-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EnqELbhWmQ/b6YrGjd4vLRMurykqoGvWss3nIAIXfpDWHk1b3vEtDaqXFQhgtt4Q 0nIqECPgGPC6rVZEjV6cow== 0000891804-05-002011.txt : 20050708 0000891804-05-002011.hdr.sgml : 20050708 20050708100140 ACCESSION NUMBER: 0000891804-05-002011 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050708 DATE AS OF CHANGE: 20050708 EFFECTIVENESS DATE: 20050708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INSURED TAX FREE ADVANTAGE MUNICIPAL FUND CENTRAL INDEX KEY: 0001195737 IRS NUMBER: 030487030 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21213 FILM NUMBER: 05944741 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 N-CSRS 1 file001.txt NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21213 --------------------- Nuveen Insured Tax-Free Advantage Municipal Fund ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: October 31 ------------------ Date of reporting period: April 30, 2005 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. -------------------------------- Semiannual Report April 30, 2005 -------------------------------- Nuveen Investments Municipal Closed-End Exchange-Traded Funds NUVEEN INSURED QUALITY MUNICIPAL FUND, INC. NQI NUVEEN INSURED MUNICIPAL OPPORTUNITY FUND, INC. NIO NUVEEN PREMIER INSURED MUNICIPAL INCOME FUND, INC. NIF [GRAPHIC OMITTED] NUVEEN INSURED PREMIUM INCOME MUNICIPAL FUND 2 NPX NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND NVG NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND NEA DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) [LOGO] NUVEEN Investments [PHOTO OMITTED] NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. - -------------------------------------------------------------------------------- NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. - -------------------------------------------------------------------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX IT'S FAST, EASY & FREE: www.investordelivery.com if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR www.nuveen.com/accountaccess if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) [LOGO] NUVEEN Investments [PHOTO OMITTED] Timothy R. Schwertfeger Chairman of the Board Chairman's Letter to Shareholders Once again, I am pleased to report that over the six-month period covered by this semiannual report your Fund continued to provide you with monthly tax-free income and an attractive total return. For more details about the management strategy and performance of your Fund, please see the Portfolio Manager's Comments and Performance Overview sections of this report. As I noted in my last letter to you, our conversations with financial advisers and investors suggest that many of you may be wondering whether longer-term interest rates will soon begin to rise substantially, mirroring the rise that has taken place over the past year in shorter-term rates. If longer-term rates do begin to rise significantly, some of you also may be wondering if that makes this a good time to adjust your holdings of fixed-income investments. We can't answer these questions for you - no one knows what the future will bring. "In fact, a well-diversified portfolio may actually help to reduce your overall investment risk." From our experience, we do know that a well-balanced portfolio, structured and carefully monitored with the help of a trusted investment professional, can be an important component in helping you achieve your long-term financial goals. In fact, a well-diversified portfolio may actually help to reduce your overall investment risk. That is one reason why we believe that a municipal bond investment like your Nuveen Fund can be an important building block in a comprehensive investment program designed to perform well in a variety of market conditions. As in past reports, I urge you to consider receiving future Fund reports and other Fund information by e-mail and the Internet. Not only will you be able to receive the information faster, but this also may help lower your Fund's expenses. Sign up is quick and easy - see the inside front cover of this report for instructions. Some of you may have heard that in April, 2005, The St. Paul Travelers Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent of your Fund's investment adviser) completed a public offering of a substantial portion of its equity stake in Nuveen. At the same time, St. Paul Travelers also entered into agreements to sell the balance of its shares in Nuveen to us or to others at a future date. These transactions will have no impact on the investment objectives or management of your Fund. However, taken as a whole they are considered to be an "assignment" of your Fund's investment management agreement. This means that you and your fellow Fund shareholders soon will be asked to formally approve the continuation of your Fund's management contract with Nuveen. We will be sending you more information about this process in the coming weeks. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board June 15, 2005 Nuveen Investments National Insured Municipal Closed-End Exchange-Traded Funds NQI, NIO, NIF, NPX, NVG, NEA Portfolio Manager's Comments Portfolio manager Dan Solender reviews key investment strategies and the semiannual performance of these six insured Funds. With thirteen years of investment experience, including nine at Nuveen, Dan has managed NQI, NIO, NIF, NPX, NVG and NEA since May 2004. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED APRIL 30, 2005? Between November 2004 and April 2005, the Federal Reserve introduced four quarter-point increases in the fed funds rate, raising this short-term rate benchmark from 1.75% to 2.75%. (On May 3, 2005, following the end of this reporting period, the Fed announced another 0.25% hike, bringing the fed funds rate to 3.00%.) Given these short-term rate increases, many market participants expected to see steadily higher interest rates across most of the municipal market yield curve as we moved through the reporting period. This did not occur, as longer-term yields (as measured by the widely-followed Bond Buyer 25 Revenue Municipal Bond Index) declined by 14 basis points during the six-month period. As a result, the municipal yield curve flattened. In this environment, our focus for all these Funds remained on a strategy we have employed for the past few years -- finding and holding bonds that, in our judgment, would add immediate value to the Funds' portfolios and that could also perform well under a variety of future market scenarios. As a result, our purchase activity during this period generally concentrated on bonds in the long-intermediate part of the yield curve (bonds that mature in about 20 years) as part of our efforts to improve the maturity positioning of these insured Funds. We worked to accomplish this by reducing some of the Funds' holdings of bonds with effective maturities of less than 10 years, including bonds pre-refunded to short call dates and longer-term bonds with call dates coming within the next few years, and replacing these with securities that mature in 20 years or more. Because we only want to buy attractively priced bonds, this is an ongoing effort that will take more time to complete. This reallocation also helped us to diversify the call exposure of NQI, NIO, NIF and NPX as we sold bonds with shorter call dates and reinvested the proceeds at systematic intervals along the longer part of the yield curve. 4 In looking for new additions to our portfolios, we sought bonds with premium prices -- that is, bonds trading above their par value because they have coupons greater than current coupon levels. Historically, these bonds have tended to hold their value better than current coupon bonds when interest rates rise. When possible, we purchased bonds issued within states like New York, California, Michigan and Florida where investors typically show strong, consistent demand for municipal bonds. We believe this historically strong demand, regardless of the economic or interest rate environment, may provide more price support over time for the bonds in the Funds' portfolios, and also provide for enhanced liquidity if opportunities arise to sell the securities at attractive prices. Our efforts were helped by the strong supply of municipal bonds during this reporting period. For the six months ended April 2005, municipal issuance nationwide totaled $187.7 billion, up 8.6% from the six months ended April 2004. One of the major drivers of the increased supply during this current period was a significant growth in the number of refundings, as issuers sought to take advantage of relatively low current interest rates. As discussed in the last shareholder report, in late 2004 we began using forward interest rate swaps, a type of derivative financial instrument, to hedge some the interest rate risk of NVG and NEA. It is important to note that we did not use the hedges in an attempt to profit from correctly predicting the timing and direction of interest rates movements. Instead, our sole objective was to reduce the Funds' durations (and therefore their price sensitivity to interest rate changes) without having a negative impact on their income streams or common share dividends over the short term. The gain or loss from the hedges is reflected as an addition or subtraction to each Fund's net asset value (NAV) as the market value of the hedges fluctuate. The hedges achieved their objective of reducing the volatility of both Funds' NAVs while maintaining the Funds' income over the course of this reporting period. These hedges had a negative impact on the Funds' total returns over the six month period because declining long-term interest rates caused the values of the hedges to decline as the value of the Fund's portfolios rose. 5 HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as for a comparative index and average, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE* For periods ended 4/30/05 6-Month 1-Year 5-Year 10-Year - -------------------------------------------------------------------------------- NQI 2.58% 9.58% 9.17% 7.08% - -------------------------------------------------------------------------------- NIO 2.50% 9.61% 8.93% 7.20% - -------------------------------------------------------------------------------- NIF 2.24% 9.88% 8.69% 6.88% - -------------------------------------------------------------------------------- NPX 2.28% 9.43% 9.00% 7.60% - -------------------------------------------------------------------------------- NVG 2.79% 10.34% NA NA - -------------------------------------------------------------------------------- NEA 4.31% 10.61% NA NA - -------------------------------------------------------------------------------- Lehman Brothers Insured Municipal Bond Index(1) 2.02% 7.22% 7.48% 6.69% - -------------------------------------------------------------------------------- Lipper Insured Municipal Debt Funds Average(2) 2.67% 9.18% 8.25% 6.91% - -------------------------------------------------------------------------------- * Six-month returns are cumulative; returns for one year, five years, and ten years are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. For the six months ended April 30, 2005, the cumulative returns on NAV for all six of the Funds covered in this report outperformed the return on the Lehman Brothers Insured Municipal Bond Index. NVG and NEA also outperformed the average return for their Lipper insured peer group, while NQI and NIO performed roughly in line with this measure and NIF and NPX trailed the peer group average. One of the primary factors benefiting the six-month performance of these Funds relative to that of the unleveraged, unmanaged Lehman Brothers insured index was the Funds' use of financial leverage. While leveraging can add volatility to the Funds' NAVs and share prices, especially during periods of rising interest rates, this strategy can also provide opportunities for additional income and total returns for common shareholders when short-term interest rates remain relatively low and long-term rates fall or remain fairly constant, as they did during this reporting period. (1) The Lehman Brothers Insured Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of insured municipal bonds. Results for the Lehman index do not reflect any expenses. (2) The Lipper Insured Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 27 funds; 1 year, 27 funds; 5 years, 21 funds; and 10 years, 18 funds. Fund and Lipper returns assume reinvestment of dividends. 6 As a result of this yield curve flattening discussed earlier, the prices of bonds with longer maturities generally tended to perform better than those of securities with shorter maturities. This contributed to the performance of Funds such as NVG and NEA, which had relatively more exposure to the long end of the yield curve when compared with NQI, NIO, NIF and NPX. As of April 30, 2005, NEA held no bonds with maturities less than five years and had a healthy weighting in bonds that mature in 20 years or longer. Similarly, NVG had less exposure to bonds with effective maturities of less than 10 years than did NQI, NIO, NIF or NPX. The relative holdings of longer and shorter effective maturities among these Funds accounted for much of their performance differential with each other over the six-month reporting period. The flattening of the yield curve over this period also reflected an environment in which many issuers found refundings more economically feasible. This led to an increase in escrowed and pre-refunded holdings, especially in NEA, NVG and NPX. The performance of these Funds was boosted by the price appreciation accompanying these advance refundings. At the same time, however, we were trimming some of the Funds' holdings of older pre-refunded bonds, which tended to underperform the general municipal market during this period due primarily to the shorter effective maturities of these securities. NVG and NEA, which can invest up to 20% of their assets in uninsured investment-grade quality securities, also generally benefited from their allocations to these lower-rated bonds during this period. As of April 30, 2005, NVG held 8% of its portfolio in uninsured bonds rated AAA, and AA, while NEA allocated 11% to uninsured investment-grade rated securities. During this six-month period, zero coupon bonds as a group outperformed the general municipal market, and the performances of NIO and NQI were helped by their holdings in this category. HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF APRIL 30, 2005? We continued to believe that, given the current geopolitical and economic climate, maintaining strong credit quality was an important requirement. As of April 30, 2005, NQI, NIO, NIF and NPX continued to be 100% invested in insured and/or U.S. guaranteed securities, while NVG and NEA, which can invest up to 20% of their assets in uninsured investment-grade quality securities, had allocated 92% and 89% of their portfolios, respectively, to AAA rated insured and U.S. guaranteed securities. As of April 30, 2005, potential call exposure for the period May 2005 through the end of 2006 ranged from 0% in NVG to 1% in NEA, 5% in NIF, 11% in NPX, 12% in NIO and 15% in NQI. The number of actual bond calls in all of these Funds depends largely on future market interest rates. 7 Dividend and Share Price Information All six of the Funds in this report use leverage to enhance opportunities for additional income for common shareholders. The extent of this benefit is tied in part to the short-term rates the Funds pay their MuniPreferred, shareholders. During periods of low short-term rates, leveraged Funds generally pay lower dividends to MuniPreferred shareholders, which can leave more earnings to support common share dividends. However, when short-term interest rates rise, as they did during this reporting period, the Funds' borrowing costs also rise. While leveraging can still provide benefits for common shareholders as short-term rates rise, the extent of the benefit may be less. In addition, any reinvested proceeds from bonds called or retired during this period were reinvested in a low interest rate environment, which also tended to reduce the income generated by the Funds. The combination of these two factors led to dividend reductions in NQI, NIO, NIF, NPX and NVG over the six-month period ended April 30, 2005. NEA, which was initially invested during the relatively low rate environment of late 2002, had limited opportunities to build its income stream because of the continued low interest rates that has prevailed since its introduction. As a result, this Fund experienced two dividend reductions during this reporting period. Due to capital gains generated by normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions at the end of December 2004 as follows: Long-Term Capital Gains Ordinary Income (per share) (per share) - -------------------------------------------------------------------------------- NQI $0.0472 $0.0104 - -------------------------------------------------------------------------------- NIO $0.0325 $ -- - -------------------------------------------------------------------------------- NIF $0.0469 $0.0384 - -------------------------------------------------------------------------------- NVG $0.1099 $0.0100 - -------------------------------------------------------------------------------- NEA $0.0097 $ -- - -------------------------------------------------------------------------------- All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value (NAV). Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. 8 As of April 30, 2005, NQI, NIO, NIF, NPX and NVG had positive UNII balances for both financial statement and tax purposes. NEA had a negative UNII balance for financial statement purposes and a positive UNII balance for tax purposes. At the end of the reporting period, the Funds' share prices were trading at discounts to their NAVs as shown in the accompanying chart: 4/30/05 6-Month Average Discount Discount - -------------------------------------------------------------------------------- NQI -0.64% -0.28% - -------------------------------------------------------------------------------- NIO -5.90% -3.41% - -------------------------------------------------------------------------------- NIF -4.44% -3.15% - -------------------------------------------------------------------------------- NPX -6.76% -6.15% - -------------------------------------------------------------------------------- NVG -8.51% -7.86% - -------------------------------------------------------------------------------- NEA -5.49% -5.00% - -------------------------------------------------------------------------------- 9 Nuveen Insured Quality Municipal Fund, Inc. NQI Performance Overview As of April 30, 2005 Credit Quality (as a % of total investments) - ----------------------------------- Insured 99% [PIE CHART] - ----------------------------------- U.S. Guaranteed 1% - ----------------------------------- Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.0845 Jun 0.0845 Jul 0.0845 Aug 0.0845 Sep 0.0845 Oct 0.0845 Nov 0.0845 Dec 0.0845 Jan 0.0845 Feb 0.0845 Mar 0.0815 Apr 0.0815 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/04 14.65 14.63 14.55 14.47 14.15 13.76 14.22 14.24 14.15 14.32 14.35 14.41 14.19 14.29 14.42 14.47 14.48 14.58 14.6 14.63 14.63 14.65 14.65 14.63 14.69 14.59 14.58 14.6 14.56 14.41 14.31 14.33 14.2 14.24 14.3 14.3 14.28 14.27 14.3 14.31 14.44 14.49 14.54 14.85 14.85 14.88 14.95 14.91 14.99 14.92 14.9 14.95 14.98 14.99 14.93 14.87 14.78 14.81 14.86 14.9 14.99 15.2 15.38 15.38 15.45 15.58 15.59 15.56 15.64 15.62 15.61 15.55 15.48 15.62 15.61 15.64 15.8 15.88 15.96 15.87 15.87 15.87 15.94 15.95 15.93 15.94 15.99 16.01 15.88 15.81 15.81 15.74 15.73 15.72 15.66 15.62 15.7 15.73 15.64 15.64 15.7 15.74 15.64 15.76 15.81 15.78 15.61 15.51 15.4 15.41 15.36 15.3 15.44 15.46 15.58 15.6 15.58 15.7 15.66 15.73 15.77 15.85 15.89 15.86 15.9 15.92 15.89 16 16.08 16.07 16.1 16.07 15.64 15.27 15.36 15.34 15.47 15.57 15.69 15.78 15.78 15.82 15.66 15.73 15.7 15.73 15.8 15.62 15.6 15.56 15.4 15.48 15.51 15.55 15.67 15.76 15.8 15.68 15.64 15.73 15.59 15.54 15.64 15.7 15.62 15.58 15.54 15.47 15.5 15.51 15.57 15.54 15.62 15.62 15.66 15.64 15.66 15.74 15.72 15.69 15.57 15.63 15.54 15.54 15.6 15.58 15.58 15.64 15.77 15.86 16 15.98 16.1 16.13 16.28 16.34 16.35 16.3 16.34 16.22 16.32 16.29 16.21 16.16 16.13 15.96 16.16 16.36 16.32 16.3 16.23 16.27 16.3 16.32 16.35 16.3 16 15.88 15.74 15.6 15.55 15.38 15.36 15.35 15.22 15.02 14.62 14.76 14.5 14.61 14.64 14.8 14.87 14.8 14.88 14.9 14.94 14.87 14.86 14.86 14.99 15 14.96 15.06 15.19 15.09 15.09 15.1 15.36 15.17 15.33 15.54 15.59 4/30/05 15.59 Fund Snapshot - -------------------------------------------------------------------------------- Common Share Price $15.59 - -------------------------------------------------------------------------------- Common Share Net Asset Value $15.69 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -0.64% - -------------------------------------------------------------------------------- Market Yield 6.27% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.71% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $599,643 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 20.51 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.05 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 12/19/90) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 0.98% 2.58% - -------------------------------------------------------------------------------- 1-Year 13.51% 9.58% - -------------------------------------------------------------------------------- 5-Year 10.00% 9.17% - -------------------------------------------------------------------------------- 10-Year 7.33% 7.08% - -------------------------------------------------------------------------------- States (as a % of total investments) - -------------------------------------------------------------------------------- California 16.5% - -------------------------------------------------------------------------------- Texas 14.8% - -------------------------------------------------------------------------------- Illinois 11.5% - -------------------------------------------------------------------------------- New York 9.1% - -------------------------------------------------------------------------------- Washington 7.3% - -------------------------------------------------------------------------------- Florida 6.7% - -------------------------------------------------------------------------------- Nevada 4.6% - -------------------------------------------------------------------------------- Hawaii 4.0% - -------------------------------------------------------------------------------- Kentucky 2.9% - -------------------------------------------------------------------------------- Louisiana 1.9% - -------------------------------------------------------------------------------- Pennsylvania 1.9% - -------------------------------------------------------------------------------- Other 18.8% - -------------------------------------------------------------------------------- Sectors (as a % of total investments) - -------------------------------------------------------------------------------- Transportation 20.0% - -------------------------------------------------------------------------------- Tax Obligation/General 14.5% - -------------------------------------------------------------------------------- Healthcare 14.3% - -------------------------------------------------------------------------------- Tax Obligation/Limited 13.7% - -------------------------------------------------------------------------------- U.S. Guaranteed 10.5% - -------------------------------------------------------------------------------- Utilities 9.7% - -------------------------------------------------------------------------------- Water and Sewer 7.0% - -------------------------------------------------------------------------------- Housing/Multifamily 6.9% - -------------------------------------------------------------------------------- Other 3.4% - -------------------------------------------------------------------------------- (1) Taxable equivalent yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. For investments that generate qualified dividend income, the taxable equivalent yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.0576 per share. 10 Nuveen Insured Municipal Opportunity Fund, Inc. NIO Performance Overview As of April 30, 2005 Credit Quality (as a % of total investments) - ----------------------------------- Insured 98% [PIE CHART] - ----------------------------------- U.S. Guaranteed 2% - ----------------------------------- Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.081 Jun 0.081 Jul 0.081 Aug 0.081 Sep 0.081 Oct 0.081 Nov 0.081 Dec 0.081 Jan 0.081 Feb 0.081 Mar 0.078 Apr 0.078 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/04 14.16 14.04 14.11 14.01 13.6 13.33 13.58 13.65 13.52 13.76 13.9 13.92 13.9 13.95 13.94 14.03 14.27 14.25 14.33 14.37 14.37 14.35 14.25 14.23 14.25 14.27 14.33 14.36 14.31 14.13 14.15 14.1 14.08 14.12 14.19 14.12 14.26 14.36 14.33 14.21 14.2 14.23 14.25 14.43 14.48 14.58 14.61 14.62 14.67 14.58 14.64 14.69 14.78 14.84 14.76 14.68 14.63 14.73 14.71 14.66 14.78 14.86 14.98 14.98 15.05 15.09 15.06 15.05 15.12 15.1 15.1 15.03 15.01 15.1 15.19 15.18 15.2 15.23 15.21 15.25 15.24 15.24 15.27 15.37 15.39 15.42 15.47 15.41 15.33 15.3 15.33 15.34 15.37 15.36 15.33 15.35 15.48 15.48 15.49 15.49 15.5 15.58 15.6 15.68 15.66 15.62 15.5 15.42 15.5 15.47 15.47 15.47 15.55 15.59 15.65 15.57 15.61 15.59 15.55 15.63 15.7 15.7 15.83 15.85 15.86 15.89 15.98 16.05 16 16.04 15.98 15.88 15.53 15.05 15.32 15.27 15.4 15.55 15.51 15.54 15.65 15.61 15.5 15.53 15.55 15.6 15.5 15.44 15.33 15.4 15.33 15.42 15.37 15.49 15.53 15.53 15.57 15.47 15.52 15.56 15.45 15.44 15.46 15.48 15.41 15.41 15.47 15.46 15.53 15.69 15.76 15.71 15.79 15.87 15.91 15.91 15.79 15.61 15.41 15.39 15.26 15.26 15.3 15.22 15.27 15.25 15.31 15.36 15.42 15.46 15.44 15.5 15.58 15.67 15.88 15.94 15.94 15.94 16.01 15.87 15.8 15.73 15.62 15.56 15.47 15.34 15.67 15.81 15.77 15.73 15.74 15.66 15.73 15.78 15.8 15.77 15.5 15.42 15.28 15.22 15.2 15.13 15.1 15.01 14.89 14.68 14.42 14.38 14.32 14.19 14.33 14.7 14.69 14.82 14.82 14.81 14.86 14.78 14.93 14.87 14.8 14.81 14.8 14.84 14.87 14.78 14.7 14.72 14.83 14.79 14.87 14.86 15 4/30/05 15 Fund Snapshot - -------------------------------------------------------------------------------- Common Share Price $15.00 - -------------------------------------------------------------------------------- Common Share Net Asset Value $15.94 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.90% - -------------------------------------------------------------------------------- Market Yield 6.24% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.67% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $1,293,506 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 18.64 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.15 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 9/19/91) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) -3.37% 2.50% - -------------------------------------------------------------------------------- 1-Year 12.95% 9.61% - -------------------------------------------------------------------------------- 5-Year 10.63% 8.93% - -------------------------------------------------------------------------------- 10-Year 7.32% 7.20% - -------------------------------------------------------------------------------- States (as a % of total investments) - -------------------------------------------------------------------------------- California 18.8% - -------------------------------------------------------------------------------- Texas 11.2% - -------------------------------------------------------------------------------- Alabama 9.5% - -------------------------------------------------------------------------------- Nevada 5.4% - -------------------------------------------------------------------------------- Colorado 5.1% - -------------------------------------------------------------------------------- Michigan 5.0% - -------------------------------------------------------------------------------- Florida 4.6% - -------------------------------------------------------------------------------- New York 4.2% - -------------------------------------------------------------------------------- Illinois 3.9% - -------------------------------------------------------------------------------- Massachusetts 2.8% - -------------------------------------------------------------------------------- South Carolina 2.7% - -------------------------------------------------------------------------------- Indiana 2.6% - -------------------------------------------------------------------------------- Wisconsin 2.6% - -------------------------------------------------------------------------------- Ohio 1.8% - -------------------------------------------------------------------------------- Louisiana 1.7% - -------------------------------------------------------------------------------- Other 18.1% - -------------------------------------------------------------------------------- Sectors (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/Limited 19.7% - -------------------------------------------------------------------------------- U.S. Guaranteed 17.2% - -------------------------------------------------------------------------------- Transportation 17.0% - -------------------------------------------------------------------------------- Utilities 11.0% - -------------------------------------------------------------------------------- Tax Obligation/General 9.8% - -------------------------------------------------------------------------------- Healthcare 9.3% - -------------------------------------------------------------------------------- Water and Sewer 5.6% - -------------------------------------------------------------------------------- Education and Civic Organizations 5.1% - -------------------------------------------------------------------------------- Other 5.3% - -------------------------------------------------------------------------------- (1) Taxable equivalent yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. For investments that generate qualified dividend income, the taxable equivalent yield is lower. (2) The Fund also paid shareholders a capital gains distribution in December 2004 of $0.0325 per share. 11 Nuveen Premier Insured Municipal Income Fund, Inc. NIF Performance Overview As of April 30, 2005 Credit Quality (as a % of total investments) - ----------------------------------- Insured 87% [PIE CHART] - ----------------------------------- U.S. Guaranteed 13% - ----------------------------------- Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.0815 Jun 0.0815 Jul 0.0815 Aug 0.0815 Sep 0.0815 Oct 0.0815 Nov 0.0815 Dec 0.0815 Jan 0.0815 Feb 0.0815 Mar 0.0785 Apr 0.0785 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/04 14.3 14.25 14.1 14.11 13.7 13.48 13.59 13.6 13.55 13.69 13.7 13.76 13.66 13.78 13.78 13.91 14.06 14.18 14.21 14.25 14.25 14.31 14.37 14.3 14.32 14.35 14.35 14.41 14.3 14.08 14.13 14.2 14.14 14.17 14.14 14.1 14.09 14.16 14.25 14.25 14.16 14.19 14.38 14.6 14.59 14.6 14.66 14.76 14.72 14.62 14.6 14.55 14.57 14.62 14.41 14.4 14.29 14.3 14.36 14.28 14.41 14.55 14.58 14.58 14.77 14.76 14.85 14.85 14.9 14.93 14.91 14.87 14.86 14.9 14.85 14.97 15.08 15.01 15.01 14.96 14.93 15 15.2 15.22 15.34 15.33 15.28 15.33 15.21 15.3 15.5 15.48 15.43 15.38 15.55 15.42 15.5 15.56 15.44 15.48 15.54 15.41 15.48 15.55 15.44 15.4 15.28 15.34 15.3 15.28 15.31 15.27 15.35 15.37 15.37 15.45 15.41 15.42 15.4 15.37 15.48 15.59 15.67 15.56 15.56 15.69 15.64 15.64 15.76 15.88 15.83 16.01 15.4 15.06 15.18 15.1 15.45 15.3 15.37 15.31 15.4 15.51 15.25 15.35 15.3 15.45 15.48 15.25 15.18 15.38 15.22 15.25 15.13 15.13 15.25 15.21 15.3 15.19 15.15 15.15 14.99 15.1 14.84 14.83 14.79 14.62 14.67 14.66 14.71 14.82 14.94 14.91 15.05 15.06 15.21 15.19 15.12 15.24 15.25 15.2 15.19 15.24 15.23 15.35 15.63 15.72 15.76 15.55 15.52 15.54 15.6 15.65 15.79 15.81 16 16.1 15.95 15.93 15.88 15.7 15.69 15.78 15.73 15.64 15.59 15.46 15.75 15.94 15.91 15.86 16 15.94 15.85 15.92 16 16.01 15.8 15.65 15.5 15.22 15.29 15.12 15.18 15.07 14.87 14.76 14.59 14.66 14.6 14.46 14.5 14.65 14.84 14.71 14.9 14.83 14.8 14.71 14.73 14.85 14.89 15.05 15.08 15.14 15.12 14.95 14.85 14.95 14.92 14.94 14.98 15.06 15.08 4/30/05 15.08 Fund Snapshot - -------------------------------------------------------------------------------- Common Share Price $15.08 - -------------------------------------------------------------------------------- Common Share Net Asset Value $15.78 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.44% - -------------------------------------------------------------------------------- Market Yield 6.25% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.68% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $306,504 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 17.02 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.91 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 12/19/91) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 0.07% 2.24% - -------------------------------------------------------------------------------- 1-Year 13.63% 9.88% - -------------------------------------------------------------------------------- 5-Year 9.69% 8.69% - -------------------------------------------------------------------------------- 10-Year 7.47% 6.88% - -------------------------------------------------------------------------------- States (as a % of total investments) - -------------------------------------------------------------------------------- California 21.6% - -------------------------------------------------------------------------------- Washington 14.3% - -------------------------------------------------------------------------------- Illinois 11.5% - -------------------------------------------------------------------------------- Texas 6.9% - -------------------------------------------------------------------------------- Nevada 5.9% - -------------------------------------------------------------------------------- Colorado 5.0% - -------------------------------------------------------------------------------- Oregon 3.9% - -------------------------------------------------------------------------------- Indiana 3.5% - -------------------------------------------------------------------------------- Georgia 3.4% - -------------------------------------------------------------------------------- New York 3.2% - -------------------------------------------------------------------------------- Hawaii 2.5% - -------------------------------------------------------------------------------- Other 18.3% - -------------------------------------------------------------------------------- Sectors (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/General 19.6% - -------------------------------------------------------------------------------- Transportation 19.4% - -------------------------------------------------------------------------------- U.S. Guaranteed 15.6% - -------------------------------------------------------------------------------- Tax Obligation/Limited 15.4% - -------------------------------------------------------------------------------- Healthcare 10.1% - -------------------------------------------------------------------------------- Utilities 7.5% - -------------------------------------------------------------------------------- Housing/Multifamily 5.0% - -------------------------------------------------------------------------------- Other 7.4% - -------------------------------------------------------------------------------- (1) Taxable equivalent yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. For investments that generate qualified dividend income, the taxable equivalent yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.0853 per share. 12 Nuveen Insured Premium Income Municipal Fund 2 NPX Performance Overview As of April 30, 2005 Credit Quality (as a % of total investments) - ------------------------------------ Insured 100% [PIE CHART] - ------------------------------------ Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE May 0.073 Jun 0.073 Jul 0.073 Aug 0.073 Sep 0.073 Oct 0.073 Nov 0.073 Dec 0.073 Jan 0.073 Feb 0.073 Mar 0.07 Apr 0.07 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/04 12.82 12.72 12.6 12.45 12.23 12.14 12.2 12.25 12.18 12.36 12.41 12.32 12.3 12.39 12.49 12.6 12.69 12.79 12.71 12.72 12.72 12.71 12.71 12.68 12.67 12.73 12.7 12.71 12.66 12.51 12.56 12.6 12.54 12.5 12.49 12.53 12.51 12.54 12.58 12.59 12.58 12.6 12.71 12.9 12.94 12.89 12.92 12.92 12.88 12.76 12.86 12.84 12.91 12.88 12.81 12.73 12.76 12.86 12.85 12.86 12.92 13.07 13.15 13.15 13.2 13.34 13.36 13.52 13.53 13.56 13.5 13.39 13.4 13.47 13.44 13.56 13.58 13.65 13.66 13.66 13.67 13.73 13.75 13.85 13.89 13.83 13.8 13.73 13.7 13.72 13.83 13.81 13.92 13.82 13.91 13.83 13.88 13.9 13.87 13.92 13.9 13.99 14 13.99 14.01 13.85 13.81 13.84 13.77 13.78 13.81 13.77 13.85 13.87 13.94 13.95 13.94 13.97 13.94 13.96 13.98 14.05 14.1 14.13 14.11 14.15 14.17 14.11 14.16 14.15 14.13 14.05 13.75 13.55 13.58 13.46 13.51 13.55 13.6 13.66 13.74 13.74 13.66 13.69 13.65 13.71 13.69 13.6 13.48 13.43 13.26 13.41 13.48 13.56 13.55 13.61 13.6 13.48 13.46 13.59 13.48 13.43 13.35 13.25 13.23 13.22 13.17 13.2 13.16 13.18 13.2 13.21 13.25 13.42 13.41 13.53 13.45 13.4 13.3 13.26 13.23 13.14 13.24 13.27 13.3 13.27 13.24 13.27 13.23 13.29 13.37 13.41 13.56 13.64 13.7 13.75 13.75 13.76 13.9 13.79 13.64 13.71 13.68 13.62 13.51 13.43 13.56 13.79 13.84 13.89 13.87 13.85 13.88 13.89 13.87 13.9 13.7 13.8 13.69 13.48 13.43 13.35 13.46 13.38 13.3 13.26 12.99 12.9 12.81 12.64 12.71 12.98 13.08 13.15 13.19 13.25 13.17 13.06 13.06 13.15 13.08 13.09 13.15 13.15 13.19 13.09 13.07 13.06 13.13 13.13 13.19 13.33 13.37 4/30/05 13.37 Fund Snapshot - -------------------------------------------------------------------------------- Common Share Price $13.37 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.34 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -6.76% - -------------------------------------------------------------------------------- Market Yield 6.28% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.72% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $535,650 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 17.81 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.07 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 7/22/93) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) -2.16% 2.28% - -------------------------------------------------------------------------------- 1-Year 12.04% 9.43% - -------------------------------------------------------------------------------- 5-Year 10.60% 9.00% - -------------------------------------------------------------------------------- 10-Year 8.67% 7.60% - -------------------------------------------------------------------------------- States (as a % of total investments) - -------------------------------------------------------------------------------- California 11.0% - -------------------------------------------------------------------------------- Texas 10.4% - -------------------------------------------------------------------------------- Colorado 9.4% - -------------------------------------------------------------------------------- Pennsylvania 7.7% - -------------------------------------------------------------------------------- New York 7.2% - -------------------------------------------------------------------------------- Washington 5.6% - -------------------------------------------------------------------------------- Hawaii 5.3% - -------------------------------------------------------------------------------- Nevada 4.6% - -------------------------------------------------------------------------------- Wisconsin 4.4% - -------------------------------------------------------------------------------- Illinois 4.2% - -------------------------------------------------------------------------------- Massachusetts 2.6% - -------------------------------------------------------------------------------- North Dakota 2.5% - -------------------------------------------------------------------------------- Oregon 2.4% - -------------------------------------------------------------------------------- Georgia 2.3% - -------------------------------------------------------------------------------- Utah 2.2% - -------------------------------------------------------------------------------- Other 18.2% - -------------------------------------------------------------------------------- Sectors (as a % of total investments) - -------------------------------------------------------------------------------- Utilities 19.8% - -------------------------------------------------------------------------------- Tax Obligation/Limited 17.8% - -------------------------------------------------------------------------------- Tax Obligation/General 11.8% - -------------------------------------------------------------------------------- Transportation 10.7% - -------------------------------------------------------------------------------- Healthcare 10.1% - -------------------------------------------------------------------------------- Water and Sewer 9.3% - -------------------------------------------------------------------------------- U.S. Guaranteed 9.1% - -------------------------------------------------------------------------------- Education and Civic Organizations 6.6% - -------------------------------------------------------------------------------- Other 4.8% - -------------------------------------------------------------------------------- (1) Taxable equivalent yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. For investments that generate qualified dividend income, the taxable equivalent yield is lower. 13 Nuveen Insured Dividend Advantage Municipal Fund NVG Performance Overview As of April 30, 2005 Credit Quality (as a % of total investments) - -------------------------------------- Insured 92% - -------------------------------------- AAA (Uninsured) 6% [PIE CHART] - -------------------------------------- AA (Uninsured) 2% - -------------------------------------- Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.0775 Jun 0.0775 Jul 0.0775 Aug 0.0775 Sep 0.0775 Oct 0.0775 Nov 0.0775 Dec 0.0775 Jan 0.0775 Feb 0.0775 Mar 0.0745 Apr 0.0745 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/04 13.84 13.84 13.85 13.62 13.42 13.06 13.25 13.24 13.02 13.19 13.19 13.17 13.22 13.15 13.23 13.27 13.47 13.67 13.77 13.73 13.73 13.77 13.75 13.69 13.75 13.65 13.66 13.66 13.6 13.37 13.56 13.41 13.36 13.36 13.37 13.41 13.4 13.48 13.45 13.4 13.36 13.45 13.5 13.73 13.79 13.92 13.98 13.99 13.98 13.82 13.89 13.86 13.96 14.01 13.88 13.8 13.79 13.8 13.77 13.84 13.81 13.87 13.91 13.91 13.99 14.09 14.1 14.16 14.23 14.18 14.14 14.13 14.15 14.27 14.25 14.39 14.36 14.44 14.39 14.41 14.41 14.51 14.5 14.6 14.59 14.71 14.67 14.49 14.48 14.57 14.55 14.64 14.76 14.56 14.66 14.56 14.61 14.65 14.76 14.83 14.83 14.89 14.85 14.92 14.95 14.85 14.83 14.7 14.72 14.8 14.85 14.84 14.89 14.89 14.97 14.88 14.94 14.86 14.94 14.94 14.91 14.93 14.99 14.93 14.92 14.99 15 14.89 14.94 14.96 14.96 15.04 14.59 14.34 14.46 14.45 14.48 14.68 14.79 14.74 14.71 14.63 14.53 14.62 14.61 14.62 14.65 14.5 14.46 14.55 14.39 14.47 14.44 14.42 14.41 14.36 14.5 14.29 14.18 14.21 14.19 14.13 14.15 14.02 14.03 13.98 13.89 13.94 13.95 14.01 14.1 14.11 14.17 14.32 14.49 14.62 14.64 14.56 14.51 14.44 14.43 14.47 14.45 14.4 14.46 14.44 14.42 14.45 14.45 14.6 14.65 14.69 14.77 14.88 14.82 14.81 14.8 14.88 14.9 14.82 14.81 14.85 14.85 14.81 14.7 14.56 14.56 14.67 14.76 14.72 14.7 14.7 14.67 14.7 14.74 14.68 14.54 14.53 14.35 14.18 14.14 14.02 14.06 14 13.94 13.88 13.63 13.6 13.57 13.52 13.62 13.89 14 14.01 14.05 14.15 14.1 13.93 13.92 13.97 13.99 13.92 13.99 14.07 14.16 14.1 14.05 14.12 14.08 14.11 14.18 14.22 14.3 4/30/05 14.3 Fund Snapshot - -------------------------------------------------------------------------------- Common Share Price $14.30 - -------------------------------------------------------------------------------- Common Share Net Asset Value $15.63 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -8.51% - -------------------------------------------------------------------------------- Market Yield 6.25% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.68% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $466,013 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 18.42 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.01 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 3/25/02) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) -0.02% 2.79% - -------------------------------------------------------------------------------- 1-Year 12.09% 10.34% - -------------------------------------------------------------------------------- Since Inception 5.30% 9.63% - -------------------------------------------------------------------------------- States (as a % of total investments) - -------------------------------------------------------------------------------- Texas 18.3% - -------------------------------------------------------------------------------- Indiana 11.4% - -------------------------------------------------------------------------------- Florida 10.9% - -------------------------------------------------------------------------------- Washington 9.4% - -------------------------------------------------------------------------------- Illinois 9.4% - -------------------------------------------------------------------------------- California 7.1% - -------------------------------------------------------------------------------- Tennessee 6.2% - -------------------------------------------------------------------------------- Pennsylvania 3.3% - -------------------------------------------------------------------------------- Alabama 2.9% - -------------------------------------------------------------------------------- Nevada 2.9% - -------------------------------------------------------------------------------- Other 18.2% - -------------------------------------------------------------------------------- Sectors (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/General 22.9% - -------------------------------------------------------------------------------- Tax Obligation/Limited 16.6% - -------------------------------------------------------------------------------- Transportation 16.3% - -------------------------------------------------------------------------------- Water and Sewer 13.0% - -------------------------------------------------------------------------------- Education and Civic Organizations 8.8% - -------------------------------------------------------------------------------- U.S. Guaranteed 7.6% - -------------------------------------------------------------------------------- Utilities 6.1% - -------------------------------------------------------------------------------- Healthcare 5.9% - -------------------------------------------------------------------------------- Other 2.8% - -------------------------------------------------------------------------------- (1) Taxable equivalent yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. For investments that generate qualified dividend income, the taxable equivalent yield is lower. (2) The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.1199 per share. 14 Nuveen Insured Tax-Free Advantage Municipal Fund NEA Performance Overview As of April 30, 2005 Credit Quality (as a % of total investments) - ------------------------------------------- Insured 89% - ------------------------------------------- AAA (Uninsured) 4% - ------------------------------------------- AA (Uninsured) 2% [PIE CHART] - ------------------------------------------- A (Uninsured) 4% - ------------------------------------------- BBB (Uninsured) 1% - ------------------------------------------- Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.0775 Jun 0.0775 Jul 0.0775 Aug 0.0775 Sep 0.0745 Oct 0.0745 Nov 0.0745 Dec 0.0715 Jan 0.0715 Feb 0.0715 Mar 0.0685 Apr 0.0685 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/04 13.65 13.39 13.48 13.6 13.37 13.05 13.31 13.4 12.99 13.09 13.24 13.31 13.04 12.99 13.14 13.39 13.45 13.43 13.45 13.65 13.65 13.79 13.6 13.77 13.77 13.64 13.45 13.44 13.53 13.3 13.31 13.22 13.3 13.34 13.25 13.21 13.22 13.16 13.2 12.97 13.07 13.21 13.45 13.6 13.73 13.89 13.83 13.85 13.78 13.68 13.78 13.84 13.9 13.8 13.7 13.63 13.65 13.58 13.59 13.56 13.73 13.8 13.8 13.8 13.84 13.96 13.94 13.92 14.09 14.11 14.1 13.99 14.07 14.2 14.11 13.95 14.06 14.23 14.18 14.06 14.1 14.06 13.96 14.1 14.45 14.45 14.5 14.46 14.45 14.37 14.49 14.46 14.45 14.47 14.48 14.48 14.57 14.54 14.57 14.53 14.45 14.45 14.43 14.59 14.62 14.5 14.46 14.4 14.41 14.48 14.47 14.39 14.64 14.67 14.66 14.55 14.85 14.83 14.82 14.75 14.79 14.79 14.83 14.98 14.98 14.97 14.89 14.91 15 15 14.99 15 14.96 14.79 14.74 14.4 14.33 14.45 14.32 14.37 14.37 14.41 14.44 14.39 14.4 14.36 14.33 14.24 14.1 14.06 13.61 13.68 13.7 13.56 13.69 13.65 13.66 13.65 13.65 13.62 13.53 13.49 13.51 13.52 13.51 13.42 13.31 13.27 13.35 13.41 13.58 13.55 13.54 13.66 13.67 13.75 13.96 13.96 13.94 13.94 13.84 13.87 14.03 14.05 14.02 13.98 13.81 13.93 14.21 14.23 14.29 14.45 14.51 14.3 14.63 14.7 14.74 14.31 14.25 14.19 14.26 14.51 14.43 14.45 14.35 14.2 14.3 14.33 14.38 14.34 14.44 14.44 14.45 14.53 14.51 14.4 14.4 14.52 14.37 14.45 14.31 14.17 14.17 14.2 14.03 14 13.54 13.44 13.22 13.19 13.25 13.45 13.53 13.48 13.63 13.64 13.66 13.68 13.71 13.86 13.79 13.8 13.75 13.73 13.77 13.72 13.73 13.74 13.84 14.15 14.11 14.2 14.12 4/30/05 14.12 Fund Snapshot - -------------------------------------------------------------------------------- Common Share Price $14.12 - -------------------------------------------------------------------------------- Common Share Net Asset Value $14.94 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.49% - -------------------------------------------------------------------------------- Market Yield 5.82% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.08% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $276,632 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 21.68 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 6.26 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 11/21/02) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) -2.31% 4.31% - -------------------------------------------------------------------------------- 1-Year 11.34% 10.61% - -------------------------------------------------------------------------------- Since Inception 3.59% 7.97% - -------------------------------------------------------------------------------- States (as a % of total investments) - -------------------------------------------------------------------------------- California 19.1% - -------------------------------------------------------------------------------- Texas 8.6% - -------------------------------------------------------------------------------- Michigan 7.7% - -------------------------------------------------------------------------------- New York 6.2% - -------------------------------------------------------------------------------- Washington 6.1% - -------------------------------------------------------------------------------- Indiana 5.8% - -------------------------------------------------------------------------------- Pennsylvania 5.7% - -------------------------------------------------------------------------------- Alabama 5.5% - -------------------------------------------------------------------------------- South Carolina 4.9% - -------------------------------------------------------------------------------- Wisconsin 4.4% - -------------------------------------------------------------------------------- Massachusetts 3.4% - -------------------------------------------------------------------------------- Oregon 2.6% - -------------------------------------------------------------------------------- Other 20.0% - -------------------------------------------------------------------------------- Sectors (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/General 28.3% - -------------------------------------------------------------------------------- Tax Obligation/Limited 25.7% - -------------------------------------------------------------------------------- Healthcare 14.3% - -------------------------------------------------------------------------------- Utilities 9.5% - -------------------------------------------------------------------------------- Transportation 7.6% - -------------------------------------------------------------------------------- Water and Sewer 6.8% - -------------------------------------------------------------------------------- U.S. Guaranteed 4.9% - -------------------------------------------------------------------------------- Other 2.9% - -------------------------------------------------------------------------------- (1) Taxable equivalent yield represents the yield that must be earned on a fully taxable investment, in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. For investments that generate qualified dividend income, the taxable equivalent yield is lower. (2) The Fund also paid shareholders a capital gains distribution in December 2004 of $0.0097 per share. 15 Nuveen Insured Quality Municipal Fund, Inc. (NQI) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Alabama - 0.2% (0.1% of Total Investments) $ 1,135 Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage 1/13 at 100.00 AAA $ 1,241,996 Revenue Bonds, Series 2002B, 5.250%, 1/01/20 - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Arizona - 2.1% (1.4% of Total Investments) 2,730 Maricopa County Union High School District 210, Phoenix, Arizona, General 7/14 at 100.00 AAA 3,004,884 Obligation Bonds, Series 2004A, 5.000%, 7/01/15 - FSA Insured 9,200 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport 7/12 at 100.00 AAA 9,595,416 Revenue Bonds, Series 2002B, 5.250%, 7/01/32 (Alternative Minimum Tax) - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Arkansas - 1.1% (0.7% of Total Investments) 3,410 Arkansas Development Finance Authority, FNMA/GNMA Mortgage-Backed 7/05 at 102.00 AAA 3,483,690 Securities Program Single Family Mortgage Bonds, Series 1995B, 6.700%, 7/01/27 (Alternative Minimum Tax) 3,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences 11/14 at 100.00 Aaa 3,202,260 Campus, Series 2004B, 5.000%, 11/01/24 - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- California - 25.0% (16.5% of Total Investments) 7,885 Alameda County, California, Certificates of Participation, Alameda County 9/06 at 102.00 AAA 8,350,609 Public Facilities Corporation, Series 1991, 6.000%, 9/01/21 (Pre-refunded to 9/01/06) - MBIA Insured California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A: 1,275 5.250%, 10/01/23 - MBIA Insured 10/15 at 100.00 Aaa 1,402,283 1,415 5.000%, 10/01/25 - MBIA Insured 10/15 at 100.00 Aaa 1,511,560 13,175 California Pollution Control Financing Authority, Revenue Refunding 9/09 at 101.00 AAA 14,203,045 Bonds, Southern California Edison Company, Series 1999A, 5.450%, 9/01/29 - MBIA Insured (a) 8,000 California, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 - 10/12 at 100.00 AAA 8,320,400 MBIA Insured 20,500 California, General Obligation Refunding Bonds, Series 2002, 5.000%, 4/12 at 100.00 AAA 21,344,395 4/01/27 - AMBAC Insured 3,750 California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 - 4/14 at 100.00 AAA 3,927,113 AMBAC Insured California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: 3,000 5.000%, 12/01/24 - MBIA Insured 12/14 at 100.00 AAA 3,206,040 4,000 5.000%, 12/01/26 - MBIA Insured 12/14 at 100.00 AAA 4,245,440 5,500 California Statewide Community Development Authority, Certificates of 7/05 at 101.00 AAA 5,625,785 Participation, Salk Institute for Biological Studies, Series 1994, 6.200%, 7/01/24 - CONNIE LEE/AMBAC Insured 2,340 Cerritos Public Financing Authority, California, Tax Allocation Revenue 11/17 at 102.00 AAA 2,535,179 Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 - AMBAC Insured Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999: 22,985 0.000%, 1/15/24 - MBIA Insured 1/10 at 44.52 AAA 8,071,413 22,000 0.000%, 1/15/31 - MBIA Insured 1/10 at 29.11 AAA 4,974,640 50,000 0.000%, 1/15/37 - MBIA Insured 1/10 at 20.19 AAA 7,816,000 5,000 Garden Grove, California, Certificates of Participation, Financing 3/12 at 101.00 AAA 5,258,900 Project, Series 2002A, 5.125%, 3/01/32 - AMBAC Insured 5,000 Inland Empire Solid Waste Financing Authority, California, Revenue Bonds, 8/06 at 102.00 AAA 5,284,700 Landfill Improvement Financing Project, Series 1996B, 6.000%, 8/01/16 (Alternative Minimum Tax) (Pre-refunded to 8/01/06) - FSA Insured 5,468 Moreno Valley Public Finance Authority, California, GNMA Collateralized 1/12 at 105.00 Aaa 6,081,838 Assisted Living Housing Revenue Bonds, CDC Assisted Living Project, Series 2000A, 7.500%, 1/20/42
16
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- California (continued) $ 6,060 Ontario Redevelopment Financing Authority, San Bernardino County, 8/05 at 100.00 AAA $ 6,258,162 California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 - MBIA Insured 3,615 Pasadena Unified School District, Los Angeles County, California, General 5/13 at 100.00 AAA 3,859,013 Obligation Bonds, Series 2003D, 5.000%, 5/01/24 - MBIA Insured 2,590 Riverside County Public Financing Authority, California, Tax Allocation 10/14 at 100.00 AAA 2,715,848 Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 - XLCA Insured 2,000 San Diego Redevelopment Agency, California, Subordinate Lien Tax 9/14 at 100.00 AAA 2,120,060 Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 - XLCA Insured San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A: 7,200 5.125%, 5/01/21 (Alternative Minimum Tax) - MBIA Insured 5/11 at 100.00 AAA 7,489,440 12,690 5.250%, 5/01/31 (Alternative Minimum Tax) - MBIA Insured 5/11 at 100.00 AAA 13,142,145 1,000 Sierra Joint Community College District, Tahoe Truckee, California, 8/14 at 100.00 AAA 1,054,090 General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 - FGIC Insured 1,575 Sierra Joint Community College District, Western Nevada, California, 8/14 at 100.00 AAA 1,662,665 General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Colorado - 2.2% (1.5% of Total Investments) 5,630 Arapahoe County Capital Improvement Trust Fund, Colorado, Vehicle 8/05 at 103.00 AAA 5,865,334 Registration Fee Revenue Bonds, Highway E-470, Series 1986A, 6.150%, 8/31/26 (Pre-refunded to 8/31/05) - MBIA Insured 3,750 Denver City and County, Colorado, Airport System Revenue Bonds, Series 11/06 at 101.00 AAA 3,905,063 1996D, 5.500%, 11/15/25 - MBIA Insured 1,250 Jefferson County School District R1, Colorado, General Obligation Bonds, 12/14 at 100.00 AAA 1,337,150 Series 2004, 5.000%, 12/15/24 - FSA Insured 1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,056,350 5.000%, 6/01/30 - FGIC Insured 1,200 Widefield Water and Sanitation District, El Paso County, Colorado, Water 12/14 at 100.00 AAA 1,277,136 and Sewerage Revenue Refunding and Improvement Bonds, Series 2004, 5.000%, 12/01/25 - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Connecticut - 0.4% (0.2% of Total Investments) 2,000 Connecticut, General Obligation Bonds, Series 2004D, 5.000%, 12/01/22 - 12/14 at 100.00 Aaa 2,155,440 MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- District of Columbia - 1.4% (0.9% of Total Investments) 8,000 Washington Convention Center Authority, District of Columbia, Senior Lien 10/08 at 101.00 AAA 8,452,000 Dedicated Tax Revenue Bonds, Series 1998, 5.000%, 10/01/21 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Florida - 10.2% (6.7% of Total Investments) 1,000 Florida State Board of Education, Full Faith and Credit Public Education 6/12 at 101.00 AAA 1,053,440 Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/25 - MBIA Insured 3,250 Florida State Board of Education, Full Faith and Credit Public Education 6/13 at 101.00 AAA 3,476,330 Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 - AMBAC Insured 2,180 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.250%, No Opt. Call AAA 2,434,362 5/01/13 - MBIA Insured 20,000 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 5.750%, 10/10 at 101.00 AAA 21,887,400 10/01/25 (Alternative Minimum Tax) - FSA Insured 4,115 Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing 7/11 at 100.00 AAA 4,324,536 Revenue Bonds, Monterey Pointe Apartments, Series 2001-2A, 5.850%, 7/01/37 (Alternative Minimum Tax) - FSA Insured 7,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International 10/12 at 100.00 AAA 7,376,740 Airport, Series 2002, 5.375%, 10/01/32 (Alternative Minimum Tax) - FGIC Insured 3,900 Orange County School Board, Florida, Certificates of Participation, 8/14 at 100.00 Aaa 4,095,741 Series 2004A, 5.000%, 8/01/29 - AMBAC Insured 3,780 Palm Beach County School Board, Florida, Certificates of Participation, 8/13 at 100.00 AAA 4,098,616 Series 2003A, 5.000%, 8/01/16 - AMBAC Insured 7,435 Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 7,796,564 5.000%, 10/01/27 - MBIA Insured
17 Nuveen Insured Quality Municipal Fund, Inc. (NQI) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Florida (continued) $ 4,070 Volusia County School Board, Florida, Certificates of Participation, 8/15 at 100.00 Aaa $ 4,326,573 Series 2005B, 5.000%, 8/01/23 - FSA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Georgia - 0.2% (0.0% of Total Investments) 1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 11/14 at 100.00 AAA 1,067,580 5.000%, 11/01/22 - FSA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Hawaii - 6.1% (4.0% of Total Investments) 1,620 Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 1,739,961 7/15/21 - FSA Insured Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B: 8,785 6.625%, 7/01/18 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 10,005,500 7,000 6.000%, 7/01/19 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 7,768,950 16,180 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, 5/06 at 101.00 AAA 16,830,436 Hawaiian Electric Company Inc., Series 1996A, 6.200%, 5/01/26 (Alternative Minimum Tax) - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Illinois - 17.5% (11.5% of Total Investments) 10,000 Chicago, Illinois, General Obligation Bonds, Series 1995, 6.125%, 1/01/16 7/05 at 102.00 AAA 10,260,900 (Pre-refunded to 7/01/05) - AMBAC Insured 9,500 Chicago, Illinois, General Airport Second Lien Revenue Refunding Bonds, 1/10 at 101.00 AAA 10,152,935 O'Hare International Airport, Series 1999, 5.500%, 1/01/15 (Alternative Minimum Tax) - AMBAC Insured 7,165 Illinois Development Finance Authority, Revenue Bonds, Bradley 8/09 at 101.00 AAA 7,930,795 University, Series 1999, 5.500%, 8/01/29 (Pre-refunded to 8/01/09) - AMBAC Insured 25,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa Health System, 2/10 at 101.00 AAA 27,449,750 Series 2000, 5.875%, 2/15/30 - AMBAC Insured 15,785 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 4/12 at 100.00 AAA 16,939,673 5.250%, 4/01/27 - FSA Insured 13,275 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5/11 at 100.00 AAA 14,116,635 5.250%, 5/01/26 - FSA Insured 18,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, No Opt. Call AAA 7,000,200 McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 - MBIA Insured 10,000 University of Illinois, Certificates of Participation, Utility 8/11 at 100.00 AAA 11,105,700 Infrastructure Projects, Series 2001B, 5.250%, 8/15/21 (Pre-refunded to 8/15/11) - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Indiana - 1.9% (1.3% of Total Investments) 1,610 Hammond Multi-School Building Corporation, Lake County, Indiana, First 7/13 at 100.00 AAA 1,714,908 Mortgage Revenue Bonds, Series 2003B, 5.000%, 7/15/19 - FGIC Insured 7,790 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series No Opt. Call AAA 9,763,752 1990A, 7.250%, 6/01/15 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Kansas - 0.5% (0.4% of Total Investments) 3,000 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 3,235,110 5.000%, 10/01/21 - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Kentucky - 4.4% (2.9% of Total Investments) Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C: 6,345 0.000%, 10/01/27 - MBIA Insured 10/13 at 101.00 AAA 6,870,493 18,185 0.000%, 10/01/28 - MBIA Insured 10/13 at 101.00 AAA 19,645,619 - ---------------------------------------------------------------------------------------------------------------------------------- Louisiana - 3.0% (1.9% of Total Investments) 13,170 New Orleans, Louisiana, General Obligation Refunding Bonds, Series 1995, 10/05 at 101.00 AAA 13,487,924 6.200%, 10/01/21 - AMBAC Insured 4,045 Orleans Levee District, Louisiana, Levee District General Obligation 12/05 at 103.00 AAA 4,237,340 Bonds, Series 1986, 5.950%, 11/01/15 - FSA Insured
18
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Maine - 1.5% (1.0% of Total Investments) $ 8,000 Maine Health and Higher Educational Facilities Authority, Revenue Bonds, 7/09 at 101.00 AAA $ 8,819,200 Series 1999B, 6.000%, 7/01/29 - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Maryland - 1.4% (0.9% of Total Investments) 7,535 Maryland Transportation Authority, Airport Parking Revenue Bonds, 3/12 at 101.00 AAA 8,175,324 Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.500%, 3/01/18 (Alternative Minimum Tax) - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 1.9% (1.3% of Total Investments) 5,000 Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue 7/12 at 100.00 AAA 5,516,850 Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded to 7/01/12) - FGIC Insured Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: 1,250 5.250%, 1/01/21 - FGIC Insured 1/14 at 100.00 AAA 1,364,913 1,000 5.250%, 1/01/22 - FGIC Insured 1/14 at 100.00 AAA 1,088,110 1,195 5.250%, 1/01/23 - FGIC Insured 1/14 at 100.00 AAA 1,299,371 2,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 2,170,120 - ---------------------------------------------------------------------------------------------------------------------------------- Michigan - 0.8% (0.6% of Total Investments) 4,750 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/09 at 102.00 AAA 5,037,708 Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 (Alternative Minimum Tax) - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Minnesota - 0.0% (0.0% of Total Investments) 127 St. Louis Park, Minnesota, GNMA Mortgage-Backed Securities Program Single 10/05 at 100.00 Aaa 127,081 Family Residential Mortgage Revenue Bonds, Series 1991A, 7.250%, 4/20/23 - ---------------------------------------------------------------------------------------------------------------------------------- Mississippi - 1.5% (1.0% of Total Investments) 2,545 Harrison County Wastewater Management District, Mississippi, Wastewater No Opt. Call AAA 3,384,163 Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 - FGIC Insured 2,715 Harrison County Wastewater Management District, Mississippi, Wastewater No Opt. Call AAA 3,522,930 Treatment Facilities Revenue Refunding Bonds, Series 1991B, 7.750%, 2/01/14 - FGIC Insured 2,115 Mississippi Home Corporation, GNMA Collateralized Single Family Mortgage 6/06 at 105.00 Aaa 2,175,574 Revenue Bonds, Series 1996C, 7.600%, 6/01/29 (Alternative Minimum Tax) - ---------------------------------------------------------------------------------------------------------------------------------- Missouri - 0.3% (0.2% of Total Investments) 1,500 Camdenton Reorganized School District R3, Camden County, Missouri, No Opt. Call AAA 1,644,150 General Obligation Bonds, Series 2005, 5.250%, 3/01/24 - FSA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Nevada - 7.0% (4.6% of Total Investments) 33,700 Director of Nevada State Department of Business and Industry, Revenue 1/10 at 100.00 AAA 35,728,740 Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured 5,720 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno 6/12 at 100.00 AAA 5,974,597 Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/32 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- New Jersey - 1.1% (0.7% of Total Investments) New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: 1,700 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA 1,819,255 1,700 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 1,813,883 2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 2,691,100 1/01/19 - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- New Mexico - 0.8% (0.6% of Total Investments) New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C: 1,420 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AAA 1,516,773 3,290 5.000%, 6/01/23 - AMBAC Insured 6/14 at 100.00 AAA 3,508,028 - ---------------------------------------------------------------------------------------------------------------------------------- New York - 13.8% (9.1% of Total Investments) 8,000 Metropolitan Transportation Authority, New York, State Service Contract 7/12 at 100.00 AAA 8,437,920 Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured
19 Nuveen Insured Quality Municipal Fund, Inc. (NQI) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- New York (continued) $ 9,335 New York City Municipal Water Finance Authority, New York, Water and 6/05 at 101.00 AAA $ 9,469,797 Sewerage System Revenue Bonds, Fiscal Series 1996A, 6.000%, 6/15/25 (Pre-refunded to 6/15/05) - MBIA Insured 11,760 Dormitory Authority of the State of New York, Lease Revenue Bonds, Court 5/10 at 101.00 AAA 13,037,842 Facilities, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 3,202,080 Health Services Facilities Improvements, Series 2005D, 5.000%, 2/15/23 - FGIC Insured 7,000 New York State Energy Research and Development Authority, Facilities 7/05 at 102.00 A1 7,172,690 Revenue Refunding Bonds, Consolidated Edison Company Inc., Series 1995A, 6.100%, 8/15/20 10,875 New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, 5/06 at 102.00 AAA 11,428,755 Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured 4,200 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 10/09 at 100.00 AAA 4,367,916 82, 5.550%, 10/01/19 (Alternative Minimum Tax) - MBIA Insured 15,000 Dormitory Authority of the State of New York, Revenue Bonds, School 10/12 at 100.00 AAA 16,836,150 Districts Financing Program, Series 2002D, 5.500%, 10/01/17 - MBIA Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 1,630 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,743,399 1,675 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,790,173 5,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/13 at 100.00 AAA 5,238,850 General Purpose Revenue Bonds, Series 2003A, 5.000%, 11/15/32 - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- North Carolina - 0.3% (0.2% of Total Investments) 1,720 Union County, North Carolina, Certificates of Participation, Series 2003, 6/13 at 101.00 AAA 1,875,213 5.000%, 6/01/16 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Ohio - 2.2% (1.4% of Total Investments) 7,000 Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 6/14 at 100.00 AAA 7,692,370 5.250%, 6/01/19 - FGIC Insured 5,000 Lorain County, Ohio, Health Facilities Revenue Bonds, Catholic Healthcare 9/09 at 102.00 AAA 5,432,200 Partners, Series 1999A, 5.500%, 9/01/29 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 2.8% (1.9% of Total Investments) 7,000 Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, 1/08 at 101.00 AAA 7,322,140 Pittsburgh International Airport, Series 1997A, 5.250%, 1/01/16 (Alternative Minimum Tax) - MBIA Insured 7,250 Lehigh County Industrial Development Authority, Pennsylvania, Pollution 8/05 at 102.00 AAA 7,450,608 Control Revenue Refunding Bonds, Pennsylvania Power and Light Company Project, Series 1995A, 6.150%, 8/01/29 - MBIA Insured 2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, 12/15 at 100.00 AAA 2,132,380 Series 2005B, 5.000%, 12/01/23 - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Puerto Rico - 1.4% (0.9% of Total Investments) 5,000 Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, No Opt. Call AAA 5,804,750 Series 2003AA, 5.500%, 7/01/16 - FGIC Insured 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,714,725 5.000%, 7/01/22 - FGIC Insured - ---------------------------------------------------------------------------------------------------------------------------------- South Carolina - 0.5% (0.4% of Total Investments) 3,000 Charleston County School District, South Carolina, General Obligation 2/14 at 100.00 AAA 3,209,280 Bonds, Series 2004A, 5.000%, 2/01/22 - AMBAC Insured - ---------------------------------------------------------------------------------------------------------------------------------- Tennessee - 0.9% (0.6% of Total Investments) Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A: 7,500 0.000%, 1/01/24 - FSA Insured 1/13 at 52.75 AAA 2,680,650 5,000 0.000%, 1/01/25 - FSA Insured 1/13 at 49.71 AAA 1,679,300 2,750 0.000%, 1/01/26 - FSA Insured 1/13 at 46.78 AAA 865,975
20
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Texas - 22.4% (14.8% of Total Investments) $ 8,000 Abilene Health Facilities Development Corporation, Texas, Hospital 9/05 at 102.00 AAA $ 8,242,560 Revenue Refunding and Improvement Bonds, Hendrick Medical Center Project, Series 1995C, 6.150%, 9/01/25 - MBIA Insured 5,275 Austin, Texas, Combined Utility System Revenue Refunding Bonds, Series 11/07 at 100.00 AAA 5,495,970 1997, 5.125%, 11/15/20 - FSA Insured 3,135 Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/14 at 100.00 AAA 3,419,627 7/15/20 - FSA Insured 3,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/11 at 100.00 AAA 3,326,730 and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 (Alternative Minimum Tax) - FGIC Insured 3,735 Grand Prairie Independent School District, Dallas County, Texas, General 2/13 at 100.00 AAA 3,904,532 Obligation Bonds, Series 2003, 5.125%, 2/15/31 - FSA Insured Harris County Hospital District, Texas, Revenue Refunding Bonds, Series 1990: 1,165 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 1,263,571 2,235 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 2,493,165 4,500 Houston, Texas, General Obligation Public Improvement Bonds, Series 3/11 at 100.00 AAA 4,753,620 2001A, 5.000%, 3/01/22 - FSA Insured 4,685 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 7/10 at 100.00 AAA 5,011,263 2000A, 5.500%, 7/01/19 (Alternative Minimum Tax) - FSA Insured 5,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 5/14 at 100.00 AAA 5,384,950 2004A, 5.250%, 5/15/24 - FGIC Insured 17,000 Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding No Opt. Call AAA 20,509,310 Bonds, Series 2002A, 5.750%, 12/01/32 - FSA Insured 19,200 Jefferson County Health Facilities Development Corporation, Texas, 8/11 at 100.00 AAA 20,339,520 FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31 - AMBAC Insured 6,000 Laredo Community College District, Texas, Limited Tax General Obligation 8/10 at 100.00 AAA 6,443,040 Bonds, Series 2001, 5.375%, 8/01/31 - AMBAC Insured 2,000 Laredo Independent School District Public Facilities Corporation, Texas, 8/11 at 100.00 AAA 2,074,160 Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 - AMBAC Insured 22,045 North Central Texas Health Facilities Development Corporation, Revenue 8/12 at 101.00 AAA 23,393,713 Bonds, Children's Medical Center of Dallas, Series 2002, 5.250%, 8/15/32 - AMBAC Insured 17,429 Tarrant County Housing Finance Corporation, Texas, GNMA Collateralized 3/12 at 105.00 Aaa 18,889,899 Mortgage Loan Multifamily Housing Revenue Bonds, Bardin Green Apartments Project, Series 2001, 6.600%, 9/20/42 - ---------------------------------------------------------------------------------------------------------------------------------- Utah - 0.6% (0.4% of Total Investments) 3,215 Salt Lake City, Utah, Hospital Revenue Refunding Bonds, IHC Hospitals 5/05 at 100.00 AAA 3,371,892 Inc., Series 1988A, 8.000%, 5/15/07 - ---------------------------------------------------------------------------------------------------------------------------------- Virginia - 0.5% (0.3% of Total Investments) 2,575 Spotsylvania County, Virginia, Water and Sewerage System Revenue Bonds, 6/15 at 100.00 AAA 2,763,722 Series 2005, 5.000%, 6/01/24 - FSA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Washington - 11.2% (7.3% of Total Investments) 10,730 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 11,557,068 System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32 (Alternative Minimum Tax) - MBIA Insured 4,655 Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan 9/11 at 102.00 AAA 5,116,357 Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax) 15,025 Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan 11/11 at 105.00 AAA 17,060,287 Low Income Housing Assistance Revenue Bonds, Park Place Project, Series 2000A, 7.000%, 5/20/42 5,000 Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 12/10 at 100.00 AAA 5,393,150 2000, 5.250%, 12/01/21 - FSA Insured 1,600 Vancouver, Washington, Water and Sewerage Revenue Bonds, Series 2004, No Opt. Call AAA 1,787,664 5.250%, 6/01/14 - FGIC Insured 10,000 Washington, General Obligation Refunding Bonds, Series R-2003A, 5.000%, 1/12 at 100.00 AAA 10,685,700 1/01/19 - MBIA Insured
21 Nuveen Insured Quality Municipal Fund, Inc. (NQI) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Washington (continued) $ 2,500 Washington State Healthcare Facilities Authority, Revenue Bonds, 12/09 at 101.00 AAA $ 2,707,070 Providence Services, Series 1999, 5.375%, 12/01/19 - MBIA Insured 11,750 Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear 7/08 at 102.00 AAA 12,562,983 Project 1, Series 1998A, 5.125%, 7/01/17 - MBIA Insured - ---------------------------------------------------------------------------------------------------------------------------------- West Virginia - 2.3% (1.5% of Total Investments) 12,845 West Virginia Water Development Authority, Infrastructure Revenue Bonds, 10/10 at 100.00 AAA 13,971,121 Infrastructure and Jobs Development Council Program, Series 2000A, 5.500%, 10/01/39 - FSA Insured - ---------------------------------------------------------------------------------------------------------------------------------- Wisconsin - 0.4% (0.3% of Total Investments) 2,180 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/14 at 100.00 Aaa 2,302,385 11/01/26 - FSA Insured - ---------------------------------------------------------------------------------------------------------------------------------- $ 943,949 Total Long-Term Investments (cost $851,544,150) - 151.8% 910,420,007 ============---------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.2% 7,222,885 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.0)% (318,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 599,642,892 ====================================================================================================================
All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (a) The issuer has received a preliminary adverse determination from the Internal Revenue Service (the "IRS") regarding the tax-exempt status of the bonds' coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. See accompanying notes to financial statements. 22 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Alabama - 14.5% (9.5% of Total Investments) $ 3,815 Alabama Housing Finance Authority, GNMA Collateralized Multifamily 7/05 at 103.00 Aaa $ 3,941,505 Housing Revenue Refunding Bonds, Royal Hills Apartments, Series 1995F, 6.500%, 7/20/30 11,000 Birmingham Special Care Facilities Financing Authority, Alabama, Revenue 5/05 at 102.00 AAA 11,244,420 Bonds, Baptist Health System Inc., Series 1995B, 5.875%, 11/15/20 - MBIA Insured Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 1996A: 7,465 5.875%, 11/15/19 - MBIA Insured 11/06 at 102.00 AAA 7,914,393 1,750 5.875%, 11/15/26 - MBIA Insured 11/06 at 102.00 AAA 1,853,705 11,175 Hoover Board of Education, Alabama, Capital Outlay Tax Anticipation 2/11 at 100.00 AAA 12,009,996 Warrants, Series 2001, 5.250%, 2/15/22 - MBIA Insured Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A: 25,825 5.375%, 2/01/27 (Pre-refunded to 2/01/07) - FGIC Insured 2/07 at 100.00 AAA 26,913,782 10,195 5.375%, 2/01/27 - FGIC Insured 2/07 at 100.00 AAA 10,535,819 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A: 10,815 5.000%, 2/01/33 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 11,658,786 9,790 5.000%, 2/01/33 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 10,575,648 3,000 5.375%, 2/01/36 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 3,280,440 29,860 5.750%, 2/01/38 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 33,046,062 18,760 Jefferson County, Alabama, Sewer Revenue Capitol Improvement Warrants, 2/11 at 101.00 AAA 20,599,606 Series 2001A, 5.000%, 2/01/41 (Pre-refunded to 2/01/11) - FGIC Insured Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B: 2,500 5.125%, 2/01/42 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 2,770,350 2,500 5.125%, 2/01/42 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 2,780,525 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D: 425 5.000%, 2/01/38 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 467,572 14,800 5.000%, 2/01/42 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 16,342,604 5,240 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2/11 at 101.00 AAA 5,771,284 2003B, 5.000%, 2/01/41 (Pre-refunded to 2/01/11) - FGIC Insured 6,000 University of Alabama, Tuscaloosa, General Revenue Bonds, Series 2004A, 7/14 at 100.00 AAA 6,319,860 5.000%, 7/01/29 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Alaska - 2.4% (1.5% of Total Investments) 11,245 Alaska Housing Finance Corporation, General Mortgage Revenue Bonds, 6/09 at 100.00 AAA 11,699,298 Series 1999A, 6.050%, 6/01/39 - MBIA Insured 11,460 Alaska Housing Finance Corporation, Governmental Purpose Bonds, Series 12/05 at 102.00 AAA 11,856,172 1995A, 5.875%, 12/01/30 - MBIA Insured 390 Alaska Housing Finance Corporation, Collateralized Veterans Mortgage 6/05 at 100.00 AAA 408,611 Program Bonds, First Series 1999A-2, 6.250%, 6/01/39 (Alternative Minimum Tax) (Pre-refunded to 6/01/05) 3,190 Alaska Housing Finance Corporation, Collateralized Veterans Mortgage 12/09 at 100.00 AAA 3,357,156 Program Bonds, First Series 1999A-1, 6.150%, 6/01/39 3,000 Alaska Student Loan Corporation, Student Loan Revenue Bonds, Series 7/08 at 100.00 AAA 3,120,480 1998A, 5.250%, 7/01/14 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Arizona - 1.0% (0.7% of Total Investments) Arizona State University, Certificates of Participation, Resh Infrastructure Projects, Series 2005A: 2,000 5.000%, 9/01/25 - AMBAC Insured 3/15 at 100.00 AAA 2,122,460 2,000 5.000%, 9/01/27 - AMBAC Insured 3/15 at 100.00 AAA 2,113,700 1,000 Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/15 at 100.00 AAA 1,060,090 7/01/27 - AMBAC Insured
23 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Arizona (continued) $ 1,000 Maricopa County Union High School District 210, Phoenix, Arizona, General 7/14 at 100.00 AAA $ 1,072,520 Obligation Bonds, Series 2004A, 5.000%, 7/01/22 - FSA Insured 1,150 Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater 7/14 at 100.00 AAA 1,213,986 System Revenue Bonds, Series 2004, 5.000%, 7/01/27 - MBIA Insured 5,695 Pima County Industrial Development Authority, Arizona, Lease Obligation 7/05 at 101.50 AAA 5,961,526 Revenue Refunding Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- California - 28.5% (18.8% of Total Investments) California Rural Home Mortgage Finance Authority, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1996A: 70 7.550%, 11/01/26 (Alternative Minimum Tax) No Opt. Call AAA 71,493 60 7.750%, 5/01/27 (Alternative Minimum Tax) No Opt. Call AAA 61,330 4,500 California, General Obligation Bonds, Series 1998, 5.000%, 10/01/19 - 10/08 at 101.00 AAA 4,785,615 FGIC Insured 10,000 California Department of Veterans Affairs, Home Purchase Revenue Bonds, 6/12 at 101.00 AAA 10,653,500 Series 2002A, 5.300%, 12/01/21 - AMBAC Insured California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: 3,700 5.000%, 12/01/24 - MBIA Insured 12/14 at 100.00 AAA 3,954,116 2,820 5.000%, 12/01/27 - MBIA Insured 12/14 at 100.00 AAA 2,986,183 California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 30,000 5.375%, 5/01/17 - XLCA Insured 5/12 at 101.00 AAA 33,298,500 35,000 5.375%, 5/01/18 - AMBAC Insured 5/12 at 101.00 AAA 38,893,750 20,000 Cucamonga County Water District, San Bernardino County, California, 9/11 at 101.00 AAA 20,931,800 Certificates of Participation, Water Shares Purchase, Series 2000, 5.125%, 9/01/35 - FGIC Insured 5,000 Long Beach Bond Financing Authority, California, Lease Revenue Refunding 11/11 at 101.00 AAA 5,313,500 Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured 7,670 Los Angeles Community College District, Los Angeles County, California, 8/15 at 100.00 AAA 8,226,152 General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 - FSA Insured 20,000 Los Angeles Unified School District, California, General Obligation 7/13 at 100.00 AAA 21,550,600 Bonds, Series 2003A, 5.000%, 7/01/21 - FSA Insured 9,000 Orange County, California, Refunding Recovery Bonds, Series 1995A, 6/05 at 102.00 AAA 9,203,400 5.750%, 6/01/15 - MBIA Insured 12,500 Orange County, California, Recovery Certificates of Participation, Series 7/06 at 102.00 AAA 13,162,125 1996A, 6.000%, 7/01/26 - MBIA Insured 6,205 Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/12 at 100.00 AAA 6,446,809 11/01/22 (Alternative Minimum Tax) - FGIC Insured Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001: 15,000 5.200%, 6/15/30 - AMBAC Insured 12/11 at 101.00 AAA 15,868,200 5,000 5.125%, 6/15/33 - AMBAC Insured 12/11 at 101.00 AAA 5,240,750 6,000 Redlands Unified School District, San Bernardino County, California, 7/13 at 100.00 AAA 6,322,440 General Obligation Bonds, Series 2003, 5.000%, 7/01/26 - FSA Insured 19,300 Sacramento Power Authority, California, Revenue Bonds, Power Authority 7/06 at 102.00 AAA 20,383,695 Cogeneration Project, Series 1995, 5.875%, 7/01/15 (Pre-refunded to 7/01/06) - MBIA Insured 6,500 Salinas, California, GNMA Collateralized Housing Facility Revenue 7/05 at 101.00 AAA 6,634,160 Refunding Bonds, Villa Serra Project, Series 1994A, 6.600%, 7/20/30 10,000 San Francisco Airports Commission, California, Revenue Bonds, San 5/06 at 101.00 AAA 10,297,000 Francisco International Airport, Second Series Issue 13B, 5.500%, 5/01/26 (Alternative Minimum Tax) - MBIA Insured 13,710 San Francisco Airports Commission, California, Revenue Refunding Bonds, 5/11 at 100.00 AAA 14,278,828 San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 (Alternative Minimum Tax) - MBIA Insured 11,500 San Francisco Bay Area Rapid Transit District, California, Sales Tax 7/11 at 100.00 AAA 12,011,980 Revenue Bonds, Series 2001, 5.125%, 7/01/36 - AMBAC Insured 66,685 San Joaquin Hills Transportation Corridor Agency, Orange County, No Opt. Call AAA 33,403,850 California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21
24
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- California (continued) San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: $ 31,615 5.250%, 1/15/30 - MBIA Insured 1/07 at 102.00 AAA $ 33,195,118 21,500 0.000%, 1/15/32 - MBIA Insured No Opt. Call AAA 5,629,775 12,525 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/10 at 101.00 AAA 13,252,202 Area Redevelopment Project, Series 2002, 5.000%, 8/01/20 - MBIA Insured 11,000 Santa Ana Financing Authority, California, Lease Revenue Bonds, Police No Opt. Call AAA 13,762,760 Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Colorado - 7.8% (5.1% of Total Investments) 5,070 Adams 12 Five Star Schools, Adams County, Colorado, General Obligation 12/15 at 100.00 AAA 5,442,949 Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured 1,000 Colorado Department of Transportation, Certificates of Participation, 6/14 at 100.00 AAA 1,057,600 Series 2004, 5.000%, 6/15/25 - MBIA Insured 10,000 Denver City and County, Colorado, Airport System Revenue Refunding Bonds, 11/11 at 100.00 AAA 10,865,000 Series 2001A, 5.500%, 11/15/15 (Alternative Minimum Tax) - FGIC Insured 10,545 Denver City and County, Colorado, Airport System Revenue Bonds, Series 11/06 at 101.00 AAA 10,981,036 1996D, 5.500%, 11/15/25 - MBIA Insured 4,950 Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, 12/13 at 100.00 AAA 5,158,197 Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 - XLCA Insured 1,740 Douglas County School District RE1, Douglas and Elbert Counties, 12/14 at 100.00 Aaa 1,839,893 Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 - FSA Insured 35,995 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series No Opt. Call AAA 14,947,644 1997B, 0.000%, 9/01/23 - MBIA Insured 30,800 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 9/10 at 102.00 AAA 34,497,848 2000A, 5.750%, 9/01/35 - MBIA Insured 11,800 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 9/10 at 74.80 AAA 7,314,702 2000B, 0.000%, 9/01/15 (Pre-refunded to 9/01/10) - MBIA Insured 10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series No Opt. Call AAA 3,296,400 2004A, 0.000%, 9/01/27 - MBIA Insured 1,250 Jefferson County School District R1, Colorado, General Obligation Bonds, 12/14 at 100.00 AAA 1,337,150 Series 2004, 5.000%, 12/15/24 - FSA Insured 2,500 Summit County School District RE-1, Summit, Colorado, General Obligation 12/14 at 100.00 Aaa 2,673,750 Bonds, Series 2004B, 5.000%, 12/01/24 - FGIC Insured 1,250 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,320,438 5.000%, 6/01/30 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Connecticut - 0.3% (0.2% of Total Investments) 4,000 Connecticut, General Obligation Bonds, Series 2004D, 5.000%, 12/01/24 - 12/14 at 100.00 Aaa 4,284,560 MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- District of Columbia - 1.0% (0.7% of Total Investments) 2,090 District of Columbia Housing Finance Agency, GNMA Collateralized Single 6/05 at 100.00 AAA 2,091,672 Family Mortgage Revenue Bonds, Series 1990B, 7.100%, 12/01/24 (Alternative Minimum Tax) District of Columbia Water and Sewerage Authority, Subordinate Lien Public Utility Revenue Bonds, Series 2003: 5,000 5.125%, 10/01/24 - FGIC Insured 10/13 at 100.00 AAA 5,375,350 5,000 5.125%, 10/01/25 - FGIC Insured 10/13 at 100.00 AAA 5,352,550 - ----------------------------------------------------------------------------------------------------------------------------------- Florida - 7.0% (4.6% of Total Investments) 3,445 Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 10/14 at 100.00 AAA 3,672,715 5.000%, 10/01/24 - MBIA Insured 10,355 Florida, Board of Education Lottery Revenue Bonds, Series 2005A, 5.000%, 7/15 at 101.00 AAA 11,207,217 7/01/22 - AMBAC Insured 2,285 Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/15 at 100.00 AAA 2,434,645 2/01/23 - MBIA Insured
25 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Florida (continued) $ 1,000 Hillsborough County School Board, Florida, Certificates of Participation, 7/15 at 100.00 AAA $ 1,057,550 Master Lease Program, Series 2005A, 5.000%, 7/01/26 - MBIA Insured Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005: 645 5.000%, 5/01/25 - MBIA Insured 5/15 at 102.00 Aaa 691,692 1,830 5.000%, 5/01/27 - MBIA Insured 5/15 at 102.00 Aaa 1,948,255 4,425 Jacksonville Economic Development Commission, Florida, Healthcare 11/12 at 100.00 AAA 4,878,253 Facilities Revenue Bonds, Mayo Clinic, Series 2001C, 5.500%, 11/15/36 - MBIA Insured 1,505 Lee County, Florida, Transportation Facilities Revenue Bonds, Series 10/14 at 100.00 AAA 1,617,845 2004B, 5.000%, 10/01/21 - AMBAC Insured 2,000 Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 2,103,040 5.000%, 10/01/27 - MBIA Insured 35,920 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International 10/12 at 100.00 AAA 37,853,214 Airport, Series 2002, 5.375%, 10/01/32 (Alternative Minimum Tax) - FGIC Insured 2,150 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International 10/12 at 100.00 AAA 2,223,358 Airport, Series 2002A, 5.125%, 10/01/35 (Alternative Minimum Tax) - FSA Insured Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 9B, Series 2005: 1,290 5.000%, 8/01/23 - MBIA Insured 8/15 at 102.00 AAA 1,392,490 2,145 5.000%, 8/01/29 (DD, settling 5/02/05) - MBIA Insured 8/15 at 102.00 AAA 2,285,691 Ocala, Florida, Utility System Revenue Bonds, Series 2005B: 1,025 5.250%, 10/01/24 - FGIC Insured 10/15 at 100.00 Aaa 1,127,326 2,590 5.000%, 10/01/27 - FGIC Insured 10/15 at 100.00 Aaa 2,748,741 4,000 Orange County School Board, Florida, Certificates of Participation, 8/14 at 100.00 Aaa 4,200,760 Series 2004A, 5.000%, 8/01/29 - AMBAC Insured Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003: 2,010 5.000%, 8/15/16 - FSA Insured 8/13 at 100.00 Aaa 2,186,076 2,110 5.000%, 8/15/17 - FSA Insured 8/13 at 100.00 Aaa 2,282,176 2,225 5.000%, 8/15/18 - FSA Insured 8/13 at 100.00 Aaa 2,403,289 2,275 Volusia County School Board, Florida, Certificates of Participation, 8/15 at 100.00 Aaa 2,412,592 Series 2005B, 5.000%, 8/01/24 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Georgia - 0.9% (0.6% of Total Investments) 1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 - FSA Insured 11/14 at 100.00 AAA 1,067,580 1,520 College Park Business and Industrial Development Authority, Georgia, 9/14 at 102.00 AAA 1,679,220 Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 - MBIA Insured Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004: 1,695 5.250%, 5/01/19 - MBIA Insured 5/14 at 100.00 AAA 1,860,754 1,135 5.250%, 5/01/20 - MBIA Insured 5/14 at 100.00 AAA 1,244,278 Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Series 1996: 640 5.250%, 8/01/13 (Pre-refunded to 8/01/06) - MBIA Insured 8/06 at 102.00 AAA 671,808 4,360 5.250%, 8/01/13 - MBIA Insured 8/06 at 102.00 AAA 4,563,525 - ----------------------------------------------------------------------------------------------------------------------------------- Hawaii - 2.3% (1.5% of Total Investments) 24,250 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, 5/06 at 101.00 AAA 25,224,850 Hawaiian Electric Company Inc., Series 1996A, 6.200%, 5/01/26 (Alternative Minimum Tax) - MBIA Insured 4,005 Hawaii, Highway Revenue Bonds, Series 2005A, 5.000%, 7/01/23 - FSA 7/15 at 100.00 AAA 4,290,076 Insured - ----------------------------------------------------------------------------------------------------------------------------------- Idaho - 0.2% (0.1% of Total Investments) 855 Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series No Opt. Call Aa1 861,130 1994B-1, 6.750%, 7/01/22 770 Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series No Opt. Call Aa1 804,789 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
26
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Idaho (continued) $ 930 Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 7/05 at 102.00 Aaa $ 949,586 6.600%, 7/01/27 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 6.0% (3.9% of Total Investments) 1,050 Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/14 at 100.00 AAA 1,156,890 12/15/20 - FSA Insured Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O'Hare International Airport, Series 2001E: 4,615 5.500%, 1/01/17 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 4,975,432 4,870 5.500%, 1/01/18 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 5,240,071 5,000 DuPage and Will Counties Community School District 204 - Indian Prairie, 12/11 at 100.00 AAA 5,376,200 Illinois, General Obligation Bonds, Series 2001, 5.000%, 12/30/15 - FGIC Insured 4,020 Eastern Illinois University, Auxiliary Facilities System Revenue Bonds, 10/05 at 79.43 AAA 3,151,760 Series 1989, 0.000%, 10/01/09 - MBIA Insured 10,000 Illinois Development Finance Authority, Revenue Bonds, Provena Health, 5/08 at 101.00 AAA 10,644,700 Series 1998A, 5.500%, 5/15/21 - MBIA Insured 2,095 Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris 12/07 at 100.00 Aaa 2,217,997 College, Series 2000, 5.800%, 6/01/30 - MBIA Insured 2,180 Illinois Educational Facilities Authority, Revenue Bonds, DePaul 10/10 at 101.00 AAA 2,450,124 University, Series 2000, 5.500%, 10/01/19 (Pre-refunded to 10/01/10) - AMBAC Insured 7,000 Illinois Health Facilities Authority, Revenue Bonds, Hospital Sisters 6/08 at 101.00 Aaa 7,348,250 Services Inc. Obligated Group, Series 1998A, 5.000%, 6/01/18 - MBIA Insured 4,500 Illinois Health Facilities Authority, Revenue Bonds, Alexian Brothers 1/09 at 101.00 AAA 4,708,080 Health System, Series 1999, 5.000%, 1/01/19 - FSA Insured 22,410 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 2/12 at 100.00 AAA 23,470,441 5.125%, 2/01/27 - FGIC Insured Schaumburg, Illinois, General Obligation Bonds, Series 2004B: 4,260 5.000%, 12/01/22 - FGIC Insured 12/14 at 100.00 AAA 4,540,777 2,365 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 AAA 2,515,296 - ----------------------------------------------------------------------------------------------------------------------------------- Indiana - 3.9% (2.6% of Total Investments) 2,350 Cloverdale Multi-School Building Corporation, Putnam and Owen Counties, 7/15 at 100.00 AAA 2,493,021 Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/24 - MBIA Insured 2,030 Decatur Township-Marion County Multi-School Building Corporation, 7/13 at 100.00 AAA 2,186,817 Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 - FGIC Insured 11,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, 11/05 at 100.00 Aaa 11,138,380 Daughters of Charity, Series 1993, 5.750%, 11/15/22 (Pre-refunded to 11/15/05) 3,250 Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks 7/12 at 100.00 AAA 3,478,573 Project, Series 2002A, 5.250%, 7/01/33 - MBIA Insured 20,000 Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, No Opt. Call AAA 6,415,000 0.000%, 2/01/28 - AMBAC Insured 1,340 Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, 1/14 at 100.00 AAA 1,405,178 First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 - FSA Insured Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10 Project, Series 2003: 3,110 5.000%, 1/15/21 - AMBAC Insured 7/13 at 100.00 AAA 3,284,844 5,000 5.000%, 1/15/28 - AMBAC Insured 7/13 at 100.00 AAA 5,220,650 10,000 Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 1/12 at 100.00 AAA 10,697,800 7/01/19 - MBIA Insured 3,705 Whitley County Middle School Building Corporation, Columbia City, 7/13 at 100.00 AAA 4,026,779 Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Iowa - 0.3% (0.2% of Total Investments) 3,045 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical 6/13 at 100.00 Aaa 3,281,109 Center, Series 2003, 5.000%, 6/15/15 - AMBAC Insured
27 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Kansas - 0.7% (0.4% of Total Investments) $ 1,055 Butler County Unified School District 394, Kansas, General Obligation 9/14 at 100.00 AAA $ 1,138,619 Bonds, Series 2004, 5.000%, 9/01/20 - FSA Insured 2,055 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 9/14 at 101.00 AAA 2,213,749 - FSA Insured 5,000 University of Kansas Hospital Authority, Health Facilities Revenue Bonds, 9/09 at 100.00 AAA 5,397,650 KU Health System, Series 1999A, 5.650%, 9/01/29 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Kentucky - 1.7% (1.1% of Total Investments) 3,870 Kenton County School District Finance Corporation, Kentucky, School 6/14 at 100.00 Aaa 4,151,968 Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 - MBIA Insured 3,770 Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, 7/15 at 100.00 AAA 4,023,796 Revitalization Project, Series 2005B, 5.000%, 7/01/24 - AMBAC Insured 12,980 Louisville and Jefferson County Metropolitan Sewer District, Kentucky, 11/11 at 101.00 AAA 14,349,130 Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana - 2.6% (1.7% of Total Investments) 5,000 De Soto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, 9/09 at 102.00 AAA 5,564,250 Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 - AMBAC Insured 3,025 Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 11/14 at 100.00 AAA 3,308,291 2004, 5.250%, 11/01/22 - MBIA Insured 1,640 Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General 7/14 at 100.00 AAA 1,765,985 Hospital, Series 2004, 5.250%, 7/01/24 - MBIA Insured Louisiana, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: 2,400 5.000%, 5/01/25 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,549,688 4,415 5.000%, 5/01/26 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 4,669,657 5,000 5.000%, 5/01/27 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 5,288,400 6,895 Orleans Levee District, Louisiana, Levee District General Obligation 12/05 at 103.00 AAA 7,222,857 Bonds, Series 1986, 5.950%, 11/01/15 - FSA Insured 3,000 St. Charles Parish, Louisiana, Pollution Control Revenue Bonds, Louisiana 6/05 at 100.00 AAA 3,015,390 Power and Light Company, Series 1991, 7.500%, 6/01/21 (Alternative Minimum Tax) - FSA Insured (a) - ----------------------------------------------------------------------------------------------------------------------------------- Maine - 0.2% (0.2% of Total Investments) 3,000 Maine Health and Higher Educational Facilities Authority, Revenue Bonds, 7/13 at 100.00 AAA 3,139,020 Series 2003B, 5.000%, 7/01/28 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 4.2% (2.8% of Total Investments) 22,500 Massachusetts Development Finance Authority, Revenue Bonds, WGBH 1/12 at 101.00 AAA 24,357,600 Educational Foundation, Series 2002A, 5.375%, 1/01/42 - AMBAC Insured 8,400 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, 10/05 at 102.00 AAA 8,675,352 Berkshire Health Systems, Series 1995D, 6.000%, 10/01/13 - MBIA Insured 1,105 Massachusetts Housing Finance Agency, Housing Revenue Refunding Bonds, 12/05 at 102.00 AAA 1,137,354 Series 1995A, 6.100%, 12/01/16 - MBIA Insured 15,000 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 1/14 at 100.00 AAA 16,310,100 2004, 5.250%, 1/01/23 - FGIC Insured University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1: 1,500 5.375%, 11/01/20 - AMBAC Insured 11/14 at 100.00 AAA 1,668,900 2,500 5.375%, 11/01/21 - AMBAC Insured 11/14 at 100.00 AAA 2,771,050 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan - 7.7% (5.0% of Total Investments) 6,000 Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 10/11 at 100.00 AAA 6,611,040 4/01/18 - MBIA Insured 5,490 Detroit City School District, Wayne County, Michigan, Unlimited Tax No Opt. Call AAA 6,902,742 School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 - FSA Insured Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A: 15,825 5.750%, 7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured 1/10 at 101.00 AAA 17,776,064 20,000 5.875%, 7/01/27 (Pre-refunded to 1/01/10) - FGIC Insured 1/10 at 101.00 AAA 22,573,600
28
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Michigan (continued) $ 8,700 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 7/07 at 101.00 AAA $ 9,028,338 1997A, 5.000%, 7/01/27 - MBIA Insured 8,000 Gaylord Community Schools, Otsego and Antrim Counties, Michigan, School 5/07 at 37.75 AAA 2,844,160 Building and Site Refunding Bonds, Series 1992, 0.000%, 5/01/21 (Pre- refunded to 5/01/07) - MBIA Insured 1,875 Grand Ledge Public Schools District, Clinton and Ionia Counties, 5/15 at 100.00 AAA 2,005,688 Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/23 - FGIC Insured Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, Series 2003: 1,050 5.250%, 5/01/17 - AMBAC Insured 5/13 at 100.00 AAA 1,154,244 1,085 5.250%, 5/01/20 - AMBAC Insured 5/13 at 100.00 AAA 1,191,146 27,000 Okemos Public School District, Ingham County, Michigan, School Building 5/06 at 34.54 AAA 9,073,080 and Site Bonds, Series 1991I, 0.000%, 5/01/21 (Pre-refunded to 5/01/06) - MBIA Insured 10,000 Wayne County, Michigan, Limited Tax General Obligation Airport Hotel 12/11 at 101.00 AAA 10,812,500 Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 - MBIA Insured 6,850 Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Wayne 12/08 at 101.00 AAA 7,290,455 County Airport, Series 1998A, 5.375%, 12/01/15 (Alternative Minimum Tax) - MBIA Insured 1,725 Zeeland Public Schools, Ottawa and Allegan Counties, Michigan, General 5/15 at 100.00 AAA 1,845,233 Obligation Bonds, Series 2005, 5.000%, 5/01/23 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Minnesota - 1.1% (0.7% of Total Investments) 13,020 St. Paul Housing and Redevelopment Authority, Minnesota, GNMA 12/11 at 102.00 Aaa 14,018,374 Collateralized Multifamily Housing Revenue Bonds, Marian Center Project, Series 2001A, 6.450%, 6/20/43 - ----------------------------------------------------------------------------------------------------------------------------------- Nebraska - 0.2% (0.1% of Total Investments) Nebraska Public Power District, General Revenue Bonds, Series 2005A: 1,000 5.000%, 1/01/24 - FSA Insured 1/15 at 100.00 AAA 1,063,400 1,000 5.000%, 1/01/25 - FSA Insured 1/15 at 100.00 AAA 1,060,140 - ----------------------------------------------------------------------------------------------------------------------------------- Nevada - 8.2% (5.4% of Total Investments) 12,105 Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada 12/12 at 100.00 AAA 12,560,148 Water Authority Loan, Series 2002, 5.000%, 6/01/32 - MBIA Insured 7,370 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/14 at 100.00 AAA 7,816,106 2004A-2, 5.125%, 7/01/25 - FGIC Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 15,000 5.625%, 1/01/34 - AMBAC Insured 1/10 at 102.00 AAA 16,480,500 13,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 13,782,600 405 Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 10/05 at 101.00 Aa2 409,690 1994B-1, 6.700%, 10/01/17 315 Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 10/05 at 101.00 Aa2 316,770 1994B-2, 6.950%, 10/01/26 (Alternative Minimum Tax) 40,285 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/12 at 100.00 AAA 43,696,737 6/01/32 - FGIC Insured 10,000 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno 6/12 at 100.00 AAA 10,481,100 Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/27 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey - 2.3% (1.5% of Total Investments) Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004: 2,000 5.125%, 10/01/21 - MBIA Insured 10/14 at 100.00 Aaa 2,166,140 2,250 5.125%, 10/01/22 - MBIA Insured 10/14 at 100.00 Aaa 2,429,595 New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: 3,850 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA 4,120,078 3,850 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 4,107,912 2,120 New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo 7/14 at 100.00 AAA 2,278,788 College, Series 2004E, 5.000%, 7/01/21 - FGIC Insured
29 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey (continued) New Jersey Turnpike Authority, Revenue Bonds, Series 2003A: $ 8,250 5.000%, 1/01/19 - FGIC Insured 7/13 at 100.00 AAA $ 8,880,630 2,000 5.000%, 1/01/23 - FSA Insured 7/13 at 100.00 AAA 2,138,860 2,795 Rutgers State University, New Jersey, Revenue Bonds, Series 2004E, 5/14 at 100.00 AAA 2,992,606 5.000%, 5/01/22 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- New York - 6.5% (4.2% of Total Investments) 8,685 Long Island Power Authority, New York, Electric System General Revenue 6/08 at 101.00 AAA 9,308,583 Bonds, Series 1998A, 5.300%, 12/01/19 - FSA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 2,500 5.000%, 7/01/21 - FGIC Insured 7/12 at 100.00 AAA 2,662,425 5,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 5,273,700 10,525 New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 4/15 at 100.00 AAA 11,136,397 5.000%, 4/01/26 - FGIC Insured 1,500 New York City Municipal Water Finance Authority, New York, Water and 6/15 at 100.00 AAA 1,593,645 Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 - MBIA Insured 6,480 New York City Municipal Water Finance Authority, New York, Water and 6/06 at 101.00 AAA 6,764,213 Sewerage System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005A: 2,750 5.000%, 2/15/23 - AMBAC Insured 2/15 at 100.00 AAA 2,935,240 1,100 5.000%, 2/15/24 - AMBAC Insured 2/15 at 100.00 AAA 1,169,542 1,000 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,067,360 Health Services Facilities Improvements, Series 2005D, 5.000%, 2/15/23 - FGIC Insured 1,880 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 2,006,223 Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured 5,000 New York State Thruway Authority, General Revenue Bonds, Series 2005F, 1/15 at 100.00 AAA 5,304,750 5.000%, 1/01/26 - AMBAC Insured 5,000 New York State Urban Development Corporation, Revenue Bonds, Correctional 1/07 at 102.00 AAA 5,330,950 Capital Facilities, Series 1996-7, 5.700%, 1/01/27 (Pre-refunded to 1/01/07) - MBIA Insured New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1: 1,000 5.000%, 3/15/23 - FGIC Insured 3/14 at 100.00 AAA 1,064,450 5,000 5.000%, 3/15/25 - FGIC Insured 3/14 at 100.00 AAA 5,299,350 New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 4,825 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 5,160,675 1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,779,485 15,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/12 at 100.00 AAA 15,645,600 General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 1.3% (0.9% of Total Investments) Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: 2,115 5.000%, 5/01/22 - FGIC Insured 5/14 at 100.00 AAA 2,255,648 2,575 5.000%, 5/01/26 - FGIC Insured 5/14 at 100.00 AAA 2,713,329 5,000 North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, 1/13 at 100.00 AAA 5,471,350 Series 2003A, 5.250%, 1/01/16 - FSA Insured Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A: 3,205 5.000%, 5/01/23 - AMBAC Insured 5/15 at 100.00 Aaa 3,412,171 3,295 5.000%, 5/01/24 - AMBAC Insured 5/15 at 100.00 Aaa 3,495,270
30
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- North Dakota - 0.5% (0.4% of Total Investments) Grand Folks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A: $ 2,195 5.000%, 12/15/22 - MBIA Insured 12/15 at 100.00 Aaa $ 2,366,254 1,355 5.000%, 12/15/23 - MBIA Insured 12/15 at 100.00 Aaa 1,457,086 3,000 5.000%, 12/15/24 - MBIA Insured 12/15 at 100.00 Aaa 3,215,340 - ----------------------------------------------------------------------------------------------------------------------------------- Ohio - 2.7% (1.8% of Total Investments) 2,650 Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 6/14 at 100.00 AAA 2,876,257 5.250%, 6/01/24 - FGIC Insured 2,000 Columbus City School District, Franklin County, Ohio, General Obligation 12/14 at 100.00 AAA 2,181,600 Bonds, Series 2004, 5.250%, 12/01/25 - FSA Insured 2,385 Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 6/14 at 100.00 AAA 2,531,725 2004A, 5.000%, 12/01/22 - AMBAC Insured 2,205 Hamilton City School District, Ohio, General Obligation Bonds, Series 6/15 at 100.00 Aaa 2,362,834 2005, 5.000%, 12/01/24 - MBIA Insured 20,100 Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare 11/09 at 101.00 AAA 21,622,575 Obligated Group, Series 1999, 5.375%, 11/15/39 - AMBAC Insured 3,000 Ross Local School District, Butler County, Ohio, General Obligation 12/13 at 100.00 Aaa 3,157,080 Bonds, Series 2003, 5.000%, 12/01/28 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Oklahoma - 1.5% (1.0% of Total Investments) 2,515 Oklahoma State University, Athletic Facilities Revenue Bonds, Series 8/14 at 100.00 AAA 2,643,466 2004, 5.000%, 8/01/34 - AMBAC Insured 6,215 Oklahoma Housing Finance Agency, GNMA Collateralized Single Family No Opt. Call AAA 6,371,183 Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax) 5,245 Oklahoma State Industries Authority, Revenue Bonds, Oklahoma Medical 2/11 at 100.00 Aaa 5,612,150 Research Foundation, Series 2001, 5.250%, 2/01/21 - AMBAC Insured 4,880 University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 7/14 at 100.00 Aaa 5,212,670 5.000%, 7/01/22 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Oregon - 0.5% (0.3% of Total Investments) Oregon Department of Administrative Services, Certificates of Participation, Series 2005A: 2,535 5.000%, 5/01/25 (WI, settling 5/03/05) - FSA Insured 5/15 at 100.00 AAA 2,682,486 2,115 5.000%, 5/01/30 (WI, settling 5/03/05) - FSA Insured 5/15 at 100.00 AAA 2,222,400 1,745 Oregon Housing and Community Services Department, Single Family Mortgage 7/05 at 102.00 Aa2 1,783,722 Revenue Bonds, Series 1995A, 6.450%, 7/01/26 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 0.7% (0.4% of Total Investments) 1,800 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5/15 at 100.00 AAA 1,902,330 Drexel University, Series 2005A, 5.000%, 5/01/28 - MBIA Insured 6,335 Radnor Township School District, Delaware County, Pennsylvania, General 8/15 at 100.00 Aaa 6,687,923 Obligation Bonds, Series 2005B, 5.000%, 2/15/30 (WI, settling 5/12/05) - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico - 0.4% (0.2% of Total Investments) 2,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, 7/13 at 100.00 AAA 2,210,860 Series 2003G, 5.250%, 7/01/19 - FGIC Insured 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,654,475 5.000%, 7/01/30 - XLCA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Rhode Island - 2.0% (1.3% of Total Investments) 2,195 Providence Housing Development Corporation, Rhode Island, FHA-Insured 7/05 at 101.00 AAA 2,242,061 Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 - MBIA Insured 20,475 Rhode Island Depositors Economic Protection Corporation, Special 2/11 at 100.00 AAA 22,647,398 Obligation Refunding Bonds, Series 1993B, 5.250%, 8/01/21 (Pre-refunded to 2/01/11) - MBIA Insured 1,405 Rhode Island Health and Educational Building Corporation, Higher 9/14 at 100.00 Aaa 1,561,419 Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 - AMBAC Insured
31 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- South Carolina - 4.1% (2.7% of Total Investments) $ 10,000 Beaufort County, South Carolina, Tax Increment Bonds, New River 12/12 at 100.00 AAA $ 10,446,800 Redevelopment Project, Series 2002, 5.000%, 6/01/27 - MBIA Insured Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A: 2,000 5.250%, 8/15/22 - MBIA Insured 8/14 at 100.00 AAA 2,169,700 2,105 5.250%, 8/15/23 - MBIA Insured 8/14 at 100.00 AAA 2,276,873 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A: 9,190 0.000%, 1/01/13 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 76.63 AAA 6,131,109 4,855 0.000%, 1/01/13 - AMBAC Insured No Opt. Call AAA 3,431,902 7,955 0.000%, 1/01/13 - AMBAC Insured No Opt. Call AAA 5,630,390 South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Oconee Memorial Hospital Inc., Series 1995: 3,000 6.150%, 3/01/15 - CONNIE LEE/AMBAC Insured 9/05 at 102.00 AAA 3,067,500 600 6.150%, 3/01/25 - CONNIE LEE/AMBAC Insured 9/05 at 102.00 AAA 613,422 8,000 South Carolina JOBS Economic Development Authority, Industrial 11/12 at 100.00 AAA 8,576,400 Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 - AMBAC Insured 10,000 South Carolina JOBS Economic Development Authority, Industrial Revenue 11/12 at 100.00 AAA 10,637,400 Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Tennessee - 0.5% (0.4% of Total Investments) 6,455 Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue 3/11 at 100.00 AAA 6,973,595 Bonds, Series 2001A, 5.500%, 3/01/18 (Alternative Minimum Tax) - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Texas - 17.0% (11.2% of Total Investments) Austin, Texas, General Obligation Bonds, Series 2002: 2,150 5.375%, 9/01/18 (Pre-refunded to 9/01/12) - MBIA Insured 9/12 at 100.00 AAA 2,424,835 2,250 5.375%, 9/01/19 (Pre-refunded to 9/01/12) - MBIA Insured 9/12 at 100.00 AAA 2,537,618 22,650 Brazos River Authority, Texas, Revenue Refunding Bonds, Houston 5/08 at 102.00 AAA 24,147,165 Industries Inc., Series 1998C, 5.125%, 5/01/19 (Optional put 5/01/08) - AMBAC Insured 805 Capital Area Housing Finance Corporation, Texas, FNMA Backed Single 4/12 at 106.00 AAA 829,187 Family Mortgage Revenue Refunding Bonds, Series 2002A-2, 6.300%, 4/01/35 (Alternative Minimum Tax) - AMBAC Insured 12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, 11/09 at 100.00 AAA 13,763,750 Series 2000A, 6.125%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured 25,000 Harris County-Houston Sports Authority, Texas, Junior Lien Revenue 11/11 at 100.00 AAA 26,016,250 Refunding Bonds, Series 2001B, 5.250%, 11/15/40 - MBIA Insured Harris County, Texas, Toll Road Senior Lien Revenue Bonds, Series 1989: 9,000 0.000%, 8/15/18 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 53.84 AAA 4,197,420 39,000 0.000%, 8/15/19 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 50.26 AAA 16,979,430 7,280 0.000%, 8/15/20 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 46.91 AAA 2,958,810 5,085 0.000%, 8/15/21 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 43.80 AAA 1,929,249 6,570 Houston, Texas, General Obligation Public Improvement Bonds, Series 3/11 at 100.00 AAA 7,182,127 2001A, 5.375%, 3/01/19 - FSA Insured 4,170 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 7/10 at 100.00 AAA 4,497,762 2000B, 5.500%, 7/01/30 - FSA Insured 8,225 Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, 7/07 at 100.00 AAA 8,517,563 Series 1997, 5.125%, 7/01/22 - FGIC Insured 17,500 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention 9/11 at 100.00 AAA 18,591,300 and Entertainment Project, Series 2001B, 5.250%, 9/01/33 - AMBAC Insured 4,671 Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage 9/11 at 105.00 Aaa 4,956,479 Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A: 4,000 5.250%, 5/15/24 - FGIC Insured 5/14 at 100.00 AAA 4,307,960 5,000 5.250%, 5/15/25 - MBIA Insured 5/14 at 100.00 AAA 5,373,250
32
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Texas (continued) $ 23,865 Jefferson County Health Facilities Development Corporation, Texas, 8/11 at 100.00 AAA $ 25,893,286 FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 - AMBAC Insured 8,205 Lower Colorado River Authority, Texas, Revenue Refunding and Improvement 5/11 at 100.00 AAA 8,682,203 Bonds, Series 2001A, 5.000%, 5/15/21 - MBIA Insured Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds, Series 2001B: 3,205 5.500%, 10/01/18 (Alternative Minimum Tax) - FGIC Insured 10/11 at 100.00 AAA 3,482,745 3,375 5.500%, 10/01/19 (Alternative Minimum Tax) - FGIC Insured 10/11 at 100.00 AAA 3,667,680 7,205 San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 7/11 at 101.00 AAA 7,759,209 2001, 5.375%, 7/01/15 (Alternative Minimum Tax) - FGIC Insured Tarrant County Health Facilities Development Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 1997A: 2,900 5.250%, 2/15/22 - MBIA Insured 2/08 at 102.00 AAA 3,067,214 6,820 5.000%, 2/15/26 - MBIA Insured 2/08 at 101.00 AAA 6,984,635 7,960 Texas Department of Housing and Community Affairs, Single Family Mortgage 9/06 at 102.00 AAA 8,352,826 Revenue Bonds, Series 1996D, 6.250%, 9/01/28 (Alternative Minimum Tax) - MBIA Insured 1,910 Waco, Texas, Combined Tax and Revenue Certificates of Obligation, Series 2/14 at 100.00 AAA 2,023,588 2004, 5.000%, 2/01/21 - MBIA Insured 1,840 Ysleta Independent School District Public Facility Corporation, Texas, 11/09 at 100.00 AAA 1,968,598 Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Utah - 1.2% (0.8% of Total Investments) 2,000 Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/13 at 100.00 AAA 2,094,100 7/01/28 - FGIC Insured 10,000 Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, 7/13 at 100.00 AAA 10,865,000 Series 2003A, 5.000%, 7/01/16 - FSA Insured 2,200 Utah Housing Finance Agency, FHA-Insured Section 8 Assisted Multifamily 7/05 at 100.00 AA 2,203,718 Housing Revenue Bonds, Series 1992A, 7.400%, 7/01/24 - ----------------------------------------------------------------------------------------------------------------------------------- Virginia - 2.5% (1.6% of Total Investments) 8,000 Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue 6/15 at 100.00 AAA 8,424,560 Bonds, Series 2005, 5.000%, 6/15/30 - MBIA Insured 1,035 Loudoun County Industrial Development Authority, Virginia, Public Safety 6/14 at 100.00 AAA 1,134,981 Facilities Lease Revenue Bonds, Series 2003A, 5.250%, 12/15/20 - FSA Insured 4,840 Metropolitan Washington D.C. Airports Authority, Airport System Revenue 10/11 at 101.00 AAA 5,228,120 Bonds, Series 2001A, 5.500%, 10/01/19 (Alternative Minimum Tax) - MBIA Insured 4,265 Metropolitan Washington D.C. Airports Authority, Airport System Revenue 10/14 at 100.00 AAA 4,563,422 Bonds, Series 2004A, 5.000%, 10/01/20 - MBIA Insured 2,540 Spotsylvania County, Virginia, Water and Sewerage System Revenue Bonds, 6/15 at 100.00 AAA 2,706,700 Series 2005, 5.000%, 6/01/26 - FSA Insured 10,000 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 7/11 at 100.00 AAA 10,151,200 Series 2001H-1, 5.375%, 7/01/36 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Washington - 1.2% (0.8% of Total Investments) 2,500 Grant County Public Utility District 2, Washington, Revenue Bonds, 1/15 at 100.00 AAA 2,611,975 Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 - FGIC Insured 3,500 King County School District 401, Highline, Washington, General Obligation 12/14 at 100.00 AAA 3,705,690 Bonds, Series 2004, 5.000%, 10/01/24 - FGIC Insured 3,195 Kitsap County, Washington, Limited Tax General Obligation Bonds, Series 7/10 at 100.00 AAA 3,453,923 2000, 5.500%, 7/01/25 (Pre-refunded to 7/01/10) - AMBAC Insured 4,250 Snohomish County Public Utility District 1, Washington, Generation System 7/05 at 100.00 AAA 5,132,173 Revenue Bonds, Series 1989, 6.650%, 1/01/16 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- West Virginia - 0.8% (0.5% of Total Investments) 10,000 Harrison County Commission, West Virginia, Solid Waste Disposal Revenue 5/05 at 100.00 AAA 10,026,400 Bonds, West Penn Power Company - Harrison Station, Series 1993B, 6.300%, 5/01/23 (Alternative Minimum Tax) - MBIA Insured
33 Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin - 3.9% (2.6% of Total Investments) $ 680 Wisconsin Housing and Economic Development Authority, Housing Revenue 7/05 at 100.00 AAA $ 681,220 Bonds, Series 1992A, 6.850%, 11/01/12 - MBIA Insured 2,890 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 - 5/14 at 100.00 AAA 3,163,683 FGIC Insured 10,945 Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 - 5/14 at 100.00 AAA 11,724,831 MBIA Insured 15,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 2/07 at 102.00 AAA 15,880,650 Marshfield Clinic, Series 1997, 5.750%, 2/15/27 - MBIA Insured 18,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/07 at 102.00 AAA 19,085,220 Aurora Healthcare Inc., Series 1997, 5.250%, 8/15/17 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- $ 2,009,896 Total Long-Term Investments (cost $1,828,553,087) - 152.3% 1,970,605,132 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.3% 2,901,071 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.6)% (680,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $1,293,506,203 =====================================================================================================================
All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. (a) The issuer has received a preliminary adverse determination from the Internal Revenue Service (the "IRS") regarding the tax-exempt status of the bonds' coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. See accompanying notes to financial statements. 34 Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Alaska - 1.0% (0.6% of Total Investments) $ 2,890 Alaska Housing Finance Corporation, Governmental Purpose Bonds, Series 12/05 at 102.00 AAA $ 2,989,907 1995A, 5.875%, 12/01/24 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- California - 32.3% (21.6% of Total Investments) ABAG Finance Authority for Non-Profit Corporations, California, Insured Certificates of Participation, Children's Hospital Medical Center of Northern California, Series 1999: 6,750 5.875%, 12/01/19 - AMBAC Insured 12/09 at 101.00 AAA 7,547,918 10,000 6.000%, 12/01/29 - AMBAC Insured 12/09 at 101.00 AAA 11,149,800 4,755 Antioch Area Public Facilities Financing Agency, California, Special Tax 8/09 at 101.00 AAA 5,233,781 Bonds, Community Facilities District 1989-1, Series 1999, 5.700%, 8/01/22 - AMBAC Insured 3,250 California Pollution Control Financing Authority, Remarketed Revenue 4/11 at 102.00 AAA 3,528,655 Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 (Alternative Minimum Tax) - MBIA Insured 1,000 California Department of Water Resources, Water System Revenue Bonds, 12/14 at 100.00 AAA 1,061,360 Central Valley Project, Series 2005AC, 5.000%, 12/01/26 - MBIA Insured 1,005 Folsom Cordova Unified School District, Sacramento County, California, 10/14 at 100.00 AAA 1,065,792 General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 - FSA Insured 90 Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt No Opt. Call AAA 90,744 Mortgage Obligation Bonds, Series 1994A-I, 7.150%, 12/30/24 (Alternative Minimum Tax) 115 Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt No Opt. Call AAA 115,965 Mortgage Obligation Bonds, Series 1994A-III, 7.450%, 6/30/25 (Alternative Minimum Tax) 5,080 La Verne-Grand Terrace Housing Finance Agency, California, Single Family No Opt. Call AAA 7,132,676 Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 11,080 Lodi, California, Electric System Revenue Certificates of Participation, 1/09 at 40.71 AAA 4,029,574 Series 1999B, 0.000%, 1/15/24 (Pre-refunded to 1/15/09) - MBIA Insured 1,690 Los Angeles Community College District, Los Angeles County, California, 8/15 at 100.00 AAA 1,812,542 General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 - FSA Insured 5,000 Ontario Redevelopment Financing Authority, San Bernardino County, No Opt. Call AAA 7,089,200 California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured 8,880 Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage No Opt. Call AAA 11,903,818 Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 10,305 San Bernardino, California, GNMA Mortgage-Backed Securities Program No Opt. Call AAA 13,494,707 Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 14,270 San Bernardino County, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 17,473,900 Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 8.300%, 9/01/14 (Alternative Minimum Tax) 4,300 San Francisco Airports Commission, California, Revenue Refunding Bonds, 5/11 at 100.00 AAA 4,486,921 San Francisco International Airport, Second Series 2001, Issue 27A, 5.125%, 5/01/19 (Alternative Minimum Tax) - MBIA Insured 2,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/14 at 100.00 AAA 2,197,360 Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Colorado - 7.5% (5.0% of Total Investments) 1,500 Adams and Arapahoe Counties Joint School District 28, Aurora, Colorado, 12/13 at 100.00 AAA 1,638,570 General Obligation Bonds, Series 2003A, 5.125%, 12/01/21 - FSA Insured 2,500 Denver City and County, Colorado, Airport System Revenue Refunding Bonds, 11/12 at 100.00 AAA 2,702,875 Series 2002E, 5.500%, 11/15/18 (Alternative Minimum Tax) - FGIC Insured 6,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 9/10 at 102.00 AAA 6,720,360 2000A, 5.750%, 9/01/29 - MBIA Insured
35 Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Colorado (continued) $ 4,405 Roaring Fork School District RE-1, Garfield, Eagle and Pitkin Counties, 12/14 at 100.00 AAA $ 4,704,188 Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 - FSA Insured 2,065 Jefferson County School District R1, Colorado, General Obligation Bonds, 12/14 at 100.00 AAA 2,208,972 Series 2004, 5.000%, 12/15/24 - FSA Insured 1,310 Sand Creek Metropolitan District, Colorado, General Obligation Bonds, 12/13 at 100.00 AAA 1,410,307 Series 2004, 5.000%, 12/01/16 - XLCA Insured 1,390 Teller County School District RE-2, Woodland Park, Colorado, General 12/14 at 100.00 AAA 1,491,845 Obligation Bonds, Series 2004, 5.000%, 12/01/22 - MBIA Insured 1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2002A, 6/12 at 100.00 AAA 1,073,610 5.000%, 6/01/19 - FGIC Insured 1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,056,350 5.000%, 6/01/30 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Florida - 3.5% (2.3% of Total Investments) 1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 10/13 at 100.00 AAA 1,619,220 5.000%, 10/01/19 - FGIC Insured 4,145 Miami, Florida, General Obligation Bonds, Series 2002, 5.000%, 1/01/22 - 1/12 at 100.00 AAA 4,392,871 MBIA Insured 4,240 Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 10/13 at 100.00 AAA 4,685,878 2003-1, 5.250%, 10/01/17 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Georgia - 5.2% (3.4% of Total Investments) 8,000 Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding 1/14 at 100.00 AAA 8,784,640 Certificates, Series 2003, 5.250%, 1/01/16 - FSA Insured 6,500 Medical Center Hospital Authority, Georgia, Revenue Anticipation 8/09 at 102.00 AAA 7,048,795 Certificates, Columbus Regional Healthcare System, Inc. Project, Series 1999, 5.500%, 8/01/25 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Hawaii - 3.8% (2.5% of Total Investments) 8,030 Hawaii Department of Transportation, Airport System Revenue Refunding 7/10 at 101.00 AAA 9,098,873 Bonds, Series 2000B, 6.500%, 7/01/15 (Alternative Minimum Tax) - FGIC Insured 2,250 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, 1/09 at 101.00 AAA 2,469,150 Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 17.2% (11.5% of Total Investments) 4,000 Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%, 12/12 at 100.00 AAA 4,266,480 12/01/22 - FGIC Insured 10,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 2000D, 1/10 at 101.00 AAA 10,827,100 5.500%, 1/01/35 - FGIC Insured 8,200 Chicago Board of Education, Illinois, General Obligation Lease No Opt. Call AAA 9,639,182 Certificates, Series 1992A, 6.250%, 1/01/15 - MBIA Insured 23,110 Illinois Development Finance Authority, Local Government Program Revenue No Opt. Call Aaa 13,810,074 Bonds, Kane, Cook and DuPage Counties School District U46 - Elgin, Series 2002, 0.000%, 1/01/17 - FSA Insured 10,150 Onterie Center Housing Finance Corporation, Illinois, FHA-Insured Section 7/05 at 100.50 AAA 10,359,192 8 Assisted Mortgage Revenue Refunding Bonds, Onterie Center Project, Series 1992A, 7.050%, 7/01/27 - MBIA Insured 3,225 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and No Opt. Call AAA 3,939,338 Will Counties, Illinois, General Obligation Bonds, Series 1992A, 9.000%, 6/01/09 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Indiana - 5.3% (3.5% of Total Investments) 4,725 Decatur Township-Marion County Multi-School Building Corporation, 7/13 at 100.00 AAA 5,103,803 Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/17 - FGIC Insured Indiana University, Parking Facility Revenue Bonds, Series 2004: 1,015 5.250%, 11/15/19 - AMBAC Insured 11/14 at 100.00 AAA 1,115,587 1,060 5.250%, 11/15/20 - AMBAC Insured 11/14 at 100.00 AAA 1,163,276 1,100 5.250%, 11/15/21 - AMBAC Insured 11/14 at 100.00 AAA 1,201,695
36
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Indiana (continued) $ 9,255 Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, No Opt. Call AAA $ 3,508,941 0.000%, 2/01/25 - AMBAC Insured 1,000 Metropolitan School District Steuben County K-5 Building Corporation, 7/14 at 102.00 AAA 1,096,080 Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 - FSA Insured 1,315 Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, 1/14 at 100.00 AAA 1,410,048 First Mortgage Bonds, Series 2004, 5.000%, 7/15/18 - FSA Insured 1,490 North Lawrence Community Schools Building Corporation, Marion County, 1/14 at 100.00 AAA 1,592,035 Indiana, First Mortgage Bonds, Series 2004, 5.000%, 7/15/19 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Iowa - 1.2% (0.8% of Total Investments) 3,345 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical 6/13 at 100.00 Aaa 3,572,627 Center, Series 2003, 5.000%, 6/15/17 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Kansas - 0.4% (0.2% of Total Investments) 1,245 Kansas Development Finance Authority, Board of Regents, Revenue Bonds, 4/15 at 100.00 AAA 1,331,876 Kansas State University Housing System, Series 2005A, 5.000%, 4/01/23 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Maryland - 1.7% (1.1% of Total Investments) 5,000 Maryland Transportation Authority, Airport Parking Revenue Bonds, 3/12 at 101.00 AAA 5,261,950 Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/21 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 0.7% (0.5% of Total Investments) Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: 1,000 5.250%, 1/01/21 - FGIC Insured 1/14 at 100.00 AAA 1,091,930 1,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 1,085,060 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan - 3.6% (2.4% of Total Investments) 6,500 Michigan Higher Education Student Loan Authority, Revenue Bonds, Series No Opt. Call AAA 6,988,215 2000 XII-T, 5.300%, 9/01/10 (Alternative Minimum Tax) - AMBAC Insured 3,810 Michigan Housing Development Authority, GNMA Collateralized Limited 8/12 at 102.00 Aaa 3,974,592 Obligation Multifamily Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.500%, 2/20/43 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Minnesota - 1.8% (1.2% of Total Investments) 4,860 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport 1/11 at 100.00 AAA 5,319,756 Revenue Bonds, Series 2001B, 5.750%, 1/01/15 (Alternative Minimum Tax) - FGIC Insured 180 Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 8/05 at 102.00 AAA 183,775 5.950%, 2/01/18 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Missouri - 3.6% (2.4% of Total Investments) 7,495 Jefferson County Industrial Development Authority, Missouri, Housing 8/07 at 100.00 AAA 8,796,807 Revenue Bonds, Richardson Road Apartments Project, Series 1985, 11.000%, 12/15/15 (Pre-refunded to 8/15/07) 2,000 Missouri Western State College, Auxiliary System Revenue Bonds, Series 10/13 at 100.00 AAA 2,154,360 2003, 5.000%, 10/01/21 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Nevada - 8.9% (5.9% of Total Investments) 3,000 Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada 12/12 at 100.00 AAA 3,112,800 Water Authority Loan, Series 2002, 5.000%, 6/01/32 - MBIA Insured 10,000 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/11 at 100.00 AAA 10,520,500 2001B, 5.125%, 7/01/21 - FGIC Insured 7,990 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno 6/12 at 100.00 AAA 8,353,865 Transportation Rail Access Corridor Project, Series 2002, 5.250%, 6/01/41 - AMBAC Insured 5,050 Washoe County, Nevada, Gas and Water Facilities Remarketed Revenue 7/05 at 100.50 AAA 5,205,540 Refunding Bonds, Sierra Pacific Power Company, Series 1987, 6.300%, 12/01/14 - AMBAC Insured
37 Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey - 1.1% (0.7% of Total Investments) New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: $ 1,200 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA $ 1,284,180 1,200 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 1,280,388 800 Rutgers State University, New Jersey, Certificates of Participation, 1/14 at 100.00 AAA 845,776 Lower Georges Street University Redevelopment Associates LLC, Series 2004, 5.000%, 1/01/24 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- New York - 4.7% (3.2% of Total Investments) 10,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA 10,816,400 Refunding Bonds, Series 2002F, 5.250%, 11/15/27 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, New York, Water and 6/15 at 100.00 AAA 1,062,430 Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 - MBIA Insured 1,510 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,605,462 Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/24 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 1,067,140 Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 2.1% (1.4% of Total Investments) 3,100 North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue 10/13 at 100.00 AAA 3,269,136 Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 - FSA Insured 3,050 Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, 5/15 at 100.00 Aaa 3,253,039 Series 2005A, 5.000%, 5/01/22 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Oklahoma - 1.5% (1.0% of Total Investments) 1,315 Oklahoma Housing Finance Agency, GNMA Collateralized Single Family No Opt. Call AAA 1,348,046 Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax) 3,000 Tulsa Industrial Authority, Oklahoma, GNMA Collateralized Multifamily 11/05 at 103.00 Aaa 3,108,870 Housing Revenue Bonds, Country Club of Woodland Hills Project, Series 1995, 6.250%, 11/01/27 - ----------------------------------------------------------------------------------------------------------------------------------- Oregon - 5.9% (3.9% of Total Investments) Oregon Health Sciences University, Revenue Bonds, Series 2002A: 5,000 5.000%, 7/01/26 - MBIA Insured 1/13 at 100.00 AAA 5,244,700 7,000 5.000%, 7/01/32 - MBIA Insured 1/13 at 100.00 AAA 7,321,580 4,915 Oregon Health, Housing, Educational and Cultural Facilities Authority, 3/12 at 105.00 Aaa 5,386,299 GNMA Mortgage-Backed Securities Program Assisted Living Project Revenue Bonds, Necanicum Village LLC, Series 2001A, 6.850%, 6/20/42 - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 1.1% (0.8% of Total Investments) 3,075 Philadelphia School District, Pennsylvania, General Obligation Bonds, 8/12 at 100.00 AAA 3,518,292 Series 2002B, 5.625%, 8/01/19 (Pre-refunded to 8/01/12) - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico - 1.6% (1.1% of Total Investments) 2,000 Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, No Opt. Call AAA 2,340,500 Series 2003AA, 5.500%, 7/01/17 - MBIA Insured 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,714,725 5.000%, 7/01/22 - FGIC Insured
38
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Tennessee - 2.6% (1.7% of Total Investments) $ 2,055 Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 10/14 at 100.00 AAA $ 2,207,419 5.000%, 10/01/22 - FSA Insured 5,000 Metropolitan Government of Nashville-Davidson County Health and 11/09 at 101.00 AAA 5,653,600 Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Credit Group, Series 1999A, 6.000%, 11/15/30 (Pre-refunded to 11/15/09) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Texas - 10.4% (6.9% of Total Investments) 85 Corpus Christi Housing Finance Corporation, Texas, Single Family Mortgage 7/05 at 100.00 AAA 85,213 Senior Revenue Refunding Bonds, Series 1991A, 7.700%, 7/01/11 - MBIA Insured 12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/09 at 100.00 AAA 13,222,250 and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003: 4,565 5.250%, 12/15/20 - FGIC Insured 12/13 at 100.00 AAA 5,023,143 4,800 5.250%, 12/15/21 - FGIC Insured 12/13 at 100.00 AAA 5,272,848 7,600 San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 7/11 at 101.00 AAA 8,147,580 2001, 5.375%, 7/01/16 (Alternative Minimum Tax) - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Washington - 21.4% (14.3% of Total Investments) 5,000 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 5,361,350 System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 (Alternative Minimum Tax) - MBIA Insured 1,570 Clark County School District 101, La Center, Washington, General 12/12 at 100.00 Aaa 1,724,786 Obligation Bonds, Series 2002, 5.250%, 12/01/18 - FSA Insured King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002: 12,060 5.000%, 12/01/19 - FGIC Insured 12/12 at 100.00 AAA 12,960,641 12,785 5.000%, 12/01/20 - FGIC Insured 12/12 at 100.00 AAA 13,614,235 Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003: 2,755 5.250%, 12/01/18 - FGIC Insured 6/13 at 100.00 Aaa 3,024,825 2,990 5.250%, 12/01/19 - FGIC Insured 6/13 at 100.00 Aaa 3,278,475 4,715 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%, 4/01/17 10/11 at 100.00 AAA 5,165,990 (Alternative Minimum Tax) - FGIC Insured 895 Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, 3/10 at 101.00 AAA 988,062 Series 1999C, 6.000%, 9/01/29 (Alternative Minimum Tax) - MBIA Insured 1,265 Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/12 at 100.00 AAA 1,361,545 12/01/18 - FGIC Insured 4,200 Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 12/11 at 100.00 AAA 4,534,110 2001, 5.250%, 12/01/20 - AMBAC Insured 5,000 Washington, General Obligation Bonds, Series 2001C, 5.250%, 1/01/26 - FSA 1/11 at 100.00 AAA 5,311,500 Insured 5,000 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 - No Opt. Call AAA 2,539,900 FGIC Insured 5,490 Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear 7/08 at 102.00 AAA 5,869,852 Project 1, Series 1998A, 5.125%, 7/01/17 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- $ 442,410 Total Long-Term Investments (cost $426,056,350) - 150.1% 460,311,895 ============-----------------------------------------------------------------------------------------------------------------------
39 Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Market Amount (000) Description(1) Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Short-Term Investments - 0.2% (0.1% of Total Investments) $ 500 California Statewide Community Development Authority, Certificates of A-1+ $ 500,000 Participation, John Muir/Mt. Diablo Health System, Variable Rate Demand Obligations, Series 1997, 2.930%, 8/15/27 - AMBAC Insured+ - ----------------------------------------------------------------------------------------------------------------------------------- $ 500 Total Short-Term Investments (cost $500,000) 500,000 ============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $426,556,350) - 150.3% 460,811,895 --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.2% 6,692,150 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.5)% (161,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 306,504,045 =====================================================================================================================
All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 40 Nuveen Insured Premium Income Municipal Fund 2 (NPX) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Alabama - 1.7% (1.2% of Total Investments) Jefferson County, Alabama, General Obligation Warrants, Series 2004A: $ 1,500 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA $ 1,601,940 1,395 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,485,508 1,040 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,105,718 Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005: 2,220 5.000%, 3/01/24 - FSA Insured 3/15 at 100.00 AAA 2,362,369 2,590 5.000%, 3/01/25 - FSA Insured 3/15 at 100.00 AAA 2,747,498 - ----------------------------------------------------------------------------------------------------------------------------------- Arkansas - 2.0% (1.3% of Total Investments) 7,745 Arkansas Development Finance Authority, State Facility Revenue Bonds, 6/14 at 100.00 AAA 8,351,434 Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 - FSA Insured 2,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences 11/14 at 100.00 Aaa 2,117,100 Campus, Series 2004B, 5.000%, 11/01/27 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- California - 16.4% (11.0% of Total Investments) 1,800 California Educational Facilities Authority, Revenue Bonds, Occidental 10/15 at 100.00 Aaa 1,904,112 College, Series 2005A, 5.000%, 10/01/33 - MBIA Insured California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: 2,000 5.000%, 12/01/24 - MBIA Insured 12/14 at 100.00 AAA 2,137,360 2,215 5.000%, 12/01/25 - MBIA Insured 12/14 at 100.00 AAA 2,359,905 31,200 Foothill/Eastern Transportation Corridor Agency, California, Toll Road 1/10 at 24.23 AAA 5,865,288 Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 - MBIA Insured 6,850 Orange County, California, Recovery Certificates of Participation, Series 7/06 at 102.00 AAA 7,212,845 1996A, 6.000%, 7/01/26 - MBIA Insured 15,000 Orange County Sanitation District, California, Certificates of 8/13 at 100.00 AAA 15,932,250 Participation, Series 2003, 5.250%, 2/01/30 - FGIC Insured 10,000 Orange County Water District, California, Revenue Certificates of 8/13 at 100.00 AAA 10,423,100 Participation, Series 2003B, 5.000%, 8/15/34 - MBIA Insured 1,000 Orange County Water District, California, Revenue Certificates of 2/15 at 100.00 AAA 1,061,570 Participation, Series 2005B, 5.000%, 8/15/24 - MBIA Insured 1,435 Pasadena Area Community College District, Los Angeles County, California, 6/13 at 100.00 AAA 1,541,491 General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 - FGIC Insured 1,940 Riverside, California, Certificates of Participation, Series 2003, 9/13 at 100.00 AAA 2,071,338 5.000%, 9/01/20 - AMBAC Insured 13,000 Sacramento City Financing Authority, California, Capital Improvement 12/09 at 102.00 AAA 14,649,050 Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 - AMBAC Insured San Diego County, California, Certificates of Participation, Edgemoor Facility Project and Regional System, Series 2005: 1,675 5.000%, 2/01/24 - AMBAC Insured 2/15 at 100.00 AAA 1,783,322 720 5.000%, 2/01/25 - AMBAC Insured 2/15 at 100.00 AAA 764,186 2,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/14 at 100.00 AAA 2,197,360 Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 - MBIA Insured 5,000 Torrance, California, Certificates of Participation, Series 2005B, No Opt. Call AAA 5,305,250 5.000%, 6/01/24 - AMBAC Insured 12,500 University of California, Revenue Bonds, Multipurpose Projects, Series 5/13 at 100.00 AAA 13,085,125 2003A, 5.000%, 5/15/33 - AMBAC Insured
41 Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Colorado - 14.0% (9.4% of Total Investments) $ 1,690 Adams 12 Five Star Schools, Adams County, Colorado, General Obligation 12/15 at 100.00 AAA $ 1,814,316 Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured 1,940 Colorado Educational and Cultural Facilities Authority, Charter School 6/13 at 100.00 AAA 2,075,936 Revenue Bonds, Adams School District 12 - Pinnacle School, Series 2003, 5.250%, 6/01/23 - XLCA Insured 3,405 Colorado Educational and Cultural Facilities Authority, Charter School 12/13 at 100.00 AAA 3,660,954 Revenue Bonds, Classical Academy, Series 2003, 5.250%, 12/01/23 - XLCA Insured Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Healthcare Inc., Series 1999A: 2,480 5.625%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 Aaa 2,766,043 3,500 5.750%, 12/01/23 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 Aaa 3,922,275 6,100 Denver School District 1, Colorado, General Obligation Bonds, Series 12/13 at 100.00 AAA 6,597,089 2004, 5.000%, 12/01/18 - FSA Insured 12,955 Denver, Colorado, Airport System Revenue Bonds, Series 1995A, 5.600%, 11/05 at 102.00 AAA 13,383,811 11/15/20 - MBIA Insured Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A: 9,670 5.000%, 12/01/19 - XLCA Insured 12/13 at 100.00 AAA 10,302,321 17,145 5.000%, 12/01/33 - XLCA Insured 12/13 at 100.00 AAA 17,866,119 1,325 El Paso County, Colorado, Certificates of Participation, Detention 12/12 at 100.00 AAA 1,385,606 Facility Project, Series 2002B, 5.000%, 12/01/27 - AMBAC Insured Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004: 2,500 5.000%, 12/15/22 - FSA Insured 12/14 at 100.00 AAA 2,688,725 5,125 5.000%, 12/15/23 - FSA Insured 12/14 at 100.00 AAA 5,499,176 2,000 5.000%, 12/15/24 - FSA Insured 12/14 at 100.00 AAA 2,139,440 1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,056,350 5.000%, 6/01/30 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- District of Columbia - 0.6% (0.4% of Total Investments) 3,140 District of Columbia Housing Finance Agency, GNMA Collateralized Single 6/05 at 100.00 AAA 3,140,565 Family Mortgage Revenue Bonds, Series 1990C-4, 6.350%, 12/01/24 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Florida - 0.8% (0.5% of Total Investments) 4,000 Florida State Board of Education, Full Faith and Credit Public Education 6/13 at 101.00 AAA 4,278,560 Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Georgia - 3.4% (2.3% of Total Investments) 4,000 Cobb County Development Authority, Georgia, Parking Revenue Bonds, 7/14 at 100.00 Aaa 4,252,160 Kennesaw State University, Series 2004, 5.000%, 7/15/24 - MBIA Insured 1,500 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 5/14 at 100.00 AAA 1,601,385 5/01/23 - MBIA Insured Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A: 1,775 5.000%, 11/01/21 - MBIA Insured 11/13 at 100.00 AAA 1,914,657 2,580 5.000%, 11/01/22 - MBIA Insured 11/13 at 100.00 AAA 2,777,963 4,500 South Fulton Municipal Regional Water and Sewerage Authority, Georgia, 1/13 at 100.00 Aaa 4,696,245 Water and Sewerage Revenue Bonds, Series 2003, 5.000%, 1/01/33 - MBIA Insured 3,000 Valdosta and Lowndes County Hospital Authority, Georgia, Revenue 10/12 at 101.00 AAA 3,230,250 Certificates, South Georgia Medical Center, Series 2002, 5.200%, 10/01/22 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Hawaii - 7.8% (5.3% of Total Investments) 2,375 Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 2,556,403 7/15/19 - FSA Insured Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B: 6,105 6.100%, 7/01/16 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 6,819,285 9,500 6.625%, 7/01/17 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 10,819,835 20,000 Hawaii Department of Budget and Finance, Special Purpose Revenue 7/10 at 101.00 AAA 21,829,200 Refunding Bonds, Hawaiian Electric Company Inc., Series 2000, 5.700%, 7/01/20 (Alternative Minimum Tax) - AMBAC Insured
42
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Idaho - 0.2% (0.1% of Total Investments) $ 855 Idaho Housing and Finance Association, Single Family Mortgage Bonds, 1/08 at 101.50 AAA $ 887,225 Series 1998E, 5.450%, 7/01/18 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 6.2% (4.2% of Total Investments) 7,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 1996B, 1/06 at 102.00 AAA 7,219,940 5.125%, 1/01/25 - FGIC Insured 8,370 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.625%, 1/07 at 101.00 AAA 8,829,680 1/01/17 (Pre-refunded to 1/01/07) - MBIA Insured 4,115 Chicago Park District, Illinois, Limited Tax General Obligation Park 7/11 at 100.00 AAA 4,542,837 Bonds, Series 2001C, 5.500%, 1/01/18 - FGIC Insured 1,950 Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM No Opt. Call AAA 2,359,129 Healthcare System, Series 1992AA, 6.550%, 6/01/14 - MBIA Insured Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A: 3,625 6.125%, 4/01/12 - FSA Insured No Opt. Call AAA 4,005,915 5,000 6.250%, 4/01/18 - FSA Insured No Opt. Call AAA 6,083,950 400 Peoria, Moline and Freeport, Illinois, GNMA Collateralized Single Family 10/05 at 105.00 AAA 406,668 Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Indiana - 2.3% (1.5% of Total Investments) Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004: 2,105 5.000%, 8/01/23 - FSA Insured 8/14 at 100.00 AAA 2,230,921 2,215 5.000%, 8/01/24 - FSA Insured 8/14 at 100.00 AAA 2,339,837 1,625 Hammond Multi-School Building Corporation, Lake County, Indiana, First 7/13 at 100.00 AAA 1,717,511 Mortgage Revenue Bonds, Series 2003B, 5.000%, 1/15/21 - FGIC Insured 5,285 Logansport School Building Corporation, Indiana, First Mortgage Bonds, 7/11 at 100.00 AAA 5,828,668 Series 2001, 5.125%, 1/15/22 (Pre-refunded to 7/15/11) - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Kansas - 0.8% (0.5% of Total Investments) 2,300 Butler County Unified School District 394, Kansas, General Obligation 9/14 at 100.00 AAA 2,474,869 Bonds, Series 2004, 5.000%, 9/01/21 - FSA Insured 1,500 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/27 9/14 at 101.00 AAA 1,599,015 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Kentucky - 1.1% (0.8% of Total Investments) 7,000 Kentucky Economic Development Finance Authority, Health System Revenue No Opt. Call AAA 2,210,180 Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 - MBIA Insured 3,575 Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, 7/15 at 100.00 AAA 3,803,478 Revitalization Project, Series 2005B, 5.000%, 7/01/25 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana - 1.5% (1.0% of Total Investments) 1,640 Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General 7/14 at 100.00 AAA 1,765,985 Hospital, Series 2004, 5.250%, 7/01/24 - MBIA Insured Louisiana, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: 1,200 5.000%, 5/01/25 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 1,274,844 2,210 5.000%, 5/01/26 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,337,473 2,500 5.000%, 5/01/27 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,644,200 - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 3.9% (2.6% of Total Investments) 4,910 Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, No Opt. Call AAA 5,616,009 5.500%, 11/01/15 - MBIA Insured 3,000 Massachusetts Development Finance Authority, Revenue Bonds, WGBH No Opt. Call AAA 3,712,530 Educational Foundation, Series 2002A, 5.750%, 1/01/42 - AMBAC Insured 2,600 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, 10/13 at 100.00 AAA 2,722,122 Simmons College, Series 2003F, 5.000%, 10/01/33 - FGIC Insured
43 Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts (continued) $ 1,075 Massachusetts Housing Finance Agency, Single Family Housing Revenue 6/05 at 100.00 AAA $ 1,077,989 Bonds, Series 48, 6.350%, 6/01/26 (Alternative Minimum Tax) (Pre- refunded to 6/01/05) - MBIA Insured 1,500 Massachusetts Housing Finance Agency, Single Family Housing Revenue 6/07 at 102.00 AAA 1,561,425 Bonds, Series 53, 6.150%, 12/01/29 (Alternative Minimum Tax) - MBIA Insured Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: 3,650 5.250%, 1/01/22 - FGIC Insured 1/14 at 100.00 AAA 3,971,602 2,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 2,170,120 - ----------------------------------------------------------------------------------------------------------------------------------- Michigan - 2.9% (1.9% of Total Investments) 4,705 Grand Valley State University, Michigan, General Revenue Bonds, Series 12/10 at 100.00 AAA 5,079,847 2000, 5.250%, 12/01/20 - FGIC Insured 10,000 Michigan Housing Development Authority, Rental Housing Revenue Bonds, 4/07 at 102.00 AAA 10,374,700 Series 1997A, 6.000%, 4/01/16 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Minnesota - 0.2% (0.1% of Total Investments) 1,085 Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 8/05 at 102.00 AAA 1,107,752 5.950%, 2/01/18 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Missouri - 1.6% (1.1% of Total Investments) 1,000 Hazelwood Industrial Development Authority, Missouri, GNMA Collateralized 9/06 at 102.00 AAA 1,039,860 Project Multifamily Housing Revenue Refunding Bonds, Lakes Apartments Project, Series 1996, 6.000%, 9/20/16 4,500 Kansas City Land Clearance Redevelopment Authority, Missouri, Lease 12/05 at 102.00 AAA 4,667,580 Revenue Bonds, Municipal Auditorium and Muehlebach Hotel Redevelopment Projects, Series 1995A, 5.900%, 12/01/18 - FSA Insured 1,000 Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue 1/06 at 101.00 AAA 1,030,710 Bonds, Capital Improvements, Series 1996B, 5.750%, 1/15/14 - AMBAC Insured 1,030 Missouri Housing Development Commission, Multifamily Housing Revenue 12/06 at 102.00 AAA 1,066,544 Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16 (Alternative Minimum Tax) - FSA Insured 750 Missouri Western State College, Auxiliary System Revenue Bonds, Series 10/13 at 100.00 AAA 784,695 2003, 5.000%, 10/01/33 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Nebraska - 0.4% (0.3% of Total Investments) Nebraska Public Power District, General Revenue Bonds, Series 2005A: 1,000 5.000%, 1/01/24 - FSA Insured 1/15 at 100.00 AAA 1,063,400 1,000 5.000%, 1/01/25 - FSA Insured 1/15 at 100.00 AAA 1,060,140 - ----------------------------------------------------------------------------------------------------------------------------------- Nevada - 6.8% (4.6% of Total Investments) 3,280 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/14 at 100.00 AAA 3,488,510 2004A-2, 5.125%, 7/01/24 - FGIC Insured 5,000 Clark County, Nevada, Industrial Development Revenue Bonds, Nevada Power 6/05 at 100.00 AAA 5,049,800 Company, Series 1992A, 6.700%, 6/01/22 (Alternative Minimum Tax) - FGIC Insured 5,000 Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas 7/10 at 102.00 AAA 5,572,800 Corporation, Series 2000C, 5.950%, 12/01/38 (Alternative Minimum Tax) - AMBAC Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 5,000 0.000%, 1/01/27 - AMBAC Insured No Opt. Call AAA 1,688,650 5,500 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 6,042,850 Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 1999: 2,695 5.750%, 7/01/15 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 101.00 AAA 3,002,230 6,500 5.750%, 7/01/17 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 101.00 AAA 7,241,000 4,000 6.000%, 7/01/19 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 101.00 AAA 4,494,880
44
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey - 2.4% (1.6% of Total Investments) Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004: $ 2,000 5.125%, 10/01/21 - MBIA Insured 10/14 at 100.00 Aaa $ 2,166,140 2,250 5.125%, 10/01/22 - MBIA Insured 10/14 at 100.00 Aaa 2,429,595 1,560 Mount Olive Township Board of Education, Morris County, New Jersey, 1/15 at 100.00 Aaa 1,673,381 General Obligation Bonds, Series 2004, 5.000%, 1/15/22 - MBIA Insured New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: 1,475 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA 1,578,471 1,475 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 1,573,810 3,075 New Jersey Transit Corporation, Certificates of Participation Refunding, No Opt. Call AAA 3,508,514 Series 2003, 5.500%, 10/01/15 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- New Mexico - 0.5% (0.3% of Total Investments) New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C: 1,415 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AAA 1,511,432 1,050 5.000%, 6/01/24 - AMBAC Insured 6/14 at 100.00 AAA 1,115,825 - ----------------------------------------------------------------------------------------------------------------------------------- New York - 10.7% (7.2% of Total Investments) 1,755 Nassau County, New York, General Obligation Improvement Bonds, Series 3/10 at 100.00 AAA 1,974,252 2000E, 6.000%, 3/01/16 (Pre-refunded to 3/01/10) - FSA Insured 2,265 Nassau County, New York, General Obligation Improvement Bonds, Series 3/10 at 100.00 AAA 2,645,452 2000F, 7.000%, 3/01/14 (Pre-refunded to 3/01/10) - FSA Insured 7,500 Nassau Health Care Corporation, New York, County Guaranteed Revenue 8/09 at 102.00 AAA 8,458,050 Bonds, Series 1999, 5.750%, 8/01/29 (Pre-refunded to 8/01/09) - FSA Insured 7,900 New York City, New York, General Obligation Bonds, Fiscal Series 1996I, 3/06 at 101.50 AAA 8,226,270 5.875%, 3/15/18 - FSA Insured 5,000 New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 11/14 at 100.00 AAA 5,353,350 5.000%, 11/01/21 - FSA Insured 1,250 New York City Municipal Water Finance Authority, New York, Water and 6/15 at 100.00 AAA 1,328,037 Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 - MBIA Insured 1,785 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,897,848 Health Services Facilities Improvements, Series 2005A, 5.000%, 2/15/24 - AMBAC Insured 1,230 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,307,761 Health Services Facilities Improvements, Series 2005D, 5.000%, 8/15/24 - FGIC Insured 1,120 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 1,195,197 Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured Dormitory Authority of the State of New York, Insured Revenue Bonds, New Island Hospital, Series 1999B: 3,400 5.750%, 7/01/19 - MBIA Insured 7/09 at 101.00 AAA 3,738,402 5,750 6.000%, 7/01/24 - MBIA Insured 7/09 at 101.00 AAA 6,381,350 9,095 New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, 5/06 at 102.00 AAA 9,558,117 Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 3,225 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 3,449,363 1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,779,485 - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 1.7% (1.2% of Total Investments) 1,250 Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 7/15 at 100.00 Aaa 1,322,263 5.000%, 7/15/30 - MBIA Insured Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: 2,225 5.000%, 5/01/23 - FGIC Insured 5/14 at 100.00 AAA 2,369,002 2,335 5.000%, 5/01/24 - FGIC Insured 5/14 at 100.00 AAA 2,477,832 2,900 Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, 5/15 at 100.00 Aaa 3,102,855 Series 2005A, 5.000%, 5/01/21 - AMBAC Insured
45 Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- North Dakota - 3.8% (2.5% of Total Investments) $ 10,715 Fargo, North Dakota, Health System Revenue Bonds, MeritCare Obligated 6/10 at 101.00 AAA $ 11,715,995 Group, Series 2000A, 5.600%, 6/01/21 - FSA Insured 8,000 North Dakota, Student Loan Trust Revenue Bonds, Series 2000B, 5.850%, 12/10 at 100.00 AAA 8,464,080 12/01/25 (Alternative Minimum Tax) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Ohio - 0.5% (0.4% of Total Investments) 1,930 Marysville Exempted Village School District, Ohio, Certificates of 6/15 at 100.00 AAA 2,110,301 Participation, School Facilities Project, Series 2005, 5.250%, 12/01/22 - MBIA Insured 700 Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/13 at 100.00 AAA 767,956 12/01/26 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Oklahoma - 1.1% (0.7% of Total Investments) Oklahoma City Airport Trust, Oklahoma, Junior Lien Tax Exempt Bonds, Twenty Seventh Series 2000A: 1,320 5.125%, 7/01/20 - FSA Insured 7/10 at 100.00 AAA 1,382,476 4,040 5.250%, 7/01/21 - FSA Insured 7/10 at 100.00 AAA 4,320,336 - ----------------------------------------------------------------------------------------------------------------------------------- Oregon - 3.6% (2.4% of Total Investments) 2,110 Oregon Department of Administrative Services, Certificates of 5/15 at 100.00 AAA 2,217,146 Participation, Series 2005A, 5.000%, 5/01/30 (WI, settling 5/03/05) - FSA Insured Portland, Oregon, Airport Way Urban Renewal and Redevelopment Bonds, Series 2000A: 4,405 5.700%, 6/15/17 - AMBAC Insured 6/10 at 101.00 Aaa 4,925,319 3,665 5.750%, 6/15/18 - AMBAC Insured 6/10 at 101.00 Aaa 4,102,784 4,265 5.750%, 6/15/19 - AMBAC Insured 6/10 at 101.00 Aaa 4,774,454 1,375 5.750%, 6/15/20 - AMBAC Insured 6/10 at 101.00 Aaa 1,527,089 1,520 Portland Housing Authority, Oregon, Multifamily Housing Revenue Bonds, 7/10 at 100.00 Aaa 1,589,449 Lovejoy Station Apartments, Series 2000, 6.000%, 7/01/33 (Alternative Minimum Tax) - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 11.6% (7.7% of Total Investments) 12,620 Allegheny County Hospital Development Authority, Pennsylvania, Insured 11/10 at 102.00 AAA 14,599,573 Revenue Bonds, West Penn Allegheny Health System, Series 2000A, 6.500%, 11/15/30 - MBIA Insured 9,485 Berks County Municipal Authority, Pennsylvania, Hospital Revenue Bonds, 11/09 at 102.00 AAA 10,820,962 Reading Hospital and Medical Center, Series 1999, 6.000%, 11/01/19 (Pre-refunded to 11/01/09) - FSA Insured 5,780 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5/15 at 100.00 AAA 6,108,593 Drexel University, Series 2005A, 5.000%, 5/01/28 - MBIA Insured Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1: 5,235 5.000%, 9/01/24 - FSA Insured 9/14 at 100.00 AAA 5,505,074 3,000 5.000%, 9/01/25 - FSA Insured 9/14 at 100.00 AAA 3,145,350 Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A: 2,360 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 2,484,726 10,370 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 10,919,195 2,500 Seneca Valley School District, Butler County, Pennsylvania, General 7/14 at 100.00 Aaa 2,685,600 Obligation Bonds, Series 2004, 5.125%, 1/01/23 - FGIC Insured 1,705 Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 6/15 at 100.00 Aaa 1,812,586 5.000%, 12/15/25 - AMBAC Insured 3,650 State Public School Building Authority, Pennsylvania, Lease Revenue 6/13 at 100.00 AAA 3,804,359 Bonds, Philadelphia School District Project, Series 2003, 5.000%, 6/01/29 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Puerto Rico - 1.3% (0.9% of Total Investments) 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,714,725 5.000%, 7/01/22 - FGIC Insured 4,000 Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/17 - FSA 8/12 at 100.00 AAA 4,372,520 Insured - ----------------------------------------------------------------------------------------------------------------------------------- South Carolina - 1.0% (0.7% of Total Investments) 5,000 South Carolina Public Service Authority, Revenue Bonds, Santee Cooper 1/14 at 100.00 AAA 5,346,050 Electric System, Series 2004A, 5.000%, 1/01/20 - AMBAC Insured
46
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Texas - 15.5% (10.4% of Total Investments) Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Industries Inc., Series 1998C: $ 10,000 5.125%, 5/01/19 - AMBAC Insured 5/08 at 102.00 AAA $ 10,661,000 9,000 5.125%, 11/01/20 (Optional put 11/01/08) - AMBAC Insured 11/08 at 102.00 AAA 9,556,650 Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004: 3,475 5.000%, 7/15/22 - FSA Insured 7/14 at 100.00 AAA 3,685,863 3,645 5.000%, 7/15/23 - FSA Insured 7/14 at 100.00 AAA 3,858,743 12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/09 at 100.00 AAA 13,222,250 and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured 3,895 Denton, Texas, Utility System Revenue Bonds, Series 2000A, 5.625%, 12/10 at 100.00 AAA 4,321,736 12/01/19 - FSA Insured 4,485 Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, 5/12 at 100.00 AAA 4,752,216 Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 - FSA Insured 10,000 Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, 5/13 at 100.00 AAA 10,360,800 Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 - AMBAC Insured 4,151 Panhandle Regional Housing Finance Corporation, Texas, GNMA 7/12 at 105.00 Aaa 4,540,737 Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42 Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Cook Children's Healthcare System, Series 2000A: 6,725 5.750%, 12/01/17 - FSA Insured 12/10 at 101.00 AAA 7,501,267 7,500 5.750%, 12/01/24 - FSA Insured 12/10 at 101.00 AAA 8,330,325 2,300 Texas State University System, Financing Revenue Refunding Bonds, Series 3/12 at 100.00 AAA 2,454,376 2002, 5.000%, 3/15/18 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Utah - 3.3% (2.2% of Total Investments) 8,600 Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, 7/13 at 100.00 AAA 9,284,216 Series 2003A, 5.000%, 7/01/18 - FSA Insured 2,385 Mountain Regional Water Special Service District, Utah, Water Revenue 12/13 at 100.00 AAA 2,492,802 Bonds, Series 2003, 5.000%, 12/15/33 - MBIA Insured 5,525 Utah Transit Authority, Sales Tax Revenue Bonds, Series 2002A, 5.000%, 12/12 at 100.00 AAA 5,847,660 6/15/24 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Vermont - 0.3% (0.2% of Total Investments) 1,320 Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, 12/10 at 101.00 AAA 1,489,858 Fletcher Allen Health Care Inc., Series 2000A, 6.000%, 12/01/23 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Virginia - 0.8% (0.5% of Total Investments) Loudoun County Industrial Development Authority, Virginia, Public Safety Facilities Lease Revenue Bonds, Series 2003A: 1,150 5.250%, 12/15/22 - FSA Insured 6/14 at 100.00 AAA 1,251,902 500 5.250%, 12/15/23 - FSA Insured 6/14 at 100.00 AAA 543,510 2,250 Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1/08 at 102.00 AAA 2,354,760 1997B, 6.050%, 5/01/17 (Alternative Minimum Tax) - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Washington - 8.4% (5.6% of Total Investments) 10,000 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 10,722,700 System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 (Alternative Minimum Tax) - MBIA Insured 1,370 Clark County School District 101, La Center, Washington, General 12/12 at 100.00 Aaa 1,456,091 Obligation Bonds, Series 2002, 5.000%, 12/01/22 - FSA Insured 5,230 Douglas County Public Utility District 1, Washington, Revenue Bonds, 9/09 at 102.00 AAA 5,848,761 Wells Hydroelectric, Series 1999A, 6.125%, 9/01/29 (Alternative Minimum Tax) - MBIA Insured 5,000 Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 8/14 at 100.00 AAA 5,299,100 2004, 5.000%, 8/01/23 - FSA Insured
47 Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Washington (continued) Tacoma, Washington, General Obligation Bonds, Series 2004: $ 1,545 5.000%, 12/01/19 - MBIA Insured 12/14 at 100.00 AAA $ 1,662,018 1,620 5.000%, 12/01/20 - MBIA Insured 12/14 at 100.00 AAA 1,736,041 1,695 5.000%, 12/01/21 - MBIA Insured 12/14 at 100.00 AAA 1,810,870 10,855 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 - No Opt. Call AAA 5,514,123 FGIC Insured 6,200 Washington, General Obligation Various Purpose Bonds, Series 2003A, 7/12 at 100.00 AAA 6,582,912 5.000%, 7/01/20 - FGIC Insured 3,950 Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish 11/08 at 101.00 Aaa 4,180,799 Health Services, Series 1998, 5.125%, 11/15/22 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- West Virginia - 1.5% (1.0% of Total Investments) 8,000 Pleasants County, West Virginia, Pollution Control Revenue Bonds, 5/05 at 102.00 AAA 8,201,600 Monongahela Power Company Pleasants Station Project, Series 1995C, 6.150%, 5/01/15 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin - 6.6% (4.4% of Total Investments) 1,000 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/14 at 100.00 Aaa 1,072,460 11/01/21 - FSA Insured 7,000 La Crosse, Wisconsin, Resource Recovery Revenue Refunding Bonds, Northern No Opt. Call AAA 8,410,080 States Power Company Project, Series 1996, 6.000%, 11/01/21 (Alternative Minimum Tax) - MBIA Insured 12,750 Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 2000A, 5.750%, 12/10 at 100.00 Aaa 13,880,411 12/01/25 (Alternative Minimum Tax) - FGIC Insured 6,250 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/06 at 102.00 AAA 6,579,563 Sinai Samaritan Medical Center Inc., Series 1996, 5.750%, 8/15/16 - MBIA Insured 5,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/05 at 102.00 AAA 5,146,250 Mercy Health System Corporation, Series 1995, 6.125%, 8/15/13 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- $ 781,456 Total Long-Term Investments (cost $752,143,435) - 149.2% 799,343,060 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.0% 5,207,002 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.2)% (268,900,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 535,650,062 =====================================================================================================================
All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 48 Nuveen Insured Dividend Advantage Municipal Fund (NVG) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Alabama - 4.3% (2.9% of Total Investments) $ 5,310 Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5/12 at 101.00 AAA $ 5,719,401 5.300%, 5/01/32 - MBIA Insured 3,045 Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 - 3/12 at 101.00 AAA 3,277,851 MBIA Insured 10,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, 2/09 at 101.00 AAA 10,934,800 Series 1999A, 5.375%, 2/01/36 (Pre-refunded to 2/01/09) - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Alaska - 3.4% (2.3% of Total Investments) 15,000 Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/12 at 100.00 AAA 16,022,550 10/01/27 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Arizona - 1.1% (0.8% of Total Investments) 5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport 7/12 at 100.00 AAA 5,214,900 Revenue Bonds, Series 2002B, 5.250%, 7/01/32 (Alternative Minimum Tax) - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- California - 10.6% (7.1% of Total Investments) California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A: 1,485 5.000%, 10/01/26 - MBIA Insured 10/15 at 100.00 Aaa 1,579,877 1,565 5.000%, 10/01/27 - MBIA Insured 10/15 at 100.00 Aaa 1,660,919 8,890 California, General Obligation Veterans Welfare Bonds, Series 1997BH, 12/08 at 101.00 AA- 9,138,653 5.400%, 12/01/14 (Alternative Minimum Tax) 3,200 California, Various Purpose General Obligation Bonds, Series 2000, 9/10 at 100.00 AAA 3,476,576 5.250%, 9/01/17 - MBIA Insured 10,000 California, General Obligation Refunding Bonds, Series 2002, 5.000%, No Opt. Call AAA 10,504,700 2/01/23 - MBIA Insured 3,000 California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 6/07 at 101.00 AAA 3,064,800 5.375%, 12/01/24 (Alternative Minimum Tax) - MBIA Insured 7,935 Los Angeles, California, Certificates of Participation, Real Property 4/12 at 100.00 AAA 8,425,938 Acquisition Program, Series 2002, 5.300%, 4/01/32 - AMBAC Insured 1,000 Los Angeles Convention and Exhibition Center Authority, California, 12/05 at 100.00 AAA 1,037,250 Certificates of Participation, Series 1985, 9.000%, 12/01/20 (Pre- refunded to 12/01/05) 7,500 Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric 7/08 at 101.00 AAA 7,944,150 Project 1, Series 1998A, 5.200%, 7/01/32 - MBIA Insured 2,320 Sacramento Municipal Utility District, California, Electric Revenue 8/11 at 100.00 AAA 2,544,715 Bonds, Series 2001P, 5.250%, 8/15/18 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Colorado - 0.9% (0.6% of Total Investments) 1,580 Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, No Opt. Call Aaa 1,753,437 Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/15 - FSA Insured Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Series 2004: 1,095 5.000%, 12/01/13 - XLCA Insured No Opt. Call AAA 1,197,372 1,170 5.000%, 12/01/14 - XLCA Insured 12/13 at 100.00 AAA 1,272,749 - ----------------------------------------------------------------------------------------------------------------------------------- Florida - 16.1% (10.9% of Total Investments) Florida Municipal Loan Council, Revenue Bonds, Series 2003B: 2,305 5.250%, 12/01/17 - MBIA Insured 12/13 at 100.00 AAA 2,531,051 1,480 5.250%, 12/01/18 - MBIA Insured 12/13 at 100.00 AAA 1,619,490 11,600 Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue 10/12 at 100.00 AAA 12,151,928 Bonds, Series 2002B, 5.125%, 10/01/21 (Alternative Minimum Tax) - FSA Insured 6,000 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2002A, 4/07 at 100.00 AAA 6,232,140 5.500%, 10/01/41 - MBIA Insured
49 Nuveen Insured Dividend Advantage Municipal Fund (NVG) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Florida (continued) $ 8,155 Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 10/11 at 100.00 Aaa $ 8,908,359 2001, 5.625%, 10/01/13 (Alternative Minimum Tax) - MBIA Insured 15,000 Miami-Dade County School Board, Florida, Certificates of Participation, No Opt. Call AAA 15,831,150 Series 2003A, 5.000%, 8/01/27 (Mandatory put 8/01/08) - MBIA Insured Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002: 7,165 5.625%, 10/01/15 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 7,891,603 5,600 5.750%, 10/01/16 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 6,218,072 10,000 5.125%, 10/01/21 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 10,488,700 2,000 5.250%, 10/01/22 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 2,115,020 1,000 Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.000%, 1/13 at 100.00 AAA 1,062,060 1/01/25 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Georgia - 0.6% (0.4% of Total Investments) 1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 11/14 at 100.00 AAA 1,067,580 5.000%, 11/01/22 - FSA Insured 1,695 Georgia Housing and Finance Authority, Single Family Mortgage Bonds, 12/11 at 100.00 AAA 1,759,817 Series 2002B-2, 5.500%, 6/01/32 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 14.0% (9.4% of Total Investments) 10,000 Bolingbrook, Illinois, General Obligation Bonds, Series 2002A, 5.375%, 1/12 at 100.00 AAA 10,840,300 1/01/38 - FGIC Insured 5,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 2001A, 1/11 at 101.00 AAA 5,456,800 5.500%, 1/01/38 - MBIA Insured Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O'Hare International Airport, Series 2001C: 4,250 5.500%, 1/01/16 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 4,586,175 4,485 5.500%, 1/01/17 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 4,835,279 4,730 5.500%, 1/01/18 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 5,089,433 2,930 5.500%, 1/01/19 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 3,140,521 3,000 Chicago, Illinois, General Airport Third Lien Revenue Refunding Bonds, 1/12 at 100.00 AAA 3,292,620 O'Hare International Airport, Series 2002A, 5.750%, 1/01/17 (Alternative Minimum Tax) - MBIA Insured 12,765 Chicago, Illinois, Revenue Bonds, Skyway Toll Bridge, Series 1996, 1/07 at 102.00 AAA 13,561,919 5.500%, 1/01/23 (Pre-refunded to 1/01/07) - MBIA Insured 4,000 Cicero, Cook County, Illinois, General Obligation Corporate Purpose 12/12 at 101.00 AAA 4,281,280 Bonds, Series 2002, 5.000%, 12/01/21 - MBIA Insured 1,500 DuPage County Community School District 200, Wheaton, Illinois, General 10/13 at 100.00 Aaa 1,642,785 Obligation Bonds, Series 2003C, 5.250%, 10/01/22 - FSA Insured 5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 4/12 at 100.00 AAA 5,415,350 5.250%, 4/01/23 - FSA Insured 2,700 University of Illinois, Certificates of Participation, Utility 8/11 at 100.00 AAA 2,960,442 Infrastructure Projects, Series 2001A, 5.000%, 8/15/20 (Pre-refunded to 8/15/11) - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Indiana - 16.9% (11.4% of Total Investments) 3,380 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 7/13 at 100.00 AAA 3,640,564 2003A, 5.000%, 7/01/20 - AMBAC Insured Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment District, Series 2002D: 2,500 5.375%, 4/01/23 - AMBAC Insured 4/12 at 100.00 AAA 2,707,550 7,075 5.250%, 4/01/26 - AMBAC Insured 4/12 at 100.00 AAA 7,635,977 7,000 5.250%, 4/01/30 - AMBAC Insured 4/12 at 100.00 AAA 7,505,960 10,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, 7/12 at 100.00 AAA 10,536,200 Marion General Hospital, Series 2002, 5.250%, 7/01/32 - AMBAC Insured 25,000 Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks 7/12 at 100.00 AAA 26,758,250 Project, Series 2002A, 5.250%, 7/01/33 - MBIA Insured
50
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Indiana (continued) New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2002: $ 2,500 5.750%, 7/15/17 (Pre-refunded to 7/15/12) - FGIC Insured 7/12 at 100.00 AAA $ 2,829,225 3,810 5.750%, 7/15/20 (Pre-refunded to 7/15/12) - FGIC Insured 7/12 at 100.00 AAA 4,277,106 Northern Wells Community School Building Corporation, Wells County, Indiana, First Mortgage Bonds, Series 2001: 420 5.250%, 1/15/19 - FGIC Insured 7/12 at 100.00 AAA 455,759 430 5.250%, 7/15/19 - FGIC Insured 7/12 at 100.00 AAA 467,565 1,675 5.400%, 7/15/23 - FGIC Insured 7/12 at 100.00 AAA 1,822,718 6,960 Valparaiso Middle School Building Corporation, Indiana, First Mortgage 1/13 at 100.00 AAA 7,422,701 Refunding Bonds, Series 2002, 5.000%, 7/15/24 - MBIA Insured 2,490 Whitley County Middle School Building Corporation, Columbia City, 7/13 at 100.00 AAA 2,680,535 Indiana, First Mortgage Bonds, Series 2003, 5.000%, 1/15/18 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana - 0.7% (0.5% of Total Investments) 3,085 New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 9/12 at 100.00 AAA 3,319,923 5.125%, 9/01/21 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 3.5% (2.4% of Total Investments) 5,000 Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004B, 8/14 at 100.00 AAA 5,500,300 5.000%, 8/01/22 (Pre-refunded to 8/01/14) - AMBAC Insured 10,000 Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant No Opt. Call Aaa 10,919,900 Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Michigan - 2.4% (1.6% of Total Investments) 10,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 1/10 at 101.00 AAA 11,232,900 5.750%, 7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Missouri - 2.4% (1.6% of Total Investments) 1,600 St. Louis County Pattonville School District R3, Missouri, General 3/14 at 100.00 AAA 1,759,472 Obligation Bonds, Series 2004, 5.250%, 3/01/19 - FSA Insured 8,735 St. Louis, Missouri, Airport Revenue Bonds, Airport Development Program, 7/11 at 100.00 AAA 9,221,277 Series 2001A, 5.250%, 7/01/31 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Nebraska - 0.5% (0.2% of Total Investments) Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A: 1,000 5.250%, 4/01/20 - FSA Insured 4/13 at 100.00 AAA 1,096,930 1,000 5.250%, 4/01/21 - FSA Insured 4/13 at 100.00 AAA 1,096,930 - ----------------------------------------------------------------------------------------------------------------------------------- Nevada - 4.2% (2.9% of Total Investments) 9,810 Clark County School District, Nevada, General Obligation Bonds, Series 6/12 at 100.00 AAA 10,431,463 2002C, 5.000%, 6/15/21 - MBIA Insured 8,750 Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, Series 7/11 at 100.00 AAA 9,357,250 2001A, 5.250%, 7/01/34 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- New Jersey - 0.6% (0.4% of Total Investments) 2,345 Bernards Township School District, Somerset County, New Jersey, General 1/14 at 100.00 AAA 2,570,190 Obligation Bonds, Series 2004, 5.000%, 1/01/15 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- New York - 2.5% (1.7% of Total Investments) 10,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA 10,443,500 Refunding Bonds, Series 2002A, 5.000%, 11/15/30 - FSA Insured 1,120 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 1,195,197 Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured
51 Nuveen Insured Dividend Advantage Municipal Fund (NVG) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 0.6% (0.4% of Total Investments) $ 2,435 North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue 10/13 at 100.00 AAA $ 2,698,029 Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Oregon - 3.7% (2.5% of Total Investments) 4,725 Clackamas County School District 62, Oregon City, Oregon, General 6/14 at 100.00 AAA 5,186,585 Obligation Bonds, Series 2004, 5.000%, 6/15/15 - FSA Insured Oregon, General Obligation Veterans Welfare Bonds, Series 82: 6,715 5.375%, 12/01/31 12/11 at 100.00 AA 6,938,274 3,130 5.500%, 12/01/42 12/11 at 100.00 AA 3,234,699 1,615 Oregon Department of Administrative Services, State Lottery Revenue 4/14 at 100.00 AAA 1,758,525 Bonds, Series 2004A, 5.000%, 4/01/17 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 4.9% (3.3% of Total Investments) 4,500 Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, No Opt. Call AAA 5,001,480 Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13 (Alternative Minimum Tax) - MBIA Insured 5,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 7/08 at 100.00 AAA 5,297,850 University of Pennsylvania, Series 1998, 5.500%, 7/15/38 - MBIA Insured 1,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 11/13 at 100.00 AA 1,078,150 Lycoming College, Series 2003-AA2, 5.250%, 11/01/16 - RAAI Insured Philadelphia, Pennsylvania, General Obligation Bonds, Series 2003A: 3,090 5.250%, 2/15/14 - XLCA Insured 2/13 at 100.00 AAA 3,388,988 1,000 5.250%, 2/15/15 - XLCA Insured 2/13 at 100.00 AAA 1,087,960 Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B: 3,540 5.250%, 11/15/16 - FSA Insured 11/13 at 100.00 AAA 3,854,033 2,000 5.250%, 11/15/18 - FSA Insured 11/13 at 100.00 AAA 2,165,700 1,000 State Public School Building Authority, Pennsylvania, Lease Revenue 6/13 at 100.00 AAA 1,065,360 Bonds, Philadelphia School District Project, Series 2003, 5.000%, 6/01/23 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- South Carolina - 0.8% (0.5% of Total Investments) Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003: 1,000 5.500%, 4/01/17 - MBIA Insured 4/13 at 100.00 AAA 1,118,950 2,300 5.000%, 4/01/21 - MBIA Insured 4/13 at 100.00 AAA 2,473,696 - ----------------------------------------------------------------------------------------------------------------------------------- Tennessee - 9.2% (6.2% of Total Investments) 10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis 11/12 at 100.00 AAA 10,559,900 Arena, Series 2002A, 5.125%, 11/01/28 - AMBAC Insured 10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis 11/12 at 100.00 AAA 10,546,700 Arena, Series 2002B, 5.125%, 11/01/29 - AMBAC Insured Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004: 1,495 5.000%, 10/01/19 - FSA Insured 10/14 at 100.00 AAA 1,621,746 1,455 5.000%, 10/01/20 - FSA Insured 10/14 at 100.00 AAA 1,572,404 1,955 5.000%, 10/01/21 - FSA Insured 10/14 at 100.00 AAA 2,106,356 15,195 Tennessee State School Bond Authority, Higher Educational Facilities 5/12 at 100.00 AAA 16,290,863 Second Program Bonds, Series 2002A, 5.250%, 5/01/32 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Texas - 27.1% (18.3% of Total Investments) 3,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/11 at 100.00 AAA 3,881,185 and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 (Alternative Minimum Tax) - FGIC Insured 10,000 Gainesville Hospital District, Texas, Limited Tax General Obligation 8/11 at 100.00 AAA 10,568,600 Bonds, Series 2002, 5.375%, 8/15/32 - MBIA Insured 3,645 Galveston, Texas, General Obligation Refunding Bonds, Series 2001A, No Opt. Call AAA 3,920,343 5.250%, 5/01/21 - AMBAC Insured
52
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Texas (continued) Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003: $ 2,240 5.000%, 11/15/16 - MBIA Insured 11/13 at 100.00 AAA $ 2,405,760 2,355 5.000%, 11/15/17 - MBIA Insured 11/13 at 100.00 AAA 2,518,696 13,000 Houston Area Water Corporation, Texas, Contract Revenue Bonds, Northeast 3/12 at 100.00 AAA 13,527,280 Water Purification Plant, Series 2002, 5.125%, 3/01/32 - FGIC Insured 2,500 Houston Higher Education Finance Corporation, Texas, Revenue Bonds, Rice 11/09 at 101.00 AAA 2,685,675 University, Series 1999A, 5.375%, 11/15/29 1,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 5/14 at 100.00 AAA 1,076,990 2004A, 5.250%, 5/15/24 - FGIC Insured 4,345 San Antonio, Texas, Water System Senior Lien Revenue Refunding Bonds, 5/12 at 100.00 AAA 4,827,425 Series 2002, 5.500%, 5/15/17 - FSA Insured 9,145 Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund 6/12 at 100.00 Aa1 9,644,957 II, Series 2002A-1, 5.250%, 12/01/22 (Alternative Minimum Tax) 6,370 Texas Department of Housing and Community Affairs, Residential Mortgage 7/11 at 100.00 AAA 6,538,741 Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax) Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002: 3,520 5.125%, 11/01/20 - MBIA Insured 5/12 at 100.00 Aaa 3,766,506 3,520 5.125%, 11/01/21 - MBIA Insured 5/12 at 100.00 Aaa 3,766,506 8,655 Texas Department of Housing and Community Affairs, Single Family Mortgage 3/12 at 100.00 AAA 8,983,544 Bonds, Series 2002B, 5.550%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A: 9,400 5.375%, 1/01/23 - MBIA Insured 1/12 at 102.00 Aaa 10,225,884 11,665 5.500%, 1/01/33 - MBIA Insured 1/12 at 102.00 Aaa 12,864,979 5,000 Texas Water Development Board, Senior Lien State Revolving Fund Revenue 1/10 at 100.00 AAA 5,372,900 Bonds, Series 1999B, 5.250%, 7/15/17 Williamson County, Texas, General Obligation Bonds, Series 2002: 3,500 5.200%, 2/15/21 - FSA Insured 2/12 at 100.00 AAA 3,756,130 3,000 5.250%, 2/15/22 - FSA Insured 2/12 at 100.00 AAA 3,235,800 7,340 5.250%, 2/15/23 - FSA Insured 2/12 at 100.00 AAA 7,916,924 5,000 5.250%, 2/15/25 - FSA Insured 2/12 at 100.00 AAA 5,371,400 - ----------------------------------------------------------------------------------------------------------------------------------- Washington - 14.0% (9.4% of Total Investments) 7,675 Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear 7/12 at 100.00 AAA 8,509,810 Project 1, Series 2002A, 5.500%, 7/01/15 - MBIA Insured 6,600 Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia 7/12 at 100.00 AAA 7,208,454 Generating Station, Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 - FSA Insured 2,200 King County School District 414, Lake Washington, Washington, General 12/14 at 100.00 AAA 2,395,668 Obligation Bonds, Series 2004, 5.000%, 12/01/16 - FSA Insured 2,500 Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 11/12 at 100.00 AAA 2,778,675 5.750%, 11/01/15 (Alternative Minimum Tax) - FGIC Insured 2,200 Snohomish County School District 2, Everett, Washington, General 12/13 at 100.00 AAA 2,381,786 Obligation Bonds, Series 2003B, 5.000%, 6/01/17 - FSA Insured 3,255 Thurston and Pierce Counties School District, Washington, General 6/13 at 100.00 Aaa 3,590,460 Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 - FSA Insured Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002: 2,000 5.500%, 6/01/17 - AMBAC Insured 6/12 at 100.00 Aaa 2,225,900 4,325 5.125%, 6/01/22 - AMBAC Insured 6/12 at 100.00 Aaa 4,636,400
53 Nuveen Insured Dividend Advantage Municipal Fund (NVG) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Washington (continued) $ 15,000 Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison 8/13 at 102.00 AAA $ 15,666,900 Memorial Hospital, Series 1998, 5.000%, 8/15/28 - AMBAC Insured 10,000 Washington State Healthcare Facilities Authority, Revenue Bonds, 10/11 at 100.00 Aaa 10,378,800 Children's Hospital and Regional Medical Center, Series 2001, 5.125%, 10/01/31 - AMBAC Insured 5,170 Whitman County School District 267, Pullman, Washington, General 6/12 at 100.00 Aaa 5,486,197 Obligation Bonds, Series 2002, 5.000%, 12/01/20 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin - 3.4% (2.3% of Total Investments) 2,620 Wisconsin Housing and Economic Development Authority, Home Ownership 3/12 at 100.00 AA 2,714,896 Revenue Bonds, Series 2002E, 5.250%, 9/01/22 (Alternative Minimum Tax) 11,950 Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/12 at 100.00 AAA 12,954,756 7/01/18 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- $ 645,485 Total Long-Term Investments (cost $647,900,309) - 148.4% 691,467,029 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.6% 7,545,486 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.0)% (233,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 466,012,515 =====================================================================================================================
Forward Swap Contracts outstanding at April 30, 2005:
Unrealized Notional Effective Termination Appreciation Amount Date(2) Date (Depreciation) - ----------------------------------------------------------------------------------------------------------------------------------- Agreement with Morgan Stanley dated December 8, 2004, to pay semi-annually the notional amount multiplied by 5.313% (annualized) and receive quarterly the notional amount multiplied by the three- month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). $2,000,000 7/18/05 7/18/35 $ (90,518) Agreement with Morgan Stanley dated January 31, 2005, to pay semi- annually the notional amount multiplied by 5.058% (annualized) and receive quarterly the notional amount multiplied by the three-month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). 7,500,000 8/16/05 8/16/35 (34,303) - ----------------------------------------------------------------------------------------------------------------------------------- $ (124,821) ===================================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 54 Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Alabama - 8.3% (5.5% of Total Investments) $ 5,655 Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, 6/13 at 101.00 Baa3 $ 5,767,308 Helen Keller Hospital, Series 2003, 5.750%, 6/01/27 3,100 Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5/12 at 102.00 AAA 3,391,245 5.400%, 6/01/22 - MBIA Insured 6,280 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, 8/12 at 100.00 AAA 6,934,564 Series 2002D, 5.000%, 2/01/32 (Pre-refunded to 8/01/12) - FGIC Insured 1,750 Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/12 at 101.00 AAA 1,882,370 5/01/21 - AMBAC Insured 4,500 Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 7/13 at 100.00 Aaa 5,014,215 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Arizona - 3.9% (2.5% of Total Investments) 10,000 Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, 11/12 at 100.00 AAA 10,446,100 Arizona Public Service Company - Palo Verde Project, Series 2002A, 5.050%, 5/01/29 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- California - 28.8% (19.1% of Total Investments) 13,500 California, General Obligation Refunding Bonds, Series 2002, 5.250%, 4/12 at 100.00 AAA 14,330,925 4/01/30 - XLCA Insured 7,500 California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 - 4/14 at 100.00 AAA 7,854,225 AMBAC Insured 26,300 California State Public Works Board, Lease Revenue Bonds, Department of 12/12 at 100.00 AAA 27,436,949 General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 - AMBAC Insured (PLG) 2,910 Cathedral City Public Financing Authority, California, Tax Allocation 8/12 at 102.00 AAA 3,067,402 Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 - MBIA Insured 2,500 Irvine Public Facilities and Infrastructure Authority, California, 9/05 at 103.00 AAA 2,578,950 Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 - AMBAC Insured 4,000 Montara Sanitation District, California, General Obligation Bonds, Series 8/11 at 101.00 AAA 4,190,400 2003, 5.000%, 8/01/28 - FGIC Insured Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A: 1,130 5.250%, 6/01/19 - AMBAC Insured 6/13 at 101.00 AAA 1,237,825 1,255 5.250%, 6/01/21 - AMBAC Insured 6/13 at 101.00 AAA 1,369,293 1,210 Redding Joint Powers Financing Authority, California, Lease Revenue 3/13 at 100.00 AAA 1,270,996 Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 - AMBAC Insured 3,750 Sacramento Municipal Utility District, California, Electric Revenue 8/13 at 100.00 AAA 3,940,613 Bonds, Series 2003R, 5.000%, 8/15/28 - MBIA Insured 1,500 San Diego Community College District, California, General Obligation 5/13 at 100.00 AAA 1,574,100 Bonds, Series 2003A, 5.000%, 5/01/28 - FSA Insured 3,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/10 at 101.00 AAA 3,100,440 Area Redevelopment Project, Series 2002, 5.000%, 8/01/32 - MBIA Insured 1,055 Turlock Irrigation District, California, Certificates of Participation, 1/13 at 100.00 AAA 1,099,616 Series 2003A, 5.000%, 1/01/28 - MBIA Insured 6,300 University of California, Revenue Bonds, Multi-Purpose Projects, Series 5/13 at 100.00 AAA 6,594,903 2003A, 5.000%, 5/15/33 - AMBAC Insured
55 Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Colorado - 3.8% (2.5% of Total Investments) Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003: $ 4,300 5.500%, 12/01/23 - FSA Insured 12/13 at 100.00 AAA $ 4,841,327 3,750 5.500%, 12/01/28 - FSA Insured 12/13 at 100.00 AAA 4,215,075 1,450 Colorado Educational and Cultural Facilities Authority, Charter School 8/14 at 100.00 AAA 1,555,227 Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 - XLCA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Florida - 1.2% (0.8% of Total Investments) 3,000 Pinellas County Health Facilities Authority, Florida, Revenue Bonds, 5/13 at 100.00 A1 3,191,160 Baycare Health System, Series 2003, 5.500%, 11/15/27 - ----------------------------------------------------------------------------------------------------------------------------------- Georgia - 1.4% (1.0% of Total Investments) 3,825 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue 1/13 at 100.00 AAA 3,990,546 Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 3.7% (2.5% of Total Investments) 905 Cook County School District 100, Berwyn South, Illinois, General 12/13 at 100.00 Aaa 1,020,722 Obligation Refunding Bonds, Series 2003B, 5.250%, 12/01/21 (Pre- refunded to 12/01/13) - FSA Insured Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: 3,285 5.125%, 12/01/20 - FSA Insured 12/14 at 100.00 Aaa 3,561,006 2,940 5.125%, 12/01/23 - FSA Insured 12/14 at 100.00 Aaa 3,158,266 2,500 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest 7/13 at 100.00 A- 2,586,250 Hospital, Series 2003, 5.250%, 7/01/23 - ----------------------------------------------------------------------------------------------------------------------------------- Indiana - 8.8% (5.8% of Total Investments) 2,500 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 7/13 at 100.00 AAA 2,673,575 2003A, 5.000%, 7/01/23 - AMBAC Insured 2,190 Indiana Bond Bank, Common School Fund Advance Purchase Funding Bonds, 8/13 at 100.00 AAA 2,335,263 Series 2003B, 5.000%, 8/01/19 - MBIA Insured 1,000 Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/13 at 100.00 AAA 1,073,440 8/01/22 - FGIC Insured IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003: 11,020 5.000%, 7/15/19 - MBIA Insured 7/13 at 100.00 AAA 11,873,719 6,000 5.000%, 7/15/20 - MBIA Insured 7/13 at 100.00 AAA 6,463,500 - ----------------------------------------------------------------------------------------------------------------------------------- Kansas - 2.4% (1.6% of Total Investments) 6,250 Kansas Development Finance Authority, Board of Regents, Revenue Bonds, 4/13 at 102.00 AAA 6,692,563 Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Kentucky - 0.5% (0.3% of Total Investments) Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003: 340 5.000%, 8/01/23 (Pre-refunded to 8/01/13) - MBIA Insured 8/13 at 100.00 AAA 376,737 985 5.000%, 8/01/23 (Pre-refunded to 8/01/13) - MBIA Insured 8/13 at 100.00 AAA 1,091,429 - ----------------------------------------------------------------------------------------------------------------------------------- Louisiana - 2.3% (1.5% of Total Investments) 5,785 New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 12/12 at 100.00 AAA 6,289,452 5.300%, 12/01/27 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 5.1% (3.4% of Total Investments) 9,000 Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue 7/12 at 100.00 AAA 9,930,330 Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded to 7/01/12) - FGIC Insured 1,125 Massachusetts Development Finance Authority, Revenue Bonds, Middlesex 9/13 at 100.00 A1 1,192,635 School, Series 2003, 5.125%, 9/01/23 3,000 Massachusetts Turnpike Authority, Metropolitan Highway System Revenue 1/07 at 102.00 AAA 3,067,890 Bonds, Senior Series 1997A, 5.000%, 1/01/37 - MBIA Insured
56
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Michigan - 11.6% (7.7% of Total Investments) $ 6,130 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 7/13 at 100.00 AAA $ 6,563,575 2003A, 5.000%, 7/01/23 - MBIA Insured 4,465 Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding 7/13 at 100.00 AAA 4,797,241 Bonds, Series 2003C, 5.000%, 7/01/22 - MBIA Insured 10,800 Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue 12/12 at 100.00 AAA 11,418,192 Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32 - XLCA Insured 2,250 Romulus Community Schools, Wayne County, Michigan, General Obligation 5/11 at 100.00 AA 2,405,025 Refunding Bonds, Series 2001, 5.250%, 5/01/25 6,500 Wayne County, Michigan, Limited Tax General Obligation Airport Hotel 12/11 at 101.00 AAA 6,767,345 Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Missouri - 1.1% (0.7% of Total Investments) Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004: 1,325 5.250%, 3/01/23 - FSA Insured 3/14 at 100.00 AAA 1,437,055 1,500 5.250%, 3/01/24 - FSA Insured 3/14 at 100.00 AAA 1,622,460 - ----------------------------------------------------------------------------------------------------------------------------------- Nebraska - 1.9% (1.3% of Total Investments) 5,000 Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, 6/13 at 100.00 AAA 5,253,450 Series 2003, 5.000%, 6/15/28 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Nevada - 0.9% (0.6% of Total Investments) 2,315 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/11 at 100.00 AAA 2,422,925 2001B, 5.200%, 7/01/31 - FGIC Insured - ----------------------------------------------------------------------------------------------------------------------------------- New Mexico - 1.4% (0.9% of Total Investments) New Mexico State University, Revenue Bonds, Series 2004: 1,975 5.000%, 4/01/19 - AMBAC Insured 4/14 at 100.00 AAA 2,126,068 1,530 5.000%, 4/01/23 - AMBAC Insured 4/14 at 100.00 AAA 1,629,037 - ----------------------------------------------------------------------------------------------------------------------------------- New York - 9.4% (6.2% of Total Investments) 25,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA 26,076,000 Refunding Bonds, Series 2002F, 5.000%, 11/15/31 - MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 3.3% (2.2% of Total Investments) 8,700 North Carolina Medical Care Commission, Revenue Bonds, Maria Parham 10/13 at 100.00 AA 9,240,966 Medical Center, Series 2003, 5.375%, 10/01/33 - RAAI Insured - ----------------------------------------------------------------------------------------------------------------------------------- Ohio - 0.7% (0.5% of Total Investments) 1,770 Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 6/14 at 100.00 AAA 1,884,395 2004A, 5.000%, 12/01/21 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Oregon - 3.9% (2.6% of Total Investments) 9,350 Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 1/13 at 100.00 AAA 9,779,539 7/01/32 - MBIA Insured 1,000 Sunrise Water Authority, Oregon, Water Revenue Bonds, Series 2004, 3/14 at 100.00 AAA 1,075,560 5.000%, 3/01/19 - FSA Insured - ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 8.7% (5.7% of Total Investments) 3,000 Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue 8/13 at 100.00 BBB 3,059,040 Bonds, St. Luke's Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, 8/13 at 100.00 AAA 2,085,140 Fourth Series 1998, 5.000%, 8/01/32 - FSA Insured Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A: 925 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 973,886 4,075 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 4,290,812 13,000 State Public School Building Authority, Pennsylvania, Lease Revenue 6/13 at 100.00 AAA 13,524,680 Bonds, Philadelphia School District Project, Series 2003, 5.000%, 6/01/33 - FSA Insured
57 Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) (continued) Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- South Carolina - 7.3% (4.9% of Total Investments) $ 5,000 Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional 11/14 at 100.00 AAA $ 5,428,400 Medical Center, Series 2004A, 5.250%, 11/01/23 - FSA Insured Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003: 3,000 5.000%, 12/01/22 12/13 at 100.00 AA- 3,147,180 1,785 5.000%, 12/01/23 12/13 at 100.00 AA- 1,866,039 1,365 Myrtle Beach, South Carolina, Water and Sewerage System Revenue Refunding 3/13 at 100.00 AAA 1,507,547 Bonds, Series 2003, 5.375%, 3/01/19 - FGIC Insured 8,000 South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 10/12 at 100.00 Aaa 8,327,600 2002A, 5.000%, 10/01/33 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Texas - 12.9% (8.6% of Total Investments) 7,975 Fort Bend Independent School District, Fort Bend County, Texas, General 8/10 at 100.00 AAA 8,357,082 Obligation Bonds, Series 2000, 5.000%, 8/15/25 12,500 Grand Prairie Independent School District, Dallas County, Texas, General 2/13 at 100.00 AAA 13,067,375 Obligation Bonds, Series 2003, 5.125%, 2/15/31 - FSA Insured 5,515 Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/12 at 100.00 AAA 5,951,016 3/01/20 - MBIA Insured 2,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 5/14 at 100.00 AAA 2,149,300 2004A, 5.250%, 5/15/25 - MBIA Insured 5,850 Katy Independent School District, Harris, Fort Bend and Waller Counties, 2/12 at 100.00 AAA 6,297,291 Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18 - ----------------------------------------------------------------------------------------------------------------------------------- Virginia - 0.6% (0.3% of Total Investments) 1,500 Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 1/13 at 100.00 AAA 1,578,375 5.125%, 1/15/28 - AMBAC Insured - ----------------------------------------------------------------------------------------------------------------------------------- Washington - 9.2% (6.1% of Total Investments) 4,945 Broadway Office Properties, King County, Washington, Lease Revenue Bonds, 12/12 at 100.00 AAA 5,125,740 Washington Project, Series 2002, 5.000%, 12/01/31 - MBIA Insured 5,250 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/12 at 100.00 AAA 5,469,503 System Revenue Bonds, Series 2002C, 5.125%, 7/01/33 - AMBAC Insured 2,135 Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, 7/13 at 100.00 Aaa 2,245,209 Bremerton Government Center, Series 2003, 5.000%, 7/01/23 - MBIA Insured 1,935 Pierce County School District 343, Dieringer, Washington, General 6/13 at 100.00 Aaa 2,124,514 Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 - FGIC Insured 9,670 Washington, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 - 6/13 at 100.00 AAA 10,385,580 MBIA Insured - ----------------------------------------------------------------------------------------------------------------------------------- West Virginia - 1.2% (0.8% of Total Investments) 3,000 West Virginia State Building Commission, Lease Revenue Refunding Bonds, No Opt. Call AAA 3,423,900 Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 - AMBAC Insured
58
Principal Optional Call Market Amount (000) Description(1) Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin - 6.6% (4.4% of Total Investments) $ 1,190 Sun Prairie Area School District, Dane County, Wisconsin, General 3/14 at 100.00 Aaa $ 1,282,582 Obligation Bonds, Series 2004C, 5.250%, 3/01/24 - FSA Insured 4,750 Wisconsin Health and Educational Facilities Authority, Revenue Refunding 8/08 at 102.00 AAA 5,021,652 Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 - AMBAC Insured 3,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, No Opt. Call AAA 3,511,770 Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 - FGIC Insured 3,600 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/13 at 100.00 A 3,667,930 Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 4,605 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 9/13 at 100.00 A- 4,904,141 Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 - ----------------------------------------------------------------------------------------------------------------------------------- $ 393,525 Total Long-Term Investments (cost $394,725,179) - 150.9% 417,534,668 ============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.2% 3,097,516 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.1)% (144,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 276,632,184 =====================================================================================================================
Forward Swap Contracts outstanding at April 30, 2005:
Unrealized Notional Effective Termination Appreciation Amount Date(2) Date (Depreciation) - --------------------------------------------------------------------------------------------------------------------------- Agreement with Goldman Sachs dated December 6, 2004, to pay semi-annually the notional amount multiplied by 5.324% (annualized) and receive quarterly the notional amount multiplied by the three-month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). $ 5,000,000 7/11/05 7/11/25 $ (230,259) Agreement with Goldman Sachs dated December 7, 2004, to pay semi- annually the notional amount multiplied by 5.401% (annualized) and receive quarterly the notional amount multiplied by the three-month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). 20,000,000 7/18/05 7/18/35 (1,177,394) Agreement with Goldman Sachs dated January 10, 2005, to pay semi- annually the notional amount multiplied by 5.251% (annualized) and receive quarterly the notional amount multiplied by the three-month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). 9,000,000 8/16/05 8/16/25 (315,097) - --------------------------------------------------------------------------------------------------------------------------- $(1,722,750) ===========================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (PLG) Portion of security, with an aggregate market value of $1,919,543, has been pledged to collateralize the net payment obligations under forward swap contracts. See accompanying notes to financial statements. 59 Statement of Assets and Liabilities April 30, 2005 (Unaudited)
Premier Insured Insured Insured Insured Insured Insured Premium Dividend Tax-Free Quality Opportunity Income Income 2 Advantage Advantage (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at market value (cost $851,544,150, $1,828,553,087, $426,556,350, $752,143,435, $647,900,309 and $394,725,179, respectively) $910,420,007 $1,970,605,132 $460,811,895 $799,343,060 $691,467,029 $417,534,668 Receivables: Interest 12,356,173 29,309,244 7,516,021 13,479,632 9,874,075 6,392,844 Investments sold 1,589,592 10,849,507 25,000 4,019,259 -- -- Other assets 49,244 139,598 27,073 59,723 17,334 20,797 - ----------------------------------------------------------------------------------------------------------------------------------- Total assets 924,415,016 2,010,903,481 468,379,989 816,901,674 701,358,438 423,948,309 - ----------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Cash overdraft 6,042,142 5,489,197 497,437 3,165,993 1,869,854 1,395,011 Payable for investments purchased -- 30,419,043 -- 8,421,348 -- -- Forward swaps, at value -- -- -- -- 124,821 1,722,750 Accrued expenses: Management fees 461,636 972,336 238,982 405,763 182,587 105,769 Other 182,783 365,612 97,399 287,505 112,194 61,174 Preferred share dividends payable 85,563 151,090 42,126 71,003 56,467 31,421 - ----------------------------------------------------------------------------------------------------------------------------------- Total liabilities 6,772,124 37,397,278 875,944 12,351,612 2,345,923 3,316,125 - ----------------------------------------------------------------------------------------------------------------------------------- Preferred shares, at liquidation value 318,000,000 680,000,000 161,000,000 268,900,000 233,000,000 144,000,000 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $599,642,892 $1,293,506,203 $306,504,045 $535,650,062 $466,012,515 $276,632,184 =================================================================================================================================== Common shares outstanding 38,224,900 81,138,036 19,419,608 37,353,512 29,807,822 18,515,282 =================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.69 $ 15.94 $ 15.78 $ 14.34 $ 15.63 $ 14.94 =================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ----------------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 382,249 $ 811,380 $ 194,196 $ 373,535 $ 298,078 $ 185,153 Paid-in surplus 533,430,428 1,128,874,275 269,467,182 491,941,519 423,486,786 261,529,188 Undistributed (Over-distribution of) net investment income 5,493,401 13,519,708 1,807,921 3,739,944 2,163,020 (395,644) Accumulated net realized gain (loss) from investments and forward swaps 1,460,957 8,248,795 779,201 (7,604,561) (3,377,268) (5,773,252) Net unrealized appreciation of investments and forward swaps 58,875,857 142,052,045 34,255,545 47,199,625 43,441,899 21,086,739 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $599,642,892 $1,293,506,203 $306,504,045 $535,650,062 $466,012,515 $276,632,184 =================================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 Unlimited Unlimited Unlimited Preferred 1,000,000 1,000,000 1,000,000 Unlimited Unlimited Unlimited ===================================================================================================================================
See accompanying notes to financial statements. 60 Statement of Operations Six Months Ended April 30, 2005 (Unaudited)
Premier Insured Insured Insured Insured Insured Insured Premium Dividend Tax-Free Quality Opportunity Income Income 2 Advantage Advantage (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 23,622,803 $ 48,860,920 $ 11,656,092 $ 19,933,538 $ 16,569,002 $ 9,998,518 - ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 2,801,723 5,902,378 1,453,511 2,464,588 2,147,797 1,301,503 Preferred shares - auction fees 394,232 843,013 199,596 333,362 288,856 178,520 Preferred shares - dividend disbursing agent fees 24,795 34,712 14,877 24,795 14,877 10,742 Shareholders' servicing agent fees and expenses 49,097 79,739 18,822 28,412 4,435 2,876 Custodian's fees and expenses 102,392 220,385 50,415 94,594 75,579 48,715 Directors'/Trustees' fees and expenses 7,731 16,641 3,940 6,753 5,879 3,485 Professional fees 20,077 37,546 10,550 14,207 16,517 11,725 Shareholders' reports - printing and mailing expenses 41,548 87,047 22,576 37,253 32,695 21,382 Stock exchange listing fees 7,686 15,882 5,315 7,355 1,261 783 Investor relations expense 63,838 137,785 32,806 56,582 47,684 27,336 Portfolio insurance expense 10,849 14,463 -- -- -- -- Other expenses 32,808 50,670 11,508 30,274 21,816 14,528 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 3,556,776 7,440,261 1,823,916 3,098,175 2,657,396 1,621,595 Custodian fee credit (7,462) (14,911) (3,614) (6,330) (2,047) (2,428) Expense reimbursement -- -- -- -- (1,038,528) (662,669) - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 3,549,314 7,425,350 1,820,302 3,091,845 1,616,821 956,498 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 20,073,489 41,435,570 9,835,790 16,841,693 14,952,181 9,042,020 - ----------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN Net realized gain (loss) from investments 1,462,794 8,775,711 780,916 4,444,279 (47,342) 191,388 Net realized gain (loss) from forward swaps -- -- -- -- (3,327,227) (5,964,074) Change in net unrealized appreciation (depreciation) of investments (3,617,972) (12,450,277) (2,497,841) (6,975,267) 768,772 4,879,820 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- 2,625,424 4,583,878 - ----------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) (2,155,178) (3,674,566) (1,716,925) (2,530,988) 19,627 3,691,012 - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (2,561,868) (5,439,388) (1,258,058) (2,221,004) (1,814,373) (1,167,038) From accumulated net realized gains from investments (159,181) (217,348) (127,563) -- (278,326) (14,036) - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (2,721,049) (5,656,736) (1,385,621) (2,221,004) (2,092,699) (1,181,074) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from operations $ 15,197,262 $ 32,104,268 $ 6,733,244 $ 12,089,701 $ 12,879,109 $ 11,551,958 ===================================================================================================================================
See accompanying notes to financial statements. 61 Statement of Changes in Net Assets (Unaudited)
Insured Quality (NQI) Insured Opportunity (NIO) ------------------------------ ---------------------------------- Six Months Year Six Months Year Ended Ended Ended Ended 4/30/05 10/31/04 4/30/05 10/31/04 - ------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 20,073,489 $ 41,214,190 $ 41,435,570 $ 84,808,402 Net realized gain (loss) from investments 1,462,794 2,202,219 8,775,711 2,845,723 Net realized gain (loss) from forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of investments (3,617,972) 5,112,646 (12,450,277) 13,606,844 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- Distributions to Preferred Shareholders: From net investment income (2,561,868) (2,891,716) (5,439,388) (6,198,825) From accumulated net realized gains from investments (159,181) (114,034) (217,348) (149,437) - ------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 15,197,262 45,523,305 32,104,268 94,912,707 - ------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (19,253,963) (38,923,489) (38,946,262) (78,914,962) From accumulated net realized gains from investments (2,090,966) (1,766,378) (2,636,993) (2,358,124) - ------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (21,344,929) (40,689,867) (41,583,255) (81,273,086) - ------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 762,944 2,092,259 -- 1,258,836 Preferred shares offering costs -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 762,944 2,092,259 -- 1,258,836 - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (5,384,723) 6,925,697 (9,478,987) 14,898,457 Net assets applicable to Common shares at the beginning of period 605,027,615 598,101,918 1,302,985,190 1,288,086,733 - ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 599,642,892 $ 605,027,615 $ 1,293,506,203 $ 1,302,985,190 ============================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 5,493,401 $ 7,235,743 $ 13,519,708 $ 16,469,788 ==============================================================================================================================
See accompanying notes to financial statements. 62
Premier Insured Insured Premium Income (NIF) Income 2 (NPX) ------------------------------ ---------------------------------- Six Months Year Six Months Year Ended Ended Ended Ended 4/30/05 10/31/04 4/30/05 10/31/04 - ------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 9,835,790 $ 19,991,132 $ 16,841,693 $ 34,776,494 Net realized gain (loss) from investments 780,916 1,804,462 4,444,279 4,743,922 Net realized gain (loss) from forward swaps -- -- -- Change in net unrealized appreciation (depreciation) of investments (2,497,841) 5,140,974 (6,975,267) 3,531,341 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- Distributions to Preferred Shareholders: From net investment income (1,258,058) (1,461,536) (2,221,004) (2,517,974) From accumulated net realized gains from investments (127,563) (26,521) -- -- - ------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 6,733,244 25,448,511 12,089,701 40,533,783 - ------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (9,376,884) (18,972,928) (16,136,719) (32,708,575) From accumulated net realized gains from investments (1,655,759) (373,855) -- -- - ------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (11,032,643) (19,346,783) (16,136,719) (32,708,575) - ------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 136,957 653,067 -- 897,328 Preferred shares offering costs -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 136,957 653,067 -- 897,328 - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (4,162,442) 6,754,795 (4,047,018) 8,722,536 Net assets applicable to Common shares at the beginning of period 310,666,487 303,911,692 539,697,080 530,974,544 - ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 306,504,045 $ 310,666,487 $ 535,650,062 $ 539,697,080 ============================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,807,921 $ 2,607,073 $ 3,739,944 $ 5,255,974 ==============================================================================================================================
See accompanying notes to financial statements. 63 Statement of Changes in Net Assets (Unaudited) (continued)
Insured Dividend Insured Tax-Free Advantage (NVG) Advantage (NEA) ------------------------------ ---------------------------------- Six Months Year Six Months Year Ended Ended Ended Ended 4/30/05 10/31/04 4/30/05 10/31/04 - ------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 14,952,181 $ 30,289,838 $ 9,042,020 $ 18,267,196 Net realized gain (loss) from investments (47,342) 3,840,906 191,388 192,046 Net realized gain (loss) from forward swaps (3,327,227) -- (5,964,074) -- Change in net unrealized appreciation (depreciation) of investments 768,772 11,761,364 4,879,820 10,225,971 Change in net unrealized appreciation (depreciation) of forward swaps 2,625,424 (2,750,245) 4,583,878 (6,306,628) Distributions to Preferred Shareholders: From net investment income (1,814,373) (2,131,112) (1,167,038) (1,362,594) From accumulated net realized gains from investments (278,326) (140,030) (14,036) (7,435) - ------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 12,879,109 40,870,721 11,551,958 21,008,556 - ------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (13,681,793) (27,722,483) (7,887,511) (17,104,309) From accumulated net realized gains from investments (3,573,972) (2,127,005) (179,616) (98,078) - ------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (17,255,765) (29,849,488) (8,067,127) (17,202,387) - ------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- 114,799 Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- 35,394 78,604 Preferred shares offering costs -- (108) -- -- - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- (108) 35,394 193,403 - ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (4,376,656) 11,021,125 3,520,225 3,999,572 Net assets applicable to Common shares at the beginning of period 470,389,171 459,368,046 273,111,959 269,112,387 - ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 466,012,515 $ 470,389,171 $ 276,632,184 $ 273,111,959 ============================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 2,163,020 $ 2,707,005 $ (395,644) $ (383,115) ==============================================================================================================================
See accompanying notes to financial statements. 64 Notes to Financial Statements (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen Insured Quality Municipal Fund, Inc. (NQI), Nuveen Insured Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Insured Municipal Income Fund, Inc. (NIF), Nuveen Insured Premium Income Municipal Fund 2 (NPX), Nuveen Insured Dividend Advantage Municipal Fund (NVG) and Nuveen Insured Tax-Free Advantage Municipal Fund (NEA). Common shares of Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) are traded on the New York Stock Exchange while Common shares of Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) are traded on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, diversified management investment companies. Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities. Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the Adviser to all funds previously advised by either NAC or NIAC. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. Prices of derivative investments are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. If the pricing service is unable to supply a price for a derivative investment each Fund may use a market quote provided by a major broker/dealer in such investments. If it is determined that market prices for an investment are unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish a fair value for the investment. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased on a when-issued and/or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At April 30, 2005, Insured Opportunity (NIO) and Insured Premium Income 2 (NPX) had outstanding when-issued and delayed delivery purchase commitments of $26,095,369 and $8,421,348, respectively. There were no such outstanding purchase commitments in any of the other Funds. 65 Notes to Financial Statements (Unaudited) (continued) Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. Federal Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Preferred Shares The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Preferred shares are issued in more than one Series. The dividend rate on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable weekly at the end of each rate period. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows:
Premier Insured Insured Insured Insured Insured Insured Premium Dividend Tax-Free Quality Opportunity Income Income 2 Advantage Advantage (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ----------------------------------------------------------------------------------------------------- Number of shares: Series M 2,600 4,000 -- 2,080 3,160 -- Series T 2,600 4,000 -- 2,200 3,080 2,880 Series W 2,600 4,000 840 2,080 -- 2,880 Series W2 -- 3,200 -- -- -- -- Series TH 2,320 4,000 2,800 2,200 3,080 -- Series TH2 -- 4,000 -- -- -- -- Series F 2,600 4,000 2,800 2,196 -- -- - ----------------------------------------------------------------------------------------------------- Total 12,720 27,200 6,440 10,756 9,320 5,760 =====================================================================================================
66 Insurance Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest. Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) invest at least 80% of their net assets (including net assets applicable to Preferred shares) in municipal securities that are covered by insurance. Each Fund may also invest up to 20% of its net assets (including net assets applicable to Preferred shares) in municipal securities which are either (i) backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance, in contrast, is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Forward Swap Transactions The Funds may invest in certain derivative financial instruments. The Funds' use of forward interest rate swap transactions is intended to mitigate the negative impact that an increase in long-term interest rates could have on Common share net asset value. Forward interest rate swap transactions involve each Fund's agreement with the counterparty to pay, in the future, a fixed rate payment in exchange for the counterparty paying the Fund a variable rate payment. The amount of the payment obligation is based on the notional amount of the forward swap contract. The Funds may close out a contract prior to the effective date at which point a realized gain or loss would be recognized. When a forward swap is terminated, it does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash. Each Fund intends, but is not obligated to, terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. To minimize such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when any of the Funds have an unrealized loss on a swap contract, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate, either up or down, by at least the predetermined threshold amount. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. 67 Notes to Financial Statements (Unaudited) (continued) Indemnifications Under the Funds' organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common shares were as follows:
INSURED INSURED PREMIER INSURED QUALITY (NQI) OPPORTUNITY (NIO) INCOME (NIF) ------------------------- ------------------------- ------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/05 10/31/04 4/30/05 10/31/04 4/30/05 10/31/04 - -------------------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 47,836 126,022 -- 77,090 8,559 39,908 ================================================================================================================================
INSURED INSURED INSURED PREMIUM INCOME 2 (NPX) DIVIDEND ADVANTAGE (NVG) TAX-FREE ADVANTAGE (NEA) ------------------------- ------------------------- ------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/05 10/31/04 4/30/05 10/31/04 4/30/05 10/31/04 - -------------------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- 60,649 -- -- 2,359 5,076 ================================================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities during the six months ended April 30, 2005, were as follows:
PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - -------------------------------------------------------------------------------------------------------------------------------- Purchases $ 78,519,152 $250,422,501 $ 31,754,046 $ 94,963,012 $ 5,411,059 $ 3,420,373 Sales and maturities 79,213,345 231,908,171 33,635,466 99,655,884 9,833,050 7,255,654 ================================================================================================================================
68 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses on investments, timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At April 30, 2005, the cost of investments was as follows:
PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ------------------------------------------------------------------------------------------------------------------------------- Cost of investments $ 851,191,182 $1,827,813,607 $ 426,503,265 $ 752,130,548 $ 647,783,014 $ 394,703,972 ===============================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2005, were as follows:
PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 59,508,991 $ 143,868,734 $ 34,423,473 $ 47,663,064 $ 44,997,871 $ 22,830,696 Depreciation (280,166) (1,077,209) (114,843) (450,552) (1,313,856) -- - ------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation of investments $ 59,228,825 $ 142,791,525 $ 34,308,630 $ 47,212,512 $ 43,684,015 $ 22,830,696 ===============================================================================================================================
The tax components of undistributed net investment income and net realized gains at October 31, 2004, the Funds' last fiscal year end, were as follows:
PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ------------------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $ 10,089,309 $ 21,953,357 $ 4,174,273 $ 7,983,324 $ 4,959,625 $ 1,004,575 Undistributed net ordinary income ** 425,383 -- 801,863 -- 320,955 -- Undistributed net long-term capital gains 1,941,207 2,848,599 979,744 -- 3,528,645 193,086 ===============================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2004, paid on November 1, 2004. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the fiscal year ended October 31, 2004, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows:
PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ------------------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $ 41,497,482 $ 84,945,305 $ 20,407,082 $ 35,184,856 $ 29,829,269 $ 18,503,309 Distributions from net ordinary income ** 264,316 78,388 -- -- 2,266,382 105,523 Distributions from net long-term capital gains 1,880,412 2,507,561 400,376 -- 1,939 -- ===============================================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 69 Notes to Financial Statements (Unaudited) (continued) At October 31, 2004, the Funds' last fiscal year end, Insured Premium Income 2 (NPX) had an unused capital loss carryforward of $12,018,781 available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforward will expire in 2008. 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES As approved by the Board of Directors/Trustees, effective August 1, 2004, a complex-wide management fee structure was adopted for all funds sponsored by the Adviser, or its predecessor and its affiliates. This fee structure separates each fund's management fee into two components - a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser and a specific fund-level component, based only on the amount of assets within each individual fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. Under no circumstances will this pricing structure result in a fund paying management fees at a rate higher than would otherwise have been applicable had the complex-wide management fee structure not been implemented. As of May 31, 2005, the complex-level fee rate was .1905%; that is, the funds' effective management fees were reduced by approximately .0095%. Effective August 1, 2004, the annual fund-level fee, payable monthly, for each of the Funds is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows:
INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO) PREMIER INSURED INCOME (NIF) INSURED PREMIUM INCOME 2 (NPX) AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - ------------------------------------------------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 =========================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA) AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - ------------------------------------------------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For net assets over $2 billion .3750 =========================================================================================================================
70 Effective August 1, 2004, the annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as follows: COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE - -------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion(2) .1400 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. Each Fund paid through July 31, 2004, an annual management fee, payable monthly, at the rates set forth below, which were based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows:
INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO) PREMIER INSURED INCOME (NIF) INSURED PREMIUM INCOME 2 (NPX) AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE - ------------------------------------------------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For the next $3 billion .5875 For net assets over $5 billion .5750 =========================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA) AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE - ------------------------------------------------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For net assets over $2 billion .5750 =========================================================================================================================
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors/Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent Directors/Trustees that enables Directors/Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised Funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised Funds. For the first ten years of Insured Dividend Advantage's (NVG) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, - -------------------------------------------------------------------------------- 2002* .30% 2008 .25% 2003 .30 2009 .20 2004 .30 2010 .15 2005 .30 2011 .10 2006 .30 2012 .05 2007 .30 ================================================================================ * From the commencement of operations. 71 Notes to Financial Statements (Unaudited) (continued) The Adviser has not agreed to reimburse Insured Dividend Advantage (NVG) for any portion of its fees and expenses beyond March 31, 2012. For the first eight years of Insured Tax-Free Advantage's (NEA) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, - -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured Tax-Free Advantage (NEA) for any portion of its fees and expenses beyond November 30, 2010. 6. Announcement Regarding Parent Company of Adviser In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an additional $400 million of its Nuveen shares on a "forward" basis with payment for and settlement of these shares delayed for several months, and (D) entered into agreements with two unaffiliated investment banking firms to sell an amount equal to most or all of its remaining Nuveen shares for current payment but for future settlement. The settlement of transactions (C) and (D) above would likely be deemed an "assignment" (as defined in the 1940 Act) of the investment management agreements between the Funds and the Adviser, which would result in the automatic termination of each agreement under the 1940 Act. The Board of Directors/Trustees will consider approval of new ongoing investment management agreements for each Fund and the submission of those agreements for approval by each respective Fund's shareholders. Those agreements, if approved by a Fund's shareholders, would take effect upon such approval. There can be no assurance that these approvals will be obtained. 7. Subsequent Event - Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on June 1, 2005, to shareholders of record on May 15, 2005, as follows:
PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) - ------------------------------------------------------------------------------------------------------------------ Dividend per share $.0815 $.0780 $.0785 $.0700 $.0745 $.0685 ==================================================================================================================
72 Financial Highlights (Unaudited) 73 Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations --------------------------------------------------------------------- Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total =========================================================================================================== Insured Quality (NQI) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(a) $ 15.85 $ .53 $ (.07) $ (.07) $ -- $ .39 2004 15.72 1.08 .20 (.08) -- 1.20 2003 15.87 1.10 (.05) (.07) (.01) .97 2002 15.78 1.12 .03 (.11) (.01) 1.03 2001 14.51 1.18 1.20 (.26) -- 2.12 2000 13.95 1.20 .60 (.34) -- 1.46 Insured Opportunity (NIO) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(a) 16.06 .51 (.05) (.07) -- .39 2004 15.89 1.05 .20 (.08) -- 1.17 2003 15.83 1.06 .17 (.07) (.01) 1.15 2002 15.72 1.15 .03 (.11) (.01) 1.06 2001 14.64 1.17 1.04 (.26) -- 1.95 2000 14.25 1.21 .39 (.33) -- 1.27 Premier Insured Income (NIF) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(a) 16.00 .51 (.09) (.06) (.01) .35 2004 15.69 1.03 .36 (.08) -- 1.31 2003 15.59 1.05 .13 (.07) -- 1.11 2002 15.55 1.14 (.05) (.11) -- .98 2001 14.66 1.18 .85 (.26) -- 1.77 2000 14.25 1.20 .43 (.33) -- 1.30 =========================================================================================================== Less Distributions -------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value ========================================================================================================== Insured Quality (NQI) - ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(a) $ (.50) $ (.05) $ (.55) $ -- $ 15.69 $15.5900 2004 (1.02) (.05) (1.07) -- 15.85 16.0000 2003 (1.00) (.12) (1.12) -- 15.72 16.3900 2002 (.92) (.02) (.94) -- 15.87 15.5500 2001 (.85) -- (.85) -- 15.78 14.9200 2000 (.90) -- (.90) -- 14.51 13.6875 Insured Opportunity (NIO) - ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(a) (.48) (.03) (.51) -- 15.94 15.0000 2004 (.97) (.03) (1.00) -- 16.06 16.0500 2003 (.97) (.12) (1.09) -- 15.89 15.6400 2002 (.93) (.02) (.95) -- 15.83 15.2100 2001 (.87) -- (.87) -- 15.72 14.7400 2000 (.88) -- (.88) -- 14.64 13.0625 Premier Insured Income (NIF) - ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(a) (.48) (.09) (.57) -- 15.78 15.0800 2004 (.98) (.02) (1.00) -- 16.00 15.6400 2003 (.98) (.03) (1.01) -- 15.69 15.5100 2002 (.94) -- (.94) -- 15.59 15.3300 2001 (.88) -- (.88) -- 15.55 15.2500 2000 (.89) -- (.89) -- 14.66 13.5000 ========================================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------------------- After Credit/ Total Returns Before Credit/Reimbursement Reimbursement*** -------------------- --------------------------- ------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Based Ending Expenses Income to Expenses Income to on Net to Average Average to Average Average Based Common Assets Net Assets Net Assets Net Assets Net Assets on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio Market Asset to Common to Common to Common to Common to Common Turnover Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ==================================================================================================================================== Insured Quality (NQI) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2005(a) .98% 2.58% $ 599,643 1.20%* 6.76%* 1.20%* 6.77%* 9% 2004 4.37 7.90 605,028 1.19 6.88 1.19 6.88 8 2003 12.92 6.27 598,102 1.20 6.93 1.20 6.94 14 2002 10.82 6.83 601,495 1.23 7.22 1.21 7.24 44 2001 15.53 14.94 596,999 1.24 7.72 1.23 7.74 34 2000 10.94 10.86 549,120 1.24 8.48 1.23 8.49 24 Insured Opportunity (NIO) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2005(a) (3.37) 2.50 1,293,506 1.16* 6.47* 1.16* 6.48* 12 2004 9.47 7.64 1,302,985 1.16 6.59 1.16 6.59 8 2003 10.22 7.51 1,288,087 1.17 6.67 1.16 6.68 21 2002 9.80 7.01 1,283,353 1.20 7.42 1.19 7.42 37 2001 19.84 13.61 1,274,659 1.21 7.69 1.20 7.70 39 2000 5.06 9.25 1,186,701 1.20 8.47 1.20 8.48 16 Premier Insured Income (NIF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2005(a) .07 2.24 306,504 1.20* 6.47* 1.20* 6.48* 7 2004 7.55 8.62 310,666 1.21 6.53 1.20 6.53 13 2003 7.84 7.28 303,912 1.22 6.66 1.21 6.68 25 2002 6.84 6.57 301,121 1.25 7.40 1.23 7.42 43 2001 19.97 12.40 299,654 1.26 7.79 1.24 7.81 34 2000 9.92 9.41 282,544 1.26 8.37 1.24 8.39 21 ==================================================================================================================================== Preferred Shares at End of Period -------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================= Insured Quality (NQI) - ------------------------------------------------------------- Year Ended 10/31: 2005(a) $318,000 $ 25,000 $ 72,142 2004 318,000 25,000 72,565 2003 318,000 25,000 72,021 2002 318,000 25,000 72,287 2001 318,000 25,000 71,934 2000 318,000 25,000 68,170 Insured Opportunity (NIO) - ------------------------------------------------------------- Year Ended 10/31: 2005(a) 680,000 25,000 72,555 2004 680,000 25,000 72,904 2003 680,000 25,000 72,356 2002 680,000 25,000 72,182 2001 680,000 25,000 71,862 2000 680,000 25,000 68,629 Premier Insured Income (NIF) - ------------------------------------------------------------- Year Ended 10/31: 2005(a) 161,000 25,000 72,594 2004 161,000 25,000 73,240 2003 161,000 25,000 72,191 2002 161,000 25,000 71,758 2001 161,000 25,000 71,530 2000 161,000 25,000 68,873 ====================================================================================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the six months ended April 30, 2005. Spread 74 and 75 Financial Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
Investment Operations --------------------------------------------------------------------- Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total =========================================================================================================== Insured Premium Income 2 (NPX) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(c) $ 14.45 $ .45 $ (.07) $ (.06) $ -- $ .32 2004 14.24 .93 .23 (.07) -- 1.09 2003 14.17 .96 .03 (.06) -- .93 2002 13.94 .99 .16 (.10) -- 1.05 2001 13.05 1.01 .86 (.23) -- 1.64 2000 12.40 .99 .66 (.29) -- 1.36 Insured Dividend Advantage (NVG) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(c) 15.78 .50 -- (.06) (.01) .43 2004 15.41 1.02 .42 (.07) -- 1.37 2003 15.35 1.03 .15 (.07) (.01) 1.10 2002(a) 14.33 .55 1.10 (.05) -- 1.60 Insured Tax-Free Advantage (NEA) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(c) 14.75 .49 .20 (.06) -- .63 2004 14.54 .99 .21 (.07) -- 1.13 2003(b) 14.33 .82 .42 (.05) -- 1.19 =========================================================================================================== Less Distributions -------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value ========================================================================================================== Insured Premium Income 2 (NPX) - ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(c) $ (.43) $ -- $ (.43) $ -- $ 14.34 $13.3700 2004 (.88) -- (.88) -- 14.45 14.1100 2003 (.86) -- (.86) -- 14.24 14.1200 2002 (.82) -- (.82) -- 14.17 13.7700 2001 (.75) -- (.75) -- 13.94 13.7500 2000 (.71) -- (.71) -- 13.05 11.2500 Insured Dividend Advantage (NVG) - ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(c) (.46) (.12) (.58) -- 15.63 14.3000 2004 (.93) (.07) (1.00) -- 15.78 14.8900 2003 (.93) (.11) (1.04) -- 15.41 14.8100 2002(a) (.47) -- (.47) (.11) 15.35 14.9600 Insured Tax-Free Advantage (NEA) - ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2005(c) (.43) (.01) (.44) -- 14.94 14.1200 2004 (.92) (.01) (.93) .01 14.75 14.9100 2003(b) (.78) -- (.78) (.20) 14.54 14.7900 ========================================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------------------- After Credit/ Total Returns Before Credit/Reimbursement Reimbursement*** -------------------- --------------------------- ------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Based Ending Expenses Income to Expenses Income to on Net to Average Average to Average Average Based Common Assets Net Assets Net Assets Net Assets Net Assets on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio Market Asset to Common to Common to Common to Common to Common Turnover Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ==================================================================================================================================== Insured Premium Income 2 (NPX) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2005(c) (2.16)% 2.28% $ 535,650 1.17%* 6.35%* 1.17%* 6.35%* 12% 2004 6.42 7.89 539,697 1.16 6.52 1.16 6.53 14 2003 8.84 6.70 530,975 1.17 6.68 1.16 6.69 31 2002 6.32 7.83 527,800 1.20 7.13 1.19 7.14 26 2001 29.46 12.85 519,296 1.22 7.39 1.20 7.41 27 2000 4.35 11.35 486,009 1.22 7.87 1.20 7.88 55 Insured Dividend Advantage (NVG) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2005(c) (.02) 2.79 466,013 1.15* 6.03* .70* 6.48* 1 2004 7.61 9.19 470,389 1.15 6.09 .70 6.54 11 2003 6.10 7.37 459,368 1.17 6.22 .72 6.67 25 2002(a) 2.84 10.44 457,432 1.10* 5.71* .61* 6.20* 22 Insured Tax-Free Advantage (NEA) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2005(c) (2.31) 4.31 276,632 1.20* 6.17* .70* 6.66* 1 2004 7.41 8.07 273,112 1.20 6.24 .71 6.73 13 2003(b) 3.87 6.98 269,112 1.12* 5.52* .65* 6.00* 72 ==================================================================================================================================== Preferred Shares at End of Period -------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================= Insured Premium Income 2 (NPX) - ------------------------------------------------------------- Year Ended 10/31: 2005(c) $268,900 $ 25,000 $ 74,800 2004 268,900 25,000 75,176 2003 268,900 25,000 74,365 2002 268,900 25,000 74,070 2001 268,900 25,000 73,280 2000 268,900 25,000 70,185 Insured Dividend Advantage (NVG) - ------------------------------------------------------------- Year Ended 10/31: 2005(c) 233,000 25,000 75,001 2004 233,000 25,000 75,471 2003 233,000 25,000 74,288 2002(a) 233,000 25,000 74,081 Insured Tax-Free Advantage (NEA) - ------------------------------------------------------------- Year Ended 10/31: 2005(c) 144,000 25,000 73,026 2004 144,000 25,000 72,415 2003(b) 144,000 25,000 71,721 =============================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the period March 25, 2002 (commencement of operations) through October 31, 2002. (b) For the period November 21, 2002 (commencement of operations) through October 31, 2003. (c) For the six months ended April 30, 2005. Spread 76 and 77 Reinvest Automatically Easily and Conveniently Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 78 Other Useful INFORMATION Effective Jan. 1, 2005, the asset management services and operations of Nuveen Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part of Nuveen Asset Management (NAM). This internal consolidation is intended to simplify the delivery of services to the investment management clients of Nuveen Investments. It does not affect the investment objectives or portfolio management of any Fund. QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the 12-month period ended June 30, 2004, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 450 Fifth Street NW, Washington, D.C. 20549. GLOSSARY OF TERMS USED IN THIS REPORT AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a Fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by subtracting the liabilities of the Fund (including any MuniPreferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Eugene S. Sunshine FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. [GRAPHIC OMITTED] Learn more about Nuveen Funds at www.nuveen.com/etf Nuveen Investments: SERVING Investors For GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Managing more than $115 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools [LOGO] NUVEEN Investments ESA-D-0405D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable at this time. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (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: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Insured Tax-Free Advantage Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: July 8, 2005 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: July 8, 2005 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 8, 2005 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 file002.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured Tax-Free 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) 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) 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 (c) 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. Date: July 8, 2005 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured Tax-Free 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) 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) 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 (c) 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. Date: July 8, 2005 /s/ Stephen D. Foy ------------------------- -------------------------------- Vice President and Controller (principal financial officer) EX-99.906CERT 3 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Insured Tax-Free Advantage Municipal Fund (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended April 30, 2005 (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. Date: July 8, 2005 ----------------------- /s/ Gifford R. Zimmerman --------------------- Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------- Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----