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 ------------------ Date of reporting period: November 30, 2005 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. SEMIANNUAL REPORT November 30, 2005 Nuveen Investments Municipal Exchange-Traded Closed-End Funds 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, woman and child at the beach. Photo of: A child. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) LOGO: NUVEEN Investments Photo of: Woman Photo of: Man and child Photo of: Woman NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. ------------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX ------------------------- IT'S FAST, EASY & FREE: WWW.INVESTORDELIVERY.COM if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Chairman's LETTER TO SHAREHOLDERS I am pleased to report that over the six-month period covered by this report your Fund continued to provide you with attractive monthly tax-free income. For more details about the management strategy and performance of your Fund, please see the Portfolio Managers' Comments and Performance Overview sections of this report. As we enter a new year, many are trying to determine how to best position their investments to take advantage of the opportunities that may lie ahead. Nobody knows what the market will do in the future or what investments will turn out to be tomorrow's best performers. But from our experience, we do know that a well-balanced portfolio, structured and carefully monitored with the help of a trusted investment professional, can be an important component in helping you achieve your long-term financial goals. In fact, a well-diversified portfolio may actually help to reduce your "IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL INVESTMENT RISK OVER THE LONG TERM." overall investment risk over the long term. That is one reason why we believe that a municipal bond investment like your Fund can be an important building block in a comprehensive investment program designed to perform well in a variety of market conditions. As an added convenience for you, I urge you to consider receiving future Fund reports and other Fund information by e-mail and the Internet. Not only will you be able to receive the information faster, but this also may help lower your Fund's expenses. Sign up is quick and easy - see the inside front cover of this report for instructions. As we noted in our last shareholder report, The St. Paul Travelers Companies, Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of your Fund's investment adviser), had sold a substantial portion of its stake in Nuveen. Since then, St. Paul has sold the balance of its shares to Nuveen Investments or to others. Please be assured that these transactions only affected Nuveen's corporate structure, and they do not have any impact on the investment objectives or management of your Fund. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board January 17, 2006 Nuveen Investments Municipal Exchange-Traded Closed-End Funds NTC, NFC, NGK, NGO, NMT, NMB, NGX, NOM Portfolio Managers' COMMENTS Portfolio managers Paul Brennan and Scott Romans discuss key investment strategies and the six-month performance of these eight Funds. Paul, who has more than 16 years of investment experience, including more than 14 with Nuveen, has managed NTC since 1999, NFC since 2001, NGK and NGO since 2002, and NMT and NMB since 2003. In May 2005 he assumed portfolio management responsibility for NGX. Scott, who joined Nuveen in 2000, has managed NOM since 2003. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED NOVEMBER 30, 2005? Over this period, shorter-term interest rates rose faster than longer-term rates. As a result, bond valuations generally declined and the yield curve flattened, meaning shorter-term rates approached the levels of longer-term rates. In this environment, one of our key strategies continued to be careful duration management. (Duration is a measure of a bond's price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations.) To help us maintain the Funds' durations within our preferred range, we selectively sold holdings with shorter durations, including pre-refunded bonds. When we sold these shorter duration bonds, we tried to reinvest the proceeds further out on the yield curve. For the Connecticut and Massachusetts Funds, this meant looking for bonds that mature in 10 to 20 years while for the Missouri Fund we looked for bonds that mature in 20 to 30 years. We believed that bonds with these maturities generally offered more attractive opportunities and the best values, and these purchases also helped to improve the Funds' overall call protection. As longer-term yields rose, especially during the latter part of this reporting period, we also found opportunities to sell some of our holdings that were purchased at relatively low yields and replace them with securities offering higher yields that could help to strengthen the Funds' income streams. While our main focus in redeploying proceeds in Connecticut and Massachusetts was on the 10 to 20 year area of the yield curve, we also 4 kept an opportunistic eye out for attractively priced longer-term bonds with maturities between 20 and 30 years. In NFC, NGK, NGO, NMB and NGX, our duration management strategies also included the use of forward interest rate swaps, a type of derivative financial instrument. As discussed in our last shareholder report, we began using these swaps in late 2004 in an effort to reduce the interest rate risk in these five Funds. These hedges were not an attempt to profit from correctly predicting the timing and direction of interest rate movements. Instead, our sole objective was to reduce the duration of these Funds (and their resulting price sensitivity) without having a negative impact on their income streams or common share dividends over the short term. This hedging strategy was effective in achieving the intended goal of helping to reduce net asset value (NAV) volatility in NFC and NMB, and in June 2005 we removed the hedges from these two Funds. The hedges on NGK, NGO and NGX remained in place as of November 30, 2005. During this reporting period, the hedges had a positive impact on the performance of these three Funds. As long-term interest rates rose, the value of the hedges increased while valuations of the Funds' holdings generally declined. In addition to duration management, we continued to maintain weightings of bonds rated BBB or lower. These lower-rated credits generally performed well during this period. However, as a result of higher demand, there were fewer opportunities to purchase additional lower-rated bonds for these Funds at attractive prices. For NGX, we did add a Baa2/BBB rated credit issued for University of Massachusetts Memorial Health, which helped to diversify the Fund's lower-rated holdings. In NOM, one lower-rated credit that met our purchase criteria was a Baa1/BBB+ rated issue from the Missouri Development Finance Board for Branson Landing. In general, however, the majority of our new purchases over this time were rated AAA or AA, reflecting the overall high credit quality of new issue supply. One of the largest offerings during this period was a $2.5 billion, AAA rated issue from the newly-created 5 Massachusetts School Building Authority. These bonds were added to all three of the Massachusetts Funds. Overall, the increase in municipal supply in all three states during this period helped us to further diversify their portfolios with purchases in the public infrastructure and educational and healthcare facilities sectors. HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as for relevant indexes and group averages, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE* For periods ended 11/30/05 6-MONTH 1-YEAR 5-YEAR 10-YEAR -------------------------------------------------------------------------------- CONNECTICUT FUNDS -------------------------------------------------------------------------------- NTC -0.32% 4.41% 7.50% 6.73% -------------------------------------------------------------------------------- NFC -0.08% 5.28% NA NA -------------------------------------------------------------------------------- NGK -0.37% 4.54% NA NA -------------------------------------------------------------------------------- NGO -0.29% 4.58% NA NA -------------------------------------------------------------------------------- MASSACHUSETTS FUNDS -------------------------------------------------------------------------------- NMT -0.32% 5.09% 7.01% 6.32% -------------------------------------------------------------------------------- NMB -0.16% 5.12% NA NA -------------------------------------------------------------------------------- MISSOURI FUND -------------------------------------------------------------------------------- NOM -0.07% 4.70% 7.67% 6.37% -------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index1 0.36% 3.88% 5.93% 5.73% -------------------------------------------------------------------------------- INSURED MASSACHUSETTS FUND -------------------------------------------------------------------------------- NGX -0.33% 6.08% NA NA -------------------------------------------------------------------------------- Lehman Brothers Insured Municipal Bond Index1 0.23% 4.04% 6.20% 5.89% -------------------------------------------------------------------------------- Lipper Other States Municipal Debt Funds Average2 -0.17% 5.49% 7.76% 6.43% -------------------------------------------------------------------------------- * Six-month returns are cumulative; returns for one year, five years, and ten years are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. 1 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds, while the Lehman Brothers Insured Municipal Bond Index is an unleveraged, unmanaged national index containing a broad range of insured municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The Lipper Other States Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 43 funds; 1 year, 43 funds; 5 years, 18 funds; and 10 years, 18 funds. Fund and Lipper returns assume reinvestment of dividends. 6 For the six months ended November 30, 2005, the cumulative returns on NAV for all seven of the noninsured Funds in this report underperformed the return on the Lehman Brothers Municipal Bond Index. For the same period, NGX underperformed the Lehman Brothers Insured Municipal Bond Index. Each Fund outperformed its respective Lehman index over the 12-month period ended November 30. NFC, NMB and NOM exceeded the average return for the Lipper Other States peer group, while NTC, NGK, NGO, NMT and NGX trailed this group average. Please keep in mind that the Lipper Other States average represents the overall average of returns for funds from 10 different states displaying a variety of economic and municipal market conditions. We believe that makes direct comparisons between the returns of specific state funds with a multi-state group average less meaningful. One of the factors affecting the Funds' six-month performance relative to that of the unleveraged Lehman Brothers index was the Funds' use of financial leverage. While leveraging provides opportunities for additional income and total returns for common shareholders when interest rates fall or remain consistently low (as has been the case over the past several years), this benefit is reduced when interest rates rise. With the increase in both short-term and long-term rates over this six-month period, the decline in value of the bonds in these Funds' portfolios was exacerbated by the effect of leveraging. In addition, the extent of the leverage benefit is tied in part to the short-term rates the Funds pay their MuniPreferred(R) shareholders. During periods of low short-term rates, leveraged Funds generally pay lower dividends to their MuniPreferred shareholders, which can leave more earnings to support common share dividends. When short-term interest rates rise, as they did during this reporting period, the Funds' borrowing costs also rise, impacting the Funds' expenses, income streams and total returns. However, we remain convinced that leveraging is likely to benefit the performance of these Funds over the long term. During this reporting period, all of the Funds benefited from their allocations of lower-quality credits, as bonds rated BBB or lower generally outperformed higher-rated bonds. As of November 30, 2005, the Connecticut Funds had weightings of BBB, sub-investment grade, and non-rated bonds ranging from 9% to 14%, while NOM had 7 20% allocated to BBB and non-rated credits. In Massachusetts, the two noninsured Funds--NMT and NMB--had weightings of 11% and 10%, respectively, in bonds rated BBB or lower, or in non-rated bonds. The insured NGX, which can invest up to 20% of its assets in uninsured investment-grade quality securities, held 2% of its portfolio in bonds rated BBB as of November 30, 2005. Among the lower-rated credits making contributions to the cumulative returns of NTC, NFC, NGK, NGO and NMT for this period were tobacco bonds backed by the 1998 master tobacco settlement agreement. Generally, supply/demand dynamics and an improved litigation environment drove tobacco bond prices higher. As of November 30, 2005, the Connecticut Funds held approximately 2% to 3% of their portfolios in unenhanced, uninsured tobacco bonds. NMT held less than 1% of its portfolio in these bonds. Housing bonds and lower-rated hospital credits also contributed to the Funds' returns, with the housing and healthcare sectors ranking second and third, respectively, in terms of performance among the Lehman Brothers municipal revenue sectors for the period. Housing bonds, particularly those issued for multifamily housing, were among the best performing credits in the Funds' portfolios, as rising interest rates lessened the incidence and impact of prepayments and bond calls on these bonds. NOM benefited from the pre-refunding of a large position in bonds issued for SSM Healthcare System, which accounted for approximately 6% of the Fund's holdings. At the same time, however, many of the Funds' holdings of older pre-refunded bonds tended to underperform the general municipal market in the rising interest rate environment of this period. Non-callable bonds and bonds with more than 10 years of call protection also generally did not perform well. 8 HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF NOVEMBER 30, 2005? As November 30, 2005, the seven noninsured Funds continued to offer excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA in the Connecticut Funds ranging from 85% to 91%, and from 80% to 87% in the two uninsured Massachusetts Funds. NGX, which can invest up to 20% of its assets in uninsured investment-grade quality securities, held 96% of its portfolio in insured bonds or uninsured bonds rated AAA or AA as of November 30, 2005. NOM's allocation of AAA/U.S. guaranteed and AA bonds accounted for 77% of its portfolio. At the end of November 2005, potential call exposure for the period from December 2005 through the end of 2007 ranged from 2% in NGK, NMB and NGX to 3% in NFC and NGO, 5% in NOM, 11% in NMT and 14% in NTC. NMT and NTC continued to hold most of these callable bonds during the period, in part due to their performance potential. The number of actual bond calls in all of these Funds depends largely on future market interest rates. 9 Dividend and Share Price INFORMATION As noted, all eight of these Funds use leverage to potentially enhance opportunities for additional income for common shareholders. During periods of rising short-term interest rates, as was the case during this reporting period, leveraging expenses increase. This resulted in a single monthly dividend reduction in NTC, NMT, NMB, NGX and NOM over the six-months ended November 30, 2005. The dividends of NFC, NGK, and NGO remained stable throughout this reporting period. (On December 1, 2005, NTC, NGK, NGO and NGX all announced monthly dividend reductions.) All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of November 30, 2005, all of the Funds in this report except NGX had positive UNII balances for both financial statement and tax purposes. NGX had a positive UNII balance for tax purposes and a negative UNII balance for financial statement purposes. At the end of the reporting period, the Funds' share prices were trading at premiums or discounts to their NAVs as shown in the accompanying chart: 11/30/05 6-MONTH AVERAGE PREMIUM/DISCOUNT PREMIUM -------------------------------------------------------------------------------- NTC -1.82% +7.21% -------------------------------------------------------------------------------- NFC +6.02% +7.19% -------------------------------------------------------------------------------- NGK +3.50% +5.36% -------------------------------------------------------------------------------- NGO +3.13% +0.03% -------------------------------------------------------------------------------- NMT +10.66% +7.60% -------------------------------------------------------------------------------- NMB +7.04% +11.64% -------------------------------------------------------------------------------- NGX +6.13% +6.42% -------------------------------------------------------------------------------- NOM +18.75% +17.01% -------------------------------------------------------------------------------- 10 Nuveen Connecticut Premium Income Municipal Fund NTC Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 81% AA 9% BBB 9% N/R 1% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Dec 0.0735 Jan 0.0735 Feb 0.0735 Mar 0.0705 Apr 0.0705 May 0.0705 Jun 0.067 Jul 0.067 Aug 0.067 Sep 0.064 Oct 0.064 Nov 0.064 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 15.64 15.7 15.63 15.62 15.62 15.61 15.74 15.67 15.72 15.84 15.96 15.85 15.58 15.6 15.58 15.52 15.5 15.41 15.2 15.16 15.1 15.21 15.45 15.45 15.45 15.56 15.74 15.69 15.7 15.41 15.62 15.7 15.53 15.55 15.36 15.49 15.5 15.52 15.41 15.43 15.39 15.44 15.47 15.51 15.55 15.61 15.71 15.61 15.97 15.85 16 16.11 16.5 16.36 16.39 16.15 16.08 16.3 16.37 16.39 16.4 16.4 16.45 16.52 16.41 16.33 16.48 16.13 16.05 15.92 16.2 15.73 15.75 16.22 16.49 15.93 15.65 15.64 15.85 15.33 15 14.9 15.35 15.35 15.66 15.64 15.75 15.96 15.76 15.75 15.51 15.45 15.7 15.85 15.66 15.7 15.55 15.6 16 15.83 15.68 15.78 15.7 15.69 15.69 15.58 15.55 15.61 15.67 15.86 16 15.82 15.81 15.81 15.79 15.91 16 15.92 16.19 15.92 15.96 15.89 15.86 15.74 15.81 15.81 15.83 15.84 15.88 15.8 15.99 15.98 15.95 15.95 15.87 15.85 15.84 16.11 16.05 15.96 16.01 15.83 16.01 16.07 16.17 16.2 16.19 16.25 16.13 16.15 16.05 16.26 16.14 16 16.12 16.07 15.95 16.24 16.15 16.29 16.55 16.59 16.74 16.58 16.63 16.75 16.77 16.34 16.34 16.26 16.22 16.35 16.35 16.13 16.2 16.12 16.21 16.16 16.24 16.18 16.4 16.5 16.66 16.8 17 16.83 16.3 16.65 16.65 16.59 16.73 16.7 16.77 16.98 16.95 16.7 16.89 16.72 16.72 16.72 16.77 16.7 16.7 16.6 16.59 16.51 16.4 16.5 16.6 16.35 16.35 16.49 16.59 16.73 16.59 16.5 16.5 16.18 16.15 16.15 16.15 16 16 16 16 16.21 16.05 16.35 16.1 16.1 15.9 16.3 16.3 16.21 16.25 16.22 15.9 15.89 16.04 16.22 15.98 15.98 15.68 15.61 15.18 15.12 15.31 15 15.1 14.78 14.67 14.51 14.63 14.59 11/30/05 14.55 FUND SNAPSHOT ------------------------------------ Common Share Price $14.55 ------------------------------------ Common Share Net Asset Value $14.82 ------------------------------------ Premium/(Discount) to NAV -1.82% ------------------------------------ Market Yield 5.28% ------------------------------------ Taxable-Equivalent Yield1 7.71% ------------------------------------ Net Assets Applicable to Common Shares ($000) $79,342 ------------------------------------ Average Effective Maturity on Securities (Years) 15.77 ------------------------------------ Leverage-Adjusted Duration 7.62 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 5/20/93) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -5.70% -0.32% ------------------------------------ 1-Year -1.30% 4.41% ------------------------------------ 5-Year 5.57% 7.50% ------------------------------------ 10-Year 6.38% 6.73% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Education and Civic Organizations 21.8% ------------------------------------ Tax Obligation/General 19.2% ------------------------------------ U.S. Guaranteed 14.0% ------------------------------------ Water and Sewer 11.4% ------------------------------------ Tax Obligation/Limited 9.4% ------------------------------------ Healthcare 7.9% ------------------------------------ Long-Term Care 4.9% ------------------------------------ Other 11.4% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.5%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders a capital gains distribution in December 2004 of $0.0114 per share. 11 Nuveen Connecticut Dividend Advantage Municipal Fund NFC Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 68% AA 17% A 2% BBB 12% N/R 1% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.0745 Jan 0.0745 Feb 0.0745 Mar 0.0715 Apr 0.0715 May 0.0715 Jun 0.0715 Jul 0.0715 Aug 0.0715 Sep 0.0715 Oct 0.0715 Nov 0.0715 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 15.34 15.49 15.43 15.44 15.57 15.72 15.56 15.64 15.54 15.45 15.32 15.29 15.1 15.19 15.25 15.26 15.36 15.33 15 15.19 15.59 15.83 15.82 15.85 15.75 15.75 15.75 16.71 16.3 16.07 16.39 16.18 16.18 15.93 15.69 15.7 15.75 15.52 15.52 15.6 15.53 15.61 15.66 15.89 15.89 15.89 15.82 15.85 15.85 16.1 15.91 16.04 16.36 16.48 16.48 16.45 16.47 16.28 16.22 16.35 16.45 16.27 16.26 16.39 16.44 16.78 16.8 16.74 16.16 15.88 16.36 16.2 16.48 16.82 16.52 16.29 16.18 16.1 16.1 16.02 15.59 15.47 15.5 15.56 15.44 15.44 15.7 15.6 15.8 15.73 15.54 15.69 15.6 15.9 15.61 15.65 15.65 15.5 16.11 15.93 15.77 15.94 15.9 15.87 15.87 16 15.94 16 16.1 16.15 16.15 16.25 16.04 15.83 15.83 15.96 16.35 16.69 15.91 16 15.71 15.81 15.8 15.61 15.65 15.73 15.8 15.88 16 15.8 15.95 16.12 16.12 15.97 15.96 15.95 15.91 15.92 15.98 16.2 16.09 15.95 16 15.97 15.97 15.92 16 16.17 16.3 16.4 16.2 16.26 16.35 16.28 16.3 16.25 16.3 16.2 16.25 16.3 16.36 16.35 16.25 16.36 16.28 16.38 16.45 16.45 16.45 16.49 16.5 16.57 16.44 16.22 16.25 16.25 16.32 16.47 16.8 16.86 16.82 16.82 16.82 16.73 16.85 16.84 16.82 16.58 16.58 16.68 16.54 16.71 16.67 16.82 16.56 16.72 16.95 17.01 16.9 16.99 16.86 16.84 16.72 16.58 16.44 16.45 16.39 16.39 16.24 16.1 16.2 16.28 16.38 16.48 16.48 16.48 16.17 16.15 16.15 16.2 16.16 16.03 16.1 16.15 16.14 16.1 16.12 16.16 15.96 16.03 16.06 16.16 16.29 16.07 16.25 16.07 16.1 16.04 16.23 16.41 16.1 15.94 16.2 16.01 16.15 16.08 16.33 16.01 16.23 16.18 16.18 16.05 16.06 16 11/30/05 15.85 FUND SNAPSHOT ------------------------------------ Common Share Price $15.85 ------------------------------------ Common Share Net Asset Value $14.95 ------------------------------------ Premium/(Discount) to NAV 6.02% ------------------------------------ Market Yield 5.41% ------------------------------------ Taxable-Equivalent Yield1 7.90% ------------------------------------ Net Assets Applicable to Common Shares ($000) $38,378 ------------------------------------ Average Effective Maturity on Securities (Years) 15.71 ------------------------------------ Leverage-Adjusted Duration 7.80 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 1/26/01) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 3.44% -0.08% ------------------------------------ 1-Year 9.18% 5.28% ------------------------------------ Since Inception 6.72% 6.78% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ U.S. Guaranteed 26.0% ------------------------------------ Education and Civic Organizations 17.5% ------------------------------------ Tax Obligation/General 12.0% ------------------------------------ Tax Obligation/Limited 11.3% ------------------------------------ Water and Sewer 9.2% ------------------------------------ Utilities 6.4% ------------------------------------ Transportation 4.5% ------------------------------------ Other 13.1% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.5%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 12 Nuveen Connecticut Dividend Advantage Municipal Fund 2 NGK Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 70% AA 21% BBB 9% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Dec 0.0735 Jan 0.0735 Feb 0.0735 Mar 0.0705 Apr 0.0705 May 0.0705 Jun 0.0705 Jul 0.0705 Aug 0.0705 Sep 0.0705 Oct 0.0705 Nov 0.0705 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 15.62 15.75 15.84 15.84 15.84 15.91 16.1 16.11 15.8 15.5 15.36 15.52 15.34 15.28 15.32 15.32 15.36 15.38 15.27 15.28 15.4 15.7 15.76 15.9 15.89 16.05 16.08 16.28 16.28 16.12 16.06 15.91 16 15.97 15.75 15.76 15.68 15.68 15.4 15.39 15.4 15.43 15.64 15.8 15.83 15.83 15.77 15.86 15.9 15.9 15.85 15.75 15.8 15.73 15.73 15.62 15.67 15.66 15.76 15.74 15.8 15.9 16.2 16.01 16.16 16.45 16.28 16.43 15.8 15.69 16.21 16.49 16.55 16.49 16.49 16.14 16 15.62 15.65 15.65 16.1 15.85 15.9 16 16 15.82 16.2 16.19 16.07 16.19 16.19 16.15 16.09 15.98 15.91 15.91 15.91 15.45 15.48 15.48 15.83 15.83 15.72 15.95 15.95 15.82 15.82 16 15.86 15.86 15.94 16.07 16.07 16.15 16.15 16.31 16.31 16.2 16.2 16.38 16.18 16.18 16.09 15.97 15.97 15.98 16.03 16 15.92 16.05 16.2 16.2 16.15 16.15 16.15 16.3 16.25 16.35 16.2 15.9 16.04 15.97 16.02 16 16.04 16.09 16.09 16.14 16.14 16.28 16.25 16.25 16.15 16.3 16.3 16.14 16.11 16 16.1 15.99 16.02 16.01 16.01 16.23 16.39 16.39 16.59 16.82 16.82 16.64 16.8 16.8 16.8 16.68 16.47 16.67 16.7 16.82 16.65 16.95 16.97 16.97 16.85 16.9 16.9 16.9 16.58 16.33 16.45 16.24 16.27 16.33 16.35 16.38 16.32 16.41 16.38 16.55 16.5 16.46 16.37 16.09 15.97 15.9 15.91 16.09 16.08 16.07 15.98 16.11 16.4 16.2 16.35 16.45 16.35 15.89 16.08 16.09 16.09 16.09 16.01 15.9 15.9 16 16.01 16.11 15.9 15.99 15.99 16 15.87 15.9 16.14 15.9 16 16.25 16.35 16.2 15.98 16.33 16.16 16.16 16.16 16 16 16.31 16.31 16.14 16.2 16.2 16.2 16.2 15.97 15.8 11/30/05 15.69 FUND SNAPSHOT ------------------------------------ Common Share Price $15.69 ------------------------------------ Common Share Net Asset Value $15.16 ------------------------------------ Premium/(Discount) to NAV 3.50% ------------------------------------ Market Yield 5.39% ------------------------------------ Taxable-Equivalent Yield1 7.87% ------------------------------------ Net Assets Applicable to Common Shares ($000) $35,026 ------------------------------------ Average Effective Maturity on Securities (Years) 14.50 ------------------------------------ Leverage-Adjusted Duration 8.10 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 0.78% -0.37% ------------------------------------ 1-Year 5.84% 4.54% ------------------------------------ Since Inception 7.17% 7.60% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/General 22.8% ------------------------------------ U.S. Guaranteed 22.6% ------------------------------------ Education and Civic Organizations 20.1% ------------------------------------ Water and Sewer 8.8% ------------------------------------ Tax Obligation/Limited 5.7% ------------------------------------ Utilities 4.6% ------------------------------------ Transportation 4.2% ------------------------------------ Other 11.2% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.5%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.0663 per share. 13 Nuveen Connecticut Dividend Advantage Municipal Fund 3 NGO Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 70% AA 15% A 1% BBB 14% Bar Chart: 2004-2005 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 0.0615 Jul 0.0615 Aug 0.0615 Sep 0.0615 Oct 0.0615 Nov 0.0615 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 13.55 13.48 13.66 13.7 13.73 13.79 13.79 13.79 13.8 13.71 13.78 13.71 13.56 13.53 13.58 13.55 13.66 13.46 13.46 13.44 13.47 13.63 13.69 13.74 13.73 13.94 13.99 14.01 14.03 13.97 13.92 13.84 13.81 13.79 13.89 13.89 13.9 13.94 13.92 13.87 13.97 13.9 14.24 14.24 14.23 14.57 14.52 14.38 14.3 14.35 14.32 14.34 14.38 14.41 14.41 14.41 14.57 14.25 14.46 14.53 14.6 14.81 14.87 14.73 14.6 14.65 14.72 14.71 14.45 14.38 14.53 14.63 14.57 14.55 14.45 14.51 14.61 14.45 14.49 14.5 14.6 14.35 14.13 14.17 14.29 14.28 14.54 14.5 14.4 14.45 14.35 14.31 14.44 14.64 14.85 14.58 14.3 14.39 14.39 14.18 14.1 14.35 14.4 14.29 14.29 14.25 14.26 14.37 14.37 14.2 14.2 14.18 14.15 14.3 14.38 14.65 14.67 15.01 14.91 14.85 14.75 14.71 14.35 14.32 14.35 14.54 14.62 14.66 14.72 14.74 14.98 14.73 14.5 14.49 14.46 14.34 14.24 14.28 14.29 14.29 14.36 14.33 14.46 14.4 14.5 14.49 14.44 14.7 15.05 14.87 14.72 14.85 14.95 14.8 14.77 14.51 14.45 14.6 14.51 14.52 14.53 14.56 14.5 14.39 14.3 14.32 14.38 14.44 14.44 14.51 14.75 14.81 14.83 14.65 14.62 14.85 14.79 14.8 14.84 14.73 14.73 14.77 14.83 14.91 14.91 14.7 14.8 15 14.88 14.8 14.8 14.72 14.79 14.9 14.91 14.8 14.88 14.76 14.91 14.82 14.71 14.55 14.75 14.62 14.55 14.49 14.3 14.23 14.56 14.45 14.54 14.4 14.58 14.59 14.48 14.6 14.72 14.83 14.83 14.83 14.59 14.51 14.61 14.45 15.13 14.83 14.76 14.85 14.69 14.62 14.62 14.87 14.87 14.48 14.66 14.58 14.58 14.54 14.6 14.59 14.41 14.28 14.12 14.11 14.26 14.46 14.5 14.46 14.5 14.16 14.35 14.5 14.7 14.9 11/30/05 14.82 FUND SNAPSHOT ------------------------------------ Common Share Price $14.82 ------------------------------------ Common Share Net Asset Value $14.37 ------------------------------------ Premium/(Discount) to NAV 3.13% ------------------------------------ Market Yield 4.98% ------------------------------------ Taxable-Equivalent Yield1 7.27% ------------------------------------ Net Assets Applicable to Common Shares ($000) $62,569 ------------------------------------ Average Effective Maturity on Securities (Years) 14.96 ------------------------------------ Leverage-Adjusted Duration 8.07 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 9/26/02) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 4.51% -0.29% ------------------------------------ 1-Year 15.47% 4.58% ------------------------------------ Since Inception 4.96% 5.39% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/General 24.7% ------------------------------------ U.S. Guaranteed 15.7% ------------------------------------ Education and Civic Organizations 14.0% ------------------------------------ Tax Obligation/Limited 13.0% ------------------------------------ Water and Sewer 10.5% ------------------------------------ Long-Term Care 8.2% ------------------------------------ Utilities 5.7% ------------------------------------ Other 8.2% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.5%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 14 Nuveen Massachusetts Premium Income Municipal Fund NMT Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 67% AA 13% A 9% BBB 8% BB or Lower 1% N/R 2% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Dec 0.0735 Jan 0.0735 Feb 0.0735 Mar 0.0705 Apr 0.0705 May 0.0705 Jun 0.0705 Jul 0.0705 Aug 0.0705 Sep 0.067 Oct 0.067 Nov 0.067 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 16 15.63 15.84 15.8 15.79 15.89 15.64 15.69 15.61 15.49 15.5 15.5 15.53 15.45 15.45 15.55 15.58 15.58 15.5 15.55 15.69 15.82 15.99 15.89 15.89 16.1 16.18 16.18 15.86 15.76 15.72 15.77 16.15 16.5 16.45 16.73 16.9 16.9 17.04 16.7 16.69 16.54 16.34 16.27 16.33 16.37 16.18 16.27 16.25 16.36 16.66 17.25 17.29 17.15 17.2 17.2 17.05 16.9 17.18 16.9 16.86 16.84 16.73 16.44 16.3 16.41 16.41 16.1 15.9 15.6 15.51 15.34 15.25 15.21 15.16 15.06 14.88 14.75 14.57 14.7 14.89 15 15.61 15.75 15.51 15.33 15.25 15.25 15.25 15.17 15.21 15.26 15.09 15.08 15.06 15.15 15.15 15.06 15.1 15.38 15.27 15.46 15.69 15.45 15.45 15.57 16.25 15.74 16.16 15.92 15.6 15.67 15.76 16.03 15.93 15.88 15.85 16 16.24 16.45 16.31 16.5 16.4 16.41 16.15 16.14 16.21 15.66 15.9 15.9 16 15.81 15.63 15.63 15.51 15.62 15.5 15.6 15.59 15.56 15.61 15.7 15.8 15.72 16 15.99 16.05 16.06 16.04 16.04 15.99 15.99 15.87 15.85 15.99 16.07 16.1 16.2 16.25 16.25 16.2 15.72 15.83 16.24 16.39 16.43 16.3 16.19 16.19 15.84 15.95 15.96 15.89 15.89 15.71 15.72 15.79 15.85 15.92 15.97 16.1 16.11 16.3 16.12 16.15 16.14 15.96 15.83 15.78 15.88 16 16.33 16.47 16.69 16.31 16.84 16.53 16.55 16.35 16.37 16.38 16.13 16.3 16.31 16 15.99 16.35 16.47 16.7 16.64 16.42 16.42 16.5 16.45 16.5 16.5 16.5 16.2 16.1 16.25 16.03 15.75 16 15.45 15.54 15.6 15.72 15.62 15.67 15.45 15.74 16 16.25 16.22 15.74 15.8 15.91 15.93 15.94 16.12 16.12 16.05 16 16.09 16 15.85 15.75 15.7 16.04 16.3 15.95 15.95 16.2 15.9 11/30/05 16.2 FUND SNAPSHOT ------------------------------------ Common Share Price $16.20 ------------------------------------ Common Share Net Asset Value $14.64 ------------------------------------ Premium/(Discount) to NAV 10.66% ------------------------------------ Market Yield 4.96% ------------------------------------ Taxable-Equivalent Yield1 7.29% ------------------------------------ Net Assets Applicable to Common Shares ($000) $69,591 ------------------------------------ Average Effective Maturity on Securities (Years) 17.20 ------------------------------------ Leverage-Adjusted Duration 9.08 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 3/18/93) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 2.97% -0.32% ------------------------------------ 1-Year 5.84% 5.09% ------------------------------------ 5-Year 8.29% 7.01% ------------------------------------ 10-Year 7.63% 6.32% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Education and Civic Organizations 25.2% ------------------------------------ Tax Obligation/General 13.3% ------------------------------------ Healthcare 12.4% ------------------------------------ Tax Obligation/Limited 10.0% ------------------------------------ Water and Sewer 8.7% ------------------------------------ Housing/Multifamily 8.1% ------------------------------------ Transportation 8.0% ------------------------------------ U.S. Guaranteed 7.8% ------------------------------------ Other 6.5% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders a net ordinary income distribution in December 2004 of $0.0107 per share. 15 Nuveen Massachusetts Dividend Advantage Municipal Fund NMB Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 66% AA 21% A 3% BBB 8% BB or Lower 2% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Dec 0.0775 Jan 0.0775 Feb 0.0775 Mar 0.0745 Apr 0.0745 May 0.0745 Jun 0.0745 Jul 0.0745 Aug 0.0745 Sep 0.071 Oct 0.071 Nov 0.071 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 16 16.08 16.06 16.05 15.98 16.08 15.93 16.11 15.8 15.6 15.55 15.73 15.7 15.8 15.81 15.89 15.94 15.94 16.04 16.05 16.08 16.14 16.1 16.32 16.05 16.06 16.08 16.05 16.2 16.25 16.39 16.47 16.56 16.97 17.15 17.2 17.21 17.18 17.4 17.38 17.41 17.41 17.4 17.16 17.16 17.35 17.35 17.35 17.35 17.23 17.15 17.49 17.33 17.33 17.37 17.28 17.6 17.8 18.11 18.08 17.78 17.4 17.45 17.06 16.87 17.17 16.75 16.83 16.45 16.54 16.54 16.95 17.03 17.03 16.85 16.5 16.42 16.41 15.47 15.42 15.41 16 16.43 16.5 16.5 16.72 16.25 16.4 16.4 16.36 16.31 16.06 15.78 16.38 16.37 16.37 16.37 16.38 16.38 16.6 16.6 16.55 16.55 16.8 16.8 17 18.3 17.35 17.35 17.7 17.7 17.85 17.65 18 17.9 17.68 17.55 17.55 17.5 17.5 17.5 17.5 17.29 17.26 17.23 17.45 17.3 17.2 17.9 17.65 17.65 17.65 17.64 17.45 17.19 17.19 16.83 17.05 17.05 16.65 16.55 16.8 16.8 16.8 16.75 16.96 17.2 17.2 17.06 17.06 17.11 17.11 17.11 17.35 17.35 17.22 17.22 17.1 16.95 16.95 16.95 16.95 17.1 17.2 17 17.05 17.19 17.55 17.55 17.5 17.5 17.32 17.32 17.32 17.32 17.5 17.7 17.78 17.78 17.95 18 18.01 18.15 18.05 18.05 18.1 18.03 18.03 18.2 18.45 18.6 18.51 18.5 18.5 18.6 18.41 18.25 18.25 18.25 18.28 18.2 18.2 18.2 18.2 18.2 18.2 17.84 17.45 17.32 17.54 17.58 17.65 17.5 17.6 17.65 17.65 17.55 17.55 17.55 17.68 17.5 17.25 17.25 17.03 16.6 16.75 16.7 16.7 16.41 16.29 16.1 16.1 15.91 15.83 16.1 16.18 16.18 16 16 16.49 16.49 16.04 16.29 16.29 16.25 16.25 16.45 16.3 16.4 16.4 16.25 16.45 16.45 16.45 11/30/05 16.26 FUND SNAPSHOT ------------------------------------ Common Share Price $16.26 ------------------------------------ Common Share Net Asset Value $15.19 ------------------------------------ Premium/(Discount) to NAV 7.04% ------------------------------------ Market Yield 5.24% ------------------------------------ Taxable-Equivalent Yield1 7.71% ------------------------------------ Net Assets Applicable to Common Shares ($000) $29,659 ------------------------------------ Average Effective Maturity on Securities (Years) 17.96 ------------------------------------ Leverage-Adjusted Duration 8.91 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 1/30/01) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -4.42% -0.16% ------------------------------------ 1-Year 7.86% 5.12% ------------------------------------ Since Inception 7.67% 7.58% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/General 22.7% ------------------------------------ Education and Civic Organizations 18.3% ------------------------------------ Tax Obligation/Limited 12.6% ------------------------------------ Healthcare 12.6% ------------------------------------ Housing/Multifamily 8.9% ------------------------------------ Water and Sewer 7.0% ------------------------------------ U.S. Guaranteed 4.6% ------------------------------------ Other 13.3% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.1177 per share. 16 Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund NGX Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 83% AAA (Uninsured) 5% AA (Uninsured) 8% A (Uninsured) 2% BBB (Uninsured) 2% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE Dec 0.072 Jan 0.072 Feb 0.072 Mar 0.072 Apr 0.072 May 0.072 Jun 0.0695 Jul 0.0695 Aug 0.0695 Sep 0.0665 Oct 0.0665 Nov 0.0665 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 16.32 16.34 16.22 16.1 16.23 16.09 16.48 16.9 16.73 16.73 16.65 16.6 16.6 16.3 16.25 16.23 16.1 15.66 15.41 15.56 15.57 15.61 15.62 16.39 16.25 16.32 16.45 16.45 16.32 15.66 15.88 15.85 15.85 16.09 16.1 16.25 16.5 16.85 16.32 16.31 16.3 16.4 16.42 16.24 16.24 16.31 16.4 16.5 16.7 16.6 16.7 16.74 16.72 16.5 16.52 16.52 16.7 16.75 16.81 16.5 16.5 16.3 16.28 16 16.16 16.17 16.28 16.04 15.82 15.83 15.78 15.7 15.65 15.65 15.66 15.6 15.69 15.61 15.61 15.78 15.65 15.95 15.74 15.6 15.65 15.74 15.75 15.75 15.7 15.6 15.61 15.6 15.6 15.8 15.64 15.64 15.73 15.61 15.7 15.67 15.7 15.96 15.8 15.9 15.9 15.89 15.89 16.25 16.25 16.01 15.95 16.55 16.45 16.95 17 16.87 16.68 16.62 16.15 16.3 15.85 15.83 15.83 15.82 15.86 15.94 15.85 15.85 16.02 16.01 15.92 15.91 15.87 15.87 15.68 15.68 15.36 15.39 15.39 15.3 15.25 15.26 15.44 15.48 15.48 15.39 15.45 15.4 15.29 15.36 15.46 15.47 15.35 15.52 15.53 15.57 15.69 15.95 16.75 16.88 16.45 16.66 16.82 16.8 16.71 16.78 16.9 16.95 16.95 17 16.6 16.38 16.38 15.68 15.9 15.87 15.87 16.3 16.39 16.32 15.83 15.7 16.01 15.99 15.99 16.05 16.25 16.25 16.1 16.11 16.03 16.02 16.2 16.53 16.53 16.66 16.45 16.04 16.1 16.2 16.1 15.85 15.85 15.85 15.53 15.55 15.38 15.55 16.05 15.86 15.9 15.84 15.93 15.95 15.99 15.99 15.99 15.98 15.98 16 15.88 15.88 15.88 15.75 15.5 15.4 15.4 15.08 15.08 14.92 14.77 14.66 14.77 14.66 14.66 14.6 14.6 14.42 14.5 14.64 14.8 14.4 14.56 14.6 14.6 14.81 15 14.95 14.85 14.9 14.9 14.65 15.05 15.35 11/30/05 15.4 FUND SNAPSHOT ------------------------------------ Common Share Price $15.40 ------------------------------------ Common Share Net Asset Value $14.51 ------------------------------------ Premium/(Discount) to NAV 6.13% ------------------------------------ Market Yield 4.71% ------------------------------------ Taxable-Equivalent Yield1 6.93% ------------------------------------ Net Assets Applicable to Common Shares ($000) $39,500 ------------------------------------ Average Effective Maturity on Securities (Years) 19.21 ------------------------------------ Leverage-Adjusted Duration 7.97 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -1.08% -0.33% ------------------------------------ 1-Year -0.94% 6.08% ------------------------------------ Since Inception 6.22% 6.14% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/General 23.7% ------------------------------------ Tax Obligation/Limited 17.0% ------------------------------------ U.S. Guaranteed 16.9% ------------------------------------ Education and Civic Organizations 14.1% ------------------------------------ Housing/Multifamily 8.9% ------------------------------------ Water and Sewer 7.9% ------------------------------------ Healthcare 6.1% ------------------------------------ Other 5.4% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 17 Nuveen Missouri Premium Income Municipal Fund NOM Performance OVERVIEW As of November 30, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 60% AA 17% A 3% BBB 9% N/R 11% Bar Chart: 2004-2005 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 0.07 Oct 0.07 Nov 0.07 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 12/1/04 17.7 17.69 17.7 17.7 17.65 17.59 17.54 17.45 17.8 17.57 17.64 17.75 17.87 17.95 17.95 17.95 18.5 18.56 18.66 18.66 18.95 19 18.8 18.6 18.45 18.2 18 17.58 17.25 17.18 17.15 17 17.05 17.05 17.35 17.4 17.4 17.3 17.3 17.3 17.3 17.24 17.16 17.15 17.05 17.04 17.08 17.2 17.11 16.96 16.85 16.85 16.85 16.95 16.86 16.92 16.95 16.91 16.67 16.74 16.8 16.9 16.95 16.99 16.82 17.25 17.15 17 16.84 16.84 16.8 16.72 16.72 16.51 16.5 16.63 16.76 16.75 16.8 16.8 16.8 16.8 16.8 16.8 16.9 16.9 16.95 17.2 17.3 17.3 17.3 17.07 17.02 17.1 17.18 17.06 17.38 17.3 17.1 17.3 17.65 17.65 17.49 17.42 17.42 17.52 17.7 17.54 17.54 17.42 17.42 17.63 17.81 17.98 17.94 17.82 17.79 17.99 17.99 17.99 17.82 17.67 17.67 17.9 17.88 17.9 18 17.87 17.87 18.1 17.9 17.44 17.66 17.65 17.49 17.49 17.52 17.6 17.28 17.15 17.15 17.2 17.2 17.38 17.33 17.25 17.25 17.12 17.01 17.21 16.99 16.85 16.85 17.18 17.37 17.37 17.18 17.04 17.11 17.24 17.35 17.35 17.32 17.18 17.21 17.29 17.35 17.35 17.35 17.23 17.23 17.23 17.23 17.22 17.16 17.16 17.2 17.22 17.43 17.43 17.29 17.38 17.32 18.23 18.1 18.05 17.97 17.97 17.85 17.85 17.85 17.75 17.67 17.73 17.93 18.15 17.95 18.1 18.1 17.95 17.95 17.95 17.95 17.85 17.7 17.7 17.7 17.55 17.46 17.46 17.55 17.48 17.35 17.35 17.45 17.3 17.34 17.34 17.32 17.39 17.39 17.45 17.5 17.5 17.25 17.25 17.29 17.29 17.12 17.1 17 17 16.8 16.92 16.92 16.99 16.81 17.15 17.5 17.46 17.54 17.4 17.5 17.46 17.46 17.8 17.8 17.9 17.9 17.8 17.8 17.8 17.9 17.55 11/30/05 17.42 FUND SNAPSHOT ------------------------------------ Common Share Price $17.42 ------------------------------------ Common Share Net Asset Value $14.67 ------------------------------------ Premium/(Discount) to NAV 18.75% ------------------------------------ Market Yield 4.82% ------------------------------------ Taxable-Equivalent Yield1 7.14% ------------------------------------ Net Assets Applicable to Common Shares ($000) $33,360 ------------------------------------ Average Effective Maturity on Securities (Years) 15.64 ------------------------------------ Leverage-Adjusted Duration 7.87 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 5/20/93) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -0.23% -0.07% ------------------------------------ 1-Year 2.59% 4.70% ------------------------------------ 5-Year 11.62% 7.67% ------------------------------------ 10-Year 9.84% 6.37% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 25.5% ------------------------------------ Tax Obligation/General 20.1% ------------------------------------ Healthcare 16.6% ------------------------------------ U.S. Guaranteed 10.7% ------------------------------------ Housing/Multifamily 4.9% ------------------------------------ Education and Civic Organizations 4.3% ------------------------------------ Utilities 3.9% ------------------------------------ Long-Term Care 3.9% ------------------------------------ Other 10.1% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.5%. When comparing this Fund to investments that generate qualified dividend income, the taxable-equivalent yield is lower. 18 Shareholder MEETING REPORT Approval of the new investment management agreement was the proposal voted upon at the July 26, 2005 shareholder meeting held at The Northern Trust Bank. Approval of the Board Members was the proposal voted upon at the November 15, 2005 shareholder meeting held at the offices of Nuveen Investments.
NTC NFC NGK ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting together together together as a class as a class as a class ==================================================================================================================================== For 4,823,107 2,407,736 2,171,304 Against 13,507 6,655 24,123 Abstain 104,988 22,083 16,966 Total 4,941,602 2,436,474 2,212,393 ------------------------------------------------------------------------------------------------------------------------------------ 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 ==================================================================================================================================== Robert P. Bremner For 4,921,649 -- 2,422,248 -- 2,178,703 -- Withhold 33,628 -- 10,307 -- 5,252 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ==================================================================================================================================== Lawrence H. Brown For 4,875,699 -- 2,422,396 -- 2,176,211 -- Withhold 79,578 -- 10,159 -- 7,744 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ==================================================================================================================================== Jack B. Evans For 4,921,649 -- 2,422,898 -- 2,178,378 -- Withhold 33,628 -- 9,657 -- 5,577 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ==================================================================================================================================== William C. Hunter For 4,921,649 -- 2,422,898 -- 2,178,703 -- Withhold 33,628 -- 9,657 -- 5,252 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ==================================================================================================================================== David J. Kundert For 4,921,649 -- 2,422,248 -- 2,178,378 -- Withhold 33,628 -- 10,307 -- 5,577 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ==================================================================================================================================== William J. Schneider For -- 1,497 -- 778 -- 652 Withhold -- -- -- -- -- 40 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,497 -- 778 -- 692 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,497 -- 778 -- 652 Withhold -- -- -- -- -- 40 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,497 -- 778 -- 692 ==================================================================================================================================== Judith M. Stockdale For 4,921,649 -- 2,422,898 -- 2,177,036 -- Withhold 33,628 -- 9,657 -- 6,919 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ==================================================================================================================================== Eugene S. Sunshine For 4,921,649 -- 2,422,898 -- 2,178,703 -- Withhold 33,628 -- 9,657 -- 5,252 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,955,277 -- 2,432,555 -- 2,183,955 -- ====================================================================================================================================
19 Shareholder MEETING REPORT (continued)
NGO NMT NMB ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting together together together as a class as a class as a class ==================================================================================================================================== For 4,174,208 4,372,515 1,901,392 Against 27,161 80,718 3,670 Abstain 30,791 35,937 12,731 ------------------------------------------------------------------------------------------------------------------------------------ Total 4,232,160 4,489,170 1,917,793 ==================================================================================================================================== 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 ==================================================================================================================================== Robert P. Bremner For 4,198,332 -- 4,430,842 -- 1,900,082 -- Withhold 12,410 -- 59,134 -- 8,030 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown For 4,163,185 -- 4,427,942 -- 1,900,082 -- Withhold 47,557 -- 62,034 -- 8,030 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- =================================================================================================================================== Jack B. Evans For 4,198,332 -- 4,430,842 -- 1,900,082 -- Withhold 12,410 -- 59,134 -- 8,030 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- =================================================================================================================================== William C. Hunter For 4,198,332 -- 4,433,842 -- 1,898,582 -- Withhold 12,410 -- 56,134 -- 9,530 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- =================================================================================================================================== David J. Kundert For 4,198,332 -- 4,430,842 -- 1,900,032 -- Withhold 12,410 -- 59,134 -- 8,080 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- =================================================================================================================================== William J. Schneider For -- 1,250 -- 1,310 -- 550 Withhold -- 26 -- 1 -- 13 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,276 -- 1,311 -- 563 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,250 -- 1,310 -- 550 Withhold -- 26 -- 1 -- 13 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,276 -- 1,311 -- 563 ==================================================================================================================================== Judith M. Stockdale For 4,196,999 -- 4,430,842 -- 1,902,266 -- Withhold 13,743 -- 59,134 -- 5,846 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- ==================================================================================================================================== Eugene S. Sunshine For 4,192,896 -- 4,433,517 -- 1,900,082 -- Withhold 17,846 -- 56,459 -- 8,030 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,210,742 -- 4,489,976 -- 1,908,112 -- ====================================================================================================================================
20
NGX NOM ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENT WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred shares voting shares voting together together as a class as a class ==================================================================================================================================== For 2,629,694 2,078,135 Against 40,184 8,010 Abstain 21,047 19,336 ------------------------------------------------------------------------------------------------------------------------------------ Total 2,690,925 2,105,481 ==================================================================================================================================== APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== Robert P. Bremner For 2,668,553 -- 2,044,781 -- Withhold 21,153 -- 13,985 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ==================================================================================================================================== Lawrence H. Brown For 2,668,549 -- 2,035,739 -- Withhold 21,157 -- 23,027 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ==================================================================================================================================== Jack B. Evans For 2,668,553 -- 2,043,701 -- Withhold 21,153 -- 15,065 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ==================================================================================================================================== William C. Hunter For 2,668,553 -- 2,043,701 -- Withhold 21,153 -- 15,065 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ==================================================================================================================================== David J. Kundert For 2,668,553 -- 2,043,112 -- Withhold 21,153 -- 15,654 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ==================================================================================================================================== William J. Schneider For -- 810 -- 573 Withhold -- 4 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 814 -- 573 ==================================================================================================================================== Timothy R. Schwertfeger For -- 810 -- 573 Withhold -- 4 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 814 -- 573 ==================================================================================================================================== Judith M. Stockdale For 2,668,553 -- 2,043,818 -- Withhold 21,153 -- 14,948 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ==================================================================================================================================== Eugene S. Sunshine For 2,668,453 -- 2,043,701 -- Withhold 21,253 -- 15,065 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 2,689,706 -- 2,058,766 -- ====================================================================================================================================
21 Nuveen Connecticut Premium Income Municipal Fund (NTC) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.8% (1.9% OF TOTAL INVESTMENTS) $ 1,565 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,586,159 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 600 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 599,520 Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 31.7% (21.8% OF TOTAL INVESTMENTS) Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 1996A: 675 5.800%, 11/15/14 (Alternative Minimum Tax) - AMBAC Insured 11/06 at 102.00 AAA 681,413 425 5.875%, 11/15/17 (Alternative Minimum Tax) - AMBAC Insured 11/06 at 102.00 AAA 429,182 335 Connecticut Higher Education Supplemental Loan Authority, 11/09 at 102.00 AAA 335,851 Revenue Bonds, Family Education Loan Program, Series 1999A, 6.000%, 11/15/18 (Alternative Minimum Tax) - AMBAC Insured 860 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 893,592 Revenue Bonds, Family Education Loan Program, Series 2001A, 5.250%, 11/15/18 (Alternative Minimum Tax) - MBIA Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 1,049,890 Revenue Bonds, Connecticut College, Series 1997C-1, 5.500%, 7/01/20 - MBIA Insured 2,115 Connecticut Health and Educational Facilities Authority, 11/15 at 100.00 AAA 2,278,616 Revenue Bonds, Connecticut State University System, Series 2005H, 5.000%, 11/01/17 - FSA Insured 725 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 756,465 Revenue Bonds, Fairfield University, Series 1998H, 5.000%, 7/01/23 - MBIA Insured 800 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 888,456 Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 - AMBAC Insured 750 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 803,317 Revenue Bonds, Horace Bushnell Memorial Hall, Series 1999A, 5.625%, 7/01/29 - MBIA Insured 1,000 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 1,084,580 Revenue Bonds, Connecticut State University System, Series 2003F, 5.000%, 11/01/13 - FSA Insured 500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 517,735 Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/31 - AMBAC Insured 1,375 Connecticut Health and Educational Facilities Authority, 7/14 at 100.00 AAA 1,452,041 Revenue Bonds, Trinity College, Series 2004H, 5.000%, 7/01/21 - MBIA Insured 450 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 463,473 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 2,079,220 Revenue Bonds, University of Hartford, Series 2002E, 5.250%, 7/01/32 - RAAI Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,561,905 Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27 1,500 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 1,543,320 Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 925 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 957,116 Revenue Bonds, Brunswick School, Series 2003B, 5.000%, 7/01/33 - MBIA Insured 640 Connecticut Health and Educational Facilities Authority, 7/06 at 101.00 AAA 653,894 Revenue Bonds, Loomis Chaffee School, Series 1996C, 5.500%, 7/01/16 - MBIA Insured 1,000 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 1,089,520 Bonds, Series 2002A, 5.250%, 11/15/19 - FGIC Insured 1,100 University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,173,931 Series 2003A, 5.125%, 2/15/21 - MBIA Insured 22 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) University of Connecticut, General Obligation Bonds, Series 2004A: $ 1,000 5.000%, 1/15/18 - MBIA Insured 1/14 at 100.00 AAA $ 1,064,810 2,000 5.000%, 1/15/19 - MBIA Insured 1/14 at 100.00 AAA 2,122,520 1,220 University of Connecticut, General Obligation Bonds, 2/15 at 100.00 AAA 1,310,695 Series 2005A, 5.000%, 2/15/17 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 11.5% (7.9% OF TOTAL INVESTMENTS) 2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 2,053,100 Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%, 7/01/24 - MBIA Insured 3,000 Connecticut Health and Educational Facilities Authority, 7/07 at 101.00 Aaa 3,055,320 Revenue Refunding Bonds, Middlesex Health Services, Series 1997H, 5.125%, 7/01/27 - MBIA Insured 2,000 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA 2,169,120 Revenue Bonds, Eastern Connecticut Health Network, Series 2000A, 6.000%, 7/01/25 - RAAI Insured 500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 534,885 Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%, 7/01/21 - RAAI Insured Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B: 800 5.000%, 7/01/20 - RAAI Insured 7/15 at 100.00 Aa3 831,472 500 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 515,345 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.8% (2.6% OF TOTAL INVESTMENTS) 1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100.00 AAA 1,037,730 Finance Program Bonds, Series 1999D-2, 6.200%, 11/15/41 (Alternative Minimum Tax) 1,855 Willimantic Housing Authority, Connecticut, GNMA 4/06 at 105.00 AAA 1,950,050 Collateralized Multifamily Housing Mortgage Revenue Bonds, Village Heights Apartments, Series 1995A, 8.000%, 10/20/30 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.3% (0.9% OF TOTAL INVESTMENTS) 1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,017,970 Finance Program Bonds, Series 2001C, 5.300%, 11/15/33 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 2.3% (1.5% OF TOTAL INVESTMENTS) 1,750 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,804,460 American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 7.1% (4.9% OF TOTAL INVESTMENTS) 1,300 Connecticut Health and Educational Facilities Authority, 8/08 at 102.00 AAA 1,334,112 FHA-Insured Mortgage Revenue Bonds, Hebrew Home and Hospital, Series 1999B, 5.200%, 8/01/38 750 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 773,040 Revenue Refunding Healthcare Bonds, Church Homes Inc. - Congregational Avery Heights, Series 1997, 5.700%, 4/01/12 615 Connecticut Development Authority, First Mortgage Gross 9/09 at 102.00 AA 652,773 Revenue Refunding Healthcare Bonds, Connecticut Baptist Homes Inc., Series 1999, 5.500%, 9/01/15 - RAAI Insured Connecticut Development Authority, Revenue Refunding Bonds, Duncaster Inc., Series 1999A: 1,000 5.250%, 8/01/19 - RAAI Insured 2/10 at 102.00 AA 1,041,160 1,000 5.375%, 8/01/24 - RAAI Insured 2/10 at 102.00 AA 1,043,800 800 Connecticut Development Authority, Health Facilities Revenue 2/06 at 101.00 N/R 807,032 Refunding Bonds, Alzheimer's Resource Center of Connecticut Inc., Series 1994A, 7.000%, 8/15/09 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 27.9% (19.2% OF TOTAL INVESTMENTS) 500 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 548,245 Series 2004C, 5.250%, 8/15/14 - MBIA Insured 750 Bridgeport, Connecticut, General Obligation Refunding Bonds, 8/12 at 100.00 Aaa 812,625 Series 2002A, 5.375%, 8/15/19 - FGIC Insured 1,000 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 1,078,740 Series 2003A, 5.250%, 9/15/23 - FSA Insured 1,900 Capitol Region Education Council, Connecticut, Revenue 4/06 at 102.00 BBB 1,941,306 Bonds, Series 1995, 6.700%, 10/15/10 1,110 Connecticut, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AAA 1,166,666 5.000%, 4/01/23 - FGIC Insured 820 Connecticut, General Obligation Bonds, Series 2004D, No Opt. Call AAA 889,003 5.000%, 12/01/13 - MBIA Insured 1,385 Danbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,502,656 Series 2004, 5.000%, 8/01/14 - FGIC Insured 23 Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) Hartford, Connecticut, General Obligation Bonds, Series 2005A: $ 775 5.000%, 8/01/20 - FSA Insured 8/15 at 100.00 AAA $ 824,127 525 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 513,818 500 Hartford, Connecticut, General Obligation Bonds, No Opt. Call AAA 544,285 Series 2005C, 5.000%, 9/01/17 - MBIA Insured 400 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 420,964 Series 2000A, 6.000%, 6/01/20 - ACA Insured 1,500 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 1,713,660 Bonds, Series 2001A, 5.500%, 7/01/20 - MBIA Insured Regional School District 16, Beacon Falls and Prospect, Connecticut, General Obligation Bonds, Series 2000: 350 5.500%, 3/15/18 - FSA Insured 3/10 at 101.00 Aaa 377,398 350 5.625%, 3/15/19 - FSA Insured 3/10 at 101.00 Aaa 379,117 350 5.700%, 3/15/20 - FSA Insured 3/10 at 101.00 Aaa 380,657 1,420 Regional School District 16, Connecticut, General Obligation 3/13 at 101.00 Aaa 1,526,599 Bonds, Series 2003, 5.000%, 3/15/16 - AMBAC Insured 2,105 Stratford, Connecticut, General Obligation Bonds, Series 2002, 2/12 at 100.00 AAA 2,117,567 4.000%, 2/15/15 - FSA Insured Suffield, Connecticut, General Obligation Bonds, Series 2005: 465 5.000%, 6/15/17 No Opt. Call AA 506,520 460 5.000%, 6/15/19 No Opt. Call AA 502,936 1,000 Waterbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,076,480 Series 2004B, 5.000%, 4/01/13 - FSA Insured 1,500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 1,617,750 Series 2005B, 5.000%, 10/01/18 1,630 Westport, Connecticut, General Obligation Bonds, 2/12 at 100.00 Aaa 1,687,604 Series 2003, 4.750%, 2/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 13.7% (9.4% OF TOTAL INVESTMENTS) 2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 102.00 AAA 2,159,680 Revenue Bonds, Child Care Facilities Program, Series 1999C, 5.625%, 7/01/29 - AMBAC Insured Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002B: 2,000 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 2,117,460 1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,056,670 500 Connecticut, Special Tax Obligation Transportation 1/14 at 100.00 AAA 523,850 Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 - FGIC Insured 625 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 670,350 Series 2004A, 5.000%, 6/30/11 2,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA 2,156,620 5.250%, 8/01/21 - FSA Insured 1,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 1,109,910 Taxes Loan Note, Series 1999A, 6.500%, 10/01/24 1,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/14 at 100.00 AAA 1,089,500 Loan Note, Series 2003, 5.250%, 10/01/19 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 1.0% (0.7% OF TOTAL INVESTMENTS) 750 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 766,958 International Airport, Series 2001A, 5.125%, 10/01/26 (Alternative Minimum Tax) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 20.4% (14.0% OF TOTAL INVESTMENTS) 935 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 990,530 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*** 45,165 6.000%, 3/15/12 2,000 Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA*** 2,208,540 5.500%, 6/15/21 (Pre-refunded to 6/15/12) 1,500 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA*** 1,643,415 5.375%, 4/15/19 (Pre-refunded to 4/15/12) 1,175 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,244,031 Revenue Bonds, Fairfield University, Series 1998H, 5.000%, 7/01/23 (Pre-refunded to 7/01/08) - MBIA Insured 2,525 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 2,708,088 Revenue Bonds, Connecticut State University System, Series 2003E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12) - FGIC Insured 1,250 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 AAA 1,336,962 Revenue Bonds, Fairfield University, Series 1999I, 5.250%, 7/01/25 (Pre-refunded to 7/01/09) - MBIA Insured 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** (continued) $ 650 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2*** $ 713,661 Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%, 7/01/23 (Pre-refunded to 7/01/11) 860 Connecticut Health and Educational Facilities Authority, 7/06 at 101.00 AAA 879,832 Revenue Bonds, Loomis Chaffee School, Series 1996C, 5.500%, 7/01/16 (Pre-refunded to 7/01/06) - MBIA Insured 1,000 Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 1,099,990 5.500%, 10/01/20 (Pre-refunded to 10/01/11) 1,000 Hartford, Connecticut, Parking System Revenue Bonds, 7/10 at 100.00 Baa2*** 1,115,350 Series 2000A, 6.400%, 7/01/20 (Pre-refunded to 7/01/10) 1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,076,530 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 1,000 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,095,260 Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.6% (3.8% OF TOTAL INVESTMENTS) 1,575 Bristol Resource Recovery Facility Operating Committee, No Opt. Call AAA 1,691,282 Connecticut, Solid Waste Revenue Bonds, Covanta Bristol Inc., Series 2005, 5.000%, 7/01/12 - AMBAC Insured 1,000 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 1,065,420 Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A: 395 5.500%, 1/01/14 (Alternative Minimum Tax) 1/06 at 100.00 BBB 398,239 1,290 5.500%, 1/01/20 (Alternative Minimum Tax) 1/06 at 100.00 BBB 1,289,097 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 16.5% (11.4% OF TOTAL INVESTMENTS) 1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,262,096 Series 2003A, 5.000%, 10/01/16 1,500 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 1,620,525 Series 2003B, 5.000%, 10/01/12 2,550 Connecticut Development Authority, Water Facilities Revenue 9/06 at 102.00 AAA 2,647,538 Bonds, Bridgeport Hydraulic Company, Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A: 900 5.000%, 11/15/16 - MBIA Insured 11/15 at 100.00 AAA 972,162 570 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 2,260 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 2,350,760 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 1,056,770 1,525 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,581,410 1,000 Stamford, Connecticut, Water Pollution Control System 11/13 at 100.00 AA+ 1,032,100 and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32 ------------------------------------------------------------------------------------------------------------------------------------ $ 109,285 Total Long-Term Investments (cost $112,129,313) - 145.6% 115,497,819 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.7% 2,144,454 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.3)% (38,300,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 79,342,273 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. 25 Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.9% (3.3% OF TOTAL INVESTMENTS) Guam Economic Development Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001A: $ 90 5.000%, 5/15/22 5/11 at 100.00 Baa3 $ 90,986 500 5.400%, 5/15/31 5/11 at 100.00 Baa3 505,750 1,270 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 1,268,984 Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 25.9% (17.5% OF TOTAL INVESTMENTS) 670 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 696,170 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 50,569 Revenue Bonds, Sacred Heart University, Series 1998E, 5.000%, 7/01/28 - RAAI Insured 440 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 486,834 Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/18 - AMBAC Insured 500 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 542,290 Revenue Bonds, Connecticut State University System, Series 2003F, 5.000%, 11/01/13 - FSA Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 1,553,205 Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/31 - AMBAC Insured 350 Connecticut Health and Educational Facilities Authority, 4/14 at 100.00 AAA 374,031 Revenue Bonds, Trinity College, Series 2004H, 5.000%, 7/01/17 - MBIA Insured 625 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 643,713 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 1,039,610 Revenue Bonds, University of Hartford, Series 2002E, 5.250%, 7/01/32 - RAAI Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,041,270 Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999: 125 5.375%, 2/01/19 2/09 at 101.00 BBB- 127,445 270 5.375%, 2/01/29 2/09 at 101.00 BBB- 271,369 University of Connecticut, General Obligation Bonds, Series 2001A: 1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,027,740 1,000 5.250%, 4/01/20 4/11 at 101.00 AA 1,072,150 1,000 4.750%, 4/01/21 4/11 at 101.00 AA 1,025,510 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 5.2% (3.5% OF TOTAL INVESTMENTS) 125 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 128,319 Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%, 7/01/24 - MBIA Insured 25 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 BB+ 24,818 Revenue Bonds, Hospital for Special Care, Series 1997B, 5.375%, 7/01/17 1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,057,720 Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%, 7/01/32 - RAAI Insured Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B: 500 5.000%, 7/01/20 - RAAI Insured 7/15 at 100.00 Aa3 519,670 250 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 257,673 26 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.0% (1.3% OF TOTAL INVESTMENTS) $ 750 Stamford Housing Authority, Connecticut, Multifamily Housing No Opt. Call BBB+ $ 767,790 Revenue Bonds, Fairfield Apartments, Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory put 12/01/08) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS) 1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,017,970 Finance Program Bonds, Series 2001C, 5.300%, 11/15/33 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 2.7% (1.8% OF TOTAL INVESTMENTS) 1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,031,120 American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.1% (1.4% OF TOTAL INVESTMENTS) 300 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 315,396 Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23 500 Connecticut Development Authority, Health Facilities Revenue 2/06 at 101.00 N/R 503,545 Refunding Bonds, Alzheimer's Resource Center of Connecticut Inc., Series 1994A, 7.250%, 8/15/21 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 17.8% (12.0% OF TOTAL INVESTMENTS) 500 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 548,245 Series 2004C, 5.250%, 8/15/14 - MBIA Insured 560 Connecticut, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AAA 588,588 5.000%, 4/01/23 - FGIC Insured 545 Connecticut, General Obligation Bonds, Series 2004D, No Opt. Call AAA 590,862 5.000%, 12/01/13 - MBIA Insured 400 Hartford, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 439,700 5.500%, 8/15/11 - MBIA Insured Hartford, Connecticut, General Obligation Bonds, Series 2005A: 360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 381,643 240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 234,888 1,000 New Haven, Connecticut, General Obligation Bonds, 11/10 at 101.00 AAA 1,053,720 Series 2001A, 5.000%, 11/01/20 - FGIC Insured 565 Newtown, Connecticut, General Obligation Bonds, No Opt. Call Aa2 577,622 Series 2004, 4.000%, 6/15/11 250 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 263,103 Series 2000A, 6.000%, 6/01/20 - ACA Insured Suffield, Connecticut, General Obligation Bonds, Series 2005: 335 5.000%, 6/15/17 No Opt. Call AA 364,912 335 5.000%, 6/15/19 No Opt. Call AA 366,269 500 Waterbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 538,240 Series 2004B, 5.000%, 4/01/13 - FSA Insured 810 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 873,585 Series 2005B, 5.000%, 10/01/18 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 16.7% (11.3% OF TOTAL INVESTMENTS) 1,000 Connecticut Health and Educational Facilities Authority, 7/08 at 105.00 A 1,089,130 Revenue Bonds, New Opportunities for Waterbury Inc., Series 1998A, 6.750%, 7/01/28 1,475 Connecticut, Special Tax Obligation Transportation Infrastructure No Opt. Call AAA 1,639,050 Purpose Bonds, Series 1998B, 5.500%, 11/01/12 - FSA Insured 625 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 670,350 Series 2004A, 5.000%, 6/30/11 Connecticut, Certificates of Participation, Juvenile Training School, Series 2001: 600 5.000%, 12/15/20 12/11 at 101.00 AA- 626,568 1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 1,028,960 500 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 AA 522,785 Refunding Bonds, Matching Fund Loan Note, Series 1998A, 5.500%, 10/01/18 - RAAI Insured 750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 835,688 Loan Note, Series 1999A, 6.375%, 10/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.7% (4.5% OF TOTAL INVESTMENTS) 2,500 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 2,556,525 International Airport, Series 2001A, 5.125%, 10/01/26 (Alternative Minimum Tax) - FGIC Insured 27 Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 38.4% (26.0% OF TOTAL INVESTMENTS) $ 455 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA $ 482,022 Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10) 750 Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA*** 828,203 5.500%, 6/15/21 (Pre-refunded to 6/15/12) 1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA*** 1,095,610 5.375%, 4/15/19 (Pre-refunded to 4/15/12) 750 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 804,383 Revenue Bonds, Connecticut State University System, Series 2003E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12) - FGIC Insured 1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2*** 1,097,940 Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%, 7/01/23 (Pre-refunded to 7/01/11) 500 Connecticut, Special Tax Obligation Transportation 7/12 at 100.00 AAA 548,690 Infrastructure Purpose Bonds, Series 2002A, 5.375%, 7/01/18 (Pre-refunded to 7/01/12) - FSA Insured 2,000 Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 2,199,980 5.500%, 10/01/20 (Pre-refunded to 10/01/11) 500 East Lyme, Connecticut, General Obligation Bonds, Series 2001, 7/11 at 102.00 Aaa 546,540 5.125%, 7/15/20 (Pre-refunded to 7/15/11) - FGIC Insured 700 Farmington, Connecticut, General Obligation Bonds, Series 2001, 3/11 at 101.00 Aa1*** 749,427 4.875%, 3/15/20 (Pre-refunded to 3/15/11) Hamden, Connecticut, General Obligation Bonds, Series 2001: 640 5.250%, 8/15/18 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 704,979 635 5.000%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 691,344 300 5.000%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 326,619 275 Norwich, Connecticut, General Obligation Bonds, Series 2001A, 4/09 at 100.00 Aaa 288,621 5.000%, 4/01/20 (Pre-refunded to 4/01/09) - FGIC Insured Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: 1,425 5.500%, 10/01/32 10/10 at 101.00 AAA 1,534,055 1,300 5.500%, 10/01/40 10/10 at 101.00 AAA 1,399,489 1,000 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,095,260 Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - FSA Insured 370 Windsor, Connecticut, General Obligation Bonds, Series 2001, 7/09 at 100.00 Aa2*** 387,982 5.000%, 7/15/20 (Pre-refunded to 7/15/09) ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 9.5% (6.4% OF TOTAL INVESTMENTS) 500 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 532,710 Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 1,000 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/06 at 100.00 BBB 1,008,200 Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) 1,975 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,103,217 Series 2000HH, 5.250%, 7/01/29 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 13.7% (9.2% OF TOTAL INVESTMENTS) 1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,262,096 Series 2003A, 5.000%, 10/01/16 500 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 540,175 Series 2003B, 5.000%, 10/01/12 Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A: 450 5.000%, 11/15/17 - MBIA Insured 11/15 at 100.00 AAA 484,169 270 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 281,726 1,110 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 1,154,578 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) 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 $ 792,573 720 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 746,633 ------------------------------------------------------------------------------------------------------------------------------------ $ 53,750 Total Long-Term Investments (cost $54,848,081) - 148.3% 56,919,301 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.5% 958,950 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.8)% (19,500,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 38,378,251 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. 29 Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 3.0% (2.0% OF TOTAL INVESTMENTS) $ 785 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 795,613 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 250 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 249,800 Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 29.8% (20.1% OF TOTAL INVESTMENTS) 500 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AAA 520,170 Revenue Bonds, Hopkins School, Series 1998A, 5.000%, 7/01/20 - AMBAC Insured 165 Connecticut Health and Educational Facilities Authority, 11/07 at 101.00 AAA 172,011 Revenue Bonds, State University System, Series 1997B, 5.250%, 11/01/17 - AMBAC Insured 95 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 99,123 Revenue Bonds, Fairfield University, Series 1998H, 5.000%, 7/01/23 - MBIA Insured 310 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 344,277 Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 - AMBAC Insured 500 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 542,290 Revenue Bonds, Connecticut State University System, Series 2003F, 5.000%, 11/01/13 - FSA Insured 215 Connecticut Health and Educational Facilities Authority, 1/15 at 100.00 Aaa 231,493 Revenue Bonds, Kent School, Series 2004D, 5.000%, 7/01/15 - MBIA Insured 1,000 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 1,029,940 Revenue Bonds, Greenwich Academy, Series 2001B, 5.000%, 3/01/32 - FSA Insured Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2002E: 590 5.500%, 7/01/22 - RAAI Insured 7/12 at 101.00 AA 635,619 1,000 5.250%, 7/01/32 - RAAI Insured 7/12 at 101.00 AA 1,039,610 2,250 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,366,145 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 1,041,270 Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27 500 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 540,440 Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured 1,230 University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,327,687 Series 2002A, 5.375%, 4/01/19 500 University of Connecticut, General Obligation Bonds, No Opt. Call AAA 540,720 Series 2004A, 5.000%, 1/15/13 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 6.0% (4.0% OF TOTAL INVESTMENTS) 25 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 26,162 Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%, 7/01/18 - MBIA Insured 30 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 BB+ 29,782 Revenue Bonds, Hospital for Special Care, Series 1997B, 5.375%, 7/01/17 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A: 150 6.125%, 7/01/20 - RAAI Insured 7/10 at 101.00 AA 163,460 200 6.000%, 7/01/25 - RAAI Insured 7/10 at 101.00 AA 216,912 1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,027,910 Revenue Bonds, St. Francis Hospital and Medical Center, Series 2002D, 5.000%, 7/01/22 - RAAI Insured Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B: 300 5.000%, 7/01/20 - RAAI Insured 7/15 at 100.00 Aa3 311,802 300 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 309,207 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS) $ 500 Stamford Housing Authority, Connecticut, Multifamily Housing No Opt. Call BBB+ $ 511,860 Revenue Bonds, Fairfield Apartments, Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory put 12/01/08) ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 2.9% (2.0% OF TOTAL INVESTMENTS) 1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,028,000 American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 3.3% (2.2% OF TOTAL INVESTMENTS) 450 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AAA 473,013 Revenue Bonds, Village for Families and Children Inc., Series 2002A, 5.000%, 7/01/19 - AMBAC Insured 325 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 334,984 Revenue Refunding Healthcare Bonds, Church Homes Inc. - Congregational Avery Heights, Series 1997, 5.700%, 4/01/12 320 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 336,422 Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 33.7% (22.8% OF TOTAL INVESTMENTS) 875 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 959,429 Series 2004C, 5.250%, 8/15/14 - MBIA Insured 1,500 Connecticut, General Obligation Bonds, Series 2001C, No Opt. Call AA 1,662,870 5.500%, 12/15/12 Farmington, Connecticut, General Obligation Bonds, Series 2002: 1,000 5.000%, 9/15/20 9/12 at 101.00 Aa1 1,061,390 1,450 5.000%, 9/15/21 9/12 at 101.00 Aa1 1,536,362 400 Hartford, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 439,700 5.500%, 8/15/11 - MBIA Insured Hartford, Connecticut, General Obligation Bonds, Series 2005A: 360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 381,643 240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 234,888 1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,379,750 Obligation Bonds, Series 2002, 5.000%, 4/01/22 Regional School District 8, Andover, Hebron and Marlborough, Connecticut, General Obligation Bonds, Series 2002: 1,390 5.000%, 5/01/20 - FSA Insured 5/11 at 101.00 Aaa 1,467,409 1,535 5.000%, 5/01/22 - FSA Insured 5/11 at 101.00 Aaa 1,614,175 500 Waterbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 538,240 Series 2004B, 5.000%, 4/01/13 - FSA Insured 500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 541,360 Series 2005B, 5.000%, 10/01/17 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 8.5% (5.7% OF TOTAL INVESTMENTS) 1,625 Connecticut, Special Tax Obligation Transportation Infrastructure 7/12 at 100.00 AAA 1,760,525 Purpose Bonds, Series 2002A, 5.375%, 7/01/20 - FSA Insured 500 Connecticut, Special Tax Obligation Transportation Infrastructure 10/11 at 100.00 AAA 541,990 Purpose Bonds, Series 2001B, 5.375%, 10/01/13 - FSA Insured 625 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 670,350 Series 2004A, 5.000%, 6/30/11 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.2% (4.2% OF TOTAL INVESTMENTS) 1,950 New Haven, Connecticut, Revenue Refunding Bonds, No Opt. Call AAA 2,170,448 Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 33.5% (22.6% OF TOTAL INVESTMENTS) 1,000 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 1,090,530 Series 2001C, 5.375%, 8/15/18 (Pre-refunded to 8/15/11) - FGIC Insured 1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA*** 1,095,610 5.375%, 4/15/19 (Pre-refunded to 4/15/12) 155 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 164,106 Revenue Bonds, Fairfield University, Series 1998H, 5.000%, 7/01/23 (Pre-refunded to 7/01/08) - MBIA Insured 1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2*** 1,628,145 Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.250%, 7/01/31 (Pre-refunded to 7/01/11) 2,105 Fairfield, Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AAA 2,250,224 5.000%, 4/01/16 (Pre-refunded to 4/01/12) 31 Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** (continued) Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: $ 1,000 5.500%, 10/01/32 10/10 at 101.00 AAA $ 1,076,530 2,000 5.500%, 10/01/40 10/10 at 101.00 AAA 2,153,060 1,605 Stamford, Connecticut, General Obligation Bonds, Series 2002, 8/12 at 100.00 AAA 1,729,837 5.000%, 8/15/16 (Pre-refunded to 8/15/12) 500 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 547,630 Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.7% (4.6% OF TOTAL INVESTMENTS) 500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 532,710 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A: 250 5.500%, 1/01/15 (Alternative Minimum Tax) No Opt. Call BBB 254,275 510 5.500%, 1/01/20 (Alternative Minimum Tax) 1/06 at 100.00 BBB 509,643 1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,064,920 Series 2000HH, 5.250%, 7/01/29 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 13.1% (8.8% OF TOTAL INVESTMENTS) 785 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 836,072 Series 2003A, 5.000%, 10/01/16 1,000 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 1,080,350 Series 2003B, 5.000%, 10/01/12 70 Connecticut Development Authority, Water Facilities Revenue 9/06 at 102.00 AAA 72,678 Bonds, Bridgeport Hydraulic Company, Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A: 500 5.000%, 11/15/16 - MBIA Insured 11/15 at 100.00 AAA 540,090 240 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 320 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 332,850 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 792,578 660 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 684,413 ------------------------------------------------------------------------------------------------------------------------------------ $ 48,695 Total Long-Term Investments (cost $49,755,313) - 148.2% 51,892,925 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 632,623 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.0)% (17,500,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 35,025,548 ====================================================================================================================
FORWARD SWAPS OUTSTANDING AT NOVEMBER 30, 2005:
FIXED RATE FIXED RATE FLOATING RATE FLOATING RATE UNREALIZED NOTIONAL PAID BY THE FUND PAYMENT RECEIVED BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(2) DATE (DEPRECIATION) ==================================================================================================================================== Citigroup $200,000 4.699% Semi-annually 3-month USD-LIBOR Quarterly 2/27/06 2/27/26 $12,861 JPMorgan 200,000 4.833% Semi-annually 3-month USD-LIBOR Quarterly 2/09/06 2/09/36 12,536 ------------------------------------------------------------------------------------------------------------------------------------ $25,397 ==================================================================================================================================== USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. See accompanying notes to financial statements. 32 Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.1% (2.7% OF TOTAL INVESTMENTS) $ 2,505 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,538,868 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 20.9% (14.0% OF TOTAL INVESTMENTS) 1,700 Connecticut Health and Educational Facilities Authority, 11/15 at 100.00 AAA 1,831,512 Revenue Bonds, Connecticut State University System, Series 2005H, 5.000%, 11/01/17 - FSA Insured 335 Connecticut Health and Educational Facilities Authority, 11/07 at 101.00 AAA 349,234 Revenue Bonds, State University System, Series 1997B, 5.250%, 11/01/17 - AMBAC Insured 400 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 444,228 Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 - AMBAC Insured 285 Connecticut Health and Educational Facilities Authority, 1/15 at 100.00 Aaa 306,862 Revenue Bonds, Kent School, Series 2004D, 5.000%, 7/01/15 - MBIA Insured 3,100 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 3,271,864 Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/21 - AMBAC Insured 750 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 807,990 Revenue Bonds, University of Hartford, Series 2002E, 5.500%, 7/01/22 - RAAI Insured 1,595 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 1,677,334 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 1,561,905 Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27 500 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 540,440 Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured 1,100 University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,173,931 Series 2003A, 5.125%, 2/15/21 - MBIA Insured 1,000 University of Connecticut, General Obligation Bonds, No Opt. Call AAA 1,081,440 Series 2004A, 5.000%, 1/15/13 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 2.6% (1.9% OF TOTAL INVESTMENTS) 200 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 209,298 Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%, 7/01/18 - MBIA Insured 75 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 BB+ 74,454 Revenue Bonds, Hospital for Special Care, Series 1997B, 5.375%, 7/01/17 500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 534,885 Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%, 7/01/21 - RAAI Insured 800 Connecticut Health and Educational Facilities Authority, 7/15 at 100.00 Aa3 831,472 Revenue Bonds, Griffin Hospital, Series 2005B, 5.000%, 7/01/20 - RAAI Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.2% (0.9% OF TOTAL INVESTMENTS) 750 Stamford Housing Authority, Connecticut, Multifamily Housing No Opt. Call BBB+ 767,790 Revenue Bonds, Fairfield Apartments, Series 1998, 4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory put 12/01/08) ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 3.3% (2.2% OF TOTAL INVESTMENTS) 2,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 2,062,240 American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 12.2% (8.2% OF TOTAL INVESTMENTS) Connecticut Housing Finance Authority, Special Needs Housing Mortgage Finance Program Special Obligation Bonds, Series 2002SNH-1: 1,000 5.000%, 6/15/22 - AMBAC Insured 6/12 at 101.00 AAA 1,047,030 1,500 5.000%, 6/15/32 - AMBAC Insured 6/12 at 101.00 AAA 1,546,770 33 Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE (continued) Connecticut Health and Educational Facilities Authority, Revenue Bonds, Village for Families and Children Inc., Series 2002A: $ 430 5.000%, 7/01/18 - AMBAC Insured 7/12 at 101.00 AAA $ 453,134 475 5.000%, 7/01/20 - AMBAC Insured 7/12 at 101.00 AAA 498,726 260 5.000%, 7/01/23 - AMBAC Insured 7/12 at 101.00 AAA 271,185 1,000 5.000%, 7/01/32 - AMBAC Insured 7/12 at 101.00 AAA 1,029,530 600 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 618,432 Revenue Refunding Healthcare Bonds, Church Homes Inc. - Congregational Avery Heights, Series 1997, 5.700%, 4/01/12 500 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 525,660 Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23 Connecticut Development Authority, Revenue Bonds, Duncaster Inc., Series 2002: 650 5.125%, 8/01/22 - RAAI Insured 8/12 at 101.00 AA 677,209 1,000 4.750%, 8/01/32 - RAAI Insured 8/12 at 101.00 AA 979,780 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 36.7% (24.7% OF TOTAL INVESTMENTS) Bethel, Connecticut, General Obligation Bonds, Series 2002: 525 5.000%, 11/01/18 - FGIC Insured 11/12 at 100.00 Aaa 555,534 525 5.000%, 11/01/19 - FGIC Insured 11/12 at 100.00 Aaa 554,395 525 5.000%, 11/01/20 - FGIC Insured 11/12 at 100.00 Aaa 553,361 525 5.000%, 11/01/21 - FGIC Insured 11/12 at 100.00 Aaa 552,164 525 5.000%, 11/01/22 - FGIC Insured 11/12 at 100.00 Aaa 550,137 1,000 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,096,490 Series 2004C, 5.250%, 8/15/14 - MBIA Insured 500 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 539,370 Series 2003A, 5.250%, 9/15/23 - FSA Insured 2,500 Connecticut, General Obligation Bonds, Series 2002D, 11/12 at 100.00 AA 2,713,100 5.375%, 11/15/21 1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA 1,050,450 5.000%, 4/15/21 545 Connecticut, General Obligation Bonds, Series 2004D, No Opt. Call AAA 590,862 5.000%, 12/01/13 - MBIA Insured 450 Farmington, Connecticut, General Obligation Bonds, 9/12 at 101.00 Aa1 477,626 Series 2002, 5.000%, 9/15/20 1,000 Hartford, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 1,099,250 5.500%, 8/15/11 - MBIA Insured Hartford, Connecticut, General Obligation Bonds, Series 2005A: 600 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 636,072 400 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 391,480 New Canaan, Connecticut, General Obligation Bonds, Series 2002A: 950 4.500%, 5/01/19 5/11 at 100.00 Aaa 965,732 900 4.600%, 5/01/20 5/11 at 100.00 Aaa 916,164 500 4.700%, 5/01/21 5/11 at 100.00 Aaa 510,895 1,445 New Haven, Connecticut, General Obligation Bonds, 11/11 at 101.00 AAA 1,557,002 Series 2002A, 5.250%, 11/01/17 - AMBAC Insured 500 Newtown, Connecticut, General Obligation Bonds, No Opt. Call Aa2 511,170 Series 2004, 4.000%, 6/15/11 Southbury, Connecticut, General Obligation Bonds, Series 2002: 500 4.250%, 12/15/14 12/11 at 101.00 Aa3 512,135 500 4.375%, 12/15/15 12/11 at 101.00 Aa3 513,440 500 4.375%, 12/15/16 12/11 at 101.00 Aa3 512,170 500 4.500%, 12/15/17 12/11 at 101.00 Aa3 512,580 500 4.625%, 12/15/18 12/11 at 101.00 Aa3 514,825 500 4.625%, 12/15/19 12/11 at 101.00 Aa3 512,370 500 4.875%, 12/15/20 12/11 at 101.00 Aa3 519,300 500 4.875%, 12/15/21 12/11 at 101.00 Aa3 518,065 500 5.000%, 12/15/22 12/11 at 101.00 Aa3 526,490 Stratford, Connecticut, General Obligation Bonds, Series 2002: 1,375 4.000%, 2/15/19 - FSA Insured 2/12 at 100.00 AAA 1,345,218 630 4.125%, 2/15/20 - FSA Insured 2/12 at 100.00 AAA 619,983 500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 539,250 Series 2005B, 5.000%, 10/01/18 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 19.4% (13.0% OF TOTAL INVESTMENTS) Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002B: $ 2,810 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA $ 2,975,031 1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,056,670 1,000 5.000%, 12/01/22 - AMBAC Insured 12/12 at 100.00 AAA 1,048,040 500 Connecticut, Special Tax Obligation Transportation Infrastructure 1/14 at 100.00 AAA 523,850 Purpose Bonds, Series 2003B, 5.000%, 1/01/23 - FGIC Insured 60 Connecticut, Special Tax Obligation Transportation Infrastructure No Opt. Call AA- 67,434 Purpose Bonds, Series 1992B, 6.125%, 9/01/12 1,245 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 1,335,337 Series 2004A, 5.000%, 6/30/11 Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2002G: 890 5.250%, 7/01/17 7/12 at 100.00 BBB 927,131 1,000 5.250%, 7/01/20 7/12 at 100.00 BBB 1,037,110 1,045 5.250%, 7/01/21 7/12 at 100.00 BBB 1,083,174 1,010 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,108,101 Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured 195 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 BBB- 202,517 Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 750 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB 769,545 Refunding Bonds, Matching Fund Loan Note, Series 1998A, 5.500%, 10/01/22 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.7% (0.5% OF TOTAL INVESTMENTS) 415 New Haven, Connecticut, Revenue Refunding Bonds, No Opt. Call AAA 461,916 Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 23.4% (15.7% OF TOTAL INVESTMENTS) 3,510 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 3,827,760 Series 2001C, 5.375%, 8/15/18 (Pre-refunded to 8/15/11) - FGIC Insured 1,000 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 1,072,510 Revenue Bonds, Connecticut State University System, Series 2003E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12) - FGIC Insured 500 Connecticut, Special Tax Obligation Transportation Infrastructure 7/12 at 100.00 AAA 548,690 Purpose Bonds, Series 2002A, 5.375%, 7/01/18 (Pre-refunded to 7/01/12) - FSA Insured 400 Connecticut, Special Tax Obligation Transportation Infrastructure 10/11 at 100.00 AAA 424,936 Purpose Bonds, Series 2001A,4.800%, 10/01/18 (Pre-refunded to 10/01/11) - FSA Insured 1,410 Puerto Rico, General Obligation and Public Improvement 7/08 at 101.00 AAA 1,482,404 Refunding Bonds, Series 1998B, 5.000%, 7/01/24 (Pre-refunded to 7/01/08) - MBIA Insured 3,000 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 3,229,590 Bonds, Series 2000A, 5.500%, 10/01/40 2,000 Puerto Rico Infrastructure Financing Authority, Special Tax 1/08 at 101.00 AAA 2,088,480 Revenue Bonds, Series 1997A, 5.000%, 7/01/28 (Pre-refunded to 1/01/08) - AMBAC Insured 570 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 Aaa 624,720 Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 (Pre-refunded to 2/01/12) 1,220 University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA*** 1,336,217 Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 8.5% (5.7% OF TOTAL INVESTMENTS) 720 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 767,102 Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A: 1,000 5.500%, 1/01/14 (Alternative Minimum Tax) 1/06 at 100.00 BBB 1,008,200 305 5.500%, 1/01/20 (Alternative Minimum Tax) 1/06 at 100.00 BBB 304,787 3,050 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 3,248,006 Series 2000HH, 5.250%, 7/01/29 - FSA Insured 35 Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 15.7% (10.5% OF TOTAL INVESTMENTS) $ 1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA $ 1,262,096 Series 2003A, 5.000%, 10/01/16 2,000 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 2,160,700 Series 2003B, 5.000%, 10/01/12 765 Connecticut Development Authority, Water Facilities Revenue 9/06 at 102.00 A 787,973 Bonds, Bridgeport Hydraulic Company, Series 1996, 6.000%, 9/01/36 (Alternative Minimum Tax) Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A: 770 5.000%, 11/15/16 - MBIA Insured 11/15 at 100.00 AAA 831,739 480 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 640 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 665,700 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 2,166,379 1,140 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,182,169 250 Stamford, Connecticut, Water Pollution Control System and 11/13 at 100.00 AA+ 258,025 Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32 ------------------------------------------------------------------------------------------------------------------------------------ $ 88,315 Total Long-Term Investments (cost $91,388,710) - 148.7% 93,055,168 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.4% 1,513,770 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.1)% (32,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 62,568,938 ====================================================================================================================
FORWARD SWAPS OUTSTANDING AT NOVEMBER 30, 2005:
FIXED RATE FIXED RATE FLOATING RATE FLOATING RATE UNREALIZED NOTIONAL PAID BY THE FUND PAYMENT RECEIVED BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(2) DATE (DEPRECIATION) ==================================================================================================================================== Citigroup $500,000 4.699% Semi-annually 3-month USD-LIBOR Quarterly 2/27/06 2/27/26 $32,153 JPMorgan 800,000 4.833% Semi-annually 3-month USD-LIBOR Quarterly 2/09/06 2/09/36 50,145 ------------------------------------------------------------------------------------------------------------------------------------ $82,298 ==================================================================================================================================== USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. See accompanying notes to financial statements. 36 Nuveen Massachusetts Premium Income Municipal Fund (NMT) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 2.2% (1.5% OF TOTAL INVESTMENTS) $ 1,500 Boston Industrial Development Financing Authority, 9/12 at 102.00 Ba3 $ 1,499,220 Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 0.8% (0.6% OF TOTAL INVESTMENTS) 550 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 549,560 Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 36.9% (25.2% OF TOTAL INVESTMENTS) 200 Massachusetts Education Loan Authority, Student Loan Revenue 1/06 at 100.50 AAA 201,264 Bonds, Issue E, Series 1995, 6.150%, 7/01/10 (Alternative Minimum Tax) - AMBAC Insured 1,550 Massachusetts Educational Finance Authority, Educational 1/12 at 100.00 AAA 1,586,239 Loan Revenue Bonds, Series 2002E, 5.000%, 1/01/13 (Alternative Minimum Tax) - AMBAC Insured 1,745 Massachusetts Development Finance Authority, Revenue Bonds, 7/15 at 100.00 AAA 1,778,207 Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 - AGC Insured 1,090 Massachusetts Development Finance Authority, Revenue No Opt. Call A3 1,250,241 Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/29 1,000 Massachusetts Development Finance Authority, Revenue Bonds, 7/13 at 101.00 Baa1 1,051,790 Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 5.750%, 7/01/33 890 Massachusetts Development Finance Authority, Revenue 3/09 at 101.00 A 944,406 Bonds, Curry College, Series 2000A, 6.000%, 3/01/20 - ACA Insured 750 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 796,088 Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 500 Massachusetts Development Finance Authority, Revenue 9/11 at 101.00 A 527,875 Bonds, Belmont Hills School, Series 2001, 5.375%, 9/01/23 750 Massachusetts Development Finance Agency, Revenue Bonds, 9/15 at 100.00 AAA 766,500 Western New England College, Series 2005A, 5.000%, 9/01/33 - AGC Insured 2,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,134,620 Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18 500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 515,755 Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 - AMBAC Insured 1,500 Massachusetts Health and Educational Facilities Authority, 10/11 at 100.00 AAA 1,580,205 Revenue Bonds, University of Massachusetts - Worcester Campus, Series 2001B, 5.250%, 10/01/31 - FGIC Insured 555 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 585,303 Revenue Bonds, Williams College, Series 2003H, 5.000%, 7/01/21 500 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 518,990 Revenue Bonds, Wellesley College, Series 2003H, 5.000%, 7/01/26 1,000 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 1,108,350 Revenue Bonds, Massachusetts Institute of Technology, Series 2004M, 5.250%, 7/01/15 1,645 Massachusetts Industrial Finance Agency, Revenue Bonds, 1/06 at 100.00 Aa1 1,646,859 Whitehead Institute for Biomedical Research, Series 1993, 5.125%, 7/01/26 2,300 Massachusetts Industrial Finance Agency, Revenue Bonds, 9/08 at 101.00 A 2,345,793 Belmont Hill School, Series 1998, 5.250%, 9/01/28 4,000 New England Education Loan Marketing Corporation, No Opt. Call A3 4,174,920 Massachusetts Student Loan Revenue Bonds, Subordinate Series 1992H, 6.900%, 11/01/09 (Alternative Minimum Tax) 375 Puerto Rico Industrial, Tourist, Educational, Medical and 2/09 at 101.00 BBB- 382,335 Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999, 5.375%, 2/01/19 37 Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 725 University of Massachusetts Building Authority, Senior Lien No Opt. Call AAA $ 782,710 Project Revenue Bonds, Series 2005-1, 5.000%, 5/01/15 - AMBAC Insured 1,000 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 1,074,710 Project Revenue Bonds, Series 2004-1, 5.250%, 11/01/24 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.2% (12.4% OF TOTAL INVESTMENTS) 1,500 Massachusetts Health and Educational Facilities Authority, 1/06 at 101.00 AAA 1,514,040 Revenue Bonds, New England Medical Center Hospitals, Series 1993G-1, 5.375%, 7/01/24 - MBIA Insured 600 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 642,834 Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.375%, 5/15/19 - FGIC Insured 2,000 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 2,171,300 Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 5.750%, 7/01/32 375 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 405,307 Revenue Bonds, UMass Memorial Health Care, Series 2001C, 6.625%, 7/01/32 1,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 1,032,120 Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 - RAAI Insured 1,250 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 1,317,075 Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%, 10/01/31 1,000 Massachusetts Health and Educational Facilities Authority, 7/12 at 101.00 BBB 1,072,800 Revenue Bonds, Caritas Christi Obligated Group, Series 2002B, 6.250%, 7/01/22 1,400 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AAA 1,465,702 Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 - FGIC Insured 1,115 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 1,104,240 Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33 935 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AA 944,247 Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 - RAAI Insured 1,000 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 985,020 Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30 (WI, settling 12/01/05) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 11.9% (8.1% OF TOTAL INVESTMENTS) 2,500 Massachusetts Development Finance Authority, GNMA 10/11 at 105.00 AAA 2,781,425 Collateralized Revenue Bonds, VOA Concord Assisted Living Inc., Series 2000A, 6.900%, 10/20/41 1,920 Massachusetts Development Financing Authority, Assisted 12/09 at 102.00 N/R 1,868,544 Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31 1,500 Massachusetts Development Finance Authority, GNMA 3/12 at 105.00 AAA 1,644,150 Collateralized Assisted Living Facility Revenue Bonds, Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) 400 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 101.00 AAA 418,300 Mortgage Revenue Bonds, Series 1999D, 5.500%, 7/01/13 (Alternative Minimum Tax) - AMBAC Insured 500 Massachusetts Housing Finance Agency, Housing Revenue 6/13 at 100.00 AA- 506,005 Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax) 1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,054,120 Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22 ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 0.6% (0.4% OF TOTAL INVESTMENTS) 400 Massachusetts Development Finance Agency, Solid Waste No Opt. Call BBB 424,340 Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14 ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.8% (1.9% OF TOTAL INVESTMENTS) 1,270 Boston, Massachusetts, FHA-Insured Mortgage Revenue 10/08 at 105.00 AAA 1,378,991 Bonds, Deutsches Altenheim Inc., Series 1998A, 6.125%, 10/01/31 540 Massachusetts Industrial Finance Agency, FHA-Insured 2/06 at 102.00 AAA 552,458 Project Revenue Bonds, Heights Crossing LP, Series 1995, 6.000%, 2/01/15 (Alternative Minimum Tax) 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 19.5% (13.3% OF TOTAL INVESTMENTS) $ 500 Ashland, Massachusetts, General Obligation Bonds, 5/15 at 100.00 Aaa $ 540,015 Series 2004, 5.250%, 5/15/23 - AMBAC Insured 1,250 Boston, Massachusetts, General Obligation Bonds, 1/15 at 100.00 Aa1 1,341,938 Series 2005A, 5.000%, 1/01/17 1,000 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 1,059,400 Series 2003, 5.000%, 2/01/21 - FSA Insured 2,500 Massachusetts Bay Transportation Authority, General No Opt. Call AAA 3,110,850 Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 1,275 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AAA 1,458,205 Series 2001D, 6.000%, 11/01/13 - MBIA Insured 980 Monson, Massachusetts, General Obligation Bonds, 5/12 at 101.00 Aaa 1,054,255 Series 2002, 5.250%, 5/15/22 - AMBAC Insured 1,260 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,374,761 Series 2003, 5.000%, 11/15/20 - FGIC Insured Springfield, Massachusetts, General Obligation Bonds, Series 2003: 530 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 577,207 1,615 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 1,748,367 1,220 Worcester, Massachusetts, General Obligation Bonds, 7/15 at 100.00 AAA 1,297,812 Series 2005A, 5.000%, 7/01/19 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 14.7% (10.0% OF TOTAL INVESTMENTS) 210 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 AAA 219,757 Series 2004, 5.000%, 5/01/26 - AMBAC Insured 940 Massachusetts Bay Transportation Authority, Assessment 7/15 at 100.00 AAA 1,003,779 Bonds, Series 2005A, 5.000%, 7/01/18 385 Massachusetts Bay Transportation Authority, Senior Lien Sales No Opt. Call AAA 428,775 Tax Revenue Bonds, Series 2004C, 5.250%, 7/01/21 1,000 Massachusetts College Building Authority, Project Revenue No Opt. Call AAA 1,122,290 Refunding Bonds, Series 2003B, 5.375%, 5/01/23 - XLCA Insured 550 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 AAA 581,515 Bonds, Series 2004A, 5.000%, 5/01/19 - MBIA Insured 1,300 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 1,380,535 Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured 540 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 585,263 Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured 3,000 Massachusetts, Special Obligation Refunding Notes, No Opt. Call Aaa 3,219,000 Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 - FSA Insured 1,500 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 1,709,460 Transportation Authority, Series 2003AA, 5.500%, 7/01/19 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.8% (8.0% OF TOTAL INVESTMENTS) 2,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 2,056,460 Series 2003A, 5.000%, 7/01/33 - MBIA Insured 1,900 Massachusetts Port Authority, Revenue Bonds, Series 2005A, 7/15 at 100.00 AAA 1,990,573 5.000%, 7/01/23 - AMBAC Insured 4,000 Massachusetts Port Authority, Special Facilities Revenue 9/06 at 102.00 AAA 4,139,560 Bonds, US Airways Group Inc., Series 1996A, 5.750%, 9/01/16 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 11.4% (7.8% OF TOTAL INVESTMENTS) 1,250 Massachusetts, General Obligation Bonds, Consolidated Loan, 8/14 at 100.00 AA*** 1,340,938 Series 2004B, 5.000%, 8/01/24 (Pre-refunded to 8/01/14) 2,000 Massachusetts Health and Educational Facilities Authority, 7/06 at 100.00 Aaa 2,022,140 Revenue Bonds, Daughters of Charity National Health System - Carney Hospital, Series 1994D, 6.100%, 7/01/14 (Pre-refunded to 7/01/06) 410 Massachusetts Health and Educational Facilities Authority, 7/21 at 100.00 AAA 442,583 Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 (Pre-refunded to 7/01/21) - MBIA Insured 845 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/06 at 100.00 AAA 1,165,306 13.000%, 7/01/13 1,500 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 1,638,690 Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded to 1/01/14) - FGIC Insured 1,200 University of Massachusetts Building Authority, Senior Lien 11/13 at 100.00 AAA 1,319,028 Project Revenue Bonds, Series 2003-1, 5.250%, 11/01/18 (Pre-refunded to 11/01/13) - AMBAC Insured 39 Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 3.0% (2.1% OF TOTAL INVESTMENTS) $ 1,000 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA $ 1,088,900 Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/16 - MBIA Insured 1,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 1,021,130 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 12.8% (8.7% OF TOTAL INVESTMENTS) 2,000 Boston Water and Sewerage Commission, Massachusetts, 11/14 at 100.00 AA 2,092,920 General Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25 1,500 Massachusetts Water Resources Authority, General Revenue 8/17 at 100.00 AAA 1,570,890 Bonds, Series 2005A, 5.000%, 8/01/28 - MBIA Insured 1,250 Massachusetts Water Pollution Abatement Trust, Revenue 8/12 at 100.00 AAA 1,340,300 Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20 1,500 Massachusetts Water Pollution Abatement Trust, Pooled 8/13 at 100.00 AAA 1,580,220 Loan Program Bonds, Series 9, 5.000%, 8/01/22 1,500 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/14 at 100.00 AAA 1,565,850 Program Bonds, Series 10, 5.000%, 8/01/26 750 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/15 at 100.00 AAA 737,614 Program Bonds, Series 11, 4.500%, 8/01/29 ------------------------------------------------------------------------------------------------------------------------------------ $ 95,990 Total Long-Term Investments (cost $99,032,883) - 146.6% 102,011,244 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 1,579,453 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.9)% (34,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 69,590,697 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. 40 Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 1.7% (1.1% OF TOTAL INVESTMENTS) $ 500 Boston Industrial Development Financing Authority, 9/12 at 102.00 Ba3 $ 499,740 Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 27.1% (18.3% OF TOTAL INVESTMENTS) 1,085 Massachusetts Educational Finance Authority, Educational 7/10 at 100.00 AAA 1,110,584 Loan Revenue Bonds, Series 2001E, 5.300%, 1/01/16 (Alternative Minimum Tax) - AMBAC Insured 495 Massachusetts Development Finance Authority, Revenue 7/15 at 100.00 AAA 504,420 Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 - AGC Insured 1,000 Massachusetts Development Finance Authority, Revenue 5/29 at 105.00 A3 1,136,810 Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/59 500 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 530,725 Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 450 Massachusetts Development Finance Agency, Revenue Bonds, 9/15 at 100.00 AAA 459,900 Western New England College, Series 2005A, 5.000%, 9/01/33 - AGC Insured 1,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,067,310 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- 2,139,660 Revenue Bonds, Tufts University, Series 2001I, 5.500%, 2/15/36 500 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 554,175 Revenue Bonds, Massachusetts Institute of Technology, Series 2004M, 5.250%, 7/01/15 250 University of Massachusetts Building Authority, Senior Lien No Opt. Call AAA 269,900 Project Revenue Bonds, Series 2005-1, 5.000%, 5/01/15 - AMBAC Insured 250 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 268,678 Project Revenue Bonds, Series 2004-1, 5.250%, 11/01/24 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.7% (12.6% OF TOTAL INVESTMENTS) 1,000 Massachusetts Health and Educational Facilities Authority, 7/09 at 101.00 AA- 1,034,350 Revenue Bonds, Partners HealthCare System Inc., Series 1999B, 5.125%, 7/01/19 1,000 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 1,085,650 Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 5.750%, 7/01/32 500 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 540,410 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 398,138 Revenue Bonds, Covenant Health Systems Obligated Group, Series 2002, 6.000%, 7/01/31 500 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 526,830 Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%, 10/01/31 500 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB- 523,495 Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 600 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AAA 628,158 Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 - FGIC Insured 315 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AA 318,115 Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 - RAAI Insured 500 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 492,510 Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30 41 Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 13.2% (8.9% OF TOTAL INVESTMENTS) $ 1,000 Massachusetts Development Finance Authority, GNMA 3/12 at 105.00 AAA $ 1,096,100 Collateralized Assisted Living Facility Revenue Bonds, Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) 1,215 Massachusetts Housing Finance Agency, Rental Housing 1/11 at 100.00 AAA 1,261,206 Mortgage Revenue Bonds, Series 2001A, 5.850%, 7/01/35 (Alternative Minimum Tax) - AMBAC Insured 500 Massachusetts Housing Finance Agency, Housing Revenue 6/13 at 100.00 AA- 506,005 Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax) 1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,054,120 Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.9% (2.0% OF TOTAL INVESTMENTS) 840 Massachusetts Housing Finance Agency, Single Family Housing 6/10 at 100.00 AAA 862,084 Revenue Bonds, Series 82, 5.375%, 12/01/20 (Alternative Minimum Tax) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 0.7% (0.5% OF TOTAL INVESTMENTS) 200 Massachusetts Development Finance Agency, Solid Waste No Opt. Call BBB 212,170 Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14 ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.4% (1.6% OF TOTAL INVESTMENTS) 655 Massachusetts Development Finance Authority, First 7/11 at 102.00 BBB- 697,457 Mortgage Revenue Bonds, Berkshire Retirement Community - Edgecombe Project, Series 2001A, 6.750%, 7/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 33.6% (22.7% OF TOTAL INVESTMENTS) 310 Ashland, Massachusetts, General Obligation Bonds, 5/15 at 100.00 Aaa 334,809 Series 2004, 5.250%, 5/15/23 - AMBAC Insured 1,000 Boston, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aa1 1,048,180 Series 2001A, 5.000%, 2/01/20 2,000 Brookline, Massachusetts, General Obligation Bonds, 4/10 at 101.00 Aaa 2,148,780 Series 2000, 5.375%, 4/01/17 500 East Longmeadow, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 537,220 Series 2001, 5.000%, 8/01/14 - AMBAC Insured 440 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 466,136 Series 2003, 5.000%, 2/01/21 - FSA Insured 1,675 Lawrence, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aaa 1,762,904 Series 2001, 5.000%, 2/01/21 - AMBAC Insured 1,095 Lynn, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 1,197,656 Series 2001, 5.375%, 8/15/12 - FGIC Insured 750 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AA 850,155 Series 2002D, 5.500%, 8/01/19 500 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 545,540 Series 2003, 5.000%, 11/15/20 - FGIC Insured Springfield, Massachusetts, General Obligation Bonds, Series 2003: 500 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 544,535 500 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 541,290 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 18.8% (12.6% OF TOTAL INVESTMENTS) 395 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 AAA 413,352 Series 2004, 5.000%, 5/01/26 - AMBAC Insured 210 Massachusetts Bay Transportation Authority, Assessment 7/10 at 100.00 AAA 221,613 Bonds, Series 2000A, 5.250%, 7/01/30 450 Massachusetts Bay Transportation Authority, Assessment 7/15 at 100.00 AAA 480,533 Bonds, Series 2005A, 5.000%, 7/01/18 385 Massachusetts Bay Transportation Authority, Senior Lien No Opt. Call AAA 428,775 Sales Tax Revenue Bonds, Series 2004C, 5.250%, 7/01/21 230 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 AAA 243,179 Bonds, Series 2004A, 5.000%, 5/01/19 - MBIA Insured 500 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 530,975 Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured 230 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 249,279 Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured 1,250 Massachusetts, Special Obligation Refunding Notes, No Opt. Call Aaa 1,341,250 Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 - FSA Insured 42 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA $ 1,096,860 6.000%, 8/01/16 - FSA Insured 500 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 557,125 Taxes Loan Note, Series 1999A, 6.375%, 10/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.3% (4.3% OF TOTAL INVESTMENTS) 800 Massachusetts Port Authority, Revenue Bonds, Series 2005A, 7/15 at 100.00 AAA 838,136 5.000%, 7/01/23 - AMBAC Insured 1,000 Massachusetts Port Authority, Special Facilities Revenue 7/07 at 102.00 AAA 1,042,440 Bonds, BOSFUEL Corporation, Series 1997, 5.500%, 7/01/18 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 6.8% (4.6% OF TOTAL INVESTMENTS) 500 Massachusetts, General Obligation Bonds, Consolidated Loan, 8/14 at 100.00 AA*** 536,375 Series 2004B, 5.000%, 8/01/24 (Pre-refunded to 8/01/14) 750 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 819,345 Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded to 1/01/14) - FGIC Insured 600 University of Massachusetts Building Authority, Senior Lien 11/13 at 100.00 AAA 659,514 Project Revenue Bonds, Series 2003-1, 5.250%, 11/01/18 (Pre-refunded to 11/01/13) - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.7% (3.8% OF TOTAL INVESTMENTS) 1,070 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,174,817 Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/14 - MBIA Insured 500 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 510,565 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 10.4% (7.0% OF TOTAL INVESTMENTS) 530 Boston Water and Sewerage Commission, Massachusetts, 11/14 at 100.00 AA 554,624 General Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25 1,405 Massachusetts Water Pollution Abatement Trust, Revenue 8/09 at 101.00 AAA 1,513,675 Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 500 Massachusetts Water Pollution Abatement Trust, Revenue 8/12 at 100.00 AAA 536,120 Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20 500 Massachusetts Water Pollution Abatement Trust, Pooled 8/15 at 100.00 AAA 491,745 Loan Program Bonds, Series 11, 4.500%, 8/01/29 ------------------------------------------------------------------------------------------------------------------------------------ $ 41,305 Total Long-Term Investments (cost $42,502,353) - 148.3% 43,996,202 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 662,508 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.6)% (15,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 29,658,710 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. See accompanying notes to financial statements. 43 Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 21.0% (14.1% OF TOTAL INVESTMENTS) $ 500 Massachusetts Development Finance Authority, Revenue Bonds, 7/13 at 101.00 Baa1 $ 558,280 Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 6.375%, 7/01/23 1,250 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 A1 1,271,600 Middlesex School, Series 2003, 5.000%, 9/01/33 2,500 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,582,325 Revenue Bonds, Boston College, Series 2003N, 5.125%, 6/01/37 1,500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 1,547,265 Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 - AMBAC Insured 2,140 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 2,336,195 Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 9.0% (6.1% OF TOTAL INVESTMENTS) 2,500 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 2,601,025 Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.000%, 5/15/25 - FGIC Insured 500 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA 518,200 Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 - MBIA Insured 250 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 247,588 Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33 200 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 197,004 Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 13.3% (8.9% OF TOTAL INVESTMENTS) 1,750 Massachusetts Development Finance Authority, GNMA 12/12 at 105.00 AAA 1,943,288 Collateralized Revenue Bonds, Neville Communities, Series 2002A, 6.000%, 6/20/44 1,265 Massachusetts Housing Finance Agency, Rental Housing 7/12 at 100.00 AAA 1,286,227 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- 2,018,740 Series 2003H, 5.125%, 6/01/43 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 35.1% (23.7% OF TOTAL INVESTMENTS) 1,280 Littleton, Massachusetts, General Obligation Bonds, 1/13 at 101.00 AAA 1,357,235 Series 2003, 5.000%, 1/15/21 - FGIC Insured 1,000 Malden, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,084,750 Series 2005, 5.000%, 8/01/16 - FGIC Insured 3,000 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AAA 3,342,300 Series 2004B, 5.250%, 8/01/21 - FSA Insured 1,025 Maynard, Massachusetts, General Obligation Bonds, 2/13 at 101.00 Aaa 1,130,370 Series 2003, 5.500%, 2/01/19 - MBIA Insured 1,705 North Attleborough, Massachusetts, General Obligation Bonds, 7/14 at 101.00 Aaa 1,849,993 Series 2004, 5.000%, 7/15/15 - FGIC Insured 1,500 Pittsfield, Massachusetts, General Obligation Bonds, 4/12 at 101.00 AAA 1,584,405 Series 2002, 5.000%, 4/15/18 - MBIA Insured 3,000 Springfield, Massachusetts, General Obligation Bonds, 1/13 at 100.00 AAA 3,247,740 Series 2003, 5.250%, 1/15/22 - MBIA Insured 300 Woburn, Massachusetts, General Obligation Bonds, 11/15 at 100.00 Aaa 321,000 Series 2005, 5.000%, 11/15/19 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 25.3% (17.0% OF TOTAL INVESTMENTS) 3,000 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/13 at 100.00 AAA 3,086,940 Series 2002, 5.000%, 5/01/32 - AMBAC Insured 2,790 Massachusetts College Building Authority, Project Revenue 5/13 at 100.00 AAA 2,957,651 Refunding Bonds, Series 2003A, 5.250%, 5/01/22 - XLCA Insured Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A: 1,475 5.125%, 8/01/28 - MBIA Insured 2/12 at 100.00 AAA 1,534,000 1,500 5.125%, 2/01/34 - MBIA Insured 2/12 at 100.00 AAA 1,548,120 500 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 530,975 Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured 300 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 325,146 Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured 44 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 2.6% (1.8% OF TOTAL INVESTMENTS) $ 1,000 Massachusetts Port Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AAA $ 1,028,230 5.000%, 7/01/33 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 25.2% (16.9% OF TOTAL INVESTMENTS) 3,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 3,226,920 Tax Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded to 7/01/12) - FGIC Insured 2,000 Massachusetts, General Obligation Bonds, Consolidated 11/11 at 100.00 AAA 2,133,520 Loan, Series 2001D, 5.000%, 11/01/20 (Pre-refunded to 11/01/11) - MBIA Insured 2,145 Massachusetts, General Obligation Bonds, Consolidated 1/13 at 100.00 AAA 2,328,934 Loan, Series 2003A, 5.250%, 1/01/18 (Pre-refunded to 1/01/13) - AMBAC Insured 845 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/06 at 100.00 AAA 1,165,306 13.000%, 7/01/13 1,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 1,092,460 Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded to 1/01/14) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.4% (3.6% OF TOTAL INVESTMENTS) 1,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,597,380 Series 2000HH, 5.250%, 7/01/29 - FSA Insured 500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 526,410 Series 2002II, 5.125%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 11.8% (7.9% OF TOTAL INVESTMENTS) 1,900 Lynn Water and Sewer Commission, Massachusetts, General 12/13 at 100.00 AAA 1,958,748 Revenue Bonds, Series 2003A, 5.000%, 12/01/32 - MBIA Insured 1,000 Massachusetts Water Resources Authority, General Revenue 8/13 at 100.00 AAA 1,048,460 Bonds, Series 2004D, 5.000%, 8/01/24 -MBIA Insured 1,000 Massachusetts Water Resources Authority, General Revenue No Opt. Call AAA 1,111,050 Bonds, Series 2002J, 5.250%, 8/01/19 - FSA Insured 495 Springfield Water and Sewerage Commission, Massachusetts, 7/14 at 100.00 AAA 529,357 General Revenue Bonds, Series 2003A, 5.000%, 7/01/16 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 55,115 Total Long-Term Investments (cost $56,858,392) - 148.7% 58,755,137 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.2% 1,245,076 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.9)% (20,500,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 39,500,213 ====================================================================================================================
FORWARD SWAPS OUTSTANDING AT NOVEMBER 30, 2005:
FIXED RATE FIXED RATE FLOATING RATE FLOATING RATE UNREALIZED NOTIONAL PAID BY THE FUND PAYMENT RECEIVED BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(2) DATE (DEPRECIATION) ==================================================================================================================================== Citigroup $2,000,000 4.652% Semi-annually 3-month USD-LIBOR Quarterly 2/22/06 2/22/26 $140,095 JPMorgan 1,000,000 5.075% Semi-annually 3-month USD-LIBOR Quarterly 2/22/06 2/22/26 18,057 ------------------------------------------------------------------------------------------------------------------------------------ $158,152 ==================================================================================================================================== USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that are (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) rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. See accompanying notes to financial statements. 45 Nuveen Missouri Premium Income Municipal Fund (NOM) Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 3.2% (2.2% OF TOTAL INVESTMENTS) $ 1,000 Missouri Development Finance Board, Solid Waste Disposal No Opt. Call AA- $ 1,073,950 Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 6.2% (4.3% OF TOTAL INVESTMENTS) 625 Missouri Health and Educational Facilities Authority, Revenue 6/10 at 100.00 Baa2 664,631 Bonds, Maryville University of St. Louis, Series 2000, 6.750%, 6/15/30 500 Missouri Health and Educational Facilities Authority, Revenue 2/08 at 101.00 A3 517,525 Bonds, St. Louis Priory School, Series 2000, 5.650%, 2/01/25 365 Missouri Health and Educational Facilities Authority, Revenue 4/11 at 100.00 Aaa 394,419 Bonds, Webster University, Series 2001, 5.500%, 4/01/18 - MBIA Insured 500 St. Louis County Industrial Development Authority, Missouri, 12/05 at 100.00 N/R 508,100 Revenue Bonds, Kiel Center Multipurpose Arena, Series 1992, 7.875%, 12/01/24 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 24.0% (16.6% OF TOTAL INVESTMENTS) 1,800 Johnson County, Missouri, Hospital Revenue Bonds, Western 6/10 at 100.00 AA 1,930,518 Missouri Medical Center, Series 2000, 6.000%, 6/01/20 - RAAI Insured 750 Joplin Industrial Development Authority, Missouri, Health 2/15 at 102.00 BBB+ 771,758 Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/29 500 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AAA 523,375 Bonds, St. Luke's Health System, Series 2001, 5.250%, 12/01/26 - FSA Insured Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003: 1,500 5.125%, 5/15/25 5/13 at 100.00 AA 1,553,040 1,155 5.250%, 5/15/32 5/13 at 100.00 AA 1,199,410 500 Missouri Health and Educational Facilities Authority, Revenue 2/14 at 100.00 BBB+ 523,870 Bonds, Lake Regional Health System, Series 2003, 5.700%, 2/15/34 425 Missouri Health and Educational Facilities Authority, Revenue 2/06 at 102.00 BBB+ 434,813 Bonds, Lake Regional Health System, Series 1996, 6.500%, 2/15/21 1,000 Missouri Health and Educational Facilities Authority, Revenue 12/10 at 101.00 A 1,065,960 Bonds, St. Anthony's Medical Center, Series 2000, 6.250%, 12/01/30 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 7.0% (4.9% OF TOTAL INVESTMENTS) 615 Missouri Housing Development Commission, Multifamily 12/11 at 100.00 AA 638,370 Housing Revenue Bonds, Series 2001II, 5.250%, 12/01/16 500 St. Charles County Industrial Development Authority, Missouri, 4/08 at 102.00 AAA 509,715 FHA-Insured Multifamily Housing Revenue Bonds, Ashwood Apartments, Series 1998A, 5.600%, 4/01/30 (Alternative Minimum Tax) - FSA Insured 545 St. Louis County Industrial Development Authority, Missouri, 4/07 at 102.00 AAA 569,133 GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, South Summit Apartments, Series 1997A, 5.950%, 4/20/17 600 St. Louis County Industrial Development Authority, Missouri, 4/07 at 102.00 AAA 626,136 GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, South Summit Apartments, Series 1997B, 6.000%, 10/20/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.2% (0.8% OF TOTAL INVESTMENTS) 110 Missouri Housing Development Commission, Single Family 3/06 at 105.00 AAA 110,944 Mortgage Revenue Bonds, Homeownership Loan Program, Series 1995C, 7.250%, 9/01/26 (Alternative Minimum Tax) 135 Missouri Housing Development Commission, Single Family 9/06 at 105.00 AAA 136,157 Mortgage Revenue Bonds, Homeownership Loan Program, Series 1996B, 7.550%, 9/01/27 (Alternative Minimum Tax) 46 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY (continued) $ 140 Missouri Housing Development Commission, Single Family 3/10 at 100.00 AAA $ 141,589 Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000B-1, 6.250%, 3/01/31 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 5.6% (3.9% OF TOTAL INVESTMENTS) 1,750 Cole County Industrial Development Authority, Missouri, 2/14 at 100.00 N/R 1,810,568 Revenue Bonds, Lutheran Senior Services - Heisinger Project, Series 2004, 5.500%, 2/01/35 50 Lees Summit Industrial Development Authority, Missouri, 8/09 at 101.00 N/R 52,861 Health Facilities Revenue Bonds, John Knox Village, Series 1999, 6.000%, 8/15/17 ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 2.3% (1.6% OF TOTAL INVESTMENTS) 750 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 774,255 Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 29.1% (20.1% OF TOTAL INVESTMENTS) 300 Branson Reorganized School District R-4, Taney County, 3/15 at 100.00 AAA 313,890 Missouri, General Obligation Bonds, Series 2005, 5.000%, 3/01/25 - FSA Insured 500 Camdenton Reorganized School District R3, Camden County, No Opt. Call AAA 540,075 Missouri, General Obligation Bonds, Series 2005, 5.250%, 3/01/24 - FSA Insured 500 Jackson County School District R-7, Lees Summit, Missouri, 3/12 at 100.00 AAA 535,530 General Obligation Refunding and Improvement Bonds, Series 2002, 5.250%, 3/01/18 - FSA Insured 1,630 North Kansas City School District, Missouri, General 3/13 at 100.00 AA+ 1,714,972 Obligation Bonds, Series 2003A, 5.000%, 3/01/23 1,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 1,142,440 Series 2001A, 5.500%, 7/01/20 - MBIA Insured 2,020 Ritenour Consolidated School District, St. Louis County, No Opt. Call AAA 2,377,237 Missouri, General Obligation Bonds, Series 1995, 7.375%, 2/01/12 - FGIC Insured 1,145 St. Charles County Francis Howell School District, Missouri, No Opt. Call AAA 1,206,807 General Obligation Refunding Bonds, Series 1994A, 7.800%, 3/01/08 - FGIC Insured 350 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 377,538 General Obligation Bonds, Series 2004, 5.250%, 3/01/20 - FSA Insured 1,405 St. Louis Board of Education, Missouri, General Obligation 4/13 at 100.00 AAA 1,489,820 Refunding Bonds, Series 2003A, 5.000%, 4/01/19 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 37.1% (25.5% OF TOTAL INVESTMENTS) 600 Chesterfield, Missouri, Certificates of Participation, Series 2005, 12/15 at 100.00 Aaa 631,110 5.000%, 12/01/24 - FGIC Insured 750 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R 767,985 Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2002, 6.125%, 10/01/21 750 Howard Bend Levee District, St. Louis County, Missouri, 3/09 at 101.00 N/R 782,003 Levee District Improvement Bonds, Series 1999, 5.850%, 3/01/19 2,000 Missouri Development Finance Board, Kansas City, 4/10 at 100.00 AAA 2,162,160 Infrastructure Facilities Revenue Bonds, Midtown Redevelopment Project, Series 2000A, 5.750%, 4/01/22 - MBIA Insured 360 Missouri Development Finance Board, Infrastructure Facilities 6/15 at 100.00 BBB+ 361,350 Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%, 6/01/35 450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 489,906 Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 - MBIA Insured 1,135 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,382,396 Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 - AGC Insured 600 Riverside, Missouri, L-385 Levee Redevelopment Plan 5/15 at 100.00 BBB 612,714 Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20 400 St. Joseph Industrial Development Authority, Missouri, 11/14 at 100.00 N/R 396,712 Tax Increment Bonds, Shoppes at North Village Project, Series 2005A, 5.500%, 11/01/27 1,000 St. Louis Municipal Finance Corporation, Missouri, Leasehold 2/12 at 100.00 Aaa 1,107,400 Revenue Bonds, Carnahan Courthouse, Series 2002A, 5.750%, 2/15/16 - FGIC Insured 47 Nuveen Missouri Premium Income Municipal Fund (NOM) (continued) Portfolio of INVESTMENTS November 30, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,000 Springfield Public Building Corporation, Missouri, Lease 6/10 at 100.00 AAA $ 2,198,420 Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 - AMBAC Insured 1,380 Springfield Center City Development Corporation, Missouri, 11/11 at 100.00 Aaa 1,445,826 Lease Revenue Bonds, Jordan Valley Park Parking Garage, Series 2002D, 5.000%, 11/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 4.7% (3.3% OF TOTAL INVESTMENTS) 500 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 509,340 Bonds, Kansas City International Airport, Series 2001, 5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured 1,000 St. Louis Land Clearance Redevelopment Authority, Missouri, 9/09 at 102.00 N/R 1,068,020 Revenue Refunding and Improvement Bonds, LCRA Parking Facilities, Series 1999C, 7.000%, 9/01/19 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 15.5% (10.7% OF TOTAL INVESTMENTS) 2,500 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AAA 2,709,825 Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/28 (Pre-refunded to 6/01/11) - AMBAC Insured 500 St. Louis County, Missouri, GNMA Collateralized Mortgage No Opt. Call AAA 564,140 Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) 750 St. Louis County Pattonville School District R3, Missouri, 3/10 at 101.00 AAA 822,945 General Obligation Bonds, Series 2000, 5.750%, 3/01/17 (Pre-refunded to 3/01/10) - FGIC Insured 950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R*** 1,087,779 County Memorial Hospital, Series 2000, 7.250%, 6/15/25 (Pre-refunded to 6/15/10) ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.7% (3.9% OF TOTAL INVESTMENTS) 1,800 Springfield Public Utilities Board, Missouri, Certificates 12/09 at 100.00 AAA 1,886,652 of Participation, Series 2001, 5.000%, 12/01/17 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.2% (2.2% OF TOTAL INVESTMENTS) 640 Metropolitan St. Louis Sewerage District, Missouri, Revenue 5/14 at 100.00 AAA 676,672 Bonds, Wastewater System, Series 2004A, 5.000%, 5/01/20 - MBIA Insured 350 Missouri Environmental Improvement and Energy Resources No Opt. Call Aaa 406,956 Authority, Water Pollution Control Revenue Bonds, State Revolving Fund Program - Kansas City Project, Series 1997C, 6.750%, 1/01/12 ------------------------------------------------------------------------------------------------------------------------------------ $ 45,080 Total Long-Term Investments (cost $45,837,205) - 144.8% 48,299,717 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.2% 1,060,478 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.0)% (16,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 33,360,195 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. ** 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. 48 Statement of ASSETS AND LIABILITIES November 30, 2005 (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 $112,129,313, $54,848,081, $49,755,313 and $91,388,710, respectively) $115,497,819 $56,919,301 $51,892,925 $93,055,168 Cash 597,014 261,678 -- 172,902 Receivables: Interest 1,651,256 725,282 663,839 1,312,792 Investments sold -- -- -- -- Unrealized appreciation on forward swaps -- -- 25,397 82,298 Other assets 9,559 3,147 4,818 767 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 117,755,648 57,909,408 52,586,979 94,623,927 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- 24,922 -- Payable for investments purchased -- -- -- -- Accrued expenses: Management fees 61,776 16,164 14,658 24,832 Other 33,149 13,603 12,646 22,268 Preferred share dividends payable 18,450 1,390 9,205 7,889 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 113,375 31,157 61,431 54,989 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 38,300,000 19,500,000 17,500,000 32,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 79,342,273 $38,378,251 $35,025,548 $62,568,938 ==================================================================================================================================== Common shares outstanding 5,352,945 2,567,291 2,310,385 4,354,319 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.82 $ 14.95 $ 15.16 $ 14.37 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 53,529 $ 25,673 $ 23,104 $ 43,543 Paid-in surplus 74,365,255 36,399,226 32,706,554 61,444,991 Undistributed (Over-distribution of) net investment income 175,589 178,773 136,575 38,248 Accumulated net realized gain (loss) from investments and forward swaps 1,379,394 (296,641) (3,694) (706,600) Net unrealized appreciation (depreciation) of investments and forward swaps 3,368,506 2,071,220 2,163,009 1,748,756 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 79,342,273 $38,378,251 $35,025,548 $62,568,938 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 49 Statement of ASSETS AND LIABILITIES November 30, 2005 (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 $99,032,883, $42,502,353, $56,858,392, $45,837,205, respectively) $102,011,244 $43,996,202 $58,755,137 $48,299,717 Cash 557,514 -- -- 275,224 Receivables: Interest 1,529,741 701,299 887,505 815,322 Investments sold 563,119 -- 530,936 10,156 Unrealized appreciation on forward swaps -- -- 158,152 -- Other assets 7,535 3,072 1,528 8,276 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 104,669,153 44,700,573 60,333,258 49,408,695 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- 7,616 291,133 -- Payable for investments purchased 979,660 -- -- -- Accrued expenses: Management fees 54,378 12,463 15,751 25,921 Other 28,716 21,784 13,131 17,318 Preferred share dividends payable 15,702 -- 13,030 5,261 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,078,456 41,863 333,045 48,500 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 34,000,000 15,000,000 20,500,000 16,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 69,590,697 $29,658,710 $39,500,213 $33,360,195 ==================================================================================================================================== Common shares outstanding 4,753,021 1,952,741 2,721,728 2,274,341 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.64 $ 15.19 $ 14.51 $ 14.67 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 47,530 $ 19,527 $ 27,217 $ 22,743 Paid-in surplus 65,983,574 27,647,651 38,352,990 30,410,946 Undistributed (Over-distribution of) net investment income 353,932 140,623 (122,314) 217,021 Accumulated net realized gain (loss) from investments and forward swaps 227,300 357,060 (812,577) 246,973 Net unrealized appreciation (depreciation) of investments and forward swaps 2,978,361 1,493,849 2,054,897 2,462,512 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 69,590,697 $29,658,710 $39,500,213 $33,360,195 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 50 Statement of OPERATIONS Six Months Ended November 30, 2005 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 2,773,269 $ 1,349,583 $ 1,196,979 $ 2,059,553 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 381,515 187,823 170,452 306,835 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 7,442 910 814 683 Custodian's fees and expenses 18,685 10,884 10,773 15,464 Trustees' fees and expenses 1,117 723 639 874 Professional fees 6,638 5,404 5,215 6,258 Shareholders' reports -- printing and mailing expenses 11,021 5,826 6,415 8,992 Stock exchange listing fees 5,240 110 99 186 Investor relations expense 7,729 3,716 3,444 6,141 Other expenses 6,264 6,182 6,326 6,737 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 498,671 251,034 231,126 397,294 Custodian fee credit (6,537) (5,043) (2,808) (7,955) Expense reimbursement -- (88,032) (79,890) (153,399) ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 492,134 157,959 148,428 235,940 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 2,281,135 1,191,624 1,048,551 1,823,613 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 792,479 165,372 124,427 132,679 Net realized gain (loss) from forward swaps -- (31,610) (73,737) (243,796) Change in net unrealized appreciation (depreciation) of investments (2,959,276) (1,213,802) (1,150,786) (1,901,320) Change in net unrealized appreciation (depreciation) of forward swaps -- 33,381 99,605 315,963 ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (2,166,797) (1,046,659) (1,000,491) (1,696,474) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (346,913) (179,066) (170,186) (328,684) From accumulated net realized gains from investments -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (346,913) (179,066) (170,186) (328,684) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ (232,575) $ (34,101) $ (122,126) $ (201,545) ====================================================================================================================================
See accompanying notes to financial statements. 51 Statement of OPERATIONS Six Months Ended November 30, 2005 (Unaudited) (continued)
INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 2,539,824 $ 1,053,860 $ 1,392,117 $1,260,679 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 336,147 145,020 194,474 160,003 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 4,383 466 226 2,627 Custodian's fees and expenses 18,800 9,520 9,428 8,911 Trustees' fees and expenses 1,056 620 535 550 Professional fees 6,175 5,191 5,362 5,212 Shareholders' reports -- printing and mailing expenses 10,609 5,146 7,046 5,733 Stock exchange listing fees 5,238 83 116 96 Investor relations expense 5,793 2,876 3,892 3,294 Other expenses 7,119 8,894 6,246 5,059 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 442,950 201,631 258,034 216,554 Custodian fee credit (6,247) (3,575) (2,362) (2,125) Expense reimbursement -- (67,970) (97,225) -- ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 436,703 130,086 158,447 214,429 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 2,103,121 923,774 1,233,670 1,046,250 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 538,185 292,576 168,951 60,488 Net realized gain (loss) from forward swaps -- (71,318) (374,677) -- Change in net unrealized appreciation (depreciation) of investments (2,509,628) (1,129,896) (1,449,925) (999,654) Change in net unrealized appreciation (depreciation) of forward swaps -- 70,423 517,721 -- ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (1,971,443) (838,215) (1,137,930) (939,166) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (359,769) (139,188) (231,327) (167,525) From accumulated net realized gains from investments -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (359,769) (139,188) (231,327) (167,525) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ (228,091) $ (53,629) $ (135,587) $ (60,441) ====================================================================================================================================
See accompanying notes to financial statements. 52 Statement of CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK) ---------------------------- ----------------------------- ---------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 2,281,135 $ 4,674,454 $ 1,191,624 $ 2,424,250 $ 1,048,551 $ 2,132,536 Net realized gain (loss) from investments 792,479 695,966 165,372 201,225 124,427 165,154 Net realized gain (loss) from forward swaps -- -- (31,610) (178,890) (73,737) (182,494) Change in net unrealized appreciation (depreciation) of investments (2,959,276) 3,288,927 (1,213,802) 2,203,567 (1,150,786) 1,771,598 Change in net unrealized appreciation (depreciation) of forward swaps -- -- 33,381 (33,381) 99,605 (74,208) Distributions to Preferred Shareholders: From net investment income (346,913) (466,107) (179,066) (217,938) (170,186) (197,732) From accumulated net realized gains from investments -- (2,895) -- -- -- (6,485) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (232,575) 8,190,345 (34,101) 4,398,833 (122,126) 3,608,369 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (2,102,237) (4,656,228) (1,100,839) (2,266,762) (977,081) (2,016,610) From accumulated net realized gains from investments -- (60,815) -- -- -- (151,747) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (2,102,237) (4,717,043) (1,100,839) (2,266,762) (977,081) (2,168,357) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 147,931 330,723 49,096 94,487 19,482 18,782 ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 147,931 330,723 49,096 94,487 19,482 18,782 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (2,186,881) 3,804,025 (1,085,844) 2,226,558 (1,079,725) 1,458,794 Net assets applicable to Common shares at the beginning of period 81,529,154 77,725,129 39,464,095 37,237,537 36,105,273 34,646,479 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $79,342,273 $81,529,154 $38,378,251 $39,464,095 $35,025,548 $36,105,273 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 175,589 $ 343,604 $ 178,773 $ 267,054 $ 136,575 $ 235,291 ====================================================================================================================================
See accompanying notes to financial statements. 53 Statement of CHANGES IN NET ASSETS (Unaudited) (continued)
CONNECTICUT MASSACHUSETTS PREMIUM MASSACHUSETTS DIVIDEND ADVANTAGE 3 (NGO) INCOME (NMT) DIVIDEND ADVANTAGE (NMB) ---------------------------- ----------------------------- ---------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 1,823,613 $ 3,727,307 $ 2,103,121 $ 4,327,814 $ 923,774 $ 1,891,521 Net realized gain (loss) from investments 132,679 189,726 538,185 796,541 292,576 235,780 Net realized gain (loss) from forward swaps (243,796) (508,058) -- -- (71,318) -- Change in net unrealized appreciation (depreciation) of investments (1,901,320) 4,159,129 (2,509,628) 3,016,551 (1,129,896) 1,711,138 Change in net unrealized appreciation (depreciation) of forward swaps 315,963 (233,665) -- -- 70,423 (70,423) Distributions to Preferred Shareholders: From net investment income (328,684) (418,929) (359,769) (388,132) (139,188) (154,728) From accumulated net realized gains from investments -- -- -- -- -- (7,909) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (201,545) 6,915,510 (228,091) 7,752,774 (53,629) 3,605,379 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (1,605,877) (3,392,359) (1,959,241) (4,185,695) (852,098) (1,800,825) From accumulated net realized gains from investments -- -- -- -- -- (224,126) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (1,605,877) (3,392,359) (1,959,241) (4,185,695) (852,098) (2,024,951) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 51,882 27,499 130,376 274,885 25,076 55,345 ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 51,882 27,499 130,376 274,885 25,076 55,345 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (1,755,540) 3,550,650 (2,056,956) 3,841,964 (880,651) 1,635,773 Net assets applicable to Common shares at the beginning of period 64,324,478 60,773,828 71,647,653 67,805,689 30,539,361 28,903,588 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $62,568,938 $64,324,478 $69,590,697 $71,647,653 $29,658,710 $30,539,361 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 38,248 $ 149,196 $ 353,932 $ 569,821 $ 140,623 $ 208,135 ====================================================================================================================================
See accompanying notes to financial statements. 54 INSURED MASSACHUSETTS MISSOURI PREMIUM TAX-FREE ADVANTAGE (NGX) INCOME (NOM) ----------------------------- ---------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 11/30/05 5/31/05 11/30/05 5/31/05 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 1,233,670 $ 2,499,796 $ 1,046,250 $ 2,115,551 Net realized gain (loss) from investments 168,951 (22,105) 60,488 250,201 Net realized gain (loss) from forward swaps (374,677) (568,647) -- -- Change in net unrealized appreciation (depreciation) of investments (1,449,925) 3,400,879 (999,654) 1,460,500 Change in net unrealized appreciation (depreciation) of forward swaps 517,721 (359,569) -- -- Distributions to Preferred Shareholders: From net investment income (231,327) (256,987) (167,525) (211,843) From accumulated net realized gains from investments -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations (135,587) 4,693,367 (60,441) 3,614,409 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (1,012,133) (2,282,215) (977,250) (1,988,388) From accumulated net realized gains from investments -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (1,012,133) (2,282,215) (977,250) (1,988,388) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 36,699 79,000 178,583 362,566 ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 36,699 79,000 178,583 362,566 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (1,111,021) 2,490,152 (859,108) 1,988,587 Net assets applicable to Common shares at the beginning of period 40,611,234 38,121,082 34,219,303 32,230,716 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $39,500,213 $40,611,234 $33,360,195 $34,219,303 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ (122,314) $ (112,524) $ 217,021 $ 315,546 ====================================================================================================================================
See accompanying notes to financial statements. 55 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen 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. 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 or certain U.S. territories. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. Prices of derivative investments are also provided by an independent pricing service approved by each Fund's Board of Trustees. If the pricing service is unable to supply a price for a municipal bond or derivative investment, each Fund may use a market price or fair market value quote provided by a major broker/dealer in such investments. If it is determined that the market price or fair market value for an investment is unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish a fair value for the investment. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued or delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At November 30, 2005, Massachusetts Premium Income (NMT) had outstanding when-issued purchase commitments of $979,660. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal 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. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. 56 Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Preferred Shares The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Preferred shares are issued in one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. The number of Preferred shares outstanding 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 attributable to Preferred shares) in municipal securities that are covered by insurance. The Fund may also invest up to 20% of its net assets (including net assets attributable to Preferred shares) in municipal securities which are either (i) backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, or (ii) rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the 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, in contrast, 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. Forward Swap Transactions The Funds are authorized to invest in certain derivative financial instruments. The Funds' use of forward interest rate swap transactions is intended to mitigate the negative impact that an increase in long-term interest rates could have on Common share net asset value. Forward interest rate swap transactions involve each Fund's agreement with the counterparty to pay, in the future, a fixed rate payment in exchange for the counterparty paying the Fund a variable rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract, and would increase or decrease in value based primarily on the extent to which long-term interest rates for bonds having a maturity of the swaps' termination date were to increase or decrease. The Funds may close out a contract prior to the effective date, at which point a realized gain or loss would be recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Each Fund intends, but is not obligated to, terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. To minimize such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when any of the Funds have an unrealized loss on a swap contract, the Funds have instructed the 57 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate, either up or down, by at least the pre-determined threshold amount. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Indemnifications Under the Funds' organizational documents, their Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common shares were as follows:
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 11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05 ----------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 9,065 21,189 3,008 6,069 1,197 1,180 =========================================================================================================== CONNECTICUT DIVIDEND MASSACHUSETTS MASSACHUSETTS DIVIDEND ADVANTAGE 3 (NGO) PREMIUM INCOME (NMT) ADVANTAGE (NMB) ------------------------ ----------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05 ----------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 3,524 1,940 8,086 17,594 1,448 3,397 ===========================================================================================================
58
INSURED MASSACHUSETTS TAX-FREE MISSOURI ADVANTAGE (NGX) PREMIUM INCOME (NOM) ----------------------- ------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 11/30/05 5/31/05 11/30/05 5/31/05 ----------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 2,321 5,040 10,287 21,455 ===========================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities during the six months ended November 30, 2005, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------------------------------------- Purchases $10,731,266 $4,615,832 $2,376,744 $5,829,478 Sales and maturities 9,961,551 4,515,126 2,486,754 5,904,401 ============================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------------------------------------- Purchases $10,415,685 $3,702,427 $2,742,971 $1,776,824 Sales and maturities 10,450,734 3,710,223 3,157,733 2,113,153 ==============================================================================================================
4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions. At November 30, 2005, the cost of investments was as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------------------------------------- Cost of investments $112,111,656 $54,985,964 $49,920,277 $91,790,821 ============================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------------------------------------- Cost of investments $98,957,635 $42,484,098 $57,283,914 $45,825,515 ==============================================================================================================
59 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2005, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $3,845,067 $2,240,460 $2,310,152 $2,028,764 Depreciation (458,904) (307,123) (337,504) (764,417) -------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $3,386,163 $1,933,337 $1,972,648 $1,264,347 ============================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $3,448,031 $1,620,003 $1,987,732 $2,529,069 Depreciation (394,422) (107,899) (516,509) (54,867) -------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $3,053,609 $1,512,104 $1,471,223 $2,474,202 ==============================================================================================================
The tax components of undistributed net investment income and net realized gains at May 31, 2005, 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* $714,640 $430,212 $388,524 $417,233 Undistributed net ordinary income ** 775 -- -- 1,924 Undistributed net long-term capital gains 586,914 -- 128,110 -- ============================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income* $785,878 $341,991 $77,412 $466,347 Undistributed net ordinary income ** 27,169 -- -- 8,293 Undistributed net long-term capital gains -- 135,802 -- 186,485 ==============================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 2, 2005, paid on June 1, 2005. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 60 The tax character of distributions paid during the fiscal year ended May 31, 2005, 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 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $5,128,525 $2,489,695 $2,217,152 $3,816,540 Distributions from net ordinary income ** -- -- 1,368 -- Distributions from net long-term capital gains 63,711 -- 158,232 -- ============================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $4,526,406 $1,952,384 $2,546,211 $2,195,758 Distributions from net ordinary income ** 53,097 5,522 -- -- Distributions from net long-term capital gains -- 232,035 -- -- ==============================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At May 31, 2005, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
INSURED CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS DIVIDEND DIVIDEND PREMIUM TAX-FREE ADVANTAGE ADVANTAGE 3 INCOME ADVANTAGE (NFC) (NGO) (NMT) (NGX) ------------------------------------------------------------------------------------------------------------- Expiration year: 2009 $ -- $ -- $310,885 $ -- 2010 -- -- -- -- 2011 -- 69,711 -- -- 2012 263,224 106,107 -- 16,123 2013 -- -- -- 8,250 ------------------------------------------------------------------------------------------------------------- Total $263,224 $175,818 $310,885 $24,373 =============================================================================================================
At May 31, 2005, the Funds' last fiscal year-end, Insured Massachusetts Tax-Free Advantage (NGX) elected to defer $156,912 of net realized losses from investments incurred from November 1, 2004 through May 31, 2005 ("post-October losses") in accordance with Federal income tax regulations. The post-October losses were treated as having arisen on the first day of the current fiscal year. 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc., and a specific fund-level component, based only on the amount of assets within each individual fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. 61 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: CONNECTICUT PREMIUM INCOME (NTC) AVERAGE DAILY NET ASSETS MASSACHUSETTS PREMIUM INCOME (NMT) (INCLUDING NET ASSETS MISSOURI PREMIUM INCOME (NOM) ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 ================================================================================ CONNECTICUT DIVIDEND ADVANTAGE (NFC) CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) AVERAGE DAILY NET ASSETS MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) (INCLUDING NET ASSETS INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For net assets over $2 billion .3750 ================================================================================ The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of November 30, 2005, the complex-level fee rate was .1898%. COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE -------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion (2) .1400 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. 62 The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised Funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised Funds. For the first ten years of 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. 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. 63 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 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. 6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an additional $400 million of its Nuveen shares on a "forward" basis with payment for and settlement of these shares delayed for several months, and (D) entered into agreements with two unaffiliated investment banking firms to sell an amount equal to most or all of its remaining Nuveen shares for current payment but for future settlement. Transactions (C) and (D) above were settled in late July, which effectively reduced St. Paul Travelers' controlling stake in Nuveen and was deemed an "assignment" (as defined in the 1940 Act) of the investment management agreements between the Funds and the Adviser, which resulted in the automatic termination of each agreement under the 1940 Act. In anticipation of such deemed assignment, the Board of Trustees had approved new ongoing investment management agreements for each Fund and the submission of those agreements for approval by each respective Fund's shareholders, which shareholder approval was received prior to the settlement of transactions (C) and (D). The new ongoing management agreements took effect upon such settlement. 64 7. SUBSEQUENT EVENTS -- DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on December 30, 2005, to shareholders of record on December 15, 2005, as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT PREMIUM DIVIDEND DIVIDEND DIVIDEND INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 (NTC) (NFC) (NGK) (NGO) -------------------------------------------------------------------------------------------------------------- Dividend per share $.0605 $.0715 $.0670 $.0585 ============================================================================================================== INSURED MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE INCOME (NMT) (NMB) (NGX) (NOM) -------------------------------------------------------------------------------------------------------------- Dividend per share $.0670 $.0710 $.0585 $.0700 ==============================================================================================================
At the same time, the following Funds declared capital gains and/or ordinary income distributions as follows:
CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE 2 INCOME ADVANTAGE INCOME (NTC) (NGK) (NMT) (NMB) (NOM) ---------------------------------------------------------------------------------------------------------------- Capital gains distributions per share .2240 .0827 .0444 .1945 .0969 Ordinary income distributions per share* .0001 -- .0072 -- .0033 ================================================================================================================
* Ordinary income consists of taxable market discount income and net short-term capital gains, if any. 65 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions --------------------------------------------------------------- -------------------------------- Distributions Distributions from Net from Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== CONNECTICUT PREMIUM INCOME (NTC) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2006(d) $15.26 $ .43 $ (.42) $(.06) $ -- $ (.05) $(.39) $ -- $(.39) 2005 14.60 .88 .75 (.09) -- 1.54 (.87) (.01) (.88) 2004 15.56 .93 (.96) (.05) -- (.08) (.88) -- (.88) 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) CONNECTICUT DIVIDEND ADVANTAGE (NFC) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2006(d) 15.39 .46 (.40) (.07) -- (.01) (.43) -- (.43) 2005 14.56 .95 .86 (.09) -- 1.72 (.89) -- (.89) 2004 15.53 .97 (1.00) (.05) -- (.08) (.89) -- (.89) 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: 2006(d) 15.64 .45 (.44) (.07) -- (.06) (.42) -- (.42) 2005 15.01 .92 .74 (.09) -- 1.57 (.87) (.07) (.94) 2004 16.23 .96 (1.13) (.04) (.01) (.22) (.87) (.12) (.99) 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: 2006(d) 14.78 .42 (.38) (.08) -- (.04) (.37) -- (.37) 2005 13.97 .86 .83 (.10) -- 1.59 (.78) -- (.78) 2004 15.06 .88 (1.14) (.05) -- (.31) (.78) -- (.78) 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: 2006(d) $ -- $14.82 $14.55 (5.70)% (.32)% 2005 -- 15.26 15.81 15.61 10.82 2004 -- 14.60 14.47 (10.80) (.51) 2003 -- 15.56 17.14 12.63 14.08 2002 -- 14.46 16.05 5.01 7.87 2001 -- 14.20 16.10 25.91 16.57 CONNECTICUT DIVIDEND ADVANTAGE (NFC) -------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(d) -- 14.95 15.85 3.44 (.08) 2005 -- 15.39 15.73 17.89 12.06 2004 -- 14.56 14.12 (8.64) (.56) 2003 .01 15.53 16.35 9.19 15.38 2002 -- 14.24 15.79 8.61 8.81 2001(a) (.17) 13.88 15.34 3.71 (1.67) CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) -------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(d) -- 15.16 15.69 0.78 (.37) 2005 -- 15.64 15.98 19.92 10.70 2004 (.01) 15.01 14.14 (4.65) (1.48) 2003 -- 16.23 15.80 11.16 18.77 2002(b) (.16) 14.48 15.05 .79 1.53 CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) -------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(d) -- 14.37 14.82 4.51 (.29) 2005 -- 14.78 14.54 18.17 11.60 2004 -- 13.97 13.00 (8.92) (2.08) 2003(c) (.21) 15.06 15.09 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: 2006(d) $79,342 1.23%* 5.63%* 1.22%* 5.65%* 8% 2005 81,529 1.24 5.81 1.24 5.82 12 2004 77,725 1.23 6.16 1.23 6.16 15 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 CONNECTICUT DIVIDEND ADVANTAGE (NFC) ----------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(d) 38,378 1.28* 5.62* .81* 6.09* 8 2005 39,464 1.29 5.81 .83 6.27 9 2004 37,238 1.26 5.97 .80 6.44 4 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: 2006(d) 35,026 1.29* 5.41* .83* 5.87* 5 2005 36,105 1.28 5.52 .82 5.98 12 2004 34,646 1.25 5.73 .80 6.18 10 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: 2006(d) 62,569 1.25* 5.21* .74* 5.72* 6 2005 64,324 1.24 5.40 .76 5.89 9 2004 60,774 1.24 5.58 .74 6.08 14 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: 2006(d) $38,300 $25,000 $76,790 2005 38,300 25,000 78,217 2004 38,300 25,000 75,734 2003 38,300 25,000 78,846 2002 38,300 25,000 74,822 2001 38,300 25,000 73,722 CONNECTICUT DIVIDEND ADVANTAGE (NFC) ------------------------------------------------------------------------- Year Ended 5/31: 2006(d) 19,500 25,000 74,203 2005 19,500 25,000 75,595 2004 19,500 25,000 72,740 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: 2006(d) 17,500 25,000 75,036 2005 17,500 25,000 76,579 2004 17,500 25,000 74,495 2003 17,500 25,000 78,487 2002(b) 17,500 25,000 72,726 CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) ------------------------------------------------------------------------- Year Ended 5/31: 2006(d) 32,000 25,000 73,882 2005 32,000 25,000 75,253 2004 32,000 25,000 72,480 2003(c) 32,000 25,000 76,034 =========================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the period 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, 2005. See accompanying notes to financial statements. 66-67 SPREAD FINANCIAL HIGHLIGHTS (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions --------------------------------------------------------------- -------------------------------- Distributions Distributions from Net from Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2006(c) $15.10 $ .44 $ (.41) $(.08) $ -- $ (.05) $(.41) $ -- $ (.41) 2005 14.34 .91 .81 (.08) -- 1.64 (.88) -- (.88) 2004 15.30 .94 (.97) (.05) -- (.08) (.88) -- (.88) 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) MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2006(c) 15.65 .47 (.42) (.07) -- (.02) (.44) -- (.44) 2005 14.84 .97 .95 (.08) -- 1.84 (.92) (.11) (1.03) 2004 16.00 1.00 (1.11) (.04) (.01) (.16) (.92) (.08) (1.00) 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: 2006(c) 14.93 .45 (.41) (.09) -- (.05) (.37) -- (.37) 2005 14.04 .92 .90 (.09) -- 1.73 (.84) -- (.84) 2004 15.25 .94 (1.22) (.06) -- (.34) (.86) (.01) (.87) 2003(b) 14.33 .35 1.21 (.03) -- 1.53 (.37) -- (.37) MISSOURI PREMIUM INCOME (NOM) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2006(c) 15.11 .46 (.40) (.07) -- (.01) (.43) -- (.43) 2005 14.37 .94 .77 (.09) -- 1.62 (.88) -- (.88) 2004 15.40 .96 (1.05) (.06) -- (.15) (.88) -- (.88) 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) ==================================================================================================================================== 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: 2006(c) $ -- $14.64 $16.20 2.97% (.32)% 2005 -- 15.10 16.14 18.97 11.74 2004 -- 14.34 14.35 (9.51) (.51) 2003 -- 15.30 16.80 12.98 12.02 2002 -- 14.48 15.70 8.04 7.51 2001 -- 14.26 15.33 15.71 14.72 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) -------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(c) -- 15.19 16.26 (4.42) (.16) 2005 -- 15.65 17.45 24.96 12.76 2004 -- 14.84 14.88 (3.74) (1.03) 2003 .01 16.00 16.45 8.76 19.74 2002 -- 14.16 15.95 14.15 8.46 2001(a) (.18) 13.88 14.80 .13 (1.61) INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) -------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(c) -- 14.51 15.40 (1.08) (.33) 2005 -- 14.93 15.94 20.95 12.62 2004 -- 14.04 13.90 (6.83) (2.18) 2003(b) (.24) 15.25 15.78 7.69 9.07 MISSOURI PREMIUM INCOME (NOM) -------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(c) -- 14.67 17.42 (.23) (.07) 2005 -- 15.11 17.90 24.38 11.54 2004 -- 14.37 15.15 (5.35) (1.00) 2003 -- 15.40 16.87 15.39 13.75 2002 -- 14.35 15.41 14.11 8.65 2001 -- 13.97 14.25 17.41 15.48 ============================================================================================ 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: 2006(c) $69,591 1.25%* 5.91%* 1.23%* 5.93%* 10% 2005 71,648 1.24 6.15 1.24 6.16 18 2004 67,806 1.24 6.37 1.23 6.38 22 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 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) --------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(c) 29,659 1.33* 5.63* .86* 6.11* 8 2005 30,539 1.31 5.83 .86 6.28 12 2004 28,904 1.27 6.05 .81 6.51 26 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: 2006(c) 39,500 1.28* 5.64* .79* 6.14* 5 2005 40,611 1.27 5.83 .79 6.31 2 2004 38,121 1.28 5.94 .75 6.46 97 2003(b) 41,297 1.14* 4.17* .68* 4.64* 19 MISSOURI PREMIUM INCOME (NOM) --------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2006(c) 33,360 1.28* 6.15* 1.26* 6.17* 4 2005 34,219 1.29 6.29 1.28 6.30 17 2004 32,231 1.27 6.44 1.26 6.45 24 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 =========================================================================================================================== 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: 2006(c) $34,000 $25,000 $76,170 2005 34,000 25,000 77,682 2004 34,000 25,000 74,857 2003 34,000 25,000 77,943 2002 34,000 25,000 74,894 2001 34,000 25,000 73,955 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ------------------------------------------------------------------------ Year Ended 5/31: 2006(c) 15,000 25,000 74,431 2005 15,000 25,000 75,899 2004 15,000 25,000 73,173 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: 2006(c) 20,500 25,000 73,171 2005 20,500 25,000 74,526 2004 20,500 25,000 71,489 2003(b) 20,500 25,000 75,362 MISSOURI PREMIUM INCOME (NOM) ------------------------------------------------------------------------ Year Ended 5/31: 2006(c) 16,000 25,000 77,125 2005 16,000 25,000 78,468 2004 16,000 25,000 75,360 2003 16,000 25,000 78,481 2002 16,000 25,000 74,405 2001 16,000 25,000 72,669 ========================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the period 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, 2005. See accompanying notes to financial statements. 68-69 SPREAD Reinvest Automatically EASILY AND CONVENIENTLY Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 70 Other Useful INFORMATION In April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers") sold the majority of its controlling equity interest in Nuveen Investments, Inc. ("Nuveen") to the general public. Nuveen is the parent of Nuveen Asset Management ("NAM"), which is each Fund's investment manager. This sale was deemed to be an "assignment" of the investment management agreement between each Fund and NAM and, if applicable, of the sub-advisory agreement between NAM and the Fund's sub-adviser. As required by law, the shareholders of each Fund were asked to approve a new investment management agreement and, if applicable, a new subadvisory agreement that reflected this change in ownership. The shareholders of each Fund voted this approval at a Shareholders' Meeting on July 26, 2005. There were no changes to the investment objectives or management of any Fund as a result of these actions. QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the 12-month period ended June 30, 2005, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 450 Fifth Street NW, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. GLOSSARY OF TERMS USED IN THIS REPORT AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a Fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by subtracting the liabilities of the Fund (including any MuniPreferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. BOARD OF TRUSTEES Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Eugene S. Sunshine FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 71 Nuveen Investments: SERVING Investors For GENERATIONS Photo of: 2 women looking at a photo album. Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Managing more than $130 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. o Share prices o Fund details Learn more o Daily financial news about Nuveen Funds at o Investor education WWW.NUVEEN.COM/ETF o Interactive planning tools Logo: NUVEEN Investments ESA-B-1105D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable at this time. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Connecticut Premium Income Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: February 3, 2006 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: February 3, 2006 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: February 3, 2006 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.