nio.htm
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 811-06379

Nuveen Insured Municipal Opportunity Fund, Inc.
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
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, 2011

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.
 

 
 
 
 
 

 
 
INVESTMENT ADVISER NAME CHANGE
 
Effective January 1, 2011, Nuveen Asset Management, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”).Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
 
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp – the parent of FAF Advisors – received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long-term investment business of FAF Advisors, including investment management responsibilities for the non-money market mutual funds of the First American Funds family.
 
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
 
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 
 
 

 
Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Common Share Dividend and Share Price Information
12
   
Performance Overviews
14
   
Portfolios of Investments
20
   
Statement of Assets and Liabilities
79
   
Statement of Operations
81
   
Statement of Changes in Net Assets
83
   
Statement of Cash Flows
86
   
Financial Highlights
88
   
Notes to Financial Statements
94
   
Board Approval of Sub-Advisory Arrangements
108
   
Reinvest Automatically, Easily and Conveniently
109
   
Glossary of Terms Used in this Report
111
   
Other Useful Information
115
 
 
 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
 
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
 
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
 
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
 
As of the end of June 2011, Nuveen Investments had completed the refinancing of all of the Auction Rate Preferred Securities issued by its taxable closed-end funds and 91% of the MuniPreferred shares issued by its tax-exempt closed-end funds. Please consult the Nuveen Investments web site, www.Nuveen.com, for the current status of this important refinancing program.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2011
 
  Nuveen Investments 

 
 

 
Portfolio Managers’ Comments
 
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)
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA)
 
Portfolio managers Paul Brennan and Douglas White review key investment strategies and the six-month performance of these six national insured Funds. With 20 years of industry experience, including 14 years at Nuveen, Paul has managed NIO, NIF, NVG and NEA since 2006. Douglas, who has 28 years of financial industry experience, assumed portfolio management responsibility for NQI and NPX from Paul in January 2011.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2011?
 
After rallying through most of 2010, municipal bond prices declined during this six-month period, impacted by investor concerns about inflation, the federal deficit and the deficit’s impact on demand for U.S. Treasury securities. Adding to this market pressure was media coverage of the strained finances of many state and local governments. As a result, money began to flow out of municipal bond funds, as yields rose and valuations declined. Toward the end of this period, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields and rising valuations.
 
The municipal bond market also was affected by a significant decline in new tax-exempt issuance during this period. One reason for this decrease was the heavy issuance of taxable municipal debt at the end of 2010 under the Build America Bond (BAB) program. During November and December 2010, taxable BABs issuance nationwide totaled $31.5 billion, accounting for 34.5% of new bonds in the municipal market. Since interest payments from BABs represent taxable income, we did not view these bonds as appropriate investment opportunities for these Funds. The BAB program expired December 31, 2010, after Congress failed to include legislation extending the program in the tax bill it passed earlier that month. In addition to the BAB program’s impact on tax-exempt issuance during the November-December period, borrowers trying to take advantage of the program’s favorable terms before its termination at year end accelerated issuance that potentially would have come to market as tax-exempt bonds in 2011, choosing instead to issue taxable BABs during the last two months of 2010. Due in part to this, national municipal issuance was down 49% for the first four months of 2011 compared with the same period in 2010. The tight supply situation was further compounded for
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 Nuveen Investments   5

 
 

 
these Funds by the continued decline in issuance of AAA rated insured bonds. Over the six-month period, new insured paper accounted for approximately 6% to 10% of national issuance, compared with recent historical levels of approximately 50%.
 
In this environment of constrained tax-exempt municipal bond issuance, our primary focus was on value, quality and maturity. Due to changes to their investment policies in May 2010, these six Funds may now invest up to 20% of their managed assets in uninsured investment-grade credits rated BBB- or higher. Although we did purchase high-quality uninsured bonds during this period, with an emphasis on credits carrying strong AA ratings, we also found attractive opportunities to buy insured bonds despite the limit of insured supply. The Funds also focused on purchasing longer bonds in order to take advantage of attractive yields at the longer end of the municipal yield curve. In addition, the purchase of longer bonds provided protection for the Funds’ duration and yield curve positioning.
 
We continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, we found value in essential services sectors such as health care, transportation (specifically toll roads and airports), school districts, and general obligation and other tax-supported bonds issued by state and local governments for infrastructure projects. The Funds also purchased higher education credits, including those issued for higher quality private universities such as Cornell. During the last months of 2010, some of this investment activity resulted from opportunities created by the provisions of the BAB program. For example, tax-exempt supply was more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally did not qualify for the BAB program and continued to issue bonds in the tax-exempt municipal market. In addition, bonds with proceeds earmarked for refundings, working capital and private activities were not covered by the BAB program, and this resulted in attractive opportunities in other sectors of the market, such as airports.
 
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds as fully invested as possible. In addition, due to extremely low short-term interest rates, NQI and NPX liquidated all of their positions in short-term floating rate securities and reinvested the proceeds in areas of the market that we believed offered better opportunities, primarily health care and higher education bonds with longer maturities.
 
As of April 30, 2011, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
  Nuveen Investments 

 
 

 
How did the Funds perform?
 
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 4/30/11
 
Fund
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NQI
    -4.66 %     -0.01 %     2.95 %     4.93 %
NIO
    -4.72 %     0.56 %     3.45 %     5.17 %
NIF
    -4.52 %     0.70 %     3.75 %     5.20 %
NPX
    -4.37 %     0.69 %     3.34 %     5.01 %
NVG
    -2.89 %     1.43 %     4.29 %     N/A
NEA
    -3.36 %     1.34 %     4.65 %     N/A
                                 
Standard & Poor’s (S&P) National Insured Municipal Bond Index1
    -2.32 %     1.73 %     4.12 %     5.00 %
Lipper Insured Municipal Debt Funds Average2
    -4.30 %     0.85 %     3.57 %     5.06 %
 
For the six months ended April 30, 2011, the cumulative returns on common share net asset value (NAV) for these six Funds underperformed the return for the Standard & Poor’s (S&P) National Insured Municipal Bond Index. For the same period, NVG and NEA exceeded the average return for the Lipper Insured Municipal Debt Funds Average, NPX performed in line with this benchmark, and NQI, NIO and NIF trailed the Lipper average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, our liquidation of NQI and NPX’s positions in floating rate securities benefited these two Funds through our reinvestment of these proceeds in higher yielding bonds. The use of leverage also had an impact on the Funds’ performance. Leverage is discussed in more detail on page eight.
 
During this period, municipal bonds with shorter maturities generally outperformed other maturity categories, with credits at the longest end of the yield curve posting the weakest returns. The underperformance of longer bonds was due in part to the rise in municipal yields at the longer end of the curve. Among these six Funds, NVG and NEA were the most advantageously situated in terms of duration and yield curve positioning, with more exposure to the outperforming shorter end of the yield curve. The other four Funds had longer durations, and their greater exposure to the underperforming long part of the curve detracted from their performance for this period. Overall, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
 
Credit exposure also played an important role in performance. During the market reversal of late 2010, as the redemption activity in municipal bond funds and, especially, high-yield funds increased, lower-rated credits were negatively impacted. For the period as a whole, bonds rated BBB generally underperformed those rated AAA. As insured Funds, all of these Funds had large weightings in the insured and higher credit quality sectors, with NVG having the greatest exposure to AAA rated bonds and NQI having the smallest AAA exposure as of April 30, 2011.
 
*
Six-month returns are cumulative; all other returns are annualized.
   
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
   
 
For additional information, see the individual Performance Overview for your Fund in this report.
   
1
The Standard & Poor’s (S&P) National Insured Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt insured U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
   
2
The Lipper Insured Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 10 funds; 1-year, 10 funds; 5-year, 10 funds; and 10-year, 8 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.
 
 Nuveen Investments   7

 
 

 
Holdings that generally helped the Funds’ returns included housing, resource recovery, and general obligation and other tax-supported bonds. In general, these Funds had relatively light exposures to housing, which limited their participation in the performance of this sector. During this period, pre-refunded bonds, which are often backed by U.S. Treasury securities, also were among the strongest performers, primarily due to their shorter effective maturities and higher credit quality. As of April 30, 2011, NVG and NEA had the largest exposures to pre-refunded bonds, while NQI and NPX had the smallest allocations. In contrast, the industrial development revenue, health care and transportation sectors turned in relatively weaker performance. NEA and NQI, in particular, had heavier weightings in the health care sector, which hampered their performance.
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. This is what happened in these Funds during the period, as the use of structural leverage hurt their overall performance.
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
Shortly after their respective inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multi-generational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance
 
  Nuveen Investments 

 
 

 
a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable MuniFund Term Preferred (VMTP) Shares, which are a floating rate form of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
 
While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
 
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NQI, NIO, NIF, NVG and NEA) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
Subsequently, the funds that received demand letters (including NQI, NIF, NVG and NEA) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
 
 Nuveen Investments   9

 
 

 
As of April 30, 2011, the amount of ARPS redeemed at par by the Funds is as shows in the accompanying table.
 
Fund
 
ARPS
Redeemed
   
% of 
Original ARPS
NQI
  $ 318,000,000       100.0 %
NIO
  $ 791,000,000       100.0 %
NIF
  $ 161,000,000       100.0 %
NPX
  $ 268,900,000       100.0 %
NVG
  $ 141,050,000       60.5 %
NEA
  $ 105,625,000       61.1 %
 
MTP Shares
 
As of April 30, 2011, and as noted in a previous shareholder report, the following Funds have issued and outstanding MTP Shares, at liquidation value, as shown in the accompanying table.
 
Fund
 
MTP Shares at 
Liquidation Value
 
NVG
  $ 108,000,000  
NEA
  $ 83,000,000  
 
VMTP Shares
 
During the current reporting period, the following Fund completed the issuance of VMTP Shares as shown in the accompanying table. The net proceeds from this offerings was used to refinance the Fund’s remaining outstanding ARPS at par.
 
Fund
VMTP Series
 
VMTP Shares Issued at Liquidation Value
 
NQI
2014
  $ 240,400,000  
 
As noted previously, VMTP is a newly-developed instrument that essentially replaces all or a portion of the ARPS used as leverage and potentially could be used to refinance all or a portion of the ARPS of other funds. VMTP is offered only to qualified institutional buyers, defined pursuant to Rule 144A under the Securities Act of 1933.
 
VRDP Shares
 
As of April 30, 2011, the following Funds have issued and outstanding VRDP Shares, at liquidation value, as shown in the accompanying table.
 
Fund
 
VRDP Shares at Liquidation Value
 
NIO
  $ 667,000,000  
NIF
  $ 130,900,000  
NPX
  $ 219,000,000  
 
During the current reporting period, the following Funds completed the issuance of VRDP Shares as shown in the accompanying table. The net proceeds from these offerings were used to refinance the Funds’ remaining outstanding ARPS at par. These VRDP Shares are included in the total amount of VRDP Shares outstanding in the preceding table.
 
10    Nuveen Investments 

 
 

 
Fund
 
VRDP Shares Issued at Liquidation Value
 
NIO
  $ 667,000,000  
NIF
  $ 130,900,000  
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP, VMTP and VRDP Shares.)
 
At the time this report was prepared, all 84 of the Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $10.0 billion of the approximately $11.0 billion originally outstanding.
 
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
Regulatory Matters
 
During May 2011, Nuveen Securities, LLC entered into a settlement with the Financial Industry Regulatory Authority (FINRA) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities, LLC neither admitted to nor denied FINRA’s allegations. Nuveen is the broker-dealer subsidiary of Nuveen Investments.
 
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities, LLC were false and misleading. Nuveen Securities, LLC agreed to a censure and the payment of a $3 million fine.
 
 Nuveen Investments   11

 
 

 
Common Share Dividend and
Share Price Information
 
The monthly dividends of all six Funds in this report remained stable throughout the six-month reporting period ended April 30, 2011.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2010 as follows:
 
Fund
 
Long-Term Capital Gains
(per share)
   
Short-Term Capital Gains and/or Ordinary Income (per share)
 
NIO
        $ 0.0044  
NVG
  $ 0.0029        
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2011, all six of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of April 30, 2011, and since the inception of the Funds’ repurchase program, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase program, NQI, NIF, and NPX have not repurchased any of their outstanding common shares.
 
Fund
 
Common Shares Repurchased and Retired
   
% of Outstanding Common Shares
 
NQI
          %
NIO
    2,900       0.0 %
NIF
          %
NPX
          %
NVG
    10,400       0.0 %
NEA
    19,300       0.1 %
 
During the six-month reporting period, the Funds did not repurchase any of their outstanding common shares.
 
12    Nuveen Investments 

 
 

 
As of April 30, 2011, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums or (-)discounts to their common share NAVs as shown in the accompanying table.
 
Fund
 
4/30/11
(+)Premium/(-)Discount
   
Six-Month Average
(-)Discount
 
NQI
    (-)2.58 %     (-)3.19 %
NIO
    (-)4.28 %     (-)2.52 %
NIF
    (+)5.69 %     (-)1.04 %
NPX
    (-)6.53 %     (-)5.26 %
NVG
    (-)5.58 %     (-)5.38 %
NEA
    (-)5.90 %     (-)4.81 %
 
 Nuveen Investments   13

 
 

 
NQI
 
Nuveen Insured
Performance
 
Quality Municipal
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
12.82
 
Common Share Net Asset Value (NAV)
 
$
13.16
 
Premium/(Discount) to NAV
   
-2.58
%
Market Yield
   
6.65
%
Taxable-Equivalent Yield2
   
9.24
%
Net Assets Applicable to Common Shares ($000)
 
$
505,535
 
 
Leverage
(as a % of total Managed Assets)
       
Structural Leverage
   
30.55
%
Effective Leverage
   
44.75
%

Average Annual Total Return
(Inception 12/19/90)
               
      On Share Price     On NAV
6-Month (Cumulative)
    -7.95 %     -4.66 %
1-Year
    -3.82 %     -0.01 %
5-Year
    3.30 %     2.95 %
10-Year
    4.99 %     4.93 %

States5
(as a % of total investments)
       
California
   
17.5
%
Texas
   
10.9
%
New York
   
7.7
%
Washington
   
7.5
%
Illinois
   
7.5
%
Florida
   
6.5
%
Kentucky
   
4.0
%
Pennsylvania
   
4.0
%
Arizona
   
3.5
%
Massachusetts
   
3.0
%
New Jersey
   
2.5
%
Louisiana
   
2.4
%
Colorado
   
2.4
%
Ohio
   
2.3
%
Other
   
18.3
%
 
Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
23.2
%
Transportation
   
18.7
%
U.S. Guaranteed
   
14.4
%
Tax Obligation/General
   
13.0
%
Health Care
   
9.3
%
Water and Sewer
   
7.1
%
Utilities
   
5.2
%
Other
   
9.1
%
 
Insurers5
(as a % of total Insured investments)
       
NPFG3
   
30.3
%
AGM
   
24.2
%
FGIC
   
21.0
%
AMBAC
   
20.6
%
Other
   
3.9
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 2 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 92% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
14    Nuveen Investments 

 
 

 
NIO
 
Nuveen Insured
Performance
 
Municipal Opportunity
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
13.18
 
Common Share Net Asset Value (NAV)
 
$
13.77
 
Premium/(Discount) to NAV
   
-4.28
%
Market Yield
   
6.56
%
Taxable-Equivalent Yield2
   
9.11
%
Net Assets Applicable to Common Shares ($000)
 
$
1,316,511
 
 
Leverage
(as a % of total Managed Assets)
       
Structural Leverage
   
31.97
%
Effective Leverage
   
41.58
%

Average Annual Total Return
(Inception 9/19/91)
           
   
On Share Price
 
On NAV
6-Month (Cumulative)
    -8.18 %     -4.72 %
1-Year
    0.37 %     0.56 %
5-Year
    3.74 %     3.45 %
10-Year
    5.49 %     5.17 %

States5
(as a % of total investments)
       
Florida
   
16.7
%
California
   
16.0
%
Texas
   
6.0
%
New York
   
5.0
%
Illinois
   
4.5
%
Nevada
   
4.4
%
South Carolina
   
3.6
%
Massachusetts
   
3.5
%
Pennsylvania
   
3.3
%
Louisiana
   
3.0
%
Washington
   
2.9
%
Indiana
   
2.8
%
New Jersey
   
2.8
%
Ohio
   
2.5
%
Colorado
   
2.1
%
Kentucky
   
2.0
%
Other
   
18.9
%
 
Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
25.8
%
U.S. Guaranteed
   
16.8
%
Transportation
   
14.2
%
Tax Obligation/General
   
12.4
%
Water and Sewer
   
12.1
%
Utilities
   
7.8
%
Other
   
10.9
%
 
Insurers5
(as a % of total Insured investments)
       
NPFG3
   
29.5
%
AGM
   
22.3
%
FGIC
   
21.0
%
AMBAC
   
17.3
%
Other
   
9.9
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 94% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
6
Rounds to less than 1%.
7
The Fund paid shareholders an ordinary income distribution in December 2010 of $0.0044.
 
 Nuveen Investments   15

 
 

 
NIF
 
Nuveen Premier
Performance
 
Insured Municipal
OVERVIEW
 
Income Fund, Inc.
   
as of April 30, 2011
 
 
         
Fund Snapshot
       
Common Share Price
 
$
14.67
 
Common Share Net Asset Value (NAV)
 
$
13.88
 
Premium/(Discount) to NAV
   
5.69
%
Market Yield
   
6.05
%
Taxable-Equivalent Yield2
   
8.40
%
Net Assets Applicable to Common Shares ($000)
 
$
270,117
 
 
Leverage
(as a % of total Managed Assets)
       
Structural Leverage
   
30.82
%
Effective Leverage
   
43.24
%

Average Annual Total Return
(Inception 12/19/91)
           
   
On Share Price
 
On NAV
6-Month (Cumulative)
    -2.26 %     -4.52 %
1-Year
    6.45 %     0.70 %
5-Year
    6.02 %     3.75 %
10-Year
    6.24 %     5.20 %

States5
(as a % of total investments)
       
California
   
16.5
%
Washington
   
10.4
%
Illinois
   
9.5
%
Texas
   
8.8
%
Colorado
   
4.8
%
Pennsylvania
   
4.8
%
New York
   
4.5
%
Nevada
   
4.0
%
Florida
   
3.9
%
Massachusetts
   
3.0
%
Oregon
   
2.8
%
Indiana
   
2.8
%
Arizona
   
2.6
%
North Carolina
   
1.9
%
Other
   
19.7
%
 
Portfolio Composition5
(as a % of total investments)
       
U.S. Guaranteed
   
24.4
%
Tax Obligation/Limited
   
17.1
%
Transportation
   
16.7
%
Tax Obligation/General
   
14.9
%
Water and Sewer
   
8.9
%
Health Care
   
6.9
%
Utilities
   
6.6
%
Other
   
4.5
%
 
Insurers5
(as a % of total Insured investments)
       
NPFG3
   
32.3
%
AGM
   
27.1
%
FGIC
   
23.0
%
AMBAC
   
14.2
%
Other
   
3.4
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 86% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
16    Nuveen Investments 

 
 

 
NPX
 
Nuveen Insured
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund 2
   
as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
11.74
 
Common Share Net Asset Value (NAV)
 
$
12.56
 
Premium/(Discount) to NAV
   
-6.53
%
Market Yield
   
6.34
%
Taxable-Equivalent Yield2
   
8.81
%
Net Assets Applicable to Common Shares ($000)
 
$
468,982
 
 
Leverage
(as a % of total Managed Assets)
       
Structural Leverage
   
29.80
%
Effective Leverage
   
40.35
%

Average Annual Total Return
(Inception 7/22/93)
           
   
On Share Price
 
On NAV
6-Month (Cumulative)
    -9.61 %     -4.37 %
1-Year
    -1.67 %     0.69 %
5-Year
    4.13 %     3.34 %
10-Year
    5.01 %     5.01 %

States5
(as a % of total investments)
       
California
   
15.1
%
Texas
   
7.6
%
Colorado
   
6.6
%
New York
   
6.6
%
New Jersey
   
6.1
%
Pennsylvania
   
6.1
%
Washington
   
4.7
%
Louisiana
   
4.0
%
Illinois
   
3.9
%
Florida
   
3.7
%
Georgia
   
3.4
%
Arizona
   
3.3
%
Hawaii
   
3.1
%
Indiana
   
3.1
%
Massachusetts
   
2.5
%
Alabama
   
2.4
%
Other
   
17.8
%
 
Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
20.2
%
Utilities
   
16.2
%
Transportation
   
12.5
%
U.S. Guaranteed
   
11.6
%
Water and Sewer
   
11.2
%
Tax Obligation/General
   
10.6
%
Education and Civic Organizations
   
9.3
%
Health Care
   
6.7
%
Other
   
1.7
%
 
Insurers5
(as a % of total Insured investments)
       
AGM
   
27.5
%
AMBAC
   
24.5
%
NPFG3
   
24.3
%
FGIC
   
15.7
%
Other
   
8.0
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 93% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
6
Rounds to less than 1%.
 
 Nuveen Investments   17

 
 

 
NVG
 
Nuveen Insured
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund
   
as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
13.53
 
Common Share Net Asset Value (NAV)
 
$
14.33
 
Premium/(Discount) to NAV
   
-5.58
%
Market Yield
   
6.21
%
Taxable-Equivalent Yield2
   
8.63
%
Net Assets Applicable to Common Shares ($000)
 
$
427,189
 
 
Leverage
(as a % of total Managed Assets)
       
Structural Leverage
   
30.20
%
Effectve Leverage
   
40.50
%

Average Annual Total Return
(Inception 3/25/02)
           
   
On Share Price
 
On NAV
6-Month (Cumulative)
    -5.70 %     -2.89 %
1-Year
    -1.20 %     1.43 %
5-Year
    3.51 %     4.29 %
Since Inception
    5.01 %     5.86 %

States6
(as a % of total municipal bonds)
       
Texas
   
16.1
%
Washington
   
10.5
%
Indiana
   
9.6
%
California
   
8.5
%
Florida
   
8.0
%
Illinois
   
7.8
%
Tennessee
   
6.6
%
New York
   
3.9
%
Colorado
   
3.7
%
Pennsylvania
   
3.2
%
Louisiana
   
2.8
%
Other
   
19.3
%
 
Portfolio Composition6
(as a % of total investments)
       
U.S. Guaranteed
   
25.2
%
Tax Obligation/Limited
   
17.3
%
Transportation
   
17.0
%
Health Care
   
8.8
%
Utilities
   
8.6
%
Tax Obligation/General
   
7.8
%
Water and Sewer
   
5.5
%
Education and Civic Organizations
   
5.0
%
Other
   
4.8
%
 
Insurers6
(as a % of total Insured investments)
       
NPFG4
   
30.7
%
AMBAC
   
25.2
%
AGM
   
24.8
%
FGIC
   
15.8
%
Other
   
3.5
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 90% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0029 per share.
4   MBIA’s public finance subsidiary.
5
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
6
Holdings are subject to change.
 
18    Nuveen Investments 

 
 

 
NEA
 
Nuveen Insured
Performance
 
Tax-Free Advantage
OVERVIEW
 
Municipal Fund
   
as of April 30, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
13.23
 
Common Share Net Asset Value (NAV)
 
$
14.06
 
Premium/(Discount) to NAV
   
-5.90
%
Market Yield
   
6.17
%
Taxable-Equivalent Yield2
   
8.57
%
Net Assets Applicable to Common Shares ($000)
 
$
312,784
 
 
Leverage
(as a % of total Managed Assets)
       
Structural Leverage
   
30.85
%
Effective Leverage
   
40.91
%

Average Annual Total Return
(Inception 11/21/02)
           
   
On Share Price
 
On NAV
6-Month (Cumulative)
    -8.75 %     -3.36 %
1-Year
    -3.46 %     1.34 %
5-Year
    4.84 %     4.65 %
Since Inception
    4.20 %     5.34 %

States6
(as a % of total investments)
       
Florida
   
15.8
%
California
   
14.0
%
New York
   
6.7
%
Michigan
   
6.5
%
Washington
   
6.5
%
Texas
   
5.5
%
Pennsylvania
   
5.2
%
Indiana
   
4.9
%
Alabama
   
4.8
%
South Carolina
   
3.8
%
Wisconsin
   
3.7
%
Arizona
   
3.5
%
Other
   
19.1
%
 
Portfolio Composition6
(as a % of total investments)
       
Tax Obligation/Limited
   
27.4
%
U.S. Guaranteed
   
27.0
%
Health Care
   
10.2
%
Water and Sewer
   
8.7
%
Transportation
   
8.2
%
Utilities
   
8.2
%
Tax Obligation/General
   
6.4
%
Other
   
3.9
%
 
Insurers6
(as a % of total Insured investments)
       
NPFG4
   
32.0
%
AMBAC
   
26.5
%
AGM
   
22.2
%
FGIC
   
10.6
%
Other
   
8.7
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 89% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
The Fund paid shareholders a net ordinary income distribution in December 2010 of $0.0044.
4 MBIA’s public finance subsidiary.
5
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
6
Holdings are subject to change.
 
 Nuveen Investments   19

 
 

 
   
Nuveen Insured Quality Municipal Fund, Inc.
NQI
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 1.6% (1.0% of Total Investments)
         
$
1,135
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
AAA
$
1,223,768
 
 
7,000
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
6/15 at 100.00
A1
 
7,004,550
 
 
8,135
 
Total Alabama
     
8,228,318
 
     
Arizona – 5.5% (3.5% of Total Investments)
         
     
Arizona State, Certificates of Participation, Series 2010A:
         
 
1,200
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA+
 
1,234,908
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA+
 
1,509,675
 
 
7,065
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%,
1/20 at 100.00
AA+
 
7,089,162
 
         7/01/29 – AGC Insured          
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11033, 14.835%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
AA+
 
1,605,450
 
 
9,200
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
 
8,874,688
 
 
8,755
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
No Opt. Call
AA
 
7,408,569
 
 
30,470
 
Total Arizona
     
27,722,452
 
     
Arkansas – 0.5% (0.3% of Total Investments)
         
 
2,250
 
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 – NPFG Insured
11/14 at 100.00
Aa2
 
2,372,220
 
     
California – 27.4% (17.5% of Total Investments)
         
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
         
 
4,010
 
5.000%, 12/01/24 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
4,313,557
 
 
3,965
 
5.000%, 12/01/26 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
4,224,192
 
 
13,445
 
California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 – AMBAC Insured
4/12 at 100.00
A1
 
13,467,857
 
 
7,055
 
California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AAA
 
7,361,116
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
 
4,916
 
 
3,745
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AAA
 
4,182,229
 
 
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
 
7,123,900
 
 
8,000
 
California, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
10/12 at 100.00
A1
 
7,779,280
 
 
2,340
 
Cerritos Public Financing Authority, California, Tax Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 – AMBAC Insured
11/17 at 102.00
A–
 
2,100,875
 
 
5,000
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
AA+ (4)
 
2,798,800
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
         
 
22,985
 
0.000%, 1/15/24 – NPFG Insured
7/11 at 48.16
Baa1
 
8,185,418
 
 
22,000
 
0.000%, 1/15/31 – NPFG Insured
7/11 at 31.52
AAA
 
3,961,320
 
 
50,000
 
0.000%, 1/15/37 – NPFG Insured
7/11 at 21.87
Baa1
 
5,148,500
 
 
5,000
 
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
3/12 at 101.00
A
 
4,350,250
 
 
8,500
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
 
7,260,615
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
AA+
 
2,324,432
 
 
20
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
5,243
 
Moreno Valley Public Finance Authority, California, GNMA Collateralized Assisted Living Housing Revenue Bonds, CDC Assisted Living Project, Series 2000A, 7.500%, 1/20/42
1/12 at 105.00
Aaa
$
5,666,949
 
 
4,675
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
7/11 at 100.00
BBB (4)
 
5,294,671
 
 
2,590
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 – SYNCORA GTY Insured
10/14 at 100.00
BBB
 
2,157,263
 
 
2,000
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
9/14 at 100.00
A
 
2,016,860
 
     
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A:
         
 
7,200
 
5.125%, 5/01/21 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A1
 
7,204,320
 
 
12,690
 
5.250%, 5/01/31 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A1
 
11,721,753
 
     
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A:
         
 
2,000
 
5.000%, 7/01/21 – NPFG Insured
7/15 at 100.00
AA+
 
2,119,160
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
 
3,890,930
 
 
8,965
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB+
 
6,217,407
 
 
3,500
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured
No Opt. Call
Aa2
 
1,667,540
 
 
1,000
 
Sierra Joint Community College District, Tahoe Truckee, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 – FGIC Insured
8/14 at 100.00
Aa2
 
1,006,490
 
 
1,525
 
Sierra Joint Community College District, Western Nevada, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 – FGIC Insured
8/14 at 100.00
Aa2
 
1,534,897
 
 
3,170
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA
 
3,181,792
 
 
227,058
 
Total California
     
138,267,289
 
     
Colorado – 3.7% (2.4% of Total Investments)
         
 
2,015
 
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AGM Insured
6/15 at 100.00
AA+
 
2,120,687
 
 
1,000
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
1,035,630
 
 
5,365
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006A, 5.000%, 11/15/23 – FGIC Insured (UB)
11/16 at 100.00
A+
 
5,594,354
 
 
1,085
 
Denver City and County, Colorado, Airport Revenue Bonds, Trust 2365, 13.779%, 11/15/25 – FGIC Insured (IF)
11/16 at 100.00
A+
 
1,209,612
 
 
9,780
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
Baa1
 
1,871,990
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
Baa1
 
2,937,500
 
 
1,250
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
1,427,350
 
 
880
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (WI/DD, Settling 5/12/11) – AGM Insured
12/20 at 100.00
Aa3
 
872,846
 
 
1,100
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%,
12/20 at 100.00
AA+
 
1,088,065
 
         12/01/39 – AGM Insured          
 
500
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
507,320
 
 
32,975
 
Total Colorado
     
18,665,354
 
     
Connecticut – 0.2% (0.1% of Total Investments)
         
 
1,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
7/20 at 100.00
AA
 
1,010,560
 
 
Nuveen Investments
 
21

 
 

 
   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
District of Columbia – 1.3% (0.9% of Total Investments)
         
$
1,335
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
$
1,107,796
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Residual Series 1731, 1736, 11.348%, 10/01/36 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
5,648,132
 
 
5,255
 
Total District of Columbia
     
6,755,928
 
     
Florida – 10.1% (6.5% of Total Investments)
         
 
4,455
 
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 – AGM Insured
7/15 at 100.00
AA+
 
4,361,712
 
 
3,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
No Opt. Call
AA+
 
3,195,900
 
 
3,450
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 – NPFG Insured
10/14 at 100.00
AA–
 
3,549,981
 
 
2,750
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
6/13 at 101.00
AAA
 
2,863,768
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 16.907%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AAA
 
2,674,746
 
 
20,000
 
Lee County, Florida, Airport Revenue Bonds, Series 2000A, 5.750%,
10/11 at 100.00
AA+
 
20,080,600
 
         10/01/25 – AGM Insured (Alternative Minimum Tax)          
 
4,115
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Monterey Pointe Apartments, Series 2001-2A, 5.850%, 7/01/37 – AGM Insured (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
4,116,769
 
 
7,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
6,471,990
 
 
3,730
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2003A, 5.000%, 8/01/16 – AMBAC Insured
8/13 at 100.00
AA–
 
3,944,848
 
 
51,050
 
Total Florida
     
51,260,314
 
     
Georgia – 2.0% (1.3% of Total Investments)
         
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA+
 
1,035,880
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
 
7,040,320
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
12/21 at 100.00
AA+
 
2,035,600
 
 
10,000
 
Total Georgia
     
10,111,800
 
     
Hawaii – 0.3% (0.2% of Total Investments)
         
 
1,620
 
Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/21 – AGM Insured
7/13 at 100.00
AA+
 
1,735,117
 
     
Illinois – 11.8% (7.5% of Total Investments)
         
 
9,500
 
Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 100.50
AA–
 
9,573,720
 
 
1,775
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A1
 
1,830,788
 
 
13,275
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5.250%, 5/01/26 – AGM Insured
7/11 at 100.00
AA+
 
13,274,469
 
 
15,785
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/27 – AGM Insured
4/12 at 100.00
AA+
 
15,767,479
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
 
502,000
 
 
22
 
Nuveen Investments
 
 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
18,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
No Opt. Call
AAA
$
8,369,460
 
 
10,000
 
University of Illinois, Certificates of Participation, Utility Infrastructure Projects, Series 2001B, 5.250%, 8/15/21 (Pre-refunded 8/15/11) – AMBAC Insured
8/11 at 100.00
Aa2 (4)
 
10,143,900
 
 
73,335
 
Total Illinois
     
59,461,816
 
     
Indiana – 2.2% (1.4% of Total Investments)
         
 
3,680
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
3,423,946
 
 
6,905
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
AA+
 
7,700,180
 
 
10,585
 
Total Indiana
     
11,124,126
 
     
Kansas – 1.5% (0.9% of Total Investments)
         
 
5,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
No Opt. Call
AA
 
5,289,075
 
 
2,000
 
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 5.000%, 10/01/21 – FGIC Insured
10/13 at 100.00
Aa2
 
2,079,940
 
 
7,500
 
Total Kansas
     
7,369,015
 
     
Kentucky – 6.3% (4.0% of Total Investments)
         
 
3,015
 
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured
5/15 at 100.00
Aa3
 
3,094,355
 
     
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
         
 
2,530
 
6.150%, 10/01/27 – NPFG Insured
10/13 at 101.00
Baa1
 
2,572,656
 
 
12,060
 
6.150%, 10/01/28 – NPFG Insured
10/13 at 101.00
Baa1
 
12,252,116
 
     
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
         
 
3,815
 
6.150%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 101.00
BBB (4)
 
4,345,514
 
 
6,125
 
6.150%, 10/01/28 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 101.00
BBB (4)
 
6,976,743
 
 
2,230
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) – AGM Insured
8/15 at 100.00
AA+ (4)
 
2,584,325
 
 
29,775
 
Total Kentucky
     
31,825,709
 
     
Louisiana – 3.8% (2.4% of Total Investments)
         
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
11,325
 
4.750%, 5/01/39 - AGM Insured (UB)
5/16 at 100.00
AA+
 
10,942,102
 
 
8,940
 
4.500%, 5/01/41 - FGIC Insured (UB)
5/16 at 100.00
Aa1
 
8,177,865
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.745%, 5/01/34 - FGIC Insured (IF)
5/16 at 100.00
Aa1
 
6,590
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.646%, 5/01/34 - FGIC Insured (IF)
5/16 at 100.00
Aa1
 
3,299
 
 
20,280
 
Total Louisiana
     
19,129,856
 
     
Maine – 0.1% (0.1% of Total Investments)
         
 
555
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 – NPFG Insured
7/11 at 100.00
Aaa
 
558,341
 
     
Maryland – 1.8% (1.2% of Total Investments)
         
 
2,030
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
7/16 at 100.00
Baa1
 
1,819,854
 
 
7,335
 
Maryland Transportation Authority, Airport Parking Revenue Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.500%, 3/01/18 – AMBAC Insured (Alternative Minimum Tax)
3/12 at 101.00
A2
 
7,523,069
 
 
9,365
 
Total Maryland
     
9,342,923
 
 
Nuveen Investments
 
23

 
 

 
   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts – 4.6% (3.0% of Total Investments)
         
$
5,000
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) – FGIC Insured
7/12 at 100.00
AAA
$
5,270,800
 
 
4,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA
 
4,060,200
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.425%, 1/01/16 (IF)
No Opt. Call
AAA
 
3,539,069
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
         
 
1,250
 
5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
1,391,300
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
1,113,040
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
1,330,083
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
2,226,080
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
 
3,166,733
 
 
1,245
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
No Opt. Call
AA+
 
1,297,265
 
 
22,490
 
Total Massachusetts
     
23,394,570
 
     
Michigan – 1.3% (0.8% of Total Investments)
         
 
1,825
 
Marysville Public School District, St. Clair County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
5/17 at 100.00
AA+
 
1,854,784
 
 
4,750
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)
9/11 at 100.00
A
 
4,751,045
 
 
6,575
 
Total Michigan
     
6,605,829
 
     
Minnesota – 0.2% (0.1% of Total Investments)
         
 
1,000
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
8/20 at 100.00
AA+
 
979,380
 
     
Mississippi – 2.3% (1.5% of Total Investments)
         
 
2,715
 
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
No Opt. Call
BBB (4)
 
3,222,026
 
 
2,545
 
Harrison County Wastewater Management District, Mississippi, Wastewater Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
 
2,775,984
 
 
5,445
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
No Opt. Call
AA+
 
5,764,839
 
 
10,705
 
Total Mississippi
     
11,762,849
 
     
Nebraska – 2.3% (1.4% of Total Investments)
         
 
12,155
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
9/17 at 100.00
AA
 
11,374,406
 
     
Nevada – 2.6% (1.6% of Total Investments)
         
 
27,700
 
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (6)
7/11 at 100.00
N/R
 
6,946,606
 
 
5,720
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
N/R (4)
 
6,015,324
 
 
33,420
 
Total Nevada
     
12,961,930
 
 
24
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey – 3.8% (2.5% of Total Investments)
         
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
         
$
1,700
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
$
1,727,030
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
1,718,496
 
 
7,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
A+
 
7,220,850
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
6,546,660
 
 
2,100
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
2,225,139
 
 
18,500
 
Total New Jersey
     
19,438,175
 
     
New Mexico – 1.3% (0.8% of Total Investments)
         
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
         
 
1,345
 
5.000%, 6/01/22 – AMBAC Insured
6/14 at 100.00
AAA
 
1,453,905
 
 
3,290
 
5.000%, 6/01/23 – AMBAC Insured
6/14 at 100.00
AAA
 
3,527,505
 
 
1,330
 
New Mexico State University, Revenue Bonds, Series 2004, 5.000%,
4/14 at 100.00
AA
 
1,376,869
 
         4/01/23 – AMBAC Insured          
 
5,965
 
Total New Mexico
     
6,358,279
 
     
New York – 12.1% (7.7% of Total Investments)
         
 
10,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
AAA
 
10,343,600
 
 
15,000
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 – NPFG Insured
10/12 at 100.00
A+
 
15,775,050
 
 
4,080
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
3,105,043
 
 
2,890
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A–
 
2,986,815
 
 
3,300
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A–
 
2,965,446
 
 
7,800
 
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
 
7,828,548
 
 
1,290
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
Aa2
 
1,297,740
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 17.016%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
 
1,758,026
 
 
595
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/11 at 100.00
AA+
 
595,672
 
 
4,200
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.550%, 10/01/19 – NPFG Insured (Alternative Minimum Tax)
10/11 at 100.00
Aa1
 
4,203,696
 
     
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B:
         
 
2,460
 
5.000%, 3/15/24 – AGM Insured (UB)
3/15 at 100.00
AAA
 
2,618,990
 
 
2,465
 
5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
 
2,601,660
 
 
5,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Bonds, Series 2003A, 5.000%, 11/15/32 – FGIC Insured
11/13 at 100.00
Aa3
 
5,025,350
 
 
60,820
 
Total New York
     
61,105,636
 
     
Ohio – 3.6% (2.3% of Total Investments)
         
 
7,000
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/19 – FGIC Insured
6/14 at 100.00
A+
 
7,427,350
 
 
9,045
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
 
7,821,483
 
 
Nuveen Investments
 
25

 
 

 
   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
         
$
3,065
 
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 – AGM Insured
12/15 at 100.00
AA+
$
3,197,960
 
 
19,110
 
Total Ohio
     
18,446,793
 
     
Pennsylvania – 6.3% (4.0% of Total Investments)
         
 
3,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
 
3,103,800
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
No Opt. Call
AA+
 
1,149,121
 
 
6,000
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
AA
 
5,518,380
 
 
1,600
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
 
1,667,280
 
 
2,450
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
2,420,404
 
 
735
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
 
739,461
 
 
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
5,070,438
 
 
7,850
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA+
 
7,626,746
 
 
2,500
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
8/20 at 100.00
AA+
 
2,382,900
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
BBB
 
1,998,420
 
 
32,700
 
Total Pennsylvania
     
31,676,950
 
     
Puerto Rico – 2.2% (1.4% of Total Investments)
         
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A3
 
2,519,475
 
 
25,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
 
3,146,750
 
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured
No Opt. Call
A2
 
5,393,000
 
 
32,500
 
Total Puerto Rico
     
11,059,225
 
     
South Carolina – 2.3% (1.5% of Total Investments)
         
 
2,425
 
Charleston County School District, South Carolina, General Obligation Bonds, Series 2004A, 5.000%, 2/01/22 – AMBAC Insured
2/14 at 100.00
Aa1
 
2,578,236
 
 
9,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
 
9,025,148
 
 
12,375
 
Total South Carolina
     
11,603,384
 
     
Tennessee – 1.4% (0.9% 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 – AGM Insured
1/13 at 52.75
AA+
 
3,643,800
 
 
5,000
 
0.000%, 1/01/25 – AGM Insured
1/13 at 49.71
AA+
 
2,284,100
 
 
2,750
 
0.000%, 1/01/26 – AGM Insured
1/13 at 46.78
AA+
 
1,179,310
 
 
15,250
 
Total Tennessee
     
7,107,210
 
 
26
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas – 17.0% (10.9% of Total Investments)
         
$
2,280
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA+
$
2,284,309
 
 
3,135
 
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/15/20 – AGM Insured (UB)
7/14 at 100.00
AA+
 
3,395,080
 
 
3,000
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
3,072,000
 
 
3,735
 
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
 
4,036,863
 
 
4,700
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
 
5,025,099
 
 
17,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
No Opt. Call
AA+ (4)
 
20,110,830
 
 
4,685
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.500%, 7/01/19 – AGM Insured (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
4,697,322
 
 
19,200
 
Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31 (Pre-refunded 8/15/11) – AMBAC Insured
8/11 at 100.00
N/R (4)
 
19,460,928
 
 
2,000
 
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
8/11 at 100.00
A
 
2,003,060
 
 
22,045
 
North Central Texas Health Facilities Development Corporation, Revenue Bonds, Children’s Medical Center of Dallas, Series 2002, 5.250%, 8/15/32 – AMBAC Insured
8/12 at 101.00
Aa3
 
21,847,917
 
 
81,780
 
Total Texas
     
85,933,408
 
     
Utah – 0.7% (0.5% of Total Investments)
         
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752-1, 12.604%, 6/15/27 – AGM Insured (IF)
6/18 at 100.00
AAA
 
3,702,519
 
     
Washington – 11.8% (7.5% of Total Investments)
         
 
10,730
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32 – NPFG Insured (Alternative Minimum Tax) (UB)
7/11 at 101.00
AA
 
10,754,894
 
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
 
8,001,520
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.326%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
 
1,671,244
 
 
14,960
 
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, Park Place Project, Series 2000A, 7.000%, 5/20/42
11/11 at 105.00
AA+
 
15,394,588
 
 
4,430
 
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax)
9/11 at 102.00
AA+
 
4,487,989
 
 
10,000
 
Washington State, General Obligation Bonds, Series 2002A-R-03, 5.000%, 1/01/19 – NPFG Insured
1/12 at 100.00
AA+
 
10,252,100
 
 
21,510
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB)
No Opt. Call
AA+
 
9,148,418
 
 
71,295
 
Total Washington
     
59,710,753
 
 
Nuveen Investments
 
27
 
 
 

 
   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 0.6% (0.4% of Total Investments)
         
$
1,635
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
Aa2 (4)
$
1,868,919
 
 
1,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured
7/15 at 100.00
A+
 
1,003,662
 
 
2,635
 
Total Wisconsin
     
2,872,581
 
$
964,098
 
Total Investments (cost $821,208,674) – 156.5%
     
791,035,015
 
     
Floating Rate Obligations – (11.8)%
     
(59,540,000
     
Variable MuniFund Term Preferred Shares, at Liquidation Value – (47.6)% (7)
     
(240,400,000
     
Other Assets Less Liabilities – 2.9%
     
14,439,548
 
     
Net Assets Applicable to Common Shares – 100%
   
$
505,534,563
 

   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
 
Variable MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.4%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
28
 
Nuveen Investments

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc.
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 2.6% (1.7% of Total Investments)
         
$
10,500
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
1/17 at 100.00
AA+
$
9,180,465
 
 
2,500
 
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
 
2,642,275
 
     
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D:
         
 
425
 
5.000%, 2/01/38 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
 
447,419
 
 
14,800
 
5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
 
15,619,180
 
 
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured
7/11 at 100.00
Caa3
 
6,246,171
 
 
38,420
 
Total Alabama
     
34,135,510
 
     
Arizona – 2.1% (1.3% 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
AA–
 
2,034,080
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
AA–
 
2,020,720
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
 
1,008,920
 
 
3,000
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured
4/20 at 100.00
AA+
 
3,020,280
 
 
1,000
 
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
AA+ (4)
 
1,132,470
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032, 14.835%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
AA+
 
3,035,760
 
 
1,150
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/27 – NPFG Insured
7/14 at 100.00
AA+
 
1,172,023
 
 
13,490
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
AAA
 
13,799,056
 
 
28,840
 
Total Arizona
     
27,223,309
 
     
Arkansas – 0.2% (0.1% of Total Investments)
         
 
2,660
 
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 – AMBAC Insured
9/15 at 100.00
A1
 
2,648,695
 
     
California – 24.8% (16.0% of Total Investments)
         
 
5,600
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
A–
 
3,014,312
 
     
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:
         
 
30,000
 
5.375%, 5/01/17 (Pre-refunded 5/01/12) – SYNCORA GTY Insured
5/12 at 101.00
Aaa
 
31,776,899
 
 
20,000
 
5.375%, 5/01/18 (Pre-refunded 5/01/12) – AMBAC Insured
5/12 at 101.00
Aaa
 
21,184,600
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
         
 
30
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
 
34,363
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
 
28,636
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
         
 
3,670
 
5.000%, 12/01/24 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
3,947,819
 
 
2,795
 
5.000%, 12/01/27 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
2,949,843
 
 
10,150
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
A1
 
9,979,074
 
 
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured
8/15 at 100.00
A1
 
3,501,050
 
 
Nuveen Investments
 
29

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
20,000
 
Cucamonga County Water District, San Bernardino County, California, Certificates of Participation, Water Shares Purchase, Series 2001, 5.125%, 9/01/35 – FGIC Insured
9/11 at 101.00
AA–
$
18,986,000
 
 
5,750
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured
6/15 at 100.00
AAA
 
5,871,153
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
6/15 at 100.00
A2
 
8,422,700
 
 
1,520
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
3/16 at 100.00
A–
 
1,210,011
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
AA+
 
2,493,624
 
 
5,000
 
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured
11/11 at 101.00
BBB
 
4,484,900
 
 
2,740
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
8/16 at 102.00
AA
 
2,828,612
 
 
20,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 – AGM Insured
7/13 at 100.00
AA+
 
21,180,800
 
 
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
7/16 at 100.00
Aa2
 
3,112,620
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA+
 
3,202,680
 
 
5,515
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%,
11/12 at 100.00
A
 
5,429,738
 
         11/01/22 – FGIC Insured (Alternative Minimum Tax)          
 
690
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 (Pre-refunded 11/01/12) – FGIC Insured
11/12 at 100.00
A (4)
 
737,293
 
     
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
N/R
 
12,779,250
 
 
5,000
 
5.125%, 6/15/33 – AMBAC Insured
12/11 at 101.00
N/R
 
4,068,000
 
 
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
BBB
 
1,678,610
 
 
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
7/13 at 100.00
AA+
 
6,040,680
 
 
2,970
 
Riverside Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/22 – AGM Insured
8/15 at 100.00
AA+
 
3,154,704
 
 
2,500
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured
12/15 at 100.00
AA
 
2,610,100
 
 
13,710
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A1
 
13,710,000
 
 
1,220
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A, 5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
 
1,298,751
 
 
3,030
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 – AMBAC Insured
7/11 at 100.00
AA+
 
3,029,849
 
 
8,470
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 (Pre-refunded 7/01/11) – AMBAC Insured
7/11 at 100.00
AA+ (4)
 
8,539,454
 
 
2,105
 
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A, 3.000%, 6/15/27 – AGM Insured
6/17 at 100.00
AA+
 
1,672,086
 
 
66,685
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
No Opt. Call
AAA
 
48,682,046
 
 
30
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
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 – NPFG Insured
7/11 at 100.00
Baa1
$
23,588,900
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa1
 
2,969,795
 
 
21,255
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB+
 
14,740,768
 
 
11,250
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured
No Opt. Call
Baa1
 
11,924,888
 
 
6,785
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
6/16 at 100.00
AA+
 
6,373,693
 
 
5,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
1/14 at 100.00
A+
 
4,671,800
 
 
386,915
 
Total California
     
325,910,101
 
     
Colorado – 3.2% (2.1% of Total Investments)
         
 
1,080
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
BBB
 
888,732
 
 
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 – AGM Insured
11/15 at 100.00
AA+
 
2,001,042
 
 
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 – NPFG Insured
6/14 at 100.00
AA–
 
1,025,530
 
 
4,950
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
 
5,447,376
 
 
1,740
 
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 – AGM Insured
12/14 at 100.00
Aa1
 
1,790,738
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
Baa1
 
15,419,178
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
Baa1
 
2,937,500
 
 
4,520
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
5,161,298
 
 
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%,
12/20 at 100.00
AA+
 
4,287,965
 
         12/01/39 – AGM Insured          
 
2,500
 
Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/24 – FGIC Insured
12/14 at 100.00
Aa2
 
2,607,775
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
1,014,640
 
 
69,020
 
Total Colorado
     
42,581,774
 
     
Connecticut – 0.2% (0.2% of Total Investments)
         
 
3,250
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
7/20 at 100.00
AA
 
3,284,320
 
     
District of Columbia – 1.0% (0.6% of Total Investments)
         
     
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
AA–
 
5,279,550
 
 
5,000
 
5.125%, 10/01/25 – FGIC Insured
10/13 at 100.00
AA–
 
5,229,500
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residual 1606, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
2,215,593
 
 
12,670
 
Total District of Columbia
     
12,724,643
 
 
Nuveen Investments
 
31
 
 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida – 25.9% (16.7% of Total Investments)
         
$
1,250
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured
9/15 at 100.00
A1
$
1,282,388
 
 
975
 
Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27 (Alternative Minimum Tax)
6/11 at 100.00
Aaa
 
975,536
 
 
3,820
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 – NPFG Insured
7/13 at 100.00
Aa3
 
4,056,076
 
 
2,150
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
A+
 
2,214,737
 
 
4,500
 
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/24 – NPFG Insured
10/13 at 100.00
AA
 
4,631,670
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
         
 
5,110
 
5.000%, 11/01/27 – SYNCORA Insured (UB)
11/17 at 100.00
AAA
 
5,200,805
 
 
12,585
 
5.000%, 11/01/32 – SYNCORA Insured (UB)
11/17 at 100.00
AAA
 
12,502,946
 
     
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon Manor Isles Project, Series 1998B:
         
 
1,260
 
5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)
9/11 at 100.00
AAA
 
1,260,958
 
 
1,000
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax) Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding
9/11 at 100.00
AAA
 
1,000,430
 
     
Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1:
         
 
1,040
 
5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)
9/11 at 100.00
AAA
 
1,040,790
 
 
1,400
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
9/11 at 100.00
AAA
 
1,400,602
 
 
1,500
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured
10/14 at 100.00
AA–
 
1,549,575
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured
6/15 at 100.00
A1
 
3,091,230
 
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
         
 
1,230
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
9/11 at 100.00
AAA
 
1,231,341
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
9/11 at 100.00
AAA
 
1,890,302
 
 
1,100
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – NPFG Insured
10/11 at 100.00
A2
 
1,104,312
 
     
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:
         
 
910
 
5.250%, 10/01/17 – AMBAC Insured
10/13 at 100.00
N/R
 
981,262
 
 
475
 
5.250%, 10/01/18 – AMBAC Insured
10/13 at 100.00
N/R
 
501,947
 
     
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:
         
 
1,250
 
5.250%, 10/01/22 – NPFG Insured
10/13 at 100.00
A1
 
1,282,113
 
 
1,095
 
5.000%, 10/01/23 – NPFG Insured
10/13 at 100.00
A1
 
1,120,185
 
 
1,225
 
5.000%, 10/01/24 – NPFG Insured
10/13 at 100.00
A1
 
1,248,214
 
 
1,555
 
DeSoto County, Florida, Capital Improvement Revenue Bonds, Series 2002, 5.250%, 10/01/20 (Pre-refunded 4/01/12) – NPFG Insured
4/12 at 101.00
A1 (4)
 
1,640,370
 
 
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
2/15 at 100.00
Baa1
 
2,548,375
 
 
2,500
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured
8/15 at 100.00
AA+
 
2,492,150
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
 
1,194,780
 
 
3,945
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
10/13 at 100.00
N/R (4)
 
4,358,239
 
 
1,000
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 – AMBAC Insured
7/11 at 100.00
N/R
 
906,100
 
 
32
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
         
$
1,825
 
5.375%, 11/01/25 – NPFG Insured
11/11 at 100.00
A–
$
1,830,585
 
 
1,840
 
5.375%, 11/01/30 – NPFG Insured
11/11 at 100.00
A–
 
1,841,895
 
 
1,000
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
11/11 at 101.00
A–
 
1,018,040
 
 
2,230
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund – Intermodal Program, Series 1999, 5.500%, 10/01/23 – NPFG Insured (Alternative Minimum Tax)
10/11 at 100.00
AA+
 
2,234,705
 
 
940
 
Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 (Pre-refunded 6/01/11) – FGIC Insured
6/11 at 101.00
AAA
 
953,414
 
 
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
10/13 at 100.00
AA+
 
2,140,900
 
 
5,200
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) – FGIC Insured
12/11 at 101.00
N/R
 
5,234,580
 
 
1,500
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) – FGIC Insured
12/11 at 100.00
N/R
 
1,510,635
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA+
 
1,840,679
 
 
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured
No Opt. Call
Aaa
 
3,060,750
 
 
1,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
7/15 at 100.00
Aa2
 
1,017,240
 
 
6,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 – NPFG Insured
7/13 at 100.00
Aa2
 
6,021,600
 
 
2,000
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/23 – AMBAC Insured
11/13 at 101.00
AA
 
2,080,260
 
 
1,000
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
10/15 at 100.00
AA+
 
1,029,390
 
 
2,595
 
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
A+
 
2,657,072
 
     
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
         
 
1,645
 
5.000%, 5/01/25 – NPFG Insured
5/15 at 102.00
Baa1
 
1,510,357
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
Baa1
 
1,628,700
 
 
4,425
 
Jacksonville Economic Development Commission, Florida, Healthcare Facilities Revenue Bonds, Mayo Clinic, Series 2001C, 5.500%, 11/15/36 – NPFG Insured
11/12 at 100.00
Aa2
 
4,429,381
 
 
1,480
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
A1
 
1,569,244
 
 
1,500
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B, 5.000%, 10/01/24 – NPFG Insured
10/14 at 100.00
Aa2
 
1,543,470
 
 
1,000
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 – FGIC Insured
10/13 at 100.00
Aa2
 
1,079,580
 
 
1,450
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured
10/13 at 100.00
AA+
 
1,511,219
 
     
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
         
 
1,730
 
5.000%, 10/01/18 – AMBAC Insured
10/12 at 100.00
N/R
 
1,756,140
 
 
2,000
 
5.000%, 10/01/19 – AMBAC Insured
10/12 at 100.00
N/R
 
2,022,580
 
 
1,230
 
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 – FGIC Insured
10/14 at 100.00
A2
 
1,262,288
 
 
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
10/14 at 100.00
A–
 
1,540,398
 
 
Nuveen Investments
 
33

 
 

 
 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
A
$
871,980
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
Aa3
 
2,823,990
 
 
2,000
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa2
 
2,146,540
 
     
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
         
 
1,350
 
5.250%, 10/01/17 – NPFG Insured
10/13 at 100.00
Aa3
 
1,470,137
 
 
1,000
 
5.250%, 10/01/18 – NPFG Insured
10/13 at 100.00
Aa3
 
1,076,210
 
 
2,000
 
5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
 
2,014,420
 
 
1,425
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 – AGM Insured (Alternative Minimum Tax)
6/11 at 100.00
AA+
 
1,425,869
 
 
2,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
AA+
 
2,013,924
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
         
 
5,615
 
5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
5,789,233
 
 
35,920
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
33,210,553
 
 
12,930
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005A, 5.000%, 6/01/32 – NPFG Insured
12/15 at 100.00
Aa3
 
11,650,835
 
 
5,320
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured
6/15 at 100.00
Aa3
 
5,168,912
 
 
18,000
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 – NPFG Insured
10/11 at 59.17
A+
 
9,745,020
 
 
3,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
7/18 at 100.00
AA+
 
2,897,730
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
No Opt. Call
AA+
 
2,267,240
 
     
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 – NPFG Insured
8/15 at 102.00
Baa1
 
1,292,167
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
Baa1
 
2,030,521
 
 
2,000
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – AGM Insured
7/16 at 100.00
AA+
 
1,967,500
 
 
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured
8/17 at 100.00
AA–
 
1,012,780
 
 
3,180
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured
1/13 at 100.00
AA
 
3,346,314
 
 
2,500
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
10/16 at 100.00
A+
 
2,420,650
 
     
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
         
 
2,500
 
5.000%, 4/01/21 – NPFG Insured
4/14 at 100.00
Aa3
 
2,576,075
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
 
7,984,298
 
 
1,750
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa3
 
1,784,580
 
 
1,065
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative Minimum Tax)
7/12 at 100.00
AA+
 
1,070,389
 
 
2,150
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 – FGIC Insured
8/14 at 100.00
AA–
 
2,185,905
 
 
34
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – NPFG Insured
8/17 at 100.00
AA–
$
3,023,820
 
 
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
No Opt. Call
AA
 
7,372,800
 
 
1,470
 
Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993, 5.250%, 6/01/11 – FGIC Insured
No Opt. Call
Aa1
 
1,473,896
 
     
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
         
 
1,000
 
5.250%, 10/01/19 – NPFG Insured
10/13 at 100.00
Aa3
 
1,070,810
 
 
500
 
5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa3
 
532,840
 
 
500
 
5.250%, 10/01/21 – NPFG Insured
10/13 at 100.00
Aa3
 
524,470
 
 
3,000
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured
4/16 at 100.00
AA+
 
2,972,160
 
     
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:
         
 
2,225
 
5.000%, 8/15/18 – AGM Insured
8/13 at 100.00
Aa3
 
2,288,791
 
 
1,300
 
5.000%, 8/15/21 – AGM Insured
8/13 at 100.00
Aa3
 
1,321,216
 
 
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
10/14 at 100.00
Aa3
 
1,194,161
 
 
1,000
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
Baa1
 
825,020
 
     
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002:
         
 
1,190
 
5.250%, 5/01/15 – NPFG Insured
5/12 at 100.00
Aa3
 
1,233,483
 
 
1,980
 
5.250%, 5/01/17 – NPFG Insured
5/12 at 100.00
Aa3
 
2,052,349
 
     
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
         
 
8,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
 
8,340,965
 
 
5,450
 
5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
 
5,467,713
 
 
10,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) – NPFG Insured
9/11 at 34.97
AA– (4)
 
3,491,000
 
 
1,830
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
BBB (4)
 
2,015,727
 
 
1,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 – NPFG Insured
9/14 at 100.00
Aa3
 
1,040,050
 
 
1,895
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
6/15 at 100.00
Aa3
 
1,942,034
 
     
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:
         
 
1,360
 
5.250%, 1/01/17 – FGIC Insured
1/13 at 100.00
BBB
 
1,437,846
 
 
770
 
5.250%, 1/01/18 – FGIC Insured
1/13 at 100.00
BBB
 
807,545
 
 
500
 
5.250%, 1/01/20 – FGIC Insured
1/13 at 100.00
BBB
 
524,380
 
 
5,740
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
Baa1 (4)
 
6,795,299
 
 
3,530
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
Baa1
 
4,042,697
 
 
4,260
 
St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – AGM Insured
7/14 at 100.00
AA+
 
4,323,943
 
     
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
         
 
5,000
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
 
5,557,500
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
 
1,437,288
 
     
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
         
 
1,475
 
5.125%, 10/01/20 – AGM Insured
10/13 at 100.00
Aa3
 
1,586,702
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
10/13 at 100.00
Aa3
 
1,664,270
 
 
Nuveen Investments
 
35

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
$
2,517,625
 
 
1,245
 
Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 5.000%, 4/01/22 (Pre-refunded 4/01/12) – FGIC Insured
4/12 at 100.00
A+ (4)
 
1,298,435
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
 
400,392
 
 
1,500
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health
6/11 at 100.00
Aaa
 
1,520,040
 
         System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG          
         Insured (ETM)          
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
N/R
 
8,930,990
 
 
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
2/14 at 100.00
Aa2
 
1,424,528
 
 
4,275
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 – AGM Insured
8/15 at 100.00
Aa3
 
4,307,918
 
 
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
 
2,073,540
 
 
12,000
 
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
8/17 at 100.00
Aa3
 
11,242,320
 
 
1,785
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
12/14 at 100.00
Aa3
 
1,826,430
 
 
356,795
 
Total Florida
     
341,179,300
 
     
Georgia – 2.0% (1.3% of Total Investments)
         
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA+
 
1,035,880
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
 
10,057,600
 
 
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 2010, 4.000%, 8/01/26
8/20 at 100.00
AA
 
2,788,332
 
 
1,520
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured
9/14 at 102.00
AA–
 
1,631,431
 
     
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004:
         
 
1,695
 
5.250%, 5/01/19 – NPFG Insured
5/14 at 100.00
Aa3
 
1,828,854
 
 
1,135
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
Aa3
 
1,214,961
 
 
4,500
 
5.000%, 5/01/36 – NPFG Insured
5/14 at 100.00
Aa3
 
4,311,135
 
 
960
 
Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Series 1996, 5.250%, 8/01/13 – NPFG Insured
7/11 at 100.00
A–
 
962,045
 
 
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured (Alternative Minimum Tax)
7/19 at 100.00
Aa3
 
2,138,738
 
 
25,885
 
Total Georgia
     
25,968,976
 
     
Idaho – 0.2% (0.1% of Total Investments)
         
 
50
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-1, 6.750%, 7/01/22
No Opt. Call
Aaa
 
52,368
 
 
30
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
No Opt. Call
Aaa
 
30,468
 
 
125
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax)
7/11 at 100.00
Aaa
 
125,670
 
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
         
 
1,000
 
5.000%, 7/15/23 – NPFG Insured
7/16 at 100.00
Aa2
 
1,056,290
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
 
1,115,204
 
 
2,270
 
Total Idaho
     
2,380,000
 
 
36
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 7.0% (4.5% of Total Investments)
         
$
1,050
 
Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 – AGM Insured
12/14 at 100.00
AA+
$
1,135,932
 
 
7,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
No Opt. Call
AA+
 
6,943,230
 
     
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O’Hare International Airport, Series 2001E:
         
 
4,615
 
5.500%, 1/01/17 (Pre-refunded 6/09/11) – AMBAC Insured (Alternative Minimum Tax)
6/11 at 101.00
A2 (4)
 
4,664,611
 
 
4,870
 
5.500%, 1/01/18 (Pre-refunded 6/09/11) – AMBAC Insured (Alternative Minimum Tax)
6/11 at 101.00
A2 (4)
 
4,912,369
 
 
7,200
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A1
 
7,426,296
 
 
7,025
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
12/17 at 100.00
Aa2
 
5,480,413
 
 
10,330
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 – NPFG Insured
5/11 at 100.00
Baa1
 
10,329,277
 
 
2,095
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
6/11 at 100.00
Baa1
 
2,062,821
 
 
22,610
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 – FGIC Insured
2/12 at 100.00
A+
 
22,236,483
 
 
20,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
 
2,008,000
 
 
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured
No Opt. Call
AAA
 
3,936,036
 
 
5,920
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2010B-1, 13.454%, 6/15/42 (IF) (5)
6/20 at 100.00
AAA
 
3,381,741
 
     
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
         
 
4,260
 
5.000%, 12/01/22 – FGIC Insured
12/14 at 100.00
Aaa
 
4,422,476
 
 
2,365
 
5.000%, 12/01/23 – FGIC Insured
12/14 at 100.00
Aaa
 
2,442,619
 
 
4,000
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
No Opt. Call
AAA
 
1,615,800
 
     
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
         
 
930
 
7.000%, 12/01/21 – AGM Insured
12/20 at 100.00
AA+
 
1,070,337
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
AA+
 
1,163,392
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
AA+
 
1,287,432
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
AA+
 
1,166,526
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
AA+
 
2,287,620
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
AA+
 
2,502,583
 
 
131,950
 
Total Illinois
     
92,475,994
 
     
Indiana – 4.3% (2.8% of Total Investments)
         
 
2,030
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded
7/13 at 100.00
AA+ (4)
 
2,217,836
 
         7/15/13) – FGIC Insured          
 
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
AA
 
4,454,700
 
 
8,000
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
7,443,360
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
No Opt. Call
AA+
 
5,003,150
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
AA
 
7,901,600
 
 
Nuveen Investments
 
37

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Indiana (continued)
         
$
5,300
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA+
$
5,395,771
 
 
3,250
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
7/12 at 100.00
AAA
 
3,435,510
 
 
1,340
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded
1/14 at 100.00
AA+ (4)
 
1,490,241
 
         1/15/14) – AGM Insured          
 
5,000
 
Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10 Project, Series 2003, 5.000%, 1/15/28 – AMBAC Insured
7/13 at 100.00
AA–
 
5,013,600
 
 
10,000
 
Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 7/01/19 (Pre-refunded 1/01/12) – NPFG Insured
1/12 at 100.00
Aaa
 
10,317,800
 
 
3,705
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded
7/13 at 100.00
Aa3 (4)
 
4,062,421
 
         7/15/13) – AGM Insured          
 
68,625
 
Total Indiana
     
56,735,989
 
     
Kansas – 0.7% (0.5% of Total Investments)
         
 
2,055
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%,
9/14 at 101.00
AA+
 
2,179,430
 
         9/01/23 – AGM Insured          
     
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
         
 
2,145
 
5.000%, 9/01/27 – AGM Insured
9/14 at 100.00
Aa3
 
2,172,799
 
 
4,835
 
5.000%, 9/01/29 – AGM Insured
9/14 at 100.00
Aa3
 
4,861,979
 
 
9,035
 
Total Kansas
     
9,214,208
 
     
Kentucky – 3.1% (2.0% of Total Investments)
         
 
3,870
 
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 – NPFG Insured
6/14 at 100.00
Aa3
 
4,123,369
 
     
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
         
 
3,860
 
5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
AA+
 
4,349,487
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA+
 
10,785,700
 
 
7,500
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
7/16 at 100.00
AA+
 
7,827,975
 
 
12,980
 
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 – NPFG Insured
11/11 at 101.00
AA–
 
13,272,569
 
 
38,210
 
Total Kentucky
     
40,359,100
 
     
Louisiana – 4.6% (3.0% of Total Investments)
         
 
5,000
 
DeSoto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 – AMBAC Insured
9/11 at 100.00
BBB
 
4,999,750
 
 
3,025
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 – NPFG Insured
11/14 at 100.00
A+
 
3,238,535
 
 
4,530
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Baa1
 
4,595,006
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
         
 
2,400
 
5.000%, 5/01/25 – FGIC Insured
5/15 at 100.00
Aa1
 
2,496,840
 
 
4,415
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
 
4,571,114
 
 
5,000
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
 
5,156,300
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
3,300
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
3,188,427
 
 
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
32,679,444
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.745%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
 
25,262
 
 
63,433
 
Total Louisiana
     
60,950,678
 
 
38
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Maine – 0.2% (0.2% of Total Investments)
         
$
3,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – AGM Insured
7/13 at 100.00
Aaa
$
3,250,740
 
     
Maryland – 0.4% (0.2% of Total Investments)
         
 
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
9/16 at 100.00
Baa3
 
4,635,665
 
     
Massachusetts – 5.4% (3.5% of Total Investments)
         
 
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA
 
4,567,725
 
 
22,500
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.375%, 1/01/42 (Pre-refunded 1/01/12) – AMBAC Insured
1/12 at 101.00
A (4)
 
23,441,175
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.313%, 12/15/34 (IF) (5)
12/19 at 100.00
AAA
 
6,052,908
 
 
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
8/15 at 100.00
AA+
 
11,774,840
 
 
15,000
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
16,695,600
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
 
6,630,490
 
 
1,500
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured
11/14 at 100.00
A+ (4)
 
1,721,655
 
 
67,085
 
Total Massachusetts
     
70,884,393
 
     
Michigan – 2.2% (1.4% of Total Investments)
         
 
5,490
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
AA+
 
5,626,536
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
10/11 at 100.00
Baa1
 
5,698,620
 
 
7,420
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 – NPFG Insured
7/11 at 100.00
A+
 
6,809,260
 
 
1,085
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, Series 2003, 5.250%, 5/01/20 – AMBAC Insured
5/13 at 100.00
Aa1
 
1,159,746
 
 
10,000
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
12/11 at 101.00
A–
 
9,746,000
 
 
29,995
 
Total Michigan
     
29,040,162
 
     
Minnesota – 2.2% (1.4% of Total Investments)
         
 
5,000
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
AA+
 
5,335,400
 
 
5,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AAA
 
5,940,950
 
 
4,000
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
AA+
 
4,416,760
 
 
12,950
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Marian Center Project, Series 2001A, 6.450%, 6/20/43 (Pre-refunded 12/20/11)
12/11 at 102.00
N/R (4)
 
13,714,180
 
 
26,950
 
Total Minnesota
     
29,407,290
 
     
Montana – 0.2% (0.1% of Total Investments)
         
 
3,000
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
1/21 at 100.00
AA+
 
3,016,290
 
 
Nuveen Investments
 
39

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nebraska – 2.4% (1.5% of Total Investments)
         
$
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
9/17 at 100.00
AA
$
25,383,033
 
 
5,000
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured
4/19 at 100.00
AA+
 
5,142,600
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA+
 
1,036,100
 
 
33,125
 
Total Nebraska
     
31,561,733
 
     
Nevada – 6.9% (4.4% of Total Investments)
         
 
8,475
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
12/12 at 100.00
AA+
 
8,487,458
 
 
3,630
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (4)
 
3,891,650
 
 
14,140
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA+
 
13,327,091
 
 
7,370
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured
7/14 at 100.00
Aa3
 
7,423,064
 
     
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 (6)
1/12 at 100.00
N/R
 
3,762,300
 
 
11,400
 
5.375%, 1/01/40 – AMBAC Insured (6)
7/11 at 100.00
N/R
 
2,858,892
 
 
14,985
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
6/12 at 100.00
A
 
13,650,136
 
 
25,300
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 (Pre-refunded 6/01/12) – FGIC Insured
6/12 at 100.00
A3 (4)
 
26,666,452
 
 
10,000
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
N/R (4)
 
10,516,300
 
 
110,300
 
Total Nevada
     
90,583,343
 
     
New Jersey – 4.3% (2.8% of Total Investments)
         
     
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
         
 
2,000
 
5.125%, 10/01/21 – NPFG Insured
10/14 at 100.00
Aa2
 
2,088,020
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
 
2,337,863
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
         
 
3,850
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
 
3,911,215
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
3,891,888
 
 
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
28,368,859
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
         
 
8,250
 
5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
8,741,618
 
 
2,000
 
5.000%, 1/01/23 – AGM Insured
7/13 at 100.00
AA+
 
2,050,960
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured
1/15 at 100.00
AA+
 
3,484,207
 
 
1,330
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
Aa2
 
1,533,118
 
 
52,850
 
Total New Jersey
     
56,407,748
 
     
New Mexico – 1.3% (0.9% of Total Investments)
         
 
3,660
 
San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005, 5.000%, 6/15/25 – NPFG Insured
6/15 at 100.00
Aa3
 
3,757,319
 
 
13,600
 
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/36 – AGM Insured
6/17 at 100.00
AA+
 
13,570,488
 
 
17,260
 
Total New Mexico
     
17,327,807
 
 
40
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New York – 7.8% (5.0% of Total Investments)
         
$
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
BBB
$
1,926,906
 
 
7,225
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
7/20 at 100.00
Aa1
 
7,414,295
 
 
3,335
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
3/15 at 100.00
AAA
 
3,550,541
 
 
3,820
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
2,907,173
 
 
12,500
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A–
 
12,918,750
 
 
6,900
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A–
 
6,200,478
 
     
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
         
 
1,500
 
5.000%, 7/01/21 – FGIC Insured
7/12 at 100.00
AA–
 
1,556,280
 
 
5,000
 
5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
 
5,018,300
 
 
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
Aa2
 
3,043,150
 
 
2,615
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
3/19 at 100.00
AA+
 
2,844,283
 
 
5,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 – AMBAC Insured
9/15 at 100.00
AA
 
5,392,200
 
 
10,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
4/15 at 100.00
AA
 
10,244,400
 
 
5,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 – AMBAC Insured
1/15 at 100.00
A+
 
5,048,050
 
 
14,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
7/15 at 100.00
AA+
 
14,143,360
 
     
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
 
1,062,530
 
 
5,000
 
5.000%, 3/15/25 – FGIC Insured
3/14 at 100.00
AAA
 
5,233,600
 
 
3,650
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
 
3,852,356
 
 
10,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured
11/12 at 100.00
Aa3
 
10,031,400
 
 
101,450
 
Total New York
     
102,388,052
 
     
North Carolina – 1.3% (0.8% 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
AA–
 
2,234,201
 
 
2,575
 
5.000%, 5/01/26 – FGIC Insured
5/14 at 100.00
AA–
 
2,618,054
 
 
5,250
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/16 – AGM Insured
1/13 at 100.00
AA+
 
5,577,390
 
     
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
Aa3
 
3,338,200
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
 
3,414,213
 
 
16,440
 
Total North Carolina
     
17,182,058
 
 
Nuveen Investments
 
41
 
 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
North Dakota – 0.5% (0.3% of Total Investments)
         
     
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
         
$
2,195
 
5.000%, 12/15/22 – NPFG Insured
12/15 at 100.00
Aa3
$
2,324,834
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
 
1,424,051
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
 
3,130,350
 
 
6,550
 
Total North Dakota
     
6,879,235
 
     
Ohio – 3.8% (2.5% of Total Investments)
         
 
2,650
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 – FGIC Insured
6/14 at 100.00
A+
 
2,733,290
 
 
2,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
AA+ (4)
 
2,293,620
 
 
2,385
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 – AMBAC Insured
6/14 at 100.00
BBB+
 
2,446,032
 
 
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
6/15 at 100.00
Baa1
 
2,263,565
 
 
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
 
16,944,384
 
 
20,100
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 5.375%, 11/15/39 – AMBAC Insured
5/11 at 100.50
AA–
 
18,367,380
 
 
3,000
 
Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
Aa2 (4)
 
3,334,290
 
 
2,000
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured
1/20 at 100.00
AA+
 
2,024,440
 
 
53,935
 
Total Ohio
     
50,407,001
 
     
Oklahoma – 2.3% (1.5% of Total Investments)
         
 
3,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
 
3,637,165
 
     
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
         
 
1,500
 
5.000%, 7/01/40
7/21 at 100.00
AAA
 
1,545,135
 
 
1,000
 
5.375%, 7/01/40
No Opt. Call
AAA
 
1,066,100
 
 
1,445
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AAA
 
1,456,878
 
 
21,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
A
 
18,259,080
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
7/14 at 100.00
Aa3
 
4,963,497
 
 
33,325
 
Total Oklahoma
     
30,927,855
 
     
Oregon – 0.5% (0.3% of Total Investments)
         
 
2,535
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/25 – AGM Insured
5/15 at 100.00
AA+
 
2,615,841
 
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
AAA
 
4,299,160
 
 
6,535
 
Total Oregon
     
6,915,001
 
     
Pennsylvania – 5.2% (3.3% of Total Investments)
         
 
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
No Opt. Call
AA+
 
2,135,491
 
 
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
6/16 at 100.00
AA+
 
8,177,649
 
 
5,250
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
5,186,580
 
 
42
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
1,565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
$
1,574,500
 
 
1,800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
5/15 at 100.00
A
 
1,817,532
 
     
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B:
         
 
5,000
 
4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
AA+
 
4,694,850
 
 
6,740
 
4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
6,328,658
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
2,712,938
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA+
 
9,715,600
 
 
7,055
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
8/20 at 100.00
AA+
 
6,724,544
 
 
5,180
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
8/20 at 100.00
AA+
 
5,166,687
 
 
6,335
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 – AGM Insured
8/15 at 100.00
Aa2
 
6,495,592
 
 
3,285
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/22 – AGM Insured
1/16 at 100.00
AA+
 
3,487,323
 
 
3,450
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/23 – AGM Insured (UB)
1/16 at 100.00
AA+
 
3,642,407
 
 
68,375
 
Total Pennsylvania
     
67,860,351
 
     
Puerto Rico – 0.8% (0.5% of Total Investments)
         
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – SYNCORA GTY Insured
7/15 at 100.00
AAA
 
2,876,075
 
 
2,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
7/13 at 100.00
A3
 
2,016,980
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
 
1,563,454
 
 
36,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
 
4,531,320
 
 
42,050
 
Total Puerto Rico
     
10,987,829
 
     
Rhode Island – 0.3% (0.2% of Total Investments)
         
 
2,195
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
7/11 at 100.00
Baa1
 
2,198,336
 
 
1,405
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured
9/14 at 100.00
A1
 
1,469,995
 
 
3,600
 
Total Rhode Island
     
3,668,331
 
     
South Carolina – 5.5% (3.6% of Total Investments)
         
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.658%, 8/01/15 – AGM Insured (IF)
No Opt. Call
AA+
 
15,155,718
 
 
10,000
 
Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series 2002, 5.000%, 6/01/27 – NPFG Insured
12/12 at 100.00
A+
 
10,049,600
 
     
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A:
         
 
2,000
 
5.250%, 8/15/22 – NPFG Insured
8/14 at 100.00
Baa1
 
2,088,380
 
 
2,605
 
5.250%, 8/15/23 – NPFG Insured
8/14 at 100.00
Baa1
 
2,700,421
 
 
2,385
 
5.250%, 8/15/25 – NPFG Insured
8/14 at 100.00
Baa1
 
2,425,450
 
 
Nuveen Investments
 
43

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
South Carolina (continued)
         
$
375
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988, 0.000%, 1/01/13 – AMBAC Insured (ETM)
No Opt. Call
Aaa
$
334,084
 
 
5,880
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988, 0.000%, 1/01/13 – AMBAC Insured
No Opt. Call
N/R
 
5,425,770
 
 
8,000
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 – AMBAC Insured
11/12 at 100.00
A
 
8,100,960
 
 
10,000
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 – AMBAC Insured (Alternative Minimum Tax)
11/12 at 100.00
A
 
9,369,000
 
 
1,250
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (WI/DD, Settling 5/02/11) – AGM Insured
8/21 at 100.00
AA+
 
1,273,250
 
 
17,500
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
 
15,873,375
 
 
74,645
 
Total South Carolina
     
72,796,008
 
     
Texas – 9.3% (6.0% of Total Investments)
         
 
4,405
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA+
 
4,413,325
 
 
421
 
Capital Area Housing Finance Corporation, Texas, FNMA Backed Single Family Mortgage Revenue Refunding Bonds, Series 2002A-2, 6.300%, 4/01/35 – AMBAC Insured (Alternative Minimum Tax)
4/12 at 106.00
Aaa
 
439,710
 
 
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
12,507,375
 
 
25,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/11 at 100.00
Baa1
 
18,122,000
 
 
4,671
 
Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42
9/11 at 105.00
Aaa
 
4,751,855
 
     
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
AA
 
4,276,680
 
 
5,000
 
5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
 
5,300,700
 
 
17,500
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured
9/11 at 100.00
A2
 
15,746,150
 
 
900
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 – AGM Insured (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
900,018
 
 
23,865
 
Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage
8/11 at 100.00
N/R (4)
 
24,196,485
 
     
Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 (Pre-refunded 8/15/11) – AMBAC Insured
         
     
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A:
         
 
140
 
5.000%, 5/15/21 (Pre-refunded 5/15/11) – NPFG Insured
5/11 at 100.00
A1 (4)
 
140,291
 
 
5,105
 
5.000%, 5/15/21 (Pre-refunded 5/15/11) – NPFG Insured
5/11 at 100.00
A1 (4)
 
5,115,618
 
 
2,960
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 – NPFG Insured
5/11 at 100.00
A1
 
2,967,459
 
     
Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds, Series 2001B:
         
 
3,205
 
5.500%, 10/01/18 – FGIC Insured (Alternative Minimum Tax)
10/11 at 100.00
AAA
 
3,234,710
 
 
3,375
 
5.500%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)
10/11 at 100.00
AAA
 
3,431,126
 
 
7,205
 
San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/15 (Pre-refunded 7/01/11) – FGIC Insured (Alternative Minimum Tax)
7/11 at 101.00
A+ (4)
 
7,329,430
 
 
44
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
7,550
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 – NPFG Insured
8/16 at 100.00
Baa1
$
7,109,307
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
5/11 at 100.00
AA–
 
1,874,353
 
 
129,642
 
Total Texas
     
121,856,592
 
     
Utah – 1.3% (0.9% of Total Investments)
         
 
2,000
 
Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
AA– (4)
 
2,186,660
 
 
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, 2008A, 5.000%, 6/15/32 – AGM Insured (UB)
6/18 at 100.00
AAA
 
15,530,850
 
 
17,000
 
Total Utah
     
17,717,510
 
     
Virginia – 1.3% (0.8% of Total Investments)
         
 
1,035
 
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 – AGM Insured
6/14 at 100.00
AA+
 
1,135,581
 
 
4,840
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2001A, 5.500%, 10/01/19 – NPFG Insured (Alternative Minimum Tax)
10/11 at 101.00
AA–
 
4,966,663
 
 
1,000
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 – AGM Insured
7/20 at 100.00
AA+
 
950,770
 
 
10,000
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2001H-1, 5.375%, 7/01/36 – NPFG Insured (UB)
7/11 at 100.00
AAA
 
10,004,900
 
 
16,875
 
Total Virginia
     
17,057,914
 
     
Washington – 4.6% (2.9% of Total Investments)
         
 
2,500
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 – FGIC Insured
1/15 at 100.00
AA–
 
2,522,775
 
 
3,500
 
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004, 5.000%, 10/01/24 – FGIC Insured
12/14 at 100.00
AA+
 
3,696,455
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.516%, 1/01/39 – AGC Insured (IF) (5)
1/19 at 100.00
AA+
 
7,971,600
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
 
17,003,230
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.326%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
 
4,361,294
 
 
4,250
 
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
No Opt. Call
Aaa
 
5,241,100
 
     
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
         
 
3,890
 
5.000%, 12/01/24 – SYNCORA GTY Insured
12/16 at 100.00
AA
 
4,072,247
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
AA
 
4,246,153
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
AA
 
4,433,329
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2006, Trust 1212, 13.293%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
 
6,421,730
 
 
57,305
 
Total Washington
     
59,969,913
 
     
West Virginia – 0.7% (0.5% of Total Investments)
         
 
10,000
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
6/20 at 100.00
AAA
 
9,671,900
 
 
Nuveen Investments
 
45

 
 

 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 2.3% (1.5% of Total Investments)
         
$
15,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 – NPFG Insured
8/11 at 100.00
Baa1
$
14,619,150
 
 
290
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%,
5/14 at 100.00
AA
 
316,152
 
         5/01/20 – FGIC Insured          
 
2,600
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
Aa2 (4)
 
2,939,196
 
 
10,945
 
Wisconsin State, General Obligation Bonds, Series 2004-4, 5.000%,
5/14 at 100.00
AA
 
11,775,615
 
         5/01/20 – NPFG Insured          
 
28,835
 
Total Wisconsin
     
29,650,113
 
$
2,253,450
 
Total Long-Term Investments (cost $2,070,629,148) – 154.9%
     
2,039,823,431
 
     
Short-Term Investments – 0.2% (0.1% of Total Investments)
         
$
2,500
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, Variable Rate Demand Obligations Series 112, 0.360%, 6/01/34 (7)
No Opt. Call
A-1
 
2,500,000
 
     
Total Short-Term Investments (cost $2,500,000)
     
2,500,000
 
     
Total Investments (cost $2,073,129,148) – 155.1%
     
2,042,323,431
 
     
Floating Rate Obligations – (8.7)%
     
(114,193,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (50.7)% (8)
     
(667,200,000
     
Other Assets Less Liabilities – 4.3%
     
55,581,186
 
     
Net Assets Applicable to Common Shares – 100%
   
$
1,316,511,284
 

   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
 
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.7%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
46
 
Nuveen Investments

 
 

 
   
Nuveen Premier Insured Municipal Income Fund, Inc.
NIF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 0.8% (0.5% of Total Investments)
         
$
2,200
 
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%,
8/15 at 100.00
AA+
$
2,230,536
 
         8/01/30 – AMBAC Insured          
     
Arizona – 4.0% (2.6% of Total Investments)
         
 
2,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%,
1/20 at 100.00
AA+
 
2,006,840
 
         7/01/29 – AGC Insured          
 
4,370
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
AAA
 
4,470,117
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
No Opt. Call
AA
 
4,221,350
 
 
11,370
 
Total Arizona
     
10,698,307
 
     
Arkansas – 1.6% (1.0% of Total Investments)
         
 
4,020
 
Northwest Community College District, Arkansas, General Obligation Bonds, Series 2005, 5.000%, 5/15/23 – AMBAC Insured
5/15 at 100.00
A+
 
4,194,146
 
     
California – 25.4% (16.5% of Total Investments)
         
 
10
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
 
11,454
 
 
990
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
1,054,716
 
 
1,250
 
California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 – NPFG Insured (Alternative Minimum Tax)
10/11 at 102.00
A3
 
1,276,000
 
 
1,890
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/30 – FGIC Insured
8/12 at 34.89
A+
 
491,362
 
 
4,775
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
AA+ (4)
 
2,672,854
 
 
1,005
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 – AGM Insured
10/14 at 100.00
AA+
 
1,019,975
 
 
1,150
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
AA+
 
559,096
 
 
45
 
Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt Mortgage Obligation Bonds, Series 1994A-I, 7.150%, 12/30/24 (Alternative Minimum Tax)
No Opt. Call
AAA
 
46,665
 
 
30
 
Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt Mortgage Obligation Bonds, Series 1994A-III, 7.450%, 6/30/25 (Alternative Minimum Tax)
No Opt. Call
AAA
 
31,178
 
 
3,410
 
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
No Opt. Call
AAA
 
4,343,794
 
 
5,000
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
No Opt. Call
Baa1
 
5,657,500
 
 
8,675
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
AAA
 
11,295,284
 
 
6,525
 
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 8.300%, 9/01/14 (Alternative Minimum Tax) (ETM)
No Opt. Call
AAA
 
7,315,439
 
 
8,355
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM)
No Opt. Call
AAA
 
10,786,973
 
 
4,300
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.125%, 5/01/19 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A1
 
4,303,741
 
 
29,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/31 – NPFG Insured
No Opt. Call
Baa1
 
4,449,180
 
 
2,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
8/14 at 100.00
BBB+
 
1,902,020
 
 
Nuveen Investments
 
47

 
 

 
   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
4,725
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB+
$
3,276,882
 
 
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
Aaa
 
2,626,356
 
 
1,815
 
University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 – NPFG Insured
5/13 at 101.00
Aa1
 
1,745,703
 
 
3,600
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA
 
3,613,392
 
 
93,005
 
Total California
     
68,479,564
 
     
Colorado – 7.4% (4.8% of Total Investments)
         
 
3,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.832%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
AA+
 
2,405,370
 
 
2,500
 
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/18 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
A+
 
2,603,075
 
 
20,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
 
4,511,600
 
 
4,405
 
Garfield, Eagle and Pitkin Counties School District RE-1, Roaring Fork, Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 – AGM Insured
12/14 at 100.00
AA+
 
4,595,428
 
 
2,065
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
2,357,982
 
 
1,390
 
Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa2 (4)
 
1,587,102
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) – FGIC Insured
6/12 at 100.00
Aa2 (4)
 
1,050,580
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
1,014,640
 
 
35,360
 
Total Colorado
     
20,125,777
 
     
District of Columbia – 0.2% (0.1% of Total Investments)
         
 
665
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
551,824
 
     
Florida – 5.3% (3.5% of Total Investments)
         
 
2,285
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23 – NPFG Insured
2/15 at 100.00
A–
 
2,335,567
 
 
1,500
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/19 – FGIC Insured
10/13 at 100.00
Aa2
 
1,593,075
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
10/20 at 100.00
AA+
 
3,879,160
 
 
4,240
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2003-1, 5.250%, 10/01/17 – NPFG Insured
10/13 at 100.00
A1
 
4,546,764
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
 
2,021,240
 
 
14,025
 
Total Florida
     
14,375,806
 
     
Georgia – 2.0% (1.3% of Total Investments)
         
 
2,700
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA+
 
2,753,298
 
 
1,250
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
1,193,175
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
AA+
 
1,534,707
 
 
5,300
 
Total Georgia
     
5,481,180
 
 
48
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Hawaii – 0.8% (0.5% of Total Investments)
         
$
2,250
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 100.00
Baa1
$
2,252,385
 
     
Illinois – 14.5% (9.5% of Total Investments)
         
 
4,000
 
Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%,
12/12 at 100.00
A–
 
4,053,880
 
         12/01/22 – FGIC Insured          
 
8,200
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
Aa2
 
8,791,958
 
 
1,450
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A1
 
1,495,574
 
 
21,860
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
No Opt. Call
Aa3
 
17,364,925
 
 
2,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
 
2,405,650
 
 
200
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 – NPFG Insured
6/12 at 101.00
AAA
 
186,530
 
 
5,010
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
AA–
 
2,880,550
 
 
1,895
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured
12/20 at 100.00
AA+
 
2,089,654
 
 
45,115
 
Total Illinois
     
39,268,721
 
     
Indiana – 4.2% (2.8% of Total Investments)
         
 
2,540
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
2,363,267
 
     
Indiana University, Parking Facility Revenue Bonds, Series 2004:
         
 
1,015
 
5.250%, 11/15/19 – AMBAC Insured
11/14 at 100.00
Aaa
 
1,119,261
 
 
1,060
 
5.250%, 11/15/20 – AMBAC Insured
11/14 at 100.00
Aaa
 
1,168,883
 
 
1,100
 
5.250%, 11/15/21 – AMBAC Insured
11/14 at 100.00
Aaa
 
1,200,694
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
AA
 
4,560,401
 
 
1,000
 
Metropolitan School District Steuben County K-5 Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 – AGM Insured
7/14 at 102.00
AA+
 
1,070,930
 
 
15,970
 
Total Indiana
     
11,483,436
 
     
Iowa – 1.3% (0.8% of Total Investments)
         
 
3,345
 
Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical Center, Series 2003, 5.000%, 6/15/17 – AMBAC Insured
6/13 at 100.00
N/R
 
3,401,698
 
     
Kansas – 0.4% (0.2% of Total Investments)
         
 
985
 
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006, 5.000%, 9/01/31 – AGM Insured
9/14 at 100.00
Aa3
 
980,577
 
     
Louisiana – 2.9% (1.9% of Total Investments)
         
 
885
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Baa1
 
897,700
 
 
7,160
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
6,917,920
 
 
8,045
 
Total Louisiana
     
7,815,620
 
     
Maryland – 2.3% (1.5% of Total Investments)
         
 
1,200
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
6/16 at 100.00
Baa2
 
1,102,824
 
 
5,000
 
Maryland Transportation Authority, Airport Parking Revenue Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/21 – AMBAC Insured (Alternative Minimum Tax)
3/12 at 101.00
A2
 
5,086,650
 
 
6,200
 
Total Maryland
     
6,189,474
 
 
Nuveen Investments
 
49

 
 

 
   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts – 4.6% (3.0% of Total Investments)
         
$
2,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA
$
2,537,625
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.536%, 7/01/29 (IF)
7/19 at 100.00
AA
 
3,014,240
 
 
4,400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
8/15 at 100.00
AA+
 
4,709,936
 
 
1,725
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
 
1,576,512
 
 
500
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
No Opt. Call
AA+
 
520,990
 
 
12,460
 
Total Massachusetts
     
12,359,303
 
     
Michigan – 1.4% (0.9% of Total Investments)
         
 
3,810
 
Michigan Housing Development Authority, GNMA Collateralized Limited Obligation Multifamily Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.500%, 2/20/43 (Alternative Minimum Tax)
8/12 at 102.00
Aaa
 
3,786,988
 
     
Minnesota – 0.5% (0.3% of Total Investments)
         
 
130
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured
8/11 at 100.00
AA+
 
130,523
 
 
1,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AAA
 
1,188,190
 
 
1,130
 
Total Minnesota
     
1,318,713
 
     
Missouri – 0.8% (0.5% of Total Investments)
         
 
2,000
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/21 – NPFG Insured
10/13 at 100.00
A–
 
2,087,200
 
     
Nevada – 6.1% (4.0% of Total Investments)
         
 
2,100
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
12/12 at 100.00
AA+
 
2,103,087
 
 
900
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (4)
 
964,872
 
 
4,715
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA+
 
4,443,935
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
160
 
0.000%, 1/01/28 – AMBAC Insured
No Opt. Call
N/R
 
14,632
 
 
2,000
 
5.375%, 1/01/40 – AMBAC Insured (6)
7/11 at 100.00
N/R
 
501,560
 
 
7,990
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
N/R (4)
 
8,413,390
 
 
17,865
 
Total Nevada
     
16,441,476
 
     
New Jersey – 2.5% (1.6% of Total Investments)
         
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
         
 
1,200
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
 
1,219,080
 
 
1,200
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
1,213,056
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
4,364,440
 
 
6,400
 
Total New Jersey
     
6,796,576
 
 
50
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New Mexico – 1.1% (0.7% of Total Investments)
         
$
2,725
 
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
5/19 at 100.00
AA+
$
3,042,163
 
     
New York – 6.9% (4.5% of Total Investments)
         
 
1,000
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
BBB
 
1,024,950
 
 
2,185
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
1,662,872
 
 
5,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A–
 
5,167,500
 
 
10,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.250%, 11/15/27 (Pre-refunded
11/12 at 100.00
AAA
 
10,745,200
 
         11/15/12) – NPFG Insured          
 
18,185
 
Total New York
     
18,600,522
 
     
North Carolina – 3.0% (1.9% of Total Investments)
         
 
1,775
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2009-43W, 13.305%, 7/01/38 (IF) (5)
7/20 at 100.00
AAA
 
1,902,534
 
 
3,100
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 – AGM Insured
10/13 at 100.00
AA+
 
2,926,679
 
 
3,050
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/22 – AMBAC Insured
5/15 at 100.00
Aa3
 
3,197,498
 
 
7,925
 
Total North Carolina
     
8,026,711
 
     
Ohio – 1.5% (1.0% of Total Investments)
         
 
4,605
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
A1
 
3,982,082
 
     
Oklahoma – 1.5% (1.0% of Total Investments)
         
 
3,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
 
3,637,165
 
 
310
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AAA
 
312,548
 
 
3,810
 
Total Oklahoma
     
3,949,713
 
     
Oregon – 4.4% (2.8% of Total Investments)
         
     
Oregon Health Sciences University, Revenue Bonds, Series 2002A:
         
 
5,000
 
5.000%, 7/01/26 – NPFG Insured
1/13 at 100.00
A1
 
5,021,950
 
 
7,000
 
5.000%, 7/01/32 – NPFG Insured
1/13 at 100.00
A1
 
6,760,040
 
 
12,000
 
Total Oregon
     
11,781,990
 
     
Pennsylvania – 6.9% (4.5% of Total Investments)
         
 
1,500
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
 
1,551,900
 
 
6,000
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
AA
 
5,518,380
 
 
4,000
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
6/16 at 100.00
AA+
 
4,127,520
 
 
1,750
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
1,728,860
 
 
2,680
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
2,516,440
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
1,085,175
 
 
2,065
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
8/20 at 100.00
AA+
 
2,059,693
 
 
19,045
 
Total Pennsylvania
     
18,587,968
 
 
Nuveen Investments
 
51

 
 

 
   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Puerto Rico – 2.7% (1.8% of Total Investments)
         
$
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A3
$
2,519,475
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
 
1,008,680
 
 
1,175
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
8/20 at 100.00
AA+
 
1,117,883
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
 
629,350
 
 
2,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A2
 
2,143,320
 
 
11,675
 
Total Puerto Rico
     
7,418,708
 
     
South Carolina – 0.1% (0.1% of Total Investments)
         
 
375
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 (WI/DD, Settling 5/02/11) – AGM Insured
8/21 at 100.00
AA+
 
381,975
 
     
Tennessee – 2.0% (1.3% of Total Investments)
         
 
3,000
 
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 – AMBAC Insured
6/15 at 100.00
AA
 
3,116,730
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – AGM Insured
10/14 at 100.00
AA+
 
2,191,473
 
 
5,055
 
Total Tennessee
     
5,308,203
 
     
Texas – 13.5% (8.8% of Total Investments)
         
 
1,150
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA+
 
1,152,174
 
 
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
A+
 
11,957,625
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 14.050%, 8/15/28 – AGM Insured (IF)
No Opt. Call
AAA
 
5,664,807
 
     
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
A+
 
4,911,073
 
 
4,800
 
5.250%, 12/15/21 – FGIC Insured
12/13 at 100.00
A+
 
5,084,112
 
 
7,600
 
San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/16 (Pre-refunded 7/01/11) – FGIC Insured (Alternative Minimum Tax)
7/11 at 101.00
A+ (4)
 
7,731,252
 
 
34,655
 
Total Texas
     
36,501,043
 
     
Utah – 2.1% (1.4% of Total Investments)
         
 
5,760
 
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
3/20 at 100.00
AA+
 
5,810,803
 
     
Vermont – 1.8% (1.2% of Total Investments)
         
 
5,000
 
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
10/17 at 100.00
AA+
 
4,917,000
 
     
Virginia – 0.1% (0.1% of Total Investments)
         
 
250
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 – AGM Insured
7/20 at 100.00
AA+
 
237,693
 
     
Washington – 16.0% (10.4% of Total Investments)
         
 
5,000
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 – NPFG Insured (Alternative Minimum Tax) (UB)
7/11 at 101.00
AA
 
4,924,000
 
     
King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002:
         
 
9,285
 
5.000%, 12/01/19 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
Aaa
 
9,954,263
 
 
12,785
 
5.000%, 12/01/20 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
Aaa
 
13,706,543
 
     
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003:
         
 
2,755
 
5.250%, 12/01/18 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
 
3,021,243
 
 
2,990
 
5.250%, 12/01/19 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
 
3,278,954
 
 
52
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
         
$
4,715
 
Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%,
10/11 at 100.00
Aa2
$
4,794,636
 
         4/01/17 – FGIC Insured (Alternative Minimum Tax)          
 
895
 
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
Baa1
 
892,449
 
 
1,265
 
Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/18 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
AA (4)
 
1,356,181
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.425%, 6/01/31 – AMBAC Insured (IF)
6/17 at 100.00
Aaa
 
1,313,900
 
 
40,940
 
Total Washington
     
43,242,169
 
$
463,525
 
Total Long-Term Investments (cost $414,968,372) – 152.6%
     
412,108,050
 
     
Short-Term Investments – 1.0% (0.7% of Investments)
         
      Florida – 0.6% (0.4% of Total Investments)          
$
1,760
 
Pinellas County, Florida, Sewer Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2917Z, 0.280%, 10/01/32 – AGM Insured (7)
No Opt. Call
N/R
 
1,760,000
 
     
Pennsylvania – 0.4% (0.3% of Total Investments)
         
 
1,125
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Variable Rate Demand Obligations, Philadelphia School District, Tender Option Trust 371, 0.230%, 6/01/27 – AGM Insured (7)
No Opt. Call
VMIG-1
 
1,125,000
 
$
2,885
 
Total Short-Term Investments (cost $2,885,000)
     
2,885,000
 
     
Total Investments (cost $417,853,372) – 153.6%
     
414,993,050
 
     
Floating Rate Obligations – (8.3)%
     
(22,365,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (48.5)% (8)
     
(130,900,000
     
Other Assets Less Liabilities – 3.2%
     
8,388,600
 
     
Net Assets Applicable to Common Shares – 100%
   
$
270,116,650
 

   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
 
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.5%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
Nuveen Investments
 
53

 
 

 
   
Nuveen Insured Premium Income Municipal Fund 2
NPX
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 3.8% (2.4% of Total Investments)
         
$
3,750
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
6/15 at 100.00
A1
$
3,752,438
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
         
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
Baa1
 
1,084,459
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Baa1
 
789,110
 
 
11,135
 
Limestone County Water and Sewer Authority, Alabama, Water Revenue Bonds, Series 2007, 4.500%, 12/01/37 – SYNCORA GTY Insured
3/17 at 100.00
A+
 
9,336,252
 
 
2,590
 
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 – AGM Insured
3/15 at 100.00
AAA
 
2,670,290
 
 
19,910
 
Total Alabama
     
17,632,549
 
     
Arizona – 5.1% (3.3% of Total Investments)
         
     
Arizona State, Certificates of Participation, Series 2010A:
         
 
2,800
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA+
 
2,881,452
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA+
 
3,522,575
 
 
5,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%,
1/20 at 100.00
AA+
 
5,017,100
 
         7/01/29 – AGC Insured          
 
12,365
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 – NPFG Insured (UB)
7/15 at 100.00
AAA
 
12,567,662
 
 
23,665
 
Total Arizona
     
23,988,789
 
     
Arkansas – 2.7% (1.7% of Total Investments)
         
 
5,745
 
Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 – AGM Insured
6/14 at 100.00
AA+
 
6,127,847
 
     
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
         
 
2,000
 
5.000%, 11/01/27 – NPFG Insured
11/14 at 100.00
Aa2
 
2,035,720
 
 
2,000
 
5.000%, 11/01/28 – NPFG Insured
11/14 at 100.00
Aa2
 
2,049,680
 
 
2,480
 
University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 – AMBAC Insured
12/13 at 100.00
Aa2
 
2,492,425
 
 
12,225
 
Total Arkansas
     
12,705,672
 
     
California – 23.5% (15.1% of Total Investments)
         
 
22,880
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 – NPFG Insured
No Opt. Call
A
 
4,454,736
 
 
20
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
 
22,908
 
 
1,980
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 – NPFG Insured
12/14 at 100.00
AAA
 
2,129,886
 
 
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 – NPFG Insured
10/15 at 100.00
Aa3
 
1,280,136
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
 
10,177,000
 
 
3,175
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/35 – FGIC Insured
8/12 at 26.19
A+
 
539,814
 
 
31,200
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
7/11 at 26.24
Baa1
 
4,234,464
 
 
1,735
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
9/15 at 100.00
A
 
1,543,317
 
 
7,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
 
5,979,330
 
 
1,870
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
AA+
 
909,138
 
 
54
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
6,520
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 5.000%, 7/01/22 – AMBAC Insured
7/15 at 100.00
Aa2
$
6,840,458
 
 
4,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
7/16 at 100.00
Aa2
 
4,150,160
 
 
3,500
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presybterian, Series 2011A, 5.875%, 12/01/30
12/21 at 100.00
AA
 
3,623,970
 
 
15,000
 
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/30 (Pre-refunded 8/01/13) – FGIC Insured
8/13 at 100.00
AAA
 
16,554,748
 
 
1,750
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
8/13 at 100.00
AAA
 
1,829,573
 
 
8,250
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured
8/13 at 100.00
AAA
 
8,276,895
 
 
1,435
 
Pasadena Area Community College District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
AA+ (4)
 
1,568,541
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
AA+
 
578,268
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
6/11 at 101.00
N/R
 
735,669
 
     
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
AA+
 
1,716,440
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
AA+
 
732,362
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
         
 
3,825
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa1
 
528,347
 
 
26,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
Baa1
 
3,036,203
 
 
2,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
8/14 at 100.00
BBB+
 
1,902,020
 
 
7,845
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB+
 
5,440,664
 
 
5,000
 
Torrance, California, Certificates of Participation, Refunding Series 2005B, 5.000%, 6/01/24 – AMBAC Insured
No Opt. Call
AA
 
5,017,650
 
 
12,500
 
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
AA+
 
12,392,500
 
 
3,900
 
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
8/21 at 100.00
AA+
 
4,105,296
 
 
188,515
 
Total California
     
110,300,493
 
     
Colorado – 10.3% (6.6% of Total Investments)
         
 
1,940
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams School District 12 – Pinnacle School, Series 2003, 5.250%, 6/01/23 – SYNCORA GTY Insured
6/13 at 100.00
A
 
1,952,397
 
 
3,405
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
12/13 at 100.00
A
 
3,427,882
 
 
16,095
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
 
17,712,224
 
 
125
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 – AGM Insured
12/13 at 100.00
AA+
 
135,761
 
 
5,600
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
AA+ (4)
 
6,217,456
 
 
12,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
 
2,706,960
 
 
Nuveen Investments
 
55

 
 

 
   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
         
$
1,325
 
El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series 2002B, 5.000%, 12/01/27 – AMBAC Insured
12/12 at 100.00
AA–
$
1,332,977
 
     
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
         
 
2,500
 
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
2,854,700
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
5,852,135
 
 
2,000
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
2,283,760
 
 
2,640
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (WI/DD, Settling 5/12/11) – AGM Insured
12/20 at 100.00
Aa3
 
2,618,537
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
1,014,640
 
 
53,755
 
Total Colorado
     
48,109,429
 
     
District of Columbia – 0.2% (0.1% of Total Investments)
         
 
1,065
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
883,748
 
     
Florida – 5.8% (3.7% of Total Investments)
         
 
1,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
No Opt. Call
AA+
 
1,065,300
 
 
4,000
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
6/13 at 101.00
AAA
 
4,165,480
 
 
10,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
No Opt. Call
AA+
 
9,699,100
 
 
6,350
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 – AGM Insured
11/16 at 100.00
AA+
 
6,333,808
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
7/15 at 100.00
AA+
 
5,726,006
 
 
27,070
 
Total Florida
     
26,989,694
 
     
Georgia – 5.3% (3.4% of Total Investments)
         
 
5,600
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
5,345,424
 
 
1,535
 
Cherokee County Water and Sewerage Authority, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 2010, 4.000%, 8/01/26
8/20 at 100.00
Aa2
 
1,515,076
 
 
4,000
 
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 – NPFG Insured
7/14 at 100.00
A1
 
4,038,880
 
 
1,475
 
Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 5/01/23 – NPFG Insured
5/14 at 100.00
Aa2
 
1,535,549
 
     
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
         
 
1,775
 
5.000%, 11/01/21 – NPFG Insured
11/13 at 100.00
A1
 
1,837,906
 
 
2,580
 
5.000%, 11/01/22 – NPFG Insured
11/13 at 100.00
A1
 
2,666,301
 
 
4,500
 
South Fulton Municipal Regional Water and Sewerage Authority, Georgia, Water Revenue Bonds, Refunding Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
N/R (4)
 
4,833,225
 
 
3,000
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2002, 5.200%,
10/12 at 101.00
A+
 
3,036,240
 
         10/01/22 – AMBAC Insured          
 
24,465
 
Total Georgia
     
24,808,601
 
     
Hawaii – 4.8% (3.1% of Total Investments)
         
 
2,375
 
Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/19 – AGM Insured
7/13 at 100.00
AA+
 
2,543,768
 
 
20,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Refunding Bonds, Hawaiian Electric Company Inc., Series 2000, 5.700%, 7/01/20 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 100.00
Baa1
 
19,952,995
 
 
22,375
 
Total Hawaii
     
22,496,763
 
 
56
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Idaho – 0.0% (0.0% of Total Investments)
         
$
210
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1998E, 5.450%, 7/01/18 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 100.00
Aaa
$
215,634
 
     
Illinois – 6.0% (3.9% of Total Investments)
         
 
1,015
 
Chicago Park District, Illinois, Limited Tax General Obligation Park Bonds, Series 2001C, 5.500%, 1/01/18 – FGIC Insured
7/11 at 100.00
AA
 
1,022,085
 
 
8,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
No Opt. Call
AA+
 
7,935,120
 
     
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A:
         
 
670
 
6.125%, 4/01/12 – AGM Insured (ETM)
No Opt. Call
AA+ (4)
 
698,736
 
 
5,045
 
6.250%, 4/01/18 – AGM Insured (ETM)
No Opt. Call
AA+ (4)
 
6,073,726
 
 
1,950
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
No Opt. Call
AAA (4)
 
2,273,232
 
 
4,000
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
 
3,849,040
 
 
19,700
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
 
1,977,880
 
 
5,725
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
6/22 at 101.00
AAA
 
4,194,765
 
 
110
 
Peoria, Moline and Freeport, Illinois, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative Minimum Tax)
10/11 at 100.00
AA+
 
111,671
 
 
46,215
 
Total Illinois
     
28,136,255
 
     
Indiana – 4.8% (3.1% of Total Investments)
         
     
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
         
 
2,105
 
5.000%, 8/01/23 – AGM Insured
8/14 at 100.00
Aaa
 
2,235,763
 
 
2,215
 
5.000%, 8/01/24 – AGM Insured
8/14 at 100.00
Aaa
 
2,337,933
 
 
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
AA
 
9,298,900
 
 
3,730
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
3,470,467
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA+
 
5,090,350
 
 
23,050
 
Total Indiana
     
22,433,413
 
     
Kansas – 0.3% (0.2% of Total Investments)
         
 
1,250
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%,
9/14 at 101.00
AA+
 
1,302,588
 
         9/01/27 – AGM Insured          
     
Kentucky – 1.1% (0.7% of Total Investments)
         
 
6,010
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
No Opt. Call
A–
 
1,935,641
 
 
3,040
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2005B, 5.000%, 7/01/25 – AMBAC Insured
7/15 at 100.00
AA+
 
3,070,552
 
 
9,050
 
Total Kentucky
     
5,006,193
 
     
Louisiana – 6.2% (4.0% of Total Investments)
         
 
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
10/20 at 100.00
AA+
 
4,923,500
 
 
3,940
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Baa1
 
3,996,539
 
 
Nuveen Investments
 
57

 
 

 
   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Louisiana (continued)
         
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
         
$
1,010
 
5.000%, 5/01/25 – FGIC Insured
5/15 at 100.00
Aa1
$
1,050,754
 
 
2,210
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
 
2,288,146
 
 
2,500
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
 
2,578,150
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
1,320
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
1,275,371
 
 
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
AA
 
13,048,909
 
 
30,245
 
Total Louisiana
     
29,161,369
 
     
Maryland – 0.8% (0.5% of Total Investments)
         
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
Baa3
 
1,650,562
 
 
2,495
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
7/16 at 100.00
Baa1
 
2,236,718
 
 
4,360
 
Total Maryland
     
3,887,280
 
     
Massachusetts – 3.8% (2.5% of Total Investments)
         
 
3,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA
 
3,045,150
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
 
2,925,900
 
 
290
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 101.00
N/R
 
211,451
 
 
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.300%, 8/15/37 – AMBAC Insured (IF)
8/17 at 100.00
AA+
 
3,412,139
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
         
 
3,650
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
4,062,596
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
2,226,080
 
 
2,050
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
No Opt. Call
AA+
 
2,136,059
 
 
17,325
 
Total Massachusetts
     
18,019,375
 
     
Michigan – 0.7% (0.4% of Total Investments)
         
 
3,170
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1997A, 6.000%, 4/01/16 – AMBAC Insured (Alternative Minimum Tax)
10/11 at 100.00
AA
 
3,174,533
 
     
Minnesota – 0.2% (0.1% of Total Investments)
         
 
795
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured
8/11 at 100.00
AA+
 
798,196
 
     
Missouri – 0.5% (0.3% of Total Investments)
         
 
1,000
 
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
3/16 at 100.00
Aa1
 
1,084,410
 
 
355
 
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16 – AGM Insured (Alternative Minimum Tax)
6/11 at 100.00
AAA
 
355,543
 
 
750
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured
10/13 at 100.00
A–
 
742,988
 
 
2,105
 
Total Missouri
     
2,182,941
 
 
58
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Nebraska – 0.5% (0.3% of Total Investments)
         
$
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA+
$
1,036,100
 
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.815%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
 
1,143,617
 
 
1,865
 
Total Nebraska
     
2,179,717
 
     
Nevada – 3.7% (2.4% of Total Investments)
         
 
5,000
 
Clark County, Nevada, Industrial Development Revenue Bonds, Southwest Gas Corporation, Series 2000C, 5.950%, 12/01/38 – AMBAC Insured (Alternative Minimum Tax)
7/11 at 101.00
Baa2
 
4,946,200
 
 
7,545
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA+
 
7,111,238
 
 
3,280
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/24 – FGIC Insured
7/14 at 100.00
Aa3
 
3,318,507
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
5,055
 
0.000%, 1/01/27 – AMBAC Insured
No Opt. Call
D
 
490,032
 
 
5,500
 
5.625%, 1/01/32 – AMBAC Insured (5)
1/12 at 100.00
N/R
 
1,379,785
 
 
26,380
 
Total Nevada
     
17,245,762
 
     
New Jersey – 9.6% (6.1% of Total Investments)
         
     
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
         
 
1,275
 
5.125%, 10/01/21 – NPFG Insured
10/14 at 100.00
Aa2
 
1,331,113
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
 
2,337,863
 
 
1,560
 
Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 – NPFG Insured
1/15 at 100.00
Aa2
 
1,630,356
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
         
 
1,475
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
 
1,498,453
 
 
1,475
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
1,491,048
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
AA+
 
3,466,140
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
AA–
 
4,645,250
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
AA–
 
1,719,900
 
 
12,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
12/17 at 100.00
AA+
 
12,379,498
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
10,911,100
 
 
3,315
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured (UB)
1/15 at 100.00
AA+
 
3,403,046
 
 
71,925
 
Total New Jersey
     
44,813,767
 
     
New Mexico – 1.0% (0.6% 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
 
1,529,573
 
 
1,050
 
5.000%, 6/01/24 – AMBAC Insured
6/14 at 100.00
AAA
 
1,093,953
 
 
2,000
 
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 – NPFG Insured
6/15 at 100.00
Aa2
 
2,080,420
 
 
4,465
 
Total New Mexico
     
4,703,946
 
 
Nuveen Investments
 
59
 
 
 

 
   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New York – 10.2% (6.6% of Total Investments)
         
$
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
BBB
$
1,147,944
 
 
5,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
AAA
 
5,171,800
 
 
7,435
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
7/20 at 100.00
AA+
 
7,562,956
 
 
1,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
3/15 at 100.00
AAA
 
1,064,630
 
 
4,055
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
3,086,017
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
         
 
10,675
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
A–
 
11,150,251
 
 
5,000
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A–
 
5,167,500
 
 
2,700
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A–
 
2,426,274
 
 
5,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured
11/14 at 100.00
AA+
 
5,365,050
 
 
1,540
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.016%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
 
1,555,954
 
 
495
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/11 at 100.00
AA+
 
495,559
 
 
3,770
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/25 – AGM Insured
7/15 at 100.00
AA+
 
3,893,581
 
 
47,790
 
Total New York
     
48,087,516
 
     
North Carolina – 2.3% (1.5% of Total Investments)
         
 
1,250
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 – NPFG Insured
7/15 at 100.00
Aa3
 
1,264,800
 
 
1,780
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2009-43W, 13.305%, 7/01/38 (IF) (6)
7/20 at 100.00
AAA
 
1,907,893
 
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
         
 
2,225
 
5.000%, 5/01/23 – FGIC Insured
5/14 at 100.00
AA–
 
2,289,970
 
 
2,335
 
5.000%, 5/01/24 – FGIC Insured
5/14 at 100.00
AA–
 
2,393,655
 
 
2,900
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/21 – AMBAC Insured
5/15 at 100.00
Aa3
 
3,055,382
 
 
10,490
 
Total North Carolina
     
10,911,700
 
     
Ohio – 1.6% (1.0% of Total Investments)
         
 
7,825
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
 
6,766,512
 
 
700
 
Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 – AMBAC Insured
12/13 at 100.00
AA+
 
741,265
 
 
8,525
 
Total Ohio
     
7,507,777
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
         
 
1,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
 
1,558,785
 
     
Oregon – 0.3% (0.2% of Total Investments)
         
 
1,520
 
Portland Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Lovejoy Station Apartments, Series 2000, 6.000%, 7/01/33 – NPFG Insured (Alternative Minimum Tax)
7/11 at 100.00
Baa1
 
1,520,547
 
 
60
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania – 9.5% (6.1% of Total Investments)
         
$
2,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
$
2,069,200
 
 
4,235
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
 
4,413,082
 
 
1,750
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
1,728,860
 
 
1,015
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
 
1,021,161
 
 
5,235
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
5/15 at 100.00
A
 
5,285,989
 
 
4,585
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
4,305,178
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
1,085,175
 
     
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
         
 
5,235
 
5.000%, 9/01/24 – AGM Insured
9/14 at 100.00
AA+
 
5,309,808
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
9/14 at 100.00
AA+
 
3,037,020
 
 
2,985
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
 
2,765,603
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
 
1,483,596
 
 
2,360
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
7/11 at 100.00
AAA
 
2,423,130
 
 
3,785
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 – AGM Insured (UB)
1/16 at 100.00
AA+
 
3,930,193
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
6/15 at 100.00
Aa3
 
1,503,917
 
 
3,650
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
3,974,704
 
 
43,765
 
Total Pennsylvania
     
44,336,616
 
     
Puerto Rico – 1.5% (1.0% of Total Investments)
         
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A3
 
2,519,475
 
 
4,705
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
8/20 at 100.00
AA+
 
4,476,290
 
 
7,205
 
Total Puerto Rico
     
6,995,765
 
     
South Carolina – 0.4% (0.3% of Total Investments)
         
 
1,955
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA+
 
1,999,359
 
     
Texas – 11.9% (7.6% of Total Investments)
         
     
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
         
 
3,475
 
5.000%, 7/15/22 – AGM Insured (UB)
7/14 at 100.00
AA+
 
3,711,821
 
 
3,645
 
5.000%, 7/15/23 – AGM Insured (UB)
7/14 at 100.00
AA+
 
3,867,345
 
 
10,000
 
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
10/17 at 100.00
AAA
 
9,999,700
 
 
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
5/11 at 100.00
A+
 
11,957,623
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
A1
 
4,698,850
 
 
Nuveen Investments
 
61
 
 
 

 
   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
500
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
AA+
$
532,380
 
 
4,485
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 – AGM Insured
5/12 at 100.00
AA+
 
4,622,017
 
 
10,000
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 – AMBAC Insured
5/13 at 100.00
A
 
9,752,000
 
 
4,151
 
Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42
7/12 at 105.00
Aaa
 
4,276,360
 
 
85
 
Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%, 3/15/18 – AGM Insured
No Opt. Call
AA+
 
87,827
 
 
2,215
 
Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%, 3/15/18 (Pre-refunded 3/15/12) – AGM Insured
3/12 at 100.00
AA+ (4)
 
2,300,654
 
 
56,056
 
Total Texas
     
55,806,577
 
     
Utah – 2.4% (1.6% of Total Investments)
         
 
8,600
 
Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/18 – AGM Insured (UB)
7/13 at 100.00
AA+
 
9,164,676
 
 
2,385
 
Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 – NPFG Insured
12/13 at 100.00
A+
 
2,243,307
 
 
10,985
 
Total Utah
     
11,407,983
 
     
Vermont – 0.3% (0.2% of Total Investments)
         
 
1,320
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Fletcher Allen Health Care Inc., Series 2000A, 6.000%, 12/01/23 – AMBAC Insured
6/11 at 101.00
Baa1
 
1,331,986
 
     
Virginia – 2.8% (1.8% of Total Investments)
         
     
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
         
 
5,880
 
5.000%, 6/15/20 – NPFG Insured
6/15 at 100.00
A
 
6,137,838
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
6/15 at 100.00
A
 
5,163,100
 
     
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
         
 
1,150
 
5.250%, 12/15/22 – AGM Insured
6/14 at 100.00
AA+
 
1,246,715
 
 
500
 
5.250%, 12/15/23 – AGM Insured
6/14 at 100.00
AA+
 
542,050
 
 
12,530
 
Total Virginia
     
13,089,703
 
     
Washington – 7.3% (4.7% of Total Investments)
         
 
10,000
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 – NPFG Insured (Alternative Minimum Tax)
7/11 at 101.00
AA
 
9,848,000
 
 
1,370
 
Clark County School District 101, La Center, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 (Pre-refunded 12/01/12) – AGM Insured
12/12 at 100.00
Aa1 (4)
 
1,468,750
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
 
3,000,570
 
 
1,545
 
Tacoma, Washington, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – NPFG Insured
12/14 at 100.00
AA
 
1,640,744
 
 
3,950
 
Washington State Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, Series 1998, 5.125%, 11/15/22 – AMBAC Insured
5/11 at 100.00
A2
 
3,950,830
 
 
6,200
 
Washington State, General Obligation Purpose Bonds, Series 2003A, 5.000%, 7/01/20 (Pre-refunded 7/01/12) – FGIC Insured
7/12 at 100.00
AA+ (4)
 
6,534,304
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
AA+
 
8,027,490
 
 
36,920
 
Total Washington
     
34,470,688
 
 
62
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
West Virginia – 1.7% (1.1% of Total Investments)
         
$
8,000
 
Pleasants County, West Virginia, Pollution Control Revenue Bonds, Monongahela Power Company Pleasants Station Project, Series 1995C, 6.150%, 5/01/15 – AMBAC Insured
11/11 at 100.00
BBB–
$
8,012,000
 
     
Wisconsin – 2.4% (1.6% of Total Investments)
         
 
7,000
 
La Crosse, Wisconsin, Resource Recovery Revenue Refunding Bonds, Northern States Power Company Project, Series 1996, 6.000%, 11/01/21 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
Aaa
 
7,501,620
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
5/16 at 100.00
AA
 
3,914,072
 
 
10,775
 
Total Wisconsin
     
11,415,692
 
$
874,791
 
Total Investments (cost $748,473,452) – 155.6%
     
729,629,401
 
     
Floating Rate Obligations – (12.4)%
     
(57,980,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (46.7)% (7)
     
(219,000,000
     
Other Assets Less Liabilities – 3.5%
     
16,333,012
 
     
Net Assets Applicable to Common Shares – 100%
   
$
468,982,413
 

   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
Nuveen Investments
 
63
 
 
 

 
   
Nuveen Insured Dividend Advantage Municipal Fund
NVG
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 150.6% (99.8% of Total Investments)
         
     
Alabama – 2.1% (1.4% of Total Investments)
         
$
5,310
 
Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5.300%, 5/01/32 (Pre-refunded 5/01/12) – NPFG Insured
5/12 at 101.00
A+ (4)
$
5,620,316
 
 
3,045
 
Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 (Pre-refunded 3/01/12) – NPFG Insured
3/12 at 101.00
AA+ (4)
 
3,194,449
 
 
8,355
 
Total Alabama
     
8,814,765
 
     
Alaska – 3.8% (2.5% of Total Investments)
         
 
15,000
 
Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 100.00
Aa3 (4)
 
16,011,750
 
     
Arizona – 2.3% (1.5% of Total Investments)
         
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
 
4,823,200
 
 
6,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
 
5,108,340
 
 
11,000
 
Total Arizona
     
9,931,540
 
     
California – 12.8% (8.5% of Total Investments)
         
 
2,000
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
A–
 
1,076,540
 
 
6,160
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
No Opt. Call
AA+
 
1,702,870
 
     
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
         
 
1,485
 
5.000%, 10/01/26 – NPFG Insured
10/15 at 100.00
Aa3
 
1,509,354
 
 
1,565
 
5.000%, 10/01/27 – NPFG Insured
10/15 at 100.00
Aa3
 
1,583,185
 
 
2,000
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/33 – FGIC Insured
8/12 at 29.17
A+
 
408,160
 
 
2,425
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
9/15 at 100.00
A
 
2,157,086
 
 
18,665
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
 
15,943,456
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
         
 
365
 
5.125%, 6/01/47
6/17 at 100.00
Baa3
 
222,705
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
Baa3
 
678,860
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
AA+
 
798,209
 
 
7,935
 
Los Angeles, California, Certificates of Participation, Series 2002, 5.300%, 4/01/32 – AMBAC Insured
4/12 at 100.00
A+
 
7,894,928
 
 
2,220
 
Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 – NPFG Insured
7/11 at 100.00
A
 
2,130,423
 
     
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A:
         
 
5,905
 
0.000%, 8/01/26 – AGC Insured
No Opt. Call
AA+
 
2,235,338
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA+
 
713,197
 
 
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA+
 
1,647,533
 
 
2,320
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001P, 5.250%, 8/15/18 – AGM Insured
8/11 at 100.00
AA+
 
2,345,566
 
 
64
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
     
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A:
         
$
1,000
 
3.000%, 6/15/25 – AGM Insured
6/17 at 100.00
AA+
$
836,940
 
 
1,180
 
3.000%, 6/15/26 – AGM Insured
6/17 at 100.00
AA+
 
962,833
 
 
6,820
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB+
 
4,729,806
 
 
4,275
 
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
7/14 at 102.00
Aa1
 
3,494,129
 
 
1,690
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA
 
1,696,287
 
 
75,895
 
Total California
     
54,767,405
 
     
Colorado – 5.7% (3.7% of Total Investments)
         
 
17,300
 
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 – NPFG Insured
8/15 at 100.00
BBB
 
17,452,932
 
 
750
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured
10/16 at 100.00
BBB
 
661,260
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
Baa1
 
5,999,640
 
 
35,050
 
Total Colorado
     
24,113,832
 
     
District of Columbia – 1.6% (1.0% of Total Investments)
         
 
6,805
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
4/17 at 100.00
A–
 
5,861,555
 
 
935
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1601, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
775,872
 
 
7,740
 
Total District of Columbia
     
6,637,427
 
     
Florida – 12.0% (8.0% of Total Investments)
         
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
         
 
2,305
 
5.250%, 12/01/17 – NPFG Insured
12/13 at 100.00
A–
 
2,413,773
 
 
1,480
 
5.250%, 12/01/18 – NPFG Insured
12/13 at 100.00
A–
 
1,539,659
 
 
11,600
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
AA+
 
11,719,596
 
 
8,155
 
Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 2001, 5.625%, 10/01/13 – NPFG Insured (Alternative Minimum Tax)
10/11 at 100.00
A3
 
8,278,222
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
         
 
7,165
 
5.625%, 10/01/15 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
7,496,310
 
 
5,600
 
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
5,839,792
 
 
10,000
 
5.125%, 10/01/21 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
10,176,300
 
 
2,000
 
5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
 
2,033,000
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
 
891,610
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
 
1,010,620
 
 
50,305
 
Total Florida
     
51,398,882
 
     
Georgia – 2.3% (1.5% of Total Investments)
         
 
6,925
 
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured
12/15 at 100.00
Aa2
 
6,989,680
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA+
 
1,035,880
 
 
1,695
 
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002B-2, 5.500%, 6/01/32 (Alternative Minimum Tax)
12/11 at 100.00
AAA
 
1,695,492
 
 
9,620
 
Total Georgia
     
9,721,052
 
 
Nuveen Investments
 
65
 
 
 

 
   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Idaho – 1.0% (0.7% of Total Investments)
         
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
         
$
3,000
 
5.000%, 7/15/23 – NPFG Insured
7/16 at 100.00
Aa2
$
3,168,870
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
 
1,183,268
 
 
4,130
 
Total Idaho
     
4,352,138
 
     
Illinois – 11.8% (7.8% of Total Investments)
         
 
10,000
 
Bolingbrook, Illinois, General Obligation Bonds, Series 2002A, 5.375%, 1/01/38 (Pre-refunded 1/01/12) – FGIC Insured
1/12 at 100.00
Aa3 (4)
 
10,342,900
 
 
1,305
 
Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 – NPFG Insured
1/12 at 100.00
Aa3
 
1,222,707
 
      Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001C:          
 
4,250
 
5.500%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
 
4,304,188
 
 
4,485
 
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
 
4,533,214
 
 
4,730
 
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
 
4,771,151
 
 
2,930
 
5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
 
2,951,418
 
 
3,600
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A1
 
3,713,148
 
 
3,000
 
Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 2002A, 5.750%, 1/01/17 – NPFG Insured (Alternative Minimum Tax)
1/12 at 100.00
A1
 
3,037,170
 
 
4,000
 
Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 2002, 5.000%, 12/01/21 – NPFG Insured
12/12 at 101.00
Baa1
 
4,055,120
 
 
480
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C, 5.250%, 10/01/22 – AGM Insured
10/13 at 100.00
Aa3
 
511,176
 
     
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C:
         
 
770
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
Aa3 (4)
 
853,899
 
 
250
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
Aa3 (4)
 
277,240
 
 
3,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
 
3,367,910
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
         
 
25,000
 
0.000%, 6/15/44 – AGM Insured
No Opt. Call
AAA
 
2,693,500
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
 
1,753,486
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2010B-2, Tender Option Bond Trust 3861, 13.454%, 6/15/42 (IF) (5)
6/20 at 100.00
AAA
 
1,905,085
 
 
89,100
 
Total Illinois
     
50,293,312
 
     
Indiana – 14.5% (9.6% of Total Investments)
         
 
3,380
 
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 – AMBAC Insured
7/13 at 100.00
A1
 
3,512,969
 
     
Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment District, Series 2002D:
         
 
5,075
 
5.250%, 4/01/26 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AA (4)
 
5,305,456
 
 
7,000
 
5.250%, 4/01/30 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AA (4)
 
7,317,870
 
 
10,000
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital, Series 2002, 5.250%, 7/01/32 – AMBAC Insured
7/12 at 100.00
A+
 
9,520,700
 
 
3,215
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
2,991,300
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA+
 
5,090,350
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
7/12 at 100.00
AAA
 
21,141,597
 
 
6,960
 
Valparaiso Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series 2002, 5.000%, 7/15/24 – NPFG Insured
1/13 at 100.00
AA+
 
7,187,592
 
 
60,630
 
Total Indiana
     
62,067,834
 
 
66
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Kansas – 0.8% (0.5% of Total Investments)
         
$
3,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
No Opt. Call
AA
$
3,365,775
 
     
Kentucky – 0.6% (0.4% of Total Investments)
         
 
2,415
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
AA+
 
2,721,246
 
     
Louisiana – 4.2% (2.8% of Total Investments)
         
 
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
10/20 at 100.00
AA+
 
4,923,500
 
 
1,325
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
Baa1
 
1,344,014
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
770
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
743,966
 
 
8,270
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
7,564,983
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.646%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
 
2,199
 
 
3,085
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 – NPFG Insured
9/12 at 100.00
A3
 
3,122,329
 
 
18,453
 
Total Louisiana
     
17,700,991
 
     
Massachusetts – 0.8% (0.6% of Total Investments)
         
 
1,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA
 
1,015,050
 
 
2,775
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
 
2,536,128
 
 
3,775
 
Total Massachusetts
     
3,551,178
 
     
Michigan – 0.3% (0.2% of Total Investments)
         
 
1,500
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
 
1,406,430
 
     
Minnesota – 0.5% (0.3% of Total Investments)
         
 
1,970
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
AA+
 
2,175,254
 
     
Missouri – 0.4% (0.3% of Total Investments)
         
 
1,600
 
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 – AGM Insured
3/14 at 100.00
AA+
 
1,748,896
 
     
Nebraska – 2.0% (1.3% of Total Investments)
         
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32
9/15 at 100.00
AA
 
6,484,974
 
     
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:
         
 
1,000
 
5.250%, 4/01/20 – AGM Insured
4/13 at 100.00
AA+
 
1,063,900
 
 
1,000
 
5.250%, 4/01/21 – AGM Insured
4/13 at 100.00
AA+
 
1,051,860
 
 
8,360
 
Total Nebraska
     
8,600,734
 
     
Nevada – 1.5% (1.0% of Total Investments)
         
 
6,600
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA+
 
6,220,566
 
     
New Jersey – 0.9% (0.6% of Total Investments)
         
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
A+
 
2,324,322
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
1,309,332
 
 
3,350
 
Total New Jersey
     
3,633,654
 
 
Nuveen Investments
 
67
 
 
 

 
   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
New York – 5.9% (3.9% of Total Investments)
         
$
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
BBB
$
1,147,944
 
 
3,660
 
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 – AMBAC Insured
2/15 at 100.00
AA–
 
3,799,080
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
         
 
1,335
 
13.315%, 2/15/33 (IF)
2/19 at 100.00
AAA
 
1,346,254
 
 
2,000
 
13.326%, 2/15/33 (IF)
2/19 at 100.00
AAA
 
2,016,860
 
 
3,130
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
2,382,055
 
 
2,400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A–
 
2,156,688
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
A
 
477,322
 
 
10,265
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/30 – AGM Insured
11/12 at 100.00
AA+
 
10,267,772
 
 
1,435
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
3/19 at 100.00
AA+
 
1,560,821
 
 
25,825
 
Total New York
     
25,154,796
 
     
North Carolina – 0.6% (0.4% of Total Investments)
         
 
2,080
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 – AGM Insured
10/13 at 100.00
AA+
 
2,112,760
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
6/19 at 100.00
AA+
 
559,548
 
 
2,620
 
Total North Carolina
     
2,672,308
 
     
Ohio – 0.5% (0.3% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
65
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
 
50,223
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
512,364
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
471,965
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
1,059,263
 
 
3,030
 
Total Ohio
     
2,093,815
 
     
Oklahoma – 0.4% (0.3% of Total Investments)
         
 
2,000
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
A
 
1,878,580
 
     
Oregon – 1.6% (1.1% of Total Investments)
         
 
3,000
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33
5/19 at 100.00
AAA
 
3,095,130
 
     
Oregon, General Obligation Veterans Welfare Bonds, Series 82:
         
 
2,605
 
5.375%, 12/01/31
12/11 at 100.00
AA+
 
2,616,097
 
 
1,235
 
5.500%, 12/01/42
12/11 at 100.00
AA+
 
1,238,446
 
 
6,840
 
Total Oregon
     
6,949,673
 
     
Pennsylvania – 4.9% (3.2% of Total Investments)
         
 
4,500
 
Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
BBB+
 
4,675,860
 
 
1,050
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
 
1,037,316
 
 
4,130
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
3,877,946
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
1,085,175
 
 
68
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
6,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
$
4,753,140
 
 
2,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – AGM Insured
11/13 at 100.00
AA+
 
2,109,360
 
 
2,000
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – AGM Insured (UB)
1/16 at 100.00
AA+
 
2,183,440
 
 
1,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
1,088,960
 
 
21,730
 
Total Pennsylvania
     
20,811,197
 
     
Puerto Rico – 0.4% (0.3% of Total Investments)
         
 
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
 
1,235,633
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
 
629,350
 
 
6,225
 
Total Puerto Rico
     
1,864,983
 
     
South Carolina – 1.5% (1.0% of Total Investments)
         
 
1,950
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA+
 
1,994,246
 
     
Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003:
         
 
1,000
 
5.500%, 4/01/17 – NPFG Insured
4/13 at 100.00
A–
 
1,077,000
 
 
2,300
 
5.000%, 4/01/21 – NPFG Insured
4/13 at 100.00
A–
 
2,396,186
 
 
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 – AGM Insured
10/15 at 100.00
AA+
 
1,050,600
 
 
6,250
 
Total South Carolina
     
6,518,032
 
     
Tennessee – 10.0% (6.6% of Total Investments)
         
     
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
         
 
1,495
 
5.000%, 10/01/19 – AGM Insured
10/14 at 100.00
AA+
 
1,633,796
 
 
1,455
 
5.000%, 10/01/20 – AGM Insured
10/14 at 100.00
AA+
 
1,582,851
 
 
1,955
 
5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
 
2,099,807
 
 
10,000
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
Aa2 (4)
 
10,694,700
 
 
10,000
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
Aa2 (4)
 
10,679,100
 
 
15,195
 
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2002A, 5.250%, 5/01/32 (Pre-refunded 5/01/12) – AGM Insured
5/12 at 100.00
AA+ (4)
 
15,944,721
 
 
40,100
 
Total Tennessee
     
42,634,975
 
     
Texas – 24.2% (16.1% of Total Investments)
         
 
3,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
3,584,000
 
 
10,000
 
Gainesville Hospital District, Texas, Limited Tax General Obligation Bonds, Series 2002, 5.375%, 8/15/32 (Pre-refunded 8/15/11) – NPFG Insured
8/11 at 100.00
A3 (4)
 
10,146,300
 
 
1,210
 
Galveston, Texas, General Obligation Bonds, Series 2001, 5.250%, 5/01/21 – AMBAC Insured
7/11 at 100.00
Aa3
 
1,213,461
 
     
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003:
         
 
2,240
 
5.000%, 11/15/16 – NPFG Insured
11/13 at 100.00
AA
 
2,354,330
 
 
2,355
 
5.000%, 11/15/17 – NPFG Insured
11/13 at 100.00
AA
 
2,449,035
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Series 2007C, Trust 3418, 13.871%, 8/15/27 – AGM Insured (IF)
No Opt. Call
AAA
 
5,248,553
 
 
13,000
 
Houston Area Water Corporation, Texas, Contract Revenue Bonds, Northeast Water Purification Plant, Series 2002, 5.125%, 3/01/32 (Pre-refunded 3/01/12) – FGIC Insured
3/12 at 100.00
N/R (4)
 
13,525,330
 
 
1,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
 
1,069,170
 
 
Nuveen Investments
 
69
 
 
 

 
   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:
         
$
2,590
 
0.000%, 9/01/43
9/31 at 100.00
AA
$
1,215,150
 
 
3,910
 
0.000%, 9/01/45
9/31 at 100.00
AA
 
2,116,288
 
 
4,345
 
San Antonio, Texas, Water System Senior Lien Revenue Refunding Bonds, Series 2002, 5.500%, 5/15/17 – AGM Insured
5/12 at 100.00
AA+
 
4,522,319
 
 
4,925
 
Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax)
7/11 at 100.00
AAA
 
4,836,793
 
 
6,985
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
3/12 at 100.00
AAA
 
6,990,448
 
     
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002:
         
 
3,520
 
5.125%, 11/01/20 – NPFG Insured
5/12 at 100.00
Baa1
 
3,270,362
 
 
3,520
 
5.125%, 11/01/21 – NPFG Insured
5/12 at 100.00
Baa1
 
3,193,062
 
     
Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A:
         
 
9,400
 
5.375%, 1/01/23 – NPFG Insured
1/12 at 102.00
Baa1
 
7,096,060
 
 
11,665
 
5.500%, 1/01/33 – NPFG Insured
1/12 at 102.00
Baa1
 
7,727,479
 
 
5,000
 
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
7/11 at 100.00
AAA
 
5,018,400
 
 
9,145
 
Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A-1, 5.250%, 12/01/22 (Pre-refunded 6/01/12) (Alternative Minimum Tax) (UB)
6/12 at 100.00
Aaa
 
9,551,587
 
     
Williamson County, Texas, General Obligation Bonds, Series 2002:
         
 
3,000
 
5.250%, 2/15/22 (Pre-refunded 2/15/12) – AGM Insured
2/12 at 100.00
AAA
 
3,118,230
 
 
5,000
 
5.250%, 2/15/25 (Pre-refunded 2/15/12) – AGM Insured
2/12 at 100.00
AAA
 
5,197,050
 
 
110,390
 
Total Texas
     
103,443,407
 
     
Utah – 1.2% (0.8% of Total Investments)
         
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 13.226%, 12/15/15 – AGM Insured (IF)
No Opt. Call
AAA
 
5,051,816
 
     
Washington – 15.8% (10.5% of Total Investments)
         
 
5,265
 
Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 – AMBAC Insured
7/16 at 100.00
A
 
5,113,157
 
 
3,235
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 (Pre-refunded 7/01/12) – AGM Insured
7/12 at 100.00
AA+ (4)
 
3,422,662
 
 
3,365
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 – AGM Insured
7/12 at 100.00
AA+
 
3,531,433
 
 
7,675
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 – NPFG Insured
7/12 at 100.00
Aaa
 
8,097,279
 
 
2,500
 
Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
Aa2
 
2,625,500
 
 
2,200
 
Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 – AGM Insured
12/13 at 100.00
AA+
 
2,394,656
 
 
3,255
 
Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
Aa1 (4)
 
3,565,006
 
 
10,000
 
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 – AMBAC Insured (UB)
6/17 at 100.00
Aaa
 
10,127,800
 
     
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
Aa3
 
2,092,580
 
 
4,325
 
5.125%, 6/01/22 – AMBAC Insured
6/12 at 100.00
Aa3
 
4,436,369
 
 
15,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured
8/13 at 102.00
N/R
 
13,119,750
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.293%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
 
3,602,434
 
 
5,170
 
Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/20 (Pre-refunded 6/01/12) – AGM Insured
6/12 at 100.00
Aa1 (4)
 
5,428,190
 
 
67,325
 
Total Washington
     
67,556,816
 
 
70
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 1.7% (1.1% of Total Investments)
         
$
6,950
 
Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
AA+ (4)
$
7,336,559
 
$
722,498
 
Total Municipal Bonds (cost $640,257,374)
     
643,201,618
 

 
Shares
 
Description (1)
     
Value
 
     
Investment Companies – 0.3% (0.2% of Total Investments)
         
 
13,600
 
BlackRock MuniEnhanced Fund Inc.
   
$
135,864
 
 
8,134
 
BlackRock MuniHoldings Fund Inc.
     
118,024
 
 
7,920
 
Dreyfus Strategic Municipal Fund
     
62,251
 
 
3,500
 
DWS Municipal Income Trust
     
40,985
 
 
9,668
 
Morgan Stanley Quality Municipal Income Trust
     
115,243
 
 
26,280
 
PIMCO Municipal Income Fund II
     
265,429
 
 
9,500
 
Van Kampen Advantage Municipal Income Fund II
     
106,305
 
 
28,980
 
Van Kampen Investment Grade Municipal Trust
     
381,667
 
     
Total Investment Companies (cost $1,353,712)
     
1,225,768
 
     
Total Investments (cost $641,611,086) – 150.9%
     
644,427,386
 
     
Floating Rate Obligations – (6.7)%
     
(28,413,334
     
MuniFund Term Preferred Shares, at Liquidation Value – (25.3)% (6)
     
(108,000,000
     
Other Assets Less Liabilities – 2.6%
     
11,125,202
 
     
Auction Rate Preferred Shares, at Liquidation Value – (21.5)% (6)
     
(91,950,000)
 
     
Net Assets Applicable to Common Shares – 100%
   
$
427,189,254
 

   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.8% and 14.3%, respectively.
N/R
 
Not rated.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
Nuveen Investments
 
71
 
 
 

 
   
Nuveen Insured Tax-Free Advantage Municipal Fund
NEA
 
Portfolio of Investments  
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 7.2% (4.8% of Total Investments)
         
$
1,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
11/16 at 100.00
AA+
$
967,070
 
 
5,655
 
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
6/13 at 101.00
Ba1
 
5,224,655
 
 
3,100
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22 (Pre-refunded 5/14/12) – NPFG Insured
5/12 at 102.00
A2 (4)
 
3,316,938
 
 
6,280
 
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D, 5.000%, 2/01/32 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
 
6,627,598
 
 
1,750
 
Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/01/21 – AMBAC Insured
5/12 at 101.00
AA+
 
1,828,505
 
 
4,500
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured
7/13 at 100.00
Aa3
 
4,611,330
 
 
22,285
 
Total Alabama
     
22,576,096
 
     
Arizona – 5.2% (3.5% of Total Investments)
         
 
10,000
 
Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service Company – Palo Verde Project, Series 2002A, 5.050%, 5/01/29 – AMBAC Insured
11/12 at 100.00
Baa2
 
9,605,700
 
 
6,545
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
 
5,572,348
 
 
1,250
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%,
9/20 at 100.00
AA+
 
1,193,213
 
         9/01/35 – AGC Insured          
 
17,795
 
Total Arizona
     
16,371,261
 
     
California – 21.0% (14.0% of Total Investments)
         
 
26,300
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
12/12 at 100.00
A2
 
24,920,823
 
 
250
 
California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 – SYNCORA GTY Insured
4/12 at 100.00
A1
 
250,400
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
 
4,916
 
 
7,495
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AAA
 
8,370,041
 
 
2,910
 
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured
8/12 at 102.00
A
 
2,546,221
 
 
8,060
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
 
6,884,771
 
 
250
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
6/17 at 100.00
Baa3
 
152,538
 
 
2,500
 
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 – AMBAC Insured
9/13 at 100.00
N/R
 
2,410,575
 
 
4,000
 
Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28 – FGIC Insured
8/11 at 101.00
AA–
 
4,010,680
 
     
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
A
 
1,160,499
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/13 at 101.00
A
 
1,274,427
 
 
1,210
 
Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 – AMBAC Insured
3/13 at 100.00
A
 
1,210,121
 
 
3,750
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 – NPFG Insured
8/13 at 100.00
A+
 
3,756,975
 
 
1,500
 
San Diego Community College District, California, General Obligation Bonds, Series 2003A, 5.000%, 5/01/28 – AGM Insured
5/13 at 100.00
AA+
 
1,507,095
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
1/13 at 100.00
A
 
1,013,961
 
 
6,300
 
University of California, General Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
Aa1
 
6,245,820
 
 
67,970
 
Total California
     
65,719,863
 
 
72
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado – 4.7% (3.1% of Total Investments)
         
     
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003:
         
$
4,300
 
5.500%, 12/01/23 – AGM Insured
12/13 at 100.00
AA+
$
4,528,072
 
 
3,750
 
5.500%, 12/01/28 – AGM Insured
12/13 at 100.00
AA+
 
3,824,438
 
 
1,450
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured
8/14 at 100.00
A
 
1,458,193
 
 
4,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.832%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
AA+
 
3,608,055
 
 
3,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
 
676,740
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
Baa1
 
468,727
 
 
19,900
 
Total Colorado
     
14,564,225
 
     
District of Columbia – 0.6% (0.4% of Total Investments)
         
 
7,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
AA+
 
1,272,530
 
 
665
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.376%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
551,824
 
 
7,665
 
Total District of Columbia
     
1,824,354
 
     
Florida – 23.7% (15.8% of Total Investments)
         
 
1,000
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
9/15 at 100.00
A1
 
1,020,240
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
         
 
1,500
 
5.000%, 11/01/27 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
 
1,526,655
 
 
3,000
 
5.000%, 11/01/32 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
 
2,980,440
 
 
400
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured
10/14 at 100.00
AA–
 
413,220
 
 
1,000
 
Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 – AMBAC Insured
10/12 at 101.00
A+
 
1,066,650
 
 
1,525
 
Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 – FGIC Insured
9/13 at 100.00
BBB
 
1,418,418
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
 
497,825
 
 
135
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
AAA
 
146,418
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 16.907%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AAA
 
2,622,300
 
 
2,240
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured
No Opt. Call
Aa3
 
2,469,779
 
 
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 – AGM Insured
10/12 at 100.00
AA+
 
2,002,620
 
 
105
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
10/13 at 100.00
AA+
 
112,397
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA+
 
336,417
 
 
1,765
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 – NPFG Insured
11/15 at 100.00
AA–
 
1,607,085
 
 
180
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
11/15 at 100.00
AA– (4)
 
208,433
 
 
3,500
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13)
11/13 at 100.00
N/R (4)
 
3,918,670
 
 
1,500
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 – NPFG Insured
7/13 at 100.00
Aa2
 
1,505,400
 
 
Nuveen Investments
 
73

 
 

 
   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
2,270
 
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 – FGIC Insured
10/12 at 100.00
AA+
$
2,384,726
 
 
2,265
 
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 – AMBAC Insured
10/12 at 100.00
N/R
 
2,283,211
 
 
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
10/14 at 100.00
A–
 
1,763,251
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
A
 
435,990
 
 
3,000
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
 
3,021,630
 
 
500
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
No Opt. Call
AA+
 
566,810
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
10/11 at 100.00
Aa2
 
2,001,340
 
 
2,000
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured
1/13 at 100.00
AA
 
2,104,600
 
 
1,500
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 – FGIC Insured
1/13 at 100.00
AA
 
1,483,860
 
 
3,370
 
Osceola County School Board, Florida, Certificates of Participation, Series 2002A, 5.125%, 6/01/20 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 101.00
Aa3 (4)
 
3,572,571
 
 
3,335
 
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
AA–
 
3,627,446
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
Aa3
 
1,191,021
 
 
2,670
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 – AGM Insured
8/12 at 100.00
AA+
 
2,675,580
 
 
1,950
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) – AGM Insured
8/12 at 100.00
AA+ (4)
 
2,068,599
 
     
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003:
         
 
3,000
 
5.500%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa3 (4)
 
3,295,410
 
 
2,800
 
5.750%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa3 (4)
 
3,089,912
 
 
1,000
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
Baa1
 
825,020
 
 
2,115
 
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 – NPFG Insured
9/13 at 100.00
A+
 
2,159,288
 
 
1,500
 
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002, 5.000%, 5/01/23 – NPFG Insured
5/12 at 100.00
Aa3
 
1,522,095
 
 
450
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
 
451,463
 
 
1,500
 
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13)
2/13 at 100.00
Aaa
 
1,620,990
 
 
1,730
 
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – AMBAC Insured
10/14 at 100.00
A+
 
1,769,046
 
 
4,000
 
St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – AGM Insured
7/14 at 100.00
AA+
 
4,060,040
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
 
1,201,176
 
 
1,250
 
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003, 5.200%, 10/15/33 – RAAI Insured
10/13 at 100.00
Baa2
 
1,113,363
 
 
71,930
 
Total Florida
     
74,141,405
 
     
Georgia – 2.0% (1.4% of Total Investments)
         
 
3,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
 
3,017,280
 
 
1,410
 
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
10/16 at 100.00
AA+
 
1,342,179
 
 
1,825
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
AA+ (4)
 
1,960,141
 
 
6,235
 
Total Georgia
     
6,319,600
 
 
74
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 4.9% (3.3% of Total Investments)
         
$
5,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
No Opt. Call
AA+
$
4,959,450
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
         
 
1,635
 
5.125%, 12/01/20 – AGM Insured
12/14 at 100.00
Aa3
 
1,704,030
 
 
1,465
 
5.125%, 12/01/23 – AGM Insured
12/14 at 100.00
Aa3
 
1,509,258
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
         
 
1,650
 
5.125%, 12/01/20 – AGM Insured (ETM)
12/14 at 100.00
Aa3 (4)
 
1,760,121
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
12/14 at 100.00
Aa3 (4)
 
1,553,706
 
 
2,500
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23
7/13 at 100.00
AA+
 
2,524,300
 
 
13,300
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
 
1,335,320
 
 
27,025
 
Total Illinois
     
15,346,185
 
     
Indiana – 7.3% (4.9% of Total Investments)
         
 
2,500
 
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 – AMBAC Insured
7/13 at 100.00
A1
 
2,519,775
 
 
2,190
 
Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 8/01/19 – NPFG Insured
8/13 at 100.00
Baa1
 
2,260,014
 
 
1,860
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
1,730,581
 
 
1,000
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 – FGIC Insured
8/13 at 100.00
Aaa
 
1,058,750
 
     
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:
         
 
11,020
 
5.000%, 7/15/19 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
 
12,052,353
 
 
3,000
 
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
 
3,281,040
 
 
21,570
 
Total Indiana
     
22,902,513
 
     
Kansas – 1.7% (1.1% of Total Investments)
         
 
5,000
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured
4/13 at 102.00
AA
 
5,210,500
 
     
Kentucky – 0.3% (0.2% of Total Investments)
         
 
985
 
Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – NPFG Insured
8/13 at 100.00
Aa3 (4)
 
1,081,057
 
     
Louisiana – 2.5% (1.7% of Total Investments)
         
 
2,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
5/20 at 100.00
AA
 
1,966,260
 
 
5,785
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 – FGIC Insured
12/12 at 100.00
A3
 
5,800,851
 
 
7,785
 
Total Louisiana
     
7,767,111
 
     
Massachusetts – 0.4% (0.2% of Total Investments)
         
 
1,125
 
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.125%, 9/01/23
9/13 at 100.00
A1
 
1,151,460
 
     
Michigan – 9.8% (6.5% of Total Investments)
         
 
6,130
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
A+ (4)
 
6,688,137
 
 
4,465
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 – NPFG Insured
7/13 at 100.00
A+
 
4,453,346
 
 
1,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
 
937,620
 
 
10,800
 
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured
12/12 at 100.00
BBB+
 
10,466,820
 
 
2,250
 
Romulus Community Schools, Wayne County, Michigan, General Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25
11/11 at 100.00
Aa2
 
2,252,093
 
 
Nuveen Investments
 
75
 
 
 

 
   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan (continued)
         
$
6,500
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
12/11 at 101.00
A–
$
5,815,160
 
 
31,145
 
Total Michigan
     
30,613,176
 
     
Missouri – 1.0% (0.7% of Total Investments)
         
 
240
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 – AGM Insured
3/14 at 100.00
AA+
 
258,382
 
 
215
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/23 – AGM Insured
3/14 at 100.00
AA+
 
231,467
 
     
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004:
         
 
1,110
 
5.250%, 3/01/23 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
 
1,247,529
 
 
1,260
 
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
 
1,416,114
 
 
2,825
 
Total Missouri
     
3,153,492
 
     
Nebraska – 1.6% (1.1% of Total Investments)
         
 
5,000
 
Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%, 6/15/28 – NPFG Insured
6/13 at 100.00
AA+
 
5,071,900
 
     
New Mexico – 0.7% (0.5% of Total Investments)
         
 
1,975
 
New Mexico State University, Revenue Bonds, Series 2004, 5.000%,
4/14 at 100.00
AA
 
2,135,311
 
         4/01/19 – AMBAC Insured          
     
New York – 10.0% (6.7% of Total Investments)
         
 
2,020
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
1,537,301
 
 
25,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 – NPFG Insured
11/12 at 100.00
A
 
24,449,999
 
 
1,850
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
 
1,952,564
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.076%, 3/15/37 (IF) (5)
3/17 at 100.00
AAA
 
3,352,109
 
 
32,205
 
Total New York
     
31,291,973
 
     
North Carolina – 2.2% (1.5% of Total Investments)
         
 
8,700
 
North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.375%, 10/01/33 – RAAI Insured
10/13 at 100.00
BB
 
6,801,312
 
     
Ohio – 0.7% (0.5% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
65
 
5.125%, 6/01/24
6/17 at 100.00
Baa3
 
50,223
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
Baa3
 
512,364
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
Baa3
 
471,965
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
Baa3
 
1,059,263
 
 
3,030
 
Total Ohio
     
2,093,815
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
         
 
1,000
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
 
1,039,190
 
     
Oregon – 2.6% (1.7% of Total Investments)
         
 
8,350
 
Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 – NPFG Insured
1/13 at 100.00
A1
 
8,063,762
 
     
Pennsylvania – 7.8% (5.2% of Total Investments)
         
 
3,000
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
8/13 at 100.00
AAA
 
3,319,740
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
2,772,665
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
8/13 at 100.00
AA+
 
1,987,680
 
 
76
 
Nuveen Investments

 
 

 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
925
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
7/11 at 100.00
AAA
$
949,744
 
 
1,350
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
8/20 at 100.00
AA+
 
1,346,531
 
 
13,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
14,156,479
 
 
23,775
 
Total Pennsylvania
     
24,532,839
 
     
Puerto Rico – 0.7% (0.5% of Total Investments)
         
 
1,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) – AGM Insured
7/12 at 101.00
AA+ (4)
 
1,065,700
 
 
10,350
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured
No Opt. Call
Aa2
 
1,213,434
 
 
11,350
 
Total Puerto Rico
     
2,279,134
 
     
South Carolina – 5.8% (3.8% of Total Investments)
         
 
5,000
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 – AGM Insured
11/14 at 100.00
AA+
 
5,145,350
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
         
 
3,000
 
5.000%, 12/01/22 (UB)
12/13 at 100.00
AA
 
3,081,690
 
 
1,785
 
5.000%, 12/01/23 (UB)
12/13 at 100.00
AA
 
1,826,091
 
 
8,000
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 – AMBAC Insured
10/12 at 100.00
A1
 
7,946,320
 
 
17,785
 
Total South Carolina
     
17,999,451
 
     
Texas – 8.2% (5.5% of Total Investments)
         
 
1,885
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA+
 
1,888,563
 
     
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003:
         
 
1,660
 
5.375%, 2/15/26 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
 
1,801,565
 
 
12,500
 
5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
 
13,510,249
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
 
2,120,280
 
 
1,160
 
Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 – NPFG Insured
3/12 at 100.00
AA
 
1,197,039
 
 
4,355
 
Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 (Pre-refunded 3/01/12) – NPFG Insured
3/12 at 100.00
AA (4)
 
4,525,368
 
 
465
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18 (Pre-refunded 2/15/12)
2/12 at 100.00
AAA
 
482,823
 
 
24,025
 
Total Texas
     
25,525,887
 
     
Virginia – 0.5% (0.3% of Total Investments)
         
 
1,500
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 – AMBAC Insured
1/13 at 100.00
Aa3
 
1,512,465
 
     
Washington – 9.7% (6.5% of Total Investments)
         
 
4,945
 
Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 – NPFG Insured
12/12 at 100.00
AAA
 
4,960,132
 
 
5,250
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2002C, 5.125%, 7/01/33 – AMBAC Insured
7/12 at 100.00
AA
 
5,262,653
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, Trust 1200, 13.291%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
AA+
 
5,314,400
 
 
2,135
 
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government Center, Series 2003, 5.000%, 7/01/23 – NPFG Insured
7/13 at 100.00
Aa3
 
2,171,978
 
 
1,935
 
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
 
2,121,998
 
 
Nuveen Investments
 
77
 
 
 

 
   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments
April 30, 2011 (Unaudited)
 
 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
         
$
9,670
 
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 (Pre-refunded 6/01/13) – NPFG Insured
6/13 at 100.00
AA+ (4)
$
10,540,880
 
 
28,935
 
Total Washington
     
30,372,041
 
     
West Virginia – 1.0% (0.7% of Total Investments)
         
 
3,000
 
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured
No Opt. Call
N/R
 
3,247,830
 
     
Wisconsin – 5.5% (3.7% of Total Investments)
         
 
1,190
 
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 – AGM Insured
3/14 at 100.00
Aa2
 
1,296,493
 
 
4,605
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)
9/13 at 100.00
BBB+ (4)
 
5,140,608
 
 
2,840
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
A1
 
3,086,058
 
 
3,600
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
8/13 at 100.00
BBB+
 
3,054,744
 
 
4,750
 
Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 – AMBAC Insured
7/11 at 100.00
A
 
4,752,043
 
 
16,985
 
Total Wisconsin
     
17,329,946
 
$
498,855
 
Total Investments (cost $465,933,797) – 149.6%
     
468,039,154
 
     
Floating Rate Obligations – (4.2)%
     
(13,040,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (26.5)% (6)
     
(83,000,000
     
Other Assets Less Liabilities – 2.6%
     
8,159,728
 
     
Auction Rate Preferred Shares, at Liquidation Value – (21.5)% (6)
     
(67,375,000)
 
     
Net Assets Applicable to Common Shares – 100%
   
$
312,783,882
 

   
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information.
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.7% and 14.4%, respectively.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.
 
78
 
Nuveen Investments

 
 

 
   
Statement of
   
Assets & Liabilities
   
April 30, 2011 (Unaudited)
 
    Insured
Quality
(NQI
  Insured
Opportunity
(NIO
 
Premier
Insured Income
(NIF
Assets
                 
Investments, at value (cost $821,208,674, $2,073,129,148, $417,853,372, respectively)
  $ 791,035,015     $ 2,042,323,431     $ 414,993,050  
Cash
    1,486,952       20,438,254       3,033,644  
Receivables:
                       
Dividends and interest
    11,846,402       32,872,358       6,544,750  
Investments sold
    4,168,326       8,174,983       215,000  
Deferred offering costs
    1,154,895       2,615,477       745,617  
Other assets
    105,308       722,622       147,185  
Total assets
    809,796,898       2,107,147,125       425,679,246  
Liabilities
                       
Floating rate obligations
    59,540,000       114,193,333       22,365,000  
Payables:
                       
Auction Rate Preferred share dividends
                 
Common share dividends
    2,354,573       6,165,314       1,291,789  
Interest
    296,581              
Investments purchased
    859,188       1,229,988       368,996  
Offering costs
    219,898       67,024       307,861  
MuniFund Term Preferred (MTP) shares, at liquidation value
                 
Variable MuniFund Term Preferred (VMTP) shares, at liquidation value
    240,400,000              
Variable Rate Demand Preferred (VRDP) shares, at liquidation value
          667,200,000       130,900,000  
Accrued expenses:
                       
Management fees
    387,133       999,783       212,749  
Other
    204,962       780,399       116,201  
Total liabilities
    304,262,335       790,635,841       155,562,596  
Auction Rate Preferred Shares (ARPS), at liquidation value
                 
Net assets applicable to Common shares
  $ 505,534,563     $ 1,316,511,284     $ 270,116,650  
Common shares outstanding
    38,420,394       95,610,971       19,467,626  
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
  $ 13.16     $ 13.77     $ 13.88  
                         
Net assets applicable to Common shares consist of:
                       
Common Shares, $.01 par value per share
  $ 384,204     $ 956,110     $ 194,676  
Paid-in surplus
    538,880,409       1,333,982,731       270,807,425  
Undistributed (Over-distribution of) net investment income
    8,526,438       23,953,641       4,537,367  
Accumulated net realized gain (loss)
    (12,082,829 )     (11,575,481 )     (2,562,496 )
Net unrealized appreciation (depreciation)
    (30,173,659 )     (30,805,717 )     (2,860,322 )
Net assets applicable to Common shares
  $ 505,534,563     $ 1,316,511,284     $ 270,116,650  
Authorized shares:
                       
Common
    200,000,000       200,000,000       200,000,000  
ARPS
    1,000,000       1,000,000       1,000,000  
MTP
                 
VMTP
 
Unlimited
             
VRDP
       
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
79

 
 

 
   
Statement of
   
Assets & Liabilities (continued)
   
April 30, 2011 (Unaudited)

   
Insured
Premium Income 2
   
Insured
Dividend
Advantage
   
Insured
Tax-Free
Advantage
 
    (NPX   (NVG   (NEA
Assets
                 
Investments, at value (cost $748,473,452, $641,611,086 and $465,933,797, respectively)
  $ 729,629,401     $ 644,427,386     $ 468,039,154  
Cash
    6,977,490       2,550,411       1,449,056  
Receivables:
                       
Dividends and interest
    12,085,573       9,830,459       7,674,773  
Investments sold
    15,095       425,267        
Deferred offering costs
    2,344,346       1,305,367       1,197,645  
Other assets
    286,137       164,599       160,318  
Total assets
    751,338,042       658,703,489       478,520,946  
Liabilities
                       
Floating rate obligations
    57,980,000       28,413,334       13,040,000  
Payables:
                       
Auction Rate Preferred share dividends
          6,598       4,584  
Common share dividends
    2,116,874       2,030,797       1,471,504  
Interest
          265,540       197,125  
Investments purchased
    2,577,564              
Offering costs
    113,518       377,040       225,575  
MuniFund Term Preferred (MTP) shares, at liquidation value
          108,000,000       83,000,000  
Variable MuniFund Term Preferred (VMTP) shares, at liquidation value
                 
Variable Rate Demand Preferred (VRDP) shares, at liquidation value
    219,000,000              
Accrued expenses:
                       
Management fees
    362,159       300,944       243,253  
Other
    205,514       169,982       180,023  
Total liabilities
    282,355,629       139,564,235       98,362,064  
Auction Rate Preferred Shares (ARPS), at liquidation value
          91,950,000       67,375,000  
Net assets applicable to Common shares
  $ 468,982,413     $ 427,189,254     $ 312,783,882  
Common shares outstanding
    37,353,512       29,802,900       22,241,117  
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
  $ 12.56     $ 14.33     $ 14.06  
                         
Net assets applicable to Common shares consist of:
                       
Common Shares, $.01 par value per share
  $ 373,535     $ 298,029     $ 222,411  
Paid-in surplus
    499,321,157       424,471,672       315,345,343  
Undistributed (Over-distribution of) net investment income
    5,458,592       7,033,565       4,341,789  
Accumulated net realized gain (loss)
    (17,326,820 )     (7,430,312 )     (9,231,018 )
Net unrealized appreciation (depreciation)
    (18,844,051 )     2,816,300       2,105,357  
Net assets applicable to Common shares
  $ 468,982,413     $ 427,189,254     $ 312,783,882  
Authorized shares:
                       
Common
 
Unlimited
   
Unlimited
   
Unlimited
 
ARPS
 
Unlimited
   
Unlimited
   
Unlimited
 
MTP
       
Unlimited
   
Unlimited
 
VMTP
                 
VRDP
 
Unlimited
             
 
See accompanying notes to financial statements.
 
80
 
Nuveen Investments

 
 

 
   
Statement of
   
Operations
   
Six Months Ended April 30, 2011 (Unaudited)

   
Insured
Quality
   
Insured
Opportunity
   
Premier
Insured Income
 
    (NQI   (NIO   (NIF
Investment Income
  $ 20,874,797     $ 53,475,375     $ 10,832,346  
Expenses
                       
Management fees
    2,359,591       6,098,515       1,297,934  
Auction fees
    81,658       378,523       58,079  
Dividend disbursing agent fees
    23,178       44,131       15,726  
Shareholders’ servicing agent fees and expenses
    27,303       52,776       10,943  
Interest expense and amortization of offering costs
    914,777       1,592,477       333,850  
Liquidity fees on VRDP shares
          1,727,172       377,744  
Custodian’s fees and expenses
    63,702       177,975       36,171  
Directors’/Trustees’ fees and expenses
    10,215       29,504       5,875  
Professional fees
    276,838       253,448       39,084  
Shareholders’ reports – printing and mailing expenses
    26,559       82,414       14,200  
Stock exchange listing fees
    6,443       16,415       4,507  
Investor relations expense
    15,274       43,699       9,642  
Other expenses
    37,313       64,650       24,451  
Total expenses before custodian fee credit and expense reimbursement
    3,842,851       10,561,699       2,228,206  
Custodian fee credit
    (5,645 )     (14,653 )     (4,258 )
Expense reimbursement
                 
Net expenses
    3,837,206       10,547,046       2,223,948  
Net investment income (loss)
    17,037,591       42,928,329       8,608,398  
Realized and Unrealized Gain (Loss)
                       
Net realized gain (loss) from investments
    141,657       1,483,065       (90,928 )
Change in net unrealized appreciation (depreciation) of investments
    (42,642,336 )     (112,260,627 )     (21,836,090 )
Net realized and unrealized gain (loss)
    (42,500,679 )     (110,777,562 )     (21,927,018 )
Distributions to Auction Rate Preferred Shareholders
                       
From net investment income
    (386,864 )     (693,274 )     (111,147 )
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
    (386,864 )     (693,274 )     (111,147 )
Net increase (decrease) in net assets applicable to Common shares from operations
  $ (25,849,952 )   $ (68,542,507 )   $ (13,429,767 )
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
81

 
 

 
   
Statement of
   
Operations (continued)
   
Six Months Ended April 30, 2011 (Unaudited)

   
Insured
Premium Income 2
   
Insured
Dividend
Advantage
   
Insured
Tax-Free
Advantage
 
    (NPX   (NVG   (NEA
Investment Income
  $ 18,515,330     $ 17,394,145     $ 12,464,811  
Expenses
                       
Management fees
    2,208,706       1,996,468       1,480,461  
Auction fees
    110,108       68,396       50,115  
Dividend disbursing agent fees
          14,877       14,884  
Shareholders’ servicing agent fees and expenses
    15,156       25,565       25,211  
Interest expense and amortization of offering costs
    687,051       1,877,335       1,376,696  
Liquidity fees on VRDP shares
    1,121,454              
Custodian’s fees and expenses
    55,427       53,911       40,584  
Directors’/Trustees’ fees and expenses
    9,804       9,090       6,705  
Professional fees
    104,040       19,640       21,944  
Shareholders’ reports – printing and mailing expenses
    23,392       21,740       34,276  
Stock exchange listing fees
    6,263       2,063       18,293  
Investor relations expense
    15,508       13,208       9,024  
Other expenses
    19,315       27,483       15,650  
Total expenses before custodian fee credit and expense reimbursement
    4,376,224       4,129,776       3,093,843  
Custodian fee credit
    (10,068 )     (1,228 )     (2,727 )
Expense reimbursement
          (300,241 )     (32,818 )
Net expenses
    4,366,156       3,828,307       3,058,298  
Net investment income (loss)
    14,149,174       13,565,838       9,406,513  
Realized and Unrealized Gain (Loss)
                       
Net realized gain (loss) from investments
    1,268,768       788,594       (17,475 )
Change in net unrealized appreciation (depreciation) of investments
    (37,871,844 )     (27,282,643 )     (20,483,720 )
Net realized and unrealized gain (loss)
    (36,603,076 )     (26,494,049 )     (20,501,195 )
Distributions to Auction Rate Preferred Shareholders
                       
From net investment income
          (186,570 )     (136,826 )
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
          (186,570 )     (136,826 )
Net increase (decrease) in net assets applicable to Common shares from operations
  $ (22,453,902 )   $ (13,114,781 )   $ (11,231,508 )
 
See accompanying notes to financial statements.
 
82
 
Nuveen Investments

 
 

 
   
Statement of
   
Changes in Net Assets (Unaudited)

   
Insured Quality (NQI)
   
Insured Opportunity (NIO)
 
   
Six Months
Ended
4/30/11
   
Year
Ended
10/31/10
   
Six Months
Ended
4/30/11
   
Year
Ended
10/31/10
 
Operations
                       
Net investment income (loss)
  $ 17,037,591     $ 36,579,223     $ 42,928,329     $ 92,297,646  
Net realized gain (loss) from investments
    141,657       (365,237 )     1,483,065       3,248,061  
Change in net unrealized appreciation (depreciation) of investments
    (42,642,336 )     22,254,904       (112,260,627 )     54,668,514  
Distributions to Auction Rate Preferred Shareholders:
                               
From net investment income
    (386,864 )     (972,939 )     (693,274 )     (2,690,399 )
From accumulated net realized gains
                       
Net increase (decrease) in net assets applicable to Common shares from operations
    (25,849,952 )     57,495,951       (68,542,507 )     147,523,822  
Distributions to Common Shareholders
                               
From net investment income
    (16,367,090 )     (32,559,670 )     (41,724,626 )     (79,910,850 )
From accumulated net realized gains
                       
Decrease in net assets applicable to Common shares from distribution to Common shareholders
    (16,367,090 )     (32,559,670 )     (41,724,626 )     (79,910,850 )
Capital Share Transactions
                               
Common shares:
                               
Net proceeds issued to shareholders due to reinvestment of distributions
    153,236       1,445,628       359,108        
Repurchased and retired
                      (37,551 )
                                 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
    153,236       1,445,628       359,108       (37,551 )
Net increase (decrease) in net assets applicable to Common shares
    (42,063,806 )     26,381,909       (109,908,025 )     67,575,421  
Net assets applicable to Common shares at the beginning of period
    547,598,369       521,216,460       1,426,419,309       1,358,843,888  
Net assets applicable to Common shares at the end of period
  $ 505,534,563     $ 547,598,369     $ 1,316,511,284     $ 1,426,419,309  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 8,526,438     $ 8,242,801     $ 23,953,641     $ 23,443,212  
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
83

 
 

 
   
Statement of
   
Changes in Net Assets (Unaudited) (continued)

   
Premier Insured
Income (NIF)
   
Insured Premium
Income 2 (NPX)
 
   
Six Months
Ended
4/30/11
   
Year
Ended
10/31/10
   
Six Months
Ended
4/30/11
   
Year
Ended
10/31/10
 
Operations
                       
Net investment income (loss)
  $ 8,608,398     $ 18,747,682     $ 14,149,174     $ 29,064,838  
Net realized gain (loss) from investments
    (90,928 )     1,205,612       1,268,768       958,435  
Change in net unrealized appreciation (depreciation) of investments
    (21,836,090 )     9,719,823       (37,871,844 )     18,993,472  
Distributions to Auction Rate Preferred Shareholders:
                               
From net investment income
    (111,147 )     (522,384 )            
From accumulated net realized gains
                       
Net increase (decrease) in net assets applicable to Common shares from operations
    (13,429,767 )     29,150,733       (22,453,902 )     49,016,745  
Distributions to Common Shareholders
                               
From net investment income
    (8,641,337 )     (16,982,257 )     (13,895,507 )     (27,753,661 )
From accumulated net realized gains
                       
Decrease in net assets applicable to Common shares from distribution to Common shareholders
    (8,641,337 )     (16,982,257 )     (13,895,507 )     (27,753,661 )
Capital Share Transactions
                               
Common shares:
                               
Net proceeds issued to shareholders due to reinvestment of distributions
    169,946       537,718              
Repurchased and retired
                       
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
    169,946       537,718              
Net increase (decrease) in net assets applicable to Common shares
    (21,901,158 )     12,706,194       (36,349,409 )     21,263,084  
Net assets applicable to Common shares at the beginning of period
    292,017,808       279,311,614       505,331,822       484,068,738  
Net assets applicable to Common shares at the end of period
  $ 270,116,650     $ 292,017,808     $ 468,982,413     $ 505,331,822  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 4,537,367     $ 4,681,453     $ 5,458,592     $ 5,204,926  
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
   
Insured Dividend
Advantage (NVG)
   
Insured Tax-Free
Advantage (NEA)
 
   
Six Months
Ended
4/30/11
   
Year
Ended
10/31/10
   
Six Months
Ended
4/30/11
   
Year
Ended
10/31/10
 
Operations
                       
Net investment income (loss)
  $ 13,565,838     $ 26,740,723     $ 9,406,513     $ 19,416,327  
Net realized gain (loss) from investments
    788,594       91,467       (17,475 )     44,055  
Change in net unrealized appreciation (depreciation) of investments
    (27,282,643 )     11,535,902       (20,483,720 )     11,384,510  
Distributions to Auction Rate Preferred Shareholders:
                               
From net investment income
    (186,570 )     (330,957 )     (136,826 )     (361,303 )
From accumulated net realized gains
          (83,568 )            
Net increase (decrease) in net assets applicable to Common shares from operations
    (13,114,781 )     37,953,567       (11,231,508 )     30,483,589  
Distributions to Common Shareholders
                               
From net investment income
    (12,517,218 )     (25,034,436 )     (9,074,376 )     (18,077,924 )
From accumulated net realized gains
    (86,428 )     (1,218,939 )            
Decrease in net assets applicable to Common shares from distribution to Common shareholders
    (12,603,646 )     (26,253,375 )     (9,074,376 )     (18,077,924 )
Capital Share Transactions
                               
Common shares:
                               
Net proceeds issued to shareholders due to reinvestment of distributions
                16,256       80,971  
Repurchased and retired
                       
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
                16,256       80,971  
Net increase (decrease) in net assets applicable to Common shares
    (25,718,427 )     11,700,192       (20,289,628 )     12,486,636  
Net assets applicable to Common shares at the beginning of period
    452,907,681       441,207,489       333,073,510       320,586,874  
Net assets applicable to Common shares at the end of period
  $ 427,189,254     $ 452,907,681     $ 312,783,882     $ 333,073,510  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 7,033,565     $ 6,171,515     $ 4,341,789     $ 4,146,478  
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 
   
Statement of
   
Cash Flows
   
Six Months Ended April 30, 2011 (Unaudited)

   
Insured
Quality
   
Insured
Opportunity
   
Premier
Insured
Income
 
    (NQI   (NIO   (NIF
Cash Flows from Operating Activities:
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  $ (25,849,952 )   $ (68,542,507 )   $ (13,429,767 )
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
                       
Purchases of investments
    (23,348,571 )     (82,322,276 )     (10,703,870 )
Proceeds from sales and maturities of investments
    15,843,568       129,191,259       11,341,028  
Proceeds from (Purchases of) short-term investments, net
    12,990,000       6,282,000       (2,885,000 )
Amortization (Accretion) of premiums and discounts, net
    (1,379,621 )     (1,665,880 )     (713,333 )
(Increase) Decrease in:
                       
Receivable for interest
    (371,560 )     (375,284 )     56,870  
Receivable for investments sold
    (4,168,326 )     (8,119,983 )      
Other assets
    99,708       (231,442 )     (37,171 )
Increase (Decrease) in:
                       
Payable for Auction Rate Preferred share dividends
    (15,705 )     (35,229 )     (7,583 )
Payable for interest
    296,581              
Payable for investments purchased
    (8,700,439 )     (12,226,769 )     368,996  
Accrued management fees
    (41,108 )     (106,331 )     (21,947 )
Accrued other expenses
    (113,468 )     (194,943 )     (55,715 )
Net realized (gain) loss from investments
    (141,657 )     (1,483,065 )     90,928  
Change in net unrealized (appreciation) depreciation of investments
    42,642,336       112,260,627       21,836,090  
Taxes paid on undistributed capital gains
    (58 )     (297 )      
Net cash provided by (used in) operating activities
    7,741,728       72,429,880       5,839,526  
Cash Flows from Financing Activities:
                       
(Increase) Decrease in deferred offering costs
    (1,154,895 )     (2,615,477 )     (745,617 )
Increase (Decrease) in:
                       
Floating rate obligations
    135,000       (20,640,000 )      
Payable for offering costs
    219,898       67,024       307,861  
MTP shares, at liquidation value
                 
VMTP shares, at liquidation value
    240,400,000              
VRDP shares, at liquidation value
          667,200,000       130,900,000  
ARPS, at liquidation value
    (239,200,000 )     (664,825,000 )     (130,125,000 )
Cash distributions paid to Common shareholders
    (16,206,356 )     (41,337,727 )     (8,468,239 )
Net cash provided by (used in) financing activities
    (15,806,353 )     (62,151,180 )     (8,130,995 )
Net Increase (Decrease) in Cash
    (8,064,625 )     10,278,700       (2,291,469 )
Cash at the beginning of period
    9,551,577       10,159,554       5,325,113  
Cash at the End of Period
  $ 1,486,952     $ 20,438,254     $ 3,033,644  
 
Supplemental Disclosure of Cash Flow Information
 
Non-cash financing activities not included herein consists of reinvestments of Common share distributions of $153,236, $359,108 and $169,946 for Insured Quality (NQI), Insured Opportunity (NIO) and Premier Insured Income (NIF), respectively.
                   
 
Insured
Quality
 
Insured
Opportunity
 
Premier
Insured
Income
 
 
(NQI
(NIO
(NIF
Cash paid for interest (excluding amortization of offering costs, where applicable)
  $ 551,119     $ 1,562,954     $ 324,467  
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 
   
Insured
Premium
Income 2
   
Insured
Dividend
Advantage
   
Insured
Tax-Free
Advantage
 
    (NPX   (NVG   (NEA )
Cash Flows from Operating Activities:
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  $ (22,453,902 )   $ (13,114,781 )   $ (11,231,508 )
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
                       
Purchases of investments
    (91,974,409 )     (11,944,061 )     (2,794,750 )
Proceeds from sales and maturities of investments
    92,704,019       14,010,450       185,000  
Proceeds from (Purchases of) short-term investments, net
                 
Amortization (Accretion) of premiums and discounts, net
    (929,305 )     (618,357 )     (170,845 )
(Increase) Decrease in:
                       
Receivable for interest
    551,563       50,827       (71,119 )
Receivable for investments sold
    (15,095 )     (369,286 )     5,000  
Other assets
    (25,218 )     (9,759 )     (2,623 )
Increase (Decrease) in:
                       
Payable for Auction Rate Preferred share dividends
          (1,649 )     (993 )
Payable for interest
          22       (11,874 )
Payable for investments purchased
    2,577,564       (297,649 )      
Accrued management fees
    (37,986 )     2,084       11,365  
Accrued other expenses
    (24,597 )     (29,892 )     (2,499 )
Net realized (gain) loss from investments
    (1,268,768 )     (788,594 )     17,475  
Change in net unrealized (appreciation) depreciation of investments
    37,871,844       27,282,643       20,483,720  
Taxes paid on undistributed capital gains
    (36 )     (5,685 )     (1,013 )
Net cash provided by (used in) operating activities
    16,975,674       14,166,313       6,415,336  
Cash Flows from Financing Activities:
                       
(Increase) Decrease in deferred offering costs
    40,672       184,443       157,883  
Increase (Decrease) in:
                       
Floating rate obligations
                 
Payable for offering costs
          (67,667 )     (48,288 )
MTP shares, at liquidation value
                 
VMTP shares, at liquidation value
                 
VRDP shares, at liquidation value
                 
ARPS, at liquidation value
                 
Cash distributions paid to Common shareholders
    (13,886,247 )     (12,600,428 )     (9,058,082 )
Net cash provided by (used in) financing activities
    (13,845,575 )     (12,483,652 )     (8,948,487 )
Net Increase (Decrease) in Cash
    3,130,099       1,682,661       (2,533,151 )
Cash at the beginning of period
    3,847,391       867,750       3,982,207  
Cash at the End of Period
  $ 6,977,490     $ 2,550,411     $ 1,449,056  
 
Supplemental Disclosure of Cash Flow Information
 
Non-cash financing activities not included herein consists of reinvestments of Common share distributions of $16,256 for Insured Tax-Free Advantage (NEA).
                   
 
Insured
Premium
Income 2
 
Insured
Dividend
Advantage
 
Insured
Tax-Free
Advantage
 
  (NPX (NVG (NEA
Cash paid for interest (excluding amortization of offering costs, where applicable)
  $ 646,378     $ 1,692,870     $ 1,230,688  
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 
   
Financial
   
Highlights (Unaudited)
     
   
Selected data for a Common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss
)
Net
Realized/
Unrealized
Gain (Loss
)
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Insured Quality (NQI)
                                                 
Year Ended 10/31:
                                                       
2011(f)
 
$
14.26
 
$
.44
 
$
(1.10
)
$
(.01
)
$
 
$
(.67
)
$
(.43
)
$
 
$
(.43
)
$
 
$
13.16
 
$
12.82
 
2010
   
13.61
   
.95
   
.58
   
(.03
)
 
   
1.50
   
(.85
)
 
   
(.85
)
 
   
14.26
   
14.40
 
2009
   
11.68
   
.99
   
1.76
   
(.06
)
 
   
2.69
   
(.76
)
 
   
(.76
)
 
   
13.61
   
13.30
 
2008
   
14.88
   
.99
   
(3.16
)
 
(.30
)
 
   
(2.47
)
 
(.73
)
 
   
(.73
)
 
   
11.68
   
11.15
 
2007
   
15.40
   
.99
   
(.49
)
 
(.29
)
 
   
.21
   
(.73
)
 
   
(.73
)
 
   
14.88
   
13.61
 
2006
   
15.31
   
.99
   
.24
   
(.25
)
 
(.01
)
 
.97
   
(.80
)
 
(.08
)
 
(.88
)
 
   
15.40
   
14.83
 
                                                                           
Insured Opportunity (NIO)
                                                 
Year Ended 10/31:
                                                       
2011(f)
   
14.92
   
.45
   
(1.15
)
 
(.01
)
 
   
(.71
)
 
(.44
)
 
   
(.44
)
 
   
13.77
   
13.18
 
2010
   
14.22
   
.97
   
.60
   
(.03
)
 
   
1.54
   
(.84
)
 
   
(.84
)
 
*
 
14.92
   
14.83
 
2009
   
12.39
   
.96
   
1.66
   
(.06
)
 
   
2.56
   
(.73
)
 
   
(.73
)
 
   
14.22
   
12.98
 
2008
   
15.04
   
.97
   
(2.62
)
 
(.30
)
 
*
 
(1.95
)
 
(.70
)
 
*
 
(.70
)
 
   
12.39
   
11.15
 
2007
   
15.57
   
.98
   
(.45
)
 
(.30
)
 
(.01
)
 
.22
   
(.73
)
 
(.02
)
 
(.75
)
 
   
15.04
   
13.56
 
2006
   
15.46
   
.98
   
.34
   
(.24
)
 
(.03
)
 
1.05
   
(.80
)
 
(.14
)
 
(.94
)
 
   
15.57
   
14.75
 

   
Auction Rate Preferred Shares
at End of Period
 
Variable MuniFund Term Preferred Shares
at End of Period
 
Variable Rate Demand Preferred Shares
at End of Period
 
   
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Insured Quality (NQI)
                               
Year Ended 10/31:
                                           
2011(f)
 
$
 
$
 
$
 
$
240,000
 
$
100,000
 
$
310,289
 
$
 
$
 
$
 
2010
   
239,200
   
25,000
   
82,232
   
   
   
   
   
   
 
2009
   
245,850
   
25,000
   
78,001
   
   
   
   
   
   
 
2008
   
298,425
   
25,000
   
62,485
   
   
   
   
   
   
 
2007
   
318,000
   
25,000
   
69,808
   
   
   
   
   
   
 
2006
   
318,000
   
25,000
   
71,378
   
   
   
   
   
   
 
                                                         
Insured Opportunity (NIO)
                               
Year Ended 10/31:
                                           
2011(f)
   
   
   
   
   
   
   
667,200
   
100,000
   
297,319
 
2010
   
664,825
   
25,000
   
78,639
   
   
   
   
   
   
 
2009
   
675,475
   
25,000
   
75,292
   
   
   
   
   
   
 
2008
   
623,350
   
25,000
   
65,315
   
   
   
   
   
   
 
2007
   
680,000
   
25,000
   
69,864
   
   
   
   
   
   
 
2006
   
680,000
   
25,000
   
71,440
   
   
   
   
   
   
 
 
88
 
Nuveen Investments

 
 

 
             
Ratios/Supplemental Data
 
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
 
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
Including
Interest
(e)
 
Expenses
Excluding
Interest
   
Net
Investment
Income
   
Portfolio
Turnover
Rate
 
                                   
   
(7.95
)%
 
(4.66
)%
$
505,535
   
1.54
%**
 
1.20
%**
 
6.84
%**
 
2
%
   
15.03
   
11.30
   
547,598
   
1.19
   
1.12
   
6.81
   
11
 
   
26.98
   
23.65
   
521,216
   
1.32
   
1.21
   
7.86
   
4
 
   
(13.35
)
 
(17.24
)
 
447,463
   
1.49
   
1.23
   
7.03
   
7
 
   
(3.48
)
 
1.38
   
569,958
   
1.52
   
1.18
   
6.53
   
5
 
   
2.76
   
6.53
***
 
589,928
   
1.20
   
1.20
   
6.49
   
13
 
                                           
                                           
   
(8.18
)
 
(4.72
)
 
1,316,511
   
1.63
**
 
1.39
**
 
6.62
**
 
4
 
   
21.20
   
11.08
   
1,426,419
   
1.14
   
1.08
   
6.61
   
7
 
   
23.62
   
21.18
   
1,358,844
   
1.29
   
1.18
   
7.36
   
8
 
   
(13.17
)
 
(13.45
)
 
1,005,218
   
1.43
   
1.19
   
6.76
   
9
 
   
(3.18
)
 
1.49
   
1,220,297
   
1.41
   
1.16
   
6.39
   
5
 
   
8.26
   
7.05
***
 
1,263,172
   
1.17
   
1.17
   
6.38
   
13
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS, VMTP shares and/or VRDP shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
The expense ratios reflect, among other things, payments to Variable MuniFund Term Preferred shareholders, Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)
For the six months ended April 30, 2011.
*
Rounds to less than $.01 per share.
**
Annualized.
***
During the fiscal year ended October 31, 2006, Insured Quality (NQI) and Insured Opportunity (NIO) received payments from the Adviser of $27,762 and $42,338, respectively, to offset losses realized on the disposal of investments purchased in violation of each Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on Common Share Net Asset Value.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 
   
Financial
   
Highlights (Unaudited) (continued)
     
   
Selected data for a Common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Premier Insured Income (NIF)
                                                 
Year Ended 10/31:
                                                       
2011(f)
 
$
15.01
 
$
.44
 
$
(1.12
)
$
(.01
)
$
 
$
(.69
)
$
(.44
)
$
 
$
(.44
)
$
 
$
13.88
 
$
14.67
 
2010
   
14.38
   
.96
   
.57
   
(.03
)
 
   
1.50
   
(.87
)
 
   
(.87
)
 
   
15.01
   
15.50
 
2009
   
12.54
   
.99
   
1.64
   
(.06
)
 
   
2.57
   
(.73
)
 
   
(.73
)
 
   
14.38
   
13.10
 
2008
   
14.90
   
.96
   
(2.37
)
 
(.31
)
 
   
(1.72
)
 
(.64
)
 
   
(.64
)
 
   
12.54
   
11.19
 
2007
   
15.40
   
.97
   
(.47
)
 
(.29
)
 
   
.21
   
(.71
)
 
   
(.71
)
 
   
14.90
   
13.25
 
2006
   
15.33
   
.98
   
.25
   
(.25
)
 
(.02
)
 
.96
   
(.79
)
 
(.10
)
 
(.89
)
 
   
15.40
   
14.60
 
                                                                           
Insured Premium Income 2 (NPX)
                                                 
Year Ended 10/31:
                                                       
2011(f)
   
13.53
   
.38
   
(.98
)
 
   
   
(.60
)
 
(.37
)
 
   
(.37
)
 
   
12.56
   
11.74
 
2010
   
12.96
   
.78
   
.53
   
   
   
1.31
   
(.74
)
 
   
(.74
)
 
   
13.53
   
13.40
 
2009
   
11.39
   
.80
   
1.44
   
   
   
2.24
   
(.67
)
 
   
(.67
)
 
   
12.96
   
11.86
 
2008
   
13.73
   
.80
   
(2.32
)
 
(.20
)
 
   
(1.72
)
 
(.62
)
 
   
(.62
)
 
   
11.39
   
9.56
 
2007
   
14.16
   
.86
   
(.39
)
 
(.26
)
 
   
.21
   
(.64
)
 
   
(.64
)
 
   
13.73
   
12.18
 
2006
   
13.93
   
.86
   
.28
   
(.23
)
 
   
.91
   
(.68
)
 
   
(.68
)
 
   
14.16
   
13.03
 

   
Auction Rate Prefered Shares
at End of Period
 
Variable Rate Demand Prefered Shares
at End of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Premier Insured Income (NIF)
                         
Year Ended 10/31:
                               
2011(f)
 
$
 
$
 
$
 
$
130,900
 
$
100,000
 
$
306,353
 
2010
   
130,125
   
25,000
   
81,103
   
   
   
 
2009
   
130,125
   
25,000
   
78,662
   
   
   
 
2008
   
154,950
   
25,000
   
64,301
   
   
   
 
2007
   
161,000
   
25,000
   
69,938
   
   
   
 
2006
   
161,000
   
25,000
   
71,429
   
   
   
 
                                       
Insured Premium Income 2 (NPX)
                         
Year Ended 10/31:
                               
2011(f)
   
   
   
   
219,000
   
100,000
   
314,147
 
2010
   
   
   
   
219,000
   
100,000
   
330,745
 
2009
   
   
   
   
219,000
   
100,000
   
321,036
 
2008
   
   
   
   
219,000
   
100,000
   
294,318
 
2007
   
268,900
   
25,000
   
72,696
   
   
   
 
2006
   
268,900
   
25,000
   
74,180
   
   
   
 
 
90
 
Nuveen Investments

 
 

 
             
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
 
Based
on
Market
 
Based
on
Common
Share Net
Asset
 
Ending
Net
Assets
Applicable
to Common
 
Expenses
Including
 
Expenses
Excluding
 
Net
Investment
 
Portfolio
Turnover
 
 
Value
(b)
Value
(b)
Shares (000)
 
Interest
(e)
Interest
 
Income
 
Rate
 
                                           
   
(2.26
)%
 
(4.52
)%
$
270,117
   
1.67
%*
 
1.42
%*
 
6.44
%*
 
3
%
   
25.60
   
10.74
   
292,018
   
1.20
   
1.15
   
6.56
   
12
 
   
24.07
   
20.90
   
279,312
   
1.30
   
1.23
   
7.25
   
2
 
   
(11.12
)
 
(11.92
)
 
243,589
   
1.42
   
1.25
   
6.72
   
6
 
   
(4.66
)
 
1.40
   
289,400
   
1.38
   
1.21
   
6.41
   
9
 
   
7.68
   
6.46
   
299,001
   
1.22
   
1.22
   
6.44
   
8
 
                                           
                                           
   
(9.61
)
 
(4.37
)
 
468,982
   
1.89
*
 
1.61
*
 
6.12
*
 
13
 
   
19.70
   
10.39
   
505,332
   
1.82
   
1.59
   
5.87
   
10
 
   
31.78
   
20.15
   
484,069
   
1.98
   
1.47
   
6.56
   
7
 
   
(17.17
)
 
(12.98
)
 
425,557
   
2.13
   
1.25
   
6.12
   
8
 
   
(1.77
)
 
1.55
   
513,021
   
1.76
   
1.16
   
6.19
   
5
 
   
7.11
   
6.75
   
528,984
   
1.16
   
1.16
   
6.14
   
15
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)
For the six months ended April 30, 2011.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 
   
Financial
   
Highlights (Unaudited) (continued)
     
   
Selected data for a Common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
Net Asset
 
Net
Investment
Income
 
Net
Realized/
Unrealized
Gain
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
 
Distributions
from
Capital
Gains to
Auction Rate
Preferred
     
Net
Investment
Income to
Common
Share-
 
Capital
Gains to
Common
Share-
     
Discount
from
Common
Shares
Repurchased
and
 
Ending
Common
Share
Net Asset
 
Ending
Market
 
   
Value
 
(Loss)
 
 (Loss)
 
Shareholders
(a)
Shareholders
(a)
Total
 
holders
 
holders
 
Total
 
Retired
 
Value
 
Value
 
Insured Dividend Advantage (NVG)
                                                 
Year Ended 10/31:
                                                       
2011(f)
 
$
15.20
 
$
.46
 
$
(.90
)
$
(.01
)
$
 
$
(.45
)
$
(.42
)
$
*
$
(.42
)
$
 
$
14.33
 
$
13.53
 
2010
   
14.80
   
.90
   
.39
   
(.01
)
 
*
 
1.28
   
(.84
)
 
(.04
)
 
(.88
)
 
   
15.20
   
14.80
 
2009
   
12.85
   
1.00
   
1.77
   
(.06
)
 
   
2.71
   
(.76
)
 
   
(.76
)
 
*
 
14.80
   
13.85
 
2008
   
15.09
   
1.00
   
(2.25
)
 
(.29
)
 
   
(1.54
)
 
(.70
)
 
   
(.70
)
 
   
12.85
   
11.42
 
2007
   
15.50
   
1.00
   
(.38
)
 
(.28
)
 
   
.34
   
(.75
)
 
   
(.75
)
 
   
15.09
   
13.71
 
2006
   
15.23
   
1.01
   
.33
   
(.25
)
 
   
1.09
   
(.82
)
 
   
(.82
)
 
   
15.50
   
14.89
 
                                                   
Insured Tax-Free Advantage (NEA)
                                                 
Year Ended 10/31:
                                                       
2011(f)
   
14.98
   
.42
   
(.92
)
 
(.01
)
 
   
(.51
)
 
(.41
)
 
   
(.41
)
 
   
14.06
   
13.23
 
2010
   
14.42
   
.87
   
.52
   
(.02
)
 
   
1.37
   
(.81
)
 
   
(.81
)
 
   
14.98
   
14.95
 
2009
   
12.37
   
.98
   
1.86
   
(.06
)
 
   
2.78
   
(.73
)
 
   
(.73
)
 
*
 
14.42
   
13.48
 
2008
   
14.71
   
.95
   
(2.31
)
 
(.27
)
 
   
(1.63
)
 
(.71
)
 
   
(.71
)
 
   
12.37
   
11.40
 
2007
   
14.93
   
.97
   
(.21
)
 
(.27
)
 
   
.49
   
(.71
)
 
   
(.71
)
 
   
14.71
   
14.30
 
2006
   
14.56
   
.97
   
.38
   
(.24
)
 
   
1.11
   
(.74
)
 
   
(.74
)
 
   
14.93
   
14.35
 

   
Auction Rate Preferred Shares
at End of Period
 
MuniFund Term Preferred Shares
at End of Period
 
Auction Rate Preferred Shares
and MuniFund Term Preferred Shares
at End of Period
 
   
Aggregate
Amount
Outstanding
 
Liquidation
Value
 
Asset
Coverage
 
Aggregate
Amount
Outstanding
 
Liquidation
Value
 
Ending
Market
Value
 
Average
Market
Value
 
Asset
Coverage
 
Asset Coverage Per $1
 
   
(000)
 
Per Share
 
Per Share
 
(000)
 
Per Share
 
Per Share
 
Per Share
 
Per Share
 
Liquidation Preference
 
Insured Dividend Advantage (NVG)
                               
Year Ended 10/31:
                                           
2011(f)
 
$
91,950
 
$
25,000
 
$
141,147
 
$
108,000
 
$
10
 
$
10.07
 
$
10.12
 
$
31.36
 
$
3.14
 
2010
   
91,950
   
25,000
   
81,628
   
108,000
   
10
   
10.22
   
10.19
   
32.65
   
3.27
 
2009
   
91,950
   
25,000
   
80,165
   
108,000
   
10
   
9.98
   
10.03
^
 
32.07
   
3.21
 
2008
   
226,975
   
25,000
   
67,189
   
   
   
   
   
   
 
2007
   
233,000
   
25,000
   
73,281
   
   
   
   
   
   
 
2006
   
233,000
   
25,000
   
74,575
   
   
   
   
   
   
 
                                                         
Insured Tax-Free Advantage (NEA)
                               
Year Ended 10/31:
                                           
2011(f)
   
67,375
   
25,000
   
141,061
   
83,000
   
10
   
10.06
   
10.08
   
30.80
   
3.08
 
2010
   
67,375
   
25,000
   
80,374
   
83,000
   
10
   
10.14
   
10.15
^^
 
32.15
   
3.21
 
2009
   
148,750
   
25,000
   
78,880
   
   
   
   
   
   
 
2008
   
132,800
   
25,000
   
68,124
   
   
   
   
   
   
 
2007
   
144,000
   
25,000
   
72,290
   
   
   
   
   
   
 
2006
   
144,000
   
25,000
   
73,005
   
   
   
   
   
   
 
 
92
 
Nuveen Investments

 
 

 
             
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
 
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
 
Based
on
Market
 
Based
on
Common
Share Net
Asset
 
Ending
Net
Assets
Applicable
to Common
 
Expenses
Including
 
Expenses
Excluding
 
Net
Investment
 
Expenses
Including
 
Expenses
Excluding
 
Net
Investment
 
Portfolio
Turnover
 
 
Value
(b)
Value
(b)
Shares (000)
 
Interest
(e)
Interest
 
Income
 
Interest
(e)
Interest
 
Income
 
Rate
 
                                         
   
(5.70
)%
 
(2.89
)%
$
427,189
   
1.96
%**
 
1.16
%**
 
6.30
%**
 
1.82
%**
 
1.01
%**
 
6.44
%**
 
2
%
   
13.51
   
8.89
   
452,908
   
1.89
   
1.14
   
5.79
   
1.71
   
.95
   
5.98
   
2
 
   
28.72
   
21.54
   
441,207
   
1.25
   
1.17
   
6.86
   
.98
   
.91
   
7.12
   
9
 
   
(12.11
)
 
(10.64
)
 
383,035
   
1.32
   
1.17
   
6.48
   
.98
   
.83
   
6.82
   
7
 
   
(3.12
)
 
2.25
   
449,982
   
1.31
   
1.14
   
6.15
   
.90
   
.73
   
6.56
   
12
 
   
11.09
   
7.39
   
462,037
   
1.15
   
1.15
   
6.15
   
.70
   
.70
   
6.60
   
15
 
                                                             
                                                             
   
(8.75
)
 
(3.36
)
 
312,784
   
2.01
**
 
1.22
**
 
6.09
**
 
1.99
**
 
1.20
**
 
6.11
**
 
***
   
17.27
   
9.76
   
333,074
   
1.76
   
1.17
   
5.80
   
1.63
   
1.04
   
5.93
   
2
 
   
25.41
   
23.05
   
320,587
   
1.24
   
1.19
   
7.14
   
.99
   
.94
   
7.39
   
6
 
   
(15.97
)
 
(11.56
)
 
229,075
   
1.26
   
1.19
   
6.27
   
.87
   
.81
   
6.66
   
8
 
   
4.59
   
3.35
   
272,391
   
1.19
   
1.17
   
6.04
   
.70
   
.68
   
6.53
   
6
 
   
12.82
   
7.82
   
276,506
   
1.19
   
1.19
   
6.12
   
.69
   
.69
   
6.61
   
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of November 30, 2010, the Adviser is no longer reimbursing Insured Tax-Free Advantage (NEA) for any fees or expenses.
(e)
The expense ratios reflect, among other things, payments to MuniFund Term Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively.
(f)
For the six months ended April 30, 2011.
*
Rounds to less than $.01 per share.
**
Annualized.
***
Rounds to less than 1%.
^
For the period October 19, 2009 (issuance date of shares) through October 31, 2009.
^^
For the period January 19, 2010 (issuance date of shares) through October 31, 2010.
 
See accompanying notes to financial statements.
 
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93

 
 

 
   
Notes to
   
Financial Statements (Unaudited)
 
 
1. General Information and Significant Accounting Policies
 
General Information
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) (collectively, the “Funds”). 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 (“NYSE”) while Common shares of Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
 
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio managers became employees of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from each Fund’s management fee.
 
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 portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Significant Accounting Policies
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 (“U.S. GAAP”).
 
Investment Valuation
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price.
 
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation;
 
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and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2011, Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) had outstanding when-issued/delayed delivery purchase commitments of $859,188, $1,229,988, $368,996 and $2,577,564, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that 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.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of 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. GAAP.
 
Nuveen Investments
 
95
 
 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). The following Funds have issued and outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of April 30, 2011, the number of ARPS outstanding, by Series and in total, for each Fund is as follows:
               
   
Insured
Dividend
Advantage
 
Insured
Tax-Free
Advantage
 
   
(NVG
)
(NEA
)
Number of shares:
             
Series M
   
1,247
   
 
Series T
   
1,217
   
1,104
 
Series W
   
   
1,105
 
Series W2
   
   
486
 
Series TH
   
1,214
   
 
Total
   
3,678
   
2,695
 
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of April 30, 2011, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
                                       
   
Insured
Quality
 
Insured
Opportunity
 
Premier
Insured
Income
 
Insured
Premium
Income 2
 
Insured
Dividend
Advantage
 
Insured
Tax-Free
Advantage
 
   
(NQI
)
(NIO
)
(NIF
)
(NPX
)
(NVG
)
(NEA
)
ARPS redeemed, at liquidation value
 
$
318,000,000
 
$
791,000,000
 
$
161,000,000
 
$
268,900,000
 
$
141,050,000
 
$
105,625,000
 
 
During the fiscal year ended October 31, 2010, lawsuits pursuing claims made in a demand letter alleging that Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage’s (NEA) Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of their ARPS had been filed on behalf of shareholders of Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA), against the Adviser together with current and former officers and interested director/trustees of Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA). Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) believe that these lawsuits will not have a material effect on them or on the Adviser’s ability to serve as investment adviser to them.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem a portion of each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of April 30, 2011, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund are as follows:
                                       
   
Insured Dividend Advantage (NVG)
 
Insured Tax-Free Advantage (NEA)
 
   
Shares
Outstanding
 
Annual
Interest
Rate
 
NYSE
Ticker
 
Shares
Outstanding
 
Annual
Interest
Rate
 
NYSE
Ticker
 
                                       
Series:
                                     
2014
   
10,800,000
   
2.95
%
 
NVG Pr C
   
   
%
 
 
2015
   
   
   
   
8,300,000
   
2.85
   
NEA Pr C
 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of a premium for one year following the
 
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Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. The MTP Shares also are subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s MTP Shares are as follows:
               
     
Insured
   
Insured
 
     
Dividend
   
Tax-Free
 
     
Advantage
   
Advantage
 
     
(NVG
)
 
(NEA
)
     
Series 2014
   
Series 2015
 
Term Redemption Date
   
November 1, 2014
   
February 1, 2015
 
Optional Redemption Date
   
November 1, 2010
   
February 1, 2011
 
Premium Expiration Date
   
November 1, 2011
   
January 31, 2012
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the six months ended April 30, 2011, was as follows:
               
     
Insured
   
Insured
 
     
Dividend
   
Tax-Free
 
     
Advantage
   
Advantage
 
     
(NVG
)
 
(NEA
)
Average liquidation value of MTP Shares outstanding
 
$
108,000,000
 
$
83,000,000
 
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Variable Rate MuniFund Term Preferred Shares
Insured Quality (NQI) has issued and outstanding $240,400,000 Series 2014 Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Insured Quality (NQI) issued its VMTP Shares in a privately negotiated offering in February 2011. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem all of the Fund’s outstanding ARPS. The VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
The Fund is obligated to redeem its VMTP Shares on March 1, 2014, unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of the Fund, subject to payment of a premium until February 29, 2012, and at par thereafter. The Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
The average liquidation value outstanding and average annualized dividend rate of VMTP Shares for the Fund during the period February 24, 2011 (issuance date of shares) through April 30, 2011 were $240,400,000 and 1.50%, respectively.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) issued their VRDP Shares in privately negotiated offerings during December 2010, December 2010 and August 2008, respectively. Concurrent with renewing agreements with the liquidity provider for its VRDP Shares in June 2010, Insured Premium Income 2 (NPX) exchanged all its 2,190 Series 1 VRDP Shares for 2,190 Series 2 VRDP Shares. The principal difference in terms between Series 1 and Series 2 VRDP Shares is the requirement that the Fund redeem VRDP Shares owned by the liquidity provider if the VRDP Shares have been owned by the liquidity provider through six months of continuous, unsuccessful remarketing. Proceeds of each Fund’s offering were
 
Nuveen Investments
 
97

 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
used to redeem all of each Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2011, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
                     
           
Premier
   
Insured
 
     
Insured
   
Insured
   
Premium
 
     
Opportunity
   
Income
   
Income 2
 
     
(NIO
)
 
(NIF
)
 
(NPX
)
Series
   
1
   
1
   
2
 
Shares Outstanding
   
6,672
   
1,309
   
2,190
 
Maturity
   
December 1, 2040
   
December 1, 2040
   
August 1, 2038
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended April 30, 2011, were as follows:
                     
           
Premier
   
Insured
 
     
Insured
   
Insured
   
Premium
 
     
Opportunity
   
Income
   
Income 2
 
     
(NIO
)*
 
(NIF
)**
 
(NPX
)
Average liquidation value outstanding
   
667,200,000
   
130,900,000
   
219,000,000
 
Annualized dividend rate
   
0.51
%
 
0.52
%
 
0.44
%

*
For the period December 30, 2010 (issuance date of shares) through April 30, 2011.
**
For the period December 16, 2010 (issuance date of shares) through April 30, 2011.
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, which is recognized as “Liquidity fees on VRDP Shares” on the Statement of Operations.
 
Insurance
Since 2007, the financial status of most major municipal bond insurers has deteriorated substantially, and some insurers have gone out of business, rendering worthless the insurance policies they had written. Under normal circumstances, each Fund invests at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. In addition, the municipal securities in which each Fund invests will be investment grade at the time of purchase (including (i) bonds insured by investment grade rated insurers or are rated investment grade; (ii) unrated bonds that are judged to be investment grade by the Adviser; and (iii) escrowed bonds). Ratings below BBB by one or more national rating agencies are considered to be below investment grade.
 
Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Assuming that the insurer remains creditworthy, the insurance feature of a municipal security guarantees the full payment of principal and interest when due through the life of an insured obligation. Such insurance does not guarantee the market value of the insured obligation or the value of the Fund’s Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the 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 and is reflected as an expense over the term of the policy, when applicable. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share
 
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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.
 
Inverse Floating Rate Securities
 
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the six months ended April 30, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
At April 30, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts, 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
)
Maximum exposure to Recourse Trusts
 
$
26,610,000
 
$
40,430,000
 
$
15,375,000
 
$
14,845,000
 
$
6,665,000
 
$
6,665,000
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2011, 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
)
Average floating rate obligations outstanding
 
$
59,517,624
 
$
127,485,239
 
$
22,365,000
 
$
57,980,000
 
$
28,413,334
 
$
13,040,000
 
Average annual interest rate and fees
   
0.66
%
 
0.67
%
 
0.65
%
 
0.59
%
 
0.71
%
 
0.74
%
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although each Fund is authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2011.
 
Nuveen Investments
 
99

 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a predetermined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Offering Costs
Costs incurred by Insured Quality (NQI) in connection with its offering of VMTP Shares ($1,120,000) were recorded as a deferred charge and will be amortized over the life of the shares. Costs incurred by Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) in connection with their offerings of VRDP Shares ($2,645,000, $755,000 and $2,535,000, respectively) were recorded as a deferred charge and will be amortized over the life of the shares. Costs incurred by Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) in connection with their offerings of MTP Shares ($1,875,000 and $1,605,000, respectively) were recorded as deferred charges and will be amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions
 
100
 
Nuveen Investments

 
 

 
market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2011:
                         
Insured Quality (NQI)
Level 1
 
Level 2
 
Level 3
 
Total
 
Investments:
                       
Municipal Bonds
  $     $ 791,035,015     $     $ 791,035,015  

Insured Opportunity (NIO)
 
Level 1
   
Level 2
   
Level 3
    Total  
Investments:
                   
 
 
Municipal Bonds
  $     $ 2,039,823,431     $     $ 2,039,823,431  
Short-Term Investments
          2,500,000             2,500,000  
Total
  $     $ 2,042,323,431     $     $ 2,042,323,431  

Premier Insured Income (NIF)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
Municipal Bonds
  $     $ 412,108,050     $     $ 412,108,050  
Short-Term Investments
          2,885,000             2,885,000  
Total
  $     $ 414,993,050     $     $ 414,993,050  

Insured Premium Income 2 (NPX)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
Municipal Bonds
  $     $ 729,629,401     $     $ 729,629,401  

Insured Dividend Advantage (NVG)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
Municipal Bonds
  $     $ 643,201,618     $     $ 643,201,618  
Investment Companies
    1,225,768                   1,225,768  
Total
  $ 1,225,768     $ 643,201,618     $     $ 644,427,386  

Insured Tax-Free Advantage (NEA)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                       
Municipal Bonds
  $     $ 468,039,154     $     $ 468,039,154  
 
During the six months ended April 30, 2011, the Funds recognized no significant transfers to/from Level 1, Level 2 or Level 3.
 
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2011.
 
Nuveen Investments
 
101
 
 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
4. Fund Shares
 
Common Shares
Transactions in Common shares were as follows:
 
   
Insured
Quality (NQI)
 
Insured
Opportunity (NIO)
 
Premier Insured
Income (NIF)
 
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Common shares:
                               
Issued to shareholders due to
   reinvestment of distributions
   
10,745
 
102,819
 
24,068
   
 
11,863
   
36,155
 
Repurchased and retired
   
 
 
   
(2,900
)
   
 
                                 
Weighted average Common share:
                               
Price per share repurchased and retired
   
 
 
 
$
12.93
 
   
 
Discount per share repurchased and retired
   
 
 
   
8.57
%
   
 

   
Insured
Premium Income 2 (NPX)
 
Insured
Dividend Advantage (NVG)
 
Insured
Tax-Free Advantage (NEA)
   
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
 
Six Months
Ended
4/30/11
 
Year
Ended
10/31/10
Common shares issued to shareholders due to reinvestment of distributions
   
 
   
 
   
1,085
 
5,430
 
Preferred Shares
Insured Premium Income 2 (NPX) redeemed all of its outstanding ARPS during the fiscal year ended October 31, 2008. Insured Dividend Advantage (NVG) set did not redeem any of its outstanding ARPS during the six months ended April 30, 2011, or the fiscal year ended October 31, 2010.
 
Transactions in ARPS were as follows:
 
   
Insured Quality (NQI)
   
Insured Opportunity (NIO)
 
   
Six Months Ended
4/30/11
   
Year Ended
10/31/10
   
Six Months Ended
4/30/11
   
Year Ended
10/31/10
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                               
Series M
    (1,954 )   $ (48,850,000 )     (55 )   $ (1,375,000 )     (3,319 )   $ (82,975,000 )     (53 )   $ (1,325,000 )
Series T
    (1,956 )     (48,900,000 )     (54 )     (1,350,000 )     (3,319 )     (82,975,000 )     (53 )     (1,325,000 )
Series W
    (1,957 )     (48,925,000 )     (54 )     (1,350,000 )     (3,320 )     (83,000,000 )     (53 )     (1,325,000 )
Series W2
                            (2,655 )     (66,375,000 )     (43 )     (1,075,000 )
Series W3
                            (1,486 )     (37,150,000 )     (24 )     (600,000 )
Series TH
    (1,745 )     (43,625,000 )     (49 )     (1,225,000 )     (3,319 )     (82,975,000 )     (53 )     (1,325,000 )
Series TH2
                            (3,321 )     (83,025,000 )     (53 )     (1,325,000 )
Series TH3
                            (2,536 )     (63,400,000 )     (41 )     (1,025,000 )
Series F
    (1,956 )     (48,900,000 )     (54 )     (1,350,000 )     (3,318 )     (82,950,000 )     (53 )     (1,325,000 )
Total
    (9,568 )   $ (239,200,000 )     (266 )   $ (6,650,000 )     (26,593 )   $ (664,825,000 )     (426 )   $ (10,650,000 )
 
 
Premier Insured Income (NIF)
 
Insured Tax-Free Advantage (NEA)
 
 
Six Months Ended
4/30/11
 
Year Ended
10/31/10
 
Six Months Ended
4/30/11
 
Year Ended
10/31/10
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                                       
Series T
 
$
 
 
$
 
 
$
 
(1,336
)
$
(33,400,000
)
Series W
(678
)
 
(16,950,000
)
   
 
   
 
(1,335
)
 
(33,375,000
)
Series W2
   
 
   
 
   
 
(584
)
 
(14,600,000
)
Series TH
(2,263
)
 
(56,575,000
)
   
 
   
 
   
 
Series F
(2,264
)
 
(56,600,000
)
   
 
   
 
   
 
Total
(5,205
)
$
(130,125,000
)
 
$
 
 
$
 
(3,255
)
$
(81,375,000
)
 
102
 
Nuveen Investments

 
 

 
Transactions in MTP Shares were as follows:

   
Insured Tax-Free Advantage (NEA)
 
   
Six Months Ended
4/30/11
   
Year Ended
10/31/10
 
   
Shares
   
Amount
   
Shares
   
Amount
 
MTP Shares issued:
                       
Series 2015
        $       8,300,000     $ 83,000,000  
                                 
Transactions in VMTP Shares were as follows:
                               
 
 
Insured Quality (NQI)
 
 
Six Months Ended
4/30/11
 
Year Ended
10/31/10
 
 
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                   
Series 2014
2,404
 
$
240,400,000
 
 
$
 
                     
Transactions in VRDP Shares were as follows:
                   
 
 
Insured Opportunity (NIO)
 
Premier Insured Income (NIF)
 
 
Six Months Ended
4/30/11
 
Year Ended
10/31/10
 
Six Months Ended
4/30/11
 
Year Ended
10/31/10
 
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VRDP Shares issued:
                                               
Series 1
    6,672     $ 667,200,000           $       1,309     $ 130,900,000           $  
 
During the fiscal year ended October 31, 2010, Insured Premium Income 2 (NPX) completed a private exchange offer in which all of its 2,190 Series 1 VRDP Shares were exchanged for 2,190 Series 2 VRDP Shares.
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, when applicable) during the six months ended April 30, 2011, were as follows:

   
Insured
Quality
(NQI)
   
Insured
Opportunity
(NIO)
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Dividend
Advantage
(NVG)
   
Insured
Tax-Free
Advantage
(NEA)
 
Purchases
  $ 23,348,571     $ 82,322,276     $ 10,703,870     $ 91,974,409     $ 11,944,061     $ 2,794,750  
Sales and maturities
    15,843,568       129,191,259       11,341,028       92,704,019       14,010,450       185,000  
 
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At April 30, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

   
Insured
Quality
(NQI)
   
Insured
Opportunity
(NIO)
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Dividend
Advantage
(NVG)
   
Insured
Tax-Free
Advantage
(NEA)
 
Cost of investments
  $ 765,074,496     $ 1,960,492,686     $ 395,799,995     $ 693,357,598     $ 619,340,831     $ 454,420,030  
Gross unrealized:
                                               
Appreciation
    22,095,447       60,852,558       14,529,242       18,855,097       25,085,549       15,726,443  
Depreciation
    (55,674,946 )     (93,211,719 )     (17,703,565 )     (40,565,080 )     (28,410,447 )     (15,144,937 )
Net unrealized appreciation (depreciation) of
   investments
  $ (33,579,499 )   $ (32,359,161 )   $ (3,174,323 )   $ (21,709,983 )   $ (3,324,898 )   $ 581,506  
 
Nuveen Investments
 
103
 
 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
Permanent differences, primarily due to expired capital loss carryforwards, federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2010, the Funds’ last tax year end, as follows:
 
   
Insured
Quality
(NQI)
   
Insured
Opportunity
(NIO)
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Dividend
Advantage
(NVG)
   
Insured
Tax-Free
Advantage
(NEA)
 
Paid-in surplus
  $ 629     $ (16,777 )   $ 88     $ (802,209 )   $ (369,847 )   $ (977,733 )
Undistributed (Over-distribution of) net investment
   income
    (43,781 )     (3,725 )     (8,228 )     799,330       369,640       249,362  
Accumulated net realized gain (loss)
    43,152       20,502       8,140       2,879       207       728,371  
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ last tax year end, were as follows:

   
Insured
Quality
(NQI)
   
Insured
Opportunity
(NIO)
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Dividend
Advantage
(NVG)
   
Insured
Tax-Free
Advantage
(NEA)
 
Undistributed net tax-exempt income *
  $ 10,060,777     $ 27,624,417     $ 5,917,120     $ 6,876,370     $ 7,963,302     $ 5,686,189  
Undistributed net ordinary income **
    309       428,114             179       4,493       5,353  
Undistributed net long-term capital gains
                            99,027        
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2010, paid on November 1, 2010.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2010, was designated for purposes of the dividends paid deduction as follows:

   
Insured
Quality
(NQI)
   
Insured
Opportunity
(NIO)
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Dividend
Advantage
(NVG)
   
Insured
Tax-Free
Advantage
(NEA)
 
Distributions from net tax-exempt income
  $ 33,407,345     $ 83,231,805     $ 17,344,874     $ 28,528,827     $ 28,392,303     $ 20,278,475  
Distributions from net ordinary income **
                                   
Distributions from net long-term capital gains
                            1,302,507        
 
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
At October 31, 2010, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

   
Insured
Quality
(NQI)
   
Insured
Opportunity
(NIO)*
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Tax-Free
Advantage
(NEA)*
 
Expiration:
                             
October 31, 2011
  $     $     $     $     $ 97,429  
October 31, 2012
                            236,625  
October 31, 2013
                            4,418,633  
October 31, 2014
    731,585                          
October 31, 2015
                            174,026  
October 31, 2016
    3,901,374       5,318,344       1,275,634       5,960,817       1,917,479  
October 31, 2017
    217,918                   456,587        
October 31, 2018
    322,087                          
Total
  $ 5,172,964     $ 5,318,344     $ 1,275,634     $ 6,417,404     $ 6,844,192  
 
 *    A portion of Insured Opportunity’s (NIO) and Insured Tax-Free Advantage’s (NEA) capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and
related regulations.
 
104
 
Nuveen Investments

 
 

 
During the Funds’ last tax year ended October 31, 2010, the following Funds utilized capital loss carryforwards as follows:

   
Insured
Opportunity
(NIO)
   
Premier
Insured
Income
(NIF)
   
Insured
Premium
Income 2
(NPX)
   
Insured
Tax-Free
Advantage
(NEA)
 
Utilized capital loss carryforwards
  $ 3,268,560     $ 1,213,751     $ 961,315     $ 44,123  
 
At October 31, 2010, the Funds’ last tax year end, $728,305 of Insured Tax-Free Advantage’s (NEA) capital loss carryforward expired.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
Average Daily Managed Assets*
Insured Quality (NQI)
Insured Opportunity (NIO)
Premier Insured Income (NIF)
Insured Premium Income 2 (NPX)
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 managed assets over $5 billion
  .3750  
 
Average Daily Managed Assets*
Insured Dividend Advantage (NVG)
Insured Tax-Free Advantage (NEA)
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 managed assets over $2 billion
  .3750  
 
Nuveen Investments
 
105

 
 

 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
  .2000 %
$56 billion
  .1996  
$57 billion
  .1989  
$60 billion
  .1961  
$63 billion
  .1931  
$66 billion
  .1900  
$71 billion
  .1851  
$76 billion
  .1806  
$80 billion
  .1773  
$91 billion
  .1691  
$125 billion
  .1599  
$200 billion
  .1505  
$250 billion
  .1469  
$300 billion
  .1445  
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2011, the complex-level fee rate for these Funds was .1785%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into Sub-Advisory Agreements with the Sub-Adviser under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of 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 managed assets, for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
March 31,
         
Year Ending
March 31,
       
 2002*      
.30%
 
2008
   
.25
%
 2003      
.30
 
2009
   
.20
 
 2004      
.30
 
2010
   
.15
 
 2005      
.30
 
2011
   
.10
 
 2006      
.30
 
2012
   
.05
 
 2007      
.30
           
 
*
From the commencement of operations.
 
The Adviser has not agreed to reimburse 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 managed assets, for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
November 30,
         
Year Ending
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.
 
106
 
Nuveen Investments

 
 

 
The Adviser has not agreed to reimburse Insured Tax-Free Advantage (NEA) for any portion of its fees and expenses beyond November 30, 2010.
 
8. New Accounting Pronouncement
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
 
9. Subsequent Events
 
Regulatory Matters
Subsequent to the reporting period, Nuveen Securities, LLC (“Nuveen Securities”) entered into a settlement with the Financial Industry Regulatory Authority (“FINRA”) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities neither admitted to nor denied FINRA’s allegations. Nuveen Securities is the broker-dealer subsidiary of Nuveen.
 
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities were false and misleading. Nuveen Securities agreed to a censure and the payment of a $3 million fine.
 
Nuveen Investments
 
107

 
 

 
Board Approval of Sub-Advisory
Arrangements (Unaudited)
 
At a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Board Members who are not parties to the advisory agreements or “interested persons” of any parties (the “Independent Board Members”), considered and approved the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”). Since the May Meeting, Nuveen has engaged in an internal restructuring (the “Restructuring”) pursuant to which the portfolio management services provided by the Adviser to the Funds were transferred to Nuveen Asset Management, LLC (“NAM LLC”), a newly-organized wholly-owned subsidiary of the Adviser and the Adviser changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The Adviser, under its new name NFA, continues to serve as investment adviser to the Funds and, in that capacity, will continue to provide various oversight, administrative, compliance and other services. To effectuate the foregoing, NFA entered into sub-advisory agreements with NAM LLC on behalf of the Funds (each, a “Sub-Advisory Agreement”). Under each Sub-Advisory Agreement, NAM LLC, subject to the oversight of NFA and the Board, will furnish an investment program, make investment decisions for, and place all orders for the purchase and sale of securities for the portion of the respective Fund’s investment portfolio allocated to it by NFA. There have been no changes to the advisory fees paid by the Funds; rather, NFA will pay a portion of the investment advisory fee it receives to NAM LLC for its sub-advisory services. The Independent Board Members reviewed the allocation of fees between NFA and NAM LLC. NFA and NAM LLC do not anticipate any reduction in the nature or level of services provided to the Funds following the Restructuring. The personnel of NFA who engaged in portfolio management activities prior to the spinoff of NAM LLC are not expected to materially change as a result of the spinoff. In light of the foregoing, at a meeting held on November 16-18, 2010, the Board Members, including a majority of the Independent Board Members, approved the Sub-Advisory Agreements on behalf of the Funds. Given that the Restructuring was not expected to reduce the level or nature of services provided and the advisory fees paid by the Funds were the same, the factors considered and determinations made at the May Meeting in approving the Advisory Agreements were equally applicable to the approval of the Sub-Advisory Agreements. For a discussion of these considerations, please see the shareholder report of the Funds that was first issued after the May Meeting for the period including May 2010.
 
108
 
Nuveen Investments

 
 

 
Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest 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 compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on 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 distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
Nuveen Investments
 
109

 
 

 
Reinvest Automatically
Easily and Conveniently (continued)
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the 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.
 
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 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.
 
110
 
Nuveen Investments

 
 

 
Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
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 market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
   
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Using borrowed money to invest in securities or other assets.
 
Nuveen Investments
 
111

 
 

 
Glossary of Terms
Used in this Report (continued)
 
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 NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
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.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
112
 
Nuveen Investments

 
 

 
Notes
 
 
Nuveen Investments
 
113

 
 

 
Notes
 
114
 
Nuveen Investments

 
 

 
Other Useful Information
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common and Preferred Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
 
Fund
Common Shares
Repurchased
Auction Rate
Preferred Shares
Redeemed
NQI
9,568
NIO
26,593
NIF
5,205
NPX
NVG
NEA
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
Nuveen Investments
 
115

 
 

 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
 
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 
Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Nuveen makes things e-simple.
 
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready - no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
Free e-Reports right to your e-mail!
 
www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
OR
 
www.nuveen.com/accountaccess
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
ESA-D-0411D

 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.


 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Insured Municipal Opportunity Fund, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
(Vice President and Secretary)

Date: July 8, 2011

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, 2011

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 8, 2011