.95
|
$
|
15.91
|
$
|
15.26
|
|||||
Net assets applicable to Common shares consist of:
|
|||||||||||||
Common shares, $.01 par value per share
|
$
|
146,890
|
$
|
47,748
|
$
|
19,659
|
$
|
27,273
|
|||||
Paid-in surplus
|
203,736,442
|
65,876,078
|
27,675,633
|
38,173,651
|
|||||||||
Undistributed (Over-distribution of) net investment income
|
483,885
|
443,657
|
(11,493
|
)
|
(99,133
|
)
|
|||||||
Accumulated net realized gain (loss)
|
176,290
|
406,765
|
(294,856
|
)
|
(479,230
|
)
|
|||||||
Net unrealized appreciation (depreciation)
|
26,564,023
|
9,380,112
|
3,880,283
|
4,006,006
|
|||||||||
Net assets applicable to Common shares
|
$
|
231,107,530
|
$
|
76,154,360
|
$
|
31,269,226
|
$
|
41,628,567
|
|||||
Authorized shares:
|
|||||||||||||
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
38
|
Nuveen Investments
|
|
Statement of
|
|
Operations
|
Six Months Ended November 30, 2012
(Unaudited)
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Investment Income
|
$
|
6,671,281
|
$
|
2,580,179
|
$
|
1,080,992
|
$
|
1,407,176
|
|||||
Expenses
|
|||||||||||||
Management fees
|
914,060
|
345,117
|
140,478
|
195,463
|
|||||||||
Shareholders servicing agent fees and expenses
|
34,862
|
12,400
|
8,330
|
8,330
|
|||||||||
Interest expense and amortization of offering costs
|
1,513,552
|
604,273
|
236,745
|
345,483
|
|||||||||
Custodian fees and expenses
|
20,996
|
11,806
|
6,358
|
6,927
|
|||||||||
Trustees fees and expenses
|
4,069
|
1,614
|
657
|
916
|
|||||||||
Professional fees
|
20,914
|
14,088
|
15,047
|
14,385
|
|||||||||
Shareholders reporting expenses
|
91,217
|
28,792
|
12,376
|
41,683
|
|||||||||
Stock exchange listing fees
|
19,226
|
19,226
|
223
|
7,677
|
|||||||||
Investor relations expense
|
14,738
|
5,902
|
2,441
|
3,316
|
|||||||||
Other expenses
|
16,715
|
13,666
|
14,077
|
18,352
|
|||||||||
Total expenses before custodian fee credit
|
2,650,349
|
1,056,884
|
436,732
|
642,532
|
|||||||||
Custodian fee credit
|
(783
|
)
|
(556
|
)
|
(366
|
)
|
(144
|
)
|
|||||
Net expenses
|
2,649,566
|
1,056,328
|
436,366
|
642,388
|
|||||||||
Net investment income (loss)
|
4,021,715
|
1,523,851
|
644,626
|
764,788
|
|||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) from investments
|
129,685
|
29,074
|
(274,334
|
)
|
142,927
|
||||||||
Change in net unrealized appreciation (depreciation) of investments
|
6,695,242
|
2,533,688
|
1,445,076
|
898,072
|
|||||||||
Net realized and unrealized gain (loss)
|
6,824,927
|
2,562,762
|
1,170,742
|
1,040,999
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
10,846,642
|
$
|
4,086,613
|
$
|
1,815,368
|
$
|
1,805,787
|
Nuveen Investments
|
39
|
Statement of
|
||
Changes in Net Assets (Unaudited)
|
Connecticut
|
Massachusetts
|
||||||||||||
Premium Income (NTC)
|
Premium Income (NMT)
|
||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
11/30/12
|
5/31/12
|
11/30/12
|
5/31/12
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
4,021,715
|
$
|
3,126,397
|
$
|
1,523,851
|
$
|
3,175,956
|
|||||
Net realized gain (loss) from investments
|
129,685
|
229,119
|
29,074
|
499,195
|
|||||||||
Change in net unrealized appreciation (depreciation) of investments
|
6,695,242
|
6,702,628
|
2,533,688
|
6,403,666
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
10,846,642
|
10,058,144
|
4,086,613
|
10,078,817
|
|||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(4,260,044
|
)
|
(3,798,441
|
)
|
(1,690,275
|
)
|
(3,681,362
|
)
|
|||||
From accumulated net realized gains
|
—
|
(225,331
|
)
|
—
|
(243,992
|
)
|
|||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(4,260,044
|
)
|
(4,023,772
|
)
|
(1,690,275
|
)
|
(3,925,354
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Issued in the Reorganizations(1)
|
142,203,044
|
—
|
—
|
—
|
|||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
142,203,044
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares
|
148,789,642
|
6,034,372
|
2,396,338
|
6,153,463
|
|||||||||
Net assets applicable to Common shares at the beginning of period
|
82,317,888
|
76,283,516
|
73,758,022
|
67,604,559
|
|||||||||
Net assets applicable to Common shares at the end of period
|
$
|
231,107,530
|
$
|
82,317,888
|
$
|
76,154,360
|
$
|
73,758,022
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
483,885
|
$
|
722,214
|
$
|
443,657
|
$
|
610,081
|
40
|
Nuveen Investments
|
Massachusetts
|
Massachusetts
|
||||||||||||
Dividend Advantage (NMB)
|
AMT-Free Income (NGX)
|
||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
11/30/12
|
5/31/12
|
11/30/12
|
5/31/12
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
644,626
|
$
|
1,272,934
|
$
|
764,788
|
$
|
1,615,697
|
|||||
Net realized gain (loss) from investments
|
(274,334
|
)
|
117,873
|
142,927
|
86,441
|
||||||||
Change in net unrealized appreciation (depreciation) of investments
|
1,445,076
|
2,754,077
|
898,072
|
1,682,019
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares from operations
|
1,815,368
|
4,144,884
|
1,805,787
|
3,384,157
|
|||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(672,287
|
)
|
(1,486,068
|
)
|
(810,008
|
)
|
(1,914,367
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(672,287
|
)
|
(1,486,068
|
)
|
(810,008
|
)
|
(1,914,367
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Common shares:
|
|||||||||||||
Issued in the Reorganizations
|
—
|
—
|
—
|
—
|
|||||||||
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
2,450
|
—
|
3,092
|
1,482
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
2,450
|
—
|
3,092
|
1,482
|
|||||||||
Net increase (decrease) in net assets applicable to Common shares
|
1,145,531
|
2,658,816
|
998,871
|
1,471,272
|
|||||||||
Net assets applicable to Common shares at the beginning of period
|
30,123,695
|
27,464,879
|
40,629,696
|
39,158,424
|
|||||||||
Net assets applicable to Common shares at the end of period
|
$
|
31,269,226
|
$
|
30,123,695
|
$
|
41,628,567
|
$
|
40,629,696
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
(11,493
|
)
|
$
|
16,168
|
$
|
(99,133
|
)
|
$
|
(53,913
|
)
|
Nuveen Investments
|
41
|
Statement of
|
||
Cash Flows
|
Six Months Ended November 30, 2012
(Unaudited)
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Cash Flows from Operating Activities:
|
|||||||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
10,846,642
|
$
|
4,086,613
|
$
|
1,815,368
|
$
|
1,805,787
|
|||||
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
|
(23,676,015
|
)
|
(7,554,311
|
)
|
(4,069,472
|
)
|
(6,518,785
|
)
|
|||||
Proceeds from sales and maturities of investments
|
23,252,272
|
6,445,000
|
2,875,834
|
7,641,809
|
|||||||||
Assets and (Liabilities) acquired in the Reorganizations, net
|
(60,026,684
|
)
|
—
|
—
|
—
|
||||||||
Amortization (Accretion) of premiums and discounts, net
|
452,668
|
138,569
|
60,984
|
65,471
|
|||||||||
(Increase) Decrease in:
|
|||||||||||||
Receivable for interest
|
(3,400,477
|
)
|
(15,595
|
)
|
(5,832
|
)
|
(1,039
|
)
|
|||||
Receivable for investments sold
|
(8,231,873
|
)
|
54,340
|
145,776
|
140,000
|
||||||||
Other assets
|
17,735
|
20,677
|
747
|
8,545
|
|||||||||
Increase (Decrease) in:
|
|||||||||||||
Payable for interest
|
143,922
|
(8,230
|
)
|
(3,188
|
)
|
(4,879
|
)
|
||||||
Payable for investments purchased
|
4,761,501
|
1,875,019
|
1,479,482
|
(2,465,316
|
)
|
||||||||
Accrued management fees
|
108,380
|
(1,231
|
)
|
(405
|
)
|
(955
|
)
|
||||||
Accrued Trustees fees
|
1,393
|
(24
|
)
|
(9
|
)
|
(17
|
)
|
||||||
Accrued other expenses
|
338,962
|
14,782
|
4,951
|
25,483
|
|||||||||
Net realized (gain) loss from investments
|
(129,685
|
)
|
(29,074
|
)
|
274,334
|
(142,927
|
)
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
(6,695,242
|
)
|
(2,533,688
|
)
|
(1,445,076
|
)
|
(898,072
|
)
|
|||||
Taxes paid on undistributed capital gains
|
(21,425
|
)
|
(24,173
|
)
|
—
|
—
|
|||||||
Net cash provided by (used in) operating activities
|
(62,257,926
|
)
|
2,468,674
|
1,133,494
|
(344,895
|
)
|
|||||||
Cash Flows from Financing Activities:
|
|||||||||||||
(Increase) Decrease in deferred offering costs
|
(720,461
|
)
|
113,445
|
46,438
|
55,036
|
||||||||
Increase (Decrease) in:
|
|||||||||||||
Cash overdraft balance
|
—
|
(766,814
|
)
|
—
|
—
|
||||||||
Floating rate obligations
|
(1,655,000
|
)
|
—
|
—
|
—
|
||||||||
Payable for offering costs
|
31,939
|
(10,073
|
)
|
10,331
|
(5,800
|
)
|
|||||||
MTP Shares, at liquidation value
|
69,420,000
|
—
|
—
|
—
|
|||||||||
Cash distributions paid to Common shareholders
|
(3,720,475
|
)
|
(1,702,271
|
)
|
(670,046
|
)
|
(820,478
|
)
|
|||||
Net cash provided by (used in) financing activities
|
63,356,003
|
(2,365,713
|
)
|
(613,277
|
)
|
(771,242
|
)
|
||||||
Net Increase (Decrease) in Cash
|
1,098,077
|
102,961
|
520,217
|
(1,116,137
|
)
|
||||||||
Cash at the beginning of period
|
389,484
|
—
|
197,168
|
1,264,632
|
|||||||||
Cash at the End of Period
|
$
|
1,487,561
|
$
|
102,961
|
$
|
717,385
|
$
|
148,495
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
$
|
—
|
$
|
—
|
$
|
2,450
|
$
|
3,092
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
$
|
1,113,326
|
$
|
499,058
|
$
|
193,495
|
$
|
293,746
|
42
|
Nuveen Investments
|
Nuveen Investments
|
43
|
Financial
|
||
Highlights (Unaudited)
|
||
Selected data for a Common share outstanding throughout each period:
|
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||
Connecticut Premium Income (NTC)
|
||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||
2013(f)
|
$
|
15.34
|
$
|
.25
|
$
|
.49
|
$
|
—
|
$
|
—
|
$
|
.74
|
$
|
(.35
|
)
|
$
|
—
|
$
|
(.35
|
)
|
$
|
15.73
|
$
|
14.70
|
||||||||||
2012
|
14.22
|
.58
|
1.29
|
—
|
—
|
1.87
|
(.71
|
)
|
(.04
|
)
|
(.75
|
)
|
15.34
|
14.19
|
||||||||||||||||||||
2011
|
14.56
|
.67
|
(.29
|
)
|
(.01
|
)
|
—
|
.37
|
(.71
|
)
|
—
|
(.71
|
)
|
14.22
|
13.18
|
|||||||||||||||||||
2010
|
13.59
|
.80
|
.88
|
(.02
|
)
|
—
|
*
|
1.66
|
(.69
|
)
|
—
|
*
|
(.69
|
)
|
14.56
|
13.94
|
||||||||||||||||||
2009
|
14.25
|
.84
|
(.66
|
)
|
(.14
|
)
|
(.03
|
)
|
.01
|
(.60
|
)
|
(.07
|
)
|
(.67
|
)
|
13.59
|
13.35
|
|||||||||||||||||
2008
|
14.39
|
.83
|
(.09
|
)
|
(.22
|
)
|
(.01
|
)
|
.51
|
(.62
|
)
|
(.03
|
)
|
(.65
|
)
|
14.25
|
14.08
|
|||||||||||||||||
Massachusetts Premium Income (NMT)
|
||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||
2013(f)
|
15.45
|
.32
|
.53
|
—
|
—
|
.85
|
(.35
|
)
|
—
|
(.35
|
)
|
15.95
|
15.58
|
|||||||||||||||||||||
2012
|
14.16
|
.67
|
1.44
|
—
|
—
|
2.11
|
(.77
|
)
|
(.05
|
)
|
(.82
|
)
|
15.45
|
15.12
|
||||||||||||||||||||
2011
|
14.48
|
.75
|
(.24
|
)
|
(.01
|
)
|
—
|
.50
|
(.78
|
)
|
(.04
|
)
|
(.82
|
)
|
14.16
|
13.59
|
||||||||||||||||||
2010
|
13.29
|
.87
|
1.12
|
(.03
|
)
|
—
|
1.96
|
(.77
|
)
|
—
|
(.77
|
)
|
14.48
|
14.93
|
||||||||||||||||||||
2009
|
14.22
|
.91
|
(.98
|
)
|
(.15
|
)
|
(.02
|
)
|
(.24
|
)
|
(.65
|
)
|
(.04
|
)
|
(.69
|
)
|
13.29
|
13.28
|
||||||||||||||||
2008
|
14.56
|
.88
|
(.32
|
)
|
(.25
|
)
|
(.01
|
)
|
.30
|
(.62
|
)
|
(.02
|
)
|
(.64
|
)
|
14.22
|
13.61
|
(a)
|
The amounts shown are based on Common share equivalents.
|
(b)
|
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.
|
44
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000
|
)
|
Expenses
|
(e)
|
Net
Investment
Income
(Loss
|
)
|
Portfolio
Turnover
Rate
|
||||||||
6.16
|
%
|
4.91
|
%
|
$
|
231,108
|
2.69
|
%**
|
4.09
|
%**
|
8
|
%
|
|||||||
13.59
|
13.45
|
82,318
|
3.08
|
3.93
|
11
|
|||||||||||||
(.39
|
)
|
2.63
|
76,284
|
2.41
|
4.73
|
9
|
||||||||||||
9.76
|
12.49
|
78,106
|
1.57
|
5.64
|
5
|
|||||||||||||
.32
|
.45
|
72,901
|
1.43
|
6.40
|
0
|
|||||||||||||
(1.08
|
)
|
3.60
|
76,441
|
1.30
|
5.82
|
22
|
||||||||||||
5.43
|
5.60
|
76,154
|
2.83
|
**
|
4.09
|
**
|
6
|
|||||||||||
17.78
|
15.29
|
73,758
|
3.03
|
4.48
|
12
|
|||||||||||||
(3.48
|
)
|
3.58
|
67,605
|
2.51
|
5.30
|
6
|
||||||||||||
18.77
|
15.03
|
69,031
|
1.60
|
6.21
|
3
|
|||||||||||||
3.54
|
(1.36
|
)
|
63,321
|
1.43
|
7.01
|
1
|
||||||||||||
(.48
|
)
|
2.08
|
67,720
|
1.26
|
6.09
|
14
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”) and/or MTP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares 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, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
Connecticut Premium Income (NTC)
|
||||
Year Ended 5/31:
|
||||
2013(f)
|
1.54
|
%**
|
||
2012
|
1.54
|
|||
2011
|
1.20
|
|||
2010
|
.37
|
|||
2009
|
.11
|
|||
2008
|
.03
|
Massachusetts Premium Income (NMT)
|
||||
Year Ended 5/31:
|
||||
2013(f)
|
1.62
|
%**
|
||
2012
|
1.74
|
|||
2011
|
1.28
|
|||
2010
|
0.37
|
|||
2009
|
0.09
|
|||
2008
|
—
|
(f)
|
For the six months ended November 30, 2012.
|
|
*
|
Rounds to less than $.01 per share.
|
|
**
|
Annualized.
|
Nuveen Investments
|
45
|
Financial
|
||
Highlights (Unaudited) (continued)
|
||
Selected data for a Common share outstanding throughout each period:
|
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||||||||
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Share-
holders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||
Massachusetts Dividend Advantage (NMB)
|
||||||||||||||||||||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||||||||||||||||||||
2013(g)
|
$
|
15.32
|
$
|
.33
|
$
|
.60
|
$
|
—
|
$
|
—
|
$
|
.93
|
$
|
(.34
|
)
|
$
|
—
|
$
|
(.34
|
)
|
$
|
15.91
|
$
|
15.59
|
||||||||||
2012
|
13.97
|
.65
|
1.46
|
—
|
—
|
2.11
|
(.76
|
)
|
—
|
(.76
|
)
|
15.32
|
14.64
|
|||||||||||||||||||||
2011
|
14.38
|
.68
|
(.26
|
)
|
—
|
—
|
.42
|
(.83
|
)
|
—
|
(.83
|
)
|
13.97
|
13.53
|
||||||||||||||||||||
2010
|
13.52
|
.89
|
.80
|
(.02
|
)
|
(.01
|
)
|
1.66
|
(.77
|
)
|
(.03
|
)
|
(.80
|
)
|
14.38
|
14.10
|
||||||||||||||||||
2009
|
14.36
|
.95
|
(.93
|
)
|
(.17
|
)
|
—
|
(.15
|
)
|
(.69
|
)
|
—
|
(.69
|
)
|
13.52
|
13.83
|
||||||||||||||||||
2008
|
14.84
|
.94
|
(.45
|
)
|
(.26
|
)
|
(.01
|
)
|
.22
|
(.68
|
)
|
(.02
|
)
|
(.70
|
)
|
14.36
|
14.61
|
|||||||||||||||||
Massachusetts AMT-Free Income (NGX)
|
||||||||||||||||||||||||||||||||||
Period Ended 5/31:
|
||||||||||||||||||||||||||||||||||
2013(g)
|
14.90
|
.28
|
.38
|
—
|
—
|
.66
|
(.30
|
)
|
—
|
(.30
|
)
|
15.26
|
14.81
|
|||||||||||||||||||||
2012
|
14.36
|
.59
|
.65
|
—
|
—
|
1.24
|
(.70
|
)
|
—
|
(.70
|
)
|
14.90
|
15.39
|
|||||||||||||||||||||
2011
|
14.71
|
.64
|
(.23
|
)
|
—
|
—
|
.41
|
(.76
|
)
|
—
|
(.76
|
)
|
14.36
|
13.62
|
||||||||||||||||||||
2010
|
13.86
|
.82
|
.79
|
(.03
|
)
|
—
|
1.58
|
(.73
|
)
|
—
|
(.73
|
)
|
14.71
|
15.79
|
||||||||||||||||||||
2009
|
14.28
|
.91
|
(.50
|
)
|
(.17
|
)
|
—
|
.24
|
(.66
|
)
|
—
|
(.66
|
)
|
13.86
|
13.15
|
|||||||||||||||||||
2008
|
14.50
|
.90
|
(.21
|
)
|
(.26
|
)
|
—
|
.43
|
(.65
|
)
|
—
|
(.65
|
)
|
14.28
|
14.14
|
(a)
|
The amounts shown are based on Common share equivalents.
|
(b)
|
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.
|
46
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)(d)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)(e)
|
||||||||||||||||||||||
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(f)
|
Net
Investment
Income
(Loss)
|
Expenses
|
(f)
|
Net
Investment
Income
(Loss)
|
Portfolio
Turnover
Rate
|
|||||||||||||
8.89
|
%
|
6.15
|
%
|
$
|
31,269
|
2.86
|
*
|
4.22
|
*
|
N/A
|
N/A
|
6
|
%
|
|||||||||||
14.21
|
15.45
|
30,124
|
3.09
|
4.41
|
N/A
|
N/A
|
8
|
|||||||||||||||||
1.87
|
3.05
|
27,465
|
3.08
|
4.83
|
3.03
|
%
|
4.88
|
%
|
16
|
|||||||||||||||
7.90
|
12.50
|
28,235
|
1.67
|
6.16
|
1.54
|
6.29
|
11
|
|||||||||||||||||
(.04
|
)
|
(.70
|
)
|
26,530
|
1.54
|
7.09
|
1.33
|
7.30
|
1
|
|||||||||||||||
(5.73
|
)
|
1.55
|
28,135
|
1.32
|
6.11
|
1.05
|
6.39
|
15
|
||||||||||||||||
(1.80
|
)
|
4.46
|
41,629
|
3.14
|
*
|
3.74
|
*
|
N/A
|
N/A
|
10
|
||||||||||||||
18.74
|
8.82
|
40,630
|
3.16
|
4.03
|
N/A
|
N/A
|
14
|
|||||||||||||||||
(9.04
|
)
|
2.89
|
39,158
|
3.07
|
4.38
|
3.01
|
4.44
|
4
|
||||||||||||||||
26.19
|
11.61
|
40,095
|
1.86
|
5.50
|
1.67
|
5.69
|
1
|
|||||||||||||||||
(2.11
|
)
|
2.00
|
37,754
|
1.47
|
6.47
|
1.16
|
6.78
|
0
|
||||||||||||||||
2.49
|
3.04
|
38,873
|
1.29
|
5.82
|
.85
|
6.25
|
13
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
|
(e)
|
After expense reimbursement from the Adviser, where applicable. As of January 31, 2011 and November 30, 2010, the Adviser is no longer reimbursing Massachusetts Dividend Advantage (NMB) and Massachusetts AMT-Free Income (NGX), respectively, for any fees or expenses.
|
|
(f)
|
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares 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, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
Massachusetts Dividend Advantage (NMB)
|
||||
Year Ended 5/31:
|
||||
2013(g)
|
1.55
|
%*
|
||
2012
|
1.68
|
|||
2011
|
1.75
|
|||
2010
|
.35
|
|||
2009
|
.10
|
|||
2008
|
—
|
Massachusetts AMT-Free Income (NGX)
|
||||
Year Ended 5/31:
|
||||
2013(g)
|
1.69
|
%*
|
||
2012
|
1.76
|
|||
2011
|
1.81
|
|||
2010
|
.57
|
|||
2009
|
.09
|
|||
2008
|
—
|
(g)
|
For the six months ended November 30, 2012.
|
|
N/A
|
Fund does not have, or no longer has, a contractual reimbursement with the Adviser.
|
|
*
|
Annualized.
|
Nuveen Investments
|
47
|
Financial
|
||
Highlights (Unaudited) (continued)
|
ARPS and MTP
|
||||||||||||||||
Shares at the
|
||||||||||||||||
ARPS at the End of Period
|
MTP Shares at the End of Period (a)
|
End of Period
|
||||||||||||||
Aggregate Amount
|
Asset
|
Aggregate Amount
|
Asset
|
Asset Coverage
|
||||||||||||
Outstanding
|
Coverage
|
Outstanding
|
Coverage
|
Per $1 Liquidation
|
||||||||||||
(000
|
)
|
Per $25,000 Share
|
(000
|
)
|
Per $10 Share
|
Preference
|
||||||||||
Connecticut Premium Income (NTC)
|
||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||
2013(b)
|
$
|
—
|
$
|
—
|
$
|
105,500
|
$
|
31.91
|
$
|
—
|
||||||
2012
|
—
|
—
|
36,080
|
32.82
|
—
|
|||||||||||
2011
|
—
|
—
|
36,080
|
31.14
|
—
|
|||||||||||
2010
|
15,725
|
82,389
|
18,300
|
32.96
|
3.30
|
|||||||||||
2009
|
34,975
|
77,110
|
—
|
—
|
—
|
|||||||||||
2008
|
38,300
|
74,896
|
—
|
—
|
—
|
|||||||||||
Massachusetts Premium Income (NMT)
|
||||||||||||||||
Year Ended 5/31:
|
||||||||||||||||
2013(b)
|
—
|
—
|
36,645
|
30.78
|
—
|
|||||||||||
2012
|
—
|
—
|
36,645
|
30.13
|
—
|
|||||||||||
2011
|
—
|
—
|
36,645
|
28.45
|
—
|
|||||||||||
2010
|
14,400
|
74,863
|
20,210
|
29.95
|
2.99
|
|||||||||||
2009
|
34,000
|
71,559
|
—
|
—
|
—
|
|||||||||||
2008
|
34,000
|
74,794
|
—
|
—
|
—
|
(a)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
2013
|
(b)
|
2012
|
2011
|
2010
|
(d)
|
||||||||
Connecticut Premium Income (NTC)
|
|||||||||||||
Series 2015 (NTC PRC)
|
|||||||||||||
Ending Market Value per Share
|
$
|
10.06
|
$
|
10.05
|
$
|
10.07
|
$
|
10.00
|
|||||
Average Market Value per Share
|
10.09
|
10.08
|
10.04
|
10.02
|
^
|
||||||||
Series 2016 (NTC PRD)
|
|||||||||||||
Ending Market Value per Share
|
10.08
|
10.10
|
10.00
|
—
|
|||||||||
Average Market Value per Share
|
10.10
|
10.06
|
9.88
|
^^
|
—
|
||||||||
Series 2015 (NTC PRE) (c)
|
|||||||||||||
Ending Market Value per Share
|
10.05
|
—
|
—
|
—
|
|||||||||
Average Market Value per Share
|
10.06
|
Ω
|
—
|
—
|
—
|
||||||||
Series 2015-1 (NTC PRF) (c)
|
|||||||||||||
Ending Market Value per Share
|
10.05
|
—
|
—
|
—
|
|||||||||
Average Market Value per Share
|
10.07
|
Ω
|
—
|
—
|
—
|
||||||||
Series 2015-1 (NTC PRG) (c)
|
|||||||||||||
Ending Market Value per Share
|
10.06
|
—
|
—
|
—
|
|||||||||
Average Market Value per Share
|
10.08
|
Ω
|
—
|
—
|
—
|
||||||||
Massachusetts Premium Income (NMT)
|
|||||||||||||
Series 2015 (NMT PRC)
|
|||||||||||||
Ending Market Value per Share
|
10.07
|
10.10
|
10.02
|
10.00
|
|||||||||
Average Market Value per Share
|
10.09
|
10.08
|
10.02
|
10.00
|
^^^
|
||||||||
Series 2016 (NMT PRD)
|
|||||||||||||
Ending Market Value per Share
|
10.07
|
10.10
|
10.00
|
—
|
|||||||||
Average Market Value per Share
|
10.11
|
10.08
|
9.97
|
^^^^
|
—
|
(b)
|
For the six months ended November 30, 2012.
|
(c)
|
MTP Shares issued in connection with the Reorganizations as further described in Footnote 1, General Information and Significant Accounting Policies, Fund Reorganizations and MuniFund Term Preferred Shares.
|
(d)
|
The Fund did not issue MTP Shares prior to the fiscal year ended May 31, 2010.
|
^
|
For the period January 19, 2010 (first issuance date of shares) through May 31, 2010.
|
^^
|
For the period December 15, 2010 (first issuance date of shares) through May 31, 2011.
|
^^^
|
For the period January 21, 2010 (first issuance date of shares) through May 31, 2010.
|
^^^^
|
For the period January 20, 2011 (first issuance date of shares) through May 31, 2011.
|
Ω
|
For the period July 9, 2012 (effective date of the Reorganizations) through November 30, 2012.
|
48
|
Nuveen Investments
|
ARPS at the End of Period
|
MTP Shares at the End of Period (a)
|
||||||||||||
Aggregate Amount
|
Asset
|
Aggregate Amount
|
Asset
|
||||||||||
Outstanding
|
Coverage
|
Outstanding
|
Coverage
|
||||||||||
(000
|
)
|
Per $25,000 Share
|
(000
|
)
|
Per $10 Share
|
||||||||
Massachusetts Dividend Advantage (NMB)
|
|||||||||||||
Year Ended 5/31:
|
|||||||||||||
2013(b)
|
$
|
—
|
$
|
—
|
$
|
14,725
|
$
|
31.24
|
|||||
2012
|
—
|
—
|
14,725
|
30.46
|
|||||||||
2011
|
—
|
—
|
14,725
|
28.65
|
|||||||||
2010
|
—
|
—
|
14,725
|
29.18
|
|||||||||
2009
|
14,250
|
71,544
|
—
|
—
|
|||||||||
2008
|
15,000
|
71,892
|
—
|
—
|
|||||||||
Massachusetts AMT-Free Income (NGX)
|
|||||||||||||
Year Ended 5/31:
|
|||||||||||||
2013(b)
|
—
|
—
|
22,075
|
28.86
|
|||||||||
2012
|
—
|
—
|
22,075
|
28.41
|
|||||||||
2011
|
—
|
—
|
22,075
|
27.74
|
|||||||||
2010
|
—
|
—
|
22,075
|
28.16
|
|||||||||
2009
|
20,500
|
71,042
|
—
|
—
|
|||||||||
2008
|
20,500
|
72,407
|
—
|
—
|
(a) | The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: |
2013
|
(b)
|
2012
|
2011
|
2010
|
(c)
|
||||||||
Massachusetts Dividend Advantage (NMB)
|
|||||||||||||
Series 2015 (NMB PRC)
|
|||||||||||||
Ending Market Value per Share
|
$
|
10.06
|
$
|
10.10
|
$
|
13.53
|
$
|
9.98
|
|||||
Average Market Value per Share
|
10.08
|
10.07
|
14.03
|
9.95
|
^
|
||||||||
Massachusetts AMT-Free Income (NGX)
|
|||||||||||||
Series 2015 (NGX PRC)
|
|||||||||||||
Ending Market Value per Share
|
10.06
|
10.10
|
13.62
|
10.00
|
|||||||||
Average Market Value per Share
|
10.10
|
10.08
|
14.48
|
9.98
|
^^
|
(b)
|
For the six months ended November 30, 2012.
|
(c)
|
The Fund did not issue MTP Shares prior to the fiscal year ended May 31, 2010.
|
^
|
For the period March 23, 2010 (first issuance date of shares) through May 31, 2010.
|
^^
|
For the period February 9, 2010 (first issuance date of shares) through May 31, 2010.
|
Nuveen Investments
|
49
|
Notes to
|
||
Financial Statements (Unaudited)
|
Acquired Funds
|
Acquiring Fund
|
||
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)
|
Connecticut Premium Income (NTC)
|
||
(“Connecticut Dividend Advantage (NFC)”)
|
|||
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)
|
|||
(“Connecticut Dividend Advantage 2 (NGK)”)
|
|||
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)
|
|||
(“Connecticut Dividend Advantage 3 (NGO)”)
|
50
|
Nuveen Investments
|
Nuveen Investments
|
51
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
Shares Outstanding
|
Annual
|
||||||||||||||
NYSE
|
Shares
|
at $10 Per Share
|
Interest
|
||||||||||||
Series
|
Ticker
|
Outstanding
|
Liquidation Value
|
Rate
|
|||||||||||
Connecticut Dividend Advantage (NFC)
|
|||||||||||||||
2015
|
NFC PRC
|
2,047,000
|
$
|
20,470,000
|
2.60
|
%
|
|||||||||
Connecticut Dividend Advantage 2 (NGK)
|
|||||||||||||||
2015
|
NGK PRC
|
1,695,000
|
$
|
16,950,000
|
2.60
|
%
|
|||||||||
Connecticut Dividend Advantage 3 (NGO)
|
|||||||||||||||
2015
|
NGO PRC
|
3,200,000
|
$
|
32,000,000
|
2.65
|
%
|
Shares Outstanding
|
Annual
|
||||||||||||||
NYSE
|
Shares
|
at $10 Per Share
|
Interest
|
||||||||||||
Series
|
Ticker
|
Outstanding
|
Liquidation Value
|
Rate
|
|||||||||||
Connecticut Premium Income (NTC)
|
|||||||||||||||
2015
|
NTC PRC
|
1,830,000
|
$
|
18,300,000
|
2.65
|
%
|
|||||||||
2016
|
NTC PRD
|
1,778,000
|
17,780,000
|
2.55
|
|||||||||||
2015 *
|
NTC PRE
|
2,047,000
|
20,470,000
|
2.60
|
|||||||||||
2015-1 *
|
NTC PRF
|
1,695,000
|
16,950,000
|
2.60
|
|||||||||||
2015-1 *
|
NTC PRG
|
3,200,000
|
32,000,000
|
2.65
|
|||||||||||
Massachusetts Premium Income (NMT)
|
|||||||||||||||
2015
|
NMT PRC
|
2,021,000
|
$
|
20,210,000
|
2.65
|
%
|
|||||||||
2016
|
NMT PRD
|
1,643,500
|
16,435,000
|
2.75
|
|||||||||||
Massachusetts Dividend Advantage (NMB)
|
|||||||||||||||
2015
|
NMB PRC
|
1,472,500
|
$
|
14,725,000
|
2.60
|
%
|
|||||||||
Massachusetts AMT-Free Income (NGX)
|
|||||||||||||||
2015
|
NGX PRC
|
2,207,500
|
$
|
22,075,000
|
2.65
|
%
|
52
|
Nuveen Investments
|
Term
|
Optional
|
Premium
|
||||||||
NYSE
|
Redemption
|
Redemption
|
Expiration
|
|||||||
Series
|
Ticker
|
Date
|
Date
|
Date
|
||||||
Connecticut Premium Income (NTC)
|
||||||||||
2015
|
NTC PRC
|
February 1, 2015
|
February 1, 2011
|
January 31, 2012
|
||||||
2016
|
NTC PRD
|
January 1, 2016
|
January 1, 2012
|
December 31, 2012
|
||||||
2015 *
|
NTC PRE
|
April 1, 2015
|
April 1, 2012
|
March 31, 2013
|
||||||
2015-1 *
|
NTC PRF
|
April 1, 2015
|
April 1, 2012
|
March 31, 2013
|
||||||
2015-1 *
|
NTC PRG
|
March 1, 2015
|
March 1, 2012
|
February 28, 2013
|
||||||
Massachusetts Premium Income (NMT)
|
||||||||||
2015
|
NMT PRC
|
February 1, 2015
|
February 1, 2011
|
January 31, 2012
|
||||||
2016
|
NMT PRD
|
February 1, 2016
|
February 1, 2012
|
January 31, 2013
|
||||||
Massachusetts Dividend Advantage (NMB)
|
||||||||||
2015
|
NMB PRC
|
April 1, 2015
|
April 1, 2011
|
March 31, 2012
|
||||||
Massachusetts AMT-Free Income (NGX)
|
||||||||||
2015
|
NGX PRC
|
March 1, 2015
|
March 1, 2011
|
February 29, 2012
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Average liquidation value of MTP Shares outstanding
|
$
|
90,705,574
|
$
|
36,645,000
|
$
|
14,725,000
|
$
|
22,075,000
|
Nuveen Investments
|
53
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Average floating rate obligations outstanding
|
$
|
19,623,224
|
$
|
1,435,000
|
$
|
560,000
|
$
|
340,000
|
|||||
Average annual interest rate and fees
|
0.79
|
%
|
0.74
|
%
|
0.74
|
%
|
0.74
|
%
|
54
|
Nuveen Investments
|
Level 1 –
|
Inputs are adjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
Connecticut Premium Income (NTC)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
344,394,105
|
$
|
—
|
$
|
344,394,105
|
|||||
Massachusetts Premium Income (NMT)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
112,624,332
|
$
|
—
|
$
|
112,624,332
|
|||||
Massachusetts Dividend Advantage (NMB)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
46,193,100
|
$
|
—
|
$
|
46,193,100
|
|||||
Massachusetts AMT-Free Income (NGX)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
63,098,044
|
$
|
—
|
$
|
63,098,044
|
Nuveen Investments
|
55
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
Connecticut
|
|||||||
Premium Income (NTC)
|
|||||||
Six Months
|
Year
|
||||||
Ended
|
Ended
|
||||||
11/30/12
|
5/31/12
|
||||||
Common shares:
|
|||||||
Issued in the Reorganizations(1)
|
9,323,947
|
—
|
|||||
Issued to shareholders due to reinvestment of distributions
|
—
|
—
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
|||||||||||||||||
Premium Income (NMT)
|
Dividend Advantage (NMB)
|
AMT-Free Income (NGX)
|
|||||||||||||||||
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
11/30/12
|
5/31/12
|
11/30/12
|
5/31/12
|
11/30/12
|
5/31/12
|
||||||||||||||
Common shares:
|
|||||||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
—
|
157
|
—
|
207
|
99
|
56
|
Nuveen Investments
|
Six Months ended November 30, 2012
|
|||||||||||
NYSE
|
|||||||||||
Series
|
Ticker
|
Shares
|
Amount
|
||||||||
Connecticut Premium Income (NTC)
|
|||||||||||
2015 *
|
NTC PRE
|
2,047,000
|
$
|
20,470,000
|
|||||||
2015-1 *
|
NTC PRF
|
1,695,000
|
16,950,000
|
||||||||
2015-1 *
|
NTC PRG
|
3,200,000
|
32,000,000
|
||||||||
Total
|
6,942,000
|
$
|
69,420,000
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Purchases
|
$
|
23,676,015
|
$
|
7,554,311
|
$
|
4,069,472
|
$
|
6,518,785
|
|||||
Sales and maturities
|
23,252,272
|
6,445,000
|
2,875,834
|
7,641,809
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Cost of investments
|
$
|
298,464,794
|
$
|
101,727,918
|
$
|
41,713,593
|
$
|
58,739,195
|
|||||
Gross unrealized:
|
|||||||||||||
Appreciation
|
$
|
27,463,241
|
$
|
9,701,715
|
$
|
4,086,192
|
$
|
4,018,937
|
|||||
Depreciation
|
(903,940
|
)
|
(240,129
|
)
|
(166,949
|
)
|
—
|
||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
26,559,301
|
$
|
9,461,586
|
$
|
3,919,243
|
$
|
4,018,937
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Paid-in surplus
|
$
|
(471,806
|
)
|
$
|
(215,404
|
)
|
$
|
(92,589
|
)
|
$
|
(113,237
|
)
|
|
Undistributed (Over-distribution of) net investment income
|
484,264
|
226,661
|
92,633
|
113,237
|
|||||||||
Accumulated net realized gain (loss)
|
(12,458
|
)
|
(11,257
|
)
|
(44
|
)
|
—
|
Nuveen Investments
|
57
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Undistributed net tax-exempt income*
|
$
|
1,083,370
|
$
|
897,013
|
$
|
124,323
|
$
|
148,098
|
|||||
Undistributed net ordinary income **
|
24,296
|
52,996
|
—
|
—
|
|||||||||
Undistributed net long-term capital gains
|
99,454
|
292,510
|
—
|
—
|
Connecticut
|
Massachusetts
|
Massachusetts
|
Massachusetts
|
||||||||||
Premium
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||
Income
|
Income
|
Advantage
|
Income
|
||||||||||
(NTC
|
)
|
(NMT
|
)
|
(NMB
|
)
|
(NGX
|
)
|
||||||
Distributions from net tax-exempt income
|
$
|
4,736,774
|
$
|
4,683,212
|
$
|
1,892,509
|
$
|
2,522,521
|
|||||
Distributions from net ordinary income **
|
—
|
—
|
2
|
—
|
|||||||||
Distributions from net long-term capital gains
|
225,331
|
243,992
|
—
|
—
|
*
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared May 1, 2012, paid on June 1, 2012.
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Massachusetts
|
Massachusetts
|
||||||
Dividend
|
AMT-Free
|
||||||
Advantage
|
Income
|
||||||
(NMB
|
)
|
(NGX
|
)
|
||||
Expiration:
|
|||||||
May 31, 2014
|
$
|
—
|
$
|
373,352
|
|||
May 31, 2017
|
—
|
215,629
|
|||||
May 31, 2018
|
—
|
24,486
|
|||||
May 31, 2019
|
44,128
|
18,813
|
|||||
Total
|
$
|
44,128
|
$
|
632,280
|
Massachusetts
|
Massachusetts
|
||||||
Dividend
|
AMT-Free
|
||||||
Advantage
|
Income
|
||||||
(NMB
|
)
|
(NGX
|
)
|
||||
Utilized capital loss carryforwards
|
$
|
94,225
|
$
|
72,438
|
58
|
Nuveen Investments
|
Connecticut Premium Income (NTC)
|
||
Massachusetts Premium Income (NMT)
|
||
Average Daily Managed 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 managed assets over $5 billion
|
.3750
|
Massachusetts Dividend Advantage (NMB)
|
||
Massachusetts AMT-Free Income (NGX)
|
||
Average Daily Managed 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 managed assets over $2 billion
|
.3750
|
Complex-Level Managed 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
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund 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 certain 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 as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2012, the complex level fee rate for each of these Funds was .1684%.
|
Nuveen Investments
|
59
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
Connecticut
|
Connecticut
|
Connecticut
|
||||||||
Dividend
|
Dividend
|
Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
(NFC
|
)
|
(NGK
|
)
|
(NGO
|
)
|
|||||
Cost of investments
|
$
|
53,725,277
|
$
|
47,360,196
|
$
|
88,892,426
|
||||
Fair value of investments
|
57,605,903
|
50,542,181
|
94,081,645
|
|||||||
Net unrealized appreciation (depreciation) of investments
|
3,880,626
|
3,181,985
|
5,189,219
|
Connecticut
|
Connecticut
|
Connecticut
|
||||||||
Dividend
|
Dividend
|
Dividend
|
||||||||
Advantage
|
Advantage 2
|
Advantage 3
|
||||||||
Acquired Funds – Prior to Reorganizations
|
(NFC
|
)
|
(NGK
|
)
|
(NGO
|
)
|
||||
Common shares outstanding
|
2,586,685
|
2,320,671
|
4,367,134
|
|||||||
Net assets applicable to Common shares
|
$
|
40,328,665
|
$
|
35,794,932
|
$
|
66,079,447
|
||||
NAV per Common share outstanding
|
$
|
15.59
|
$
|
15.42
|
$
|
15.13
|
Connecticut
|
||||
Premium
|
||||
Income
|
||||
Acquiring Fund – Prior to Reorganizations
|
(NTC
|
)
|
||
Common shares outstanding
|
5,365,029
|
|||
Net assets applicable to Common shares
|
$
|
81,824,227
|
||
NAV per Common share outstanding
|
$
|
15.25
|
Connecticut
|
||||
Premium
|
||||
Income
|
||||
Acquiring Fund – Post Reorganizations
|
(NTC
|
)
|
||
Common shares outstanding
|
14,688,976
|
|||
Net assets applicable to Common shares
|
$
|
224,027,271
|
||
NAV per Common share outstanding
|
$
|
15.25
|
60
|
Nuveen Investments
|
Connecticut
|
||||
Premium
|
||||
Income
|
||||
(NTC
|
)
|
|||
Net investment income (loss)
|
$
|
4,655,046
|
||
Net realized and unrealized gains (losses)
|
6,339,314
|
|||
Change in net assets resulting from operations
|
$
|
10,994,360
|
Nuveen Investments
|
61
|
62
|
Nuveen Investments
|
Nuveen Investments
|
63
|
■
|
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.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Average Maturity: For a bond fund or defined portfolio, the average of the stated maturity dates of the fixed-income securities held. In general, the longer the average maturity, the greater the fund’s or defined portfolio’s sensitivity to interest-rate changes, which means greater price fluctuation. A shorter average maturity usually means a less sensitive, and consequently, less volatile, portfolio.
|
■
|
Duration: A measure of the price sensitivity of a fixed-income security or portfolio to changes in interest rates. Duration is stated in years. For example, if a bond has a duration of four years, the price of the bond is expected to change by approximately 4% for every one percentage point change in interest rates. The shorter the duration the less price variability expected in the security’s price due to changes in interest rates.
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
64
|
Nuveen Investments
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
■
|
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
|
■
|
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.
|
■
|
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Connecticut Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Connecticut municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
Nuveen Investments
|
65
|
■
|
S&P Massachusetts Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Massachusetts municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
■
|
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.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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.
|
66
|
Nuveen Investments
|
Common Shares
|
|
Fund
|
Repurchased
|
NTC
|
—
|
NMT
|
—
|
NMB
|
—
|
NGX
|
—
|
Nuveen Investments
|
67
|
(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.
|
(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.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Massachusetts Dividend Advantage Municipal Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting 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; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Massachusetts Dividend Advantage Municipal Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant's internal control over financial reporting 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; and
|
5.
|
The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended November 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
%BLR14=$.3M'5V=SB")38B7IJDR/OZ$S7=VL=O9FUG8^[)&"
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