N-CSRS 1 file001.txt NUVEEN INSURED FLORIDA TAX-FREE ADV MUNI 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 811-21215 --------------------- Nuveen Insured Florida 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: June 30 ------------------ Date of reporting period: December 31, 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 December 31, 2005 Nuveen Investments Municipal Exchange-Traded Closed-End Funds NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND NQF NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND NUF NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND NFL NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND NWF Photo of: Man, woman and child at the beach. Photo of: A child. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments Photo of: Woman Photo of: Man and child Photo of: Woman 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 of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Chairman's LETTER TO SHAREHOLDERS I am pleased to report that over the 6-month period covered by this report your Fund continued to provide you with attractive monthly tax-free income. For more details about the management strategy and performance of your Fund, please read the Portfolio Manager's Comments, the Dividend and Share Price Information, and the Performance Overview sections of this report. Portfolio diversification is a recognized way to try to reduce some of the risk that comes with investing. Since one part of your portfolio may be going up when another is going down, portfolio diversification may help smooth your investment returns over time. In addition to providing regular tax-free monthly income, a municipal bond investment like your Fund may help you achieve and benefit from greater portfolio diversification. Your financial advisor can explain these potential advantages in more detail. I urge you to contact him or her soon for more information on this important investment strategy. "IN ADDITION TO PROVIDING REGULAR TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER PORTFOLIO DIVERSIFICATION." As you look through this report, be sure to review the inside front cover. This contains information on how you can receive future Fund reports and other Fund information faster by using e-mails and the Internet. Sign up is quick and easy - just follow the step-by-step instructions. 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 February 15, 2006 Nuveen Florida Municipal Exchange-Traded Closed-End Funds (NQF, NUF, NFL, NWF) Portfolio Manager's COMMENTS Portfolio manager Cathryn Steeves discusses key investment strategies and the semiannual performance of these four Nuveen Florida Funds. Cathryn, who joined Nuveen in 1996, assumed portfolio management responsibility for NQF and NUF in January 2005 and for NFL and NWF in May 2005. WHAT KEY STRATEGIES WERE USED TO MANAGE THE FLORIDA FUNDS DURING THE SIX-MONTH PERIOD ENDED DECEMBER 31, 2005? Over this period, shorter-term interest rates rose faster than longer-term rates. As a result, bond valuations generally declined and the yield curve flattened (shorter-term rates approached the levels of longer-term rates). In this environment, one of our key strategies continued to be careful duration management. (Duration is a measure of a bond's price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations.) In this environment, our purchase activity during this period tended to focus on bonds that mature in about 25 years. As the yield curve flattened, we believed these bonds generally offered more attractive opportunities and the best values, while also contributing to the Funds' strategic duration positioning. Our purchases also continued to emphasize attractively priced premium bonds. (Premium bonds are priced above their par value because their coupons are higher than prevailing interest rates at the time of purchase.) Premium bonds have been in great demand recently because, historically, they have held their value better when interest rates rise than bonds whose coupon payments are closer to the prevailing rate level. Although our main focuses were on longer maturities and premium bonds, we also kept an opportunistic eye out for any type of issuance that we believed could add value, and we found the healthcare sector to be particularly attractive during this period. In addition, the majority of our new purchases were highly rated and/or insured, reflecting the overall high credit quality of new issue supply. Although issuance in Florida during the second half of 2005 was down slightly from the previous six-month period, the municipal market in Florida--which ranked as the fourth largest state issuer behind California, New York, and Texas--continued to provide ample opportunities to find the types of bonds we were seeking. 4 To help us maintain the Funds' durations within our preferred range, we selectively sold holdings with shorter maturities, including pre-refunded bonds, and reinvested the proceeds in bonds with longer maturities. Proceeds from called bonds also were reinvested in bonds with longer maturities. In NWF, we also continued to use forward interest rate swaps, a type of derivative financial instrument, to help us reduce the interest rate risk, or volatility, of this Fund. As discussed in our last shareholder report, we began using this hedging strategy in late 2004. These hedges were not an attempt to profit from correctly predicting the timing and direction of interest rate movements. Instead, our sole objective was to reduce NWF's duration without having a negative impact on the Fund's income stream or common share dividends over the short term. During this reporting period, this hedging strategy performed as expected and had a positive impact on NWF's performance. HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as for comparative indexes and averages, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE* For periods ended 12/31/05 6-MONTH 1-YEAR 5-YEAR 10-YEAR -------------------------------------------------------------------------------- FLORIDA FUNDS -------------------------------------------------------------------------------- NQF -0.16% 4.17% 7.31% 6.30% -------------------------------------------------------------------------------- NUF 0.04% 4.36% 7.18% 6.10% -------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index1 0.60% 3.51% 5.59% 5.72% -------------------------------------------------------------------------------- INSURED FLORIDA FUNDS -------------------------------------------------------------------------------- NFL -0.30% 3.30% 6.64% 6.21% -------------------------------------------------------------------------------- NWF 0.43% 4.99% NA NA -------------------------------------------------------------------------------- Lehman Brothers Insured Municipal Bond Index1 0.61% 3.66% 5.78% 5.88% -------------------------------------------------------------------------------- Lipper Florida Municipal Debt Funds Average2 0.41% 4.67% 6.51% 5.92% -------------------------------------------------------------------------------- *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. 1 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds, and the Lehman Brothers Insured Municipal Bond Index is an unleveraged, unmanaged national index containing a broad range of insured municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The Lipper Florida Municipal Debt Funds category average is calculated using the returns of all exchange-traded closed-end funds in this category for each period as follows: 6 months, 18 funds; 1 year, 18 funds; 5 years, 12 funds; and 10 years, 10 funds. Fund and Lipper returns assume reinvestment of dividends. 5 For the six months ended December 31, 2005, the cumulative returns on net asset value (NAV) for NQF and NUF underperformed the return on the Lehman Brothers Municipal Bond Index, and the performances of NFL and NWF trailed the return for the Lehman Brothers Insured Municipal Bond Index. NWF bested the average return for the Lipper Florida peer group over the six-month reporting period, while the other three Funds lagged this Lipper average. One of the factors affecting the Funds' six-month performance relative to that of the unleveraged Lehman Brothers index was the Funds' use of financial leverage. While leveraging provides opportunities for additional income and total returns for common shareholders when interest rates fall or remain consistently low (as has been the case over the past several years), this benefit is reduced when interest rates rise. With the increase in both short-term and long-term rates over this six-month period, the decline in value of the bonds in these Funds' portfolios was exacerbated by the effect of leveraging. In addition, the extent of the leverage benefit is tied in part to the short-term rates the Funds pay their MuniPreferred(R) shareholders. During periods of low short-term rates, leveraged Funds generally pay lower dividends to their MuniPreferred shareholders, which can leave more earnings to support common share dividends. When short-term interest rates rise, as they did during this reporting period, the Funds' borrowing costs also rise, impacting the Funds' expenses, income streams and total returns. However, we remain convinced that leveraging is likely to benefit the performance of these Funds over the long term. During this period, both NQF and NUF benefited from their allocations of lower-quality credits, as bonds rated BBB or lower and non-rated bonds generally outperformed higher-rated securities. This was largely the result of investor demand for the higher yields typically associated with lower-quality bonds, which drove up the value of these bonds. NWF is required to invest predominantly in insured or U.S. guaranteed bonds, but may invest up to 20% of its assets in uninsured investment-grade quality securities. Over this period, NWF benefited from its 9% allocation of A rated bonds and 2% allocation to non-rated bonds. (As an all-insured Fund, NFL only held insured or U.S. guaranteed bonds.) As 6 mentioned earlier, the hedging strategy we employed in NWF also was a major contributor to this Fund's return for the period. Among the holdings making positive contributions to all of the Funds' cumulative returns for this period were industrial development and healthcare bonds, which ranked as the top two sectors in terms of performance among the Lehman Brothers municipal index revenue sectors for the period. However, NFL's performance was hampered by its relatively smaller weighting in healthcare, and by its 100% high quality portfolio, as lower-rated healthcare bonds generally posted the best performance in this sector. Housing bonds, particularly those issued for multifamily housing, were also some of the best performing credits in the Funds' portfolios, as rising interest rates lessened the incidence and impact of prepayments and calls on these bonds. During this six-month period, the Funds' holdings of pre-refunded bonds tended to underperform the general municipal market. Both NQF and NFL had relatively heavy weightings in these pre-refunded bonds, which negatively impacted their performances. As of December 31, 2005, NQF also held 1.3% of its portfolio in tobacco bonds issued by Puerto Rico, which slightly underperformed the market over this period. HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF DECEMBER 31, 2005? As of December 31, 2005, NQF and NUF continued to offer excellent credit quality, with NQF allocating 81% of its portfolio to bonds rated AAA/U.S. guaranteed and AA, and NUF allocating 80% to these credit categories. NFL continued to be 100% invested in insured and/or U.S. guaranteed securities, while NWF, which can invest up to 20% of its assets in uninsured investment-grade quality securities, had allocated 86% of its portfolio to insured bonds. As of December 31, 2005, potential call exposure during 2006 and 2007 ranged from 2% in NWF to 6% in NQF, 9% in NUF and 12% in NFL. 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 of these Funds use leverage to potentially enhance the income available to pay common shareholders. The extent of this benefit is tied in part to the short-term rates these leveraged Funds pay their MuniPreferred(R) shareholders. During periods of low short-term rates, leveraged Funds generally pay lower dividends to their 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 still provided an income benefit for common shareholders, the extent of this benefit was reduced. This resulted in a single monthly dividend reduction in NFL and NWF and two reductions in NQF and NUF over the six-month period ended December 31, 2005. In addition, due to normal portfolio activity, common shareholders of NFL received a long-term capital gains distribution of $0.1440 per share at the end of December 2005. This relatively large distribution, which represented an important part of NFL's total return for this period, was generated by bond calls and the sale of appreciated securities. This had a slight negative impact on the Fund's earning power per common share and was a minor factor in the per share dividend reduction noted above. All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of December 31, 2005, NQF and NFL had positive UNII balances for both financial statement and tax purposes, while NUF and NWF had positive UNII balances for tax purposes and negative UNII balances for financial statement purposes. As of December 31, 2005, the Funds' share prices were trading at discounts to their NAVs as shown in the accompanying chart: 12/31/05 6-MONTH AVERAGE DISCOUNT DISCOUNT -------------------------------------------------------------------------------- NQF -7.51% -1.11% -------------------------------------------------------------------------------- NUF -9.34% -4.66% -------------------------------------------------------------------------------- NFL -3.90% -1.86% -------------------------------------------------------------------------------- NWF -8.29% -3.09% -------------------------------------------------------------------------------- 8 Nuveen Florida Investment Quality Municipal Fund NQF Performance OVERVIEW As of December 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 73% AA 8% A 12% BBB 4% N/R 3% Bar Chart: 2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE Jan 0.08 Feb 0.08 Mar 0.077 Apr 0.077 May 0.077 Jun 0.073 Jul 0.073 Aug 0.073 Sep 0.069 Oct 0.069 Nov 0.069 Dec 0.0655 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 1/01/05 15.31 15.26 15.35 15.65 15.46 15.7 15.46 15.34 15.27 15.19 15.29 15.28 15.39 15.52 15.4 15.42 15.51 15.59 15.83 16.05 16.04 16.15 16.11 16.38 16.2 16.11 16.31 16.26 16.11 15.87 15.91 15.7 15.65 15.93 15.74 15.72 15.89 15.94 15.97 15.93 15.86 15.81 16 15.95 15.97 16 15.9 15.63 15.51 15.33 15.35 15.23 15.26 15.18 15 14.5 14.5 14.32 14.27 14.35 14.55 14.64 14.79 14.75 14.85 15.05 14.85 14.88 14.97 14.84 14.75 14.8 14.82 14.83 14.77 14.73 14.82 14.78 14.74 14.73 14.82 14.83 14.83 14.99 14.99 14.92 14.97 14.93 15.03 15.22 15.15 15.2 15.29 15.32 15.27 15.58 15.44 15.42 15.59 15.56 15.63 15.61 15.71 15.79 15.83 15.83 15.92 15.95 15.94 15.85 15.76 15.61 15.51 15.58 15.45 15.52 15.49 15.4 15.49 15.59 15.53 15.54 15.52 15.49 15.48 15.48 15.46 15.4 15.58 15.61 15.64 15.57 15.63 15.65 15.61 15.6 15.58 15.63 15.75 15.75 15.94 15.85 15.85 15.9 16.09 16.1 16.1 16.05 16.02 16.1 15.95 16.03 15.83 15.78 15.95 15.81 15.86 15.98 16.01 15.95 15.88 15.86 15.89 15.86 15.87 15.81 15.92 15.8 15.82 15.98 15.91 16.04 15.95 16.13 16.25 16.3 16.32 16.28 16.04 16.1 15.84 15.74 15.88 15.73 15.68 15.68 15.39 15.3 15.4 15.38 15.54 15.43 15.4 15.24 15.05 15.14 15.02 14.95 14.76 14.52 14.41 14.33 14.28 14.33 14.35 14.4 14.42 14.42 14.31 14.34 14.34 14.29 14.27 14.27 14.25 14.31 14.3 14.38 14.33 14.14 14.2 14.19 14.04 14.07 14.27 14.17 14.2 14.22 14.27 14.23 14.25 14.23 14.3 14.2 14.21 14.17 14.18 14.16 14.15 14.18 14.2 14.02 14.07 14.05 14 13.82 13.85 13.85 13.99 13.88 13.84 13.91 14.01 14.04 12/31/05 14.04 (Sidebar) FUND SNAPSHOT ------------------------------------ Common Share Price $14.04 ------------------------------------ Common Share Net Asset Value $15.18 ------------------------------------ Premium/(Discount) to NAV -7.51% ------------------------------------ Market Yield 5.64% ------------------------------------ Taxable-Equivalent Yield1 7.83% ------------------------------------ Net Assets Applicable to Common Shares ($000) $251,791 ------------------------------------ Average Effective Maturity on Securities (Years) 16.09 ------------------------------------ Leverage-Adjusted Duration 8.32 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 2/21/91) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -6.72% -0.16% ------------------------------------ 1-Year -2.15% 4.17% ------------------------------------ 5-Year 6.85% 7.31% ------------------------------------ 10-Year 5.26% 6.30% ------------------------------------ INDUSTRIES (as a % of total investments) ------------------------------------ Tax Obligation/Limited 25.2% ------------------------------------ Transportation 15.5% ------------------------------------ U.S. Guaranteed 12.2% ------------------------------------ Health Care 11.2% ------------------------------------ Utilities 9.3% ------------------------------------ Water and Sewer 9.0% ------------------------------------ Tax Obligation/General 7.9% ------------------------------------ Other 9.7% ------------------------------------ 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%. When comparing this Fund to investments that generate qualified dividend income, the taxable equivalent yield is lower. 9 Nuveen Florida Quality Income Municipal Fund NUF Performance OVERVIEW As of December 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 69% AA 11% A 15% BBB 3% N/R 2% Bar Chart: 2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE Jan 0.08 Feb 0.08 Mar 0.076 Apr 0.076 May 0.076 Jun 0.072 Jul 0.072 Aug 0.072 Sep 0.068 Oct 0.068 Nov 0.068 Dec 0.0635 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 1/01/05 15.41 15.55 15.8 15.68 15.72 15.71 15.9 15.69 15.68 15.68 15.58 15.65 15.6 15.66 15.67 15.6 15.63 15.69 15.69 15.76 15.71 15.72 15.72 15.8 15.84 15.94 15.93 16 15.76 15.9 15.9 15.9 15.73 15.67 15.65 16 15.75 15.77 15.99 16 16.04 16.04 15.96 15.88 15.97 15.89 15.79 15.85 15.5 15.29 15.16 15.09 14.92 14.7 14.49 13.98 14 14.03 14.11 14.2 14.4 14.49 14.67 14.6 14.51 14.54 14.59 14.6 14.65 14.67 14.58 14.66 14.62 14.66 14.71 14.67 14.65 14.55 14.63 14.76 14.93 14.84 14.84 15.03 15.02 15.05 15.05 15.02 15.06 15.24 15.2 15.15 15.12 15.13 15.19 15.26 15.25 15.26 15.4 15.59 15.65 15.62 15.67 15.66 15.87 16 15.9 15.92 16.04 15.98 15.85 15.76 15.74 15.64 15.45 15.46 15.45 15.4 15.4 15.45 15.34 15.35 15.32 15.25 15.29 15.27 15.21 15.19 15.34 15.24 15.21 15.14 15.1 14.97 14.97 14.96 14.89 14.88 14.87 14.75 14.8 14.9 14.92 15 15.09 15.1 15.1 15.03 15 15.01 15.07 15.09 15.14 15.1 15.2 15.15 15.28 15.19 15.25 15.26 15.29 15.23 15.2 15.32 15.37 15.48 15.71 15.85 15.75 15.9 15.81 15.99 15.84 15.76 15.82 15.55 15.55 15.5 15.29 15.11 14.97 14.96 14.95 14.9 14.78 14.74 14.69 14.59 14.64 14.65 14.63 14.66 14.58 14.62 14.59 14.54 14.53 14.44 14.47 14.38 14.2 14.12 14.11 14.13 14.14 14.28 14.29 14.24 14.15 14.17 14.25 14.25 14.45 14.45 14.34 14.45 14.34 14.28 14.15 14.02 14.06 14.09 14.05 14.01 14.01 14.02 13.98 14.02 14.06 14.02 14.09 14.07 14.07 14.02 14.03 13.83 13.8 13.84 13.84 13.89 13.84 13.66 13.73 13.66 13.7 13.62 13.52 13.52 13.55 13.62 13.66 13.7 13.8 13.88 12/31/05 13.88 (Sidebar) FUND SNAPSHOT ------------------------------------ Common Share Price $13.88 ------------------------------------ Common Share Net Asset Value $15.31 ------------------------------------ Premium/(Discount) to NAV -9.34% ------------------------------------ Market Yield 5.49% ------------------------------------ Taxable-Equivalent Yield1 7.63% ------------------------------------ Net Assets Applicable to Common Shares ($000) $218,995 ------------------------------------ Average Effective Maturity on Securities (Years) 16.17 ------------------------------------ Leverage-Adjusted Duration 8.19 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 10/17/91) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -6.52% 0.04% ------------------------------------ 1-Year -5.43% 4.36% ------------------------------------ 5-Year 5.23% 7.18% ------------------------------------ 10-Year 5.64% 6.10% ------------------------------------ INDUSTRIES (as a % of total investments) ------------------------------------ Tax Obligation/Limited 27.9% ------------------------------------ Transportation 14.5% ------------------------------------ Health Care 14.1% ------------------------------------ Utilities 8.4% ------------------------------------ Housing/Multifamily 7.7% ------------------------------------ Water and Sewer 6.8% ------------------------------------ Tax Obligation/General 6.2% ------------------------------------ Education and Civic Organizations 5.3% ------------------------------------ Other 9.1% ------------------------------------ 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%. When comparing this Fund to investments that generate qualified dividend income, the taxable equivalent yield is lower. 10 Nuveen Insured Florida Premium Income Municipal Fund NFL Performance OVERVIEW As of December 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 92% U.S. Guaranteed 8% Bar Chart: 2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Jan 0.08 Feb 0.08 Mar 0.077 Apr 0.077 May 0.077 Jun 0.073 Jul 0.073 Aug 0.073 Sep 0.0695 Oct 0.0695 Nov 0.0695 Dec 0.0695 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 1/01/05 16.02 16.08 16.4 16.35 16.33 16.33 16.5 16 15.94 15.92 15.8 15.85 16.06 16.28 16.43 16.5 16.71 16.58 16.51 16.85 16.43 16.4 16.3 16.44 16.44 16.5 16.55 16.65 16.52 16.5 16.5 16.4 16.24 16.45 16.58 16.4 16.5 16.44 16.42 16.25 16.25 16.27 16.15 16.19 16.19 15.97 15.85 15.78 15.39 15.15 15.19 15.25 15.25 15.24 15.15 15.04 14.77 14.87 14.92 14.9 15.05 15.19 15.36 15.45 15.48 15.54 15.52 15.69 15.66 15.56 15.57 15.76 15.92 15.84 15.56 15.4 15.52 15.5 15.39 15.58 15.7 15.94 15.94 15.9 15.95 15.88 15.89 15.97 15.85 15.91 15.8 15.74 15.74 15.83 15.71 15.85 15.94 15.97 16.05 16.15 16.08 16.15 16.22 16.27 16.39 16.34 16.25 16.35 16.31 16.42 16.32 16.31 16.26 16.33 16.33 16.27 16.33 16.4 16.38 16.36 16.39 16.47 16.49 16.47 16.65 16.74 16.63 16.6 16.82 16.7 16.85 16.7 16.67 16.41 16.33 16.31 16.37 16.29 16.27 16.23 16.24 16.22 16.18 16.3 16.35 16.25 16.25 16.17 16.17 16.2 16.15 16.06 16.02 16.01 16.11 16.01 16.03 16.06 16.1 16.05 16.1 16.02 16.05 15.99 16.05 16.09 16.16 16.23 16.22 16.3 16.3 16.27 16.23 16.14 16.11 16.15 16.08 15.96 15.92 15.64 15.57 15.51 15.61 15.53 15.44 15.27 15.25 15.19 15.31 15.33 15.41 15.26 15.34 15.5 15.45 15.51 15.42 15.53 15.48 15.42 15.48 15.22 15.06 14.9 14.9 15.11 15.06 15.16 14.83 15 15.02 15.19 15.31 15.23 15.18 15.05 15.2 15.22 15.03 15 14.94 14.85 14.81 14.85 14.91 14.68 14.72 14.77 14.77 14.8 14.85 14.81 14.77 14.8 14.83 14.76 14.79 14.83 14.94 14.99 15.03 14.77 14.83 14.84 14.93 14.83 14.71 14.83 14.8 14.82 14.86 14.92 14.99 15.03 12/31/05 15.03 (Sidebar) FUND SNAPSHOT ------------------------------------ Common Share Price $15.03 ------------------------------------ Common Share Net Asset Value $15.64 ------------------------------------ Premium/(Discount) to NAV -3.90% ------------------------------------ Market Yield 5.55% ------------------------------------ Taxable-Equivalent Yield1 7.71% ------------------------------------ Net Assets Applicable to Common Shares ($000) $224,985 ------------------------------------ Average Effective Maturity on Securities (Years) 16.46 ------------------------------------ Leverage-Adjusted Duration 7.83 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -6.85% -0.30% ------------------------------------ 1-Year -0.15% 3.30% ------------------------------------ 5-Year 8.07% 6.64% ------------------------------------ 10-Year 7.60% 6.21% ------------------------------------ INDUSTRIES (as a % of total investments) ------------------------------------ Tax Obligation/Limited 35.1% ------------------------------------ Water and Sewer 20.9% ------------------------------------ Transportation 12.6% ------------------------------------ Housing/Multifamily 9.7% ------------------------------------ U.S. Guaranteed 7.7% ------------------------------------ Health Care 5.6% ------------------------------------ Other 8.4% ------------------------------------ 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%. When comparing this Fund to investments that generate qualified dividend income, the taxable equivalent yield is lower. 2 The Fund also paid shareholders a capital gains distribution in December 2005 of $0.1440 per share. 11 Nuveen Insured Florida Tax-Free Advantage Municipal Fund NWF Performance OVERVIEW As of December 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 82% U.S. Guaranteed 4% AAA (Uninsured) 1% AA (Uninsured) 2% A (Uninsured) 9% N/R (Uninsured) 2% Bar Chart: 2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE Jan 0.0665 Feb 0.0665 Mar 0.0625 Apr 0.0625 May 0.0625 Jun 0.0595 Jul 0.0595 Aug 0.0595 Sep 0.0575 Oct 0.0575 Nov 0.0575 Dec 0.0575 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 1/01/05 13.56 13.5 13.48 13.53 13.45 13.55 13.56 13.59 13.67 13.5 13.61 13.66 13.67 13.58 13.67 13.74 13.83 13.84 13.83 13.86 13.79 13.92 14.02 14.17 14.21 14.17 14.18 14.02 14.17 14.18 14.1 14.1 14.08 13.8 13.89 13.86 13.86 14.02 13.94 13.88 13.86 13.9 13.9 14.02 14.02 13.88 13.9 13.84 13.66 13.46 13.41 13.55 13.5 13.47 13.25 13.2 13.19 13.02 13.05 13.16 13.19 13.25 13.42 13.46 13.69 13.68 13.33 13.44 13.52 13.31 13.4 13.4 13.32 13.42 13.23 13.4 13.4 13.32 13.32 13.4 13.54 13.61 13.61 13.64 13.56 13.52 13.5 13.58 13.59 13.6 13.54 13.53 13.66 13.74 13.75 13.93 13.92 13.91 13.94 13.95 14.16 14.11 14.08 14.2 14.34 14.39 14.37 14.41 14.42 14.34 14.22 14.2 14.07 14.04 14.05 13.92 13.91 13.8 13.84 13.94 13.93 13.9 14.1 14.36 14.4 14.26 14.26 14.23 14.29 14.42 14.42 14.42 14.52 14.62 14.6 14.51 14.69 14.94 15.32 15.3 14.95 14.83 14.77 14.8 15 15.34 15.34 15.16 15.08 15.01 14.94 14.91 14.92 14.8 14.85 14.59 14.67 14.58 14.68 14.82 14.84 14.82 14.67 14.61 14.5 14.55 14.53 14.55 14.56 14.59 14.59 14.6 14.53 14.68 14.5 14.46 14.41 14.38 14.36 14.15 14.17 14.25 14.07 14.28 14.03 13.95 13.91 13.92 14 14.01 14.04 14.03 14.08 14 14.07 14.05 14.06 13.89 13.76 13.71 13.79 13.58 13.5 13.57 13.46 13.75 13.7 13.56 13.53 13.57 13.58 13.78 13.8 13.65 13.6 13.58 13.6 13.7 13.56 13.41 13.43 13.32 13.39 13.3 13.29 13.29 13.32 13.3 13.29 13.29 13.19 13.15 13.26 13.19 13.09 13.14 13.21 13.22 13.2 13.21 13.18 13.1 13.1 13.13 13.19 13.14 13.14 13.14 13.19 13.27 13.22 13.29 13.28 13.27 12/31/05 13.27 (Sidebar) FUND SNAPSHOT ------------------------------------ Common Share Price $13.27 ------------------------------------ Common Share Net Asset Value $14.47 ------------------------------------ Premium/(Discount) to NAV -8.29% ------------------------------------ Market Yield 5.20% ------------------------------------ Taxable-Equivalent Yield1 7.22% ------------------------------------ Net Assets Applicable to Common Shares ($000) $56,195 ------------------------------------ Average Effective Maturity on Securities (Years) 18.62 ------------------------------------ Leverage-Adjusted Duration 7.28 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -4.60% 0.43% ------------------------------------ 1-Year 3.23% 4.99% ------------------------------------ Since Inception 1.46% 5.93% ------------------------------------ INDUSTRIES (as a % of total investments) ------------------------------------ Tax Obligation/Limited 45.9% ------------------------------------ Water and Sewer 15.7% ------------------------------------ Health Care 10.7% ------------------------------------ Education and Civic Organizations 9.8% ------------------------------------ Transportation 7.2% ------------------------------------ Other 10.7% ------------------------------------ 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%. When comparing this Fund to investments that generate qualified dividend income, the taxable equivalent yield is lower. 12 Shareholder MEETING REPORT Approval of the new investment management agreement and sub-advisory agreements were the proposals voted upon at the July 26, 2005, shareholder meeting held at The Northern Trust Bank. Approval of the Board Members was the proposal voted upon at the November 15, 2005, shareholder meeting held at the offices of Nuveen Investments.
NQF NUF ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred shares voting shares voting together together as a class as a class ==================================================================================================================================== For 15,241,608 13,071,165 Against 129,543 163,854 Abstain 190,984 144,992 ------------------------------------------------------------------------------------------------------------------------------------ Total 15,562,135 13,380,011 ==================================================================================================================================== APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== Robert P. Bremner For 15,363,579 -- 13,153,273 -- Withhold 72,274 -- 172,729 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 -- 13,326,002 -- ==================================================================================================================================== Lawrence H. Brown For 15,350,251 -- 13,144,397 -- Withhold 85,602 -- 181,605 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 -- 13,326,002 -- ==================================================================================================================================== Jack B. Evans For 15,360,006 -- 13,156,437 -- Withhold 75,847 -- 169,565 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 -- 13,326,002 -- ==================================================================================================================================== William C. Hunter For 15,360,006 -- 13,154,424 -- Withhold 75,847 -- 171,578 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 -- 13,326,002 -- ==================================================================================================================================== David J. Kundert For 15,353,923 -- 13,150,948 -- Withhold 81,930 -- 175,054 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 -- 13,326,002 -- ==================================================================================================================================== William J. Schneider For -- 5,034 -- 4,118 Withhold -- 25 -- 16 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 5,059 -- 4,134 ==================================================================================================================================== Timothy R. Schwertfeger For -- 5,034 -- 4,118 Withhold -- 25 -- 16 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 5,059 -- 4,134 ==================================================================================================================================== Judith M. Stockdale For 15,349,160 13,154,201 -- Withhold 86,693 171,801 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 13,326,002 -- ==================================================================================================================================== Eugene S. Sunshine For 15,349,156 -- 13,154,424 -- Withhold 86,697 -- 171,578 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,435,853 -- 13,326,002 -- ====================================================================================================================================
13
Shareholder MEETING REPORT (continued) NFL NWF ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred shares voting shares voting together together as a class as a class ==================================================================================================================================== For 13,297,551 3,740,610 Against 109,207 26,724 Abstain 183,128 79,324 ------------------------------------------------------------------------------------------------------------------------------------ Total 13,589,886 3,846,658 ==================================================================================================================================== APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== Robert P. Bremner For 13,193,004 -- 3,701,465 -- Withhold 105,382 -- 42,266 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,298,386 -- 3,743,731 -- ==================================================================================================================================== Lawrence H. Brown For 13,188,445 -- 3,701,129 -- Withhold 109,941 -- 42,602 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,398,386 -- 3,743,731 -- ==================================================================================================================================== Jack B. Evans For 13,188,404 -- 3,705,465 -- Withhold 109,982 -- 38,266 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,298,386 -- 3,743,731 -- ==================================================================================================================================== William C. Hunter For 13,193,004 -- 3,706,131 -- Withhold 105,382 -- 37,600 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,298,386 -- 3,743,731 -- ==================================================================================================================================== David J. Kundert For 13,192,304 -- 3,701,281 -- Withhold 106,082 -- 42,450 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,298,386 -- 3,743,731 -- ==================================================================================================================================== William J. Schneider For -- 4,294 -- 1,159 Withhold -- 27 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 4,321 -- 1,159 ==================================================================================================================================== Timothy R. Schwertfeger For -- 4,294 -- 1,159 Withhold -- 27 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 4,321 -- 1,159 ==================================================================================================================================== Judith M. Stockdale For 13,190,390 3,705,631 -- Withhold 107,996 38,100 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,298,386 3,743,731 -- ==================================================================================================================================== Eugene S. Sunshine For 13,192,304 -- 3,704,781 -- Withhold 106,082 -- 38,950 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 13,298,386 -- 3,743,731 -- ====================================================================================================================================
14 Nuveen Florida Investment Quality Municipal Fund (NQF) Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.0% (1.3% OF TOTAL INVESTMENTS) $ 5,000 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 5,022,300 Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 5.7% (3.8% OF TOTAL INVESTMENTS) 1,295 Broward County Educational Facilities Authority, Florida, 4/14 at 100.00 AAA 1,412,975 Revenue Bonds, Nova Southeastern University, Series 2004A, 5.250%, 4/01/16 - AMBAC Insured 2,000 Broward County Educational Facilities Authority, Florida, 4/14 at 100.00 BBB 2,095,640 Revenue Bonds, Nova Southeastern University, Series 2004B, 5.625%, 4/01/34 3,000 Florida Board of Education, Lottery Revenue Bonds, 1/13 at 101.00 AAA 3,239,130 Series 2002C, 5.000%, 1/01/15 - MBIA Insured 1,000 Florida Board of Education, Lottery Revenue Bonds, No Opt. Call AAA 1,085,600 Series 2005A, 5.250%, 7/01/11 - AMBAC Insured Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2004A: 2,290 5.000%, 4/01/19 - AMBAC Insured 4/14 at 100.00 AAA 2,437,064 3,305 5.000%, 4/01/22 - AMBAC Insured 4/14 at 100.00 AAA 3,495,864 575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 598,357 Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 13,465 Total Education and Civic Organizations 14,364,630 ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 16.8% (11.2% OF TOTAL INVESTMENTS) 1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,008,310 Bonds, Health First Inc., Project, Series 2005, 5.000%, 4/01/34 3,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 3,045,390 Revenue Bonds, Adventist Health System, Series 2005B, 5.000%, 11/15/30 4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ 4,961,928 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: 1,000 5.250%, 10/01/28 10/13 at 100.00 A3 1,035,640 2,330 5.250%, 10/01/34 10/13 at 100.00 A3 2,408,451 2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 A 2,443,467 Medical Center Project, Series 2002, 5.375%, 7/01/22 3,000 Miami-Dade County Health Facility Authority, Florida, Hospital 8/11 at 101.00 AAA 3,140,340 Revenue Refunding Bonds, Miami Children's Hospital, Series 2001A, 5.125%, 8/15/26 - AMBAC Insured 550 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- 587,252 Improvement Bonds, Series 2001, 6.000%, 1/15/31 3,695 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A 3,945,373 Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/27 Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: 3,410 5.500%, 12/01/21 12/11 at 101.00 A 3,578,659 2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,460,159 7,500 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 7,915,275 Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/33 5,375 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- 5,762,215 Bonds, Series 2002, 5.625%, 5/01/32 ------------------------------------------------------------------------------------------------------------------------------------ 40,145 Total Health Care 42,292,459 ------------------------------------------------------------------------------------------------------------------------------------ 15 Nuveen Florida Investment Quality Municipal Fund (NQF) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.5% (1.1% OF TOTAL INVESTMENTS) $ 1,090 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA $ 1,129,142 Housing Revenue Bonds, Emerald Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) 135 Florida Housing Finance Agency, General Mortgage Revenue 6/06 at 100.00 AA 136,268 Refunding Bonds, Series 1992A, 6.400%, 6/01/24 2,500 Florida Housing Finance Agency, Housing Revenue Bonds, 9/06 at 102.00 AAA 2,568,875 Mariner Club Apartments, Series 1996K-1, 6.375%, 9/01/36 - AMBAC Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 3,725 Total Housing/Multifamily 3,834,285 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.9% (0.7% OF TOTAL INVESTMENTS) 650 Florida Housing Finance Agency, Homeowner Mortgage 1/07 at 102.00 AA 660,920 Revenue Bonds, New Money and Refunding Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) 1,385 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102.00 AAA 1,430,567 Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 - MBIA Insured (Alternative Minimum Tax) 170 Manatee County Housing Finance Authority, Florida, Single 5/06 at 105.00 Aaa 171,853 Family Mortgage Revenue Bonds, Series 1996-1, 7.450%, 5/01/27 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 2,205 Total Housing/Single Family 2,263,340 ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.8% (1.2% OF TOTAL INVESTMENTS) 1,750 Palm Beach County Health Facilities Authority, Florida, 11/06 at 102.00 BBB+ 1,802,185 Retirement Community Revenue Bonds, Adult Communities Total Services Inc. Obligated Group, Series 1996, 5.625%, 11/15/20 St. John's County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: 1,125 5.850%, 8/01/24 8/14 at 101.00 N/R 1,214,843 1,565 5.625%, 8/01/34 8/14 at 101.00 N/R 1,627,209 ------------------------------------------------------------------------------------------------------------------------------------ 4,440 Total Long-Term Care 4,644,237 ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 2.4% (1.6% OF TOTAL INVESTMENTS) 5,400 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 6,017,922 Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 11.9% (7.9% OF TOTAL INVESTMENTS) 1,920 Florida Department of Transportation, Full Faith and Credit 7/14 at 101.00 AAA 2,108,314 Right-of-Way Acquisition and Bridge Construction Bonds, Series 2004A, 5.250%, 7/01/19 1,500 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA 1,591,875 Education Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/22 - MBIA Insured 2,080 Florida State Board of Education, Full Faith and Credit Public 6/13 at 100.00 AAA 2,209,646 Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/21 - AMBAC Insured 9,230 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 9,639,719 Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31 - FGIC Insured 8,000 Florida State Board of Education, Full Faith and Credit, Public 6/12 at 100.00 AAA 8,733,440 Education Capital Outlay Refunding Bonds, Series 2002D, 5.375%, 6/01/16 Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2004A: 3,510 5.000%, 6/01/19 - MBIA Insured 4/14 at 100.00 AAA 3,735,412 1,750 5.000%, 6/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,859,848 ------------------------------------------------------------------------------------------------------------------------------------ 27,990 Total Tax Obligation/General 29,878,254 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 37.6% (25.2% OF TOTAL INVESTMENTS) 5,625 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 6,108,581 Participation, Series 2004C, 5.250%, 7/01/18 - FSA Insured 1,665 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,763,485 Series 2005, 5.000%, 10/01/23 - MBIA Insured 16 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,000 Escambia County, Florida, Sales Tax Revenue Refunding Bonds, 10/12 at 101.00 AAA $ 1,063,090 Series 2002, 5.000%, 10/01/21 - AMBAC Insured 1,280 Florida Intergovernmental Finance Commission, Capital Revenue 8/11 at 100.00 Aaa 1,344,346 Bonds, Daytona Beach Community Redevelopment Agency, Series 2001C-1, 5.000%, 2/01/20 - AMBAC Insured 1,685 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA 1,787,819 5.000%, 5/01/22 - MBIA Insured 5,000 Florida Ports Financing Commission, Revenue Bonds, State 6/07 at 101.00 AAA 5,146,450 Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 - MBIA Insured (Alternative Minimum Tax) 5,000 Hernando County, Florida, Revenue Bonds, Criminal Justice No Opt. Call AAA 6,538,000 Complex Financing Program, Series 1986, 7.650%, 7/01/16 - FGIC Insured 1,575 Hillsborough County, Florida, Community Investment Tax Revenue 11/13 at 101.00 AAA 1,665,342 Bonds, Series 2004, 5.000%, 5/01/24 - AMBAC Insured 2,190 Hillsborough County, Florida, Revenue Refunding Bonds, 10/15 at 100.00 AAA 2,318,991 Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 - FGIC Insured 5,015 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 5,463,893 Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured 2,000 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA 2,111,760 Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/22 - FGIC Insured 2,195 Manatee County, Florida, Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,331,463 5.000%, 10/01/22 - FGIC Insured Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: 2,330 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,490,304 1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,830,934 Orlando Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard - I-4 Interchange Project, Series 2002: 1,375 5.125%, 4/01/19 - AMBAC Insured 4/12 at 100.00 AAA 1,468,761 1,495 5.125%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,587,137 1,225 5.125%, 4/01/21 - AMBAC Insured 4/12 at 100.00 AAA 1,300,497 Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: 3,460 5.000%, 4/01/18 - MBIA Insured 4/14 at 100.00 Aaa 3,694,692 3,660 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 Aaa 3,887,103 2,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 2,112,640 4,000 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 4,141,560 Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured 2,560 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,693,990 Participation, Series 2004A, 5.000%, 8/01/23 - FGIC Insured 4,490 Palm Beach County, Florida, Public Improvement Revenue Bonds, 6/15 at 100.00 AAA 4,736,501 Biomedical Research Park Project, Series 2005, 5.000%, 6/01/25 - AMBAC Insured Pasco County School Board, Florida, Certificates of Participation, Series 2004A: 1,000 5.000%, 8/01/19 - AMBAC Insured No Opt. Call AAA 1,060,460 2,335 5.000%, 8/01/21 - AMBAC Insured 8/14 at 100.00 AAA 2,467,535 2,500 Polk County School District, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 2,736,425 Series 2004, 5.250%, 10/01/18 - FSA Insured 1,000 Sarasota County School Board, Florida, Certificates of No Opt. Call Aaa 1,085,410 Participation, Series 2004, 5.000%, 7/01/15 - FGIC Insured 650 Sonoma Bay Community Development District, Florida, 5/15 at 100.00 N/R 653,965 Special Assessment Bonds, Series 2005A, 5.450%, 5/01/36 2,750 St. John's County, Florida, Transportation Improvement Revenue 10/13 at 100.00 AAA 2,916,925 Bonds, Series 2003, 5.000%, 10/01/23 - AMBAC Insured Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995: 1,250 5.750%, 10/01/20 - MBIA Insured No Opt. Call AAA 1,477,300 2,585 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,113,193 17 Nuveen Florida Investment Quality Municipal Fund (NQF) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 8,605 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA $ 9,432,886 Bonds, Series 2002, 5.375%, 10/01/15 - FSA Insured 2,075 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,210,269 5.000%, 10/01/21 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ 87,275 Total Tax Obligation/Limited 94,741,707 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 23.2% (15.5% OF TOTAL INVESTMENTS) 11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 11,993,234 Series 2001J-1, 5.250%, 10/01/26 - AMBAC Insured (Alternative Minimum Tax) 2,150 Broward County, Florida, Airport System Revenue Bonds, 10/14 at 100.00 AAA 2,261,069 Series 2004L, 5.000%, 10/01/23 - AMBAC Insured 3,500 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 3,622,115 5.750%, 10/01/26 - MBIA Insured (Alternative Minimum Tax) 12,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/09 at 101.00 AAA 12,257,159 Revenue Bonds, Series 1999A, 5.125%, 10/01/28 - FGIC Insured (Alternative Minimum Tax) 4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,156,680 Revenue Bonds, Series 2002B, 5.125%, 10/01/21 - FSA Insured (Alternative Minimum Tax) 2,590 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/06 at 102.00 AAA 2,686,892 Tampa International Airport, Series 1996A, 6.000%, 10/01/23 - FGIC Insured (Alternative Minimum Tax) 2,090 Lee County, Florida, Transportation Facilities Revenue Bonds, 10/14 at 100.00 AAA 2,234,168 Series 2004B, 5.000%, 10/01/19 - AMBAC Insured Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: 4,135 5.000%, 7/01/19 - FGIC Insured 7/14 at 100.00 AAA 4,407,538 6,690 5.000%, 7/01/20 - FGIC Insured 7/14 at 100.00 AAA 7,121,037 1,750 Miami-Dade County Industrial Development Authority, Florida, 10/09 at 101.00 AAA 1,896,913 Industrial Development Revenue Bonds, Airis Miami II LLC - Miami International Airport, Series 1999, 6.000%, 10/15/25 - AMBAC Insured (Alternative Minimum Tax) 5,390 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 5,878,065 Miami International Airport, Series 2002, 5.750%, 10/01/18 - FGIC Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 55,795 Total Transportation 58,514,870 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED(4) - 18.3% (12.2% OF TOTAL INVESTMENTS) 7,225 Dade County, Florida, Special Obligation and Refunding Bonds, 10/08 at 48.83 AAA 3,210,356 Series 1996B, 0.000%, 10/01/20 (Pre-refunded 10/01/08) - AMBAC Insured 20,000 Escambia County Health Facilities Authority, Florida, Revenue 11/09 at 101.00 AAA 22,005,397 Bonds, Ascension Health Credit Group, Series 1999A-2, 6.000%, 11/15/31 (Pre-refunded 11/15/09) 3,500 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/06 at 102.00 AAA 3,637,095 Tampa International Airport, Series 1996B, 5.875%, 10/01/23 (Pre-refunded 10/01/06) - FGIC Insured 5,450 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A-(4) 6,099,477 Improvement Bonds, Series 2001, 6.000%, 1/15/31 (Pre-refunded 1/15/11) 6,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A+(4) 6,831,840 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) 3,570 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 4,175,401 and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 45,745 Total U.S. Guaranteed 45,959,566 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 14.0% (9.3% OF TOTAL INVESTMENTS) 4,330 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa2 4,515,930 Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 1,050 Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, 10/10 at 100.00 Aaa 1,110,102 Series 2002, 5.000%, 4/01/17 - AMBAC Insured 4,250 Lakeland, Florida, Energy System Revenue Refunding Bonds, No Opt. Call AAA 4,791,153 Series 1999C, 6.050%, 10/01/11 - FGIC Insured 18 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 $ 5,547,250 Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10 7,345 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 7,933,555 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18 5,000 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 5,401,650 Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 5,550 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 5,888,106 Series 2002II, 5.125%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ 32,525 Total Utilities 35,187,746 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 13.5% (9.0% OF TOTAL INVESTMENTS) 3,310 Cocoa, Florida, Water and Sewerage System Revenue Refunding No Opt. Call AAA 3,807,493 Bonds, Series 2003, 5.500%, 10/01/23 - AMBAC Insured Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003: 2,000 5.000%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa 2,138,260 3,390 5.000%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 3,603,875 1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, United 2/06 at 102.00 AAA 1,022,260 Water Florida Project, Series 1995, 6.350%, 8/01/25 - AMBAC Insured (Alternative Minimum Tax) 1,525 Lee County, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa 1,623,820 Bonds, Series 2003A, 5.000%, 10/01/20 - MBIA Insured 8,300 Miami-Dade County, Florida, Water and Sewer System Revenue 10/09 at 101.00 AAA 8,550,660 Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 1,175 Naples, Florida, Water and Sewer Revenue Bonds, Series 2002, 9/12 at 100.00 Aa2 1,265,064 5.000%, 9/01/14 2,060 Polk County, Florida, Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 Aaa 2,241,527 5.250%, 10/01/22 - FGIC Insured 2,780 Riviera Beach, Palm Beach County, Florida, Water and Sewerage 10/14 at 100.00 Aaa 2,934,012 Revenue Bonds, Series 2004, 5.000%, 10/01/24 - FGIC Insured 2,275 Sarasota County, Florida, Utility System Revenue Bonds, 10/15 at 100.00 AAA 2,407,132 Series 2005A, 5.000%, 10/01/27 - FGIC Insured 1,680 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 1,959,938 and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001: 700 5.250%, 4/01/16 - MBIA Insured 4/11 at 101.00 AAA 753,620 1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,671,826 ------------------------------------------------------------------------------------------------------------------------------------ 31,780 Total Water and Sewer 33,979,487 ------------------------------------------------------------------------------------------------------------------------------------ $ 355,490 Total Investments (cost $354,600,822) - 149.6% 376,700,803 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.8% 7,089,701 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.4)% (132,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 251,790,504 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. 19 Nuveen Florida Quality Income Municipal Fund (NUF) Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 8.0% (5.3% OF TOTAL INVESTMENTS) Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern University, Series 2004B: $ 1,000 5.500%, 4/01/24 4/14 at 100.00 BBB $ 1,052,590 500 5.625%, 4/01/34 4/14 at 100.00 BBB 523,910 2,685 Florida Board of Education, Lottery Revenue Bonds, 1/13 at 101.00 AAA 2,899,021 Series 2002C, 5.000%, 1/01/15 - MBIA Insured 1,000 Florida Board of Education, Lottery Revenue Bonds, No Opt. Call AAA 1,085,600 Series 2005A, 5.250%, 7/01/11 - AMBAC Insured 2,580 Florida State Education System, Housing Facility Revenue No Opt. Call AAA 2,813,929 Bonds, Florida International University, Series 2004A, 5.000%, 7/01/14 - MBIA Insured 2,345 FSU Financial Assistance Inc., Florida, General Revenue Bonds, 10/14 at 100.00 AAA 2,526,480 Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/16 - AMBAC Insured 3,905 Miami-Dade County Educational Facilities Authority, Florida, 4/14 at 100.00 AAA 4,150,117 Revenue Bonds, University of Miami, Series 2004A, 5.000%, 4/01/20 - AMBAC Insured 2,275 University of Central Florida, Certificates of Participation, 10/14 at 100.00 AAA 2,431,952 Athletic Association, Series 2004A, 5.125%, 10/01/21 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ 16,290 Total Education and Civic Organizations 17,483,599 ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 21.3% (14.1% OF TOTAL INVESTMENTS) 1,000 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 1,008,310 Bonds, Health First Inc., Project, Series 2005, 5.000%, 4/01/34 1,500 Citrus County Hospital Board, Florida, Revenue Refunding 8/13 at 100.00 Baa3 1,637,760 Bonds, Citrus Memorial Hospital, Series 2002, 6.375%, 8/15/32 1,000 Highlands County Health Facilities Authority, Florida, Hospital 11/15 at 100.00 A+ 1,012,780 Revenue Bonds, Adventist Health System, Series 2005C, 5.000%, 11/15/31 2,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A+ 2,804,568 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: 500 5.250%, 10/01/28 10/13 at 100.00 A3 517,820 1,590 5.250%, 10/01/34 10/13 at 100.00 A3 1,643,535 8,500 Jacksonville Economic Development Commission, Florida, 11/11 at 101.00 AA 8,975,235 Healthcare Facilities Revenue Bonds, Mayo Clinic, Series 2001A, 5.500%, 11/15/36 3,430 Leesburg, Florida, Hospital Revenue Refunding Bonds, No Opt. Call A- 3,572,860 Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/12 825 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A- 880,877 Improvement Bonds, Series 2001, 6.000%, 1/15/31 5,000 Orange County Health Facilities Authority, Florida, Hospital 11/12 at 101.00 A+ 5,338,150 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 6,000 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A 6,380,940 Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/32 7,500 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 7,915,275 Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/33 4,625 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 AA- 4,958,185 Bonds, Series 2002, 5.625%, 5/01/32 ------------------------------------------------------------------------------------------------------------------------------------ 44,070 Total Health Care 46,646,295 ------------------------------------------------------------------------------------------------------------------------------------ 20 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 11.6% (7.7% OF TOTAL INVESTMENTS) Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Tamarac Pointe Apartments, Series 1996: $ 1,500 6.250%, 7/01/26 7/06 at 102.00 AAA $ 1,541,025 1,000 6.300%, 1/01/32 7/06 at 102.00 AAA 1,026,430 4,965 Florida Board of Education, Lottery Revenue Bonds, 7/11 at 101.00 AAA 5,246,813 Series 2001B, 5.000%, 7/01/20 - FGIC Insured 120 Florida Housing Finance Agency, General Mortgage Revenue 6/06 at 100.00 AA 121,127 Refunding Bonds, Series 1992A, 6.400%, 6/01/24 1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 4/06 at 102.00 AAA 1,020,510 Holly Cove Apartments, Series 1995F, 6.150%, 10/01/25 - AMBAC Insured (Alternative Minimum Tax) 5,790 Florida Housing Finance Corporation, FNMA Revenue Bonds, 10/10 at 102.00 Aaa 6,105,960 Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) 3,170 Florida Housing Finance Corporation, Housing Revenue 12/08 at 102.00 A+ 3,196,311 Refunding Bonds, Hunters Ridge at Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 3,630 Miami-Dade County Housing Finance Authority, Florida, 1/11 at 102.00 AAA 3,827,036 Multifamily Housing Revenue Bonds, Sunset Bay Apartments, Series 2000-5A, 5.950%, 7/01/30 - FSA Insured (Alternative Minimum Tax) 3,240 Pinellas County Housing Finance Authority, Florida, Multifamily 1/08 at 100.00 AAA 3,323,754 Housing Revenue Bonds, Emerald Bay Apartments, Series 1998A, 5.000%, 4/01/28 (Mandatory put 4/01/08) (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 24,415 Total Housing/Multifamily 25,408,966 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.9% (0.6% OF TOTAL INVESTMENTS) 830 Broward County Housing Finance Authority, Florida, Single 4/10 at 25.36 Aaa 165,095 Family Mortgage Revenue Bonds, Series 2001C, 0.000%, 4/01/33 (Alternative Minimum Tax) 735 Broward County Housing Finance Authority, Florida, 4/09 at 25.51 Aaa 149,117 Single Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) 330 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 352,519 Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 215 Lee County Housing Finance Authority, Florida, Single Family 3/07 at 105.00 Aaa 216,337 Mortgage Revenue Bonds, Multi-County Program, Series 1997A, Subseries 1, 7.200%, 3/01/27 (Alternative Minimum Tax) 50 Miami-Dade County Housing Authority, Florida, Home 4/08 at 101.50 Aaa 51,710 Owner Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19 (Alternative Minimum Tax) 980 Orange County Housing Finance Authority, Florida, Single 4/06 at 102.00 AAA 1,002,315 Family Mortgage Revenue Bonds, Series 1996A, 6.300%, 4/01/28 (Alternative Minimum Tax) 35 Orange County Housing Finance Authority, Florida, 9/07 at 102.00 AAA 35,084 Single Family Mortgage Revenue Bonds, Series 1997B, 5.100%, 9/01/27 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 3,175 Total Housing/Single Family 1,972,177 ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 5.6% (3.7% OF TOTAL INVESTMENTS) 7,285 Atlantic Beach, Florida, Healthcare Facilities Revenue 10/09 at 101.00 A 7,676,642 Refunding Bonds, Fleet Landing Project, Series 1999, 5.750%, 10/01/18 - ACA Insured 1,750 Palm Beach County Health Facilities Authority, Florida, 11/06 at 102.00 BBB+ 1,802,185 Retirement Community Revenue Bonds, Adult Communities Total Services Inc. Obligated Group, Series 1996, 5.625%, 11/15/20 St. John's County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A: 1,125 5.850%, 8/01/24 8/14 at 101.00 N/R 1,214,843 1,570 5.625%, 8/01/34 8/14 at 101.00 N/R 1,632,407 ------------------------------------------------------------------------------------------------------------------------------------ 11,730 Total Long-Term Care 12,326,077 ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 2.3% (1.5% OF TOTAL INVESTMENTS) 4,600 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R 5,126,378 Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) 21 Nuveen Florida Quality Income Municipal Fund (NUF) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.3% (6.2% OF TOTAL INVESTMENTS) $ 15,925 Florida State Board of Education, Full Faith and Credit Public 6/12 at 101.00 AAA $ 16,940,217 Education Capital Outlay Bonds, Series 2002B, 5.000%, 6/01/20 - MBIA Insured 3,240 Reedy Creek Improvement District, Orange and Osceola 4/14 at 100.00 AAA 3,427,110 Counties, Florida, General Obligation Bonds, Series 2004A, 5.000%, 6/01/22 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 19,165 Total Tax Obligation/General 20,367,327 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 42.1% (27.9% OF TOTAL INVESTMENTS) 1,000 Alachua County School Board, Florida, Certificates of 7/11 at 101.00 Aaa 1,051,970 Participation, Series 2001, 5.000%, 7/01/21 - AMBAC Insured 1,055 Bay County School Board, Florida, Certificates of Participation, 7/14 at 100.00 Aaa 1,107,518 Series 2004, 5.000%, 7/01/24 - AMBAC Insured 3,870 Broward County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,199,801 Participation, Series 2004C, 5.250%, 7/01/20 - FSA Insured 1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,588,725 Series 2005, 5.000%, 10/01/23 - MBIA Insured 1,290 Escambia County, Florida, Tourist Development Revenue 10/12 at 100.00 AAA 1,377,243 Refunding Bonds, Series 2002, 5.000%, 10/01/18 - MBIA Insured 8,425 Florida Department of Environmental Protection, Florida 7/13 at 101.00 AAA 9,001,523 Forever Revenue Bonds, Series 2003C, 5.000%, 7/01/19 - AMBAC Insured Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 1,040 0.000%, 11/01/25 - MBIA Insured No Opt. Call AAA 414,960 1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 602,499 1,430 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 1,509,222 Bonds, Series 2001, 5.000%, 10/01/23 - AMBAC Insured 2,090 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 2,219,852 Bonds, Series 2003, 5.000%, 10/01/22 - MBIA Insured 3,145 Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, 10/13 at 100.00 AAA 3,351,752 Series 2003C, 5.250%, 10/01/18 - MBIA Insured (Alternative Minimum Tax) 2,230 Jacksonville, Florida, Guaranteed Entitlement Revenue 10/12 at 100.00 AAA 2,360,700 Refunding and Improvement Bonds, Series 2002, 5.000%, 10/01/21 - FGIC Insured 2,750 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AAA 2,992,853 Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/17 - FGIC Insured 1,000 Jacksonville, Florida, Local Government Sales Tax Revenue No Opt. Call AAA 1,129,090 Refunding Bonds, Series 2001, 5.500%, 10/01/14 - FGIC Insured Lake County School Board, Florida, Certificates of Participation, Series 2004A: 1,190 5.000%, 7/01/20 - AMBAC Insured 7/14 at 100.00 AAA 1,261,412 1,340 5.000%, 7/01/22 - AMBAC Insured 7/14 at 100.00 AAA 1,413,539 1,470 5.000%, 7/01/24 - AMBAC Insured 7/14 at 100.00 AAA 1,543,177 2,220 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 2,361,370 Series 2004, 5.000%, 10/01/19 - FGIC Insured Manatee County School District, Florida, Sales Tax Revenue Bonds, Series 2003: 4,660 5.000%, 10/01/14 - AMBAC Insured 10/13 at 100.00 AAA 5,040,349 5,130 5.000%, 10/01/17 - AMBAC Insured 10/13 at 100.00 AAA 5,504,131 Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: 1,975 5.500%, 5/01/22 - RAAI Insured 5/12 at 102.00 AA 2,127,272 850 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 915,467 2,475 Northern Palm Beach County Improvement District, Florida, 8/10 at 102.00 AA 2,718,293 Revenue Bonds, Water Control and Improvement Development Unit 19, Series 2000, 6.100%, 8/01/21 - RAAI Insured 2,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/06 at 100.00 AAA 2,004,660 Series 1994, 6.125%, 1/01/24 - FGIC Insured 2,440 Orange County School Board, Florida, Certificates of 8/14 at 100.00 Aaa 2,574,908 Participation, Series 2004A, 5.000%, 8/01/22 - AMBAC Insured 22 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A: $ 3,265 5.125%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA $ 3,503,900 3,400 5.125%, 1/01/23 - FGIC Insured 1/13 at 100.00 AAA 3,648,778 1,000 Orlando Community Redevelopment Agency, Florida, 4/12 at 100.00 AAA 1,068,190 Tax Increment Revenue Bonds, Republic Drive-Universal Boulevard - I-4 Interchange Project, Series 2002, 5.125%, 4/01/19 - AMBAC Insured 2,040 Palm Beach County School Board, Florida, Certificates 8/12 at 100.00 AAA 2,185,064 of Participation, Series 2002D, 5.250%, 8/01/21 - FSA Insured Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A: 1,000 5.000%, 8/01/20 - FGIC Insured 8/14 at 100.00 AAA 1,060,460 1,500 5.000%, 8/01/22 - FGIC Insured 8/14 at 100.00 AAA 1,582,935 1,000 Pasco County, Florida, Sales Tax Revenue Bonds, 12/13 at 100.00 Aaa 1,074,300 Series 2003, 5.000%, 12/01/17 - AMBAC Insured 2,355 Plantation, Florida, Non-Ad Valorem Revenue Refunding 8/13 at 100.00 Aaa 2,516,647 and Improvement Bonds, Series 2003, 5.000%, 8/15/19 - FSA Insured 1,350 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 1,434,848 5.000%, 9/01/21 - MBIA Insured 11,815 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 12,988,702 Bonds, Series 2002, 5.375%, 10/01/14 - FSA Insured 1,000 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,057,830 Development, Series 2004, 5.000%, 12/01/24 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ 87,890 Total Tax Obligation/Limited 92,493,940 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 21.9% (14.5% OF TOTAL INVESTMENTS) 2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,325,303 Series 2001J-1, 5.250%, 10/01/21 - AMBAC Insured (Alternative Minimum Tax) 12,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 12,418,680 5.750%, 10/01/26 - MBIA Insured (Alternative Minimum Tax) 3,500 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/07 at 101.00 AAA 3,605,280 Revenue Bonds, Series 1997, 5.250%, 10/01/23 - FGIC Insured (Alternative Minimum Tax) 4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,156,680 Revenue Bonds, Series 2002B, 5.125%, 10/01/21 - FSA Insured (Alternative Minimum Tax) 1,800 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA 1,863,000 Bonds, Series 1996, 5.625%, 11/01/18 - MBIA Insured (Alternative Minimum Tax) 1,000 Lee County, Florida, Transportation Facilities Revenue Bonds, No Opt. Call AAA 1,092,090 Series 2004B, 5.000%, 10/01/14 - AMBAC Insured Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B: 3,955 5.250%, 7/01/17 - FGIC Insured 7/14 at 100.00 AAA 4,324,753 2,000 5.250%, 7/01/18 - FGIC Insured 7/14 at 100.00 AAA 2,180,960 2,000 5.000%, 7/01/23 - FGIC Insured 7/14 at 100.00 AAA 2,112,680 2,000 Miami-Dade County Expressway Authority, Florida, Toll System 7/11 at 101.00 Aaa 2,113,520 Revenue Refunding Bonds, Series 2001, 5.000%, 7/01/21 - FGIC Insured 7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 7,634,250 Miami International Airport, Series 1998A, 5.000%, 10/01/24 - FGIC Insured (Alternative Minimum Tax) 4,000 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 4,080,160 Miami International Airport, Series 1998C, 5.000%, 10/01/23 - MBIA Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 45,980 Total Transportation 47,907,356 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED(4) - 5.0% (3.3% OF TOTAL INVESTMENTS) 1,500 Bradford County Health Facility Authority, Florida, Revenue No Opt. Call AAA 1,713,825 Refunding Bonds, Santa Fe Healthcare Inc., Series 1993, 6.050%, 11/15/16 8,175 North Broward Hospital District, Florida, Revenue and 1/11 at 101.00 A-(4) 9,149,215 Improvement Bonds, Series 2001, 6.000%, 1/15/31 (Pre-refunded 1/15/11) ------------------------------------------------------------------------------------------------------------------------------------ 9,675 Total U.S. Guaranteed 10,863,040 ------------------------------------------------------------------------------------------------------------------------------------ 23 Nuveen Florida Quality Income Municipal Fund (NUF) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 12.8% (8.4% OF TOTAL INVESTMENTS) $ 750 Gainesville, Florida, Utilities System Revenue Bonds, 10/13 at 100.00 AA $ 818,182 Series 2003A, 5.250%, 10/01/21 4,800 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 5,006,112 Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 9,440 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 Aa2 10,021,410 Refunding Bonds, Issue 2, Series 2002-17, 5.000%, 10/01/15 3,290 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 3,553,628 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 3,170 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa1 3,424,646 Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/17 3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 3,182,760 Series 2002II, 5.125%, 7/01/26 - FSA Insured 650 Reedy Creek Improvement District, Florida, Utility Revenue 10/15 at 100.00 AAA 686,686 Bonds, Series 2005-1, 5.000%, 10/01/25 - AMBAC Insured 1,170 Tallahassee, Florida, Consolidated Utility System Revenue 10/15 at 100.00 AAA 1,240,832 Bonds, Series 2005, 5.000%, 10/01/25 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ 26,270 Total Utilities 27,934,256 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 10.3% (6.8% OF TOTAL INVESTMENTS) 1,365 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 1,453,452 Bonds, Lehigh Project, Series 2003, 5.000%, 10/01/20 - AMBAC Insured Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003: 1,000 5.000%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa 1,069,130 4,000 5.000%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 4,259,200 2,450 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 2,503,410 Series 2002A, 5.375%, 10/01/30 - MBIA Insured JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A: 3,235 5.000%, 10/01/18 - FGIC Insured 10/13 at 100.00 AAA 3,463,100 5,090 5.000%, 10/01/19 - FGIC Insured 10/13 at 100.00 AAA 5,441,872 3,000 5.000%, 10/01/23 - FGIC Insured 10/13 at 100.00 AAA 3,182,100 1,065 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 1,107,089 Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 - MBIA Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 21,205 Total Water and Sewer 22,479,353 ------------------------------------------------------------------------------------------------------------------------------------ $ 314,465 Total Investments (cost $317,134,723) - 151.1% 331,008,764 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 4,985,781 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.4)% (117,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 218,994,545 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. 24 Nuveen Insured Florida Premium Income Municipal Fund (NFL) Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 3.3% (2.3% OF TOTAL INVESTMENTS) $ 5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA $ 5,728,316 Revenue Bonds, University of West Florida Foundation Inc., Series 1999, 5.750%, 6/01/31 - MBIA Insured 1,750 Volusia County Educational Facilities Authority, Florida, Revenue 10/15 at 100.00 AA 1,807,348 Bonds, Embry-Riddle Aeronautical University, Series 2005, 5.000%, 10/15/25 - RAAI Insured ------------------------------------------------------------------------------------------------------------------------------------ 7,075 Total Education and Civic Organizations 7,535,664 ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 8.2% (5.6% OF TOTAL INVESTMENTS) 2,000 Brevard County Health Facilities Authority, Florida, Hospital 10/06 at 101.00 AAA 2,052,860 Revenue Bonds, Holmes Regional Medical Center Project, Series 1996, 5.625%, 10/01/14 - MBIA Insured 2,500 Hillsborough County Industrial Development Authority, Florida, No Opt. Call AAA 3,052,350 Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 - MBIA Insured 7,220 Miami-Dade County Health Facility Authority, Florida, Hospital 8/11 at 101.00 AAA 7,557,752 Revenue Refunding Bonds, Miami Children's Hospital, Series 2001A, 5.125%, 8/15/26 - AMBAC Insured 2,500 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 6/15 at 100.00 AAA 2,630,325 Jackson Health System, Series 2005B, 5.000%, 6/01/22 - MBIA Insured 3,015 North Broward Hospital District, Florida, Revenue Refunding 1/07 at 101.00 AAA 3,097,581 and Improvement Bonds, Series 1997, 5.375%, 1/15/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 17,235 Total Health Care 18,390,868 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 14.3% (9.7% OF TOTAL INVESTMENTS) 975 Broward County Housing Finance Authority, Florida, GNMA 6/07 at 102.00 AAA 1,006,951 Collateralized Multifamily Housing Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27 (Alternative Minimum Tax) Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon Manor Isles Project, Series 1998B: 1,260 5.350%, 9/01/18 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,290,517 1,000 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,022,360 Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1: 1,040 5.350%, 9/01/18 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,065,189 1,400 5.400%, 9/01/23 - FSA Insured (Alternative Minimum Tax) 3/08 at 101.00 AAA 1,431,304 Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A: 1,230 5.650%, 9/01/17 - FSA Insured (Alternative Minimum Tax) 9/07 at 101.00 AAA 1,262,103 1,890 5.750%, 9/01/29 - FSA Insured (Alternative Minimum Tax) 9/07 at 101.00 AAA 1,931,731 750 Florida Housing Finance Agency, Housing Revenue Bonds, 12/06 at 102.00 AAA 772,027 Crossings at Indian Run Apartments, Series 1996V, 6.100%, 12/01/26 - AMBAC Insured (Alternative Minimum Tax) 1,400 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 102.00 AAA 1,447,446 Riverfront Apartments, Series 1997A, 6.250%, 4/01/37 - AMBAC Insured (Alternative Minimum Tax) Florida Housing Finance Agency, Housing Revenue Bonds, Sterling Palms Apartments, Series 1996D-1: 915 6.300%, 12/01/16 - AMBAC Insured (Alternative Minimum Tax) 6/06 at 102.00 AAA 937,848 1,500 6.400%, 12/01/26 - AMBAC Insured (Alternative Minimum Tax) 6/06 at 102.00 AAA 1,540,365 1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 5/06 at 102.00 AAA 1,023,580 Turtle Creek Apartments, Series 1996C-1, 6.100%, 5/01/16 - AMBAC Insured (Alternative Minimum Tax) 2,065 Florida Housing Finance Corporation, GNMA Collateralized 12/10 at 102.00 Aaa 2,180,124 Housing Revenue Bonds, Cobblestone Apartments, Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax) 2,490 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,615,222 Housing Revenue Bonds, Raintree Apartments, Series 2000J-1, 5.950%, 3/01/35 (Alternative Minimum Tax) 25 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) Florida Housing Finance Corporation, Housing Revenue Bonds, Augustine Club Apartments, Series 2000D-1: $ 1,500 5.500%, 10/01/20 - MBIA Insured 10/10 at 102.00 Aaa $ 1,586,400 4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 4,987,690 3,530 Jacksonville, Florida, GNMA Collateralized Housing Revenue 3/06 at 100.00 AAA 3,533,142 Refunding Bonds, Windermere Manor Apartments, Series 1993A, 5.875%, 3/20/28 1,425 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 1,487,828 Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 - FSA Insured (Alternative Minimum Tax) 1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,093,925 Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 - FSA Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 31,185 Total Housing/Multifamily 32,215,752 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.0% (0.7% OF TOTAL INVESTMENTS) 200 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 203,794 Family Mortgage Revenue Refunding Bonds, Series 1999B, 5.250%, 4/01/31 - MBIA Insured (Alternative Minimum Tax) 1,025 Escambia County Housing Finance Authority, Florida, 4/08 at 102.00 Aaa 1,040,016 Multi-County Single Family Mortgage Revenue Bonds, Series 1999, 5.200%, 4/01/32 - MBIA Insured (Alternative Minimum Tax) 5,080 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 983,132 Revenue Bonds, Series 2000-4 , 0.000%, 7/01/30 - FSA Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 6,305 Total Housing/Single Family 2,226,942 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.8% (2.6% OF TOTAL INVESTMENTS) 4,940 Florida State Board of Education, Full Faith and Credit, Public 6/11 at 101.00 AAA 5,170,550 Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 - FGIC Insured 1,895 Reedy Creek Improvement District, Orange and Osceola 6/15 at 100.00 AAA 2,003,565 Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 - AMBAC Insured 1,390 Venice, Florida, General Obligation Bonds, Series 2004, 2/14 at 100.00 AAA 1,464,059 5.000%, 2/01/24 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ 8,225 Total Tax Obligation/General 8,638,174 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 51.7% (35.1% OF TOTAL INVESTMENTS) 3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 AAA 4,142,332 Participation, Series 2003, 5.250%, 7/01/19 - MBIA Insured 1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 1,588,725 Series 2005, 5.000%, 10/01/23 - MBIA Insured 1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,673,989 Series 2002, 5.250%, 10/01/20 - MBIA Insured Destin, Florida, Capital Improvement Revenue Bonds, Series 2002: 1,000 5.000%, 8/01/27 - MBIA Insured 8/12 at 101.00 Aaa 1,057,000 1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,057,990 2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 AAA 2,644,850 Participation, Series 2004, 5.000%, 2/01/22 - MBIA Insured 2,500 Flagler County School Board, Florida, Certificates of 8/15 at 100.00 AAA 2,605,275 Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 - FSA Insured 1,435 Florida Department of Environmental Protection, Florida Forever 7/13 at 101.00 AAA 1,533,197 Revenue Bonds, Series 2003A, 5.000%, 7/01/19 - FGIC Insured Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 3,365 5.375%, 11/01/25 - MBIA Insured 11/10 at 101.00 AAA 3,610,039 3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,580,923 1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 AAA 1,078,490 5.250%, 11/01/18 - MBIA Insured 2,230 Florida Ports Financing Commission, Revenue Bonds, State 10/09 at 101.00 AAA 2,366,565 Transportation Trust Fund - Intermodal Program, Series 1999, 5.500%, 10/01/23 - FGIC Insured (Alternative Minimum Tax) 26 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 AAA $ 5,458,960 Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) - FGIC Insured 1,080 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,116,137 Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 (Mandatory put 12/01/10) - FGIC Insured 1,020 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,054,129 Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 (Mandatory put 12/01/08) - FGIC Insured 1,500 Gulf Breeze, Florida, Local Government Loan Program, 12/10 at 101.00 AAA 1,597,665 Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) - FGIC Insured 6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 6,229,860 Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured 2,000 Hillsborough County School District, Florida, Sales Tax Revenue 10/15 at 100.00 AAA 2,147,540 Bonds, Series 2005, 5.000%, 10/01/20 - AMBAC Insured 2,000 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AAA 2,119,260 Revenue Bonds, Series 2004, 5.000%, 5/01/23 - AMBAC Insured 1,000 Hillsborough County, Florida, Revenue Refunding Bonds, 10/15 at 100.00 AAA 1,058,900 Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 - FGIC Insured 1,000 Indian Trace Development District, Florida, Water Management 5/15 at 102.00 Aaa 1,064,540 Special Benefit Assessment Bonds, Series 2005, 5.000%, 5/01/25 - MBIA Insured 1,500 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 1,634,265 Bonds, Series 2003, 5.250%, 10/01/20 - MBIA Insured 1,280 Lake County School Board, Florida, Certificates of Participation, 7/14 at 100.00 AAA 1,353,997 Series 2004A, 5.000%, 7/01/21 - AMBAC Insured Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B: 1,730 5.000%, 10/01/18 - AMBAC Insured 10/12 at 100.00 AAA 1,847,000 2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,132,080 1,330 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 Aaa 1,415,692 Series 2004, 5.000%, 10/01/20 - FGIC Insured 18,000 Miami-Dade County, Florida, Subordinate Special Obligation 4/08 at 49.54 AAA 8,031,780 Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured 915 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/06 at 100.00 AAA 917,827 Series 1994, 7.000%, 1/01/14 - FGIC Insured 495 Orange County School Board, Florida, Master Lease Program, 8/07 at 101.00 Aaa 513,736 Certificates of Participation, Series 1997A, 5.375%, 8/01/22 - MBIA Insured 3,180 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 3,412,681 Series 2002B, 5.125%, 1/01/19 - FGIC Insured 1,050 Osceola County School Board, Florida, Certificates of 12/14 at 100.00 AAA 1,117,137 Participation, Series 2005C, 5.000%, 6/01/19 - FGIC Insured Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: 2,500 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 Aaa 2,655,125 5,500 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 Aaa 5,809,760 2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AAA 2,257,801 Participation, Series 2004A, 5.000%, 8/01/24 - FGIC Insured 6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 6,907,420 Refunding Bonds, Series 1993, 5.250%, 6/01/11 - FGIC Insured Palm Beach County, Florida, Revenue Refunding Bonds, Criminal Justice Facilities, Series 1993: 2,500 5.375%, 6/01/08 - FGIC Insured No Opt. Call AAA 2,619,500 4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,318,120 1,300 Plantation, Florida, Non-Ad Valorem Revenue Refunding 8/13 at 100.00 Aaa 1,381,575 and Improvement Bonds, Series 2003, 5.000%, 8/15/21 - FSA Insured 4,260 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,472,063 Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 - FSA Insured 27 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003: $ 1,405 5.125%, 10/01/19 - FSA Insured 10/13 at 100.00 Aaa $ 1,517,161 1,475 5.125%, 10/01/20 - FSA Insured 10/13 at 100.00 Aaa 1,592,749 1,555 5.125%, 10/01/21 - FSA Insured 10/13 at 100.00 Aaa 1,678,700 1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,313,126 5.000%, 4/01/22 - FGIC Insured 4,275 Volusia County School Board, Florida, Certificates of 8/15 at 100.00 Aaa 4,495,889 Participation, Series 2005B, 5.000%, 8/01/24 - FSA Insured 2,000 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,130,380 5.000%, 10/01/21 - FSA Insured 1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aaa 1,888,227 Development, Series 2004, 5.000%, 12/01/24 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ 119,980 Total Tax Obligation/Limited 116,200,157 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 18.6% (12.6% OF TOTAL INVESTMENTS) 9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,386,010 Series 2001J-1, 5.250%, 10/01/26 - AMBAC Insured (Alternative Minimum Tax) 2,150 Broward County, Florida, Airport System Revenue Bonds, 10/14 at 100.00 AAA 2,261,069 Series 2004L, 5.000%, 10/01/23 - AMBAC Insured 1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 4/06 at 102.00 AAA 1,124,244 Series 1995, 5.750%, 10/01/15 - MBIA Insured 2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,121,800 Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 - FSA Insured 2,000 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA 2,070,000 Bonds, Series 1996, 5.625%, 11/01/18 - MBIA Insured (Alternative Minimum Tax) 15,025 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 16,406,697 6.000%, 10/01/32 - FSA Insured (Alternative Minimum Tax) 2,295 Miami-Dade County Expressway Authority, Florida, Toll System No Opt. Call AAA 2,402,567 Revenue Bonds, Series 2004B, 5.000%, 7/01/29 - FGIC Insured 5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,109,682 Miami International Airport, Series 2002, 5.750%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ 39,185 Total Transportation 41,882,069 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED(4) - 11.4% (7.7% OF TOTAL INVESTMENTS) 1,000 Indian Trail Water Control District, Florida, Water Control 8/07 at 101.00 AAA 1,044,420 and Improvement Bonds - Unit 17, Series 1996, 5.500%, 8/01/22 (Pre-refunded 8/01/07) - MBIA Insured 4,275 Orange County School Board, Florida, Master Lease Program, 8/07 at 101.00 Aaa 4,438,091 Certificates of Participation, Series 1997A, 5.375%, 8/01/22 (Pre-refunded 8/01/07) - MBIA Insured 10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 AAA 2,830,800 Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) - MBIA Insured 7,855 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 9,187,051 and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: 5,000 5.500%, 10/01/15 - FGIC Insured No Opt. Call AAA 5,294,000 1,200 5.500%, 10/01/21 - FGIC Insured No Opt. Call AAA 1,271,520 1,500 Tampa, Florida, Healthcare System Revenue Bonds, 3/06 at 100.00 AAA 1,508,175 Allegany Health System - St. Joseph's Hospital, Series 1993, 5.125%, 12/01/23 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 30,830 Total U.S. Guaranteed 25,574,057 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 4.2% (2.8% OF TOTAL INVESTMENTS) 8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 5,579,280 Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured 3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 3,832,838 Refunding Bonds, Series 1997A, 6.000%, 10/01/09 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ 11,525 Total Utilities 9,412,118 ------------------------------------------------------------------------------------------------------------------------------------ 28 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 30.7% (20.9% OF TOTAL INVESTMENTS) $ 1,250 Bay County, Florida, Water System Revenue Bonds, 9/15 at 100.00 Aaa $ 1,327,200 Series 2005, 5.000%, 9/01/24 - AMBAC Insured Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003: 6,775 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 7,202,435 4,500 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 4,771,305 1,200 Callaway-Bay County, Florida, Wastewater System Revenue 9/14 at 100.00 Aaa 1,266,852 Bonds, Series 2004, 5.000%, 9/01/23 - MBIA Insured Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003: 910 5.250%, 10/01/17 - AMBAC Insured 10/13 at 100.00 AAA 993,365 475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 AAA 517,850 Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003: 1,250 5.250%, 10/01/22 - MBIA Insured 10/13 at 100.00 AAA 1,360,150 1,095 5.000%, 10/01/23 - MBIA Insured 10/13 at 100.00 AAA 1,161,466 1,225 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,298,855 3,945 Florida Governmental Utility Authority, Utility System Revenue 10/13 at 100.00 AAA 4,184,461 Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 - AMBAC Insured 1,000 Florida Governmental Utility Authority, Utility System Revenue 7/09 at 101.00 Aaa 1,029,010 Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 - AMBAC Insured 8,000 Indian River County, Florida, Water and Sewer Revenue Bonds, 9/08 at 102.00 AAA 8,482,400 Series 1993A, 5.250%, 9/01/24 - FGIC Insured 1,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 1,021,800 Series 2002A, 5.375%, 10/01/30 - MBIA Insured 2,510 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/13 at 100.00 AAA 2,718,355 Series 2004A, 5.000%, 10/01/14 - FGIC Insured 1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 1,585,350 Series 2005, 5.000%, 10/01/24 - MBIA Insured 1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 1,540,088 5.000%, 10/01/22 - AMBAC Insured 2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aaa 2,159,660 Series 2003, 5.125%, 10/01/20 - MBIA Insured Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003: 1,350 5.250%, 10/01/17 - MBIA Insured 10/13 at 100.00 AAA 1,473,674 1,000 5.250%, 10/01/18 - MBIA Insured 10/13 at 100.00 AAA 1,090,210 1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 AAA 1,863,400 Utility Corporation, Series 2003, 5.000%, 10/01/20 - MBIA Insured Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003: 1,000 5.250%, 10/01/19 - MBIA Insured 10/13 at 100.00 AAA 1,089,510 500 5.250%, 10/01/20 - MBIA Insured 10/13 at 100.00 AAA 544,755 500 5.250%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 544,755 1,170 Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 10/14 at 100.00 AAA 1,236,573 5.000%, 10/01/24 - FGIC Insured Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002: 1,190 5.250%, 5/01/15 - MBIA Insured 5/12 at 100.00 AAA 1,292,007 1,980 5.250%, 5/01/17 - MBIA Insured 5/12 at 100.00 AAA 2,130,401 2,330 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 2,476,441 Series 2003, 5.000%, 9/01/21 - MBIA Insured 1,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/14 at 100.00 Aaa 1,064,680 Series 2004, 5.000%, 9/01/21 - MBIA Insured Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002: 1,360 5.250%, 1/01/17 - FGIC Insured 1/13 at 100.00 AAA 1,474,158 770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 833,656 500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 541,015 3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,118,204 Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured 29 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/06 at 102.00 AAA $ 1,350,063 Series 1996, 5.800%, 10/01/11 - AMBAC Insured 2,000 Village Center Community Development District, Florida, 10/13 at 101.00 AAA 2,176,480 Utility Revenue Bonds, Series 2003, 5.250%, 10/01/23 - MBIA Insured 1,100 Wauchula, Florida, Utility Revenue Bonds, Series 2001A, 10/11 at 101.00 AAA 1,149,555 5.000%, 10/01/31 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ 64,415 Total Water and Sewer 69,070,139 ------------------------------------------------------------------------------------------------------------------------------------ $ 335,960 Total Investments (cost $312,472,299) - 147.2% 331,145,940 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 4,839,359 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.3)% (111,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 224,985,299 ====================================================================================================================
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. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. See accompanying notes to financial statements. 30 Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) Portfolio of INVESTMENTS December 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 14.9% (9.8% OF TOTAL INVESTMENTS) $ 2,240 FSU Financial Assistance Inc., Florida, General Revenue Bonds, No Opt. Call AAA $ 2,439,293 Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 - AMBAC Insured 1,985 North Miami, Florida, Educational Facilities Revenue Refunding 4/13 at 100.00 AAA 2,088,974 Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/19 - XLCA Insured 1,500 Volusia County Educational Facilities Authority, Florida, Revenue 10/15 at 100.00 AA 1,533,705 Bonds, Embry-Riddle Aeronautical University, Series 2005, 5.000%, 10/15/35 (WI/DD, Settling 1/03/06) - RAAI Insured Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003: 1,000 5.200%, 10/15/26 - RAAI Insured 10/13 at 100.00 AA 1,044,040 1,250 5.200%, 10/15/33 - RAAI Insured 10/13 at 100.00 AA 1,293,925 ------------------------------------------------------------------------------------------------------------------------------------ 7,975 Total Education and Civic Organizations 8,399,937 ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 16.3% (10.7% OF TOTAL INVESTMENTS) 4,000 Highlands County Health Facilities Authority, Florida, Hospital 11/13 at 100.00 A+ 4,334,880 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 3,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 3,239,820 Bonds, Baycare Health System, Series 2003, 5.750%, 11/15/27 1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 AA- 1,563,315 Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 ------------------------------------------------------------------------------------------------------------------------------------ 8,500 Total Health Care 9,138,015 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.7% (1.0% OF TOTAL INVESTMENTS) 875 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 934,710 Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 5.1% (3.4% OF TOTAL INVESTMENTS) 2,660 Grand Prairie Independent School District, Dallas County, Texas, 2/13 at 100.00 AAA 2,882,961 General Obligation Bonds, Series 2003, 5.375%, 2/15/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 69.8% (45.9% OF TOTAL INVESTMENTS) 400 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AAA 423,660 Series 2005, 5.000%, 10/01/23 - MBIA Insured 1,000 Escambia County, Florida, Sales Tax Revenue Refunding Bonds, 10/12 at 101.00 AAA 1,088,040 Series 2002, 5.250%, 10/01/17 - AMBAC Insured 1,525 Fernandina Beach, Florida, Utility Acquisition and Improvement 9/13 at 100.00 AAA 1,617,339 Revenue Bonds, Series 2003, 5.000%, 9/01/23 - FGIC Insured 3,000 Florida Municipal Loan Council, Revenue Bonds, Series 2003B, 12/13 at 100.00 AAA 3,130,380 5.000%, 12/01/28 - MBIA Insured 1,500 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 AAA 1,557,465 Participation, Series 2003, 5.000%, 7/01/29 - MBIA Insured 2,270 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AAA 2,470,464 Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 - FGIC Insured 2,265 Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 10/12 at 100.00 AAA 2,397,752 5.000%, 10/01/20 - AMBAC Insured 1,330 Mira Lago West Community Development District, Florida, 5/15 at 101.00 N/R 1,341,651 Capital Improvement Revenue Bonds, Series 2005, 5.375%, 5/01/36 2,000 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 2,148,880 Series 2002A, 5.125%, 1/01/17 - FGIC Insured 1,500 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 1,576,095 Series 2002B, 5.125%, 1/01/32 - FGIC Insured 3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,610,787 Participation, Series 2002A, 5.125%, 6/01/20 - AMBAC Insured 31 Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) (continued) Portfolio of INVESTMENTS December 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION(1) PROVISIONS(2) RATINGS(3) VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,335 Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, 10/14 at 100.00 AAA $ 3,647,823 Series 2004, 5.250%, 10/01/20 - MBIA Insured 3,670 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 3,799,881 Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured 2,000 Palm Beach Gardens, Florida, Special Obligation Revenue 2/13 at 100.00 AAA 2,126,880 Bonds, Series 2004, 5.000%, 5/01/20 - AMBAC Insured 2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 2,243,063 5.000%, 9/01/23 - MBIA Insured 1,730 St. John's County, Florida, Sales Tax Revenue Bonds, 10/14 at 100.00 AAA 1,823,247 Series 2004A, 5.000%, 10/01/24 - AMBAC Insured 4,000 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,199,120 Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ 37,010 Total Tax Obligation/Limited 39,202,527 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.9% (7.2% OF TOTAL INVESTMENTS) 2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 2,075,840 Revenue Bonds, Series 2002A, 5.125%, 10/01/32 - FSA Insured 2,105 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,233,195 Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 - FSA Insured 1,730 Lee County, Florida, Transportation Facilities Revenue Bonds, 10/14 at 100.00 AAA 1,837,554 Series 2004B, 5.000%, 10/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ 5,835 Total Transportation 6,146,589 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED(4) - 5.7% (3.8% OF TOTAL INVESTMENTS) 2,950 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 3,230,339 Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 3.8% (2.5% OF TOTAL INVESTMENTS) 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 2,121,840 Series 2002II, 5.125%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 23.8% (15.7% OF TOTAL INVESTMENTS) 1,000 Bay County, Florida, Water System Revenue Bonds, 9/15 at 100.00 Aaa 1,060,120 Series 2005, 5.000%, 9/01/25 - AMBAC Insured 2,000 JEA, Florida, Water and Sewerage System Revenue Bonds, 4/07 at 100.00 AAA 2,043,600 Series 2002A, 5.375%, 10/01/30 - MBIA Insured 1,670 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 1,762,518 Series 2005, 5.000%, 10/01/25 - MBIA Insured 3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 AAA 3,144,060 Series 2003, 5.000%, 10/01/27 - MBIA Insured 2,000 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 2,060,400 Revenue Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 500 North Port, Florida, Utility System Revenue Bonds, Series 2000, 10/10 at 101.00 Aaa 523,605 5.000%, 10/01/25 - FSA Insured 1,095 Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 1,197,710 5.250%, 10/01/20 - MBIA Insured 1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA 1,581,944 Refunding Bonds, Series 2002, 5.000%, 5/01/23 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ 12,765 Total Water and Sewer 13,373,957 ------------------------------------------------------------------------------------------------------------------------------------ $ 80,570 Total Investments (cost $82,385,237) - 152.0% 85,430,875 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (0.4)% (235,546) -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.6)% (29,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 56,195,329 ====================================================================================================================
32 FORWARD SWAPS OUTSTANDING AT DECEMBER 31, 2005:
FIXED RATE FLOATING RATE PAID FIXED RATE RECEIVED FLOATING RATE UNREALIZED NOTIONAL BY THE FUND PAYMENT BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(5) DATE (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------------------------ Citigroup Inc. $ 700,000 4.699% Semi-Annually 3 Month USD-LIBOR Quarterly 2/27/06 2/27/26 $31,309 JPMorgan 2,700,000 5.075 Semi-Annually 3 Month USD-LIBOR Quarterly 2/22/06 2/22/26 (6,091) JPMorgan 2,000,000 4.833 Semi-Annually 3 Month USD-LIBOR Quarterly 2/09/06 2/09/36 73,856 ------------------------------------------------------------------------------------------------------------------------------------ $99,074 ==================================================================================================================================== USD-LIBOR (United States - London Inter-Bank Offered Rates)
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 either (i) 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) 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) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below Baa by Moody's Investor Service, Inc. or BBB by Standard & Poor's Group are considered to be below investment grade. (4) Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. (5) Effective date represents that date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. WI/DD Security purchased on a when-issued or delayed delivery basis. N/R Investment is not rated. See accompanying notes to financial statements. 33 Statement of ASSETS AND LIABILITIES December 31, 2005 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $354,600,822, $317,134,723, $312,472,299 and $82,385,237, respectively) $376,700,803 $331,008,764 $331,145,940 $85,430,875 Cash -- -- -- 111,131 Receivables: Interest 4,833,430 4,810,253 4,183,351 1,127,621 Investments sold 3,928,862 1,616,600 1,947,569 5,000 Unrealized appreciation on forward swaps -- -- -- 99,074 Other assets 24,921 26,663 26,666 563 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 385,488,016 337,462,280 337,303,526 86,774,264 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Bank borrowings 1,383,832 1,192,361 1,068,979 -- Payable for investments purchased -- -- -- 1,537,490 Accrued expenses: Management fees 203,355 178,496 179,075 23,003 Other 83,053 72,122 64,886 16,061 Preferred share dividends payable 27,272 24,756 5,287 2,381 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,697,512 1,467,735 1,318,227 1,578,935 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $251,790,504 $218,994,545 $224,985,299 $56,195,329 ==================================================================================================================================== Common shares outstanding 16,587,502 14,302,595 14,386,727 3,882,373 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.18 $ 15.31 $ 15.64 $ 14.47 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 165,875 $ 143,026 $ 143,867 $ 38,824 Paid-in surplus 231,752,755 206,107,461 204,275,330 54,746,903 Undistributed (Over-distribution of) net investment income 209,162 (9,606) 1,487,010 (83,049) Accumulated net realized gain (loss) from investments and derivative transactions (2,437,269) (1,120,377) 405,451 (1,652,061) Net unrealized appreciation (depreciation) of investments and derivative transactions 22,099,981 13,874,041 18,673,641 3,144,712 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $251,790,504 $218,994,545 $224,985,299 $56,195,329 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 34 Statement of OPERATIONS Six Months Ended December 31, 2005 (Unaudited)
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $9,314,489 $7,934,551 $8,281,599 $1,961,123 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,216,654 1,066,837 1,074,918 274,821 Preferred shares - auction fees 166,541 147,616 140,046 36,589 Preferred shares - dividend disbursing agent fees 10,082 22,603 10,082 5,041 Shareholders' servicing agent fees and expenses 12,778 9,943 9,195 532 Custodian's fees and expenses 47,088 39,081 46,198 16,864 Trustees' fees and expenses 3,964 3,355 3,391 960 Professional fees 11,571 10,059 10,471 6,152 Shareholders' reports - printing and mailing expenses 19,565 17,008 13,961 6,143 Stock exchange listing fees 5,149 5,290 5,271 167 Investor relations expense 23,559 20,650 20,874 5,416 Other expenses 11,311 11,530 11,379 6,550 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 1,528,262 1,353,972 1,345,786 359,235 Custodian fee credit (13,171) (6,694) (4,920) (4,915) Expense reimbursement -- -- -- (137,410) ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 1,515,091 1,347,278 1,340,866 216,910 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 7,799,398 6,587,273 6,940,733 1,744,213 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 188,280 60,298 1,284,392 (15,067) Net realized gain (loss) from forward swaps -- -- -- 533 Change in net unrealized appreciation (depreciation) of investments (6,900,461) (5,296,687) (7,615,460) (1,465,049) Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- 288,949 ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (6,712,181) (5,236,389) (6,331,068) (1,190,634) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (1,533,049) (1,306,530) (1,113,477) (304,455) From accumulated net realized gains -- -- (281,649) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (1,533,049) (1,306,530) (1,395,126) (304,455) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ (445,832) $ 44,354 $ (785,461) $ 249,124 ====================================================================================================================================
See accompanying notes to financial statements. 35 Statement of CHANGES IN NET ASSETS (Unaudited)
FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF) -------------------------------- -------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 12/31/05 6/30/05 12/31/05 6/30/05 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 7,799,398 $ 15,980,969 $ 6,587,273 $ 13,414,949 Net realized gain (loss) from investments 188,280 173,273 60,298 (1,167,083) Net realized gain (loss) from forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of investments (6,900,461) 15,407,096 (5,296,687) 15,972,684 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- Distributions to Preferred shareholders: From net investment income (1,533,049) (1,892,045) (1,306,530) (1,638,023) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (445,832) 29,669,293 44,354 26,582,527 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (6,990,205) (16,116,436) (5,885,127) (13,650,082) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (6,990,205) (16,116,436) (5,885,127) (13,650,082) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 155,704 472,933 42,932 201,370 ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 155,704 472,933 42,932 201,370 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (7,280,333) 14,025,790 (5,797,841) 13,133,815 Net assets applicable to Common shares at the beginning of period 259,070,837 245,045,047 224,792,386 211,658,571 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $251,790,504 $259,070,837 $218,994,545 $224,792,386 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 209,162 $ 933,018 $ (9,606) $ 594,778 ====================================================================================================================================
See accompanying notes to financial statements. 36 INSURED FLORIDA INSURED FLORIDA PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF) -------------------------------- -------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 12/31/05 6/30/05 12/31/05 6/30/05 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 6,940,733 $ 14,245,500 $ 1,744,213 $ 3,512,261 Net realized gain (loss) from investments 1,284,392 1,839,639 (15,067) 140,285 Net realized gain (loss) from forward swaps -- -- 533 (927,595) Change in net unrealized appreciation (depreciation) of investments (7,615,460) 10,371,791 (1,465,049) 4,741,998 Change in net unrealized appreciation (depreciation) of forward swaps -- -- 288,949 (189,875) Distributions to Preferred shareholders: From net investment income (1,113,477) (1,580,948) (304,455) (393,068) From accumulated net realized gains from investments (281,649) (80,509) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (785,461) 24,795,473 249,124 6,884,006 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (6,099,246) (13,587,141) (1,354,928) (3,101,579) From accumulated net realized gains (2,071,684) (1,576,378) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (8,170,930) (15,163,519) (1,354,928) (3,101,579) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 162,557 181,928 5,146 9,910 ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 162,557 181,928 5,146 9,910 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (8,793,834) 9,813,882 (1,100,658) 3,792,337 Net assets applicable to Common shares at the beginning of period 233,779,133 223,965,251 57,295,987 53,503,650 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $224,985,299 $233,779,133 $56,195,329 $57,295,987 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,487,010 $ 1,759,000 $ (83,049) $ (167,879) ====================================================================================================================================
See accompanying notes to financial statements. 37 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The Florida funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen Florida Investment Quality Municipal Fund (NQF), Nuveen Florida Quality Income Municipal Fund (NUF), Nuveen Insured Florida Premium Income Municipal Fund (NFL) and Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF). Common shares of Florida Investment Quality (NQF), Florida Quality Income (NUF) and Insured Florida Premium Income (NFL) are traded on the New York Stock Exchange while Common shares of Insured Florida Tax-Free Advantage (NWF) are traded on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of Insured Florida Tax-Free Advantage (NWF) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of Florida or certain U.S. territories. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with 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 Trustees. When market 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 Trustees. If the pricing service is unable to supply a price for a municipal bond or derivative investment, each Fund may use a market price or fair market value quote provided by a major broker/dealer in such investments. If it is determined that the market price or fair market value for an investment is unavailable or inappropriate, the Board of 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 investments are valued at amortized cost, which approximates market value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued or delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At December 31, 2005, Insured Florida Tax-Free Advantage (NWF) had an outstanding delayed delivery purchase commitment of $1,537,490. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. 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 Florida Tax-Free Advantage (NWF) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. The investment policies of Insured Florida Tax-Free Advantage (NWF) permit the Fund to invest in a limited amount of out-of-state securities. Although the Fund may pursue this strategy from time to time, this strategy will not impact the tax-exempt status of the Fund's shares or of its distributions to its shareholders. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. 38 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 one or more Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) -------------------------------------------------------------------------------- Number of shares: Series M -- 1,700 -- -- Series T 3,080 -- -- -- Series W -- -- 1,640 1,160 Series TH -- 1,700 2,800 -- Series F 2,200 1,280 -- -- -------------------------------------------------------------------------------- Total 5,280 4,680 4,440 1,160 ================================================================================ Forward Swap Transactions The Funds are authorized to 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 accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract, and would increase or decrease in value based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date were to increase or decrease. 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 ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Each Fund intends, but is not obligated to, terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. 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 pre-determined threshold amount. Insurance Insured Florida Premium Income (NFL) invests 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 Florida Tax-Free Advantage (NWF) invests at least 80% of its net assets (including net assets attributable to Preferred shares) in municipal securities that are covered by insurance. The Fund may also invest up to 20% of its net assets (including net assets attributable 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) 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. 39 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Bank Borrowings The Funds' have an unsecured bank line of credit under which outstanding balances bear interest at a variable rate. As of December 31, 2005, the Funds were paying interest at 4.45% per year on their respective outstanding borrowings. No compensating balances are required. 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. Indemnifications Under the Funds' organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common shares were as follows:
FLORIDA INVESTMENT FLORIDA QUALITY (NQF) QUALITY INCOME (NUF) ---------------------- ------------------------ SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 12/31/05 6/30/05 12/31/05 6/30/05 --------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 9,854 30,216 2,715 12,874 ========================================================================================================= INSURED FLORIDA INSURED FLORIDA PREMIUM INCOME (NFL) TAX-FREE ADVANTAGE (NWF) ---------------------- ------------------------ SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 12/31/05 6/30/05 12/31/05 6/30/05 --------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 9,933 11,023 339 670 =========================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities during the six months ended December 31, 2005, were as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) -------------------------------------------------------------------------------- Purchases $4,717,650 $3,249,027 $13,583,763 $2,861,228 Sales and maturities 7,595,560 4,436,526 18,488,579 1,627,402 ================================================================================ 40 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, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions. At December 31, 2005, the cost of investments was as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) -------------------------------------------------------------------------------- Cost of investments $354,328,022 $317,130,227 $312,396,772 $82,926,391 ================================================================================ Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2005, were as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) ------------------------------------------------------------------------------- Gross unrealized: Appreciation $22,710,839 $14,036,988 $19,055,398 $3,103,181 Depreciation (338,058) (158,451) (306,230) (598,697) -------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $22,372,781 $13,878,537 $18,749,168 $2,504,484 ================================================================================ The tax components of undistributed net investment income and net realized gains at June 30, 2005, the Funds' last fiscal year end, were as follows:
INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $1,923,322 $1,649,456 $2,637,928 $64,613 Undistributed net ordinary income ** -- -- -- -- Undistributed net long-term capital gains -- -- 1,619,961 -- =========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on June 1, 2005, paid on July 1, 2005. ** 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 June 30, 2005, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows:
INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) --------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $18,170,882 $15,425,361 $15,228,310 $3,544,955 Distributions from net ordinary income ** -- -- 151,001 -- Distributions from net long-term capital gains -- -- 1,527,991 -- =========================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 41 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) At June 30, 2005, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: INSURED FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY TAX-FREE QUALITY INCOME ADVANTAGE (NQF) (NUF) (NWF) -------------------------------------------------------------------------------- Expiration year: 2012 $ 150,118 $ 13,592 $837,725 2013 2,475,431 1,167,083 35,264 -------------------------------------------------------------------------------- Total $2,625,549 $1,180,675 $872,989 ================================================================================ Insured Florida Tax-Free Advantage (NWF) elected to defer $223,382 of net realized losses from investments incurred from November 1, 2004 through June 30, 2005 ("post-October losses") in accordance with Federal income tax regulations. Post-October losses were treated as having arisen on the first day of the current fiscal year. 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc., and a specific fund-level component, based only on the amount of assets within each individual fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: FLORIDA INVESTMENT QUALITY (NQF) AVERAGE DAILY NET ASSETS FLORIDA QUALITY INCOME (NUF) (INCLUDING NET ASSETS INSURED FLORIDA PREMIUM INCOME (NFL) 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 ================================================================================ AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) 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 ================================================================================ 42 The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of December 31, 2005, the complex-level fee rate was .1895%. 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. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enable 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 eight years of Insured Florida Tax-Free Advantage's (NWF) 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 Florida Tax-Free Advantage (NWF) for any portion of its fees and expenses beyond November 30, 2010. 6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on February 1, 2006, to shareholders of record on January 15, 2006, as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) -------------------------------------------------------------------------------- Dividend per share $.0660 $.0635 $.0695 $.0575 ================================================================================ 43 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------------------------------------------ -------------------------------- Distributions Distributions from Net from Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== FLORIDA INVESTMENT QUALITY (NQF) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2006(a) $15.63 $ .47 $ (.41) $(.09) $ -- $ (.03) $ (.42) $ -- $ (.42) 2005 14.81 .96 .94 (.11) -- 1.79 (.97) -- (.97) 2004 15.87 1.06 (.84) (.06) (.01) .15 (1.01) (.20) (1.21) 2003 15.19 1.10 .76 (.07) (.01) 1.78 (.97) (.13) (1.10) 2002 14.76 1.13 .41 (.11) (.02) 1.41 (.92) (.06) (.98) 2001 14.24 1.19 .52 (.30) -- 1.41 (.89) -- (.89) FLORIDA QUALITY INCOME (NUF) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2006(a) 15.72 .46 (.37) (.09) -- -- (.41) -- (.41) 2005 14.81 .94 1.04 (.11) -- 1.87 (.96) -- (.96) 2004 15.75 1.04 (.78) (.05) (.01) .20 (1.00) (.14) (1.14) 2003 15.23 1.08 .71 (.07) (.02) 1.70 (1.00) (.18) (1.18) 2002 15.02 1.18 .14 (.12) (.01) 1.19 (.94) (.04) (.98) 2001 14.57 1.20 .43 (.30) -- 1.33 (.88) -- (.88) INSURED FLORIDA PREMIUM INCOME (NFL) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2006(a) 16.26 .48 (.44) (.08) (.02) (.06) (.42) (.14) (.56) 2005 15.59 .99 .86 (.11) (.01) 1.73 (.95) (.11) (1.06) 2004 16.57 1.02 (.88) (.05) (.01) .08 (.96) (.10) (1.06) 2003 15.66 1.04 .89 (.08) -- 1.85 (.93) (.01) (.94) 2002 15.30 1.07 .27 (.12) -- 1.22 (.86) -- (.86) 2001 14.25 1.09 1.02 (.28) -- 1.83 (.78) -- (.78) INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2006(a) 14.76 .45 (.31) (.08) -- .06 (.35) -- (.35) 2005 13.78 .90 .98 (.10) -- 1.78 (.80) -- (.80) 2004 14.75 .93 (.99) (.05) -- (.11) (.86) -- (.86) 2003(b) 14.33 .40 .70 (.03) -- 1.07 (.43) -- (.43) ==================================================================================================================================== Total Returns ------------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ======================================================================================= FLORIDA INVESTMENT QUALITY (NQF) --------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) $ -- $15.18 $14.04 (6.72)% (.16)% 2005 -- 15.63 15.48 17.51 12.40 2004 -- 14.81 14.03 (9.61) .95 2003 -- 15.87 16.75 13.28 12.02 2002 -- 15.19 15.83 13.27 9.77 2001 -- 14.76 14.89 12.03 10.11 FLORIDA QUALITY INCOME (NUF) --------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) -- 15.31 13.88 (6.52) .04 2005 -- 15.72 15.27 17.42 12.89 2004 -- 14.81 13.84 (10.29) 1.29 2003 -- 15.75 16.60 11.56 11.45 2002 -- 15.23 15.99 13.80 8.15 2001 -- 15.02 14.97 12.58 9.37 INSURED FLORIDA PREMIUM INCOME (NFL) --------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) -- 15.64 15.03 (6.85) (.30) 2005 -- 16.26 16.74 25.54 11.33 2004 -- 15.59 14.24 (11.70) .46 2003 -- 16.57 17.22 16.05 12.10 2002 -- 15.66 15.71 14.29 8.13 2001 -- 15.30 14.54 18.32 13.09 INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) --------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) -- 14.47 13.27 (4.60) .43 2005 -- 14.76 14.26 16.62 13.18 2004 -- 13.78 12.94 (13.56) (.79) 2003(b) (.22) 14.75 15.87 8.82 6.08 ======================================================================================= Ratios/Supplemental Data ------------------------------------------------------------------------------------------------ Before Credit/Reimbursement After Credit/Reimbursement*** ----------------------------- ------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ========================================================================================================================== FLORIDA INVESTMENT QUALITY (NQF) -------------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) $251,791 1.20%* 6.11%* 1.19%* 6.12%* 1% 2005 259,071 1.23 6.26 1.22 6.27 15 2004 245,045 1.25 6.92 1.25 6.92 23 2003 261,856 1.20 7.00 1.19 7.01 16 2002 249,833 1.26 7.53 1.23 7.56 34 2001 242,223 1.33 8.10 1.29 8.14 28 FLORIDA QUALITY INCOME (NUF) -------------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) 218,995 1.22* 5.95* 1.22* 5.96* 1 2005 224,792 1.24 6.07 1.23 6.07 20 2004 211,659 1.25 6.83 1.25 6.83 38 2003 224,311 1.24 6.92 1.23 6.94 28 2002 216,044 1.28 7.81 1.26 7.83 30 2001 212,618 1.33 8.00 1.25 8.08 20 INSURED FLORIDA PREMIUM INCOME (NFL) -------------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) 224,985 1.17* 6.04* 1.17* 6.04* 4 2005 233,779 1.16 6.14 1.16 6.15 12 2004 223,965 1.16 6.36 1.15 6.36 38 2003 237,490 1.18 6.41 1.16 6.42 14 2002 223,961 1.21 6.89 1.21 6.89 8 2001 218,642 1.27 7.22 1.26 7.23 20 INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) -------------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2006(a) 56,195 1.27* 5.66* .77* 6.16* 2 2005 57,296 1.24 5.77 .75 6.26 7 2004 53,504 1.25 6.04 .74 6.56 130 2003(b) 57,223 1.15* 4.18* .67* 4.66* 46 ========================================================================================================================== Preferred Shares at End of Period ----------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ==================================================================== FLORIDA INVESTMENT QUALITY (NQF) -------------------------------------------------------------------- Year Ended 6/30: 2006(a) $132,000 $25,000 $72,688 2005 132,000 25,000 74,066 2004 132,000 25,000 71,410 2003 132,000 25,000 74,594 2002 132,000 25,000 72,317 2001 132,000 25,000 70,876 FLORIDA QUALITY INCOME (NUF) -------------------------------------------------------------------- Year Ended 6/30: 2006(a) 117,000 25,000 71,794 2005 117,000 25,000 73,033 2004 117,000 25,000 70,226 2003 117,000 25,000 72,930 2002 117,000 25,000 71,163 2001 117,000 25,000 70,431 INSURED FLORIDA PREMIUM INCOME (NFL) -------------------------------------------------------------------- Year Ended 6/30: 2006(a) 111,000 25,000 75,672 2005 111,000 25,000 77,653 2004 111,000 25,000 75,443 2003 111,000 25,000 78,489 2002 111,000 25,000 75,442 2001 111,000 25,000 74,244 INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) -------------------------------------------------------------------- Year Ended 6/30: 2006(a) 29,000 25,000 73,444 2005 29,000 25,000 74,393 2004 29,000 25,000 71,124 2003(b) 29,000 25,000 74,330 ====================================================================
* Annualized. ** Total 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 December 31, 2005. (b) For the period November 21, 2002 (commencement of operations) through June 30, 2003. See accompanying notes to financial statements. 44-45 SPREAD Reinvest Automatically EASILY AND CONVENIENTLY Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the 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. 46 Other Useful INFORMATION 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, 2005, 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 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 Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL 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. 47 Nuveen Investments: SERVING Investors For GENERATIONS Photo of: 2 women looking at a photo album. 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 $135 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 Learn more o Daily financial news about Nuveen Funds at o Investor education WWW.NUVEEN.COM/ETF o Interactive planning tools Logo: NUVEEN Investments ESA-A-1205D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. 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 Florida Tax-Free Advantage Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: March 8, 2006 ------------------------------------------------------------------- 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: March 8, 2006 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: March 8, 2006 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.