UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21213
---------------------
Nuveen Insured Tax-Free Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: October 31
------------------
Date of reporting period: April 30, 2005
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
--------------------------------
Semiannual Report April 30, 2005
--------------------------------
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN INSURED
QUALITY MUNICIPAL
FUND, INC.
NQI
NUVEEN INSURED
MUNICIPAL OPPORTUNITY
FUND, INC.
NIO
NUVEEN PREMIER
INSURED MUNICIPAL
INCOME FUND, INC.
NIF [GRAPHIC OMITTED]
NUVEEN INSURED
PREMIUM INCOME
MUNICIPAL FUND 2
NPX
NUVEEN INSURED
DIVIDEND ADVANTAGE
MUNICIPAL FUND
NVG
NUVEEN INSURED
TAX-FREE ADVANTAGE
MUNICIPAL FUND
NEA
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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Investments
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NUVEEN
Investments
[PHOTO OMITTED]
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
Letter to Shareholders
Once again, I am pleased to report that over the six-month period covered
by this semiannual report your Fund continued to provide you with monthly
tax-free income and an attractive total return. For more details about the
management strategy and performance of your Fund, please see the Portfolio
Manager's Comments and Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial
advisers and investors suggest that many of you may be wondering whether
longer-term interest rates will soon begin to rise substantially,
mirroring the rise that has taken place over the past year in shorter-term
rates. If longer-term rates do begin to rise significantly, some of you
also may be wondering if that makes this a good time to adjust your
holdings of fixed-income investments. We can't answer these questions for
you - no one knows what the future will bring.
"In fact, a well-diversified portfolio may actually help to reduce your overall
investment risk."
From our experience, we do know that a well-balanced portfolio, structured
and carefully monitored with the help of a trusted investment
professional, can be an important component in helping you achieve your
long-term financial goals. In fact, a well-diversified portfolio may
actually help to reduce your overall investment risk. That is one reason
why we believe that a municipal bond investment like your Nuveen Fund can
be an important building block in a comprehensive investment program
designed to perform well in a variety of market conditions.
As in past reports, I urge you to consider receiving future Fund reports
and other Fund information by e-mail and the Internet. Not only will you
be able to receive the information faster, but this also may help lower
your Fund's expenses. Sign up is quick and easy - see the inside front
cover of this report for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent
of your Fund's investment adviser) completed a public offering of a
substantial portion of its equity stake in Nuveen. At the same time, St.
Paul Travelers also entered into agreements to sell the balance of its
shares in Nuveen to us or to others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to
be an "assignment" of your Fund's investment management agreement. This
means that you and your fellow Fund shareholders soon will be asked to
formally approve the continuation of your Fund's management contract with
Nuveen. We will be sending you more information about this process in the
coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can
help you to secure your financial objectives. We are grateful that you
have chosen us as a partner as you pursue your financial goals, and we
look forward to continuing to earn your trust in the months and years
ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 15, 2005
Nuveen Investments National Insured Municipal Closed-End Exchange-Traded Funds
NQI, NIO, NIF, NPX, NVG, NEA
Portfolio Manager's
Comments
Portfolio manager Dan Solender reviews key investment strategies and the
semiannual performance of these six insured Funds. With thirteen years of
investment experience, including nine at Nuveen, Dan has managed NQI, NIO, NIF,
NPX, NVG and NEA since May 2004.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
APRIL 30, 2005?
Between November 2004 and April 2005, the Federal Reserve introduced four
quarter-point increases in the fed funds rate, raising this short-term rate
benchmark from 1.75% to 2.75%. (On May 3, 2005, following the end of this
reporting period, the Fed announced another 0.25% hike, bringing the fed funds
rate to 3.00%.) Given these short-term rate increases, many market participants
expected to see steadily higher interest rates across most of the municipal
market yield curve as we moved through the reporting period. This did not occur,
as longer-term yields (as measured by the widely-followed Bond Buyer 25 Revenue
Municipal Bond Index) declined by 14 basis points during the six-month period.
As a result, the municipal yield curve flattened.
In this environment, our focus for all these Funds remained on a strategy we
have employed for the past few years -- finding and holding bonds that, in our
judgment, would add immediate value to the Funds' portfolios and that could also
perform well under a variety of future market scenarios.
As a result, our purchase activity during this period generally concentrated on
bonds in the long-intermediate part of the yield curve (bonds that mature in
about 20 years) as part of our efforts to improve the maturity positioning of
these insured Funds. We worked to accomplish this by reducing some of the Funds'
holdings of bonds with effective maturities of less than 10 years, including
bonds pre-refunded to short call dates and longer-term bonds with call dates
coming within the next few years, and replacing these with securities that
mature in 20 years or more. Because we only want to buy attractively priced
bonds, this is an ongoing effort that will take more time to complete. This
reallocation also helped us to diversify the call exposure of NQI, NIO, NIF and
NPX as we sold bonds with shorter call dates and reinvested the proceeds at
systematic intervals along the longer part of the yield curve.
4
In looking for new additions to our portfolios, we sought bonds with premium
prices -- that is, bonds trading above their par value because they have coupons
greater than current coupon levels. Historically, these bonds have tended to
hold their value better than current coupon bonds when interest rates rise. When
possible, we purchased bonds issued within states like New York, California,
Michigan and Florida where investors typically show strong, consistent demand
for municipal bonds. We believe this historically strong demand, regardless of
the economic or interest rate environment, may provide more price support over
time for the bonds in the Funds' portfolios, and also provide for enhanced
liquidity if opportunities arise to sell the securities at attractive prices.
Our efforts were helped by the strong supply of municipal bonds during this
reporting period. For the six months ended April 2005, municipal issuance
nationwide totaled $187.7 billion, up 8.6% from the six months ended April 2004.
One of the major drivers of the increased supply during this current period was
a significant growth in the number of refundings, as issuers sought to take
advantage of relatively low current interest rates.
As discussed in the last shareholder report, in late 2004 we began using forward
interest rate swaps, a type of derivative financial instrument, to hedge some
the interest rate risk of NVG and NEA. It is important to note that we did not
use the hedges in an attempt to profit from correctly predicting the timing and
direction of interest rates movements. Instead, our sole objective was to reduce
the Funds' durations (and therefore their price sensitivity to interest rate
changes) without having a negative impact on their income streams or common
share dividends over the short term. The gain or loss from the hedges is
reflected as an addition or subtraction to each Fund's net asset value (NAV) as
the market value of the hedges fluctuate. The hedges achieved their objective of
reducing the volatility of both Funds' NAVs while maintaining the Funds' income
over the course of this reporting period. These hedges had a negative impact on
the Funds' total returns over the six month period because declining long-term
interest rates caused the values of the hedges to decline as the value of the
Fund's portfolios rose.
5
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for a comparative index and
average, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 4/30/05
6-Month 1-Year 5-Year 10-Year
--------------------------------------------------------------------------------
NQI 2.58% 9.58% 9.17% 7.08%
--------------------------------------------------------------------------------
NIO 2.50% 9.61% 8.93% 7.20%
--------------------------------------------------------------------------------
NIF 2.24% 9.88% 8.69% 6.88%
--------------------------------------------------------------------------------
NPX 2.28% 9.43% 9.00% 7.60%
--------------------------------------------------------------------------------
NVG 2.79% 10.34% NA NA
--------------------------------------------------------------------------------
NEA 4.31% 10.61% NA NA
--------------------------------------------------------------------------------
Lehman Brothers
Insured Municipal
Bond Index(1) 2.02% 7.22% 7.48% 6.69%
--------------------------------------------------------------------------------
Lipper Insured
Municipal Debt
Funds Average(2) 2.67% 9.18% 8.25% 6.91%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and
ten years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended April 30, 2005, the cumulative returns on NAV for all
six of the Funds covered in this report outperformed the return on the Lehman
Brothers Insured Municipal Bond Index. NVG and NEA also outperformed the average
return for their Lipper insured peer group, while NQI and NIO performed roughly
in line with this measure and NIF and NPX trailed the peer group average.
One of the primary factors benefiting the six-month performance of these Funds
relative to that of the unleveraged, unmanaged Lehman Brothers insured index was
the Funds' use of financial leverage. While leveraging can add volatility to the
Funds' NAVs and share prices, especially during periods of rising interest
rates, this strategy can also provide opportunities for additional income and
total returns for common shareholders when short-term interest rates remain
relatively low and long-term rates fall or remain fairly constant, as they did
during this reporting period.
(1) The Lehman Brothers Insured Municipal Bond Index is an unleveraged,
unmanaged national index comprising a broad range of insured municipal
bonds. Results for the Lehman index do not reflect any expenses.
(2) The Lipper Insured Municipal Debt Funds category average is calculated
using the returns of all closed-end exchange-traded funds in this category
for each period as follows: 6 months, 27 funds; 1 year, 27 funds; 5 years,
21 funds; and 10 years, 18 funds. Fund and Lipper returns assume
reinvestment of dividends.
6
As a result of this yield curve flattening discussed earlier, the prices of
bonds with longer maturities generally tended to perform better than those of
securities with shorter maturities. This contributed to the performance of Funds
such as NVG and NEA, which had relatively more exposure to the long end of the
yield curve when compared with NQI, NIO, NIF and NPX. As of April 30, 2005, NEA
held no bonds with maturities less than five years and had a healthy weighting
in bonds that mature in 20 years or longer. Similarly, NVG had less exposure to
bonds with effective maturities of less than 10 years than did NQI, NIO, NIF or
NPX. The relative holdings of longer and shorter effective maturities among
these Funds accounted for much of their performance differential with each other
over the six-month reporting period.
The flattening of the yield curve over this period also reflected an environment
in which many issuers found refundings more economically feasible. This led to
an increase in escrowed and pre-refunded holdings, especially in NEA, NVG and
NPX. The performance of these Funds was boosted by the price appreciation
accompanying these advance refundings. At the same time, however, we were
trimming some of the Funds' holdings of older pre-refunded bonds, which tended
to underperform the general municipal market during this period due primarily to
the shorter effective maturities of these securities.
NVG and NEA, which can invest up to 20% of their assets in uninsured
investment-grade quality securities, also generally benefited from their
allocations to these lower-rated bonds during this period. As of April 30, 2005,
NVG held 8% of its portfolio in uninsured bonds rated AAA, and AA, while NEA
allocated 11% to uninsured investment-grade rated securities.
During this six-month period, zero coupon bonds as a group outperformed the
general municipal market, and the performances of NIO and NQI were helped by
their holdings in this category.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
APRIL 30, 2005?
We continued to believe that, given the current geopolitical and economic
climate, maintaining strong credit quality was an important requirement. As of
April 30, 2005, NQI, NIO, NIF and NPX continued to be 100% invested in insured
and/or U.S. guaranteed securities, while NVG and NEA, which can invest up to 20%
of their assets in uninsured investment-grade quality securities, had allocated
92% and 89% of their portfolios, respectively, to AAA rated insured and U.S.
guaranteed securities.
As of April 30, 2005, potential call exposure for the period May 2005 through
the end of 2006 ranged from 0% in NVG to 1% in NEA, 5% in NIF, 11% in NPX, 12%
in NIO and 15% in NQI. The number of actual bond calls in all of these Funds
depends largely on future market interest rates.
7
Dividend and Share Price
Information
All six of the Funds in this report use leverage to enhance opportunities for
additional income for common shareholders. The extent of this benefit is tied in
part to the short-term rates the Funds pay their MuniPreferred, shareholders.
During periods of low short-term rates, leveraged Funds generally pay lower
dividends to MuniPreferred shareholders, which can leave more earnings to
support common share dividends. However, when short-term interest rates rise, as
they did during this reporting period, the Funds' borrowing costs also rise.
While leveraging can still provide benefits for common shareholders as
short-term rates rise, the extent of the benefit may be less. In addition, any
reinvested proceeds from bonds called or retired during this period were
reinvested in a low interest rate environment, which also tended to reduce the
income generated by the Funds. The combination of these two factors led to
dividend reductions in NQI, NIO, NIF, NPX and NVG over the six-month period
ended April 30, 2005. NEA, which was initially invested during the relatively
low rate environment of late 2002, had limited opportunities to build its income
stream because of the continued low interest rates that has prevailed since its
introduction. As a result, this Fund experienced two dividend reductions during
this reporting period.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and/or net ordinary income
distributions at the end of December 2004 as follows:
Long-Term Capital Gains Ordinary Income
(per share) (per share)
--------------------------------------------------------------------------------
NQI $0.0472 $0.0104
--------------------------------------------------------------------------------
NIO $0.0325 $ --
--------------------------------------------------------------------------------
NIF $0.0469 $0.0384
--------------------------------------------------------------------------------
NVG $0.1099 $0.0100
--------------------------------------------------------------------------------
NEA $0.0097 $ --
--------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's net asset value (NAV). Conversely, if a Fund has cumulatively
paid dividends in excess of its earnings, the excess constitutes negative UNII
that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all
of its net investment income as dividends to shareholders.
8
As of April 30, 2005, NQI, NIO, NIF, NPX and NVG had positive UNII balances for
both financial statement and tax purposes. NEA had a negative UNII balance for
financial statement purposes and a positive UNII balance for tax purposes.
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
4/30/05 6-Month Average
Discount Discount
--------------------------------------------------------------------------------
NQI -0.64% -0.28%
--------------------------------------------------------------------------------
NIO -5.90% -3.41%
--------------------------------------------------------------------------------
NIF -4.44% -3.15%
--------------------------------------------------------------------------------
NPX -6.76% -6.15%
--------------------------------------------------------------------------------
NVG -8.51% -7.86%
--------------------------------------------------------------------------------
NEA -5.49% -5.00%
--------------------------------------------------------------------------------
9
Nuveen Insured Quality Municipal Fund, Inc.
NQI
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
-----------------------------------
Insured 99% [PIE CHART]
-----------------------------------
U.S. Guaranteed 1%
-----------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.0845
Jun 0.0845
Jul 0.0845
Aug 0.0845
Sep 0.0845
Oct 0.0845
Nov 0.0845
Dec 0.0845
Jan 0.0845
Feb 0.0845
Mar 0.0815
Apr 0.0815
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 14.65
14.63
14.55
14.47
14.15
13.76
14.22
14.24
14.15
14.32
14.35
14.41
14.19
14.29
14.42
14.47
14.48
14.58
14.6
14.63
14.63
14.65
14.65
14.63
14.69
14.59
14.58
14.6
14.56
14.41
14.31
14.33
14.2
14.24
14.3
14.3
14.28
14.27
14.3
14.31
14.44
14.49
14.54
14.85
14.85
14.88
14.95
14.91
14.99
14.92
14.9
14.95
14.98
14.99
14.93
14.87
14.78
14.81
14.86
14.9
14.99
15.2
15.38
15.38
15.45
15.58
15.59
15.56
15.64
15.62
15.61
15.55
15.48
15.62
15.61
15.64
15.8
15.88
15.96
15.87
15.87
15.87
15.94
15.95
15.93
15.94
15.99
16.01
15.88
15.81
15.81
15.74
15.73
15.72
15.66
15.62
15.7
15.73
15.64
15.64
15.7
15.74
15.64
15.76
15.81
15.78
15.61
15.51
15.4
15.41
15.36
15.3
15.44
15.46
15.58
15.6
15.58
15.7
15.66
15.73
15.77
15.85
15.89
15.86
15.9
15.92
15.89
16
16.08
16.07
16.1
16.07
15.64
15.27
15.36
15.34
15.47
15.57
15.69
15.78
15.78
15.82
15.66
15.73
15.7
15.73
15.8
15.62
15.6
15.56
15.4
15.48
15.51
15.55
15.67
15.76
15.8
15.68
15.64
15.73
15.59
15.54
15.64
15.7
15.62
15.58
15.54
15.47
15.5
15.51
15.57
15.54
15.62
15.62
15.66
15.64
15.66
15.74
15.72
15.69
15.57
15.63
15.54
15.54
15.6
15.58
15.58
15.64
15.77
15.86
16
15.98
16.1
16.13
16.28
16.34
16.35
16.3
16.34
16.22
16.32
16.29
16.21
16.16
16.13
15.96
16.16
16.36
16.32
16.3
16.23
16.27
16.3
16.32
16.35
16.3
16
15.88
15.74
15.6
15.55
15.38
15.36
15.35
15.22
15.02
14.62
14.76
14.5
14.61
14.64
14.8
14.87
14.8
14.88
14.9
14.94
14.87
14.86
14.86
14.99
15
14.96
15.06
15.19
15.09
15.09
15.1
15.36
15.17
15.33
15.54
15.59
4/30/05 15.59
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $15.59
--------------------------------------------------------------------------------
Common Share
Net Asset Value $15.69
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -0.64%
--------------------------------------------------------------------------------
Market Yield 6.27%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.71%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $599,643
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 20.51
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.05
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 12/19/90)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 0.98% 2.58%
--------------------------------------------------------------------------------
1-Year 13.51% 9.58%
--------------------------------------------------------------------------------
5-Year 10.00% 9.17%
--------------------------------------------------------------------------------
10-Year 7.33% 7.08%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
California 16.5%
--------------------------------------------------------------------------------
Texas 14.8%
--------------------------------------------------------------------------------
Illinois 11.5%
--------------------------------------------------------------------------------
New York 9.1%
--------------------------------------------------------------------------------
Washington 7.3%
--------------------------------------------------------------------------------
Florida 6.7%
--------------------------------------------------------------------------------
Nevada 4.6%
--------------------------------------------------------------------------------
Hawaii 4.0%
--------------------------------------------------------------------------------
Kentucky 2.9%
--------------------------------------------------------------------------------
Louisiana 1.9%
--------------------------------------------------------------------------------
Pennsylvania 1.9%
--------------------------------------------------------------------------------
Other 18.8%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Transportation 20.0%
--------------------------------------------------------------------------------
Tax Obligation/General 14.5%
--------------------------------------------------------------------------------
Healthcare 14.3%
--------------------------------------------------------------------------------
Tax Obligation/Limited 13.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 10.5%
--------------------------------------------------------------------------------
Utilities 9.7%
--------------------------------------------------------------------------------
Water and Sewer 7.0%
--------------------------------------------------------------------------------
Housing/Multifamily 6.9%
--------------------------------------------------------------------------------
Other 3.4%
--------------------------------------------------------------------------------
(1) Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment, in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable
equivalent yield is lower.
(2) The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0576 per share.
10
Nuveen Insured Municipal Opportunity Fund, Inc.
NIO
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
-----------------------------------
Insured 98% [PIE CHART]
-----------------------------------
U.S. Guaranteed 2%
-----------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.081
Jun 0.081
Jul 0.081
Aug 0.081
Sep 0.081
Oct 0.081
Nov 0.081
Dec 0.081
Jan 0.081
Feb 0.081
Mar 0.078
Apr 0.078
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 14.16
14.04
14.11
14.01
13.6
13.33
13.58
13.65
13.52
13.76
13.9
13.92
13.9
13.95
13.94
14.03
14.27
14.25
14.33
14.37
14.37
14.35
14.25
14.23
14.25
14.27
14.33
14.36
14.31
14.13
14.15
14.1
14.08
14.12
14.19
14.12
14.26
14.36
14.33
14.21
14.2
14.23
14.25
14.43
14.48
14.58
14.61
14.62
14.67
14.58
14.64
14.69
14.78
14.84
14.76
14.68
14.63
14.73
14.71
14.66
14.78
14.86
14.98
14.98
15.05
15.09
15.06
15.05
15.12
15.1
15.1
15.03
15.01
15.1
15.19
15.18
15.2
15.23
15.21
15.25
15.24
15.24
15.27
15.37
15.39
15.42
15.47
15.41
15.33
15.3
15.33
15.34
15.37
15.36
15.33
15.35
15.48
15.48
15.49
15.49
15.5
15.58
15.6
15.68
15.66
15.62
15.5
15.42
15.5
15.47
15.47
15.47
15.55
15.59
15.65
15.57
15.61
15.59
15.55
15.63
15.7
15.7
15.83
15.85
15.86
15.89
15.98
16.05
16
16.04
15.98
15.88
15.53
15.05
15.32
15.27
15.4
15.55
15.51
15.54
15.65
15.61
15.5
15.53
15.55
15.6
15.5
15.44
15.33
15.4
15.33
15.42
15.37
15.49
15.53
15.53
15.57
15.47
15.52
15.56
15.45
15.44
15.46
15.48
15.41
15.41
15.47
15.46
15.53
15.69
15.76
15.71
15.79
15.87
15.91
15.91
15.79
15.61
15.41
15.39
15.26
15.26
15.3
15.22
15.27
15.25
15.31
15.36
15.42
15.46
15.44
15.5
15.58
15.67
15.88
15.94
15.94
15.94
16.01
15.87
15.8
15.73
15.62
15.56
15.47
15.34
15.67
15.81
15.77
15.73
15.74
15.66
15.73
15.78
15.8
15.77
15.5
15.42
15.28
15.22
15.2
15.13
15.1
15.01
14.89
14.68
14.42
14.38
14.32
14.19
14.33
14.7
14.69
14.82
14.82
14.81
14.86
14.78
14.93
14.87
14.8
14.81
14.8
14.84
14.87
14.78
14.7
14.72
14.83
14.79
14.87
14.86
15
4/30/05 15
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $15.00
--------------------------------------------------------------------------------
Common Share
Net Asset Value $15.94
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -5.90%
--------------------------------------------------------------------------------
Market Yield 6.24%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.67%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $1,293,506
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 18.64
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.15
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 9/19/91)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) -3.37% 2.50%
--------------------------------------------------------------------------------
1-Year 12.95% 9.61%
--------------------------------------------------------------------------------
5-Year 10.63% 8.93%
--------------------------------------------------------------------------------
10-Year 7.32% 7.20%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
California 18.8%
--------------------------------------------------------------------------------
Texas 11.2%
--------------------------------------------------------------------------------
Alabama 9.5%
--------------------------------------------------------------------------------
Nevada 5.4%
--------------------------------------------------------------------------------
Colorado 5.1%
--------------------------------------------------------------------------------
Michigan 5.0%
--------------------------------------------------------------------------------
Florida 4.6%
--------------------------------------------------------------------------------
New York 4.2%
--------------------------------------------------------------------------------
Illinois 3.9%
--------------------------------------------------------------------------------
Massachusetts 2.8%
--------------------------------------------------------------------------------
South Carolina 2.7%
--------------------------------------------------------------------------------
Indiana 2.6%
--------------------------------------------------------------------------------
Wisconsin 2.6%
--------------------------------------------------------------------------------
Ohio 1.8%
--------------------------------------------------------------------------------
Louisiana 1.7%
--------------------------------------------------------------------------------
Other 18.1%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 19.7%
--------------------------------------------------------------------------------
U.S. Guaranteed 17.2%
--------------------------------------------------------------------------------
Transportation 17.0%
--------------------------------------------------------------------------------
Utilities 11.0%
--------------------------------------------------------------------------------
Tax Obligation/General 9.8%
--------------------------------------------------------------------------------
Healthcare 9.3%
--------------------------------------------------------------------------------
Water and Sewer 5.6%
--------------------------------------------------------------------------------
Education and Civic Organizations 5.1%
--------------------------------------------------------------------------------
Other 5.3%
--------------------------------------------------------------------------------
(1) Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment, in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable
equivalent yield is lower.
(2) The Fund also paid shareholders a capital gains distribution in December
2004 of $0.0325 per share.
11
Nuveen Premier Insured Municipal Income Fund, Inc.
NIF
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
-----------------------------------
Insured 87% [PIE CHART]
-----------------------------------
U.S. Guaranteed 13%
-----------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.0815
Jun 0.0815
Jul 0.0815
Aug 0.0815
Sep 0.0815
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0785
Apr 0.0785
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 14.3
14.25
14.1
14.11
13.7
13.48
13.59
13.6
13.55
13.69
13.7
13.76
13.66
13.78
13.78
13.91
14.06
14.18
14.21
14.25
14.25
14.31
14.37
14.3
14.32
14.35
14.35
14.41
14.3
14.08
14.13
14.2
14.14
14.17
14.14
14.1
14.09
14.16
14.25
14.25
14.16
14.19
14.38
14.6
14.59
14.6
14.66
14.76
14.72
14.62
14.6
14.55
14.57
14.62
14.41
14.4
14.29
14.3
14.36
14.28
14.41
14.55
14.58
14.58
14.77
14.76
14.85
14.85
14.9
14.93
14.91
14.87
14.86
14.9
14.85
14.97
15.08
15.01
15.01
14.96
14.93
15
15.2
15.22
15.34
15.33
15.28
15.33
15.21
15.3
15.5
15.48
15.43
15.38
15.55
15.42
15.5
15.56
15.44
15.48
15.54
15.41
15.48
15.55
15.44
15.4
15.28
15.34
15.3
15.28
15.31
15.27
15.35
15.37
15.37
15.45
15.41
15.42
15.4
15.37
15.48
15.59
15.67
15.56
15.56
15.69
15.64
15.64
15.76
15.88
15.83
16.01
15.4
15.06
15.18
15.1
15.45
15.3
15.37
15.31
15.4
15.51
15.25
15.35
15.3
15.45
15.48
15.25
15.18
15.38
15.22
15.25
15.13
15.13
15.25
15.21
15.3
15.19
15.15
15.15
14.99
15.1
14.84
14.83
14.79
14.62
14.67
14.66
14.71
14.82
14.94
14.91
15.05
15.06
15.21
15.19
15.12
15.24
15.25
15.2
15.19
15.24
15.23
15.35
15.63
15.72
15.76
15.55
15.52
15.54
15.6
15.65
15.79
15.81
16
16.1
15.95
15.93
15.88
15.7
15.69
15.78
15.73
15.64
15.59
15.46
15.75
15.94
15.91
15.86
16
15.94
15.85
15.92
16
16.01
15.8
15.65
15.5
15.22
15.29
15.12
15.18
15.07
14.87
14.76
14.59
14.66
14.6
14.46
14.5
14.65
14.84
14.71
14.9
14.83
14.8
14.71
14.73
14.85
14.89
15.05
15.08
15.14
15.12
14.95
14.85
14.95
14.92
14.94
14.98
15.06
15.08
4/30/05 15.08
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $15.08
--------------------------------------------------------------------------------
Common Share
Net Asset Value $15.78
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -4.44%
--------------------------------------------------------------------------------
Market Yield 6.25%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.68%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $306,504
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 17.02
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.91
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 12/19/91)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) 0.07% 2.24%
--------------------------------------------------------------------------------
1-Year 13.63% 9.88%
--------------------------------------------------------------------------------
5-Year 9.69% 8.69%
--------------------------------------------------------------------------------
10-Year 7.47% 6.88%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
California 21.6%
--------------------------------------------------------------------------------
Washington 14.3%
--------------------------------------------------------------------------------
Illinois 11.5%
--------------------------------------------------------------------------------
Texas 6.9%
--------------------------------------------------------------------------------
Nevada 5.9%
--------------------------------------------------------------------------------
Colorado 5.0%
--------------------------------------------------------------------------------
Oregon 3.9%
--------------------------------------------------------------------------------
Indiana 3.5%
--------------------------------------------------------------------------------
Georgia 3.4%
--------------------------------------------------------------------------------
New York 3.2%
--------------------------------------------------------------------------------
Hawaii 2.5%
--------------------------------------------------------------------------------
Other 18.3%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/General 19.6%
--------------------------------------------------------------------------------
Transportation 19.4%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.6%
--------------------------------------------------------------------------------
Tax Obligation/Limited 15.4%
--------------------------------------------------------------------------------
Healthcare 10.1%
--------------------------------------------------------------------------------
Utilities 7.5%
--------------------------------------------------------------------------------
Housing/Multifamily 5.0%
--------------------------------------------------------------------------------
Other 7.4%
--------------------------------------------------------------------------------
(1) Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment, in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable
equivalent yield is lower.
(2) The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0853 per share.
12
Nuveen Insured Premium Income Municipal Fund 2
NPX
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
------------------------------------
Insured 100% [PIE CHART]
------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May 0.073
Jun 0.073
Jul 0.073
Aug 0.073
Sep 0.073
Oct 0.073
Nov 0.073
Dec 0.073
Jan 0.073
Feb 0.073
Mar 0.07
Apr 0.07
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 12.82
12.72
12.6
12.45
12.23
12.14
12.2
12.25
12.18
12.36
12.41
12.32
12.3
12.39
12.49
12.6
12.69
12.79
12.71
12.72
12.72
12.71
12.71
12.68
12.67
12.73
12.7
12.71
12.66
12.51
12.56
12.6
12.54
12.5
12.49
12.53
12.51
12.54
12.58
12.59
12.58
12.6
12.71
12.9
12.94
12.89
12.92
12.92
12.88
12.76
12.86
12.84
12.91
12.88
12.81
12.73
12.76
12.86
12.85
12.86
12.92
13.07
13.15
13.15
13.2
13.34
13.36
13.52
13.53
13.56
13.5
13.39
13.4
13.47
13.44
13.56
13.58
13.65
13.66
13.66
13.67
13.73
13.75
13.85
13.89
13.83
13.8
13.73
13.7
13.72
13.83
13.81
13.92
13.82
13.91
13.83
13.88
13.9
13.87
13.92
13.9
13.99
14
13.99
14.01
13.85
13.81
13.84
13.77
13.78
13.81
13.77
13.85
13.87
13.94
13.95
13.94
13.97
13.94
13.96
13.98
14.05
14.1
14.13
14.11
14.15
14.17
14.11
14.16
14.15
14.13
14.05
13.75
13.55
13.58
13.46
13.51
13.55
13.6
13.66
13.74
13.74
13.66
13.69
13.65
13.71
13.69
13.6
13.48
13.43
13.26
13.41
13.48
13.56
13.55
13.61
13.6
13.48
13.46
13.59
13.48
13.43
13.35
13.25
13.23
13.22
13.17
13.2
13.16
13.18
13.2
13.21
13.25
13.42
13.41
13.53
13.45
13.4
13.3
13.26
13.23
13.14
13.24
13.27
13.3
13.27
13.24
13.27
13.23
13.29
13.37
13.41
13.56
13.64
13.7
13.75
13.75
13.76
13.9
13.79
13.64
13.71
13.68
13.62
13.51
13.43
13.56
13.79
13.84
13.89
13.87
13.85
13.88
13.89
13.87
13.9
13.7
13.8
13.69
13.48
13.43
13.35
13.46
13.38
13.3
13.26
12.99
12.9
12.81
12.64
12.71
12.98
13.08
13.15
13.19
13.25
13.17
13.06
13.06
13.15
13.08
13.09
13.15
13.15
13.19
13.09
13.07
13.06
13.13
13.13
13.19
13.33
13.37
4/30/05 13.37
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $13.37
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.34
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.76%
--------------------------------------------------------------------------------
Market Yield 6.28%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.72%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $535,650
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 17.81
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.07
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 7/22/93)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) -2.16% 2.28%
--------------------------------------------------------------------------------
1-Year 12.04% 9.43%
--------------------------------------------------------------------------------
5-Year 10.60% 9.00%
--------------------------------------------------------------------------------
10-Year 8.67% 7.60%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
California 11.0%
--------------------------------------------------------------------------------
Texas 10.4%
--------------------------------------------------------------------------------
Colorado 9.4%
--------------------------------------------------------------------------------
Pennsylvania 7.7%
--------------------------------------------------------------------------------
New York 7.2%
--------------------------------------------------------------------------------
Washington 5.6%
--------------------------------------------------------------------------------
Hawaii 5.3%
--------------------------------------------------------------------------------
Nevada 4.6%
--------------------------------------------------------------------------------
Wisconsin 4.4%
--------------------------------------------------------------------------------
Illinois 4.2%
--------------------------------------------------------------------------------
Massachusetts 2.6%
--------------------------------------------------------------------------------
North Dakota 2.5%
--------------------------------------------------------------------------------
Oregon 2.4%
--------------------------------------------------------------------------------
Georgia 2.3%
--------------------------------------------------------------------------------
Utah 2.2%
--------------------------------------------------------------------------------
Other 18.2%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Utilities 19.8%
--------------------------------------------------------------------------------
Tax Obligation/Limited 17.8%
--------------------------------------------------------------------------------
Tax Obligation/General 11.8%
--------------------------------------------------------------------------------
Transportation 10.7%
--------------------------------------------------------------------------------
Healthcare 10.1%
--------------------------------------------------------------------------------
Water and Sewer 9.3%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.1%
--------------------------------------------------------------------------------
Education and Civic Organizations 6.6%
--------------------------------------------------------------------------------
Other 4.8%
--------------------------------------------------------------------------------
(1) Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment, in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable
equivalent yield is lower.
13
Nuveen Insured Dividend Advantage Municipal Fund
NVG
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
--------------------------------------
Insured 92%
--------------------------------------
AAA (Uninsured) 6% [PIE CHART]
--------------------------------------
AA (Uninsured) 2%
--------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.0775
Jun 0.0775
Jul 0.0775
Aug 0.0775
Sep 0.0775
Oct 0.0775
Nov 0.0775
Dec 0.0775
Jan 0.0775
Feb 0.0775
Mar 0.0745
Apr 0.0745
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.84
13.84
13.85
13.62
13.42
13.06
13.25
13.24
13.02
13.19
13.19
13.17
13.22
13.15
13.23
13.27
13.47
13.67
13.77
13.73
13.73
13.77
13.75
13.69
13.75
13.65
13.66
13.66
13.6
13.37
13.56
13.41
13.36
13.36
13.37
13.41
13.4
13.48
13.45
13.4
13.36
13.45
13.5
13.73
13.79
13.92
13.98
13.99
13.98
13.82
13.89
13.86
13.96
14.01
13.88
13.8
13.79
13.8
13.77
13.84
13.81
13.87
13.91
13.91
13.99
14.09
14.1
14.16
14.23
14.18
14.14
14.13
14.15
14.27
14.25
14.39
14.36
14.44
14.39
14.41
14.41
14.51
14.5
14.6
14.59
14.71
14.67
14.49
14.48
14.57
14.55
14.64
14.76
14.56
14.66
14.56
14.61
14.65
14.76
14.83
14.83
14.89
14.85
14.92
14.95
14.85
14.83
14.7
14.72
14.8
14.85
14.84
14.89
14.89
14.97
14.88
14.94
14.86
14.94
14.94
14.91
14.93
14.99
14.93
14.92
14.99
15
14.89
14.94
14.96
14.96
15.04
14.59
14.34
14.46
14.45
14.48
14.68
14.79
14.74
14.71
14.63
14.53
14.62
14.61
14.62
14.65
14.5
14.46
14.55
14.39
14.47
14.44
14.42
14.41
14.36
14.5
14.29
14.18
14.21
14.19
14.13
14.15
14.02
14.03
13.98
13.89
13.94
13.95
14.01
14.1
14.11
14.17
14.32
14.49
14.62
14.64
14.56
14.51
14.44
14.43
14.47
14.45
14.4
14.46
14.44
14.42
14.45
14.45
14.6
14.65
14.69
14.77
14.88
14.82
14.81
14.8
14.88
14.9
14.82
14.81
14.85
14.85
14.81
14.7
14.56
14.56
14.67
14.76
14.72
14.7
14.7
14.67
14.7
14.74
14.68
14.54
14.53
14.35
14.18
14.14
14.02
14.06
14
13.94
13.88
13.63
13.6
13.57
13.52
13.62
13.89
14
14.01
14.05
14.15
14.1
13.93
13.92
13.97
13.99
13.92
13.99
14.07
14.16
14.1
14.05
14.12
14.08
14.11
14.18
14.22
14.3
4/30/05 14.3
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $14.30
--------------------------------------------------------------------------------
Common Share
Net Asset Value $15.63
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.51%
--------------------------------------------------------------------------------
Market Yield 6.25%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.68%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $466,013
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 18.42
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 8.01
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 3/25/02)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) -0.02% 2.79%
--------------------------------------------------------------------------------
1-Year 12.09% 10.34%
--------------------------------------------------------------------------------
Since
Inception 5.30% 9.63%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
Texas 18.3%
--------------------------------------------------------------------------------
Indiana 11.4%
--------------------------------------------------------------------------------
Florida 10.9%
--------------------------------------------------------------------------------
Washington 9.4%
--------------------------------------------------------------------------------
Illinois 9.4%
--------------------------------------------------------------------------------
California 7.1%
--------------------------------------------------------------------------------
Tennessee 6.2%
--------------------------------------------------------------------------------
Pennsylvania 3.3%
--------------------------------------------------------------------------------
Alabama 2.9%
--------------------------------------------------------------------------------
Nevada 2.9%
--------------------------------------------------------------------------------
Other 18.2%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/General 22.9%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.6%
--------------------------------------------------------------------------------
Transportation 16.3%
--------------------------------------------------------------------------------
Water and Sewer 13.0%
--------------------------------------------------------------------------------
Education and Civic Organizations 8.8%
--------------------------------------------------------------------------------
U.S. Guaranteed 7.6%
--------------------------------------------------------------------------------
Utilities 6.1%
--------------------------------------------------------------------------------
Healthcare 5.9%
--------------------------------------------------------------------------------
Other 2.8%
--------------------------------------------------------------------------------
(1) Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment, in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable
equivalent yield is lower.
(2) The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1199 per share.
14
Nuveen Insured Tax-Free Advantage Municipal Fund
NEA
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
-------------------------------------------
Insured 89%
-------------------------------------------
AAA (Uninsured) 4%
-------------------------------------------
AA (Uninsured) 2% [PIE CHART]
-------------------------------------------
A (Uninsured) 4%
-------------------------------------------
BBB (Uninsured) 1%
-------------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.0775
Jun 0.0775
Jul 0.0775
Aug 0.0775
Sep 0.0745
Oct 0.0745
Nov 0.0745
Dec 0.0715
Jan 0.0715
Feb 0.0715
Mar 0.0685
Apr 0.0685
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.65
13.39
13.48
13.6
13.37
13.05
13.31
13.4
12.99
13.09
13.24
13.31
13.04
12.99
13.14
13.39
13.45
13.43
13.45
13.65
13.65
13.79
13.6
13.77
13.77
13.64
13.45
13.44
13.53
13.3
13.31
13.22
13.3
13.34
13.25
13.21
13.22
13.16
13.2
12.97
13.07
13.21
13.45
13.6
13.73
13.89
13.83
13.85
13.78
13.68
13.78
13.84
13.9
13.8
13.7
13.63
13.65
13.58
13.59
13.56
13.73
13.8
13.8
13.8
13.84
13.96
13.94
13.92
14.09
14.11
14.1
13.99
14.07
14.2
14.11
13.95
14.06
14.23
14.18
14.06
14.1
14.06
13.96
14.1
14.45
14.45
14.5
14.46
14.45
14.37
14.49
14.46
14.45
14.47
14.48
14.48
14.57
14.54
14.57
14.53
14.45
14.45
14.43
14.59
14.62
14.5
14.46
14.4
14.41
14.48
14.47
14.39
14.64
14.67
14.66
14.55
14.85
14.83
14.82
14.75
14.79
14.79
14.83
14.98
14.98
14.97
14.89
14.91
15
15
14.99
15
14.96
14.79
14.74
14.4
14.33
14.45
14.32
14.37
14.37
14.41
14.44
14.39
14.4
14.36
14.33
14.24
14.1
14.06
13.61
13.68
13.7
13.56
13.69
13.65
13.66
13.65
13.65
13.62
13.53
13.49
13.51
13.52
13.51
13.42
13.31
13.27
13.35
13.41
13.58
13.55
13.54
13.66
13.67
13.75
13.96
13.96
13.94
13.94
13.84
13.87
14.03
14.05
14.02
13.98
13.81
13.93
14.21
14.23
14.29
14.45
14.51
14.3
14.63
14.7
14.74
14.31
14.25
14.19
14.26
14.51
14.43
14.45
14.35
14.2
14.3
14.33
14.38
14.34
14.44
14.44
14.45
14.53
14.51
14.4
14.4
14.52
14.37
14.45
14.31
14.17
14.17
14.2
14.03
14
13.54
13.44
13.22
13.19
13.25
13.45
13.53
13.48
13.63
13.64
13.66
13.68
13.71
13.86
13.79
13.8
13.75
13.73
13.77
13.72
13.73
13.74
13.84
14.15
14.11
14.2
14.12
4/30/05 14.12
Fund Snapshot
--------------------------------------------------------------------------------
Common Share Price $14.12
--------------------------------------------------------------------------------
Common Share
Net Asset Value $14.94
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -5.49%
--------------------------------------------------------------------------------
Market Yield 5.82%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 8.08%
--------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $276,632
--------------------------------------------------------------------------------
Average Effective Maturity
on Securities (Years) 21.68
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 6.26
--------------------------------------------------------------------------------
Average Annual Total Return
(Inception 11/21/02)
--------------------------------------------------------------------------------
On Share Price On NAV
--------------------------------------------------------------------------------
6-Month
(Cumulative) -2.31% 4.31%
--------------------------------------------------------------------------------
1-Year 11.34% 10.61%
--------------------------------------------------------------------------------
Since
Inception 3.59% 7.97%
--------------------------------------------------------------------------------
States
(as a % of total investments)
--------------------------------------------------------------------------------
California 19.1%
--------------------------------------------------------------------------------
Texas 8.6%
--------------------------------------------------------------------------------
Michigan 7.7%
--------------------------------------------------------------------------------
New York 6.2%
--------------------------------------------------------------------------------
Washington 6.1%
--------------------------------------------------------------------------------
Indiana 5.8%
--------------------------------------------------------------------------------
Pennsylvania 5.7%
--------------------------------------------------------------------------------
Alabama 5.5%
--------------------------------------------------------------------------------
South Carolina 4.9%
--------------------------------------------------------------------------------
Wisconsin 4.4%
--------------------------------------------------------------------------------
Massachusetts 3.4%
--------------------------------------------------------------------------------
Oregon 2.6%
--------------------------------------------------------------------------------
Other 20.0%
--------------------------------------------------------------------------------
Sectors
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/General 28.3%
--------------------------------------------------------------------------------
Tax Obligation/Limited 25.7%
--------------------------------------------------------------------------------
Healthcare 14.3%
--------------------------------------------------------------------------------
Utilities 9.5%
--------------------------------------------------------------------------------
Transportation 7.6%
--------------------------------------------------------------------------------
Water and Sewer 6.8%
--------------------------------------------------------------------------------
U.S. Guaranteed 4.9%
--------------------------------------------------------------------------------
Other 2.9%
--------------------------------------------------------------------------------
(1) Taxable equivalent yield represents the yield that must be earned on a
fully taxable investment, in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable
equivalent yield is lower.
(2) The Fund also paid shareholders a capital gains distribution in December
2004 of $0.0097 per share.
15
Nuveen Insured Quality Municipal Fund, Inc. (NQI)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Alabama - 0.2% (0.1% of Total Investments)
$ 1,135 Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage 1/13 at 100.00 AAA $ 1,241,996
Revenue Bonds, Series 2002B, 5.250%, 1/01/20 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
Arizona - 2.1% (1.4% of Total Investments)
2,730 Maricopa County Union High School District 210, Phoenix, Arizona, General 7/14 at 100.00 AAA 3,004,884
Obligation Bonds, Series 2004A, 5.000%, 7/01/15 - FSA Insured
9,200 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport 7/12 at 100.00 AAA 9,595,416
Revenue Bonds, Series 2002B, 5.250%, 7/01/32 (Alternative Minimum Tax)
- FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
Arkansas - 1.1% (0.7% of Total Investments)
3,410 Arkansas Development Finance Authority, FNMA/GNMA Mortgage-Backed 7/05 at 102.00 AAA 3,483,690
Securities Program Single Family Mortgage Bonds, Series 1995B, 6.700%,
7/01/27 (Alternative Minimum Tax)
3,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences 11/14 at 100.00 Aaa 3,202,260
Campus, Series 2004B, 5.000%, 11/01/24 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
California - 25.0% (16.5% of Total Investments)
7,885 Alameda County, California, Certificates of Participation, Alameda County 9/06 at 102.00 AAA 8,350,609
Public Facilities Corporation, Series 1991, 6.000%, 9/01/21
(Pre-refunded to 9/01/06) - MBIA Insured
California Educational Facilities Authority, Revenue Bonds, Occidental
College, Series 2005A:
1,275 5.250%, 10/01/23 - MBIA Insured 10/15 at 100.00 Aaa 1,402,283
1,415 5.000%, 10/01/25 - MBIA Insured 10/15 at 100.00 Aaa 1,511,560
13,175 California Pollution Control Financing Authority, Revenue Refunding 9/09 at 101.00 AAA 14,203,045
Bonds, Southern California Edison Company, Series 1999A, 5.450%,
9/01/29 - MBIA Insured (a)
8,000 California, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 - 10/12 at 100.00 AAA 8,320,400
MBIA Insured
20,500 California, General Obligation Refunding Bonds, Series 2002, 5.000%, 4/12 at 100.00 AAA 21,344,395
4/01/27 - AMBAC Insured
3,750 California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 - 4/14 at 100.00 AAA 3,927,113
AMBAC Insured
California Department of Water Resources, Water System Revenue Bonds,
Central Valley Project, Series 2005AC:
3,000 5.000%, 12/01/24 - MBIA Insured 12/14 at 100.00 AAA 3,206,040
4,000 5.000%, 12/01/26 - MBIA Insured 12/14 at 100.00 AAA 4,245,440
5,500 California Statewide Community Development Authority, Certificates of 7/05 at 101.00 AAA 5,625,785
Participation, Salk Institute for Biological Studies, Series 1994,
6.200%, 7/01/24 - CONNIE LEE/AMBAC Insured
2,340 Cerritos Public Financing Authority, California, Tax Allocation Revenue 11/17 at 102.00 AAA 2,535,179
Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%,
11/01/24 - AMBAC Insured
Foothill/Eastern Transportation Corridor Agency, California, Toll Road
Revenue Refunding Bonds, Series 1999:
22,985 0.000%, 1/15/24 - MBIA Insured 1/10 at 44.52 AAA 8,071,413
22,000 0.000%, 1/15/31 - MBIA Insured 1/10 at 29.11 AAA 4,974,640
50,000 0.000%, 1/15/37 - MBIA Insured 1/10 at 20.19 AAA 7,816,000
5,000 Garden Grove, California, Certificates of Participation, Financing 3/12 at 101.00 AAA 5,258,900
Project, Series 2002A, 5.125%, 3/01/32 - AMBAC Insured
5,000 Inland Empire Solid Waste Financing Authority, California, Revenue Bonds, 8/06 at 102.00 AAA 5,284,700
Landfill Improvement Financing Project, Series 1996B, 6.000%, 8/01/16
(Alternative Minimum Tax) (Pre-refunded to 8/01/06) - FSA Insured
5,468 Moreno Valley Public Finance Authority, California, GNMA Collateralized 1/12 at 105.00 Aaa 6,081,838
Assisted Living Housing Revenue Bonds, CDC Assisted Living Project,
Series 2000A, 7.500%, 1/20/42
16
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
California (continued)
$ 6,060 Ontario Redevelopment Financing Authority, San Bernardino County, 8/05 at 100.00 AAA $ 6,258,162
California, Revenue Bonds, Redevelopment Project 1, Series 1993,
5.850%, 8/01/22 - MBIA Insured
3,615 Pasadena Unified School District, Los Angeles County, California, General 5/13 at 100.00 AAA 3,859,013
Obligation Bonds, Series 2003D, 5.000%, 5/01/24 - MBIA Insured
2,590 Riverside County Public Financing Authority, California, Tax Allocation 10/14 at 100.00 AAA 2,715,848
Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 - XLCA Insured
2,000 San Diego Redevelopment Agency, California, Subordinate Lien Tax 9/14 at 100.00 AAA 2,120,060
Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 -
XLCA Insured
San Francisco Airports Commission, California, Revenue Refunding Bonds,
San Francisco International Airport, Second Series 2001, Issue 27A:
7,200 5.125%, 5/01/21 (Alternative Minimum Tax) - MBIA Insured 5/11 at 100.00 AAA 7,489,440
12,690 5.250%, 5/01/31 (Alternative Minimum Tax) - MBIA Insured 5/11 at 100.00 AAA 13,142,145
1,000 Sierra Joint Community College District, Tahoe Truckee, California, 8/14 at 100.00 AAA 1,054,090
General Obligation Bonds, School Facilities Improvement District 1,
Series 2005A, 5.000%, 8/01/27 - FGIC Insured
1,575 Sierra Joint Community College District, Western Nevada, California, 8/14 at 100.00 AAA 1,662,665
General Obligation Bonds, School Facilities Improvement District 2,
Series 2005A, 5.000%, 8/01/27 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
Colorado - 2.2% (1.5% of Total Investments)
5,630 Arapahoe County Capital Improvement Trust Fund, Colorado, Vehicle 8/05 at 103.00 AAA 5,865,334
Registration Fee Revenue Bonds, Highway E-470, Series 1986A, 6.150%,
8/31/26 (Pre-refunded to 8/31/05) - MBIA Insured
3,750 Denver City and County, Colorado, Airport System Revenue Bonds, Series 11/06 at 101.00 AAA 3,905,063
1996D, 5.500%, 11/15/25 - MBIA Insured
1,250 Jefferson County School District R1, Colorado, General Obligation Bonds, 12/14 at 100.00 AAA 1,337,150
Series 2004, 5.000%, 12/15/24 - FSA Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,056,350
5.000%, 6/01/30 - FGIC Insured
1,200 Widefield Water and Sanitation District, El Paso County, Colorado, Water 12/14 at 100.00 AAA 1,277,136
and Sewerage Revenue Refunding and Improvement Bonds, Series 2004,
5.000%, 12/01/25 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.4% (0.2% of Total Investments)
2,000 Connecticut, General Obligation Bonds, Series 2004D, 5.000%, 12/01/22 - 12/14 at 100.00 Aaa 2,155,440
MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 1.4% (0.9% of Total Investments)
8,000 Washington Convention Center Authority, District of Columbia, Senior Lien 10/08 at 101.00 AAA 8,452,000
Dedicated Tax Revenue Bonds, Series 1998, 5.000%, 10/01/21 - AMBAC
Insured
----------------------------------------------------------------------------------------------------------------------------------
Florida - 10.2% (6.7% of Total Investments)
1,000 Florida State Board of Education, Full Faith and Credit Public Education 6/12 at 101.00 AAA 1,053,440
Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/25 - MBIA Insured
3,250 Florida State Board of Education, Full Faith and Credit Public Education 6/13 at 101.00 AAA 3,476,330
Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 - AMBAC Insured
2,180 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.250%, No Opt. Call AAA 2,434,362
5/01/13 - MBIA Insured
20,000 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 5.750%, 10/10 at 101.00 AAA 21,887,400
10/01/25 (Alternative Minimum Tax) - FSA Insured
4,115 Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing 7/11 at 100.00 AAA 4,324,536
Revenue Bonds, Monterey Pointe Apartments, Series 2001-2A, 5.850%,
7/01/37 (Alternative Minimum Tax) - FSA Insured
7,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International 10/12 at 100.00 AAA 7,376,740
Airport, Series 2002, 5.375%, 10/01/32 (Alternative Minimum Tax) - FGIC
Insured
3,900 Orange County School Board, Florida, Certificates of Participation, 8/14 at 100.00 Aaa 4,095,741
Series 2004A, 5.000%, 8/01/29 - AMBAC Insured
3,780 Palm Beach County School Board, Florida, Certificates of Participation, 8/13 at 100.00 AAA 4,098,616
Series 2003A, 5.000%, 8/01/16 - AMBAC Insured
7,435 Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 7,796,564
5.000%, 10/01/27 - MBIA Insured
17
Nuveen Insured Quality Municipal Fund, Inc. (NQI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
$ 4,070 Volusia County School Board, Florida, Certificates of Participation, 8/15 at 100.00 Aaa $ 4,326,573
Series 2005B, 5.000%, 8/01/23 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
Georgia - 0.2% (0.0% of Total Investments)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 11/14 at 100.00 AAA 1,067,580
5.000%, 11/01/22 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 6.1% (4.0% of Total Investments)
1,620 Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 1,739,961
7/15/21 - FSA Insured
Hawaii Department of Transportation, Airport System Revenue Refunding
Bonds, Series 2000B:
8,785 6.625%, 7/01/18 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 10,005,500
7,000 6.000%, 7/01/19 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 7,768,950
16,180 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, 5/06 at 101.00 AAA 16,830,436
Hawaiian Electric Company Inc., Series 1996A, 6.200%, 5/01/26
(Alternative Minimum Tax) - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 17.5% (11.5% of Total Investments)
10,000 Chicago, Illinois, General Obligation Bonds, Series 1995, 6.125%, 1/01/16 7/05 at 102.00 AAA 10,260,900
(Pre-refunded to 7/01/05) - AMBAC Insured
9,500 Chicago, Illinois, General Airport Second Lien Revenue Refunding Bonds, 1/10 at 101.00 AAA 10,152,935
O'Hare International Airport, Series 1999, 5.500%, 1/01/15 (Alternative
Minimum Tax) - AMBAC Insured
7,165 Illinois Development Finance Authority, Revenue Bonds, Bradley 8/09 at 101.00 AAA 7,930,795
University, Series 1999, 5.500%, 8/01/29 (Pre-refunded to 8/01/09) -
AMBAC Insured
25,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa Health System, 2/10 at 101.00 AAA 27,449,750
Series 2000, 5.875%, 2/15/30 - AMBAC Insured
15,785 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 4/12 at 100.00 AAA 16,939,673
5.250%, 4/01/27 - FSA Insured
13,275 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5/11 at 100.00 AAA 14,116,635
5.250%, 5/01/26 - FSA Insured
18,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, No Opt. Call AAA 7,000,200
McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 -
MBIA Insured
10,000 University of Illinois, Certificates of Participation, Utility 8/11 at 100.00 AAA 11,105,700
Infrastructure Projects, Series 2001B, 5.250%, 8/15/21 (Pre-refunded to
8/15/11) - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
Indiana - 1.9% (1.3% of Total Investments)
1,610 Hammond Multi-School Building Corporation, Lake County, Indiana, First 7/13 at 100.00 AAA 1,714,908
Mortgage Revenue Bonds, Series 2003B, 5.000%, 7/15/19 - FGIC Insured
7,790 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series No Opt. Call AAA 9,763,752
1990A, 7.250%, 6/01/15 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.5% (0.4% of Total Investments)
3,000 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 3,235,110
5.000%, 10/01/21 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
Kentucky - 4.4% (2.9% of Total Investments)
Kentucky Economic Development Finance Authority, Health System Revenue
Bonds, Norton Healthcare Inc., Series 2000C:
6,345 0.000%, 10/01/27 - MBIA Insured 10/13 at 101.00 AAA 6,870,493
18,185 0.000%, 10/01/28 - MBIA Insured 10/13 at 101.00 AAA 19,645,619
----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 3.0% (1.9% of Total Investments)
13,170 New Orleans, Louisiana, General Obligation Refunding Bonds, Series 1995, 10/05 at 101.00 AAA 13,487,924
6.200%, 10/01/21 - AMBAC Insured
4,045 Orleans Levee District, Louisiana, Levee District General Obligation 12/05 at 103.00 AAA 4,237,340
Bonds, Series 1986, 5.950%, 11/01/15 - FSA Insured
18
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Maine - 1.5% (1.0% of Total Investments)
$ 8,000 Maine Health and Higher Educational Facilities Authority, Revenue Bonds, 7/09 at 101.00 AAA $ 8,819,200
Series 1999B, 6.000%, 7/01/29 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.4% (0.9% of Total Investments)
7,535 Maryland Transportation Authority, Airport Parking Revenue Bonds, 3/12 at 101.00 AAA 8,175,324
Baltimore-Washington International Airport Passenger Facility, Series
2002B, 5.500%, 3/01/18 (Alternative Minimum Tax) - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 1.9% (1.3% of Total Investments)
5,000 Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue 7/12 at 100.00 AAA 5,516,850
Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded to
7/01/12) - FGIC Insured
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series
2004:
1,250 5.250%, 1/01/21 - FGIC Insured 1/14 at 100.00 AAA 1,364,913
1,000 5.250%, 1/01/22 - FGIC Insured 1/14 at 100.00 AAA 1,088,110
1,195 5.250%, 1/01/23 - FGIC Insured 1/14 at 100.00 AAA 1,299,371
2,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 2,170,120
----------------------------------------------------------------------------------------------------------------------------------
Michigan - 0.8% (0.6% of Total Investments)
4,750 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/09 at 102.00 AAA 5,037,708
Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A,
5.550%, 9/01/29 (Alternative Minimum Tax) - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 0.0% (0.0% of Total Investments)
127 St. Louis Park, Minnesota, GNMA Mortgage-Backed Securities Program Single 10/05 at 100.00 Aaa 127,081
Family Residential Mortgage Revenue Bonds, Series 1991A, 7.250%,
4/20/23
----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 1.5% (1.0% of Total Investments)
2,545 Harrison County Wastewater Management District, Mississippi, Wastewater No Opt. Call AAA 3,384,163
Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%,
2/01/13 - FGIC Insured
2,715 Harrison County Wastewater Management District, Mississippi, Wastewater No Opt. Call AAA 3,522,930
Treatment Facilities Revenue Refunding Bonds, Series 1991B, 7.750%,
2/01/14 - FGIC Insured
2,115 Mississippi Home Corporation, GNMA Collateralized Single Family Mortgage 6/06 at 105.00 Aaa 2,175,574
Revenue Bonds, Series 1996C, 7.600%, 6/01/29 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.3% (0.2% of Total Investments)
1,500 Camdenton Reorganized School District R3, Camden County, Missouri, No Opt. Call AAA 1,644,150
General Obligation Bonds, Series 2005, 5.250%, 3/01/24 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
Nevada - 7.0% (4.6% of Total Investments)
33,700 Director of Nevada State Department of Business and Industry, Revenue 1/10 at 100.00 AAA 35,728,740
Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%,
1/01/40 - AMBAC Insured
5,720 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno 6/12 at 100.00 AAA 5,974,597
Transportation Rail Access Corridor Project, Series 2002, 5.125%,
6/01/32 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 1.1% (0.7% of Total Investments)
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle
Surcharge, Series 2004A:
1,700 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA 1,819,255
1,700 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 1,813,883
2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 2,691,100
1/01/19 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.8% (0.6% of Total Investments)
New Mexico Finance Authority, Public Project Revolving Fund Revenue
Bonds, Series 2004C:
1,420 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AAA 1,516,773
3,290 5.000%, 6/01/23 - AMBAC Insured 6/14 at 100.00 AAA 3,508,028
----------------------------------------------------------------------------------------------------------------------------------
New York - 13.8% (9.1% of Total Investments)
8,000 Metropolitan Transportation Authority, New York, State Service Contract 7/12 at 100.00 AAA 8,437,920
Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured
19
Nuveen Insured Quality Municipal Fund, Inc. (NQI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
New York (continued)
$ 9,335 New York City Municipal Water Finance Authority, New York, Water and 6/05 at 101.00 AAA $ 9,469,797
Sewerage System Revenue Bonds, Fiscal Series 1996A, 6.000%, 6/15/25
(Pre-refunded to 6/15/05) - MBIA Insured
11,760 Dormitory Authority of the State of New York, Lease Revenue Bonds, Court 5/10 at 101.00 AAA 13,037,842
Facilities, Series 1999, 5.750%, 5/15/30 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 3,202,080
Health Services Facilities Improvements, Series 2005D, 5.000%, 2/15/23
- FGIC Insured
7,000 New York State Energy Research and Development Authority, Facilities 7/05 at 102.00 A1 7,172,690
Revenue Refunding Bonds, Consolidated Edison Company Inc., Series
1995A, 6.100%, 8/15/20
10,875 New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, 5/06 at 102.00 AAA 11,428,755
Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured
4,200 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 10/09 at 100.00 AAA 4,367,916
82, 5.550%, 10/01/19 (Alternative Minimum Tax) - MBIA Insured
15,000 Dormitory Authority of the State of New York, Revenue Bonds, School 10/12 at 100.00 AAA 16,836,150
Districts Financing Program, Series 2002D, 5.500%, 10/01/17 - MBIA
Insured
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated
Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
1,630 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,743,399
1,675 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,790,173
5,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/13 at 100.00 AAA 5,238,850
General Purpose Revenue Bonds, Series 2003A, 5.000%, 11/15/32 - FGIC
Insured
----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 0.3% (0.2% of Total Investments)
1,720 Union County, North Carolina, Certificates of Participation, Series 2003, 6/13 at 101.00 AAA 1,875,213
5.000%, 6/01/16 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.2% (1.4% of Total Investments)
7,000 Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 6/14 at 100.00 AAA 7,692,370
5.250%, 6/01/19 - FGIC Insured
5,000 Lorain County, Ohio, Health Facilities Revenue Bonds, Catholic Healthcare 9/09 at 102.00 AAA 5,432,200
Partners, Series 1999A, 5.500%, 9/01/29 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 2.8% (1.9% of Total Investments)
7,000 Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, 1/08 at 101.00 AAA 7,322,140
Pittsburgh International Airport, Series 1997A, 5.250%, 1/01/16
(Alternative Minimum Tax) - MBIA Insured
7,250 Lehigh County Industrial Development Authority, Pennsylvania, Pollution 8/05 at 102.00 AAA 7,450,608
Control Revenue Refunding Bonds, Pennsylvania Power and Light Company
Project, Series 1995A, 6.150%, 8/01/29 - MBIA Insured
2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, 12/15 at 100.00 AAA 2,132,380
Series 2005B, 5.000%, 12/01/23 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.4% (0.9% of Total Investments)
5,000 Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, No Opt. Call AAA 5,804,750
Series 2003AA, 5.500%, 7/01/16 - FGIC Insured
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,714,725
5.000%, 7/01/22 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 0.5% (0.4% of Total Investments)
3,000 Charleston County School District, South Carolina, General Obligation 2/14 at 100.00 AAA 3,209,280
Bonds, Series 2004A, 5.000%, 2/01/22 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.9% (0.6% of Total Investments)
Knox County Health, Educational and Housing Facilities Board, Tennessee,
Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A:
7,500 0.000%, 1/01/24 - FSA Insured 1/13 at 52.75 AAA 2,680,650
5,000 0.000%, 1/01/25 - FSA Insured 1/13 at 49.71 AAA 1,679,300
2,750 0.000%, 1/01/26 - FSA Insured 1/13 at 46.78 AAA 865,975
20
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Texas - 22.4% (14.8% of Total Investments)
$ 8,000 Abilene Health Facilities Development Corporation, Texas, Hospital 9/05 at 102.00 AAA $ 8,242,560
Revenue Refunding and Improvement Bonds, Hendrick Medical Center
Project, Series 1995C, 6.150%, 9/01/25 - MBIA Insured
5,275 Austin, Texas, Combined Utility System Revenue Refunding Bonds, Series 11/07 at 100.00 AAA 5,495,970
1997, 5.125%, 11/15/20 - FSA Insured
3,135 Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/14 at 100.00 AAA 3,419,627
7/15/20 - FSA Insured
3,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/11 at 100.00 AAA 3,326,730
and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 (Alternative
Minimum Tax) - FGIC Insured
3,735 Grand Prairie Independent School District, Dallas County, Texas, General 2/13 at 100.00 AAA 3,904,532
Obligation Bonds, Series 2003, 5.125%, 2/15/31 - FSA Insured
Harris County Hospital District, Texas, Revenue Refunding Bonds, Series
1990:
1,165 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 1,263,571
2,235 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 2,493,165
4,500 Houston, Texas, General Obligation Public Improvement Bonds, Series 3/11 at 100.00 AAA 4,753,620
2001A, 5.000%, 3/01/22 - FSA Insured
4,685 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 7/10 at 100.00 AAA 5,011,263
2000A, 5.500%, 7/01/19 (Alternative Minimum Tax) - FSA Insured
5,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 5/14 at 100.00 AAA 5,384,950
2004A, 5.250%, 5/15/24 - FGIC Insured
17,000 Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding No Opt. Call AAA 20,509,310
Bonds, Series 2002A, 5.750%, 12/01/32 - FSA Insured
19,200 Jefferson County Health Facilities Development Corporation, Texas, 8/11 at 100.00 AAA 20,339,520
FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast
Texas, Series 2001, 5.400%, 8/15/31 - AMBAC Insured
6,000 Laredo Community College District, Texas, Limited Tax General Obligation 8/10 at 100.00 AAA 6,443,040
Bonds, Series 2001, 5.375%, 8/01/31 - AMBAC Insured
2,000 Laredo Independent School District Public Facilities Corporation, Texas, 8/11 at 100.00 AAA 2,074,160
Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 - AMBAC Insured
22,045 North Central Texas Health Facilities Development Corporation, Revenue 8/12 at 101.00 AAA 23,393,713
Bonds, Children's Medical Center of Dallas, Series 2002, 5.250%,
8/15/32 - AMBAC Insured
17,429 Tarrant County Housing Finance Corporation, Texas, GNMA Collateralized 3/12 at 105.00 Aaa 18,889,899
Mortgage Loan Multifamily Housing Revenue Bonds, Bardin Green
Apartments Project, Series 2001, 6.600%, 9/20/42
----------------------------------------------------------------------------------------------------------------------------------
Utah - 0.6% (0.4% of Total Investments)
3,215 Salt Lake City, Utah, Hospital Revenue Refunding Bonds, IHC Hospitals 5/05 at 100.00 AAA 3,371,892
Inc., Series 1988A, 8.000%, 5/15/07
----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.5% (0.3% of Total Investments)
2,575 Spotsylvania County, Virginia, Water and Sewerage System Revenue Bonds, 6/15 at 100.00 AAA 2,763,722
Series 2005, 5.000%, 6/01/24 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
Washington - 11.2% (7.3% of Total Investments)
10,730 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 11,557,068
System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32
(Alternative Minimum Tax) - MBIA Insured
4,655 Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan 9/11 at 102.00 AAA 5,116,357
Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments
Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax)
15,025 Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan 11/11 at 105.00 AAA 17,060,287
Low Income Housing Assistance Revenue Bonds, Park Place Project, Series
2000A, 7.000%, 5/20/42
5,000 Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 12/10 at 100.00 AAA 5,393,150
2000, 5.250%, 12/01/21 - FSA Insured
1,600 Vancouver, Washington, Water and Sewerage Revenue Bonds, Series 2004, No Opt. Call AAA 1,787,664
5.250%, 6/01/14 - FGIC Insured
10,000 Washington, General Obligation Refunding Bonds, Series R-2003A, 5.000%, 1/12 at 100.00 AAA 10,685,700
1/01/19 - MBIA Insured
21
Nuveen Insured Quality Municipal Fund, Inc. (NQI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Washington (continued)
$ 2,500 Washington State Healthcare Facilities Authority, Revenue Bonds, 12/09 at 101.00 AAA $ 2,707,070
Providence Services, Series 1999, 5.375%, 12/01/19 - MBIA Insured
11,750 Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear 7/08 at 102.00 AAA 12,562,983
Project 1, Series 1998A, 5.125%, 7/01/17 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 2.3% (1.5% of Total Investments)
12,845 West Virginia Water Development Authority, Infrastructure Revenue Bonds, 10/10 at 100.00 AAA 13,971,121
Infrastructure and Jobs Development Council Program, Series 2000A,
5.500%, 10/01/39 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.4% (0.3% of Total Investments)
2,180 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/14 at 100.00 Aaa 2,302,385
11/01/26 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
$ 943,949 Total Long-Term Investments (cost $851,544,150) - 151.8% 910,420,007
============----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 7,222,885
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.0)% (318,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 599,642,892
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(a) The issuer has received a preliminary adverse determination
from the Internal Revenue Service (the "IRS") regarding the
tax-exempt status of the bonds' coupon payments. The Fund will
continue to treat coupon payments as tax-exempt income until
such time that it is formally determined that the interest on
the bonds should be treated as taxable.
See accompanying notes to financial statements.
22
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 14.5% (9.5% of Total Investments)
$ 3,815 Alabama Housing Finance Authority, GNMA Collateralized Multifamily 7/05 at 103.00 Aaa $ 3,941,505
Housing Revenue Refunding Bonds, Royal Hills Apartments, Series 1995F,
6.500%, 7/20/30
11,000 Birmingham Special Care Facilities Financing Authority, Alabama, Revenue 5/05 at 102.00 AAA 11,244,420
Bonds, Baptist Health System Inc., Series 1995B, 5.875%, 11/15/20 -
MBIA Insured
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue
Bonds, Baptist Health System Inc., Series 1996A:
7,465 5.875%, 11/15/19 - MBIA Insured 11/06 at 102.00 AAA 7,914,393
1,750 5.875%, 11/15/26 - MBIA Insured 11/06 at 102.00 AAA 1,853,705
11,175 Hoover Board of Education, Alabama, Capital Outlay Tax Anticipation 2/11 at 100.00 AAA 12,009,996
Warrants, Series 2001, 5.250%, 2/15/22 - MBIA Insured
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series
1997A:
25,825 5.375%, 2/01/27 (Pre-refunded to 2/01/07) - FGIC Insured 2/07 at 100.00 AAA 26,913,782
10,195 5.375%, 2/01/27 - FGIC Insured 2/07 at 100.00 AAA 10,535,819
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants,
Series 1999A:
10,815 5.000%, 2/01/33 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 11,658,786
9,790 5.000%, 2/01/33 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 10,575,648
3,000 5.375%, 2/01/36 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 3,280,440
29,860 5.750%, 2/01/38 (Pre-refunded to 2/01/09) - FGIC Insured 2/09 at 101.00 AAA 33,046,062
18,760 Jefferson County, Alabama, Sewer Revenue Capitol Improvement Warrants, 2/11 at 101.00 AAA 20,599,606
Series 2001A, 5.000%, 2/01/41 (Pre-refunded to 2/01/11) - FGIC Insured
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants,
Series 2002B:
2,500 5.125%, 2/01/42 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 2,770,350
2,500 5.125%, 2/01/42 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 2,780,525
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants,
Series 2002D:
425 5.000%, 2/01/38 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 467,572
14,800 5.000%, 2/01/42 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 16,342,604
5,240 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2/11 at 101.00 AAA 5,771,284
2003B, 5.000%, 2/01/41 (Pre-refunded to 2/01/11) - FGIC Insured
6,000 University of Alabama, Tuscaloosa, General Revenue Bonds, Series 2004A, 7/14 at 100.00 AAA 6,319,860
5.000%, 7/01/29 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 2.4% (1.5% of Total Investments)
11,245 Alaska Housing Finance Corporation, General Mortgage Revenue Bonds, 6/09 at 100.00 AAA 11,699,298
Series 1999A, 6.050%, 6/01/39 - MBIA Insured
11,460 Alaska Housing Finance Corporation, Governmental Purpose Bonds, Series 12/05 at 102.00 AAA 11,856,172
1995A, 5.875%, 12/01/30 - MBIA Insured
390 Alaska Housing Finance Corporation, Collateralized Veterans Mortgage 6/05 at 100.00 AAA 408,611
Program Bonds, First Series 1999A-2, 6.250%, 6/01/39 (Alternative
Minimum Tax) (Pre-refunded to 6/01/05)
3,190 Alaska Housing Finance Corporation, Collateralized Veterans Mortgage 12/09 at 100.00 AAA 3,357,156
Program Bonds, First Series 1999A-1, 6.150%, 6/01/39
3,000 Alaska Student Loan Corporation, Student Loan Revenue Bonds, Series 7/08 at 100.00 AAA 3,120,480
1998A, 5.250%, 7/01/14 (Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.0% (0.7% of Total Investments)
Arizona State University, Certificates of Participation, Resh
Infrastructure Projects, Series 2005A:
2,000 5.000%, 9/01/25 - AMBAC Insured 3/15 at 100.00 AAA 2,122,460
2,000 5.000%, 9/01/27 - AMBAC Insured 3/15 at 100.00 AAA 2,113,700
1,000 Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/15 at 100.00 AAA 1,060,090
7/01/27 - AMBAC Insured
23
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Arizona (continued)
$ 1,000 Maricopa County Union High School District 210, Phoenix, Arizona, General 7/14 at 100.00 AAA $ 1,072,520
Obligation Bonds, Series 2004A, 5.000%, 7/01/22 - FSA Insured
1,150 Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater 7/14 at 100.00 AAA 1,213,986
System Revenue Bonds, Series 2004, 5.000%, 7/01/27 - MBIA Insured
5,695 Pima County Industrial Development Authority, Arizona, Lease Obligation 7/05 at 101.50 AAA 5,961,526
Revenue Refunding Bonds, Tucson Electric Power Company, Series 1988A,
7.250%, 7/15/10 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
California - 28.5% (18.8% of Total Investments)
California Rural Home Mortgage Finance Authority, GNMA Mortgage-Backed
Securities Program Single Family Mortgage Revenue Bonds, Series 1996A:
70 7.550%, 11/01/26 (Alternative Minimum Tax) No Opt. Call AAA 71,493
60 7.750%, 5/01/27 (Alternative Minimum Tax) No Opt. Call AAA 61,330
4,500 California, General Obligation Bonds, Series 1998, 5.000%, 10/01/19 - 10/08 at 101.00 AAA 4,785,615
FGIC Insured
10,000 California Department of Veterans Affairs, Home Purchase Revenue Bonds, 6/12 at 101.00 AAA 10,653,500
Series 2002A, 5.300%, 12/01/21 - AMBAC Insured
California Department of Water Resources, Water System Revenue Bonds,
Central Valley Project, Series 2005AC:
3,700 5.000%, 12/01/24 - MBIA Insured 12/14 at 100.00 AAA 3,954,116
2,820 5.000%, 12/01/27 - MBIA Insured 12/14 at 100.00 AAA 2,986,183
California Department of Water Resources, Power Supply Revenue Bonds,
Series 2002A:
30,000 5.375%, 5/01/17 - XLCA Insured 5/12 at 101.00 AAA 33,298,500
35,000 5.375%, 5/01/18 - AMBAC Insured 5/12 at 101.00 AAA 38,893,750
20,000 Cucamonga County Water District, San Bernardino County, California, 9/11 at 101.00 AAA 20,931,800
Certificates of Participation, Water Shares Purchase, Series 2000,
5.125%, 9/01/35 - FGIC Insured
5,000 Long Beach Bond Financing Authority, California, Lease Revenue Refunding 11/11 at 101.00 AAA 5,313,500
Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%,
11/01/30 - AMBAC Insured
7,670 Los Angeles Community College District, Los Angeles County, California, 8/15 at 100.00 AAA 8,226,152
General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 - FSA Insured
20,000 Los Angeles Unified School District, California, General Obligation 7/13 at 100.00 AAA 21,550,600
Bonds, Series 2003A, 5.000%, 7/01/21 - FSA Insured
9,000 Orange County, California, Refunding Recovery Bonds, Series 1995A, 6/05 at 102.00 AAA 9,203,400
5.750%, 6/01/15 - MBIA Insured
12,500 Orange County, California, Recovery Certificates of Participation, Series 7/06 at 102.00 AAA 13,162,125
1996A, 6.000%, 7/01/26 - MBIA Insured
6,205 Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/12 at 100.00 AAA 6,446,809
11/01/22 (Alternative Minimum Tax) - FGIC Insured
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay
Redevelopment Project, Series 2001:
15,000 5.200%, 6/15/30 - AMBAC Insured 12/11 at 101.00 AAA 15,868,200
5,000 5.125%, 6/15/33 - AMBAC Insured 12/11 at 101.00 AAA 5,240,750
6,000 Redlands Unified School District, San Bernardino County, California, 7/13 at 100.00 AAA 6,322,440
General Obligation Bonds, Series 2003, 5.000%, 7/01/26 - FSA Insured
19,300 Sacramento Power Authority, California, Revenue Bonds, Power Authority 7/06 at 102.00 AAA 20,383,695
Cogeneration Project, Series 1995, 5.875%, 7/01/15 (Pre-refunded to
7/01/06) - MBIA Insured
6,500 Salinas, California, GNMA Collateralized Housing Facility Revenue 7/05 at 101.00 AAA 6,634,160
Refunding Bonds, Villa Serra Project, Series 1994A, 6.600%, 7/20/30
10,000 San Francisco Airports Commission, California, Revenue Bonds, San 5/06 at 101.00 AAA 10,297,000
Francisco International Airport, Second Series Issue 13B, 5.500%,
5/01/26 (Alternative Minimum Tax) - MBIA Insured
13,710 San Francisco Airports Commission, California, Revenue Refunding Bonds, 5/11 at 100.00 AAA 14,278,828
San Francisco International Airport, Second Series 2001, Issue 27A,
5.250%, 5/01/26 (Alternative Minimum Tax) - MBIA Insured
11,500 San Francisco Bay Area Rapid Transit District, California, Sales Tax 7/11 at 100.00 AAA 12,011,980
Revenue Bonds, Series 2001, 5.125%, 7/01/36 - AMBAC Insured
66,685 San Joaquin Hills Transportation Corridor Agency, Orange County, No Opt. Call AAA 33,403,850
California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%,
1/01/21
24
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
California (continued)
San Joaquin Hills Transportation Corridor Agency, Orange County,
California, Toll Road Revenue Refunding Bonds, Series 1997A:
$ 31,615 5.250%, 1/15/30 - MBIA Insured 1/07 at 102.00 AAA $ 33,195,118
21,500 0.000%, 1/15/32 - MBIA Insured No Opt. Call AAA 5,629,775
12,525 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/10 at 101.00 AAA 13,252,202
Area Redevelopment Project, Series 2002, 5.000%, 8/01/20 - MBIA Insured
11,000 Santa Ana Financing Authority, California, Lease Revenue Bonds, Police No Opt. Call AAA 13,762,760
Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 -
MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 7.8% (5.1% of Total Investments)
5,070 Adams 12 Five Star Schools, Adams County, Colorado, General Obligation 12/15 at 100.00 AAA 5,442,949
Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured
1,000 Colorado Department of Transportation, Certificates of Participation, 6/14 at 100.00 AAA 1,057,600
Series 2004, 5.000%, 6/15/25 - MBIA Insured
10,000 Denver City and County, Colorado, Airport System Revenue Refunding Bonds, 11/11 at 100.00 AAA 10,865,000
Series 2001A, 5.500%, 11/15/15 (Alternative Minimum Tax) - FGIC Insured
10,545 Denver City and County, Colorado, Airport System Revenue Bonds, Series 11/06 at 101.00 AAA 10,981,036
1996D, 5.500%, 11/15/25 - MBIA Insured
4,950 Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, 12/13 at 100.00 AAA 5,158,197
Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 - XLCA Insured
1,740 Douglas County School District RE1, Douglas and Elbert Counties, 12/14 at 100.00 Aaa 1,839,893
Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 -
FSA Insured
35,995 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series No Opt. Call AAA 14,947,644
1997B, 0.000%, 9/01/23 - MBIA Insured
30,800 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 9/10 at 102.00 AAA 34,497,848
2000A, 5.750%, 9/01/35 - MBIA Insured
11,800 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 9/10 at 74.80 AAA 7,314,702
2000B, 0.000%, 9/01/15 (Pre-refunded to 9/01/10) - MBIA Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series No Opt. Call AAA 3,296,400
2004A, 0.000%, 9/01/27 - MBIA Insured
1,250 Jefferson County School District R1, Colorado, General Obligation Bonds, 12/14 at 100.00 AAA 1,337,150
Series 2004, 5.000%, 12/15/24 - FSA Insured
2,500 Summit County School District RE-1, Summit, Colorado, General Obligation 12/14 at 100.00 Aaa 2,673,750
Bonds, Series 2004B, 5.000%, 12/01/24 - FGIC Insured
1,250 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,320,438
5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.3% (0.2% of Total Investments)
4,000 Connecticut, General Obligation Bonds, Series 2004D, 5.000%, 12/01/24 - 12/14 at 100.00 Aaa 4,284,560
MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 1.0% (0.7% of Total Investments)
2,090 District of Columbia Housing Finance Agency, GNMA Collateralized Single 6/05 at 100.00 AAA 2,091,672
Family Mortgage Revenue Bonds, Series 1990B, 7.100%, 12/01/24
(Alternative Minimum Tax)
District of Columbia Water and Sewerage Authority, Subordinate Lien
Public Utility Revenue Bonds, Series 2003:
5,000 5.125%, 10/01/24 - FGIC Insured 10/13 at 100.00 AAA 5,375,350
5,000 5.125%, 10/01/25 - FGIC Insured 10/13 at 100.00 AAA 5,352,550
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 7.0% (4.6% of Total Investments)
3,445 Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 10/14 at 100.00 AAA 3,672,715
5.000%, 10/01/24 - MBIA Insured
10,355 Florida, Board of Education Lottery Revenue Bonds, Series 2005A, 5.000%, 7/15 at 101.00 AAA 11,207,217
7/01/22 - AMBAC Insured
2,285 Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/15 at 100.00 AAA 2,434,645
2/01/23 - MBIA Insured
25
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
$ 1,000 Hillsborough County School Board, Florida, Certificates of Participation, 7/15 at 100.00 AAA $ 1,057,550
Master Lease Program, Series 2005A, 5.000%, 7/01/26 - MBIA Insured
Indian Trace Development District, Florida, Water Management Special
Benefit Assessment Bonds, Series 2005:
645 5.000%, 5/01/25 - MBIA Insured 5/15 at 102.00 Aaa 691,692
1,830 5.000%, 5/01/27 - MBIA Insured 5/15 at 102.00 Aaa 1,948,255
4,425 Jacksonville Economic Development Commission, Florida, Healthcare 11/12 at 100.00 AAA 4,878,253
Facilities Revenue Bonds, Mayo Clinic, Series 2001C, 5.500%, 11/15/36 -
MBIA Insured
1,505 Lee County, Florida, Transportation Facilities Revenue Bonds, Series 10/14 at 100.00 AAA 1,617,845
2004B, 5.000%, 10/01/21 - AMBAC Insured
2,000 Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 10/13 at 100.00 AAA 2,103,040
5.000%, 10/01/27 - MBIA Insured
35,920 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International 10/12 at 100.00 AAA 37,853,214
Airport, Series 2002, 5.375%, 10/01/32 (Alternative Minimum Tax) - FGIC
Insured
2,150 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International 10/12 at 100.00 AAA 2,223,358
Airport, Series 2002A, 5.125%, 10/01/35 (Alternative Minimum Tax) - FSA
Insured
Northern Palm Beach County Improvement District, Florida, Revenue Bonds,
Water Control and Improvement Development Unit 9B, Series 2005:
1,290 5.000%, 8/01/23 - MBIA Insured 8/15 at 102.00 AAA 1,392,490
2,145 5.000%, 8/01/29 (DD, settling 5/02/05) - MBIA Insured 8/15 at 102.00 AAA 2,285,691
Ocala, Florida, Utility System Revenue Bonds, Series 2005B:
1,025 5.250%, 10/01/24 - FGIC Insured 10/15 at 100.00 Aaa 1,127,326
2,590 5.000%, 10/01/27 - FGIC Insured 10/15 at 100.00 Aaa 2,748,741
4,000 Orange County School Board, Florida, Certificates of Participation, 8/14 at 100.00 Aaa 4,200,760
Series 2004A, 5.000%, 8/01/29 - AMBAC Insured
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement
Bonds, Series 2003:
2,010 5.000%, 8/15/16 - FSA Insured 8/13 at 100.00 Aaa 2,186,076
2,110 5.000%, 8/15/17 - FSA Insured 8/13 at 100.00 Aaa 2,282,176
2,225 5.000%, 8/15/18 - FSA Insured 8/13 at 100.00 Aaa 2,403,289
2,275 Volusia County School Board, Florida, Certificates of Participation, 8/15 at 100.00 Aaa 2,412,592
Series 2005B, 5.000%, 8/01/24 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 0.9% (0.6% of Total Investments)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004,
5.000%, 11/01/22 - FSA Insured 11/14 at 100.00 AAA 1,067,580
1,520 College Park Business and Industrial Development Authority, Georgia, 9/14 at 102.00 AAA 1,679,220
Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 -
MBIA Insured
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech
Molecular Science Building, Series 2004:
1,695 5.250%, 5/01/19 - MBIA Insured 5/14 at 100.00 AAA 1,860,754
1,135 5.250%, 5/01/20 - MBIA Insured 5/14 at 100.00 AAA 1,244,278
Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds,
Southeast Georgia Health Systems, Series 1996:
640 5.250%, 8/01/13 (Pre-refunded to 8/01/06) - MBIA Insured 8/06 at 102.00 AAA 671,808
4,360 5.250%, 8/01/13 - MBIA Insured 8/06 at 102.00 AAA 4,563,525
-----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 2.3% (1.5% of Total Investments)
24,250 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, 5/06 at 101.00 AAA 25,224,850
Hawaiian Electric Company Inc., Series 1996A, 6.200%, 5/01/26
(Alternative Minimum Tax) - MBIA Insured
4,005 Hawaii, Highway Revenue Bonds, Series 2005A, 5.000%, 7/01/23 - FSA 7/15 at 100.00 AAA 4,290,076
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.2% (0.1% of Total Investments)
855 Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series No Opt. Call Aa1 861,130
1994B-1, 6.750%, 7/01/22
770 Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series No Opt. Call Aa1 804,789
1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
26
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Idaho (continued)
$ 930 Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 7/05 at 102.00 Aaa $ 949,586
6.600%, 7/01/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 6.0% (3.9% of Total Investments)
1,050 Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/14 at 100.00 AAA 1,156,890
12/15/20 - FSA Insured
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue
Refunding Bonds, O'Hare International Airport, Series 2001E:
4,615 5.500%, 1/01/17 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 4,975,432
4,870 5.500%, 1/01/18 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 5,240,071
5,000 DuPage and Will Counties Community School District 204 - Indian Prairie, 12/11 at 100.00 AAA 5,376,200
Illinois, General Obligation Bonds, Series 2001, 5.000%, 12/30/15 -
FGIC Insured
4,020 Eastern Illinois University, Auxiliary Facilities System Revenue Bonds, 10/05 at 79.43 AAA 3,151,760
Series 1989, 0.000%, 10/01/09 - MBIA Insured
10,000 Illinois Development Finance Authority, Revenue Bonds, Provena Health, 5/08 at 101.00 AAA 10,644,700
Series 1998A, 5.500%, 5/15/21 - MBIA Insured
2,095 Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris 12/07 at 100.00 Aaa 2,217,997
College, Series 2000, 5.800%, 6/01/30 - MBIA Insured
2,180 Illinois Educational Facilities Authority, Revenue Bonds, DePaul 10/10 at 101.00 AAA 2,450,124
University, Series 2000, 5.500%, 10/01/19 (Pre-refunded to 10/01/10) -
AMBAC Insured
7,000 Illinois Health Facilities Authority, Revenue Bonds, Hospital Sisters 6/08 at 101.00 Aaa 7,348,250
Services Inc. Obligated Group, Series 1998A, 5.000%, 6/01/18 - MBIA
Insured
4,500 Illinois Health Facilities Authority, Revenue Bonds, Alexian Brothers 1/09 at 101.00 AAA 4,708,080
Health System, Series 1999, 5.000%, 1/01/19 - FSA Insured
22,410 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 2/12 at 100.00 AAA 23,470,441
5.125%, 2/01/27 - FGIC Insured
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
4,260 5.000%, 12/01/22 - FGIC Insured 12/14 at 100.00 AAA 4,540,777
2,365 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 AAA 2,515,296
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Indiana - 3.9% (2.6% of Total Investments)
2,350 Cloverdale Multi-School Building Corporation, Putnam and Owen Counties, 7/15 at 100.00 AAA 2,493,021
Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/24 - MBIA
Insured
2,030 Decatur Township-Marion County Multi-School Building Corporation, 7/13 at 100.00 AAA 2,186,817
Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 - FGIC
Insured
11,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, 11/05 at 100.00 Aaa 11,138,380
Daughters of Charity, Series 1993, 5.750%, 11/15/22 (Pre-refunded to
11/15/05)
3,250 Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks 7/12 at 100.00 AAA 3,478,573
Project, Series 2002A, 5.250%, 7/01/33 - MBIA Insured
20,000 Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, No Opt. Call AAA 6,415,000
0.000%, 2/01/28 - AMBAC Insured
1,340 Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, 1/14 at 100.00 AAA 1,405,178
First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 - FSA Insured
Noblesville Redevelopment Authority, Indiana, Economic Development Lease
Rental Bonds, Exit 10 Project, Series 2003:
3,110 5.000%, 1/15/21 - AMBAC Insured 7/13 at 100.00 AAA 3,284,844
5,000 5.000%, 1/15/28 - AMBAC Insured 7/13 at 100.00 AAA 5,220,650
10,000 Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 1/12 at 100.00 AAA 10,697,800
7/01/19 - MBIA Insured
3,705 Whitley County Middle School Building Corporation, Columbia City, 7/13 at 100.00 AAA 4,026,779
Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 - FSA
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Iowa - 0.3% (0.2% of Total Investments)
3,045 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical 6/13 at 100.00 Aaa 3,281,109
Center, Series 2003, 5.000%, 6/15/15 - AMBAC Insured
27
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.7% (0.4% of Total Investments)
$ 1,055 Butler County Unified School District 394, Kansas, General Obligation 9/14 at 100.00 AAA $ 1,138,619
Bonds, Series 2004, 5.000%, 9/01/20 - FSA Insured
2,055 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 9/14 at 101.00 AAA 2,213,749
- FSA Insured
5,000 University of Kansas Hospital Authority, Health Facilities Revenue Bonds, 9/09 at 100.00 AAA 5,397,650
KU Health System, Series 1999A, 5.650%, 9/01/29 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Kentucky - 1.7% (1.1% of Total Investments)
3,870 Kenton County School District Finance Corporation, Kentucky, School 6/14 at 100.00 Aaa 4,151,968
Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 - MBIA Insured
3,770 Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, 7/15 at 100.00 AAA 4,023,796
Revitalization Project, Series 2005B, 5.000%, 7/01/24 - AMBAC Insured
12,980 Louisville and Jefferson County Metropolitan Sewer District, Kentucky, 11/11 at 101.00 AAA 14,349,130
Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34
- MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.6% (1.7% of Total Investments)
5,000 De Soto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, 9/09 at 102.00 AAA 5,564,250
Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 - AMBAC
Insured
3,025 Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 11/14 at 100.00 AAA 3,308,291
2004, 5.250%, 11/01/22 - MBIA Insured
1,640 Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General 7/14 at 100.00 AAA 1,765,985
Hospital, Series 2004, 5.250%, 7/01/24 - MBIA Insured
Louisiana, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
2,400 5.000%, 5/01/25 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,549,688
4,415 5.000%, 5/01/26 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 4,669,657
5,000 5.000%, 5/01/27 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 5,288,400
6,895 Orleans Levee District, Louisiana, Levee District General Obligation 12/05 at 103.00 AAA 7,222,857
Bonds, Series 1986, 5.950%, 11/01/15 - FSA Insured
3,000 St. Charles Parish, Louisiana, Pollution Control Revenue Bonds, Louisiana 6/05 at 100.00 AAA 3,015,390
Power and Light Company, Series 1991, 7.500%, 6/01/21 (Alternative
Minimum Tax) - FSA Insured (a)
-----------------------------------------------------------------------------------------------------------------------------------
Maine - 0.2% (0.2% of Total Investments)
3,000 Maine Health and Higher Educational Facilities Authority, Revenue Bonds, 7/13 at 100.00 AAA 3,139,020
Series 2003B, 5.000%, 7/01/28 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 4.2% (2.8% of Total Investments)
22,500 Massachusetts Development Finance Authority, Revenue Bonds, WGBH 1/12 at 101.00 AAA 24,357,600
Educational Foundation, Series 2002A, 5.375%, 1/01/42 - AMBAC Insured
8,400 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, 10/05 at 102.00 AAA 8,675,352
Berkshire Health Systems, Series 1995D, 6.000%, 10/01/13 - MBIA Insured
1,105 Massachusetts Housing Finance Agency, Housing Revenue Refunding Bonds, 12/05 at 102.00 AAA 1,137,354
Series 1995A, 6.100%, 12/01/16 - MBIA Insured
15,000 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 1/14 at 100.00 AAA 16,310,100
2004, 5.250%, 1/01/23 - FGIC Insured
University of Massachusetts Building Authority, Senior Lien Project
Revenue Bonds, Series 2004-1:
1,500 5.375%, 11/01/20 - AMBAC Insured 11/14 at 100.00 AAA 1,668,900
2,500 5.375%, 11/01/21 - AMBAC Insured 11/14 at 100.00 AAA 2,771,050
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 7.7% (5.0% of Total Investments)
6,000 Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 10/11 at 100.00 AAA 6,611,040
4/01/18 - MBIA Insured
5,490 Detroit City School District, Wayne County, Michigan, Unlimited Tax No Opt. Call AAA 6,902,742
School Building and Site Improvement Bonds, Series 2001A, 6.000%,
5/01/29 - FSA Insured
Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A:
15,825 5.750%, 7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured 1/10 at 101.00 AAA 17,776,064
20,000 5.875%, 7/01/27 (Pre-refunded to 1/01/10) - FGIC Insured 1/10 at 101.00 AAA 22,573,600
28
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Michigan (continued)
$ 8,700 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 7/07 at 101.00 AAA $ 9,028,338
1997A, 5.000%, 7/01/27 - MBIA Insured
8,000 Gaylord Community Schools, Otsego and Antrim Counties, Michigan, School 5/07 at 37.75 AAA 2,844,160
Building and Site Refunding Bonds, Series 1992, 0.000%, 5/01/21 (Pre-
refunded to 5/01/07) - MBIA Insured
1,875 Grand Ledge Public Schools District, Clinton and Ionia Counties, 5/15 at 100.00 AAA 2,005,688
Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/23 - FGIC
Insured
Grand Rapids Community College, Kent County, Michigan, General Obligation
Refunding Bonds, Series 2003:
1,050 5.250%, 5/01/17 - AMBAC Insured 5/13 at 100.00 AAA 1,154,244
1,085 5.250%, 5/01/20 - AMBAC Insured 5/13 at 100.00 AAA 1,191,146
27,000 Okemos Public School District, Ingham County, Michigan, School Building 5/06 at 34.54 AAA 9,073,080
and Site Bonds, Series 1991I, 0.000%, 5/01/21 (Pre-refunded to 5/01/06)
- MBIA Insured
10,000 Wayne County, Michigan, Limited Tax General Obligation Airport Hotel 12/11 at 101.00 AAA 10,812,500
Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A,
5.250%, 12/01/25 - MBIA Insured
6,850 Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Wayne 12/08 at 101.00 AAA 7,290,455
County Airport, Series 1998A, 5.375%, 12/01/15 (Alternative Minimum
Tax) - MBIA Insured
1,725 Zeeland Public Schools, Ottawa and Allegan Counties, Michigan, General 5/15 at 100.00 AAA 1,845,233
Obligation Bonds, Series 2005, 5.000%, 5/01/23 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.1% (0.7% of Total Investments)
13,020 St. Paul Housing and Redevelopment Authority, Minnesota, GNMA 12/11 at 102.00 Aaa 14,018,374
Collateralized Multifamily Housing Revenue Bonds, Marian Center
Project, Series 2001A, 6.450%, 6/20/43
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.2% (0.1% of Total Investments)
Nebraska Public Power District, General Revenue Bonds, Series 2005A:
1,000 5.000%, 1/01/24 - FSA Insured 1/15 at 100.00 AAA 1,063,400
1,000 5.000%, 1/01/25 - FSA Insured 1/15 at 100.00 AAA 1,060,140
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 8.2% (5.4% of Total Investments)
12,105 Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada 12/12 at 100.00 AAA 12,560,148
Water Authority Loan, Series 2002, 5.000%, 6/01/32 - MBIA Insured
7,370 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/14 at 100.00 AAA 7,816,106
2004A-2, 5.125%, 7/01/25 - FGIC Insured
Director of Nevada State Department of Business and Industry, Revenue
Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
15,000 5.625%, 1/01/34 - AMBAC Insured 1/10 at 102.00 AAA 16,480,500
13,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 13,782,600
405 Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 10/05 at 101.00 Aa2 409,690
1994B-1, 6.700%, 10/01/17
315 Nevada Housing Division, Single Family Mortgage Bonds, Senior Series 10/05 at 101.00 Aa2 316,770
1994B-2, 6.950%, 10/01/26 (Alternative Minimum Tax)
40,285 Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/12 at 100.00 AAA 43,696,737
6/01/32 - FGIC Insured
10,000 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno 6/12 at 100.00 AAA 10,481,100
Transportation Rail Access Corridor Project, Series 2002, 5.125%,
6/01/27 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 2.3% (1.5% of Total Investments)
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds,
Project Consolidation, Series 2004:
2,000 5.125%, 10/01/21 - MBIA Insured 10/14 at 100.00 Aaa 2,166,140
2,250 5.125%, 10/01/22 - MBIA Insured 10/14 at 100.00 Aaa 2,429,595
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle
Surcharge, Series 2004A:
3,850 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA 4,120,078
3,850 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 4,107,912
2,120 New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo 7/14 at 100.00 AAA 2,278,788
College, Series 2004E, 5.000%, 7/01/21 - FGIC Insured
29
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
$ 8,250 5.000%, 1/01/19 - FGIC Insured 7/13 at 100.00 AAA $ 8,880,630
2,000 5.000%, 1/01/23 - FSA Insured 7/13 at 100.00 AAA 2,138,860
2,795 Rutgers State University, New Jersey, Revenue Bonds, Series 2004E, 5/14 at 100.00 AAA 2,992,606
5.000%, 5/01/22 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
New York - 6.5% (4.2% of Total Investments)
8,685 Long Island Power Authority, New York, Electric System General Revenue 6/08 at 101.00 AAA 9,308,583
Bonds, Series 1998A, 5.300%, 12/01/19 - FSA Insured
Metropolitan Transportation Authority, New York, State Service Contract
Refunding Bonds, Series 2002A:
2,500 5.000%, 7/01/21 - FGIC Insured 7/12 at 100.00 AAA 2,662,425
5,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 5,273,700
10,525 New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 4/15 at 100.00 AAA 11,136,397
5.000%, 4/01/26 - FGIC Insured
1,500 New York City Municipal Water Finance Authority, New York, Water and 6/15 at 100.00 AAA 1,593,645
Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 -
MBIA Insured
6,480 New York City Municipal Water Finance Authority, New York, Water and 6/06 at 101.00 AAA 6,764,213
Sewerage System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 -
MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds, Mental
Health Services Facilities Improvements, Series 2005A:
2,750 5.000%, 2/15/23 - AMBAC Insured 2/15 at 100.00 AAA 2,935,240
1,100 5.000%, 2/15/24 - AMBAC Insured 2/15 at 100.00 AAA 1,169,542
1,000 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,067,360
Health Services Facilities Improvements, Series 2005D, 5.000%, 2/15/23
- FGIC Insured
1,880 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 2,006,223
Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC
Insured
5,000 New York State Thruway Authority, General Revenue Bonds, Series 2005F, 1/15 at 100.00 AAA 5,304,750
5.000%, 1/01/26 - AMBAC Insured
5,000 New York State Urban Development Corporation, Revenue Bonds, Correctional 1/07 at 102.00 AAA 5,330,950
Capital Facilities, Series 1996-7, 5.700%, 1/01/27 (Pre-refunded to
1/01/07) - MBIA Insured
New York State Urban Development Corporation, State Personal Income Tax
Revenue Bonds, Series 2004A-1:
1,000 5.000%, 3/15/23 - FGIC Insured 3/14 at 100.00 AAA 1,064,450
5,000 5.000%, 3/15/25 - FGIC Insured 3/14 at 100.00 AAA 5,299,350
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated
Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
4,825 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 5,160,675
1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,779,485
15,000 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien 11/12 at 100.00 AAA 15,645,600
General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32
- MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.3% (0.9% of Total Investments)
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series
2004:
2,115 5.000%, 5/01/22 - FGIC Insured 5/14 at 100.00 AAA 2,255,648
2,575 5.000%, 5/01/26 - FGIC Insured 5/14 at 100.00 AAA 2,713,329
5,000 North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, 1/13 at 100.00 AAA 5,471,350
Series 2003A, 5.250%, 1/01/16 - FSA Insured
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds,
Series 2005A:
3,205 5.000%, 5/01/23 - AMBAC Insured 5/15 at 100.00 Aaa 3,412,171
3,295 5.000%, 5/01/24 - AMBAC Insured 5/15 at 100.00 Aaa 3,495,270
30
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
North Dakota - 0.5% (0.4% of Total Investments)
Grand Folks, North Dakota, Sales Tax Revenue Bonds, Alerus Project,
Series 2005A:
$ 2,195 5.000%, 12/15/22 - MBIA Insured 12/15 at 100.00 Aaa $ 2,366,254
1,355 5.000%, 12/15/23 - MBIA Insured 12/15 at 100.00 Aaa 1,457,086
3,000 5.000%, 12/15/24 - MBIA Insured 12/15 at 100.00 Aaa 3,215,340
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.7% (1.8% of Total Investments)
2,650 Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 6/14 at 100.00 AAA 2,876,257
5.250%, 6/01/24 - FGIC Insured
2,000 Columbus City School District, Franklin County, Ohio, General Obligation 12/14 at 100.00 AAA 2,181,600
Bonds, Series 2004, 5.250%, 12/01/25 - FSA Insured
2,385 Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 6/14 at 100.00 AAA 2,531,725
2004A, 5.000%, 12/01/22 - AMBAC Insured
2,205 Hamilton City School District, Ohio, General Obligation Bonds, Series 6/15 at 100.00 Aaa 2,362,834
2005, 5.000%, 12/01/24 - MBIA Insured
20,100 Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare 11/09 at 101.00 AAA 21,622,575
Obligated Group, Series 1999, 5.375%, 11/15/39 - AMBAC Insured
3,000 Ross Local School District, Butler County, Ohio, General Obligation 12/13 at 100.00 Aaa 3,157,080
Bonds, Series 2003, 5.000%, 12/01/28 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 1.5% (1.0% of Total Investments)
2,515 Oklahoma State University, Athletic Facilities Revenue Bonds, Series 8/14 at 100.00 AAA 2,643,466
2004, 5.000%, 8/01/34 - AMBAC Insured
6,215 Oklahoma Housing Finance Agency, GNMA Collateralized Single Family No Opt. Call AAA 6,371,183
Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative
Minimum Tax)
5,245 Oklahoma State Industries Authority, Revenue Bonds, Oklahoma Medical 2/11 at 100.00 Aaa 5,612,150
Research Foundation, Series 2001, 5.250%, 2/01/21 - AMBAC Insured
4,880 University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 7/14 at 100.00 Aaa 5,212,670
5.000%, 7/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 0.5% (0.3% of Total Investments)
Oregon Department of Administrative Services, Certificates of
Participation, Series 2005A:
2,535 5.000%, 5/01/25 (WI, settling 5/03/05) - FSA Insured 5/15 at 100.00 AAA 2,682,486
2,115 5.000%, 5/01/30 (WI, settling 5/03/05) - FSA Insured 5/15 at 100.00 AAA 2,222,400
1,745 Oregon Housing and Community Services Department, Single Family Mortgage 7/05 at 102.00 Aa2 1,783,722
Revenue Bonds, Series 1995A, 6.450%, 7/01/26 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 0.7% (0.4% of Total Investments)
1,800 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5/15 at 100.00 AAA 1,902,330
Drexel University, Series 2005A, 5.000%, 5/01/28 - MBIA Insured
6,335 Radnor Township School District, Delaware County, Pennsylvania, General 8/15 at 100.00 Aaa 6,687,923
Obligation Bonds, Series 2005B, 5.000%, 2/15/30 (WI, settling 5/12/05)
- FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.4% (0.2% of Total Investments)
2,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, 7/13 at 100.00 AAA 2,210,860
Series 2003G, 5.250%, 7/01/19 - FGIC Insured
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,654,475
5.000%, 7/01/30 - XLCA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 2.0% (1.3% of Total Investments)
2,195 Providence Housing Development Corporation, Rhode Island, FHA-Insured 7/05 at 101.00 AAA 2,242,061
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series
1994A, 6.750%, 7/01/25 - MBIA Insured
20,475 Rhode Island Depositors Economic Protection Corporation, Special 2/11 at 100.00 AAA 22,647,398
Obligation Refunding Bonds, Series 1993B, 5.250%, 8/01/21 (Pre-refunded
to 2/01/11) - MBIA Insured
1,405 Rhode Island Health and Educational Building Corporation, Higher 9/14 at 100.00 Aaa 1,561,419
Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%,
9/15/24 - AMBAC Insured
31
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 4.1% (2.7% of Total Investments)
$ 10,000 Beaufort County, South Carolina, Tax Increment Bonds, New River 12/12 at 100.00 AAA $ 10,446,800
Redevelopment Project, Series 2002, 5.000%, 6/01/27 - MBIA Insured
Medical University Hospital Authority, South Carolina, FHA-Insured
Mortgage Revenue Bonds, Series 2004A:
2,000 5.250%, 8/15/22 - MBIA Insured 8/14 at 100.00 AAA 2,169,700
2,105 5.250%, 8/15/23 - MBIA Insured 8/14 at 100.00 AAA 2,276,873
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds,
Series 1988A:
9,190 0.000%, 1/01/13 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 76.63 AAA 6,131,109
4,855 0.000%, 1/01/13 - AMBAC Insured No Opt. Call AAA 3,431,902
7,955 0.000%, 1/01/13 - AMBAC Insured No Opt. Call AAA 5,630,390
South Carolina JOBS Economic Development Authority, Hospital Revenue
Bonds, Oconee Memorial Hospital Inc., Series 1995:
3,000 6.150%, 3/01/15 - CONNIE LEE/AMBAC Insured 9/05 at 102.00 AAA 3,067,500
600 6.150%, 3/01/25 - CONNIE LEE/AMBAC Insured 9/05 at 102.00 AAA 613,422
8,000 South Carolina JOBS Economic Development Authority, Industrial 11/12 at 100.00 AAA 8,576,400
Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A,
5.200%, 11/01/27 - AMBAC Insured
10,000 South Carolina JOBS Economic Development Authority, Industrial Revenue 11/12 at 100.00 AAA 10,637,400
Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%,
11/01/32 (Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.5% (0.4% of Total Investments)
6,455 Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue 3/11 at 100.00 AAA 6,973,595
Bonds, Series 2001A, 5.500%, 3/01/18 (Alternative Minimum Tax) - FSA
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 17.0% (11.2% of Total Investments)
Austin, Texas, General Obligation Bonds, Series 2002:
2,150 5.375%, 9/01/18 (Pre-refunded to 9/01/12) - MBIA Insured 9/12 at 100.00 AAA 2,424,835
2,250 5.375%, 9/01/19 (Pre-refunded to 9/01/12) - MBIA Insured 9/12 at 100.00 AAA 2,537,618
22,650 Brazos River Authority, Texas, Revenue Refunding Bonds, Houston 5/08 at 102.00 AAA 24,147,165
Industries Inc., Series 1998C, 5.125%, 5/01/19 (Optional put 5/01/08) -
AMBAC Insured
805 Capital Area Housing Finance Corporation, Texas, FNMA Backed Single 4/12 at 106.00 AAA 829,187
Family Mortgage Revenue Refunding Bonds, Series 2002A-2, 6.300%,
4/01/35 (Alternative Minimum Tax) - AMBAC Insured
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, 11/09 at 100.00 AAA 13,763,750
Series 2000A, 6.125%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured
25,000 Harris County-Houston Sports Authority, Texas, Junior Lien Revenue 11/11 at 100.00 AAA 26,016,250
Refunding Bonds, Series 2001B, 5.250%, 11/15/40 - MBIA Insured
Harris County, Texas, Toll Road Senior Lien Revenue Bonds, Series 1989:
9,000 0.000%, 8/15/18 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 53.84 AAA 4,197,420
39,000 0.000%, 8/15/19 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 50.26 AAA 16,979,430
7,280 0.000%, 8/15/20 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 46.91 AAA 2,958,810
5,085 0.000%, 8/15/21 (Pre-refunded to 8/15/09) - AMBAC Insured 8/09 at 43.80 AAA 1,929,249
6,570 Houston, Texas, General Obligation Public Improvement Bonds, Series 3/11 at 100.00 AAA 7,182,127
2001A, 5.375%, 3/01/19 - FSA Insured
4,170 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 7/10 at 100.00 AAA 4,497,762
2000B, 5.500%, 7/01/30 - FSA Insured
8,225 Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, 7/07 at 100.00 AAA 8,517,563
Series 1997, 5.125%, 7/01/22 - FGIC Insured
17,500 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention 9/11 at 100.00 AAA 18,591,300
and Entertainment Project, Series 2001B, 5.250%, 9/01/33 - AMBAC
Insured
4,671 Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage 9/11 at 105.00 Aaa 4,956,479
Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001,
6.350%, 3/20/42
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series
2004A:
4,000 5.250%, 5/15/24 - FGIC Insured 5/14 at 100.00 AAA 4,307,960
5,000 5.250%, 5/15/25 - MBIA Insured 5/14 at 100.00 AAA 5,373,250
32
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 23,865 Jefferson County Health Facilities Development Corporation, Texas, 8/11 at 100.00 AAA $ 25,893,286
FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast
Texas, Series 2001, 5.500%, 8/15/41 - AMBAC Insured
8,205 Lower Colorado River Authority, Texas, Revenue Refunding and Improvement 5/11 at 100.00 AAA 8,682,203
Bonds, Series 2001A, 5.000%, 5/15/21 - MBIA Insured
Port of Houston Authority, Harris County, Texas, General Obligation Port
Improvement Bonds, Series 2001B:
3,205 5.500%, 10/01/18 (Alternative Minimum Tax) - FGIC Insured 10/11 at 100.00 AAA 3,482,745
3,375 5.500%, 10/01/19 (Alternative Minimum Tax) - FGIC Insured 10/11 at 100.00 AAA 3,667,680
7,205 San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 7/11 at 101.00 AAA 7,759,209
2001, 5.375%, 7/01/15 (Alternative Minimum Tax) - FGIC Insured
Tarrant County Health Facilities Development Corporation, Texas, Revenue
Bonds, Texas Health Resources System, Series 1997A:
2,900 5.250%, 2/15/22 - MBIA Insured 2/08 at 102.00 AAA 3,067,214
6,820 5.000%, 2/15/26 - MBIA Insured 2/08 at 101.00 AAA 6,984,635
7,960 Texas Department of Housing and Community Affairs, Single Family Mortgage 9/06 at 102.00 AAA 8,352,826
Revenue Bonds, Series 1996D, 6.250%, 9/01/28 (Alternative Minimum Tax)
- MBIA Insured
1,910 Waco, Texas, Combined Tax and Revenue Certificates of Obligation, Series 2/14 at 100.00 AAA 2,023,588
2004, 5.000%, 2/01/21 - MBIA Insured
1,840 Ysleta Independent School District Public Facility Corporation, Texas, 11/09 at 100.00 AAA 1,968,598
Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 1.2% (0.8% of Total Investments)
2,000 Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/13 at 100.00 AAA 2,094,100
7/01/28 - FGIC Insured
10,000 Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, 7/13 at 100.00 AAA 10,865,000
Series 2003A, 5.000%, 7/01/16 - FSA Insured
2,200 Utah Housing Finance Agency, FHA-Insured Section 8 Assisted Multifamily 7/05 at 100.00 AA 2,203,718
Housing Revenue Bonds, Series 1992A, 7.400%, 7/01/24
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 2.5% (1.6% of Total Investments)
8,000 Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue 6/15 at 100.00 AAA 8,424,560
Bonds, Series 2005, 5.000%, 6/15/30 - MBIA Insured
1,035 Loudoun County Industrial Development Authority, Virginia, Public Safety 6/14 at 100.00 AAA 1,134,981
Facilities Lease Revenue Bonds, Series 2003A, 5.250%, 12/15/20 - FSA
Insured
4,840 Metropolitan Washington D.C. Airports Authority, Airport System Revenue 10/11 at 101.00 AAA 5,228,120
Bonds, Series 2001A, 5.500%, 10/01/19 (Alternative Minimum Tax) - MBIA
Insured
4,265 Metropolitan Washington D.C. Airports Authority, Airport System Revenue 10/14 at 100.00 AAA 4,563,422
Bonds, Series 2004A, 5.000%, 10/01/20 - MBIA Insured
2,540 Spotsylvania County, Virginia, Water and Sewerage System Revenue Bonds, 6/15 at 100.00 AAA 2,706,700
Series 2005, 5.000%, 6/01/26 - FSA Insured
10,000 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 7/11 at 100.00 AAA 10,151,200
Series 2001H-1, 5.375%, 7/01/36 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 1.2% (0.8% of Total Investments)
2,500 Grant County Public Utility District 2, Washington, Revenue Bonds, 1/15 at 100.00 AAA 2,611,975
Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 - FGIC
Insured
3,500 King County School District 401, Highline, Washington, General Obligation 12/14 at 100.00 AAA 3,705,690
Bonds, Series 2004, 5.000%, 10/01/24 - FGIC Insured
3,195 Kitsap County, Washington, Limited Tax General Obligation Bonds, Series 7/10 at 100.00 AAA 3,453,923
2000, 5.500%, 7/01/25 (Pre-refunded to 7/01/10) - AMBAC Insured
4,250 Snohomish County Public Utility District 1, Washington, Generation System 7/05 at 100.00 AAA 5,132,173
Revenue Bonds, Series 1989, 6.650%, 1/01/16 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.8% (0.5% of Total Investments)
10,000 Harrison County Commission, West Virginia, Solid Waste Disposal Revenue 5/05 at 100.00 AAA 10,026,400
Bonds, West Penn Power Company - Harrison Station, Series 1993B,
6.300%, 5/01/23 (Alternative Minimum Tax) - MBIA Insured
33
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 3.9% (2.6% of Total Investments)
$ 680 Wisconsin Housing and Economic Development Authority, Housing Revenue 7/05 at 100.00 AAA $ 681,220
Bonds, Series 1992A, 6.850%, 11/01/12 - MBIA Insured
2,890 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 - 5/14 at 100.00 AAA 3,163,683
FGIC Insured
10,945 Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 - 5/14 at 100.00 AAA 11,724,831
MBIA Insured
15,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 2/07 at 102.00 AAA 15,880,650
Marshfield Clinic, Series 1997, 5.750%, 2/15/27 - MBIA Insured
18,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/07 at 102.00 AAA 19,085,220
Aurora Healthcare Inc., Series 1997, 5.250%, 8/15/17 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,009,896 Total Long-Term Investments (cost $1,828,553,087) - 152.3% 1,970,605,132
============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.3% 2,901,071
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.6)% (680,000,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $1,293,506,203
=====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(DD) Security purchased on a delayed delivery basis.
(WI) Security purchased on a when-issued basis.
(a) The issuer has received a preliminary adverse determination
from the Internal Revenue Service (the "IRS") regarding the
tax-exempt status of the bonds' coupon payments. The Fund will
continue to treat coupon payments as tax-exempt income until
such time that it is formally determined that the interest on
the bonds should be treated as taxable.
See accompanying notes to financial statements.
34
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 1.0% (0.6% of Total Investments)
$ 2,890 Alaska Housing Finance Corporation, Governmental Purpose Bonds, Series 12/05 at 102.00 AAA $ 2,989,907
1995A, 5.875%, 12/01/24 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
California - 32.3% (21.6% of Total Investments)
ABAG Finance Authority for Non-Profit Corporations, California, Insured
Certificates of Participation, Children's Hospital Medical Center of
Northern California, Series 1999:
6,750 5.875%, 12/01/19 - AMBAC Insured 12/09 at 101.00 AAA 7,547,918
10,000 6.000%, 12/01/29 - AMBAC Insured 12/09 at 101.00 AAA 11,149,800
4,755 Antioch Area Public Facilities Financing Agency, California, Special Tax 8/09 at 101.00 AAA 5,233,781
Bonds, Community Facilities District 1989-1, Series 1999, 5.700%,
8/01/22 - AMBAC Insured
3,250 California Pollution Control Financing Authority, Remarketed Revenue 4/11 at 102.00 AAA 3,528,655
Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16
(Alternative Minimum Tax) - MBIA Insured
1,000 California Department of Water Resources, Water System Revenue Bonds, 12/14 at 100.00 AAA 1,061,360
Central Valley Project, Series 2005AC, 5.000%, 12/01/26 - MBIA Insured
1,005 Folsom Cordova Unified School District, Sacramento County, California, 10/14 at 100.00 AAA 1,065,792
General Obligation Bonds, School Facilities Improvement District 2,
Series 2004B, 5.000%, 10/01/26 - FSA Insured
90 Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt No Opt. Call AAA 90,744
Mortgage Obligation Bonds, Series 1994A-I, 7.150%, 12/30/24
(Alternative Minimum Tax)
115 Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt No Opt. Call AAA 115,965
Mortgage Obligation Bonds, Series 1994A-III, 7.450%, 6/30/25
(Alternative Minimum Tax)
5,080 La Verne-Grand Terrace Housing Finance Agency, California, Single Family No Opt. Call AAA 7,132,676
Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17
11,080 Lodi, California, Electric System Revenue Certificates of Participation, 1/09 at 40.71 AAA 4,029,574
Series 1999B, 0.000%, 1/15/24 (Pre-refunded to 1/15/09) - MBIA Insured
1,690 Los Angeles Community College District, Los Angeles County, California, 8/15 at 100.00 AAA 1,812,542
General Obligation Bonds, Series 2005A, 5.000%, 8/01/24 - FSA Insured
5,000 Ontario Redevelopment Financing Authority, San Bernardino County, No Opt. Call AAA 7,089,200
California, Revenue Refunding Bonds, Redevelopment Project 1, Series
1995, 7.400%, 8/01/25 - MBIA Insured
8,880 Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage No Opt. Call AAA 11,903,818
Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23
10,305 San Bernardino, California, GNMA Mortgage-Backed Securities Program No Opt. Call AAA 13,494,707
Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%,
5/01/23
14,270 San Bernardino County, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 17,473,900
Program Single Family Home Mortgage Revenue Bonds, Series 1988A,
8.300%, 9/01/14 (Alternative Minimum Tax)
4,300 San Francisco Airports Commission, California, Revenue Refunding Bonds, 5/11 at 100.00 AAA 4,486,921
San Francisco International Airport, Second Series 2001, Issue 27A,
5.125%, 5/01/19 (Alternative Minimum Tax) - MBIA Insured
2,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/14 at 100.00 AAA 2,197,360
Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 - MBIA
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 7.5% (5.0% of Total Investments)
1,500 Adams and Arapahoe Counties Joint School District 28, Aurora, Colorado, 12/13 at 100.00 AAA 1,638,570
General Obligation Bonds, Series 2003A, 5.125%, 12/01/21 - FSA Insured
2,500 Denver City and County, Colorado, Airport System Revenue Refunding Bonds, 11/12 at 100.00 AAA 2,702,875
Series 2002E, 5.500%, 11/15/18 (Alternative Minimum Tax) - FGIC Insured
6,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 9/10 at 102.00 AAA 6,720,360
2000A, 5.750%, 9/01/29 - MBIA Insured
35
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado (continued)
$ 4,405 Roaring Fork School District RE-1, Garfield, Eagle and Pitkin Counties, 12/14 at 100.00 AAA $ 4,704,188
Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 -
FSA Insured
2,065 Jefferson County School District R1, Colorado, General Obligation Bonds, 12/14 at 100.00 AAA 2,208,972
Series 2004, 5.000%, 12/15/24 - FSA Insured
1,310 Sand Creek Metropolitan District, Colorado, General Obligation Bonds, 12/13 at 100.00 AAA 1,410,307
Series 2004, 5.000%, 12/01/16 - XLCA Insured
1,390 Teller County School District RE-2, Woodland Park, Colorado, General 12/14 at 100.00 AAA 1,491,845
Obligation Bonds, Series 2004, 5.000%, 12/01/22 - MBIA Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2002A, 6/12 at 100.00 AAA 1,073,610
5.000%, 6/01/19 - FGIC Insured
1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,056,350
5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 3.5% (2.3% of Total Investments)
1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 10/13 at 100.00 AAA 1,619,220
5.000%, 10/01/19 - FGIC Insured
4,145 Miami, Florida, General Obligation Bonds, Series 2002, 5.000%, 1/01/22 - 1/12 at 100.00 AAA 4,392,871
MBIA Insured
4,240 Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 10/13 at 100.00 AAA 4,685,878
2003-1, 5.250%, 10/01/17 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 5.2% (3.4% of Total Investments)
8,000 Fulton-DeKalb Hospital Authority, Georgia, Revenue Refunding 1/14 at 100.00 AAA 8,784,640
Certificates, Series 2003, 5.250%, 1/01/16 - FSA Insured
6,500 Medical Center Hospital Authority, Georgia, Revenue Anticipation 8/09 at 102.00 AAA 7,048,795
Certificates, Columbus Regional Healthcare System, Inc. Project, Series
1999, 5.500%, 8/01/25 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 3.8% (2.5% of Total Investments)
8,030 Hawaii Department of Transportation, Airport System Revenue Refunding 7/10 at 101.00 AAA 9,098,873
Bonds, Series 2000B, 6.500%, 7/01/15 (Alternative Minimum Tax) - FGIC
Insured
2,250 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, 1/09 at 101.00 AAA 2,469,150
Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20
(Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 17.2% (11.5% of Total Investments)
4,000 Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%, 12/12 at 100.00 AAA 4,266,480
12/01/22 - FGIC Insured
10,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 2000D, 1/10 at 101.00 AAA 10,827,100
5.500%, 1/01/35 - FGIC Insured
8,200 Chicago Board of Education, Illinois, General Obligation Lease No Opt. Call AAA 9,639,182
Certificates, Series 1992A, 6.250%, 1/01/15 - MBIA Insured
23,110 Illinois Development Finance Authority, Local Government Program Revenue No Opt. Call Aaa 13,810,074
Bonds, Kane, Cook and DuPage Counties School District U46 - Elgin,
Series 2002, 0.000%, 1/01/17 - FSA Insured
10,150 Onterie Center Housing Finance Corporation, Illinois, FHA-Insured Section 7/05 at 100.50 AAA 10,359,192
8 Assisted Mortgage Revenue Refunding Bonds, Onterie Center Project,
Series 1992A, 7.050%, 7/01/27 - MBIA Insured
3,225 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and No Opt. Call AAA 3,939,338
Will Counties, Illinois, General Obligation Bonds, Series 1992A,
9.000%, 6/01/09 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 5.3% (3.5% of Total Investments)
4,725 Decatur Township-Marion County Multi-School Building Corporation, 7/13 at 100.00 AAA 5,103,803
Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/17 - FGIC
Insured
Indiana University, Parking Facility Revenue Bonds, Series 2004:
1,015 5.250%, 11/15/19 - AMBAC Insured 11/14 at 100.00 AAA 1,115,587
1,060 5.250%, 11/15/20 - AMBAC Insured 11/14 at 100.00 AAA 1,163,276
1,100 5.250%, 11/15/21 - AMBAC Insured 11/14 at 100.00 AAA 1,201,695
36
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Indiana (continued)
$ 9,255 Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, No Opt. Call AAA $ 3,508,941
0.000%, 2/01/25 - AMBAC Insured
1,000 Metropolitan School District Steuben County K-5 Building Corporation, 7/14 at 102.00 AAA 1,096,080
Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 - FSA
Insured
1,315 Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, 1/14 at 100.00 AAA 1,410,048
First Mortgage Bonds, Series 2004, 5.000%, 7/15/18 - FSA Insured
1,490 North Lawrence Community Schools Building Corporation, Marion County, 1/14 at 100.00 AAA 1,592,035
Indiana, First Mortgage Bonds, Series 2004, 5.000%, 7/15/19 - FSA
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.2% (0.8% of Total Investments)
3,345 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical 6/13 at 100.00 Aaa 3,572,627
Center, Series 2003, 5.000%, 6/15/17 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.4% (0.2% of Total Investments)
1,245 Kansas Development Finance Authority, Board of Regents, Revenue Bonds, 4/15 at 100.00 AAA 1,331,876
Kansas State University Housing System, Series 2005A, 5.000%, 4/01/23 -
MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.7% (1.1% of Total Investments)
5,000 Maryland Transportation Authority, Airport Parking Revenue Bonds, 3/12 at 101.00 AAA 5,261,950
Baltimore-Washington International Airport Passenger Facility, Series
2002B, 5.125%, 3/01/21 (Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 0.7% (0.5% of Total Investments)
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series
2004:
1,000 5.250%, 1/01/21 - FGIC Insured 1/14 at 100.00 AAA 1,091,930
1,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 1,085,060
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 3.6% (2.4% of Total Investments)
6,500 Michigan Higher Education Student Loan Authority, Revenue Bonds, Series No Opt. Call AAA 6,988,215
2000 XII-T, 5.300%, 9/01/10 (Alternative Minimum Tax) - AMBAC Insured
3,810 Michigan Housing Development Authority, GNMA Collateralized Limited 8/12 at 102.00 Aaa 3,974,592
Obligation Multifamily Housing Revenue Bonds, Cranbrook Apartments,
Series 2001A, 5.500%, 2/20/43 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.8% (1.2% of Total Investments)
4,860 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport 1/11 at 100.00 AAA 5,319,756
Revenue Bonds, Series 2001B, 5.750%, 1/01/15 (Alternative Minimum Tax)
- FGIC Insured
180 Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 8/05 at 102.00 AAA 183,775
5.950%, 2/01/18 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 3.6% (2.4% of Total Investments)
7,495 Jefferson County Industrial Development Authority, Missouri, Housing 8/07 at 100.00 AAA 8,796,807
Revenue Bonds, Richardson Road Apartments Project, Series 1985,
11.000%, 12/15/15 (Pre-refunded to 8/15/07)
2,000 Missouri Western State College, Auxiliary System Revenue Bonds, Series 10/13 at 100.00 AAA 2,154,360
2003, 5.000%, 10/01/21 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 8.9% (5.9% of Total Investments)
3,000 Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada 12/12 at 100.00 AAA 3,112,800
Water Authority Loan, Series 2002, 5.000%, 6/01/32 - MBIA Insured
10,000 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/11 at 100.00 AAA 10,520,500
2001B, 5.125%, 7/01/21 - FGIC Insured
7,990 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno 6/12 at 100.00 AAA 8,353,865
Transportation Rail Access Corridor Project, Series 2002, 5.250%,
6/01/41 - AMBAC Insured
5,050 Washoe County, Nevada, Gas and Water Facilities Remarketed Revenue 7/05 at 100.50 AAA 5,205,540
Refunding Bonds, Sierra Pacific Power Company, Series 1987, 6.300%,
12/01/14 - AMBAC Insured
37
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 1.1% (0.7% of Total Investments)
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle
Surcharge, Series 2004A:
$ 1,200 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA $ 1,284,180
1,200 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 1,280,388
800 Rutgers State University, New Jersey, Certificates of Participation, 1/14 at 100.00 AAA 845,776
Lower Georges Street University Redevelopment Associates LLC, Series
2004, 5.000%, 1/01/24 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
New York - 4.7% (3.2% of Total Investments)
10,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA 10,816,400
Refunding Bonds, Series 2002F, 5.250%, 11/15/27 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, Water and 6/15 at 100.00 AAA 1,062,430
Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 -
MBIA Insured
1,510 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,605,462
Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/24
- AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 1,067,140
Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 2.1% (1.4% of Total Investments)
3,100 North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue 10/13 at 100.00 AAA 3,269,136
Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%,
10/01/32 - FSA Insured
3,050 Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, 5/15 at 100.00 Aaa 3,253,039
Series 2005A, 5.000%, 5/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 1.5% (1.0% of Total Investments)
1,315 Oklahoma Housing Finance Agency, GNMA Collateralized Single Family No Opt. Call AAA 1,348,046
Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative
Minimum Tax)
3,000 Tulsa Industrial Authority, Oklahoma, GNMA Collateralized Multifamily 11/05 at 103.00 Aaa 3,108,870
Housing Revenue Bonds, Country Club of Woodland Hills Project, Series
1995, 6.250%, 11/01/27
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 5.9% (3.9% of Total Investments)
Oregon Health Sciences University, Revenue Bonds, Series 2002A:
5,000 5.000%, 7/01/26 - MBIA Insured 1/13 at 100.00 AAA 5,244,700
7,000 5.000%, 7/01/32 - MBIA Insured 1/13 at 100.00 AAA 7,321,580
4,915 Oregon Health, Housing, Educational and Cultural Facilities Authority, 3/12 at 105.00 Aaa 5,386,299
GNMA Mortgage-Backed Securities Program Assisted Living Project Revenue
Bonds, Necanicum Village LLC, Series 2001A, 6.850%, 6/20/42
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.1% (0.8% of Total Investments)
3,075 Philadelphia School District, Pennsylvania, General Obligation Bonds, 8/12 at 100.00 AAA 3,518,292
Series 2002B, 5.625%, 8/01/19 (Pre-refunded to 8/01/12) - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.6% (1.1% of Total Investments)
2,000 Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, No Opt. Call AAA 2,340,500
Series 2003AA, 5.500%, 7/01/17 - MBIA Insured
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,714,725
5.000%, 7/01/22 - FGIC Insured
38
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 2.6% (1.7% of Total Investments)
$ 2,055 Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 10/14 at 100.00 AAA $ 2,207,419
5.000%, 10/01/22 - FSA Insured
5,000 Metropolitan Government of Nashville-Davidson County Health and 11/09 at 101.00 AAA 5,653,600
Educational Facilities Board, Tennessee, Revenue Bonds, Ascension
Health Credit Group, Series 1999A, 6.000%, 11/15/30 (Pre-refunded to
11/15/09) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 10.4% (6.9% of Total Investments)
85 Corpus Christi Housing Finance Corporation, Texas, Single Family Mortgage 7/05 at 100.00 AAA 85,213
Senior Revenue Refunding Bonds, Series 1991A, 7.700%, 7/01/11 - MBIA
Insured
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/09 at 100.00 AAA 13,222,250
and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 (Alternative
Minimum Tax) - FGIC Insured
North Harris County Regional Water Authority, Texas, Senior Water Revenue
Bonds, Series 2003:
4,565 5.250%, 12/15/20 - FGIC Insured 12/13 at 100.00 AAA 5,023,143
4,800 5.250%, 12/15/21 - FGIC Insured 12/13 at 100.00 AAA 5,272,848
7,600 San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 7/11 at 101.00 AAA 8,147,580
2001, 5.375%, 7/01/16 (Alternative Minimum Tax) - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 21.4% (14.3% of Total Investments)
5,000 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 5,361,350
System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 (Alternative
Minimum Tax) - MBIA Insured
1,570 Clark County School District 101, La Center, Washington, General 12/12 at 100.00 Aaa 1,724,786
Obligation Bonds, Series 2002, 5.250%, 12/01/18 - FSA Insured
King County School District 405, Bellevue, Washington, General Obligation
Bonds, Series 2002:
12,060 5.000%, 12/01/19 - FGIC Insured 12/12 at 100.00 AAA 12,960,641
12,785 5.000%, 12/01/20 - FGIC Insured 12/12 at 100.00 AAA 13,614,235
Pierce County School District 343, Dieringer, Washington, General
Obligation Refunding Bonds, Series 2003:
2,755 5.250%, 12/01/18 - FGIC Insured 6/13 at 100.00 Aaa 3,024,825
2,990 5.250%, 12/01/19 - FGIC Insured 6/13 at 100.00 Aaa 3,278,475
4,715 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%, 4/01/17 10/11 at 100.00 AAA 5,165,990
(Alternative Minimum Tax) - FGIC Insured
895 Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, 3/10 at 101.00 AAA 988,062
Series 1999C, 6.000%, 9/01/29 (Alternative Minimum Tax) - MBIA Insured
1,265 Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/12 at 100.00 AAA 1,361,545
12/01/18 - FGIC Insured
4,200 Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 12/11 at 100.00 AAA 4,534,110
2001, 5.250%, 12/01/20 - AMBAC Insured
5,000 Washington, General Obligation Bonds, Series 2001C, 5.250%, 1/01/26 - FSA 1/11 at 100.00 AAA 5,311,500
Insured
5,000 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 - No Opt. Call AAA 2,539,900
FGIC Insured
5,490 Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear 7/08 at 102.00 AAA 5,869,852
Project 1, Series 1998A, 5.125%, 7/01/17 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
$ 442,410 Total Long-Term Investments (cost $426,056,350) - 150.1% 460,311,895
============-----------------------------------------------------------------------------------------------------------------------
39
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Market
Amount (000) Description(1) Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 0.2% (0.1% of Total Investments)
$ 500 California Statewide Community Development Authority, Certificates of A-1+ $ 500,000
Participation, John Muir/Mt. Diablo Health System, Variable Rate Demand
Obligations, Series 1997, 2.930%, 8/15/27 - AMBAC Insured+
-----------------------------------------------------------------------------------------------------------------------------------
$ 500 Total Short-Term Investments (cost $500,000) 500,000
============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $426,556,350) - 150.3% 460,811,895
---------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 6,692,150
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.5)% (161,000,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 306,504,045
=====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified market
index.
See accompanying notes to financial statements.
40
Nuveen Insured Premium Income Municipal Fund 2 (NPX)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 1.7% (1.2% of Total Investments)
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
$ 1,500 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA $ 1,601,940
1,395 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,485,508
1,040 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,105,718
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue
Bonds, Series 2005:
2,220 5.000%, 3/01/24 - FSA Insured 3/15 at 100.00 AAA 2,362,369
2,590 5.000%, 3/01/25 - FSA Insured 3/15 at 100.00 AAA 2,747,498
-----------------------------------------------------------------------------------------------------------------------------------
Arkansas - 2.0% (1.3% of Total Investments)
7,745 Arkansas Development Finance Authority, State Facility Revenue Bonds, 6/14 at 100.00 AAA 8,351,434
Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 - FSA Insured
2,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences 11/14 at 100.00 Aaa 2,117,100
Campus, Series 2004B, 5.000%, 11/01/27 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
California - 16.4% (11.0% of Total Investments)
1,800 California Educational Facilities Authority, Revenue Bonds, Occidental 10/15 at 100.00 Aaa 1,904,112
College, Series 2005A, 5.000%, 10/01/33 - MBIA Insured
California Department of Water Resources, Water System Revenue Bonds,
Central Valley Project, Series 2005AC:
2,000 5.000%, 12/01/24 - MBIA Insured 12/14 at 100.00 AAA 2,137,360
2,215 5.000%, 12/01/25 - MBIA Insured 12/14 at 100.00 AAA 2,359,905
31,200 Foothill/Eastern Transportation Corridor Agency, California, Toll Road 1/10 at 24.23 AAA 5,865,288
Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 - MBIA Insured
6,850 Orange County, California, Recovery Certificates of Participation, Series 7/06 at 102.00 AAA 7,212,845
1996A, 6.000%, 7/01/26 - MBIA Insured
15,000 Orange County Sanitation District, California, Certificates of 8/13 at 100.00 AAA 15,932,250
Participation, Series 2003, 5.250%, 2/01/30 - FGIC Insured
10,000 Orange County Water District, California, Revenue Certificates of 8/13 at 100.00 AAA 10,423,100
Participation, Series 2003B, 5.000%, 8/15/34 - MBIA Insured
1,000 Orange County Water District, California, Revenue Certificates of 2/15 at 100.00 AAA 1,061,570
Participation, Series 2005B, 5.000%, 8/15/24 - MBIA Insured
1,435 Pasadena Area Community College District, Los Angeles County, California, 6/13 at 100.00 AAA 1,541,491
General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 - FGIC Insured
1,940 Riverside, California, Certificates of Participation, Series 2003, 9/13 at 100.00 AAA 2,071,338
5.000%, 9/01/20 - AMBAC Insured
13,000 Sacramento City Financing Authority, California, Capital Improvement 12/09 at 102.00 AAA 14,649,050
Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999,
5.800%, 12/01/19 - AMBAC Insured
San Diego County, California, Certificates of Participation, Edgemoor
Facility Project and Regional System, Series 2005:
1,675 5.000%, 2/01/24 - AMBAC Insured 2/15 at 100.00 AAA 1,783,322
720 5.000%, 2/01/25 - AMBAC Insured 2/15 at 100.00 AAA 764,186
2,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/14 at 100.00 AAA 2,197,360
Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 - MBIA
Insured
5,000 Torrance, California, Certificates of Participation, Series 2005B, No Opt. Call AAA 5,305,250
5.000%, 6/01/24 - AMBAC Insured
12,500 University of California, Revenue Bonds, Multipurpose Projects, Series 5/13 at 100.00 AAA 13,085,125
2003A, 5.000%, 5/15/33 - AMBAC Insured
41
Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 14.0% (9.4% of Total Investments)
$ 1,690 Adams 12 Five Star Schools, Adams County, Colorado, General Obligation 12/15 at 100.00 AAA $ 1,814,316
Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured
1,940 Colorado Educational and Cultural Facilities Authority, Charter School 6/13 at 100.00 AAA 2,075,936
Revenue Bonds, Adams School District 12 - Pinnacle School, Series 2003,
5.250%, 6/01/23 - XLCA Insured
3,405 Colorado Educational and Cultural Facilities Authority, Charter School 12/13 at 100.00 AAA 3,660,954
Revenue Bonds, Classical Academy, Series 2003, 5.250%, 12/01/23 - XLCA
Insured
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley
Healthcare Inc., Series 1999A:
2,480 5.625%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 Aaa 2,766,043
3,500 5.750%, 12/01/23 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 Aaa 3,922,275
6,100 Denver School District 1, Colorado, General Obligation Bonds, Series 12/13 at 100.00 AAA 6,597,089
2004, 5.000%, 12/01/18 - FSA Insured
12,955 Denver, Colorado, Airport System Revenue Bonds, Series 1995A, 5.600%, 11/05 at 102.00 AAA 13,383,811
11/15/20 - MBIA Insured
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds,
Convention Center Hotel, Series 2003A:
9,670 5.000%, 12/01/19 - XLCA Insured 12/13 at 100.00 AAA 10,302,321
17,145 5.000%, 12/01/33 - XLCA Insured 12/13 at 100.00 AAA 17,866,119
1,325 El Paso County, Colorado, Certificates of Participation, Detention 12/12 at 100.00 AAA 1,385,606
Facility Project, Series 2002B, 5.000%, 12/01/27 - AMBAC Insured
Jefferson County School District R1, Colorado, General Obligation Bonds,
Series 2004:
2,500 5.000%, 12/15/22 - FSA Insured 12/14 at 100.00 AAA 2,688,725
5,125 5.000%, 12/15/23 - FSA Insured 12/14 at 100.00 AAA 5,499,176
2,000 5.000%, 12/15/24 - FSA Insured 12/14 at 100.00 AAA 2,139,440
1,000 University of Colorado, Enterprise System Revenue Bonds, Series 2005, 6/15 at 100.00 AAA 1,056,350
5.000%, 6/01/30 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 0.6% (0.4% of Total Investments)
3,140 District of Columbia Housing Finance Agency, GNMA Collateralized Single 6/05 at 100.00 AAA 3,140,565
Family Mortgage Revenue Bonds, Series 1990C-4, 6.350%, 12/01/24
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 0.8% (0.5% of Total Investments)
4,000 Florida State Board of Education, Full Faith and Credit Public Education 6/13 at 101.00 AAA 4,278,560
Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 3.4% (2.3% of Total Investments)
4,000 Cobb County Development Authority, Georgia, Parking Revenue Bonds, 7/14 at 100.00 Aaa 4,252,160
Kennesaw State University, Series 2004, 5.000%, 7/15/24 - MBIA Insured
1,500 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 5/14 at 100.00 AAA 1,601,385
5/01/23 - MBIA Insured
Municipal Electric Authority of Georgia, Combustion Turbine Revenue
Bonds, Series 2003A:
1,775 5.000%, 11/01/21 - MBIA Insured 11/13 at 100.00 AAA 1,914,657
2,580 5.000%, 11/01/22 - MBIA Insured 11/13 at 100.00 AAA 2,777,963
4,500 South Fulton Municipal Regional Water and Sewerage Authority, Georgia, 1/13 at 100.00 Aaa 4,696,245
Water and Sewerage Revenue Bonds, Series 2003, 5.000%, 1/01/33 - MBIA
Insured
3,000 Valdosta and Lowndes County Hospital Authority, Georgia, Revenue 10/12 at 101.00 AAA 3,230,250
Certificates, South Georgia Medical Center, Series 2002, 5.200%,
10/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 7.8% (5.3% of Total Investments)
2,375 Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 2,556,403
7/15/19 - FSA Insured
Hawaii Department of Transportation, Airport System Revenue Refunding
Bonds, Series 2000B:
6,105 6.100%, 7/01/16 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 6,819,285
9,500 6.625%, 7/01/17 (Alternative Minimum Tax) - FGIC Insured 7/10 at 101.00 AAA 10,819,835
20,000 Hawaii Department of Budget and Finance, Special Purpose Revenue 7/10 at 101.00 AAA 21,829,200
Refunding Bonds, Hawaiian Electric Company Inc., Series 2000, 5.700%,
7/01/20 (Alternative Minimum Tax) - AMBAC Insured
42
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.2% (0.1% of Total Investments)
$ 855 Idaho Housing and Finance Association, Single Family Mortgage Bonds, 1/08 at 101.50 AAA $ 887,225
Series 1998E, 5.450%, 7/01/18 (Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 6.2% (4.2% of Total Investments)
7,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 1996B, 1/06 at 102.00 AAA 7,219,940
5.125%, 1/01/25 - FGIC Insured
8,370 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.625%, 1/07 at 101.00 AAA 8,829,680
1/01/17 (Pre-refunded to 1/01/07) - MBIA Insured
4,115 Chicago Park District, Illinois, Limited Tax General Obligation Park 7/11 at 100.00 AAA 4,542,837
Bonds, Series 2001C, 5.500%, 1/01/18 - FGIC Insured
1,950 Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM No Opt. Call AAA 2,359,129
Healthcare System, Series 1992AA, 6.550%, 6/01/14 - MBIA Insured
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General
Health System, Series 1993A:
3,625 6.125%, 4/01/12 - FSA Insured No Opt. Call AAA 4,005,915
5,000 6.250%, 4/01/18 - FSA Insured No Opt. Call AAA 6,083,950
400 Peoria, Moline and Freeport, Illinois, GNMA Collateralized Single Family 10/05 at 105.00 AAA 406,668
Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative
Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 2.3% (1.5% of Total Investments)
Hamilton County Public Building Corporation, Indiana, First Mortgage
Bonds, Series 2004:
2,105 5.000%, 8/01/23 - FSA Insured 8/14 at 100.00 AAA 2,230,921
2,215 5.000%, 8/01/24 - FSA Insured 8/14 at 100.00 AAA 2,339,837
1,625 Hammond Multi-School Building Corporation, Lake County, Indiana, First 7/13 at 100.00 AAA 1,717,511
Mortgage Revenue Bonds, Series 2003B, 5.000%, 1/15/21 - FGIC Insured
5,285 Logansport School Building Corporation, Indiana, First Mortgage Bonds, 7/11 at 100.00 AAA 5,828,668
Series 2001, 5.125%, 1/15/22 (Pre-refunded to 7/15/11) - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.8% (0.5% of Total Investments)
2,300 Butler County Unified School District 394, Kansas, General Obligation 9/14 at 100.00 AAA 2,474,869
Bonds, Series 2004, 5.000%, 9/01/21 - FSA Insured
1,500 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/27 9/14 at 101.00 AAA 1,599,015
- FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Kentucky - 1.1% (0.8% of Total Investments)
7,000 Kentucky Economic Development Finance Authority, Health System Revenue No Opt. Call AAA 2,210,180
Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 - MBIA
Insured
3,575 Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, 7/15 at 100.00 AAA 3,803,478
Revitalization Project, Series 2005B, 5.000%, 7/01/25 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.5% (1.0% of Total Investments)
1,640 Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General 7/14 at 100.00 AAA 1,765,985
Hospital, Series 2004, 5.250%, 7/01/24 - MBIA Insured
Louisiana, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
1,200 5.000%, 5/01/25 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 1,274,844
2,210 5.000%, 5/01/26 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,337,473
2,500 5.000%, 5/01/27 (WI, settling 5/12/05) - FGIC Insured 5/15 at 100.00 AAA 2,644,200
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.9% (2.6% of Total Investments)
4,910 Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2002C, No Opt. Call AAA 5,616,009
5.500%, 11/01/15 - MBIA Insured
3,000 Massachusetts Development Finance Authority, Revenue Bonds, WGBH No Opt. Call AAA 3,712,530
Educational Foundation, Series 2002A, 5.750%, 1/01/42 - AMBAC Insured
2,600 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, 10/13 at 100.00 AAA 2,722,122
Simmons College, Series 2003F, 5.000%, 10/01/33 - FGIC Insured
43
Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts (continued)
$ 1,075 Massachusetts Housing Finance Agency, Single Family Housing Revenue 6/05 at 100.00 AAA $ 1,077,989
Bonds, Series 48, 6.350%, 6/01/26 (Alternative Minimum Tax) (Pre-
refunded to 6/01/05) - MBIA Insured
1,500 Massachusetts Housing Finance Agency, Single Family Housing Revenue 6/07 at 102.00 AAA 1,561,425
Bonds, Series 53, 6.150%, 12/01/29 (Alternative Minimum Tax) - MBIA
Insured
Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series
2004:
3,650 5.250%, 1/01/22 - FGIC Insured 1/14 at 100.00 AAA 3,971,602
2,000 5.250%, 1/01/24 - FGIC Insured 1/14 at 100.00 AAA 2,170,120
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 2.9% (1.9% of Total Investments)
4,705 Grand Valley State University, Michigan, General Revenue Bonds, Series 12/10 at 100.00 AAA 5,079,847
2000, 5.250%, 12/01/20 - FGIC Insured
10,000 Michigan Housing Development Authority, Rental Housing Revenue Bonds, 4/07 at 102.00 AAA 10,374,700
Series 1997A, 6.000%, 4/01/16 (Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 0.2% (0.1% of Total Investments)
1,085 Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 8/05 at 102.00 AAA 1,107,752
5.950%, 2/01/18 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 1.6% (1.1% of Total Investments)
1,000 Hazelwood Industrial Development Authority, Missouri, GNMA Collateralized 9/06 at 102.00 AAA 1,039,860
Project Multifamily Housing Revenue Refunding Bonds, Lakes Apartments
Project, Series 1996, 6.000%, 9/20/16
4,500 Kansas City Land Clearance Redevelopment Authority, Missouri, Lease 12/05 at 102.00 AAA 4,667,580
Revenue Bonds, Municipal Auditorium and Muehlebach Hotel Redevelopment
Projects, Series 1995A, 5.900%, 12/01/18 - FSA Insured
1,000 Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue 1/06 at 101.00 AAA 1,030,710
Bonds, Capital Improvements, Series 1996B, 5.750%, 1/15/14 - AMBAC
Insured
1,030 Missouri Housing Development Commission, Multifamily Housing Revenue 12/06 at 102.00 AAA 1,066,544
Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16
(Alternative Minimum Tax) - FSA Insured
750 Missouri Western State College, Auxiliary System Revenue Bonds, Series 10/13 at 100.00 AAA 784,695
2003, 5.000%, 10/01/33 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.4% (0.3% of Total Investments)
Nebraska Public Power District, General Revenue Bonds, Series 2005A:
1,000 5.000%, 1/01/24 - FSA Insured 1/15 at 100.00 AAA 1,063,400
1,000 5.000%, 1/01/25 - FSA Insured 1/15 at 100.00 AAA 1,060,140
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 6.8% (4.6% of Total Investments)
3,280 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/14 at 100.00 AAA 3,488,510
2004A-2, 5.125%, 7/01/24 - FGIC Insured
5,000 Clark County, Nevada, Industrial Development Revenue Bonds, Nevada Power 6/05 at 100.00 AAA 5,049,800
Company, Series 1992A, 6.700%, 6/01/22 (Alternative Minimum Tax) - FGIC
Insured
5,000 Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas 7/10 at 102.00 AAA 5,572,800
Corporation, Series 2000C, 5.950%, 12/01/38 (Alternative Minimum Tax) -
AMBAC Insured
Director of Nevada State Department of Business and Industry, Revenue
Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
5,000 0.000%, 1/01/27 - AMBAC Insured No Opt. Call AAA 1,688,650
5,500 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 6,042,850
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds,
Series 1999:
2,695 5.750%, 7/01/15 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 101.00 AAA 3,002,230
6,500 5.750%, 7/01/17 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 101.00 AAA 7,241,000
4,000 6.000%, 7/01/19 (Pre-refunded to 7/01/09) - AMBAC Insured 7/09 at 101.00 AAA 4,494,880
44
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 2.4% (1.6% of Total Investments)
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds,
Project Consolidation, Series 2004:
$ 2,000 5.125%, 10/01/21 - MBIA Insured 10/14 at 100.00 Aaa $ 2,166,140
2,250 5.125%, 10/01/22 - MBIA Insured 10/14 at 100.00 Aaa 2,429,595
1,560 Mount Olive Township Board of Education, Morris County, New Jersey, 1/15 at 100.00 Aaa 1,673,381
General Obligation Bonds, Series 2004, 5.000%, 1/15/22 - MBIA Insured
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle
Surcharge, Series 2004A:
1,475 5.000%, 7/01/22 - MBIA Insured 7/14 at 100.00 AAA 1,578,471
1,475 5.000%, 7/01/23 - MBIA Insured 7/14 at 100.00 AAA 1,573,810
3,075 New Jersey Transit Corporation, Certificates of Participation Refunding, No Opt. Call AAA 3,508,514
Series 2003, 5.500%, 10/01/15 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.5% (0.3% of Total Investments)
New Mexico Finance Authority, Public Project Revolving Fund Revenue
Bonds, Series 2004C:
1,415 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AAA 1,511,432
1,050 5.000%, 6/01/24 - AMBAC Insured 6/14 at 100.00 AAA 1,115,825
-----------------------------------------------------------------------------------------------------------------------------------
New York - 10.7% (7.2% of Total Investments)
1,755 Nassau County, New York, General Obligation Improvement Bonds, Series 3/10 at 100.00 AAA 1,974,252
2000E, 6.000%, 3/01/16 (Pre-refunded to 3/01/10) - FSA Insured
2,265 Nassau County, New York, General Obligation Improvement Bonds, Series 3/10 at 100.00 AAA 2,645,452
2000F, 7.000%, 3/01/14 (Pre-refunded to 3/01/10) - FSA Insured
7,500 Nassau Health Care Corporation, New York, County Guaranteed Revenue 8/09 at 102.00 AAA 8,458,050
Bonds, Series 1999, 5.750%, 8/01/29 (Pre-refunded to 8/01/09) - FSA
Insured
7,900 New York City, New York, General Obligation Bonds, Fiscal Series 1996I, 3/06 at 101.50 AAA 8,226,270
5.875%, 3/15/18 - FSA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 11/14 at 100.00 AAA 5,353,350
5.000%, 11/01/21 - FSA Insured
1,250 New York City Municipal Water Finance Authority, New York, Water and 6/15 at 100.00 AAA 1,328,037
Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 -
MBIA Insured
1,785 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,897,848
Health Services Facilities Improvements, Series 2005A, 5.000%, 2/15/24
- AMBAC Insured
1,230 Dormitory Authority of the State of New York, Revenue Bonds, Mental 2/15 at 100.00 AAA 1,307,761
Health Services Facilities Improvements, Series 2005D, 5.000%, 8/15/24
- FGIC Insured
1,120 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 1,195,197
Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC
Insured
Dormitory Authority of the State of New York, Insured Revenue Bonds, New
Island Hospital, Series 1999B:
3,400 5.750%, 7/01/19 - MBIA Insured 7/09 at 101.00 AAA 3,738,402
5,750 6.000%, 7/01/24 - MBIA Insured 7/09 at 101.00 AAA 6,381,350
9,095 New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, 5/06 at 102.00 AAA 9,558,117
Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated
Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
3,225 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 3,449,363
1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,779,485
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.7% (1.2% of Total Investments)
1,250 Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 7/15 at 100.00 Aaa 1,322,263
5.000%, 7/15/30 - MBIA Insured
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series
2004:
2,225 5.000%, 5/01/23 - FGIC Insured 5/14 at 100.00 AAA 2,369,002
2,335 5.000%, 5/01/24 - FGIC Insured 5/14 at 100.00 AAA 2,477,832
2,900 Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, 5/15 at 100.00 Aaa 3,102,855
Series 2005A, 5.000%, 5/01/21 - AMBAC Insured
45
Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
North Dakota - 3.8% (2.5% of Total Investments)
$ 10,715 Fargo, North Dakota, Health System Revenue Bonds, MeritCare Obligated 6/10 at 101.00 AAA $ 11,715,995
Group, Series 2000A, 5.600%, 6/01/21 - FSA Insured
8,000 North Dakota, Student Loan Trust Revenue Bonds, Series 2000B, 5.850%, 12/10 at 100.00 AAA 8,464,080
12/01/25 (Alternative Minimum Tax) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.5% (0.4% of Total Investments)
1,930 Marysville Exempted Village School District, Ohio, Certificates of 6/15 at 100.00 AAA 2,110,301
Participation, School Facilities Project, Series 2005, 5.250%, 12/01/22
- MBIA Insured
700 Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/13 at 100.00 AAA 767,956
12/01/26 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 1.1% (0.7% of Total Investments)
Oklahoma City Airport Trust, Oklahoma, Junior Lien Tax Exempt Bonds,
Twenty Seventh Series 2000A:
1,320 5.125%, 7/01/20 - FSA Insured 7/10 at 100.00 AAA 1,382,476
4,040 5.250%, 7/01/21 - FSA Insured 7/10 at 100.00 AAA 4,320,336
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 3.6% (2.4% of Total Investments)
2,110 Oregon Department of Administrative Services, Certificates of 5/15 at 100.00 AAA 2,217,146
Participation, Series 2005A, 5.000%, 5/01/30 (WI, settling 5/03/05) -
FSA Insured
Portland, Oregon, Airport Way Urban Renewal and Redevelopment Bonds,
Series 2000A:
4,405 5.700%, 6/15/17 - AMBAC Insured 6/10 at 101.00 Aaa 4,925,319
3,665 5.750%, 6/15/18 - AMBAC Insured 6/10 at 101.00 Aaa 4,102,784
4,265 5.750%, 6/15/19 - AMBAC Insured 6/10 at 101.00 Aaa 4,774,454
1,375 5.750%, 6/15/20 - AMBAC Insured 6/10 at 101.00 Aaa 1,527,089
1,520 Portland Housing Authority, Oregon, Multifamily Housing Revenue Bonds, 7/10 at 100.00 Aaa 1,589,449
Lovejoy Station Apartments, Series 2000, 6.000%, 7/01/33 (Alternative
Minimum Tax) - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 11.6% (7.7% of Total Investments)
12,620 Allegheny County Hospital Development Authority, Pennsylvania, Insured 11/10 at 102.00 AAA 14,599,573
Revenue Bonds, West Penn Allegheny Health System, Series 2000A, 6.500%,
11/15/30 - MBIA Insured
9,485 Berks County Municipal Authority, Pennsylvania, Hospital Revenue Bonds, 11/09 at 102.00 AAA 10,820,962
Reading Hospital and Medical Center, Series 1999, 6.000%, 11/01/19
(Pre-refunded to 11/01/09) - FSA Insured
5,780 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 5/15 at 100.00 AAA 6,108,593
Drexel University, Series 2005A, 5.000%, 5/01/28 - MBIA Insured
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance,
Fifth Series 2004A-1:
5,235 5.000%, 9/01/24 - FSA Insured 9/14 at 100.00 AAA 5,505,074
3,000 5.000%, 9/01/25 - FSA Insured 9/14 at 100.00 AAA 3,145,350
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series
1997A:
2,360 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 2,484,726
10,370 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 10,919,195
2,500 Seneca Valley School District, Butler County, Pennsylvania, General 7/14 at 100.00 Aaa 2,685,600
Obligation Bonds, Series 2004, 5.125%, 1/01/23 - FGIC Insured
1,705 Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 6/15 at 100.00 Aaa 1,812,586
5.000%, 12/15/25 - AMBAC Insured
3,650 State Public School Building Authority, Pennsylvania, Lease Revenue 6/13 at 100.00 AAA 3,804,359
Bonds, Philadelphia School District Project, Series 2003, 5.000%,
6/01/29 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.3% (0.9% of Total Investments)
2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 2,714,725
5.000%, 7/01/22 - FGIC Insured
4,000 Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/17 - FSA 8/12 at 100.00 AAA 4,372,520
Insured
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 1.0% (0.7% of Total Investments)
5,000 South Carolina Public Service Authority, Revenue Bonds, Santee Cooper 1/14 at 100.00 AAA 5,346,050
Electric System, Series 2004A, 5.000%, 1/01/20 - AMBAC Insured
46
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 15.5% (10.4% of Total Investments)
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston
Industries Inc., Series 1998C:
$ 10,000 5.125%, 5/01/19 - AMBAC Insured 5/08 at 102.00 AAA $ 10,661,000
9,000 5.125%, 11/01/20 (Optional put 11/01/08) - AMBAC Insured 11/08 at 102.00 AAA 9,556,650
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
3,475 5.000%, 7/15/22 - FSA Insured 7/14 at 100.00 AAA 3,685,863
3,645 5.000%, 7/15/23 - FSA Insured 7/14 at 100.00 AAA 3,858,743
12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/09 at 100.00 AAA 13,222,250
and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 (Alternative
Minimum Tax) - FGIC Insured
3,895 Denton, Texas, Utility System Revenue Bonds, Series 2000A, 5.625%, 12/10 at 100.00 AAA 4,321,736
12/01/19 - FSA Insured
4,485 Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, 5/12 at 100.00 AAA 4,752,216
Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 - FSA
Insured
10,000 Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, 5/13 at 100.00 AAA 10,360,800
Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 -
AMBAC Insured
4,151 Panhandle Regional Housing Finance Corporation, Texas, GNMA 7/12 at 105.00 Aaa 4,540,737
Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance
of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42
Tarrant County Health Facilities Development Corporation, Texas, Hospital
Revenue Bonds, Cook Children's Healthcare System, Series 2000A:
6,725 5.750%, 12/01/17 - FSA Insured 12/10 at 101.00 AAA 7,501,267
7,500 5.750%, 12/01/24 - FSA Insured 12/10 at 101.00 AAA 8,330,325
2,300 Texas State University System, Financing Revenue Refunding Bonds, Series 3/12 at 100.00 AAA 2,454,376
2002, 5.000%, 3/15/18 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Utah - 3.3% (2.2% of Total Investments)
8,600 Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, 7/13 at 100.00 AAA 9,284,216
Series 2003A, 5.000%, 7/01/18 - FSA Insured
2,385 Mountain Regional Water Special Service District, Utah, Water Revenue 12/13 at 100.00 AAA 2,492,802
Bonds, Series 2003, 5.000%, 12/15/33 - MBIA Insured
5,525 Utah Transit Authority, Sales Tax Revenue Bonds, Series 2002A, 5.000%, 12/12 at 100.00 AAA 5,847,660
6/15/24 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Vermont - 0.3% (0.2% of Total Investments)
1,320 Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, 12/10 at 101.00 AAA 1,489,858
Fletcher Allen Health Care Inc., Series 2000A, 6.000%, 12/01/23 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.8% (0.5% of Total Investments)
Loudoun County Industrial Development Authority, Virginia, Public Safety
Facilities Lease Revenue Bonds, Series 2003A:
1,150 5.250%, 12/15/22 - FSA Insured 6/14 at 100.00 AAA 1,251,902
500 5.250%, 12/15/23 - FSA Insured 6/14 at 100.00 AAA 543,510
2,250 Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1/08 at 102.00 AAA 2,354,760
1997B, 6.050%, 5/01/17 (Alternative Minimum Tax) - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 8.4% (5.6% of Total Investments)
10,000 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 10,722,700
System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 (Alternative
Minimum Tax) - MBIA Insured
1,370 Clark County School District 101, La Center, Washington, General 12/12 at 100.00 Aaa 1,456,091
Obligation Bonds, Series 2002, 5.000%, 12/01/22 - FSA Insured
5,230 Douglas County Public Utility District 1, Washington, Revenue Bonds, 9/09 at 102.00 AAA 5,848,761
Wells Hydroelectric, Series 1999A, 6.125%, 9/01/29 (Alternative Minimum
Tax) - MBIA Insured
5,000 Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 8/14 at 100.00 AAA 5,299,100
2004, 5.000%, 8/01/23 - FSA Insured
47
Nuveen Insured Premium Income Municipal Fund 2 (NPX) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Washington (continued)
Tacoma, Washington, General Obligation Bonds, Series 2004:
$ 1,545 5.000%, 12/01/19 - MBIA Insured 12/14 at 100.00 AAA $ 1,662,018
1,620 5.000%, 12/01/20 - MBIA Insured 12/14 at 100.00 AAA 1,736,041
1,695 5.000%, 12/01/21 - MBIA Insured 12/14 at 100.00 AAA 1,810,870
10,855 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 - No Opt. Call AAA 5,514,123
FGIC Insured
6,200 Washington, General Obligation Various Purpose Bonds, Series 2003A, 7/12 at 100.00 AAA 6,582,912
5.000%, 7/01/20 - FGIC Insured
3,950 Washington State Healthcare Facilities Authority, Revenue Bonds, Swedish 11/08 at 101.00 Aaa 4,180,799
Health Services, Series 1998, 5.125%, 11/15/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 1.5% (1.0% of Total Investments)
8,000 Pleasants County, West Virginia, Pollution Control Revenue Bonds, 5/05 at 102.00 AAA 8,201,600
Monongahela Power Company Pleasants Station Project, Series 1995C,
6.150%, 5/01/15 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 6.6% (4.4% of Total Investments)
1,000 Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/14 at 100.00 Aaa 1,072,460
11/01/21 - FSA Insured
7,000 La Crosse, Wisconsin, Resource Recovery Revenue Refunding Bonds, Northern No Opt. Call AAA 8,410,080
States Power Company Project, Series 1996, 6.000%, 11/01/21
(Alternative Minimum Tax) - MBIA Insured
12,750 Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 2000A, 5.750%, 12/10 at 100.00 Aaa 13,880,411
12/01/25 (Alternative Minimum Tax) - FGIC Insured
6,250 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/06 at 102.00 AAA 6,579,563
Sinai Samaritan Medical Center Inc., Series 1996, 5.750%, 8/15/16 -
MBIA Insured
5,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/05 at 102.00 AAA 5,146,250
Mercy Health System Corporation, Series 1995, 6.125%, 8/15/13 - AMBAC
Insured
-----------------------------------------------------------------------------------------------------------------------------------
$ 781,456 Total Long-Term Investments (cost $752,143,435) - 149.2% 799,343,060
============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 5,207,002
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.2)% (268,900,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 535,650,062
=====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
48
Nuveen Insured Dividend Advantage Municipal Fund (NVG)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 4.3% (2.9% of Total Investments)
$ 5,310 Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5/12 at 101.00 AAA $ 5,719,401
5.300%, 5/01/32 - MBIA Insured
3,045 Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 - 3/12 at 101.00 AAA 3,277,851
MBIA Insured
10,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, 2/09 at 101.00 AAA 10,934,800
Series 1999A, 5.375%, 2/01/36 (Pre-refunded to 2/01/09) - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Alaska - 3.4% (2.3% of Total Investments)
15,000 Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/12 at 100.00 AAA 16,022,550
10/01/27 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.1% (0.8% of Total Investments)
5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport 7/12 at 100.00 AAA 5,214,900
Revenue Bonds, Series 2002B, 5.250%, 7/01/32 (Alternative Minimum Tax)
- FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
California - 10.6% (7.1% of Total Investments)
California Educational Facilities Authority, Revenue Bonds, Occidental
College, Series 2005A:
1,485 5.000%, 10/01/26 - MBIA Insured 10/15 at 100.00 Aaa 1,579,877
1,565 5.000%, 10/01/27 - MBIA Insured 10/15 at 100.00 Aaa 1,660,919
8,890 California, General Obligation Veterans Welfare Bonds, Series 1997BH, 12/08 at 101.00 AA- 9,138,653
5.400%, 12/01/14 (Alternative Minimum Tax)
3,200 California, Various Purpose General Obligation Bonds, Series 2000, 9/10 at 100.00 AAA 3,476,576
5.250%, 9/01/17 - MBIA Insured
10,000 California, General Obligation Refunding Bonds, Series 2002, 5.000%, No Opt. Call AAA 10,504,700
2/01/23 - MBIA Insured
3,000 California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 6/07 at 101.00 AAA 3,064,800
5.375%, 12/01/24 (Alternative Minimum Tax) - MBIA Insured
7,935 Los Angeles, California, Certificates of Participation, Real Property 4/12 at 100.00 AAA 8,425,938
Acquisition Program, Series 2002, 5.300%, 4/01/32 - AMBAC Insured
1,000 Los Angeles Convention and Exhibition Center Authority, California, 12/05 at 100.00 AAA 1,037,250
Certificates of Participation, Series 1985, 9.000%, 12/01/20 (Pre-
refunded to 12/01/05)
7,500 Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric 7/08 at 101.00 AAA 7,944,150
Project 1, Series 1998A, 5.200%, 7/01/32 - MBIA Insured
2,320 Sacramento Municipal Utility District, California, Electric Revenue 8/11 at 100.00 AAA 2,544,715
Bonds, Series 2001P, 5.250%, 8/15/18 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 0.9% (0.6% of Total Investments)
1,580 Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, No Opt. Call Aaa 1,753,437
Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/15 - FSA
Insured
Sand Creek Metropolitan District, Colorado, General Obligation Bonds,
Series 2004:
1,095 5.000%, 12/01/13 - XLCA Insured No Opt. Call AAA 1,197,372
1,170 5.000%, 12/01/14 - XLCA Insured 12/13 at 100.00 AAA 1,272,749
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 16.1% (10.9% of Total Investments)
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
2,305 5.250%, 12/01/17 - MBIA Insured 12/13 at 100.00 AAA 2,531,051
1,480 5.250%, 12/01/18 - MBIA Insured 12/13 at 100.00 AAA 1,619,490
11,600 Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue 10/12 at 100.00 AAA 12,151,928
Bonds, Series 2002B, 5.125%, 10/01/21 (Alternative Minimum Tax) - FSA
Insured
6,000 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2002A, 4/07 at 100.00 AAA 6,232,140
5.500%, 10/01/41 - MBIA Insured
49
Nuveen Insured Dividend Advantage Municipal Fund (NVG) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
$ 8,155 Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 10/11 at 100.00 Aaa $ 8,908,359
2001, 5.625%, 10/01/13 (Alternative Minimum Tax) - MBIA Insured
15,000 Miami-Dade County School Board, Florida, Certificates of Participation, No Opt. Call AAA 15,831,150
Series 2003A, 5.000%, 8/01/27 (Mandatory put 8/01/08) - MBIA Insured
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International
Airport, Series 2002:
7,165 5.625%, 10/01/15 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 7,891,603
5,600 5.750%, 10/01/16 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 6,218,072
10,000 5.125%, 10/01/21 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 10,488,700
2,000 5.250%, 10/01/22 (Alternative Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 2,115,020
1,000 Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.000%, 1/13 at 100.00 AAA 1,062,060
1/01/25 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 0.6% (0.4% of Total Investments)
1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 11/14 at 100.00 AAA 1,067,580
5.000%, 11/01/22 - FSA Insured
1,695 Georgia Housing and Finance Authority, Single Family Mortgage Bonds, 12/11 at 100.00 AAA 1,759,817
Series 2002B-2, 5.500%, 6/01/32 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 14.0% (9.4% of Total Investments)
10,000 Bolingbrook, Illinois, General Obligation Bonds, Series 2002A, 5.375%, 1/12 at 100.00 AAA 10,840,300
1/01/38 - FGIC Insured
5,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 2001A, 1/11 at 101.00 AAA 5,456,800
5.500%, 1/01/38 - MBIA Insured
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds,
O'Hare International Airport, Series 2001C:
4,250 5.500%, 1/01/16 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 4,586,175
4,485 5.500%, 1/01/17 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 4,835,279
4,730 5.500%, 1/01/18 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 5,089,433
2,930 5.500%, 1/01/19 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 3,140,521
3,000 Chicago, Illinois, General Airport Third Lien Revenue Refunding Bonds, 1/12 at 100.00 AAA 3,292,620
O'Hare International Airport, Series 2002A, 5.750%, 1/01/17
(Alternative Minimum Tax) - MBIA Insured
12,765 Chicago, Illinois, Revenue Bonds, Skyway Toll Bridge, Series 1996, 1/07 at 102.00 AAA 13,561,919
5.500%, 1/01/23 (Pre-refunded to 1/01/07) - MBIA Insured
4,000 Cicero, Cook County, Illinois, General Obligation Corporate Purpose 12/12 at 101.00 AAA 4,281,280
Bonds, Series 2002, 5.000%, 12/01/21 - MBIA Insured
1,500 DuPage County Community School District 200, Wheaton, Illinois, General 10/13 at 100.00 Aaa 1,642,785
Obligation Bonds, Series 2003C, 5.250%, 10/01/22 - FSA Insured
5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 4/12 at 100.00 AAA 5,415,350
5.250%, 4/01/23 - FSA Insured
2,700 University of Illinois, Certificates of Participation, Utility 8/11 at 100.00 AAA 2,960,442
Infrastructure Projects, Series 2001A, 5.000%, 8/15/20 (Pre-refunded to
8/15/11) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 16.9% (11.4% of Total Investments)
3,380 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 7/13 at 100.00 AAA 3,640,564
2003A, 5.000%, 7/01/20 - AMBAC Insured
Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment
District, Series 2002D:
2,500 5.375%, 4/01/23 - AMBAC Insured 4/12 at 100.00 AAA 2,707,550
7,075 5.250%, 4/01/26 - AMBAC Insured 4/12 at 100.00 AAA 7,635,977
7,000 5.250%, 4/01/30 - AMBAC Insured 4/12 at 100.00 AAA 7,505,960
10,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, 7/12 at 100.00 AAA 10,536,200
Marion General Hospital, Series 2002, 5.250%, 7/01/32 - AMBAC Insured
25,000 Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks 7/12 at 100.00 AAA 26,758,250
Project, Series 2002A, 5.250%, 7/01/33 - MBIA Insured
50
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Indiana (continued)
New Albany-Floyd County School Building Corporation, Indiana, First
Mortgage Bonds, Series 2002:
$ 2,500 5.750%, 7/15/17 (Pre-refunded to 7/15/12) - FGIC Insured 7/12 at 100.00 AAA $ 2,829,225
3,810 5.750%, 7/15/20 (Pre-refunded to 7/15/12) - FGIC Insured 7/12 at 100.00 AAA 4,277,106
Northern Wells Community School Building Corporation, Wells County,
Indiana, First Mortgage Bonds, Series 2001:
420 5.250%, 1/15/19 - FGIC Insured 7/12 at 100.00 AAA 455,759
430 5.250%, 7/15/19 - FGIC Insured 7/12 at 100.00 AAA 467,565
1,675 5.400%, 7/15/23 - FGIC Insured 7/12 at 100.00 AAA 1,822,718
6,960 Valparaiso Middle School Building Corporation, Indiana, First Mortgage 1/13 at 100.00 AAA 7,422,701
Refunding Bonds, Series 2002, 5.000%, 7/15/24 - MBIA Insured
2,490 Whitley County Middle School Building Corporation, Columbia City, 7/13 at 100.00 AAA 2,680,535
Indiana, First Mortgage Bonds, Series 2003, 5.000%, 1/15/18 - FSA
Insured
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 0.7% (0.5% of Total Investments)
3,085 New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 9/12 at 100.00 AAA 3,319,923
5.125%, 9/01/21 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.5% (2.4% of Total Investments)
5,000 Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004B, 8/14 at 100.00 AAA 5,500,300
5.000%, 8/01/22 (Pre-refunded to 8/01/14) - AMBAC Insured
10,000 Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant No Opt. Call Aaa 10,919,900
Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 2.4% (1.6% of Total Investments)
10,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 1/10 at 101.00 AAA 11,232,900
5.750%, 7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 2.4% (1.6% of Total Investments)
1,600 St. Louis County Pattonville School District R3, Missouri, General 3/14 at 100.00 AAA 1,759,472
Obligation Bonds, Series 2004, 5.250%, 3/01/19 - FSA Insured
8,735 St. Louis, Missouri, Airport Revenue Bonds, Airport Development Program, 7/11 at 100.00 AAA 9,221,277
Series 2001A, 5.250%, 7/01/31 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.5% (0.2% of Total Investments)
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds,
Series 2003A:
1,000 5.250%, 4/01/20 - FSA Insured 4/13 at 100.00 AAA 1,096,930
1,000 5.250%, 4/01/21 - FSA Insured 4/13 at 100.00 AAA 1,096,930
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 4.2% (2.9% of Total Investments)
9,810 Clark County School District, Nevada, General Obligation Bonds, Series 6/12 at 100.00 AAA 10,431,463
2002C, 5.000%, 6/15/21 - MBIA Insured
8,750 Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, Series 7/11 at 100.00 AAA 9,357,250
2001A, 5.250%, 7/01/34 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 0.6% (0.4% of Total Investments)
2,345 Bernards Township School District, Somerset County, New Jersey, General 1/14 at 100.00 AAA 2,570,190
Obligation Bonds, Series 2004, 5.000%, 1/01/15 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
New York - 2.5% (1.7% of Total Investments)
10,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA 10,443,500
Refunding Bonds, Series 2002A, 5.000%, 11/15/30 - FSA Insured
1,120 Dormitory Authority of the State of New York, FHA-Insured Mortgage 2/15 at 100.00 AAA 1,195,197
Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC
Insured
51
Nuveen Insured Dividend Advantage Municipal Fund (NVG) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 0.6% (0.4% of Total Investments)
$ 2,435 North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue 10/13 at 100.00 AAA $ 2,698,029
Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%,
10/01/24 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 3.7% (2.5% of Total Investments)
4,725 Clackamas County School District 62, Oregon City, Oregon, General 6/14 at 100.00 AAA 5,186,585
Obligation Bonds, Series 2004, 5.000%, 6/15/15 - FSA Insured
Oregon, General Obligation Veterans Welfare Bonds, Series 82:
6,715 5.375%, 12/01/31 12/11 at 100.00 AA 6,938,274
3,130 5.500%, 12/01/42 12/11 at 100.00 AA 3,234,699
1,615 Oregon Department of Administrative Services, State Lottery Revenue 4/14 at 100.00 AAA 1,758,525
Bonds, Series 2004A, 5.000%, 4/01/17 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.9% (3.3% of Total Investments)
4,500 Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, No Opt. Call AAA 5,001,480
Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13
(Alternative Minimum Tax) - MBIA Insured
5,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 7/08 at 100.00 AAA 5,297,850
University of Pennsylvania, Series 1998, 5.500%, 7/15/38 - MBIA Insured
1,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, 11/13 at 100.00 AA 1,078,150
Lycoming College, Series 2003-AA2, 5.250%, 11/01/16 - RAAI Insured
Philadelphia, Pennsylvania, General Obligation Bonds, Series 2003A:
3,090 5.250%, 2/15/14 - XLCA Insured 2/13 at 100.00 AAA 3,388,988
1,000 5.250%, 2/15/15 - XLCA Insured 2/13 at 100.00 AAA 1,087,960
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds,
Series 2003B:
3,540 5.250%, 11/15/16 - FSA Insured 11/13 at 100.00 AAA 3,854,033
2,000 5.250%, 11/15/18 - FSA Insured 11/13 at 100.00 AAA 2,165,700
1,000 State Public School Building Authority, Pennsylvania, Lease Revenue 6/13 at 100.00 AAA 1,065,360
Bonds, Philadelphia School District Project, Series 2003, 5.000%,
6/01/23 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 0.8% (0.5% of Total Investments)
Greenville, South Carolina, Tax Increment Revenue Improvement Bonds,
Series 2003:
1,000 5.500%, 4/01/17 - MBIA Insured 4/13 at 100.00 AAA 1,118,950
2,300 5.000%, 4/01/21 - MBIA Insured 4/13 at 100.00 AAA 2,473,696
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 9.2% (6.2% of Total Investments)
10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis 11/12 at 100.00 AAA 10,559,900
Arena, Series 2002A, 5.125%, 11/01/28 - AMBAC Insured
10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis 11/12 at 100.00 AAA 10,546,700
Arena, Series 2002B, 5.125%, 11/01/29 - AMBAC Insured
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
1,495 5.000%, 10/01/19 - FSA Insured 10/14 at 100.00 AAA 1,621,746
1,455 5.000%, 10/01/20 - FSA Insured 10/14 at 100.00 AAA 1,572,404
1,955 5.000%, 10/01/21 - FSA Insured 10/14 at 100.00 AAA 2,106,356
15,195 Tennessee State School Bond Authority, Higher Educational Facilities 5/12 at 100.00 AAA 16,290,863
Second Program Bonds, Series 2002A, 5.250%, 5/01/32 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 27.1% (18.3% of Total Investments)
3,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding 11/11 at 100.00 AAA 3,881,185
and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 (Alternative
Minimum Tax) - FGIC Insured
10,000 Gainesville Hospital District, Texas, Limited Tax General Obligation 8/11 at 100.00 AAA 10,568,600
Bonds, Series 2002, 5.375%, 8/15/32 - MBIA Insured
3,645 Galveston, Texas, General Obligation Refunding Bonds, Series 2001A, No Opt. Call AAA 3,920,343
5.250%, 5/01/21 - AMBAC Insured
52
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
Harris County Health Facilities Development Corporation, Texas, Thermal
Utility Revenue Bonds, TECO Project, Series 2003:
$ 2,240 5.000%, 11/15/16 - MBIA Insured 11/13 at 100.00 AAA $ 2,405,760
2,355 5.000%, 11/15/17 - MBIA Insured 11/13 at 100.00 AAA 2,518,696
13,000 Houston Area Water Corporation, Texas, Contract Revenue Bonds, Northeast 3/12 at 100.00 AAA 13,527,280
Water Purification Plant, Series 2002, 5.125%, 3/01/32 - FGIC Insured
2,500 Houston Higher Education Finance Corporation, Texas, Revenue Bonds, Rice 11/09 at 101.00 AAA 2,685,675
University, Series 1999A, 5.375%, 11/15/29
1,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 5/14 at 100.00 AAA 1,076,990
2004A, 5.250%, 5/15/24 - FGIC Insured
4,345 San Antonio, Texas, Water System Senior Lien Revenue Refunding Bonds, 5/12 at 100.00 AAA 4,827,425
Series 2002, 5.500%, 5/15/17 - FSA Insured
9,145 Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund 6/12 at 100.00 Aa1 9,644,957
II, Series 2002A-1, 5.250%, 12/01/22 (Alternative Minimum Tax)
6,370 Texas Department of Housing and Community Affairs, Residential Mortgage 7/11 at 100.00 AAA 6,538,741
Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax)
Texas Public Finance Authority, Revenue Bonds, Texas Southern University
Financing System, Series 2002:
3,520 5.125%, 11/01/20 - MBIA Insured 5/12 at 100.00 Aaa 3,766,506
3,520 5.125%, 11/01/21 - MBIA Insured 5/12 at 100.00 Aaa 3,766,506
8,655 Texas Department of Housing and Community Affairs, Single Family Mortgage 3/12 at 100.00 AAA 8,983,544
Bonds, Series 2002B, 5.550%, 9/01/33 (Alternative Minimum Tax) - MBIA
Insured
Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior
Series 2001A:
9,400 5.375%, 1/01/23 - MBIA Insured 1/12 at 102.00 Aaa 10,225,884
11,665 5.500%, 1/01/33 - MBIA Insured 1/12 at 102.00 Aaa 12,864,979
5,000 Texas Water Development Board, Senior Lien State Revolving Fund Revenue 1/10 at 100.00 AAA 5,372,900
Bonds, Series 1999B, 5.250%, 7/15/17
Williamson County, Texas, General Obligation Bonds, Series 2002:
3,500 5.200%, 2/15/21 - FSA Insured 2/12 at 100.00 AAA 3,756,130
3,000 5.250%, 2/15/22 - FSA Insured 2/12 at 100.00 AAA 3,235,800
7,340 5.250%, 2/15/23 - FSA Insured 2/12 at 100.00 AAA 7,916,924
5,000 5.250%, 2/15/25 - FSA Insured 2/12 at 100.00 AAA 5,371,400
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 14.0% (9.4% of Total Investments)
7,675 Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear 7/12 at 100.00 AAA 8,509,810
Project 1, Series 2002A, 5.500%, 7/01/15 - MBIA Insured
6,600 Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia 7/12 at 100.00 AAA 7,208,454
Generating Station, Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 -
FSA Insured
2,200 King County School District 414, Lake Washington, Washington, General 12/14 at 100.00 AAA 2,395,668
Obligation Bonds, Series 2004, 5.000%, 12/01/16 - FSA Insured
2,500 Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 11/12 at 100.00 AAA 2,778,675
5.750%, 11/01/15 (Alternative Minimum Tax) - FGIC Insured
2,200 Snohomish County School District 2, Everett, Washington, General 12/13 at 100.00 AAA 2,381,786
Obligation Bonds, Series 2003B, 5.000%, 6/01/17 - FSA Insured
3,255 Thurston and Pierce Counties School District, Washington, General 6/13 at 100.00 Aaa 3,590,460
Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16
- FSA Insured
Washington State Economic Development Finance Authority, Wastewater
Revenue Bonds, LOTT Project, Series 2002:
2,000 5.500%, 6/01/17 - AMBAC Insured 6/12 at 100.00 Aaa 2,225,900
4,325 5.125%, 6/01/22 - AMBAC Insured 6/12 at 100.00 Aaa 4,636,400
53
Nuveen Insured Dividend Advantage Municipal Fund (NVG) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Washington (continued)
$ 15,000 Washington State Healthcare Facilities Authority, Revenue Bonds, Harrison 8/13 at 102.00 AAA $ 15,666,900
Memorial Hospital, Series 1998, 5.000%, 8/15/28 - AMBAC Insured
10,000 Washington State Healthcare Facilities Authority, Revenue Bonds, 10/11 at 100.00 Aaa 10,378,800
Children's Hospital and Regional Medical Center, Series 2001, 5.125%,
10/01/31 - AMBAC Insured
5,170 Whitman County School District 267, Pullman, Washington, General 6/12 at 100.00 Aaa 5,486,197
Obligation Bonds, Series 2002, 5.000%, 12/01/20 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 3.4% (2.3% of Total Investments)
2,620 Wisconsin Housing and Economic Development Authority, Home Ownership 3/12 at 100.00 AA 2,714,896
Revenue Bonds, Series 2002E, 5.250%, 9/01/22 (Alternative Minimum Tax)
11,950 Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/12 at 100.00 AAA 12,954,756
7/01/18 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
$ 645,485 Total Long-Term Investments (cost $647,900,309) - 148.4% 691,467,029
============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 7,545,486
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.0)% (233,000,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 466,012,515
=====================================================================================================================
Forward Swap Contracts outstanding at April 30, 2005:
Unrealized
Notional Effective Termination Appreciation
Amount Date(2) Date (Depreciation)
-----------------------------------------------------------------------------------------------------------------------------------
Agreement with Morgan Stanley dated December 8, 2004, to pay
semi-annually the notional amount multiplied by 5.313% (annualized)
and receive quarterly the notional amount multiplied by the three-
month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). $2,000,000 7/18/05 7/18/35 $ (90,518)
Agreement with Morgan Stanley dated January 31, 2005, to pay semi-
annually the notional amount multiplied by 5.058% (annualized) and
receive quarterly the notional amount multiplied by the three-month
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). 7,500,000 8/16/05 8/16/35 (34,303)
-----------------------------------------------------------------------------------------------------------------------------------
$ (124,821)
===================================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest. Up
to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in municipal
securities that are (i) either backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities (also ensuring the timely payment of
principal and interest), or (ii) municipal bonds that are
rated, at the time of investment, within the four highest
grades (Baa or BBB or better by Moody's, S&P or Fitch) or
unrated but judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Effective date represents the date on which both the Fund and
counterparty commence interest payment accruals on each
forward swap contract.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
See accompanying notes to financial statements.
54
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 8.3% (5.5% of Total Investments)
$ 5,655 Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, 6/13 at 101.00 Baa3 $ 5,767,308
Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
3,100 Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5/12 at 102.00 AAA 3,391,245
5.400%, 6/01/22 - MBIA Insured
6,280 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, 8/12 at 100.00 AAA 6,934,564
Series 2002D, 5.000%, 2/01/32 (Pre-refunded to 8/01/12) - FGIC Insured
1,750 Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/12 at 101.00 AAA 1,882,370
5/01/21 - AMBAC Insured
4,500 Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 7/13 at 100.00 Aaa 5,014,215
- AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Arizona - 3.9% (2.5% of Total Investments)
10,000 Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, 11/12 at 100.00 AAA 10,446,100
Arizona Public Service Company - Palo Verde Project, Series 2002A,
5.050%, 5/01/29 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
California - 28.8% (19.1% of Total Investments)
13,500 California, General Obligation Refunding Bonds, Series 2002, 5.250%, 4/12 at 100.00 AAA 14,330,925
4/01/30 - XLCA Insured
7,500 California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 - 4/14 at 100.00 AAA 7,854,225
AMBAC Insured
26,300 California State Public Works Board, Lease Revenue Bonds, Department of 12/12 at 100.00 AAA 27,436,949
General Services, Capital East End Project, Series 2002A, 5.000%,
12/01/27 - AMBAC Insured (PLG)
2,910 Cathedral City Public Financing Authority, California, Tax Allocation 8/12 at 102.00 AAA 3,067,402
Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 - MBIA Insured
2,500 Irvine Public Facilities and Infrastructure Authority, California, 9/05 at 103.00 AAA 2,578,950
Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 - AMBAC Insured
4,000 Montara Sanitation District, California, General Obligation Bonds, Series 8/11 at 101.00 AAA 4,190,400
2003, 5.000%, 8/01/28 - FGIC Insured
Plumas County, California, Certificates of Participation, Capital
Improvement Program, Series 2003A:
1,130 5.250%, 6/01/19 - AMBAC Insured 6/13 at 101.00 AAA 1,237,825
1,255 5.250%, 6/01/21 - AMBAC Insured 6/13 at 101.00 AAA 1,369,293
1,210 Redding Joint Powers Financing Authority, California, Lease Revenue 3/13 at 100.00 AAA 1,270,996
Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 -
AMBAC Insured
3,750 Sacramento Municipal Utility District, California, Electric Revenue 8/13 at 100.00 AAA 3,940,613
Bonds, Series 2003R, 5.000%, 8/15/28 - MBIA Insured
1,500 San Diego Community College District, California, General Obligation 5/13 at 100.00 AAA 1,574,100
Bonds, Series 2003A, 5.000%, 5/01/28 - FSA Insured
3,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged 8/10 at 101.00 AAA 3,100,440
Area Redevelopment Project, Series 2002, 5.000%, 8/01/32 - MBIA Insured
1,055 Turlock Irrigation District, California, Certificates of Participation, 1/13 at 100.00 AAA 1,099,616
Series 2003A, 5.000%, 1/01/28 - MBIA Insured
6,300 University of California, Revenue Bonds, Multi-Purpose Projects, Series 5/13 at 100.00 AAA 6,594,903
2003A, 5.000%, 5/15/33 - AMBAC Insured
55
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 3.8% (2.5% of Total Investments)
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series
2003:
$ 4,300 5.500%, 12/01/23 - FSA Insured 12/13 at 100.00 AAA $ 4,841,327
3,750 5.500%, 12/01/28 - FSA Insured 12/13 at 100.00 AAA 4,215,075
1,450 Colorado Educational and Cultural Facilities Authority, Charter School 8/14 at 100.00 AAA 1,555,227
Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%,
8/15/24 - XLCA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.2% (0.8% of Total Investments)
3,000 Pinellas County Health Facilities Authority, Florida, Revenue Bonds, 5/13 at 100.00 A1 3,191,160
Baycare Health System, Series 2003, 5.500%, 11/15/27
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 1.4% (1.0% of Total Investments)
3,825 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue 1/13 at 100.00 AAA 3,990,546
Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 3.7% (2.5% of Total Investments)
905 Cook County School District 100, Berwyn South, Illinois, General 12/13 at 100.00 Aaa 1,020,722
Obligation Refunding Bonds, Series 2003B, 5.250%, 12/01/21 (Pre-
refunded to 12/01/13) - FSA Insured
Cook County School District 145, Arbor Park, Illinois, General Obligation
Bonds, Series 2004:
3,285 5.125%, 12/01/20 - FSA Insured 12/14 at 100.00 Aaa 3,561,006
2,940 5.125%, 12/01/23 - FSA Insured 12/14 at 100.00 Aaa 3,158,266
2,500 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest 7/13 at 100.00 A- 2,586,250
Hospital, Series 2003, 5.250%, 7/01/23
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 8.8% (5.8% of Total Investments)
2,500 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 7/13 at 100.00 AAA 2,673,575
2003A, 5.000%, 7/01/23 - AMBAC Insured
2,190 Indiana Bond Bank, Common School Fund Advance Purchase Funding Bonds, 8/13 at 100.00 AAA 2,335,263
Series 2003B, 5.000%, 8/01/19 - MBIA Insured
1,000 Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/13 at 100.00 AAA 1,073,440
8/01/22 - FGIC Insured
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue
Bonds, Series 2003:
11,020 5.000%, 7/15/19 - MBIA Insured 7/13 at 100.00 AAA 11,873,719
6,000 5.000%, 7/15/20 - MBIA Insured 7/13 at 100.00 AAA 6,463,500
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 2.4% (1.6% of Total Investments)
6,250 Kansas Development Finance Authority, Board of Regents, Revenue Bonds, 4/13 at 102.00 AAA 6,692,563
Scientific Research and Development Facilities Projects, Series 2003C,
5.000%, 10/01/22 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.5% (0.3% of Total Investments)
Kentucky State Property and Buildings Commission, Revenue Refunding
Bonds, Project 77, Series 2003:
340 5.000%, 8/01/23 (Pre-refunded to 8/01/13) - MBIA Insured 8/13 at 100.00 AAA 376,737
985 5.000%, 8/01/23 (Pre-refunded to 8/01/13) - MBIA Insured 8/13 at 100.00 AAA 1,091,429
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.3% (1.5% of Total Investments)
5,785 New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 12/12 at 100.00 AAA 6,289,452
5.300%, 12/01/27 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 5.1% (3.4% of Total Investments)
9,000 Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue 7/12 at 100.00 AAA 9,930,330
Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded to
7/01/12) - FGIC Insured
1,125 Massachusetts Development Finance Authority, Revenue Bonds, Middlesex 9/13 at 100.00 A1 1,192,635
School, Series 2003, 5.125%, 9/01/23
3,000 Massachusetts Turnpike Authority, Metropolitan Highway System Revenue 1/07 at 102.00 AAA 3,067,890
Bonds, Senior Series 1997A, 5.000%, 1/01/37 - MBIA Insured
56
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 11.6% (7.7% of Total Investments)
$ 6,130 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 7/13 at 100.00 AAA $ 6,563,575
2003A, 5.000%, 7/01/23 - MBIA Insured
4,465 Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding 7/13 at 100.00 AAA 4,797,241
Bonds, Series 2003C, 5.000%, 7/01/22 - MBIA Insured
10,800 Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue 12/12 at 100.00 AAA 11,418,192
Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32
- XLCA Insured
2,250 Romulus Community Schools, Wayne County, Michigan, General Obligation 5/11 at 100.00 AA 2,405,025
Refunding Bonds, Series 2001, 5.250%, 5/01/25
6,500 Wayne County, Michigan, Limited Tax General Obligation Airport Hotel 12/11 at 101.00 AAA 6,767,345
Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A,
5.000%, 12/01/30 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 1.1% (0.7% of Total Investments)
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Series 2004:
1,325 5.250%, 3/01/23 - FSA Insured 3/14 at 100.00 AAA 1,437,055
1,500 5.250%, 3/01/24 - FSA Insured 3/14 at 100.00 AAA 1,622,460
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 1.9% (1.3% of Total Investments)
5,000 Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, 6/13 at 100.00 AAA 5,253,450
Series 2003, 5.000%, 6/15/28 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 0.9% (0.6% of Total Investments)
2,315 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 7/11 at 100.00 AAA 2,422,925
2001B, 5.200%, 7/01/31 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 1.4% (0.9% of Total Investments)
New Mexico State University, Revenue Bonds, Series 2004:
1,975 5.000%, 4/01/19 - AMBAC Insured 4/14 at 100.00 AAA 2,126,068
1,530 5.000%, 4/01/23 - AMBAC Insured 4/14 at 100.00 AAA 1,629,037
-----------------------------------------------------------------------------------------------------------------------------------
New York - 9.4% (6.2% of Total Investments)
25,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA 26,076,000
Refunding Bonds, Series 2002F, 5.000%, 11/15/31 - MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 3.3% (2.2% of Total Investments)
8,700 North Carolina Medical Care Commission, Revenue Bonds, Maria Parham 10/13 at 100.00 AA 9,240,966
Medical Center, Series 2003, 5.375%, 10/01/33 - RAAI Insured
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.7% (0.5% of Total Investments)
1,770 Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 6/14 at 100.00 AAA 1,884,395
2004A, 5.000%, 12/01/21 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 3.9% (2.6% of Total Investments)
9,350 Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 1/13 at 100.00 AAA 9,779,539
7/01/32 - MBIA Insured
1,000 Sunrise Water Authority, Oregon, Water Revenue Bonds, Series 2004, 3/14 at 100.00 AAA 1,075,560
5.000%, 3/01/19 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 8.7% (5.7% of Total Investments)
3,000 Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue 8/13 at 100.00 BBB 3,059,040
Bonds, St. Luke's Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33
2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, 8/13 at 100.00 AAA 2,085,140
Fourth Series 1998, 5.000%, 8/01/32 - FSA Insured
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series
1997A:
925 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 973,886
4,075 5.125%, 8/01/27 - AMBAC Insured 8/07 at 102.00 AAA 4,290,812
13,000 State Public School Building Authority, Pennsylvania, Lease Revenue 6/13 at 100.00 AAA 13,524,680
Bonds, Philadelphia School District Project, Series 2003, 5.000%,
6/01/33 - FSA Insured
57
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 7.3% (4.9% of Total Investments)
$ 5,000 Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional 11/14 at 100.00 AAA $ 5,428,400
Medical Center, Series 2004A, 5.250%, 11/01/23 - FSA Insured
Greenville County School District, South Carolina, Installment Purchase
Revenue Bonds, Series 2003:
3,000 5.000%, 12/01/22 12/13 at 100.00 AA- 3,147,180
1,785 5.000%, 12/01/23 12/13 at 100.00 AA- 1,866,039
1,365 Myrtle Beach, South Carolina, Water and Sewerage System Revenue Refunding 3/13 at 100.00 AAA 1,507,547
Bonds, Series 2003, 5.375%, 3/01/19 - FGIC Insured
8,000 South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 10/12 at 100.00 Aaa 8,327,600
2002A, 5.000%, 10/01/33 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 12.9% (8.6% of Total Investments)
7,975 Fort Bend Independent School District, Fort Bend County, Texas, General 8/10 at 100.00 AAA 8,357,082
Obligation Bonds, Series 2000, 5.000%, 8/15/25
12,500 Grand Prairie Independent School District, Dallas County, Texas, General 2/13 at 100.00 AAA 13,067,375
Obligation Bonds, Series 2003, 5.125%, 2/15/31 - FSA Insured
5,515 Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/12 at 100.00 AAA 5,951,016
3/01/20 - MBIA Insured
2,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 5/14 at 100.00 AAA 2,149,300
2004A, 5.250%, 5/15/25 - MBIA Insured
5,850 Katy Independent School District, Harris, Fort Bend and Waller Counties, 2/12 at 100.00 AAA 6,297,291
Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.6% (0.3% of Total Investments)
1,500 Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 1/13 at 100.00 AAA 1,578,375
5.125%, 1/15/28 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 9.2% (6.1% of Total Investments)
4,945 Broadway Office Properties, King County, Washington, Lease Revenue Bonds, 12/12 at 100.00 AAA 5,125,740
Washington Project, Series 2002, 5.000%, 12/01/31 - MBIA Insured
5,250 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/12 at 100.00 AAA 5,469,503
System Revenue Bonds, Series 2002C, 5.125%, 7/01/33 - AMBAC Insured
2,135 Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, 7/13 at 100.00 Aaa 2,245,209
Bremerton Government Center, Series 2003, 5.000%, 7/01/23 - MBIA
Insured
1,935 Pierce County School District 343, Dieringer, Washington, General 6/13 at 100.00 Aaa 2,124,514
Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 - FGIC
Insured
9,670 Washington, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 - 6/13 at 100.00 AAA 10,385,580
MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 1.2% (0.8% of Total Investments)
3,000 West Virginia State Building Commission, Lease Revenue Refunding Bonds, No Opt. Call AAA 3,423,900
Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 -
AMBAC Insured
58
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 6.6% (4.4% of Total Investments)
$ 1,190 Sun Prairie Area School District, Dane County, Wisconsin, General 3/14 at 100.00 Aaa $ 1,282,582
Obligation Bonds, Series 2004C, 5.250%, 3/01/24 - FSA Insured
4,750 Wisconsin Health and Educational Facilities Authority, Revenue Refunding 8/08 at 102.00 AAA 5,021,652
Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 - AMBAC
Insured
3,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, No Opt. Call AAA 3,511,770
Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 - FGIC Insured
3,600 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/13 at 100.00 A 3,667,930
Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
4,605 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 9/13 at 100.00 A- 4,904,141
Franciscan Sisters of Christian Charity Healthcare Ministry, Series
2003A, 5.875%, 9/01/33
-----------------------------------------------------------------------------------------------------------------------------------
$ 393,525 Total Long-Term Investments (cost $394,725,179) - 150.9% 417,534,668
============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 3,097,516
---------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.1)% (144,000,000)
---------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 276,632,184
=====================================================================================================================
Forward Swap Contracts outstanding at April 30, 2005:
Unrealized
Notional Effective Termination Appreciation
Amount Date(2) Date (Depreciation)
---------------------------------------------------------------------------------------------------------------------------
Agreement with Goldman Sachs dated December 6, 2004, to pay
semi-annually the notional amount multiplied by 5.324% (annualized)
and receive quarterly the notional amount multiplied by the
three-month USD-LIBOR (United States Dollar-London Inter-Bank
Offered Rates). $ 5,000,000 7/11/05 7/11/25 $ (230,259)
Agreement with Goldman Sachs dated December 7, 2004, to pay semi-
annually the notional amount multiplied by 5.401% (annualized) and
receive quarterly the notional amount multiplied by the three-month
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). 20,000,000 7/18/05 7/18/35 (1,177,394)
Agreement with Goldman Sachs dated January 10, 2005, to pay semi-
annually the notional amount multiplied by 5.251% (annualized) and
receive quarterly the notional amount multiplied by the three-month
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). 9,000,000 8/16/05 8/16/25 (315,097)
---------------------------------------------------------------------------------------------------------------------------
$(1,722,750)
===========================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest. Up
to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in municipal
securities that are (i) either backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities (also ensuring the timely payment of
principal and interest), or (ii) municipal bonds that are
rated, at the time of investment, within the four highest
grades (Baa or BBB or better by Moody's, S&P or Fitch) or
unrated but judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Effective date represents the date on which both the Fund and
counterparty commence interest payment accruals on each
forward swap contract.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(PLG) Portion of security, with an aggregate market value of
$1,919,543, has been pledged to collateralize the net payment
obligations under forward swap contracts.
See accompanying notes to financial statements.
59
Statement of
Assets and Liabilities April 30, 2005 (Unaudited)
Premier Insured Insured Insured
Insured Insured Insured Premium Dividend Tax-Free
Quality Opportunity Income Income 2 Advantage Advantage
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value
(cost $851,544,150, $1,828,553,087,
$426,556,350, $752,143,435,
$647,900,309 and $394,725,179,
respectively) $910,420,007 $1,970,605,132 $460,811,895 $799,343,060 $691,467,029 $417,534,668
Receivables:
Interest 12,356,173 29,309,244 7,516,021 13,479,632 9,874,075 6,392,844
Investments sold 1,589,592 10,849,507 25,000 4,019,259 -- --
Other assets 49,244 139,598 27,073 59,723 17,334 20,797
-----------------------------------------------------------------------------------------------------------------------------------
Total assets 924,415,016 2,010,903,481 468,379,989 816,901,674 701,358,438 423,948,309
-----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 6,042,142 5,489,197 497,437 3,165,993 1,869,854 1,395,011
Payable for investments purchased -- 30,419,043 -- 8,421,348 -- --
Forward swaps, at value -- -- -- -- 124,821 1,722,750
Accrued expenses:
Management fees 461,636 972,336 238,982 405,763 182,587 105,769
Other 182,783 365,612 97,399 287,505 112,194 61,174
Preferred share dividends payable 85,563 151,090 42,126 71,003 56,467 31,421
-----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 6,772,124 37,397,278 875,944 12,351,612 2,345,923 3,316,125
-----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 318,000,000 680,000,000 161,000,000 268,900,000 233,000,000 144,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $599,642,892 $1,293,506,203 $306,504,045 $535,650,062 $466,012,515 $276,632,184
===================================================================================================================================
Common shares outstanding 38,224,900 81,138,036 19,419,608 37,353,512 29,807,822 18,515,282
===================================================================================================================================
Net asset value per Common share
outstanding (net assets applicable to
Common shares, divided by Common
shares outstanding) $ 15.69 $ 15.94 $ 15.78 $ 14.34 $ 15.63 $ 14.94
===================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 382,249 $ 811,380 $ 194,196 $ 373,535 $ 298,078 $ 185,153
Paid-in surplus 533,430,428 1,128,874,275 269,467,182 491,941,519 423,486,786 261,529,188
Undistributed (Over-distribution of)
net investment income 5,493,401 13,519,708 1,807,921 3,739,944 2,163,020 (395,644)
Accumulated net realized gain (loss)
from investments and forward swaps 1,460,957 8,248,795 779,201 (7,604,561) (3,377,268) (5,773,252)
Net unrealized appreciation
of investments and
forward swaps 58,875,857 142,052,045 34,255,545 47,199,625 43,441,899 21,086,739
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $599,642,892 $1,293,506,203 $306,504,045 $535,650,062 $466,012,515 $276,632,184
===================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 Unlimited Unlimited Unlimited
Preferred 1,000,000 1,000,000 1,000,000 Unlimited Unlimited Unlimited
===================================================================================================================================
See accompanying notes to financial statements.
60
Statement of
Operations Six Months Ended April 30, 2005 (Unaudited)
Premier Insured Insured Insured
Insured Insured Insured Premium Dividend Tax-Free
Quality Opportunity Income Income 2 Advantage Advantage
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 23,622,803 $ 48,860,920 $ 11,656,092 $ 19,933,538 $ 16,569,002 $ 9,998,518
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,801,723 5,902,378 1,453,511 2,464,588 2,147,797 1,301,503
Preferred shares - auction fees 394,232 843,013 199,596 333,362 288,856 178,520
Preferred shares - dividend disbursing
agent fees 24,795 34,712 14,877 24,795 14,877 10,742
Shareholders' servicing agent fees
and expenses 49,097 79,739 18,822 28,412 4,435 2,876
Custodian's fees and expenses 102,392 220,385 50,415 94,594 75,579 48,715
Directors'/Trustees' fees and expenses 7,731 16,641 3,940 6,753 5,879 3,485
Professional fees 20,077 37,546 10,550 14,207 16,517 11,725
Shareholders' reports - printing and
mailing expenses 41,548 87,047 22,576 37,253 32,695 21,382
Stock exchange listing fees 7,686 15,882 5,315 7,355 1,261 783
Investor relations expense 63,838 137,785 32,806 56,582 47,684 27,336
Portfolio insurance expense 10,849 14,463 -- -- -- --
Other expenses 32,808 50,670 11,508 30,274 21,816 14,528
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 3,556,776 7,440,261 1,823,916 3,098,175 2,657,396 1,621,595
Custodian fee credit (7,462) (14,911) (3,614) (6,330) (2,047) (2,428)
Expense reimbursement -- -- -- -- (1,038,528) (662,669)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,549,314 7,425,350 1,820,302 3,091,845 1,616,821 956,498
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 20,073,489 41,435,570 9,835,790 16,841,693 14,952,181 9,042,020
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
Net realized gain (loss) from
investments 1,462,794 8,775,711 780,916 4,444,279 (47,342) 191,388
Net realized gain (loss) from
forward swaps -- -- -- -- (3,327,227) (5,964,074)
Change in net unrealized appreciation
(depreciation) of investments (3,617,972) (12,450,277) (2,497,841) (6,975,267) 768,772 4,879,820
Change in net unrealized appreciation
(depreciation) of forward swaps -- -- -- -- 2,625,424 4,583,878
-----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (2,155,178) (3,674,566) (1,716,925) (2,530,988) 19,627 3,691,012
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (2,561,868) (5,439,388) (1,258,058) (2,221,004) (1,814,373) (1,167,038)
From accumulated net realized gains
from investments (159,181) (217,348) (127,563) -- (278,326) (14,036)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Preferred shareholders (2,721,049) (5,656,736) (1,385,621) (2,221,004) (2,092,699) (1,181,074)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations $ 15,197,262 $ 32,104,268 $ 6,733,244 $ 12,089,701 $ 12,879,109 $ 11,551,958
===================================================================================================================================
See accompanying notes to financial statements.
61
Statement of
Changes in Net Assets (Unaudited)
Insured Quality (NQI) Insured Opportunity (NIO)
------------------------------ ----------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/05 10/31/04 4/30/05 10/31/04
------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 20,073,489 $ 41,214,190 $ 41,435,570 $ 84,808,402
Net realized gain (loss) from investments 1,462,794 2,202,219 8,775,711 2,845,723
Net realized gain (loss) from forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation) of
investments (3,617,972) 5,112,646 (12,450,277) 13,606,844
Change in net unrealized appreciation (depreciation) of
forward swaps -- -- -- --
Distributions to Preferred Shareholders:
From net investment income (2,561,868) (2,891,716) (5,439,388) (6,198,825)
From accumulated net realized gains from investments (159,181) (114,034) (217,348) (149,437)
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from operations 15,197,262 45,523,305 32,104,268 94,912,707
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (19,253,963) (38,923,489) (38,946,262) (78,914,962)
From accumulated net realized gains from investments (2,090,966) (1,766,378) (2,636,993) (2,358,124)
------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (21,344,929) (40,689,867) (41,583,255) (81,273,086)
------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 762,944 2,092,259 -- 1,258,836
Preferred shares offering costs -- -- -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from capital share transactions 762,944 2,092,259 -- 1,258,836
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares (5,384,723) 6,925,697 (9,478,987) 14,898,457
Net assets applicable to Common shares at the beginning
of period 605,027,615 598,101,918 1,302,985,190 1,288,086,733
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of
period $ 599,642,892 $ 605,027,615 $ 1,293,506,203 $ 1,302,985,190
==============================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 5,493,401 $ 7,235,743 $ 13,519,708 $ 16,469,788
==============================================================================================================================
See accompanying notes to financial statements.
62
Premier Insured Insured Premium
Income (NIF) Income 2 (NPX)
------------------------------ ----------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/05 10/31/04 4/30/05 10/31/04
------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 9,835,790 $ 19,991,132 $ 16,841,693 $ 34,776,494
Net realized gain (loss) from investments 780,916 1,804,462 4,444,279 4,743,922
Net realized gain (loss) from forward swaps -- -- --
Change in net unrealized appreciation (depreciation) of
investments (2,497,841) 5,140,974 (6,975,267) 3,531,341
Change in net unrealized appreciation (depreciation) of
forward swaps -- -- -- --
Distributions to Preferred Shareholders:
From net investment income (1,258,058) (1,461,536) (2,221,004) (2,517,974)
From accumulated net realized gains from investments (127,563) (26,521) -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from operations 6,733,244 25,448,511 12,089,701 40,533,783
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (9,376,884) (18,972,928) (16,136,719) (32,708,575)
From accumulated net realized gains from investments (1,655,759) (373,855) -- --
------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (11,032,643) (19,346,783) (16,136,719) (32,708,575)
------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 136,957 653,067 -- 897,328
Preferred shares offering costs -- -- -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from capital share transactions 136,957 653,067 -- 897,328
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares (4,162,442) 6,754,795 (4,047,018) 8,722,536
Net assets applicable to Common shares at the beginning
of period 310,666,487 303,911,692 539,697,080 530,974,544
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of
period $ 306,504,045 $ 310,666,487 $ 535,650,062 $ 539,697,080
==============================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 1,807,921 $ 2,607,073 $ 3,739,944 $ 5,255,974
==============================================================================================================================
See accompanying notes to financial statements.
63
Statement of
Changes in Net Assets (Unaudited) (continued)
Insured Dividend Insured Tax-Free
Advantage (NVG) Advantage (NEA)
------------------------------ ----------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/05 10/31/04 4/30/05 10/31/04
------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 14,952,181 $ 30,289,838 $ 9,042,020 $ 18,267,196
Net realized gain (loss) from investments (47,342) 3,840,906 191,388 192,046
Net realized gain (loss) from forward swaps (3,327,227) -- (5,964,074) --
Change in net unrealized appreciation (depreciation) of
investments 768,772 11,761,364 4,879,820 10,225,971
Change in net unrealized appreciation (depreciation) of
forward swaps 2,625,424 (2,750,245) 4,583,878 (6,306,628)
Distributions to Preferred Shareholders:
From net investment income (1,814,373) (2,131,112) (1,167,038) (1,362,594)
From accumulated net realized gains from investments (278,326) (140,030) (14,036) (7,435)
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from operations 12,879,109 40,870,721 11,551,958 21,008,556
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (13,681,793) (27,722,483) (7,887,511) (17,104,309)
From accumulated net realized gains from investments (3,573,972) (2,127,005) (179,616) (98,078)
------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Common shareholders (17,255,765) (29,849,488) (8,067,127) (17,202,387)
------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 114,799
Net proceeds from shares issued to shareholders
due to reinvestment of distributions -- -- 35,394 78,604
Preferred shares offering costs -- (108) -- --
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from capital share transactions -- (108) 35,394 193,403
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares (4,376,656) 11,021,125 3,520,225 3,999,572
Net assets applicable to Common shares at the beginning
of period 470,389,171 459,368,046 273,111,959 269,112,387
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of
period $ 466,012,515 $ 470,389,171 $ 276,632,184 $ 273,111,959
==============================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 2,163,020 $ 2,707,005 $ (395,644) $ (383,115)
==============================================================================================================================
See accompanying notes to financial statements.
64
Notes to
Financial Statements (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share stock exchange symbols are Nuveen Insured Quality Municipal Fund, Inc.
(NQI), Nuveen Insured Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier
Insured Municipal Income Fund, Inc. (NIF), Nuveen Insured Premium Income
Municipal Fund 2 (NPX), Nuveen Insured Dividend Advantage Municipal Fund (NVG)
and Nuveen Insured Tax-Free Advantage Municipal Fund (NEA). Common shares of
Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF)
and Insured Premium Income 2 (NPX) are traded on the New York Stock Exchange
while Common shares of Insured Dividend Advantage (NVG) and Insured Tax-Free
Advantage (NEA) are traded on the American Stock Exchange. The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end,
diversified management investment companies.
Each Fund seeks to provide current income exempt from regular federal income
tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum
tax applicable to individuals, by investing primarily in a diversified portfolio
of municipal obligations issued by state and local government authorities.
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. Prices of
derivative investments are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. If the pricing service is
unable to supply a price for a derivative investment each Fund may use a market
quote provided by a major broker/dealer in such investments. If it is determined
that market prices for an investment are unavailable or inappropriate, the Board
of Directors/Trustees of the Funds, or its designee, may establish a fair value
for the investment. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased on a when-issued and/or delayed delivery basis may
have extended settlement periods. Any securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At April 30, 2005,
Insured Opportunity (NIO) and Insured Premium Income 2 (NPX) had outstanding
when-issued and delayed delivery purchase commitments of $26,095,369 and
$8,421,348, respectively. There were no such outstanding purchase commitments in
any of the other Funds.
65
Notes to
Financial Statements (Unaudited) (continued)
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal income tax, and in
the case of Insured Tax-Free Advantage (NEA) the alternative minimum tax
applicable to individuals, to retain such tax-exempt status when distributed to
shareholders of the Funds. Net realized capital gains and ordinary income
distributions paid by the Funds are subject to federal taxation.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in more than one Series. The dividend rate on each Series is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable weekly at the end of each rate period. The number
of Preferred shares outstanding, by Series and in total, for each Fund is as
follows:
Premier Insured Insured Insured
Insured Insured Insured Premium Dividend Tax-Free
Quality Opportunity Income Income 2 Advantage Advantage
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-----------------------------------------------------------------------------------------------------
Number of shares:
Series M 2,600 4,000 -- 2,080 3,160 --
Series T 2,600 4,000 -- 2,200 3,080 2,880
Series W 2,600 4,000 840 2,080 -- 2,880
Series W2 -- 3,200 -- -- -- --
Series TH 2,320 4,000 2,800 2,200 3,080 --
Series TH2 -- 4,000 -- -- -- --
Series F 2,600 4,000 2,800 2,196 -- --
-----------------------------------------------------------------------------------------------------
Total 12,720 27,200 6,440 10,756 9,320 5,760
=====================================================================================================
66
Insurance
Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF)
and Insured Premium Income 2 (NPX) invest in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. Government or U.S. Government agency securities, both
of which ensure the timely payment of principal and interest.
Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) invest at
least 80% of their net assets (including net assets applicable to Preferred
shares) in municipal securities that are covered by insurance. Each Fund may
also invest up to 20% of its net assets (including net assets applicable to
Preferred shares) in municipal securities which are either (i) backed by an
escrow or trust containing sufficient U.S. Government or U.S. Government agency
securities, or (ii) municipal bonds that are rated, at the time of investment,
within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch)
or unrated but judged to be of comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Forward Swap Transactions
The Funds may invest in certain derivative financial instruments. The Funds' use
of forward interest rate swap transactions is intended to mitigate the negative
impact that an increase in long-term interest rates could have on Common share
net asset value. Forward interest rate swap transactions involve each Fund's
agreement with the counterparty to pay, in the future, a fixed rate payment in
exchange for the counterparty paying the Fund a variable rate payment. The
amount of the payment obligation is based on the notional amount of the forward
swap contract. The Funds may close out a contract prior to the effective date at
which point a realized gain or loss would be recognized. When a forward swap is
terminated, it does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash. Each Fund intends, but is
not obligated to, terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination. To minimize such credit risk, all counterparties are required to
pledge collateral daily (based on the daily valuation of each swap) on behalf of
each Fund with a value approximately equal to the amount of any unrealized gain
above a pre-determined threshold. Reciprocally, when any of the Funds have an
unrealized loss on a swap contract, the Funds have instructed the custodian to
pledge assets of the Funds as collateral with a value approximately equal to the
amount of the unrealized loss above a pre-determined threshold. Collateral
pledges are monitored and subsequently adjusted if and when the swap valuations
fluctuate, either up or down, by at least the predetermined threshold amount.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
67
Notes to
Financial Statements (Unaudited) (continued)
Indemnifications
Under the Funds' organizational documents, its Officers and Directors/Trustees
are indemnified against certain liabilities arising out the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
INSURED INSURED PREMIER INSURED
QUALITY (NQI) OPPORTUNITY (NIO) INCOME (NIF)
------------------------- ------------------------- -------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/05 10/31/04 4/30/05 10/31/04 4/30/05 10/31/04
--------------------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions 47,836 126,022 -- 77,090 8,559 39,908
================================================================================================================================
INSURED INSURED INSURED
PREMIUM INCOME 2 (NPX) DIVIDEND ADVANTAGE (NVG) TAX-FREE ADVANTAGE (NEA)
------------------------- ------------------------- -------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/05 10/31/04 4/30/05 10/31/04 4/30/05 10/31/04
--------------------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 60,649 -- -- 2,359 5,076
================================================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2005, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
--------------------------------------------------------------------------------------------------------------------------------
Purchases $ 78,519,152 $250,422,501 $ 31,754,046 $ 94,963,012 $ 5,411,059 $ 3,420,373
Sales and maturities 79,213,345 231,908,171 33,635,466 99,655,884 9,833,050 7,255,654
================================================================================================================================
68
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At April 30, 2005, the cost of investments was as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 851,191,182 $1,827,813,607 $ 426,503,265 $ 752,130,548 $ 647,783,014 $ 394,703,972
===============================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2005, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 59,508,991 $ 143,868,734 $ 34,423,473 $ 47,663,064 $ 44,997,871 $ 22,830,696
Depreciation (280,166) (1,077,209) (114,843) (450,552) (1,313,856) --
-------------------------------------------------------------------------------------------------------------------------------
Net unrealized
appreciation
of investments $ 59,228,825 $ 142,791,525 $ 34,308,630 $ 47,212,512 $ 43,684,015 $ 22,830,696
===============================================================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2004, the Funds' last fiscal year end, were as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-------------------------------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income * $ 10,089,309 $ 21,953,357 $ 4,174,273 $ 7,983,324 $ 4,959,625 $ 1,004,575
Undistributed net
ordinary income ** 425,383 -- 801,863 -- 320,955 --
Undistributed net
long-term capital
gains 1,941,207 2,848,599 979,744 -- 3,528,645 193,086
===============================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2004, paid on November 1, 2004.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal year ended October 31,
2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
-------------------------------------------------------------------------------------------------------------------------------
Distributions from
net tax-exempt
income $ 41,497,482 $ 84,945,305 $ 20,407,082 $ 35,184,856 $ 29,829,269 $ 18,503,309
Distributions from
net ordinary
income ** 264,316 78,388 -- -- 2,266,382 105,523
Distributions from
net long-term
capital gains 1,880,412 2,507,561 400,376 -- 1,939 --
===============================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
69
Notes to
Financial Statements (Unaudited) (continued)
At October 31, 2004, the Funds' last fiscal year end, Insured Premium Income 2
(NPX) had an unused capital loss carryforward of $12,018,781 available for
federal income tax purposes to be applied against future capital gains, if any.
If not applied, the carryforward will expire in 2008.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
As approved by the Board of Directors/Trustees, effective August 1, 2004, a
complex-wide management fee structure was adopted for all funds sponsored by the
Adviser, or its predecessor and its affiliates. This fee structure separates
each fund's management fee into two components - a complex-level component,
based on the aggregate amount of all fund assets managed by the Adviser and a
specific fund-level component, based only on the amount of assets within each
individual fund. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser. Under no
circumstances will this pricing structure result in a fund paying management
fees at a rate higher than would otherwise have been applicable had the
complex-wide management fee structure not been implemented. As of May 31, 2005,
the complex-level fee rate was .1905%; that is, the funds' effective management
fees were reduced by approximately .0095%.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
INSURED QUALITY (NQI)
INSURED OPPORTUNITY (NIO)
PREMIER INSURED INCOME (NIF)
INSURED PREMIUM INCOME 2 (NPX)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
-------------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
=========================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG)
INSURED TAX-FREE ADVANTAGE (NEA)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
-------------------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
=========================================================================================================================
70
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
Each Fund paid through July 31, 2004, an annual management fee, payable monthly,
at the rates set forth below, which were based upon the average daily net assets
(including net assets attributable to Preferred shares) of each Fund as follows:
INSURED QUALITY (NQI)
INSURED OPPORTUNITY (NIO)
PREMIER INSURED INCOME (NIF)
INSURED PREMIUM INCOME 2 (NPX)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
-------------------------------------------------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
=========================================================================================================================
INSURED DIVIDEND ADVANTAGE (NVG)
INSURED TAX-FREE ADVANTAGE (NEA)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
-------------------------------------------------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
=========================================================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised Funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
Funds.
For the first ten years of Insured Dividend Advantage's (NVG) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
71
Notes to
Financial Statements (Unaudited) (continued)
The Adviser has not agreed to reimburse Insured Dividend Advantage (NVG) for any
portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured Tax-Free Advantage's (NEA) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured Tax-Free Advantage (NEA) for any
portion of its fees and expenses beyond November 30, 2010.
6. Announcement Regarding Parent Company of Adviser
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which would result in
the automatic termination of each agreement under the 1940 Act. The Board of
Directors/Trustees will consider approval of new ongoing investment management
agreements for each Fund and the submission of those agreements for approval by
each respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
7. Subsequent Event - Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on June 1, 2005, to shareholders of record on
May 15, 2005, as follows:
PREMIER INSURED INSURED INSURED
INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE
QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE
(NQI) (NIO) (NIF) (NPX) (NVG) (NEA)
------------------------------------------------------------------------------------------------------------------
Dividend per share $.0815 $.0780 $.0785 $.0700 $.0745 $.0685
==================================================================================================================
72
Financial
Highlights (Unaudited)
73
Financial
Highlights (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
---------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
===========================================================================================================
Insured Quality (NQI)
-----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) $ 15.85 $ .53 $ (.07) $ (.07) $ -- $ .39
2004 15.72 1.08 .20 (.08) -- 1.20
2003 15.87 1.10 (.05) (.07) (.01) .97
2002 15.78 1.12 .03 (.11) (.01) 1.03
2001 14.51 1.18 1.20 (.26) -- 2.12
2000 13.95 1.20 .60 (.34) -- 1.46
Insured Opportunity (NIO)
-----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 16.06 .51 (.05) (.07) -- .39
2004 15.89 1.05 .20 (.08) -- 1.17
2003 15.83 1.06 .17 (.07) (.01) 1.15
2002 15.72 1.15 .03 (.11) (.01) 1.06
2001 14.64 1.17 1.04 (.26) -- 1.95
2000 14.25 1.21 .39 (.33) -- 1.27
Premier Insured Income (NIF)
-----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 16.00 .51 (.09) (.06) (.01) .35
2004 15.69 1.03 .36 (.08) -- 1.31
2003 15.59 1.05 .13 (.07) -- 1.11
2002 15.55 1.14 (.05) (.11) -- .98
2001 14.66 1.18 .85 (.26) -- 1.77
2000 14.25 1.20 .43 (.33) -- 1.30
===========================================================================================================
Less Distributions
--------------------------------------
Net Offering
Investment Capital Costs and Ending
Income to Gains to Preferred Common
Common Common Share Share Ending
Share- Share- Underwriting Net Asset Market
holders holders Total Discounts Value Value
==========================================================================================================
Insured Quality (NQI)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) $ (.50) $ (.05) $ (.55) $ -- $ 15.69 $15.5900
2004 (1.02) (.05) (1.07) -- 15.85 16.0000
2003 (1.00) (.12) (1.12) -- 15.72 16.3900
2002 (.92) (.02) (.94) -- 15.87 15.5500
2001 (.85) -- (.85) -- 15.78 14.9200
2000 (.90) -- (.90) -- 14.51 13.6875
Insured Opportunity (NIO)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) (.48) (.03) (.51) -- 15.94 15.0000
2004 (.97) (.03) (1.00) -- 16.06 16.0500
2003 (.97) (.12) (1.09) -- 15.89 15.6400
2002 (.93) (.02) (.95) -- 15.83 15.2100
2001 (.87) -- (.87) -- 15.72 14.7400
2000 (.88) -- (.88) -- 14.64 13.0625
Premier Insured Income (NIF)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) (.48) (.09) (.57) -- 15.78 15.0800
2004 (.98) (.02) (1.00) -- 16.00 15.6400
2003 (.98) (.03) (1.01) -- 15.69 15.5100
2002 (.94) -- (.94) -- 15.59 15.3300
2001 (.88) -- (.88) -- 15.55 15.2500
2000 (.89) -- (.89) -- 14.66 13.5000
==========================================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------
After Credit/
Total Returns Before Credit/Reimbursement Reimbursement***
-------------------- --------------------------- -------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Based Ending Expenses Income to Expenses Income to
on Net to Average Average to Average Average
Based Common Assets Net Assets Net Assets Net Assets Net Assets
on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio
Market Asset to Common to Common to Common to Common to Common Turnover
Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================================
Insured Quality (NQI)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) .98% 2.58% $ 599,643 1.20%* 6.76%* 1.20%* 6.77%* 9%
2004 4.37 7.90 605,028 1.19 6.88 1.19 6.88 8
2003 12.92 6.27 598,102 1.20 6.93 1.20 6.94 14
2002 10.82 6.83 601,495 1.23 7.22 1.21 7.24 44
2001 15.53 14.94 596,999 1.24 7.72 1.23 7.74 34
2000 10.94 10.86 549,120 1.24 8.48 1.23 8.49 24
Insured Opportunity (NIO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) (3.37) 2.50 1,293,506 1.16* 6.47* 1.16* 6.48* 12
2004 9.47 7.64 1,302,985 1.16 6.59 1.16 6.59 8
2003 10.22 7.51 1,288,087 1.17 6.67 1.16 6.68 21
2002 9.80 7.01 1,283,353 1.20 7.42 1.19 7.42 37
2001 19.84 13.61 1,274,659 1.21 7.69 1.20 7.70 39
2000 5.06 9.25 1,186,701 1.20 8.47 1.20 8.48 16
Premier Insured Income (NIF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) .07 2.24 306,504 1.20* 6.47* 1.20* 6.48* 7
2004 7.55 8.62 310,666 1.21 6.53 1.20 6.53 13
2003 7.84 7.28 303,912 1.22 6.66 1.21 6.68 25
2002 6.84 6.57 301,121 1.25 7.40 1.23 7.42 43
2001 19.97 12.40 299,654 1.26 7.79 1.24 7.81 34
2000 9.92 9.41 282,544 1.26 8.37 1.24 8.39 21
====================================================================================================================================
Preferred Shares at End of Period
--------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=============================================================
Insured Quality (NQI)
-------------------------------------------------------------
Year Ended 10/31:
2005(a) $318,000 $ 25,000 $ 72,142
2004 318,000 25,000 72,565
2003 318,000 25,000 72,021
2002 318,000 25,000 72,287
2001 318,000 25,000 71,934
2000 318,000 25,000 68,170
Insured Opportunity (NIO)
-------------------------------------------------------------
Year Ended 10/31:
2005(a) 680,000 25,000 72,555
2004 680,000 25,000 72,904
2003 680,000 25,000 72,356
2002 680,000 25,000 72,182
2001 680,000 25,000 71,862
2000 680,000 25,000 68,629
Premier Insured Income (NIF)
-------------------------------------------------------------
Year Ended 10/31:
2005(a) 161,000 25,000 72,594
2004 161,000 25,000 73,240
2003 161,000 25,000 72,191
2002 161,000 25,000 71,758
2001 161,000 25,000 71,530
2000 161,000 25,000 68,873
====================================================================================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income
and reinvested capital gains distributions, if any, at the average price
paid per share at the time of reinvestment. Total Return on Common Share
Net Asset Value is the combination of changes in Common share net asset
value, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable
to Preferred shares.
(a) For the six months ended April 30, 2005.
Spread 74 and 75
Financial Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations
---------------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
===========================================================================================================
Insured Premium Income 2 (NPX)
-----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) $ 14.45 $ .45 $ (.07) $ (.06) $ -- $ .32
2004 14.24 .93 .23 (.07) -- 1.09
2003 14.17 .96 .03 (.06) -- .93
2002 13.94 .99 .16 (.10) -- 1.05
2001 13.05 1.01 .86 (.23) -- 1.64
2000 12.40 .99 .66 (.29) -- 1.36
Insured Dividend Advantage (NVG)
-----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) 15.78 .50 -- (.06) (.01) .43
2004 15.41 1.02 .42 (.07) -- 1.37
2003 15.35 1.03 .15 (.07) (.01) 1.10
2002(a) 14.33 .55 1.10 (.05) -- 1.60
Insured Tax-Free Advantage (NEA)
-----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) 14.75 .49 .20 (.06) -- .63
2004 14.54 .99 .21 (.07) -- 1.13
2003(b) 14.33 .82 .42 (.05) -- 1.19
===========================================================================================================
Less Distributions
--------------------------------------
Net Offering
Investment Capital Costs and Ending
Income to Gains to Preferred Common
Common Common Share Share Ending
Share- Share- Underwriting Net Asset Market
holders holders Total Discounts Value Value
==========================================================================================================
Insured Premium Income 2 (NPX)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) $ (.43) $ -- $ (.43) $ -- $ 14.34 $13.3700
2004 (.88) -- (.88) -- 14.45 14.1100
2003 (.86) -- (.86) -- 14.24 14.1200
2002 (.82) -- (.82) -- 14.17 13.7700
2001 (.75) -- (.75) -- 13.94 13.7500
2000 (.71) -- (.71) -- 13.05 11.2500
Insured Dividend Advantage (NVG)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) (.46) (.12) (.58) -- 15.63 14.3000
2004 (.93) (.07) (1.00) -- 15.78 14.8900
2003 (.93) (.11) (1.04) -- 15.41 14.8100
2002(a) (.47) -- (.47) (.11) 15.35 14.9600
Insured Tax-Free Advantage (NEA)
----------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) (.43) (.01) (.44) -- 14.94 14.1200
2004 (.92) (.01) (.93) .01 14.75 14.9100
2003(b) (.78) -- (.78) (.20) 14.54 14.7900
==========================================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------
After Credit/
Total Returns Before Credit/Reimbursement Reimbursement***
-------------------- --------------------------- -------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Based Ending Expenses Income to Expenses Income to
on Net to Average Average to Average Average
Based Common Assets Net Assets Net Assets Net Assets Net Assets
on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio
Market Asset to Common to Common to Common to Common to Common Turnover
Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================================
Insured Premium Income 2 (NPX)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) (2.16)% 2.28% $ 535,650 1.17%* 6.35%* 1.17%* 6.35%* 12%
2004 6.42 7.89 539,697 1.16 6.52 1.16 6.53 14
2003 8.84 6.70 530,975 1.17 6.68 1.16 6.69 31
2002 6.32 7.83 527,800 1.20 7.13 1.19 7.14 26
2001 29.46 12.85 519,296 1.22 7.39 1.20 7.41 27
2000 4.35 11.35 486,009 1.22 7.87 1.20 7.88 55
Insured Dividend Advantage (NVG)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) (.02) 2.79 466,013 1.15* 6.03* .70* 6.48* 1
2004 7.61 9.19 470,389 1.15 6.09 .70 6.54 11
2003 6.10 7.37 459,368 1.17 6.22 .72 6.67 25
2002(a) 2.84 10.44 457,432 1.10* 5.71* .61* 6.20* 22
Insured Tax-Free Advantage (NEA)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(c) (2.31) 4.31 276,632 1.20* 6.17* .70* 6.66* 1
2004 7.41 8.07 273,112 1.20 6.24 .71 6.73 13
2003(b) 3.87 6.98 269,112 1.12* 5.52* .65* 6.00* 72
====================================================================================================================================
Preferred Shares at End of Period
--------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=============================================================
Insured Premium Income 2 (NPX)
-------------------------------------------------------------
Year Ended 10/31:
2005(c) $268,900 $ 25,000 $ 74,800
2004 268,900 25,000 75,176
2003 268,900 25,000 74,365
2002 268,900 25,000 74,070
2001 268,900 25,000 73,280
2000 268,900 25,000 70,185
Insured Dividend Advantage (NVG)
-------------------------------------------------------------
Year Ended 10/31:
2005(c) 233,000 25,000 75,001
2004 233,000 25,000 75,471
2003 233,000 25,000 74,288
2002(a) 233,000 25,000 74,081
Insured Tax-Free Advantage (NEA)
-------------------------------------------------------------
Year Ended 10/31:
2005(c) 144,000 25,000 73,026
2004 144,000 25,000 72,415
2003(b) 144,000 25,000 71,721
=============================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income
and reinvested capital gains distributions, if any, at the average price
paid per share at the time of reinvestment. Total Return on Common Share
Net Asset Value is the combination of changes in Common share net asset
value, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable
to Preferred shares.
(a) For the period March 25, 2002 (commencement of operations) through October
31, 2002.
(b) For the period November 21, 2002 (commencement of operations) through
October 31, 2003.
(c) For the six months ended April 30, 2005.
Spread 76 and 77
Reinvest Automatically
Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your
reinvestment account.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
78
Other Useful
INFORMATION
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
[GRAPHIC OMITTED]
Learn more
about Nuveen Funds at
www.nuveen.com/etf
Nuveen Investments:
SERVING Investors
For GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $115 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
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NUVEEN
Investments
ESA-D-0405D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: July 8, 2005
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 8, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.