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 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: October 31, 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.

 

 
 

 
 

 
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Table of Contents

Chairman’s Letter to Shareholders
4
Portfolio Managers’ Comments
5
Fund Leverage and Other Information
10
Common Share Dividend and Share Price Information
14
Performance Overviews
16
Shareholder Meeting Report
22
Report of Independent Registered Public Accounting Firm
26
Portfolios of Investments
27
Statement of Assets and Liabilities
85
Statement of Operations
87
Statement of Changes in Net Assets
89
Statement of Cash Flows
92
Financial Highlights
94
Notes to Financial Statements
102
Annual Investment Management Agreement Approval Process
116
Board Members and Officers
124
Reinvest Automatically, Easily and Conveniently
129
Glossary of Terms Used in this Report
131
Other Useful Information
135

 
 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.
 
Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.
 
In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.
 
It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor’s long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
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 December 21, 2011
 
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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 twelve-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 factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2011?
 
During this period, the U.S. economy’s recovery from recession remained slow. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% that it had established in December 2008. At its November 2011 meeting (shortly after the end of this reporting period), the central bank reaffirmed its opinion that economic conditions would likely warrant keeping this rate at “exceptionally low levels” at least through mid-2013. The Fed also said that it would continue its program to extend the average maturity of its holdings of U.S. Treasury securities by purchasing $400 billion of U.S. Treasury securities with maturities of six to thirty years and selling an equal amount of U.S. Treasury securities with maturities of three years or less. The goals of this program, which the Fed expects to complete by the end of June 2012, are to lower longer-term interest rates, support a stronger economic recovery and help ensure that inflation remains at levels consistent with the Fed’s mandates of maximum employment and price stability.
 
In the third quarter of 2011, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.0%, the best growth number since the fourth quarter of 2010 and the ninth consecutive quarter of positive growth. The Consumer Price Index (CPI) rose 3.5% year-over-year as of October 2011, while the core CPI (which excludes food and energy) increased 2.1%, edging just above the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Unemployment numbers remained high, as October 2011 marked the seventh straight month with a national jobless number of 9.0% or higher. However, after the reporting period came to a close, the U.S. unemployment rate fell to 8.6% in November 2011. While the dip was a step in
 
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.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investor Services, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

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the right direction, it was due partly to a number of individuals dropping out of the hunt for work. The housing market also continued to be a major weak spot. For the twelve months ended September 2011 (the most recent data available at the time this report was prepared), the average home price in the Standard & Poor’s/Case-Shiller Index lost 3.6%, with 18 of the 20 major metropolitan areas reporting losses. In addition, the U.S. economic picture continued to be clouded by concerns about the European debt crisis and efforts to reduce the federal deficit.
 
Municipal bond prices ended this period generally unchanged versus the beginning of this reporting period, masking a sell-off that commenced in the fourth quarter of 2010, as the result of investor concerns about inflation, the federal deficit and its impact on demand for U.S. Treasuries. Adding to this situation was media coverage of the strained finances of many state and local governments, which failed to differentiate between gaps in these governments’ operating budgets and their ability to meet their debt service obligations. As a result, money flowed out of municipal mutual funds, yields rose, and valuations declined.
 
During the second half of this reporting period (i.e., May-October 2011), municipal bond prices generally rallied as yields declined across the municipal curve. The decline in yields was due in part to the continued depressed level of municipal bond issuance. Tax-exempt volume, which had been limited in 2010 by issuers’ extensive use of taxable Build America Bonds (BABs), continued to drift lower in 2011. Even though BABs were no longer an option for issuers (the BAB program expired at the end of 2010), some borrowers had accelerated issuance into 2010 in order to take advantage of the program’s favorable terms before its termination, fulfilling their capital program borrowing needs well into 2012. This reduced the need for many borrowers to come to market with new issues during this period. Over the twelve months ended October 31, 2011, municipal bond issuance nationwide totaled $320.2 billion, a decrease of 23% compared with the issuance of the twelve-month period ended October 31, 2010. During the majority of this period, demand for municipal bonds remained very strong.
 
What key strategies were used to manage these Funds during this reporting period?
 
During this period, finding appropriate insured bonds, especially new insured issues, remained a challenge due to the continued severe decline in insured issuance. Over the past few years, most municipal bond insurers had their credit ratings downgraded, and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically. Over the past ten months of 2011, issuance of new insured bonds totaled $12.2 billion, or just 5% of total municipal issuance (compared with a recent historical average of 50%), down 47% from the ten months ended October 2010. Even though these Funds may now invest up to 20% of their net assets in uninsured investment-grade credits rated BBB- or higher, the combination of tighter municipal supply, little insured issuance and relatively lower yields meant fewer attractive opportunities for these Funds during this period.
 
In this environment, we took an opportunistic approach to discovering what we thought were undervalued sectors and individual credits with the potential to perform well over the long term. During this period, all of the Funds found value in the essential services

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sectors such as water and sewer, and NIO, NIF, NVG and NEA also added tax-supported bonds backed by excise taxes and other limited tax obligations. In NQI and NPX, we found opportunities in the secondary market to purchase health care, transportation (specifically airports and highway revenue bonds) and higher education credits. Overall, our focus remained on high quality investments. We also emphasized purchasing bonds with longer maturities in order to take advantage of more attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also extended the Funds’ durations, which helped maintain their yield curve positioning.
 
Cash for new purchases during this period was generated largely by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. Most of the Funds also selectively sold bonds with short maturities or short call dates in advance of their maturity or call dates to generate additional funds that enabled them to take advantage of attractive purchase candidates as they became available in the market.
 
As of October 31, 2011, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
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 10/31/11
 
Fund
   
1-Year
 
5-Year
 
10-Year
NQI
   
5.98
%
 
4.12
%
 
5.11
%
NIO
   
4.73
%
 
4.37
%
 
5.31
%
NIF
   
4.40
%
 
4.54
%
 
5.36
%
NPX
   
6.01
%
 
4.44
%
 
5.34
%
NVG
   
4.83
%
 
4.86
%
 
N/A
 
NEA
   
3.92
%
 
5.11
%
 
N/A
 
                     
Standard & Poors (S&P) National Insured Municipal Bond Index*
   
4.06
%
 
4.52
%
 
4.99
%
Lipper General and Insured Leveraged Municipal Debt Funds Classification Average*
   
4.80
%
 
4.20
%
 
5.59
%
 
For the twelve months ended October 31, 2011, the total returns on common share net asset value (NAV) for NQI, NIO, NIF, NPX and NVG exceeded the return for the Standard & Poor’s (S&P) National Insured Municipal Bond Index, while NEA underperformed this index. For this same period, NQI, NPX and NVG outperformed the Lipper General and Insured Leveraged Municipal Debt Funds Classification Average, while NIO, NIF and NEA lagged 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, the Funds’ use of leverage was an important positive factor affecting the Funds’ performance over this period. The impact of structural leverage is discussed in more detail later in this report.

 
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.
   
*
Refer to Glossary of Terms Used in this Report for definitions.

Nuveen Investments
 
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During this period, municipal bonds with intermediate and longer maturities tended to outperform the short maturity categories, with credits having maturities of seven years and longer generally outpacing the market. Among these Funds, NQI and NPX were the most advantageously situated in terms of duration and yield curve positioning, with more exposure to the longer parts of the yield curve that performed well. In general during this period, the greater a Fund’s exposure to the outperforming intermediate and longer parts of the curve, the greater the positive impact on the Fund’s return. The remaining four Funds, especially NEA, had shorter durations, which hampered their performance in the market environment of the period. Both NVG and NEA, which were introduced in 2002, are approaching their 10-year anniversaries and therefore have the increased exposure to bonds with short call dates often associated with that milestone.
 
Credit exposure also played a role in performance, as bonds rated A and AA typically outperformed the other credit quality categories. On the whole, bonds with higher levels of credit risk were not favored by the market during this period. The performance of the BBB category, in particular, was dragged down by poor returns in the tobacco bond sector (bonds backed by the 1998 master tobacco settlement agreement). All of these Funds benefited from their strong weightings in the A and AA sectors, while the negative impact of their BBB rated holdings was limited by the Funds’ modest exposures to this category.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included zero coupon bonds and housing, water and sewer, and health care credits. General obligation and other tax-supported bonds also generally outpaced the municipal market return for the twelve months. All of these Funds, particularly NQI, benefited from their exposure to the health care sector. Holdings in the transportation sector also performed well, with NVG having the heaviest weighting in this sector and NEA the smallest. On the whole, some of the best performing bonds in the Funds’ portfolios for this period were those purchased during the earlier part of this period before the market rallied, when yields were relatively higher and prices especially attractive.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments during this period. The under-performance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Among these six Funds, NEA, NVG and NIF held the heaviest allocations of pre-refunded bonds, while NQI had the smallest exposure to these bonds.

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FUND POLICY CHANGES
 
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes are designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
 
Effective January 2, 2012, each Fund will eliminate the investment policy requiring it, under normal circumstances, 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. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds are not changing their investment objective and will continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
 
Concurrent with the investment policy changes, the Funds will change their names as follows:

 
Nuveen Insured Quality Municipal Fund, Inc. (NQI) will change to Nuveen Quality Municipal Fund, Inc. (NQI)
     
 
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) will change to Nuveen Municipal Opportunity Fund, Inc. (NIO)
     
 
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) will change to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
     
 
Nuveen Insured Premium Income Municipal Fund 2 (NPX) will change to Nuveen Premium Income Municipal Opportunity Fund (NPX)
     
 
Nuveen Insured Dividend Advantage Municipal Fund (NVG) will change to Nuveen Dividend Advantage Municipal Income Fund (NVG)
     
 
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) will change to Nuveen AMT-Free Municipal Income Fund (NEA)
 
Nuveen Investments
 
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Fund Leverage and
Other Information
 
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. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
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.

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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 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 Rate 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.
 
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, 33 of 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. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the Complaint with prejudice.

Nuveen Investments
 
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As of October 31, 2011, each of the Funds has redeemed all of their outstanding APRS at liquidation value.
 
As of October 31, 2011, the Funds have issued and outstanding MTP Shares, VMTP Shares and/or VRDP Shares as shown in the accompanying tables.
 
MTP Shares

Fund
   
Series
   
MTP Shares Issued
at Liquidation Value
   
Annual
Interest Rate
   
NYSE Ticker
 
NVG
   
2014
 
$
108,000,000
   
2.95%
   
NVG PrC
 
NEA
   
2015
 
$
83,000,000
   
2.85%
   
NEA PrC
 

VMTP Shares

Fund
   
VMTP
Series
   
VMTP Shares Issued
at Liquidation Value
 
NQI
   
2014
 
$
240,400,000
 
NVG
   
2014
 
$
92,500,000
 
NEA
   
2014
 
$
67,600,000
 

VRDP Shares

Fund
   
VRDP Shares Issued
at Liquidation Value
 
NIO
 
$
667,200,000
 
NIF
 
$
130,900,000
 
NPX
 
$
219,000,000
 
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares, VMTP Shares and VRDP Shares.)
 
As of October 5, 2011, all 84 of the Nuveen closed-end municipal funds that had issued ARPS, approximately $11.0 billion have redeemed at liquidation value all of these shares.
 
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, known as Nuveen Investments, LLC prior to April 30, 2011, 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.
 
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RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment Risk. The possible loss of the entire principal amount that you invest.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Nuveen Investments
 
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Common Share Dividend and
Share Price Information
 
During the twelve-month reporting period ended October 31, 2011, NQI, NIO, NIF, NVG and NEA each had one monthly dividend increase, while the monthly dividend of NPX remained stable throughout the reporting period.
 
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 October 31, 2011, all of the Funds in this report had positive UNII balances for both tax and financial reporting purposes.
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of October 31, 2011, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NQI, NIF, and NPX have not repurchased any of their outstanding common shares.

Fund
   
Common Shares
Repurchased and Retired
   
% of Outstanding  
Common Shares  
NIO
   
2,900
   
0.0
%
NVG
   
10,400
   
0.0
%
NEA
   
19,300
   
0.1
%
 
During the twelve-month reporting period, the Funds did not repurchase and retire any of their outstanding common shares.
 
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As of October 31, 2011, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.

Fund
   
10/31/11
(-)Discount
   
12-Month Average
(-)Discount
NQI
   
(-)0.42%
   
(-)2.67
%
NIO
   
(-)3.34%
   
(-)3.94
%
NIF
   
(-)3.13%
   
(-)0.32
%
NPX
   
(-)5.24%
   
(-)5.75
%
NVG
   
(-)4.72%
   
(-)5.49
%
NEA
   
(-)5.78%
   
(-)5.21
%

Nuveen Investments
 
15

 
 

 

NQI
 
Nuveen Insured
Performance
 
Quality Municipal
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2011
 

Fund Snapshot
       
Common Share Price
 
$
14.11
 
Common Share Net Asset Value (NAV)
 
$
14.17
 
Premium/(Discount) to NAV
   
-0.42
%
Market Yield
   
6.38
%
Taxable-Equivalent Yield2
   
8.86
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
544,500
 

Leverage
       
Structural Leverage
   
30.63
%
Effective Leverage
   
38.77
%

Average Annual Total Return
(Inception 12/19/90)

   
On Share Price
   
On NAV
1-Year
   
4.65%
 
 
5.98
%
5-Year
   
5.03%
 
 
4.12
%
10-Year
   
5.77%
 
 
5.11
%

States5
       
(as a % of total investments)
       
California
   
16.9
%
Texas
   
8.9
%
Illinois
   
7.6
%
Florida
   
7.3
%
Washington
   
6.4
%
Pennsylvania
   
5.8
%
New York
   
5.4
%
Kentucky
   
3.9
%
Massachusetts
   
3.7
%
Arizona
   
3.7
%
Indiana
   
2.7
%
Colorado
   
2.5
%
Louisiana
   
2.5
%
Ohio
   
2.3
%
Georgia
   
2.2
%
Other
   
18.2
%
         
Portfolio Composition5
       
(as a % of total investments)
       
Tax Obligation/Limited
   
24.0
%
Transportation
   
16.1
%
Tax Obligation/General
   
13.8
%
Health Care
   
12.0
%
Water and Sewer
   
10.7
%
U.S. Guaranteed
   
10.3
%
Other
   
13.1
%
         
Insurers5
       
(as a % of total Insured investments)
       
AGM
   
33.4
%
NPFG3
   
26.5
%
AMBAC
   
18.3
%
FGIC
   
17.8
%
Other
   
4.0
%
 
 
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, 88% 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 rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
5 Holdings are subject to change.
 
16
 
Nuveen Investments

 
 

 

NIO
 
Nuveen Insured
Performance
 
Municipal Opportunity
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
14.20
 
Common Share Net Asset Value (NAV)
 
$
14.69
 
Premium/(Discount) to NAV
   
-3.34
%
Market Yield
   
6.17
%
Taxable-Equivalent Yield2
   
8.57
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
1,404,814
 

Leverage
       
Structural Leverage
   
32.20
%
Effective Leverage
   
37.96
%

Average Annual Total Return
(Inception 9/19/91)

   
On Share Price
 
On NAV
1-Year
   
2.08%
 
 
4.73
%
5-Year
   
5.15%
 
 
4.37
%
10-Year
   
5.90%
 
 
5.31
%

States5
       
(as a % of total investments)
       
Florida
   
16.5
%
California
   
14.1
%
Nevada
   
5.6
%
New York
   
5.3
%
Illinois
   
4.9
%
Washington
   
4.0
%
South Carolina
   
3.8
%
Texas
   
3.7
%
Massachusetts
   
3.4
%
Pennsylvania
   
3.3
%
Louisiana
   
3.2
%
Ohio
   
3.1
%
Indiana
   
3.0
%
New Jersey
   
2.8
%
Colorado
   
2.1
%
Wisconsin
   
1.9
%
Other
   
19.3
%
         
Portfolio Composition5
       
(as a % of total investments)
       
Tax Obligation/Limited
   
27.2
%
U.S. Guaranteed
   
15.1
%
Transportation
   
14.6
%
Tax Obligation/General
   
12.6
%
Water and Sewer
   
10.9
%
Utilities
   
8.1
%
Other
   
11.5
%
         
Insurers5
       
(as a % of total Insured investments)
       
AGM
   
26.5
%
NPFG3
   
25.4
%
FGIC
   
22.9
%
AMBAC
   
15.3
%
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, 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 rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
5
Holdings are subject to change.
6
The Fund paid shareholders a net ordinary income distribution in December 2010 of $0.0044 per share.
 
Nuveen Investments
 
17

 
 

 

NIF
 
Nuveen Premier
Performance
 
Insured Municipal
OVERVIEW
 
Income Fund, Inc.
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
14.26
 
Common Share Net Asset Value (NAV)
 
$
14.72
 
Premium/(Discount) to NAV
   
-3.13
%
Market Yield
   
6.35
%
Taxable-Equivalent Yield2
   
8.82
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
287,068
 

Leverage
       
Structural Leverage
   
31.32
%
Effective Leverage
   
38.58
%

Average Annual Total Return
(Inception 12/19/91)

   
On Share Price
   
On NAV
1-Year
   
-1.98%
 
 
4.40
%
5-Year
   
5.29%
 
 
4.54
%
10-Year
   
5.44%
 
 
5.36
%

States5
       
(as a % of total investments)
       
California
   
15.0
%
Illinois
   
9.9
%
Washington
   
8.8
%
Texas
   
7.0
%
Colorado
   
5.1
%
New York
   
4.7
%
Pennsylvania
   
4.6
%
Nevada
   
4.4
%
Florida
   
4.1
%
Indiana
   
3.6
%
Massachusetts
   
3.1
%
Oregon
   
2.8
%
Arizona
   
2.7
%
Ohio
   
2.7
%
Louisiana
   
2.1
%
Other
   
19.4
%
         
Portfolio Composition5
       
(as a % of total investments)
       
U.S. Guaranteed
   
21.6
%
Tax Obligation/Limited
   
17.7
%
Transportation
   
16.5
%
Tax Obligation/General
   
16.4
%
Water and Sewer
   
10.1
%
Health Care
   
7.9
%
Other
   
9.8
%
         
Insurers5
       
(as a % of total Insured investments)
       
AGM
   
31.4
%
NPFG3
   
30.0
%
FGIC
   
20.4
%
AMBAC
   
14.0
%
Other
   
4.2
%
 
 
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, 87% 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 rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
5
Holdings are subject to change.
 
18
 
Nuveen Investments

 
 

 


NPX
 
Nuveen Insured
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund 2
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
12.83
 
Common Share Net Asset Value (NAV)
 
$
13.54
 
Premium/(Discount) to NAV
   
-5.24
%
Market Yield
   
5.80
%
Taxable-Equivalent Yield2
   
8.06
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
505,766
 

Leverage
       
Structural Leverage
   
30.22
%
Effective Leverage
   
36.96
%

Average Annual Total Return
(Inception 7/22/93)

   
On Share Price
   
On NAV
1-Year
   
1.75%
 
 
6.01
%
5-Year
   
5.48%
 
 
4.44
%
10-Year
   
5.23%
 
 
5.34
%

States5
       
(as a % of total investments)
       
California
   
15.5
%
Texas
   
8.3
%
Pennsylvania
   
6.6
%
New York
   
6.3
%
Colorado
   
6.2
%
New Jersey
   
6.0
%
Florida
   
5.5
%
Illinois
   
5.3
%
Indiana
   
3.8
%
Washington
   
3.7
%
Louisiana
   
3.7
%
Arizona
   
3.2
%
Georgia
   
3.1
%
Hawaii
   
2.6
%
Nevada
   
2.3
%
Other
   
17.9
%
         
Portfolio Composition5
       
(as a % of total investments)
       
Tax Obligation/Limited
   
19.2
%
Transportation
   
14.4
%
Utilities
   
13.3
%
Water and Sewer
   
11.9
%
U.S. Guaranteed
   
11.6
%
Tax Obligation/General
   
10.4
%
Health Care
   
9.0
%
Other
   
10.2
%
         
Insurers5
       
(as a % of total Insured investments)
       
AGM
   
31.3
%
NPFG3
   
25.7
%
AMBAC
   
21.5
%
FGIC
   
15.2
%
Other
   
6.3
%

 
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
MBIA’s public finance subsidiary.
4
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
5
Holdings are subject to change.
6
Rounds to less than 1%.
 
Nuveen Investments
 
19

 
 

 

NVG
 
Nuveen Insured
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2011
 
         
Fund Snapshot
       
Common Share Price
 
$
14.32
 
Common Share Net Asset Value (NAV)
 
$
15.03
 
Premium/(Discount) to NAV
   
-4.72
%
Market Yield
   
6.28
%
Taxable-Equivalent Yield2
   
8.72
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
448,070
 

Leverage
       
Structural Leverage
   
30.91
%
Effective Leverage
   
37.75
%

Average Annual Total Return
(Inception 3/25/02)
   
On Share Price
   
On NAV
1-Year
   
2.89%
 
 
4.83
%
5-Year
   
5.06%
 
 
4.86
%
Since Inception
   
5.70%
 
 
6.39
%

States5
       
(as a % of total municipal bonds)
       
Texas
   
13.8
%
California
   
9.9
%
Washington
   
9.9
%
Indiana
   
9.3
%
Illinois
   
8.6
%
Florida
   
7.5
%
Tennessee
   
6.2
%
New York
   
4.4
%
Colorado
   
3.8
%
Pennsylvania
   
3.2
%
Louisiana
   
3.0
%
Alaska
   
2.3
%
Other
   
18.1
%
         
Portfolio Composition5
       
(as a % of total investments)
       
U.S. Guaranteed
   
22.7
%
Tax Obligation/Limited
   
19.3
%
Transportation
   
17.3
%
Tax Obligation/General
   
11.3
%
Health Care
   
8.3
%
Utilities
   
7.1
%
Other
   
14.0
%
         
Insurers5
       
(as a % of total Insured investments)
       
AGM
   
29.8
%
NPFG3
   
27.5
%
AMBAC
   
23.4
%
FGIC
   
15.7
%
Other
   
3.6
%

 
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, 91% 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 rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
5
Holdings are subject to change.
6
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0029 per share.
7
Rounds to less than 1%.
 
20
 
Nuveen Investments

 
 

 

NEA
 
Nuveen Insured
Performance
 
Tax-Free Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2011
 
 
Fund Snapshot
       
Common Share Price
 
$
13.85
 
Common Share Net Asset Value (NAV)
 
$
14.70
 
Premium/(Discount) to NAV
   
-5.78
%
Market Yield
   
6.06
%
Taxable-Equivalent Yield2
   
8.42
%
Net Assets Applicable to
       
Common Shares ($000)
 
$
326,909
 

Leverage
       
Structural Leverage
   
31.54
%
Effective Leverage
   
37.91
%

Average Annual Total Return
(Inception 11/21/02)
   
On Share Price
   
On NAV
1-Year
   
-1.60%
 
 
3.92
%
5-Year
   
4.93%
 
 
5.11
%
Since Inception
   
4.84%
 
 
5.89
%

States5
       
(as a % of total investments)
       
Florida
   
14.6
%
California
   
14.3
%
New York
   
7.0
%
Washington
   
6.4
%
Michigan
   
6.1
%
Texas
   
5.6
%
Pennsylvania
   
5.1
%
Indiana
   
4.8
%
Alabama
   
4.4
%
South Carolina
   
3.8
%
Illinois
   
3.7
%
Arizona
   
3.7
%
Wisconsin
   
3.6
%
Other
   
16.9
%
         
Portfolio Composition5
       
(as a % of total investments)
       
Tax Obligation/Limited
   
28.4
%
U.S. Guaranteed
   
27.0
%
Health Care
   
10.5
%
Water and Sewer
   
9.0
%
Transportation
   
8.0
%
Utilities
   
7.1
%
Other
   
10.0
%
         
Insurers5
       
(as a % of total Insured investments)
       
NPFG3
   
31.7
%
AMBAC
   
25.0
%
AGM
   
24.1
%
FGIC
   
10.7
%
Other
   
8.5
%
 
 
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
MBIA’s public finance subsidiary.
4
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
5
Holdings are subject to change.
 
Nuveen Investments
 
21

 
 

 

NQI
 
Shareholder Meeting Report
NIO
   
NIF
   
 
 
The annual meeting of shareholders was held on July 25, 2011, in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL360606; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies.3The meeting was subsequently adjourned to August 31, 2011 and additionally adjourned to October 19, 2011, for NEA and NVG.3NVG was additionally adjourned to November 16, 2011.

   
NQI
 
NIO
 
NIF
 
   
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
24,291,767
   
   
57,260,673
   
   
11,966,786
   
 
Withhold
   
968,257
   
   
2,322,576
   
   
439,919
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 
Robert P. Bremner
                                     
For
   
24,267,775
   
   
57,229,807
   
   
11,949,397
   
 
Withhold
   
992,249
   
   
2,353,442
   
   
457,308
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 
Jack B. Evans
                                     
For
   
24,277,942
   
   
57,230,943
   
   
11,958,938
   
 
Withhold
   
982,082
   
   
2,352,306
   
   
447,767
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 
William C. Hunter
                                     
For
   
   
2,404
   
   
6,372
   
   
1,069
 
Withhold
   
   
   
   
300
   
   
240
 
Total
   
   
2,404
   
   
6,672
   
   
1,309
 
David J. Kundert
                                     
For
   
24,264,377
   
   
57,231,148
   
   
11,949,387
   
 
Withhold
   
995,647
   
   
2,352,101
   
   
457,318
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 
William J. Schneider
                                     
For
   
   
2,404
   
   
6,372
   
   
1,069
 
Withhold
   
   
   
   
300
   
   
240
 
Total
   
   
2,404
   
   
6,672
   
   
1,309
 
Judith M. Stockdale
                                     
For
   
24,271,690
   
   
57,243,129
   
   
11,932,535
   
 
Withhold
   
988,334
   
   
2,340,120
   
   
474,170
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 
Carole E. Stone
                                     
For
   
24,256,057
   
   
57,239,586
   
   
11,926,450
   
 
Withhold
   
1,003,967
   
   
2,343,663
   
   
480,255
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 
Virginia L. Stringer
                                     
For
   
24,263,883
   
   
27,239,986
   
   
11,934,542
   
 
Withhold
   
996,141
   
   
2,343,263
   
   
472,163
   
 
Total
   
25,260,024
   
   
29,583,249
   
   
12,406,705
   
 
Terence J. Toth
                                     
For
   
24,274,145
   
   
57,263,236
   
   
11,961,403
   
 
Withhold
   
985,879
   
   
2,320,013
   
   
445,302
   
 
Total
   
25,260,024
   
   
59,583,249
   
   
12,406,705
   
 

22
 
Nuveen Investments

 
 

 
 
   
NQI
 
NIO
 
NIF
 
   
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans
                                     
For
   
18,573,701
   
2,404
   
42,589,769
   
6,672
   
9,172,239
   
1,309
 
Against
   
1,264,763
   
   
2,729,323
   
   
538,148
   
 
Abstain
   
602,861
   
   
1,702,986
   
   
293,002
   
 
Broker Non-Votes
   
4,818,699
   
   
12,561,171
   
   
2,403,316
   
 
Total
   
25,260,024
   
2,404
   
59,583,249
   
6,672
   
12,406,705
   
1,309
 
To approve the new fundamental investment policy relating to the Fund’s ability to make loans
                                     
For
   
18,481,876
   
2,404
   
42,428,526
   
6,672
   
9,125,102
   
1,309
 
Against
   
1,335,911
   
   
2,877,331
   
   
574,773
   
 
Abstain
   
623,539
   
   
1,716,221
   
   
303,513
   
 
Broker Non-Votes
   
4,818,698
   
   
12,561,171
   
   
2,403,317
   
 
Total
   
25,260,024
   
2,404
   
59,583,249
   
6,672
   
12,406,705
   
1,309
 

Nuveen Investments
 
23

 
 

 

NPX
 
Shareholder Meeting Report (continued)
NVG
   
NEA
   

   
NPX
 
NVG
 
NEA
 
   
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
23,384,566
   
   
25,730,958
   
   
19,246,007
   
 
Withhold
   
1,171,421
   
   
1,158,310
   
   
1,297,462
   
 
Total
   
24,555,987
   
   
26,889,268
   
   
20,543,469
   
 
Robert P. Bremner
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Jack B. Evans
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
William C. Hunter
                                     
For
   
   
1,271
   
   
6,444,300
   
   
4,291,835
 
Withhold
   
   
919
   
   
520,313
   
   
539,861
 
Total
   
   
2,190
   
   
6,964,613
   
   
4,831,696
 
David J. Kundert
                                     
For
   
23,388,374
   
   
25,716,479
   
   
19,239,208
   
 
Withhold
   
1,167,613
   
   
1,172,789
   
   
1,304,261
   
 
Total
   
24,555,987
   
   
26,889,268
   
   
20,543,469
   
 
William J. Schneider
                                     
For
   
   
1,271
   
   
6,438,300
   
   
4,289,535
 
Withhold
   
   
919
   
   
526,313
   
   
542,161
 
Total
   
   
2,190
   
   
6,964,613
   
   
4,831,696
 
Judith M. Stockdale
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Carole E. Stone
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Virginia L. Stringer
                                     
For
   
   
   
   
   
   
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
   
   
 
Terence J. Toth
                                     
For
   
23,408,533
   
   
25,736,777
   
   
19,249,056
   
 
Withhold
   
1,147,454
   
   
1,152,491
   
   
1,294,413
   
 
Total
   
24,555,987
   
   
26,889,268
   
   
20,543,469
   
 
 
24
 
Nuveen Investments

 
 

 

   
NPX
 
NVG
 
NEA
 
   
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
To approve the elimination of the Fund’s fundamental investment policy relating to the Fund’s ability to make loans
                                     
For
   
17,586,653
   
2,190
   
20,007,305
   
4,618,817
   
15,754,452
   
3,806,471
 
Against
   
1,226,782
   
   
1,274,675
   
515,481
   
1,117,326
   
390,597
 
Abstain
   
710,131
   
   
763,730
   
185,875
   
639,878
   
52,508
 
Broker Non-Votes
   
5,032,421
   
   
4,654,043
   
1,409,263
   
3,531,370
   
1,048,925
 
Total
   
24,555,987
   
2,190
   
26,699,753
   
6,729,436
   
21,043,026
   
5,298,501
 
To approve the new fundamental investment policy relating to the Fund’s ability to make loans
                                     
For
   
17,536,303
   
2,190
   
19,963,407
   
4,607,807
   
15,704,797
   
3,795,132
 
Against
   
1,246,319
   
   
1,289,720
   
524,514
   
1,147,561
   
394,486
 
Abstain
   
740,945
   
   
792,583
   
187,852
   
659,298
   
59,958
 
Broker Non-Votes
   
5,032,420
   
   
4,654,043
   
1,409,263
   
3,531,370
   
1,048,925
 
Total
   
24,555,987
   
2,190
   
26,699,753
   
6,729,436
   
21,043,026
   
5,298,501
 

Nuveen Investments
 
25

 
 

 
 
Report of Independent
Registered Public Accounting Firm

The Board of Directors/Trustees and Shareholders
Nuveen Insured Quality Municipal Fund, Inc.
Nuveen Insured Municipal Opportunity Fund, Inc.
Nuveen Premier Insured Municipal Income Fund, Inc.
Nuveen Insured Premium Income Municipal Fund 2
Nuveen Insured Dividend Advantage Municipal Fund
Nuveen Insured Tax-Free Advantage Municipal Fund
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Insured Quality Municipal Fund, Inc., Nuveen Insured Municipal Opportunity Fund, Inc., Nuveen Premier Insured Municipal Income Fund, Inc., Nuveen Insured Premium Income Municipal Fund 2, Nuveen Insured Dividend Advantage Municipal Fund, and Nuveen Insured Tax-Free Advantage Municipal Fund (the “Funds”) as of October 31, 2011, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Insured Quality Municipal Fund, Inc., Nuveen Insured Municipal Opportunity Fund, Inc., Nuveen Premier Insured Municipal Income Fund, Inc., Nuveen Insured Premium Income Municipal Fund 2, Nuveen Insured Dividend Advantage Municipal Fund, and Nuveen Insured Tax-Free Advantage Municipal Fund at October 31, 2011, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
 
Chicago, Illinois
December 28, 2011

26
 
Nuveen Investments

 
 

 
 
 
 
Nuveen Insured Quality Municipal Fund, Inc.
NQI
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 1.9% (1.3% 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
AA+ (4)
 
$
1,199,479
 
 
7,000
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
6/15 at 100.00
A1
   
7,133,840
 
     
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Auburn Water Supply Agreement, Series 2011:
           
 
1,250
 
4.000%, 6/01/29 – AGM Insured
6/21 at 100.00
AA+
   
1,221,388
 
 
1,000
 
4.250%, 6/01/31 – AGM Insured
6/21 at 100.00
AA+
   
982,860
 
 
10,385
 
Total Alabama
       
10,537,567
 
     
Arizona – 5.7% (3.7% 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+
   
1,298,772
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA+
   
1,561,095
 
 
7,065
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA+
   
7,459,439
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032- 11034, 14.940%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
2,577,850
 
 
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–
   
9,221,160
 
 
8,755
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
No Opt. Call
AA
   
8,696,166
 
 
30,470
 
Total Arizona
       
30,814,482
 
     
Arkansas – 0.4% (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
   
2,430,563
 
     
California – 25.6% (16.9% 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
   
4,420,464
 
 
3,965
 
5.000%, 12/01/26 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
4,286,125
 
 
13,445
 
California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 – AMBAC Insured
4/12 at 100.00
A1
   
13,530,107
 
 
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
AA+ (4)
   
7,196,382
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
   
5,071
 
 
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
AA+ (4)
   
4,140,697
 
 
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
   
7,651,070
 
 
8,000
 
California, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
10/12 at 100.00
A1
   
8,037,760
 
 
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–
   
2,327,411
 
 
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)
   
3,189,300
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
           
 
22,985
 
0.000%, 1/15/24 – NPFG Insured
1/12 at 49.57
Baa1
   
10,799,732
 
 
22,000
 
0.000%, 1/15/31 – NPFG Insured
1/12 at 32.45
Baa1
   
6,350,960
 
 
50,000
 
0.000%, 1/15/37 – NPFG Insured
1/12 at 22.52
Baa1
   
8,989,500
 
 
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
   
4,774,750
 
 
Nuveen Investments
 
27

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
 
$
8,225,280
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
Aa2
   
2,743,527
 
 
1,195
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 (WI/DD, Settling 11/03/11) – AGM Insured
9/21 at 100.00
AA–
   
1,173,036
 
 
5,218
 
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
   
5,547,151
 
 
4,395
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
1/12 at 100.00
BBB (4)
   
5,086,729
 
 
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
   
2,327,452
 
 
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
   
2,026,620
 
 
5,460
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 – NPFG Insured (Alternative Minimum Tax)
5/12 at 100.00
A+
   
5,460,000
 
     
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+
   
2,207,180
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
   
4,025,727
 
 
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+
   
6,804,256
 
 
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
   
1,874,390
 
 
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
   
1,056,030
 
 
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
   
1,610,446
 
 
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
   
3,369,298
 
 
213,518
 
Total California
       
139,236,451
 
     
Colorado – 3.8% (2.5% 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+
   
2,200,118
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
           
 
5,365
 
5.000%, 11/15/23 – FGIC Insured (UB)
11/16 at 100.00
A+
   
5,799,350
 
 
1,000
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
   
1,073,220
 
 
1,085
 
13.956%, 11/15/25 – FGIC Insured (IF)
11/16 at 100.00
A+
   
1,373,881
 
 
9,780
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
Baa1
   
2,358,447
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
Baa1
   
3,546,700
 
 
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
Aa2 (4)
   
1,414,913
 
 
880
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
AA+
   
957,220
 
 
1,100
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
12/20 at 100.00
AA+
   
1,163,723
 
 
500
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
534,950
 
 
32,975
 
Total Colorado
       
20,422,522
 
 
28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Connecticut – 0.2% (0.2% 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
 
$
1,066,920
 
     
District of Columbia – 1.3% (0.9% of Total Investments)
           
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
1,367,360
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1736, 11.588%, 10/01/36 (Pre-refunded 10/01/16) – AMBAC Insured (IF)
10/16 at 100.00
AA+ (4)
   
5,700,582
 
 
5,255
 
Total District of Columbia
       
7,067,942
 
     
Florida – 11.1% (7.3% 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+
   
4,536,036
 
 
10,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA+
   
10,279,200
 
 
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+
   
3,253,200
 
 
3,450
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 – NPFG Insured
10/14 at 100.00
AA–
   
3,595,314
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA+
   
4,130,920
 
 
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
   
2,937,743
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 17.170%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AAA
   
3,179,876
 
 
1,000
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
11/21 at 100.00
A2
   
1,011,870
 
 
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)
1/12 at 100.00
AA+
   
4,117,346
 
 
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
   
7,007,700
 
 
10,085
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
No Opt. Call
AA+
   
10,216,912
 
 
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–
   
3,935,933
 
 
2,000
 
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue and Refunding Bonds, Embry-Riddle Aeronautical University, Inc. Project, Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
AA+
   
2,035,280
 
 
58,135
 
Total Florida
       
60,237,330
 
     
Georgia – 3.3% (2.2% 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+
   
1,049,050
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
   
7,439,110
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
12/21 at 100.00
AA+
   
2,146,240
 
 
7,295
 
Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations, Student Housing Subordinate Lien Series 2004C, 5.000%, 7/15/36 – NPFG Insured
7/14 at 100.00
A3
   
7,346,722
 
 
17,295
 
Total Georgia
       
17,981,122
 
     
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+
   
1,724,506
 
 
Nuveen Investments
 
29

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois – 11.6% (7.6% of Total Investments)
           
$
1,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 (WI/DD, Settling 11/04/11) – AGM Insured
No Opt. Call
AA–
 
$
1,568,310
 
 
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)
1/12 at 100.00
AA–
   
9,558,140
 
 
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
   
1,861,709
 
 
2,240
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA+
   
2,350,499
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
AA–
   
1,053,800
 
 
13,275
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5.250%, 5/01/26 – AGM Insured
1/12 at 100.00
AA+
   
13,314,294
 
 
15,785
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/27 – AGM Insured
4/12 at 100.00
AA+
   
15,828,567
 
 
7,400
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
1/21 at 100.00
Aa3
   
7,713,834
 
 
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
   
651,300
 
 
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
   
9,174,960
 
 
75,475
 
Total Illinois
       
63,075,413
 
     
Indiana – 4.0% (2.7% of Total Investments)
           
 
11,130
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
AA–
   
11,316,761
 
 
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+
   
3,761,218
 
 
6,300
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
AA+
   
6,968,493
 
 
21,110
 
Total Indiana
       
22,046,472
 
     
Kansas – 1.4% (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
   
5,567,650
 
 
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
   
2,122,040
 
 
7,500
 
Total Kansas
       
7,689,690
 
     
Kentucky – 5.8% (3.9% 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
   
3,166,021
 
     
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
   
2,603,800
 
 
12,060
 
6.150%, 10/01/28 – NPFG Insured
10/13 at 101.00
Baa1
   
12,407,328
 
     
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)
   
4,259,905
 
 
6,125
 
6.150%, 10/01/28 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 101.00
BBB (4)
   
6,839,298
 
 
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)
   
2,567,800
 
 
29,775
 
Total Kentucky
       
31,844,152
 
 
30
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana – 3.7% (2.5% 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
Aa1
 
$
11,510,617
 
 
8,940
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
8,832,005
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.865%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
9,517
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.833%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
4,759
 
 
20,280
 
Total Louisiana
       
20,356,898
 
     
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
7/29 at 100.00
Aaa
   
556,909
 
     
Maryland – 1.4% (0.9% of Total Investments)
           
 
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
   
7,467,177
 
     
Massachusetts – 5.7% (3.7% 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
   
5,158,950
 
 
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+
   
4,266,080
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
6,641,460
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.437%, 1/01/16 (IF)
No Opt. Call
AAA
   
4,054,893
 
     
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)
   
1,369,938
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,095,950
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,309,660
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,191,900
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
2/17 at 100.00
AA+
   
3,480,558
 
 
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+
   
1,358,868
 
 
28,490
 
Total Massachusetts
       
30,928,257
 
     
Michigan – 2.9% (1.9% of Total Investments)
           
 
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
5/17 at 100.00
AA+
   
1,912,929
 
 
2,750
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
No Opt. Call
Aa3
   
2,963,070
 
 
10,585
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
A1
   
10,841,051
 
 
15,160
 
Total Michigan
       
15,717,050
 
     
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+
   
1,035,740
 
     
Mississippi – 2.2% (1.4% 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)
   
3,142,178
 
 
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)
   
2,693,704
 
 
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+
   
6,019,393
 
 
10,705
 
Total Mississippi
       
11,855,275
 
 
Nuveen Investments
 
31

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nebraska – 2.3% (1.5% 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
 
$
12,275,456
 
     
Nevada – 2.3% (1.5% 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 (5)
1/12 at 100.00
N/R
   
6,371,000
 
 
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)
   
5,883,306
 
 
33,420
 
Total Nevada
       
12,254,306
 
     
New Jersey – 2.1% (1.4% 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
   
1,776,211
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,770,244
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
   
6,928,140
 
 
1,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
   
1,058,480
 
 
10,400
 
Total New Jersey
       
11,533,075
 
     
New Mexico – 0.9% (0.6% 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
   
1,460,791
 
 
3,290
 
5.000%, 6/01/23 – AMBAC Insured
6/14 at 100.00
AAA
   
3,563,662
 
 
4,635
 
Total New Mexico
       
5,024,453
 
     
New York – 8.3% (5.4% of Total Investments)
           
 
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+
   
15,534,900
 
 
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
   
3,714,922
 
 
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–
   
3,075,162
 
 
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–
   
3,199,911
 
 
2,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA+
   
2,101,080
 
 
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–
   
7,974,174
 
 
1,290
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
Aa2
   
1,392,555
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 17.026%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
1,977,406
 
 
595
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/12 at 100.00
AA+
   
595,946
 
     
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
   
2,700,883
 
 
2,465
 
5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
   
2,685,642
 
 
43,620
 
Total New York
       
44,952,581
 
 
32
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio – 3.5% (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+
 
$
7,518,210
 
 
9,045
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
   
8,591,031
 
 
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+
   
3,200,565
 
 
19,110
 
Total Ohio
       
19,309,806
 
     
Pennsylvania – 8.8% (5.8% 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
   
3,216,720
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
No Opt. Call
AA+
   
1,223,506
 
 
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
   
6,102,060
 
 
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+
   
1,702,960
 
 
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+
   
2,535,334
 
 
3,735
 
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
   
3,861,056
 
 
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
Aa2
   
5,401,026
 
 
3,655
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Tenth Series 2011B, 5.000%, 7/01/20 – AGM Insured
No Opt. Call
AA+
   
4,020,025
 
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
           
 
5,000
 
5.000%, 6/15/35 – AGM Insured
No Opt. Call
AA+
   
5,053,800
 
 
7,850
 
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA+
   
8,023,328
 
 
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+
   
2,516,550
 
 
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
   
2,048,080
 
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
           
 
1,125
 
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA+
   
1,170,979
 
 
1,000
 
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
AA+
   
1,046,840
 
 
46,480
 
Total Pennsylvania
       
47,922,264
 
     
Puerto Rico – 2.4% (1.6% 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
   
2,613,850
 
 
31,870
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
   
4,663,218
 
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured
No Opt. Call
A3
   
5,954,050
 
 
39,370
 
Total Puerto Rico
       
13,231,118
 
     
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
   
2,595,017
 
 
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
   
9,986,716
 
 
12,375
 
Total South Carolina
       
12,581,733
 
 
Nuveen Investments
 
33

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tennessee – 1.3% (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–
 
$
3,744,675
 
 
5,000
 
0.000%, 1/01/25 – AGM Insured
1/13 at 49.71
AA–
   
2,349,000
 
 
2,750
 
0.000%, 1/01/26 – AGM Insured
1/13 at 46.78
AA–
   
1,214,235
 
 
15,250
 
Total Tennessee
       
7,307,910
 
     
Texas – 13.5% (8.9% 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+
   
2,410,758
 
 
1,700
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
BBB–
   
1,733,660
 
 
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–
   
3,427,715
 
 
1,940
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
11/13 at 100.00
A+
   
1,948,226
 
 
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)
   
3,964,889
 
 
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
   
5,093,907
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
           
 
3,500
 
5.125%, 9/01/32 – AGM Insured
9/16 at 100.00
AA+
   
3,614,590
 
 
2,055
 
5.125%, 9/01/33 – AGM Insured
9/16 at 100.00
AA+
   
2,121,377
 
 
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)
   
22,322,190
 
 
2,000
 
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
2/12 at 100.00
A
   
2,006,040
 
 
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
   
22,334,010
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
11/21 at 100.00
Aa2
   
2,515,341
 
 
66,500
 
Total Texas
       
73,492,703
 
     
Utah – 0.7% (0.5% of Total Investments)
           
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752-1, 12.772%, 6/15/27 – AGM Insured (IF)
6/18 at 100.00
AAA
   
4,067,670
 
     
Washington – 9.8% (6.4% of Total Investments)
           
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
8,399,520
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.341%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
   
1,937,777
 
 
14,895
 
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+
   
15,650,325
 
 
4,405
 
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)
3/12 at 102.00
AA+
   
4,487,682
 
 
1,970
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
   
1,997,994
 
 
10,000
 
Washington State, General Obligation Bonds, Series 2002A-R-03, 5.000%, 1/01/19 – NPFG Insured
1/12 at 100.00
AA+
   
10,072,700
 
 
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+
   
10,545,278
 
 
62,445
 
Total Washington
       
53,091,276
 
 
34
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wisconsin – 0.5% (0.3% 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)
 
$
1,845,850
 
 
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
A1
   
1,024,990
 
 
2,635
 
Total Wisconsin
       
2,870,840
 
     
Wyoming – 0.4% (0.2% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
 
1,000
 
5.500%, 12/01/27
12/21 at 100.00
BBB
   
1,011,908
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
BBB
   
1,017,718
 
 
2,000
 
Total Wyoming
       
2,029,626
 
$
964,298
 
Total Investments (cost $819,205,820) – 151.7%
       
826,037,255
 
     
Floating Rate Obligations – (9.6)%
       
(52,335,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (44.2)% (7)
       
(240,400,000
     
Other Assets Less Liabilities – 2.1%
       
11,198,087
 
     
Net Assets Applicable to Common Shares – 100%
     
$
544,500,342
 
 
   
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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such 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 of investments in inverse floating rate transactions. (7) Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.1%.
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
 
35

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc.
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 2.5% (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+
 
$
10,109,400
 
 
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
   
2,589,850
 
     
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
   
439,386
 
 
14,800
 
5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
Aaa
   
15,318,148
 
 
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured
1/12 at 100.00
Caa3
   
7,363,849
 
 
38,420
 
Total Alabama
       
35,820,633
 
     
Arizona – 2.5% (1.6% 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–
   
2,068,360
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
AA–
   
2,057,000
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
   
1,029,090
 
 
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+
   
3,128,580
 
 
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)
   
1,110,440
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032- 11034, 14.880%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
4,874,480
 
 
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+
   
1,220,162
 
 
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
   
14,197,955
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/41 – FGIC Insured
7/15 at 100.00
AA+
   
5,121,550
 
 
33,840
 
Total Arizona
       
34,807,617
 
     
Arkansas – 0.2% (0.2% 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
   
2,734,959
 
     
California – 21.3% (14.1% 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–
   
3,494,904
 
     
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
   
31,076,100
 
 
20,000
 
5.375%, 5/01/18 (Pre-refunded 5/01/12) – AMBAC Insured
5/12 at 101.00
Aaa
   
20,717,400
 
     
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
   
33,963
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
28,303
 
     
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
   
4,045,661
 
 
2,795
 
5.000%, 12/01/27 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
3,021,367
 
 
10,150
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
A1
   
10,330,772
 
 
36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
 
$
3,622,395
 
 
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
   
6,217,303
 
 
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
   
9,574,400
 
 
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–
   
1,366,936
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
Aa2
   
2,847,432
 
 
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
5/12 at 101.00
BBB
   
4,856,650
 
 
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
   
2,935,773
 
 
20,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – AGM Insured
7/13 at 100.00
AA+ (4)
   
21,521,400
 
 
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
   
3,221,880
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
   
3,748,524
 
 
5,515
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
A
   
5,559,396
 
 
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)
   
721,223
 
     
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
   
13,950,000
 
 
5,000
 
5.125%, 6/15/33 – AMBAC Insured
12/11 at 101.00
N/R
   
4,529,700
 
 
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
   
1,808,789
 
 
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+
   
6,099,840
 
 
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+
   
3,273,742
 
 
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
   
2,723,725
 
 
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+
   
1,343,745
 
 
3,030
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 – AMBAC Insured
1/12 at 100.00
AA+
   
3,038,696
 
 
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+
   
1,916,055
 
 
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
   
52,268,370
 
     
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
1/12 at 100.00
Baa1
   
24,949,610
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa1
   
3,862,045
 
 
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+
   
16,132,120
 
 
Nuveen Investments
 
37

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
 
$
12,198,825
 
 
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+
   
6,871,305
 
 
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+
   
5,028,700
 
 
344,735
 
Total California
       
298,937,049
 
     
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
   
949,968
 
 
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+
   
2,056,655
 
 
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 – NPFG Insured
6/14 at 100.00
AA–
   
1,038,430
 
 
4,950
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
   
5,374,463
 
 
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
   
1,816,229
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
Baa1
   
17,095,825
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
Baa1
   
3,546,700
 
 
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)
   
5,116,324
 
 
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
12/20 at 100.00
AA+
   
4,586,127
 
 
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
   
2,701,625
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
1,069,900
 
 
69,020
 
Total Colorado
       
45,352,246
 
     
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
   
3,467,490
 
     
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–
   
5,312,250
 
 
5,000
 
5.125%, 10/01/25 – FGIC Insured
10/13 at 100.00
AA–
   
5,315,150
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
2,734,721
 
 
12,670
 
Total District of Columbia
       
13,362,121
 
     
Florida – 25.0% (16.5% 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
   
1,307,425
 
 
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)
12/11 at 100.00
Aaa
   
975,897
 
 
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
   
4,030,788
 
 
38
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
2,150
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
A+
 
$
2,243,783
 
 
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
   
4,770,450
 
 
6,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA+
   
6,167,520
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
5,110
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
5,367,697
 
 
12,585
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
13,009,618
 
     
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)
3/12 at 100.00
AA+
   
1,261,336
 
 
1,000
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
3/12 at 100.00
AA+
   
1,000,740
 
     
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1:
           
 
1,040
 
5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)
3/12 at 100.00
AA+
   
1,041,102
 
 
1,400
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
3/12 at 100.00
AA+
   
1,401,036
 
 
1,500
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured
10/14 at 100.00
AA–
   
1,569,255
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured
6/15 at 100.00
A
   
3,146,940
 
     
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)
3/12 at 100.00
AA+
   
1,231,710
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/12 at 100.00
AA+
   
1,891,040
 
 
900
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – NPFG Insured
4/12 at 100.00
A2
   
903,879
 
     
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
   
972,881
 
 
475
 
5.250%, 10/01/18 – AMBAC Insured
10/13 at 100.00
N/R
   
501,624
 
     
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
   
1,288,700
 
 
1,095
 
5.000%, 10/01/23 – NPFG Insured
10/13 at 100.00
A1
   
1,128,036
 
 
1,225
 
5.000%, 10/01/24 – NPFG Insured
10/13 at 100.00
A1
   
1,258,332
 
 
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)
   
1,603,252
 
 
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
   
2,588,975
 
 
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+
   
2,559,425
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
   
1,224,948
 
 
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)
   
4,286,755
 
 
1,000
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 – AMBAC Insured
1/12 at 100.00
N/R
   
931,570
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
           
 
250
 
5.375%, 11/01/25 – NPFG Insured
5/12 at 100.00
A–
   
250,238
 
 
185
 
5.375%, 11/01/30 – NPFG Insured
5/12 at 100.00
A–
   
185,111
 
 
525
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
5/12 at 101.00
A–
   
531,174
 
 
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+
   
2,131,540
 
 
Nuveen Investments
 
39

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
5,200
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 – FGIC Insured
1/12 at 101.00
N/R
 
$
5,212,324
 
 
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
   
1,503,360
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA+
   
1,964,292
 
 
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
   
3,115,200
 
 
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
   
1,036,670
 
 
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
   
6,075,660
 
 
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
   
2,145,900
 
 
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+
   
1,051,430
 
 
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+
   
2,705,936
 
     
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
   
1,617,282
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
Baa1
   
1,758,447
 
 
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
   
4,464,206
 
 
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
   
1,573,358
 
 
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
   
1,567,890
 
 
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
   
1,077,330
 
 
1,450
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
10/13 at 100.00
AA+
   
1,541,118
 
 
1,730
 
5.000%, 10/01/18 – AMBAC Insured
10/12 at 100.00
N/R
   
1,755,500
 
 
2,000
 
5.000%, 10/01/19 – AMBAC Insured
10/12 at 100.00
N/R
   
2,025,380
 
 
4,665
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
AA+
   
4,742,719
 
 
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
   
1,278,278
 
 
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
10/14 at 100.00
A–
   
1,561,528
 
 
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
   
980,520
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
Aa3
   
3,071,580
 
 
2,000
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa2
   
2,139,000
 
     
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
           
 
1,350
 
5.250%, 10/01/17 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
Aa3 (4)
   
1,472,297
 
 
1,000
 
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
Aa3 (4)
   
1,090,590
 
 
2,000
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
   
2,037,040
 
 
40
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
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+
 
$
2,178,946
 
     
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
   
5,756,161
 
 
35,920
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
35,959,512
 
 
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
   
12,392,241
 
 
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
   
5,329,097
 
 
18,000
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 – NPFG Insured
4/12 at 60.06
A2
   
10,460,160
 
 
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+
   
3,094,980
 
 
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+
   
2,364,680
 
     
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
   
1,336,156
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
Baa1
   
2,164,562
 
 
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+
   
2,061,500
 
 
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–
   
1,041,720
 
 
3,180
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured
1/13 at 100.00
AA
   
3,326,216
 
 
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+
   
2,540,700
 
     
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
   
2,596,275
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
   
8,061,873
 
 
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
   
1,799,508
 
 
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+
   
1,070,123
 
 
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–
   
2,224,820
 
 
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–
   
3,117,390
 
 
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
No Opt. Call
AA+
   
7,588,240
 
     
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
           
 
1,000
 
5.250%, 10/01/19 – NPFG Insured
10/13 at 100.00
A1
   
1,063,910
 
 
500
 
5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
A1
   
531,955
 
 
500
 
5.250%, 10/01/21 – NPFG Insured
10/13 at 100.00
A1
   
531,955
 
 
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+
   
3,093,900
 
     
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
   
2,335,872
 
 
1,300
 
5.000%, 8/15/21 – AGM Insured
8/13 at 100.00
Aa3
   
1,344,967
 
 
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
10/14 at 100.00
Aa3
   
1,211,395
 
 
Nuveen Investments
 
41

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
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
 
$
946,760
 
     
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002:
           
 
1,190
 
5.250%, 5/01/15 (Pre-refunded 5/01/12) – NPFG Insured
5/12 at 100.00
Aa3 (4)
   
1,219,583
 
 
1,980
 
5.250%, 5/01/17 (Pre-refunded 5/01/12) – NPFG Insured
5/12 at 100.00
Aa3 (4)
   
2,029,223
 
     
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
           
 
5,450
 
5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
   
5,748,442
 
 
8,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
   
8,871,620
 
 
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)
   
1,982,585
 
 
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
   
1,049,120
 
 
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
   
1,976,580
 
     
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
   
1,420,765
 
 
770
 
5.250%, 1/01/18 – FGIC Insured
1/13 at 100.00
BBB
   
800,561
 
 
500
 
5.250%, 1/01/20 – FGIC Insured
1/13 at 100.00
BBB
   
519,845
 
 
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)
   
6,931,337
 
 
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
   
3,886,142
 
 
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+
   
4,381,708
 
     
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)
   
5,537,900
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
   
1,442,184
 
     
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
   
1,579,843
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
10/13 at 100.00
Aa3
   
1,663,073
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
   
2,581,025
 
 
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)
   
1,269,850
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
   
423,144
 
 
1,765
 
Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue Bonds, Stadium Project, Series 2005, 5.000%, 1/01/22 – AGM Insured
1/15 at 100.00
AA+
   
1,880,660
 
 
1,500
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
1/12 at 100.00
Aaa
   
1,520,655
 
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
Aa3
   
10,090,681
 
 
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
2/14 at 100.00
Aa2
   
1,437,065
 
 
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
   
4,410,347
 
 
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
   
2,091,360
 
 
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
   
12,121,440
 
 
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
   
1,836,283
 
 
349,255
 
Total Florida
       
351,556,207
 
 
42
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
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+
 
$
1,049,050
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
   
10,627,300
 
 
1,155
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
10/14 at 100.00
AA+
   
1,220,535
 
 
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
AA
   
2,901,558
 
 
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–
   
1,687,914
 
     
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
   
1,833,210
 
 
1,135
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
Aa3
   
1,227,548
 
 
4,500
 
5.000%, 5/01/36 – NPFG Insured
5/14 at 100.00
Aa3
   
4,568,040
 
 
660
 
Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Series 1996, 5.250%, 8/01/13 – NPFG Insured
1/12 at 100.00
A–
   
661,709
 
 
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
7/19 at 100.00
Aa3
   
2,355,008
 
 
26,740
 
Total Georgia
       
28,131,872
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
5
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-1, 6.750%, 7/01/22
No Opt. Call
Aaa
   
5,231
 
 
5
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
No Opt. Call
Aaa
   
5,078
 
 
100
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax)
1/12 at 100.00
Aaa
   
100,537
 
     
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
   
1,078,100
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
   
1,138,325
 
 
2,175
 
Total Idaho
       
2,327,271
 
     
Illinois – 7.5% (4.9% 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+
   
1,149,257
 
 
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+
   
7,367,290
 
 
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
   
7,551,720
 
 
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
   
6,029,558
 
 
10,330
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 – NPFG Insured
11/11 at 100.00
Baa1
   
10,334,339
 
 
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
12/11 at 100.00
Baa1
   
3,296,120
 
 
6,720
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA+
   
7,051,498
 
 
5,405
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 – AGM Insured
No Opt. Call
AA+
   
5,749,839
 
 
22,610
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 – FGIC Insured
2/12 at 100.00
A+
   
22,632,836
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
20,000
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
2,605,200
 
 
15,000
 
0.000%, 6/15/46 (WI/DD, Settling 11/01/11) – AGM Insured
No Opt. Call
AAA
   
1,820,550
 
 
Nuveen Investments
 
43

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
$
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
No Opt. Call
AAA
 
$
4,787,748
 
 
5,920
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.617%, 6/15/42 (IF) (6)
6/20 at 100.00
AAA
   
5,518,032
 
     
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
           
 
4,260
 
5.000%, 12/01/22 – FGIC Insured
12/14 at 100.00
Aaa
   
4,635,562
 
 
2,365
 
5.000%, 12/01/23 – FGIC Insured
12/14 at 100.00
Aaa
   
2,570,329
 
 
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
A+
   
1,817,320
 
     
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+
   
1,119,692
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
AA+
   
1,217,678
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
AA+
   
1,353,244
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
AA+
   
1,223,536
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
AA+
   
2,381,946
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
AA+
   
2,609,759
 
 
150,790
 
Total Illinois
       
104,823,053
 
     
Indiana – 4.6% (3.0% 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 7/15/13) – FGIC Insured
7/13 at 100.00
AA+ (4)
   
2,189,030
 
 
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
   
5,045,200
 
 
8,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
8,687,595
 
 
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+
   
5,254,450
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
AA
   
9,100,200
 
 
9,615
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA+
   
10,365,643
 
 
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
AA+ (4)
   
3,358,713
 
 
1,340
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) – AGM Insured
1/14 at 100.00
AA+ (4)
   
1,468,144
 
 
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–
   
5,074,350
 
 
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
   
10,080,300
 
 
3,705
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured
7/13 at 100.00
Aa3 (4)
   
3,995,250
 
 
73,440
 
Total Indiana
       
64,618,875
 
     
Kansas – 0.7% (0.4% of Total Investments)
           
 
2,055
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 – AGM Insured Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
9/14 at 101.00
AA+
   
2,196,117
 
 
2,145
 
5.000%, 9/01/27 – AGM Insured
9/14 at 100.00
Aa3
   
2,206,733
 
 
4,835
 
5.000%, 9/01/29 – AGM Insured
9/14 at 100.00
Aa3
   
4,942,869
 
 
9,035
 
Total Kansas
       
9,345,719
 
     
Kentucky – 2.0% (1.3% 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
   
4,160,327
 
 
44
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Kentucky (continued)
           
     
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+
 
$
4,417,886
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA+
   
11,050,800
 
 
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+
   
8,070,450
 
 
25,230
 
Total Kentucky
       
27,699,463
 
     
Louisiana – 4.8% (3.2% 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
3/12 at 100.00
BBB
   
5,002,200
 
 
3,330
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
1/21 at 100.00
AA+
   
3,496,001
 
 
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+
   
3,321,027
 
 
4,525
 
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
   
4,723,557
 
     
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
   
2,552,520
 
 
4,415
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
   
4,671,379
 
 
5,000
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
   
5,315,550
 
     
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
Aa1
   
3,354,087
 
 
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
35,293,442
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.865%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
36,481
 
 
66,758
 
Total Louisiana
       
67,766,244
 
     
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
   
3,208,410
 
     
Maryland – 0.3% (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
BB+
   
4,889,018
 
     
Massachusetts – 5.1% (3.4% 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+
   
4,799,340
 
 
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)
   
22,911,525
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.895%, 12/15/34 (IF) (6)
12/19 at 100.00
AAA
   
6,923,777
 
 
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+
   
12,177,660
 
 
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)
   
16,439,250
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
2/17 at 100.00
AA+
   
7,287,575
 
 
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
AA– (4)
   
1,707,720
 
 
67,085
 
Total Massachusetts
       
72,246,847
 
     
Michigan – 2.3% (1.5% 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
Aa2
   
6,076,387
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
4/18 at 100.00
Baa1
   
5,896,080
 
 
Nuveen Investments
 
45

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Michigan (continued)
           
$
7,420
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 – NPFG Insured
1/12 at 100.00
A+
 
$
7,419,406
 
 
2,000
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 (Mandatory put 1/01/12) – NPFG Insured
1/12 at 100.00
A
   
1,949,480
 
 
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
   
1,148,657
 
 
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
BBB+
   
10,043,900
 
 
31,995
 
Total Michigan
       
32,533,910
 
     
Minnesota – 2.1% (1.4% of Total Investments)
           
 
5,000
 
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
AA+
   
5,615,100
 
 
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AA+
   
6,067,122
 
 
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+
   
4,460,920
 
 
12,895
 
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)
   
13,262,121
 
 
26,915
 
Total Minnesota
       
29,405,263
 
     
Missouri – 0.3% (0.2% of Total Investments)
           
 
4,125
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured
No Opt. Call
A–
   
4,269,004
 
     
Montana – 0.2% (0.2% 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+
   
3,233,370
 
     
Nebraska – 2.4% (1.6% 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
   
27,393,809
 
 
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+
   
5,352,800
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA+
   
1,076,800
 
 
33,125
 
Total Nebraska
       
33,823,409
 
     
Nevada – 8.5% (5.6% of Total Investments)
           
 
7,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
6/15 at 101.00
AA
   
7,706,440
 
 
3,500
 
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%, 6/15/18 – AGM Insured
6/14 at 100.00
AA+
   
3,802,820
 
 
3,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
No Opt. Call
AA+
   
3,158,760
 
 
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+
   
8,541,783
 
 
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)
   
3,814,404
 
 
16,840
 
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+
   
17,582,981
 
 
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
   
7,525,876
 
     
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 (5)
1/12 at 100.00
N/R
   
3,450,000
 
 
11,400
 
5.375%, 1/01/40 – AMBAC Insured (5)
1/12 at 100.00
N/R
   
2,622,000
 
 
10,285
 
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 – FGIC Insured
12/14 at 100.00
AA+
   
10,488,952
 
 
14,985
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
6/12 at 100.00
A3
   
14,947,238
 
 
46
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nevada (continued)
           
$
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)
 
$
26,057,482
 
 
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)
   
10,285,500
 
 
136,785
 
Total Nevada
       
119,984,236
 
     
New Jersey – 4.2% (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
   
2,163,460
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
   
2,430,248
 
     
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
   
4,022,596
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
4,009,082
 
 
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
   
30,021,940
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
           
 
8,250
 
5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
   
8,732,460
 
 
2,000
 
5.000%, 1/01/23 – AGM Insured
7/13 at 100.00
AA+
   
2,100,000
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured
1/15 at 100.00
AA+
   
3,551,703
 
 
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
Aa3
   
1,607,252
 
 
52,850
 
Total New Jersey
       
58,638,741
 
     
New Mexico – 1.3% (0.8% 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
   
3,897,827
 
 
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+
   
14,125,776
 
 
17,260
 
Total New Mexico
       
18,023,603
 
     
New York – 8.0% (5.3% 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
   
2,041,454
 
 
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
   
7,807,118
 
 
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
   
3,671,902
 
 
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
   
3,478,186
 
 
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–
   
13,300,875
 
 
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–
   
6,690,723
 
 
2,800
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA+
   
2,941,512
 
     
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–
   
1,536,135
 
 
5,000
 
5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
   
5,111,650
 
 
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
Aa2
   
3,265,488
 
 
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+
   
2,981,623
 
 
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
   
5,506,000
 
 
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
   
10,721,000
 
 
Nuveen Investments
 
47

 
 

 
 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
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+
 
$
5,316,100
 
 
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+
   
14,625,380
 
 
2,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured
6/13 at 100.00
AA–
   
2,126,320
 
 
3,650
 
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
   
3,976,712
 
     
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
   
1,075,780
 
 
5,000
 
5.000%, 3/15/25 – FGIC Insured
3/14 at 100.00
AAA
   
5,366,800
 
 
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
   
10,312,100
 
 
106,250
 
Total New York
       
111,852,858
 
     
North Carolina – 1.2% (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–
   
2,272,462
 
 
2,575
 
5.000%, 5/01/26 – FGIC Insured
5/14 at 100.00
AA–
   
2,648,336
 
 
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+
   
5,504,625
 
     
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
   
3,393,390
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
   
3,468,910
 
 
16,440
 
Total North Carolina
       
17,287,723
 
     
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
   
2,415,488
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
   
1,480,026
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
   
3,243,150
 
 
6,550
 
Total North Dakota
       
7,138,664
 
     
Ohio – 4.7% (3.1% 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+
   
2,830,465
 
 
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)
   
2,271,300
 
 
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+
   
2,467,903
 
 
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
   
2,304,137
 
 
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
   
18,611,527
 
 
20,100
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 5.375%, 11/15/39 – AMBAC Insured
11/11 at 100.00
AA–
   
20,104,221
 
     
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
           
 
4,380
 
5.250%, 12/01/27 – AGM Insured
No Opt. Call
Aa3
   
4,949,400
 
 
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
Aa3
   
6,739,620
 
 
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)
   
3,280,140
 
 
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+
   
2,114,500
 
 
64,315
 
Total Ohio
       
65,673,213
 
 
48
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Oklahoma – 2.4% (1.6% 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
 
$
3,837,225
 
     
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
           
 
1,000
 
5.375%, 7/01/40
No Opt. Call
AAA
   
1,136,340
 
 
1,500
 
5.000%, 7/01/40
7/21 at 100.00
AAA
   
1,648,875
 
 
1,210
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AA+
   
1,215,118
 
 
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
   
21,019,950
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
7/14 at 100.00
Aa3
   
5,159,917
 
 
33,090
 
Total Oklahoma
       
34,017,425
 
     
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+
   
2,662,815
 
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
AAA
   
4,507,720
 
 
6,535
 
Total Oregon
       
7,170,535
 
     
Pennsylvania – 5.0% (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+
   
2,273,726
 
 
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–
   
8,370,861
 
 
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+
   
5,432,858
 
 
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
   
1,617,819
 
 
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
   
1,842,012
 
     
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+
   
5,000,950
 
 
6,740
 
4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
Aa2
   
6,741,281
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
2,772,683
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA+
   
10,220,800
 
 
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+
   
7,101,704
 
 
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+
   
5,420,611
 
 
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
   
6,615,324
 
     
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
           
 
3,285
 
5.000%, 1/15/22 – AGM Insured
1/16 at 100.00
AA+
   
3,541,559
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured (UB)
1/16 at 100.00
AA–
   
3,701,091
 
 
68,375
 
Total Pennsylvania
       
70,653,279
 
     
Puerto Rico – 0.9% (0.6% 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
AA+ (4)
   
2,868,375
 
 
670
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
7/13 at 100.00
Baa1
   
694,690
 
 
1,330
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
Baa1 (4)
   
1,437,624
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA+
   
1,617,921
 
 
Nuveen Investments
 
49

 
 

 
 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Puerto Rico (continued)
           
$
36,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
 
$
5,267,520
 
 
42,050
 
Total Puerto Rico
       
11,886,130
 
     
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
1/12 at 100.00
Baa1
   
2,199,346
 
 
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
   
1,523,470
 
 
3,600
 
Total Rhode Island
       
3,722,816
 
     
South Carolina – 5.8% (3.8% of Total Investments)
           
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.626%, 8/01/15 – AGM Insured (IF)
No Opt. Call
Aa1
   
16,365,222
 
 
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+
   
10,099,900
 
     
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
   
2,156,460
 
 
2,605
 
5.250%, 8/15/23 – NPFG Insured
8/14 at 100.00
Baa1
   
2,806,158
 
 
2,385
 
5.250%, 8/15/25 – NPFG Insured
8/14 at 100.00
Baa1
   
2,519,442
 
 
5,880
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%, 1/01/13 – AMBAC Insured
No Opt. Call
N/R
   
5,531,610
 
 
4,500
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured
4/21 at 100.00
AA+
   
4,626,045
 
 
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
   
8,237,920
 
 
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
   
10,019,700
 
 
1,250
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
AA+
   
1,371,425
 
 
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
   
17,564,575
 
 
78,770
 
Total South Carolina
       
81,298,457
 
     
Texas – 5.6% (3.7% 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+
   
4,657,627
 
 
405
 
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
   
431,405
 
 
8,545
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
5/12 at 100.00
A+
   
8,556,279
 
 
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
   
20,913,500
 
 
4,671
 
Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42
3/12 at 105.00
Aaa
   
4,839,156
 
     
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
   
4,335,240
 
 
5,000
 
5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
   
5,419,050
 
 
17,500
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured
3/12 at 100.00
A2
   
17,397,450
 
 
225
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 – AGM Insured (Alternative Minimum Tax)
1/12 at 100.00
AA+
   
225,117
 
 
2,960
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 – NPFG Insured
5/21 at 100.00
A1
   
2,968,318
 
 
50
 
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
 
$
7,535,353
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
11/11 at 100.00
AA–
   
1,878,106
 
 
82,101
 
Total Texas
       
79,156,601
 
     
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)
   
2,150,400
 
 
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured (UB)
6/18 at 100.00
AAA
   
15,967,650
 
 
17,000
 
Total Utah
       
18,118,050
 
     
Virginia – 0.2% (0.1% 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+
   
1,137,900
 
 
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+
   
1,022,880
 
 
2,035
 
Total Virginia
       
2,160,780
 
     
Washington – 6.0% (4.0% of Total Investments)
           
 
10,000
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
2/12 at 100.00
AAA
   
10,007,600
 
 
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–
   
2,568,650
 
 
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+
   
3,827,145
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.741%, 1/01/39 – AGC Insured (IF) (6)
1/19 at 100.00
Aa1
   
8,759,550
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
17,848,980
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.341%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
5,056,841
 
 
11,000
 
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
3/15 at 100.00
Aa3
   
11,283,580
 
 
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
   
5,202,723
 
     
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
   
4,165,256
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,347,420
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,543,110
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.326%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
   
6,917,721
 
 
78,305
 
Total Washington
       
84,528,576
 
     
West Virginia – 0.8% (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
   
10,525,200
 
     
Wisconsin – 2.9% (1.9% of Total Investments)
           
 
15,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 – NPFG Insured
2/12 at 100.00
Baa1
   
15,001,347
 
 
10,300
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
A+
   
10,232,532
 
 
290
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured
5/14 at 100.00
AA
   
319,101
 
 
Nuveen Investments
 
51
 
 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wisconsin (continued)
           
$
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)
 
$
2,893,017
 
 
10,945
 
Wisconsin State, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 – NPFG Insured
5/14 at 100.00
AA
   
11,973,389
 
 
39,135
 
Total Wisconsin
       
40,419,386
 
$
2,244,054
 
Total Long-Term Investments (cost $2,060,471,535) – 150.7%
       
2,116,616,323
 
     
Short-Term Investments – 0.7% (0.5% of Total Investments)
           
     
Missouri - 0.5% (0.4% of Total Investments)
           
 
8,000
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 2.630%, 7/01/26 (7)
No Opt. Call
A-2
   
8,000,000
 
     
North Carolina - 0.2% (0.1% of Total Investments)
           
 
2,500
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, Variable Rate Demand Obligations, Series 112, 0.340%, 6/01/34 – AGM Insured (7)
6/17 at 100.00
A-1
   
2,500,000
 
$
10,500
 
Total Short-Term Investments (cost $10,500,000)
       
10,500,000
 
     
Total Investments (cost $2,070,971,535) - 151.4%
       
2,127,116,323
 
     
Floating Rate Obligations – (7.6)%
       
(106,158,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.5)% (8)
       
(667,200,000
     
Other Assets Less Liabilities – 3.7%
       
51,055,675
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,404,813,665
 
 
   
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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such 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 of investments in inverse floating rate transactions.
(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 31.4%. 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.
 
52
 
Nuveen Investments

 
 

 
 
   
Nuveen Premier Insured Municipal Income Fund, Inc.
NIF
 
Portfolio of Investments
October 31, 2011
 
 
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%, 8/01/30 – AMBAC Insured
8/15 at 100.00
AA+
 
$
2,277,704
 
     
Arizona – 4.1% (2.7% of Total Investments)
           
 
2,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA+
   
2,111,660
 
 
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
   
4,599,338
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
No Opt. Call
AA
   
4,965,000
 
 
11,370
 
Total Arizona
       
11,675,998
 
     
Arkansas – 1.5% (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+
   
4,255,532
 
     
California – 22.6% (15.0% 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
   
11,321
 
 
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
   
1,070,180
 
 
1,890
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/30 – FGIC Insured
8/12 at 34.88
A+
   
550,803
 
 
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)
   
3,045,782
 
 
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+
   
1,066,054
 
 
1,150
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
Aa2
   
627,164
 
 
40
 
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
AA+
   
41,447
 
 
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
AA+
   
31,153
 
 
3,220
 
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
   
4,081,447
 
 
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
   
5,868,200
 
 
8,460
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
Aaa
   
11,274,050
 
 
5,705
 
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
   
6,308,247
 
 
8,135
 
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
   
10,732,912
 
 
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
   
5,799,130
 
 
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+
   
2,015,600
 
 
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+
   
3,586,181
 
 
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
Aaa
   
2,987,568
 
 
1,815
 
University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 – NPFG Insured
5/13 at 101.00
Aa1
   
1,841,608
 
 
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
   
3,826,332
 
 
86,005
 
Total California
       
64,765,179
 
 
Nuveen Investments
 
53

 
 

 

   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado – 7.7% (5.1% of Total Investments)
           
$
3,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008C-1, Trust 1090, 15.136%, 10/01/41 – AGM Insured (IF) (6)
4/18 at 100.00
AA
 
$
3,146,190
 
 
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+
   
2,579,800
 
 
20,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
   
5,609,800
 
 
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+
   
4,760,968
 
 
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
Aa2 (4)
   
2,337,435
 
 
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)
   
1,571,353
 
 
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)
   
1,027,880
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
1,069,900
 
 
35,360
 
Total Colorado
       
22,103,326
 
     
District of Columbia – 0.2% (0.1% of Total Investments)
           
 
665
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
681,120
 
     
Florida – 5.6% (3.7% 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–
   
2,372,218
 
 
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
   
1,600,725
 
 
1,200
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/30 – AGM Insured
No Opt. Call
AA+
   
1,282,848
 
 
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+
   
4,111,360
 
 
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
   
4,526,327
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
2,076,560
 
 
15,225
 
Total Florida
       
15,970,038
 
     
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+
   
2,805,084
 
 
1,250
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA+
   
1,296,138
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
AA+
   
1,642,505
 
 
5,300
 
Total Georgia
       
5,743,727
 
     
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)
1/12 at 100.00
Baa1
   
2,269,688
 
     
Illinois – 14.8% (9.9% of Total Investments)
           
 
4,000
 
Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 – FGIC Insured
12/12 at 100.00
A–
   
4,065,760
 
 
8,200
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
Aa3
   
8,710,532
 
 
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
   
1,520,833
 
 
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
   
18,202,822
 
 
1,320
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41– AGM Insured
8/21 at 100.00
AA+
   
1,385,116
 
 
54
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
$
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+
 
$
2,564,175
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/46 (WI/DD, Settling 11/01/11) – AGM Insured
No Opt. Call
AAA
   
606,850
 
 
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
   
200,310
 
 
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
A2
   
3,161,310
 
 
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+
   
2,179,970
 
 
51,435
 
Total Illinois
       
42,597,678
 
     
Indiana – 5.5% (3.6% of Total Investments)
           
 
2,720
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
2,780,030
 
     
Indiana University, Parking Facility Revenue Bonds, Series 2004:
           
 
1,015
 
5.250%, 11/15/19 – AMBAC Insured
11/14 at 100.00
Aaa
   
1,123,372
 
 
1,060
 
5.250%, 11/15/20 – AMBAC Insured
11/14 at 100.00
Aaa
   
1,170,855
 
 
1,100
 
5.250%, 11/15/21 – AMBAC Insured
11/14 at 100.00
Aaa
   
1,215,038
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
AA
   
5,054,896
 
 
3,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA+
   
3,234,210
 
 
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+
   
1,078,150
 
 
19,150
 
Total Indiana
       
15,656,551
 
     
Iowa – 1.2% (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
   
3,438,593
 
     
Kansas – 0.3% (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
   
1,002,228
 
     
Louisiana – 3.1% (2.1% of Total Investments)
           
 
670
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
1/21 at 100.00
AA+
   
703,400
 
 
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
   
923,834
 
 
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
Aa1
   
7,277,352
 
 
8,715
 
Total Louisiana
       
8,904,586
 
     
Maryland – 2.2% (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
AA+
   
1,209,960
 
 
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
   
5,072,950
 
 
6,200
 
Total Maryland
       
6,282,910
 
     
Massachusetts – 4.7% (3.1% 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+
   
2,666,300
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.546%, 7/01/29 (IF)
7/19 at 100.00
AA
   
3,639,352
 
 
Nuveen Investments
 
55

 
 

 

   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Massachusetts (continued)
           
$
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+
 
$
4,871,064
 
 
1,725
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
2/17 at 100.00
AA+
   
1,732,745
 
 
500
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
No Opt. Call
AA+
   
545,730
 
 
12,460
 
Total Massachusetts
       
13,455,191
 
     
Michigan – 1.3% (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
   
3,852,482
 
     
Minnesota – 0.5% (0.3% of Total Investments)
           
 
100
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured
2/12 at 100.00
AA+
   
100,439
 
 
1,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AA+
   
1,208,590
 
 
1,100
 
Total Minnesota
       
1,309,029
 
     
Missouri – 1.4% (1.0% 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–
   
2,123,520
 
 
2,035
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Tender Option Bond Trust DCL-017, 2.630%, 7/01/26
No Opt. Call
AAA
   
2,035,000
 
 
4,035
 
Total Missouri
       
4,158,520
 
     
Nevada – 6.5% (4.4% of Total Investments)
           
 
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
No Opt. Call
AA+
   
2,105,840
 
 
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+
   
2,116,548
 
 
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)
   
945,720
 
 
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+
   
4,923,026
 
     
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
   
14,224
 
 
2,000
 
5.375%, 1/01/40 – AMBAC Insured (5)
1/12 at 100.00
N/R
   
460,000
 
 
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)
   
8,223,867
 
 
19,865
 
Total Nevada
       
18,789,225
 
     
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
   
1,253,796
 
 
1,200
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,249,584
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
   
4,618,760
 
 
6,400
 
Total New Jersey
       
7,122,140
 
     
New Mexico – 1.1% (0.6% 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+
   
3,132,251
 
     
New York – 7.0% (4.7% 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
   
1,085,880
 
 
56
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
650
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
No Opt. Call
A
 
$
689,533
 
 
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
   
1,989,486
 
 
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–
   
5,320,350
 
 
500
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA+
   
525,270
 
 
10,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.250%, 11/15/27 (Pre-refunded 11/15/12) – NPFG Insured
11/12 at 100.00
AA+ (4)
   
10,516,300
 
 
19,335
 
Total New York
       
20,126,819
 
     
North Carolina – 3.1% (2.1% of Total Investments)
           
 
1,775
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.731%, 7/01/38 (IF) (6)
7/20 at 100.00
AAA
   
2,273,686
 
 
3,100
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
AA+ (4)
   
3,358,509
 
 
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
   
3,241,327
 
 
7,925
 
Total North Carolina
       
8,873,522
 
     
Ohio – 4.0% (2.7% of Total Investments)
           
 
4,605
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
N/R
   
4,373,875
 
 
2,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
Aa3
   
2,246,540
 
 
4,190
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
No Opt. Call
AA+
   
4,906,239
 
 
10,795
 
Total Ohio
       
11,526,654
 
     
Oklahoma – 1.4% (0.9% 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
   
3,837,225
 
 
260
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AA+
   
261,100
 
 
3,760
 
Total Oklahoma
       
4,098,325
 
     
Oregon – 4.2% (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
   
5,053,050
 
 
7,000
 
5.000%, 7/01/32 – NPFG Insured
1/13 at 100.00
A1
   
7,041,720
 
 
12,000
 
Total Oregon
       
12,094,770
 
     
Pennsylvania – 6.9% (4.6% 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
   
1,608,360
 
 
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
   
6,102,060
 
 
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
   
4,225,040
 
 
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+
   
1,810,953
 
 
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
Aa2
   
2,680,509
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
1,109,073
 
 
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+
   
2,160,919
 
 
19,045
 
Total Pennsylvania
       
19,696,914
 
 
Nuveen Investments
 
57

 
 

 

   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Puerto Rico – 2.8% (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
 
$
2,613,850
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA+
   
1,043,820
 
 
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+
   
1,208,276
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
   
731,600
 
 
810
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A3
   
890,830
 
 
1,190
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A3 (4)
   
1,453,787
 
 
11,675
 
Total Puerto Rico
       
7,942,163
 
     
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 – AGM Insured
8/21 at 100.00
AA+
   
411,428
 
     
Tennessee – 1.9% (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
   
3,163,260
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – AGM Insured
10/14 at 100.00
AA+
   
2,238,244
 
 
5,055
 
Total Tennessee
       
5,401,504
 
     
Texas – 10.5% (7.0% 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+
   
1,215,953
 
 
10,175
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
1/12 at 100.00
A+
   
10,176,933
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 14.052%, 8/15/28 – AGM Insured (IF)
No Opt. Call
AAA
   
6,398,310
 
 
2,145
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 (WI/DD, Settling 11/17/11) – AGM Insured
12/21 at 100.00
AA+
   
2,193,649
 
     
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+
   
4,895,232
 
 
4,800
 
5.250%, 12/15/21 – FGIC Insured
12/13 at 100.00
A+
   
5,147,232
 
 
26,875
 
Total Texas
       
30,027,309
 
     
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+
   
6,095,405
 
     
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+
   
5,148,050
 
     
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+
   
255,720
 
     
Washington – 13.2% (8.8% of Total Investments)
           
     
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
   
9,756,678
 
 
12,785
 
5.000%, 12/01/20 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
Aaa
   
13,434,478
 
     
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)
   
2,966,942
 
 
2,990
 
5.250%, 12/01/19 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
   
3,220,021
 
 
58
 
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%, 4/01/17 – FGIC Insured (Alternative Minimum Tax)
4/12 at 100.00
Aa2
 
$
4,731,644
 
 
895
 
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)
12/11 at 100.00
Baa1
   
907,250
 
 
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)
   
1,329,259
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.785%, 6/01/31 – AMBAC Insured (IF)
6/17 at 100.00
Aaa
   
1,483,800
 
 
35,940
 
Total Washington
       
37,830,072
 
     
Wisconsin – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
A+
   
993,447
 
$
467,410
 
Total Long-Term Investments (cost $416,716,808) – 149.8%
       
429,965,798
 
     
Short-Term Investments – 0.6% (0.4% of Total 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, 0.160%, 10/01/32 – AGM Insured (7)
10/13 at 100.00
N/R
   
1,760,000
 
$
1,760
 
Total Short-Term Investments (cost $1,760,000)
       
1,760,000
 
     
Total Investments (cost $418,476,808) – 150.4%
       
431,725,798
 
     
Floating Rate Obligations – (6.6)%
       
(19,000,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.6)% (8)
       
(130,900,000
     
Other Assets Less Liabilities – 1.8%
       
5,241,948
 
     
Net Assets Applicable to Common Shares – 100%
     
$
287,067,746
 
 
   
The Fund intends to invest at least 80% of its managed net 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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such 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 of investments in inverse floating rate transactions.
 (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 30.3%
 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
 
59

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2
NPX
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 1.7% (1.1% 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
 
$
3,821,700
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
           
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
Baa1
   
1,200,286
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Baa1
   
884,395
 
 
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
   
2,716,029
 
 
8,775
 
Total Alabama
       
8,622,410
 
     
Arizona – 4.9% (3.2% 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+
   
3,030,468
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA+
   
3,642,555
 
 
5,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA+
   
5,279,150
 
 
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
   
12,876,911
 
 
23,665
 
Total Arizona
       
24,829,084
 
     
Arkansas – 2.6% (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+
   
6,239,242
 
     
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
   
2,089,660
 
 
2,000
 
5.000%, 11/01/28 – NPFG Insured
11/14 at 100.00
Aa2
   
2,083,860
 
 
2,480
 
University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 – AMBAC Insured
12/13 at 100.00
Aa2
   
2,530,270
 
 
12,225
 
Total Arkansas
       
12,943,032
 
     
California – 23.7% (15.5% 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
   
6,022,702
 
 
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
   
22,642
 
 
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
   
2,182,673
 
 
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
   
1,338,805
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
   
10,930,100
 
 
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+
   
644,938
 
 
31,200
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
1/12 at 27.01
Baa1
   
7,151,664
 
 
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
   
1,657,185
 
 
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
   
6,773,760
 
 
1,870
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
Aa2
   
1,019,823
 
 
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
   
7,104,909
 
 
60
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
 
$
4,295,840
 
 
3,500
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30
12/21 at 100.00
AA
   
3,915,100
 
 
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
   
16,267,650
 
 
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
   
1,983,100
 
 
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
   
8,381,340
 
 
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)
   
1,539,741
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
No Opt. Call
AA–
   
659,520
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
12/11 at 100.00
N/R
   
735,390
 
     
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+
   
1,746,271
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
AA+
   
746,633
 
     
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
   
687,085
 
 
23,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
Baa1
   
3,664,826
 
 
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+
   
2,015,600
 
 
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+
   
5,954,198
 
 
5,000
 
Torrance, California, Certificates of Participation, Refunding Series 2005B, 5.000%, 6/01/24 – AMBAC Insured
No Opt. Call
AA
   
5,106,500
 
 
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
Aa1
   
12,787,000
 
 
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+
   
4,494,828
 
 
185,515
 
Total California
       
119,829,823
 
     
Colorado – 9.5% (6.2% 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
   
1,964,871
 
 
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
   
3,459,855
 
 
16,095
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
   
17,475,146
 
 
125
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 – AGM Insured
12/13 at 100.00
AA+
   
135,315
 
 
5,000
 
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)
   
5,462,550
 
 
12,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
   
3,365,880
 
 
1,325
 
El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series 2002B, 5.000%, 12/01/27 (Pre-refunded 12/01/12) – AMBAC Insured
12/12 at 100.00
AA– (4)
   
1,392,310
 
 
Nuveen Investments
 
61

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado (continued)
           
     
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
Aa2 (4)
 
$
2,829,825
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
   
5,801,141
 
 
2,000
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
   
2,263,860
 
 
2,640
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
AA+
   
2,871,660
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
1,069,900
 
 
53,155
 
Total Colorado
       
48,092,313
 
     
District of Columbia – 0.1% (0.1% of Total Investments)
           
 
1,065
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
1,090,816
 
     
Florida – 8.4% (5.5% of Total Investments)
           
 
11,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA+
   
11,307,120
 
 
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+
   
1,084,400
 
 
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
   
4,273,080
 
 
1,530
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24
11/21 at 100.00
A2
   
1,564,027
 
 
10,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
No Opt. Call
AA+
   
10,373,100
 
 
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+
   
6,532,245
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
7/15 at 100.00
AA+
   
5,849,272
 
 
1,500
 
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue and Refunding Bonds, Embry-Riddle Aeronautical University, Inc. Project, Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
AA+
   
1,526,460
 
 
41,100
 
Total Florida
       
42,509,704
 
     
Georgia – 4.7% (3.1% 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+
   
5,806,696
 
 
1,535
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
AA
   
1,576,599
 
 
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
   
4,128,000
 
     
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
   
1,892,523
 
 
2,580
 
5.000%, 11/01/22 – NPFG Insured
11/13 at 100.00
A1
   
2,744,991
 
 
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)
   
4,743,675
 
 
3,000
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2002, 5.200%, 10/01/22 – AMBAC Insured
10/12 at 101.00
A+
   
3,058,470
 
 
22,990
 
Total Georgia
       
23,950,954
 
     
Hawaii – 4.0% (2.6% of Total Investments)
           
 
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)
1/12 at 100.00
Baa1
   
20,008,600
 
 
62
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Idaho – 0.0% (0.0% of Total Investments)
           
$
190
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1998E, 5.450%, 7/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
Aaa
 
$
194,592
 
     
Illinois – 8.1% (5.3% of Total Investments)
           
 
3,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 (WI/DD, Settling 11/04/11) – AGM Insured
6/21 at 100.00
AA–
   
3,659,390
 
 
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+
   
8,419,760
 
 
2,240
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA+
   
2,350,499
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
AA–
   
1,053,800
 
     
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)
   
684,137
 
 
5,045
 
6.250%, 4/01/18 – AGM Insured (ETM)
No Opt. Call
AA– (4)
   
6,132,652
 
 
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
AA– (4)
   
2,233,179
 
 
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+
   
4,102,680
 
 
5,000
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
1/21 at 100.00
Aa3
   
5,196,900
 
 
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
   
2,566,122
 
 
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
   
4,585,897
 
 
95
 
Peoria, Moline and Freeport, Illinois, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative Minimum Tax)
4/12 at 100.00
AA+
   
96,466
 
 
56,925
 
Total Illinois
       
41,081,482
 
     
Indiana – 5.8% (3.8% 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
   
2,284,578
 
 
2,215
 
5.000%, 8/01/24 – AGM Insured
8/14 at 100.00
Aaa
   
2,403,962
 
 
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
   
10,355,700
 
 
5,000
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
AA–
   
5,083,900
 
 
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+
   
3,812,321
 
 
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+
   
5,390,350
 
 
28,050
 
Total Indiana
       
29,330,811
 
     
Iowa – 0.8% (0.5% of Total Investments)
           
 
4,000
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
No Opt. Call
A2
   
4,001,120
 
     
Kentucky – 1.4% (0.9% 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
Baa1
   
2,106,325
 
 
5,000
 
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
9/17 at 100.00
A–
   
5,117,700
 
 
11,010
 
Total Kentucky
       
7,224,025
 
 
Nuveen Investments
 
63

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana – 5.6% (3.7% 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+
 
$
5,282,850
 
 
3,935
 
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
   
4,107,668
 
     
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
   
1,074,186
 
 
2,210
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
   
2,338,335
 
     
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
Aa1
   
1,341,635
 
 
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
14,092,679
 
 
27,740
 
Total Louisiana
       
28,237,353
 
     
Maryland – 0.3% (0.2% 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
BB+
   
1,729,582
 
     
Massachusetts – 3.5% (2.3% 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+
   
3,199,560
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
3,320,730
 
 
1,000
 
Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/28 (Alternative Minimum Tax)
7/21 at 100.00
AA
   
1,003,610
 
 
290
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
N/R
   
219,545
 
 
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.314%, 8/15/37 – AGM Insured (IF)
8/17 at 100.00
AA+
   
3,828,447
 
     
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)
   
4,000,218
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,191,900
 
 
16,275
 
Total Massachusetts
       
17,764,010
 
     
Michigan – 0.6% (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)
4/12 at 100.00
AA
   
3,175,231
 
     
Minnesota – 0.1% (0.1% of Total Investments)
           
 
600
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured
2/12 at 100.00
AA+
   
602,634
 
     
Missouri – 0.4% (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
   
1,130,370
 
 
355
 
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16 – AGM Insured (Alternative Minimum Tax)
12/11 at 100.00
Aaa
   
355,621
 
 
750
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured
10/13 at 100.00
A–
   
758,910
 
 
2,105
 
Total Missouri
       
2,244,901
 
     
Nebraska – 0.3% (0.2% of Total Investments)
           
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.838%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
   
1,358,214
 
 
64
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nevada – 3.6% (2.3% 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)
1/12 at 101.00
Baa2
 
$
5,012,850
 
 
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+
   
7,877,885
 
 
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
   
3,366,428
 
     
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
N/R
   
476,687
 
 
5,500
 
5.625%, 1/01/32 – AMBAC Insured (5)
1/12 at 100.00
N/R
   
1,265,000
 
 
26,380
 
Total Nevada
       
17,998,850
 
     
New Jersey – 9.1% (6.0% 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
   
1,379,206
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
   
2,430,248
 
 
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
Aa3
   
1,649,326
 
     
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
   
1,541,124
 
 
1,475
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,535,947
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
AA+
   
3,503,378
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
A+
   
5,830,500
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
A+
   
2,184,900
 
 
10,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
12/17 at 100.00
AA+
   
10,888,605
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
   
11,546,900
 
 
3,315
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured (UB)
1/15 at 100.00
AA–
   
3,478,396
 
 
69,925
 
Total New Jersey
       
45,968,530
 
     
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
   
1,536,817
 
 
1,050
 
5.000%, 6/01/24 – AMBAC Insured
6/14 at 100.00
AAA
   
1,130,693
 
 
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
   
2,157,800
 
 
4,465
 
Total New Mexico
       
4,825,310
 
     
New York – 9.6% (6.3% 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
   
1,216,186
 
 
3,000
 
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
   
3,326,520
 
 
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+
   
7,905,636
 
 
Nuveen Investments
 
65

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
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
 
$
1,101,020
 
 
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
   
3,692,159
 
     
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–
   
11,517,151
 
 
5,000
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A–
   
5,320,350
 
 
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–
   
2,618,109
 
 
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+
   
5,500,650
 
 
1,540
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.026%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
1,750,118
 
 
495
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/12 at 100.00
AA+
   
495,787
 
 
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+
   
3,995,484
 
 
45,790
 
Total New York
       
48,439,170
 
     
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
   
1,291,488
 
 
1,780
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.731%, 7/01/38 (IF) (6)
7/20 at 100.00
AAA
   
2,280,091
 
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
           
 
2,225
 
5.000%, 5/01/23 – FGIC Insured
5/14 at 100.00
AA–
   
2,311,753
 
 
2,335
 
5.000%, 5/01/24 – FGIC Insured
5/14 at 100.00
AA–
   
2,417,122
 
 
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
   
3,096,533
 
 
10,490
 
Total North Carolina
       
11,396,987
 
     
Ohio – 1.6% (1.1% of Total Investments)
           
 
7,825
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
   
7,432,263
 
 
700
 
Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 – AMBAC Insured
12/13 at 100.00
AA+
   
741,860
 
 
8,525
 
Total Ohio
       
8,174,123
 
     
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
   
1,644,525
 
     
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)
1/12 at 100.00
Baa1
   
1,521,201
 
     
Pennsylvania – 10.1% (6.6% 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
   
2,144,480
 
 
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+
   
4,507,522
 
 
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+
   
1,810,953
 
 
4,000
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 (WI/DD, Settling 11/15/11) – AGM Insured
12/21 at 100.00
Aa3
   
3,920,120
 
 
66
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
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
 
$
1,049,256
 
 
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
   
5,357,185
 
 
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
Aa2
   
4,585,871
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
1,109,073
 
     
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+
   
5,376,607
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
9/14 at 100.00
AA+
   
3,066,930
 
 
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
   
3,035,775
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
   
1,620,852
 
 
2,360
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
1/12 at 100.00
A1 (4)
   
2,693,185
 
 
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–
   
4,017,664
 
 
1,125
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
   
1,170,979
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
6/15 at 100.00
Aa3
   
1,530,966
 
 
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
AA+ (4)
   
3,916,414
 
 
48,890
 
Total Pennsylvania
       
50,913,832
 
     
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
   
2,613,850
 
 
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+
   
4,838,246
 
 
7,205
 
Total Puerto Rico
       
7,452,096
 
     
South Carolina – 0.4% (0.2% 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+
   
2,055,526
 
     
Texas – 12.6% (8.3% of Total Investments)
           
 
1,700
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
BBB–
   
1,733,660
 
     
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–
   
3,763,912
 
 
3,645
 
5.000%, 7/15/23 – AGM Insured (UB)
7/14 at 100.00
AA–
   
3,948,045
 
 
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
   
10,150,800
 
 
10,175
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
1/12 at 100.00
A+
   
10,176,933
 
 
1,500
 
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33
8/20 at 100.00
A+
   
1,541,865
 
 
5,625
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
A1
   
5,703,525
 
 
500
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
AA+
   
556,400
 
 
Nuveen Investments
 
67

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
$
2,000
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2011A, 5.000%, 7/01/24 (Alternative Minimum Tax)
7/21 at 100.00
A
 
$
2,074,380
 
 
4,485
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 (Pre-refunded 5/15/12) – AGM Insured
5/12 at 100.00
AA+ (4)
   
4,600,623
 
 
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
   
10,229,600
 
 
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
   
4,363,822
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
11/21 at 100.00
Aa2
   
2,515,341
 
 
85
 
Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%, 3/15/18 – AGM Insured
No Opt. Call
AA+
   
86,316
 
 
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)
   
2,254,449
 
 
61,966
 
Total Texas
       
63,699,671
 
     
Utah – 2.3% (1.5% 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–
   
9,098,542
 
 
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+
   
2,397,020
 
 
10,985
 
Total Utah
       
11,495,562
 
     
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
12/11 at 100.00
Baa1
   
1,320,000
 
     
Virginia – 2.6% (1.7% 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
   
6,253,792
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
6/15 at 100.00
A
   
5,262,300
 
     
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+
   
1,251,614
 
 
500
 
5.250%, 12/15/23 – AGM Insured
6/14 at 100.00
AA+
   
544,180
 
 
12,530
 
Total Virginia
       
13,311,886
 
     
Washington – 5.6% (3.7% of Total Investments)
           
 
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)
   
1,439,596
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
3,149,820
 
 
4,900
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
   
4,969,629
 
 
3,950
 
Washington State Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, Series 1998, 5.125%, 11/15/22 – AMBAC Insured
11/11 at 100.00
A2
   
3,953,002
 
 
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)
   
6,397,098
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
AA+
   
8,556,345
 
 
30,275
 
Total Washington
       
28,465,490
 
     
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
   
7,892,220
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
5/16 at 100.00
AA
   
4,092,855
 
 
10,775
 
Total Wisconsin
       
11,985,075
 
 
68
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wyoming – 0.4% (0.3% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
$
1,000
 
5.500%, 12/01/27
12/21 at 100.00
BBB
 
$
1,011,905
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
BBB
   
1,017,715
 
 
2,000
 
Total Wyoming
       
2,029,620
 
$
877,781
 
Total Investments (cost $755,709,435) – 152.5%
       
771,518,145
 
     
Floating Rate Obligations – (11.5)%
       
(57,980,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value– (43.3)% (7)
       
(219,000,000)
 
     
Other Assets Less Liabilities – 2.3%
       
11,227,614
 
     
Net Assets Applicable to Common Shares – 100%
     
$
505,765,759
 
 
   
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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such 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 of investments in inverse floating rate transactions.
 (7)   Variable Rate Demand Preferred Shares, at Liquidation Value a percentage of Total Investments is 28.4%.
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.
 
Nuveen Investments
 
69

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund
NVG
 
Portfolio of Investments
October 31, 2011

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Municipal Bonds – 149.4% (99.8% of Total Investments)
           
     
Alabama – 1.9% (1.3% 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)
 
$
5,498,186
 
 
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)
   
3,124,231
 
 
8,355
 
Total Alabama
       
8,622,417
 
     
Alaska – 3.5% (2.3% 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)
   
15,682,650
 
     
Arizona – 2.4% (1.6% 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–
   
5,011,500
 
 
6,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
   
5,960,880
 
 
11,000
 
Total Arizona
       
10,972,380
 
     
California – 14.8% (9.9% 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–
   
1,248,180
 
 
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–
   
1,994,731
 
     
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
   
1,545,128
 
 
1,565
 
5.000%, 10/01/27 – NPFG Insured
10/15 at 100.00
Aa3
   
1,622,029
 
 
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+
   
463,640
 
 
14,345
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
No Opt. Call
AA–
   
2,624,705
 
     
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
           
 
2,615
 
0.000%, 8/01/31 – AGM Insured
8/28 at 100.00
Aa3
   
1,302,375
 
 
3,600
 
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
Aa3
   
1,770,696
 
 
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
   
2,316,239
 
 
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
   
18,061,747
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
BB+
   
723,480
 
 
365
 
5.125%, 6/01/47
6/17 at 100.00
BB+
   
237,688
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
Aa2
   
942,126
 
 
7,935
 
Los Angeles, California, Certificates of Participation, Series 2002, 5.300%, 4/01/32 – AMBAC Insured
4/12 at 100.00
A+
   
7,956,266
 
 
2,220
 
Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 – NPFG Insured
1/12 at 100.00
A
   
2,220,488
 
     
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2008A and 2008B:
           
 
5,905
 
0.000%, 8/01/26 – AGC Insured
No Opt. Call
AA–
   
2,597,905
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA+
   
829,436
 
 
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
   
1,928,327
 
 
70
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
4,150
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
10/21 at 100.00
AA–
 
$
3,272,773
 
     
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+
   
945,230
 
 
1,180
 
3.000%, 6/15/26 – AGM Insured
6/17 at 100.00
AA+
   
1,098,108
 
 
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+
   
5,176,244
 
 
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
   
3,841,301
 
 
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
   
1,796,250
 
 
98,285
 
Total California
       
66,515,092
 
     
Colorado – 5.7% (3.8% 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
   
17,847,718
 
 
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
   
688,868
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
Baa1
   
6,962,860
 
 
35,050
 
Total Colorado
       
25,499,446
 
     
District of Columbia – 1.7% (1.1% 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–
   
6,634,058
 
 
935
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
957,664
 
 
7,740
 
Total District of Columbia
       
7,591,722
 
     
Florida – 11.3% (7.5% of Total Investments)
           
 
3,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA+
   
3,083,760
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
2,305
 
5.250%, 12/01/17 – NPFG Insured
12/13 at 100.00
A–
   
2,416,355
 
 
1,480
 
5.250%, 12/01/18 – NPFG Insured
12/13 at 100.00
A–
   
1,543,285
 
 
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+
   
11,961,340
 
 
2,335
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
AA+
   
2,373,901
 
 
1,545
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/31 – AGM Insured
No Opt. Call
AA+
   
1,642,289
 
     
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
   
7,402,591
 
 
5,600
 
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
5,776,176
 
 
10,000
 
5.125%, 10/01/21 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
10,163,200
 
 
2,000
 
5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
2,031,560
 
 
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
   
999,140
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
1,038,280
 
 
49,030
 
Total Florida
       
50,431,877
 
     
Georgia – 1.8% (1.2% 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
   
7,147,708
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA+
   
1,049,050
 
 
7,925
 
Total Georgia
       
8,196,758
 
 
Nuveen Investments
 
71

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments
October 31, 2011
 
 
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
 
$
3,234,300
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
   
1,207,801
 
 
4,130
 
Total Idaho
       
4,442,101
 
     
Illinois – 12.9% (8.6% 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)
   
10,086,600
 
 
1,305
 
Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 – NPFG Insured
1/12 at 100.00
Aa3
   
1,306,657
 
      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
   
4,276,010
 
 
4,485
 
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
   
4,509,398
 
 
4,730
 
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
   
4,755,731
 
 
2,930
 
5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
   
2,945,939
 
 
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
   
3,775,860
 
 
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
   
3,017,550
 
 
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
   
4,091,440
 
     
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Capital Appreciation, Series 2011B:
           
 
2,500
 
0.000%, 2/01/33
2/21 at 44.23
AA
   
615,275
 
 
2,000
 
0.000%, 2/01/34
2/21 at 41.04
AA
   
451,980
 
 
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
   
512,323
 
     
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)
   
839,754
 
 
250
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
Aa3 (4)
   
272,648
 
 
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+
   
3,589,845
 
     
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
   
3,482,000
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
2,274,991
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.617%, 6/15/42 (IF) (5)
6/20 at 100.00
AAA
   
3,108,554
 
 
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
AA+
   
4,070,430
 
 
97,500
 
Total Illinois
       
57,982,985
 
     
Indiana – 13.9% (9.3% 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
   
3,549,575
 
     
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)
   
5,181,778
 
 
7,000
 
5.250%, 4/01/30 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AA (4)
   
7,147,280
 
 
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+
   
10,016,400
 
 
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+
   
3,285,955
 
 
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+
   
5,390,350
 
 
72
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Indiana (continued)
           
$
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
AA+ (4)
 
$
20,669,000
 
 
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+
   
7,227,194
 
 
60,630
 
Total Indiana
       
62,467,532
 
     
Kansas – 0.8% (0.6% 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
   
3,543,050
 
     
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+
   
2,764,040
 
     
Louisiana – 4.4% (3.0% of Total Investments)
           
 
1,000
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
1/21 at 100.00
AA+
   
1,049,850
 
 
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+
   
5,282,850
 
 
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
   
1,383,141
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
770
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
   
782,620
 
 
8,270
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
8,170,099
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-5, 15.833%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
3,172
 
 
3,085
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 – NPFG Insured
9/12 at 100.00
A3
   
3,122,575
 
 
19,453
 
Total Louisiana
       
19,794,307
 
     
Massachusetts – 0.9% (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+
   
1,066,520
 
 
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+
   
2,787,460
 
 
3,775
 
Total Massachusetts
       
3,853,980
 
     
Michigan – 0.4% (0.2% of Total Investments)
           
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
275
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R (4)
   
324,195
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
1,245,556
 
 
1,500
 
Total Michigan
       
1,569,751
 
     
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+
   
2,197,003
 
     
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+
   
1,747,856
 
     
Nebraska – 2.0% (1.3% of Total Investments)
           
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32 Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:
9/15 at 100.00
AA
   
6,783,576
 
 
1,000
 
5.250%, 4/01/20 – AGM Insured
4/13 at 100.00
AA+
   
1,053,660
 
 
1,000
 
5.250%, 4/01/21 – AGM Insured
4/13 at 100.00
AA+
   
1,048,890
 
 
8,360
 
Total Nebraska
       
8,886,126
 
 
Nuveen Investments
 
73

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nevada – 2.1% (1.4% of Total Investments)
           
$
2,350
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
No Opt. Call
AA+
 
$
2,474,362
 
 
6,665
 
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+
   
6,959,060
 
 
9,015
 
Total Nevada
       
9,433,422
 
     
New Jersey – 0.9% (0.7% 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+
   
2,457,816
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
   
1,385,628
 
 
3,350
 
Total New Jersey
       
3,843,444
 
     
New York – 6.6% (4.4% 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
   
1,216,186
 
 
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–
   
3,884,504
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
           
 
2,000
 
13.341%, 2/15/33 (IF)
2/19 at 100.00
AAA
   
2,377,700
 
 
1,335
 
13.329%, 2/15/33 (IF)
2/19 at 100.00
AAA
   
1,587,115
 
 
850
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
No Opt. Call
A
   
901,697
 
 
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
   
2,849,928
 
 
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–
   
2,327,208
 
 
1,900
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA+
   
1,996,026
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
A
   
492,058
 
 
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+
   
10,422,157
 
 
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+
   
1,636,187
 
 
28,575
 
Total New York
       
29,690,766
 
     
North Carolina – 0.6% (0.5% 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 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
AA+ (4)
   
2,263,331
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
6/19 at 100.00
AA+
   
593,168
 
 
2,620
 
Total North Carolina
       
2,856,499
 
     
Ohio – 1.7% (1.1% 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
BB–
   
50,083
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
BB–
   
536,817
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
BB–
   
497,146
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
BB–
   
1,115,297
 
 
4,650
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/28 – AGM Insured
No Opt. Call
Aa3
   
5,231,715
 
 
7,680
 
Total Ohio
       
7,431,058
 
 
74
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Oklahoma – 0.5% (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
 
$
2,023,460
 
     
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
   
3,243,210
 
     
Oregon, General Obligation Veterans Welfare Bonds, Series 82:
           
 
2,605
 
5.375%, 12/01/31 (Pre-refunded 12/01/11)
12/11 at 100.00
AA+
   
2,607,813
 
 
1,235
 
5.500%, 12/01/42 (Pre-refunded 12/01/11)
12/11 at 100.00
AA+
   
1,236,210
 
 
6,840
 
Total Oregon
       
7,087,233
 
     
Pennsylvania – 4.8% (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+
   
4,684,185
 
 
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+
   
1,086,572
 
 
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
Aa2
   
4,130,784
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
1,109,073
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
   
5,095,860
 
 
2,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – AGM Insured
11/13 at 100.00
AA
   
2,111,500
 
 
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–
   
2,208,360
 
 
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
AA+ (4)
   
1,072,990
 
 
21,730
 
Total Pennsylvania
       
21,499,324
 
     
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
AA+
   
1,278,680
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
   
731,600
 
 
6,225
 
Total Puerto Rico
       
2,010,280
 
     
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+
   
2,050,269
 
     
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–
   
1,063,060
 
 
2,300
 
5.000%, 4/01/21 – NPFG Insured
4/13 at 100.00
A–
   
2,406,766
 
 
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+
   
1,067,260
 
 
6,250
 
Total South Carolina
       
6,587,355
 
     
Tennessee – 9.4% (6.2% 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+
   
1,633,213
 
 
1,455
 
5.000%, 10/01/20 – AGM Insured
10/14 at 100.00
AA+
   
1,589,515
 
 
1,955
 
5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
   
2,135,740
 
 
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
AA– (4)
   
10,483,300
 
 
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
AA– (4)
   
10,483,300
 
 
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)
   
15,577,914
 
 
40,100
 
Total Tennessee
       
41,902,982
 
 
Nuveen Investments
 
75

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas – 20.7% (13.8% of Total Investments)
           
$
2,265
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
1/12 at 100.00
A+
 
$
2,274,604
 
     
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
   
2,391,603
 
 
2,355
 
5.000%, 11/15/17 – NPFG Insured
11/13 at 100.00
AA
   
2,500,845
 
 
1,545
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.603%, 11/01/41 (IF)
11/21 at 100.00
AA
   
1,871,072
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 3418, 13.876%, 8/15/27 – AGM Insured (IF)
No Opt. Call
AAA
   
6,466,800
 
 
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)
   
13,213,720
 
 
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
   
1,083,810
 
 
3,220
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 (WI/DD, Settling 11/17/11) – AGM Insured
12/21 at 100.00
AA–
   
3,293,030
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
2,590
 
0.000%, 9/01/43
9/31 at 100.00
AA
   
1,434,316
 
 
3,910
 
0.000%, 9/01/45
9/31 at 100.00
AA
   
2,395,383
 
 
500
 
San Antonio, Texas, Water Revenue Refunding Bonds, Series 2002, 5.500%, 5/15/17 (Pre-refunded 5/15/12) – AGM Insured
5/12 at 100.00
AA+ (4)
   
514,240
 
 
3,845
 
San Antonio, Texas, Water Revenue Refunding Bonds, Series 2002, 5.500%, 5/15/17 – AGM Insured
5/12 at 100.00
AA+
   
3,949,584
 
 
6,940
 
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
AA+
   
6,952,423
 
     
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
   
3,439,462
 
 
3,520
 
5.125%, 11/01/21 – NPFG Insured
5/12 at 100.00
Baa1
   
3,380,291
 
     
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
   
7,188,744
 
 
11,665
 
5.500%, 1/01/33 – NPFG Insured
1/12 at 102.00
Baa1
   
7,822,782
 
 
5,000
 
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
7/17 at 100.00
AAA
   
5,019,850
 
 
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
   
9,372,070
 
     
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
   
3,043,860
 
 
5,000
 
5.250%, 2/15/25 (Pre-refunded 2/15/12) – AGM Insured
2/12 at 100.00
AAA
   
5,073,100
 
 
97,740
 
Total Texas
       
92,681,589
 
     
Utah – 1.3% (0.8% of Total Investments)
           
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 13.310%, 12/15/15 – AGM Insured (IF)
No Opt. Call
AAA
   
5,693,120
 
     
Washington – 14.8% (9.9% 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
   
5,131,585
 
 
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)
   
3,345,378
 
 
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+
   
3,470,123
 
 
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
Aa1
   
7,931,882
 
 
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
   
2,594,975
 
 
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+
   
2,381,544
 
 
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)
   
3,505,407
 
 
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
   
10,467,600
 
 
76
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Washington (continued)
           
$
4,325
 
Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002, 5.125%, 6/01/22 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
Aa3 (4)
 
$
4,448,738
 
 
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
   
13,927,200
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.326%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
   
3,880,673
 
 
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)
   
5,314,140
 
 
65,325
 
Total Washington
       
66,399,245
 
     
Wisconsin – 1.6% (1.1% of Total Investments)
           
 
2,220
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
A+
   
2,205,459
 
 
5,000
 
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)
   
5,162,747
 
 
7,220
 
Total Wisconsin
       
7,368,206
 
$
746,753
 
Total Municipal Bonds (cost $646,671,876) – 149.4%
       
669,269,056
 

 
Shares
 
Description (1)
       
Value
 
     
Investment Companies – 0.3% (0.2% of Total Investments)
           
 
8,134
 
BlackRock MuniHoldings Fund Inc.
     
$
129,331
 
 
13,600
 
BlackRock MuniEnhanced Fund Inc.
       
147,016
 
 
7,920
 
Dreyfus Strategic Municipal Fund
       
68,112
 
 
3,500
 
DWS Municipal Income Trust
       
44,240
 
 
9,500
 
Invesco Advantage Municipal Income Fund II
       
114,285
 
 
9,668
 
Invesco Quality Municipal Income Trust
       
125,491
 
 
28,980
 
Invesco Van Kampen Investment Grade Municipal Trust
       
414,414
 
 
26,280
 
PIMCO Municipal Income Fund II
       
290,394
 
     
Total Investment Companies (cost $1,353,712)
       
1,333,283
 
     
Total Investments (cost $648,025,588) – 149.7%
       
670,602,339
 
     
Floating Rate Obligations – (6.3)%
       
(28,413,334
     
MuniFund Term Preferred Shares, at Liquidation Value – (24.1)% (6)
       
(108,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (20.6)% (6)
       
(92,500,000
     
Other Assets Less Liabilities – 1.3%
       
6,381,216
 
     
Net Assets Applicable to Common Shares – 100%
     
$
448,070,221
 
 

   
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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
 (6)   MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.1% and 13.8%, respectively.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements
 
Nuveen Investments
 
77

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund
NEA
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 6.4% (4.4% 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+
 
$
1,018,910
 
 
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
   
5,583,182
 
 
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)
   
3,247,746
 
 
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
   
6,499,863
 
 
4,500
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured
7/13 at 100.00
Aa3
   
4,649,625
 
 
20,535
 
Total Alabama
       
20,999,326
 
     
Arizona – 5.4% (3.7% 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
BBB
   
10,026,500
 
 
6,545
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
   
6,502,327
 
 
1,250
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
9/20 at 100.00
AA+
   
1,237,038
 
 
17,795
 
Total Arizona
       
17,765,865
 
     
California – 21.0% (14.3% 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
   
26,338,661
 
 
250
 
California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 – SYNCORA GTY Insured
4/12 at 100.00
A1
   
251,113
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
   
5,071
 
 
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
AA+ (4)
   
8,286,922
 
 
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
   
2,805,327
 
 
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
   
7,799,501
 
 
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
BB+
   
162,800
 
 
2,370
 
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
   
2,380,144
 
 
4,000
 
Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28 – FGIC Insured
8/13 at 100.00
AA–
   
4,050,320
 
     
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
   
1,168,262
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/13 at 101.00
A
   
1,289,487
 
 
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
   
1,212,747
 
 
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+
   
3,807,075
 
 
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+
   
1,558,830
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
1/13 at 100.00
A
   
1,058,429
 
 
6,300
 
University of California, General Revenue Bonds, Tender Option Bonds Trust 2902, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
Aa1
   
6,444,648
 
 
67,840
 
Total California
       
68,619,337
 
 
78
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado – 4.9% (3.4% 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+
 
$
4,617,297
 
 
3,750
 
5.500%, 12/01/28 – AGM Insured
12/13 at 100.00
AA+
   
3,854,813
 
 
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
   
1,480,653
 
 
4,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 15.136%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
AA
   
4,719,285
 
 
3,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
Baa1
   
841,470
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
Baa1
   
601,257
 
 
19,900
 
Total Colorado
       
16,114,775
 
     
District of Columbia – 0.7% (0.5% 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–
   
1,560,650
 
 
665
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.616%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
681,120
 
 
7,665
 
Total District of Columbia
       
2,241,770
 
     
Florida – 21.4% (14.6% 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
   
1,041,110
 
      Clay County, Florida, Utility System Revenue Bonds, Series 2007:            
 
1,500
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
1,575,645
 
 
3,000
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
3,101,220
 
 
400
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured
10/14 at 100.00
AA–
   
418,468
 
 
1,000
 
Escambia County, Florida Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 – AMBAC Insured
10/12 at 100.00
A+
   
1,051,190
 
 
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
   
1,504,809
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
   
510,395
 
 
115
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
AA+
   
124,590
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 17.170%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AAA
   
3,117,525
 
 
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
   
2,474,394
 
 
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 (Pre-refunded 10/01/12) – AGM Insured
10/12 at 100.00
AA+ (4)
   
2,088,920
 
 
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+
   
111,906
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA+
   
359,009
 
 
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–
   
1,774,249
 
 
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)
   
208,143
 
 
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)
   
3,856,230
 
 
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
   
1,518,915
 
 
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+
   
2,352,197
 
 
2,265
 
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 – AMBAC Insured
10/12 at 100.00
N/R
   
2,288,986
 
 
Nuveen Investments
 
79

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
10/14 at 100.00
A–
 
$
1,788,578
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
A
   
490,260
 
 
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
   
3,055,560
 
 
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+
   
591,170
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
4/12 at 100.00
Aa2
   
2,001,180
 
 
2,000
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured
1/13 at 100.00
AA
   
2,098,660
 
 
1,500
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 – FGIC Insured
1/13 at 100.00
AA
   
1,550,655
 
 
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–
   
3,639,052
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
Aa3
   
1,194,831
 
 
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+
   
2,728,073
 
     
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003:
           
 
2,800
 
5.750%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa3 (4)
   
3,030,496
 
 
3,000
 
5.500%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa3 (4)
   
3,235,440
 
 
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
   
946,760
 
 
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+
   
2,229,971
 
 
1,500
 
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002, 5.000%, 5/01/23 (Pre-refunded 5/01/12) – NPFG Insured
5/12 at 100.00
Aa3 (4)
   
1,535,415
 
 
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+
   
474,642
 
 
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
   
1,588,860
 
 
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+
   
1,812,175
 
 
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+
   
4,114,280
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
   
1,269,432
 
 
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
   
1,161,900
 
 
66,590
 
Total Florida
       
70,015,291
 
     
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+
   
3,188,190
 
 
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+
   
1,435,436
 
 
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)
   
1,923,824
 
 
6,235
 
Total Georgia
       
6,547,450
 
     
Illinois – 5.5% (3.7% 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+
   
5,262,350
 
     
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
   
1,734,326
 
 
1,465
 
5.125%, 12/01/23 – AGM Insured
12/14 at 100.00
Aa3
   
1,534,881
 
 
80
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
     
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)
 
$
1,775,433
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
12/14 at 100.00
Aa3 (4)
   
1,568,456
 
 
2,500
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23
7/13 at 100.00
AA+
   
2,550,775
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
13,300
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
1,732,458
 
 
15,000
 
0.000%, 6/15/46 (WI/DD, Settling 11/01/11) – AGM Insured
No Opt. Call
AAA
   
1,820,550
 
 
42,025
 
Total Illinois
       
17,979,229
 
     
Indiana – 7.0% (4.8% 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
   
2,615,750
 
 
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
   
2,293,937
 
 
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+
   
1,901,050
 
 
1,000
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 (Pre-refunded 8/01/13) – FGIC Insured
8/13 at 100.00
Aaa
   
1,080,100
 
     
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)
   
11,875,372
 
 
3,000
 
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
   
3,232,860
 
 
21,570
 
Total Indiana
       
22,999,069
 
     
Kansas – 1.6% (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
   
5,317,650
 
     
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)
   
1,063,899
 
     
Louisiana – 2.4% (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
   
2,105,340
 
 
5,785
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 – FGIC Insured
12/12 at 100.00
A3
   
5,835,908
 
 
7,785
 
Total Louisiana
       
7,941,248
 
     
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
   
1,157,231
 
     
Michigan – 9.0% (6.1% 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)
   
6,599,497
 
 
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+
   
4,503,042
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
180
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R
   
212,200
 
 
820
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
833,760
 
 
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+
   
10,847,628
 
 
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
BBB+
   
6,293,885
 
 
28,895
 
Total Michigan
       
29,290,012
 
 
Nuveen Investments
 
81

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Missouri – 1.0% (0.6% 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+
 
$
258,917
 
 
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+
   
231,946
 
     
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)
   
1,228,448
 
 
1,260
 
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
   
1,394,455
 
 
2,825
 
Total Missouri
       
3,113,766
 
     
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+
   
5,218,250
 
     
New Mexico – 0.7% (0.4% of Total Investments)
           
 
1,975
 
New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 – AMBAC Insured
4/14 at 100.00
AA
   
2,134,165
 
     
New York – 10.3% (7.0% of Total Investments)
           
 
650
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
No Opt. Call
A
   
689,533
 
 
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
   
1,839,250
 
 
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
   
25,362,250
 
 
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
   
2,015,594
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.616%, 3/15/37 (IF) (5)
3/17 at 100.00
AAA
   
3,821,343
 
 
32,855
 
Total New York
       
33,727,970
 
     
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
   
7,245,621
 
     
Ohio – 2.0% (1.4% 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
BB–
   
50,083
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
BB–
   
536,817
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
BB–
   
497,146
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
BB–
   
1,115,297
 
 
4,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
Aa3
   
4,493,080
 
 
7,030
 
Total Ohio
       
6,692,423
 
     
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
   
1,096,350
 
     
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
   
8,399,766
 
     
Pennsylvania – 7.5% (5.1% 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
AA+ (4)
   
3,262,710
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
   
2,972,585
 
 
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+
   
2,005,660
 
 
925
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
1/12 at 100.00
A1 (4)
   
1,055,592
 
 
82
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
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+
 
$
1,412,708
 
 
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
AA+ (4)
   
13,948,870
 
 
23,775
 
Total Pennsylvania
       
24,658,125
 
     
Puerto Rico – 0.8% (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)
   
1,042,740
 
 
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
   
1,416,501
 
 
11,350
 
Total Puerto Rico
       
2,459,241
 
     
South Carolina – 5.6% (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+
   
5,213,100
 
     
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
   
3,120,360
 
 
1,785
 
5.000%, 12/01/23 (UB)
12/13 at 100.00
AA
   
1,852,580
 
 
8,000
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 – AMBAC Insured
10/12 at 100.00
A1
   
8,057,760
 
 
17,785
 
Total South Carolina
       
18,243,800
 
     
Texas – 8.3% (5.6% 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+
   
1,993,105
 
     
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)
   
1,767,502
 
 
12,500
 
5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
   
13,269,375
 
 
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
   
2,167,620
 
 
1,160
 
Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 – NPFG Insured
3/12 at 100.00
AA
   
1,176,182
 
 
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)
   
4,426,770
 
 
2,145
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 (WI/DD, Settling 11/17/11) – AGM Insured
12/21 at 100.00
AA+
   
2,193,649
 
 
25,705
 
Total Texas
       
26,994,203
 
     
Virginia – 0.5% (0.3% of Total Investments)
           
 
1,500
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 (Pre-refunded 1/15/13) – AMBAC Insured
1/13 at 100.00
Aa3 (4)
   
1,584,615
 
     
Washington – 9.4% (6.4% 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
   
4,991,236
 
 
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
   
5,281,448
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.323%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
AA+
   
5,934,050
 
 
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
   
2,185,087
 
 
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)
   
2,083,860
 
 
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)
   
10,375,813
 
 
28,935
 
Total Washington
       
30,851,494
 

Nuveen Investments
 
83

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments
October 31, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
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
 
$
3,171,180
 
     
Wisconsin – 5.3% (3.6% 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
   
1,292,185
 
 
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)
   
5,045,514
 
 
2,670
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
A1
   
3,066,733
 
 
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+
   
3,213,429
 
 
4,750
 
Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 – AMBAC Insured
1/12 at 100.00
A
   
4,754,415
 
 
16,815
 
Total Wisconsin
       
17,372,276
 
$
510,545
 
Total Investments (cost $465,006,973) – 147.1%
       
481,015,397
 
     
Floating Rate Obligations – (4.0)%
       
(13,040,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (25.4)% (6)
       
(83,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (20.7)% (6)
       
(67,600,000
     
Other Assets Less Liabilities – 3.0%
       
9,533,407
 
     
Net Assets Applicable to Common Shares – 100%
     
$
326,908,804
 

   
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 prin- cipal 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 (not covered by the report of independent registered public accounting firm): 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 peri- odic principal paydowns.
(3)
 
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(6)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.3% and 14.1%, respectively.
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.
Reg S
 
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

See accompanying notes to financial statements.

84
 
Nuveen Investments

 
 

 
 
   
Statement of
   
Assets & Liabilities
   
October 31, 2011

   
Insured
 
Insured
 
Premier Insured
 
   
Quality
 
Opportunity
 
Income
 
   
(NQI
)
(NIO
)
(NIF
)
Assets
                   
Investments, at value (cost $819,205,820, $2,070,971,535 and $418,476,808, respectively)
 
$
826,037,255
 
$
2,127,116,323
 
$
431,725,798
 
Cash
   
2,350,462
   
7,810,538
   
2,465,831
 
Receivables:
                   
Dividends and interest
   
11,551,115
   
33,229,132
   
6,473,944
 
Investments sold
   
2,546,244
   
16,890,935
   
235,000
 
Deferred offering costs
   
865,918
   
2,570,951
   
732,923
 
Other assets
   
243,281
   
702,861
   
139,580
 
Total assets
   
843,594,275
   
2,188,320,740
   
441,773,076
 
Liabilities
                   
Floating rate obligations
   
52,335,000
   
106,158,333
   
19,000,000
 
Payables:
                   
Common share dividends
   
2,498,919
   
6,266,062
   
1,325,849
 
Interest
   
284,462
   
   
 
Investments purchased
   
2,744,897
   
1,848,150
   
2,789,433
 
Offering costs
   
145,825
   
63,783
   
304,145
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
 
Variable Rate 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
   
423,194
   
1,085,539
   
230,007
 
Other
   
261,636
   
885,208
   
155,896
 
Total liabilities
   
299,093,933
   
783,507,075
   
154,705,330
 
Net assets applicable to Common shares
 
$
544,500,342
 
$
1,404,813,665
 
$
287,067,746
 
Common shares outstanding
   
38,420,394
   
95,610,971
   
19,496,696
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.17
 
$
14.69
 
$
14.72
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
384,204
 
$
956,110
 
$
194,967
 
Paid-in surplus
   
538,626,635
   
1,333,908,682
   
271,204,151
 
Undistributed (Over-distribution of) net investment income
   
7,940,357
   
23,488,659
   
4,345,739
 
Accumulated net realized gain (loss)
   
(9,282,289
)
 
(9,684,574
)
 
(1,926,101
)
Net unrealized appreciation (depreciation)
   
6,831,435
   
56,144,788
   
13,248,990
 
Net assets applicable to Common shares
 
$
544,500,342
 
$
1,404,813,665
 
$
287,067,746
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Auction Rate Preferred Shares (ARPS)
   
1,000,000
   
1,000,000
   
1,000,000
 
MTP
   
   
   
 
VMTP
   
Unlimited
   
   
 
VRDP
   
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 

   
Statement of
   
Assets & Liabilities (continued)
   
October 31, 2011

   
Insured
 
Insured
 
Insured
 
   
Premium
 
Dividend
 
Tax-Free
 
   
Income 2
 
Advantage
 
Advantage
 
   
(NPX
)
(NVG
)
(NEA
)
Assets
                   
Investments, at value (cost $755,709,435, $648,025,588 and $465,006,973, respectively)
 
$
771,518,145
 
$
670,602,339
 
$
481,015,397
 
Cash
   
3,800,418
   
478,238
   
3,829,334
 
Receivables:
                   
Dividends and interest
   
11,616,537
   
9,773,544
   
7,654,103
 
Investments sold
   
3,563,659
   
1,235,000
   
3,233,258
 
Deferred offering costs
   
2,303,748
   
1,579,484
   
1,201,450
 
Other assets
   
282,365
   
188,086
   
159,052
 
Total assets
   
793,084,872
   
683,856,691
   
497,092,594
 
Liabilities
                   
Floating rate obligations
   
57,980,000
   
28,413,334
   
13,040,000
 
Payables:
                   
Common share dividends
   
2,126,062
   
2,182,058
   
1,515,222
 
Interest
   
   
355,321
   
265,633
 
Investments purchased
   
7,542,365
   
3,262,608
   
4,021,533
 
Offering costs
   
29,812
   
564,480
   
307,376
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
108,000,000
   
83,000,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
92,500,000
   
67,600,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
219,000,000
   
   
 
Accrued expenses:
                   
Management fees
   
395,997
   
322,999
   
260,840
 
Other
   
244,877
   
185,670
   
173,186
 
Total liabilities
   
287,319,113
   
235,786,470
   
170,183,790
 
Net assets applicable to Common shares
 
$
505,765,759
 
$
448,070,221
 
$
326,908,804
 
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)
 
$
13.54
 
$
15.03
 
$
14.70
 
                     
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
373,535
 
$
298,029
 
$
222,411
 
Paid-in surplus
   
499,240,064
   
424,093,438
   
315,016,619
 
Undistributed (Over-distribution of) net investment income
   
6,253,256
   
7,944,632
   
4,681,766
 
Accumulated net realized gain (loss)
   
(15,909,806
)
 
(6,842,629
)
 
(9,020,416
)
Net unrealized appreciation (depreciation)
   
15,808,710
   
22,576,751
   
16,008,424
 
Net assets applicable to Common shares
 
$
505,765,759
 
$
448,070,221
 
$
326,908,804
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Auction Rate Preferred Shares (ARPS)
   
Unlimited
   
Unlimited
   
Unlimited
 
MTP
   
   
Unlimited
   
Unlimited
 
VMTP
   
   
Unlimited
   
Unlimited
 
VRDP
   
Unlimited
   
   
 
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 

   
Statement of
   
Operations
   
Year Ended October 31, 2011

   
Insured
 
Insured
 
Premier Insured
 
   
Quality
 
Opportunity
 
Income
 
   
(NQI
)
(NIO
)
(NIF
)
Investment Income
 
$
41,958,920
 
$
106,389,040
 
$
21,670,860
 
Expenses
                   
Management fees
   
4,840,879
   
12,472,048
   
2,650,687
 
Auction fees
   
81,658
   
152,417
   
8,628
 
Dividend disbursing agent fees
   
23,178
   
43,713
   
15,726
 
Shareholders’ servicing agent fees and expenses
   
66,145
   
101,068
   
21,759
 
Interest expense and amortization of offering costs
   
2,941,822
   
3,052,410
   
613,085
 
Fees on VRDP Shares
   
   
4,899,207
   
1,005,166
 
Custodian’s fees and expenses
   
126,742
   
325,973
   
69,996
 
Directors’/Trustees’ fees and expenses
   
22,765
   
62,294
   
12,495
 
Professional fees
   
299,759
   
358,952
   
35,261
 
Shareholders’ reports – printing and mailing expenses
   
71,074
   
198,455
   
40,801
 
Stock exchange listing fees
   
13,118
   
31,880
   
9,068
 
Investor relations expense
   
54,694
   
142,813
   
29,362
 
Other expenses
   
62,474
   
118,188
   
47,304
 
Total expenses before custodian fee credit and expense reimbursement
   
8,604,308
   
21,959,418
   
4,559,338
 
Custodian fee credit
   
(7,053
)
 
(28,706
)
 
(5,905
)
Expense reimbursement
   
   
   
 
Net expenses
   
8,597,255
   
21,930,712
   
4,553,433
 
Net investment income (loss)
   
33,361,665
   
84,458,328
   
17,117,427
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
2,913,768
   
2,784,173
   
528,085
 
Change in net unrealized appreciation (depreciation) of investments
   
(5,637,242
)
 
(25,310,122
)
 
(5,726,778
)
Net realized and unrealized gain (loss)
   
(2,723,474
)
 
(22,525,949
)
 
(5,198,693
)
Distributions to Auction Rate Preferred Shareholders
                   
From net investment income
   
(386,864
)
 
(677,344
)
 
(106,530
)
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
(386,864
)
 
(677,344
)
 
(106,530
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
30,251,327
 
$
61,255,035
 
$
11,812,204
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 

   
Statement of
   
Operations (continued)
   
Year Ended October 31, 2011

   
Insured
 
Insured
 
Insured
 
   
Premium
 
Dividend
 
Tax-Free
 
   
Income 2
 
Advantage
 
Advantage
 
   
(NPX
)
(NVG
)
(NEA
)
Investment Income
 
$
37,448,967
 
$
35,021,044
 
$
25,003,771
 
Expenses
                   
Management fees
   
4,527,848
   
4,068,607
   
3,019,102
 
Auction fees
   
   
93,221
   
62,214
 
Dividend disbursing agent fees
   
   
   
 
Shareholders’ servicing agent fees and expenses
   
30,287
   
36,269
   
42,141
 
Interest expense and amortization of offering costs
   
1,199,313
   
3,923,303
   
2,991,725
 
Fees on VRDP Shares
   
2,483,535
   
   
 
Custodian’s fees and expenses
   
119,327
   
105,329
   
81,135
 
Directors’/Trustees’ fees and expenses
   
21,231
   
19,469
   
14,291
 
Professional fees
   
106,978
   
24,712
   
19,250
 
Shareholders’ reports – printing and mailing expenses
   
63,132
   
77,474
   
68,292
 
Stock exchange listing fees
   
12,432
   
16,390
   
28,676
 
Investor relations expense
   
50,032
   
48,237
   
34,921
 
Other expenses
   
39,144
   
61,905
   
46,716
 
Total expenses before custodian fee credit and expense reimbursement
   
8,653,259
   
8,474,916
   
6,408,463
 
Custodian fee credit
   
(11,532
)
 
(1,886
)
 
(3,453
)
Expense reimbursement
   
   
(471,093
)
 
(32,818
)
Net expenses
   
8,641,727
   
8,001,937
   
6,372,192
 
Net investment income (loss)
   
28,807,240
   
27,019,107
   
18,631,579
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
2,636,794
   
1,369,031
   
193,126
 
Change in net unrealized appreciation (depreciation) of investments
   
(3,219,083
)
 
(7,522,192
)
 
(6,580,653
)
Net realized and unrealized gain (loss)
   
(582,289
)
 
(6,153,161
)
 
(6,387,527
)
Distributions to Auction Rate Preferred Shareholders
                   
From net investment income
   
   
(284,513
)
 
(187,298
)
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
   
(284,513
)
 
(187,298
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
28,224,951
 
$
20,581,433
 
$
12,056,754
 
 
See accompanying notes to financial statements.
 
88
 
Nuveen Investments

 
 

 

   
Statement of
   
Changes in Net Assets

   
Insured Quality (NQI)
 
Insured Opportunity (NIO)
 
   
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/11
 
10/31/10
 
10/31/11
 
10/31/10
 
Operations
                         
Net investment income (loss)
 
$
33,361,665
 
$
36,579,223
 
$
84,458,328
 
$
92,297,646
 
Net realized gain (loss) from investments
   
2,913,768
   
(365,237
)
 
2,784,173
   
3,248,061
 
Change in net unrealized appreciation (depreciation) of investments
   
(5,637,242
)
 
22,254,904
   
(25,310,122
)
 
54,668,514
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(386,864
)
 
(972,939
)
 
(677,344
)
 
(2,690,399
)
From accumulated net realized gains
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
30,251,327
   
57,495,951
   
61,255,035
   
147,523,822
 
Distributions to Common Shareholders
                         
From net investment income
   
(33,502,590
)
 
(32,559,670
)
 
(83,219,787
)
 
(79,910,850
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(33,502,590
)
 
(32,559,670
)
 
(83,219,787
)
 
(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
   
(3,098,027
)
 
26,381,909
   
(21,605,644
)
 
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
 
$
544,500,342
 
$
547,598,369
 
$
1,404,813,665
 
$
1,426,419,309
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
7,940,357
 
$
8,242,801
 
$
23,488,659
 
$
23,443,212
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

   
Statement of
   
Changes in Net Assets (continued)

   
Premier Insured
Income (NIF)
 
Insured Premium
Income 2 (NPX)
 
   
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/11
 
10/31/10
 
10/31/11
 
10/31/10
 
Operations
                         
Net investment income (loss)
 
$
17,117,427
 
$
18,747,682
 
$
28,807,240
 
$
29,064,838
 
Net realized gain (loss) from investments
   
528,085
   
1,205,612
   
2,636,794
   
958,435
 
Change in net unrealized appreciation (depreciation) of investments
   
(5,726,778
)
 
9,719,823
   
(3,219,083
)
 
18,993,472
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(106,530
)
 
(522,384
)
 
   
 
From accumulated net realized gains
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
11,812,204
   
29,150,733
   
28,224,951
   
49,016,745
 
Distributions to Common Shareholders
                         
From net investment income
   
(17,351,304
)
 
(16,982,257
)
 
(27,791,014
)
 
(27,753,661
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(17,351,304
)
 
(16,982,257
)
 
(27,791,014
)
 
(27,753,661
)
Capital Share Transactions
                         
Common shares:
                         
Net proceeds issued to shareholders due to reinvestment of distributions
   
589,038
   
537,718
   
   
 
Repurchased and retired
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
589,038
   
537,718
   
   
 
Net increase (decrease) in net assets applicable to Common shares
   
(4,950,062
)
 
12,706,194
   
433,937
   
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
 
$
287,067,746
 
$
292,017,808
 
$
505,765,759
 
$
505,331,822
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
4,345,739
 
$
4,681,453
 
$
6,253,256
 
$
5,204,926
 
 
See accompanying notes to financial statements.
 
90
 
Nuveen Investments

 
 

 

   
Insured Dividend
Advantage (NVG)
 
Insured Tax-Free
Advantage (NEA)
 
   
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/11
 
10/31/10
 
10/31/11
 
10/31/10
 
Operations
                         
Net investment income (loss)
 
$
27,019,107
 
$
26,740,723
 
$
18,631,579
 
$
19,416,327
 
Net realized gain (loss) from investments
   
1,369,031
   
91,467
   
193,126
   
44,055
 
Change in net unrealized appreciation (depreciation) of investments
   
(7,522,192
)
 
11,535,902
   
(6,580,653
)
 
11,384,510
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(284,513
)
 
(330,957
)
 
(187,298
)
 
(361,303
)
From accumulated net realized gains
   
   
(83,568
)
 
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
20,581,433
   
37,953,567
   
12,056,754
   
30,483,589
 
Distributions to Common Shareholders
                         
From net investment income
   
(25,332,465
)
 
(25,034,436
)
 
(18,237,716
)
 
(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
   
(25,418,893
)
 
(26,253,375
)
 
(18,237,716
)
 
(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
   
(4,837,460
)
 
11,700,192
   
(6,164,706
)
 
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
 
$
448,070,221
 
$
452,907,681
 
$
326,908,804
 
$
333,073,510
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
7,944,632
 
$
6,171,515
 
$
4,681,766
 
$
4,146,478
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 

   
Statement of
   
Cash Flows
   
Year Ended October 31, 2011

   
Insured
 
Insured
 
Premier Insured
 
   
Quality
 
Opportunity
 
Income
 
   
(NQI
)
(NIO
)
(NIF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
30,251,327
 
$
61,255,035
 
$
11,812,204
 
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
   
(147,786,282
)
 
(211,167,059
)
 
(33,216,304
)
Proceeds from sales and maturities of investments
   
146,570,129
   
270,173,395
   
33,494,779
 
Proceeds from (Purchases of) short-term investments, net
   
12,990,000
   
(1,718,000
)
 
(1,760,000
)
Amortization (Accretion) of premiums and discounts, net
   
(2,893,506
)
 
(2,344,513
)
 
(1,484,073
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
(76,273
)
 
(732,058
)
 
127,676
 
Receivable for investments sold
   
(2,546,244
)
 
(16,835,935
)
 
(20,000
)
Other assets
   
(38,265
)
 
(211,681
)
 
(29,566
)
Increase (Decrease) in:
                   
Payable for Auction Rate Preferred share dividends
   
(15,705
)
 
(35,229
)
 
(7,583
)
Payable for interest
   
284,462
   
   
 
Payable for investments purchased
   
(6,814,730
)
 
(11,608,607
)
 
2,789,433
 
Accrued management fees
   
(5,047
)
 
(20,575
)
 
(4,689
)
Accrued other expenses
   
(56,794
)
 
(90,134
)
 
(16,020
)
Net realized (gain) loss from investments
   
(2,913,768
)
 
(2,784,173
)
 
(528,085
)
Change in net unrealized (appreciation) depreciation of investments
   
5,637,242
   
25,310,122
   
5,726,778
 
Taxes paid on undistributed capital gains
   
(58
)
 
(296
)
 
 
Net cash provided by (used in) operating activities
   
32,586,488
   
109,190,292
   
16,884,550
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(865,918
)
 
(2,570,951
)
 
(732,923
)
Increase (Decrease) in:
                   
Floating rate obligations
   
(7,070,000
)
 
(28,675,000
)
 
(3,365,000
)
Payable for ARPS noticed for redemption, at liquidation value
   
(239,200,000
)
 
(664,825,000
)
 
 
Payable for offering costs
   
145,825
   
63,783
   
304,145
 
VMTP Shares, at liquidation value
   
240,400,000
   
   
 
VRDP Shares, at liquidation value
   
   
667,200,000
   
130,900,000
 
ARPS, at liquidation value
   
   
   
(130,125,000
)
Cash distributions paid to Common shareholders
   
(33,197,510
)
 
(82,732,140
)
 
(16,725,054
)
Net cash provided by (used in) financing activities
   
(39,787,603
)
 
(111,539,308
)
 
(19,743,832
)
Net Increase (Decrease) in Cash
   
(7,201,115
)
 
(2,349,016
)
 
(2,859,282
)
Cash at the beginning of period
   
9,551,577
   
10,159,554
   
5,325,113
 
Cash at the End of Period
 
$
2,350,462
 
$
7,810,538
 
$
2,465,831
 
 
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 $589,038 for Insured Quality (NQI), Insured Opportunity (NIO) and Premier Insured Income (NIF), respectively.
                     
   
Insured
 
Insured
 
Premier Insured
 
   
Quality
 
Opportunity
 
Income
 
   
(NQI
)
(NIO
)
(NIF
)
Cash paid for interest (excluding amortization of offering costs)
 
$
2,403,277
 
$
2,978,361
 
$
591,009
 
 
See accompanying notes to financial statements.
 
92
 
Nuveen Investments

 
 

 

   
Insured
 
Insured
 
Insured
 
   
Premium
 
Dividend
 
Tax-Free
 
   
Income 2
 
Advantage
 
Advantage
 
   
(NPX
)
(NVG
)
(NEA
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
28,224,951
 
$
20,581,433
 
$
12,056,754
 
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
   
(153,208,699
)
 
(50,565,340
)
 
(11,871,484
)
Proceeds from sales and maturities of investments
   
149,050,108
   
47,785,591
   
10,585,430
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(1,909,061
)
 
(1,606,284
)
 
(357,116
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
1,020,599
   
107,742
   
(50,449
)
Receivable for investments sold
   
(3,563,659
)
 
(1,179,019
)
 
(3,228,258
)
Other assets
   
(21,446
)
 
(33,246
)
 
(1,357
)
Increase (Decrease) in:
                   
Payable for Auction Rate Preferred share dividends
   
   
(8,247
)
 
(5,577
)
Payable for interest
   
   
89,803
   
56,634
 
Payable for investments purchased
   
7,542,365
   
2,964,959
   
4,021,533
 
Accrued management fees
   
(4,148
)
 
24,139
   
28,952
 
Accrued other expenses
   
14,766
   
(14,204
)
 
(9,336
)
Net realized (gain) loss from investments
   
(2,636,794
)
 
(1,369,031
)
 
(193,126
)
Change in net unrealized (appreciation) depreciation of investments
   
3,219,083
   
7,522,192
   
6,580,653
 
Taxes paid on undistributed capital gains
   
(36
)
 
(5,685
)
 
(1,013
)
Net cash provided by (used in) operating activities
   
27,728,029
   
24,294,803
   
17,612,240
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
81,270
   
(89,674
)
 
154,078
 
Increase (Decrease) in:
                   
Floating rate obligations
   
   
   
 
Payable for ARPS noticed for redemption, at liquidation value
   
   
   
 
Payable for offering costs
   
(83,706
)
 
119,773
   
33,513
 
VMTP Shares, at liquidation value
   
   
92,500,000
   
67,600,000
 
VRDP Shares, at liquidation value
   
   
   
 
ARPS, at liquidation value
   
   
(91,950,000
)
 
(67,375,000
)
Cash distributions paid to Common shareholders
   
(27,772,566
)
 
(25,264,414
)
 
(18,177,704
)
Net cash provided by (used in) financing activities
   
(27,775,002
)
 
(24,684,315
)
 
(17,765,113
)
Net Increase (Decrease) in Cash
   
(46,973
)
 
(389,512
)
 
(152,873
)
Cash at the beginning of period
   
3,847,391
   
867,750
   
3,982,207
 
Cash at the End of Period
 
$
3,800,418
 
$
478,238
 
$
3,829,334
 
 
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
 
Insured
 
Insured
 
   
Premium
 
Dividend
 
Tax-Free
 
   
Income 2
 
Advantage
 
Advantage
 
   
(NPX
)
(NVG
)
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,118,042
 
$
3,438,173
 
$
2,601,014
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 

   
Financial
   
Highlights
     
    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
  $ 14.26     $ .87     $ (.08 )   $ (.01 )   $     $ .78     $ (.87 )   $     $ (.87 )   $     $ 14.17     $ 14.11  
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  
                                                                                                 
Insured Opportunity (NIO)
                                                                 
Year Ended 10/31:
                                                                               
2011
    14.92       .88       (.23 )     (.01 )           .64       (.87 )           (.87 )           14.69       14.20  
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  

(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.

94
 
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
     
Net
Investment
 
Portfolio
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
Income (Loss
)
Rate
 
                         
                                     
   
4.65
%
 
5.98
%
$
544,500
   
1.66
%
 
6.43
%
 
18
%
   
15.03
   
11.30
   
547,598
   
1.19
   
6.81
   
11
 
   
26.98
   
23.65
   
521,216
   
1.32
   
7.86
   
4
 
   
(13.35
)
 
(17.24
)
 
447,463
   
1.49
   
7.03
   
7
 
   
(3.48
)
 
1.38
   
569,958
   
1.52
   
6.53
   
5
 
                                     
                                     
   
2.08
   
4.73
   
1,404,814
   
1.63
   
6.28
   
10
 
   
21.20
   
11.08
   
1,426,419
   
1.14
   
6.61
   
7
 
   
23.62
   
21.18
   
1,358,844
   
1.29
   
7.36
   
8
 
   
(13.17
)
 
(13.45
)
 
1,005,218
   
1.43
   
6.76
   
9
 
   
(3.18
)
 
1.49
   
1,220,297
   
1.41
   
6.39
   
5
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) 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, all interest expense and other costs related to VMTP Shares, VRDP Shares 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 help by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:

Insured Quality (NQI)
       
Year Ended 10/31:
       
2011
   
.57
%
2010
   
.07
 
2009
   
.11
 
2008
   
.26
 
2007
   
.34
 

Insured Opportunity (NIO)
       
Year Ended 10/31:
       
2011
   
.59
 
2010
   
.06
 
2009
   
.11
 
2008
   
.24
 
2007
   
.25
 

*
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 

   
Financial
   
Highlights (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
   
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
 
Gain (Loss
 
Shareholders
(a)   
Shareholders
(a)   
Total
   
holders
   
holders
   
Total
   
Retired
   
Value
   
Value
 
Premier Insured Income (NIF)
                                                 
Year Ended 10/31:
                                                         
2011
  $ 15.01     $ .88     $ (.27 )   $ (.01 )   $     $ .60     $ (.89 )   $     $ (.89 )   $     $ 14.72     $ 14.26  
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  
Insured Premium Income 2 (NPX)
                                                                 
Year Ended 10/31:
                                                                                 
2011
    13.53       .77       (.02 )                 .75       (.74 )           (.74 )           13.54       12.83  
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  

(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.

96
 
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
     
Net
Investment
 
Portfolio
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
Income (Loss
)
Rate
 
                                     
                                     
   
(1.98
)%
 
4.40
%
$
287,068
   
1.65
%
 
6.19
%
 
8
%
   
25.60
   
10.74
   
292,018
   
1.20
   
6.56
   
12
 
   
24.07
   
20.90
   
279,312
   
1.30
   
7.25
   
2
 
   
(11.12
)
 
(11.92
)
 
243,589
   
1.42
   
6.72
   
6
 
   
(4.66
)
 
1.40
   
289,400
   
1.38
   
6.41
   
9
 
                                     
                                     
   
1.75
   
6.01
   
505,766
   
1.80
   
5.99
   
20
 
   
19.70
   
10.39
   
505,332
   
1.82
   
5.87
   
10
 
   
31.78
   
20.15
   
484,069
   
1.98
   
6.56
   
7
 
   
(17.17
)
 
(12.98
)
 
425,557
   
2.13
   
6.12
   
8
 
   
(1.77
)
 
1.55
   
513,021
   
1.76
   
6.19
   
5
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) 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, all interest expense and other costs related to VRDP Shares 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 as follows:

Premier Insured Income (NIF)
       
Year Ended 10/31:
       
2011
   
.59
%
2010
   
.06
 
2009
   
.07
 
2008
   
.17
 
2007
   
.17
 

Insured Premium Income 2 (NPX)
       
Year Ended 10/31:
       
2011
   
.77
 
2010
   
.59
 
2009
   
.89
 
2008
   
.88
 
2007
   
.60
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
97

 
 

 

   
Financial
   
Highlights (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
   
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
 
Gain (Loss
 
Shareholders
(a)   
Shareholders
(a)   
Total
   
holders
   
holders
   
Total
   
Retired
   
Value
   
Value
 
Insured Dividend Advantage (NVG)
                                           
Year Ended 10/31:
                                                             
2011
  $ 15.20     $ .91     $ (.22 )   $ (.01 )   $     $ .68     $ (.85 )   $ *   $ (.85 )   $     $ 15.03     $ 14.32  
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  
                                                           
Insured Tax-Free Advantage (NEA)
                                                         
Year Ended 10/31:
                                                                                 
2011
    14.98       .84       (.29 )     (.01 )           .54       (.82 )           (.82 )           14.70       13.85  
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  

(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.

98
 
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
     
Net
Investment
     
Net
Investment
 
Portfolio
Turnover
 
 
Value
(b)
Value
(b)
Shares (000
)
Expenses
(e)
Income (Loss
)
Expenses
(e)
Income (Loss
)
Rate
 
                                                 
                                                 
   
2.89
%
 
4.83
%
$
448,070
   
1.95
%
 
6.12
%
 
1.84
%
 
6.23
%
 
7
%
   
13.51
   
8.89
   
452,908
   
1.89
   
5.79
   
1.71
   
5.98
   
2
 
   
28.72
   
21.54
   
441,207
   
1.25
   
6.86
   
.98
   
7.12
   
9
 
   
(12.11
)
 
(10.64
)
 
383,035
   
1.32
   
6.48
   
.98
   
6.82
   
7
 
   
(3.12
)
 
2.25
   
449,982
   
1.31
   
6.15
   
.90
   
6.56
   
12
 
                                                 
                                                 
   
(1.60
)
 
3.92
   
326,909
   
2.02
   
5.86
   
2.01
   
5.87
   
2
 
   
17.27
   
9.76
   
333,074
   
1.76
   
5.80
   
1.63
   
5.93
   
2
 
   
25.41
   
23.05
   
320,587
   
1.24
   
7.14
   
.99
   
7.39
   
6
 
   
(15.97
)
 
(11.56
)
 
229,075
   
1.26
   
6.27
   
.87
   
6.66
   
8
 
   
4.59
   
3.35
   
272,391
   
1.19
   
6.04
   
.70
   
6.53
   
6
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VMTP 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, all interest expense and other costs related to MTP Shares, VMTP Shares 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, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively as follows:

Insured Dividend Advantage (NVG)
       
Year Ended 10/31:
       
2011
   
.90
%
2010
   
.84
 
2009
   
.08
 
2008
   
.15
 
2007
   
.17
 

Insured Tax-Free Advantage (NEA)
       
Year Ended 10/31:
       
2011
   
.94
 
2010
   
.67
 
2009
   
.05
 
2008
   
.07
 
2007
   
.02
 

*
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
99

 
 

 

   
Financial
   
Highlights (continued)

   
ARPS at the End of Period
   
VMTP Shares at the End of Period
   
VRDP Shares at the End of Period
 
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
 
      (000 )  
Per Share
   
Per Share
      (000 )  
Per Share
   
Per Share
      (000 )  
Per Share
   
Per Share
 
Insured Quality (NQI)
                                         
Year Ended 10/31:
                                                 
2011
  $     $     $     $ 240,000     $ 100,000     $ 326,498     $     $     $  
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                                      
                                                                         
Insured Opportunity (NIO)
                                                 
Year Ended 10/31:
                                                         
2011
                                        667,200       100,000       310,554  
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                                      

   
ARPS at the End of Period
   
VRDP Shares at the End of Period
 
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
 
      (000 )  
Per Share
   
Per Share
      (000 )  
Per Share
   
Per Share
 
Premier Insured Income (NIF)
                                 
Year Ended 10/31:
                                       
2011
  $     $     $     $ 130,900     $ 100,000     $ 319,303  
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                    
                                                 
Insured Premium Income 2 (NPX)
                                         
Year Ended 10/31:
                                               
2011
                      219,000       100,000       330,943  
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                    

100
 
Nuveen Investments

 
 

 


   
ARPS at the End of Period
   
MTP Shares at the End of Period (f)
   
VMTP Shares at the End of Period
   
ARPS, MTP
and/or VMTP
Shares
at the End
of Period
 
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
   
Aggregate
Amount
Outstanding
   
Liquidation
Value
   
Asset
Coverage
   
Asset
Coverage
Per $1
Liquidation
 
      (000 )  
Per Share
   
Per Share
      (000 )  
Per Share
   
Per Share
      (000 )  
Per Share
   
Per Share
   
Preference
 
Insured Dividend Advantage (NVG)
                                                     
Year Ended10/31:
                                                                 
2011
  $     $     $     $ 108,000     $ 10     $ 32.35     $ 92,500     $ 100,000     $ 323,476     $ 3.23  
2010
    91,950       25,000       81,628       108,000       10       32.65                         3.27  
2009
    91,950       25,000       80,165       108,000       10       32.07                         3.21  
2008
    226,975       25,000       67,189                                            
2007
    233,000       25,000       73,281                                            
                                                                                 
Insured Tax-Free Advantage (NEA)
                                                               
Year Ended
 
10/31:
                                                                         
2011
                      83,000       10       31.71       67,600       100,000       317,071       3.17  
2010
    67,375       25,000       80,374       83,000       10       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                                            
 
(f)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

         
Ending
   
Average
 
         
Market Value
   
Market Value
 
   
Series
   
Per Share
   
Per Share
 
Insured Dividend Advantage (NVG)
                 
Year Ended 10/31:
                 
2011
 
2014
    $ 10.10     $ 10.12  
2010
 
2014
      10.22       10.19  
2009
 
2014
      9.98    
10.03^
 
2008
                 
2007
                 
                         
Insured Tax-Free Advantage (NEA)
                       
Year Ended 10/31:
                       
2011
    2015     $ 10.14     $ 10.08  
2010
    2015       10.14    
10.15^^
 
2009
                 
2008
                 
2007
                 

^
For the period October 19, 2009 (first issuance date of shares) through October 31, 2009.
^^
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.

Nuveen Investments
 
101

 
 

 

   
Notes to
   
Financial Statements
 
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) (each a “Fund” and 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
 
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 for fair value measurement purposes. 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. Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.
 
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; 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.
 
102
 
Nuveen Investments

 
 

 
 
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 October 31, 2011, Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF), Insured Premium Income 2 (NPX), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) had outstanding when-issued/delayed delivery purchase commitments of $2,744,897, $1,848,150, $2,789,433, $7,542,365, $3,262,608 and $4,021,533, respectively.
 
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.
 
Auction Rate Preferred Shares
 
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2010, Insured Premium Income 2 (NPX) redeemed all of its outstanding ARPS at liquidation value. During the fiscal year ended October 31, 2011, Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) had 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 were issued in one or more Series. The dividend rate paid by the Funds on each Series was determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and was payable at the end of each rate period.
 
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 Auction Rate Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Auction Rate Preferred shareholders unable to sell their shares received distributions at the “maximum rate’’

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103

 
 

 

   
Notes to
   
Financial Statements (continued)
 
applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of October 31, 2011, each Fund redeemed all of their outstanding ARPS, at liquidation value, 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
ARPS redeemed, at liquidation value
  $ 318,000,000     $ 791,000,000     $ 161,000,000     $ 268,900,000     $ 233,000,000     $ 173,000,000  
 
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 the Funds’ ARPS, had been filed on behalf of shareholders of the Funds, against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested director/trustee, and current and former officers of the Funds. Nuveen and other named defendants filed a motion to dismiss the lawsuits and on December 16, 2011, the court granted that motion dismissing the lawsuits with prejudice.
 
During the current reporting period, Nuveen Investments, LLC, known as Nuveen Securities, LLC, effective April 30, 2011, (“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.
 
MuniFund Term Preferred Shares
 
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10.00 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends on MTP Shares, 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 October 31, 2011, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund’s series of MTP Shares are as follows:
 
   
Insured Dividend Advantage (NVG)
 
Insured Tax-Free Advantage (NEA)
 
       
Annual
         
Annual
     
   
Shares
 
Interest
 
NYSE
 
Shares
 
Interest
 
NYSE
 
   
Outstanding
 
Rate
 
Ticker
 
Outstanding
 
Rate
 
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 will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of a premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. The MTP Shares also will be 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 series of 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
   
October 31, 2011
   
January 31, 2012
 

104
 
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The average liquidation value for all series of MTP Shares outstanding for each Fund during the fiscal year ended October 31, 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.
 
Nuveen has agreed that net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering would be credited to the Funds, and would be recorded as reductions of offering costs recognized by the Funds. During the fiscal year ended October 31, 2011, Nuveen earned no net underwriting amounts on the Funds’ MTP Shares.
 
Variable Rate MuniFund Term Preferred Shares
 
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Insured Quality (NQI), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) issued their VMTP Shares in a privately negotiated offering during February 2011, September 2011 and July 2011, respectively. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem each Fund’s outstanding ARPS. The Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of October 31, 2011, the number of VMTP Shares outstanding, at liquidation value, for each Fund is as follows:
                     
       
Insured
 
Insured
 
   
Insured
 
Dividend
 
Tax-Free
 
   
Quality
 
Advantage
 
Advantage
 
   
(NQI
)
(NVG
)
(NEA
)
Series 2014
 
$
240,400,000
 
$
92,500,000
 
$
67,600,000
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), 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 each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. Each 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. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:
                     
       
Insured
 
Insured
 
   
Insured
 
Dividend
 
Tax-Free
 
   
Quality
 
Advantage
 
Advantage
 
   
(NQI
)
(NVG
)
(NEA
)
Term Redemption Date
   
March 1, 2014
   
October 1, 2014
   
August 1, 2014
 
Optional Redemption Date
   
March 1, 2012
   
October 1, 2012
   
August 1, 2012
 
Premium Expiration Date
   
February 29, 2012
   
September 30, 2012
   
July 31, 2012
 
 
The average liquidation value of VMTP Shares outstanding and average annualized dividend rate of VMTP Shares for each Fund during the fiscal year ended October 31, 2011, were as follows:
           
Insured
   
Insured
 
     
Insured
   
Dividend
   
Tax-Free
 
     
Quality
   
Advantage
   
Advantage
 
     
(NQI
) *
 
(NVG
)***
 
(NEA
)**
Average liquidation Value of VMTP Shares outstanding
 
$
240,400,000
 
$
92,500,000
 
$
67,600,000
 
Annualized dividend rate
   
1.43
%
 
1.15
%
 
1.21
%

*
For the period February 24, 2011 (issuance date of shares) through October 31, 2011.
**
For the period July 28, 2011 (issuance date of shares) through October 31, 2011.
***
For the period September 8, 2011 (issuance date of shares) through October 31, 2011.

Nuveen Investments
 
105

 
 

 

   
Notes to
   
Financial Statements (continued)
 
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.
 
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 a privately negotiated offering 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 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 October 31, 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 each Fund. Each 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 fiscal year ended October 31, 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
   
0.40
%
 
0.41
%
 
0.37
%

*
For the period December 30, 2010 (issuance date of shares) through October 31, 2011.
**
For the period December 16, 2010 (issuance date of shares) through October 31, 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 as well as a remarketing fee, which are recognized as components of “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

106
 
Nuveen Investments

 
 

 
 
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 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 fiscal year ended October 31, 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 October 31, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
                                       
           
Premier
 
Insured
 
Insured
   
Insured
 
   
Insured
 
Insured
 
Insured
 
Premium
 
Dividend
 
Tax-Free
 
   
Quality
 
Opportunity
 
Income
 
Income 2
 
Advantage
 
Advantage
 
   
(NQI
)
(NIO
)
(NIF
)
(NPX
)
(NVG
)
(NEA
)
Maximum exposure to Recourse Trusts
 
$
26,610,000
 
$
40,430,000
 
$
15,375,000
 
$
14,845,000
 
$
6,665,000
 
$
6,665,000
 

Nuveen Investments
 
107

 
 

 

   
Notes to
   
Financial Statements (continued)
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 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
 
$
57,132,548
 
$
120,149,511
 
$
21,240,260
 
$
57,980,000
 
$
28,413,334
 
$
13,040,000
 
Average annual interest rate and fees
   
0.59
%
 
0.61
%
 
0.57
%
 
0.53
%
 
0.65
%
 
0.68
%
 
Derivative Financial Instruments
 
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 2011.
 
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 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, which are being amortized over the life of the shares. Costs incurred by Insured Quality (NQI), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) in connection with their VMTP Shares ($1,120,000, $485,000 and $180,000, respectively) were recorded as deferred charges, which are being 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 deferred charges, which are being 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

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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 for 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 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 October 31, 2011:
                           
Insured Quality (NQI)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
826,037,255
 
$
 
$
826,037,255
 

Insured Opportunity (NIO)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
2,116,616,323
 
$
 
$
2,116,616,323
 
Short-Term Investments
   
   
10,500,000
   
   
10,500,000
 
Total
 
$
 
$
2,127,116,323
 
$
 
$
2,127,116,323
 

Premier Insured Income (NIF)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
429,965,798
 
$
 
$
429,965,798
 
Short-Term Investments
   
   
1,760,000
   
   
1,760,000
 
Total
 
$
 
$
431,725,798
 
$
 
$
431,725,798
 

Insured Premium Income 2 (NPX)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
771,518,145
 
$
 
$
771,518,145
 

Insured Dividend Advantage (NVG)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
669,269,056
 
$
 
$
669,269,056
 
Investment Companies
   
1,333,283
   
   
   
1,333,283
 
Total
 
$
1,333,283
 
$
669,269,056
 
$
 
$
670,602,339
 

Insured Tax-Free Advantage (NEA)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
                           
Investments:
                         
Municipal Bonds
 
$
 
$
481,015,397
 
$
 
$
481,015,397
 
 
During the fiscal year ended October 31, 2011, the Funds recognized no significant transfers to or 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 fiscal year ended October 31, 2011.

Nuveen Investments
 
109

 
 

 

   
Notes to
   
Financial Statements (continued)
 
4. Fund Shares
Common Shares
Transactions in Common shares were as follows:
                                       
   
Insured
Quality (NQI)
 
Insured
Opportunity (NIO)
 
Premier Insured
Income (NIF)
 
   
Year
 
Year
 
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/11
 
10/31/10
 
10/31/11
 
10/31/10
 
10/31/11
 
10/31/10
 
                                       
Common shares:
                                     
Issued to shareholders due to reinvestment of distributions
   
10,745
   
102,819
   
24,068
   
   
40,933
   
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)
 
   
Year
 
Year
 
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/11
 
10/31/10
 
10/31/11
 
10/31/10
 
10/31/11
 
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.
 
Transactions in ARPS were as follows:
 
    Insured Quality (NQI)     Insured Opportunity (NIO)  
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
    10/31/11    
10/31/10
   
10/31/11
   
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 Dividend Advantage (NVG)
 
   
Year Ended
10/31/11
 
Year Ended
10/31/10
 
Year Ended
10/31/11
 
Year Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                                                 
Series M
   
 
$
   
 
$
   
(1,247
)
$
(31,175,000
)
 
 
$
 
Series T
   
   
   
   
   
(1,217
)
 
(30,425,000
)
 
   
 
Series W
   
(678
)
 
(16,950,000
)
 
   
   
   
   
   
 
Series TH
   
(2,263
)
 
(56,575,000
)
 
   
(1,214
)
 
(30,350,000
)
 
   
       
Series F
   
(2,264
)
 
(56,600,000
)
 
   
   
   
   
   
 
Total
   
(5,205
)
$
(130,125,000
)
 
 
$
   
(3,678
)
$
(91,950,000
)
 
 
$
 

110
 
Nuveen Investments

 
 

 

   
Insured Tax-Free Advantage (NEA)
 
   
Year Ended
10/31/11
 
Year Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed:
                         
Series T
   
(1,104
)
$
(27,600,000
)
 
(1,336
)
$
(33,400,000
)
Series W
   
(1,105
)
 
(27,625,000
)
 
(1,335
)
 
(33,375,000
)
Series W2
   
(486
)
 
(12,150,000
)
 
(584
)
 
(14,600,000
)
Total
   
(2,695
)
$
(67,375,000
)
 
(3,255
)
$
(81,375,000
)
 
Transactions in MTP Shares were as follows:
                           
   
Insured Tax-Free Advantage (NEA)
 
   
Year Ended
10/31/11
 
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)
 
Insured Dividend Advantage (NVG)
 
   
Year Ended
10/31/11
 
Year Ended
10/31/10
 
Year Ended
10/31/11
 
Year Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                                                 
Series 2014
   
2,404
 
$
240,400,000
   
 
$
   
925
 
$
92,500,000
   
 
$
 

   
Insured Tax-Free Advantage (NEA)
 
   
Year Ended
10/31/11
 
Year Ended
10/31/10
 
   
Shares
 
Amount
 
Shares
 
Amount
 
VMTP Shares issued:
                         
Series 2014
   
676
 
$
67,600,000
   
 
$
 
 
Transactions in VRDP Shares were as follows:
                                                   
   
Insured Opportunity (NIO)
 
Premier Insured Income (NIF)
 
   
Year Ended
10/31/11
 
Year Ended
10/31/10
 
Year Ended
10/31/11
 
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.

Nuveen Investments
 
111

 
 

 

   
Notes to
   
Financial Statements (continued)
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the fiscal year ended October 31, 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
)
Purchases
 
$
147,786,282
 
$
211,167,059
 
$
33,216,304
 
$
153,208,699
 
$
50,565,340
 
$
11,871,484
 
Sales and maturities
   
146,570,129
   
270,173,395
   
33,494,779
   
149,050,108
   
47,785,591
   
10,585,430
 
 
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 October 31, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, 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
)
Cost of investments
 
$
769,369,477
 
$
1,968,285,582
 
$
399,274,982
 
$
700,489,450
 
$
625,659,537
 
$
453,455,242
 
Gross unrealized:
                                     
Appreciation
   
37,366,507
   
106,305,548
   
22,691,910
   
38,684,256
   
36,108,217
   
21,362,531
 
Depreciation
   
(33,033,663
)
 
(53,630,912
)
 
(9,241,923
)
 
(25,636,905
)
 
(19,578,594
)
 
(6,839,622
)
Net unrealized appreciation (depreciation) of investments
 
$
4,332,844
 
$
52,674,636
 
$
13,449,987
 
$
13,047,351
 
$
16,529,623
 
$
14,522,909
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount and non-deductible offering costs, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2011, the Funds’ tax year end, 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
)
Paid-in surplus
 
$
(253,832
)
$
(74,346
)
$
(22,075
)
$
(81,128
)
$
(383,919
)
$
(329,737
)
Undistributed (Over-distribution of) net investment income
   
225,345
   
(515,751
)
 
4,693
   
32,104
   
370,987
   
328,724
 
Accumulated net realized gain (loss)
   
28,487
   
590,097
   
17,382
   
49,024
   
12,932
   
1,013
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ tax year end, were as follows:
                                       
           
Premier
 
Insured
 
Insured
 
Insured
 
   
Insured
 
Insured
 
Insured
 
Premium
 
Dividend
 
Tax-Free
 
   
Quality
 
Opportunity
 
Income
 
Income 2
 
Advantage
 
Advantage
 
   
(NQI
)
(NIO
)
(NIF
)
(NPX
)
(NVG
)
(NEA
)
Undistributed net tax-exempt income *
 
$
9,973,805
 
$
28,113,476
 
$
5,558,575
 
$
7,640,559
 
$
9,752,295
 
$
6,245,272
 
Undistributed net ordinary income **
   
110,288
   
4,523
   
6,396
   
52,758
   
   
3,195
 
Undistributed net long-term capital gains
   
   
264,655
   
   
-—
   
1,396,468
   
 

*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2011, paid on November 1, 2011.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

112
 
Nuveen Investments

 
 

 
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2011, and October 31, 2010, was designated for purposes of the dividends paid deduction as follows:
                                       
           
Premier
 
Insured
 
Insured
 
Insured
 
   
Insured
 
Insured
 
Insured
 
Premium
 
Dividend
 
Tax-Free
 
   
Quality
 
Opportunity
 
Income
 
Income 2
 
Advantage
 
Advantage
 
2011
 
(NQI
)
(NIO
)
(NIF
)
(NPX
)
(NVG
)
(NEA
)
Distributions from net tax-exempt income ***
 
$
35,817,692
 
$
85,650,770
 
$
17,902,087
 
$
28,602,694
 
$
28,729,780
 
$
20,898,107
 
Distributions from net ordinary income **
   
   
428,596
   
   
   
   
 
Distributions from net long-term capital gains ****
   
   
   
   
   
86,428
   
 

           
Premier
 
Insured
 
Insured
 
Insured
 
   
Insured
 
Insured
 
Insured
 
Premium
 
Dividend
 
Tax-Free
 
   
Quality
 
Opportunity
 
Income
 
Income 2
 
Advantage
 
Advantage
 
2010
 
(NQI
)
(NIO
)
(NIF
)
(NPX
)
(NVG
)
(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.
***
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2011, as Exempt Interest Dividends.
****
The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2011.
 
At October 31, 2011, the Funds’ 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:
                           
       
Premier
 
Insured
 
Insured
 
   
Insured
 
Insured
 
Premium
 
Tax-Free
 
   
Quality
 
Income
 
Income 2
 
Advantage
 
   
(NQI
)
(NIF
)
(NPX
)
(NEA
)
                           
Expiration:
                         
October 31, 2012
 
$
 
$
 
$
 
$
139,914
 
October 31, 2013
   
   
   
   
4,418,633
 
October 31, 2015
   
   
   
   
174,026
 
October 31, 2016
   
2,623,034
   
1,240,117
   
3,274,999
   
1,917,479
 
October 31, 2017
   
217,918
   
   
456,587
   
 
October 31, 2018
   
322,087
   
   
   
 
Total
 
$
3,163,039
 
$
1,240,117
 
$
3,731,586
 
$
6,650,052
 
 
During the Funds’ tax year ended October 31, 2011, the following Funds utilized capital loss carryforwards as follows:
                                 
           
Premier
 
Insured
 
Insured
 
   
Insured
 
Insured
 
Insured
 
Premium
 
Tax-Free
 
   
Quality
 
Opportunity
 
Income
 
Income 2
 
Advantage
 
   
(NQI
)
(NIO
)
(NIF
)
(NPX
)
(NEA
)
Utilized capital loss carryforwards
 
$
2,009,925
 
$
5,318,344
 
$
35,517
 
$
2,685,818
 
$
194,140
 
 
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 respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Nuveen Investments
 
113

 
 

 

   
Notes to
   
Financial Statements (continued)
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
         
    Insured Quality (NQI)
    Insured Opportunity (NIO)
    Premier Insured Income (NIF)
    Insured Premium Income 2 (NPX)
Average Daily Managed Assets*
 
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
 

    Insured Dividend Advantage (NVG)
    Insured Tax-Free Advantage (NEA)
Average Daily Managed Assets*
 
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
 
 
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 October 31, 2011, the complex-level fee rate for these Funds was .1759%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. 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.

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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
 
Year Ending
   
March 31,
 
March 31,
   
2002*
.30
%
2008
.25
%
2003
.30
 
2009
.20
 
2004
.30
 
2010
.15
 
2005
.30
 
2011
.10
 
2006
.30
 
2012
.05
 
2007
.30
       

*
From the commencement of operations.
 
The Adviser has not agreed to reimburse 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
 
Year Ending
   
November 30,
 
November 30,
   
2002*
.32
%
2007
.32
%
2003
.32
 
2008
.24
 
2004
.32
 
2009
.16
 
2005
.32
 
2010
.08
 
2006
.32
       

*
From the commencement of operations.
 
The Adviser has not agreed to reimburse Insured Tax-Free Advantage (NEA) for any portion of its fees and expenses beyond November 30, 2010.
 
8. New Accounting Pronouncements
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) 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 of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and 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 ASU No. 2011-04 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
 
On October 28, 2011, the Fund’s Board of Directors/Trustees approved changes to each Fund’s investment policy regarding investment in insured municipal securities. These changes are designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
 
Effective January 2, 2012, each Fund will eliminate the investment policy requiring it, under normal circumstances, 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. Since 2007, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds are not changing their investment objective and will continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
 
Concurrent with the investment policy changes, the Funds will change their names as follows:
 
 
Insured Quality (NQI) will change to Nuveen Quality Municipal Fund, Inc. (NQI)
 
Insured Opportunity (NIO) will change to Nuveen Municipal Opportunity Fund, Inc. (NIO)
 
Premier Insured Income (NIF) will change to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
 
Insured Premium Income 2 (NPX) will change to Nuveen Premium Income Municipal Opportunity Fund. (NPX)
 
Insured Dividend Advantage (NVG) will change to Nuveen Dividend Advantage Municipal Income Fund. (NVG)
 
Insured Tax-Free Advantage (NEA) will change to Nuveen AMT-Free Municipal Income Fund. (NEA)

Nuveen Investments
 
115

 
 

 
 
Annual Investment Management
Agreement Approval Process (Unaudited)
 
The Board of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is generally required to consider the continuation of advisory agreements and sub-advisory agreements on an annual basis. Accordingly, at an in-person meeting held on May 23-25, 2011 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
 
In preparation for their considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of their annual review, the Board also held a separate meeting on April 19-20, 2011, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of their review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

116
 
Nuveen Investments

 
 

 
 
The materials and information prepared in connection with the review of the Advisory Agreements at the May Meeting supplemented the information provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and, since the internal restructuring described in Section A below, the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and compliance reports. The Board also meets with key investment personnel managing the Fund portfolios during the year. In addition, the Board continues its program of seeking to visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. The Board also met with State Street Bank & Trust Company, the Funds’ accountant and custodian, in 2010. The Board considers factors and information that are relevant to its consideration of the renewal of the Advisory Agreements at these meetings held throughout the year. Accordingly, the Board considered the information provided and knowledge gained at these meetings when performing its review at the May Meeting of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present.
 
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

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117

 
 

 
 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor provides the portfolio investment management services to the Funds. The Board recognized that Nuveen engaged in an internal restructuring in 2010 pursuant to which portfolio management services the Advisor had provided directly to the Funds were transferred to the Sub-Advisor, a newly-organized, wholly-owned subsidiary of the Advisor consisting of largely the same investment personnel. Accordingly, in reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
 
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares.
 
In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the closed-end fund product line. These initiatives included continued activities to refinance auction rate preferred securities; ongoing services to manage leverage that has become increasingly complex; continued secondary market offerings and share repurchases for certain funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: continuing communications in support of refinancing efforts related to auction rate preferred securities; participating in conferences; communicating continually with closed-end fund analysts covering the Nuveen funds;

118
 
Nuveen Investments

 
 

 
 
providing marketing for the closed-end funds; share purchases; and maintaining and enhancing a closed-end fund website.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
 
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks.
 
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2010 and for the same periods ending March 31, 2011. In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2010 and for the same periods ending March 31, 2011. The Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.
 
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered) and the performance of the fund (or respective class) during that shareholder’s investment period.
 
In considering the results of the comparisons, the Independent Board Members observed, among other things, that (a) the Nuveen Insured Tax-Free Advantage Municipal Fund (the “Insured Tax-Free Advantage Fund”), the Nuveen Insured Dividend Advantage Municipal Fund (the “Insured Dividend Advantage Fund”) and the Nuveen Premier Insured Municipal Income Fund, Inc. (the “Premier Insured Fund”) had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods and (b) the Nuveen Insured Premium Income

Nuveen Investments
 
119

 
 

 
 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
Municipal Fund 2 (the “Insured Premium Income Fund 2”) had demonstrated satisfactory performance compared to peers, performing in the third quartile over various periods. They also noted that the Nuveen Insured Municipal Opportunity Fund, Inc. (the “Insured Municipal Opportunity Fund”) and the Nuveen Insured Quality Municipal Fund, Inc. (the “Insured Quality Fund”) lagged their peers and/or benchmarks over various periods. With respect to Nuveen funds that lagged their peers and/or benchmarks over various periods, the Independent Board Members considered the factors affecting performance and any steps taken or proposed to address performance issues, and were satisfied with the process followed.
 
With respect to any Nuveen funds that underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
 
Except as otherwise noted above, based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C.
Fees, Expenses and Profitability

 
1. Fees and Expenses
 
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
   
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group (if any). In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; and the differences in the type and use of leverage may impact the comparative data thereby limiting the ability to make a meaningful comparison with peers, including for the Insured Dividend Advantage Fund and the Insured Tax-Free Advantage Fund.
   
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group (if available) or Peer Universe if there was no separate Peer Group.

120
 
Nuveen Investments

 
 

 

 
The Independent Board Members noted that the Insured Quality Fund and the Premier Insured Fund had higher net management fees than their peer averages and a slightly higher or higher net expense ratio compared to their peer averages while the Insured Municipal Opportunity Fund and the Insured Premium Income Fund 2 had net management fees higher than their peer averages but a net expense ratio in line with their peer averages. In addition, the Independent Board Members observed that each of the other Funds had net management fees and net expense ratios below their peer averages.
   
  Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients
 
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
   
 
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds.
   
 
3. Profitability of Fund Advisers
 
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2010. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to

Nuveen Investments
 
121

 
 

 
 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
   
 
review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.
   
 
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.

122
 
Nuveen Investments

 
 

 
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving as agent at Nuveen’s trading desk and as co-manager in initial public offerings of new closed-end funds.
 
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided. Nevertheless, the Independent Board Members noted that commissions are generally not paid in connection with municipal securities transactions typically executed on a principal basis.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments
 
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Board Members & Officers (Unaudited)
 
    The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
 
 
Name,
Birthdate
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                 
Independent Board Members:          
                   
ROBERT P. BREMNER(2)
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
 
Chairman of
the Board
and Board Member
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
241
                   
JACK B. EVANS
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
241
                   
WILLIAM C. HUNTER
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
2004
Class I
 
Dean, Tippie College of Business, University of Iowa (since 2006); Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
241
                   
DAVID J. KUNDERT(2)
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
2005
Class II
 
Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.
 
241
                   
WILLIAM J. SCHNEIDER(2)
9/24/44
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
1996
Class III
 
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.
 
241

124
 
Nuveen Investments

 
 

 

 
Name,
Birthdate
& Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed
and Term(1)
 
Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members:                
                   
JUDITH M. STOCKDALE
12/29/47
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
1997
Class I
 
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
241
                   
CAROLE E. STONE(2)
6/28/47
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
 
241
                   
VIRGINIA L. STRINGER
8/16/44
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
2011
 
Board Member, Mutual Fund Directors Forum; Member, Governing Board, Investment Company Institute’s Independent Directors Council; governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
241
TERENCE J. TOTH(2)
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
2008
Class II
 
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Goodman Theatre Board (since 2004), Chicago Fellowship Board (since 2005) and Catalyst Schools of Chicago Board (since 2008); formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
241
Interested Board Member:            
JOHN P. AMBOIAN(3)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
2008
Class II
 
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.
 
241

Nuveen Investments
 
125

 
 

 
 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(4)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
Officers of the Funds:                
GIFFORD R. ZIMMERMAN
9/9/56
333 W. Wacker Drive
Chicago, IL 60606
 
Chief
Administrative
Officer
 
 
 
1988
 
Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Tradewinds Global Investors LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management Inc. (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2010) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
241
                   
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
2007
 
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.
 
133
                   
CEDRIC H. ANTOSIEWICZ
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
133
                   
MARGO L. COOK
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
241
                   
LORNA C. FERGUSON
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).
 
241
                   
STEPHEN D. FOY
5/31/54
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
1998
 
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC; (since 2010) Certified Public Accountant.
 
241

126
 
Nuveen Investments

 
 

 

 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(4)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
Officers of the Funds:                
SCOTT S. GRACE
8/20/70
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, Inc.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
241
                   
WALTER M. KELLY
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
 
Chief Compliance
Officer and
Vice President
 
2003
 
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.
 
241
                   
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2002
 
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
 
 
241
                   
LARRY W. MARTIN
7/27/51
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
 
1997
 
Senior Vice President (since 2010), formerly, Vice President (1993-2010), Assistant Secretary and Assistant General Counsel of Nuveen Securities, LLC; Senior Vice President (since 2011) of Nuveen Asset Management, LLC: Senior Vice President (since 2010), formerly, Vice President (2005-2010), and Assistant Secretary of Nuveen Investments, Inc.; Senior Vice President (since 2010), formerly Vice President (2005-2010), and Assistant Secretary (since 1997) of Nuveen Fund Advisors, Inc., Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002), NWQ Investment Management Company, LLC, Symphony Asset Management, LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006), Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007), and of Winslow Capital Management, Inc. (since 2010); Vice President and Assistant Secretary of Nuveen Commodities Asset Management, LLC (since 2010).
 
241
                   
KEVIN J. MCCARTHY
3/26/66
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Nuveen HydePark Group, LLC, Nuveen Investment Solutions, Inc. (since 2007) and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
 
241

Nuveen Investments
 
127

 
 

 
 
Board Members & Officers (Unaudited) (continued)
 
 
Name,
Birthdate
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(4)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
Officers of the Funds:                
KATHLEEN L. PRUDHOMME
3/30/53
901 Marquette Avenue
Minneapolis, MN 55402
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
241
 
(1)
For Insured Premium Income 2 (NPX), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA), the Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For Insured Quality (NQI), Insured Opportunity (NIO) and Premier Insured Income (NIF), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of the Adviser.
(3)
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

128
 
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
 
129
 
 
 

 
 
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.
 
130
 
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.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any structural leverage.
   
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
 
131

 
 

 
 
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.
   
Lipper General and Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 23 funds; 5-year, 22 funds; and 10-year, 13 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.
   
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): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
   
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.
   
Standard & Poor’s (S&P) National Insured Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, insured U.S. municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.
   
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.

132
 
Nuveen Investments
 
 
 

 
 
Notes
 
Nuveen Investments
 
133
 
 
 

 
 
Notes
 
134
 
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.
 
         
Auction Rate
 
   
Common Shares
   
Preferred Shares
 
Fund
 
Repurchased
   
Redeemed
 
NQI
          9,568  
NIO
          26,593  
NIF
          5,205  
NPX
           
NVG
          3,678  
NEA
          2,695  
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
Nuveen Investments
 
135
 
 
 

 
 
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 NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $207 billion of assets as of October 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
 
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
EAN-D-1011D
 
 
 

 
 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Opportunity Fund, Inc.

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

 
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2011
$ 18,200     $ 0     $ 0     $ 850  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
October 31, 2010
$ 75,634     $ 3,150     $ 0     $ 3,400  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services
         
provided in connection with statutory and regulatory filings or engagements.
                         
                               
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the
                 
audit or review of financial statements and are not reported under "Audit Fees".
                         
                               
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
                 
                               
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
         
 
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, Inc. (formerly Nuveen Asset Management) (the “Adviser” or “NFA”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.

Fiscal Year Ended
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
 
Billed to Adviser and
   
Adviser and
   
Billed to Adviser
 
 
Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
 
Service Providers
   
Service Providers
   
Service Providers
 
October 31, 2011
$ 0     $ 0     $ 0  
                       
Percentage approved
  0 %     0 %     0 %
pursuant to
                     
pre-approval
                     
exception
                     
October 31, 2010
$ 0     $ 0     $ 0  
                       
Percentage approved
  0 %     0 %     0 %
pursuant to
                     
pre-approval
                     
exception
                     
 
NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.

Fiscal Year Ended
     
Total Non-Audit Fees
             
       
billed to Adviser and
             
       
Affiliated Fund Service
   
Total Non-Audit Fees
       
       
Providers (engagements
   
billed to Adviser and
       
       
related directly to the
   
Affiliated Fund Service
       
 
Total Non-Audit Fees
   
operations and financial
   
Providers (all other
       
 
Billed to Fund
   
reporting of the Fund)
   
engagements)
   
Total
 
October 31, 2011
$ 850     $ 0     $ 0     $ 850  
October 31, 2010
$ 3,400     $ 0     $ 0     $ 3,400  
                               
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
         
amounts from the previous table.
                             

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

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.

Nuveen Fund Advisors, Inc. (“Adviser”) is the registrant’s investment adviser. NFA is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, Inc. is the registrant's investment adviser (also referred to as the "Adviser".)  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
  PAUL BRENNAN
Nuveen Municipal Opportunity Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
 Paul Brennan
Registered Investment Company
23
$ 12.11 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
4
$195 million
*
Assets are as of October 31, 2011.  None of the assets in these accounts are subject to an advisory fee based on performance.

Compensation. Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long-term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager‘s general performance, experience, and market levels of base pay for such position.

Annual cash bonus. The Fund’s portfolio manager is eligible for an annual cash bonus determined based upon the  portfolio manager‘s performance, experience and market levels of base pay for such position. The maximum potential annual cash bonus is equal to a multiple of base pay.

A portion of the portfolio manager‘s annual cash bonus is based on his or her Fund‘s investment performance, generally measured over the past one- and three-year periods unless the portfolio manager‘s tenure is shorter. Investment performance for the Fund is determined by evaluating the Fund‘s performance relative to its benchmark(s) and/or Lipper industry peer group.

Each portfolio manager whose performance is evaluated in part by comparing the manager‘s performance to a benchmark is measured against a Fund-specific customized subset (limited to bonds in each Fund‘s specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond Index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor‘s Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million. As of October 31, 2011, the S&P/Investortools Municipal Bond Index was comprised of 57,980 securities with an aggregate current market value of $1,262 billion.

Bonus amounts can also be influenced by factors other than investment performance. These other factors are more subjective and are based on evaluations by each portfolio manager‘s supervisor and reviews submitted by his or her peers. These reviews and evaluations often take into account a number of factors, including the portfolio manager‘s effectiveness in communicating investment performance to shareholders and their advisors, his or her contribution to NAM‘s investment process and to the execution of investment strategies consistent with risk guidelines, his or her participation in asset growth, and his or her compliance with NAM‘s policies and procedures.

Investment performance is measured on a pre-tax basis, gross of fees for a Fund‘s results and for its Lipper industry peer group.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received profits interests in the parent company of Nuveen Investments which entitle their holders to participate in the appreciation in the value of Nuveen Investments. In addition, in July 2009, Nuveen Investments created and funded a trust which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain key employees, including certain portfolio managers. Finally, certain key employees of  NAM, including certain portfolio managers, have received profits interests in NAM which entitle their holders to participate in the firm‘s growth over time.

Material Conflicts of Interest. Each portfolio manager’s simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. NAM, however, believes that such potential conflicts are mitigated by the fact that the NAM has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager, although the allocation procedures may provide allocation preferences to funds with special characteristics (such as favoring state funds versus national funds for allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of October 31, 2011, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of
equity securities
beneficially owned
in Fund
Dollar range of equity
securities beneficially
owned in the remainder of
Nuveen funds managed by
Nuveen Asset
Management’s municipal
investment team
Paul Brennan
Nuveen Municipal Opportunity Fund, Inc.
$0
$100,001-$500,000

PORTFOLIO MANAGER BIO:

Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds.  Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994.  He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year.   He earned his B.S. in Accountancy and Finance from Wright State University.  He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

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

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

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


 
 

 

SIGNATURES


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

(Registrant) Nuveen Municipal Opportunity Fund, Inc.
 
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: January 6, 2012

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: January 6, 2012
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 6, 2012