N-CSRS 1 file001.txt NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-7606 --------------------- Nuveen Connecticut Premium Income 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: May 31, 2003 ------------------ Date of reporting period: November 30, 2003 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Nuveen Municipal Closed-End Exchange-Traded Funds SEMIANNUAL REPORT November 30, 2003 NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND NTC NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND NFC NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2 NGK NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3 NGO NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND NMT NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND NMB NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND NGX NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND NOM Photo of: Man holding up small boy. Photo of: 2 women with 2 girls looking at seashells. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments FASTER INFORMATION RECEIVE YOUR NUVEEN FUND REPORT ELECTRONICALLY By registering for electronic delivery, you will receive an e-mail as soon as your Nuveen Fund information is available. Click on the link and you will be taken directly to the report. Your Fund report can be viewed and saved on your computer. Your report will arrive faster via e-mail than by traditional mail. Registering is easy and only takes a few minutes (see instructions at right). -------------------------------------------------------------------------------- SOME COMMON CONCERNS: WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES? No, your e-mail address is strictly confidential and will not be used for anything other than notification of shareholder information. WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR MAIL DELIVERY AGAIN? If you decide you do not like receiving your reports electronically, it's a simple process to go back to regular mail delivery. -------------------------------------------------------------------------------- IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.INVESTORDELIVERY.COM and follow the simple instructions, using the address sheet that accompanied this report as a guide. 2 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen and follow the simple instructions. 3 Click Submit. Confirm the information you just entered is correct, then click Submit again. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click on Enrollment Today. 3 You'll be taken to a screen that asks for your Social Security number and e-mail address. Fill in this information, then click Enroll. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Sidebar text: WE THINK YOUR NUVEEN FUND CAN BE AN IMPORTANT BUILDING BLOCK IN A PORTFOLIO DESIGNED TO PERFORM WELL THROUGH A VARIETY OF MARKET CONDITIONS. Dear SHAREHOLDER I am very pleased to report that for the six months ended November 30, 2003, your Nuveen Fund continued to provide you with attractive monthly tax-free income. Your Nuveen Fund is managed with a value investing strategy that puts an emphasis on finding securities that we think are undervalued or underrated. We believe that there are always some municipal bonds that the market is not properly valuing, and that by using a consistent, research-oriented management approach we have the opportunity to find them for your Fund. In this low-rate environment, many have begun to wonder whether interest rates will soon start to rise, and whether that possibility should cause them to adjust their holdings of fixed-income investments. We believe that by constructing a carefully balanced portfolio with the help of a trusted investment professional you may be able to reduce your overall investment risk and give yourself a better chance to meet your financial goals. We think that municipal bond investments like your Nuveen Fund can be important building blocks in a portfolio designed to perform well through a variety of market conditions. Since 1898, Nuveen Investments has offered financial products and solutions that incorporate careful research, diversification, and the application of conservative risk-management principles. We are grateful that you have chosen us as a partner as you pursue your financial goals. We look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board January 15, 2004 1 Nuveen Municipal Closed-End Exchange-Traded Funds (NTC, NFC, NGK, NGO, NMT, NMB, NGX, NOM) Portfolio Managers' COMMENTS Portfolio managers Paul Brennan, Tom O'Shaughnessy, and Scott Romans discuss national and state economic and market conditions, key investment strategies, and the recent performance of these eight Nuveen Funds. With 12 years of investment experience, Paul has managed NTC since 1999, NFC since 2001, NGK and NGO since 2002, and NMT and NMB since January 2003. Tom, a 20-year veteran of Nuveen, assumed portfolio management responsibility for NGX in January 2003. Scott, who joined Nuveen in 2000, took over management responsibility for NOM in November 2003. WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE SIX-MONTH REPORTING PERIOD ENDED NOVEMBER 30, 2003? Over the past six month period, the two greatest influences on the general economy and the municipal market continued to be historically low interest rates and the overall pace of economic improvement. In June 2003, the Federal Reserve reduced the fed funds rate to 1.0%, the lowest level since 1958. The Fed's accommodative monetary policy, coupled with Washington's tax relief measures and increased spending for defense and national security, helped to fuel a jump of 8.2% (annualized) in the third-quarter gross domestic product (GDP), up from 3.3% in the second quarter. At the same time, inflation remained under control. In the municipal market, the slow rate of economic recovery over the majority of this period, low interest rates, and lack of inflationary pressures helped many municipal bonds perform well. During the summer of 2003, however, stronger-than-expected economic data precipitated a spike in bond yields and a corresponding drop in bond prices that impacted results across all fixed-income markets, including the municipal market, for the six-month period ended November 30, 2003. During the first 11 months of 2003, municipal supply nationally remained on a record-setting pace, with $347.1 billion in new bonds, up 5% over the same period in 2002. HOW WERE ECONOMIC AND MARKET CONDITIONS IN CONNECTICUT AND MASSACHUSETTS? Despite a heavy debt load and weak employment trends, Connecticut continued to feature a diverse economy and the highest per capita income in the nation. Health and education services, financial services, and retail served as the major drivers of the economy over the six month period, while biopharmaceutical firms also showed growth. However, continued losses in manufacturing, information technology, and construction offset these gains. As of November 2003, unemployment in the state had risen to 5.0% from 4.6% a year earlier, remaining below the current national average of 5.9%. During the first 11 months of 2003, Connecticut issued $5.6 billion in new municipal paper, an increase of 16% over the same period in 2002. In July 2003, citing the state's fiscal problems and the delay in adopting a plan to close a $2.3 billion gap in the state budget, Moody's downgraded Connecticut's general obligation (GO) debt to Aa3 from Aa2, while Standard & Poor's maintained a rating of AA for the state. 2 Massachusetts continued to grapple with a sluggish economy and budgetary stress brought on by a drop in tax revenues and aggravated by cuts in the state's personal income tax. While Massachusetts' manufacturing sector continued to shed jobs, signs of increased export activity have emerged, and defense contractors may benefit from increased government spending. In November 2003, unemployment was 5.4%, down from 5.8% in August 2003 and on par with the jobless rate a year earlier. During the first 11 months of 2003, municipal issuance in Massachusetts decreased 15% from the same period during 2002, totaling $10.4 billion. In September 2003, Moody's reconfirmed its Aa2 rating for Massachusetts GO paper, while S&P reaffirmed its AA- outlook in October 2003. WHAT WERE ECONOMIC AND MARKET CONDITIONS FOR MISSOURI? Despite a job growth picture that remained extremely weak, Missouri continued to benefit from a diverse industrial base, sound financial operations, low debt levels, and the ability to build reserve balances. Along with job losses in the manufacturing, construction, and wholesale trade sectors, the state also experienced a lack of new job growth in non-manufacturing sectors. Even under these conditions, Missouri's unemployment rate declined to 5.0% in November 2003, down from 5.6% 12 months earlier. The state's reserve position enabled Missouri to maintain financial flexibility and an adequate cushion. In the first 11 months of 2003, Missouri issued $5.3 billion in new debt, an increase of 3% over 2002 levels. As of November 2003, Missouri general obligation bonds were rated Aaa/AAA by Moody's and S&P, respectively. HOW DID THESE NUVEEN FUNDS PERFORM OVER THE 12 MONTHS ENDED NOVEMBER 30, 2003? Individual results for these Funds, as well as for relevant benchmarks, are presented in the accompanying table. TOTAL RETURN LEHMAN LIPPER MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2 ------------------------------------------------------------------------- 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 11/30/03 EQUIVALENT3 11/30/03 11/30/03 11/30/03 ------------------------------------------------------------------------- NTC 5.43% 7.93% 9.40% 6.65% 10.28% ------------------------------------------------------------------------- NFC 5.54% 8.09% 10.10% 6.65% 10.28% ------------------------------------------------------------------------- NGK 5.57% 8.13% 11.53% 6.65% 10.28% ------------------------------------------------------------------------- NGO 5.71% 8.34% 10.83% 6.65% 10.28% ------------------------------------------------------------------------- NMT 5.64% 8.29% 7.50% 6.65% 10.28% ------------------------------------------------------------------------- NMB 5.77% 8.49% 11.53% 6.65% 10.28% ------------------------------------------------------------------------- NGX 5.48% 8.06% 7.92% 7.09% 10.28% ------------------------------------------------------------------------- NOM 5.19% 7.69% 9.10% 6.65% 10.28% ------------------------------------------------------------------------- Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. For the 12-month period ended November 30, 2003, the total return of all seven of the noninsured Funds in this report outperformed the unleveraged Lehman Brothers Municipal Bond Index, while NGX outperformed its insured Lehman benchmark. NFC, NGK, NGO, and NMB also outperformed or performed in line with their Lipper peer group average, while the remaining Funds (NTC, NMT, NGX and NOM) trailed this measure. The use of leverage was one of the factors that influenced the total return performances of these Funds relative to the Lehman indexes. While leveraging creates increased volatility, this strategy can also provide opportunities for additional income for common shareholders, especially during periods of low short-term interest rates, and income is an important component of total return for any bond investment. 1 The total annual returns on common share net asset value (NAV) for the noninsured Nuveen Funds are compared with the total annual return of the Lehman Brothers Municipal Bond Index, an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds. The total annual return for NGX is compared with the total annual return of the Lehman Insured Municipal Bond Index, an unleveraged, unmanaged national index comprising a broad range of insured municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The total returns of these Funds are compared with the average annualized return of the 43 funds in the Lipper Other States Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. It should be noted that the performance of the Lipper Other States category represents the overall average of annual returns for funds from 10 different states with a wide variety of economic and municipal market conditions and investment guidelines, making direct comparisons less applicable. 3 The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28% plus the applicable state income tax rate. The combined federal and state tax rates used in this report are as follows: Connecticut 31.5%, Massachusetts 32%, and Missouri 32.5%. The yields shown highlight the added value of owning shares that are exempt from state as well as federal income taxes. 3 In addition to leverage, factors such as call exposure, portfolio trading activity, and the price movement of specific sectors and holdings also had an impact on the Funds' relative performances during this period. For example, holdings of multifamily housing bonds in NMT and NGX of 11% and 9% of their portfolios, respectively, contributed to their trailing the other Funds in this report. This was due largely to the decline in interest rates, which led to dramatic growth in mortgage refinancings and increased the rate of prepayments, adversely affecting both the prices and yields of housing bonds. HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES? With short-term interest rates remaining at historically low levels, the dividend-payment capabilities of these Funds benefited from their use of leverage. During the 12-months ended November 30, 2003, continued low short-term rates enabled us to implement two dividend increases in NFC, NGK, and NMB and one in NTC and NOM. Leverage also helped to support the dividends of NMT, which has provided shareholders with 42 consecutive months of steady or increasing dividends. NGO and NGX have paid shareholders attractive, stable dividends for 13 and 11 consecutive months, respectively. Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII which will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of November 30, 2003, NTC, NFC, NGK, NGO, NMT, NMB and NOM had positive UNII, while NGX had negative UNII. The share prices and net asset values of these Funds ended the period higher than they had been at the beginning. The exceptions were NGO and NMB, which saw their share prices decline over the 12-month period. As of November 30, 2003, the Funds were trading at premiums to their common share NAVs, with the exception of NGK and NGO which were trading at a discount (see individual Performance Overview pages). WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE 12 MONTHS ENDED NOVEMBER 30, 2003? For this 12 month period, we continued to place strong emphasis on keeping the Funds fully invested and well diversified, improving call protection, and enhancing dividend-payment capabilities. A major focus continued to be management of the Funds' durations as a way of enhancing our ability to mitigate interest rate risk and produce potentially more consistent returns over time. Interest rate risk is the risk that the value of a Fund's portfolio will decline when market interest rates rise (since bond prices move in the opposite direction of interest rates). The longer the duration of a Fund's portfolio, the greater its interest rate risk. 4 Over the 12 month period, the durations of the newer Funds shortened significantly. However, we kept the duration of NGX (11.37) slightly longer to provide additional support for this newest Fund's income stream in the current market environment. In keeping with the steepness of the municipal yield curve, the majority of our purchase activity over the past year focused on value opportunities in the long intermediate part of the yield curve (i.e., bonds that mature in 15 to 20 years) in the older Funds and in the 10-year to 15-year part of the yield in the newer Funds. In many cases, bonds in these parts of the curve offered yields similar to those of longer-term bonds but, had less inherent interest rate risk. HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF NOVEMBER 30, 2003? We believe that, given the current geopolitical and economic climate, maintaining strong credit quality remains a vital requirement. As of November 30, 2003, the seven noninsured Funds offered excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 77% to 87%. NGX, which is allowed to invest up to 20% in uninsured investment-grade quality securities, held 83% of its portfolio in insured bonds as of November 30, 2003. Looking at bond calls, these Funds generally offer good levels of call protection over the next three years, with potential call exposure (as of November 30, 2003) ranging from 2% in NMB to 20% in NTC during 2004- 2006. In coming months, the number of actual bond calls in all of these Funds will depend largely on market interest rates. In general, we believe that these Nuveen Funds can continue to serve as attractive sources of tax-free income, while simultaneously offering the potential for considerable portfolio diversification. In our opinion, the Funds represent a quality component a well-balanced core investment portfolio that can continue to benefit shareholders over time. 5 Nuveen Connecticut Premium Income Municipal Fund Performance OVERVIEW As of November 30, 2003 NTC Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 70% AA 16% A 4% BBB 9% NR 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $16.25 -------------------------------------------------- Common Share Net Asset Value $15.17 -------------------------------------------------- Premium/(Discount) to NAV 7.12% -------------------------------------------------- Market Yield 5.43% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.54% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 7.93% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $80,582 -------------------------------------------------- Average Effective Maturity (Years) 18.54 -------------------------------------------------- Leverage-Adjusted Duration3 8.03 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/20/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 6.52% 9.40% -------------------------------------------------- 5-Year 5.30% 6.63% -------------------------------------------------- 10-Year 6.49% 6.96% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Education and Civic Organizations 24% -------------------------------------------------- Tax Obligation/General 18% -------------------------------------------------- Tax Obligation/Limited 12% -------------------------------------------------- Healthcare 10% -------------------------------------------------- Water and Sewer 9% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Dec 0.072 Jan 0.072 Feb 0.072 Mar 0.0735 Apr 0.0735 May 0.0735 Jun 0.0735 Jul 0.0735 Aug 0.0735 Sep 0.0735 Oct 0.0735 Nov 0.0735 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 16.1 16.14 16.25 16.2 16.7 16.56 16.52 16.48 16.6 16.85 16.56 16.63 16.4 16.27 16.55 16.65 16.51 16.45 16.7 16.36 16.37 16.7 16.85 17.14 17.2 17.25 16.67 17.05 17.2 17.02 16.82 16.77 15.88 15.52 15.35 15.74 15.78 15.71 15.7 15.82 16.2 16.4 16.45 16.32 16.29 16.11 16.34 11/30/03 16.25 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 31.5%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2002 of $0.0127 per share. 3 See definition of leverage-adjusted duration on the inside back cover of this report. 6 Nuveen Connecticut Dividend Advantage Municipal Fund Performance OVERVIEW As of November 30, 2003 NFC Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 57% AA 20% A 8% BBB 14% NR 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $16.13 -------------------------------------------------- Common Share Net Asset Value $15.16 -------------------------------------------------- Premium/(Discount) to NAV 6.40% -------------------------------------------------- Market Yield 5.54% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.69% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.09% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $38,742 -------------------------------------------------- Average Effective Maturity (Years) 19.09 -------------------------------------------------- Leverage-Adjusted Duration2 9.41 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 1/26/01) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 13.59% 10.10% -------------------------------------------------- Since Inception 8.10% 7.89% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/General 21% -------------------------------------------------- Education and Civic Organizations 21% -------------------------------------------------- U.S. Guaranteed 12% -------------------------------------------------- Utilities 11% -------------------------------------------------- Tax Obligation/Limited 11% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.07 Jan 0.07 Feb 0.07 Mar 0.07 Apr 0.07 May 0.07 Jun 0.0715 Jul 0.0715 Aug 0.0715 Sep 0.0745 Oct 0.0745 Nov 0.0745 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 15.05 15 15.45 15.7 15.6 15.95 15.76 15.65 15.94 16.1 15.8 15.7 15.69 15.65 15.8 15.7 15.67 15.95 15.88 15.7 15.82 15.96 16 16.35 16.6 16.44 16.5 16.4 16.57 16.28 16.3 14.95 15.24 15.04 15 14.91 15.39 15.21 15.33 15.55 15.64 15.85 15.75 16.05 16.16 16.21 16.1 11/30/03 16.13 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 31.5%. 2 See definition of leverage-adjusted duration on the inside back cover of this report. 7 Nuveen Connecticut Dividend Advantage Municipal Fund 2 Performance OVERVIEW As of November 30, 2003 NGK Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 67% AA 20% A 5% BBB 8% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.52 -------------------------------------------------- Common Share Net Asset Value $15.71 -------------------------------------------------- Premium/(Discount) to NAV (1.21)% -------------------------------------------------- Market Yield 5.57% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.74% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.13% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $36,252 -------------------------------------------------- Average Effective Maturity (Years) 18.11 -------------------------------------------------- Leverage-Adjusted Duration3 9.77 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 8.93% 11.53% -------------------------------------------------- Since Inception 7.60% 11.43% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/General 32% -------------------------------------------------- Education and Civic Organizations 22% -------------------------------------------------- U.S. Guaranteed 12% -------------------------------------------------- Utilities 7% -------------------------------------------------- Housing/Single Family 7% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Dec 0.069 Jan 0.069 Feb 0.069 Mar 0.069 Apr 0.069 May 0.069 Jun 0.0705 Jul 0.0705 Aug 0.0705 Sep 0.072 Oct 0.072 Nov 0.072 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 15.15 15.3 15.3 15.35 15.35 15.55 15.55 15.51 15.55 15.84 15.85 15.6 15.45 15.5 15.68 15.43 15.63 15.96 15.58 15.7 15.6 15.7 15.9 15.8 16.55 16.69 16.69 16.46 16.7 16.25 15.71 14.98 15.01 14.55 14.33 14.43 14.87 14.93 15.3 15.31 15.38 15.71 15.65 15.75 15.84 15.5 15.7 11/30/03 15.52 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 31.5%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.0623 per share. 3 See definition of leverage-adjusted duration on the inside back cover of this report. 8 Nuveen Connecticut Dividend Advantage Municipal Fund 3 Performance OVERVIEW As of November 30, 2003 NGO Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 71% AA 14% A 5% BBB 10% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $13.66 -------------------------------------------------- Common Share Net Asset Value $14.55 -------------------------------------------------- Premium/(Discount) to NAV (6.12)% -------------------------------------------------- Market Yield 5.71% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.93% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.34% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $63,224 -------------------------------------------------- Average Effective Maturity (Years) 19.08 -------------------------------------------------- Leverage-Adjusted Duration2 10.62 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 9/26/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year -0.99% 10.83% -------------------------------------------------- Since Inception -2.95% 6.50% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/General 26% -------------------------------------------------- Tax Obligation/Limited 19% -------------------------------------------------- Education and Civic Organizations 12% -------------------------------------------------- Long-Term Care 9% -------------------------------------------------- U.S. Guaranteed 9% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.065 Jan 0.065 Feb 0.065 Mar 0.065 Apr 0.065 May 0.065 Jun 0.065 Jul 0.065 Aug 0.065 Sep 0.065 Oct 0.065 Nov 0.065 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 14.75 14.6 14.71 14.75 14.85 15.09 15 15 15 14.99 14.8 14.92 14.75 14.96 14.71 14.65 14.88 14.85 14.6 14.7 14.65 15.14 15.05 15.09 15.2 15.23 15.25 14.94 15.35 15.15 14.37 13.35 13.62 13.35 13.45 13.42 13.66 13.95 13.83 14 14.29 14.2 14 13.91 13.76 13.69 13.84 11/30/03 13.66 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 31.5%. 2 See definition of leverage-adjusted duration on the inside back cover of this report. 9 Nuveen Massachusetts Premium Income Municipal Fund Performance OVERVIEW As of November 30, 2003 NMT Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 65% AA 16% A 9% BBB 8% NR 2% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.65 -------------------------------------------------- Common Share Net Asset Value $14.88 -------------------------------------------------- Premium/(Discount) to NAV 5.17% -------------------------------------------------- Market Yield 5.64% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.83% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.29% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $70,209 -------------------------------------------------- Average Effective Maturity (Years) 18.19 -------------------------------------------------- Leverage-Adjusted Duration2 9.38 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/18/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 8.07% 7.50% -------------------------------------------------- 5-Year 4.47% 5.70% -------------------------------------------------- 10-Year 7.66% 6.68% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Education and Civic Organizations 23% -------------------------------------------------- Tax Obligation/General 19% -------------------------------------------------- Healthcare 15% -------------------------------------------------- Housing/Multifamily 11% -------------------------------------------------- Transportation 8% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.0735 Jan 0.0735 Feb 0.0735 Mar 0.0735 Apr 0.0735 May 0.0735 Jun 0.0735 Jul 0.0735 Aug 0.0735 Sep 0.0735 Oct 0.0735 Nov 0.0735 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 15.54 15.75 15.69 15.52 15.81 15.9 15.85 15.8 16.18 15.94 15.76 15.74 15.92 16.26 16.06 16.06 16.07 15.95 16.12 16.24 16.2 16.23 16.36 16.8 16.95 16.54 16.14 16.22 16.6 16.48 15.39 14.15 14.54 14.3 14.5 14.36 14.8 15.05 15.37 15.3 15.17 14.99 14.93 15.4 15.22 15 15.36 11/30/03 15.65 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 32%. 2 See definition of leverage-adjusted duration on the inside back cover of this report. 10 Nuveen Massachusetts Dividend Advantage Municipal Fund Performance OVERVIEW As of November 30, 2003 NMB Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 65% AA 19% A 3% BBB 13% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.90 -------------------------------------------------- Common Share Net Asset Value $15.50 -------------------------------------------------- Premium/(Discount) to NAV 2.58% -------------------------------------------------- Market Yield 5.77% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.01% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.49% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $30,166 -------------------------------------------------- Average Effective Maturity (Years) 20.01 -------------------------------------------------- Leverage-Adjusted Duration2 9.55 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 1/30/01) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 1.06% 11.53% -------------------------------------------------- Since Inception 7.79% 8.97% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/General 22% -------------------------------------------------- Education and Civic Organizations 19% -------------------------------------------------- Healthcare 11% -------------------------------------------------- Tax Obligation/Limited 11% -------------------------------------------------- U.S. Guaranteed 8% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.073 Jan 0.073 Feb 0.073 Mar 0.073 Apr 0.073 May 0.073 Jun 0.0745 Jul 0.0745 Aug 0.0745 Sep 0.0765 Oct 0.0765 Nov 0.0765 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 15.54 15.75 15.69 15.52 15.81 15.9 15.85 15.8 16.18 15.94 15.76 15.74 15.92 16.26 16.06 16.06 16.07 15.95 16.12 16.24 16.2 16.23 16.36 16.8 16.95 16.54 16.14 16.22 16.6 16.48 15.39 14.15 14.54 14.3 14.5 14.36 14.8 15.05 15.37 15.3 15.17 14.99 14.93 15.4 15.22 15 15.36 11/30/03 15.65 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 32%. 2 See definition of leverage-adjusted duration on the inside back cover of this report. 11 Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund Performance OVERVIEW As of November 30, 2003 NGX Pie Chart: CREDIT QUALITY Insured 83% AAA (uninsured) 3% AA (uninsured) 9% A (uninsured) 4% BBB (uninsured) 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.77 -------------------------------------------------- Common Share Net Asset Value $14.60 -------------------------------------------------- Premium/(Discount) to NAV 8.01% -------------------------------------------------- Market Yield 5.48% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.61% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.06% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $39,591 -------------------------------------------------- Average Effective Maturity (Years) 24.49 -------------------------------------------------- Leverage-Adjusted Duration2 11.37 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 9.21% 7.92% -------------------------------------------------- Since Inception 10.36% 7.41% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/General 22% -------------------------------------------------- Tax Obligation/Limited 20% -------------------------------------------------- Education and Civic Organizations 20% -------------------------------------------------- Healthcare 19% -------------------------------------------------- Housing/Multifamily 9% -------------------------------------------------- Bar Chart: 2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Jan 0.072 Feb 0.072 Mar 0.072 Apr 0.072 May 0.072 Jun 0.072 Jul 0.072 Aug 0.072 Sep 0.072 Oct 0.072 Nov 0.072 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 11/22/02 15.05 15.15 15.15 15.01 14.92 15 14.4 15 15 15 15.4 15.45 15 15 15.15 15.2 14.82 15.12 15.13 15.4 15.9 15.72 15.6 15.78 15.98 16.43 16.3 16.44 16.7 16.45 15.6 15.26 15.45 15.45 15.27 14.85 14.9 14.92 14.86 15.2 15.33 15.23 15.24 15.4 15.38 15.59 15.86 11/30/03 15.77 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 32%. 2 See definition of leverage-adjusted duration on the inside back cover of this report. 12 Nuveen Missouri Premium Income Municipal Fund Performance OVERVIEW As of November 30, 2003 NOM Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 62% AA 22% A 3% BBB 7% NR 6% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $17.00 -------------------------------------------------- Common Share Net Asset Value $14.94 -------------------------------------------------- Premium/(Discount) to NAV 13.79% -------------------------------------------------- Market Yield 5.19% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.21% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 7.69% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $33,342 -------------------------------------------------- Average Effective Maturity (Years) 17.43 -------------------------------------------------- Leverage-Adjusted Duration2 9.37 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/20/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 13.39% 9.10% -------------------------------------------------- 5-Year 7.70% 6.25% -------------------------------------------------- 10-Year 7.76% 6.57% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 22% -------------------------------------------------- Healthcare 21% -------------------------------------------------- Tax Obligation/General 20% -------------------------------------------------- U.S. Guaranteed 8% -------------------------------------------------- Education and Civic Organizations 7% -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.0725 Jan 0.0725 Feb 0.0725 Mar 0.0725 Apr 0.0725 May 0.0725 Jun 0.0725 Jul 0.0725 Aug 0.0725 Sep 0.0735 Oct 0.0735 Nov 0.0735 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/02 15.7 16.25 16.6 16.5 16.2 16.27 16.47 16.5 16.6 16.7 16.9 16.8 16.85 17.05 16.84 16.63 16.61 16.64 16.51 16.38 16.45 16.57 16.55 16.87 16.99 16.95 16.8 16.89 16.95 17.32 17.26 16.66 16.21 16.1 16.24 16.39 16.33 16.08 16.25 16.15 16.3 16.35 16.3 16.33 16.7 16.65 16.75 11/30/03 17 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 32.5%. 2 See definition of leverage-adjusted duration on the inside back cover of this report. 13 Shareholder MEETING REPORT The Shareholder Meeting was held October 22, 2003 in Chicago at Nuveen's headquarters.
NTC NFC NGK ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William E. Bennett For 4,727,586 -- 2,373,536 -- 2,233,942 -- Withhold 14,649 -- 4,509 -- 7,070 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Robert P. Bremner For 4,727,586 -- 2,375,436 -- 2,236,942 -- Withhold 14,649 -- 2,609 -- 4,070 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Lawrence H. Brown For 4,724,236 -- 2,375,436 -- 2,236,942 -- Withhold 17,999 -- 2,609 -- 4,070 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Jack B. Evans For 4,725,662 -- 2,375,436 -- 2,236,942 -- Withhold 16,573 -- 2,609 -- 4,070 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Anne E. Impellizzeri For 4,727,586 -- 2,372,234 -- 2,234,802 -- Withhold 14,649 -- 5,811 -- 6,210 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== William L. Kissick For 4,683,986 -- 2,374,934 -- 2,234,802 -- Withhold 58,249 -- 3,111 -- 6,210 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Thomas E. Leafstrand For 4,680,636 -- 2,374,934 -- 2,234,802 -- Withhold 61,599 -- 3,111 -- 6,210 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Peter R. Sawers For 4,727,586 -- 2,374,934 -- 2,236,442 -- Withhold 14,649 -- 3,111 -- 4,570 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ====================================================================================================================================
14
NTC NFC NGK ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William J. Schneider For -- 1,484 -- 768 -- 689 Withhold -- -- -- -- -- 3 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,484 -- 768 -- 692 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,484 -- 768 -- 689 Withhold -- -- -- -- -- 3 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,484 -- 768 -- 692 ==================================================================================================================================== Judith M. Stockdale For 4,727,586 -- 2,372,736 -- 2,236,942 -- Withhold 14,649 -- 5,309 -- 4,070 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ==================================================================================================================================== Sheila W. Wellington For 4,680,636 -- 2,372,234 -- 2,234,802 -- Withhold 61,599 -- 5,811 -- 6,210 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,742,235 -- 2,378,045 -- 2,241,012 -- ====================================================================================================================================
15 Shareholder MEETING REPORT (continued)
NGO NMT NMB ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William E. Bennett For 4,277,805 -- 4,320,935 -- 1,830,540 -- Withhold -- -- 23,585 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Robert P. Bremner For 4,277,805 -- 4,324,028 -- 1,830,540 -- Withhold -- -- 20,492 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Lawrence H. Brown For 4,277,805 -- 4,324,028 -- 1,830,540 -- Withhold -- -- 20,492 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Jack B. Evans For 4,277,805 -- 4,322,758 -- 1,830,540 -- Withhold -- -- 21,762 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Anne E. Impellizzeri For 4,277,805 -- 4,320,758 -- 1,830,540 -- Withhold -- -- 23,762 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== William L. Kissick For 4,251,805 -- 4,322,028 -- 1,830,540 -- Withhold 26,000 -- 22,492 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Thomas E. Leafstrand For 4,251,805 -- 4,320,758 -- 1,830,540 -- Withhold 26,000 -- 23,762 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Peter R. Sawers For 4,277,805 -- 4,322,028 -- 1,830,540 -- Withhold -- -- 22,492 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ====================================================================================================================================
16
NGO NMT NMB ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William J. Schneider For -- 1,279 -- 1,273 -- 572 Withhold -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,279 -- 1,273 -- 572 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,279 -- 1,273 -- 572 Withhold -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,279 -- 1,273 -- 572 ==================================================================================================================================== Judith M. Stockdale For 4,277,805 -- 4,324,028 -- 1,830,540 -- Withhold -- -- 20,492 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ==================================================================================================================================== Sheila W. Wellington For 4,248,305 -- 4,322,028 -- 1,830,540 -- Withhold 29,500 -- 22,492 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,277,805 -- 4,344,520 -- 1,830,540 -- ====================================================================================================================================
17 Shareholder MEETING REPORT (continued)
NGX NOM ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== William E. Bennett For 2,687,415 -- 1,982,467 -- Withhold -- -- 7,980 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Robert P. Bremner For 2,687,415 -- 1,982,467 -- Withhold -- -- 7,980 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Lawrence H. Brown For 2,687,415 -- 1,981,361 -- Withhold -- -- 9,086 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Jack B. Evans For 2,687,415 -- 1,981,017 -- Withhold -- -- 9,430 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Anne E. Impellizzeri For 2,687,415 -- 1,981,878 -- Withhold -- -- 8,569 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== William L. Kissick For 2,687,415 -- 1,981,878 -- Withhold -- -- 8,569 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Thomas E. Leafstrand For 2,687,415 -- 1,981,878 -- Withhold -- -- 8,569 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Peter R. Sawers For 2,687,415 -- 1,981,878 -- Withhold -- -- 8,569 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ====================================================================================================================================
18 NGX NOM ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== William J. Schneider For -- 798 -- 584 Withhold -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 798 -- 584 ==================================================================================================================================== Timothy R. Schwertfeger For -- 798 -- 584 Withhold -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 798 -- 584 ==================================================================================================================================== Judith M. Stockdale For 2,687,415 -- 1,982,467 -- Withhold -- -- 7,980 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ==================================================================================================================================== Sheila W. Wellington For 2,687,415 -- 1,981,878 -- Withhold -- -- 8,569 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,687,415 -- 1,990,447 -- ====================================================================================================================================
19 Nuveen Connecticut Premium Income Municipal Fund (NTC) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.0% $ 1,660 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,584,520 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 35.3% Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 1996A: 945 5.800%, 11/15/14 (Alternative Minimum Tax) - 11/06 at 102.00 AAA 970,005 AMBAC Insured 600 5.875%, 11/15/17 (Alternative Minimum Tax) - 11/06 at 102.00 AAA 616,188 AMBAC Insured 640 Connecticut Higher Education Supplemental Loan Authority, 11/09 at 102.00 AAA 676,787 Revenue Bonds, Family Education Loan Program, Series 1999A, 6.000%, 11/15/18 (Alternative Minimum Tax) - AMBAC Insured 900 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 944,433 Revenue Bonds, Family Education Loan Program, Series 2001A, 5.250%, 11/15/18 (Alternative Minimum Tax) - MBIA Insured 1,540 Connecticut Health and Educational Facilities Authority, 1/04 at 102.00 A- 1,561,899 General Revenue Bonds, Quinnipiac College Issue, Series 1993D, 6.000%, 7/01/23 2,000 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 AAA 2,198,900 Revenue Bonds, Trinity College Issue, Series 1996E, 5.875%, 7/01/26 - MBIA Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 AAA 1,628,640 Revenue Bonds, Loomis Chaffee School, Series 1996C, 5.500%, 7/01/16 - MBIA Insured 1,900 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,955,233 Revenue Bonds, Fairfield University Issue, Series 1998H, 5.000%, 7/01/23 - MBIA Insured 2,920 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 3,210,336 Revenue Bonds, Connecticut College Issue, Series 1997-C1, 5.500%, 7/01/20 - MBIA Insured 2,525 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 2,775,531 Revenue Bonds, Connecticut State University System, Series 2003E, 5.000%, 11/01/15 - FGIC Insured 1,250 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 AAA 1,312,538 Revenue Bonds, Fairfield University, Series 1999I, 5.250%, 7/01/25 - MBIA Insured 750 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 806,663 Revenue Bonds, Horace Bushnell Memorial Hall Issue, Series 1999A, 5.625%, 7/01/29 - MBIA Insured 500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 513,200 Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/31 - AMBAC Insured 650 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 701,454 Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%, 7/01/23 450 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 460,418 Revenue Bonds, Greenwich Academy, Series 2001B, 5.000%, 3/01/32 - FSA Insured 2,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 2,069,760 Revenue Bonds, University of Hartford Issue, Series 2002E, 5.250%, 7/01/32 - RAAI Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,563,360 Revenue Bonds, Yale University Issue, Series 2002W, 5.125%, 7/01/27 1,500 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 1,529,940 Revenue Bonds, Yale University, Series 2003-X1, 5.000%, 7/01/42 660 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 676,401 Revenue Bonds, Brunswick School, Series 2003B, 5.000%, 7/01/33 - MBIA Insured 1,000 The University of Connecticut, Student Fee Revenue 11/12 at 101.00 AAA 1,099,190 Refunding Bonds, Series 2002A, 5.250%, 11/15/19 - FGIC Insured 1,100 The University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,169,916 Series 2003A, 5.125%, 2/15/21 - MBIA Insured 20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.8% $ 2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa $ 2,046,180 Revenue Bonds, Stamford Hospital Issue, Series 1999G, 5.000%, 7/01/24 - MBIA Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 1,089,250 Revenue Bonds, William W. Backus Hospital Issue, Series 1997D, 5.750%, 7/01/27 - AMBAC Insured 3,000 Connecticut Health and Educational Facilities Authority, 7/07 at 101.00 Aaa 3,068,280 Revenue Refunding Bonds, Middlesex Health Services Issue, Series 1997H, 5.125%, 7/01/27 - MBIA Insured 2,000 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA 2,202,940 Revenue Bonds, Eastern Connecticut Health Network Issue, Series 2000A, 6.000%, 7/01/25 - RAAI Insured 500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 541,110 Revenue Bonds, Bristol Hospital Issue, Series 2002B, 5.500%, 7/01/21 - RAAI Insured 2,000 Connecticut Development Authority, Solid Waste Disposal 7/05 at 102.00 AAA 2,206,680 Facilities Revenue Bonds, Pfizer, Inc. Project, Series 1994, 7.000%, 7/01/25 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.8% 1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100.00 AAA 1,053,590 Finance Program Bonds, Series 1999-D2, 6.200%, 11/15/41 (Alternative Minimum Tax) 765 Waterbury Nonprofit Housing Corporation, Connecticut, 1/04 at 100.00 AAA 767,119 Mortgage Revenue Bonds, FHA-Insured Mortgage Loan, Fairmont Height Section 8 Assisted Project, Series 1993A, 6.500%, 7/01/07 - MBIA Insured 1,895 Willimantic Housing Authority, Connecticut, GNMA 10/05 at 105.00 AAA 2,036,803 Collateralized Mortgage Loan, Multifamily Housing Revenue Bonds, Village Heights Apartments Project, Series 1995A, 8.000%, 10/20/30 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 3.2% 500 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA 514,745 Finance Program Bonds, Series 2001A-1, 5.250%, 11/15/28 25 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA 25,762 Finance Program Bonds, Series 2001A, Subseries A-2, 5.450%, 5/15/32 (Alternative Minimum Tax) 1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,024,170 Finance Program Bonds, Series 2001C, 5.300%, 11/15/33 (Alternative Minimum Tax) 985 Connecticut Housing Finance Authority, Housing Mortgage 5/12 at 100.00 AAA 1,013,191 Finance Program Bonds, Series 2001D, Subseries D-2, 5.350%, 11/15/32 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 7.6% 1,300 Connecticut Health and Educational Facilities Authority, 8/08 at 102.00 AAA 1,333,267 FHA-Insured Mortgage Revenue Bonds, Hebrew Home and Hospital Issue, Series 1999B, 5.200%, 8/01/38 750 Connecticut Development Authority, First Mortgage 4/07 at 102.00 BBB- 740,063 Gross Revenue Healthcare Refunding Bonds, Church Homes, Inc. - Congregational Avery Heights Project, Series 1997, 5.700%, 4/01/12 615 Connecticut Development Authority, First Mortgage Gross 9/09 at 102.00 AA 671,279 Revenue Healthcare Refunding Bonds, Connecticut Baptist Homes, Inc. Project, Series 1999, 5.500%, 9/01/15 - RAAI Insured Connecticut Development Authority, Revenue Refunding Bonds, Duncaster, Inc. Project, Series 1999A: 1,000 5.250%, 8/01/19 - RAAI Insured 2/10 at 102.00 AA 1,055,790 1,000 5.375%, 8/01/24 - RAAI Insured 2/10 at 102.00 AA 1,042,670 Connecticut Development Authority, Health Facility Revenue Refunding Bonds, Alzheimer's Resource Center of Connecticut, Inc. Project, Series 1994A: 245 6.875%, 8/15/04 No Opt. Call N/R 244,838 1,000 7.000%, 8/15/09 8/04 at 102.00 N/R 997,530 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 26.0% 750 Bridgeport, Connecticut, General Obligation Refunding 8/12 at 100.00 Aaa 816,270 Bonds, Series 2002A, 5.375%, 8/15/19 - FGIC Insured 1,000 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 1,063,310 Series 2003A, 5.250%, 9/15/23 - FSA Insured Cheshire, Connecticut, General Obligation Bonds, Issue of 1999: 660 5.625%, 10/15/16 10/09 at 101.00 Aa3 750,017 660 5.625%, 10/15/17 10/09 at 101.00 Aa3 747,701 1,000 Connecticut, General Obligation Bonds, 11/09 at 101.00 AA 1,119,370 Series 1999B, 5.500%, 11/01/18 21 Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued) Portfolio of INVESTMENTS November 30, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 2,000 State of Connecticut, General Obligation Bonds, 6/12 at 100.00 AA $ 2,220,680 Series 2002B, 5.500%, 6/15/21 1,500 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,655,565 Series 2002A, 5.375%, 4/15/19 1,000 Hartford, Connecticut, General Obligation Bonds, 6/10 at 102.00 AAA 1,110,800 Series 2000, 5.500%, 6/15/20 - FGIC Insured 400 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 424,608 Series 2000A, 6.000%, 6/01/20 - ACA Insured 500 Puerto Rico, Public Improvement General Obligation 7/11 at 100.00 AAA 518,195 Refunding Bonds, Series 2001, 5.125%, 7/01/30 - FSA Insured 1,500 Puerto Rico Public Improvement, General Obligation No Opt. Call AAA 1,736,145 Refunding Bonds, Series 2002A, 5.500%, 7/01/20 - MBIA Insured Regional School District No. 16, Towns of Beacon Falls and Prospect, Connecticut, General Obligation Bonds, Issue of 2000: 350 5.500%, 3/15/18 - FSA Insured 3/10 at 101.00 Aaa 391,731 350 5.625%, 3/15/19 - FSA Insured 3/10 at 101.00 Aaa 394,436 350 5.700%, 3/15/20 - FSA Insured 3/10 at 101.00 Aaa 396,375 1,420 Regional School District No. 16, Connecticut, General 3/13 at 101.00 Aaa 1,564,102 Obligation Bonds, Series 2003, 5.000%, 3/15/16 - AMBAC Insured 2,105 Town of Stratford, Connecticut, General Obligation Bonds, 2/12 at 100.00 AAA 2,139,585 Series 2002, 4.000%, 2/15/15 - FSA Insured 1,000 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,100,010 Series 2002A, 5.375%, 4/01/17 - FSA Insured 965 City of Waterbury, Connecticut, General Obligation Tax 2/09 at 101.00 AA 1,078,619 Revenue Intercept Bonds, 2000 Issue, 6.000%, 2/01/19 - RAAI Insured 1,630 Town of Westport, Connecticut, General Obligation 2/12 at 100.00 Aaa 1,699,992 Bonds, Series 2003, 4.750%, 2/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 17.8% 1,900 Capitol Region Education Council, Connecticut, Revenue 10/05 at 102.00 BBB 2,019,168 Bonds, Series 1995, 6.700%, 10/15/10 2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 102.00 AAA 2,181,360 Revenue Bonds, Child Care Facilities Program, Series 1999C, 5.625%, 7/01/29 - AMBAC Insured 1,000 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 1,097,200 Infrastructure Purposes, Series 2002A, 5.375%, 7/01/19 - FSA Insured Connecticut, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2002B: 2,000 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 2,115,120 1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,050,680 500 Connecticut, Special Tax Obligation Bonds, Transportation 1/14 at 100.00 AAA 520,695 Infrastructure Purposes, Series 2003B, 5.000%, 1/01/23 (WI, Settling 12/09/03) - FGIC Insured 1,700 Connecticut, Special Tax Obligation Bonds, Transportation No Opt. Call AA- 2,064,055 Infrastructure Purposes, Series 1991B, 6.500%, 10/01/10 2,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA 2,158,020 5.250%, 8/01/21 - FSA Insured 1,000 Virgin Islands Public Finance Authority, Gross Receipts Tax 10/10 at 101.00 BBB 1,106,840 Loan Bonds, Series 1999A, 6.500%, 10/01/24 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 2.2% 750 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 764,220 International Airport, Series 2001A, 5.125%, 10/01/26 (Alternative Minimum Tax) - FGIC Insured 1,000 Hartford, Connecticut, Parking System Revenue Bonds, 7/10 at 100.00 BBB 1,043,750 Series 2000A, 6.400%, 7/01/20 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.6% 1,500 Bridgeport, Connecticut, General Obligation Bonds, 7/10 at 101.00 AAA 1,791,090 Series 2000A, 6.000%, 7/15/19 (Pre-refunded to 7/15/10) - FGIC Insured 1,180 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 1,326,993 Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10) 40 Connecticut, General Obligation Bonds, Series 1993E, No Opt. Call AA*** 47,573 6.000%, 3/15/12 22 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,000 Connecticut, Special Tax Obligation Bonds, Transportation 12/09 at 101.00 AAA $ 1,174,300 Infrastructure Purposes, Series 1999A, 5.625%, 12/01/19 (Pre-refunded to 12/01/09) - FGIC Insured 1,000 Connecticut, Second Injury Fund, Special Assessment 1/11 at 101.00 AAA 1,142,910 Revenue Bonds, Series 2000A, 5.250%, 1/01/14 (Pre-refunded to 1/01/11) - FSA Insured 1,000 Connecticut, Clean Water Fund Revenue Bonds, 10/11 at 100.00 AAA 1,164,000 Series 2001, 5.500%, 10/01/20 (Pre-refunded to 10/01/11) 1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,090,620 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 9.5% 1,500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 1,592,730 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 2,255 Connecticut Resources Recovery Authority, Resource 5/04 at 101.00 AAA 2,267,042 Recovery Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut Project, Series 1989A, 7.700%, 11/15/11 - MBIA Insured 1,750 Connecticut Resources Recovery Authority, Corporate 12/11 at 102.00 Baa2 1,806,403 Credit Resource Recovery Revenue Bonds, American Ref Fuel Company of Southeastern Connecticut, Series 2001A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A: 395 5.500%, 1/01/14 (Alternative Minimum Tax) 1/04 at 101.00 BBB 397,868 1,590 5.500%, 1/01/20 (Alternative Minimum Tax) 1/04 at 101.00 BBB 1,590,032 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 13.4% 1,185 Connecticut, State Revolving Fund General Revenue 10/13 at 100.00 AAA 1,295,193 Bonds, Series 2003A, 5.000%, 10/01/16 1,500 Connecticut, State Revolving Fund General Revenue No Opt. Call AAA 1,678,845 Bonds, Series 2003B, 5.000%, 10/01/12 1,400 Connecticut Development Authority, Water Facilities 12/03 at 102.00 AAA 1,431,550 Revenue Refunding Bonds, Bridgeport Hydraulic Company Project, Series 1993B, 5.500%, 6/01/28 - MBIA Insured 2,500 Connecticut Development Authority, Water Facilities 9/06 at 102.00 AAA 2,789,100 Revenue Bonds, Bridgeport Hydraulic Company Project, Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A: 1,000 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 1,055,270 1,525 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,555,973 1,000 Stamford, Connecticut, Water Pollution Control System 11/13 at 100.00 AA+ 1,021,080 and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32 ------------------------------------------------------------------------------------------------------------------------------------ $ 109,380 Total Long-Term Investments (cost $110,569,712) - 145.2% 116,967,760 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 1,913,801 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (47.5)% (38,300,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 80,581,561 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 23
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.6% Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001A: $ 155 5.000%, 5/15/22 5/11 at 100.00 Baa2 $ 155,236 500 5.400%, 5/15/31 5/11 at 100.00 Baa2 474,975 1,270 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa2 1,160,793 Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 30.4% 705 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 739,806 Revenue Bonds, Family Education Loan Program, Series 2001A, 5.250%, 11/15/18 (Alternative Minimum Tax) - MBIA Insured 50 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AA 50,439 Revenue Bonds, Sacred Heart University Issue, Series 1998E, 5.000%, 7/01/28 - RAAI Insured 500 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 517,165 Revenue Bonds, University of New Haven, Series 1996D, 6.700%, 7/01/26 750 Connecticut, Health and Educational Facilities Authority, 11/12 at 100.00 AAA 824,415 Revenue Bonds, Connecticut State University System, Series 2003E, 5.000%, 11/01/15 - FGIC Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 1,539,600 Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/31 - AMBAC Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 1,079,160 Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%, 7/01/23 625 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 639,469 Revenue Bonds, Greenwich Academy, Series 2001B, 5.000%, 3/01/32 - FSA Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,034,880 Revenue Bonds, University of Hartford Issue, Series 2002E, 5.250%, 7/01/32 - RAAI Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,042,240 Revenue Bonds, Yale University Issue, Series 2002W, 5.125%, 7/01/27 750 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 764,970 Revenue Bonds, Yale University, Series 2003-X1, 5.000%, 7/01/42 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999: 125 5.375%, 2/01/19 2/09 at 101.00 BBB 129,258 270 5.375%, 2/01/29 2/09 at 101.00 BBB 273,021 The University of Connecticut, General Obligation Bonds, Series 2001A: 1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,031,560 1,000 5.250%, 4/01/20 4/11 at 101.00 AA 1,078,650 1,000 4.750%, 4/01/21 4/11 at 101.00 AA 1,025,220 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 3.1% 125 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 127,886 Revenue Bonds, Stamford Hospital Issue, Series 1999G, 5.000%, 7/01/24 - MBIA Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,062,680 Revenue Bonds, Bristol Hospital Issue, Series 2002B, 5.500%, 7/01/32 - RAAI Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.4% 2,000 Stamford Housing Authority, Connecticut, Multifamily No Opt. Call BBB+ 2,098,740 Housing Revenue Bonds, Fairfield Apartments Project, Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory put 12/01/08) 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 6.1% $ 1,265 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA $ 1,302,305 Finance Program Bonds, Series 2001A-1, 5.250%, 11/15/28 45 Connecticut Housing Finance Authority, Housing Mortgage 5/10 at 100.00 AAA 46,371 Finance Program Bonds, Series 2001A, Subseries A-2, 5.450%, 5/15/32 (Alternative Minimum Tax) 1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,024,170 Finance Program Bonds, Series 2001C, 5.300%, 11/15/33 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.9% 250 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 255,050 Revenue Healthcare Bonds, Elim Park Baptist Home, Inc. Project, Series 2003, 5.750%, 12/01/23 500 Connecticut Development Authority, Health Facility 8/04 at 102.00 N/R 464,275 Revenue Refunding Bonds, Alzheimer's Resource Center of Connecticut, Inc. Project, Series 1994A, 7.250%, 8/15/21 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 30.7% 750 State of Connecticut, General Obligation Bonds, 6/12 at 100.00 AA 832,755 Series 2002B, 5.500%, 6/15/21 1,000 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,103,710 Series 2002A, 5.375%, 4/15/19 500 East Lyme, Connecticut, General Obligation Bonds, 7/11 at 102.00 Aaa 538,680 Series 2001, 5.125%, 7/15/20 - FGIC Insured Hamden, Connecticut, General Obligation Bonds, Series 2001: 640 5.250%, 8/15/18 - MBIA Insured 8/11 at 102.00 AAA 706,317 635 5.000%, 8/15/19 - MBIA Insured 8/11 at 102.00 AAA 681,165 300 5.000%, 8/15/20 - MBIA Insured 8/11 at 102.00 AAA 319,581 1,000 Hartford, Connecticut, General Obligation Bonds, 1/08 at 102.00 AAA 1,052,400 Series 1998, 4.700%, 1/15/15 - FGIC Insured 375 City of New Haven, Connecticut, General Obligation 2/08 at 101.00 AAA 389,719 Bonds, Series 1999, 4.700%, 2/01/15 - FGIC Insured 1,000 City of New Haven, Connecticut, General Obligation Bonds, 11/10 at 101.00 AAA 1,052,870 Series 2001A, 5.000%, 11/01/20 - FGIC Insured 250 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 265,380 Series 2000A, 6.000%, 6/01/20 - ACA Insured Town of Norwich, Connecticut, General Obligation Bonds, Series 2001A: 585 5.000%, 4/01/15 - FGIC Insured 4/09 at 100.00 Aaa 634,596 575 5.000%, 4/01/17 - FGIC Insured 4/09 at 100.00 Aaa 617,912 475 5.000%, 4/01/18 - FGIC Insured 4/09 at 100.00 Aaa 507,082 575 5.000%, 4/01/19 - FGIC Insured 4/09 at 100.00 Aaa 611,737 275 5.000%, 4/01/20 - FGIC Insured 4/09 at 100.00 Aaa 290,722 1,000 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,100,010 Series 2002A, 5.375%, 4/01/17 - FSA Insured Town of Windsor, Connecticut, General Obligation Bonds: 390 5.000%, 7/15/18 7/09 at 100.00 Aa2 416,746 390 5.000%, 7/15/19 7/09 at 100.00 Aa2 415,276 370 5.000%, 7/15/20 7/09 at 100.00 Aa2 391,416 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 16.4% 1,000 Connecticut Health and Educational Facilities Authority, 7/08 at 105.00 A 1,092,260 Revenue Bonds, New Opportunities for Waterbury, Inc. Issue, Series 1998A, 6.750%, 7/01/28 500 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 551,655 Infrastructure Purposes, Series 2002A, 5.375%, 7/01/18 - FSA Insured 1,475 Connecticut, Special Tax Obligation Bonds, Transportation No Opt. Call AAA 1,716,369 Infrastructure Purposes, Series 1998B, 5.500%, 11/01/12 - FSA Insured Connecticut, Certificates of Participation, Juvenile Training School, Series 2001: 600 5.000%, 12/15/20 12/11 at 101.00 AA- 628,212 1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 1,017,820 500 Virgin Islands Public Finance Authority, Revenue Refunding 10/08 at 101.00 AA 527,430 Senior Lien Bonds, Matching Fund Loan Notes, Series 1998A, 5.500%, 10/01/18 - RAAI Insured 750 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 833,985 Tax Loan Bonds, Series 1999A, 6.375%, 10/01/19 25 Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued) Portfolio of INVESTMENTS November 30, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.6% $ 2,500 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA $ 2,547,400 International Airport, Series 2001A, 5.125%, 10/01/26 (Alternative Minimum Tax) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 17.4% 570 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 641,005 Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10) 2,000 Connecticut, Clean Water Fund Revenue Bonds, 10/11 at 100.00 AAA 2,328,000 Series 2001, 5.500%, 10/01/20 (Pre-refunded to 10/01/11) 700 Farmington, Connecticut, General Obligation Bonds, 3/11 at 101.00 Aa1*** 785,029 Series 2001, 4.875%, 3/15/20 (Pre-refunded to 3/15/11) Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: 1,425 5.500%, 10/01/32 10/10 at 101.00 AAA 1,556,798 1,300 5.500%, 10/01/40 10/10 at 101.00 AAA 1,417,806 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.9% 1,500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 1,592,730 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 1,000 Connecticut Resources Recovery Authority, Corporate Credit 12/11 at 102.00 Baa2 1,032,230 Resource Recovery Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut, Series 2001A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) 1,000 Eastern Connecticut Resource Recovery Authority, 1/04 at 101.00 BBB 1,007,260 Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) 1,975 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 2,073,809 Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured 790 Puerto Rico Electric Power Authority, Power Revenue 7/05 at 100.00 A- 824,175 Refunding Bonds, Series Z, 5.250%, 7/01/21 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 8.7% 1,185 Connecticut, State Revolving Fund General Revenue 10/13 at 100.00 AAA 1,295,191 Bonds, Series 2003A, 5.000%, 10/01/16 500 Connecticut, State Revolving Fund General Revenue No Opt. Call AAA 559,615 Bonds, Series 2003B, 5.000%, 10/01/12 South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A: 750 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 791,453 720 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 734,623 ------------------------------------------------------------------------------------------------------------------------------------ $ 54,210 Total Long-Term Investments (cost $54,744,187) - 148.2% 57,425,263 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 816,904 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.3)% (19,500,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 38,742,167 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. 26
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.2% $ 830 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 792,260 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 31.7% 500 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 517,165 Revenue Bonds, University of New Haven, Series 1996D, 6.700%, 7/01/26 500 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AAA 522,855 Revenue Bonds, Hopkins School Issue, Series 1998A, 5.000%, 7/01/20 - AMBAC Insured 2,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 2,081,960 Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.250%, 7/01/31 1,000 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 1,023,150 Revenue Bonds, Greenwich Academy, Series 2001B, 5.000%, 3/01/32 - FSA Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,034,880 Revenue Bonds, University of Hartford Issue, Series 2002E, 5.250%, 7/01/32 - RAAI Insured 2,250 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,335,613 Revenue Bonds, Connecticut State University System, Series 2002D-2, 5.000%, 11/01/21 - FSA Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,042,240 Revenue Bonds, Yale University Issue, Series 2002W, 5.125%, 7/01/27 The University of Connecticut, Student Fee Revenue Refunding Bonds, Series 2002A: 500 5.250%, 11/15/22 - FGIC Insured 11/12 at 101.00 AAA 540,050 1,000 5.000%, 11/15/29 - FGIC Insured 11/12 at 101.00 AAA 1,027,240 1,230 The University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,346,604 Series 2002A, 5.375%, 4/01/19 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 2.8% 1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,030,310 Revenue Bonds, St. Francis Hospital and Medical Center, Series 2002D, 5.000%, 7/01/22 - RAAI Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 10.0% 500 Connecticut Housing Finance Authority, Housing 11/07 at 102.00 AAA 529,295 Mortgage Finance Program Bonds, Series 1997B-2, 5.700%, 5/15/17 (Alternative Minimum Tax) 1,000 Connecticut Housing Finance Authority, Housing 11/11 at 100.00 AAA 1,042,650 Mortgage Finance Program Bonds, Series 2002A, Subseries A-1, 5.450%, 11/15/28 - AMBAC Insured 1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/11 at 100.00 AAA 1,046,480 Finance Program Bonds, Series 2002A, Subseries A-2, 5.600%, 11/15/28 (Alternative Minimum Tax) - AMBAC Insured 980 Connecticut Housing Finance Authority, Housing Mortgage 5/12 at 100.00 AAA 1,008,048 Finance Program Bonds, Series 2001D, Subseries D-2, 5.350%, 11/15/32 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 3.1% 450 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AAA 476,159 Revenue Bonds, Village for Families and Children, Inc. Issue, Series 2002A, 5.000%, 7/01/19 - AMBAC Insured 325 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 320,694 Revenue Healthcare Refunding Bonds, Church Homes, Inc. - Congregational Avery Heights Project, Series 1997, 5.700%, 4/01/12 320 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 326,464 Revenue Healthcare Bonds, Elim Park Baptist, Inc. Project, Series 2003, 5.750%, 12/01/23 27 Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) (continued) Portfolio of INVESTMENTS November 30, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 46.4% $ 1,000 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA $ 1,108,410 Series 2001C, 5.375%, 8/15/18 - FGIC Insured 2,000 State of Connecticut, General Obligation Bonds, No Opt. Call AA 2,317,780 Series 2001C, 5.500%, 12/15/12 1,000 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,103,710 Series 2002A, 5.375%, 4/15/19 2,105 Fairfield, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 2,291,103 Series 2002A, 5.000%, 4/01/16 Farmington, Connecticut, General Obligation Bonds, Series 2002: 1,000 5.000%, 9/15/20 9/12 at 101.00 Aa1 1,067,110 1,450 5.000%, 9/15/21 9/12 at 101.00 Aa1 1,537,406 1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,373,317 Obligation Bonds, Series 2002, 5.000%, 4/01/22 Regional School District No. 008, Towns of Andover, Hebron and Marlborough, County of Tolland, Connecticut, General Obligation Bonds, Series 2002: 1,390 5.000%, 5/01/20 - FSA Insured 5/11 at 101.00 Aaa 1,470,703 1,535 5.000%, 5/01/22 - FSA Insured 5/11 at 101.00 Aaa 1,605,257 2,105 City of Stamford, Connecticut, General Obligation Bonds, 8/12 at 100.00 AAA 2,359,410 Series 2002, 5.000%, 8/15/16 (Pre-refunded to 8/15/12) 500 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 550,005 Series 2002A, 5.375%, 4/01/17 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 6.4% 1,625 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 1,775,540 Infrastructure Purposes, Series 2002A, 5.375%, 7/01/20 - FSA Insured 500 Connecticut, Special Tax Obligation Bonds, Transportation 10/11 at 100.00 AAA 562,505 Infrastructure Purposes, Series 2001B, 5.375%, 10/01/13 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.2% 1,950 City of New Haven, Connecticut, Air Rights Parking Facility 12/12 at 101.00 AAA 2,242,910 Revenue Refunding Bonds, Series 2002, 5.375%, 12/01/15 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 17.5% 500 Connecticut, Special Tax Obligation Bonds, Transportation 11/07 at 101.00 AAA 561,270 Infrastructure Purposes, Series 1997A, 5.000%, 11/01/15 (Pre-refunded to 11/01/07) - FSA Insured East Hartford, Connecticut, General Obligation Bonds, Series 2002: 750 4.875%, 5/01/20 (Pre-refunded to 5/01/10) - FGIC Insured 5/10 at 100.00 Aaa 837,270 750 5.000%, 5/01/21 (Pre-refunded to 5/01/10) - FGIC Insured 5/10 at 100.00 Aaa 842,730 750 5.000%, 5/01/22 (Pre-refunded to 5/01/10) - FGIC Insured 5/10 at 100.00 Aaa 842,730 Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: 1,000 5.500%, 10/01/32 10/10 at 101.00 AAA 1,092,490 2,000 5.500%, 10/01/40 10/10 at 101.00 AAA 2,181,240 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.7% 750 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 796,365 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 1,000 Connecticut Resources Recovery Authority, Corporate 12/11 at 102.00 Baa2 1,032,230 Credit Resource Recovery Revenue Bonds, America Ref- Fuel Company of Southeastern Connecticut Project, Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax) Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A: 500 5.500%, 1/01/15 (Alternative Minimum Tax) 1/05 at 100.00 BBB 500,730 510 5.500%, 1/01/20 (Alternative Minimum Tax) 1/04 at 101.00 BBB 510,010 1,000 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 1,050,030 Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 9.5% $ 785 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA $ 857,995 Series 2003A, 5.000%, 10/01/16 1,000 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 1,119,230 Series 2003B, 5.000%, 10/01/12 South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A: 750 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 791,453 660 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 673,405 ------------------------------------------------------------------------------------------------------------------------------------ $ 49,555 Total Long-Term Investments (cost $50,083,480) - 146.5% 53,098,461 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 653,306 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.3)% (17,500,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 36,251,767 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 29
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.0% $ 2,655 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,534,277 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 18.5% 1,000 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 1,099,220 Revenue Bonds, Connecticut State University System, Series 2003E, 5.000%, 11/01/15 - FGIC Insured 3,100 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 3,268,826 Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/21 - AMBAC Insured 1,595 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 1,655,690 Revenue Bonds, Connecticut State University System, Series 2002D-2, 5.000%, 11/01/21 - FSA Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,563,360 Revenue Bonds, Yale University Issue, Series 2002W, 5.125%, 7/01/27 1,000 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 1,019,960 Revenue Bonds, Yale University, Series 2003-X1, 5.000%, 7/01/42 500 The University of Connecticut, Student Fee Revenue 11/12 at 101.00 AAA 540,050 Refunding Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured 1,220 The University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,352,065 Series 2002A, 5.375%, 4/01/17 1,100 The University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,169,916 Series 2003A, 5.125%, 2/15/21 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 0.9% 500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 541,110 Revenue Bonds, Bristol Hospital Issue, Series 2002B, 5.500%, 7/01/21 - RAAI Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 8.2% 525 Connecticut Housing Finance Authority, Housing Mortgage 5/08 at 101.50 AAA 543,349 Finance Program Bonds, Series 1998E-2, 5.450%, 11/15/24 1,500 Connecticut Housing Finance Authority, Housing Mortgage 11/07 at 102.00 AAA 1,587,885 Finance Program Bonds, Series 1997B-2, 5.700%, 5/15/17 (Alternative Minimum Tax) 1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/12 at 100.00 AAA 1,022,210 Finance Program Bonds, Series 2002F-3, 5.250%, 5/15/33 (Alternative Minimum Tax) 2,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 2,051,460 Finance Program Bonds, Series 2001D-2, 5.150%, 11/15/22 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 13.0% Connecticut Housing Finance Authority, Special Needs Housing Mortgage Finance Program Special Obligation Bonds, Series SNH-1: 1,000 5.000%, 6/15/22 - AMBAC Insured 6/12 at 101.00 AAA 1,036,920 1,500 5.000%, 6/15/32 - AMBAC Insured 6/12 at 101.00 AAA 1,524,075 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Village for Families and Children, Inc. Issue, Series 2002A: 430 5.000%, 7/01/18 - AMBAC Insured 7/12 at 101.00 AAA 458,135 475 5.000%, 7/01/20 - AMBAC Insured 7/12 at 101.00 AAA 498,413 260 5.000%, 7/01/23 - AMBAC Insured 7/12 at 101.00 AAA 267,881 1,000 5.000%, 7/01/32 - AMBAC Insured 7/12 at 101.00 AAA 1,017,110 600 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 592,050 Revenue Healthcare Refunding Bonds, Church Homes, Inc. - Congregational Avery Heights Project, Series 1997, 5.700%, 4/01/12 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE (continued) $ 500 Connecticut Development Authority, First Mortgage 12/11 at 102.00 BBB+ $ 510,100 Gross Revenue Healthcare Bonds, Elim Park Baptist Home, Inc. Project, Series 2003, 5.750%, 12/01/23 Connecticut Development Authority, Revenue Bonds, Duncaster, Inc. Project, Series 2002: 650 5.125%, 8/01/22 - RAAI Insured 8/12 at 101.00 AA 669,910 1,665 4.750%, 8/01/32 - RAAI Insured 8/12 at 101.00 AA 1,618,896 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 38.7% Bethel, Connecticut, General Obligation Bonds, Series 2002: 525 5.000%, 11/01/18 - FGIC Insured 11/12 at 100.00 Aaa 559,802 525 5.000%, 11/01/19 - FGIC Insured 11/12 at 100.00 Aaa 556,175 525 5.000%, 11/01/20 - FGIC Insured 11/12 at 100.00 Aaa 552,578 525 5.000%, 11/01/21 - FGIC Insured 11/12 at 100.00 Aaa 549,407 525 5.000%, 11/01/22 - FGIC Insured 11/12 at 100.00 Aaa 545,864 3,510 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 3,890,519 Series 2001C, 5.375%, 8/15/18 - FGIC Insured 500 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 531,655 Series 2003A, 5.250%, 9/15/23 - FSA Insured 2,500 State of Connecticut, General Obligation Bonds, 11/12 at 100.00 AA 2,739,025 Series 2002D, 5.375%, 11/15/21 1,000 State of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,045,550 Series 2002A, 5.000%, 4/15/21 450 Farmington, Connecticut, General Obligation Bonds, 9/12 at 101.00 Aa1 480,200 Series 2002, 5.000%, 9/15/20 New Canaan, Connecticut, General Obligation Bonds, Series 2002, Lot A: 950 4.240%, 5/01/18 5/11 at 100.00 Aaa 959,319 950 4.500%, 5/01/19 5/11 at 100.00 Aaa 970,729 900 4.600%, 5/01/20 5/11 at 100.00 Aaa 920,142 500 4.700%, 5/01/21 5/11 at 100.00 Aaa 511,465 1,445 New Haven, Connecticut, General Obligation Bonds, 11/11 at 101.00 AAA 1,596,335 Series 2002A, 5.250%, 11/01/17 - AMBAC Insured Southbury, Connecticut, General Obligation Bonds, Series 2002: 500 4.250%, 12/15/14 12/11 at 101.00 Aa3 522,735 500 4.375%, 12/15/15 12/11 at 101.00 Aa3 522,415 500 4.500%, 12/15/16 12/11 at 101.00 Aa3 517,760 500 4.625%, 12/15/17 12/11 at 101.00 Aa3 518,620 500 4.625%, 12/15/18 12/11 at 101.00 Aa3 519,090 500 4.875%, 12/15/19 12/11 at 101.00 Aa3 515,660 500 4.875%, 12/15/20 12/11 at 101.00 Aa3 521,540 500 5.000%, 12/15/21 12/11 at 101.00 Aa3 518,125 500 5.000%, 12/15/22 12/11 at 101.00 Aa3 522,370 Town of Stratford, Connecticut, General Obligation Bonds, Series 2002: 1,445 4.000%, 2/15/18 - FSA Insured 2/12 at 100.00 AAA 1,430,247 1,375 4.000%, 2/15/19 - FSA Insured 2/12 at 100.00 AAA 1,343,485 630 4.125%, 2/15/20 - FSA Insured 2/12 at 100.00 AAA 617,551 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 27.9% 500 Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 551,655 Infrastructure Purposes, Series 2002A, 5.375%, 7/01/18 - FSA Insured Connecticut, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2002B: 2,810 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 2,971,744 1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,050,680 1,000 5.000%, 12/01/22 - AMBAC Insured 12/12 at 100.00 AAA 1,044,600 500 Connecticut, Special Tax Obligation Bonds, Transportation 1/14 at 100.00 AAA 520,695 Infrastructure Purposes, Series 2003B, 5.000%, 1/01/23 (WI, Settling 12/09/03) - FGIC Insured 3,500 Puerto Rico Infrastructure Financing Authority, Special Tax 1/08 at 101.00 AAA 3,575,740 Revenue Bonds, Series 1997A, 5.000%, 7/01/28 - AMBAC Insured Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2002G: 890 5.250%, 7/01/17 7/12 at 100.00 A- 954,463 1,000 5.250%, 7/01/20 7/12 at 100.00 A- 1,051,820 1,045 5.250%, 7/01/21 7/12 at 100.00 A- 1,093,091 31 Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued) Portfolio of INVESTMENTS November 30, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,010 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA $ 3,266,542 Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured 765 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 BBB+ 801,590 Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 750 Virgin Islands Public Finance Authority, Revenue Refunding 10/08 at 101.00 BBB- 759,533 Senior Lien Bonds, Matching Fund Loan Notes, Series 1998A, 5.500%, 10/01/22 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 12.8% 400 State of Connecticut, Special Tax Obligation Bonds, 10/11 at 100.00 AAA 445,672 Transportation Infrastructure Purposes, Series 2001A, 4.800%, 10/01/18 (Pre-refunded to 10/01/11) - FSA Insured 2,910 Commonwealth of Puerto Rico, Public Improvement General 7/08 at 101.00 AAA 3,282,771 Obligation Refunding Bonds, Series 1998B, 5.000%, 7/01/24 (Pre-refunded to 7/01/08) - MBIA Insured 4,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,362,480 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 12.7% 720 Connecticut Development Authority, Pollution Control 10/08 at 102.00 A3 764,510 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 2,000 Connecticut Resources Recovery Authority, Corporate 12/11 at 102.00 Baa2 2,064,460 Credit Resource Recovery Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut, Series 2001A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A: 1,000 5.500%, 1/01/14 (Alternative Minimum Tax) 1/04 at 101.00 BBB 1,007,260 1,005 5.500%, 1/01/20 (Alternative Minimum Tax) 1/04 at 101.00 BBB 1,005,020 3,050 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 3,202,592 Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 12.1% 1,185 Connecticut, State Revolving Fund General Revenue 10/13 at 100.00 AAA 1,295,190 Bonds, Series 2003A, 5.000%, 10/01/16 2,000 Connecticut, State Revolving Fund General Revenue No Opt. Call AAA 2,238,460 Bonds, Series 2003B, 5.000%, 10/01/12 765 Connecticut Development Authority, Water Facilities 9/06 at 102.00 A 802,722 Revenue Bonds, Bridgeport Hydraulic Company Project, Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax) South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A: 2,050 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 2,163,304 1,140 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,163,153 ------------------------------------------------------------------------------------------------------------------------------------ $ 89,550 Total Long-Term Investments (cost $91,974,027) - 148.8% 94,060,978 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 1,163,275 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.6)% (32,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 63,224,253 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 32
Nuveen Massachusetts Premium Income Municipal Fund (NMT) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 2.1% $ 1,500 Boston, Massachusetts, Industrial Development 9/12 at 102.00 Baa3 $ 1,494,210 Financing Authority, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 33.3% 415 Massachusetts Educational Financing Authority, 7/04 at 102.00 AAA 428,043 Education Loan Revenue Bonds, Series 1995E, 6.150%, 7/01/10 (Alternative Minimum Tax) - AMBAC Insured 1,730 Massachusetts Educational Financing Authority, 1/12 at 100.00 AAA 1,855,321 Education Loan Revenue Bonds, Series 2002E, 5.000%, 1/01/13 (Alternative Minimum Tax) - AMBAC Insured 1,090 Massachusetts Development Finance Authority, Revenue No Opt. Call A3 1,208,167 Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/29 1,000 Massachusetts Development Finance Authority, 7/13 at 101.00 BBB 990,810 Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 5.750%, 7/01/33 890 Massachusetts Development Finance Agency, Revenue 3/09 at 101.00 A 941,931 Bonds, Curry College Issue, Series A, 6.000%, 3/01/20 - ACA Insured 750 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 791,130 Bonds, Milton Academy Project, Series 2003A, 5.000%, 9/01/19 500 Massachusetts Development Finance Authority, Revenue 9/11 at 101.00 A 527,015 Bonds, Belmont Hills School, Series 2001, 5.375%, 9/01/23 2,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,178,780 Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18 1,500 Massachusetts Health and Educational Facilities 10/11 at 100.00 AAA 1,560,975 Authority, Revenue Bonds, UMASS-Worcester Campus, Series 2001B, 5.250%, 10/01/31 - FGIC Insured 555 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 580,142 Revenue Bonds, Williams College, Series 2003H, 5.000%, 7/01/21 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wellesley College, Series 2003H: 500 5.000%, 7/01/26 7/13 at 100.00 AA+ 513,980 1,000 5.000%, 7/01/33 7/13 at 100.00 AA+ 1,020,970 2,645 Massachusetts Industrial Finance Agency, Revenue Bonds, 1/04 at 102.00 Aa1 2,663,859 Whitehead Institute for Biomedical Research, 1993 Issue, 5.125%, 7/01/26 2,300 Massachusetts Industrial Finance Agency, Revenue Bonds, 9/08 at 101.00 A 2,326,542 Belmont Hill School Issue, Series 1998, 5.250%, 9/01/28 4,000 The New England Education Loan Marketing Corporation, No Opt. Call A3 4,467,600 Massachusetts, Student Loan Revenue Bonds, Subordinated Series 1992H, 6.900%, 11/01/09 (Alternative Minimum Tax) 1,200 University of Massachusetts Building Authority, Project 11/13 at 100.00 AAA 1,316,172 Revenue Bonds, Senior Lien Series 2003-1, 5.250%, 11/01/18 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 21.3% 3,000 Massachusetts Health and Educational Facilities Authority, 7/04 at 102.00 AAA 3,121,410 Revenue Bonds, New England Medical Center Hospitals Issue, Series G-1, 5.375%, 7/01/24 - MBIA Insured 3,000 Massachusetts Health and Educational Facilities Authority, 1/04 at 102.00 AAA 3,069,900 Revenue Bonds, Lahey Clinic Medical Center Issue, Series B, 5.625%, 7/01/15 - MBIA Insured 600 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 648,216 Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.375%, 5/15/19 - FGIC Insured 2,500 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 2,634,000 Revenue Bonds, Partners HealthCare System Issue, Series C, 5.750%, 7/01/32 33 Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued) Portfolio of INVESTMENTS November 30, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 1,395 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA $ 1,410,931 Revenue Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25 - MBIA Insured 1,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 1,022,170 Revenue Bonds, Cape Cod Health Care, Inc., Series 2001C, 5.250%, 11/15/31 - RAAI Insured 2,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 2,064,320 Revenue Bonds, Berkshire Health System Issue, Series 2001E, 6.250%, 10/01/31 1,000 Massachusetts Health and Educational Facilities Authority, 7/12 at 101.00 BBB 959,760 Revenue Bonds, Caritas Christi Obligated Group, Series 2002B, 6.250%, 7/01/22 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 15.9% 2,500 Massachusetts Development Finance Agency, Revenue 10/11 at 105.00 AAA 2,856,025 Bonds, GNMA Collateralized - VOA Concord Assisted Living, Inc. Project, Series 2000A, 6.900%, 10/20/41 1,960 Massachusetts Development Financing Authority, Assisted 12/09 at 102.00 N/R 1,929,267 Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31 1,500 Massachusetts Development Finance Agency, Assisted 3/12 at 105.00 AAA 1,637,730 Living Facility Revenue Bonds, The Arbors at Chicopee Project, GNMA Collateralized, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) 195 Massachusetts Housing Finance Agency, Revenue 4/04 at 101.00 A+ 198,684 Refunding Bonds, Housing Project, Series 1993A, 6.300%, 10/01/13 1,450 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 101.00 AAA 1,542,670 Mortgage Revenue Bonds, Series 1999D, 5.500%, 7/01/13 (Alternative Minimum Tax) - AMBAC Insured 1,855 Massachusetts Housing Finance Agency, Rental Housing 1/05 at 102.00 AAA 1,925,305 Mortgage Revenue Bonds, FHA-Insured Mortgage Loans, Series 1995A, 7.350%, 1/01/35 (Alternative Minimum Tax) - AMBAC Insured 1,000 Somerville Housing Authority, Massachusetts, Mortgage 5/12 at 103.00 AAA 1,045,130 Revenue Refunding Bonds, Clarendon Hill Towers Project, GNMA Collateralized, Series 2002, 5.200%, 11/20/22 ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 6.0% 1,270 Boston, Massachusetts, FHA-Insured Mortgage Revenue 10/08 at 105.00 AAA 1,382,116 Bonds, Deutsches Altenheim Incorporated Project, Series 1998A, 6.125%, 10/01/31 2,000 Massachusetts Industrial Finance Agency, Healthcare 5/07 at 102.00 A-1 2,019,180 Facilities Revenue Bonds, Jewish Geriatric Services, Inc. Obligated Group, Series 1997B, 5.500%, 5/15/27 755 Massachusetts Industrial Finance Agency, Revenue Bonds, 2/06 at 102.00 AAA 790,183 Heights Crossing Limited Partnership Issue, FHA-Insured Project, Series 1995, 6.000%, 2/01/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 27.4% 1,180 Boston, Massachusetts, General Obligation Bonds, 8/11 at 100.00 Aa2 1,279,321 Series 2001B, 5.000%, 8/01/15 645 East Longmeadow, Massachusetts, General Obligation 8/11 at 101.00 Aaa 707,907 Bonds, Series 2001, 5.000%, 8/01/14 - AMBAC Insured 1,000 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 1,057,560 Series 2003, 5.000%, 2/01/21 - FSA Insured 2,500 Massachusetts Bay Transportation Authority, General No Opt. Call AAA 3,246,075 Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 4,275 Commonwealth of Massachusetts, General Obligation No Opt. Call AAA 5,105,846 Bonds, Consolidated Loan, Series 2001D, 6.000%, 11/01/13 - MBIA Insured 1,865 Commonwealth of Massachusetts, General Obligation 1/13 at 100.00 Aa2 1,917,742 Bonds, Consolidated Loan, Series 2003A, 5.000%, 1/01/22 980 Monson, Massachusetts, General Obligation Bonds, 5/12 at 101.00 Aaa 1,047,414 Series 2002, 5.250%, 5/15/22 - AMBAC Insured 1,000 Narragansett Regional School District, Massachusetts, 6/10 at 101.00 Aaa 1,198,680 General Obligation Bonds, Series 2000, 6.500%, 6/01/16 - AMBAC Insured 1,260 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,370,993 Series 2003, 5.000%, 11/15/20 - FGIC Insured Springfield, Massachusetts, State Qualified General Obligation Bonds, Series 2003: 530 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 593,356 1,615 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 1,725,369 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 8.8% $ 1,000 Massachusetts State College Building Authority, No Opt. Call AAA $ 1,102,200 Project Revenue Refunding Bonds, Series 2003B, 5.375%, 5/01/23 - XLCA Insured 3,000 The Commonwealth of Massachusetts, Special Obligation No Opt. Call Aaa 3,326,580 Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 - FSA Insured 1,500 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 1,739,160 Highway Revenue Bonds, Series 2003AA, 5.500%, 7/01/19 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.3% 1,300 Massachusetts Development Finance Agency, Revenue 6/09 at 101.00 AA 1,431,547 Bonds, Worcester Redevelopment Authority Issue, Series 1999, 6.000%, 6/01/24 - RAAI Insured 3,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 3,049,020 Series 2003A, 5.000%, 7/01/33 - MBIA Insured 4,000 Massachusetts Port Authority, Special Facilities 9/06 at 102.00 AAA 4,179,120 Revenue Bonds, US Air Project, Series 1996A, 5.750%, 9/01/16 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 11.7% 1,250 The Commonwealth of Massachusetts, General Obligation 2/10 at 101.00 AAA 1,470,750 Bonds, Consolidated Loan, Series 2000A, 6.000%, 2/01/14 (Pre-refunded to 2/01/10) 2,500 Massachusetts Health and Educational Facilities Authority, 8/10 at 100.00 AAA 2,765,100 Revenue Bonds, Malden Hospital Issue, FHA-Insured Project, Series A, 5.000%, 8/01/16 (Pre-refunded to 8/01/10) 2,000 Massachusetts Health and Educational Facilities Authority, 7/06 at 100.00 Aaa 2,104,800 Revenue Bonds, Daughters of Charity National Health System - The Carney Hospital, Series D, 6.100%, 7/01/14 (Pre-refunded to 7/01/06) 410 Massachusetts Health and Educational Facilities 7/08 at 102.00 AAA 435,486 Authority, Revenue Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25 - MBIA Insured 955 Massachusetts Port Authority, Revenue Bonds, 1/04 at 100.00 AAA 1,462,869 Series 1982, 13.000%, 7/01/13 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.1% 1,000 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,121,930 Recovery Revenue Bonds, SEMASS System, Series 2001A, 5.625%, 1/01/16 - MBIA Insured 2,500 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 2,424,224 Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 2.2% 1,500 Massachusetts Water Pollution Abatement Trust, Pool Program 8/13 at 100.00 AAA 1,562,400 Bonds, Series 9, 5.000%, 8/01/22 ------------------------------------------------------------------------------------------------------------------------------------ $ 95,320 Total Long-Term Investments (cost $97,375,461) - 146.1% 102,548,093 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 1,661,355 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.4)% (34,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 70,209,448 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R Investment is not rated. See accompanying notes to financial statements. 35
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 1.7% $ 500 Boston, Massachusetts, Industrial Development Financing 9/12 at 102.00 Baa3 $ 498,070 Authority, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 27.9% 1,500 Massachusetts Educational Financing Authority, Educational 7/10 at 100.00 AAA 1,573,140 Loan Revenue Bonds, Issue E, Series 2001, 5.300%, 1/01/16 (Alternative Minimum Tax) - AMBAC Insured 1,000 Massachusetts Development Finance Authority, Revenue 5/29 at 105.00 A3 1,115,500 Refunding Bonds, Series 1999P, Boston University, 6.000%, 5/15/59 500 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 527,420 Bonds, Milton Academy Project, Series 2003A, 5.000%, 9/01/19 1,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,089,390 Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18 2,000 Massachusetts Health and Educational Facilities Authority, 2/11 at 100.00 AA- 2,114,700 Revenue Bonds, Tufts University, Series 2001-I, 5.500%, 2/15/36 1,250 University of Massachusetts Building Authority, Project 11/10 at 100.00 AAA 1,349,387 Revenue Bonds, Senior Series 2000-2, 5.250%, 11/01/20 - AMBAC Insured 600 University of Massachusetts Building Authority, Project 11/13 at 100.00 AAA 658,086 Revenue Bonds, Senior Lien Series 2003-1, 5.250%, 11/01/18 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 15.9% 1,000 Massachusetts Health and Educational Facilities Authority, 7/09 at 101.00 AA- 1,034,090 Revenue Bonds, Partners HealthCare System Issue, Series B, 5.125%, 7/01/19 1,000 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 1,053,600 Revenue Bonds, Partners HealthCare Issue, Series C, 5.750%, 7/01/32 1,250 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 1,282,825 Revenue Bonds, UMass Memorial Health Care, Series 2001C, 6.625%, 7/01/32 375 Massachusetts Health and Educational Facilities Authority, 1/12 at 101.00 A- 392,636 Revenue Bonds, Covenant Health Systems Obligated Group, Series 2002, 6.000%, 7/01/31 1,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 1,032,160 Revenue Bonds, Berkshire Health System Issue, Series 2001E, 6.250%, 10/01/31 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 11.4% 1,000 Massachusetts Development Finance Agency, Assisted 3/12 at 105.00 AAA 1,091,820 Living Facility Revenue Bonds, The Arbors at Chicopee Project, GNMA Collateralized, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) 1,250 Massachusetts Housing Finance Agency, Rental Housing 1/11 at 100.00 AAA 1,309,838 Mortgage Revenue Bonds, 2001 Series A, 5.850%, 7/01/35 (Alternative Minimum Tax) - AMBAC Insured 1,000 Somerville Housing Authority, Massachusetts, Mortgage 5/12 at 103.00 AAA 1,045,130 Revenue Refunding Bonds, Clarendon Hill Towers Project, GNMA Collateralized, Series 2002, 5.200%, 11/20/22 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 8.6% 845 Massachusetts Housing Finance Agency, Single Family 12/04 at 102.00 AA 871,998 Housing Revenue Bonds, Series 36, 6.600%, 12/01/26 (Alternative Minimum Tax) 1,665 Massachusetts Housing Finance Agency, Single Family 6/10 at 100.00 AAA 1,723,142 Housing Revenue Bonds, Series 82, 5.375%, 12/01/20 (Alternative Minimum Tax) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.2% 655 Massachusetts Development Finance Agency, First 7/11 at 102.00 BBB- 670,438 Mortgage Revenue Bonds, Edgecombe Project, Series 2001A, 6.750%, 7/01/21 36 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 32.4% $ 1,000 Boston, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aa2 $ 1,051,150 Series 2001A, 5.000%, 2/01/20 2,000 Brookline, Massachusetts, General Obligation Bonds, 4/10 at 101.00 Aaa 2,225,280 Series 2000, 5.375%, 4/01/17 500 East Longmeadow, Massachusetts, General Obligation 8/11 at 101.00 Aaa 548,765 Bonds, Series 2001, 5.000%, 8/01/14 - AMBAC Insured 440 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 465,326 Series 2003, 5.000%, 2/01/21 - FSA Insured 1,675 City of Lawrence, Massachusetts, General Obligation 2/11 at 100.00 Aaa 1,747,159 Bonds, Series 2001, 5.000%, 2/01/21 - AMBAC Insured 1,095 City of Lynn, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 1,250,238 Series 2001, 5.375%, 8/15/12 - FGIC Insured 750 Commonwealth of Massachusetts, General Obligation No Opt. Call Aa2 851,355 Bonds, Consolidated Loan, Series 2002D, 5.500%, 8/01/19 500 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 544,045 Series 2003, 5.000%, 11/15/20 - FGIC Insured Springfield, Massachusetts, General Obligation Bonds, Series 2003, State Qualified: 500 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 559,770 500 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 534,170 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 15.6% 1,000 Massachusetts Bay Transportation Authority, Assessment 7/10 at 100.00 AAA 1,052,810 Bonds, 2000 Series A, 5.250%, 7/01/30 1,250 The Commonwealth of Massachusetts, Special Obligation No Opt. Call Aaa 1,386,075 Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 - FSA Insured 1,000 Puerto Rico Municipal Finance Agency, Loan Pool Bonds, 8/09 at 101.00 AAA 1,165,580 Series 1999A, 6.000%, 8/01/16 - FSA Insured 1,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 1,111,980 Tax Loan Bonds, Series 1999A, 6.375%, 10/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 3.6% 1,000 Massachusetts Port Authority, Special Facilities Revenue 7/07 at 102.00 AAA 1,073,480 Bonds, BOSFUEL Corporation Project, Series 1997, 5.500%, 7/01/18 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 12.4% 1,000 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 1,188,380 Settlement Asset-Backed Bonds, Series 2000, 6.000%, 7/01/26 (Pre-refunded to 7/01/10) 1,250 The Commonwealth of Massachusetts, General 10/10 at 100.00 AAA 1,456,087 Obligation Bonds, Consolidated Loan, Series 2000C, 5.750%, 10/01/19 (Pre-refunded to 10/01/10) 1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,090,620 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.0% 1,005 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,133,489 Recovery Revenue Bonds, SEMASS System, Series 2001A, 5.625%, 1/01/14 - MBIA Insured 1,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 969,690 Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.5% 1,750 Massachusetts Water Pollution Abatement Trust, Water 8/09 at 101.00 AAA 1,940,349 Pollution Abatement Revenue Bonds, MWRA Program, Subordinate Series 1999A, 5.750%, 8/01/29 300 Massachusetts Water Resources Authority, General 8/10 at 101.00 AAA 334,716 Revenue Bonds, Series 2000A, 5.750%, 8/01/30 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 40,905 Total Long-Term Investments (cost $41,927,928) - 146.2% 44,113,884 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.5% 1,051,935 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.7)% (15,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 30,165,819 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 37
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 30.3% $ 500 Massachusetts Development Finance Authority, Revenue 7/13 at 101.00 BBB $ 532,465 Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 6.375%, 7/01/23 2,250 Massachusetts Development Finance Agency, Revenue 9/13 at 100.00 A1 2,267,978 Bonds, Middlesex School Project, Series 2003, 5.000%, 9/01/33 3,000 Massachusetts Health and Educational Facilities 10/13 at 100.00 AAA 3,052,320 Authority, Revenue Bonds, Simmons College, Series 2003F, 5.000%, 10/01/33 - FGIC Insured 1,000 Massachusetts Health and Educational Facilities Authority, 10/13 at 101.00 AA 1,022,830 Revenue Bonds, Springfield College, Series 2003, 5.250%, 10/15/33 - RAAI Insured 3,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 3,068,670 Revenue Bonds, Boston College, Series 2003N, 5.125%, 6/01/37 2,000 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 2,040,340 Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 14.2% 2,020 Massachusetts Health and Educational Facilities 1/04 at 101.00 AAA 2,076,257 Authority, Revenue Bonds, South Shore Hospital Issue, Series D, 6.500%, 7/01/22 - MBIA Insured 2,500 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 2,535,275 Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 - FGIC Insured 1,000 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,011,420 Revenue Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 13.7% 1,750 Massachusetts Development Finance Authority, Revenue 12/12 at 105.00 AAA 1,913,835 Bonds, Neville Communities, GNMA Collateral, Series 2002A, 6.000%, 6/20/44 195 Massachusetts Housing Finance Agency, Housing Project 4/04 at 101.00 AAA 199,040 Revenue Refunding Bonds, Series 1993A, 6.150%, 10/01/15 - AMBAC Insured 1,265 Massachusetts Housing Finance Agency, Rental Housing 7/12 at 100.00 AAA 1,288,542 Mortgage Revenue Bonds, Series 2002H, 5.200%, 7/01/42 - FSA Insured 2,000 Massachusetts Housing Finance Agency, Housing Bonds, 12/12 at 100.00 AA- 2,019,380 Series 2003H, 5.125%, 6/01/43 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 32.7% 1,280 Littleton, Massachusetts, General Obligation Bonds, 1/13 at 101.00 AAA 1,356,186 Series 2003, 5.000%, 1/15/21 - FGIC Insured 3,000 The Commonwealth of Massachusetts, General Obligation 11/11 at 100.00 AAA 3,151,380 Bonds, Consolidated Loan, Series 2001D, 5.000%, 11/01/20 - MBIA Insured 2,145 The Commonwealth of Massachusetts, General Obligation 1/13 at 100.00 AAA 2,402,271 Bonds, Consolidated Loan, Series 2003A, 5.250%, 1/01/18 (Pre-refunded to 1/01/13) - AMBAC Insured 1,025 Maynard, Massachusetts, General Obligation Bonds, 2/13 at 101.00 Aaa 1,152,961 Series 2003, 5.500%, 2/01/19 - MBIA Insured 1,500 Pittsfield, Massachusetts, General Obligation Bonds, 4/12 at 101.00 AAA 1,613,835 Series 2002, 5.000%, 4/15/18 - MBIA Insured 3,000 Springfield, Massachusetts, State Qualified General 1/13 at 100.00 AAA 3,223,740 Obligation Bonds, Series 2003, 5.250%, 1/15/22 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 30.6% 3,000 Martha's Vineyard, Massachusetts, Land Bank Revenue 5/13 at 100.00 AAA 3,056,790 Bonds, Series 2002, 5.000%, 5/01/32 - AMBAC Insured 3,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 3,059,910 Tax Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27 - FGIC Insured 2,790 Massachusetts State College Building Authority, Project 5/13 at 100.00 AAA 2,967,946 Revenue Refunding Bonds, Series 2003A, 5.250%, 5/01/22 - XLCA Insured 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, MSRB Project, Series 2002A: $ 1,475 5.125%, 8/01/28 - MBIA Insured 2/12 at 100.00 AAA $ 1,513,424 1,500 5.125%, 2/01/34 - MBIA Insured 2/12 at 100.00 AAA 1,533,255 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.2% 1,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 1,016,340 Series 2003A, 5.000%, 7/01/33 - MBIA Insured Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A: 7,000 0.000%, 1/01/29 - MBIA Insured No Opt. Call AAA 1,916,460 1,500 5.000%, 1/01/37 - MBIA Insured 1/07 at 102.00 AAA 1,512,330 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 3.7% 955 Massachusetts Port Authority, Revenue Bonds, 1/04 at 100.00 AAA 1,462,869 Series 1982, 13.000%, 7/01/13 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.6% 1,500 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 1,575,045 Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured 1,000 Puerto Rico Electric Power Authority, Power Revenue 7/12 at 101.00 AAA 1,048,050 Bonds, Series 2002II, 5.125%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.7% 1,900 Lynn Water and Sewer Commission, Massachusetts, 12/13 at 100.00 AAA 1,936,878 General Revenue Bonds, Series 2003A, 5.000%, 12/01/32 - MBIA Insured 1,000 Massachusetts Water Resources Authority, General No Opt. Call AAA 1,120,240 Revenue Bonds, Series 2002J, 5.250%, 8/01/19 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 62,050 Total Long-Term Investments (cost $58,177,964) - 150.7% 59,648,262 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 442,378 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.8)% (20,500,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 39,590,640 ==================================================================================================================== At least 80% of the Fund's net assets (including net assets applicable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets applicable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 39
Nuveen Missouri Premium Income Municipal Fund (NOM) Portfolio of INVESTMENTS November 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 3.1% $ 1,000 Missouri State Development Finance Board, Solid Waste No Opt. Call AA- $ 1,048,370 Disposal Revenue Bonds, Procter & Gamble Paper Products Company Project, Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 10.3% 1,000 Curators of the University of Missouri, System Facilities 11/13 at 100.00 AA 1,022,350 Revenue Bonds, Series 2003A, 5.000%, 11/01/31 1,400 Missouri Health and Educational Facilities Authority, 6/10 at 100.00 Baa2 1,481,298 Educational Facilities Revenue Bonds, Maryville University of St. Louis Project, Series 2000, 6.750%, 6/15/30 500 Missouri Health and Educational Facilities Authority, 2/08 at 101.00 A3 521,070 Educational Facilities Revenue Bonds, St. Louis Priory School Project, Series 2000, 5.650%, 2/01/25 365 Missouri Health and Educational Facilities Authority, 4/11 at 100.00 Aaa 407,428 Educational Facilities Revenue Bonds, Webster University, Series 2001, 5.500%, 4/01/18 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 32.3% 1,800 Johnson County, Missouri, Hospital Revenue Bonds, 6/10 at 100.00 AA 1,998,504 Western Missouri Medical Center Project, Series 2000, 6.000%, 6/01/20 - RAAI Insured 2,500 Health and Educational Facilities Authority of the 6/11 at 101.00 AAA 2,590,350 State of Missouri, Revenue Bonds, SSM Health Care Series 2001A, 5.250%, 6/01/28 - AMBAC Insured 500 Health and Educational Facilities Authority of the 6/11 at 101.00 AAA 518,570 State of Missouri, Health Facilities Revenue Bonds, Saint Luke's Episcopal-Presbyterian Hospitals, Series 2001, 5.250%, 12/01/26 - FSA Insured Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds, BJC Health System, Series 2003: 1,500 5.125%, 5/15/25 5/13 at 100.00 AA 1,537,275 1,155 5.250%, 5/15/32 5/13 at 100.00 AA 1,192,457 500 Health and Educational Facilities Authority of the State 2/14 at 100.00 BBB+ 499,595 of Missouri, Health Facilities Revenue Bonds, Lake Regional Health System, Series 2003, 5.700%, 2/15/34 (WI, Settling 12/10/03) 425 Health and Educational Facilities Authority of the State 2/06 at 102.00 BBB+ 440,989 of Missouri, Health Facilities Revenue Bonds, Lake of the Ozarks General Hospital, Inc., Series 1996, 6.500%, 2/15/21 1,000 Health and Educational Facilities Authority of the State 12/10 at 101.00 A 1,054,340 of Missouri, Health Facilities Revenue Bonds, Saint Anthony's Medical Center, Series 2000, 6.250%, 12/01/30 950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R 944,832 County Memorial Hospital, Series 2000, 7.250%, 6/15/25 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 10.3% 900 Missouri Housing Development Commission, Multifamily 12/11 at 100.00 AA 949,608 Housing Revenue Bonds, Series 2001-II, 5.250%, 12/01/16 1,250 The Industrial Development Authority of St. Charles 4/08 at 102.00 AAA 1,276,763 County, Missouri, Multifamily Housing Revenue Bonds, Ashwood Apartments, Series 1998A, 5.600%, 4/01/30 (Alternative Minimum Tax) - FSA Insured 545 The Industrial Development Authority of the County 4/07 at 102.00 AAA 575,231 of St. Louis, Missouri, Multifamily Housing Revenue Refunding Bonds, GNMA Collateralized, South Summit Apartments Project, Series 1997A, 5.950%, 4/20/17 600 The Industrial Development Authority of the County 4/07 at 102.00 AAA 628,602 of St. Louis, Missouri, Multifamily Housing Revenue Refunding Bonds, GNMA Collateralized, South Summit Apartments Project, Series 1997B, 6.000%, 10/20/15 (Alternative Minimum Tax) 40 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 3.7% $ 345 Missouri Housing Development Commission, Single Family 3/06 at 105.00 AAA $ 352,914 Mortgage Revenue Bonds, Homeownership Loan Program, Series 1995C, 7.250%, 9/01/26 (Alternative Minimum Tax) 495 Missouri Housing Development Commission, Single Family 9/06 at 105.00 AAA 498,024 Mortgage Revenue Bonds, Homeownership Loan Program, Series 1996B, 7.550%, 9/01/27 (Alternative Minimum Tax) 370 Missouri Housing Development Commission, Single Family 3/10 at 100.00 AAA 390,491 Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000B-1, 6.250%, 3/01/31 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 3.0% 1,000 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 990,050 Bonds, Lafarge North America, Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 29.4% 500 Jackson County R-7 School District, Lees Summit, Missouri, 3/12 at 100.00 AAA 541,910 General Obligation Refunding and Improvement Bonds, Series 2002, 5.250%, 3/01/18 - FSA Insured 1,000 State of Missouri, General Obligation Refunding Bonds, 10/12 at 100.00 AAA 1,075,730 Fourth State Building, Series 2002A, 5.000%, 10/01/18 1,630 North Kansas City School District, Missouri, General 3/13 at 100.00 AA+ 1,685,420 Obligation Bonds, Series 2003A, 5.000%, 3/01/23 2,020 Ritenour Consolidated School District of St. Louis County, No Opt. Call AAA 2,553,947 Missouri, General Obligation Bonds, Series 1995, 7.375%, 2/01/12 - FGIC Insured 1,500 Francis Howell School District, Saint Charles County, No Opt. Call AAA 1,738,515 Missouri, General Obligation Refunding Bonds, Series 1994A, 7.800%, 3/01/08 - FGIC Insured 1,000 Pattonville R-3 School District, St. Louis County, 3/10 at 101.00 AAA 1,135,880 Missouri, General Obligation Bonds, Series 2000, 5.750%, 3/01/17 - FGIC Insured 895 Board of Education of the City of St. Louis, Missouri, No Opt. Call AAA 1,078,878 General Obligation Refunding Bonds, Series 1993A, 8.500%, 4/01/07 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 34.0% 750 Fenton, Missouri, Tax Increment Refunding and 10/12 at 100.00 N/R 765,308 Improvement Bonds, Gravois Bluffs Project, Series 2002, 6.125%, 10/01/21 1,740 Jackson County Public Building Corporation, Missouri, 12/13 at 100.00 Aa3 1,780,733 Leasehold Revenue Bonds, Capital Improvement Projects, Series 2003, 5.000%, 12/01/28 1,000 Kansas City Land Clearance Redevelopment Authority, 12/05 at 102.00 AAA 1,104,650 Missouri, Lease Revenue Bonds, Municipal Auditorium and Muehlebach Hotel Redevelopment Projects, Series 1995A, 5.900%, 12/01/18 - CAP GTY/FSA Insured 2,000 Missouri Development Finance Board, Kansas City, 4/10 at 100.00 AAA 2,250,560 Missouri, Infrastructure Facilities Revenue Bonds, Midtown Redevelopment Projects, Series 2000A, 5.750%, 4/01/22 - MBIA Insured 450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 511,146 Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 - MBIA Insured 1,000 St. Louis, Missouri, Municipal Finance Corporation, 2/12 at 100.00 Aaa 1,135,280 Leasehold Revenue Bonds, Carnahan Courthouse Project, Series 2002A, 5.750%, 2/15/16 - FGIC Insured 2,000 The Public Building Corporation of the City of Springfield, 6/10 at 100.00 AAA 2,323,400 Missouri, Leasehold Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 - AMBAC Insured 1,380 Springfield, Missouri, City Center Development 11/11 at 100.00 Aaa 1,425,982 Corporation, Leasehold Revenue Bonds, Jordan Valley Park Parking Garage Project, Series 2002D, 5.000%, 11/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 4.7% 500 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 506,860 Bonds, Kansas City International Airport, Series 2001, 5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured 1,000 Land Clearance for Redevelopment Authority of the City 9/09 at 102.00 N/R 1,072,560 of St. Louis, Missouri, Tax-Exempt Parking Facility Revenue Refunding and Improvement Bonds, LCRA Parking Facilities Project, Series 1999C, 7.000%, 9/01/19 41 Nuveen Missouri Premium Income Municipal Fund (NOM) (continued) Portfolio of INVESTMENTS November 30, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 12.2% $ 675 Health and Educational Facilities Authority of the State 2/06 at 102.00 BBB+*** $ 758,558 of Missouri, Health Facilities Revenue Bonds, Lake of the Ozarks General Hospital, Inc., Series 1996, 6.500%, 2/15/21 (Pre-refunded to 2/15/06) 1,000 School District of the City of Saint Charles, Missouri, 3/06 at 100.00 AA+*** 1,090,040 General Obligation Bonds, Series 1996A, 5.625%, 3/01/14 (Pre-refunded to 3/01/06) 1,000 St. Louis County, Missouri, Certificates of Receipt, No Opt. Call AAA 1,125,230 GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) 1,000 St. Louis, Missouri, Municipal Finance Corporation, 2/06 at 102.00 AAA 1,109,890 Leasehold Revenue Bonds, City Justice Center Project, Series 1996A, 5.750%, 2/15/11 (Pre-refunded to 2/15/06) - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.8% 1,800 Springfield, Missouri, Public Utilities Board, Certificates 12/09 at 100.00 AAA 1,923,732 of Participation, Series 2001, 5.000%, 12/01/17 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 2.0% 350 State Environmental Improvement and Energy Resources No Opt. Call Aaa 431,065 Authority, Missouri, Water Pollution Control Revenue Bonds, State Revolving Fund Program, Kansas City Project, Series 1997C, 6.750%, 1/01/12 210 State Environmental Improvement and Energy Resources 1/06 at 101.00 Aaa 227,829 Authority, Missouri, Water Pollution Control Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1996D, 5.875%, 1/01/15 ------------------------------------------------------------------------------------------------------------------------------------ $ 46,500 Total Long-Term Investments (cost $46,931,364) - 150.8% 50,272,214 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (2.8)% (929,729) -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.0)% (16,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 33,342,485 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 42
Statement of ASSETS AND LIABILITIES November 30, 2003 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $110,569,712, $54,744,187, $50,083,480 and $91,974,027, respectively) $116,967,760 $57,425,263 $53,098,461 $94,060,978 Cash -- 89,408 62,365 429,882 Receivables: Interest 1,791,592 761,182 622,568 1,315,845 Investments sold 1,023,011 -- -- -- Other assets 10,164 6,909 4,931 926 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 119,792,527 58,282,762 53,788,325 95,807,631 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 288,300 -- -- -- Payable for investments purchased 521,702 -- -- 521,702 Accrued expenses: Management fees 62,980 16,598 15,320 25,587 Organization and offering costs -- -- -- -- Other 34,839 21,328 21,238 30,073 Preferred share dividends payable 3,145 2,669 -- 6,016 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 910,966 40,595 36,558 583,378 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 38,300,000 19,500,000 17,500,000 32,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $80,581,561 $38,742,167 $36,251,767 $63,224,253 ==================================================================================================================================== Common shares outstanding 5,313,041 2,554,959 2,307,378 4,346,749 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.17 $ 15.16 $ 15.71 $ 14.55 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 53,130 $ 25,550 $ 23,074 $ 43,467 Paid-in surplus 73,728,955 36,202,541 32,658,095 61,332,804 Undistributed (Over-distribution of) net investment income 850,345 295,189 268,434 145,301 Accumulated net realized gain (loss) from investments (448,917) (462,189) 287,183 (384,270) Net unrealized appreciation of investments 6,398,048 2,681,076 3,014,981 2,086,951 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $80,581,561 $38,742,167 $36,251,767 $63,224,253 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 43
Statement of ASSETS AND LIABILITIES November 30, 2003 (Unaudited) (continued)
INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $97,375,461, $41,927,928, $58,177,964 and $46,931,364, respectively) $102,548,093 $44,113,884 $59,648,262 $50,272,214 Cash 131,423 374,732 -- -- Receivables: Interest 1,605,118 700,692 852,373 814,710 Investments sold 10,000 -- -- 117,074 Other assets 8,200 6,650 2,403 8,131 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 104,302,834 45,195,958 60,503,038 51,212,129 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- 368,092 1,326,475 Payable for investments purchased -- -- -- 500,729 Accrued expenses: Management fees 55,260 12,877 16,154 26,158 Organization and offering costs -- -- 6,000 -- Other 35,474 17,262 19,344 15,689 Preferred share dividends payable 2,652 -- 2,808 593 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 93,386 30,139 412,398 1,869,644 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 34,000,000 15,000,000 20,500,000 16,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 70,209,448 $30,165,819 $39,590,640 $33,342,485 ==================================================================================================================================== Common shares outstanding 4,717,198 1,946,234 2,711,174 2,232,450 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.88 $ 15.50 $ 14.60 $ 14.94 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 47,172 $ 19,462 $ 27,112 $ 22,325 Paid-in surplus 65,426,198 27,540,197 38,185,636 30,029,896 Undistributed (Over-distributed of) net investment income 881,778 251,189 (91,826) 378,471 Accumulated net realized gain (loss) from investments (1,318,332) 169,015 (580) (429,057) Net unrealized appreciation of investments 5,172,632 2,185,956 1,470,298 3,340,850 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 70,209,448 $30,165,819 $39,590,640 $33,342,485 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 44
Statement of OPERATIONS Six Months Ended November 30, 2003 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $3,000,811 $1,386,610 $1,257,755 $2,148,569 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 382,827 187,037 173,064 306,247 Preferred shares - auction fees 48,006 24,442 21,935 40,110 Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 5,014 Shareholders' servicing agent fees and expenses 9,117 905 934 797 Custodian's fees and expenses 15,938 8,739 7,831 12,607 Trustees' fees and expenses 902 533 507 551 Professional fees 5,544 4,789 6,364 7,474 Shareholders' reports - printing and mailing expenses 8,844 4,304 4,640 7,077 Stock exchange listing fees 5,591 48 53 362 Investor relations expense 7,682 3,604 3,411 6,030 Other expenses 5,329 4,941 6,504 2,432 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 494,794 244,356 230,257 388,701 Custodian fee credit (1,757) (4,057) (1,993) (4,908) Expense reimbursement -- (86,325) (79,876) (150,768) ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 493,037 153,974 148,388 233,025 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 2,507,774 1,232,636 1,109,367 1,915,544 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investments 320,396 (81,256) 121,298 (119,238) Change in net unrealized appreciation (depreciation) of investments (2,479,264) (914,567) (1,345,300) (2,206,931) ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (2,158,868) (995,823) (1,224,002) (2,326,169) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (113,101) (64,881) (58,493) (115,473) From accumulated net realized gains from investments -- -- (3,885) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (113,101) (64,881) (62,378) (115,473) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ 235,805 $ 171,932 $ (177,013) $ (526,098) ==================================================================================================================================== See accompanying notes to financial statements. 45
Statement of OPERATIONS Six Months Ended November 30, 2003 (Unaudited) (continued)
INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $2,676,012 $1,098,794 $1,430,327 $1,276,878 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 335,888 145,436 193,363 159,276 Preferred shares - auction fees 42,616 18,801 25,695 20,055 Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 5,014 Shareholders' servicing agent fees and expenses 5,351 88 256 3,493 Custodian's fees and expenses 13,952 6,448 13,774 7,183 Trustees' fees and expenses 1,392 364 885 472 Professional fees 6,359 4,564 5,315 4,600 Shareholders' reports - printing and mailing expenses 8,538 93 6,307 2,592 Stock exchange listing fees 5,585 116 136 229 Investor relations expense 6,988 965 2,834 3,299 Other expenses 5,281 3,063 1,634 5,719 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 436,964 184,952 255,213 211,932 Custodian fee credit (3,996) (2,147) (11,009) (2,445) Expense reimbursement -- (67,124) (95,194) -- ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 432,968 115,681 149,010 209,487 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 2,243,044 983,113 1,281,317 1,067,391 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investments 806,148 131,275 (41,127) 413,407 Change in net unrealized appreciation (depreciation) of investments (2,824,708) (1,174,690) (1,749,946) (1,497,439) ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (2,018,560) (1,043,415) (1,791,073) (1,084,032) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (96,148) (40,753) (77,887) (57,100) From accumulated net realized gains from investments -- (1,872) (3,805) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (96,148) (42,625) (81,692) (57,100) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ 128,336 $ (102,927) $ (591,448) $ (73,741) ==================================================================================================================================== See accompanying notes to financial statements. 46
Statement of CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK) --------------------------------- --------------------------------- --------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 11/30/03 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 2,507,774 $ 5,198,312 $ 1,232,636 $ 2,551,921 $ 1,109,367 $ 2,263,151 Net realized gain (loss) from investments 320,396 1,504,009 (81,256) (278,778) 121,298 325,473 Change in net unrealized appreciation (depreciation) of investments (2,479,264) 4,082,959 (914,567) 3,304,347 (1,345,300) 3,671,087 Distributions to Preferred Shareholders: From net investment income (113,101) (358,883) (64,881) (170,791) (58,493) (169,519) From accumulated net realized gains from investments -- -- -- -- (3,885) (11,970) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 235,805 10,426,397 171,932 5,406,699 (177,013) 6,078,222 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (2,340,850) (4,646,089) (1,118,342) (2,140,226) (986,381) (1,910,300) From accumulated net realized gains from investments -- -- -- -- -- (143,733) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (2,340,850) (4,646,089) (1,118,342) (2,140,226) (986,381) (2,054,033) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- 1,664 -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 194,552 384,893 62,271 100,877 1,851 4,040 Preferred shares offering costs -- -- -- 23,986 (27,908) 5,020 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 194,552 384,893 63,935 124,863 (26,057) 9,060 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (1,910,493) 6,165,201 (882,475) 3,391,336 (1,189,451) 4,033,249 Net assets applicable to Common shares at the beginning of period 82,492,054 76,326,853 39,624,642 36,233,306 37,441,218 33,407,969 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $80,581,561 $82,492,054 $38,742,167 $39,624,642 $36,251,767 $37,441,218 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 850,345 $ 796,522 $ 295,189 $ 245,776 $ 268,434 $ 203,941 ==================================================================================================================================== See accompanying notes to financial statements. 47
Statement of CHANGES IN NET ASSETS (Unaudited) (continued)
CONNECTICUT MASSACHUSETTS PREMIUM MASSACHUSETTS DIVIDEND ADVANTAGE 3 (NGO) INCOME (NMT) DIVIDEND ADVANTAGE (NMB) --------------------------------- --------------------------------- --------------------------------- FOR THE PERIOD 9/26/02 (COMMENCEMENT SIX MONTHS ENDED OF OPERATIONS) SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 11/30/03 THROUGH 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $1,915,544 $ 2,173,106 $ 2,243,044 $ 4,619,396 $ 983,113 $ 2,027,149 Net realized gain (loss) from investments (119,238) (265,032) 806,148 (16,814) 131,275 133,861 Change in net unrealized appreciation (depreciation) of investments (2,206,931) 4,293,882 (2,824,708) 3,635,536 (1,174,690) 3,241,102 Distributions to Preferred Shareholders: From net investment income (115,473) (163,989) (96,148) (315,608) (40,753) (139,815) From accumulated net realized gains from investments -- -- -- -- (1,872) -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (526,098) 6,037,967 128,336 7,922,510 (102,927) 5,262,297 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (1,694,619) (1,969,268) (2,078,399) (4,094,191) (881,486) (1,703,320) From accumulated net realized gains from investments -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (1,694,619) (1,969,268) (2,078,399) (4,094,191) (881,486) (1,703,320) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- 61,625,745 -- -- 1,664 -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 133,554 290,710 156,920 317,813 14,176 31,840 Preferred shares offering costs (12,513) (761,500) -- -- -- 24,400 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 121,041 61,154,955 156,920 317,813 15,840 56,240 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (2,099,676) 65,223,654 (1,793,143) 4,146,132 (968,573) 3,615,217 Net assets applicable to Common shares at the beginning of period 65,323,929 100,275 72,002,591 67,856,459 31,134,392 27,519,175 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $63,224,253 $65,323,929 $70,209,448 $72,002,591 $30,165,819 $31,134,392 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 145,301 $ 39,849 $ 881,778 $ 813,281 $ 251,189 $ 190,315 ==================================================================================================================================== See accompanying notes to financial statements. 48
INSURED MASSACHUSETTS MISSOURI PREMIUM TAX-FREE ADVANTAGE (NGX) INCOME (NOM) --------------------------------- --------------------------------- FOR THE PERIOD 11/21/02 (COMMENCEMENT SIX MONTHS ENDED OF OPERATIONS) SIX MONTHS ENDED YEAR ENDED 11/30/03 THROUGH 5/31/03 11/30/03 5/31/03 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 1,281,317 $ 931,105 $ 1,067,391 $ 2,153,739 Net realized gain (loss) from investments (41,127) 44,352 413,407 (15,252) Change in net unrealized appreciation (depreciation) of investments (1,749,946) 3,220,244 (1,497,439) 2,231,265 Distributions to Preferred Shareholders: From net investment income (77,887) (81,083) (57,100) (161,228) From accumulated net realized gains from investments (3,805) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (591,448) 4,114,618 (73,741) 4,208,524 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (1,170,650) (974,628) (975,950) (1,919,228) From accumulated net realized gains from investments -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (1,170,650) (974,628) (975,950) (1,919,228) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- 38,596,500 -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 49,364 14,987 164,614 318,941 Preferred shares offering costs 6,822 (555,200) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 56,186 38,056,287 164,614 318,941 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (1,705,912) 41,196,277 (885,077) 2,608,237 Net assets applicable to Common shares at the beginning of period 41,296,552 100,275 34,227,562 31,619,325 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $39,590,640 $41,296,552 $33,342,485 $34,227,562 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ (91,826) $ (124,606) $ 378,471 $ 344,130 ==================================================================================================================================== See accompanying notes to financial statements. 49
Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The state Funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen Connecticut Premium Income Municipal Fund (NTC), Nuveen Connecticut Dividend Advantage Municipal Fund (NFC), Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK), Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO), Nuveen Massachusetts Premium Income Municipal Fund (NMT), Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB), Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX) and Nuveen Missouri Premium Income Municipal Fund (NOM). Common shares of Connecticut Premium Income (NTC) and Massachusetts Premium Income (NMT) are traded on the New York Stock Exchange while Common shares of Connecticut Dividend Advantage (NFC), Connecticut Dividend Advantage 2 (NGK), Connecticut Dividend Advantage 3 (NGO), Massachusetts Dividend Advantage (NMB), Insured Massachusetts Tax-Free Advantage (NGX) and Missouri Premium Income (NOM) are traded on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. Prior to the commencement of operations of Connecticut Dividend Advantage 3 (NGO) and Insured Massachusetts Tax-Free Advantage (NGX), each Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,275 per Fund by Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc., and the recording of the organization expenses ($11,500 per Fund) and their reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen Investments, Inc. Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes, and in the case of Insured Massachusetts Tax-Free Advantage (NGX) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within a single state. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish a fair value for the security. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At November 30, 2003, Connecticut Premium Income (NTC), Connecticut Dividend Advantage 3 (NGO) and Missouri Premium Income (NOM) had outstanding when-issued purchase commitments of $521,702, $521,702 and $500,729, respectively. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. 50 Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, and in the case of Insured Massachusetts Tax-Free Advantage (NGX) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one Series. The dividend rate on each Series may change every seven days, as set pursuant to a dutch auction process by the auction agent, and is payable at or near the end of each rate period. The number of Preferred shares outstanding for each Fund is as follows: CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------- Number of shares: Series T -- 780 -- -- Series W -- -- 700 -- Series TH 1,532 -- -- -- Series F -- -- -- 1,280 ================================================================================ INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------- Number of shares: Series T -- 600 -- -- Series W -- -- 820 -- Series TH 1,360 -- -- 640 Series F -- -- -- -- ================================================================================ Insurance Insured Massachusetts Tax-Free Advantage (NGX) invests at least 80% of its net assets (including net assets applicable to Preferred shares) in municipal securities that are covered by insurance. The Fund may also invest up to 20% of its net assets (including net assets applicable to Preferred shares) in municipal securities which are either (i) backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Fund's Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Fund ultimately disposes of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Fund. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Fund includes value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Fund the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Derivative Financial Instruments The Funds may invest in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended November 30, 2003. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. 51 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Offering Costs Nuveen Investments, LLC has agreed to pay all Common share offering costs (other than the sales load) that exceed $.03 per Common share for Connecticut Dividend Advantage 3 (NGO) and Insured Massachusetts Tax-Free Advantage (NGX). Connecticut Dividend Advantage 3's (NGO) and Insured Massachusetts Tax-Free Advantage's (NGX) share of Common share offering costs ($129,330 and $81,000, respectively) were recorded as a reduction of the proceeds from the sale of Common shares. Costs incurred by Connecticut Dividend Advantage 3 (NGO) and Insured Massachusetts Tax-Free Advantage (NGX) in connection with their offering of Preferred shares ($774,013 and $548,378, respectively) were recorded as a reduction to paid-in surplus. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common and Preferred shares were as follows:
CONNECTICUT CONNECTICUT DIVIDEND CONNECTICUT DIVIDEND PREMIUM INCOME (NTC) ADVANTAGE (NFC) ADVANTAGE 2 (NGK) ----------------------- ---------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 11/30/03 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03 --------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- -- -- Shares issued to shareholders due to reinvestment of distributions 11,797 23,492 3,956 6,514 118 260 --------------------------------------------------------------------------------------------------------- 11,797 23,492 3,956 6,514 118 260 ========================================================================================================= Preferred shares sold -- -- -- -- -- -- ========================================================================================================= CONNECTICUT DIVIDEND MASSACHUSETTS MASSACHUSETTS DIVIDEND ADVANTAGE 3 (NGO) PREMIUM INCOME (NMT) ADVANTAGE (NMB) --------------------------- ---------------------- ------------------------ FOR THE PERIOD 9/26/02 SIX MONTHS (COMMENCEMENT SIX MONTHS SIX MONTHS ENDED OF OPERATIONS) ENDED YEAR ENDED ENDED YEAR ENDED 11/30/03 THROUGH 5/31/03 11/30/03 5/31/03 11/30/03 5/31/03 -------------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- 4,311,000 -- -- -- -- Shares issued to shareholders due to reinvestment of distributions 9,194 19,555 10,203 19,972 890 2,042 -------------------------------------------------------------------------------------------------------------- 9,194 4,330,555 10,203 19,972 890 2,042 ============================================================================================================== Preferred shares sold -- 1,280 -- -- -- -- ==============================================================================================================
52
INSURED MASSACHUSETTS TAX-FREE MISSOURI ADVANTAGE (NGX) PREMIUM INCOME (NOM) --------------------------- ------------------------ FOR THE PERIOD 11/21/02 SIX MONTHS (COMMENCEMENT SIX MONTHS ENDED OF OPERATIONS) ENDED YEAR ENDED 11/30/03 THROUGH 5/31/03 11/30/03 5/31/03 -------------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- 2,700,000 -- -- Shares issued to shareholders due to reinvestment of distributions 3,199 975 9,951 19,544 -------------------------------------------------------------------------------------------------------------- 3,199 2,700,975 9,951 19,544 ============================================================================================================== Preferred shares sold -- 820 -- -- ==============================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities for the six months ended November 30, 2003, were as follows: CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) ------------------------------------------ ------------------------------------- Purchases $12,912,237 $4,474,335 $3,670,712 $12,200,945 Sales and maturities 12,284,864 1,881,757 3,557,514 9,648,304 ================================================================================ INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------- Purchases $17,295,692 $8,951,738 $43,073,964 $10,026,769 Sales and maturities 17,537,086 8,726,985 45,850,887 7,409,209 ================================================================================ 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At November 30, 2003, the cost of investments were as follows: CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------- Cost of investments $110,560,643 $54,725,831 $50,074,708 $91,963,117 ================================================================================ INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------- Cost of investments $97,204,983 $41,913,264 $58,177,935 $46,913,689 ================================================================================ 53 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2003, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) ---------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $6,671,761 $2,859,554 $3,096,440 $2,307,044 Depreciation (264,644) (160,122) (72,687) (209,183) ---------------------------------------------------------------------------------------------------------- Net unrealized appreciation of investments $6,407,117 $2,699,432 $3,023,753 $2,097,861 ========================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) ---------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $5,536,288 $2,200,620 $1,478,156 $3,415,589 Depreciation (193,178) -- (7,829) (57,064) ---------------------------------------------------------------------------------------------------------- Net unrealized appreciation of investments $5,343,110 $2,200,620 $1,470,327 $3,358,525 ==========================================================================================================
The tax components of undistributed net investment income and net realized gains at May 31, 2003, the Funds' last fiscal year end, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income $1,180,598 $411,892 $358,341 $321,326 Undistributed net ordinary income * -- -- 83,197 -- Undistributed net long-term capital gains -- -- 86,574 -- ========================================================================================================= INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income $944,663 $318,206 $72,254 $489,254 Undistributed net ordinary income * 5,707 -- 44,352 261 Undistributed net long-term capital gains -- 39,612 -- -- =========================================================================================================
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 54 The tax character of distributions paid during the fiscal year ended May 31, 2003, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 2003 (NTC) (NFC) (NGK) (NGO) ---------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $4,914,860 $2,309,669 $2,079,493 $1,846,495 Distributions from net ordinary income * 74,506 -- 124,592 -- Distributions from net long-term capital gains -- -- 31,111 -- ========================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME 2003 (NMT) (NMB) (NGX) (NOM) ------------------------------------------------------------------------------------------------------------ Distributions from net tax-exempt income $4,392,112 $1,843,169 $858,850 $2,071,810 Distributions from net ordinary income * -- -- -- -- Distributions from net long-term capital gains -- -- -- -- ============================================================================================================
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At May 31, 2003, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
CONNECTICUT CONNECTICUT CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM DIVIDEND DIVIDEND PREMIUM PREMIUM INCOME ADVANTAGE ADVANTAGE 3 INCOME INCOME (NTC) (NFC) (NGO) (NMT) (NOM) ------------------------------------------------------------------------------------------------------------- Expiration year: 2004 $ -- $ -- $ -- $ 828,906 $708,417 2005 593,568 -- -- 195,761 -- 2006 -- -- -- -- -- 2007 -- -- -- -- -- 2008 7,281 -- -- 210,989 57,432 2009 168,464 30,535 -- 718,509 -- 2010 -- 42,027 -- -- 6,599 2011 -- -- 172,070 -- -- ------------------------------------------------------------------------------------------------------------- Total $769,313 $72,562 $172,070 $1,954,165 $772,448 ============================================================================================================
The following Funds elected to defer net realized losses from investments incurred from November 1, 2002 through May 31, 2003 ("post-October losses") in accordance with Federal income tax regulations. The following post-October losses are treated as having arisen on the first day of the current fiscal year: CONNECTICUT CONNECTICUT MASSACHUSETTS MISSOURI DIVIDEND DIVIDEND PREMIUM PREMIUM ADVANTAGE ADVANTAGE 3 INCOME INCOME (NFC) (NGO) (NMT) (NOM) -------------------------------------------------------------------------------- $308,371 $92,962 $171,171 $70,055 ================================================================================ 55 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under Connecticut Premium Income's (NTC), Massachusetts Premium Income's (NMT) and Missouri Premium Income's (NOM) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For the next $3 billion .5875 For net assets over $5 billion .5750 ================================================================================ Under Connecticut Dividend Advantage's (NFC), Connecticut Dividend Advantage 2's (NGK), Connecticut Dividend Advantage 3's (NGO), Massachusetts Dividend Advantage's (NMB) and Insured Massachusetts Tax-Free Advantage's (NGX) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For net assets over $2 billion .5750 ================================================================================ The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. 56 For the first ten years of Connecticut Dividend Advantage's (NFC) and Massachusetts Dividend Advantage's (NMB) operations, the Adviser has agreed to reimburse the Funds, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING JANUARY 31, JANUARY 31, -------------------------------------------------------------------------------- 2001* .30% 2007 .25% 2002 .30 2008 .20 2003 .30 2009 .15 2004 .30 2010 .10 2005 .30 2011 .05 2006 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Connecticut Dividend Advantage (NFC) and Massachusetts Dividend Advantage (NMB) for any portion of its fees and expenses beyond January 31, 2011. For the first ten years of Connecticut Dividend Advantage 2's (NGK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, -------------------------------------------------------------------------------- 2002* .30% 2008 .25% 2003 .30 2009 .20 2004 .30 2010 .15 2005 .30 2011 .10 2006 .30 2012 .05 2007 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Connecticut Dividend Advantage 2 (NGK) for any portion of its fees and expenses beyond March 31, 2012. 57 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) For the first eight years of Connecticut Dividend Advantage 3's (NGO) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING SEPTEMBER 30, SEPTEMBER 30, -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Connecticut Dividend Advantage 3 (NGO) for any portion of its fees and expenses beyond September 30, 2010. For the first eight years of Insured Massachusetts Tax-Free Advantage's (NGX) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured Massachusetts Tax-Free Advantage (NGX) for any portion of its fees and expenses beyond November 30, 2010. 58 6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on December 30, 2003, to shareholders of record on December 15, 2003, as follows: CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------- Dividend per share $.0735 $.0745 $.0735 $.0650 ================================================================================ INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------- Dividend per share $.0735 $.0775 $.0720 $.0735 ================================================================================ At the same time, the following Funds declared capital gains and net ordinary income distributions as follows:
INSURED CONNECTICUT MASSACHUSETTS MASSACHUSETTS DIVIDEND DIVIDEND TAX-FREE ADVANTAGE 2 ADVANTAGE ADVANTAGE (NGK) (NMB) (NGX) ------------------------------------------------------------------------------------------------------------- Capital gains distributions per share $.0820 $.0789 $ -- Net ordinary income distributions per share* .0341 -- .0148 =============================================================================================================
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 59 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ----------------------------------------------------------------- -------------------------------- Distributions Distributions from Net from From Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== CONNECTICUT PREMIUM INCOME (NTC) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(d) $15.56 $ .47 $ (.40) $(.02) $ -- $ .05 $(.44) $-- $(.44) 2003 14.46 .98 1.07 (.07) -- 1.98 (.88) -- (.88) 2002 14.20 1.00 .20 (.10) -- 1.10 (.84) -- (.84) 2001 12.92 1.02 1.32 (.24) -- 2.10 (.82) -- (.82) 2000 14.44 1.06 (1.54) (.22) -- (.70) (.82) -- (.82) 1999 14.49 1.00 (.05) (.20) -- .75 (.80) -- (.80) CONNECTICUT DIVIDEND ADVANTAGE (NFC) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(d) 15.53 .48 (.38) (.03) -- .07 (.44) -- (.44) 2003 14.24 1.00 1.19 (.07) -- 2.12 (.84) -- (.84) 2002 13.88 1.00 .31 (.11) -- 1.20 (.84) -- (.84) 2001(a) 14.33 .21 (.23) (.05) -- (.07) (.21) -- (.21) CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(d) 16.23 .48 (.53) (.03) -- (.08) (.43) -- (.43) 2003 14.48 .98 1.74 (.07) (.01) 2.64 (.83) (.06) (.89) 2002(b) 14.33 .08 .30 -- -- .38 (.07) -- (.07) CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(d) 15.06 .44 (.53) (.03) -- (.12) (.39) -- (.39) 2003(c) 14.33 .51 .93 (.04) -- 1.40 (.46) -- (.46) ==================================================================================================================================== Total Returns ------------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ================================================================================= CONNECTICUT PREMIUM INCOME (NTC) --------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) $ -- $15.17 $16.2500 (2.61)% .41% 2003 -- 15.56 17.1400 12.63 14.08 2002 -- 14.46 16.0500 5.01 7.87 2001 -- 14.20 16.1000 25.91 16.57 2000 -- 12.92 13.5000 (14.85) (4.87) 1999 -- 14.44 16.7500 13.50 5.22 CONNECTICUT DIVIDEND ADVANTAGE (NFC) --------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) -- 15.16 16.1300 1.43 .53 2003 .01 15.53 16.3500 9.19 15.38 2002 -- 14.24 15.7900 8.61 8.81 2001(a) (.17) 13.88 15.3400 3.71 (1.67) CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) --------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) (.01) 15.71 15.5200 .98 (.49) 2003 -- 16.23 15.8000 11.16 18.77 2002(b) (.16) 14.48 15.0500 .79 1.53 CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) --------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) -- 14.55 13.6600 (6.92) (.71) 2003(c) (.21) 15.06 15.0900 3.71 8.46 ================================================================================= Ratios/Supplemental Data ------------------------------------------------------------------------------------------ Before Credit/Reimbursement After Credit/Reimbursement*** ---------------------------- ---------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate =================================================================================================================== CONNECTICUT PREMIUM INCOME (NTC) ------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) $80,582 1.24%* 6.29%* 1.24%* 6.29%* 11% 2003 82,492 1.27 6.57 1.26 6.58 23 2002 76,327 1.34 6.90 1.34 6.91 12 2001 74,642 1.33 7.36 1.31 7.39 8 2000 67,579 1.36 7.87 1.32 7.91 19 1999 75,165 1.32 6.83 1.30 6.84 7 CONNECTICUT DIVIDEND ADVANTAGE (NFC) ------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) 38,742 1.28* 5.99* .81* 6.46* 3 2003 39,625 1.27 6.29 .81 6.76 7 2002 36,233 1.38 6.56 .88 7.06 20 2001(a) 35,255 1.22* 4.10* .80* 4.52* 29 CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) ------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) 36,252 1.28* 5.73* .83* 6.19* 7 2003 37,441 1.31 5.94 .82 6.43 13 2002(b) 33,408 1.06* 2.90* .73* 3.23* -- CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) ------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(d) 63,224 1.25* 5.64* .75* 6.14* 10 2003(c) 65,324 1.19* 4.72* .71* 5.20* 18 =================================================================================================================== Preferred Shares at End of Period ------------------------------------------ Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ================================================================= CONNECTICUT PREMIUM INCOME (NTC) ----------------------------------------------------------------- Year Ended 5/31: 2003(d) $38,300 $25,000 $77,599 2003 38,300 25,000 78,846 2002 38,300 25,000 74,822 2001 38,300 25,000 73,722 2000 38,300 25,000 69,112 1999 38,300 25,000 74,063 CONNECTICUT DIVIDEND ADVANTAGE (NFC) ----------------------------------------------------------------- Year Ended 5/31: 2003(d) 19,500 25,000 74,669 2003 19,500 25,000 75,801 2002 19,500 25,000 71,453 2001(a) 19,500 25,000 70,198 CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) ----------------------------------------------------------------- Year Ended 5/31: 2003(d) 17,500 25,000 76,788 2003 17,500 25,000 78,487 2002(b) 17,500 25,000 72,726 CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) ----------------------------------------------------------------- Year Ended 5/31: 2003(d) 32,000 25,000 74,394 2003(c) 32,000 25,000 76,034 ================================================================= * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Common Share Net Asset Value is the combination of reinvested dividend income at net asset value, reinvested capital gains distributions at net asset value, if any, and changes in Common share net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the period January 26, 2001 (commencement of operations) through May 31, 2001. (b) For the period March 25, 2002 (commencement of operations) through May 31, 2002. (c) For the period September 26, 2002 (commencement of operations) through May 31, 2003. (d) For the six months ended November 30, 2003. See accompanying notes to financial statements. 60-61 spread
Financial HIGHLIGHTS (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ----------------------------------------------------------------- -------------------------------- Distributions Distributions from Net from From Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(c) $15.30 $ .48 $ (.44) $(.02) $ -- $ .02 $(.44) $ -- $(.44) 2003 14.48 .98 .78 (.07) -- 1.69 (.87) -- (.87) 2002 14.26 1.03 .13 (.11) -- 1.05 (.83) -- (.83) 2001 13.17 1.05 1.10 (.24) -- 1.91 (.82) -- (.82) 2000 14.72 1.05 (1.54) (.21) -- (.70) (.85) -- (.85) 1999 14.91 1.02 (.16) (.20) -- .66 (.85) -- (.85) MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(c) 16.00 .51 (.54) (.02) -- (.05) (.45) -- (.45) 2003 14.16 1.04 1.74 (.07) -- 2.71 (.88) -- (.88) 2002 13.88 1.03 .25 (.12) -- 1.16 (.88) -- (.88) 2001(a) 14.33 .24 (.24) (.05) -- (.05) (.22) -- (.22) INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(c) 15.25 .47 (.66) (.03) -- (.22) (.43) -- (.43) 2003(b) 14.33 .35 1.21 (.03) -- 1.53 (.37) -- (.37) MISSOURI PREMIUM INCOME (NOM) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2003(c) 15.40 .48 (.47) (.03) -- (.02) (.44) -- (.44) 2003 14.35 .97 1.02 (.07) -- 1.92 (.87) -- (.87) 2002 13.97 1.01 .31 (.13) -- 1.19 (.81) -- (.81) 2001 12.77 1.02 1.18 (.26) -- 1.94 (.74) -- (.74) 2000 14.20 .99 (1.39) (.26) -- (.66) (.77) -- (.77) 1999 14.44 .97 (.22) (.22) -- .53 (.77) -- (.77) ==================================================================================================================================== Total Returns ------------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ================================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ---------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) $ -- $14.88 $15.6500 (4.11)% .22% 2003 -- 15.30 16.8000 12.98 12.02 2002 -- 14.48 15.7000 8.04 7.51 2001 -- 14.26 15.3300 15.71 14.72 2000 -- 13.17 14.0000 (7.66) (4.79) 1999 -- 14.72 16.0625 2.48 4.47 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ---------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) -- 15.50 15.9000 (.53) (.21) 2003 .01 16.00 16.4500 8.76 19.74 2002 -- 14.16 15.9500 14.15 8.46 2001(a) (.18) 13.88 14.8000 .13 (1.61) INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) ---------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) -- 14.60 15.7700 2.76 (1.33) 2003(b) (.24) 15.25 15.7800 7.69 9.07 MISSOURI PREMIUM INCOME (NOM) ---------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) -- 14.94 17.0000 3.46 (.07) 2003 -- 15.40 16.8700 15.39 13.75 2002 -- 14.35 15.4100 14.11 8.65 2001 -- 13.97 14.2500 17.41 15.48 2000 -- 12.77 12.8125 (4.35) (4.63) 1999 -- 14.20 14.1875 5.24 3.64 ================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------------------------ Before Credit/Reimbursement After Credit/Reimbursement*** ---------------------------- ---------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ====================================================================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ---------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) $70,209 1.26%* 6.44%* 1.25%* 6.45%* 17% 2003 72,003 1.28 6.61 1.27 6.63 18 2002 67,856 1.31 7.11 1.30 7.12 13 2001 66,579 1.37 7.46 1.35 7.48 14 2000 61,323 1.32 7.71 1.31 7.73 11 1999 68,288 1.30 6.87 1.30 6.88 11 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ---------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) 30,166 1.24* 6.13* .78* 6.59* 20 2003 31,134 1.29 6.49 .83 6.95 8 2002 27,519 1.47 6.70 .94 7.24 9 2001(a) 26,951 1.28* 4.84* .84* 5.28* 18 INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) ---------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) 39,591 1.31* 6.01* .76* 6.56* 71 2003(b) 41,297 1.14* 4.17* .68* 4.64* 19 MISSOURI PREMIUM INCOME (NOM) ---------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2003(c) 33,342 1.28* 6.44* 1.27* 6.45* 15 2003 34,228 1.34 6.56 1.32 6.58 15 2002 31,619 1.38 7.08 1.36 7.10 8 2001 30,508 1.39 7.48 1.38 7.50 31 2000 27,701 1.48 7.49 1.47 7.51 23 1999 30,603 1.44 6.72 1.43 6.72 10 ====================================================================================================================== Preferred Shares at End of Period ------------------------------------------ Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ------------------------------------------------------------------ Year Ended 5/31: 2003(c) $34,000 $25,000 $76,625 2003 34,000 25,000 77,943 2002 34,000 25,000 74,894 2001 34,000 25,000 73,955 2000 34,000 25,000 70,091 1999 34,000 25,000 75,212 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ------------------------------------------------------------------ Year Ended 5/31: 2003(c) 15,000 25,000 75,276 2003 15,000 25,000 76,891 2002 15,000 25,000 70,865 2001(a) 15,000 25,000 69,919 INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) ------------------------------------------------------------------ Year Ended 5/31: 2003(c) 20,500 25,000 73,281 2003(b) 20,500 25,000 75,362 MISSOURI PREMIUM INCOME (NOM) ------------------------------------------------------------------ Year Ended 5/31: 2003(c) 16,000 25,000 77,098 2003 16,000 25,000 78,481 2002 16,000 25,000 74,405 2001 16,000 25,000 72,669 2000 16,000 25,000 68,282 1999 16,000 25,000 72,817 ==================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Common Share Net Asset Value is the combination of reinvested dividend income at net asset value, reinvested capital gains distributions at net asset value, if any, and changes in Common share net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares, where applicable. (a) For the period January 30, 2001 (commencement of operations) through May 31, 2001. (b) For the period November 21, 2002 (commencement of operations) through May 31, 2003. (c) For the six months ended November 30, 2003. See accompanying notes to financial statements. 62-63 spread Build Your Wealth AUTOMATICALLY Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBILITY You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 64 Fund INFORMATION BOARD OF TRUSTEES William E. Bennett Robert P. Bremner Lawrence H. Brown Jack B. Evans Anne E. Impellizzeri William L. Kissick Thomas E. Leafstrand Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Shelia W. Wellington FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL PROXY VOTING POLICIES AND PROCEDURES A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii) on the Commission's website at http://www.sec.gov. GLOSSARY OF TERMS USED IN THIS REPORT Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return (including change in NAV and reinvested dividends) that would have been necessary on an annual basis to equal the investment's actual performance over the time period being considered. Average Effective Maturity: The average of all the maturities of the bonds in a fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's sensitivity to changes in interest rates. Generally, the longer a bond or fund's duration, the more the price of the bond or fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. Market Yield (also known as Dividend Yield or Current Yield): An investment's current annualized dividend divided by its current market price. Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities of the fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. --------- Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the six month period ended November 30, 2003. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 65 Serving Investors FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. Managing $80 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. To learn more about the products and services Nuveen Investments offers and for a prospectus, where applicable, talk to your financial advisor, or call us at (800) 257-8787. Please read the information carefully before you invest. Distributed by NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606 | www.nuveen.com ESA-B-1103D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES Not applicable to this filing. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS Not applicable at this time. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable to this filing. ITEM 10. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because posted on registrant's website at www.nuveen.com/etf. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable at this time. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Connecticut Premium Income Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: February 4, 2004 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (Principal Executive Officer) Date: February 4, 2004 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (Principal Financial Officer) Date: February 4, 2004 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.