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 811-7484
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Nuveen Massachusetts Premium Income Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: May 31
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Date of reporting period: November 30, 2009
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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.
LOGO: NUVEEN INVESTMENTS
Closed-End Funds
--------------------------------------------------------------------------------
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Semi-Annual Report
November 30, 2009
-------------------------- ------------------------ -------------------------- --------------------------
NUVEEN CONNECTICUT NUVEEN CONNECTICUT NUVEEN CONNECTICUT NUVEEN CONNECTICUT
PREMINUM INCOME DIVIDEND ADVANTAGE DIVIDEND ADVANTAGE DIVIDEND ADVANTAGE
MUNICIPAL FUND MUNICIPAL FUND MUNICIPAL FUND 2 MUNICIPAL FUND 3
NTC NFC NGK NGO
-------------------------- ------------------------ -------------------------- --------------------------
NUVEEN MASSACHUSETTS NUVEEN MASSACHUSETTS NUVEEN INSURED NUVEEN MISSOURI
PREMIUM INCOME DIVIDEND ADVANTAGE MASSACHUSETTS TAX-FREE PREMIUM INCOME
MUNICIPAL FUND MUNICIPAL FUND ADVANTAGE MUNICIPAL FUND MUNICIPAL FUND
NMT NMB NGX NOM
(NOVEMBER 09)
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LOGO: NUVEEN Investments
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The financial markets in which your Fund operates continue to reflect the larger
economic crosscurrents. The illiquidity that infected global credit markets over
the last year continues to recede but there is concern about the impact of a
reduction in official liquidity support programs. The major institutions that
are the linchpin of the international financial system have strengthened their
capital structures, but many still struggle with losses in their various
portfolios. Global trends include increasing trade and concern about the ability
of the U.S. government to address its substantial budgetary deficits.
While the fixed-income and equity markets have recovered from the lows recorded
in the first quarter of 2009, identifying those developments that will define
the future is never easy, and rarely is it more difficult than at present. A
fundamental component of a successful investment program is a commitment to
remain focused on long-term investment goals even during periods of heightened
market uncertainty. Another component is to re-evaluate investment disciplines
and tactics and to confirm their validity following periods of extreme
volatility and market dislocation, such as we have recently experienced. Your
Board carried out an intensive review of investment performance with these
objectives in mind during April and May of 2009 as part of the annual management
contract renewal process. Confirming the appropriateness of a long term
investment strategy is as important for our shareholders as it is for our
professional investment managers. For that reason, I again encourage you to
remain in communication with your financial consultant on this subject.
In September 2009, Nuveen completed the refinancing, at par, of all the auction
rate preferred shares issued by its taxable closed-end funds. On October 15,
2009, Nuveen announced the first successful offering of an issue of MuniFund
Term Preferred Shares. This new form of preferred securities joins the Variable
Rate Demand Preferred Shares as vehicles for refinancing existing municipal fund
auction rate preferred shares (ARPS). By the beginning of December 2009, six of
the leveraged municipal closed-end funds had redeemed all of their outstanding
ARPS. Nuveen remains committed to resolving the issues connected with
outstanding ARPS. Please consult the Nuveen web site for the most recent
information on this issue and all recent developments on your Nuveen Funds at:
www.nuveen.com.
On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
Robert P. Bremner
Chairman of the Board
January 20, 2010
Nuveen Investments 1
Portfolio Managers' Comments
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)
Portfolio managers Cathryn Steeves and Scott Romans discuss key investment
strategies and the six-month performance of these eight Nuveen Funds. Cathryn,
who joined Nuveen in 1996, has managed the Connecticut and Massachusetts funds
since 2006. Scott, who has been with Nuveen since 2000, assumed portfolio
management responsibility for NOM in 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED NOVEMBER 30, 2009?
During this period, municipal bond prices generally rose, as strong cash flows
into municipal bond funds combined with tighter supply of new tax-exempt
issuance to provide favorable supply and demand conditions.
One reason for the supply reduction was the introduction of the Build America
Bond program. Build America Bonds are a new class of taxable municipal debt
created as part of the February 2009 economic stimulus package. These bonds
offer municipal issuers a federal subsidy equal to 35% of a security's interest
payments, and therefore offer issuers with an attractive alternative to
traditional tax-exempt debt. During the six-month period ended November 30,
2009, taxable Build America Bonds issuance totaled $44.9 billion, accounting for
almost 21% of new bonds in the municipal market. Since interest payments from
these bonds represent taxable income, we do not see them as good a investment
opportunity for these Funds.
CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF
SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS
RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND
OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGERS AS OF THE DATE
OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY
FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS
EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND
OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE
ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN.
2 Nuveen Investments
Due in part to the decline in tax-exempt supply, investment activity in these
Funds was more limited than usual. The already tight supply situation was
further compounded by the lack of tax-exempt bonds offering the longer
maturities that we specifically sought to purchase for these Funds. During this
period, the availability of longer tax-exempt bonds was constrained by the fact
that the majority of issuers offering longer maturity bonds found it more
cost-effective to issue these bonds as taxable Build America Bonds, rather than
as tax-exempt bonds. In addition, new purchases for the insured NGX were
hindered by the severe decline in the issuance of insured bonds. Through
November 2009, new insured securities accounted for only 9% of national
issuance, compared with 19% during the first eleven months of 2008 and
historical levels of approximately 50%. During this period, no insured AAA paper
was issued in the new supply market, and none was available in the secondary
market. Trading activity also was dampened during much of the period by a market
environment in which most of the bonds available for investment offered lower
yields. In our opinion, it did not make sense to generate trading costs in such
an environment.
Under these market conditions, we believed that it was important to focus on
monitoring and preserving adequate liquidity. We continued to carefully manage
the Funds' cash reserves, which we had increased amid the market uncertainty of
the previous reporting period. Overall, our objective was to improve the Funds'
liquidity profiles and have the capital we needed to reinvest at opportune
times.
Cash for new purchases was generated by maturing or called bonds. Although the
supply of new tax-exempt municipal bonds was very tight, we continued to monitor
the market for attractive value opportunities, taking a bottom-up approach to
discovering undervalued sectors and individual credits with the potential to
perform well over the long term. Both NTC and NGO purchased some
shorter-maturity Connecticut state government obligation bonds as well as a
higher education credit. In NMT and NMB, we added higher education and health
care bonds. Tax-exempt supply was usually more plentiful in the health care
sector because hospitals generally do not qualify for the Build America Bond
program and so must continue to issue bonds in the tax-exempt municipal market.
As of November 30, 2009, all eight of these Funds continued to use inverse
floating rate securities.(1) We employ inverse floaters as a form of leverage
for a variety of reasons, including duration management, income enhancement and
total return enhancement.
(1) An inverse floating rate security, also known as an inverse floater, is a
financial instrument designed to pay long-term tax-exempt interest at a
rate that varies inversely with a short-term tax-exempt interest rate
index. For the Nuveen Funds, the index typically used is the Securities
Industry and Financial Markets (SIFM) Municipal Swap Index (previously
referred to as the Bond Market Association Index or BMA). Inverse
floaters, including those inverse floating rate securities in which the
Funds invested during this reporting period, are further defined within
the Notes to Financial Statements and Glossary of Terms Used in this
Report sections of this report.
Nuveen Investments 3
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen Funds, as well as relevant index and peer
group information, are presented in the accompanying table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED
11/30/09
SIX-MONTH 1-YEAR 5-YEAR 10-YEAR
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CONNECTICUT FUNDS
NTC 6.94% 22.47% 4.27% 6.50%
NFC 6.67% 21.84% 4.92% N/A
NGK 6.09% 21.41% 4.81% N/A
NGO 6.70% 22.05% 4.29% N/A
MASSACHUSETTS FUNDS
NMT 9.62% 26.23% 4.48% 6.17%
NMB 7.99% 23.89% 4.12% N/A
MISSOURI FUND
NOM 8.62% 21.70% 3.22% 5.90%
Standard & Poor's (S&P) National Municipal Bond Index(2) 5.15% 14.83% 4.34% 5.58%
Lipper Other States Municipal Debt Funds Average(3) 8.64% 25.98% 4.20% 6.20%
INSURED MASSACHUSETTS FUND
NGX 7.14% 22.28% 4.98% N/A
Standard & Poor's (S&P) Insured Municipal Bond Index(4) 5.03% 15.54% 4.28% 5.84%
Lipper Single-State Insured Municipal Debt Funds Average(5) 6.90% 26.21% 3.79% 6.11%
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For the six months ended November 30, 2009, the cumulative returns on common
share net asset value (NAV) for all seven of the non-insured Nuveen Connecticut,
Massachusetts, and Missouri Funds exceeded the return for the Standard & Poor's
(S&P) National Municipal Bond Index. NMT outperformed the average return for the
Lipper Other States Municipal Debt Funds Average, NOM performed in line with
this Lipper average, while NTC, NFC, NGK, NGO and NMB lagged the average.
Shareholders should note that the performance of the Lipper Other States
category represents the overall average of returns for funds from ten different
states with a wide variety of municipal market conditions, making direct
comparisons between these Funds and the Lipper Other States category less
meaningful. For the same period, NGX outperformed both the Standard & Poor's
(S&P) Insured Municipal Bond Index and the Lipper Single-State Insured Municipal
Debt Funds Average.
* Six-month returns are cumulative; returns for one-year, five-year, and
ten-year 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.
(2) The Standard & Poor's (S&P) National Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the investment-grade U.S. municipal bond market. This index
does not reflect any initial or ongoing expenses and is not available for
direct investment.
(3) The Lipper Other States Municipal Debt Funds Average is calculated using
the returns of all closed-end funds in this category for each period as
follows: Six-month, 43 funds; 1-year, 43 funds; 5-year, 43 funds; and
10-year, 20 funds. The returns account for the effects of managements fees
and assume reinvestment of dividends, but do not reflect any applicable
sales charges. You cannot invest directly in a Lipper Average.
(4) The Standard & Poor's (S&P) Insured Municipal Bond Index is a national
unleveraged, market value-weighted index designed to measure the
performance of the insured U.S. municipal bond market. This index does not
reflect any initial or ongoing expenses and is not available for direct
investment.
(5) The Lipper Single-State Insured Municipal Debt Funds Average is calculated
using the returns of all closed-end funds in this category for each period
as follows: Six-month, 34 funds; 1-year, 34 funds; 5-year, 34 funds; and
10-year, 18 funds. The performance of the Lipper Single-State Insured
Municipal Debt Funds Average represents the overall average of returns for
funds from eight different states with a wide variety of municipal market
conditions. The returns account for the effects of managements fees and
assume reinvestment of dividends, but do not reflect any applicable sales
charges. You cannot invest directly in a Lipper Average.
4 Nuveen Investments
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, leverage was an important factor affecting the
performances of the Funds. The impact of leverage is discussed in more detail on
page six.
During this period, we saw yields on tax-exempt bonds generally decline and bond
prices rise, especially at the longer end of the municipal yield curve. As a
result, longer-term bonds generally outperformed credits with shorter
maturities. Overall, duration and yield curve positioning was a net positive for
NTC, NGO, NMT, NMB and NGX and a net negative for NFC, NGK and NOM during this
period.
While yield curve positioning and duration played important roles in performance
during these six months, credit exposure had an even more significant impact. As
noted earlier, the demand for municipal bonds increased among both institutional
and individual investors during this period. This increase was driven by a
variety of factors, including concerns about potential tax increases, the need
to rebalance portfolio allocations and a growing appetite for additional risk.
At the same time, the supply of new tax-exempt municipal paper declined. As
investors bid up municipal bond prices, bonds rated BBB or below and non-rated
bonds generally outperformed those rated AAA.
Overall, the Funds benefited from their credit sector allocations. The
Connecticut Funds were generally relatively overweighted in BBB and non-rated
bonds and underweighted in bonds rated AA, which helped their performances.
Among the Massachusetts Funds, NMB had greater exposure to lower-rated bonds
than NMT, but NMT received a larger positive contribution from its stronger
individual credit selection, especially among insured and non-rated credits.
NGX, which can invest up to 20% of its assets in uninsured investment-grade
quality securities, held approximately 12% of its portfolio in uninsured bonds
as of November 30, 2009, including 2% in BBB and lower credits. While NOM had
only a modest overweight in bonds rated BBB, the Fund was significantly
overweighted in non-rated securities and underweighted in both AAA and AA bonds,
making credit exposure a major contributor to NOM's performance for this period.
Holdings that generally contributed to the Funds' performances included
industrial development revenue (IDR) and health care bonds, while zero coupon
bonds were also among the strongest performers. In addition, transportation,
housing and special tax bonds also outperformed the general municipal market
during this period. All of these Funds benefited from their overweights in
housing and NMT, NMB, NGX, and NOM also received positive contributions from
heavier allocations to health care. NMT and NMB also were overweighted in IDRs,
which benefited their performances, while the Connecticut Funds were
underweighted in this sector. NOM also received a significant positive
contribution from its overweight in the "other revenue" category, specifically
its holdings of tax allocation, or tax increment financing, bonds.
Nuveen Investments 5
Pre-refunded bonds, which are often backed by U.S. Treasury securities and which
had been one of the top performing segments of the municipal bond market over
the past two years, performed especially poorly during this period. This was
primarily due to their shorter effective maturities and higher credit quality.
General obligation and other tax-supported bonds also failed to keep pace with
the overall municipal market during this period. Other sectors that lagged the
municipal market for the six months included water and sewer and leasing, while
education, resource recovery, and electric bonds underperformed the market by a
slight margin. The Connecticut and Massachusetts Funds generally were
underexposed to tax-supported bonds relative to the municipal market as a whole,
which lessened the negative impact from this sector. However, these seven Funds
were relatively overweighted in higher education credits, which generally
performed poorly. An exception to this was the Connecticut Funds' holdings of
AAA rated Yale University bonds, which were strong performers during this
period.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of these Funds relative to the
comparative indexes was the Funds' use of financial leverage. The Funds use
leverage because their managers believe that, over time, leveraging provides
opportunities for additional income and total returns for common shareholders.
However, use of leverage also can expose common shareholders to additional
risk-- especially when market conditions are unfavorable. For example, as the
prices of securities held by a Fund decline, the negative impact of these
valuation changes on common share net asset value and common shareholder total
return is magnified by the use of leverage. Conversely, leverage may enhance
common share returns during periods when bond prices generally are rising. In
general, leverage made a significant positive contribution to those Funds over
this reporting period.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES AND FUND POLICY CHANGES
(NGX)
Another factor that had an impact on the performance of NGX was its positions in
bonds backed by municipal bond insurers that have experienced downgrades in
their credit ratings. At the time this report was prepared, there were no bond
insurers rated AAA by more than one of the major rating agencies (Moody's
Investor Service, Standard & Poor's (S&P) and Fitch) and at least one rating
agency has placed each insurer on "negative credit watch," "credit outlook/watch
developing" "credit outlook/watch negative," "credit watch evolving," "rating
withdrawn" or "regulatory supervision" which may
6 Nuveen Investments
presage one or more rating reductions for any insurer in the future. By the end
of this period, most insured bonds were being valued according to their
fundamentals as if they were uninsured. On the whole, the holdings of NGX
continued to be well diversified and it is important to note that municipal
bonds historically have had a very low rate of default.
RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE
As noted in the last several shareholder reports, the auction rate preferred
shares issued by many closed-end funds, including these Nuveen Funds, have been
hampered by a lack of liquidity since February 2008. Since that time, more
auction rate preferred shares have been submitted for sale in their regularly
scheduled auctions than there have been offers to buy. In fact, offers to buy
have been almost completely non-existent since late February 2008. This means
that these auctions have "failed to clear," and that many, or all, of the
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This lack of liquidity in auction rate preferred
shares did not lower the credit quality of these shares, and auction rate
preferred shareholders unable to sell their shares received distributions at the
"maximum rate" applicable to failed auctions, as calculated in accordance with
the pre-established terms of the auction rate preferred shares. In the recent
market, with short-term rates at multi-generational lows, those maximum rates
also have been low.
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
As noted in past shareholder reports, the Funds' Board of Trustees authorized a
plan to use tender option bonds (TOBs), also known as floating rate securities,
to refinance a portion of the Funds' outstanding auction rate preferred shares.
The amount of TOBs that a Fund may use varies according to the composition of
each Fund's portfolio. Some Funds have a greater ability to use TOBs than
others. As of November 30, 2009, some Funds have issued Variable Rate Demand
Preferred Shares (VRDP), but these issuances have been limited since it has been
difficult to find liquidity facilities on economically viable terms given the
constrained credit environment. Some Funds also issued MuniFund Term Preferred
Shares (MTP), a fixed-rate form of preferred stock with a mandatory redemption
period of five years. However, the Funds cannot provide any assurance on when
the remaining outstanding auction rate preferred shares might be redeemed.
Nuveen Investments 7
As of November 30, 2009, the amount of auction rate preferred securities
redeemed by the following Funds are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
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NTC $4,850,000 12.7%
NFC $2,250,000 11.5%
NGK $2,050,000 11.7%
NGO $3,725,000 11.6%
NMB $ 750,000 5.0%
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During November 2009, NTC and NMT filed with the Securities and Exchange
Commission (SEC) a registration statement seeking to register MTP. During
January 2010, subsequent to the reporting period, NTC and NMT successfully
completed the issuance of $17.3 million and $17.575 million, respectively, of
2.65%, Series 2015 MTP. MTP is a new form of closed-end fund preferred shares
designed to refinance, partially or completely, and replace the auction rate
preferred shares previously issued by the Funds as leverage. The net proceeds
from this offering were used to refinance a portion of NTC's and NMT's
outstanding auction rate preferred shares. The newly-issued MTP shares trade on
the New York Stock Exchange (NYSE) under the symbols "NTC Pr C" and "NMT Pr C"
for NTC and NMT, respectively. MTP is a fixed-rate form of preferred stock with
a mandatory redemption period, in this case, of five years. By issuing MTP, the
Funds seek to take advantage of the current historically low interest rate
environment to lock in an attractive federally tax-exempt cost of leverage for a
period as long as the term of the MTP. The Funds' managers believe that issuing
MTP may help the Funds mitigate the risk of a significant increase in their cost
of leverage should short-term interest rates rise sharply in the coming years.
Subsequent to the reporting period, NFC, NGK, NGO, NMB and NGX filed with the
SEC a registration statement seeking to register MTP. These registration
statements, declared effective by the SEC, enable the Funds to issue to the
public shares of MTP to refinance all or a portion of each Fund's auction rate
preferred shares. The issuance of MTP by these Funds is subject to market
conditions. There is no assurance that these MTP shares will be issued.
As of November 30, 2009, 75 out of the 84 Nuveen closed-end municipal funds that
had issued auction rate preferred shares have redeemed, at par, all or a portion
of these shares. These redemptions bring the total amount of Nuveen's municipal
closed-end funds' auction rate preferred share redemptions to approximately $2.5
billion of the original $11 billion outstanding.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
8 Nuveen Investments
COMMON SHARE DIVIDEND AND SHARE PRICE INFORMATION
During the six-month period ended November 30, 2009, each of the eight Funds in
this report had one monthly dividend increase.
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, 2009, all
eight of the Funds in this report had positive UNII balances, based upon our
best estimate, for tax purposes and positive UNII balances for financial
statement purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
Since the inception of the Funds' repurchase program, the Funds have not
repurchased any of their outstanding common shares.
As of November 30, 2009, the Funds' common share prices were trading at (+)
premiums or (-) discounts to their common share NAVs as shown in the
accompanying table.
11/30/09 SIX-MONTH AVERAGE
FUND (+)PREMIUM/(-)DISCOUNT (+)PREMIUM/(-)DISCOUNT
-------------------------------------------------------------------------------
NTC -2.54% -2.89%
NFC -2.11% +1.20%
NGK -1.89% +3.45%
NGO -6.01% -3.11%
NMT -3.39% -2.35%
NMB +1.27% +0.50%
NGX +1.79% +0.87%
NOM +5.54% +6.26%
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Nuveen Investments 9
NTC Performance OVERVIEW | NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
as of November 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $13.83
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.19
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -2.54%
--------------------------------------------------------------------------------
Market Yield 5.03%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.35%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $76,125
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 15.24
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.99
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 6.15% 6.94%
--------------------------------------------------------------------------------
1-Year 40.90% 22.47%
--------------------------------------------------------------------------------
5-Year 3.09% 4.27%
--------------------------------------------------------------------------------
10-Year 4.70% 6.50%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 26.0%
--------------------------------------------------------------------------------
Tax Obligation/General 15.3%
--------------------------------------------------------------------------------
Tax Obligation/Limited 14.7%
--------------------------------------------------------------------------------
Health Care 10.5%
--------------------------------------------------------------------------------
U.S. Guaranteed 8.3%
--------------------------------------------------------------------------------
Water and Sewer 7.9%
--------------------------------------------------------------------------------
Utilities 5.8%
--------------------------------------------------------------------------------
Housing/Single Family 5.1%
--------------------------------------------------------------------------------
Other 6.4%
--------------------------------------------------------------------------------
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 42%
AA 18%
A 20%
BBB 14%
BB or Lower 1%
N/R 5%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Dec $ 0.05
Jan 0.05
Feb 0.05
Mar 0.05
Apr 0.05
May 0.0535
Jun 0.0535
Jul 0.0535
Aug 0.0535
Sep 0.058
Oct 0.058
Nov 0.058
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 10.14
10.25
9.25
10.3
10.79
10.73
11.62
11.48
11.09
11.91
11.88
11.934
11.56
11.39
11.05
10.7
11.17
11.28
11.62
11.776
11.93
11.98
12.42
12.6
13.15
13.36
13.3501
12.65
12.51
12.53
12.5
12.61
13.03
12.806
13.11
13.42
13.25
13.4
13.82
13.98
13.6759
13.6901
14.084
14.2788
14.66
14.39
13.96
13.7299
13.84
13.86
13.55
13.76
13.94
11/30/09 13.8323
(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 31.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.0747 per share.
10 Nuveen Investments
NFC Performance OVERVIEW | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND
as of November 30, 2009
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 50%
AA 15%
A 18%
BBB 10%
BB or Lower 2%
N/R 5%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Dec $ 0.0555
Jan 0.0555
Feb 0.0555
Mar 0.0555
Apr 0.0555
May 0.057
Jun 0.057
Jul 0.057
Aug 0.057
Sep 0.06
Oct 0.06
Nov 0.06
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 11.62
11
10.63
10.63
10.7
11.4
12.34
12.38
12.48
12.73
12.94
13.51
12.28
12.54
11.9
11.89
12.07
12.35
12.7503
13.22
12.9799
13.22
13.8001
14
14
13.618
13.7501
13.78
13.574
14.22
14.45
14.49
13.96
14.25
14.6
14.5
14.45
14.5235
14.66
14.76
14.63
15.25
14.9
15.15
15.188
15.33
15.25
15.13
15.09
14.45
14.1
14.42
14.49
11/30/09 14.35
(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 31.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.1059 per share.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $14.35
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.66
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -2.11%
--------------------------------------------------------------------------------
Market Yield 5.02%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.34%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $37,849
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 14.75
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.42
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 6.93% 6.67%
--------------------------------------------------------------------------------
1-Year 30.63% 21.84%
--------------------------------------------------------------------------------
5-Year 3.99% 4.92%
--------------------------------------------------------------------------------
Since
Inception 4.90% 5.89%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 24.1%
--------------------------------------------------------------------------------
U.S. Guaranteed 19.5%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.5%
--------------------------------------------------------------------------------
Water and Sewer 8.6%
--------------------------------------------------------------------------------
Tax Obligation/General 7.6%
--------------------------------------------------------------------------------
Health Care 7.4%
--------------------------------------------------------------------------------
Utilities 5.0%
--------------------------------------------------------------------------------
Other 11.3%
--------------------------------------------------------------------------------
Nuveen Investments 11
NGK Performance OVERVIEW | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL
FUND 2 as of November 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $14.50
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.78
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -1.89%
--------------------------------------------------------------------------------
Market Yield 5.13%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.50%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $34,272
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 13.91
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.49
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 3.95% 6.09%
--------------------------------------------------------------------------------
1-Year 30.77% 21.41%
--------------------------------------------------------------------------------
5-Year 3.94% 4.81%
--------------------------------------------------------------------------------
Since
Inception 5.23% 6.18%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 24.1%
--------------------------------------------------------------------------------
Education and Civic Organizations 22.5%
--------------------------------------------------------------------------------
Tax Obligation/Limited 11.0%
--------------------------------------------------------------------------------
Tax Obligation/General 9.3%
--------------------------------------------------------------------------------
Health Care 8.3%
--------------------------------------------------------------------------------
Water and Sewer 6.7%
--------------------------------------------------------------------------------
Utilities 5.2%
--------------------------------------------------------------------------------
Other 12.9%
--------------------------------------------------------------------------------
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 54%
AA 12%
A 10%
BBB 11%
BB or Lower 2%
N/R 11%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Dec $ 0.055
Jan 0.055
Feb 0.055
Mar 0.055
Apr 0.055
May 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.062
Oct 0.062
Nov 0.062
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 11.89
11.49
9.39
10.48
11.19
11.15
12
11.99
12.44
12.97
13.2501
13.5225
12.41
11.88
11.55
11.23
11.49
12.08
12.56
12.75
12.81
13.15
13.9
14.2
13.85
14.5
14.3
14.783
14.5001
14.9
14.07
14.5
14.7499
14.41
14.79
14.9
15.473
15.5
15.445
15.4
15.025
15.06
15.2432
15.52
15.87
15.97
15.56
14.76
15.05
14.579
15.06
15.31
14.93
11/30/09 14.5
(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 31.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.1246 per share.
12 Nuveen Investments
NGO Performance OVERVIEW | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL
FUND 3 as of November 30, 2009
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 39%
AA 21%
A 14%
BBB 15%
BB or Lower 2%
N/R 9%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Dec $ 0.05
Jan 0.05
Feb 0.05
Mar 0.05
Apr 0.05
May 0.051
Jun 0.051
Jul 0.051
Aug 0.051
Sep 0.056
Oct 0.056
Nov 0.056
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 10.81
10.1999
9.15
9.94
9.84
10.4
11.48
11.242
11.06
11.67
11.9705
12.25
11.5
11.54
10.96
10.86
10.8565
11.2399
11.5
11.67
11.75
11.97
12.21
12.72
12.642
13.05
13.04
12.97
13.02
12.47
12.63
13.1
13.05
12.9
13.05
13.14
13.3083
13.41
13.6
13.7305
13.69
13.73
13.94
14.224
14.13
13.9474
13.7
13.71
13.7
13.93
13.59
13.466
13.2499
11/30/09 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 31.6%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $13.30
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.15
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.01%
--------------------------------------------------------------------------------
Market Yield 5.05%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.38%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $61,787
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 15.19
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.73
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 9/26/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 4.43% 6.70%
--------------------------------------------------------------------------------
1-Year 21.53% 22.05%
--------------------------------------------------------------------------------
5-Year 4.56% 4.29%
--------------------------------------------------------------------------------
Since
Inception 3.30% 4.73%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 19.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.8%
--------------------------------------------------------------------------------
Tax Obligation/General 14.6%
--------------------------------------------------------------------------------
Tax Obligation/Limited 13.8%
--------------------------------------------------------------------------------
Water and Sewer 9.7%
--------------------------------------------------------------------------------
Long-Term Care 7.9%
--------------------------------------------------------------------------------
Health Care 6.2%
--------------------------------------------------------------------------------
Utilities 5.0%
--------------------------------------------------------------------------------
Other 7.7%
--------------------------------------------------------------------------------
Nuveen Investments 13
NMT Performance OVERVIEW | NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND
as of November 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $13.70
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.18
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -3.39%
--------------------------------------------------------------------------------
Market Yield 5.61%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.23%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $67,565
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 14.96
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.59
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/18/93)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 6.05% 9.62%
--------------------------------------------------------------------------------
1-Year 45.48% 26.23%
--------------------------------------------------------------------------------
5-Year 1.98% 4.48%
--------------------------------------------------------------------------------
10-Year 4.79% 6.17%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 20.1%
--------------------------------------------------------------------------------
Health Care 17.2%
--------------------------------------------------------------------------------
Tax Obligation/General 12.2%
--------------------------------------------------------------------------------
U.S. Guaranteed 11.7%
--------------------------------------------------------------------------------
Tax Obligation/Limited 9.4%
--------------------------------------------------------------------------------
Water and Sewer 7.6%
--------------------------------------------------------------------------------
Transportation 6.8%
--------------------------------------------------------------------------------
Other 15.0%
--------------------------------------------------------------------------------
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 36%
AA 25%
A 23%
BBB 9%
BB or Lower 2%
N/R 5%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2)
[BAR CHART]
Dec $ 0.0535
Jan 0.0535
Feb 0.0535
Mar 0.0555
Apr 0.0555
May 0.061
Jun 0.061
Jul 0.061
Aug 0.061
Sep 0.064
Oct 0.064
Nov 0.064
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 10.257
9.3301
9.15
9.32
9.26
10.02
11.21
11.25
11.74
11.7257
12
12.08
12.15
12.38
11.5
12.1501
11.73
12.65
12.41
12.26
12.07
12.07
12.46
12.8044
12.65
12.96
13.28
12.8799
12.65
12.48
12.5
12.78
12.7
12.624
12.81
13.24
13.26
13.14
13.25
13.39
13.6
13.5085
13.85
13.96
14.39
14.38
14.01
13.89
14.12
13.98
13.6
13.55
13.72
11/30/09 13.7
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 31.8%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2008 of $0.0414 per share.
14 Nuveen Investments
NMB Performance OVERVIEW | NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL
FUND as of November 30, 2009
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 38%
AA 21%
A 19%
BBB 11%
BB or Lower 3%
N/R 8%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Dec $ 0.058
Jan 0.058
Feb 0.058
Mar 0.058
Apr 0.058
May 0.06
Jun 0.06
Jul 0.06
Aug 0.06
Sep 0.063
Oct 0.063
Nov 0.063
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 11.1099
11.15
10.99
11.064
10.65
10.81
11.84
13.19
13.798
14
14.44
14.5
13.25
12.45
12.57
13.85
13.11
13.1
13.89
13.94
14
14.25
14
14.14
14.36
13.94
13.83
14
13.64
13.95
14.06
13.62
13.7
13.6
13.36
13.29
13.4
13.599
13.48
13.58
15.5
14.69
14.915
14.51
14.89
14.38
13.8035
13.62
13.8
13.9
13.91
13.91
14
11/30/09 14.4
(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 31.8%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $14.40
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.22
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 1.27%
--------------------------------------------------------------------------------
Market Yield 5.25%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.70%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $27,915
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 17.30
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.55
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/30/01)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 6.92% 7.99%
--------------------------------------------------------------------------------
1-Year 37.12% 23.89%
--------------------------------------------------------------------------------
5-Year 3.47% 4.12%
--------------------------------------------------------------------------------
Since
Inception 5.25% 5.88%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations 26.3%
--------------------------------------------------------------------------------
Health Care 19.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.7%
--------------------------------------------------------------------------------
Tax Obligation/General 9.2%
--------------------------------------------------------------------------------
Tax Obligation/Limited 7.8%
--------------------------------------------------------------------------------
Housing/Multifamily 7.4%
--------------------------------------------------------------------------------
Water and Sewer 5.8%
--------------------------------------------------------------------------------
Long-Term Care 5.4%
--------------------------------------------------------------------------------
Other 8.7%
--------------------------------------------------------------------------------
Nuveen Investments 15
NGX Performance OVERVIEW | NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE
MUNICIPAL FUND as of November 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $14.75
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.49
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 1.79%
--------------------------------------------------------------------------------
Market Yield 4.88%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.16%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $39,493
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 16.43
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.18
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 14.96% 7.14%
--------------------------------------------------------------------------------
1-Year 33.87% 22.28%
--------------------------------------------------------------------------------
5-Year 2.80% 4.98%
--------------------------------------------------------------------------------
Since
Inception 4.81% 5.32%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 24.0%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.6%
--------------------------------------------------------------------------------
Education and Civic Organizations 15.4%
--------------------------------------------------------------------------------
Water and Sewer 11.6%
--------------------------------------------------------------------------------
Tax Obligation/General 11.1%
--------------------------------------------------------------------------------
Health Care 9.2%
--------------------------------------------------------------------------------
Housing/Multifamily 6.6%
--------------------------------------------------------------------------------
Other 5.5%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(4) 26.4%
--------------------------------------------------------------------------------
AMBAC 21.0%
--------------------------------------------------------------------------------
FGIC 15.8%
--------------------------------------------------------------------------------
FSA 11.6%
--------------------------------------------------------------------------------
AGC 10.3%
--------------------------------------------------------------------------------
SYNCORA 8.0%
--------------------------------------------------------------------------------
MBIA 6.9%
--------------------------------------------------------------------------------
CREDIT QUALITY (as a % of total investments)(1,2)
[PIE CHART]
Insured 61%
U.S. Guaranteed* 24%
GNMA Guaranteed 3%
AAA (Uninsured) 2%
AA (Uninsured) 6%
A (Uninsured) 2%
BBB (Uninsured) 1%
BB (Uninsured) 1%
* U.S. Guaranteed includes 22% (as a % of total investments) of Insured
securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Dec $ 0.0555
Jan 0.0555
Feb 0.0555
Mar 0.0555
Apr 0.0555
May 0.0565
Jun 0.0565
Jul 0.0565
Aug 0.0565
Sep 0.06
Oct 0.06
Nov 0.06
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 11.7
12.09
10.9999
10.65
10.92
11.41
12.78
13.192
12.73
12.91
13.45
13.4
13.3
13.06
13.25
12.75
13.01
13.8
14
14
13.773
13.88
13.33
12.97
12.91
13.05
13.15
13.38
13.15
13.0795
13.46
13.885
14.2201
14.013
14.56
14.42
14.31
14.33
14.0899
13.81
14.4101
14.11
14.4799
14.64
14.4
14.6536
14.3689
14.8896
15.25
15.15
14.5606
14.74
14.4
11/30/09 14.75
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Managers' Comments for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of
the underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(3) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 31.8%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(4) MBIA's public finance subsidiary.
16 Nuveen Investments
NOM Performance OVERVIEW | NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND
as of November 30, 2009
CREDIT QUALITY (as a % of total investments)
[PIE CHART]
AAA/U.S. Guaranteed 46%
AA 14%
A 13%
BBB 5%
N/R 22%
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Dec $ 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Apr 0.0545
May 0.0545
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.056
Oct 0.056
Nov 0.056
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
12/01/08 $ 11
11
9.6799
10.42
10.6
12.1501
12.05
12.5
12.65
12.6
13.2
13
11.95
12.35
13.14
13.3101
12.9
11.9999
12.19
12.66
13.35
13.2901
13.65
13
13.2
13.25
12.9
12.75
13
13.58
13.11
12.83
13.11
13.18
13.75
13.78
13.56
13.24
13.9
13.5662
13.59
13.79
13.85
14.2
13.95
14.0999
14.09
13.78
13.7201
14.01
13.95
14.1
13.9
11/30/09 13.9
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.3%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $13.90
--------------------------------------------------------------------------------
Common Share
Net Asset Value $13.17
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 5.54%
--------------------------------------------------------------------------------
Market Yield 4.83%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.13%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $30,459
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 11.87
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.36
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 10.51% 8.62%
--------------------------------------------------------------------------------
1-Year 33.18% 21.70%
--------------------------------------------------------------------------------
5-Year 0.20% 3.22%
--------------------------------------------------------------------------------
10-Year 6.13% 5.90%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 21.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 19.4%
--------------------------------------------------------------------------------
Tax Obligation/General 17.7%
--------------------------------------------------------------------------------
Health Care 14.6%
--------------------------------------------------------------------------------
Water and Sewer 6.6%
--------------------------------------------------------------------------------
Long-Term Care 5.3%
--------------------------------------------------------------------------------
Other 14.5%
--------------------------------------------------------------------------------
Nuveen Investments 17
NTC | NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.7% (1.1% OF TOTAL INVESTMENTS)
$ 1,340 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,275,693
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 38.4% (26.0% OF TOTAL
INVESTMENTS)
1,000 Connecticut Health and Education Facilities Authority, Revenue 7/16 at 100.00 A2 995,580
Bonds, Quinnipiac University, Series 2006, 5.000%, 7/01/36 -
AMBAC Insured
1,595 Connecticut Health and Education Facilities Authority, Revenue 7/17 at 100.00 A 1,659,226
Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25
- NPFG Insured
1,050 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 BBB- 918,330
University of Hartford Revenue Bonds, Series 2006G, 5.250%,
7/01/36 - RAAI Insured
925 Connecticut Health and Educational Facilities Authority, Revenue 7/13 at 100.00 A 926,767
Bonds, Brunswick School, Series 2003B, 5.000%, 7/01/33 - NPFG
Insured
200 Connecticut Health and Educational Facilities Authority, Revenue 7/16 at 100.00 N/R 176,470
Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 -
RAAI Insured
305 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 N/R 288,594
Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27
- RAAI Insured
725 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 101.00 A 726,088
Bonds, Fairfield University, Series 1998H, 5.000%, 7/01/23 -
MBIA Insured
750 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 101.00 Baa1 758,738
Bonds, Horace Bushnell Memorial Hall, Series 1999A, 5.625%,
7/01/29 - NPFG Insured
800 Connecticut Health and Educational Facilities Authority, Revenue No Opt. Call A2 904,456
Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 -
AMBAC Insured
270 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 N/R 261,355
Bonds, Renbrook School, Series 2007A, 5.000%, 7/01/37 - AMBAC
Insured
1,375 Connecticut Health and Educational Facilities Authority, Revenue 7/14 at 100.00 A+ 1,490,005
Bonds, Trinity College, Series 2004H, 5.000%, 7/01/21 - NPFG
Insured
2,000 Connecticut Health and Educational Facilities Authority, Revenue 7/12 at 101.00 BBB- 1,768,400
Bonds, University of Hartford, Series 2002E, 5.250%, 7/01/32
- RAAI Insured
1,500 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 100.00 AAA 1,501,890
Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
1,500 Connecticut Health and Educational Facilities Authority, Revenue 7/13 at 100.00 AAA 1,535,250
Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 (UB)
3,550 Connecticut Health and Educational Facilities Authority, Revenue 7/16 at 100.00 AAA 3,694,201
Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (UB)
6,150 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 AAA 6,451,719
Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB)
250 Connecticut Higher Education Supplemental Loan Authority, 5/10 at 102.00 AAA 255,258
Revenue Bonds, Family Education Loan Program, Series 1999A,
6.000%, 11/15/18 - AMBAC Insured (Alternative Minimum Tax)
615 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aa3 623,309
Revenue Bonds, Family Education Loan Program, Series 2001A,
5.250%, 11/15/18 - NPFG Insured (Alternative Minimum Tax)
1,000 University of Connecticut, General Obligation Bonds, Series 1/14 at 100.00 AA 1,082,920
2004A, 5.000%, 1/15/18 - NPFG Insured
1,220 University of Connecticut, General Obligation Bonds, Series 2/15 at 100.00 AAA 1,394,045
2005A, 5.000%, 2/15/17 - FSA Insured
685 University of Connecticut, General Obligation Bonds, Series 2/16 at 100.00 AA 744,684
2006A, 5.000%, 2/15/23 - FGIC Insured
1,000 University of Connecticut, Student Fee Revenue Refunding Bonds, 11/12 at 101.00 AA- 1,106,600
Series 2002A, 5.250%, 11/15/19 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
28,465 Total Education and Civic Organizations 29,263,885
-----------------------------------------------------------------------------------------------------------------------------------
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.5% (10.5% OF TOTAL INVESTMENTS)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Bristol Hospital, Series 2002B:
$ 500 5.500%, 7/01/21 - RAAI Insured 7/12 at 101.00 N/R $ 465,480
700 5.500%, 7/01/32 - RAAI Insured 7/12 at 101.00 N/R 611,688
645 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 N/R 639,808
Revenue Bonds, Eastern Connecticut Health Network, Series
2000A, 6.000%, 7/01/25 - 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 N/R 735,576
500 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 N/R 439,555
385 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 BBB- 330,426
Revenue Bonds, Hospital For Special Care, Series 2007C,
5.250%, 7/01/32 - RAAI Insured
2,620 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 Aa3 2,591,914
Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
7/01/32 - FSA Insured
2,000 Connecticut Health and Educational Facilities Authority, 1/10 at 101.00 Baa1 1,862,480
Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
7/01/24 - NPFG Insured
1,395 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 A1 1,394,944
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
3,000 Connecticut Health and Educational Facilities Authority, 1/10 at 100.00 A3 2,750,580
Revenue Refunding Bonds, Middlesex Health Services, Series
1997H, 5.125%, 7/01/27 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
12,545 Total Health Care 11,822,451
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.6% (1.8% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100.00 AAA 1,000,570
Finance Program Bonds, Series 1999D-2, 6.200%, 11/15/41
(Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 969,540
Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
11/15/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
2,000 Total Housing/Multifamily 1,970,110
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 7.5% (5.1% OF TOTAL INVESTMENTS)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2001C:
1,000 5.300%, 11/15/33 (Alternative Minimum Tax) 11/10 at 100.00 AAA 1,000,070
500 5.450%, 11/15/43 (Alternative Minimum Tax) 11/10 at 100.00 AAA 500,170
1,675 Connecticut Housing Finance Authority, Housing Mortgage 5/13 at 100.00 AAA 1,695,067
Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2006-A1:
205 4.700%, 11/15/26 (Alternative Minimum Tax) 11/15 at 100.00 AAA 196,931
220 4.800%, 11/15/31 (Alternative Minimum Tax) 11/15 at 100.00 AAA 208,278
2,100 Connecticut Housing Finance Authority, Housing Mortgage 5/16 at 100.00 AAA 2,104,137
Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
-----------------------------------------------------------------------------------------------------------------------------------
5,700 Total Housing/Single Family 5,704,653
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.1% (2.8% OF TOTAL INVESTMENTS)
470 Connecticut Development Authority, First Mortgage Gross 4/10 at 100.00 BBB- 470,508
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
615 Connecticut Development Authority, First Mortgage Gross 3/10 at 102.00 BBB- 617,417
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 BBB 1,010,100
1,000 5.375%, 8/01/24 - RAAI Insured 2/10 at 102.00 BBB 1,005,230
-----------------------------------------------------------------------------------------------------------------------------------
3,085 Total Long-Term Care 3,103,255
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 22.6% (15.3% OF TOTAL INVESTMENTS)
750 Bridgeport, Connecticut, General Obligation Refunding Bonds, 8/12 at 100.00 Baa1 769,080
Series 2002A, 5.375%, 8/15/19 - FGIC Insured
Nuveen Investments 19
NTC | NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,110 Connecticut State, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AA $ 1,185,058
5.000%, 4/01/23 - FGIC Insured
2,000 Connecticut State, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 2,168,580
4.750%, 12/15/24
1,300 Connecticut State, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 1,428,635
5.000%, 6/01/23 - FSA Insured
500 Connecticut State, General Obligation Bonds, Series 2006E, 12/16 at 100.00 AA 562,675
5.000%, 12/15/20
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
775 5.000%, 8/01/20 - FSA Insured 8/15 at 100.00 AAA 839,496
525 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 531,101
500 New Haven, Connecticut, General Obligation Bonds, Series 2006, 11/16 at 100.00 A- 555,225
5.000%, 11/01/17 - AMBAC Insured
500 North Haven, Connecticut, General Obligation Bonds, No Opt. Call Aa2 587,145
Series 2006, 5.000%, 7/15/24
1,860 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call A 1,956,739
Series 2001A, 5.500%, 7/01/20 - NPFG 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 Aa3 357,963
350 5.625%, 3/15/19 - FSA Insured 3/10 at 101.00 Aa3 358,092
350 5.700%, 3/15/20 - FSA Insured 3/10 at 101.00 Aa3 358,229
1,420 Regional School District 16, Connecticut, General Obligation 3/13 at 101.00 A3 1,568,021
Bonds, Series 2003, 5.000%, 3/15/16 - AMBAC Insured
Suffield, Connecticut, General Obligation Bonds, Series 2005:
465 5.000%, 6/15/17 No Opt. Call AA 550,834
460 5.000%, 6/15/19 No Opt. Call AA 546,126
1,000 5.000%, 6/15/21 No Opt. Call AA 1,185,610
1,500 West Hartford, Connecticut, General Obligation Bonds, Series 10/15 at 100.00 AAA 1,694,415
2005B, 5.000%, 10/01/18
----------------------------------------------------------------------------------------------------------------------------------
15,715 Total Tax Obligation/General 17,203,024
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 21.7% (14.7% OF TOTAL INVESTMENTS)
380 Capitol Region Education Council, Connecticut, Revenue Bonds, 4/10 at 100.00 BBB 381,349
Series 1995, 6.700%, 10/15/10
Connecticut Health and Educational Facilities Authority, Child
Care Facilities Program Revenue Bonds, Series 2006F:
1,300 5.000%, 7/01/31 - AGC Insured 7/16 at 100.00 AAA 1,329,952
1,000 5.000%, 7/01/36 - AGC Insured 7/16 at 100.00 AAA 1,011,140
1,945 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 102.00 N/R 1,948,248
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 AA 2,087,600
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AA 1,048,750
500 Connecticut, Special Tax Obligation Transportation 1/14 at 100.00 AA 529,660
Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 -
FGIC Insured
1,750 Connecticut, Special Tax Obligation Transportation 8/17 at 100.00 AA 1,853,828
Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,
8/01/27 - AMBAC Insured
Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue Bonds, Series 2005A:
960 0.000%, 7/01/32 - FGIC Insured No Opt. Call BBB+ 193,651
2,615 0.000%, 7/01/33 - FGIC Insured No Opt. Call BBB+ 482,860
2,000 Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/12 at 100.00 AAA 2,049,600
8/01/21 - FSA Insured
2,400 Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/15 at 100.00 AAA 2,595,744
8/01/16 - FSA Insured
1,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/14 at 100.00 AAA 1,041,020
Loan Note, Series 2003, 5.250%, 10/01/19 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
18,850 Total Tax Obligation/Limited 16,553,402
----------------------------------------------------------------------------------------------------------------------------------
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.0% (0.7% OF TOTAL INVESTMENTS)
$ 750 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 A $ 742,028
International Airport, Series 2001A, 5.125%, 10/01/26 - FGIC
Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.3% (8.3% OF TOTAL INVESTMENTS) (4)
50 Connecticut Health and Educational Facilities Authority, Revenue 7/10 at 101.00 N/R (4) 52,165
Bonds, Eastern Connecticut Health Network, Series 2000A,
6.000%, 7/01/25 (Pre-refunded 7/01/10) - RAAI Insured
650 Connecticut Health and Educational Facilities Authority, Revenue 7/11 at 101.00 N/R (4) 706,693
Bonds, Loomis Chaffee School, Series 2001D, 5.500%, 7/01/23
(Pre-refunded 7/01/11)
40 Connecticut, General Obligation Bonds, Series 1993E, 6.000%, No Opt. Call AA (4) 44,828
3/15/12 (ETM)
1,500 Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/12 at 100.00 AA (4) 1,678,920
6/15/21 (Pre-refunded 6/15/12)
600 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 N/R (4) 642,084
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
(Pre-refunded 5/15/11)
1,000 Hartford, Connecticut, Parking System Revenue Bonds, Series 7/10 at 100.00 Baa2 (4) 1,035,480
2000A, 6.400%, 7/01/20 (Pre-refunded 7/01/10)
400 Northern Mariana Islands, General Obligation Bonds, Series 6/10 at 100.00 AAA 411,608
2000A, 6.000%, 6/01/20 (Pre-refunded 6/01/10) - ACA Insured
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,054,020
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
300 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 309,540
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded 7/01/10)
1,100 University of Connecticut, General Obligation Bonds, Series 2/13 at 100.00 AA (4) 1,244,584
2003A, 5.125%, 2/15/21 (Pre-refunded 2/15/13) - MBIA Insured
1,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (4) 1,061,920
Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded
10/01/10)
1,000 Waterbury, Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AAA 1,108,250
5.375%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
8,640 Total U.S. Guaranteed 9,350,092
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.6% (5.8% OF TOTAL INVESTMENTS)
1,150 Bristol Resource Recovery Facility Operating Committee, No Opt. Call A+ 1,257,847
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 4/10 at 101.50 Baa1 1,004,020
Refunding Bonds, Connecticut Light and Power Company, Series
1993A, 5.850%, 9/01/28
1,070 Connecticut Development Authority, Solid Waste Disposal 11/12 at 100.00 Baa1 1,050,975
Facilities Revenue Bonds, PSEG Power LLC Project, Series
2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
1,750 Connecticut Resource Recovery Authority, Revenue Bonds, American 12/11 at 102.00 Ba1 1,682,783
Ref-Fuel Company of Southeastern Connecticut LP, Series
1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
310 5.500%, 1/01/14 (Alternative Minimum Tax) 1/10 at 100.00 BBB 310,254
1,290 5.500%, 1/01/20 (Alternative Minimum Tax) 1/10 at 100.00 BBB 1,269,373
----------------------------------------------------------------------------------------------------------------------------------
6,570 Total Utilities 6,575,252
----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.6% (7.9% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Water Facility Revenue Bonds, 9/17 at 100.00 N/R 431,070
Aquarion Water Company Project, Series 200.7, 5.100%,
9/01/37 - SYNCORA GTY Insured (Alternative Minimum Tax)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, Series 10/13 at 100.00 AAA 1,329,274
2003A, 5.000%, 10/01/16
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
1,520 5.000%, 11/15/30 - NPFG Insured 11/15 at 100.00 A 1,549,762
2,260 5.000%, 8/15/35 - NPFG Insured 11/15 at 100.00 A 2,269,198
Nuveen Investments 21
NTC | NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
South Central Connecticut Regional Water Authority, Water System
Revenue Bonds, Eighteenth Series 2003A:
$ 1,000 5.000%, 8/01/20 - NPFG Insured 8/13 at 100.00 A+ $ 1,047,390
1,075 5.000%, 8/01/33 - NPFG Insured 8/13 at 100.00 A+ 1,089,663
1,100 Stamford, Connecticut, Water Pollution Control System and 11/13 at 100.00 AA+ 1,118,117
Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
-----------------------------------------------------------------------------------------------------------------------------------
8,640 Total Water and Sewer 8,834,474
-----------------------------------------------------------------------------------------------------------------------------------
$ 112,300 Total Investments (cost $111,619,663) - 147.6% 112,398,319
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (10.5)% (7,965,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 6.8% 5,141,868
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (43.9)% (5) (33,450,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 76,125,187
===================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard &
Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
below BBB by Standard & Poor's or Baa by Moody's are considered to be
below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 29.8%.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected as a
financing transaction. See Notes to Financial Statements, Footnote 1 -
Inverse Floating Rate Securities for more information.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
22 Nuveen Investments
NFC | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 35.6% (24.1% OF TOTAL
INVESTMENTS)
$ 795 Connecticut Health and Education Facilities Authority, Revenue 7/17 at 100.00 A $ 827,015
Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 -
NPFG Insured
500 Connecticut Health and Education Facilities Authority, University 7/16 at 100.00 BBB- 437,300
of Hartford Revenue Bonds, Series 2006G, 5.250%, 7/01/36 -
RAAI Insured
100 Connecticut Health and Educational Facilities Authority, Revenue 7/16 at 100.00 N/R 88,235
Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 - RAAI
Insured
150 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 N/R 141,932
Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27
- RAAI Insured
440 Connecticut Health and Educational Facilities Authority, Revenue No Opt. Call A2 498,410
Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/18 -
AMBAC Insured
130 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 N/R 125,837
Bonds, Renbrook School, Series 2007A, 5.000%, 7/01/37 - AMBAC
Insured
50 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 100.50 Baa2 47,166
Bonds, Sacred Heart University, Series 1998E, 5.000%, 7/01/28
- RAAI Insured
350 Connecticut Health and Educational Facilities Authority, Revenue 7/14 at 100.00 A+ 394,723
Bonds, Trinity College, Series 2004H, 5.000%, 7/01/17 - NPFG
Insured
1,000 Connecticut Health and Educational Facilities Authority, Revenue 7/12 at 101.00 BBB- 884,200
Bonds, University of Hartford, Series 2002E, 5.250%, 7/01/32 -
RAAI Insured
1,000 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 100.00 AAA 1,001,260
Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
500 Connecticut Health and Educational Facilities Authority, Revenue 7/13 at 100.00 AAA 511,750
Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 (UB)
1,800 Connecticut Health and Educational Facilities Authority, Revenue 7/16 at 100.00 AAA 1,873,116
Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (UB)
3,050 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 AAA 3,199,633
Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB)
480 Connecticut Higher Education Supplemental Loan Authority, Revenue 11/11 at 100.00 Aa3 486,485
Bonds, Family Education Loan Program, Series 2001A, 5.250%,
11/15/18 - NPFG Insured (Alternative Minimum Tax)
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 2/10 at 100.50 BBB- 122,819
270 5.375%, 2/01/29 2/10 at 100.50 BBB- 245,476
University of Connecticut, General Obligation Bonds, Series
2001A:
1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,030,826
1,000 4.750%, 4/01/21 4/11 at 101.00 AA 1,028,727
485 University of Connecticut, General Obligation Bonds, Series 2/16 at 100.00 AA 527,258
2006A, 5.000%, 2/15/23 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
13,225 Total Education and Civic Organizations 13,472,168
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 10.8% (7.4% OF TOTAL INVESTMENTS)
1,400 Connecticut Health and Educational Facilities Authority, Revenue 7/12 at 101.00 N/R 1,223,376
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 N/R 459,735
250 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 N/R 219,778
185 Connecticut Health and Educational Facilities Authority, Revenue 7/17 at 100.00 BBB- 158,776
Bonds, Hospital For Special Care, Series 2007C, 5.250%,
7/01/32 - RAAI Insured
60 Connecticut Health and Educational Facilities Authority, Revenue 7/16 at 100.00 Aa3 59,357
Bonds, Middlesex Hospital, Series 2006, 5.000%, 7/01/32 - FSA
Insured
Nuveen Investments 23
NFC | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 125 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 101.00 Baa1 $ 116,405
Bonds, Stamford Hospital, Series 1999G, 5.000%, 7/01/24 - NPFG
Insured
1,870 Connecticut Health and Educational Facilities Authority, Revenue 7/16 at 100.00 A1 1,869,925
Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%,
7/01/31 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
4,390 Total Health Care 4,107,352
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.3% (0.9% OF TOTAL INVESTMENTS)
500 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 484,770
Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
11/15/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 7.3% (4.9% OF TOTAL INVESTMENTS)
Connecticut Housing Finance Authority, Housing Mortgage Finance
Program Bonds, Series 2001C:
1,000 5.300%, 11/15/33 (Alternative Minimum Tax) 11/10 at 100.00 AAA 1,000,070
250 5.450%, 11/15/43 (Alternative Minimum Tax) 11/10 at 100.00 AAA 250,085
800 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/13 at 100.00 AAA 809,584
Program Bonds, Series 2004-A5, 5.050%, 11/15/34
700 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/16 at 100.00 AAA 701,379
Program Bonds, Series 2006D, 4.650%, 11/15/27
-----------------------------------------------------------------------------------------------------------------------------------
2,750 Total Housing/Single Family 2,761,118
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.6% (1.1% OF TOTAL INVESTMENTS)
300 Connecticut Development Authority, First Mortgage Gross Revenue 12/11 at 102.00 BBB+ 292,962
Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003,
5.750%, 12/01/23
110 Connecticut Development Authority, First Mortgage Gross Revenue 4/10 at 100.00 BBB- 104,726
Refunding Healthcare Bonds, Church Homes Inc. - Congregational
Avery Heights, Series 1997, 5.800%, 4/01/21
250 Connecticut State Development Authority, Health Facilities 8/17 at 100.00 N/R 205,428
Revenue Bonds, Alzheimer's Resource Center of Connecticut,
Inc., Series 2007, 5.500%, 8/15/27
-----------------------------------------------------------------------------------------------------------------------------------
660 Total Long-Term Care 603,116
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.3% (7.6% OF TOTAL INVESTMENTS)
560 Connecticut State, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AA 597,867
5.000%, 4/01/23 - FGIC Insured
700 Connecticut State, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 759,003
4.750%, 12/15/24
100 Connecticut State, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 109,895
5.000%, 6/01/23 - FSA Insured Hartford, Connecticut, General
Obligation Bonds, Series 2005A:
360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 386,212
240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 242,789
400 North Haven, Connecticut, General Obligation Bonds, Series 2006, No Opt. Call Aa2 469,716
5.000%, 7/15/24
Suffield, Connecticut, General Obligation Bonds, Series 2005:
335 5.000%, 6/15/17 No Opt. Call AA 396,838
335 5.000%, 6/15/19 No Opt. Call AA 397,722
810 West Hartford, Connecticut, General Obligation Bonds, Series 10/15 at 100.00 AAA 914,984
2005B, 5.000%, 10/01/18
-----------------------------------------------------------------------------------------------------------------------------------
3,840 Total Tax Obligation/General 4,275,026
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 24.4% (16.5% OF TOTAL INVESTMENTS)
Connecticut Health and Educational Facilities Authority, Child
Care Facilities Program Revenue Bonds, Series 2006F:
650 5.000%, 7/01/31 - AGC Insured 7/16 at 100.00 AAA 664,976
500 5.000%, 7/01/36 - AGC Insured 7/16 at 100.00 AAA 505,570
1,000 Connecticut Health and Educational Facilities Authority, Revenue 1/10 at 104.00 A 1,058,430
Bonds, New Opportunities for Waterbury Inc., Series 1998A,
6.750%, 7/01/28
Connecticut, Certificates of Participation, Juvenile Training
School, Series 2001:
600 5.000%, 12/15/20 12/11 at 101.00 AA- 624,180
1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 1,017,740
1,475 Connecticut, Special Tax Obligation Transportation No Opt. Call AAA 1,663,771
Infrastructure Purpose Bonds, Series 1998B, 5.500%,
11/01/12 - FSA Insured
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 900 Connecticut, Special Tax Obligation Transportation 8/17 at 100.00 AA $ 953,397
Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,
8/01/27 - AMBAC Insured
600 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB 570,966
Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured
470 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call BBB+ 94,808
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC Insured
1,200 Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/15 at 100.00 AAA 1,297,872
8/01/16 - FSA Insured
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ 767,948
Loan Note, Series 1999A, 6.375%, 10/01/19
-----------------------------------------------------------------------------------------------------------------------------------
9,145 Total Tax Obligation/Limited 9,219,658
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.5% (4.4% OF TOTAL INVESTMENTS)
2,500 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 A 2,473,425
International Airport, Series 2001A, 5.125%, 10/01/26 -
FGIC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.8% (19.5% OF TOTAL INVESTMENTS) (4)
1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 N/R (4) 1,087,220
Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%,
7/01/23 (Pre-refunded 7/01/11)
2,000 Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 2,178,860
5.500%, 10/01/20 (Pre-refunded 10/01/11)
500 Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/12 at 100.00 AA (4) 559,640
6/15/21 (Pre-refunded 6/15/12)
500 East Lyme, Connecticut, General Obligation Bonds, Series 2001, 7/11 at 102.00 Aa3 (4) 547,175
5.125%, 7/15/20 (Pre-refunded 7/15/11) - FGIC Insured
Guam Economic Development Authority, Tobacco Settlement
Asset-Backed Bonds, Series 2001A:
25 5.000%, 5/15/22 (Pre-refunded 5/15/11) 5/11 at 100.00 N/R (4) 26,573
500 5.400%, 5/15/31 (Pre-refunded 5/15/11) 5/11 at 100.00 N/R (4) 531,700
1,270 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 N/R (4) 1,359,078
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
(Pre-refunded 5/15/11)
220 New Haven, Connecticut, General Obligation Bonds, Series 2001A, 11/11 at 100.00 A- (4) 231,040
5.000%, 11/01/20 (Pre-refunded 11/01/11) - FGIC Insured
250 Northern Mariana Islands, General Obligation Bonds, Series 6/10 at 100.00 AAA 257,255
2000A, 6.000%, 6/01/20 (Pre-refunded 6/01/10) - ACA Insured
Puerto Rico Infrastructure Financing Authority, Special
Obligation Bonds, Series 2000A:
1,425 5.500%, 10/01/32 10/10 at 101.00 AAA 1,501,979
1,300 5.500%, 10/01/40 10/10 at 101.00 AAA 1,370,226
145 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 149,611
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded 7/01/10)
1,000 Waterbury, Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AAA 1,108,250
5.375%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,135 Total U.S. Guaranteed 10,908,607
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.4% (5.0% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Pollution Control Revenue 4/10 at 101.50 Baa1 502,010
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
560 Connecticut Development Authority, Solid Waste Disposal 11/12 at 100.00 Baa1 550,043
Facilities Revenue Bonds, PSEG Power LLC Project, Series
2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
1,000 Connecticut Resource Recovery Authority, Revenue Bonds, American 12/11 at 102.00 Ba1 961,590
Ref-Fuel Company of Southeastern Connecticut LP, Series
1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
790 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/10 at 100.00 BBB 790,648
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
2,850 Total Utilities 2,804,291
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 25
NFC | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.7% (8.6% OF TOTAL INVESTMENTS)
$ 255 Connecticut Development Authority, Water Facility Revenue Bonds, 9/17 at 100.00 N/R $ 219,846
Aquarion Water Company Project, Series 200.7, 5.100%, 9/01/37
- SYNCORA GTY Insured (Alternative Minimum Tax)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, Series 10/13 at 100.00 AAA 1,329,274
2003A, 5.000%, 10/01/16
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
720 5.000%, 11/15/30 - NPFG Insured 11/15 at 100.00 A 734,098
1,110 5.000%, 8/15/35 - NPFG Insured 11/15 at 100.00 A 1,114,518
140 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 140,452
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
South Central Connecticut Regional Water Authority, Water System
Revenue Bonds, Eighteenth Series 2003A:
750 5.000%, 8/01/20 - NPFG Insured 8/13 at 100.00 A+ 785,543
470 5.000%, 8/01/33 - NPFG Insured 8/13 at 100.00 A+ 476,411
-----------------------------------------------------------------------------------------------------------------------------------
4,630 Total Water and Sewer 4,800,142
-----------------------------------------------------------------------------------------------------------------------------------
$ 54,625 Total Investments (cost $55,060,770) - 147.7% 55,909,673
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (10.1)% (3,820,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 8.0% 3,009,456
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (45.6)% (5) (17,250,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 37,849,129
===================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 30.9%.
N/R Not rated.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
26 Nuveen Investments
NGK | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 675 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 642,607
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 33.7% (22.5% OF TOTAL
INVESTMENTS)
715 Connecticut Health and Education Facilities Authority, Revenue 7/17 at 100.00 A 743,790
Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25
- NPFG Insured
500 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 BBB- 437,300
University of Hartford Revenue Bonds, Series 2006G, 5.250%,
7/01/36 - RAAI Insured
100 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 N/R 88,235
Revenue Bonds, Canterbury School, Series 2006B, 5.000%,
7/01/36 - RAAI Insured
135 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 N/R 127,738
Revenue Bonds, Chase Collegiate School, Series 2007A,
5.000%, 7/01/27 - RAAI Insured
95 Connecticut Health and Educational Facilities Authority, 1/10 at 101.00 A 95,143
Revenue Bonds, Fairfield University, Series 1998H, 5.000%,
7/01/23 - MBIA Insured
500 Connecticut Health and Educational Facilities Authority, 7/10 at 100.00 N/R 500,980
Revenue Bonds, Hopkins School, Series 1998A, 5.000%, 7/01/20
- AMBAC Insured
310 Connecticut Health and Educational Facilities Authority, No Opt. Call A2 350,477
Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%,
7/01/19 - AMBAC Insured
120 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 N/R 116,158
Revenue Bonds, Renbrook School, Series 2007A, 5.000%,
7/01/37 - AMBAC 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 BBB- 593,050
1,000 5.250%, 7/01/32 - RAAI Insured 7/12 at 101.00 BBB- 884,200
1,000 Connecticut Health and Educational Facilities Authority, 1/10 at 100.00 AAA 1,001,256
Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
500 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 511,750
Revenue Bonds, Yale University, Series 2003X-1, 5.000%,
7/01/42 (UB)
1,600 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AAA 1,664,992
Revenue Bonds, Yale University, Series 2007Z-1, 5.000%,
7/01/42 (UB)
2,750 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 AAA 2,884,915
Revenue Bonds, Yale University, Series 2007Z-3, 5.050%,
7/01/42 (UB)
University of Connecticut, General Obligation Bonds, Series
2006A:
450 5.000%, 2/15/19 - FGIC Insured 2/16 at 100.00 AA 504,216
490 5.000%, 2/15/23 - FGIC Insured 2/16 at 100.00 AA 532,694
500 University of Connecticut, Student Fee Revenue Refunding Bonds, 11/12 at 101.00 AA- 527,130
Series 2002A, 5.250%, 11/15/22 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
11,355 Total Education and Civic Organizations 11,564,024
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.5% (8.3% OF TOTAL INVESTMENTS)
300 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 N/R 262,152
Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%,
7/01/32 - RAAI Insured
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Eastern Connecticut Health Network, Series 2000A:
20 6.125%, 7/01/20 - RAAI Insured 7/10 at 101.00 N/R 20,129
65 6.000%, 7/01/25 - RAAI Insured 7/10 at 101.00 N/R 64,477
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 N/R 275,841
300 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 N/R 263,733
170 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 BBB- 145,903
Revenue Bonds, Hospital For Special Care, Series 2007C,
5.250%, 7/01/32 - RAAI Insured
Nuveen Investments 27
NGK | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,190 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 Aa3 $ 1,177,243
Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
7/01/32 - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 N/R 863,040
Revenue Bonds, St. Francis Hospital and Medical Center,
Series 2002D, 5.000%, 7/01/22 - RAAI Insured
25 Connecticut Health and Educational Facilities Authority, 1/10 at 101.00 Baa1 25,029
Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
7/01/18 - NPFG Insured
1,170 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 A1 1,169,953
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
4,540 Total Health Care 4,267,500
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.4% (0.9% OF TOTAL INVESTMENTS)
500 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 484,770
Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
11/15/27 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.3% (4.2% OF TOTAL INVESTMENTS)
250 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/10 at 100.00 AAA 250,085
Program Bonds, Series 2001C, 5.450%, 11/15/43 (Alternative
Minimum Tax)
700 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/13 at 100.00 AAA 708,386
Program Bonds, Series 2004-A5, 5.050%, 11/15/34
Connecticut Housing Finance Authority, Housing Mortgage Finance
Program Bonds, Series 2006-A1:
305 4.700%, 11/15/26 (Alternative Minimum Tax) 11/15 at 100.00 AAA 292,995
330 4.800%, 11/15/31 (Alternative Minimum Tax) 11/15 at 100.00 AAA 312,418
600 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/16 at 100.00 AAA 601,182
Program Bonds, Series 2006D, 4.650%, 11/15/27
----------------------------------------------------------------------------------------------------------------------------------
2,185 Total Housing/Single Family 2,165,066
----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.4% (2.3% OF TOTAL INVESTMENTS)
320 Connecticut Development Authority, First Mortgage Gross Revenue 12/11 at 102.00 BBB+ 312,493
Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003,
5.750%, 12/01/23
205 Connecticut Development Authority, First Mortgage Gross Revenue 4/10 at 100.00 BBB- 205,221
Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
450 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 N/R 452,030
Revenue Bonds, Village for Families and Children Inc.,
Series 2002A, 5.000%, 7/01/19 - AMBAC Insured
250 Connecticut State Development Authority, Health Facilities 8/17 at 100.00 N/R 205,428
Revenue Bonds, Alzheimer's Resource Center of Connecticut,
Inc., Series 2007, 5.500%, 8/15/27
----------------------------------------------------------------------------------------------------------------------------------
1,225 Total Long-Term Care 1,175,172
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.0% (9.3% OF TOTAL INVESTMENTS)
600 Connecticut State, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 650,574
4.750%, 12/15/24
400 Connecticut State, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 439,580
5.000%, 6/01/23 - FSA Insured
1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,397,277
Obligation Bonds, Series 2002, 5.000%, 4/01/22
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 386,212
140 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 141,627
650 New Haven, Connecticut, General Obligation Bonds, Series 2006, 11/16 at 100.00 A- 721,793
5.000%, 11/01/17 - AMBAC Insured
400 Suffield, Connecticut, General Obligation Bonds, Series 2005, No Opt. Call AA 474,244
5.000%, 6/15/21
500 West Hartford, Connecticut, General Obligation Bonds, Series 10/15 at 100.00 AAA 578,345
2005B, 5.000%, 10/01/17
----------------------------------------------------------------------------------------------------------------------------------
4,355 Total Tax Obligation/General 4,789,652
----------------------------------------------------------------------------------------------------------------------------------
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.6% (11.0% OF TOTAL INVESTMENTS)
Connecticut Health and Educational Facilities Authority, Child
Care Facilities Program Revenue Bonds, Series 2006F:
$ 575 5.000%, 7/01/31 - AGC Insured 7/16 at 100.00 AAA $ 588,248
500 5.000%, 7/01/36 - AGC Insured 7/16 at 100.00 AAA 505,570
500 Connecticut, Special Tax Obligation Transportation 10/11 at 100.00 AAA 540,570
Infrastructure Purpose Bonds, Series 2001B, 5.375%, 10/01/13
- FSA Insured
1,625 Connecticut, Special Tax Obligation Transportation 7/12 at 100.00 AAA 1,770,698
Infrastructure Purpose Bonds, Series 2002A, 5.375%, 7/01/20
- FSA Insured
850 Connecticut, Special Tax Obligation Transportation 8/17 at 100.00 AA 900,431
Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,
8/01/27 - AMBAC Insured
500 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB 475,805
Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured
430 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call BBB+ 86,740
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC Insured
750 Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/15 at 100.00 AAA 811,170
8/01/16 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
5,730 Total Tax Obligation/Limited 5,679,232
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.5% (4.3% OF TOTAL INVESTMENTS)
1,950 New Haven, Connecticut, Revenue Refunding Bonds, Air Rights No Opt. Call N/R 2,216,799
Parking Facility, Series 2002, 5.375%, 12/01/15 - AMBAC
Insured
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 36.2% (24.1% OF TOTAL INVESTMENTS) (4)
2,250 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,435,265
Revenue Bonds, Connecticut State University System, Series
2002D-2, 5.000%, 11/01/21 (Pre-refunded 11/01/11) - FSA
Insured
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Eastern Connecticut Health Network, Series 2000A:
100 6.125%, 7/01/20 (Pre-refunded 7/01/10) - RAAI Insured 7/10 at 101.00 N/R (4) 104,422
30 6.125%, 7/01/20 (Pre-refunded 7/01/10) - RAAI Insured 7/10 at 101.00 N/R (4) 31,321
5 6.000%, 7/01/25 (Pre-refunded 7/01/10) - RAAI Insured 7/10 at 101.00 N/R (4) 5,217
400 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 426,524
Revenue Bonds, Greenwich Academy, Series 2001B, 5.000%,
3/01/32 (Pre-refunded 3/01/11) - FSA Insured
Farmington, Connecticut, General Obligation Bonds, Series 2002:
1,000 5.000%, 9/15/20 (Pre-refunded 9/15/12) 9/12 at 101.00 Aa1 (4) 1,121,750
1,450 5.000%, 9/15/21 (Pre-refunded 9/15/12) 9/12 at 101.00 Aa1 (4) 1,626,538
250 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 N/R (4) 267,535
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
(Pre-refunded 5/15/11)
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,038,610
Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
FSA Insured
Puerto Rico Infrastructure Financing Authority, Special
Obligation Bonds, Series 2000A:
1,000 5.500%, 10/01/32 10/10 at 101.00 AAA 1,054,020
2,000 5.500%, 10/01/40 10/10 at 101.00 AAA 2,108,040
1,535 Regional School District 8, Andover, Hebron and Marlborough, 5/11 at 101.00 Aa3 (4) 1,649,066
Connecticut, General Obligation Bonds, Series 2002, 5.000%,
5/01/22 (Pre-refunded 5/01/11) - FSA Insured
500 Waterbury, Connecticut, General Obligation Bonds, Series 4/12 at 100.00 AAA 554,125
2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
11,520 Total U.S. Guaranteed 12,422,433
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.8% (5.2% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Pollution Control Revenue 4/10 at 101.50 Baa1 502,010
Refunding Bonds, Connecticut Light and Power Company, Series
1993A, 5.850%, 9/01/28
470 Connecticut Development Authority, Solid Waste Disposal 11/12 at 100.00 Baa1 461,643
Facilities Revenue Bonds, PSEG Power LLC Project, Series
2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
Nuveen Investments 29
NGK | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2 (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Ba1 $ 961,590
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)
Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
250 5.500%, 1/01/15 (Alternative Minimum Tax) 1/10 at 100.00 BBB 250,163
510 5.500%, 1/01/20 (Alternative Minimum Tax) 1/10 at 100.00 BBB 501,845
-----------------------------------------------------------------------------------------------------------------------------------
2,730 Total Utilities 2,677,251
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.0% (6.7% OF TOTAL INVESTMENTS)
220 Connecticut Development Authority, Water Facility Revenue 9/17 at 100.00 N/R 189,671
Bonds, Aquarion Water Company Project, Series 200.7, 5.100%,
9/01/37 - SYNCORA GTY Insured (Alternative Minimum Tax)
785 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 880,574
Series 2003A, 5.000%, 10/01/16
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds,
Series 2005A:
690 5.000%, 11/15/30 - NPFG Insured 11/15 at 100.00 A 703,510
320 5.000%, 8/15/35 - NPFG Insured 11/15 at 100.00 A 321,302
130 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 130,420
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
750 5.000%, 8/01/20 - NPFG Insured 8/13 at 100.00 A+ 785,543
410 5.000%, 8/01/33 - NPFG Insured 8/13 at 100.00 A+ 415,592
-----------------------------------------------------------------------------------------------------------------------------------
3,305 Total Water and Sewer 3,426,612
-----------------------------------------------------------------------------------------------------------------------------------
$ 50,070 Total Investments (cost $50,388,731) - 150.3% 51,511,118
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (10.1)% (3,460,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.9% 1,670,770
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (45.1)% (5) (15,450,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 34,271,888
===================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 30.0%.
N/R Not rated.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
30 Nuveen Investments
NGO | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.2% OF TOTAL INVESTMENTS)
$ 2,155 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,051,582
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 28.4% (19.3% OF TOTAL
INVESTMENTS)
1,000 Connecticut Health and Education Facilities Authority, Revenue 7/17 at 100.00 A 929,800
Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 -
NPFG Insured
1,000 Connecticut Health and Education Facilities Authority, Revenue 7/16 at 100.00 A2 995,580
Bonds, Quinnipiac University, Series 2006, 5.000%, 7/01/36 -
AMBAC Insured
1,300 Connecticut Health and Education Facilities Authority, Revenue 7/17 at 100.00 A 1,352,349
Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25
- NPFG Insured
650 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 BBB- 568,490
University of Hartford Revenue Bonds, Series 2006G, 5.250%,
7/01/36 - RAAI Insured
150 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 N/R 132,353
Revenue Bonds, Canterbury School, Series 2006B, 5.000%,
7/01/36 - RAAI Insured
250 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 N/R 236,553
Revenue Bonds, Chase Collegiate School, Series 2007A,
5.000%, 7/01/27 - RAAI Insured
400 Connecticut Health and Educational Facilities Authority, No Opt. Call A2 452,228
Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%,
7/01/19 - AMBAC Insured
215 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 N/R 208,116
Revenue Bonds, Renbrook School, Series 2007A, 5.000%,
7/01/37 - AMBAC Insured
750 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 BBB- 753,878
Revenue Bonds, University of Hartford, Series 2002E, 5.500%,
7/01/22 - RAAI Insured
1,500 Connecticut Health and Educational Facilities Authority, 1/10 at 100.00 AAA 1,501,886
Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
3,000 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AAA 3,121,860
Revenue Bonds, Yale University, Series 2007Z-1, 5.000%,
7/01/42 (UB)
5,050 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 AAA 5,297,753
Revenue Bonds, Yale University, Series 2007Z-3, 5.050%,
7/01/42 (UB)
University of Connecticut, General Obligation Bonds, Series
2006A:
850 5.000%, 2/15/19 - FGIC Insured 2/16 at 100.00 AA 952,408
490 5.000%, 2/15/23 - FGIC Insured 2/16 at 100.00 AA 532,694
500 University of Connecticut, Student Fee Revenue Refunding Bonds, 11/12 at 101.00 AA- 527,130
Series 2002A, 5.250%, 11/15/22 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
17,105 Total Education and Civic Organizations 17,563,078
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.1% (6.2% OF TOTAL INVESTMENTS)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Bristol Hospital, Series 2002B:
500 5.500%, 7/01/21 - RAAI Insured 7/12 at 101.00 N/R 465,480
600 5.500%, 7/01/32 - RAAI Insured 7/12 at 101.00 N/R 524,304
800 Connecticut Health and Educational Facilities Authority, 7/15 at 100.00 N/R 735,576
Revenue Bonds, Griffin Hospital, Series 2005B, 5.000%,
7/01/20 - RAAI Insured
310 Connecticut Health and Educational Facilities Authority, 7/17 at 100.00 BBB- 266,058
Revenue Bonds, Hospital For Special Care, Series 2007C,
5.250%, 7/01/32 - RAAI Insured
2,130 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 Aa3 2,107,166
Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
7/01/32 - FSA Insured
200 Connecticut Health and Educational Facilities Authority, 1/10 at 101.00 Baa1 200,232
Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
7/01/18 - NPFG Insured
Nuveen Investments 31
NGO | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,325 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 A1 $ 1,324,947
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
5,865 Total Health Care 5,623,763
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.6% (1.1% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 969,540
Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
11/15/27 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.7% (3.9% OF TOTAL INVESTMENTS)
750 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/10 at 100.00 AAA 750,255
Program Bonds, Series 2001C, 5.450%, 11/15/43 (Alternative
Minimum Tax)
1,300 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/13 at 100.00 AAA 1,315,574
Program Bonds, Series 2004-A5, 5.050%, 11/15/34
Connecticut Housing Finance Authority, Housing Mortgage Finance
Program Bonds, Series 2006-A1:
435 4.700%, 11/15/26 (Alternative Minimum Tax) 11/15 at 100.00 AAA 417,878
465 4.800%, 11/15/31 (Alternative Minimum Tax) 11/15 at 100.00 AAA 440,225
600 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/16 at 100.00 AAA 601,182
Program Bonds, Series 2006D, 4.650%, 11/15/27
----------------------------------------------------------------------------------------------------------------------------------
3,550 Total Housing/Single Family 3,525,114
----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 11.7% (7.9% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, First Mortgage Gross Revenue 12/11 at 102.00 BBB+ 488,270
Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003,
5.750%, 12/01/23
380 Connecticut Development Authority, First Mortgage Gross Revenue 4/10 at 100.00 BBB- 380,410
Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
Connecticut Development Authority, Revenue Bonds, Duncaster
Inc., Series 2002:
650 5.125%, 8/01/22 - RAAI Insured 8/12 at 101.00 BBB 598,891
1,025 4.750%, 8/01/32 - RAAI Insured 8/12 at 101.00 BBB 798,516
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 N/R 434,193
475 5.000%, 7/01/20 - AMBAC Insured 7/12 at 101.00 N/R 473,822
260 5.000%, 7/01/23 - AMBAC Insured 7/12 at 101.00 N/R 249,343
1,000 5.000%, 7/01/32 - AMBAC Insured 7/12 at 101.00 N/R 867,130
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 N/R 1,019,080
1,500 5.000%, 6/15/32 - AMBAC Insured 6/12 at 101.00 N/R 1,500,570
500 Connecticut State Development Authority, Health Facilities 8/17 at 100.00 N/R 410,855
Revenue Bonds, Alzheimer's Resource Center of Connecticut,
Inc., Series 2007, 5.500%, 8/15/27
----------------------------------------------------------------------------------------------------------------------------------
7,720 Total Long-Term Care 7,221,080
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 21.5% (14.6% OF TOTAL INVESTMENTS)
Bethel, Connecticut, General Obligation Bonds, Series 2002:
525 5.000%, 11/01/18 - FGIC Insured 11/12 at 100.00 Aa3 571,625
525 5.000%, 11/01/19 - FGIC Insured 11/12 at 100.00 Aa3 571,625
525 5.000%, 11/01/20 - FGIC Insured 11/12 at 100.00 Aa3 570,077
525 5.000%, 11/01/21 - FGIC Insured 11/12 at 100.00 Aa3 567,079
525 5.000%, 11/01/22 - FGIC Insured 11/12 at 100.00 Aa3 557,288
1,200 Connecticut State, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 1,301,148
4.750%, 12/15/24
1,500 Connecticut State, General Obligation Bonds, Series 2006E, 12/16 at 100.00 AA 1,688,025
5.000%, 12/15/20
600 Hartford, Connecticut, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AAA 643,686
5.000%, 8/01/21 - FSA Insured
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New Canaan, Connecticut, General Obligation Bonds, Series 2002A:
$ 900 4.600%, 5/01/20 5/11 at 100.00 Aaa $ 951,129
500 4.700%, 5/01/21 5/11 at 100.00 Aaa 529,115
1,000 New Haven, Connecticut, General Obligation Bonds, Series 2006, 11/16 at 100.00 A- 1,110,450
5.000%, 11/01/17 - AMBAC Insured
Southbury, Connecticut, General Obligation Bonds, Series 2002:
500 4.875%, 12/15/20 12/11 at 101.00 Aa3 523,325
500 4.875%, 12/15/21 12/11 at 101.00 Aa3 521,995
500 5.000%, 12/15/22 12/11 at 101.00 Aa3 536,150
Stratford, Connecticut, General Obligation Bonds, Series 2002:
1,375 4.000%, 2/15/19 - FSA Insured 2/12 at 100.00 AAA 1,412,166
630 4.125%, 2/15/20 - FSA Insured 2/12 at 100.00 AAA 646,575
500 West Hartford, Connecticut, General Obligation Bonds, Series 10/15 at 100.00 AAA 564,805
2005B, 5.000%, 10/01/18
----------------------------------------------------------------------------------------------------------------------------------
12,330 Total Tax Obligation/General 13,266,263
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 20.4% (13.8% OF TOTAL INVESTMENTS)
930 Connecticut Health and Educational Facilities Authority, Child 7/16 at 100.00 AAA 940,360
Care Facilities Program Revenue Bonds, Series 2006F, 5.000%,
7/01/36 - AGC Insured
60 Connecticut, Special Tax Obligation Transportation No Opt. Call AA 64,589
Infrastructure Purpose Bonds, Series 1992B, 6.125%, 9/01/12
Connecticut, Special Tax Obligation Transportation
Infrastructure Purpose Bonds, Series 2002B:
2,810 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AA 2,933,078
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AA 1,048,750
1,000 5.000%, 12/01/22 - AMBAC Insured 12/12 at 100.00 AA 1,044,670
500 Connecticut, Special Tax Obligation Transportation 1/14 at 100.00 AA 529,660
Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 -
FGIC Insured
1,500 Connecticut, Special Tax Obligation Transportation 8/17 at 100.00 AA 1,588,995
Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,
8/01/27 - AMBAC Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB 951,610
Revenue Bonds, Series 2007N, 5.250%,7/01/31 - AMBAC Insured
Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue Bonds, Series 2005A:
780 0.000%, 7/01/32 - FGIC Insured No Opt. Call BBB+ 157,342
2,120 0.000%, 7/01/33 - FGIC Insured No Opt. Call BBB+ 391,458
Puerto Rico Public Buildings Authority, Guaranteed Government
Facilities Revenue Bonds, Series 2002G:
890 5.250%, 7/01/17 7/12 at 100.00 BBB- 904,676
1,000 5.250%, 7/01/20 7/12 at 100.00 BBB- 1,006,910
1,045 5.250%, 7/01/21 7/12 at 100.00 BBB- 1,049,577
----------------------------------------------------------------------------------------------------------------------------------
14,635 Total Tax Obligation/Limited 12,611,675
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.8% (0.5% OF TOTAL INVESTMENTS)
415 New Haven, Connecticut, Revenue Refunding Bonds, Air Rights No Opt. Call N/R 471,780
Parking Facility, Series 2002, 5.375%, 12/01/15 - AMBAC
Insured
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.3% (15.8% OF TOTAL INVESTMENTS) (4)
500 Bridgeport, Connecticut, General Obligation Bonds, Series 2003A, 9/13 at 100.00 AAA 576,160
5.250%, 9/15/23 (Pre-refunded 9/15/13) - FSA Insured
3,100 Connecticut Health and Educational Facilities Authority, Revenue 7/11 at 101.00 N/R (4) 3,345,954
Bonds, Trinity College, Series 2001G, 5.000%, 7/01/21
(Pre-refunded 7/01/11) - AMBAC Insured
450 Farmington, Connecticut, General Obligation Bonds, Series 2002, 9/12 at 101.00 Aa1 (4) 504,788
5.000%, 9/15/20 (Pre-refunded 9/15/12)
950 New Canaan, Connecticut, General Obligation Bonds, Series 2002A, 5/11 at 100.00 Aaa 1,003,609
4.500%, 5/01/19 (Pre-refunded 5/01/11)
Nuveen Investments 33
NGO | NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3 (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 40 New Haven, Connecticut, General Obligation Bonds, Series 2002A, 11/11 at 101.00 A- (4) $ 43,778
5.250%, 11/01/17 - AMBAC Insured (ETM)
3,050 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 3,167,761
Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) - FSA
Insured
3,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 3,162,060
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,010 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,160,965
Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC
Insured
195 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 AAA 214,141
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
(Pre-refunded 2/01/12)
1,100 University of Connecticut, General Obligation Bonds, Series 2/13 at 100.00 AA (4) 1,244,584
2003A, 5.125%, 2/15/21 (Pre-refunded 2/15/13) - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
13,395 Total U.S. Guaranteed 14,423,800
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.4% (5.0% OF TOTAL INVESTMENTS)
720 Connecticut Development Authority, Pollution Control Revenue 4/10 at 101.50 Baa1 722,894
Refunding Bonds, Connecticut Light and Power Company, Series
1993A, 5.850%, 9/01/28
860 Connecticut Development Authority, Solid Waste Disposal 11/12 at 100.00 Baa1 844,709
Facilities Revenue Bonds, PSEG Power LLC Project, Series
2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
2,000 Connecticut Resource Recovery Authority, Revenue Bonds, American 12/11 at 102.00 Ba1 1,923,180
Ref-Fuel Company of Southeastern Connecticut LP, Series
1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
790 5.500%, 1/01/14 (Alternative Minimum Tax) 1/10 at 100.00 BBB 790,648
305 5.500%, 1/01/20 (Alternative Minimum Tax) 1/10 at 100.00 BBB 300,123
----------------------------------------------------------------------------------------------------------------------------------
4,675 Total Utilities 4,581,554
----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 14.3% (9.7% OF TOTAL INVESTMENTS)
400 Connecticut Development Authority, Water Facility Revenue Bonds, 9/17 at 100.00 N/R 344,856
Aquarion Water Company Project, Series 200.7, 5.100%, 9/01/37
- SYNCORA GTY Insured (Alternative Minimum Tax)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, Series 10/13 at 100.00 AAA 1,329,274
2003A, 5.000%, 10/01/16
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
1,230 5.000%, 11/15/30 - NPFG Insured 11/15 at 100.00 A 1,254,083
640 5.000%, 8/15/35 - NPFG Insured 11/15 at 100.00 A 642,605
230 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 230,743
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
South Central Connecticut Regional Water Authority, Water System
Revenue Bonds, Eighteenth Series 2003A:
2,050 5.000%, 8/01/20 - NPFG Insured 8/13 at 100.00 A+ 2,147,150
590 5.000%, 8/01/33 - NPFG Insured 8/13 at 100.00 A+ 598,048
1,840 South Central Connecticut Regional Water Authority, Water System 8/16 at 100.00 A+ 1,904,179
Revenue Bonds, Twentieth Series, 2007A, 5.000%, 8/01/30 -
NPFG Insured
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 350 Stamford, Connecticut, Water Pollution Control System and 11/13 at 100.00 AA+ $ 355,765
Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
-----------------------------------------------------------------------------------------------------------------------------------
8,515 Total Water and Sewer 8,806,703
-----------------------------------------------------------------------------------------------------------------------------------
$ 91,360 Total Investments (cost $90,983,037) - 147.5% 91,115,932
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.4)% (5,780,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 7.7% 4,726,327
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (45.8)% (5) (28,275,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 61,787,259
===================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 31.0%.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 35
NMT | NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.4% (0.9% OF TOTAL INVESTMENTS)
$ 1,425 Boston Industrial Development Financing Authority, 9/12 at 102.00 Caa1 $ 918,755
Massachusetts, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum
Tax)
---------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 30.3% (20.1% OF TOTAL
INVESTMENTS)
375 Massachusetts Development Finance Agency, Revenue Bonds, 10/19 at 100.00 A 379,628
Boston University, Series 2009V-1, 5.000%, 10/01/29 (WI/DD,
Settling 12/01/09)
1,045 Massachusetts Development Finance Agency, Revenue Bonds, 9/17 at 100.00 A+ 1,035,626
Worcester Polytechnic Institute, Series 2007, 5.000%,
9/01/37 - NPFG Insured
890 Massachusetts Development Finance Authority, Revenue Bonds, 3/10 at 100.50 BBB 899,443
Curry College, Series 2000A, 6.000%, 3/01/20 - ACA Insured
1,745 Massachusetts Development Finance Authority, Revenue Bonds, 7/15 at 100.00 AAA 1,818,220
Massachusetts College of Pharmacy and Allied Health
Sciences, Series 2005D, 5.000%, 7/01/27 - AGC Insured
750 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 AA- 797,070
Milton Academy, Series 2003A, 5.000%, 9/01/19
4,900 Massachusetts Development Finance Authority, Revenue Bonds, 1/18 at 100.00 AAA 4,902,989
WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42
- AGC Insured (UB)
1,090 Massachusetts Development Finance Authority, Revenue Refunding No Opt. Call A2 1,272,433
Bonds, Boston University, Series 1999P, 6.000%, 5/15/29
1,550 Massachusetts Educational Finance Authority, Educational Loan 1/12 at 100.00 AA 1,613,473
Revenue Bonds, Series 2002E, 5.000%, 1/01/13 - AMBAC
Insured (Alternative Minimum Tax)
2,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,192,516
Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
500 Massachusetts Health and Educational Facilities Authority, 3/10 at 100.00 N/R 452,610
Revenue Bonds, Hebrew College, Series 1999A,, 0.720%,
7/01/31 - RAAI Insured (5)
500 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 Aaa 524,625
Revenue Bonds, Wellesley College, Series 2003H, 5.000%,
7/01/26
555 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AAA 609,501
Revenue Bonds, Williams College, Series 2003H, 5.000%,
7/01/21
1,380 Massachusetts Health and Educational Facilities Authority, 7/16 at 100.00 AAA 1,452,229
Revenue Bonds, Williams College, Series 2007L, 5.000%,
7/01/31
500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 A- 498,625
Revenue Bonds, Worcester State College, Series 2002,
5.000%, 11/01/32 - AMBAC Insured
1,645 Massachusetts Industrial Finance Agency, Revenue Bonds, 1/10 at 100.00 Aa1 1,646,316
Whitehead Institute for Biomedical Research, Series 1993,
5.125%, 7/01/26
375 Puerto Rico Industrial, Tourist, Educational, Medical and 2/10 at 100.50 BBB- 368,456
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, Ana G. Mendez University
System, Series 1999, 5.375%, 2/01/19
-----------------------------------------------------------------------------------------------------------------------------------
19,800 Total Education and Civic Organizations 20,463,760
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 25.9% (17.2% OF TOTAL INVESTMENTS)
1,000 Massachusetts Health and Educational Facilities Authority 12/19 at 100.00 AA 1,023,950
Revenue Bonds, Children's Hospital Issue, Series M (2009),
5.500%, 12/01/39
1,250 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 1,261,288
Revenue Bonds, Berkshire Health System, Series 2001E,
6.250%, 10/01/31
1,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 BBB- 836,470
Revenue Bonds, Cape Cod Health Care Inc., Series 2001C,
5.250%, 11/15/31 - RAAI Insured
Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Capital Asset Program, Series 1998B-1:
1,800 5.375%, 2/01/26 - MBIA Insured 8/18 at 100.00 A 1,807,902
770 5.375%, 2/01/28 - MBIA Insured 8/18 at 100.00 A 770,200
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,500 Massachusetts Health and Educational Facilities Authority, 8/18 at 100.00 A $ 1,502,460
Revenue Bonds, Capital Asset Program, Series 1998B-2,
5.375%, 2/01/27 - MBIA Insured
1,000 Massachusetts Health and Educational Facilities Authority, 7/12 at 101.00 BBB 1,008,850
Revenue Bonds, Caritas Christi Obligated Group, Series
2002B, 6.250%, 7/01/22
935 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 N/R 688,656
Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%,
8/15/35 - RAAI Insured
1,000 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 A 1,006,830
Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
5.000%, 8/15/21 - FGIC Insured
2,000 Massachusetts Health and Educational Facilities Authority, 8/17 at 100.00 A 1,971,720
Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%,
8/15/28
585 Massachusetts Health and Educational Facilities Authority, 7/17 at 100.00 BBB- 469,363
Revenue Bonds, Milford Regional Medical Center, Series
2007E, 5.000%, 7/15/32
1,000 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BB- 657,420
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30
750 Massachusetts Health and Educational Facilities Authority, 1/10 at 100.00 A 749,970
Revenue Bonds, New England Medical Center Hospitals, Series
1993G-1, 5.375%, 7/01/24 - MBIA Insured
75 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA 77,057
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+ 378,750
Revenue Bonds, UMass Memorial Health Care, Series 2001C,
6.625%, 7/01/32
1,445 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB+ 1,262,164
Revenue Bonds, UMass Memorial Health Care, Series 2005D,
5.000%, 7/01/33
2,000 Massachusetts State, Health and Educational Facilities 7/17 at 100.00 AA 2,014,980
Authority, Partners HealthCare System Inc., Series 2007G,
5.000%, 7/01/32
-----------------------------------------------------------------------------------------------------------------------------------
18,485 Total Health Care 17,488,030
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.0% (4.6% OF TOTAL INVESTMENTS)
1,325 Massachusetts Development Finance Authority, Multifamily 7/17 at 100.00 AAA 1,222,379
Housing Revenue Bonds, Emerson Manor Project, Series 2007,
4.800%, 7/20/48
1,795 Massachusetts Development Financing Authority, Assisted Living 12/09 at 102.00 N/R 1,695,324
Revenue Bonds, Prospect House Apartments, Series 1999,
7.000%, 12/01/31
500 Massachusetts Housing Finance Agency, Housing Revenue Bonds, 6/13 at 100.00 AA- 498,510
Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)
285 Massachusetts Housing Finance Agency, Rental Housing Mortgage 7/10 at 101.00 N/R 289,811
Revenue Bonds, Series 1999D, 5.500%, 7/01/13 - AMBAC
Insured (Alternative Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,041,870
Collateralized Mortgage Revenue Bonds, Clarendon Hill
Towers, Series 2002, 5.200%, 11/20/22
-----------------------------------------------------------------------------------------------------------------------------------
4,905 Total Housing/Multifamily 4,747,894
-----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.6% (2.4% OF TOTAL INVESTMENTS)
1,500 Massachusetts Housing Finance Agency, Single Family Housing 6/16 at 100.00 AA 1,362,330
Revenue Bonds, Series 2006-126, 4.625%, 6/01/32
(Alternative Minimum Tax)
985 Massachusetts Housing Finance Agency, Single Family Housing 6/18 at 100.00 AA 1,053,398
Revenue Bonds, Series 2008, Trust 3145, 14.068%, 12/01/28
(IF)
-----------------------------------------------------------------------------------------------------------------------------------
2,485 Total Housing/Single Family 2,415,728
-----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.7% OF TOTAL INVESTMENTS)
305 Massachusetts Development Finance Agency, Pioneer Valley No Opt. Call N/R 272,972
Resource Recovery Revenue Bonds, Eco/Springfield LLC,
Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
400 Massachusetts Development Finance Agency, Solid Waste Disposal No Opt. Call BBB 416,820
Revenue Bonds, Waste Management Inc., Series 2003, 5.450%,
6/01/14
-----------------------------------------------------------------------------------------------------------------------------------
705 Total Industrials 689,792
-----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 37
NMT | NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.8% (4.5% OF TOTAL INVESTMENTS)
$ 1,270 Boston, Massachusetts, FHA-Insured Mortgage Revenue Bonds, 4/10 at 104.00 AAA $ 1,319,213
Deutsches Altenheim Inc., Series 1998A, 6.125%, 10/01/31
1,685 Massachusetts Development Finance Agency, Revenue Bonds, 10/12 at 102.00 N/R 1,335,194
Orchard Cove, Series 2007, 5.250%, 10/01/26
1,500 Massachusetts Development Finance Authority, GNMA 3/12 at 105.00 AAA 1,577,460
Collateralized Assisted Living Facility Revenue Bonds,
Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42
(Alternative Minimum Tax)
400 Massachusetts Industrial Finance Agency, First Mortgage 1/11 at 101.00 BBB 379,436
Revenue Bonds, Berkshire Retirement Community, Series
1994B, 4.750%, 7/01/17
-----------------------------------------------------------------------------------------------------------------------------------
4,855 Total Long-Term Care 4,611,303
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 18.4% (12.2% OF TOTAL INVESTMENTS)
500 Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5/15 at 100.00 A1 537,210
5.250%, 5/15/23 - AMBAC Insured
1,250 Boston, Massachusetts, General Obligation Bonds, Series 2005A, 1/15 at 100.00 AA+ 1,435,038
5.000%, 1/01/17
1,000 Fall River, Massachusetts, General Obligation Bonds, Series 2/13 at 101.00 AAA 1,042,300
2003, 5.000%, 2/01/21 - FSA Insured
2,500 Massachusetts Bay Transportation Authority, General Obligation No Opt. Call AA 3,086,375
Transportation System Bonds, Series 1991A, 7.000%, 3/01/21
1,275 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AA 1,497,959
Series 2001D, 6.000%, 11/01/13 - NPFG Insured
980 Monson, Massachusetts, General Obligation Bonds, Series 2002, 5/12 at 101.00 A3 1,049,600
5.250%, 5/15/22 - AMBAC Insured
1,260 Norwell, Massachusetts, General Obligation Bonds, Series 2003, No Opt. Call AAA 1,494,499
5.000%, 11/15/20 - FGIC Insured
1,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call Baa3 988,140
Series 2001A, 5.500%, 7/01/29 - FGIC Insured
1,220 Worcester, Massachusetts, General Obligation Bonds, Series 7/15 at 100.00 A 1,304,107
2005A, 5.000%, 7/01/19 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
10,985 Total Tax Obligation/General 12,435,228
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.1% (9.4% OF TOTAL INVESTMENTS)
210 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 A 216,533
Series 2004, 5.000%, 5/01/26 - AMBAC Insured
385 Massachusetts Bay Transportation Authority, Senior Lien Sales No Opt. Call AAA 456,583
Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21
975 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/18 at 100.00 AAA 1,070,862
Revenue Bonds, Series 2006, 5.000%, 7/01/26
550 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 A1 596,195
Bonds, Series 2004A, 5.000%, 5/01/19 - NPFG Insured
325 Massachusetts College Building Authority, Project Revenue 5/16 at 100.00 A1 327,291
Bonds, Series 2006A, 5.000%, 5/01/31 - AMBAC Insured
1,200 Massachusetts College Building Authority, Project Revenue 5/18 at 100.00 AAA 1,230,624
Bonds, Series 2008A, 5.000%, 5/01/33 - AGC Insured
1,000 Massachusetts College Building Authority, Project Revenue No Opt. Call A1 1,122,850
Refunding Bonds, Series 2003B, 5.375%, 5/01/23 - SYNCORA
GTY Insured
1,300 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 1,422,707
Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured
540 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, No Opt. Call A 601,517
Series 2005, 5.000%, 1/01/20 - FGIC Insured
1,000 Massachusetts, Special Obligation Refunding Notes, Federal No Opt. Call Aa3 1,125,530
Highway Grant Anticipation Note Program, Series 2003A,
5.000%, 12/15/13 - FSA Insured
240 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call BBB+ 20,446
Revenue Bonds, Series 2005A, 0.000%, 7/01/43 - AMBAC Insured
1,300 Puerto Rico, Highway Revenue Bonds, Highway and Transportation No Opt. Call A 1,370,226
Authority, Series 2003AA, 5.500%, 7/01/19 - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
9,025 Total Tax Obligation/Limited 9,561,364
-----------------------------------------------------------------------------------------------------------------------------------
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.2% (6.8% OF TOTAL INVESTMENTS)
$ 2,000 Massachusetts Port Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AA- $ 2,007,080
5.000%, 7/01/33 - NPFG Insured
1,000 Massachusetts Port Authority, Special Facilities Revenue Bonds, 7/17 at 100.00 A 941,900
BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 - FGIC
Insured (Alternative Minimum Tax)
225 Massachusetts Port Authority, Special Facilities Revenue Bonds, 1/11 at 101.00 N/R 161,622
Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 - AMBAC
Insured (Alternative Minimum Tax)
4,000 Massachusetts Port Authority, Special Facilities Revenue Bonds, 3/10 at 100.00 A 3,789,160
US Airways Group Inc., Series 1996A, 5.750%, 9/01/16 - NPFG
Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
7,225 Total Transportation 6,899,762
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.7% (11.7% OF TOTAL INVESTMENTS) (4)
550 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 N/R (4) 588,577
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
(Pre-refunded 5/15/11)
25 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/18 at 100.00 Aa2 (4) 29,601
Revenue Bonds, Series 2006, 5.000%, 7/01/26 (Pre-refunded
7/01/18)
2,500 Massachusetts Development Finance Authority, GNMA 10/11 at 105.00 N/R (4) 2,912,950
Collateralized Revenue Bonds, VOA Concord Assisted Living
Inc., Series 2000A, 6.900%, 10/20/41 (Pre-refunded 10/20/11)
500 Massachusetts Development Finance Authority, Revenue Bonds, 9/11 at 101.00 A (4) 546,185
Belmont Hills School, Series 2001, 5.375%, 9/01/23
(Pre-refunded 9/01/11)
1,000 Massachusetts Development Finance Authority, Revenue Bonds, 7/13 at 101.00 A- (4) 1,170,540
Massachusetts College of Pharmacy and Allied Health
Sciences, Series 2003C, 5.750%, 7/01/33 (Pre-refunded
7/01/13)
410 Massachusetts Health and Educational Facilities Authority, 7/21 at 100.00 AAA 463,144
Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25
(Pre-refunded 7/01/21) - MBIA Insured
600 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 N/R (4) 661,590
Revenue Bonds, New England Medical Center Hospitals, Series
2002H, 5.375%, 5/15/19 (Pre-refunded 5/15/12) - FGIC Insured
1,925 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AAA 2,102,427
Revenue Bonds, Partners HealthCare System Inc., Series
2001C, 5.750%, 7/01/32 (Pre-refunded 7/01/11)
1,000 Massachusetts Health and Educational Facilities Authority, 10/11 at 100.00 A+ (4) 1,084,870
Revenue Bonds, University of Massachusetts - Worcester
Campus, Series 2001B, 5.250%, 10/01/31 (Pre-refunded
10/01/11) - FGIC Insured
525 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/10 at 100.00 AAA 654,638
13.000%, 7/01/13 (ETM)
1,500 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, 1/14 at 100.00 A (4) 1,717,950
Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) - FGIC
Insured
----------------------------------------------------------------------------------------------------------------------------------
10,535 Total U.S. Guaranteed 11,932,472
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.9% (1.9% OF TOTAL INVESTMENTS)
1,000 Massachusetts Development Finance Agency, Resource Recovery 1/12 at 101.00 A 1,032,240
Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/16
- NPFG Insured
1,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/09 at 101.00 BBB 935,950
Revenue Refunding Bonds, Ogden Haverhill Project, Series
1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
2,000 Total Utilities 1,968,190
----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.5% (7.6% OF TOTAL INVESTMENTS)
2,000 Boston Water and Sewerage Commission, Massachusetts, General 11/14 at 100.00 AA+ 2,128,580
Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25
60 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/13 at 100.00 AAA 63,730
Program Bonds, Series 2003-9, 5.000%, 8/01/22
285 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/14 at 100.00 AAA 302,941
Program Bonds, Series 2004-10, 5.000%, 8/01/26
750 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/15 at 100.00 AAA 771,690
Program Bonds, Series 2005-11, 4.500%, 8/01/29
1,000 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/16 at 100.00 AAA 1,016,730
Program Bonds, Series 2006-12, 4.375%, 8/01/31
Nuveen Investments 39
NMT | NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,250 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, 8/12 at 100.00 AAA $ 1,368,388
MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
1,500 Massachusetts Water Resources Authority, General Revenue Bonds, 8/17 at 100.00 AA+ 1,588,995
Series 2005A, 5.000%, 8/01/28 - NPFG Insured
625 Massachusetts Water Resources Authority, General Revenue Bonds, 8/16 at 100.00 AA+ 515,525
Series 2006A, 4.000%, 8/01/46
-----------------------------------------------------------------------------------------------------------------------------------
7,470 Total Water and Sewer 7,756,579
-----------------------------------------------------------------------------------------------------------------------------------
$ 99,900 Total Investments (cost $101,305,784) - 150.8% 101,888,857
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.6)% (2,450,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.1% 2,126,543
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.3)% (6) (34,000,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 67,565,400
===================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard &
Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
below BBB by Standard & Poor's or Baa by Moody's are considered to be
below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment valued at fair value using methods determined in good faith
by, or at the discretion of, the Board of Trustees. For fair value
measurement disclosure purposes, investment categorized as Level 3. See
Notes to Financial Statements, Footnote 2 - Fair Value Measurements for
more information.
(6) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 33.4%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a
financing transaction. See Notes to Financial Statements, Footnote 1 -
Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
40 Nuveen Investments
NMB | NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.1% (0.7% OF TOTAL INVESTMENTS)
$ 480 Boston Industrial Development Financing Authority, 9/12 at 102.00 Caa1 $ 309,475
Massachusetts, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum
Tax)
----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 40.1% (26.3% OF TOTAL
INVESTMENTS)
375 Massachusetts Development Finance Agency, Revenue Bonds, Boston 10/19 at 100.00 A 379,628
University, Series 2009V-1, 5.000%, 10/01/29 (WI/DD, Settling
12/01/09)
450 Massachusetts Development Finance Agency, Revenue Bonds, 9/17 at 100.00 A+ 445,964
Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37
- NPFG Insured
495 Massachusetts Development Finance Authority, Revenue Bonds, 7/15 at 100.00 AAA 515,770
Massachusetts College of Pharmacy and Allied Health Sciences,
Series 2005D, 5.000%, 7/01/27 - AGC Insured
500 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 AA- 531,380
Milton Academy, Series 2003A, 5.000%, 9/01/19
2,100 Massachusetts Development Finance Authority, Revenue Bonds, WGBH 1/18 at 100.00 AAA 2,101,281
Educational Foundation, Series 2008A, 5.000%, 1/01/42 - AGC
Insured (UB)
1,000 Massachusetts Development Finance Authority, Revenue Refunding 5/29 at 105.00 A2 1,096,470
Bonds, Boston University, Series 1999P, 6.000%, 5/15/59
990 Massachusetts Educational Finance Authority, Educational Loan 7/10 at 100.00 AA 997,979
Revenue Bonds, Series 2001E, 5.300%, 1/01/16 - AMBAC Insured
(Alternative Minimum Tax)
1,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,096,260
Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
1,000 Massachusetts Health and Educational Facilities Authority, 3/10 at 100.00 N/R 905,220
Revenue Bonds, Hebrew College, Series 1999A, 0.720%, 7/01/31
- RAAI Insured (5)
2,000 Massachusetts Health and Educational Facilities Authority, 2/11 at 100.00 Aa2 2,019,138
Revenue Bonds, Tufts University, Series 2001I, 5.500%, 2/15/36
590 Massachusetts Health and Educational Facilities Authority, 7/16 at 100.00 AAA 620,881
Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31
500 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 491,595
Revenue Refunding Bonds, Suffolk University Issue, Series
2009A, 5.750%, 7/01/39
----------------------------------------------------------------------------------------------------------------------------------
11,000 Total Education and Civic Organizations 11,201,566
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 30.1% (19.7% OF TOTAL INVESTMENTS)
1,000 Massachusetts Health and Educational Facilities Authority 12/19 at 100.00 AA 1,023,950
Revenue Bonds, Children's Hospital Issue, Series M (2009),
5.500%, 12/01/39
500 Massachusetts Health and Educational Facilities Authority 1/18 at 100.00 N/R 435,420
Revenue Bonds, Quincy Medical Center Issue, Series A (2008),
6.500%, 1/15/38
500 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 504,515
Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%,
10/01/31
775 Massachusetts Health and Educational Facilities Authority, 8/18 at 100.00 A 778,402
Revenue Bonds, Capital Asset Program, Series 1998B-1, 5.375%,
2/01/26 - MBIA Insured
500 Massachusetts Health and Educational Facilities Authority, 8/18 at 100.00 A 500,820
Revenue Bonds, Capital Asset Program, Series 1998B-2, 5.375%,
2/01/27 - MBIA Insured
250 Massachusetts Health and Educational Facilities Authority, 1/11 at 100.00 BBB 246,173
Revenue Bonds, Caritas Christi Obligated Group, Series 1999A,
5.625%, 7/01/20
295 Massachusetts Health and Educational Facilities Authority, 1/12 at 101.00 A 301,245
Revenue Bonds, Covenant Health Systems Obligated Group,
Series 2002, 6.000%, 7/01/31
315 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 N/R 232,007
Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%,
8/15/35 - RAAI Insured
600 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 A 604,098
Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
5.000%, 8/15/21 - FGIC Insured
1,000 Massachusetts Health and Educational Facilities Authority, 8/17 at 100.00 A 985,860
Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%,
8/15/28
Nuveen Investments 41
NMB | NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 290 Massachusetts Health and Educational Facilities Authority, 7/17 at 100.00 BBB- $ 232,676
Revenue Bonds, Milford Regional Medical Center, Series 2007E,
5.000%, 7/15/32
500 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BB- 328,710
Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%,
7/01/30
500 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB 423,345
Revenue Bonds, Northern Berkshire Community Services Inc.,
Series 2004B, 6.375%, 7/01/34
1,000 Massachusetts Health and Educational Facilities Authority, 1/10 at 101.00 AA 1,010,820
Revenue Bonds, Partners HealthCare System Inc., Series 1999B,
5.125%, 7/01/19
35 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA 35,960
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+ 505,000
Revenue Bonds, UMass Memorial Health Care, Series 2001C,
6.625%, 7/01/32
285 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB+ 248,939
Revenue Bonds, UMass Memorial Health Care, Series 2005D,
5.000%, 7/01/33
----------------------------------------------------------------------------------------------------------------------------------
8,845 Total Health Care 8,397,940
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 11.4% (7.4% OF TOTAL INVESTMENTS)
565 Massachusetts Development Finance Authority, Multifamily Housing 7/17 at 100.00 AAA 521,241
Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%,
7/20/48
500 Massachusetts Housing Finance Agency, Housing Revenue Bonds, 6/13 at 100.00 AA- 498,510
Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)
1,135 Massachusetts Housing Finance Agency, Rental Housing Mortgage 1/11 at 100.00 N/R 1,118,645
Revenue Bonds, Series 2001A, 5.850%, 7/01/35 - AMBAC Insured
(Alternative Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, GNMA Collateralized 5/12 at 103.00 AAA 1,041,870
Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002,
5.200%, 11/20/22
----------------------------------------------------------------------------------------------------------------------------------
3,200 Total Housing/Multifamily 3,180,266
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.9% (2.6% OF TOTAL INVESTMENTS)
650 Massachusetts Housing Finance Agency, Single Family Housing 6/16 at 100.00 AA 590,343
Revenue Bonds, Series 2006-126, 4.625%, 6/01/32 (Alternative
Minimum Tax)
480 Massachusetts Housing Finance Agency, Single Family Housing 6/18 at 100.00 AA 510,355
Revenue Bonds, Series 2008, Trust 3145, 15.116%, 12/01/33 (IF)
----------------------------------------------------------------------------------------------------------------------------------
1,130 Total Housing/Single Family 1,100,698
----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.2% (0.8% OF TOTAL INVESTMENTS)
145 Massachusetts Development Finance Agency, Pioneer Valley No Opt. Call N/R 129,774
Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series
2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
200 Massachusetts Development Finance Agency, Solid Waste Disposal No Opt. Call BBB 208,410
Revenue Bonds, Waste Management Inc., Series 2003, 5.450%,
6/01/14
----------------------------------------------------------------------------------------------------------------------------------
345 Total Industrials 338,184
----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 8.2% (5.4% OF TOTAL INVESTMENTS)
725 Massachusetts Development Finance Agency, Revenue Bonds, Orchard 10/12 at 102.00 N/R 574,490
Cove, Series 2007, 5.250%, 10/01/26
655 Massachusetts Development Finance Authority, First Mortgage 7/11 at 102.00 BBB 663,030
Revenue Bonds, Berkshire Retirement Community - Edgecombe
Project, Series 2001A, 6.750%, 7/01/21
1,000 Massachusetts Development Finance Authority, GNMA Collateralized 3/12 at 105.00 AAA 1,051,640
Assisted Living Facility Revenue Bonds, Arbors at Chicopee,
Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
2,380 Total Long-Term Care 2,289,160
----------------------------------------------------------------------------------------------------------------------------------
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.1% (9.2% OF TOTAL INVESTMENTS)
$ 310 Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5/15 at 100.00 A1 $ 333,070
5.250%, 5/15/23 - AMBAC Insured
2,000 Brookline, Massachusetts, General Obligation Bonds, Series 2000, 4/10 at 101.00 Aaa 2,051,320
5.375%, 4/01/17
440 Fall River, Massachusetts, General Obligation Bonds, Series 2/13 at 101.00 AAA 458,612
2003, 5.000%, 2/01/21 - FSA Insured
500 Norwell, Massachusetts, General Obligation Bonds, Series 2003, No Opt. Call AAA 593,055
5.000%, 11/15/20 - FGIC Insured
500 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call Baa3 494,070
Series 2001A, 5.500%, 7/01/29 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
3,750 Total Tax Obligation/General 3,930,127
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 11.9% (7.8% OF TOTAL INVESTMENTS)
395 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 A 407,288
Series 2004, 5.000%, 5/01/26 - AMBAC Insured
85 Massachusetts Bay Transportation Authority, Assessment Bonds, 7/10 at 100.00 AAA 86,111
Series 2000A, 5.250%, 7/01/30
385 Massachusetts Bay Transportation Authority, Senior Lien Sales No Opt. Call AAA 456,583
Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21
230 Massachusetts College Building Authority, Project Revenue Bonds, 5/14 at 100.00 A1 249,318
Series 2004A, 5.000%, 5/01/19 - NPFG Insured
250 Massachusetts College Building Authority, Project Revenue Bonds, 5/16 at 100.00 A1 251,763
Series 2006A, 5.000%, 5/01/31 - AMBAC Insured
550 Massachusetts College Building Authority, Project Revenue Bonds, 5/18 at 100.00 AAA 564,036
Series 2008A, 5.000%, 5/01/33 - AGC Insured
500 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 547,195
Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured
230 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, No Opt. Call A 256,202
Series 2005, 5.000%, 1/01/20 - FGIC Insured
500 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ 511,965
Loan Note, Series 1999A, 6.375%, 10/01/19
----------------------------------------------------------------------------------------------------------------------------------
3,125 Total Tax Obligation/Limited 3,330,461
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.3% (0.9% OF TOTAL INVESTMENTS)
400 Massachusetts Port Authority, Special Facilities Revenue Bonds, 7/17 at 100.00 A 376,760
BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 - FGIC
Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.8% (9.7% OF TOTAL INVESTMENTS) (4)
1,000 Boston, Massachusetts, General Obligation Bonds, Series 2001A, 2/11 at 100.00 AA+ (4) 1,053,990
5.000%, 2/01/20 (Pre-refunded 2/01/11)
1,675 Lawrence, Massachusetts, General Obligation Bonds, Series 2001, 2/11 at 100.00 Aa3 (4) 1,765,433
5.000%, 2/01/21 (Pre-refunded 2/01/11) - AMBAC Insured
125 Massachusetts Bay Transportation Authority, Assessment Bonds, 7/10 at 100.00 Aa1 (4) 128,661
Series 2000A, 5.250%, 7/01/30 (Pre-refunded 7/01/10)
80 Massachusetts Health and Educational Facilities Authority, 1/12 at 101.00 A (4) 89,598
Revenue Bonds, Covenant Health Systems Obligated Group, Series
2002, 6.000%, 7/01/31 (Pre-refunded 1/01/12)
215 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AAA 234,817
Revenue Bonds, Partners HealthCare System Inc., Series 2001C,
5.750%, 7/01/32 (Pre-refunded 7/01/11)
750 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, 1/14 at 100.00 A (4) 858,975
Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) - FGIC
Insured
----------------------------------------------------------------------------------------------------------------------------------
3,845 Total U.S. Guaranteed 4,131,474
----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.7% (3.7% OF TOTAL INVESTMENTS)
1,070 Massachusetts Development Finance Agency, Resource Recovery 1/12 at 101.00 A 1,114,501
Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/14 -
NPFG Insured
500 Massachusetts Industrial Finance Agency, Resource Recovery 12/09 at 101.00 BBB 467,975
Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A,
5.600%, 12/01/19 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
1,570 Total Utilities 1,582,476
----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 43
NMB | NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.9% (5.8% OF TOTAL INVESTMENTS)
$ 530 Boston Water and Sewerage Commission, Massachusetts, General 11/14 at 100.00 AA+ $ 564,074
Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25
125 Guam Government Waterworks Authority, Water and Wastewater 7/15 at 100.00 Ba2 125,404
System Revenue Bonds, Series 2005, 6.000%, 7/01/25
500 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/15 at 100.00 AAA 514,460
Program Bonds, Series 2005-11, 4.500%, 8/01/29
400 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/16 at 100.00 AAA 406,692
Program Bonds, Series 2006-12, 4.375%, 8/01/31
500 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, 8/12 at 100.00 AAA 547,355
MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
105 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, 2/10 at 101.00 AAA 106,397
MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29
250 Massachusetts Water Resources Authority, General Revenue Bonds, 8/16 at 100.00 AA+ 206,210
Series 2006A, 4.000%, 8/01/46
------------------------------------------------------------------------------------------------------------------------------------
2,410 Total Water and Sewer 2,470,592
------------------------------------------------------------------------------------------------------------------------------------
$ 42,480 Total Investments (cost $42,877,013) - 152.7% 42,639,179
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.8)% (1,050,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 575,584
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.0)% (6) (14,250,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 27,914,763
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard &
Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
below BBB by Standard & Poor's or Baa by Moody's are considered to be
below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment valued at fair value using methods determined in good faith
by, or at the discretion of, the Board Trustees. For fair value
measurement disclosure purposes, investment categorized as Level 3. See
Notes to Financial Statements, Footnote 2 - Fair Value Measurements for
more information.
(6) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 33.4%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a
financing transaction. See Notes to Financial Statements, Footnote 1 -
Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
44 Nuveen Investments
NGX | NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 23.3% (15.4% OF TOTAL
INVESTMENTS)
$ 1,135 Massachusetts Development Finance Agency, Revenue Bonds, Boston 10/15 at 100.00 A2 $ 1,090,735
University, Series 2005T-1, 5.000%, 10/01/39 - AMBAC Insured
600 Massachusetts Development Finance Agency, Revenue Bonds, 9/17 at 100.00 A+ 594,618
Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37
- NPFG Insured
1,250 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 A1 1,254,563
Middlesex School, Series 2003, 5.000%, 9/01/33
3,000 Massachusetts Development Finance Authority, Revenue Bonds, 1/18 at 100.00 AAA 3,001,830
WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 -
AGC Insured (UB)
1,750 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,774,325
Revenue Bonds, Boston College, Series 2003N, 5.125%, 6/01/37
1,500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 A- 1,495,875
Revenue Bonds, Worcester State College, Series 2002, 5.000%,
11/01/32 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
9,235 Total Education and Civic Organizations 9,211,946
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 13.9% (9.2% OF TOTAL INVESTMENTS)
600 Massachusetts Health and Educational Facilities Authority, 8/18 at 100.00 A 600,984
Revenue Bonds, Capital Asset Program, Series 1998B-1, 5.375%,
2/01/27 - MBIA Insured
1,500 Massachusetts Health and Educational Facilities Authority, 8/18 at 100.00 A 1,500,390
Revenue Bonds, Capital Asset Program, Series 1998B-2, 5.375%,
2/01/28 - MBIA Insured
455 Massachusetts Health and Educational Facilities Authority, 1/10 at 101.00 A 430,457
Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 -
MBIA Insured
585 Massachusetts Health and Educational Facilities Authority, 7/17 at 100.00 BBB- 469,363
Revenue Bonds, Milford Regional Medical Center, Series 2007E,
5.000%, 7/15/32
200 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BB- 131,484
Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%,
7/01/30
2,400 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 N/R 2,138,088
Revenue Bonds, New England Medical Center Hospitals, Series
2002H, 5.000%, 5/15/25 - FGIC Insured
250 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB+ 218,368
Revenue Bonds, UMass Memorial Health Care, Series 2005D,
5.000%, 7/01/33
----------------------------------------------------------------------------------------------------------------------------------
5,990 Total Health Care 5,489,134
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 10.0% (6.6% OF TOTAL INVESTMENTS)
770 Massachusetts Development Finance Authority, Multifamily 7/17 at 100.00 AAA 710,364
Housing Revenue Bonds, Emerson Manor Project, Series 2007,
4.800%, 7/20/48
2,000 Massachusetts Housing Finance Agency, Housing Bonds, Series 12/12 at 100.00 AA- 1,966,960
2003H, 5.125%, 6/01/43
1,265 Massachusetts Housing Finance Agency, Rental Housing Mortgage 7/12 at 100.00 AAA 1,262,963
Revenue Bonds, Series 2002H, 5.200%, 7/01/42 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
4,035 Total Housing/Multifamily 3,940,287
----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.6% (3.0% OF TOTAL INVESTMENTS)
1,750 Massachusetts Development Finance Authority, GNMA 12/12 at 105.00 AAA 1,830,570
Collateralized Revenue Bonds, Neville Communities, Series
2002A, 6.000%, 6/20/44
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.9% (11.1% OF TOTAL INVESTMENTS)
1,280 Littleton, Massachusetts, General Obligation Bonds, Series 1/13 at 101.00 AA 1,334,336
2003, 5.000%, 1/15/21 - FGIC Insured
1,500 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AAA 1,786,140
Series 2004B, 5.250%, 8/01/21 - FSA Insured
1,705 North Attleborough, Massachusetts, General Obligation Bonds, 7/14 at 101.00 A1 1,955,601
Series 2004, 5.000%, 7/15/15 - FGIC Insured
1,500 Pittsfield, Massachusetts, General Obligation Bonds, Series 4/12 at 101.00 AA- 1,583,400
2002, 5.000%, 4/15/18 - NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
5,985 Total Tax Obligation/General 6,659,477
----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 45
NGX | NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 25.2% (16.6% OF TOTAL INVESTMENTS)
$ 3,000 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/13 at 100.00 A $ 3,031,770
Series 2002, 5.000%, 5/01/32 - AMBAC Insured
750 Massachusetts College Building Authority, Project Revenue Bonds, 5/18 at 100.00 AAA 769,140
Series 2008A, 5.000%, 5/01/33 - AGC Insured
2,790 Massachusetts College Building Authority, Project Revenue 5/13 at 100.00 A1 2,902,493
Refunding Bonds, Series 2003A, 5.250%, 5/01/22 - SYNCORA GTY
Insured
Massachusetts Development Finance Authority, Revenue Bonds, 100
Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
1,475 5.125%, 8/01/28 - NPFG Insured 2/12 at 100.00 A 1,475,634
1,500 5.125%, 2/01/34 - NPFG Insured 2/12 at 100.00 A 1,462,350
300 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, No Opt. Call A 334,176
Series 2005, 5.000%, 1/01/20 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
9,815 Total Tax Obligation/Limited 9,975,563
----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 3.8% (2.5% OF TOTAL INVESTMENTS)
1,000 Massachusetts Port Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AA- 1,003,540
5.000%, 7/01/33 - NPFG Insured
500 Massachusetts Turnpike Authority, Metropolitan Highway System 1/10 at 100.00 AA 496,190
Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 -
AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
1,500 Total Transportation 1,499,730
----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 36.4% (24.0% OF TOTAL INVESTMENTS) (4)
2,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 2,215,380
Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27
(Pre-refunded 7/01/12) - FGIC Insured
500 Massachusetts Development Finance Authority, Revenue Bonds, 7/13 at 101.00 A- (4) 596,220
Massachusetts College of Pharmacy and Allied Health Sciences,
Series 2003C, 6.375%, 7/01/23 (Pre-refunded 7/01/13)
100 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 N/R (4) 109,359
Revenue Bonds, New England Medical Center Hospitals, Series
2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) - FGIC Insured
525 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/10 at 100.00 AAA 654,638
13.000%, 7/01/13 (ETM)
2,000 Massachusetts, General Obligation Bonds, Consolidated Loan, 11/11 at 100.00 AA (4) 2,161,480
Series 2001D, 5.000%, 11/01/20 (Pre-refunded 11/01/11) - NPFG
Insured
1,000 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, 1/14 at 100.00 A (4) 1,145,300
Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) - FGIC
Insured
1,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,557,915
Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) - FSA
Insured
3,000 Springfield, Massachusetts, General Obligation Bonds, Series 1/13 at 100.00 AA- (4) 3,391,560
2003, 5.250%, 1/15/22 (Pre-refunded 1/15/13) - MBIA Insured
2,140 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 A+ (4) 2,533,032
Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21
(Pre-refunded 11/01/14) - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
12,765 Total U.S. Guaranteed 14,364,884
----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 17.6% (11.6% OF TOTAL INVESTMENTS)
1,900 Lynn Water and Sewer Commission, Massachusetts, General Revenue 12/13 at 100.00 A 1,894,851
Bonds, Series 2003A, 5.000%, 12/01/32 - NPFG Insured
600 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/16 at 100.00 AAA 610,038
Program Bonds, Series 2006-12, 4.375%, 8/01/31
1,000 Massachusetts Water Resources Authority, General Revenue Bonds, No Opt. Call AAA 1,188,240
Series 2002J, 5.250%, 8/01/19 - FSA Insured
1,000 Massachusetts Water Resources Authority, General Revenue Bonds, 8/13 at 100.00 AA+ 1,059,780
Series 2004D, 5.000%, 8/01/24 - NPFG Insured
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
Massachusetts Water Resources Authority, General Revenue Bonds,
Series 2006A:
$ 1,500 5.000%, 8/01/31 - AMBAC Insured 8/16 at 100.00 AA+ $ 1,550,565
125 4.000%, 8/01/46 8/16 at 100.00 AA+ 103,105
495 Springfield Water and Sewerage Commission, Massachusetts, 7/14 at 100.00 A+ 541,104
General Revenue Bonds, Series 2003A, 5.000%, 7/01/16 - NPFG
Insured
-----------------------------------------------------------------------------------------------------------------------------------
6,620 Total Water and Sewer 6,947,683
-----------------------------------------------------------------------------------------------------------------------------------
$ 57,695 Total Investments (cost $58,513,727) - 151.7% 59,919,274
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.8)% (1,500,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.0% 1,573,643
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.9)% (5) (20,500,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 39,492,917
===================================================================================================================
At least 80% of the Fund's net assets are invested in municipal
securities that guarantee the timely payment of principal and interest.
See Notes to Financial Statements, Footnote 1 - Insurance, for more
information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard &
Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
below BBB by Standard & Poor's or Baa by Moody's are considered to be
below investment grade.
The Portfolio of Investments may reflect the ratings on certain bonds
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Managers' Comments for an expanded
discussion of the affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 34.2%.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected as a
financing transaction. See Notes to Financial Statements, Footnote 1 -
Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 47
NOM | NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND
| PORTFOLIO OF INVESTMENTS
November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.2% OF TOTAL INVESTMENTS)
$ 1,000 Missouri Development Finance Board, Solid Waste Disposal Revenue No Opt. Call AA- $ 1,010,880
Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29
(Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 2.0% (1.4% OF TOTAL
INVESTMENTS)
250 Lincoln University, Missouri, Auxiliary System Revenue Bonds, 6/17 at 100.00 AAA 251,313
Series 2007, 5.125%, 6/01/37 - AGC Insured
365 Missouri Health and Educational Facilities Authority, Revenue 4/11 at 100.00 A3 371,913
Bonds, Webster University, Series 2001, 5.500%, 4/01/18 -
NPFG Insured
----------------------------------------------------------------------------------------------------------------------------------
615 Total Education and Civic Organizations 623,226
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.7% (14.6% OF TOTAL INVESTMENTS)
710 Cape Girardeau County Industrial Development Authority, 6/17 at 100.00 N/R 656,147
Missouri, Health Facilities Revenue Bonds, Southeast Missouri
Hospital Association, Series 2007, 5.000%, 6/01/27
930 Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 11/16 at 100.00 N/R 798,433
5.625%, 5/01/38
480 Clinton County Industrial Development Authority, Missouri, 12/17 at 100.00 N/R 331,157
Revenue Bonds, Cameron Regional Medical Center, Series 2007,
5.000%, 12/01/37
750 Joplin Industrial Development Authority, Missouri, Health 2/15 at 102.00 BBB+ 726,600
Facilities Revenue Bonds, Freeman Health System, Series 2004,
5.500%, 2/15/29
500 Missouri Health & Educational Facilities Authority, St. Luke's 6/11 at 101.00 AAA 507,835
Episcopal- Presbyterian Hospitals Revenue Bonds, 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 1,524,885
1,155 5.250%, 5/15/32 5/13 at 100.00 AA 1,164,771
425 Missouri Health and Educational Facilities Authority, Revenue 2/10 at 100.00 BBB+ 425,247
Bonds, Lake Regional Health System, Series 1996, 6.500%,
2/15/21
500 Missouri Health and Educational Facilities Authority, Revenue 2/14 at 100.00 BBB+ 471,205
Bonds, Lake Regional Health System, Series 2003, 5.700%,
2/15/34
----------------------------------------------------------------------------------------------------------------------------------
6,950 Total Health Care 6,606,280
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.7% (2.5% OF TOTAL INVESTMENTS)
395 Jefferson County Industrial Development Authority, Missouri, 12/11 at 100.00 N/R 374,464
Multifamily Housing Revenue Bonds, Lakewood Apartments
Project, Series 2001B, 5.750%, 11/01/34 (Mandatory put
11/01/16) (Alternative Minimum Tax)
245 Missouri Housing Development Commission, Multifamily Housing 12/11 at 100.00 AA 252,198
Revenue Bonds, Series 2001II, 5.250%, 12/01/16
500 St. Charles County Industrial Development Authority, Missouri, 4/10 at 100.00 AAA 500,640
FHA-Insured Multifamily Housing Revenue Bonds, Ashwood
Apartments, Series 1998A, 5.600%, 4/01/30 - FSA Insured
(Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
1,140 Total Housing/Multifamily 1,127,302
----------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.7% (3.8% OF TOTAL INVESTMENTS)
70 Missouri Housing Development Commission, Single Family Mortgage 3/10 at 100.00 AAA 72,668
Revenue Bonds, Homeownership Loan Program, Series 2000B-1,
6.250%, 3/01/31 (Alternative Minimum Tax)
750 Missouri Housing Development Commission, Single Family Mortgage 9/16 at 100.00 AAA 724,703
Revenue Bonds, Homeownership Loan Program, Series 2007A-1,
4.700%, 9/01/27 (Alternative Minimum Tax)
1,000 Missouri Housing Development Commission, Single Family Mortgage 3/17 at 100.00 AAA 930,720
Revenue Bonds, Homeownership Loan Program, Series 2007C-1,
4.800%, 9/01/38 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
1,820 Total Housing/Single Family 1,728,091
----------------------------------------------------------------------------------------------------------------------------------
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
----------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 8.0% (5.3% OF TOTAL INVESTMENTS)
$ 1,750 Cole County Industrial Development Authority, Missouri, Revenue 2/14 at 100.00 N/R $ 1,566,163
Bonds, Lutheran Senior Services - Heisinger Project, Series
2004, 5.500%, 2/01/35
475 Lees Summit Industrial Development Authority, Missouri, Revenue 8/17 at 100.00 N/R 405,479
Bonds, John Knox Village Obligated Group, Series 2007A,
5.125%, 8/15/32
500 St. Louis County Industrial Development Authority, Missouri, 9/17 at 100.00 N/R 455,270
Revenue Bonds, Friendship Village of West County, Series
2007A, 5.500%, 9/01/28
----------------------------------------------------------------------------------------------------------------------------------
2,725 Total Long-Term Care 2,426,912
----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.1% (1.4% OF TOTAL INVESTMENTS)
750 Sugar Creek, Missouri, Industrial Development Revenue Bonds, 6/13 at 101.00 BBB- 646,800
Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37
(Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 26.3% (17.7% OF TOTAL INVESTMENTS)
1,500 Camdenton Reorganized School District R3, Camden County, No Opt. Call AAA 1,627,800
Missouri, General Obligation Bonds, Series 2005, 5.250%,
3/01/24 - FSA Insured (5)
500 Jackson County School District R-7, Lees Summit, Missouri, 3/12 at 100.00 AAA 542,345
General Obligation Refunding and Improvement Bonds, Series
2002, 5.250%, 3/01/18 - FSA Insured
500 Missouri School Boards Association, Lease Participation 3/17 at 100.00 AAA 535,405
Certificates, Clay County School District 53 Liberty, Series
2007, 5.250%, 3/01/27 - FSA Insured
1,630 North Kansas City School District, Missouri, General Obligation 3/13 at 100.00 AA+ 1,753,521
Bonds, Series 2003A, 5.000%, 3/01/23
1,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call A 1,052,010
Series 2001A, 5.500%, 7/01/20 - NPFG Insured
2,020 Ritenour Consolidated School District, St. Louis County, No Opt. Call A1 2,211,476
Missouri, General Obligation Bonds, Series 1995, 7.375%,
2/01/12 - FGIC Insured
270 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 298,482
General Obligation Bonds, Series 2004, 5.250%, 3/01/20 - FSA
Insured
----------------------------------------------------------------------------------------------------------------------------------
7,420 Total Tax Obligation/General 8,021,039
----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.1% (14.8% OF TOTAL INVESTMENTS)
600 Chesterfield, Missouri, Certificates of Participation, Series 12/15 at 100.00 Aa1 618,174
2005, 5.000%, 12/01/24 - FGIC Insured
80 Cottleville, Missouri, Certificates of Participation, Series 8/14 at 100.00 N/R 67,392
2006, 5.250%, 8/01/31
390 Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs 4/14 at 100.00 N/R 379,841
Redevelopment Project, Series 2006, 4.500%, 4/01/21
315 Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons 6/16 at 100.00 N/R 241,035
Redevelopment Project, Series 2006, 5.000%, 6/01/28
475 Kansas City Tax Increment Financing District, Missouri, Tax 6/14 at 102.00 N/R 393,960
Increment Revenue Bonds, Briarcliff West Project, Series
2006A, 5.400%, 6/01/24
415 Missouri Development Finance Board, Independence, Infrastructure 3/16 at 100.00 A+ 411,535
Facilities Revenue Bonds, Crackerneck Creek Project, Series
2006C, 5.000%, 3/01/28
360 Missouri Development Finance Board, Infrastructure Facilities 6/15 at 100.00 A 316,688
Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%,
6/01/35
450 Monarch-Chesterfield Levee District, St. Louis County, Missouri, 3/10 at 101.00 A 459,180
Levee District Improvement Bonds, Series 1999, 5.750%,
3/01/19 - NPFG Insured
500 Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts 5/12 at 102.00 N/R 387,900
Point Transportation Development District, Series 2006,
5.000%, 5/01/23
600 Riverside, Missouri, L-385 Levee Redevelopment Plan Tax 5/15 at 100.00 A 608,724
Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
Nuveen Investments 49
NOM | NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (continued)
| PORTFOLIO OF INVESTMENTS November 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Springfield Public Building Corporation, Missouri, Lease 6/10 at 100.00 N/R $ 2,012,140
Revenue Bonds, Jordan Valley Park Projects, Series 2000A,
6.125%, 6/01/21 - AMBAC Insured
St. Joseph Industrial Development Authority, Missouri, Tax
Increment Bonds, Shoppes at North Village Project,
Series 2005A:
340 5.375%, 11/01/24 11/14 at 100.00 N/R 301,417
400 5.500%, 11/01/27 11/14 at 100.00 N/R 345,832
200 St. Joseph Industrial Development Authority, Missouri, Tax 11/14 at 100.00 N/R 172,916
Increment Bonds, Shoppes at North Village Project, Series
2005B, 5.500%, 11/01/27
-----------------------------------------------------------------------------------------------------------------------------------
7,125 Total Tax Obligation/Limited 6,716,734
-----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.8% (3.2% OF TOTAL INVESTMENTS)
500 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 A 495,170
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 - AMBAC Insured (Alternative Minimum Tax)
1,000 St. Louis Land Clearance Redevelopment Authority, Missouri, 3/10 at 102.00 N/R 967,690
Revenue Refunding and Improvement Bonds, LCRA Parking
Facilities, Series 1999C, 7.000%, 9/01/19
-----------------------------------------------------------------------------------------------------------------------------------
1,500 Total Transportation 1,462,860
-----------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.9% (19.4% OF TOTAL INVESTMENTS) (4)
685 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R (4) 776,208
Revenue Bonds, Gravois Bluffs Redevelopment Project,
Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12)
2,500 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AA- (4) 2,702,425
Bonds, SSM Healthcare System, Series 2001A, 5.250%,
6/01/28 (Pre-refunded 6/01/11) - AMBAC Insured
1,000 Missouri Health and Educational Facilities Authority, Revenue 12/10 at 101.00 N/R (4) 1,066,880
Bonds, St. Anthony's Medical Center, Series 2000, 6.250%,
12/01/30 (Pre-refunded 12/01/10)
1,380 Springfield Center City Development Corporation, Missouri, 11/11 at 100.00 A1 (4) 1,491,421
Lease Revenue Bonds, Jordan Valley Park Parking Garage,
Series 2002D, 5.000%, 11/01/22 (Pre-refunded 11/01/11) -
AMBAC Insured
80 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 92,981
General Obligation Bonds, Series 2004, 5.250%, 3/01/20
(Pre-refunded 3/01/14) - FSA Insured
500 St. Louis County, Missouri, GNMA Collateralized Mortgage No Opt. Call N/R (4) 576,920
Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative
Minimum Tax) (ETM)
1,000 St. Louis Municipal Finance Corporation, Missouri, Leasehold 2/12 at 100.00 N/R (4) 1,110,230
Revenue Bonds, Carnahan Courthouse, Series 2002A, 5.750%,
2/15/16 (Pre-refunded 2/15/12) - FGIC Insured
950 Texas County, Missouri, Hospital Revenue Bonds, Texas County 6/10 at 100.00 N/R (4) 985,198
Memorial Hospital, Series 2000, 7.250%, 6/15/25
(Pre-refunded 6/15/10)
-----------------------------------------------------------------------------------------------------------------------------------
8,095 Total U.S. Guaranteed 8,802,263
-----------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.8% (6.6% OF TOTAL INVESTMENTS)
2,965 Missouri Environmental Improvement and Energy Resources 12/16 at 100.00 AAA 2,579,906
Authority, Water Facility Revenue Bonds, Missouri-American
Water Company, Series 2006, 4.600%, 12/01/36 - AMBAC
Insured (Alternative Minimum Tax) (UB)
350 Missouri Environmental Improvement and Energy Resources No Opt. Call Aaa 391,594
Authority, Water Pollution Control Revenue Bonds, State
Revolving Fund Program - Kansas City Project, Series 1997C,
6.750%, 1/01/12
-----------------------------------------------------------------------------------------------------------------------------------
3,315 Total Water and Sewer 2,971,500
-----------------------------------------------------------------------------------------------------------------------------------
$ 42,455 Total Long-Term Investments (cost $42,633,735) - 138.4% 42,143,887
=============----------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 10.5% (7.1% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 10.5% (7.1% OF TOTAL INVESTMENTS)
$ 3,200 Kansas City, Missouri, Special Obligation Bonds, H. Roe Bartle 3/10 at 100.00 VMIG-1 $ 3,200,000
Convention Center Refunding, Variable Rate Demand
Obligations, Series 2008F, 0.290%, 4/15/25 (6)
=============----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $3,200,000) 3,200,000
-------------------------------------------------------------------------------------------------------------------
Total Investments (cost $45,833,735) - 148.9% 45,343,887
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (7.3)% (2,225,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 10.9% 3,340,101
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.5)% (7) (16,000,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 30,458,988
===================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions
at varying prices at later dates. Certain mortgage-backed securities may
be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group ("Standard &
Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings
below BBB by Standard & Poor's or Baa by Moody's are considered to be
below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment, or portion of investment, has been pledged as collateral for
inverse floating rate transactions.
(6) Investment has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term investment. The
rate disclosed is that in effect at the end of the reporting period.
This rate changes periodically based on market conditions or a specified
market index.
(7) Preferred Shares, at Liquidation Value as a percentage of Total
Investments is 35.3%.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected as a
financing transaction. See Notes to Financial Statements, Footnote 1 -
Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 51
STATEMENT OF ASSETS & LIABILITIES
November 30, 2009 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Long-term investments, at value (cost $111,619,663,
$55,060,770,$50,388,731 and $90,983,037, respectively) $ 112,398,319 $ 55,909,673 $ 51,511,118 $ 91,115,932
Short-term investments (at cost, which approximates value) -- -- -- --
Cash 3,755,532 2,423,388 1,095,695 3,607,676
Receivables:
Interest 1,751,751 774,775 723,724 1,414,278
Investments sold -- -- -- --
Other assets 21,310 9,321 35,324 11,577
----------------------------------------------------------------------------------------------------------------------------------
Total assets 117,926,912 59,117,157 53,365,861 96,149,463
----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 7,965,000 3,820,000 3,460,000 5,780,000
Payables:
Investments purchased -- -- -- --
Common share dividends 279,002 144,873 137,314 225,373
Preferred share dividends 1,620 1,295 1,159 343
Accrued expenses:
Management fees 60,014 25,392 20,805 43,065
Other 46,089 26,468 24,695 38,423
----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 8,351,725 4,018,028 3,643,973 6,087,204
----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 33,450,000 17,250,000 15,450,000 28,275,000
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 76,125,187 $ 37,849,129 $ 34,271,888 $ 61,787,259
==================================================================================================================================
Common shares outstanding 5,365,029 2,582,456 2,318,061 4,365,873
==================================================================================================================================
Net asset value per Common share outstanding (net assets
applicable to Common shares, divided by Common shares
outstanding) $ 14.19 $ 14.66 $ 14.78 $ 14.15
==================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 53,650 $ 25,825 $ 23,181 $ 43,659
Paid-in surplus 74,538,966 36,632,993 32,823,733 61,611,907
Undistributed (Over-distribution of) net investment income 818,117 390,965 366,894 501,058
Accumulated net realized gain (loss) from investments and
derivative transactions (64,202) (49,557) (64,307) (502,260)
Net unrealized appreciation (depreciation) of investments 778,656 848,903 1,122,387 132,895
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 76,125,187 $ 37,849,129 $ 34,271,888 $ 61,787,259
==================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
==================================================================================================================================
52 Nuveen Investments
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Long-term investments, at value (cost $101,305,784,
$42,877,013,$58,513,727 and $42,633,735, respectively) $ 101,888,857 $ 42,639,179 $ 59,919,274 $ 42,143,887
Short-term investments (at cost, which approximates value) -- -- -- 3,200,000
Cash 1,156,699 409,739 850,104 2,771,088
Receivables:
Interest 1,687,013 695,030 903,983 721,991
Investments sold 20,000 -- -- --
Other assets 18,156 7,799 33,119 13,185
----------------------------------------------------------------------------------------------------------------------------------
Total assets 104,770,725 43,751,747 61,706,480 48,850,151
----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 2,450,000 1,050,000 1,500,000 2,225,000
Payables:
Investments purchased 375,000 375,000 -- --
Common share dividends 277,733 119,193 158,359 118,850
Preferred share dividends 1,648 1,070 1,538 775
Accrued expenses:
Management fees 53,245 18,684 23,560 24,411
Other 47,699 23,037 30,106 22,127
----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 3,205,325 1,586,984 1,713,563 2,391,163
----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 34,000,000 14,250,000 20,500,000 16,000,000
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 67,565,400 $ 27,914,763 $ 39,492,917 $ 30,458,988
==================================================================================================================================
Common shares outstanding 4,764,710 1,962,662 2,724,766 2,312,156
==================================================================================================================================
Net asset value per Common share outstanding (net assets
applicable to Common shares, divided by Common shares
outstanding) $ 14.18 $ 14.22 $ 14.49 $ 13.17
==================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 47,647 $ 19,627 $ 27,248 $ 23,122
Paid-in surplus 66,159,047 27,785,991 38,394,988 30,996,678
Undistributed (Over-distribution of) net investment income 795,098 287,593 351,040 293,595
Accumulated net realized gain (loss) from investments and
derivative transactions (19,465) 59,386 (685,906) (364,559)
Net unrealized appreciation (depreciation) of investments 583,073 (237,834) 1,405,547 (489,848)
----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 67,565,400 $ 27,914,763 $ 39,492,917 $ 30,458,988
==================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
==================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 53
STATEMENT OF OPERATIONS
Six Months Ended November 30, 2009
(Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 2,703,138 $ 1,364,154 $ 1,223,981 $ 2,108,352
----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 363,748 182,560 165,278 298,465
Preferred shares -- auction fees 25,182 12,979 11,627 21,315
Preferred shares -- dividend disbursing agent fees 5,011 5,011 5,011 5,011
Shareholders' servicing agent fees and expenses 4,420 668 580 576
Interest expense on floating rate obligations 33,121 15,739 14,273 23,206
Custodian's fees and expenses 13,134 8,342 7,942 11,382
Trustees' fees and expenses 1,201 609 557 997
Professional fees 6,999 5,488 5,347 6,386
Shareholders' reports -- printing and mailing expenses 16,414 8,793 8,371 12,763
Stock exchange listing fees 4,622 183 164 309
Investor relations expense 4,445 2,159 1,987 3,530
Other expenses 9,484 8,531 8,414 9,103
----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense
reimbursement 487,781 251,062 229,551 393,043
Custodian fee credit (165) (76) (48) (253)
Expense reimbursement -- (28,373) (38,530) (61,654)
----------------------------------------------------------------------------------------------------------------------------------
Net expenses 487,616 222,613 190,973 331,136
----------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,215,522 1,141,541 1,033,008 1,777,216
----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 15,426 (2,611) 118 620
Change in net unrealized appreciation (depreciation) of
investments 2,849,410 1,302,558 1,009,685 2,232,417
----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 2,864,836 1,299,947 1,009,803 2,233,037
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (77,501) (40,969) (36,618) (65,990)
----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (77,501) (40,969) (36,618) (65,990)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 5,002,857 $ 2,400,519 $ 2,006,193 $ 3,944,263
==================================================================================================================================
54 Nuveen Investments
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 2,581,155 $ 1,070,573 $ 1,425,584 $ 1,148,015
----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 320,324 133,732 190,466 147,226
Preferred shares -- auction fees 25,571 10,716 15,418 12,032
Preferred shares -- dividend disbursing agent fees 5,011 5,011 5,011 5,011
Shareholders' servicing agent fees and expenses 2,615 275 273 1,705
Interest expense on floating rate obligations 8,530 3,656 5,223 5,664
Custodian's fees and expenses 12,197 7,037 7,376 6,778
Trustees' fees and expenses 1,153 490 678 537
Professional fees 6,589 5,137 5,663 5,198
Shareholders' reports -- printing and mailing expenses 16,442 7,501 9,800 9,399
Stock exchange listing fees 4,622 139 192 163
Investor relations expense 4,152 1,742 2,403 2,002
Other expenses 9,229 8,236 8,330 8,225
----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense
reimbursement 416,435 183,672 250,833 203,940
Custodian fee credit (75) (34) (31) (82)
Expense reimbursement -- (20,784) (47,363) --
----------------------------------------------------------------------------------------------------------------------------------
Net expenses 416,360 162,854 203,439 203,858
----------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,164,795 907,719 1,222,145 944,157
----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 1,400 776 -- 86
Change in net unrealized appreciation (depreciation)
of investments 3,944,146 1,221,674 1,508,983 1,554,622
----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 3,945,546 1,222,450 1,508,983 1,554,708
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (78,750) (33,825) (48,546) (37,029)
----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (78,750) (33,825) (48,546) (37,029)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations $ 6,031,591 $ 2,096,344 $ 2,682,582 $ 2,461,836
==================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 55
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK)
------------------------- -------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09
------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,215,522 $ 4,513,886 $ 1,141,541 $ 2,342,463 $ 1,033,008 $ 2,107,759
Net realized gain (loss) from:
Investments 15,426 (65,422) (2,611) (52,277) 118 (53,947)
Forward swaps -- -- -- -- -- --
Futures -- -- -- -- -- --
Change in net unrealized appreciation
(depreciation) of:
Investments 2,849,410 (3,446,470) 1,302,558 (1,392,610) 1,009,685 (903,421)
Forward swaps -- -- -- -- -- --
Distributions to Preferred shareholders:
From net investment income (77,501) (772,216) (40,969) (377,309) (36,618) (335,215)
From accumulated net realized gains -- (147,930) -- (97,695) -- (99,314)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 5,002,857 81,848 2,400,519 422,572 2,006,193 715,862
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,794,372) (3,221,068) (906,134) (1,722,367) (841,292) (1,538,392)
From accumulated net realized gains -- (400,689) -- (273,291) -- (288,702)
------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,794,372) (3,621,757) (906,134) (1,995,658) (841,292) (1,827,094)
------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 15,348 -- 26,009 28,119 15,077 15,125
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions 15,348 -- 26,009 28,119 15,077 15,125
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 3,223,833 (3,539,909) 1,520,394 (1,544,967) 1,179,978 (1,096,107)
Net assets applicable to Common
shares at the beginning of period 72,901,354 76,441,263 36,328,735 37,873,702 33,091,910 34,188,017
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $76,125,187 $72,901,354 $ 37,849,129 $36,328,735 $34,271,888 $33,091,910
==============================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 818,117 $ 474,468 $ 390,965 $ 196,527 $ 366,894 $ 211,796
==============================================================================================================================
56 Nuveen Investments
CONNECTICUT MASSACHUSETTS MASSACHUSETTS
DIVIDEND ADVANTAGE 3 (NGO) PREMIUM INCOME(NMT) DIVIDEND ADVANTAGE(NMB)
---------------------------- -------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,777,216 $ 3,669,187 $ 2,164,795 $ 4,318,144 $ 907,719 $ 1,871,615
Net realized gain (loss) from:
Investments 620 (124,826) 1,400 136,221 776 29,163
Forward swaps -- -- -- 101,206 -- 62,818
Futures -- -- -- (44,426) -- (13,669)
Change in net unrealized appreciation
(depreciation) of:
Investments 2,232,417 (2,451,332) 3,944,146 (4,755,329) 1,221,674 (1,831,289)
Forward swaps -- -- -- (92,080) -- (57,153)
Distributions to Preferred shareholders:
From net investment income (65,990) (720,819) (78,750) (717,206) (33,825) (334,450)
From accumulated net realized gains -- -- -- (80,090) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 3,944,263 372,210 6,031,591 (1,133,560) 2,096,344 (272,965)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,401,445) (2,604,243) (1,786,767) (3,084,501) (724,116) (1,359,879)
From accumulated net realized gains -- -- -- (197,208) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,401,445) (2,604,243) (1,786,767) (3,281,709) (724,116) (1,359,879)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- 15,479 12,550 27,520
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions -- -- -- 15,479 12,550 27,520
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 2,542,818 (2,232,033) 4,244,824 (4,399,790) 1,384,778 (1,605,324)
Net assets applicable to Common
shares at the beginning of period 59,244,441 61,476,474 63,320,576 67,720,366 26,529,985 28,135,309
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 61,787,259 $ 59,244,441 $67,565,400 $63,320,576 $27,914,763 $26,529,985
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 501,058 $ 191,277 $ 795,098 $ 495,820 $ 287,593 $ 137,815
====================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 57
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED MASSACHUSETTS MISSOURI
TAX-FREE ADVANTAGE (NGX) PREMIUM INCOME (NOM)
-------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
11/30/09 5/31/09 11/30/09 5/31/09
-----------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,222,145 $ 2,473,655 $ 944,157 $ 1,972,280
Net realized gain (loss) from:
Investments -- (175,187) 86 (348,183)
Forward swaps -- -- -- --
Futures -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 1,508,983 (1,160,172) 1,554,622 (2,238,845)
Forward swaps -- -- -- --
Distributions to Preferred shareholders:
From net investment income (48,546) (465,067) (37,029) (360,699)
From accumulated net realized gains -- -- -- --
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 2,682,582 673,229 2,461,836 (975,447)
-----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (952,213) (1,808,499) (766,172) (1,509,479)
From accumulated net realized gains -- -- -- --
-----------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (952,213) (1,808,499) (766,172) (1,509,479)
-----------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 8,071 16,315 29,469 48,910
-----------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from capital share transactions 8,071 16,315 29,469 48,910
-----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares 1,738,440 (1,118,955) 1,725,133 (2,436,016)
Net assets applicable to Common shares at the beginning
of period 37,754,477 38,873,432 28,733,855 31,169,871
-----------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of
period $39,492,917 $37,754,477 $30,458,988 $28,733,855
=======================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 351,040 $ 129,654 $ 293,595 $ 152,639
=======================================================================================================================
See accompanying notes to financial statements.
58 Nuveen Investments
STATEMENT OF CASH FLOWS
Six Months ended November 30, 2009
(Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2
(NTC) (NFC) (NGK)
------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
SHARES FROM OPERATIONS $ 5,002,857 $ 2,400,519 $ 2,006,193
Adjustments to reconcile the net increase (decrease) in net
assets applicable to Common shares from operations to net
cash provided by (used in) operating activities:
Purchases of investments (1,571,555) -- --
Proceeds from sales and maturities of investments 1,700,450 872,500 5,000
Amortization (Accretion) of premiums and discounts, net 120,664 60,437 50,350
(Increase) Decrease in receivable for interest 7,423 18,393 4,226
(Increase) Decrease in receivable for investments sold 185,000 90,000 --
(Increase) Decrease in other assets (3,213) 3,577 (5,453)
Increase (Decrease) in payable for Preferred shares noticed
for redemption, at liquidation value (1,525,000) (750,000) (675,000)
Increase (Decrease) in payable for Preferred share dividends 134 (134) 164
Increase (Decrease) in accrued management fees 558 66 (1)
Increase (Decrease) in accrued other liabilities 9,505 4,471 3,381
Net realized (gain) loss from investments (15,426) 2,611 (118)
Change in net unrealized (appreciation) depreciation of
investments (2,849,410) (1,302,558) (1,009,685)
Taxes paid on undistributed capital gains (1,032) (530) --
------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 1,060,955 1,399,352 379,057
------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions paid to Common shareholders (1,756,870) (872,229) (819,573)
------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (1,756,870) (872,229) (819,573)
------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (695,915) 527,123 (440,516)
Cash at beginning of period 4,451,447 1,896,265 1,536,211
------------------------------------------------------------------------------------------------------------
CASH AT END OF PERIOD $ 3,755,532 $ 2,423,388 $ 1,095,695
============================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Non-cash financing activities not included herein consist of reinvestments of
Common share distributions of $15,348, $26,009 and $15,077, for Connecticut
Premium Income (NTC), Connecticut Dividend Advantage (NFC) and Connecticut
Dividend Advantage 2 (NGK), respectively.
Cash paid for interest was $33,121, $15,739 and $14,273, for Connecticut Premium
Income (NTC), Connecticut Dividend Advantage (NFC) and Connecticut Dividend
Advantage 2 (NGK), respectively.
See accompanying notes to financial statements.
Nuveen Investments 59
NOTES TO FINANCIAL STATEMENTS(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state 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) (collectively, the
"Funds"). Common shares of Connecticut Premium Income (NTC) and Massachusetts
Premium Income (NMT) are traded on the New York Stock Exchange (NYSE) 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 NYSE Amex. 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 portfolio of municipal obligations issued by state
and local government authorities within a single state or certain U.S.
territories.
In June 2009, the Financial Accounting Standards Board (FASB) established the
FASB Accounting Standards Codification(TM) (the "Codification") as the single
source of authoritative accounting principles recognized by the FASB in the
preparation of financial statements in conformity with generally accepted
accounting principles (GAAP). The Codification supersedes existing
non-grandfathered, non-SEC accounting and reporting standards. The Codification
did not change GAAP but rather organized it into a hierarchy where all guidance
within the Codification carries an equal level of authority. The Codification
became effective for financial statements issued for interim and annual periods
ending after September 15, 2009. The Codification did not have a material
effect on the Funds' financial statements.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
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. Prices of
forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Trustees. Futures contracts are valued using
the closing settlement price, or, in the absence of such a price, at the mean
of the bid and asked prices. When market price quotes are not readily available
(which is usually the case for municipal securities), the pricing service or,
in the absence of a pricing service for a particular investment or derivative
instrument, the Board of Trustees of the Fund, or its designee, may establish
fair value using a wide variety of market data including yields or prices of
investments of comparable quality, type of issue, coupon, maturity and rating,
market quotes or indications of value from security dealers, evaluations of
anticipated cash flows or collateral, general market conditions and other
information and analysis, including the obligor's credit characteristics
considered relevant. Temporary investments in securities that have variable
rate and demand features qualifying them as short-term investments are valued at
amortized cost, which approximates 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/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/delayed delivery purchase commitments. At November 30, 2009,
Massachusetts Premium Income (NMT) and Massachusetts Dividend Advantage (NMB)
each had outstanding when-issued/delayed delivery purchase commitments of
$375,000. 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.
60 Nuveen Investments
INCOME TAXES
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its 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.
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
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 at least 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 US
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. As of November 30,
2009, 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 -- 690 -- --
Series W -- -- 618 --
Series TH 1,338 -- -- --
Series F -- -- -- 1,131
========================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------
Number of shares:
Series T -- 570 -- --
Series W -- -- 820 --
Series TH 1,360 -- -- 640
Series F -- -- -- --
========================================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Preferred shares issued by the Funds than there were
offers to buy. This meant that these auctions "failed to clear," and that many,
or all, Preferred shareholders who wanted to sell their shares in these auctions
were unable to do so. Preferred shareholders unable to sell their shares
received distributions at the "maximum rate" applicable to failed auctions as
calculated in accordance with the pre-established terms of the Preferred shares.
These developments have generally not affected the portfolio management or
investment policies of the Funds. However, one continuing implication of these
auction failures for Common shareholders is that the Funds' cost of leverage
likely has been incrementally higher at times than it otherwise would have been
had the auctions continued to be successful. As a result, the Funds' future
Common share earnings may likely have been lower than they otherwise might have
been. As of November 30, 2009, the aggregate amount of outstanding Preferred
shares redeemed by each Fund is as follows:
Nuveen Investments 61
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed, at liquidation value $4,850,000 $2,250,000 $2,050,000 $3,725,000
============================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed, at liquidation value $-- $750,000 $-- $--
============================================================================================================================
INSURANCE
Under normal circumstances, Insured Massachusetts Tax-Free Advantage (NGX)
invests at least 80% of its net assets (as defined in Footnote 7 -Management
Fees and Other Transactions with Affiliates) in municipal securities that are
covered by insurance guaranteeing the timely payment of principal and interest.
For purposes of this 80% test, insurers must have a claims paying ability rated
at least "A" at the time of purchase by at least one independent rating agency.
In addition, the Fund invests at least 80% of its net assets in municipal
securities that are rated at least "AA" at the time of purchase (based on the
higher of the rating of the insurer, if any, or the underlying security) by at
least one independent rating agency, or are unrated but judged to be of similar
credit quality by Nuveen Asset Management (the "Adviser"), a wholly-owned
subsidiary of Nuveen Investments, Inc. ("Nuveen"), or are backed by an escrow or
trust account containing sufficient U.S. Government or U.S. Government agency
securities or U.S. Treasury-issued State and Local Government Series (SLGS)
securities to ensure timely payment of principal and interest. Inverse floating
rate securities whose underlying bonds are covered by insurance are included for
purposes of the 80% test. The Fund may also invest up to 20% of its net assets
in municipal securities rated below "AA" but at least "BBB" (based on the higher
rating of the insurer, if any, or the underlying bond) or are 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 include 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.
INVERSE FLOATING RATE SECURITIES
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and the related interest paid to the holders of the short-term
floating rate certificates is recognized as "Interest expense on floating rate
obligations" on the Statement of Operations.
62 Nuveen Investments
During the six months ended November 30, 2009, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is included as "Unrealized
depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
At November 30, 2009, the Funds were not invested in externally-deposited
Recourse Trusts.
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $-- $-- $-- $--
============================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $-- $-- $-- $--
============================================================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended November 30, 2009, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations outstanding $7,965,000 $3,820,000 $3,460,000 $5,780,000
Average annual interest rate and fees 0.83% 0.82% 0.82% 0.80%
============================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------------------
Average floating rate obligations outstanding $2,450,000 $1,050,000 $1,500,000 $2,225,000
Average annual interest rate and fees 0.69% 0.69% 0.69% 0.51%
============================================================================================================================
FORWARD SWAP CONTRACTS
Each Fund is authorized to enter into forward interest rate swap contracts
consistent with their investment objectives and policies to reduce, increase or
otherwise alter its risk profile or to alter its portfolio characteristics (i.e.
duration, yield curve positioning and credit quality).
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives. Each Fund's use of forward interest rate swap
transactions is intended to help the Fund manage its overall interest rate
sensitivity, either shorter or longer, generally to more closely align the
Fund's interest rate sensitivity with that of the broader municipal market.
Forward interest rate swap transactions involve each Fund's agreement with a
counterparty to pay, in the future, a fixed or variable rate payment in exchange
for the counterparty paying the Fund a variable or fixed 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 swap contract and the termination date of the swap (which is akin to a
bond's maturity). The value of the Fund's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
Forward interest rate swap contracts are valued daily. The net amount recorded
on these transactions for each counterparty is recognized on the Statement of
Assets and Liabilities as "Unrealized appreciation or depreciation on forward
swaps" with the change during the fiscal period recognized on the Statement of
Operations as "Change in net unrealized appreciation (depreciation) of forward
swaps."
The Funds may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is 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. Net realized
gains and losses during the fiscal period are recognized on the Statement of
Operations as "Net realized gain (loss) from forward swaps." 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
Nuveen Investments 63
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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. The Funds did not invest in forward interest rate swap
transactions during the six months ended November 30, 2009.
FUTURE CONTRACTS
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in
attempt to manage such risk. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or liquid securities equal
to a specified percentage of the contract amount. This is known as the "initial
margin." Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as "Deposits with brokers for open
futures contracts" on the Statement of Assets and Liabilities. Subsequent
payments ("variation margin") are made or received by a Fund each day, depending
on the daily fluctuation of the value of the contract. Variation margin is
recognized as a receivable or payable for "Variation margin on futures
contracts" on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. When the contract is closed or
expired, a Fund records a realized gain or loss equal to the difference between
the value of the contract on the closing date and value of the contract when
originally entered into and is recognized as "Net realized gain (loss) from
futures contracts" on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices. The Funds did not invest in futures
contracts during the six months ended November 30, 2009.
MARKET AND COUNTERPARTY CREDIT RISK
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and
swap transactions. The extent of each Fund's exposure to counterparty credit
risk in respect to these financial assets approximates their carrying value as
recorded on the Statement of Assets and Liabilities. Futures contracts expose a
Fund to minimal counterparty credit risk as they are exchange traded and the
exchange's clearinghouse, which is counterparty to all exchange traded futures,
guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties the Adviser believes have the financial resources to honor
their obligations and by having the Adviser monitor the financial stability of
the counterparties. Additionally, counterparties may be required to pledge
collateral daily (based on the daily valuation of the financial asset) on behalf
of each Fund with a value approximately equal to the amount of any unrealized
gain above a pre-determined threshold. Reciprocally, when each Fund has an
unrealized loss, the Funds have instructed the custodian to pledge assets of the
Funds as collateral with a value approximately equal to the amount of the
unrealized loss above a pre-determined threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either
up or down, by at least the predetermined threshold amount.
ZERO COUPON SECURITIES
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
CUSTODIAN FEE CREDIT
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
64 Nuveen 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 US 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. FAIR VALUE MEASUREMENTS
In determining the value of each Fund's investments various inputs are used.
These inputs are summarized in the three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of November 30, 2009:
CONNECTICUT PREMIUM INCOME (NTC) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $112,398,319 $ -- $112,398,319
===================================================================================================
CONNECTICUT DIVIDEND ADVANTAGE (NFC) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 55,909,673 $ -- $ 55,909,673
===================================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 51,511,118 $ -- $ 51,511,118
===================================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 91,115,932 $ -- $ 91,115,932
===================================================================================================
MASSACHUSETTS PREMIUM INCOME (NMT) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $101,436,247 $ 452,610 $101,888,857
===================================================================================================
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 41,733,959 $ 905,220 $ 42,639,179
===================================================================================================
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 59,919,274 $ -- $ 59,919,274
===================================================================================================
MISSOURI PREMIUM INCOME (NOM) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
---------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 42,143,887 $ -- $ 42,143,887
Short-Term Investments -- 3,200,000 -- 3,200,000
---------------------------------------------------------------------------------------------------
Total $ -- $ 45,343,887 $ -- $ 45,343,887
===================================================================================================
Nuveen Investments 65
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following is a reconciliation of the following Fund's Level 3 investments
held at the beginning and end of the measurement period:
MASSACHUSETTS MASSACHUSETTS
PREMIUM DIVIDEND
INCOME ADVANTAGE
(NMT) (NMB)
LEVEL 3 LEVEL 3
INVESTMENTS INVESTMENTS
--------------------------------------------------------------------------------------------
Balance at beginning of period $ 457,505 $ 915,010
Gains (losses):
Net realized gains (losses) -- --
Net change in unrealized appreciation (depreciation) (4,895) (9,790)
Net purchases at cost (sales at proceeds) -- --
Net discounts (premiums) -- --
Net transfers in to (out of) at end of period fair value -- --
--------------------------------------------------------------------------------------------
Balance at end of period $ 452,610 $ 905,220
============================================================================================
"Change in net unrealized appreciation (depreciation) of investments" on the
Statement of Operations includes net unrealized appreciation (depreciation)
related to securities classified as Level 3 at period end as follows:
MASSACHUSETTS MASSACHUSETTS
PREMIUM DIVIDEND
INCOME ADVANTAGE
(NMT) (NMB)
--------------------------------------------------------------------------------------------
Level 3 net unrealized appreciation (depreciation) $(4,895) $(9,790)
============================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Funds record derivative instruments at fair value with changes in fair value
recognized on the Statement of Operations, when applicable. Even though the
Funds' investments in derivatives may represent economic hedges, they are
considered to be non-hedge transactions for financial reporting purposes. The
Funds did not invest in derivative instruments during the six months ended
November 30, 2009.
4. FUND SHARES
COMMON SHARES
Since the inception of the Funds' repurchase program, the Funds have not
repurchased any of their outstanding Common shares.
Transactions in Common shares were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK)
---------------------- ------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09
------------------------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due to reinvestment
of distributions 1,053 -- 1,802 1,966 1,031 1,051
========================================================================================================================
CONNECTICUT MASSACHUSETTS MASSACHUSETTS
DIVIDEND ADVANTAGE 3 (NGO) PREMIUM INCOME (NMT) DIVIDEND ADVANTAGE (NMB)
-------------------------- ------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/09 5/31/09 11/30/09 5/31/09 11/30/09 5/31/09
------------------------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due to reinvestment
of distributions -- -- -- 1,224 907 2,066
========================================================================================================================
INSURED MASSACHUSETTS MISSOURI
TAX-FREE ADVANTAGE (NGX) PREMIUM INCOME (NOM)
------------------------- --------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
11/30/09 5/31/09 11/30/09 5/31/09
------------------------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due to reinvestment
of distributions 575 1,233 2,294 3,842
========================================================================================================================
66 Nuveen Investments
PREFERRED SHARES
Transactions in Preferred shares were as follows:
CONNECTICUT PREMIUM INCOME (NTC) CONNECTICUT DIVIDEND ADVANTAGE (NFC)
------------------------------------------ ----------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
11/30/09 5/31/09 11/30/09 5/31/09
---------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed and/or
noticed for redemption:
Series T -- $ -- -- $ -- -- $ -- 90 $2,250,000
Series TH -- -- 194 4,850,000 -- -- -- --
----------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- 194 $4,850,000 -- $ -- 90 $2,250,000
==================================================================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK) CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
------------------------------------------ ----------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
11/30/09 5/31/09 11/30/09 5/31/09
---------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed and/or
noticed for redemption:
Series W -- $ -- 82 $2,050,000 -- $ -- -- $ --
Series F -- -- -- -- -- -- 149 3,725,000
----------------------------------------------------------------------------------------------------------------------------------
Total -- $ -- 82 $2,050,000 -- $ -- 149 $3,725,000
==================================================================================================================================
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
----------------------------------------
SIX MONTHS
ENDED YEAR ENDED
11/30/09 5/31/09
----------------------------------------
SHARES AMOUNT SHARES AMOUNT
----------------------------------------------------------------------------------------------------------------------------------
Preferred shares redeemed and/or
noticed for redemption:
Series T -- $ -- 30 $ 750,000
==================================================================================================================================
During the six months ended November 30, 2009 and the fiscal year ended May 31,
2009, Massachusetts Premium Income (NMT), Insured Massachusetts Tax-Free
Advantage (NGX) and Missouri Premium Income (NOM) did not have any transactions
in their Preferred shares.
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended November 30, 2009, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
---------------------------------------------------------------------------------------------------------------
Purchases $1,571,555 $ -- $ -- $2,714,665
Sales and maturities 1,700,450 872,500 5,000 768,750
===============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
---------------------------------------------------------------------------------------------------------------
Purchases $1,390,380 $1,873,120 $ -- $ --
Sales and maturities 466,675 1,473,675 5,000 1,235,000
===============================================================================================================
Nuveen Investments 67
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
6. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
At November 30, 2009, 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 $103,718,066 $51,247,444 $46,938,810 $85,244,127
================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------
Cost of investments $98,763,741 $41,784,936 $57,010,814 $43,587,978
================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2009, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 3,094,046 $ 1,892,336 $2,096,609 $ 2,496,223
Depreciation (2,377,136) (1,050,361) (984,352) (2,403,313)
----------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $ 716,910 $ 841,975 $1,112,257 $ 92,910
================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 3,807,144 $ 1,010,024 $2,225,972 $ 1,357,493
Depreciation (3,136,560) (1,207,723) (820,287) (1,825,846)
----------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $ 670,584 $ (197,699) $1,405,685 $ (468,353)
================================================================================================================
68 Nuveen Investments
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at May 31, 2009, the Funds' last tax 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* $730,220 $305,680 $310,005 $374,587
Undistributed net ordinary income ** 1,415 3,618 -- 34
Undistributed net long-term capital gains 15,102 -- -- --
================================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $706,670 $219,824 $284,706 $259,908
Undistributed net ordinary income ** -- 69,105 -- --
Undistributed net long-term capital gains -- -- -- --
================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on May 1, 2009, paid on June 1, 2009.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
May 31, 2009, 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 $3,972,803 $2,099,897 $1,866,508 $3,322,638
Distributions from net ordinary income ** 487,842 223,136 275,669 --
Distributions from net long-term capital gains 60,777 147,900 112,806 --
================================================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $3,759,696 $1,690,469 $2,271,085 $1,871,464
Distributions from net ordinary income ** 123,018 -- -- --
Distributions from net long-term capital gains 154,203 -- -- --
================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2009, the Funds' last tax 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 CONNECTICUT MASSACHUSETTS MISSOURI
DIVIDEND DIVIDEND DIVIDEND TAX-FREE PREMIUM
ADVANTAGE ADVANTAGE 2 ADVANTAGE 3 ADVANTAGE INCOME
(NFC) (NGK) (NGO) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------------------------
Expiration:
May 31, 2013 $ -- $ -- $ 35,642 $ 18,655 $ --
May 31, 2014 -- -- 111,331 427,135 --
May 31, 2015 -- -- 211,213 -- --
May 31, 2017 1,980 443 43,691 215,629 260,982
--------------------------------------------------------------------------------------------------------------------------------
Total $1,980 $443 $401,877 $661,419 $260,982
================================================================================================================================
Nuveen Investments 69
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The following Funds have elected to defer net realized losses from investments
incurred from November 1, 2008 through May 31, 2009, the Funds' last tax year
end, ("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the current
fiscal year:
INSURED
CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
DIVIDEND DIVIDEND PREMIUM DIVIDEND TAX-FREE PREMIUM
ADVANTAGE 2 ADVANTAGE 3 INCOME ADVANTAGE ADVANTAGE INCOME
(NGK) (NGO) (NMT) (NMB) (NGX) (NOM)
-------------------------------------------------------------------------------------------------------------------------
Post-October capital losses $ 10,861 $ 15,027 $ 20,890 $ 10,497 $ 24,486 $103,662
=========================================================================================================================
7. MANAGEMENT FEES 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 the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual Fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets of each Fund as follows:
CONNECTICUT PREMIUM INCOME (NTC)
MASSACHUSETTS PREMIUM INCOME (NMT)
MISSOURI PREMIUM INCOME (NOM)
AVERAGE DAILY NET ASSETS(1) 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)
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
AVERAGE DAILY NET ASSETS(1) 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 net assets managed as stated in the following
table. As of November 30, 2009, the complex-level fee rate was .1896%.
70 Nuveen Investments
The complex-level fee schedule is as follows:
COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL(1) EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed net assets of all Nuveen
funds, with such daily managed net assets defined separately for each fund
in its management agreement, but excluding assets attributable to
investments in other Nuveen funds. For the complex-level and fund-level
fee components, daily managed net assets include assets managed by the
Adviser that are attributable to each fund's use of financial leverage.
For these purposes, financial leverage includes the funds' use of
preferred stock and borrowings and investments in the residual interest
certificates (also called inverse floating rate securities) in tender
option bond (TOB) trusts, including the portion of assets held by the TOB
trust that has been effectively financed by the trust's issuance of
floating rate securities, subject to an agreement by the Adviser to limit
the amount of such assets for determining managed net assets in certain
circumstances.
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 its 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, 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 their 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, 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.
Nuveen Investments 71
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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, for fees and expenses in the amounts and for the time
periods set forth below:
YEAR ENDING YEAR ENDING
SEPTEMBER 30, SEPTEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Connecticut Dividend Advantage 3 (NGO)
for any portion of its fees and expenses beyond September 30, 2010.
For the first eight years of Insured Massachusetts Tax-Free Advantage's (NGX)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets, 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.
8. NEW ACCOUNTING STANDARDS
ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS
During June 2009, the FASB issued changes to the authoritative guidance under
GAAP on accounting for transfers of financial assets. The objective of this
guidance is to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows; and a
transferor's continuing involvement, if any, in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
72 Nuveen Investments
9. 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 31, 2009, to shareholders of
record on December 15, 2009, as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------
Dividend per share $.0590 $.0640 $.0650 $.0600
========================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
----------------------------------------------------------------------------------------
Dividend per share $.0650 $.0640 $.0630 $.0570
========================================================================================
At the same time, the following Funds declared capital gains and/or ordinary
income distributions as follows:
CONNECTICUT MASSACHUSETTS
PREMIUM DIVIDEND
INCOME ADVANTAGE
(NTC) (NMB)
----------------------------------------------------------------------------------------
Capital gains distribution per share $.0041 $ --
Net ordinary income distribution per share* -- .0283
========================================================================================
* Net ordinary income consists of net short-term capital gains.
MUNIFUND TERM PREFERRED SHARES
As discussed in the Portfolio Managers' Comments section, subsequent to the
reporting period, Connecticut Premium Income (NTC) and Massachusetts Premium
Income (NMT) successfully completed the issuance of $17.3 million and $17.575
million, respectively, of 2.65%, Series 2015 MuniFund Term Preferred. The
newly-issued MuniFund Term Preferred shares trade on the New York Stock Exchange
(NYSE) under the symbols "NTC Pr C" and "NMT Pr C" for Connecticut Premium
Income (NTC) and Massachusetts Premium Income (NMT), respectively.
Subsequent to the reporting period, Connecticut Dividend Advantage (NFC),
Connecticut Dividend Advantage 2 (NGK), Connecticut Dividend Advantage 3 (NGO),
Massachusetts Dividend Advantage (NMB) and Insured Massachusetts Tax-Free
Advantage (NGX) filed with the SEC a registration statement seeking to register
MuniFund Term Preferred shares. These registration statements, declared
effective by the SEC, enable the Funds to issue to the public shares of MuniFund
Term Preferred to refinance all or a portion of each Fund's auction rate
preferred shares. The issuance of MuniFund Term Preferred shares by these Funds
is subject to market conditions. There is no assurance that these MuniFund Term
Preferred shares will be issued.
EVALUATION DATE
In May 2009, the FASB issued changes to authoritative guidance under GAAP for
subsequent events. This guidance requires an entity to recognize in the
financial statements the effects of all subsequent events that provide
additional evidence about conditions that existed at the date of the balance
sheet. This guidance is intended to establish general standards of accounting
and for disclosure of events that occur after the balance sheet date but before
financial statements are issued or are available to be issued. This guidance
requires the disclosure of the date through which an entity has evaluated
subsequent events and the basis for that date - that is, whether that date
represents the date the financial statements were issued or were available to be
issued. This guidance is effective for interim and annual periods ending after
June 15, 2009. The Funds have performed an evaluation of subsequent events
through January 25, 2010, which is the date the financial statements were
issued.
Nuveen Investments 73
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:
2010(b) $13.59 $.41 $ .53 $(.01) $ -- $ .93 $(.33) $ -- $(.33)
2009 14.25 .84 (.66) (.14) (.03) .01 (.60) (.07) (.67)
2008 14.39 .83 (.09) (.22) (.01) .51 (.62) (.03) (.65)
2007 14.42 .83 .07 (.20) (.01) .69 (.65) (.07) (.72)
2006 15.26 .84 (.54) (.14) (.03) .13 (.75) (.22) (.97)
2005 14.60 .88 .75 (.09) -- 1.54 (.87) (.01) (.88)
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 14.08 .44 .51 (.02) -- .93 (.35) -- (.35)
2009 14.69 .91 (.55) (.15) (.04) .17 (.67) (.11) (.78)
2008 14.76 .91 .01 (.24) (.02) .66 (.67) (.06) (.73)
2007 14.75 .92 .04 (.22) -- .74 (.73) -- (.73)
2006 15.39 .93 (.55) (.17) -- .21 (.85) -- (.85)
2005 14.56 .95 .86 (.09) -- 1.72 (.89) -- (.89)
==================================================================================================================================
PREFERRED SHARES AT END OF PERIOD
ENDING ------------------------------------
COMMON AGGREGATE LIQUIDATION
SHARE ENDING AMOUNT AND MARKET ASSET
NET ASSET MARKET OUTSTANDING VALUE COVERAGE
VALUE VALUE (000) PER SHARE PER SHARE
================================================================================
CONNECTICUT PREMIUM INCOME (NTC)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) $14.19 $13.83 $33,450 $25,000 $81,895
2009 13.59 13.35 34,975 25,000 77,110
2008 14.25 14.08 38,300 25,000 74,896
2007 14.39 14.91 38,300 25,000 75,360
2006 14.42 13.95 38,300 25,000 75,443
2005 15.26 15.81 38,300 25,000 78,217
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 14.66 14.35 17,250 25,000 79,854
2009 14.08 13.75 18,000 25,000 75,457
2008 14.69 14.93 19,500 25,000 73,556
2007 14.76 16.37 19,500 25,000 73,749
2006 14.75 16.26 19,500 25,000 73,596
2005 15.39 15.73 19,500 25,000 75,595
================================================================================
74 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------ -----------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
========================================================================================================
CONNECTICUT PREMIUM INCOME (NTC)
--------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 6.15% 6.94% $76,125 1.30%*** 1.22%*** 5.93%***
2009 .32 .45 72,901 1.43 1.32 6.40
2008 (1.08) 3.60 76,441 1.30 1.27 5.82
2007 12.33 4.79 77,151 1.24 1.24 5.67
2006 (6.00) .88 77,278 1.25 1.25 5.66
2005 15.61 10.82 81,529 1.24 1.24 5.81
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
--------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 6.93 6.67 37,849 1.35*** 1.26*** 5.98***
2009 (2.10) 1.50 36,329 1.47 1.36 6.45
2008 (4.10) 4.62 37,874 1.33 1.31 5.90
2007 5.46 5.05 38,024 1.29 1.29 5.78
2006 8.79 1.38 37,905 1.29 1.29 5.70
2005 17.89 12.06 39,464 1.29 1.29 5.81
========================================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
-----------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
==================================================================================
CONNECTICUT PREMIUM INCOME (NTC)
----------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.30%*** 1.22%*** 5.93%*** 1%
2009 1.43 1.32 6.40 0
2008 1.30 1.27 5.82 22
2007 1.24 1.24 5.67 8
2006 1.25 1.25 5.66 16
2005 1.24 1.24 5.81 12
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
----------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.20*** 1.11*** 6.13*** 0
2009 1.26 1.15 6.66 0
2008 1.05 1.03 6.18 20
2007 .94 .94 6.14 9
2006 .86 .86 6.12 14
2005 .84 .84 6.26 9
==================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, the
interest expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended November 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 75
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
==================================================================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) $14.28 $.45 $ .43 $(.02) $ -- $ .86 $(.36) $ -- $ (.36)
2009 14.76 .91 (.43) (.14) (.04) .30 (.66) (.12) (.78)
2008 14.85 .91 (.01) (.23) (.02) .65 (.67) (.07) (.74)
2007 14.86 .91 .08 (.22) (.01) .76 (.73) (.04) (.77)
2006 15.64 .91 (.60) (.17) (.01) .13 (.83) (.08) (.91)
2005 15.01 .92 .74 (.09) -- 1.57 (.87) (.07) (.94)
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 13.57 .41 .51 (.02) -- .90 (.32) -- (.32)
2009 14.08 .84 (.58) (.17) -- .09 (.60) -- (.60)
2008 14.30 .87 (.23) (.25) -- .39 (.61) -- (.61)
2007 14.18 .86 .13 (.23) -- .76 (.64) -- (.64)
2006 14.78 .84 (.54) (.18) -- .12 (.72) -- (.72)
2005 13.97 .86 .83 (.10) -- 1.59 (.78) -- (.78)
==================================================================================================================================
PREFERRED SHARES AT END OF PERIOD
ENDING ------------------------------------
COMMON AGGREGATE LIQUIDATION
SHARE ENDING AMOUNT AND MARKET ASSET
NET ASSET MARKET OUTSTANDING VALUE COVERAGE
VALUE VALUE (000) PER SHARE PER SHARE
================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) $14.78 $14.50 $15,450 $25,000 $80,456
2009 14.28 14.30 16,125 25,000 76,305
2008 14.76 15.00 17,500 25,000 73,840
2007 14.85 16.38 17,500 25,000 74,094
2006 14.86 16.60 17,500 25,000 74,074
2005 15.64 15.98 17,500 25,000 76,579
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 14.15 13.30 28,275 25,000 79,631
2009 13.57 13.04 30,025 25,000 74,329
2008 14.08 13.63 32,000 25,000 73,028
2007 14.30 14.70 32,000 25,000 73,691
2006 14.18 14.09 32,000 25,000 73,302
2005 14.78 14.54 32,000 25,000 75,253
================================================================================
76 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------ --------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
=========================================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 3.95% 6.09% $34,272 1.36%*** 1.27%*** 5.87%***
2009 1.40 2.52 33,092 1.48 1.37 6.31
2008 (3.63) 4.54 34,188 1.36 1.33 5.79
2007 3.58 5.13 34,366 1.31 1.31 5.60
2006 9.78 .84 34,352 1.29 1.29 5.51
2005 19.92 10.70 36,105 1.28 1.28 5.52
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
---------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 4.43 6.70 61,787 1.29*** 1.22*** 5.65***
2009 .53 .89 59,244 1.43 1.32 6.12
2008 (3.07) 2.79 61,476 1.29 1.27 5.70
2007 9.15 5.42 62,325 1.26 1.26 5.44
2006 1.84 .83 61,826 1.24 1.24 5.30
2005 18.17 11.60 64,324 1.24 1.24 5.40
=========================================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
--------------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
====================================================================================
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.13%*** 1.04%*** 6.10%*** 0%
2009 1.19 1.08 6.60 0
2008 1.00 .97 6.15 23
2007 .87 .87 6.04 12
2006 .84 .84 5.96 11
2005 .83 .83 5.97 12
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.09*** 1.01*** 5.85*** 1
2009 1.14 1.03 6.41 0
2008 .88 .86 6.11 24
2007 .78 .78 5.92 15
2006 .76 .76 5.78 9
2005 .77 .77 5.88 9
====================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, the
interest expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended November 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 77
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:
2010(b) $13.29 $.45 $ .84 $(.02) $ -- $1.27 $(.38) $ -- $ (.38)
2009 14.22 .91 (.98) (.15) (.02) (.24) (.65) (.04) (.69)
2008 14.56 .88 (.32) (.25) (.01) .30 (.62) (.02) (.64)
2007 14.45 .88 .13 (.23) --*** .78 (.67) --*** (.67)
2006 15.10 .88 (.50) (.18) -- .20 (.81) (.04) (.85)
2005 14.34 .91 .81 (.08) -- 1.64 (.88) -- (.88)
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 13.52 .46 .63 (.02) -- 1.07 (.37) -- (.37)
2009 14.36 .95 (.93) (.17) -- (.15) (.69) -- (.69)
2008 14.84 .94 (.45) (.26) (.01) .22 (.68) (.02) (.70)
2007 14.83 .93 .08 (.25) -- .76 (.75) -- (.75)
2006 15.65 .95 (.54) (.17) (.02) .22 (.85) (.19) (1.04)
2005 14.84 .97 .95 (.08) -- 1.84 (.92) (.11) (1.03)
====================================================================================================================================
PREFERRED SHARES AT END OF PERIOD
-------------------------------------
ENDING
COMMON AGGREGATE LIQUIDATION
SHARE ENDING AMOUNT AND MARKET ASSET
NET ASSET MARKET OUTSTANDING VALUE COVERAGE
VALUE VALUE (000) PER SHARE PER SHARE
===============================================================================
MASSACHUSETTS PREMIUM INCOME (NMT)
-------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) $14.18 $13.70 $34,000 $25,000 $74,680
2009 13.29 13.28 34,000 25,000 71,559
2008 14.22 13.61 34,000 25,000 74,794
2007 14.56 14.33 34,000 25,000 75,973
2006 14.45 14.35 34,000 25,000 75,571
2005 15.10 16.14 34,000 25,000 77,682
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
-------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 14.22 14.40 14,250 25,000 73,973
2009 13.52 13.83 14,250 25,000 71,544
2008 14.36 14.61 15,000 25,000 71,892
2007 14.84 16.28 15,000 25,000 73,453
2006 14.83 15.53 15,000 25,000 73,340
2005 15.65 17.45 15,000 25,000 75,899
===============================================================================
78 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------ ---------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
============================================================================================================
MASSACHUSETTS PREMIUM INCOME (NMT)
------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 6.05% 9.62% $67,565 1.27%**** 1.25%**** 6.61%****
2009 3.54 (1.36) 63,321 1.43 1.34 7.01
2008 (.48) 2.08 67,720 1.26 1.26 6.09
2007 4.60 5.47 69,323 1.24 1.24 5.97
2006 (6.14) 1.41 68,776 1.25 1.25 5.98
2005 18.97 11.74 71,648 1.24 1.24 6.15
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 6.92 7.99 27,915 1.35**** 1.32**** 6.50****
2009 (.04) (.70) 26,530 1.54 1.44 7.09
2008 (5.73) 1.55 28,135 1.32 1.32 6.11
2007 10.04 5.14 29,072 1.33 1.33 5.84
2006 (5.23) 1.49 29,004 1.29 1.29 5.79
2005 24.96 12.76 30,539 1.31 1.31 5.83
============================================================================================================
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
----------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
================================================================================
MASSACHUSETTS PREMIUM INCOME (NMT)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.27%**** 1.25%**** 6.61%**** --%*****
2009 1.43 1.34 7.01 1
2008 1.26 1.26 6.09 14
2007 1.24 1.24 5.97 9
2006 1.25 1.25 5.98 13
2005 1.24 1.24 6.15 18
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.19**** 1.17**** 6.65**** 4
2009 1.33 1.23 7.30 1
2008 1.05 1.05 6.39 15
2007 .97 .97 6.19 9
2006 .86 .86 6.21 13
2005 .87 .87 6.27 12
================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
***** Calculates to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, the
interest expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended November 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 79
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
=================================================================================================================================
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) $13.86 $.45 $ .55 $(.02) $ -- $ .98 $(.35) $ -- $(.35)
2009 14.28 .91 (.50) (.17) -- .24 (.66) -- (.66)
2008 14.50 .90 (.21) (.26) -- .43 (.65) -- (.65)
2007 14.39 .90 .08 (.25) -- .73 (.62) -- (.62)
2006 14.93 .90 (.53) (.20) -- .17 (.71) -- (.71)
2005 14.04 .92 .90 (.09) -- 1.73 (.84) -- (.84)
MISSOURI PREMIUM INCOME (NOM)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 12.44 .41 .67 (.02) -- 1.06 (.33) -- (.33)
2009 13.52 .85 (1.12) (.16) -- (.43) (.65) -- (.65)
2008 14.27 .89 (.62) (.20) (.04) .03 (.65) (.13) (.78)
2007 14.40 .90 (.08) (.23) --*** .59 (.72) --*** (.72)
2006 15.11 .92 (.51) (.17) (.01) .23 (.84) (.10) (.94)
2005 14.37 .94 .77 (.09) -- 1.62 (.88) -- (.88)
=================================================================================================================================
PREFERRED SHARES AT END OF PERIOD
ENDING -----------------------------------
COMMON AGGREGATE LIQUIDATION
SHARE ENDING AMOUNT AND MARKET ASSET
NET ASSET MARKET OUTSTANDING VALUE COVERAGE
VALUE VALUE (000) PER SHARE PER SHARE
===============================================================================
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
-------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) $14.49 $14.75 $20,500 $25,000 $73,162
2009 13.86 13.15 20,500 25,000 71,042
2008 14.28 14.14 20,500 25,000 72,407
2007 14.50 14.45 20,500 25,000 73,120
2006 14.39 13.43 20,500 25,000 72,779
2005 14.93 15.94 20,500 25,000 74,526
MISSOURI PREMIUM INCOME (NOM)
-------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 13.17 13.90 16,000 25,000 72,592
2009 12.44 12.90 16,000 25,000 69,897
2008 13.52 14.76 16,000 25,000 73,703
2007 14.27 16.56 16,000 25,000 76,291
2006 14.40 16.35 16,000 25,000 76,460
2005 15.11 17.90 16,000 25,000 78,468
===============================================================================
80 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT
------------------- -----------------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT
VALUE* VALUE* SHARES (000) INTEREST++(a) INTEREST++ INCOME++
===========================================================================================================
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
-----------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 14.96% 7.14% $39,493 1.30%**** 1.27%**** 6.08%****
2009 (2.11) 2.00 37,754 1.47 1.38 6.47
2008 2.49 3.04 38,873 1.29 1.29 5.82
2007 12.49 5.12 39,458 1.28 1.28 5.67
2006 (11.62) 1.20 39,179 1.29 1.29 5.66
2005 20.95 12.62 40,611 1.27 1.27 5.83
MISSOURI PREMIUM INCOME (NOM)
-----------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 10.51 8.62 30,459 1.37**** 1.33**** 6.35****
2009 (7.83) (2.92) 28,734 1.55 1.42 6.96
2008 (5.74) .26 31,170 1.52 1.31 6.43
2007 5.98 4.17 32,826 1.39 1.30 6.15
2006 (3.53) 1.57 32,934 1.29 1.29 6.20
2005 24.38 11.54 34,219 1.29 1.29 6.29
===========================================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER REIMBURSEMENT**
-----------------------------------------
EXPENSES EXPENSES NET PORTFOLIO
INCLUDING EXCLUDING INVESTMENT TURNOVER
INTEREST++(a) INTEREST++ INCOME++ RATE
================================================================================
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.05%*** 1.03%**** 6.32%**** 0%
2009 1.16 1.06 6.78 0
2008 .85 .85 6.25 13
2007 .79 .79 6.15 6
2006 .81 .81 6.14 5
2005 .80 .80 6.30 2
MISSOURI PREMIUM INCOME (NOM)
--------------------------------------------------------------------------------
Year Ended 5/31:
2010(b) 1.37**** 1.33**** 6.35**** 0
2009 1.55 1.42 6.96 2
2008 1.52 1.31 6.43 5
2007 1.39 1.30 6.15 16
2006 1.29 1.29 6.20 9
2005 1.29 1.29 6.29 17
================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
**** Annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; Net Investment Income ratios reflect income earned and
expenses incurred on assets attributable to Preferred shares.
(a) The expense ratios in the above table reflect, among other things, the
interest expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Inverse
Floating Rate Securities.
(b) For the six months ended November 30, 2009.
See accompanying notes to financial statements.
Nuveen Investments 81
REINVEST AUTOMATICALLY EASILY AND CONVENIENTLY
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen 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
greater of the net asset value or 95% of 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. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. 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
82 Nuveen Investments
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.
Nuveen Investments 83
GLOSSARY OF TERMS USED IN THIS REPORT
o AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed," with current holders receiving a
formula-based interest rate until the next scheduled auction.
o 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.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (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 unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, are created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a
broker-dealer. This trust, in turn, (a) issues floating rate certificates
typically paying short-term tax-exempt interest rates to third parties in
amounts equal to some fraction of the deposited bond's par amount or market
value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an "inverse floater") to an investor (such as a Fund)
interested in gaining investment exposure to a long-term municipal bond.
The income received by the holder of the inverse floater varies inversely
with the short-term rate paid to the floating rate certificates' holders,
and in most circumstances the holder of the inverse floater bears
substantially all of the underlying bond's downside investment risk. The
holder of the inverse floater typically also benefits disproportionately
from any potential appreciation of the underlying bond's value. Hence, an
inverse floater essentially represents an investment in the underlying bond
on a leveraged basis.
84 Nuveen Investments
o 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.
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares
issued in order to leverage the Fund) from its total assets and then
dividing the remainder by the number of common shares outstanding. Fund
NAVs are calculated at the end of each business day.
o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or
refinancings, is a procedure used by state and local governments to
refinance municipal bonds to lower interest expenses. The issuer sells new
bonds with a lower yield and uses the proceeds to buy U.S. Treasury
securities, the interest from which is used to make payments on the
higher-yielding bonds. Because of this collateral, pre-refunding generally
raises a bond's credit rating and thus its value.
o 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.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon
to its holders during the life of the bond. Tax-exempt income to the holder
of the bond comes from accretion of the difference between the original
purchase price of the bond at issuance and the par value of the bond at
maturity and is effectively paid at maturity. The market prices of zero
coupon bonds generally are more volatile than the market prices of bonds
that pay interest periodically.
Nuveen Investments 85
NOTES
86 Nuveen Investments
NOTES
Nuveen Investments 87
NOTES
88 Nuveen Investments
OTHER USEFUL INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2009, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities 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 (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 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. During the period covered by this report, the Funds did not
repurchased and/or redeemed shares of their common and/or preferred stock. Any
future repurchases and/or redemptions will be reported to shareholders in the
next annual or semi-annual report.
BOARD OF TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
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
Nuveen Investments 89
NUVEEN INVESTMENTS: SERVING INVESTORS FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. Nuveen Investments
markets its growing range of specialized investment solutions under the
high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony,
Tradewinds and Winslow Capital. In total, the Company managed $141 billion of
assets on September 30, 2009.
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.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
ESA-B-1109D
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.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board of Directors or Trustees
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: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
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 Massachusetts Premium Income Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: February 2, 2010
-------------------------------------------------------------------
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 2, 2010
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: February 2, 2010
-------------------------------------------------------------------